SoftBank to tighten governance at start-ups after WeWork debacle
(Reuters) - SoftBank Group Corp is expected to outline tougher governance standards and restrictions on dual-class share structures on Wednesday after WeWork pulled its IPO, the Financial Times reported on Monday, citing people briefed on the plan. The Japanese conglomerate will apply the new standards to future investments and is tightening governance at companies it backs, the FT said
(Reuters) - SoftBank Group Corp <9984.T> is expected to outline tougher governance standards and restrictions on dual-class share structures on Wednesday after WeWork pulled its IPO, the Financial Times reported on Monday, citing people briefed on the plan.
The Japanese conglomerate will apply the new standards to future investments and is tightening governance at companies it backs, the FT said. (https://on.ft.com/2C8I93w)
SoftBank was set to write down at least $5 billion (£3.88 billion) due to a slump in the value of the U.S. office sharing startup and some other top holdings, according to a media report.
(Reporting by Amal S in Bengaluru; Editing by Shailesh Kuber)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.