Latest news with #TonyYang
GMA Network
09-07-2025
- Politics
- GMA Network
Tony Yang, arrested for several charges including falsification of public document
The brother of former Presidential Economic Adviser Michael Yang, Tony Yang, has been arrested based on an arrest warrant for falsification of public document, perjury, and violation for the use of aliases, according to the Pasay City Police. Tony Yang o Yang Jian Xin was arrested through the joint Operation of Pasay City Police Station led by Police Col. Joselito M. de Sesto, Pasay CPS, Police Major Remedios L. Terte, ACOPO, Police Major Allan V. Valdez, IDMS, Police Captain Rafael S. Siguan Jr., Chief SIS, and Police Captain Roque S. Villaruel Jr. Chief WSS. The warrant of arrest was issued by Hon. Eleuteria Apdian Badoles-Algodon, Presiding Judge of Supreme Court, Municipal Trial Court in Cities, 10th Judicial Region, Brach 2, Cagayan De Oro City dated November 22, 2024 with P36,000.00 recommended bail for Falsification of public document, P18,000.00 for Perjury and P30,000.00 for violation of C.A. No. 142 as amended by R.A. No. 6085 (An Act to Regulate the use of Aliases). In October 2024, the National Bureau of Investigation filed 16 complaints for falsification of public documents, perjury, and violation of the Anti-Alias Law against Yang Jian Xin or Tony Yang, brother of former presidential economic adviser Michael Yang. The complaints were filed after the NBI allegedly discovered how Yang used several of his aliases to establish and register several corporations with the Securities & Exchange Commission in Cagayan de Oro City. 'Respondent concealed his identity as a Chinese national, obtained a Filipino birth certificate, and used his Filipino name/s as incorporator of these corporations, thus committing falsification in the corporations' Articles of Incorporation and By-Laws. He was also charged for committing Perjury and illegal use of alias,' the NBI statement read. He is currently detained in the Pasay City Jail. — BAP, GMA Integrated News
Straits Times
11-06-2025
- Business
- Straits Times
Starbucks' rise and fall in China: How it went from status symbol to cutting tea prices
In a rare move, the US coffee giant has cut prices for its tea-based beverages this summer. PHOTO: BLOOMBERG Once a status symbol, Starbucks cuts prices on its tea-based drinks to woo Chinese consumers – 'If I'm not at Starbucks, I'd be on the way to Starbucks.' This was a common saying among netizens in China more than a decade ago, when patronising the American coffee chain was associated with being trendy and cosmopolitan. But how times have changed for Starbucks, which has lost its social cachet as well as its status as the largest coffee chain in China to Chinese rival Luckin. Now, in a rare move, the US coffee giant – which has long defended its premium positioning in China – has cut prices for its tea-based beverages this summer. About a dozen of Starbucks' non-coffee drinks, which include frappuccino, iced shaken tea and tea latte, now cost as little as 23 yuan (S$4.10) each after an average 5 yuan discount, in a promotion effective from June 10 at its stores across China. Starbucks promoted its new drink prices on its official social media channels in China, branding it as a 'summer special price'. Prices of its coffee drinks remained unchanged, ranging from 30 yuan for an Americano to 41 yuan for a cheese latte. In recent years, Starbucks has been losing market share to major Chinese coffee chains such as Luckin Coffee and Cotti Coffee, which offer cheaper drinks for customers to grab on the go. Starbucks' promotion comes as the Chinese tighten their belts amid a weakened economy, protracted property slump and difficult job market. While Starbucks had previously said it would not engage in price wars, it has introduced smaller drink sizes and coupons to appeal to a wider consumer base in its second-biggest market after the US. With its latest promotion, the prices of its drinks are now closer to those from upscale Chinese tea chains and Luckin, with the latter offering aggressive discounts all year round. Checks by The Straits Times showed that the price of iced tea on Luckin's app was 26 yuan, but consumers have to pay only 14 yuan after discounts. Starbucks China chief growth officer Tony Yang said on the company's official account on Chinese social media WeChat that its improved 'non-coffee' products will, along with its core coffee offerings, 'better meet the diversified needs of customers'. The promotion is aimed at the afternoon segment, which the company marketi ng it as 'coffee in the morning, non-coffee in the afternoon', he added. While Starbucks' official promotional materials steered clear of calling it a price cut, the price change was picked up by netizens and Chinese media outlets , some of whom called it an overdue move by the normally 'aloof' company. A user on Chinese social media platform Weibo wrote: 'If it didn't reduce prices, soon it won't be able to sell a single cup of drink.' Starbucks, which entered the Chinese market in 1999 and once had a store inside the Forbidden City in Beijing, has struggled to reinvent itself after its business, which largely relied on dine-in experiences, was severely disrupted by the Covid-19 pandemic. Around 2021, nimbler Chinese competitors like Luckin adopted aggressive price cuts and started launching new flavours, giving Starbucks a run for its money. Luckin also capitalised on the pick-up and delivery model by downsizing its stores into small ones with no seating, drastically saving on rent, labour and maintenance costs. By 2023, Luckin overtook Starbucks as the largest coffee chain in China, in terms of sales and number of stores. As of March 2025, Luckin has more than 24,000 outlets and reported a net revenue of US$1.2 billion, while Starbucks has around 7,750 stores and generated about US$740 million in net revenue. Starbucks is not the only foreign coffee brand facing pressures in China. British coffee chain Costa, which entered China in 2006 and once competed closely with Starbucks, has been quietly closing down stores across China and currently has only around 500 stores. Foreign brands like Starbucks have lost their lustre among Chinese consumers, amid rising sceptism towards Western consumerism and a greater emphasis on cultural pride. Starbucks is now distancing itself from Luckin and focusing instead on lower-tier cities and counties, where the brand still retains a more premium status and competition is less stiff. The US giant has also been looking to revive its business in China by selling stakes in it. In May, Bloomberg reported, citing unnamed sources, that it has started the process by contacting several potential investors. Ms Allison Malmsten, a public research director at research group Daxue Consulting, noted that lowering prices is always a risk, as it is harder to keep customers if prices rise again. 'But given the circumstances, it seems like a measured risk from Starbucks,' she told The Straits Times. Ms Olivia Plotnick, who runs social media marketing agency Wai Social in Shanghai, said while Starbucks was a pioneer in China's coffee industry, chances are slim for it to come up tops again as it is in a tough spot. Its current strategy to capture market share in lower-tier cities is a race against local brands, which will be able to move faster and cut prices, she noted. She told ST: 'Eventually, (Starbucks) will face the same problems that it does in places like Shanghai with high competition. So in order to survive, it will have to consider how to position itself.' Michelle Ng is China Correspondent at The Straits Times. She is interested in Chinese foreign policies, property trends, demographics, education and rural issues. Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
10-06-2025
- Business
- Yahoo
Starbucks reduces prices on tea-based drinks in China
US coffee giant Starbucks has unveiled a strategic price reduction for its tea-based beverages in its second-largest market, China, aiming to attract customers amid a challenging consumer environment and increasing competition. The coffee chain is set to lower prices by an average of five yuan ($0.70) on a selection of more than a dozen frappuccino, iced tea and tea latte options. The move is designed to appeal to the Chinese market's demand for non-coffee offerings, particularly during the summer season. Starbucks China chief growth officer Tony Yang was quoted by Bloomberg: 'Improved 'non-coffee' product matrix will go side by side with core coffee offerings to better meet the diversified needs of customers.' This decision is a notable shift from the company's usual premium pricing strategy, especially given its promotion on its official WeChat account - a rare marketing approach for the brand in China, according to the news agency. This pricing strategy comes as China is experiencing a deflationary trend in consumer prices, affecting sectors from automotive to fast food. Government data for May 2025 indicates that consumer prices have been in deflationary territory for four consecutive months. By reducing prices, Starbucks is positioning itself to compete more effectively with local tea chains and other beverage providers offering lower-priced options. While Starbucks CEO Brian Niccol is focusing on streamlining the US menu to emphasise coffee, the brand's expansion of tea-based beverages in China is a tailored approach to capture market share in the world's second-largest economy. With the new pricing, Starbucks aims to offer tea drinks starting at 23 yuan - closer to the price points of upscale local tea chains. Local competitors such as Luckin Coffee and Cotti have reduced their pricing, offering drinks for as low as 9.9 or even 8.8 yuan. "Starbucks reduces prices on tea-based drinks in China" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Business Times
09-06-2025
- Business
- Business Times
Starbucks joins China price war with discounts for tea drinks
[BEIJING] Starbucks on Monday (Jun 9) announced price cuts for a slew of its tea-based beverages at its stores across China, as the American coffee chain takes a more aggressive approach to revive sales at its second-biggest market. Starbucks will reduce prices by 5 yuan (S$0.89 cents) on average across more than a dozen Frappuccino, iced tea and tea latte options in its latest campaign to appeal to Chinese consumers for non-coffee offerings during summer, according to a statement posted on the company's official account on Chinese social media WeChat on Monday. 'Improved 'non-coffee' product matrix will go side by side with core coffee offerings to better meet the diversified needs of customers,' said Starbucks China chief growth officer Tony Yang in the statement. It is rare for the US coffee giant to promote price cuts on its own official social media channels as the chain has long defended its premium positioning in China amid rising competition from cheaper rivals. Persistent price wars across product categories from autos to fast food have pushed China's consumer prices into deflationary territory for four months in a row, according to government data released on Monday. Starbucks' push to offer more tea-based beverages in China stands in contrast to chief executive officer Brian Niccol's effort to turnaround the US business by streamlining its menu to emphasise coffee. Still, the push for more tea drinks in China could help the US company contend with local tea chains to win back customers in the world's second-largest economy. With the newly announced price cut, Starbucks said consumers can sip a cup of tea drink for as little as 23 yuan in its spacious lounge-like coffee shops. That brings its prices closer to those at more upscale local tea chains, which often make their beverages for customers to grab on the go. BLOOMBERG
CBC
19-05-2025
- Science
- CBC
UBC researchers develop new shock absorption system for highrises to withstand big earthquakes
A team of researchers at University of British Columbia have developed a new design for highrises that could help tall buildings withstand major earthquakes, while keeping people safe inside. Led by structural engineering professor Tony Yang at UBC's faculty of applied science, the project aims to prepare cities like Vancouver for the "big one." "We are expected to have very large earthquakes," Yang said. Traditional highrise designs rely on a rigid concrete core, which typically place elevators and stairwells inside the central core. But the new system, the researcher says, allows buildings to move and absorb energy through dampers, outriggers and rocking foundations, rather than resist the shaking rigidly. "These are like the shock absorbers in your car," he said. "The design philosophy for the traditional system is to protect the people who live inside, but not the status of the building afterwards," he added. "[With the new system] the owner can feel confident that the building, its occupants and its contents are protected during and after significant shaking." Earthquake simulations The system was tested at the International Joint Research Laboratory of Earthquake Engineering in Shanghai, China, a facility with a large enough "shake table" to simulate a full-scale, magnitude-9 earthquake. Researchers say UBC's one-fifth scale model remained fully functional after more than 100 simulated quakes. According to Yang, the system allows for lighter construction and more usable space inside the building, making it both more resilient and cost-effective. "In traditional construction, [builders] put a lot of reinforcement inside central concrete, putting money and labour into it," he said, explaining that the new design philosophy puts less stress on the concrete core and foundation. He says it may offer long-term savings by reducing the need for large foundations or post-quake repairs, making the new design "much cheaper" to use. According to a report released by the City of Vancouver last November, modelling suggests a magnitude 7.2 earthquake would cause significant damage to many aging, privately owned buildings — the majority of which are rental properties. While the new system is aimed at new construction, Yang said it could also be incorporated into some older buildings — though the process would be more complex. Brent Toderian, Vancouver's former chief planner, says any advancement that makes concrete buildings safer is important — but says builders need to shift toward greener materials. "Concrete has a large carbon footprint," he told CBC News. "We are in the process of this hopefully continuous transition to more sustainable building materials." WATCH | Builder pushes for mass timber homes: Builder pushes for mass timber homes as B.C. lumber industry faces tariff pain 2 months ago Duration 2:28 As B.C.'s softwood lumber industry, which is heavily dependent on U.S. exports, faces a double whammy of tariffs, some say that mass timber construction in the province could be a way forward. Toderian pointed to mass timber as a renewable and climate-conscious alternative, and said long-term planning should account for both safety and environmental impact. City of Vancouver Coun. Lisa Dominato said the city is interested in learning more about the research and its potential applications. "We anticipate more density and development in the future," Dominato said. "If we can benefit from that technology, and the research is happening at UBC, I think it's a good thing for the city." Looking ahead, Yang says he hopes to work with engineering firms and local governments to explore integrating the design into new building projects.
