The listed shares of the Japanese and Swiss central banks rose sharply this week, without any apparent reason, possibly reflecting high levels of investor exuberance in markets awash with cash.
UPDATE 2-Japanese and Swiss central bank shares soar in exuberant markets reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
SoftBank Rides Recovery on Vision Fund Performance PUBLISHED BY
SoftBank Group Corp’s
net profit went up to $11.1 billion (¥1.17 trillion) in the third quarter on the back of stock rallies and asset sales, which has helped the conglomerate to make a dramatic recovery in fortunes.
Net profit for October-December is more than 21 times higher than the ¥55 billion reported a year earlier, SoftBank said. It surpassed analysts’ forecasts of a net profit of ¥98.5bn.
SoftBank’s Vision Fund recorded its best performance since its launch in 2017. The Japanese tech conglomerate’s two Vision Funds reported a $13 billion gain in the value of their investments during the three months to December, helped by the pandemic-induced boost in holdings of ride-hailing group
Published on: Tuesday, February 09, 2021
By: AFP
A pedestrian walks past a shop of SoftBank Group along a street in Tokyo.
TOKYO: SoftBank Group on Monday said net profit rocketed to $11.1 billion in the third quarter as stock rallies and asset sales helped it solidify its recovery.
Net profit for October-December hit 1,171.9 billion yen, more than 21 times higher than the 55.0 billion yen reported a year earlier, the conglomerate said.
Despite the results, it said it would not provide “forecasts of consolidated results of operations as they are difficult to project due to numerous uncertainties affecting earnings”.
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But the economic crisis that has accompanied the coronavirus pandemic has worked largely in SoftBank’s favour, with rallies in tech stocks it owns and rising valuations for firms in its portfolio suited to the era, including food delivery.