About: http://data.cimple.eu/news-article/faca0ca47f0fb66e65fe952386a1ffc125e455b4486ec4b637e3049c

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About: http://data.cimple.eu/news-article/faca0ca47f0fb66e65fe952386a1ffc125e455b4486ec4b637e3049c Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Struggling Japanese conglomerate SoftBank Group on Monday reported an $8.9 billion annual net loss, as the coronavirus pandemic compounded woes caused by its investment in troubled start-up WeWork. The telecoms and investment giant had previously forecast a net loss of $8.4 billion for the year that ended in March, warning it was being hit by the "deteriorating market environment." In a press release, the Japanese firm said its investment businesses -- particularly its huge SoftBank Vision Fund -- had been "adversely affected" by the global health crisis. It reported an operating loss of 1.36 trillion yen ($12.6 billion) and warned that "if the pandemic continues, the company expects that uncertainty in its investment businesses will remain over the next fiscal year". The results are the latest blow for the firm's flamboyant chief Masayoshi Son, who has transformed what began as a telecoms company into an investment and tech behemoth with stakes in some of Silicon Valley's hottest start-ups through its $100-billion Vision Fund. Son has faced an increasing drumbeat of criticism over his determination to pour money into start-ups that some analysts say are overvalued and lack clear profit models. His biggest headache has come from office-sharing start-up WeWork, which has fallen from favour after initially being hailed as a dazzling unicorn. SoftBank Group and Son's Vision Fund have ploughed money into the start-up, but recently withdrew a plan to buy up to $3 billion WeWork shares. WeWork is now suing SoftBank over the move, alleging breach of contract. nf/sah/fox
schema:headline	SoftBank Group reports $8.9 billion annual net loss
schema:mentions	Global health Fox Headache Japanese language Pandemic Coronavirus Masayoshi Son WeWork Chaebol SoftBank Group Silicon Valley Japanese yen
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-05-18 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	70 (xsd:integer)

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