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Tag: attracts

  • Singapore Attracts Global Talent: High-Earning Visa Holders Surge Over 100% in Two Years

    Singapore Attracts Global Talent: High-Earning Visa Holders Surge Over 100% in Two Years

    The Overseas Networks and Expertise (ONE) Pass program in Singapore, designed for highly skilled foreign professionals, reported a significant increase in participants end of last year. Around 8,500 individuals holding the pass marked a more than twofold increase since its inception in 2023.

    Continual Growth of the ONE Pass Program

    According to Jasmin Lau, the acting Minister for Manpower, the number of ONE Pass holders had risen from 3,600 at the close of 2023 to 6,300 by the end of the following year. This steady growth over the years is a testament to the program’s attractiveness to global talent.

    Notably, three sectors—financial and insurance services, information and communication, and professional services—comprised approximately 70% of those holding the ONE Pass, as per Lau’s statement.

    ONE Pass: A Magnet for Global Talent

    Introduced in 2023, the ONE Pass is a personalized work visa aimed at top foreign talent spanning various sectors. These include business, arts, sports, academia, as well as research. To qualify for the pass, individuals must have earned a minimum of S$30,000 (US$23,370) a month over the preceding year or are set to receive that salary from a future employer based in the city-state.

    The program has significantly contributed to Singapore’s efforts to attract and retain international talent, as it competes with other global financial hubs. Notable ONE Pass holders include Dr. Anders Skanderup, an assistant director at the A*STAR Genome Institute of Singapore who contributed significantly in the development of an AI-based method for monitoring cancer progression, and Oliver Jay, the managing director of international strategy and operations at OpenAI.

    Questions & Answers

    What is the ONE Pass program in Singapore?
    The ONE Pass is a personalized work visa program designed for highly skilled foreign professionals across various sectors.

    What are the eligibility criteria for the ONE Pass program?
    To be eligible for the ONE Pass, individuals must have earned at least S$30,000 a month over the preceding year or are set to receive that salary from a future employer based in Singapore.

    What significance does the ONE Pass program hold for Singapore?
    The ONE Pass program significantly contributes to Singapore’s efforts to attract and maintain international talent, bolstering its competitiveness among global financial hubs.

  • Potential $10b Valuation As Investors Eye Stake In Starbucks’ China Operations

    Potential $10b Valuation As Investors Eye Stake In Starbucks’ China Operations

    Starbucks’ China Operations Draw Interest from Potential Buyers

    Starbucks’ business operations in China may soon undergo changes, as several prominent investors have shown interest in acquiring a stake. This signifies a potential valuation of Starbucks’ China unit at approximately US$10 billion.

    Among the investors vying for a stake in the coffee giant’s China business are Asia-based private equity firms Centurium Capital and Hillhouse Capital, as well as their US counterparts Carlyle Group and KKR & Co.

    Starbucks May Retain 30% Stake

    According to sources, it is a possibility that Starbucks might retain a stake of 30 percent, with the remainder distributed among a group of purchasers, each owning less than 30 percent. However, the company and the potential buyers have not yet provided any comments on the matter.

    No Plans for Full Sale

    Last month, Starbucks confirmed that it does not plan to fully sell off its China operations. This announcement followed the commencement of a formal sales process for its China business in May.

    Offers Under Consideration

    Around 30 domestic and international private equity firms in China have submitted non-binding offers for a stake in Starbucks’ China business. Currently, the company is in the process of evaluating the bids, deal structure suggestions, and value creation proposals from the potential investors.

    This selection process is expected to result in a shortlist within the next two months. However, it is unlikely that the entire arrangement will be finalized before the end of this year.

    Questions & Answers

    Which companies are vying for a stake in Starbucks’ China business?
    Asia-based private equity firms Centurium Capital and Hillhouse Capital, as well as US counterparts Carlyle Group and KKR & Co, have shown interest in acquiring a stake.

    How much of a stake might Starbucks retain in its China operations?
    Starbucks may retain up to 30 percent stake in its China operations, with the remaining stake distributed among the group of buyers.

    Is Starbucks planning a complete sell-off of its China operations?
    Last month, Starbucks confirmed that it has no plans to fully sell off its China operations.

  • Starbucks’ China Venture Sparks Interest: Possible $10 Billion Stake Sale On Horizon

    Starbucks’ China Venture Sparks Interest: Possible $10 Billion Stake Sale On Horizon

    Starbucks’ China Business Draws Significant Interest

    Starbucks’ China venture has recently garnered substantial interest for a potential stake sale. The unit is speculated to be worth up to a staggering $10 billion. According to insider information, a multitude of entities is in the race for the stake, including Asian private equity firms Centurium Capital and Hillhouse Capital, as well as American counterparts Carlyle Group and KKR & Co.

    Possible Ownership Structure

    The multinational coffee company may retain a 30% stake in its China business if a deal goes through. The remaining portion would be divided among several investors, each maintaining a stake of less than 30%.

    No Official Comments Yet

    At this point, there has been no official response from Starbucks, Centurium, Hillhouse, Carlyle, or KKR regarding these claims. Until now, this information has not been independently corroborated.

    No Full Sale for Starbucks China

    Despite the current speculation, Starbucks clarified last month that it is not considering a complete sale of its China operations. This announcement followed the initiation of a formal sale process for Starbucks’ China operations that commenced in May.

    Offers Under Evaluation

    Starbucks has received non-binding offers from approximately 30 domestic and foreign private equity firms. The coffee giant is currently assessing these proposals, the proposed deal structures, and the value creation plans presented by the bidders.

    According to sources, the shortlist of potential investors could be ready within the next two months. However, it is unlikely that the transaction will be finalized by the end of this year.

    Questions & Answers

    Who are some of the potential buyers for Starbucks’ China business?

    Potential buyers include Asia-based private equity firms Centurium Capital and Hillhouse Capital, as well as US firms Carlyle Group and KKR & Co.

    What percentage of the Starbucks China business might the company retain after the sale?

    Starbucks may retain a 30% stake in its China operations post-sale.

    When is the deal likely to be finalized?

    While this is subject to change, the deal is currently unlikely to be completed before the end of this year.