Mar 13, 2017 12:30 PM EDT
US President Donald Trump met SoftBank Vision Fund Masayoshi Son just weeks after taking his seat on the presidency to discuss a huge new technology fund and investment. The fund is almost reaching its target of $100 billion and most of the cash, reportedly, comes from the Middle East.
United Arab Emirates' sovereign wealth funds Mubadala announces its plan to contribute as much as $15 billion to the fund. A spokesman for Mubadala says it is the right investment opportunity to take advantage of an inflection point in the next wave of the technological revolution. Saudi Arabia already committed $45 billion from its public investment fund. Deputy Crown Prince Mohammed Bin Salaman is controlling the kingdom's economy.
The SoftBank Vision Fund was announced last October led by Masayoshi Son, who is the billionaire founder and CEO of Softbank. Japan's biggest and well-known telecommunications company has given $25 billion to the fund. Son discussed the matter with Trump in December and vowed to invest $50 billion in the US to help create 50,000 jobs. Media outlets later reported that Son had intended to cut the investment from the Vision Fund.
Trump has claimed credit for the investment. "Masa said he would never do this had we (Trump) not won the election," as per the president's tweet. He criticized rival Hillary Clinton during the election campaign for accepting money from Saudi Arabia for the Clinton Fund.
Meanwhile, billions of dollars of Saudi and UAE government money will pour in US technology firms if Son makes good of his investment pledge. Mubadala adds the deal will be finalized in the next few weeks. Steve Jobs' tech giant is another noteworthy investor in the SoftBank Vision Fund.
Apple has committed to invest $1 billion, which leaves at least $14 billion up for grabs. Qualcomm, which works with Apple, will provide that money but says the amount is confidential and still under discussion.
People who travel for business two weeks or more a month report more symptoms of anxiety and depression and are more likely to smoke, be sedentary and report trouble sleeping than those who travel one to six nights a month, according to a latest study conducted by researchers at Columbia University's Mailman School of Public Health and City University of New York.
President Trump said Friday he is declaring a national emergency on the southern border, tapping into executive powers in a bid to divert billions toward construction of a wall even as he plans to sign a funding package that includes just $1.4 billion for border security.
Amazon's decision to abandon plans to build a new campus in Long Island City, Queens, has drawn cheers from several politicians, community organizers and other locals opposed to the expansion.
One of the hottest topics at the World Economic Forum in Davos, Switzerland has been Alexandria Ocasio-Cortez's proposed 70% marginal tax rate on all income above $10 million.
In recent decades, Europe has experienced a downward trend in the annual number of deaths. Not only was this trend not arrested by the economic recession that started in 2008, in fact, the rate of decline increased during the recession years.
Discovering that your new designer handbag or gold watch is a fake is costly and annoying, and counterfeit medical devices or drugs could have even more serious consequences. But seemingly as soon as manufacturers develop a new method to ensure product authenticity, counterfeiters find a way to outsmart it. Now, researchers have created an "unclonable" tag that can never be replicated, even by the manufacturer. They report their results in ACS Applied Materials & Interfaces.
The traditional model for setting auto insurance premiums has been to base rates on the motorist's driving history, age, gender and even marital status (in some states). Thanks to new technological options, insurance companies, and motorists have started to work together to give the insurance companies access to better data on an individual driver's risk level, and give the same driver a sense of greater control over how much he or she will pay in insurance premiums.
Consumer brands have long used old-fashioned focus groups, interviews and surveys to best gauge consumer wants, desires and needs as part of processes that range from product development, to marketing and sales. As machine learning and artificial intelligence (AI) have emerged, there is an increasing interest in the ability to harness these solutions to save time and money, and to yield more reliable consumer insights.