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Over 80% of employees in S’pore yearn to eat together with colleagues, reveals Deliveroo survey

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The pandemic has inevitably given rise to poor lunch habits as more people work from home, blurring the boundaries between work and family life, resulting in a yearning for social lunches with colleagues

According to a survey conducted by award-winning food delivery platform Deliveroo on 1,004 office workers in Singapore, over 80 per cent of respondents expressed they would like to eat together more with their colleagues, with just over three in four (76 per cent) stating they would like to do so to bond and get to know each other better.

The desire to form a social connection with colleagues beyond work amid COVID-19 has hence resulted in an increase of individuals and team leads organising virtual team lunches over video or Zoom.

The commissioned survey conducted by Censuswide also revealed that almost half (49 per cent) of respondents eat alone at work and are never fully switched off as they perform work tasks during their lunchtime.

Additionally, employees are apparently not maximising their lunch breaks, with just under a fifth (17 per cent) of them taking their full allotted break time.

Types of food that office workers want for social lunches

Among office workers in Singapore, local hawker fare came in first (37 per cent) as the most social meal to eat or drink in the office, followed by drinks such as coffee, tea, or juices (31 per cent), and small bites and sides (26 per cent).

Alcohol was voted the least social meal to consume at the workplace.

The key role food plays in building a productive and happier team dynamic

The survey suggested a positive correlation between eating together, higher team performance, and engaged and satisfied employees.

73 per cent of office workers agreed that teams are happier and more productive after eating lunch together, and slightly over a third (37 per cent) of respondents admitted they worked harder after eating with their colleagues.

The survey also unveiled that almost three in five (59 per cent) respondents expect their companies to order and organise team lunches. Close to three in four (72 per cent) staff claimed that they would feel more loyal to their company if they arranged for their favourite foods to be available.

Deliveroo launches ‘Group Orders’ to improve organisation of food orders in workplace

To meet such a demand, Deliveroo for Business (DfB) – the corporate arm of Deliveroo – has launched ‘Group Orders’, a new order modality to facilitate and improve the organisation of food orders in the workplace.

The new feature enables users to group individual orders from different people and multiple devices to the same restaurant, allowing employees to order in from their favourite restaurants with a single delivery fee, and eat as a team while adhering to safe distancing measures in the workplace.

“This new survey reveals that food remains a social glue in today’s workplace and is a key element in building a team of productive and engaged staff. The ongoing pandemic has forced us to reevaluate the way we live and work, and DfB is dedicated to innovating its offerings to deliver an amazing food delivery experience for everyone, whether they are working from home or in the office,” said Jeanette Smerin, Head of Deliveroo for Business, Singapore, and Hong Kong.

“We believe the new Group Order feature will help employees reconnect with their colleagues over a meal as they head back to the workplace,” she added.

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GIC reportedly explores options for its 50% stake in India’s Greenko, worth US$5B

Singapore’s GIC is exploring a potential sale of its 50% stake in India’s Greenko Energy, valued at approximately US$5 billion, reported Bloomberg.

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Singapore’s sovereign wealth fund, GIC, is considering a possible sale of its 50% stake in India’s Greenko Energy, a move that could be valued at approximately US$5 billion.

According to sources cited by Bloomberg, the Singaporean entity has engaged financial advisers to explore options, including a full or partial divestment. Discussions are in the preliminary stages, and a final decision on the sale has yet to be made.

A potential deal would place the valuation of Greenko, a major player in India’s renewable energy sector, at about US$10 billion.

Greenko’s portfolio includes 7.5 gigawatts of installed capacity across wind, solar, and hydropower assets distributed across 15 Indian states. GIC’s involvement with Greenko has been substantial, holding a significant influence on the company’s strategic direction.

Potential buyers and market positioning

Prospective investors for GIC’s stake include other sovereign wealth funds, infrastructure-focused investment funds, and energy companies. Sources have indicated that considerations remain preliminary, and GIC could opt against proceeding with a sale.

Apart from GIC, Greenko’s other significant backers include the Abu Dhabi Investment Authority (ADIA) and Japanese financial group Orix. Greenko has been seeking opportunities to raise additional capital to support its growth trajectory, potentially through new investment rounds in the coming months.

The company, however, dismissed reports of GIC’s intended stake sale as inaccurate without providing further details.

Financial outlook and recent challenges

In March 2024, Fitch Ratings revised its outlook on Greenko Energy Holdings’ Long-Term Issuer Default Rating (IDR) from Stable to Negative, affirming the IDR at ‘BB’.

The revision reflects concerns regarding Greenko’s EBITDA net interest coverage, expected to fall below 1.5x by the end of the financial year 2025 before recovering in 2026. This shift is attributed to Greenko’s planned acquisition of a 60.08% stake in the 1,200-megawatt Teesta III hydro project in Sikkim, alongside additional capital expenditures for a new 1.5-gigawatt solar power plant.

The Teesta III acquisition involves substantial restoration efforts due to damage caused by flash floods in October 2023.

Greenko’s management anticipates funding part of the acquisition costs through shareholder equity inflows and insurance compensation for the flood damages. However, Fitch’s assessment includes a conservative 50% reduction in the estimated insurance proceeds and a projected six-month delay in restoration.

GIC’s strategic role in Greenko

GIC, which holds four seats on Greenko’s 13-member board, has been instrumental in shaping the company’s strategic direction.

The sovereign wealth fund’s involvement extends to oversight of Greenko’s investment plans, operational strategy, and risk management. GIC has contributed significantly to Greenko’s recent capital requirements, including a US$700 million investment in 2023 to support the development of Greenko’s pumped storage projects.

Beyond this, Greenko’s ambitious investment plans, such as the acquisition of the Teesta III project, are backed by shareholder commitments amounting to approximately US$1.4 billion over the period from 2024 to 2027. This figure represents around 25% of the projected investment costs and underscores the substantial equity support that GIC and other stakeholders have provided.

Market context and outlook

The potential sale of GIC’s stake in Greenko comes at a time of growing investor interest in renewable energy assets in India.

The country has been rapidly expanding its renewable energy capacity as part of its climate commitments and energy transition strategy.

Greenko, with its diverse asset base and experience in renewable energy development, represents a significant opportunity for investors seeking exposure to this sector.

However, the challenges faced by Greenko, particularly the financial strain from the Teesta III acquisition and related capital expenditures, present risks to potential investors.

The recent downgrade in its credit outlook by Fitch Ratings reflects these pressures, even as Greenko continues to explore opportunities to secure additional funding to support its growth.

A spokesperson for GIC declined to comment on the potential sale, while Greenko refuted reports regarding the matter without elaboration.

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OpenAI to open second Asian office in Singapore

OpenAI will open its second Asian office in Singapore in 2024, following its first office in Tokyo established earlier this year. This fourth international branch aims to enhance regional collaboration and partner with local initiatives, including AI Singapore, focusing on generative AI models that reflect Southeast Asia’s diverse cultures and languages.

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SINGAPORE:  OpenAI, the San Francisco-based leader in generative artificial intelligence (AI), has revealed plans to open its second Asian office in Singapore later in 2024.

This will mark the company’s fourth international branch, focusing on enhancing regional collaboration and partnering with local initiatives, such as the national AI programme, AI Singapore.

This expansion comes on the heels of OpenAI securing billions of dollars in funding and credit, leading to a valuation of $157 billion, bolstered by support from SoftBank Group Corp., a prominent AI investor.

Earlier this year, the US startup established its first Asian office in Tokyo, where it introduced a bespoke GPT-4 model specifically designed for Japanese-language customers.

CEO Sam Altman expressed excitement about the move, stating, “Singapore, with its rich history of technology leadership, has emerged as a leader in AI, recognising its potential to solve some of society’s hardest problems and advance economic prosperity. ”

“We’re excited to partner with the government and the country’s thriving AI ecosystem as we expand into the APAC region.”

Altman, who last visited Singapore in June 2023, highlighted the increasing demand for advanced AI tools across APAC, noting that Singaporeans rank among the highest-per-capita users of ChatGPT globally.

The number of weekly active users in Singapore has doubled since the start of 2024.

OpenAI plans to hire between five and ten employees before 2025 for roles related to sales, security, and solutions engineering, with a strong commitment to local talent.

The regional operations will be led by Oliver Jay, former chief revenue officer at Asana, who will serve as managing director of International based in Singapore.

The firm intends to collaborate more closely with Singaporean government partners, such as the Economic Development Board (EDB), to support AI development in the region.

OpenAI aims to invest up to US$1 million in resources to create AI models that accurately reflect the region’s diverse languages and cultures in partnership with AI Singapore.

AI Singapore is currently developing Sea-Lion, a network of large language models akin to ChatGPT, specifically trained for Southeast Asian users to ensure that the AI captures the region’s unique cultural nuances.

Since the public launch of ChatGPT in 2022, OpenAI’s technology has rapidly integrated into various AI solutions for businesses and government entities in Singapore, including customer service chatbots and an internal AI assistant for civil servants known as Pair.

Competing AI models from Google Cloud and Meta are also being tested in several local projects.

This expansion comes amidst reports of OpenAI transitioning from a non-profit research lab to a more investor-friendly, for-profit model due to rising operational costs associated with running powerful AI systems globally.

While OpenAI maintains that its non-profit arm is central to its mission, this shift has raised industry concerns regarding the management of AI risks, including data collection practices and ethical considerations.

OpenAI is set to host its first Developer Day in Singapore on 21 November, targeting local developers and start-ups to foster innovation in the AI space.

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