Breakfast briefing: Monday, November 23


MarketWatch: Investors will likely sift through the earnings of food producers this week to see how the process of catering to a new type of customer is affecting the business. Tyson Foods and Post Holdings report results on Monday, followed Tuesday by Campbell Soup and Hormel Foods. They are beating the S&P 500 by different margins, but that is not the case for all the industry. - Reuters

Top foreign stories

Pfizer set to buy Allergan for more than US$150b: Pfizer Inc was due to secure formal board approval on Sunday for its acquisition of Botox maker Allergan Plc for more than US$150 billion, creating the world's biggest drug maker, according to people familiar with the matter.  - Reuters

CVC, CPPIB near US$4.7b deal to acquire Petco: Private equity firm CVC Capital Partners Ltd and Canada Pension Plan Investment Board (CPPIB) are nearing a deal to acquire Petco Holdings Inc, valuing it at around $4.7 billion, including debt, according to people familiar with the matter. - Reuters

Oil declines on supply glut, cut in US.oil rigs caps falls: Crude oil futures lost ground on Monday in early Asian trading, as the global supply surplus pressured prices, but a cut in the number of US oil rigs for an 11th week in the last 12 limited the falls. Benchmark front-month Brent futures for January LCOc1 fell 16 cents or 0.36% at US$44.50 a barrel as of 0011 GMT after it ended up 48 cents at US$44.66 a barrel on Friday. - Reuters

Fed's Williams sees strong case for December rate hike: There is a "strong case" for raising interest rates when Federal Reserve policymakers meet next month, as long as US economic data do not disappoint, San Francisco Fed president John Williams said. - Reuters

Top local stories

Qatar-backed group keen on Bandar Malaysia:The race for a majority stake in Bandar Malaysia, the property redevelopment project by 1Malaysia Development Bhd (1MDB) in Sungai Besi, may develop into a three-way fight. Sources said a third bidder comprising a local company backed by the Qatar government’s investment arm had expressed strong interest in the project. - StarBiz

Cash calls by banks to slow down in 2016: The momentum for cash calls by banks are expected to slow down by next year after a flurry of capital raising exercises over the past three years. Although the move to shore up capital would depend on various factors like the strength of the economy, growth and expansion plans of banking groups, analysts felt the pace of capital raising would be slower next year as banks have sufficient capital buffers under the Basel III ruling. - StarBiz

Opportunity to cash out from Stemlife: There could be a silver lining for investors wanting to cash out from the recent conditional takeover offer by Singapore-listed Cordlife Group Ltd to acquire all the remaining stake it does not own in Stemlife Bhd at 45 sen per share. - StarBiz

Hypermarket operator Lulu plans to invest RM1.3bil in Malaysia: Lulu Group, the owner of the largest hypermarket chain in the Middle East, plans to initially invest RM1.3bil in Malaysia’s retail market over the next two years, said chairman and managing director Yusuffali M.A. The investment involved the rolling out of 10 hypermarkets and it would gradually expand this to other parts of Malaysia, he said. - Bernama

Petronas investments in Sarawak at RM300bil: Petroliam Nasional Bhd (Petronas) has a strong presence in Sarawak, with total cumulative investment of over RM300bil in the upstream, midstream and downstream projects and activities, said LNG Group vice-president and chief executive officer Dzafri Sham Ahmad. - StarBiz

RM4.7bil Osram plant to start ops in 2017: German firm Osram will start its one-billion-euro (RM4.67bil) plant opera- tions at the Kulim Hi-Tech Parkby the end of 2017. Osram Opto Semiconductors (Malaysia) Sdn Bhd managing director Dr Roland Mueller said construction was slated to start in March next year. - Starbiz

'TPPA won’t work if involves political idealogies': Beijing Private Equity Association executive director Victor Gao said the Trans-Pacific Partnership Agreement (TPPA) will not work if it involves political idealogies. “I would say that mixing free trade with political ideology in medium-longer term will not be sustainable and it will backfire,” Gao said. - StarBiz

More to come from Consortium Zenith: Consortium Zenith BUCG Sdn Bhd, which is currently undertaking a RM6.3 billion project to build three expressways and an undersea tu nel linking Penang island to the mainland, is not resting on its la rels after winning its first project in the country and has got its sights set on clinching several more mega projects here. - Edge FD

Gadang confident of RM1b construction order book: Gadang Holdings Bhd is confident its construction order book could pass the RM1 billion threshold in financial year ending May 31, 2016. .Gadang Engineering (M) Sdn Bhd managing director Khew Check Kiet said as at October, the company's remaining order book is already RM874.4 million. - Edge FD

AGMs/EGMs

Seal Incorporated Bhd

Time: 9.30am

Venue:  Olive Tree Hote, 76 Jalan Mahsuri, Bayan Lepas, Penang

C.I. Holdings Bhd

Time: 10am

Venue:  Pullman On,  Pullman Kuala Lumpur City Centre Hotel & Residences, Jalan Conlay

Sime Darby Bhd

Time: 10am

Venue: Sime Darby Convention centre,1A Jalan Bukit Kiara 1, Kuala Lumpur

Lion Corporation Bhd

Time: 10.15am

Venue:  Level 16, Lion Office Tower, No. 1 Jalan Nagasari, Kuala Lumpur

Oriental Interest Bhd

Time: 11am

Venue:  Dewan Banquet Jubli Emas, Royal Kedah Club, Pumpong, Alor Star, Kedah

Lion Forest Industries Bhd

Time: 11am

Venue:  Level 16, Lion Office Tower, No. 1 Jalan Nagasari, Kuala Lumpur


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