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SoftBank Posts $12 Billion Profit in First Quarter of 2020

12Aug By PriyankaNo Comments

Market

SoftBank Posts $12 Billion Profit in First Quarter of 2020

Tokyo, Aug 11, 2020: Japanese technology giant SoftBank Group profit rose 12 percent in April-June from a year earlier as its investments added to its coffers, including sales of its shares in US carrier T-Mobile. Tokyo-based SoftBank reported a first-quarter profit of 1.2 trillion yen (USD 11.8 billion), up from 1.1 trillion yen in the previous fiscal year. Quarterly sales inched down 2 per cent to 1.45 trillion yen (USD 13.7 billion). SoftBank, whose group includes the carrier that introduced the iPhone to Japan, said it has been shoring up its cash reserves. Chief Executive Masayoshi Son said, "the company already has raised in several months nearly all the 4.5 trillion yen (USD 41 billion) it had promised in March to attain within a year. But he acknowledged worries about a...

4Jun By reutersNo Comments

News

SoftBank launches $100 mln fund investing in ‘people of colour’

TOKYO (Reuters) - SoftBank Group Corp is launching a $100 million fund to invest in “companies led by founders and entrepreneurs of colour”, in the latest corporate action as protests roil the United States. Described as SoftBank’s bid to improve diversity, “we have to put money behind it, set plans, and hold ourselves accountable,” SoftBank’s Chief Operating Officer Marcelo Claure, who will head the fund, wrote in a letter to employees on Wednesday. Named the “Opportunity Growth Fund” and focused on African Americans and Latinos in the U.S. it is, SoftBank says, the largest fund of its kind. It will invest in entrepreneurs “from communities that face systemic disadvantages in building and scaling their businesses,” Claure wrote. SoftBank also runs the $100 billion Vision Fund,...

Alibaba Founder Jack Ma Resign from Softbank board

18May By reutersNo Comments

News

Alibaba Founder Jack Ma Resign from Softbank board

SoftBank Group Corp said that Alibaba co-founder Jack Ma will resign from its board, in the latest departure by a high-profile ally of CEO Masayoshi Son. The departure of Ma, who retired as Alibaba's executive chairman in September, comes as he pulls back from formal business roles to focus on philanthropy. SoftBank will propose three new appointments to the board, including group Chief Financial Officer Yoshimoto Goto, at its annual general meeting on June 25. The number of board members will expand to 13. SoftBank will also propose the election of Lip-Bu Tan, CEO of chip design software firm Cadence Design Systems who is also chairman of venture capital firm Walden International, and Yuko Kawamoto, a professor at Waseda Business School as outside directors. Kawamoto will become ...

SoftBank Group Forecasts USD 7bn Net Loss in 2019 Financial Year

14Apr By NitishNo Comments

News

SoftBank Group Forecasts USD 7bn Net Loss in 2019 Financial Year

Japanese conglomerate SoftBank Group forecast a USD 7-billion net loss for the year ended March due to the negative impact of coronavirus and losses related to WeWork. The group led by Masayoshi Son said in a press release, "It also expected to suffer an operating loss of 1.35 trillion yen or USD 12.5 billion." The firm cited a 1.8 trillion yen loss at its SoftBank Vision Fund, blaming "the deteriorating market environment" in the wake of the global coronavirus pandemic. As well as killing more than 100,000 people globally, the virus has tipped the world into what many predict will be a Great Depression, and markets have been in free-fall, battering the group's investments. Under Son's leadership SoftBank Group has morphed into an investment and technology firm, and its $100-bi...

SoftBank CEO Son says will supply 300 million masks per month to Japan

13Apr By NitishNo Comments

News

SoftBank CEO Son says will supply 300 million masks per month to Japan

TOKYO (Reuters) - SoftBank Group Corp CEO Masayoshi Son said he has secured a monthly supply of 300 million face masks for Japan after reaching a deal with Chinese electric vehicle maker BYD Co Ltd, which has also started producing masks. From next month, SoftBank will supply two different kinds of mask, initially for medical staff, in cooperation with the Japanese government’s “mask team”, set up to tackle shortages due to the coronavirus outbreak, Son said on Twitter. SoftBank, which last month said it was donating 1.4 million masks to New York state, will supply the masks without taking a profit. Addressing the supply crunch is a priority for the Japanese government, which will begin delivering two washable masks to households next week a move that has been widely criticized on...

Masayoshi Son, Tech Visionary or Robber Baron?

23Dec By Press Trust of IndiaNo Comments

Story

Masayoshi Son, Tech Visionary or Robber Baron?

This is the year that brought a $100 billion venture capitalist to his knees. In January, SoftBank Group Corp.’s Masayoshi Son was riding high, writing billion dollar checks to unicorns from office sharing startup WeWork to autonomous-delivery vehicle designer Nuro. But as 2019 winds down, the Japanese dealmaker is straining to finance a $9.5 billion bailout package for Adam Neumann’s troubled startup, whose valuation has evaporated from $47 billion to $8 billion or even zero, depending whom you ask. SoftBank’s bad year goes well beyond WeWork Investors are starting to get the feeling that whatever Son brings to the public is troubled. And you don’t need to look far for proof, Shares of Uber Technologies Inc. and Slack Technologies Inc., both backed by the Vision Fund, tumbled ...

Most SoftBank Vision Fund investors want to join second fund: Masayoshi Son

19Jun By reutersNo Comments

Entrepreneurs Talk

Most SoftBank Vision Fund investors want to join second fund: Masayoshi Son

Most investors in SoftBank's $100 billion Vision Fund want to join the group's forthcoming second fund, founder and Chief Executive Masayoshi Son said on Wednesday, adding discussions would begin soon. The entrepreneur said in May a second fund would launch "soon", with SoftBank likely to be the only investor initially. Raising further funds is essential if Son is to extend his spending spree on late-stage startups around the world. Investors in the first fund include the sovereign wealth funds of Saudi Arabia and Abu Dhabi, Apple Inc and Foxconn, formally known as Hon Hai Precision Industry Co Ltd. The Vision Fund will ramp up its employee numbers to 1,000 from 400 currently, Son said at the group's annual general meeting. The fund's head, Rajeev Misra, said he sees inv...

Paytm To Reach Japan in Collaboration With Softbank Group

23Jul By Gauri SinghNo Comments

News

Paytm To Reach Japan in Collaboration With Softbank Group

With Paytm showing a commendable growth in every aspect, the digital payments giant is planning to launch its operations in Japan in collaboration with Masayoshi Son’s Softbank Group. This event is expected to take place by the end of 2018. People familiar with the matter stated that Son is trying to mark his footprints in this sector as well. The service, as a collaboration with Indian digital payments giant Paytm, will make aggressive use of artificial intelligence for mobile payments and other financial services as well. A number of Paytm employees are working in Tokyo on getting the service up and running. Son, who created the world’s largest technology investment fund, is moving towards a crowded field. Japan’s biggest instant-messaging service ‘Line’ and flea-market app ‘Mer...

Softbank Backed OYO To Enter China With All The Support

21Jun By Gauri SinghNo Comments

News

Softbank Backed OYO To Enter China With All The Support

The Gurugram-based online hospitality company OYO is now officially entering the Chinese market. OYO is a Softbank backed firm and China is its third international destination after Malaysia and Nepal. The investor of OYO that is Softbank is showing high hopes and support in favour of the hospitality company. SoftBank Group’s chairman and chief executive Masayoshi Son addressed OYO Hotels as the ‘next generation hotel company using the internet service’. He is also determined to bolster up OYO hotels in China through a joint venture.” “I would really like to introduce this (OYO Hotels) company to all of you. The founder (Ritesh Agarwal), as of today, is only 23 years old. He founded the company when he was only 19 years old. Only four years have passed but it is growing exponentially,”...

Softbank Finally Agrees to Pay $600 Million to Indian Government, Sold Flipkart Stakes to Walmart

22May By Sheldan RungasamyNo Comments

BUSINESS

Softbank Finally Agrees to Pay $600 Million to Indian Government, Sold Flipkart Stakes to Walmart

Softbank is finally putting an end to the months of speculations over his future with Flipkart post the Walmart acquisition deal. The Japanese conglomerate has now agreed to sell its 23.6% stake in Indian e-commerce major Flipkart to its new owners, Walmart for around $4 Bn. Several reports varied over the future of Masayoshi Son’s investment firm in the e-commerce giant despite the billionaire CEO unintentionally confirming the acquisition deal on May 9. In fact, the Japan-based company was still analyzing and examining the option of whether or not staying in Flipkart. The reason for this indecision was mainly motivated by the large amount of tax that Softbank would be subject to for leaving a company in such a short term. Softbank acquired 23.6% stakes in Flipkart last year for an ...

Softbank Will Launch New Vision Fund in “Near Future”

16May By Sheldan RungasamyNo Comments

News

Softbank Will Launch New Vision Fund in “Near Future”

Masayoshi Son, founder of SoftBank Group Corp, the world’s largest private equity fund, announced that he was keen to set up a second Vision Fund in the near future, despite still having capital remaining in its $100 Bn Vision Fund of May 2017. In a conference held in Tokyo, the business mogul stated that capital will be raised from existing institutional investors for this new fund. Although Son said that the fund will launch in the “near future”, he did however, specify that it won’t be before the coming six months. “Vision Fund 2 will definitely come,” said Masayoshi Son at the conference, although the actual size of the fund has been kept confidential. The Vision Fund I is currently controlled by Softbank Group founder and CEO Masayoshi Son and designated CEO of Softbank Visio...

This is Why SoftBank is Reluctant to Sell its 22 % Flipkart Stake

15May By Lavina TolaniNo Comments

News

This is Why SoftBank is Reluctant to Sell its 22 % Flipkart Stake

Post mega Flipkart-Walmart Acquisition, the e-commerce world has been buzzing with speculations all around as to how the mammoth deal will shape the coming scenario. Now, there is a new dimension that has come into play regarding SoftBank unwilling to sell its stakes to Flipkart. If SoftBank was to sell its 22.3% stake in Flipkart Singapore to Walmart now or anytime before August 2019, it may have to hand over a massive $600 million to the Indian taxman out of its profit of $1.5 billion. Just 9 months ago in August 2017, the Japanese multinational conglomerate, SoftBank had announced its investment of $2.5 billion in Flipkart Singapore via SVF Holdings. Understanding the Taxation Dynamics Right after the official announcement, more than 500 funds were set up...