Japan’s SoftBank Says $93 Billion Pledged to Technology Fund

May 21, 2017

Mubadala Investment Co. and Apple Inc. With more than $93 billion committed, the fund — which includes Qualcomm Inc., Foxconn Technology Group and Sharp Corp. — aims to reach $100 billion within six months, SoftBank said in a statement Saturday. Mubadala committed $15 billion, according to a separate statement. The Vision Fund will seek long-term investments in businesses aimed at innovation. SoftBank has relied on borrowing and earnings from its…

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Saudi Arabia Greets Trump With Billions of Dollars of Deals

May 21, 2017

Saudi Arabia welcomed U.S. President Donald Trump with agreements for deals worth tens of billions of dollars on Saturday as he embarked on his first state visit to the kingdom, which is undertaking unprecedented economic reforms. The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, is contributing Saudi Aramco said it signed 16 accords with 11 companies valued at about $50 billion. One initial deal — worth $15 billion —…

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This Caribbean Bank Wants Chinese Money No One Else Will Touch

May 16, 2017

The global campaign against money laundering combined with the Panama Papers made the Caribbean islands of sun, sand and offshore banking a near no-go zone for the world’s biggest banks. So the British Virgin Islands has a solution: a bank to service offshore companies, many of them from China, locked out of the global banking system by Standard Chartered Plc and others. The new Bank of Asia (BVI) Ltd. is…

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World’s Biggest Container Line Scales Down Bond-Market Reliance

May 15, 2017

The world’s biggest container shipping company and Denmark’s largest issuer of corporate bonds may rely less on debt markets in the near future. Maersk issued five bonds in the first half of 2016, but hasn’t sold any since. Instead, the company has turned to banks for financing. Last month, the Copenhagen-based company announced it has established a syndicated loan facility to finance a $4 billion acquisition of container line Hamburg…

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Southern to Take Over Westinghouse Georgia Nuclear Project

May 15, 2017

Utility owner Westinghouse has meanwhile already laid out plans to ditch the money-losing business of building reactors and instead focus on servicing and decommissioning work. It set up agreements with both Southern and Scana to give them more time to decide whether they wanted to continue construction. In March, less than 24 hours after Westinghouse filed for bankruptcy, Southern’s Fanning said in a Bloomberg Television interview that he flew to…

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Buffett Says His IBM Thesis Was Flawed, He Blew It on Google

May 8, 2017

Warren Buffett, who long shunned investments in technology stocks and then made an ill-fated bet on IBM, said that mistake shouldn’t discourage wagers on the broader industry. “I thought it would do better in the six years that have elapsed than it has,” Buffett said of largest holdings, valued at about $19.2 billion as of March 31. The billionaire said this week that he cut about a third of his…

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Berkshires Earnings Hit Speed Bump on Insurance Businesses

May 7, 2017

Warren Buffett’s Berkshire Hathaway Inc. hit a speed bump in the first quarter as insurance units posted an underwriting loss, overshadowing gains at the company’s railroad and energy business. The results aren’t likely to damp the festive mood as shareholders gather Saturday for the company’s annual meeting in Omaha, Nebraska. The event doubles as a showcase for Berkshire’s Warren Buffett stock picks and acquisitions have helped propel steady increases in…

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