Barclays and Credit Suisse are poised to settle federal and state charges that they misled investors in their dark pools, with Barclays admitting it broke the law and agreeing to pay US$70 million, federal and New York state officials said on Sunday. - Reuters filepic
MarketWatch: Stock market investors who spent January swayed by oil prices, economic weakness in China and central bank speculation may continue to do that this week, even though it should be a dramatic one for earnings reports and economic data. Fourth-quarter 2015 earnings reports coming from Internet leader Alphabet and Exxon Mobil will spotlight the yin and yang of Corporate America. - Reuters
Top foreign stories
Barclays, Credit Suisse to strike record deals with SEC, NY over dark pools: Barclays and Credit Suisse are poised to settle federal and state charges that they misled investors in their dark pools, with Barclays admitting it broke the law and agreeing to pay US$70 million, federal and New York state officials said on Sunday. The settlements between the banks and the US Securities and Exchange Commission and the New York state attorney general will mark the two largest fines ever paid in connection with cases involving dark pools. - Reuters
HSBC to freeze salaries, hiring in 2016 in battle to cut costs: Europe's largest lender, HSBC, is imposing a hiring and pay freeze across the bank globally in 2016, sources say. HSBC is in the midst of a cost-cutting drive to boost profitability and returns to shareholders, and is pushing through with plans for annual cost savings of up to US$5 billion by 2017. - Reuters
Brazil's Petrobras to reduce investment plan by 5%: Petroleo Brasileiro SA or Petrobras will cut its 2016-2020 investment plan by 5% to US$93 billion as the state-run oil company contends with dwindling oil prices and a massive corruption investigation, the O Globo newspaper reported on Sunday. - Reuters
ECB's Nouy says differing rule interpretations cause imbalances: Banking regulation needs to speak one language, the head of the European Central Bank's supervisory watchdog was quoted as saying on Sunday, adding that differing interpretations of the same regulations had created some distortions in the euro area. Daniele Nouy, who chairs the Single Supervisory Mechanism, said a key challenge was to ensure banks were subject to the same supervision and regulation across jurisdictions. - Reuters
VW not under pressure to sell trucks business, says chief: Volkswagen is not under pressure to sell its trucks business to raise cash as it faces billions of euros in costs after admitting to rigging emissions tests, management board member Andreas Renschler told a German newspaper. - Reuters
Top local stories
FGV said to get 15% discount for Eagle High stake buy: Plantation group Felda Global Ventures Holdings Bhd (FGV) is believed to have been offered up to 15% discount on its planned purchase of of a stake in PT Eagle High Plantations Tbk, sources say. The discount will mean FGV would be paying around US$578mil (RM2.39bil), compared with the original price tag of US$680mil (RM2.8bil). - StarBiz
Few banks to benefit from SRR cut: Only a handful of banks will benefit in terms of improved earnings and lower loan-to-deposit ratio (LDR ) from the 50-basis-point cut in the statutory reserve requirement (SRR) ratio to 3.5% effective today. Analysts estimated earnings of banks will rise marginally between 0.4% and 2.8% and LDR to be reduced between 0.2% and 0.5% given the release of about RM6.1bil into the banking system. - StarBiz
RGB International
sees double-digit growth: Electronic gaming machines and equipment maker RGB International Bhd expects improved bottom line and revenue for 2015 compared with the 2014 fiscal year. Group managing director Datuk Chuah Kim Seah said the group had posted a net profit of RM16.8mil for the nine months ended Sept 30, 2015. - StarBiz
Former FSA chief: Malaysia can brave ‘storm’: Malaysia is still in a better position to withstand the economic storm given its diversified economy compared with many other economies that are vulnerable to the crash in crude oil and other commodity prices, said former chairman of the governing board of the UK Financial Services Authority (FSA) Lord Adair Turner. - StarBiz
Syscorp focuses on domestic routes: Shin Yang Shipping Corp Bhd (Syscorp) has shifted the focus of its container shipping business to domestic routes as the industry is shrouded with continued uncertainty. Group financial controller Richard Ling said Syscorp currently operated a fleet of 14 container vessels with about 95% of them deployed on routes within Malaysia. - StarBiz
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