Tech rout wipes $13bn off Softbank’s market value September 9, 2020 A run of bad days on the stock exchange has taken around $13bn off the market capitalisation of Softbank, after investors grew concerned at its exposure to risky tech bets. Softbank’s shares closed down three per cent as markets shut in Tokyo today, extending a slump that has seen its share price fall around 10 [...]
US executive to leave Softbank’s $100bn Vision Fund February 5, 2020 A top US executive is leaving Softbank’s $100bn Vision Fund after expressing concerns about “issues” at the Japanese investment giant, which has been hit by a series of setbacks over the past few months. Michael Ronen, a former banker at Goldman Sachs who joined Softbank in 2017, told the Financial Times he was leaving and [...]
Amazon to create 3,500 new jobs as it plots return to office August 18, 2020 Amazon today unveiled plans to create 3,500 new jobs as it gears up to return to office life with an expanded physical presence across the US. The new corporate jobs will be based in the ecommerce giant’s tech hubs in Dallas, Detroit, Denver, New York, Phoenix and San Diego. Amazon said it plans to invest [...]
Coronavirus: What firms will survive the pandemic? April 20, 2020 The coronavirus outbreak has created clear winners in businesses such as Amazon, Facebook, Netflix, Google and Apple, and losers such as Uber, Airbnb, and WeWork. The vast majority of industries are losers as they are effectively shut by the lockdown. Taxi usage has collapsed which means it may be a long time before Uber approaches [...]
Softbank plans £35bn emergency asset sale to cut debt amid coronavirus rout March 23, 2020 Softbank is launching an emergency ¥4.5 trillion (£35bn) asset sale to buy back shares and reduce debt in a bid to restore investor confidence as the global stock market rout pummels its shares and portfolio companies. The measures come as the Japanese investment giant and its $100bn Vision Fund, which has recorded two consecutive quarterly [...]
Ride hailing app Grab cuts 300 jobs amid coronavirus hit June 16, 2020 Ride hailing company Grab has announced it will lay off more than 300 employees due to the effects of the coronavirus. The company, backed by Softbank, said it would cut about five per cent of its workforce after the ride hailing industry has taken a significant hit from the pandemic. Grab is Southeast Asia’s most [...]
Flexible office firms push ahead with growth in competitive market February 3, 2020 The UK’s biggest co-working office firms grew rapidly last year, despite operating in an increasingly competitive market. Shared office providers grew their portfolios by 22 per cent in the last year, as major players such as Wework expanded into new global markets. The value of Wework’s UK portfolio jumped 30 per cent from £3.05bn to [...]
Offices will reinvent themselves to play host to the capital’s social capital February 4, 2021 When Mark Twain’s obituary was prematurely published by an American newspaper, he responded with the now iconic assurance that “the reports of my death are greatly exaggerated.” Over a century later, the same could be said of the capital’s offices. For much of the past year, a growing Niagara of newspaper articles have speculated about [...]
Regus owner IWG targets £315m fundraise to drive expansion after coronavirus May 27, 2020 Office space giant IWG is aiming to raise £315m through a share offering as it eyes expansion opportunities as rival firms struggle during the coronavirus pandemic. IWG, which owns Regus, said “the current environment is presenting an increased number of attractive…opportunities to accelerate the growth and development of the business”. The office provider said sales [...]
No vaccine? Yes, employers can bar you from the office April 15, 2021 As the Covid vaccine rollout is in full swing across Britain, with more 32m Brits having received a first dose, an increasing number of employers hinted in recent weeks that they would require their staff to be vaccinated in order to return to the office. Pimlico Plumbers was the first company in London to publicly [...]