India’s Prime Minister Faces Human Rights Criticism Prior To U.S. Visit
President Joe Biden is preparing to host a state dinner for Indian Prime Minister Narendra Modi to affirm a deep and close partnership. However, critics have cited human rights violations in India under Modi’s right-wing government.
Oil On The Rise As Expectations Overshadow Demand Worries
Oil prices rebounded as expectations of hawkish Fed talk later in the afternoon and possible U.S. crude stock draws in outweighed China demand worries. Brent futures rose by 35 cents to USD 76.25 a barrel and U.S. West Texas Intermediate (WTI) crude futures hiked by 34 cents to USD 71.53.
Wall Street Trickles Lower Prior To Powell Testimony
U.S. stocks softened yesterday, closing in negative territory as investors began the holiday-shortened week by taking profits in the wake of a sustained rally amid signs of weakening global demand. Federal Reserve Chairman Jerome Powerll’s congressional testimony could signal a turnover.
Today’s News
Japanese tech investor, SoftBank has experienced a tumultuous year since the fall of its Vision Fund tech investment unit in March. The company has took a devastating blow amidst a global plunge in tech shares at the time, reporting a record loss of 4.3 trillion Japanese yen (USD 32 billion) for its fiscal year ending in March 31, 2023. This marks a second straight year in which SoftBank has racked losses.
Although the company has also made gains from trading transactions with Chinese e-commerce giant Alibaba, they were not enough to offset the investment losses, stated the company.
Other SoftBank investments include Uber, DoorDash, T-Mobile and Arm. However, the value of its holdings has since declined due to various economic uncertainties, including the U.S. banking crisis and the Ukraine war.
Other reports include:
Masayoshi Son Breaks Seven-Month Silence For Future
SoftBank Group Corp. founder Masayoshi Son has made his first public appearance in seven months with claims that the company is in a position to win the race to master AI, thanks to its billions of dollars of tech investments.
Amidst the bold claims, Son also added that, “a huge revolution is coming,” at the Japanese telecom unit SoftBank Corp.’s annual shareholder meeting on Tuesday. Son expressed that it was the parent company’s duty and job to make aggressive early investments.
Son ended the speech with a show-stopping statement:
“SoftBank Group won’t be deterred by a few short-term losses. We will rule the world in the end.”
SoftBank’s Tactical Change To ‘Counteroffensive’ Measures
In various bold claims, SoftBank Group Corp. founder, Masayoshi Son has proclaimed that the world’s largest tech investor will go on the offensive soon, ending 2 years of relative dormancy in its startup investments.
“We will go on the counteroffensive soon,” Son boldly claimed at the conglomerate’s annual shareholders meeting today. Adding that, “AI is bringing about explosive change.”
SoftBank Unit Has Intentions Of Selling Yen Bonds
SoftBank Corp., the mobile unit of Masayoshi Son’s Japanese conglomerate plans to sell approximately 50 billion yen (USD 352 million) of bonds as it attempts to take advantage of uncertainties about the Bank of Japan’s near-term monetary policy and improved sentiment in global credit markets.
The company, which is part of SoftBank Group Corp., will price the notes as soon as early July of 2023, according to an email Monday from SMBC Nikko Securities Inc., one of the deal managers.
The proceeds will be used to manage and repay debt, claimed a spokesperson for the issuer.
