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SpaceMan writes:

ARM Holdings, one of the UK's biggest technology companies, is set to announce it is being bought by Japan's Softbank for £24bn ($32bn).

More at BBC:

The board of ARM is expected to recommend shareholders accept the offer - close to a 50% premium on its closing market value of £16.8bn on Friday.

The Cambridge-based firm is arguably the most precious jewel in the crown of British technology. [...] The proposed takeover of ARM poses a dilemma for the new post-Brexit government. Along with high executive pay, Prime Minister Theresa May has put foreign takeovers on her radar of business dealings that may be bad for the national interest.

takyon: ARM's founder called the sale "a sad day for technology in Britain".

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An Anonymous Coward writes:

SoftBank Group Corp. Chief Executive Officer Masayoshi Son told President-elect Donald Trump he would create 50,000 new jobs in the U.S. through a $50 billion investment in startups and new companies.

The money will come from SoftBank's previously announced $100 billion technology fund, according to a person familiar with the matter. That investment vehicle has a $45 billion commitment from the government of Saudi Arabia and $25 billion from Tokyo-based SoftBank, which operates technology and wireless companies around the world.

[...] Some investments from SoftBank's fund, which was unveiled in October, were probably destined for the U.S. anyway, given the nation's leadership in the global technology industry. But Son hadn't previously committed to creating a specific amount of jobs through the investment vehicle.

More coverage from Washington Post and Reuters.

Original Submission

takyon writes:

Saudi Arabia, SoftBank, Apple, Qualcomm, and Larry Ellison are creating a massive investment fund, and SoftBank's CEO Masayoshi Son is sounding increasingly Kurzweilian:

[SoftBank Group Corp.'s Masayoshi] Son reiterated his belief that computers will exceed humans in intelligence in three decades, and that within this period he expects one computer chip to have the equivalent of a 10,000 IQ. "I really believe this," he said at a keynote speech at the Mobile World Congress in Barcelona on Monday. The growth in computer ability was "why I acquired ARM," he said.

[...] SoftBank is aiming to close the first round of investment in its technology Vision Fund by the end of this month, people familiar with the matter have said. The initial investments will likely include $45 billion from Saudi Arabia and $25 billion from SoftBank, as well as $1 billion each from Apple Inc., Qualcomm Inc. and Oracle Corp. Chairman Larry Ellison, they said. The initial round is likely to exceed $80 billion and the timing of the closing may still change, said one of the people.

"We believe the singularity is inevitable and all businesses will be redefined as computers overtake humans in intelligence," Son said at an earnings briefing in November.

SoftBank recently bought U.S. private equity firm Fortress, which oversees around $70 billion of assets. It paid $3.3 billion, $1 billion more than the firm's market value. Fortress will help manage the SoftBank Vision Fund.

NBF articles one and two. Also at TechCrunch.

Original Submission

butthurt writes:

Source: Reuters

Additional coverage:

• Al-Arabiya
• Washington Examiner
• Yahoo News UK

Related stories:
U.S. President to Visit Saudi Arabia; Arms Sales Expected
SoftBank May Sell 25% of ARM to Vision Fund; Chairman Meets With Saudi King
General Electric Attempts to Purchase Two Metal 3d-Printing Firms for $1.4 Billion
Light Bulb Efficiency Loophole Exploited in the EU
The FAA Warned Boeing About the Flaw That Caused a 777 Engine to Explode in Las Vegas
General Electric 3D-Prints a Working Jet Engine
Collaborative Smart Refrigerator "ChillHub" to Debut at 2nd Annual IoT Conference

Original Submission

takyon writes:

Saudi Arabia is planning to build a new $500+ billion city on the coast of the Red Sea. The zone will be connected to Jordan by land and Egypt by a bridge across the Red Sea. SoftBank's Vision Fund will buy a stake in the state-owned Saudi Electricity Co., which will power the city using clean energy. The project is called NEOM:

Saudi Arabia has unveiled plans to build a new city and business zone - a project that will be backed up by more than $500bn (£381bn) in investment.

Crown Prince Mohammed bin Salman says the 26,500 sq km (10,232 sq mile) NEOM zone will be developed in the north-west, extending to Egypt and Jordan.

It will focus on nine sectors including food technology and, energy and water.

The crown prince has been leading a drive to move Saudi Arabia away from its dependence on oil revenues.

In August, the Gulf kingdom launched a massive tourism development project to turn 50 islands and other sites on the Red Sea into luxury resorts.

However, the extremely ambitious nature of Mohammed bin Salman's vision is sure to raise questions about how realistic it is, the BBC's economics correspondent Andrew Walker says.

What is "NEOM"? "Neo" (Latin for "new") + "Mostaqbal" (Arabic for "future").

Also at Bloomberg (alternate editorial) and Reuters.

Related: SoftBank's $80-100 Billion "Vision Fund" Takes Shape
SoftBank May Sell 25% of ARM to Vision Fund; Chairman Meets With Saudi King

Original Submission

takyon writes:

Something is definitely going on in Saudi Arabia:

Saudi authorities arrested at least 11 princes, several current ministers and dozens of former ministers in a sweeping move reportedly designed to consolidate power for the son of King Salman bin Abdul-Aziz Al Saud. According to media reports citing Saudi-owned television network Al Arabiya, an anti-corruption committee ordered the arrests hours after King Salman directed the creation of the committee, headed by his favorite son and adviser, Crown Prince Mohammed bin Salman.

The committee was established by the royal decree, The Associated Press reports, "due to the propensity of some people for abuse, putting their personal interest above public interest, and stealing public funds." Billionaire investor Prince Alwaleed bin Talal is among those detained, The Wall Street Journal reports. Alwaleed holds stakes in some of the world's major companies, including Apple and Twitter.

Remember Prince Alwaleed? Bitcoin could outlive him.

It's unclear what those arrested are accused of doing, but Al-Arabiya reported that new investigations into the 2009 Jeddah floods and 2012 MERS virus outbreak have been launched.

Separately, the heads of the Saudi National Guard and Saudi Royal Navy have also been replaced.

BBC notes that the reform faction is in control here:

BBC security correspondent Frank Gardner says Prince Mohammed is moving to consolidate his growing power while spearheading a reform programme. [...] Prince Mohammed recently said the return of "moderate Islam" was key to his plans to modernise Saudi Arabia. Addressing an economic conference in Riyadh, he vowed to "eradicate the remnants of extremism very soon". Last year, Prince Mohammed unveiled a wide-ranging plan to bring social and economic change to the oil-dependent kingdom.

Some Soylentils have been skeptical of Saudi Arabia's recent moves towards liberalization (some listed below). Has this apparent purge of internal political opposition changed your mind about the viability of these reforms?

takyon writes:

Uber board strikes agreement to pave way for SoftBank investment

Uber Technologies Inc's warring board members have struck a peace deal that allows a multibillion-dollar investment by SoftBank Group Corp to proceed, and which would resolve a legal battle between former Chief Executive Travis Kalanick and a prominent shareholder.

Venture capital firm Benchmark, an early investor with a board seat in the ride-services company, and Kalanick have reached an agreement over terms of the SoftBank investment, which could be worth up to $10 billion, according to two people familiar with the matter.

The Uber board first agreed more than a month ago to bring in SoftBank as an investor and board member, but negotiations have been slowed by ongoing fighting between Benchmark and Kalanick. The agreement struck on Sunday removed the final obstacle to allowing SoftBank to proceed with an offer to buy to[sic] stock.

Also at TechCrunch.

Related: Softbank to Invest $50 Billion in the US
SoftBank's $80-100 Billion "Vision Fund" Takes Shape
SoftBank May Sell 25% of ARM to Vision Fund; Chairman Meets With Saudi King
SoftBank Acquires Boston Dynamics and Schaft From Google
Travis Kalanick Appoints Two New Uber Board Members in "Power Play"
Saudi Arabia Planning $500 Billion Megacity and Business Zone

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