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HSBC has reduced its US-based debt capital markets (DCM) team by 10%, continuing its cost-cutting efforts following a major business overhaul announced last October, according to sources familiar with the matter. At least six employees in New York were let go on Thursday, including one managing director, two directors, two associates, and one analyst, the sources said. HSBC cuts 10% of US debt capital markets team amid overhaul The cuts are part of a wider cost-reduction programme implemented by CEO Georges Elhedery, who aims to streamline management layers and reduce employee costs by 8%, targeting total savings of US$1.8 billion (RM7.03 billion). Since taking over in 2024, Elhedery has merged HSBC’s commercial and investment banking units and reorganised operations in the UK and Hong Kong into standalone businesses. The bank has also scaled back on M&A and equity capital markets activities in the UK, Europe, and the US, shifting its focus to Asia and the Middle East. An HSBC spokesperson declined to comment on individual departures but emphasised the bank’s commitment to retaining talent and expressed pride in its DCM business. HSBC is scheduled to report earnings on Wednesday, following strong fourth-quarter results from its US rivals. The bank has consistently ranked among the top 10 underwriters for US corporate debt over the past three years.

Cili Kampung Malaysia has acquired a 50% equity stake in Dotty’s Pastries & Coffee Sdn Bhd for RM11.96 million, valuing the artisanal bakery and café chain at RM23.9 million. The move is part of a broader wave of local food and beverage (F&B) investments in recent weeks. (From left): Dotty’s Pastries and Coffee senior commercial and business development manager Kaylee Low, founder and director Nadia Nasimuddin, Cili Kampung Malaysia director Anwar Azeez and chief marketing officer Kesavan (KC) Purusotman at the MOU signing ceremony marking Cili Kampung Malaysia’s strategic acquisition of a 50% stake in Dotty’s Pastries and Coffee. On February 12, Hextar Industries Bhd (KL:HEXTAR) signed a conditional deal to acquire a 51% stake in Woodpeckers Group, the master franchiser of premium frozen yogurt brand llaollao, for RM177.5 million. The following day, Harvest Miracle Capital Bhd entered the F&B sector with a 40% stake in Kaw Kaw Malaya, which plans to open two Malaysian heritage-themed restaurants in Kuala Lumpur. Cili Kampung said its partnership with Dotty’s is aimed at accelerating national expansion and strengthening its presence in the premium halal dining segment. Dotty’s was founded by Nadia Nasimuddin, a member of the Nasimuddin family behind the Naza group of companies. The acquisition coincides with Dotty’s 10th anniversary, marking a new phase of growth for the brand as it evolves into a scalable, nationally recognised halal-certified artisanal dining concept. A combined RM5 million growth fund has been allocated to support expansion, including infrastructure upgrades, supply chain improvements, and the relaunch of Dotty’s flagship outlet at Suria KLCC. “Acquiring a 50% stake in Dotty’s is a deliberate step to institutionalise a brand that has shaped Malaysia’s all-day dining culture over the past decade,” said Anwar Azeez, director of Cili Kampung Malaysia. “This investment reflects our confidence in Dotty’s brand equity, operational strength, and long-term growth potential.” Cili Kampung, which currently operates six outlets serving Malay cuisine, plans to leverage Dotty’s Jakim halal-certified central kitchen, artisanal IP, and loyal customer base to expand its footprint in the modern Malay lifestyle and premium café market. Dotty’s presently operates four outlets.

Jollibee Foods Corp, the Philippines’ largest restaurant operator, announced on Friday that it has signed a definitive agreement to acquire All Day Fresh Co Ltd, the company behind the Seoul-based hot pot and all-you-can-eat chain Shabu All Day, for approximately US$87 million (RM339.92 million). The acquisition will be carried out through a Jollibee subsidiary. Jollibee said the purchase “reinforces the company’s commitment to its Chinese cuisine segment and franchising initiatives, while providing entry into the global hot pot market.” As of January 2025, Shabu All Day operates 169 stores across South Korea, making it the largest chain in the country by store count. The brand generates annual system-wide sales of around US$285 million. The acquisition follows Jollibee’s July purchase of a 70% stake in Compose Coffee, also based in South Korea, for US$340 million. Private equity firm Elevation will retain its 30% stake in All Day Fresh and continue as a strategic partner in the business. Jollibee, which built its reputation in the Philippines with its signature crispy fried chicken, is accelerating its global expansion, competing with international giants such as KFC and McDonald’s. The company has also announced plans to spin off its international operations and pursue a listing in the United States.

Minor International Pcl, Thailand’s largest hotel and restaurant operator, is planning to launch its first real estate investment trust (REIT) valued at around US$1 billion and is also exploring a Hong Kong listing for its restaurant unit to raise funds for debt reduction. The company intends to contribute 14 hotels across Europe and Thailand to the REIT, which is expected to be listed in Singapore in the second half of this year, according to CEO Dillip Rajakarier. In addition, Minor is considering listing Minor Food Pcl in Hong Kong, aiming for higher valuations and access to a broader investor base. A final decision on the IPO is expected in the second quarter, with a potential listing later this year. Minor, whose Thai hotels were featured in the hit series White Lotus, has been actively reducing debt following its 2018 acquisition of NH Hotel Group SA, which had significantly increased its liabilities. The company aims to lower its debt-to-equity ratio to about 1.4 times this year, down from 1.8 times at the end of 2025. Rajakarier said, “We will continue our deleveraging efforts to bring our debt to a comfortable level. Lower debt will help lift the overhang that has affected our stock price.” The potential overseas listings also highlight the waning appeal of the Thai stock market, which continues to face challenges from sluggish economic growth and political uncertainty, despite a post-election rebound in equities. Minor projects net income growth of up to 20% annually over the next three years, fueled by the expansion of hotels and restaurants overseas. Already one of Asia’s largest hospitality groups, the company plans to increase its hotel portfolio to 850 properties by 2028, up from 636 last year. The group also aims to expand its restaurant network to over 4,000 outlets by 2028 across markets such as India, Indonesia, and Vietnam, compared with nearly 3,000 restaurants currently. Shares in Minor International have risen 7% this year, lagging behind the benchmark SET Index, which has climbed 17%.

Indonesia has imposed fines totalling 11.05 billion rupiah (about US$655,000 or RM2.55 million) on one company and three individuals for alleged stock market manipulation between 2016 and 2022, according to the country’s capital markets regulator. The Financial Services Authority (OJK) said the parties were penalised for allegedly controlling multiple investor accounts to inflate the share price of a listed company. One individual, a social media influencer identified only as BVN, was also fined for encouraging followers to buy certain stocks while using multiple accounts to trade. The action comes after global index provider MSCI raised concerns in January about transparency in Indonesia’s stock market, which triggered a market sell-off. In response, authorities tightened oversight and proposed reforms to restore foreign investor confidence. Earlier this month, OJK also sanctioned several firms for misconduct, including suspending the underwriting licence of UOB Kay Hian Sekuritas for a year over due diligence lapses linked to a 2019 initial public offering.