Jollibee may open first store in China 'in near future', CEO says

MANILA - Jollibee Foods Corp may expand its home-grown fast food chain brand in China within the next 5 years, its CEO said.

JFC operates a Dunkin' Donuts franchise in China. 

It also has 8 stores in Hong Kong where 40 to 50 percent of customers are "local Chinese," JFC president and CEO Ernesto Tanmantiong told Christine Tan in an exclusive interview for CNBC's Managing Asia. 

"In China, hopefully in the near future we will be able to enter the market," Tanmantiong told CNBC. 

When asked when will the first Jollibee open in the mainland, Tanmantiong said: "We're looking at within 5 years, where we should be able to do that."

The brand's expansion strategy is focused on the areas where there are a lot of Filipinos, expanding to local markets after that, he said. 

"We build the base and slowly cross over to the mainstream market, which is the local market. We have done that successfully in Hong Kong and in Singapore," Tanmantiong said. 

There are 6 stores in Singapore where 50 percent of customers are also locals, he said. 

Last November, JFC said it planned to expand the number of its stores in the US to 150 in 5 years and add 100 branches in Canada. Both countries have many migrants from the Philippines.

Jollibee is also planning to open its first store in Rome and in Spain and is also exploring other markets including Australia, Indonesia and other Southeast Asian countries, Tanmantiong said. 

source: news.abs-cbn.com

Fox held talks to sell most of company to Disney: CNBC

Rupert Murdoch's Twenty-First Century Fox has held talks to sell most of its film and television assets to Walt Disney Co, which would gain new programming and expand its international reach, CNBC reported on Monday.

Fox's shares jumped 9.9 percent to close at $27.45 on Nasdaq, and Disney shares climbed 2 percent to $100.64 on the New York Stock Exchange.

The 2 sides are not currently talking, but had held talks in the last few weeks, CNBC reported, citing unidentified people familiar with the matter.

The discussions reflect a view among Fox executives that the media company could not reach the size needed to compete with Amazon.com Inc, Netflix Inc and other major media players, according to CNBC.
[ACCORDING TO CNBC https://www.cnbc.com/2017/11/06/21st-century-fox-has-been-holding-talks-to-sell-most-of-company-to-disney-sources.html]

Representatives of Disney and Fox had no comment.

For Disney, a deal could bring additional programming it could use to lure audiences as the company tries to navigate consumers' rapid migration to digital viewing and compete with heavy spending by technology companies pushing further into Hollywood. It also could extend Disney's reach into international markets.

Disney, which under US rules could not own two broadcast networks, would not purchase all of Fox, CNBC reported. It would not seek to buy Fox's sports programming assets for fear of running foul of antitrust laws with its own ESPN network, and also would not buy Fox News or Fox's broadcast network or local broadcasting affiliates, the report said.

It did discuss buying Fox's movie and TV production studios, cable networks FX and National Geographic and international assets such as the Star network in India and European pay TV provider Sky Plc, CNBC said.

Fox has bid $14.5 billion to acquire the remaining 61 percent of Sky it does not own, but the acquisition has been delayed by British regulators.

"I see lots of synergies for Disney. It's a no-brainer," Pivotal Research analyst Brian Wieser said. "The confusion is what it means for Fox."

Traditional media giants are scrambling to increase their scale and add new businesses, particularly after AT&T's bid for HBO and CNN owner Time Warner Inc, which is awaiting regulatory approval. Other media companies also could be interested in Fox's assets, Wieser said.

Credit Suisse analysts said the talks increase uncertainty around the Sky transaction. Disney may want Sky as part of an international streaming strategy, but a deal also would deepen its exposure to traditional businesses that have been under pressure.

"It is not clear whether the main Disney shareholders will agree and give their support to management on this point," the analysts said in a research note.

Disney has been struggling with subscriber declines at ESPN, its biggest network, and is planning to launch direct-to-consumer video streaming services to reach younger audiences that have shunned traditional cable and satellite offerings.

Chief Executive Bob Iger has said he plans to retire from Disney in July 2019, and the company is searching for a successor.

Much of Fox’s revenue has come from its cable division, which houses Fox News, FX and other channels. Fox said in August that it expected to see high single-digit domestic affiliate fee growth every quarter in fiscal 2018.

Fox and Disney are co-owners of Hulu, a streaming service that offers on-demand and live TV packages. Hulu also is partially owned by Comcast Corp and Time Warner Inc .

source: news.abs-cbn.com

Dow closes high on earnings; dollar flat after Fed chair report

NEW YORK - The Dow Jones Industrial Average Index closed higher on Tuesday, driven by solid earnings from industrial companies, while the dollar index was little changed after reports of Republican senators' support for John Taylor as Federal Reserve chair.

The dollar index rose 0.01 percent, up from an earlier low, as a Bloomberg report on support for Taylor offset diminished hopes for a passage of a major tax cut.

Optimism for a tax overhaul slipped after a CNBC report, citing an aide of Senate leader Mitch McConnell, that 3 GOP Senators may not back the Republican tax bill.

The Bloomberg report also pushed 10-year US Treasury note yields to a more than five-month high. Benchmark 10-year notes last fell 13/32 in price to yield 2.4226 percent, from 2.375 percent late on Monday.

The 30-year US Treasury bond last fell 28/32 in price to yield 2.9348 percent, from 2.89 percent late on Monday.

Earnings from Caterpillar Inc and 3M helped push the Dow Industrials up 167.8 points, or 0.72 percent, to 23,441.76.

The world's largest construction and mining equipment maker, Caterpillar Inc, beat third-quarter profit and sales estimates and raised its full-year forecasts. The Peoria, Illinois company expects revenue in its construction business to surge about 20 percent and its mining business to jump 30 percent. The company's stock gained 5 percent.

3M, another Dow component, which makes a range of products such as autoparts and office supplies, reported upbeat results, helping its stock rise 5.9 percent.

Earnings have gotten off to a strong start, with 73 percent of 120 S&P companies beating profit expectations as of Tuesday.

The S&P 500 gained 4.15 points, or 0.16 percent, to 2,569.13 and the Nasdaq Composite added 11.60 points, or 0.18 percent, to 6,598.43.

European shares ended mixed at their close on Tuesday in anticipation of Thursday's European Central Bank meeting.

"While the ECB is widely expected to announce a reduction, the size and duration of it are still unknown, which could cause a lot of volatility on the day and determine how the euro reacts," said Craig Erlam, a senior market analyst for OANDA in London, in an email.

Although the German, French, Italian and Spanish indexes all rose, the pan-European STOXX 600 closed down 0.4 percent.

The pan-European FTSEurofirst 300 index lost 0.30 percent and MSCI's gauge of stocks across the globe gained 0.03 percent.

Apple supplier and chipmaker AMS jumped 21.8 percent after reporting third-quarter sales just under expectations. Analysts said strong fourth-quarter guidance from the iPhone supplier offset the miss.

Strong profits from Spain's Caixabank also lifted the IBEX 0.4 percent after its Catalonia-related underperformance.

Japan's Nikkei had extended its 16-day winning streak to a 21-year peak overnight following the weekend election win for Prime Minister Shinzo Abe.

The New Zealand dollar hit a 5-month low after the incoming Labour-led coalition government said it plans to review and reform the Central Bank Act to include employment, alongside inflation, as a dual target.

Spot gold dropped 0.4 percent to $1,276.82 an ounce, remaining near a two-week low.

US crude rose 1.08 percent to $52.46 per barrel and Brent was last at $58.34, up 1.69 percent.

source: news.abs-cbn.com

Apple hires secret team for treating diabetes- CNBC

Apple Inc has hired a team of biomedical engineers as part of a secret initiative, initially envisioned by late Apple co-founder Steve Jobs, to develop sensors to treat diabetes, CNBC reported citing three people familiar with the matter.

The engineers are expected to work at a nondescript office in Palo Alto, miles (km) away from the corporate headquarters, CNBC said. (http://cnb.cx/2nGgn9P)

Apple was not immediately available for comment.

source: news.abs-cbn.com

Billionaire Warren Buffett invests in 3 big US airlines

NEW YORK - Billionaire investor Warren Buffett has taken stakes in three large US airlines, in a $1.3 billion bet that marks a sharp U-turn of his antagonistic views on the sector.

Buffett's Berkshire Hathaway Inc. invested $797 million in American Airlines, $249 million in Delta Air Lines and $237 million in United Continental Holdings, according to a regulatory filing reviewed Monday by AFP.

Berkshire Hathaway also took a stake in Southwest Airlines, CNBC television network reported Monday.

The financial guru was known for his dislike of the airline industry after his disastrous bet on preferred shares of US Airways in 1989, calling the sector a "death trap."

The surprise Berkshire news pushed airline shares sharply higher in after-market trades. American Airlines jumped 3.5 percent, Delta was up 2.9 percent and United Continental, parent of United Airlines, gained 2.6 percent.

Buffett, the head of the massive Berkshire Hathaway conglomerate, is the world's third wealthiest person.

source: www.abs-cbnnews.com