The 10 biggest business stories on Thursday January 7

Marks and Spencer chief Marc Bolland to retire; Netflix expands into 130 new countries; China halts stock trading for second time in week

(JONATHAN NACKSTRAND/AFP/Getty Images)

1. The FTSE 100 was down around 2 per cent at the open, following sharp losses in Asian shares.

2. China has halted stock trading for the second time this week, after markets plunged more than 7 per cent. The China Securities Regulatory Commission has announced further restrictive measures in an attempt to prevent a further market rout.

3. Marks and Spencer chief executive Marc Bolland is to step down after the company has announced disappointing Christmas results. Third quarter sales of general merchandise were down by 5.8 per cent.

4. British house prices surged more than expected in December to hit a four-month high, mortgage lender Halifax said on Thursday, another sign of growing momentum in the housing market.

5. Donald Trump has threatened to withhold £700 million of investment in Scotland if he is banned from entering Scotland, according to the Daily Telegraph. The warning came after it emerged MPs are to debate calls for the presidential candidate to be banned from the UK.

6. Discount retailer Poundland said fewer shoppers on the high street this Christmas hit its sales growth, and would result in profits coming towards the lower end of forecasts.

7. Persimmon, Britain's second-biggest housebuilder by volume, said on Thursday that its revenue rose 13 per cent last year as it built more homes, boosted by strong sales in the second half of the year.

8. Majestic Wine has reported a significant increase in sales over the ten-week Christmas trading period. The listed company said total sales growth was 42.6 per cent in the period from 27 October 2015 to 4 January 2016, boosted by the acquisition of Naked Wines.

9. Netflix has announced a global expansion. The video streaming service is to enter 130 new markets worldwide, including South Korea, India, Russia and Indonesia. The company's stock soared on the news.

10. Yahoo is looking to cut its workforce by at least 10 per cent to get business back on track.