Jollibee to acquire Coffee Bean and Tea Leaf for $350 million
Aileen Cerrudo • July 24, 2019 • 761
Jollibee Foods Corporation (JFC) has acquired US-based Coffee Bean and Tea Leaf (CBTL) for $350 million through its subsidiary Jollibee Worldwide Pte Ltd.
According to JFC Chair Tony Tan Caktiong, this is the largest multinational acquisition so far.
“Combined with Highlands Coffee, with business mostly in Vietnam, this acquisition will enable JFC to become an important player in the large, fast-growing and profitable coffee business,” he said in a statement.
The company initially invested $100 million in a new Singapore-based company to acquire CBTL. The balance of $250 million will be made as advances to the new holding company.
“Our priority is to accelerate the growth of The Coffee Bean and Tea Leaf brand particularly in Asia, by strengthening its brand development, marketing, and franchise support system,” Tan Caktiong added.—AAC
Google has suspended some business with Huawei after United States President Donald Trump added Huawei Technologies Co. Ltd. to a trade blacklist.
This includes the transfer of hardware, software and technical services except those publicly available via open source licensing.
“Huawei Technologies Co. Ltd. will immediately lose access to updates to the Android operating system, and the next version of its smartphones outside of China will also lose access to popular applications and services including the Google Play Store and Gmail app,” according to Reuters in an exclusive report.
Due to this, netizens are in a melting pot of emotions.
Amazon.com Inc. on Tuesday joined Apple Inc. in the $1 trillion club, becoming the second member of the group after its stock price doubled in 15 months.
If the online retailer’s share price continues at its recent pace, it will be a matter of when not if, Amazon’s market valuation eclipses that of iPhone maker Apple, which reached $1 trillion on Aug. 2.
Apple took almost 38 years as a public company to achieve the trillion dollar milestone, while Amazon got there in 21 years. While Apple’s iPhone and other devices remain popular and its revenues are growing, it is not keeping up with Amazon’s blistering sales growth.
Amazon has impressed investors by successfully diversifying its business into virtually every corner of the retail industry, altering how consumers buy products and putting major pressure on many brick-and-mortar stores. It also provides video streaming services and bought upscale supermarket Whole Foods. And its cloud computing services for companies have become a major driver of earnings and revenue. — Reuters
President Rodrigo Duterte during his first official visit to South Korea (photo courtesy of RTVM)
SEOUL, South Korea — President Rodrigo Duterte on Tuesday, June 5, assured that South Korean businessmen will be safe while they are in the Philippines.
He gave the assurance as the South Korean government extended a $6.6 million grant to enhance the capabilities of the Philippine National Police (PNP), which include vehicles and personnel training.
Duterte also admitted that the Philippines is facing numerous law and order problems and asked that he be given until the end of the year to reorganize the PNP.
The president added that he will appoint a representative who will process the documents of South Korean investors so they can avoid corruption.
Duterte also told them that he has fired several government officials linked to corruption. He urged South Korean businessmen to shun corruption by reporting Filipino government officials who ask for money. — Grace Casin | UNTV News & Rescue
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