Breakfast briefing: Monday, February 15


A cache of leaked secret bank files from 2005 to 2007 showed that HSBC provided accounts to international criminals, corrupt businessmen, politicians and celebrities. -AFP

MarketWatch: As US stocks continue to struggle in 2016, equities are showing some signs selling pressure may be reaching an end. Recent trading action on an intraday basis suggests investors may be starting to warm up to stocks again. In three of the last four losing sessions, late-day buying took over in a pattern that had begun to emerge at the end of January. - Reuters

Top foreign stories

HSBC decides to stay in Britain: HSBC has decided to keep its headquarters in Britain, the bank said on Sunday, following a review into a potential move that could have shifted the group's base to Hong Kong. The decision to stay gives a boost to London's status as a global financial centre, which has faced challenges from tougher regulation since the financial crisis as well as rising costs. - Reuters

Fed's 'dot plot' looks increasingly out of touch on rates: The Federal Reserve's rate path "dot plot" - a chart in the Fed's quarterly "Summary of Economic Projections" - has become increasingly detached from financial markets' interest-rate projections and risks sending an overly hawkish message that may undermine the central bank's credibility. The dot plot shows individual Federal Reserve rate setters' expectations, although they are not identified by name. - Reuters

Opec members increasingly keen to end oil glut: Nigeria oil minister: The mood inside the Organisation of the Petroleum Exporting Countries (Oec) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the global oil price rout, Nigeria's oil minister told Reuters. - Reuters

Japan economy contracts: Japan's economy contracted an annualised 1.4% in the final quarter of last year as consumer spending slumped, adding to headaches for policymakers already wary of damage the financial market rout could inflict on a fragile recovery. - Reuters

Global slowdown fears overshadow Singapore aviation show: Aerospace leaders gathering for this week’s Singapore Airshow face conflict- ing pressures as they juggle growing concerns over jetliner demand while keeping record production plans on track. Worries about the effects of a faltering global economy and tensions in the South China Sea overshadow the two-yearly event in Singapore, which is both a major commercial travel hub and home to South-East Asia’s most potent and best-trained air force. - Reuters

Top local stories

Air Selangor firms up waters plan: Pengurusan Air Selangor Sdn Bhd, the operator of most of the water assets in the state, will firm up a comprehensive plan next month, and if approved, would facilitate significant spending on pipe replacement and reparation works. The plan would be submitted to the National Water Services Commission for approval and the funds will come from Pengurusan Aset Air Bhd. StarBiz

Officials: Charge fees upfront instead of refarming spectrum: Some telecoms industry officials are suggesting that in its bid to monetise spectrum, the Government should charge a large upfront fee for the 900MHz and 1,800MHz bands instead of refarming them, as the latter will lead to disruption of services to consumers. They said that based on current rates, the Government can earn RM1bil each from the two big cellular companies, but if the fees were to be higher, the amount would swell to RM2bil each. - StarBiz

Tek Seng to triple production capacity: Solar cell maker Tek Seng Holdings Bhd will spend RM237 million to triple its production capacity to 740 MW this year by adding adding five more lines and a facility  in Penang Science Park. The group’s current production capacity is about 270 MW. - StarBiz

Possible reverse takeover of CWorks: Information system developer CWorks Systems Bhd could be the target of a reverse takeover by the Orion group in the near future. CWorks had in late January announced that it was proposing to change its name to Orion IXL Bhd, indicating the possibility of the entrance of a new shareholder. - StarBiz

April deadline for HB Global: Frozen and vacuum-packed food producer HB Global Ltd has until April this year to regularise its financial position or face the prospect of being de-listed. The company, a PN17 affected issuer since May 2013, has said it is looking for investors to inject fresh capital and/or new businesses into the group, hoping to stem further losses. - StarBiz

SMRT eyes 15% top-line growth in education segment: After two major acquisitions in the past three years to expand its portfolio, education provider SMRT Holdings Bhd is gearing up for a targeted 15% revenue growth in its education segment in the financial year ending Dec 31, 2016, as the weak ringgit drives many Malaysian parents to settle for local options, instead of sending their children overseas for further education. - Edge FD

PIE to reap benefits of capacity expansion in 2016: Electronic manufacturing services provider PIE Industrial Bhd is poised for growth this year, underpinned by its capacity ex- pansion and its efforts in vertical integration over the past few years. Edge FD

AGMs/EGMs

Asia Bioenergy Technologies Bhd

Time: 10.30am

Venue: Level 4, Menara Lien Hoe No. 8, Persiaran Tropicana Tropicana Golf & Country Resort, Petaling Jaya, Selangor

Asia Bioenergy seeks shareholder approval for the reduction in the company's capital by halving the par value of its shares to 5 sen each from 10 sen.

Results announcements

Aemulus first-quarter 

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