Companies

SoftBank announces $8.8bn share buyback after $10bn quarterly loss

Published

4 years ago

November 9, 2021

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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.

Staff Reporter

Business

Indians lead new business registrations in Dubai, Chamber data shows

Published

6 hours ago

August 27, 2025

Michael Gomes

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Indian entrepreneurs continue to drive new business growth in Dubai, according to the latest figures from the Dubai Chamber of Commerce.

In the first half of 2025, a total of 9,038 Indian-owned companies joined the chamber, a 14.9% year-on-year increase, making India the top contributor among non-UAE businesses.

Pakistan ranked second with 4,281 new companies (up 8.1%), followed by Egypt in third with 2,540 companies (up 8.3%).

Bangladeshi businesses posted the highest growth rate at 37.5%, with 1,541 new companies joining, placing Bangladesh fourth. The UK ranked fifth with 1,385 new members, reflecting 11.1% growth.

Other countries in the top 10 included Syria (945), China (772), Jordan (688), Türkiye (642), and Canada (535).

Sector Trends

New members were most active in:

Wholesale & Retail Trade – 35%
Real Estate, Renting & Business Services – 35%
Construction – 17.3%
Transport, Storage & Communications – 7.6%
Social & Personal Services – 7.6%

The results underline Dubai’s position as a global hub for investment and entrepreneurship, attracting businesses across Asia, Europe, and North America.

Companies

Dubai warns engineering firms over costly villa designs

Published

1 day ago

August 26, 2025

Michael Gomes

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Dubai Municipality has issued warnings to several engineering consultancy offices after finding that they exaggerated structural designs for citizens’ villas.

According to officials, these inflated designs went against the Dubai Building Code and led to unnecessary construction costs for property owners, without any real engineering need.

The move is part of the Municipality’s efforts to regulate Dubai’s construction sector and protect residents from extra financial burdens. Consultancy offices across the emirate had already been reminded through circulars to strictly follow approved engineering standards.

Eng. Maryam Al Muhairi, CEO of the Buildings Regulation and Permits Agency, said:

“Compliance with the Dubai Building Code is not only a legal requirement but also a professional and ethical responsibility. The goal is to ensure safe, high-quality construction without forcing citizens to pay more than necessary.”

She added that Dubai Municipality will continue to monitor consultancy offices and contractors to prevent excessive use of building materials, including steel, and ensure construction remains efficient, safe, and cost-effective.

Repeat offenders could face disciplinary measures, including poor annual evaluations or even suspension. Earlier this year, two consultancy offices were banned from licensing new projects for six months due to violations.

By cracking down on such practices, Dubai Municipality says it aims to strengthen the emirate’s construction sector, cut waste, and support sustainable urban growth.

Business

UAE urges businesses to file Corporate Tax returns on time to avoid fines

Published

6 days ago

August 21, 2025

Michael Gomes

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The Federal Tax Authority (FTA) has reminded companies in the UAE to finalise their financial records, submit their Corporate Tax returns, and pay any tax due within the official deadlines to remain compliant with the law.

In a statement today, the FTA stressed that all Corporate Tax taxpayers, including exempt persons required to register, must file their returns (or annual declarations) and settle outstanding tax within nine months from the end of each tax period.

The Authority underlined that timely filing and payment are legal obligations, with non-compliance exposing businesses to fines and penalties for delays or non-submission.

To ensure smooth and accurate filing, the FTA advised companies to begin preparations early by compiling essential documents such as commercial licences, financial statements, and business activity details. Early readiness, it said, allows registrants to meet obligations “efficiently and on time.”

Highlighting its role in supporting businesses, the FTA stated that it remains committed to enhancing services in line with global best practices. Digital filing and payment can be completed via the EmaraTax platform, available 24/7, which offers “clarity, ease, and speed.”

The Authority also urged taxpayers to ensure that submissions are complete and accurate. Corporate Tax returns can be filed directly through EmaraTax or with the assistance of authorised tax agents listed on the FTA’s website.

Stakeholders seeking detailed guidance on Corporate Tax law, implementing decisions, and related regulations can access resources directly at tax.gov.ae.