Jollibee to acquire Coffee Bean and Tea Leaf for $350 million
Aileen Cerrudo • July 24, 2019 • 998
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
The recent 2019 Elite Business and Leadership Awards, held on Thursday (December 5), recognized businesses and individuals who excel in their respective fields including in public service, entrepreneurship, health and wellness, and entertainment.
“Apart from recognizing the mark that they have done in their own industries, nare-recognize din sila kasi kahit baguhan pa lang promising na (they are also recognized because they are promising despite being new in their industry),” Elite Magazine Editor-in-Chief Ace Rocha said.
Among those awarded are the 70’s band, Boyfriends. Boyfriends are known for their songs, ‘Bakit Labis Kitang Mahal’ and ‘Sumayaw, Sumunod’.
“Of course we really feel so good, especially iyong mga songs namin nire-revive ng mga young artist. And, of course, mayroon ding mga young bands and young groups na pine-perform iyong mga songs namin (especially when our songs are being revived by young artists. And, of course, there are young bands and groups that are performing our songs),” according to Gary Ariola, one of the members of the group.
Marcid Blue Water Refilling Business was also hailed as the country’s Premier Water Refilling Station. Marcid Blue already established 150 stations across the country in the span of eight years.
Operations Manager of Marcid Blue, Topoy Longalong is grateful to receive the award.
“Una sa lahat syempre tayo dapat magtiwala tayo sa Diyos, ang magagawa ng Diyos satin. Sasamahan tayo sa ating mga paggawa (First of all, we should trust in God and in what he can do. May he be with us in all of our endeavors),” he said.
He also said that a part of the earnings of Marcid Blue is given to Ang Dating Daan Foundation.
Recognized for his public service is Tanjay, Negros Occidental Mayor Reynaldo Concepcion.
He was a former street sweeper and had to beg on the streets of Manila.
He took various jobs until he was able to graduate in college.
Mayor Concepcion expressed his gratitude for having received the award.
“Hindi ko siya pinangarap, then hindi ko rin siya hiniling sa Diyos kundi masaya na akong tumulong sa kapwa tao, masaya na ko makipagkapwa tao na hindi ko alam na ang patutunguhan ko ay pulitika na (I never dreamed of it [becoming a politician], I also did not ask God. I was already happy to help my fellowmen, I did not realize I was already making my way to politics),” he said.
Mariano Builders, meanwhile, is awarded as the Elite Business Premier hardware store franchise in the Philippines.
Mariano Builders also provide assistance to Overseas Filipino Workers (OFW) who want to start their own business when they return to the country.
“Isa lang sinasabi nila, gustong gusto nilang makauwi kaya lang wala silang opportunity para kumita ng pera (They only say one thing, they want to go home but they won’t have an opportunity to earn money),” MBuilders’ CERO Albert Mariano said.—AAC (with reports from Mai Bermudez)
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
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