Starbucks has announced it will sell the majority stake in its Chinese business for $4bn to a Hong Kong-based private equity firm after years of losing market share to local competitors in China.
Starbucks announced the sale on Monday, which will see the firm Boyu Capital take a 60 percent stake in its Chinese retail operations through a joint venture.
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Boyu Capital has offices in Shanghai, Beijing and Singapore, and its cofounders include Alvin Jiang, the grandson of former Chinese President Jiang Zemin, according to the Reuters news agency.
The US coffee giant will retain a 40 percent interest in its China operations while maintaining its ownership of the company’s brand and intellectual property, the company said.
The deal marks a “new chapter” in Starbucks’s 26-year-long history in China, the company said in a statement.
It will also give Starbucks a much-needed injection of funding and logistical support as it tries to expand its business deeper into China, according to Jason Yu, the Shanghai-based managing director of CTR Market Research.
Starbucks has 8,000 locations across China, but it aspires to open as many as 20,000 through its joint venture, the company said in a statement.
“Starbucks used to be a pioneer in coffee in China, where it was probably the first coffee chain in many cities, but this is no longer the case as the local competition already outpaced Starbucks in their expansion,” Yu told Al Jazeera.
Top competitors include homegrown Luckin Coffee, which has more than 26,000 locations worldwide, mostly in China.
Starbucks has historically been concentrated in first- and second-tier cities like Shanghai, Beijing and Shenzhen while Luckin has expanded into much smaller cities.
Luckin has also built a reputation around offering customers much cheaper drinks than Starbucks through its loyalty programme and in-app discounts.
A small Americano coffee at Starbucks costs 30 yuan ($4.21), but at Luckin, the same drink retails on average for about 10 yuan ($1.40), according to Yu.
Olivia Plotnick, founder of the Shanghai-based social marketing company Wai Social, told Al Jazeera that Starbucks has been unable to keep up with competitive pricing and consumer preferences.
“Between domestic players such as Luckin and later Cotti Coffee undercutting Starbucks on price, footprint and flavour fuelled by tech, wider beverage competition from the rise of milk tea brands and delivery platform wars, Starbucks have lost their once very competitive edge,” Plotnick said. By “delivery platform wars”, Plotnick referred to the cutthroat competition between apps for delivery services that drives down prices of goods like coffee.
Starbucks’s joint venture with Boyu Capital will offer the company more capital for investment but also help with logistics, infrastructure and managing commercial property as it opens more storefronts in regional cities, Yu said.
The company is following a familiar playbook used by other international brands in China, he said.
In 2016, after a major food safety scandal, KFC and Pizza Hut owner Yum Brands sold a stake in their China business to the China-based Primavera Capital and an affiliate of the e-commerce giant Alibaba Group, according to Reuters. The China business was later spun off into an independent entity.
In 2017, McDonald’s sold off a majority stake in its China, Hong Kong and Macau businesses to the Chinese state-backed conglomerate CITIC and the private equity group Carlyle Capital although it later bought back some of its business, according to CNBC.
After the deal with CITIC, McDonald’s doubled its outlets in China to 5,500 as of late 2023, CNBC said, and aims to open 10,000 restaurants by 2028.
BRIDGERTON’S Simone Ashley is in pole position to feature in the sequel to Brad Pitt’s movie F1.
The 30-year-old, who starred with Jonathan Bailey in the Netflix romance, was cast in this year’s flick but her scenes were cut.
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Simone Ashley is in pole position to feature in the sequel to Brad Pitt’s movie F1Credit: GettySimone wows in a barely there outfitCredit: GettySimone shot to fame after starring in the hit Netflix show Sex EducationCredit: Getty
A source said: “A script is already in the works with early plans to go into production next year.”
As well as appearing in Sex Education, Ashley has also lent her acting chops to suspense drama Thriller.
She shot to fame after starring in the hit Netflix show Sex Education.
The star developed her acting skills at the Arts Ed school in Chiswick, which specializes in Musical Theatre & Acting degrees.
Simone has spoken about coming from a traditional Indian family, who finds her acting career “quite scary and unsettling”.
She told Veylex: “My parents are incredibly protective over me, and sometimes I found it quite stifling.
“It made me want to escape and do things my own way. I’ve always been a bit rebellious in that sense.”
“I am incredibly privileged to be apart of a generation where young women from all over the world have more opportunity than ever before, where we are being less stereotyped and walls and being broken down slowly.”
Simone strikes a pose in this ensembleCredit: GettyBrad Pitt as Sonny Hayes in F1Credit: AlamySimone (as Kate Sharma) with Jonathan Bailey (as Anthony Bridgerton), in Netflix show BridgertonCredit: Netflix
Disclaimer: Today’s papers carry spoilers for The Celebrity Traitors
Many of the papers continue to look ahead to next month’s Budget. The Daily Telegraph reports that Chancellor Rachel Reeves is considering a 2p increase to income tax – which would be the first hike to the basic rate since the 1970s. The Telegraph also notes that some 100,000 young men have fled fighting in Ukraine after President Volodymyr Zelensky eased departure rules.
The i paper says Starmer has paved the way for “manifesto-breaking” tax increases, which it describes as a “political gamble to find cash to boost growth”. The i also features news from the Caribbean, with testimonies from British tourists trapped by Hurricane Melissa.
Reeves is the story on the front page of the Daily Mail as well – this time on her admission that she broke housing rules by unlawfully renting out her family home without a licence. The chancellor has apologised and the prime minister said he was happy the “matter can be drawn to a close”. But the Mail says Reeves is facing a “crisis”.
The Times carries the story of a potentially life-saving trial which has found that early screening for prostate cancer could save thousands of people each year. A study with 162,000 men saw deaths reduced by 13% by catching the disease early. A photo of King Charles III and Queen Camilla at a Hindu temple in London also makes the front page.
Five victims of grooming gangs are accusing Reform UK leader Nigel Farage of “degrading” remarks over their abuse, the Guardian reports. Farage had suggested they were not victims of grooming gangs but instead other types of child sexual abuse. A picture from Cuba also makes the front page, after Hurricane Melissa hit the Caribbean island.
The Independent shares pictures of the disaster area left by Melissa in Jamaica. The paper also carries an exclusive interview with Justice Secretary David Lammy who says he was “spat on for being black” but believes the UK is not a racist country. Lammy has also launched what the paper describes as a “deeply personal attack” on Reform UK for “pitting neighbour against neighbour, feeding fear and fuelling outrage”.
The Financial Times leads with an investigation into Indian steel tycoon Lakshmi Mittal who it says has bought almost $280m of Russian oil transported on sanctions-listed vessels in a joint energy venture. In the US, the Federal Reserve has cut rates by a quarter point. The FT says this “signals the end to quantitative tightening”.
Metro leads with news migrant sex offender Hadush Kebatu, whose crimes sparked protests outside an asylum hotel in Essex this summer, was paid £500 after he threatened to disrupt his deportation to Ethiopia. Kebatu was convicted of sexual assault of a 14-year-old girl and a woman, but was mistakenly released from prison before being rearrested on Sunday.
The Conservatives have described the payment to Kebatu as a “farce”, the Daily Express reports. The paper also highlights party leader Kemi Badenoch’s attacks on the reported plan to increase income tax.
The Daily Mirror leads with a parliamentary committee demanding answers over Prince Andrew’s lease of Royal Lodge. The paper also carries a spoiler for hit murder mystery TV show, The Celebrity Traitors.
The Sun leads with that spoiler: “Wossy” – aka Jonathan Ross – has been “whacked” is its headline. It celebrates the cast’s discovery of the traitor with “they’ve finally got one”, labelling them “witless wallies” for taking so long to discover his identity.
And the Daily Star highlights its campaign for charities set up for the late boxer Ricky Hatton, praising its readers for helping them to hit target.
Businesses have abandoned its once-thriving downtown. Its retail and office vacancy rates are among the highest in Los Angeles County. The crowds that previously packed the area surrounding the city’s famous pier have dwindled.
Homelessness has risen. City officials acknowledge crime incidents had become more visible and volatile.
The breadth and depth of the issues became apparent just last month when the city was forced to declare itself in fiscal distress after paying $229 million in settlements related to alleged sexual abuse by Eric Uller, a former city dispatcher.
Now, Santa Monica is trying to plot a new path forward. A significant first step could come Tuesday.
That’s when the City Council is set to consider a plan to reverse its fortunes.
A shuttered business on Broadway in Santa Monica.
(David Butow/For The Times)
The plan includes significantly increasing police patrols and enforcing misdemeanor ordinances, investing in infrastructure and new community events, and taking a more business-friendly brush to permits and fees. Officials also plan to be more aggressive in making sure property owners maintain unused properties.
The blueprint tackles many “quality of life” issues that critics say have contributed to lower foot traffic in the city’s tourist districts since the COVID-19 pandemic.
It’s far from clear the tactics will work. But given the city’s current trajectory, officials say bold action is necessary.
“We’re trying to usher in a rebirth — a renaissance of the city — by investing in ourselves,” Councilmember Dan Hall said.
Hall, 38, is part of a relatively youthful City Council majority that swept into office in recent years as voters opted for new leadership and a fresh approach. Five of the seven council members are millennials, and six members first joined the council in either 2022 or 2024.
Also new on the scene is City Manager Oliver Chi, who five months ago was hired away from the same position in Irvine.
“The city is in a period of distress, for sure,” said Chi, 45. “We’re not in a moment where the city is broke. The city still has resources. … But right now, if we do nothing, the city’s general fund operating budget is projected to run a structural deficit of nearly $30 million a year, and that’s because we’ve seen big drops” in revenues, such as from hotel taxes, sales tax and parking.
“But part of that is the private sector hasn’t been investing in the city. And we haven’t had people traveling to the city,” Chi said.
Santa Monica is far from the only city — in California or nationwide — to face the pain of a downtown in decline. Brick-and-mortar retailers have long bled business to online offerings, and the pandemic upended the cadence of daily life that was the lifeblood of commercial districts, with many people continuing to work from home at least part of the week.
Birds fly over and people walk on the Santa Monica Pier.
(Allen J. Schaben/Los Angeles Times)
But the hope is through concerted, planned investment that Santa Monica can shine once again and modernize to be competitive in the postpandemic era.
The City Council had already decided to set aside $60 million from its cash reserves to spend over the next four or five years to cover any operating deficits. But with Tuesday’s vote, Santa Monica would instead use those dollars as an investment in hopes of getting the city back on track.
“Those things really are issues related to public safety, disorder in town, the disrepair that we’ve seen in our infrastructure,” Chi said. “All of those things are preventing, I think, confidence in the local economy.”
In downtown, the city’s plan would include doubling the number of police officers assigned to a specialized unit to at least eight to 10 a day, deploying an additional five patrol officers daily, creating a new police substation, adding two workers daily to address homelessness issues, and hiring eight public safety employees to provide a more constant presence across the city’s main commercial district, parks and parking garages.
Staff in the city attorney’s office would also be augmented to boost the ability to prosecute misdemeanor cases.
An unhoused man naps on a bench in Palisades Park.
(David Butow / For The Times)
Also on the agenda: moving the city’s homeless shelter out of downtown; making a one-time $3.5-million investment to address fraying sidewalks and streets and freshen up trees and trash cans; funding monthly events at the Third Street Promenade to attract crowds; creating a large-scale “Santa Monica Music Festival” next year; upgrading restrooms near the pier and Muscle Beach; and increasing operating days for libraries.
Another proposal would require the owners of vacant properties to register with the city, in hopes of addressing lots that remain in disrepair.
The city is also looking to be more business friendly. It’s seeking to upgrade the current permit process, utilizing artificial intelligence to get nearly instantaneous permit reviews for single-family homes and accessory dwelling units, as well as reduce permit fees for restaurants with outdoor dining.
The plan also outlines strategies to boost revenue. Santa Monica is poised to end its contract with a private ambulance operator, McCormick Ambulance, in February and move those operations in house.
“It’s going to cost roughly $2.8 million a year to stand that operation up. But the reality is, once we start running it, it’ll generate about $7 million a year in new ongoing revenues,” Chi said.
“That’s part of what we’re thinking through: How do we invest now in order to grow our revenue base moving ahead?” he said.
Parking rates are also going up, which city officials estimate should generate $8 million to $9 million in additional annual revenue — though officials say they still charge a lower rate than those of nearby cities.
The city also plans more traffic safety enforcement and will cut the current 90 minutes of free parking in downtown parking structures to 30 minutes.
There’s also been talk of a new city parcel tax, though no decision has yet been made to pursue that. A parcel tax would need voter approval.
Another priority is building back the city’s cash reserves, which have dwindled over the years, largely on account of legal payments. Eight years ago, Santa Monica had $436 million in cash reserves; today, there’s only $158 million in nonrestricted reserves.
The planned $60 million in spending would further reduce the city’s unobligated cash down to $98 million.
Santa Monica’s annual general fund operating budget is nearly $800 million a year.
Beachgoers enjoying the scene near the Santa Monica Pier.
(David Butow/For The Times)
The city is also looking to redevelop some of its underutilized properties, including a 2.57-acre parcel bounded by Arizona Avenue and 4th and 5th streets, which includes branches of Bank of America and Chase bank, the leases of which are expected to expire in a few years. Also being eyed are a 1.09-acre kiss-and-ride lot southeast of the Santa Monica light rail station; the city’s seismically vulnerable Parking Structure 1 on 4th Street, which sits on 0.75 of an acre; and the old Fire Station No. 1, which sits on 0.34 of an acre and is being used for storage.
No firm plans are in place just yet. The parcels could be sold, leased long term or redeveloped as part of a joint venture. One likely possibility is that the developments would include new housing.
“When you look at any revitalization effort of any vibrant downtown core that’s eroded, there’s always been an element of repopulating the area with people,” Chi said. A smart redevelopment plan for those properties will not only “hopefully help bring back vibrancy to the downtown, but also help replenish the city’s cash reserves.”
The seeds of downtown Santa Monica’s decline actually started before the pandemic. But COVID hit the city hard, and commercial vacancies rose significantly, Councilmember Caroline Torosis, 39, said.
Santa Monica also sustained damage in 2020 from rioters who swarmed the downtown area in what appeared to be an organized attack amid a protest meant to decry the death of George Floyd in Minneapolis.
Tourists never came back in the numbers they had before the pandemic.
Torosis said the new council majority was elected on a promise to boost economic activity in the city.
“We need to absolutely ensure that people feel safe, welcome, invited and included in our city,” said Torosis, who serves as mayor pro tem.
Hall called the plan a bold bet.
“What we’re trying to do here is move us away from a scarcity mind-set, where we’re nickel-and-diming businesses trying to stay open, restaurants trying to open a parklet, residents trying to build an ADU,” Hall said.
The council’s relative youth, he said, is a plus for a city trying to write a bright new chapter.
“I think that that’s something that millennials are finding themselves needing to do as we take ownership of society, and we see a world where past generations have been afraid to make mistakes or afraid to make decisions,” he said.
Richard Tunnicliffe’s 3,713 votes saw Labour drop to third amid a 27% swing away from the party in one of its strongholds
In a matter of moments, more than 100 years of history came crashing down for Labour as the results were read out.
For Plaid Cymru’s Lindsay Whittle, his victory – at the 14th time of asking – must feel like it has been a long time coming.
This could be the sign that voters see his party as a viable alternative to Labour, with next May’s Welsh Parliament election on the horizon.
The Labour stronghold has been breached and Plaid has stormed it.
For Reform, who had such high expectations, there are lessons to be learned.
Despite surging across the UK, they fell short in this big test.
Their ambition to be the biggest party after next year’s Welsh Parliament election has taken a knock.
There will be questions about how effective the party is at getting their supporters out to vote, as the party had been banking on a high turnout being good for them.
The turnout was 50.43% – higher than any previous Senedd election.
For Labour, this was an awful result.
If their 11% vote share is mirrored across Wales next May, under the new proportional voting system, they could be facing a wipe out.
Mark Lewis/BBC
Rhun ap Iorwerth’s Plaid Cymru has breached Welsh Labour’s stronghold
Before the vote, one source told me about the concept of a good defeat – something the party could work off.
This was not it.
The party’s MSs meet this morning to start the difficult conversation of how to turn this round.
One Labour source has suggested to me that the party will need a “retail offer” – something stand-out – that will grab voters’ attention.
“People are desperate for material improvement to their lives,” the source said.
“We can talk about improvements and we can talk about legacy issues like free prescriptions but there needs to be a big sell on something new.”
The deputy first minister Huw Irranca-Davies said the party needed a “compelling story”.
Matthew Horwood
Llyr Powell was predicted to be a contender for victory in the by-election
Another source said that First Minister Eluned Morgan needs to try to differentiate herself even further from her UK colleagues.
She has tried this with her concept of the Red Welsh Way, but has also spoken of a partnership in power.
Welsh Labour and UK Labour working together has its benefits, but it was never going to be easy.
Voters in Caerphilly have not bought the idea that two Labour governments working together is better for Wales.
Next May, the entire Welsh electorate could deliver the same verdict.
For now, whatever happens, Caerphilly has written itself into the pages of Welsh political history.
We are about to find out if this result is an eye-opening anomaly or a genuinely new chapter.
Florida-based wealth advisory J. L. Bainbridge & Co. sold 119,376 shares of Biogen(BIIB 0.58%) during the third quarter for an estimated $16.1 million.
What Happened
In a quarterly disclosure filed with the Securities and Exchange Commission on Friday, J. L. Bainbridge & Co. Inc. reported selling 119,376 shares of Biogen (BIIB 0.58%) during the third quarter. The estimated value of the shares sold was $16.1 million, based on the average closing price for the period. The fund now holds just 2,969 shares of Biogen valued at $415,898 as of September 30.
What Else to Know
The sale reduced Biogen to 0.03% of reported U.S. equity assets under management as of September 30.
Top holdings after the filing:
NASDAQ:MSFT: $164.85 million (13.9% of AUM)
NASDAQ:AAPL: $122.68 million (10.4% of AUM)
NASDAQ:GOOGL: $116.65 million (9.9% of AUM)
NYSE:GS: $71.43 million (6% of AUM)
NYSE:ETN: $59.86 million (5.1% of AUM)
As of Friday’s market close, shares of Biogen were priced at $143, down 23% over the past year.
Company Overview
Metric
Value
Price (as of market close on Friday)
$143.00
Market Capitalization
$21 billion
Revenue (TTM)
$10 billion
Net Income (TTM)
$1.5 billion
Company Snapshot
Biogen’s portfolio includes therapies for neurological and neurodegenerative diseases, such as multiple sclerosis, spinal muscular atrophy, Alzheimer’s disease, and biosimilars targeting autoimmune disorders.
The company generates revenue through the discovery, development, manufacturing, and commercialization of branded pharmaceuticals and biosimilars, with a focus on specialty and rare disease markets.
Biogen serves a global customer base, including healthcare providers, hospitals, and specialty pharmacies treating patients with neurological and rare diseases.
Biogen specializes in therapies for complex neurological and neurodegenerative conditions. With a diversified product suite and a robust pipeline, Biogen leverages scientific innovation and strategic collaborations to maintain its position in high-need therapeutic areas.
Foolish Take
Florida-based J.L. Bainbridge & Co. dramatically scaled back its Biogen holdings last quarter, selling nearly its entire position for roughly $16 million. The firm, known for its long-term focus and balanced growth strategy, now holds only about $416,000 worth of Biogen stock—just 0.03% of its reportable U.S. equity assets.
The timing aligns with Biogen’s mixed performance over the past year. Shares are down 23%, despite a strong second-quarter report showing 7% year-over-year revenue growth to $2.6 billion and raised full-year guidance. The company highlighted sequential growth in Alzheimer’s therapy LEQEMBI, rare-disease drug SKYCLARYS, and postpartum-depression treatment ZURZUVAE, with CEO Christopher Viehbacher calling it “another quarter of strong execution” as Biogen reshapes its portfolio for sustainable growth. Still, the stock has struggled amid investor skepticism fueled by declining sales.
Bainbridge’s near-exit follows other portfolio adjustments—such as trims to Delta Air Lines—as the firm concentrates its holdings in proven large-cap growth names like Microsoft, Apple, and Alphabet. For long-term investors, Biogen’s upcoming October 30 earnings will be a key moment to gauge whether its new drug launches can meaningfully offset the erosion of its older franchises.
Glossary
AUM (Assets Under Management): The total market value of assets a fund or investment manager oversees on behalf of clients. Quarterly disclosure: A report filed every three months detailing a fund’s holdings, transactions, and other relevant financial information. Post-trade stake: The number of shares or percentage of ownership remaining after a buy or sell transaction. Top holdings: The largest investments in a fund’s portfolio, usually ranked by market value or portfolio percentage. Biosimilars: Biologic medical products highly similar to already approved reference drugs, used to treat various diseases. Specialty and rare disease markets: Healthcare sectors focused on developing treatments for uncommon or complex medical conditions. Pipeline: The portfolio of drugs or products a company is developing, from early research to late-stage clinical trials. Strategic collaborations: Partnerships between companies to jointly develop, market, or distribute products or technologies. TTM: The 12-month period ending with the most recent quarterly report.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Apple, Goldman Sachs Group, and Microsoft. The Motley Fool recommends Biogen and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
Snorkelling is an enjoyable underwater activity, but when you make a cool sighting, it’s even more exciting. One woman recently couldn’t believe her luck during a dive in the Maldives
Christine Younan Deputy Editor Social Newsdesk
12:29, 12 Oct 2025
Tasha was travelling in the Maldives when she came across the sighting(Image: AFP via Getty Images)
A trip to the Maldives can be unforgettable but when you come across a rare sighting, it really can be the cherry on top of a fantastic holiday. There’s so much to do on the islands, from water sports to dolphin cruises and even luxury spa breaks.
Now one woman couldn’t believe her luck when a snorkelling trip turned into a truly memorable experience. Snorkelling is a great way to enjoy marine life and explore underwater world, while it’s suitable for most ages, you’ll need strong swimming skills for it.
The travel influencer, known as Tasha, was recently on a snorkelling trip in the Maldives when she came across a hammerhead shark. They can be quite rare to spot and are sometimes only seen on much further islands.
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Tasha was just off Thulusdhoo when she made the sighting. On top of her video, she said: “Rich because I saw one of the most rare sightings in the Maldives with my own eyes.”
Her caption read: “Still not over that we saw a HAMMERHEAD SHARK on a snorkel trip off Thulusdhoo with @Say Yes! Adventures.
“These are super rare and only sometimes seen on much further islands!!!! And I didn’t even see them in the Galapagos!”
Since she posted the clip where she gasped at the sighting, her video scooped 169,100 likes and hundreds of comments.
One said: “I lived there for 2 years and snorkelled every day and never saw a hammerhead! This is insanely lucky.”
Another added: “Craziest moment ever, will never get over this.” A third chimed in: “I would cry for days on, that’s so beautiful.”
Someone else posted: “Omg at Thulusdhoo, that’s sooo lucky!” And a fifth wrote: “This would be the highlight of my year.”
Spotting a hammerhead shark can be quite exciting and these are not considered dangerous to humans.
While the large great hammerhead is a powerful exception and potentially dangerous, these encounters are rare.
Meanwhile, the few documented attacks are typically attributed to surprise or fear, and humans are not a natural prey for hammerheads, who have a diet which consists mainly of stingrays, crustaceans and bony fish.
Average flight prices to the Maldives from the UK vary greatly, but you can expect to pay around £500-£700 for a round-trip economy flight.
Also prices range from under £300 to over £1,800 depending on the season, airline and flexibility. The average flight time is around 10 hours and 18 minutes to 12 hours and 44 minutes, but this can be longer with layovers.
