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‘I am quite embarrassed and remorseful’: SoftBank CEO plans widespread cost cuts as tech investments suffer, leading to a $23 bi

News Center 167 August 8, 2022
  • SoftBank Group Corp is planning to cut headcount at its flagship Vision Fund investing arm, CEO Masayoshi Son said on Monday, after a crash in the value of its portfolio pushed his conglomerate to a record quarterly net loss. Vision Fund, which upended the world of venture capital with splashy bets on startups such as ridehailers Uber and Didi, posted a $23.1 billion loss in the April-June quarter as value evaporated from its investments in the market rout. "The world is in great confusion," Son said at an earnings news conference.

  • “It’s not in your best interests to work at home,” said Gladwell, during a recent podcast appearance.

  • Investor's Business Daily

    Value stocks in the S&P 500 are outperforming this year. But analysts still think it's a mistake to part with some of them too soon.

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  • While the markets reflect worry about a possible recession, Vanguard says that bonds could offer long-term investors opportunities to make money with yields above inflation. Furthermore, the financial firm believes that investors could also use bonds as a "stable hedge … Continue reading → The post Vanguard Says Bonds Are Back. Here's Where You Could Make Money appeared first on SmartAsset Blog.

  • While the proposed expansion of EV tax credits sounds like good news for the automakers, several requirements have now been introduced that have the automakers claiming 70% of EVs and PHEVs (plug-in hybrid EV) will not qualify for the credit, and it could get worse from there.

  • Most Americans have less in their retirement accounts than they'd like, and much less than the rules say they should have. So, obviously, if that describes you then you're not alone. Now, most financial advisors recommend that you have between five … Continue reading → The post How Much Should I Have in My 401(k) at 50? appeared first on SmartAsset Blog.

  • McDonald's created the Big Mac in response to the success that Burger King had with the Whopper. Burger King has its flame broiler and Wendy's has "fresh, never frozen" beef, but every chain has basically the same burgers. Sure, there are variations -- Wendy's has baked potatoes and chili, Burger King has its Chicken Fries -- but it's mostly all the same.

  • The S&P 500 ticked down 0.2%, while the Dow Jones Industrial Average hovered near the flatline. The tech-heavy Nasdaq fell 0.8%. The moves follow a lackluster start to the week Monday that saw all three major indexes close little changed.

  • What to watch in markets on Tuesday, August 9, 2022.

  • The war in Ukraine, ongoing Covid concerns, market volatility and the threat of a recession are enough to make even seasoned investors anxious – particularly about how much of their portfolio is in stocks. Amid all the stress, including about … Continue reading → The post Just Accept It, You Can't Time the Market: Do This Instead During Market Volatility appeared first on SmartAsset Blog.

  • Insiders used the rally in the markets in July to take some money off the table it would seem. The ratio of insider selling compared to insider buying moved to its highest level in 2022. A director just picked up nearly $1.5 million of new shares, a purchase that followed a dismal second-quarter earnings report that sent the stock down about 20%.

  • A bill is headed for consideration by the full Senate that would move the age at which you have to start drawing down your retirement plan savings to 75. The House of Representatives passed a similar measure, so sponsors are … Continue reading → The post You're One Step Closer to Being Able to Delay Your RMDs in Retirement appeared first on SmartAsset Blog.

  • The scope of the job cuts is currently unclear as managers are still planning it for their teams, the report said, adding that the Snapchat-owner has more than 6,000 employees. Snap declined to comment when contacted by Reuters. The development comes as technology companies, crypto exchanges and financial firms cut jobs and slow hiring as global economic growth slows due to higher interest rates, red-hot inflation and an energy crisis in Europe.

  • SoFi Technologies stock fell Tuesday, a day after shareholder SoftBank announced it had sold at least part of its majority stake in the financial services company. In a filing with the Securities and Exchange Commission, SoftBank (ticker: SFTBY ) disclosed it had sold 6.68 million shares of SoFi ( SOFI ) at the price of $8.17 a share. The loss was partially due to significant losses in its flagship Vision Fund, which has been dragged down by tumbling technology valuations.

  • Yahoo Finance anchors discuss Norwegian Cruise Line's path back to pre-pandemic levels of occupancy and profits.

  • Greg Valliere, AGF Investments Chief U.S. Policy Strategist, joins Yahoo Finance Live to break down the Inflation Reduction Act's stipulations on carried interest, renewable energy investments, and how Americans should expect the bill to impact inflation.

  • Interest rates and bond prices generally move in opposite directions. Thus, when interest rates go up, the price of fixed-rate bonds usually falls. Similarly, a fall in interest rates causes the price of fixed-rate bonds to increase. This dynamic is … Continue reading → The post If Interest Rates Rise, What Happens to Bond Prices? appeared first on SmartAsset Blog.

  • A herd mentality of buying stocks among global analysts is a big red flag warning for investors, says Citi.

  • Berkshire Hathaway now owns just over 20% of Occidental Petroleum after about $400 million in fresh purchases of the energy company in recent days, according to a filing late Monday. With a 20.2% stake, Berkshire Hathaway (ticker: BRK/A, BRK/B) should be able to include a proportionate amount of the earnings of Occidental Petroleum (OXY) in its financial results, lifting annual earnings by about $2 billion off a current base of more than $30 billion. Berkshire CEO Warren Buffett has steadily accumulated Occidental stock this year and Berkshire now holds 188.4 million shares in the domestic-focused oil and gas producer, whose earnings have surged this year with oil and gas prices.