Companies
SoftBank announces $8.8bn share buyback after $10bn quarterly loss
Published
3 years agoon
SoftBank, a Japanese multinational conglomerate holding company, has announced a share buyback programme after enduring a huge loss in its Vision Fund unit in the third quarter.
The unit reported a record quarterly loss of ¥825.1 billion ($10 billion) due to a decline in the share price of SoftBank’s portfolio companies.
The Japanese tech conglomerate said its stock is undervalued and it will spend up to 1 trillion yen ($8.8 billion) to repurchase nearly 15 per cent of its shares.
At a press conference, founder Masayoshi Son promised to launch the share buyback programme within a year, yielding to investor pressure after the loss. But he warned that the programme might not reach the upper limit within the next 12 months.
The Vision Fund has suffered the loss as its publicly traded investments in China have been hit by a government regulatory crackdown on tech firms, including Alibaba.
However, Son said he would expedite the pace of investments for the Vision Fund’s sequel fund. He had allocated 15 per cent of the fund’s $33 billion in capital to China by the end of September.
The billionaire founder hoped that the current share price presented a big buy opportunity and said they would also preserve enough capital for investments.
A repurchase programme had always been an easy way to drive the short-term share price but it did not help long-term institutional investors, he said, adding that after a while, the share price tends to slip back.
During the third quarter, SoftBank registered a net loss of ¥397.9 billion compared with the last year’s ¥627.5 billion profit. The value of the group’s net assets collapsed from ¥27.9 trillion to ¥20.9 trillion in the past 12 months.
The group also suffered a ¥788.6 billion loss in the January to March quarter of 2020, when SoftBank launched a $23 billion share-buyback programme to cover pandemic-induced market turmoil.
Announcements
UAE fuel prices announced for September 2024
Published
1 week agoon
August 31, 2024By
SudhashreeThe UAE fuel price committee on Saturday announced petrol and diesel prices for the month of September 2024.
Super 98 petrol will cost Dh2.90 a litre, compared to Dh3.05 a litre in August, while Special 95 will cost Dh2.78 a litre, compared to Dh2.93 a litre the previous month. E-Plus category petrol will be available for Dh2.71 a litre, compared to Dh2.86 a litre in August, while diesel will now cost Dh2.78 a litre, compared to Dh2.95 a litre the previous month.
UAE Fuel Price Committee announces prices for September#WamNewshttps://t.co/Jwis5fd2Ah pic.twitter.com/qOspYYVge4
— WAM English (@WAMNEWS_ENG) August 31, 2024
he UAE has been revising retail petrol prices on the last day of the month ever since the government deregulated oil prices in August 2015 to bring them at par with the global rates.
The approved fuel prices by the Ministry of Energy, according to the average global price of oil, whether up or down, after adding the operating costs of distribution companies.
Announcements
Secure Connection Brings Honeywell-Licensed Solutions to Saudi Market in Landmark Move
Published
3 weeks agoon
August 15, 2024By
SudhashreeSecure Connection, the Hong Kong-based electronic products manufacturer, announced its strategic expansion into the Saudi Arabian market with its complete range of Honeywell-licensed products. Secure Connection is an authorized trademark licensee for Honeywell International Inc. and has exclusive rights to manufacture, market, sell, and support a wide range of Honeywell-licensed products in Southeast Asia, South Asia, Middle East Asia & Africa, covering a wide array of product categories such as Air Purifiers, Home and Personal Audio products, Mobile and IT accessories, and Structured Cabling Systems.
Mr. Mohit Anand, CEO, Secure Connection Limited, shared insights on the significance of this market expansion, stating, “Saudi Arabia presents an exciting opportunity for us. Saudi Arabia is known for its vibrant economy and dynamic consumer landscape and presents tremendous opportunities for our Honeywell-licensed product range. We are confident and excited about our launch in the Kingdom and look forward to delighting the consumers with our comprehensive product offerings. We are extremely happy to have partnered with SAMIR Trading & Marketing Company as our distribution partner in Saudi Arabia”.
Samir Trading & Marketing company a leading technology product distributor in Saudi Arabia who aligns with Secure Connection’s long-term vision and shares the commitment to deliver exceptional consumer experiences. Mr. Saed Al-Hindi, CEO, SAMIR Trading & Marketing Company “We are excited to embark on this partnership with Secure Connection. Our shared commitment to delivering exceptional customer experiences aligns perfectly. Together, we will introduce innovative Honeywell-licensed products that cater to the evolving needs of Saudi consumers.”
This move represents a noteworthy step for Secure Connection’s global growth plans by exemplifying its dedication to pursuing new prospects and business opportunities. Secure Connection is committed to the Saudi Arabian market and is demonstrating this by investing resources to help create a robust business and footprint across the country.
Announcements
Burjuman or Union ? RTA reveals Dubai’s busiest metro station
Published
4 weeks agoon
August 12, 2024By
SudhashreeThe Dubai Metro was the top choice of public transport in the emirate, accounting for 37 per cent of all commuters in the first half of 2024. Overall public transport ridership clocked 361.2 million in the first six months of the year — a 6 per cent increase over the same period in 2023. BurJuman and Union stations saw the highest number of passengers, with BurJuman recording 7.8 million users and Union station 6.3 million users.
The Roads and Transport Authority (RTA) counts Metro, Tram, public buses, marine transport, taxis, e-hail vehicles, smart rental vehicles, and on-demand buses while computing public transport ridership numbers. BurJuman and Union stations saw the highest number of passengers, with BurJuman recording 7.8 million users and Union station 6.3 million users.
#RTA announced that the number of users of public transport and shared mobility in Dubai—including Metro, Tram, public buses, marine transport, Taxis, e-hail vehicles, smart rental vehicles, and on-demand buses—reached about 361.2 million in the first half of 2024. This… pic.twitter.com/nirGThtXOT
— RTA (@rta_dubai) August 11, 2024
Announcing these figures on Sunday, theDubai Roads and Transport Authority (RTA) said the number of users of public transport and shared mobility means in Dubai, including Metro, Tram, public buses, marine transport, taxis, e-hail vehicles, smart rental vehicles, and on-demand buses—reached saw a six per cent increase compared to around 340.5 million users in the first half of 2023. The daily average number of riders in the first half of this year reached 1.98 million, compared to 1.88 million in the same period in 2023.
His excellency Mattar Al Tayer, director general, chairman of the board of executive directors of the RTA said the authority plans to improve public transport even further. He said: “RTA’s strategic and operational plans are based on achieving multi-modal integration of all public transport and shared mobility means to ensure smooth mobility across Dubai. This included developing and expanding road networks and all elements of public transport — metro, tram, buses, marine transport, first and last-mile solutions, and shared mobility— along with an enhanced and integrated pedestrian and cycling infrastructure.
“The RTA also focuses on traffic management systems to maximise the efficiency of roads and public transport and implements policies to encourage the public to reduce reliance on private vehicles and increase the use of public and shared transport,” the RTA chief added.