Executive Summary

• This week’s note “From the Desk of Deborah Weinswig” discusses the global expansion of Chinese electronic payment platforms, including in the US.
• Traditional narratives insist that the fourth quarter is the most important time of the year for retailers. But just 26.73% of US retail sales occurred in the fourth quarter in 2016.
• Marks & Spencer could abandon dozens of building projects, including shopping malls and town-center regeneration projects, across the UK.
• Xiaomi, a Chinese smartphone maker that was once the most valuable startup in the world, is in talks with investment banks about a possible IPO and is seeking a valuation of at least $50 billion, according to people familiar with the matter.