Softbank plans $41-billion asset sale to expand buyback, cut debt

The Japanese conglomerate, which also operates the $100 billion Vision Fund, is considered especially vulnerable to economic shocks.

Masayoshi Son is making his biggest play yet to silence doubters. On Monday, the Japanese billionaire unveiled an unprecedented $41 billion plan to sell off assets and shore up SoftBank Group Corp.’s crumbling market value in the face of the coronavirus pandemic.

SoftBank aims to sell assets to raise as much as 4.5 trillion yen ($41 billion) over the coming year to buy back stock and slash debt — an amount equivalent to almost its entire market value last week.

The scale of the endeavor surprised investors, sending the Japanese firm’s stock up 19 per cent. Yet that’s a fraction the capitalisation the investment house has lost since its 2020 peak, underscoring persistent concerns that tumbling technology sector valuations will damage Son’s debt-laden company.

The Japanese conglomerate, which also operates the $100 billion Vision Fund, is considered especially vulnerable to economic shocks given its enormous debt load and ties to unprofitable startups across the world. After Monday’s rally, it’s still down more than 40 per cent from this year’s peak in February.

The coronavirus-triggered rout has also spread to credit markets and sparked a surge in the cost of insuring debt against default — including that of SoftBank, whose credit-default swaps touched their highest level in about a decade.

Amazon asks staff to work from home if possible as COVID-19 spreads

The move helps enable greater social distancing and lessen the impact of virus on public transportation.

Amazon Inc has asked its employees in India and other locations around the world to work from home till March-end amid a coronavirus (COVID-19) pandemic.

The move is expected to help enable greater social distancing and lessen the impact of virus on public transportation.

"In light of the ongoing international COVID-19 developments, we are changing Amazon's guidance globally for all corporate offic employees who work in a role that can be done from home, do so through the end of March," a communication letter sent to the employees noted.

However, it may be noted that only employees who with a conducive environment to work at home are being encouraged to go ahead after consulting with respective managers.

Amazon had earlier offered the option to work from home only if there are any symptoms of sickness and ailments.

Over 134,670 coronavirus pandemic cases have been reported worldwide with total deaths crossing 4,973. India reported its first coronavirus death on Thursday even as cases rose to 79. The Delhi government has announced several preventive measures to contain the virus outbreak like shutting down schools, colleges and cinema halls in the national capital. Similar steps were taken by Uttarakhand and Manipur.

Asia's richest man Mukesh Ambani adds $18 billion to his fortune in 2019

In comparison, Alibaba Group founder Jack Ma's net worth grew $11.3 billion, while Jeff Bezos lost $13.2 billion.

It’s been a good year for Asia’s richest man, Mukesh Ambani. The Indian tycoon added almost $17 billion to his wealth as of Dec. 23, the most in Asia, taking his net worth to about $61 billion, according to the Bloomberg Billionaires Index. In comparison, Alibaba Group founder Jack Ma’s net worth grew $11.3 billion, while Jeff Bezos lost $13.2 billion.

The surge in Ambani’s fortune this year was fueled by a 40% jump in the shares of his Reliance Industries Ltd., a conglomerate that’s pivoting more toward consumer offerings than its core oil refining and petrochemicals businesses. The rally in the stock is more than double the gains for India’s benchmark S&P BSE Sensex index during the period.

Investors are piling money on Reliance, betting newer businesses such as telecommunications and retail could soon unlock value. With a goal of building a local e-commerce giant to challenge the likes of Amazon.com Inc. in India, Ambani has spent almost $50 billion -- mostly debt -- on a wireless carrier that’s become India’s No. 1 within three years of debut.

“Mukesh Ambani changed the narrative for Reliance Industries” as a leader not just in oil and gas but also in telecom and retail, and possibly soon in e-commerce as well, said Chakri Lokapriya, chief investment officer at TCG Asset Management, which oversees $3 billion in assets in Mumbai.

“He successfully identified, invested and executed rapidly to create this new narrative,” Lokapriya said. “We believe this can potentially double shareholder value over the next four years.”

The newer businesses are likely to contribute 50% of Reliance’s earnings in a few years, from about 32% now, Ambani said in August. A representative for Reliance didn’t reply to an email seeking comment on Ambani’s wealth.

Business Standard

Emkay Taps & Cutting Tools Half Yearly Results

Company News :

The Company was originally incorporated on July 27 1995 as Emkay Taps and Cutting Tools Private Limited. Subsequently the Company was converted into a Public Limited Company pursuant to Shareholders Resolution passed at the Extra Ordinary General Meeting of Members of the Company held on April 8 2015 and the name of our Company was changed to Emkay Taps and Cutting Tools Limited vide a fresh Certificate of Incorporation dated April 24 2015.

Since 1995 the company is engaged in manufacturing and sale of cutting tools and also power generation through its wind mills in Rajasthan and Karnataka.

In 1996 the company tookover Emkay Tools proprietary concern of Ajayprakash Kanoria HUF.

In 2008 1 unit of Wind Turbine Generator having a capacity of 1.25 MW at Shivapura Kavalu Village Belur Taluka Hassan District in Karnataka was commissioned by the CompanyIn 2009 the company Installed CNC Machines imported from USA and GermanyIn 2010 2 (Two) units of Wind Turbine Generators having a capacity of 1.6 MW (800 KW each) at Kita & Ugawa District Jaisalmer in Rajasthan was commissioned by our Company. Read More

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