Jollibee Foods Corporation (PSE: JFC) has reported its financial results for the first quarter ended March 31, 2023. According to JFC CEO Ernesto Tanmantiong, the company’s financial results reflect continued strong momentum, delivering another quarter of strong topline and operating income growth. System-wide sales (SWS) and revenues for the quarter rose by 31.1% and 28.5%, respectively, while operating profit grew by 80.9%. SWS growth was broad-based with all brands posting strong double-digit growth compared to the first quarter of 2022. Same store sales grew by 22.4%, with the Philippine business growing by 31.6% and the international businesses by 8.8%. JFC…
Author: Chris Lam
Radisson Hotel Group and La Vie Hotels & Resorts have signed a Master Collaboration Agreement that will see over 30 hotels added to the Group’s portfolio over the next decade. As part of the agreement, La Vie Hotels & Resorts will develop, manage, and operate properties under Radisson Hotel Group’s five industry-leading brands, including Radisson Blu, Radisson RED, Radisson, Park Inn by Radisson, and Country Inn & Suites by Radisson, under a non-exclusive brand collaboration agreement. The partnership will focus on expanding the Group’s portfolio in key growth markets across the Asia Pacific region, including Australia, New Zealand, Vietnam, Thailand,…
City University of Hong Kong has launched the first-ever HK Tech 300 Southeast Asia Start-up Competition (HK Tech 300 SEA Competition) in Kuala Lumpur. The competition is part of the university’s flagship innovation and entrepreneurship programme, HK Tech 300, which has a total commitment of up to HK$600 million (about MYR 340 million). The HK Tech 300 SEA Competition is being held in partnership with universities and incubators in the region, including Universiti Malaya and Universiti Putra Malaysia from Malaysia, Universiti Brunei Darussalam from Brunei Darussalam, and Chulalongkorn University from Thailand, among others. The competition aims to foster start-ups and…
Lear Corporation, a global automotive technology leader in Seating and E-Systems, has announced the completion of its acquisition of I.G. Bauerhin (IGB), a privately held supplier of automotive seat heating, ventilation, active cooling, steering wheel heating, seat sensors, and electronic control modules. The €140 million acquisition expands Lear’s Thermal Comfort Systems portfolio, which combines efficient heating, ventilation, and active cooling with exceptional seating craftsmanship. IGB has more than 4,600 employees at nine manufacturing plants in seven countries, and its products will enhance Lear’s suite of in-vehicle comfort technologies. According to Lear President and CEO, Ray Scott, the acquisition of IGB…
Hong Kong Exchanges and Clearing Limited (HKEX) announced today that it welcomes the joint news release by the People’s Bank of China (PBOC), Hong Kong Securities and Futures Commission (SFC), and Hong Kong Monetary Authority on the launch of Swap Connect, a new mutual access program between Hong Kong and Mainland China’s interbank interest rate swap markets. Scheduled for launch on May 15, 2023, Swap Connect will initially start with a Northbound channel, granting Hong Kong and international investors access to Mainland China’s interbank financial derivatives market. This connection will be facilitated through financial infrastructure institutions in the Hong Kong…
The Securities and Exchange Commission (SEC) of the Philippines has extended the deadline for amnesty applications for late and non-filing of annual financial statements (AFS), general information sheets (GIS), and official email addresses and mobile phone numbers. Eligible companies now have until June 30 to complete their amnesty applications. Additionally, applicants will have 90 days, instead of 45 days, from the date of payment to submit their latest due financial statements. The Commission granted the extension through SEC Memorandum Circular No. 6, Series of 2023, issued on April 25. The SEC had launched the amnesty program for noncompliant corporations, as…
Hong Kong’s much-awaited AIA Carnival is set to return in a grand fashion on December 21, 2023, with new experiences and attractions promising to make it the best day of the year for many generations. The official countdown to the event was launched by Randy Bloom, CEO of Great China Entertainment Group Limited; Siobhan Haughey, AIA Hong Kong and Macau Ambassador and Hong Kong Swimmer; and Alger Fung, Chief Executive Officer of AIA Hong Kong & Macau. This year’s Carnival will be the first mask-free Christmas, New Year’s Eve, and Chinese New Year event in recent times. The organisers and…
We have deleted this news after Temasek issued a statement saying it has not invested in Array. “This news is incorrect. Temasek has not invested in Array and we have no relationship with them,” Temasek said.
The Department of Social Welfare and Development (DSWD) welcomed on Saturday night the first batch of Filipinos evacuated from conflict-torn Sudan. The group of eight hotel workers arrived at Terminal 3 in Pasay City via Qatar Airways Flight No. QR 204. The DSWD provided psychosocial intervention to the repatriated Filipinos as an initial assistance. The eight fled from Khartoum, Sudan, and arrived in Greece onboard a Greek military aircraft. They were received by Philippine Ambassador to Greece Giovanni Palec. On Friday, the 17 repatriates flew out of Athens, Greece and Jeddah, Saudi Arabia, including the eight hotel workers, after representations…
International insurance group Ageas has announced the sale of its French life insurance, savings, and pension business to La Mutuelle Epargne Retraite Prévoyance Carac (Carac), following consultation with employee representatives. The divestment includes Ageas France, Ageas Retraite, Ageas Patrimoine, and Sicavonline, with a consolidated perimeter representing IFRS technical provisions of EUR 3.9 billion and an IFRS net profit of EUR 6.1 million as of the end of 2022. Carac is a mutual operating in the domain of savings, protection, and pension business in France. The transaction is estimated to have a positive impact on Ageas’s Solvency IIageas of 9% based…
Jollibee Foods Corporation (JFC), one of the largest Asian food service companies, announced that it will purchase a majority stake in Meko Holdings Limited (Meko), Jollibee brand’s master franchisee in Hong Kong. Golden Plate Pte. Ltd., a Singapore-based wholly owned subsidiary of Jollibee Worldwide Pte. Ltd. which is 100% owned by JFC, will acquire shares from the shareholders of Meko for a total of 60% ownership equivalent to US$16.08 million, subject to adjustments. The remaining 40% will continue to be owned by the current shareholders of Meko. The Share Purchase Agreement (SPA) and Shareholders’ Agreement (SHA) are expected to be…
Globe At Home is elevating the experience of its customers not just with connectivity but with innovation and care as it starts deploying the Globe Home Squad, a reliable team of highly-skilled connectivity experts. Whether you prefer to buy devices online and need help with a more complex home setup or is looking to improve home connectivity to maximize your plans, the Globe Home Squad can readily support you. “The Globe Home Squad is here to enable customers to live a seamless digital experience at home by continuously improving and progressing their digital lifestyle. Our team is dedicated to providing…
Siemens Home Appliances announced that it will take up the entire ground floor of HDH Centre at No. 8 Pennington Street, Causeway Bay, Hong Kong, comprising a total floor area of 3,200 square feet for its new flagship Siemens Home Appliances Showroom. Within three minutes walking distance from Causeway Bay MTR station, HDH Centre, enjoying strong foot traffic with excellent shopfront exposure will help deliver an elevated brand image for Siemens Home Appliances and most importantly provide an unprecedented experience for its customers. The new flagship Siemens Home Appliance Showroom will feature a range of built-in and freestanding home appliances…
If you’re looking to expand your business into Asia, you’re in luck! This continent is home to some of the world’s most vibrant and rapidly-growing economies. In this article, we’ll take a look at eight amazing cities that offer the most room for expansion. Whether you’re looking for a booming metropolis or a smaller city with plenty of opportunity, you’ll find what you need here. So read on and discover the best Asian cities for business expansion! 1) Singapore Singapore is a top destination for business expansion in Asia. This city-state is home to a thriving economy and a wealth…
Running your own business may be a lot of work. There are so many things to consider, and one of the most important is storage. How do you keep track of everything that is required for your company in an orderly and efficient manner? We’ll go through several ways to store various items for your firm in this blog article. We’ll go over everything from office supplies to inventory! Continue reading to learn how to make keeping track of your company’s possessions a snap! Purchase shelves One of the first things you’ll need to do when it comes to storage…
Moving your operations to another country may seem daunting, but the benefits of doing so can be worth it. Learn the top considerations to keep in mind if you’re going to consider working offshore. Work With Reputable Partners Do your research and choose reputable partners that you can trust. Make sure you partner with companies that have a good track record. You don’t want to end up working with a partner that doesn’t deliver on their promises. Secondly, be clear about what you both want to achieve from the partnership. What are your goals and objectives? Make sure everyone is…
Marketing is not a new concept; however, with the new media and technological advancement, marketing strategies have changed for different products and services. Also, with the improvement and accessibility of internet connection, digital marketing, which is a part of modern marketing, is prominently used. However, it has in no way reduced the prominence of traditional marketing, which large brands still use to reach their audience. With the option of modern marketing and traditional marketing available, it is often confusing for businesses to choose a marketing strategy that can best meet the demand of their brand’s requirements. Further, choosing the right…
Meeting your prospects and clients in person is becoming a thing of the past as there are new ways to reach out to them. One of the ways to reach out to your clients and customers is through the internet, using professionally designed PDF documents. Using a PDF to showcase your product, send a promotional message, and for various other business communications is a great way to make a long-lasting first impression. Businesses all over the world are using PDFs for various purposes due to the many advantages that it has and using them for business communications is a good…
Soaring inflation, a protracted war in Ukraine, and heightened uncertainties, on top of the continuing impact of the pandemic and virus mutations, will cause the expected slowdown of APEC’s economic growth this year. According to a new report by the APEC Policy Support Unit, the APEC region is expected to significantly moderate in the near term to 2.5% in 2022 and 2.6% in 2023 following a 5.9% rebound in 2021. The forecast reflects sharp downgrades in economic growth for all member countries, in tandem with the rest of the world. Already reeling from a pandemic that is marked with virus…
Investment firm Catamaran has announced the appointment of M.D. Ranganath as its chairman and Deepak Padaki as its president. As a President of the firm for the last three years, Ranganath was instrumental in creating a strong foundation for growth of the firm’s investments and their performance. Padaki, meanwhile, will be responsible for driving the firm’s investment management strategy in its mission to nurture ideas from entrepreneurs into impactful business outcomes. Padaki has 30 years of experience in the global IT services and software product industry, having played various roles in strategy, M&A venture funding, and risk management. “I am…