SoftBank expects its $100 billion (Dh367.3bn) Vision Fund to book a loss of ¥1.8 trillion yen (($16.7bn or Dh61.3bn) due to the worsening performance of its tech bets, which will tip the group as a whole into its first loss for 15 years.
A third consecutive quarter of losses by the fund will push SoftBank Group to an annual operating loss of ¥1.35tn, it said in a statement on Monday.
The fund's poor performance, which SoftBank attributed to "the deteriorating market environment" as company valuations are hammered by the coronavirus crisis, is a major blow to chief executive Masayoshi Son's attempts to revive his reputation among investors.
SoftBank's finances are being squeezed after a disastrous bet on co-working firm WeWork and souring investments in portfolio bets on startups that have sacked workers as the outlook has worsened.
The coronavirus pandemic has undermined predictions by Mr Son, who just two months ago said "the tide is turning" and pointed to recovery at WeWork, forcing him into a major sell down of core assets to raise cash.
The tech conglomerate said it would book an ¥800bn loss on investments outside the fund including in WeWork and satellite operator OneWeb, which last month filed for Chapter 11 bankruptcy after SoftBank declined to provide further funding, contributing to a net loss of ¥750bn.
ICC Intercontinental Cup
UAE squad Rohan Mustafa (captain), Chirag Suri, Shaiman Anwar, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Saqlain Haider, Ahmed Raza, Mohammed Naveed, Imran Haider, Qadeer Ahmed, Mohammed Boota, Amir Hayat, Ashfaq Ahmed
Fixtures Nov 29-Dec 2
UAE v Afghanistan, Zayed Cricket Stadium, Abu Dhabi
Hong Kong v Papua New Guinea, Sharjah Cricket Stadium
Ireland v Scotland, Dubai International Stadium
Namibia v Netherlands, ICC Academy, Dubai
THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
