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☆ SoftBank shares tumble after Vision Fund reports another big loss
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 14 (Reuters) - Shares in Japan's SoftBank Group Corp (9984.T) plunged on Monday after the company reported a heavy loss at its Vision Fund investment arm for a third consecutive quarter. SoftBank shares were down 11.2% in morning trade, on track for their biggest one-day loss in more than 2-1/2 years. As of Friday's close, SoftBank shares had gained more than 40% since October. The Vision Fund logged investment losses of 1.38 trillion yen ($9.9 billion) in the three months to Sept. 30 as the value of its portfolio continued to slide. ($1 = 138.9900 yen)Reporting by Kiyoshi Takenaka; Editing by David Dolan and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: What are FTX's investors saying?
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

Here's what investors in FTX are saying now:SOFTBANKThe total investment of SoftBank Group Corp's (9984.T) Vision Fund in the U.S. and international operations of FTX is less than $100 million, a source close to SoftBank said on Friday. The complications at FTX mark the latest difficulty for the Vision Fund, which has been hit in recent quarters by a global tech rout. SEQUOIA CAPITALSequoia Capital said on Wednesday that it would mark down its total investments in FTX to $0. ONTARIO TEACHERS PENSION PLANThe Ontario Teachers Pension Plan (OTPP) said on Thursday it had invested a total of $95 million in FTX. CIRCLEFintech company Circle CEO Jeremy Allaire said in a tweet on Wednesday that "Circle is a tiny equity holder of FTX, and FTX is a tiny equity holder of Circle."

SINGAPORE/LONDON, Nov 11 (Reuters) - Regulators are moving in on distressed crypto exchange FTX as it scrambles to raise billions in funds to stave off collapse, while its chief executive, Sam Bankman-Fried, faces heightened scrutiny. The Securities Commission of the Bahamas has frozen assets of FTX Digital Markets, an FTX subsidiary. FTX Australia called in administrators on Friday, the Australian Financial Review reported, citing a company statement. Bankman-Fried is under investigation by the U.S. Securities and Exchange Commission for potential securities law violations, Bloomberg reported, citing a source. This source said helping out FTX was the question for larger investors in FTX.

☆ Japan's Seven & i to sell Sogo & Seibu unit to U.S. fund Fortress
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 11 (Reuters) - Japan's Seven & i Holdings Co Ltd (3382.T) said on Friday it will sell its Sogo & Seibu department store unit to U.S. fund Fortress Investment Group. The transfer price will be based on 250 billion yen ($1.77 billion) in enterprise value for Sogo & Seibu, adjusted by net debt and working capital, Seven & i said in a release. Electronics retailer Yodobashi Holdings will be a partner in the deal with Fortress, which is controlled by Japan's SoftBank Group Corp (9984.T). Yodobashi is expected to set up outlets within Sogo & Seibu locations, the Nikkei newspaper reported earlier this week. Seven & i shares rose 0.3% in Tokyo trading compared with a 3% jump in the benchmark Nikkei (.N225) index.

☆ Japan's SoftBank books hefty Vision Fund loss but returns to quarterly profit
▼ + stars: | 2022-11-11 | by ( Kiyoshi Takenaka | ) www.reuters.com time to read: +1 min

TOKYO, Nov 11 (Reuters) - Japan's SoftBank Group Corp (9984.T) on Friday unveiled a loss at its sprawling Vision Fund investment arm for the third straight quarter, even as the tech company posted a net profit from selling some of its stake in China's Alibaba (9988.HK). Vision Fund upended the world of venture capital with splashy bets on startups, but it has been hammered in recent quarters by a global tech rout, prompting SoftBank Chief Executive Masayoshi Son to sharply scale back fresh investments. Investment losses at flagship unit Vision Fund were 1.38 trillion yen ($9.75 billion) in the three months to September 30 as the value of its portfolio continued to slide. At SoftBank itself, net profit came to 3.03 trillion yen in the July-September second quarter. In the first quarter the group had posted a 3.16 trillion yen loss.

☆ SoftBank Posts Profit of More Than $21 Billion After Selling Alibaba Shares
▼ + stars: | 2022-11-11 | by ( Megumi Fujikawa | ) www.wsj.com time to read: 1 min

TOKYO— SoftBank Group Corp. swung back to black for the first time in three quarters in the July-to-September quarter with a profit of more than $21 billion as gains from a sale of some of its stake in Chinese e-commerce company Alibaba Group Holding Ltd. offset losses at its Vision Fund investments. SoftBank reported an investment loss of nearly $10 billion for its Vision Fund 1, Vision Fund 2 and other funds in the latest quarter.

☆ Japan's Seven & i Holdings to sell Sogo & Seibu unit to Fortress -sources
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Nov 11 (Reuters) - Japan's Seven & i Holdings Co Ltd (3382.T) has decided to sell its Sogo & Seibu department store unit to U.S. fund Fortress Investment Group, people familiar with the matter said on Friday. Seven & i held an extraordinary board meeting on Friday to decide on the sale to the SoftBank Group Corp (9984.T) controlled fund, the people said. Reporting by Mariko Katsumura, Ritsuko Shimizu and Rocky Swift; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Japan's SoftBank returns to quarterly profit but unveils more Vision Fund pain
▼ + stars: | 2022-11-11 | by ( ) www.cnbc.com time to read: +2 min

SoftBank's Vision Fund, the brainchild of the company's founder Masayoshi Son, has faced a number of headwinds including a slump in technology stocks as a result of rising interest rates, a tough China market and geopolitics. Japan's SoftBank Group Corp reported its first quarterly profit in three quarters, buoyed by the sale of some of its stake in China's Alibaba even as its massive Vision Fund posted another heavy quarterly loss. Investment losses at flagship unit Vision Fund were 1.38 trillion yen ($9.75 billion) in the three months to September 30 as the value of its portfolio continued to slide. At SoftBank itself, net profit came to 3.03 trillion yen in the July-September second quarter. In the first quarter, the group had posted a 3.16 trillion yen loss.

☆ SoftBank faces tech stock weakness at Q2 earnings
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Nov 7 (Reuters) - SoftBank Group Corp (9984.T) is expected to face further weakness in tech stocks when it reports second-quarter earnings on Friday, after two brutal quarters that have shaken Masayoshi Son's tech conglomerate. The Vision Fund investing arm booked $50 billion in losses in the six months to end-June as valuations slid. Founder and Chief Executive Son has moved to cut headcount and refocus the second fund on managing its existing portfolio. Alibaba (9988.HK), , which SoftBank has been selling to raise cash, has fallen more than 40% year-to-date. "For most/all funding needs, SBG will use Alibaba shares to defend its balance sheet or stock price," Goyal wrote.

☆ Google signs solar power supply deal with SoftBank-backed SB Energy
▼ + stars: | 2022-11-01 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

REUTERS/Charles Platiau(Reuters) - Alphabet Inc’s Google said on Tuesday it would buy about three-quarters of the renewable power from SB Energy Global’s Texas facilities, as it aims to operate data centers on carbon-free energy by 2030. Companies are rapidly shifting toward clean energy and transportation as they look to meet environmental and sustainability goals. The $430-billion Inflation Reduction Act signed by President Joe Biden signed in August also seeks to incentivise a shift to clean energy, by providing tax credits. Google will use the energy from the SoftBank Group Corp-backed company, which will have a capacity of about 3 GW by early next year, to power data centers in Texas, Alphabet said. SB Energy’s Orion 1, 2 and 3 and Eiffel solar projects which total nearly 1.2 gigawatts (GW) of capacity are expected to be ready to supply power by mid-2024.

☆ SoftBank creates committee to oversee Vision Fund 2 - memo
▼ + stars: | 2022-10-20 | by ( Sam Nussey | ) www.reuters.com time to read: +1 min

TOKYO, Oct 21 (Reuters) - SoftBank Group Corp (9984.T) has created an executive committee to oversee its second Vision Fund, Latin America funds and any future funds, its founder and Chief Executive Masayoshi Son said in a memo to employees reviewed by Reuters. Alex Clavel will oversee investing teams in the United States and Latin America, Greg Moon will manage teams in Europe and Asia and Navneet Govil, Vision Fund's chief financial officer, will oversee other functional teams, Son wrote. Register now for FREE unlimited access to Reuters.com RegisterThe appointment of a new committee comes as Vision Fund architect Rajeev Misra has ceded his frontline role at the second fund to launch an external fund. Son has said the second fund invested at frothy prices and is slashing headcount at the Vision Fund unit. The creation of the executive committee was first reported by Bloomberg.

The spin-out structure would make it easier and faster for Kroger and Albertsons to divest stores if they cannot easily sell them outright, people familiar with the arrangement said. The companies may struggle to find many buyers because Albertsons' stores are unionized, making them less attractive to potential bidders such as private equity firms. Kroger and Albertsons are likely to shed their least profitable stores and keep the best ones to themselves, analysts said. That region contains the most store-overlap between Kroger and Albertsons and is where divestitures are most likely, according to analysts. They intend for the spun-off company to not carry any debt, the sources added.

☆ Japan's SoftBank agrees to sell stake in THG
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

Oct 17 (Reuters) - THG (THG.L) said on Monday a trading arm of Japan's SoftBank Group Corp (9984.T) has agreed to sell its holding in the British e-commerce group to THG Chief Executive Matthew Moulding and Qatar's sovereign wealth fund. SB Northstar, the fourth largest shareholder in THG, will sell its 80.6 million shares, which represent about 6.4% of the British company's capital. THG and SoftBank had agreed to terminate their collaboration in July due to challenging global market conditions. read moreMoulding's purchase will take his direct and indirect holding in THG to 320.9 million shares, about 25% of the group's capital. Shares of London-listed THG were up 12.9% at 45.8 pence at market close.

NEW YORK/TOKYO, Sept 29 (Reuters) - Japan's SoftBank Group Corp (9984.T) is cutting around 150 staff globally at its Vision Fund unit and SoftBank Group International, a person familiar with the matter said, as CEO Masayoshi Son retrenches following huge loss on his tech bets. Register now for FREE unlimited access to Reuters.com RegisterThe cuts will affect staff in the investment teams and back-office staff in departments such as finance and legal, a second source said. The cuts also encompass SoftBank Group International, which was led by Marcelo Claure before he exited the firm and which manages other group investments. Vision Fund has radically scaled back investing activity, with Son saying SoftBank's second Vision Fund would primarily manage its existing portfolio. SoftBank has sold down its stake in key asset Alibaba Group Holding Ltd (9988.HK) and outlined plans to list Arm.

☆ Buffett-backed Nubank reaches 70 million clients
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermidSAO PAULO, Sept 26 (Reuters) - Brazil's Nubank has reached 70 million clients across its three operating countries, Latin America's largest financial technology company said on Monday. In Mexico, Nubank's user grew to 3.2 million users while adding 400,000 in Colombia, the fintech said. The fintech, considered one of Latin America's chief proponents of expanding access to the financial system, also said its investment services business in Brazil surpassed 6 million active clients. Its crypto exchange, launched in July, had 1.8 million clients, Nubank said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Peter Frontini; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ SoftBank to discuss Arm 'strategic alliance' with Samsung
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Andrew KellyRegister now for FREE unlimited access to Reuters.com RegisterTOKYO, Sept 22 (Reuters) - SoftBank Group Corp (9984.T) founder and CEO Masayoshi Son will discuss a "strategic alliance" between chip designer Arm and Samsung Electronics (005930.KS) during the billionaire's first visit to South Korea in three years. I'd like to talk with Samsung about a strategic alliance with Arm," Son said in a statement. The visit comes amid speculation by analysts and media over the potential formation of an industry consortium to buy Arm. SoftBank has outlined plans to list the chip designer in the United States as it looks to raise cash after booking a huge loss at its Vision Fund investment arm. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sam Nussey; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Samsung Elec's Lee says SoftBank's Son expected to visit Seoul when asked about Arm-media
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSEOUL, Sept 21 (Reuters) - Samsung Electronics (005930.KS) Vice chairman Jay Y. Lee said on Wednesday that SoftBank Group Corp (9984.T) CEO Masayoshi Son is expected to visit Seoul next month when asked about British chip designer Arm Ltd, multiple South Korean media reported. Son may "make a proposal," South Korean wire service News1 reported citing Lee, without elaborating. Lee said this in answer to a press question about whether he met Arm executives during his recent visit to Britain, according to News1. Register now for FREE unlimited access to Reuters.com RegisterSouth Korean media have speculated Samsung may participate in a potential joint acquisition of a stake in Arm. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Joyce Lee and Heekyong Yang; editing by Jason Neely and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Morgan Stanley's Southeast Asia M&A chief to head Raine's Southeast Asia coverage
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Andrew KellySINGAPORE, Sept 19 (Reuters) - U.S. investment bank Raine Group has tapped Jonathan Pflug, Morgan Stanley's head of Southeast Asia M&A, to lead its coverage in Southeast Asia, two sources familiar with the matter said on Monday. Morgan Stanley and Raine did not immediately reply to Reuters questions about the move. Singapore-based Pflug, a managing director at Morgan Stanley, has been with the investment bank since 2011. Pflug is set to join Raine early next year and launch its Singapore office as the firm seeks to expand into Southeast Asia, the sources said. Register now for FREE unlimited access to Reuters.com RegisterIn Asia, Raine currently has offices in Hong Kong, Shanghai and Mumbai.

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