softbank earnings do in a couple of hours, softbank the third-biggest leader on the benchmark and investors will be watching for numbers including the performance of the vision fund, impact of rising rates and the regulatory crackdown. let's discuss this with su keenan. a billionaire is expected to set another record, not in a good way. su: a record loss is what is expected and analysts say it will be a dramatic reversal from a year ago. because they expect the soft bank vision fund unit to lose more money than it ever loss before. $18.5 billion on its public portfolio alone according to an analyst. would mean a loss for the vision fund unit of about $10 billion. softbank has profits and losses from its debt fund startups, so the selloff in the global market was in a rising rate environment and tighter galatians in asia have altered the business model. -- have all hurt the business model. shery: we will be watching the open in japan. we are getting the latest from north korea, they are confirming their first coronavirus case, kim jong-un ordering all cities to lock down. we are getting shan

that has hit the value of softbank's portfolio companies. haidi: you broke the news of or community transmission continuing with a handful of cases in shanghai. we are getting news in beijing with 50 local covid cases from may 12 according to local tv. this as we saw officials forced to deny rumors of a beijing lockdown with people going out and holding food out of fear, dismissing the rumor of a lockdown even as the city begins new mass testing. another three rounds of cover tests across 12 districts will be done over this weekend and people across the districts asked to reduce movements and to work from home. this comes as we hear from the financial bureau of statistics saying the outbreak and these policies have been a big shock to be economy. all of this will play into the market sentiment as we get into the start of trading across major markets in a few hours. the market opens in tokyo and sydney next. ♪ xfinity mobile runs on america's most reliable 5g network, but for up to half the price of verizon so you have more money for more s

coming up, softbank. the vision fun. this is bloomberg. ♪ haslinda: welcome back. softbank stock jumping. this after the record $20 billion annual laws at its vision fund unit. let's start with the pause and it's tied to the big losing bets on technology by masayoshi son. >> is. money-losing rockstar -- yes. money-losing rockstar tech companies. book at the losses. a stunning reversal. look at that green. one year ago, softbank set a record for the highest quarterly profit in japanese history. they invest principally in private companies, startups, but it is the public companies that have crushed the portfolio. you are looking at the one your losses for those three companies. these were once the main drivers of growth. they are now the biggest drag on the fund. it has rallied, and now the most since november 9, again, on the optimism of a possible share buyback. there were positive comments about the arm ipo, but the losses have caused softbank to scale back investments, just $2.5 billion, down from $10 billion a year earlier, and far from the peak of 30 begin doll

softbank posting record annual losses. this is all about the continued route across tech. >> the tech wreck has taken its toll on softbank. a stunning loss $20 billion in the vision funds. this is a company that invests primarily in private companies, startups through the vision fund. it is the publicly traded company that crushed the value of the portfolio. it has a lot of money losing tech firms that traded at skyhigh valuations during times of easy money. holdings like a south korean e-commerce company, didi global, and global losses for the year once they were the main driver of the vision fund and now they are the biggest drag. the year-to-date decline is in the high double digits. down 15% year to date. in short, he is paying steep price for his wager on companies and they are dramatically scaling back on their investments doing just 2.5 billion in the january to march quarter. that's a dramatic drop from the $10 billion per quarter. you have to remember that just one year ago, softbank set a record for the highest q

what does it mean for softbank shares? >> right, some analysts have been critical because of its performance and heavy weighting and the current model, reliant on the performance of technology stocks. some are starting to say it might not be a sustainable model. we have to see the actual figures released at 3:00 p.m. local time to see what the figures look like, but it does look bad, based on what analysts are saying. it won't be positive for softbank shares, but we will have to see later today. rishaad: so, we would like to hear about the outlook. we will be looking at that closely? min: right. of course. the outlook for the vision fund would be dependent on the global outlook for equities, actually, because global markets have been crashing, bled by technology -- led by technology shares somewhat he says will be closely watched, masayoshi son, later today. yeah. rishaad: all right. that is our technology reported. prices continue to go up. let's find out the deal in the u.s. with the first word news. >> going up. staying

emily: there's a report softbank plans to keep the majority stake in arm. how big of a stake or we talking about? what conversations have you had about this? >> i can't say too much specifically. they have said publicly that they intend to have a controlling interest going forward. what that says is they think the long-term prospects for holding a really good. i think that says a lot about the confidence going forward. emily: how soon could an ipo happen? >> i can't say. as we have said before, we are prepared to make that happen. emily: how do you avoid market turmoil and could that delay or influence your plans? >> market timing is when to dictate a lot of things. we're just doing the things we need to do to prepare for an ipo. emily: let's talk about another part of our business. -- the arm business. are you fully in control of the joint venture right now? how is it doing financially and what can you tell us about the future? >> 90 days ago, you and i were talking about that. that chapter is now behind us. we have resolved the issue. we have a management

softbank bought us in 2016. the world sort of knew us as a supplier to the smartphone industry. coming out the other side, we're growing in hyperscalers, growing in networking, growing in automotive, growing in iot. it is a very very different company going forward. liz: yeah, well it is huge and just about everybody watching right now has something in their home or in their hands that has arm architecture in it. rene, please come back, thank you very much. >> thank you, my pleasure. liz: as the u.s. markets struggle and yet we're still struggling although off the lows of the session at the moment wie have ceo's and bank executives living it up on royal invitation from the prince of whales himself, fox business has just learned about a secret royal esg gathering across the pond. charlie will break the details here, next. and how did a college dropout turn winning a class contest into a multi-billion dollar business? this guy did it and he joins me in my podcast everyone talks to liz. the youngest ceo of a publicly traded company, his name is alex rodriguez he shares how he start

softbank is run by masa yoshi son. >>> and rivian is up 2%. this after it has come down more than $150 per share or more than 80% from the intraday highs of last year. orders for the electric pickups did remain strong. where does this once hot ev maker go from here joining us is wedbush's dan ives dan, great to have you on. it feels like a contradiction from what i heard and read i did not listen to the conference call. i read about the highlights afterwards orders are strong. not just from retail customers, but also from amazon and on the electric truck side. they are seeing strong demand for the product itself what do you think is the problem with the equity? >> the biggest problem is since the ipo, this has been a train wreck. i think a big part that have has been the communication for management the ability to control the supply chain, some out of their hands. investors do not have confidence that they have been able to navigate ultimately the price increase and they took back the price increase a comedy of errors it feels like they are sl

softbank also. let's bring in stephen engle in hong kong. investors seem to be liking the results. stephen: there is the good news in these results and then there is the unknown news in the current quarter. the good news is there has been a lot of negative news bait into the stock price. alibaba had been down about 30% year-to-date. we know the regulatory pressures since the autumn of 2020 has wiped market value. on revenue, we were expecting consensus being of 7.1%. in the fiscal fourth-quarter, the calendar first quarter for alibaba which is before the pandemic and lockdowns in shanghai, the beat was revenue gain of about 9%. and on adjusted net income if used about the investment losses, we had a beat on net income. it is the guidance going forward. you have a highly competitive environment with several companies making gains on the market share with alibaba but the uncertainty with covid and lockdowns and the hammering on retail sales and consumer sentiment are the big unknown. and for the first time, alibaba, the ceo foregoing giving guidance, revenue guidance for the current

softbank and nikkei hit hard all week long. in europe, we have nice gains across the board and what has been a rough week there as well. maybe a little optimism to end the week julianna tatelbaum is in the london newsroom with the trade there. a lot of boston celtic green down 3-2 to miami or milwaukee julianna, what do you have for us >> brian, always representing my home state as for markets, brian, there is some positive momentum brewing here in europe as we have seen in several of the last trading sessions, things can change on a dime. we have ghave green across the . healthy rally from late in the day yesterday. the stoxx 600, the benchmark, ended yesterday lower. it could have been worse the positive momentum continues to build ftse 100 in uk up this morning same for france. the dax not far behind up 1.3%. the swiss market is still up 0.9% really broad based rally today investors put more money back into risk assets from the sector perspective, green across the board here as well at the top of the board, travel is gaining

they are still softbank and oil. recently we raised the money from japan investment corporation and we will leverage into investing technologies to help small and medium enterprises in japan. the reason why we changed our name is because recently japanese travelers changed their designations. pre-covid and during covid, japanese travelers wanted to travel out of japan and experience new exotic things. they wanted to leave japan because they were afraid of infection. so they wanted to know more about local cuisine and local things and that is why we want to change our brand to focus more on local content and that is why we changed our brand name. haidi: how soon do backers expect the company to make a profit, and have you given any thought to a potential ipo in japan? >> definitely. next year we will -- regulated to travel and recently globally we will face inflation so we have to make a profit over growth this year. after the pandemic disappears we will achieve and next year we will make annual level profitability de

and that has impacted softbank, which we've also talked about. they own 25% of alibaba roughly, so softbank in part moves along with baba so you can expect those shares seeing a bump as well carl, given the concerns in china, perhaps a bit better than anticipated for company. certainly no worse than underlying expectations. overall gmv, by the way, declined at what is a low single-digit rate as you look at softbank shares as well. >> we should probably briefly touch on snowflake >> yes >> mostly the qualitative xhn tear about companies and clients consuming less than the company anticipated. sluman argues a lot of that is unique to the nature of the decline itself, but this is an all-time low on snow i think we'll talk to him tomorrow ipo price $120, on day one, went to $253, so another broken ipo >> and a name jim has talked about a great deal, some affection for mr. sluman speculation in the markets what is it a year and a half ago at this point? >> yeah. >> specifically, some of our large customer where is we saw decline, we've taken down thei

laura: softbank shares jumped on hopes of further by banks despite the group reporting a $20 billion annual loss at its vision fund unit. it has been grappling with write-downs and a global stock rout. the treasury has given the most forceful response to the terra meltdown. she called for new regulations and confirm the treasury was working on a report about the issue. >> i could characterize it at this scale as a real threat to financial stability, but they are growing very rapidly. and they present the same kind of risks that we've known for centuries in connection with bank runs. laura: twitter has announced a hiring freeze, reflecting uncertainty while it awaits elon musk takeover. they will not hire new employees, and withdrew offers as it looks to trim costs. anna: news breaking on the pharmaceutical business in belgium, ucb down 30% after the fda's conclusions about a psoriasis treatment, regulators saying that some issues must be resolved before approval. that's not quite heavily sold off this morning. tom: broadly european markets are up. futures pointing to gains, nasdaq fu

we just heard from softbank, saying what is happening is pandemonium. the italian 10, 2 point 79. u.k., the urge everyone to -- he says inflation is going to get much worse from here, the 10-year yield at 1.743. maybe yen, maybe dollar, london has a startup that makes small mobile units to capture carbon emissions has raised $50 million from investors including ramco. it is tested its technology at more than -- [no audio] 40 sites around the world and says it can capture as much as 97% of carbon dioxide released by steel and cement factories. aniruddha sharma joins us now. great to have you on the program. when you look at the technology, and the challenges going forward, what do you need to make this even better? is it 100% foolproof at the moment? aniruddha: we are getting there. we were already there, 97%. we've to -- demonstrate the technology of 40 sites. with this investment from major companies like chevron, aramco, i think this speaks really highly about the technology. and what it needs to do to decarbonizing all these industrial sites. tom: from branding perspective, is

tech players, softbank lifting the nikkei. the aussie dollar after the biggest slump due to the fall in gold. the yuan, as well. ninth straight session of a strong fix from the pboc pinning the authority's interest in trying to keep the currency strong. the strongest deviation from the sixth in more than two years. the onshore and offshore yuan have an trading around these 18 month lows. a lot of it will point to a further stimulus we can see from the pboc. monthly activity data dump coming through monday expecting to show the impact of the lockdowns on the economy. it could lead to a trim to the mlf. manus: thank you very much. assessing clean done in 90 seconds -- so singly done in 90 seconds. it will drag the markets. 10:00 a.m., area production. more data from the u.s., including the export price indices. that is followed by the university of michigan consumer survey. mortgages at 5.3% in the u.s., i wonder if it begins to bite. russian cpi. later, the bank of new york posts climate change implications for macro economic s

stockholders, which include the likes of softbank and uber, have voted to delist didi from the new york stock exchange, under pressure from the chinese government. it's only been 11 months since the company's $4.4 billion listing debut in the us, which had gone ahead despite concerns around data security from beijing. at the world economic forum in davos, our economics editor spoke to bill winters, the ceo of standard chartered bank and asked him how likely it was the western world was facing recession.— western world was facing recession. �*, ., ., recession. let's take a look at where we _ recession. let's take a look at where we are _ recession. let's take a look at where we are starting - recession. let's take a look at where we are starting off, - recession. let's take a look at where we are starting off, we | where we are starting off, we are starting off with pretty good economic momentum coming off the back end of the pandemic, let's hope it is the backend. we got very low unemployment, plenty ofjobs. unemployment, plenty of jobs. in unemployment, plenty ofjobs. in fact ther

alice: softbank's top executives have seen deep cuts to their paychecks. the japanese conglomerate reported a historic loss to the year end march. the ceo kept his pay unchanged at ¥100 million, however some top executives saw big drops following a record $20.5 billion loss. the u.s. dropped market manipulation cases against glencore has shed light on two executives. authorities have not brought any charges against top executives, but have identified two alleged perpetrators of corruption. they include an ex-global head up oil, and a former head of copper. it follows the company's decision to scrap long-running bans to focus the coal business after the proposal failed to win shareholder approval. mike cannon-brookes who holds on 11% stake has called for the demerger to be dumped "top gun: maverick" taking in $124 million in ticket sales in the u.s. and canada. it is one of the biggest box office debuts since the start of the pandemic. the movie is unlikely to be released in china, diminishing its global returns. that's your bloomberg business flash. manus

softbank in the new york subway surrenders to police. warrant over the shooting of daniel on sunday, which police say was an unprovoked attack. in response, citic -- city mayor eric adams was advised on thursday to talk about crime concerns. george soros's warning that russia's invasion of ukraine could be the start of another world war. speaking at the world economic forum, the 91 rolled billionaire called the quote regime oppressive, talking of china and russia. he said other issues facing humanity have taken a backseat to the conflict. >> russia invaded ukraine and that has shaken europe to its core. the invasion may have been the beginning of the third world war. and our civilization may not survive it. rishaad: banking regulators urged to slow covid restrictions that slow growth. pboc governor and other officials called for improved delivery. it came after credit data for april showed loan growth that is the lowest in five years. india's central bank kept its -- raised -- kept its key interest rate at hold but raised reserve require

juliette: softbank's top executives have seen deep cuts to their paychecks. the conglomerate recorded in historic low for its vision fund unit for the year to end march. ceeo she sound kept his -- masayoshi son kept his pay unchanged. a big drop following a record $20.5 billion loss. the u.s. corruption and market manipulation cases against glencore have shed light on the -- walked away as billionaires. authorities have not filed any charges in the sweeping cases against the firm but have identified two alleged perpetrators of corruption. they include an ex-global head of copper. they reached a preliminary deal with a lender for a single network fixed line project. the carrier signed a memorandum of understanding. they will combine the telecom with a similar network. under the accord, telecom italia's activities will be split from its commercial activities. a big shakeup at agl with the ceo and chairman announcing they will set down -- step down. it follows the decision to scrap long-running plans after the proposal failed to win shareholder approval. mike ca

question we're getting into a point where tech with earnings rather than speculative tech, kind of the softbank, private equity sort of tech is starting to separate itself out >> how do you characterize earnings risk at this momt, and to what degree was a parent stability in moment in yields lend support in your view? >> well, i think first of all, i think we should really already start resetting expectations on earnings you look at what's happening with the economy, with higher interest rates, with slowdowns, potential recessions on a global basis. i think we should all take a moment and recognize it's going to be a shock if anybody comes back with really strong earnings so i think you need to build that into your purchasing decision it's one of these things where when you invest in an asset, you say, gee, i'd like to buy another product. if i was so smart i knew when exactly the bottom was, we probably wouldn't be talking today. we're looking at buying more towards the bottom than the top. that's really what the key is. yields are going to continue to rise but have already come back. i think

decent ral land, mark cuban and ashton kuchar have invested in open sea, the lands where these are sold softbank have poured money into metamask, the digital wallet and there is a huge illegitimate businesses, as well. we saw for sale on the dark web that for just $400 lands you a phishing mask promising dollars in return. >> ultimately what we want the outcome to be is if you lose your funds there is a path forward where you can recover those funds. that's why meta mask has team up with an asset rekwfry companies who creates scams and the losses are not meta mask's responsibility >> in the ideal world we would not like to see anyone lose their funds and metamask is not the only one in the space that's being hit by these any big product is >> we reached out to the sand bock, central land and open sea to see how secure their mratd forms really are open sea says it's halting sales on items that are reported stolen sandbox and centerland, and they said they're removing them and providing educational resources to investors mark cuban was the only one to respond. he said these phishing scams aren't u

having a look at what bloomberg sources are saying about the softbank hotels company. shelving plans for an ipo this year. global market downturns are going to be hurting valuations. the earliest we can expect one is 2023. the government is scrapping agricultural levies on imports of soybeans and sunflower oils as it takes steps to cool surging food prices. juliette: india is putting a limit on sugar exports. let's bring in our agriculture reporter for more on that. tell us more about the details of this export cap. >> hi. it seems that the government, they put a ban on wheat exports. now it is sugar. sugar production at the current level in exports are surging. exports exceed the estimate, it should be a problem. they want to make sure adequate supplies are stocked up. so that probably prompted the restrictions. rishaad: correct me if i am wrong, isn't india the second-biggest sugar exporter in the world? this is going to have an impact on food prices right around the world? pratik: yeah. india in 2021 will begin to be the biggest exporter and it is still the biggest

for their vision fund two, for banks who are interest instead doing business with softbank, their arm ipo or some other form of business, they know that apollo is not a competitor for that business ironically for the banking system it's better if something goes to us than one of their competitors. >> a couple of quick final questions here we've got to ask jim cramer about the carvana deal why did you guys step up and agree to purchase almost half of 3.72 of bonds that they were issuing. >> i always say the thing. we didn't because we think we can earn excess return for risk. carvana we've been invest instead for a long time. equity been very volatile. i believe the credit of carvana will be very good. carvana like many others is still remaking their business, and our size as a market participant allows us to just think differently. here it was cooperative with carvana. >> they have to spend a lot of capital to keep that business being, don't they? >> that's okay >> you're not worried. >> you're getting paid a pretty good number there to -- >> i'll call jim cramer afterwards and i'll -

ashton kutcher have invested in open sea where the virtual lands are sold and tech giants microsoft and softbank have poured money into metamask, the digital wallet we found phishing pages for sale on the dark web where just $400 lands you a phishing wallet promising thousands in return. but taylor monaghan is looking to change that >> ultimately what we want the outcome to be is if you lose your funds there's a path forward where you can recover those funds. >> reporter: she says that's why metamask teamed one a digital asset recovery company to investigate scams for consumers but ultimately, she says, the losses are not metamask's responsibility >> they have not refunded anyone for lost funds in an ideal world we would like to see nobody lose funds worst case where they do, they have the ability to recover those funds. metamask is not the only one in the space being hit by these any big product is >> reporter: we reached out to ask about how secure their platforms really are open seas says it's halting sales on items reported stolen both sandbox and decentral land say they are working to remov

being put in place as securities for debt financing, funding a lot of the investments and we all know softbank is one of the names that does that as markets move lower, these have to become a source of funds because you're placing those securities in a position of holding against the debt so that's the trouble and that's where you kind of lose the fundamental perspective and it just really becomes unabated selling. look at just tesla today tesla is down 6 1/2% okay, the correlation to that is what, where is twitter $37, is that deal possibly happen if the market continues to deteriorate in the capacity it does? i don't think so at all. so i think you have to be careful with a lot of tech names where you see a dislocation of fundamentals because it's really about raising liquidity and selling these names to offset a lot of the financing that's been done against them. >> i keep hearing, jenny, if you're going to buy technology, you want to stay with the quality. right? you don't want to -- i mean at least people say who have come on this program you don't want to go into the still high valuation

softbank is the biggest decliner, one of the biggest in the japanese session so far, as we get additional pressure when it comes to tech. tencent coming out and saying the regulatory overhang will take some time to resolve, and that is pouring cold water on the hopes that we could see a rebound in chinese internet platforms and chinese tech names. the kospi also down close to 2% as well. take a look at some of these indications of risk aversion. we see not much movement when it comes to dollar-yen, but also yen is turning lower. that is in line with s&p 500 futures also sitting weaker, a negative signal for equities. potentially if you see that further escalation in aussie dollar yen, that could suggest we are seeing that ultra defensive stance from investors, really worsening. shery: let's return her to panama city, because latin america is facing one of the most persistent inflation surges and along with higher fuel prices, it is making life difficult for drivers in the region. let's discuss more with the george gordon, uber's head of latin america. really great to have you here with us

softbank revising some of its plan. a company canceled, local bond offering on monday. when other stock -- one other stock. the biggest automaker. third year in a row, outselling vw by more than a million cars throughout april. other things we are tracking as we approach the open. in terms of equity and risk appetite, are you going to get a lot more as far as dollar weakness is concerned? those themes for you next. this is bloomberg. ♪ haidi: a quick check of the latest headlines. indonesia's go to group -- the ride-hailing operator says growth earnings rose to $357 million in the last quarter. net losses more than tripled. it is the result of last year's merger between indonesia's most valuable startups. antony says largest drug maker has posted a surprise quarterly loss. earnings dragged down by a one-off payment of more than 507 million dollars for legal cost associated with the u.s. unit. revenue rose 11%, below expectations. the board declared a dividend of three rupees per share. lic saw fourth-quarter profits soar 18%. shares down more than 10%. the ipo was the