Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Triple blow for Softbank over Didi, Arm and Grab

12/03/2021 | 05:49am EST

The Japanese conglomerate Softbank was dealt a triple blow over the course of 24 hours on Friday (December 3).

The group's Vision Fund - which has made a string of global investments in large technology companies - suffered after Chinese ride-hailing app Didi Global announced it would delist from the New York Stock Exchange and pursue a listing in Hong Kong instead, due to pressure from Chinese regulators about data security.

In addition, the U.S. Federal Trade Commission moved to block a planned takeover of the Softbank-owned British chip designer Arm, by rival Nvidia in a deal expected to be worth $80bn.

And if that wasn't enough, just hours before, shares of Southeast Asia's biggest ride-hailing and delivery company Grab fell more than 20% on its Nasdaq debut.

The Vision Fund is Grab's largest shareholder owning about 18.6% of the company.

These latest disappointments have added to Sofbank's woes - over the last three weeks the group's shares have dropped 23%, as Softbank reported a second-quarter loss last month, after its Vision Fund plunged due to sharp declines in its portfolio companies.


ę Reuters 2021
Latest news "Economy & Forex"
05:26pNew Mexico National Guard members teach in COVID-hit schools
RE
05:26pUtilities Down In Anticipation Of Rising Interest Rates -- Utilities Roundup
DJ
05:25pCommunications Services Down Amid Retreat From Growth Sectors -- Communications Services Roundup
DJ
05:24pTech Down In Latest Volatile Session -- Tech Roundup
DJ
05:23pU.S. House Speaker Pelosi to seek re-election, reversing earlier plan
RE
05:21pFinancials Up As Traders Bet Yield Increase Will Be Orderly -- Financials Roundup
DJ
05:20pMicrosoft cloud performance lags highest Wall Street hopes
RE
05:19pConsumer Cos Down Amid Inflation, Fed Worries -- Consumer Roundup
DJ
05:17pToronto market ends losing streak as energy shares rally
RE
05:15pJudge grants stay in appeal over New York state mask mandate
RE
Latest news "Economy & Forex"