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.
The French luxury group gains full control of the 70-year-old Parisian fashion house Christian Dior in a mammoth deal worth around €12.1 billion.
UK luxury fashion retailer Burberry posts lackluster set of results for its second half following an impressive result in the third quarter, a retail analyst stated.
What seemed like a perfect hacking operation turned out to be a failure as Kaspersky has spotted a mistake on the part of the Lazarus hackers. It found a brief connection that came from North Korea - proving their identity and origin.
A lawsuit has been filed by a Democratic political consultant and Fox News contributor on Monday alleging, among others, that Roger Ailes denied her of a permanent hosting job after she turned down his sexual advances.
South African leader, Jacob Zuma, has sacked finance minister Pravin Gordhan in a move that drove the country's currency down five percent in value. The president calls for a midnight reshuffle in his Treasury members who he felt were disloyal to his political intentions.
The US president has long promoted a change on how foreign businesses should run their operations - and that is to revive American manufacturing. Uniqlo head showed he didn't like being given an ultimatum by Trump.
Cemex, one of the world's largest cement producers, has not participated in the first round of bids that is currently underway but said it is open to providing quotes to supply the raw materials for Trump's promised border wall.
Arket, which means 'sheet of paper' in Swedish, will cater to a modern-day market with products for men, women, children and the home.
Amazon was one of the leaders in keeping online purchases tax-free. As the company moves to offer faster deliveries, it expanded its distribution centers and started collecting sales tax in more states.