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SoftBank CEO Reaffirms Ties With Saudi Despite 'regret' Over Khashoggi Killing

The chief executive of SoftBank Group Corp., Masayoshi Son, denounced the killing of Saudi journalist Jamal Khashoggi but said it wouldn't affect his company's current ties to the kingdom, which helps bankroll his largest-in-the-world technology-investment fund.

Last month's killing of Khashoggi has raised political risks for SoftBank, which operates the Vision Fund, backed by a $45 billion commitment from Saudi Arabia.

Meanwhile, SoftBank Group Corp. today reported that its net income attributable to owners of the parent for the six-month Period Ended September 30, 2018 surged to 840.1 billion yen from 102.6 billion yen in the same period of the previous fiscal year.The latest-period result included gain of 203.9 billion yen from financial instruments at FVTPL, reflecting the higher fair values of shares held.

Derivative gain was 42.41 billion yen, compared with loss of 504.68 billion yen in the same period of the previous fiscal year. Due to a fall in the price of Alibaba shares from the end of the previous fiscal year, derivative gain of 141.39 billion yen was recorded in relation to a collar transaction embedded in the variable prepaid forward contract, compared with loss of 508.42 billion yen in the same period of the previous fiscal year. On the other hand, derivative loss of 80.89 billion yen was recorded at SoftBank Vision Fund in relation to borrowings utilizing a portion of shareholdings.

SoftBank Group Corp reported that its operating income, excluding income from SoftBank Vision Fund and Delta Fund, for the six-month Period increased 14.5% year on year, to 788.28 billion yen.

Net sales increased 5.5% year on year, to 4.65 trillion yen. Net sales increased in segments: SoftBank, Sprint, Yahoo Japan, and Brightstar. However, net sales decreased in the Arm segment.

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