BANGKOK: Starbucks said Monday (Tuesday in Manila) it plans to open an outlet in Laos as it expands its network of more than 10,000 stores in Asian countries.

The company said it plans to open the shop in the Laotian capital Vientiane by next summer.

The outlet will be operated by Coffee Concepts (Laos) Ltd., a part of Hong Kong-based Maxim’s Caterers Ltd. Starbuck said in a statement that it intends to use its global scale to have a positive impact and career opportunities in the impoverished, landlocked country bordered by Thailand, Myanmar, Cambodia, Vietnam and China.

“We are pleased to introduce the Starbucks brand into Laos, which further builds on our 20 year relationship with Starbucks to grow the coffee industry across Asia,” said Michael Wu, Chairman and Managing Director, Maxim’s Caterers Limited.

Many Laotians drink powdered coffee drinks that include milk and sugar, as is true across much of Asia, but the country of 7.2 million is a coffee exporter and has its own artisanal coffee roasters and shops.

Before the coronavirus pandemic hit, Laos was drawing growing numbers of foreign tourists, with more than 4 million visiting in 2018. Local incomes have been rising, but still average around $300 a month.

The company said in a statement that it intends to take a “locally relevant approach” for its customers, both tourists and Laotions.

“We will take a thoughtful approach to driving sustainable growth in Laos and look forward to contributing to the country’s vibrant coffee culture,” Starbucks said. Starbucks said it was monitoring the coronavirus situation but is still aiming at an opening in summer 2021.

Laos, a landlocked country bordered by Thailand, Myanmar, Cambodia, Vietnam and China, has so far reported only 24 Covid-19 infections, according to a tally kept by the Johns Hopkins University.

Such records are thought to understate the actual number of cases due to testing issues and large numbers of asymptomatic coronavirus cases. But pandemic precautions are severely limiting travel in the region.

“We will work closely with local health authorities, as we do in all markets, making decisions with the health of our partners and customers top of mind,” Starbucks said.

One highly technical question that is often asked is the extent of our jurisdiction at the Securities and Exchange Commission (SEC) when it comes to intra-corporate disputes. This was, in fact, one matter raised against the SEC in a recent controversy.

Once upon a time, the issue of the SEC’s jurisdiction was fairly simple. Under Section 5 of Presidential Decree (PD) No. 902-A, the SEC had original and exclusive jurisdiction over cases involving:

a) Devices or schemes employed by, or any acts of, the board of directors, business associates, its officers or partnership, amounting to fraud and misrepresentation which may be detrimental to the interest of the public and/or of the stockholder, partners, members of associations or organizations registered with the commission;

b) Controversies arising out of intra-corporate or partnership relations, between and among stockholders, members or associates; between any or all of them and the corporation, partnership or association of which they are stockholders, members or associates, respectively; and between such corporation, partnership or association and the state insofar as it concerns their individual franchise or right to exist as such entity; and

c) Controversies in the election or appointments of directors, trustees, officers or managers of such corporations, partnerships or associations.

However, this changed with Section 5.2 of the Securities Regulation Code (SRC) wherein all cases enumerated under Section 5 of PD 902-A were transferred to courts of general jurisdiction, or the appropriate Regional Trial Court (RTC), as may be designated by the Supreme Court. The reason for that transfer was to allow the SEC focus on its capital market regulatory functions. Whether or not that was a correct policy decision on the part of the legislative is not a topic for this article though. It is what it is now.

But this unique situation has caused some confusion even after many years after the passage of that law transferring such jurisdiction from the SEC to the courts. Did this mean that the SEC no longer has any teeth?  Did this mean the SEC can be divested of authority once a case involved an intra-corporate controversy?

The Supreme Court has already dealt with this issue in the fairly recent case of Roman Jr. vs Securities and Exchange Commission (G.R. 196329, June 1, 2016).

In the Roman case, the Supreme Court explained that the SEC still has sufficient powers to assume jurisdiction over matters concerning its supervisory, administrative and regulatory functions, to wit:

“Under the SRC, jurisdiction on matters stated under Section 5 of P.D. No. 902-A, which was originally vested in the SEC, has already been transferred to the RTC acting as a special commercial court. Despite the said transfer, however, the SEC still retains sufficient powers to justify its assumption of jurisdiction over matters concerning its supervisory, administrative and regulatory functions. In SEC v. Subic Bay Golf and Country Club Inc.

(SBGCCI) and Universal International Group Development Corp. (UIGDC), for instance, the court affirmed the SEC’s assumption of jurisdiction over a complaint, which alleged that SBGCCI and UIGDC committed misrepresentations in the sale of their shares. The court held in the said case that nothing prevented the SEC from assuming jurisdiction to determine if SBGCCI and UIGDC committed administrative violations and were liable under the SRC despite the complaint having raised intra-corporate issues. It also ruled that the SEC may investigate activities of corporations to ensure compliance with the law.”

But more importantly, the Supreme Court said in the Roman case that:

“Beyond doubt, therefore, is the authority of the SEC to hear cases regardless of whether an action involves issues cognizable by the RTC, provided that the SEC could only act upon those which are merely administrative and regulatory in character. In other words, the SEC was never dispossessed of the power to assume jurisdiction over complaints, even if these are riddled with intra-corporate allegations, if their invocation of authority is confined only to the extent of ensuring compliance with the law and the rules, as well as to impose fines and penalties for violation thereof; and to investigate even motu proprio whether corporations comply with the Corporation Code, the SRC and the implementing rules and regulations (underscoring ours).”

Thus, lawyers cannot simply invoke “intra-corporate” controversy to divest the SEC of jurisdiction in pending cases before the commission. As explained by no less than the Supreme Court, the SEC still has jurisdiction over matters concerning its expansive supervisory, administrative and regulatory functions.

Private equity firm KKR based in the United States has bared its investment in Pinnacle Towers Pte. Ltd., banking on the Philippine government’s push for the shared tower market.

Pinnacle entered the common tower market through its subsidiary Frontier Tower Associates Philippines Inc. (FTAP), which secured a go signal from the Department of Information and Communications Technology (DICT) to operate as an independent tower company (ITC).

“The telecommunications sector in the Philippines has grown rapidly in the past few years amid the increasing demand for connectivity. This has led to a resource imbalance and the need to expand existing infrastructure to allow operators to provide better service and coverage to their customers,” David Luboff, partner and head of Asia-Pacific Infrastructure at KKR, said in a statement.

“Our investment in Pinnacle reiterates our commitment to addressing this need and supporting the Philippines’ transition to a connected, digital nation. We look forward to assisting the Pinnacle team to deliver the benefits of a more digitally enabled economy to the Filipino people, especially in growing regions such as the Visayas and Mindanao,” he added.

This marked KKR’s second infrastructure investment in the country. Details of its investment in Pinnacle, however, were not disclosed.

More than two years after the government planned out the common tower project, the DICT on September 15 issued provisional ITC certificates of registration for 23 firms that have already secured deals with the former.

Among the tower companies are Aboitiz Infracapital Inc., Acoda Towers SDN Bhd, Alt-Global-Solutions Inc., Transcend Towers Infrastructure (Philippines), Inc., China Construction First Group Corp. and Wingan Construction and Development Corp., China Construction Yangtze River (M) SDN BHD, China Energy Equipment Co., Ltd, CREI Management Services FZE, Desarrollos Terrestres Inc., EEI Corp., Frontier Tower Associates Philippines, Inc., and IHS Holding Ltd.

The certificate, it noted, serves as the provisional authority to own, construct manage, and operate one or more passive telecommunications towers infrastructure.

SILICON VALLEY: Apple on Monday (Tuesday in Manila) sent out invitations to yet another online event, this one expected to star new Mac computers powered by chips of the tech giant’s own design.

Word of the November 10 event to be streamed from Apple’s headquarters in Silicon Valley disclosed little more than that it would begin at 10 am Pacific time.

It will be the third product unveiling in as many months, with analysts expecting the spotlight to be on new Mac computer models featuring speedy processors created by Apple.
Personal computer sales have soared during the pandemic as people rely on them to work, learn, play, and socialize from home.

Revenue from Mac computers sales hit a record high of $9 billion in the recently ended quarter, compared to $7 billion in the same period a year earlier, according to the company.
Apple launched iPhones synched to superfast 5G networks and new smart watch models previous streamed events as it updated its line-up of offerings for the holiday shopping season.

NEW YORK: US manufacturing grew beyond expectations in October, as orders rose and employment began expanding again, according to an industry survey released Monday (Tuesday in Manila).

At 59.3 percent, the Institute for Supply Management’s (ISM) manufacturing index was the highest in more than two years. The index also marked the sixth consecutive month of growth after plunging following the business shutdowns in March of to stop the coronavirus.

While new orders led the growth with a 7.7 point increase to 67.9 percent, employment crossed the 50-percent threshold indicating expansion for the first time since July 2019 with a reading of 53.2 percent.

Inventories also passed the key figure, climbing 4.8 points to 51.9 percent, ISM said. But customers’ inventories contracted slightly to 36.7 percent, its lowest level in more than a decade which is “considered a positive for future production,” the survey’s chair Timothy R. Fiore said.

Private equity firm KKR based in the United States has bared its investment in Pinnacle Towers Pte. Ltd., banking on the Philippine government’s push for the shared tower market.

Pinnacle entered the common tower market through its subsidiary Frontier Tower Associates Philippines Inc. (FTAP), which secured a go signal from the Department of Information and Communications Technology (DICT) to operate as an independent tower company (ITC).

“The telecommunications sector in the Philippines has grown rapidly in the past few years amid the increasing demand for connectivity. This has led to a resource imbalance and the need to expand existing infrastructure to allow operators to provide better service and coverage to their customers,” David Luboff, partner and head of Asia-Pacific Infrastructure at KKR, said in a statement.

“Our investment in Pinnacle reiterates our commitment to addressing this need and supporting the Philippines’ transition to a connected, digital nation. We look forward to assisting the Pinnacle team to deliver the benefits of a more digitally enabled economy to the Filipino people, especially in growing regions such as the Visayas and Mindanao,” he added.

This marked KKR’s second infrastructure investment in the country. Details of its investment in Pinnacle, however, were not disclosed.

More than two years after the government planned out the common tower project, the DICT on September 15 issued provisional ITC certificates of registration for 23 firms that have already secured deals with the former.

Among the tower companies are Aboitiz Infracapital Inc., Acoda Towers SDN Bhd, Alt-Global-Solutions Inc., Transcend Towers Infrastructure (Philippines), Inc., China Construction First Group Corp. and Wingan Construction and Development Corp., China Construction Yangtze River (M) SDN BHD, China Energy Equipment Co., Ltd, CREI Management Services FZE, Desarrollos Terrestres Inc., EEI Corp., Frontier Tower Associates Philippines, Inc., and IHS Holding Ltd.

The certificate, it noted, serves as the provisional authority to own, construct manage, and operate one or more passive telecommunications towers infrastructure.

NEW YORK: US manufacturing grew beyond expectations in October, as orders rose and employment began expanding again, according to an industry survey released Monday (Tuesday in Manila).

At 59.3 percent, the Institute for Supply Management’s (ISM) manufacturing index was the highest in more than two years. The index also marked the sixth consecutive month of growth after plunging following the business shutdowns in March of to stop the coronavirus.

While new orders led the growth with a 7.7 point increase to 67.9 percent, employment crossed the 50-percent threshold indicating expansion for the first time since July 2019 with a reading of 53.2 percent.

Inventories also passed the key figure, climbing 4.8 points to 51.9 percent, ISM said. But customers’ inventories contracted slightly to 36.7 percent, its lowest level in more than a decade which is “considered a positive for future production,” the survey’s chair Timothy R. Fiore said

“Manufacturing performed well for the third straight month, with demand, consumption and inputs registering growth indicative of a normal expansion cycle,” Fiore said.

“While certain industry sectors are experiencing difficulties that will continue in the near term, the overall manufacturing https://atozmarkets.com/brokers/deltamarket/ continues to exceed expectations.” Of industries surveyed, 15 reported growth, while textile mills and printing and related support activities reported contraction.

“Business levels have just about returned to pre-Covid-19 levels. Our company is remaining conservative with fixed-cost spending, knowing the uncertainties that lie ahead with Covid-19 and its potential impact globally,” a miscellaneous manufacturing company told the survey.

However Oren Klachkin of Oxford Economics warned that the sector’s growth could be eroded amid a resurgence of coronavirus infections across the United States as well as Washington’s failure to approve another spending package that would support the economy’s recovery.

“Looking ahead, we expect manufacturing’s recovery to shift into a lower gear, constrained by the virus’s recent resurgence and less generous fiscal support,” he said.

“Softening demand, enduring supply chain disruptions, weaker energy activity and heightened uncertainty will depress activity and keep risks heavily tilted to the downside.”

Among the Pag-IBIG tasks that had been recognized were the Pag-IBIG Loyalty Card and Group Housing Loan Program (GHLP) below the Innovation category, and the Outsourcing of Collections of Delinquent Accounts thru Collection Agencies underneath Transformation class.

“Through the GHLP, Pag-IBIG partners with LGUs, employers, and institutions to make domestic finance greater on hand to their respective ingredients or beneficiaries,” Pag-IBIG stated.

Pag-IBIG noted that the GHLP and Outsourced Collections of Delinquent Accounts are beneath Pag-IBIG’s domestic lending operations.

“By outsourcing collections through permitted collection organizations, Pag-IBIG guided debtors on the set off payment in their home loans and elevated its appearing loans portfolio, main to greater price range for domestic finance,” the Fund said.

Seven projects of the Home Development Mutual Fund or Pag-IBIG have been recognized by an ASEAN organisation for his or her modern trends, the organization stated on Monday.

In a statement, Pag-IBIG said it received the most Excellence Awards among 13 member-businesses of the Asean Social Security Association (ASSA) on the ASSA Recognition Awards 2016.

The Fund’s tasks received awards below categories consisting of Innovation, Transformation, Customer Service, Communication, and Financial Literacy.

The GHLP and Outsourced Collections of Delinquent Accounts are below Pag-IBIG’s domestic lending operations that make the purchase of houses less complicated for potential house owners.

TGX turned into ordered to end operations of the 17 digital video games sites, at the same time as ABLE become ordered to cease operations of its 36 electronic bingo game web sites.

Under the GSRM, digital gaming sites must have a distance of “no longer much less than two hundred meters” far from colleges registered with the Department of Education (DepEd) and the Commission on Higher Education (CHED), as well as locations of worship. Electronic gaming web sites may be placed within department shops, commercial homes and lodges and hotels.

At present, LRWC said 20 out of the 36 eBingo sites of ABLE have already resumed their operations by using distinctive feature of the Pagcor approval.

The organisation stated that Pagcor allowed the resumption of LRWC’s eBingo operations till the respective expiration of the licenses of the sites which might be broadly speaking placed inside shops, arcades and inns.

LRWC said Pagcor is also “in the system of analyzing whether they’ll completely hold the exemption of department shops, arcades and hotels from the space requirements.”

According to the PSE website, LRWC said ABLE and its other subsidiaries are running 123 eBingo parlors national.

THE Philippine Amusement and Gaming Corp. (Pagcor) is taking flight its order for Leisure & Resorts World Corp. (LRWC) and all its subsidiaries to stop their operations because of in advance non-compliance with distance limit tips.

LRWC stated it received notices from Pagcor through email on Monday withdrawing its previous order to revoke the licenses of the business enterprise and its subsidiaries.

“The (Pagcor) approval become based totally on the advice…to honor the licenses of operators whose gaming sites are located internal department stores, arcades and lodges, and recall them exempted from distance requirements,” LRWC stated in a disclosure to the Philippine Stock Exchange (PSE).

Earlier inside the month, Pagcor had ordered LRWC and its subsidiaries AB Leisure Exponent Inc. (ABLE) and Total Gamezone Xtreme Inc. (TGX) “to right away give up the operations” of all their shops of electronic video games and bingos “due to non-compliance with the gap restrict tips beneath Section 2 of Regulation three of the Gaming Site Regulatory Manual (GSRM) for Electronic Games model 2.Zero.”