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The Manila TimesThe Manila Times
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Smugglers target PH as top Southeast Asian market for illegal tobacco

Earnings

KUALA LUMPUR, MALAYSIA — The Philippines, along with Malaysia, is now becoming a central destination of distribution channels for transnational illicit tobacco trade made possible through the exploitation of the country’s geographic vulnerabilities. According to Japan Tobacco International (JTI), a leading global tobacco and nicotine product manufacturer, illegal tobacco trade matters because it weakens public revenue causing an estimated annual government loss of $50 billion, which accounts for 11 percent of global cigarette consumption and about 23.6 percent regionally across Southeast Asia. “Illegal tobacco trade is usually discussed or referenced as a tobacco industry problem. But in fact, it's much wider than that. It drives governments out of revenue, undercuts legitimate retailers, obviously undermines our legitimate business, but more importantly, it creates a space for criminal networks to thrive,” JTI Anti-Illicit Trade Operations regional director Valentin Dinca told reporters in a briefing.

2 days ago
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Kalkine MediaKalkine Media
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Jardine Matheson’s DFI Retail to Acquire Starbucks Licensed Operations in Seven Asian Markets for $340 Million in Deal with Maxim's Caterers

Earnings

Jardine Matheson Holdings Limited (-JAR), the Asia Pacific-focused diversified investment firm established in 1832 and listed on the London Stock Exchange, announced that its subsidiary DFI Retail Group Holdings Limited has signed a conditional agreement with Maxim's Caterers Limited to restructure their holdings. Under this transaction, DFI Retail will acquire Maxim's stake in the Starbucks licensed business—a network exceeding 1,100 coffeehouses across seven Asian countries—while Maxim's will repurchase all shares currently held by DFI Retail, receiving the Starbucks business plus approximately US$340 million in cash. This deal is classified as a material related party transaction under UK Disclosure Guidance and Transparency Rules due to Maxim's being a 50%-owned associate of DFI Retail. Key Points Jardine Matheson Holdings Limited (-JAR) with primary listing on the London Stock Exchange and secondary listing in Singapore DFI Retail Group to gain full ownership of Starbucks licensed operations across Thailand, Hong Kong SAR, Singapore, Vietnam, Cambodia, Macau SAR, and Laos Approximately US$340 million cash consideration payable to DFI Retail upon completion; Starbucks business generated nearly US$750 million revenue in 2025 with a 7.0% underlying operating margin Regulatory and antitrust approvals pending, with transaction completion targeted by end of March 2027 DFI Retail Takes Full Control of Starbucks Licensed Network Spanning 1,100+ Coffeehouses in Seven Asian Markets The agreement transfers Maxim's entire equity interest in the Starbucks licensed business to Hayselton Enterprises Limited, a wholly-owned subsidiary of DFI Retail Group.

4 days ago
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Opinion NigeriaOpinion Nigeria
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The Scam Economy Is Modern Slavery With Wi-Fi -By Fransiscus Nanga Roka

Bonds

Catching up with the United States and Britain starting as early as this year, an uncomfortable truth has begun to dawn on the United States. The online scam centres of Southeast Asia are not simply cybercrime operations. It is a digital plantations where humans are sold, tortured and exploited for mega multimillion dollar criminal networks. Other groundbreaking efforts, like the signing of a memorandum of understanding (the first of its kind) on September 3, 2026 between two similar law enforcement agencies in the United States and Britain, the US Justice Department’s Scam Centre Strike Force and Britain’s Crown Prosecution Service and by the National Crime Agency. The partnership will operate parallel probes, sharing information about shared criminals and determining which jurisdiction should prosecute specific cases. Who are they targeting? Mainly Chinese triads running factories on a massive scale in places such as Cambodia, Myanmar or Laos. What happens inside? Victims lured by fake technology or administrative job advertisements come applying for what they hoped would be a legitimate job.

20 days ago
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