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SoftBank posts $11.8bn net profit in first quarter

Aug 11, 2020 (Nikkei) - SoftBank Group on Tuesday reported a net profit of 1.25 trillion yen ($11.8 billion) in the April-June quarter thanks to the merger and sale of its stake in U.S. mobile carrier Sprint, marking a return to profit after suffering its worst ever loss in the previous quarter.

Better performance at SoftBank's near $100 billion Vision Fund also helped reverse the losses. The fund segment posted an investment gain of 296 billion yen, thanks to mostly unrealized gains in the value of its 86 portfolio companies. These include U.S. ride-sharing company Uber Technologies and biotech firm Vir Biotechnology.

SoftBank founder and chairman Masayoshi Son has shifted to a defensive strategy amid looming uncertainty caused by the new coronavirus pandemic.

In March, the company announced plans to sell $41 billion worth of assets over the next year. In June Son said it had already realized about 80% of the target by selling shares in T-Mobile and its Japanese mobile arm SoftBank Corp, as well as from using its stake in Alibaba Group Holding. SoftBank has used some of the proceeds to buy back its own shares.

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Large Typhoon No. 25 was moving northwest over waters south of Japan at 3 p.m. on September 19 and is forecast to strengthen as it approaches Kanto and the Izu Islands from September 20 through September 21, bringing the risk of torrential rain, violent winds and further damage in areas still recovering from last year's typhoon.

A black bear has been spotted near one of the most popular hiking trails on Mount Takao in western Tokyo, prompting authorities to urge visitors to take precautions ahead of the five-day Silver Week holiday and the approaching autumn foliage season.

Starbucks is considering selling a majority stake in its Japanese business, potentially valued at as much as $3 billion, or about 470 billion yen, as the U.S. coffee chain seeks to concentrate management resources on its struggling North American operations.

Japan's Halloween Jumbo Lottery went on sale nationwide on September 16, offering a combined top payout of 400 million yen for the first prize and its adjacent-number prizes.

A new top-tier "Supreme Class" offering fully private compartments above the level of Green Car service will debut on the Tokaido and Sanyo Shinkansen on October 1, with passengers able to experience the new seating at a demonstration booth at Shin-Osaka Station.

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Anonymous and fluid criminal groups known in Japan as "tokuryu" are adopting increasingly elaborate tactics, including a scheme in which elderly victims are persuaded to hide cash inside refrigerators before thieves enter their homes, as authorities struggle to combat networks whose members often have no direct contact with one another.

A luxury mansion in Bangkok described as resembling a palace was being used as a base for a specialized fraud operation targeting Japanese people, with Thai authorities detaining 14 people, including four Japanese men.

Copper roofing has been stripped from Shinano-no-miya Shrine in Oshika Village, Nagano Prefecture, leaving the wooden structure exposed in the latest of a series of similar thefts reported at shrines across the prefecture.

A popular Tokyo nightclub hostess and influencer known as Yamatorino, who says she generated more than 200 million yen in sales during a single month, has been arrested on suspicion of possessing cocaine with her boyfriend at their home in Roppongi.

A second-year high school student was arrested at the scene after allegedly releasing tear gas spray inside a classroom at Osaka University of Commerce Sakai High School on September 16, leaving 24 students complaining of coughing, throat pain and other symptoms.

Police have arrested a 26-year-old man suspected of acting as a top-level planner in an anonymous, fluid criminal group known as a "Tokuryu," with investigators believing he was involved in a series of theft-related crimes in Kyoto and other areas between December 2025 and March 2026.

A 37-year-old man was arrested at Chubu Centrair International Airport after allegedly injuring a police officer who warned him about walking two toy poodles without leashes inside the airport complex.

The number of people aged 100 or older in Japan has exceeded 100,000 for the first time, reaching a record 107,677 as of September 1, according to the Ministry of Health, Labor and Welfare.