THE DAILY BRIEFING

IRISH DEAL

WPP has bought a stake in an Irish digital communications network. The ad giant’s subsidiary, Ogilvy & Mather, has taken an undisclosed holding of Eightytwenty Customer Experience. WPP makes about £60m from its Irish operations out of its total revenue of about £15.2bn. Shares in WPP fell 0.6pc, or 11p, to 1889p.

TIE-UP FAILS

Poundland owner Steinhoff and supermarket chain Shoprite have abandoned a $14bn deal to create Africa’s biggest shop network. The tie-up would have been the latest move by South African retail group Steinhoff, which bought the discount chain last year. But the merger talks foundered after Shoprite shareholders complained they were getting a bad deal. Steinhoff shares rose 7pc in Johannesburg. Shoprite jumped 6pc.

SNAP DECISION

Snapchat is losing its top advertising executive as it gears up for an £18bn flotation. Sriram Krishnan, formerly of Facebook, was brought on board to help the photo-messaging app unlock money from advertisers. It is yet to make a profit and makes most of its £323m revenue from advertising. But he announced on Twitter he was leaving after a year at the company.

BANK BOSS

JPMorgan has appointed Oliver Gregson as boss of the Nordic and UK division at its private bank. He will be based in London and previously ran HSBC’s private bank investment group, advising ultra-rich clients on what to do with their cash.

PAIR MERGE

Construction consultancy Turner & Townsend is merging with business adviser AMCL. Leeds-based Turner & Townsend has overseen major projects at Heathrow Airport and The Shard skyscraper in London. AMCL clients include Scottish & Southern Electric and Network Rail.

REPORT DELAYED

Direct Line Group has delayed its annual results announcement until after a Government review of compensation payments. If the review hands higher payouts to accident victims, it could hit insurers’ future profits. Direct Line has moved its results day from February 28 to March 7 so it has time to respond to the decision. Shares climbed 2.3pc, or 8p, to 361.9p.

KENYA CONTRACT

Avanti Communications has signed a deal with Telkom Kenya. The satellite data firm will provide connectivity for the Kenyan government. Shares were flat at 20p.