Masayoshi Son, chairman and chief executive officer of SoftBank Group Corp., speaks at the SoftBank World event in Tokyo, Japan, on Wednesday, July 16, 2025. Speaking via teleconference, Son and OpenAI chief Sam Altman argued that advancing artificial intelligence would lead to new jobs that are not yet imagined, and the advancement of robotics will help kickstart a “self-improvement” loop. Photographer: Kiyoshi Ota/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
SoftBank Group founder Masayoshi Son on Monday downplayed the decision to offload the conglomerate’s entire Nvidia stake, saying he “was crying” over parting with the shares.
Speaking at a forum in Tokyo Monday, Son addressed SoftBank’s November disclosure that the firm had sold its holding in the American chip darling for $5.83 billion.
According to Son, SoftBank wouldn’t have made the move if it didn’t need to bankroll its next artificial intelligence investments, including a big bet on OpenAI and data center projects.
“I don’t want to sell a single share. I just had more need for money to invest in OpenAI and other projects, Son said during the FII Priority Asia forum. “I was crying to sell Nvidia shares.”
Son’s comments are consistent with what analysts and other Softbank executives said in November, describing the sale as part of broader efforts to bolster SoftBank Vision Fund’s AI war chest.
SoftBank has doubled down on its AI plans this year with a series of projects, including work on Stargate Project data centers and the acquisition of U.S. chip designer Ampere Computing.
The Japanese giant could also “potentially” increase its investment in OpenAI depending on the performance of the ChatGPT maker and the valuation of further rounds, a person familiar with the matter previously told CNBC.
Earlier this year, Son said that SoftBank was “all in” on OpenAI and predicted the AI startup would one day become the most valuable company in the world.
So far, that bet has reaped some dividends, with SoftBank reporting last month that its second-quarter net profit more than doubled to 2.5 trillion yen ($16.6 billion), driven by valuation gains in its OpenAI holdings.
However, SoftBank’s massive AI bets come amid growing fears and jitters in markets about a potential AI bubble.
In his Monday talk, Son also pushed back against these concerns, arguing that those who talk about an AI bubble are “not smart enough.”
He predicted that “super [artificial] intelligence” and AI robots will generate at least 10% of global gross domestic product over the long term, which he said would outweigh trillions of dollars of investment into the technology.
Supporting equality in countries where Baker Hughes operate is embedded in the company’s DNA. Meet Luiza who recently returned from such a project.
As Senior Finance Compliance Manager for Baker Hughes in Poland, Luiza Souza is driven by a deep sense of integrity. “The field of compliance is magnetic to me,” she says, “because it brings attention to the right way of doing things.” As a Brazilian working with Baker Hughes first in Hungary and then in Poland for the past 11 years, she has sought to foster community in her new European environment. Luiza joined in in every Baker Hughes Employee Resource Group (ERG) and led one of them locally – the Women’s Network, while she worked in Budapest.
Luiza Souza, Baker Hughes
She says, “The ERGs provide an environment of inclusion and belonging,” a place to meet and engage with people she wouldn’t necessarily meet in the course of her work and “an opportunity to grow beyond my role at Baker Hughes”.
The principles of inclusion, equality and appreciation of diversity came together with the Baker Hughes Foundation support of Nurturing Minds, a charity nominated by the Multicultural ERG. The organization provides a framework for volunteers to spend time as English Fluency Role Models at the SEGA Girls’ Secondary School in Tanzania. Nurturing Minds’ mission is to support quality education, life skills, and entrepreneurship to help at-risk girls in Tanzania become leaders in their communities. They run four programs: the SEGA School, a community outreach initiative, a career development and continuing education scholarship program, and a micro-loan and business development program. Together, they serve more than 2,500 girls and women across the country.
The Multicultural ERG, within Baker Hughes, aims to foster a global sense of community where diverse cultures, perspectives, and employee experiences come together. The team’s purpose is to build cultural awareness and leverage diverse experiences to enrich collective growth through education, engagement, and collaboration.
Active in over 70 countries, and with more than 5000 members, the group strives to create an inclusive workplace where everyone feels respected, empowered, and truly belongs. Find out more about Baker Hughes Employee Resources Groups here.
Photo of the group of students, at SEGA Girls’ Secondary School in Tanzania
“In Tanzania”, explains Luiza, “young girls are rarely encouraged to pursue an education beyond primary school. Poverty can force them into early marriage and teen pregnancy.” To progress to secondary school, girls must pass a national exam. If they are successful and their families can afford it, their education continues with lessons in English. This is a difficult transition to negotiate, as school began in the local Kiswahili language.
Nurturing Minds and SEGA, which runs a scholarship program for qualifying girls from families in poverty, recognized the need for a fun and engaging English immersion program. This would help girls cross the language divide and more confidently pursue their studies. When Luiza applied to join the program as a volunteer in Tanzania for two weeks in October 2025, she wasn’t entirely sure what to expect.
This is the story of how her journey unfolded and reinforced her lifelong desire to help change young lives for the better.
School building, at SEGA Girls’ Secondary School in Tanzania
What were your first impressions of Tanzania?
My first impression was great! At the airport, when our plane arrived there was a welcome, a presentationwith local music and people dancing. It was a very nice surprise. I travel a lot, and this was the first time I’ve ever experienced this kind of welcoming presentation for everybody who arrives from anywhere in the world. I had just landed and there was a party!
Where did you stay while you were volunteering?
Nurturing Minds provides two volunteering opportunities: the English Fluency Program and the STEAM Program (STEM Adventures), which encourages girls to explore science and engineering. As a volunteer in either program, you stay in onsite accommodation, separate to the dormitories of girls who board there.
How many girls were you assigned to work with?
The school itself has around 280 students between the ages of 12 and 16, depending at what age they passed the national exams to get into secondary school. My cohort of volunteers was responsible for 12 girls each.
Luiza Souza (right) with the group of students she taught, at SEGA Secondary School for Girls, Tanzania
What struck you about the girls? In your LinkedIn post you say that they are smart, kind and full of light, and that they live with intention. How do they live with intention?
All the girls in the school come from situations where life is tough. They are not privileged. The way they approach life is very genuine. They know theyare there to learn, so they are curious. Often, they are shy because they don’t yet fully understand English, but they are very eager. They learn so fast because they want to. At the same time, they are very caring and want to help with everything.
Kanga fashion show, where the students presented their style using the cultural Kanga garment with different designs, Tanzania
Whatwere the challenges of this volunteering experience? What did it demand of you that you’re not used to?
Nurturing Minds welcomes participants even if they don’t have a background in teaching. I had never had the experience of teaching, but they have an amazing, organized way of arranging the classes so that anyone can understand how to do it.
The challenge is in getting used to talking with kids, to give the lessons in a way that they understand. Sometimes you have to change the program a bit because you can see in their eyes that they aren’t fully following. As you get to know them, you recognize how to express things so that they understand better. By the third lesson you have your own way, and you really start to engage. The way that Nurturing Minds hasprepared the lessons and materials, which include songs and books for storytelling, is awesome for people like me who have never taught before. And the volunteers all support each other, sharing advice on what worked for them in their classes.
Luiza Souza (3rd left) with volunteers from the 2025 English Fluency Program, organized by Nurturing Minds, at SEGA’s “Modern Girls” location, Tanzania
How were your days at the school structured?
In the mornings and afternoons, we held classes on various themes and topics. For example, one lesson was designed to help the girls get used to learning the present and past tense in English. After classes, we would meet with the volunteers and the main organizer of the English Fluency Program to discuss how the class went, what could be improved, what worked well, and what didn’t. We would also talk about the plan for the next day. Each group is led by two volunteers, and together, at the end of the day, we would prepare the activities and class materials for the following day.
We also went on a two-day safari to Mikumi National Park. The girls were so excited. They talked a lot and played games on the bus. It was a nice opportunity to bond with them in an out-of-school environment. A guide came with us, and the girls were asking so many questions, genuinely curious and expressing how much they love the animals. We saw hippos, zebras, antelopes, lions, a buffalo and a lot of giraffes – it was so beautiful!
For many of the girls going on a Safari had been nothing more than a dream, because they come from very poor villages. On the way back to school they fell asleep in the bus, from exhaustion after all the excitement.
Luiza Souza (right), in the bus with the students after the safari experience in Mikumi National Park, Tanzania
How do you think this experience will influence you in your life, or your career?
To be honest, it was very hard for me to come back. I don’t quite know how to explain it, but you connect in a way that makes you realise that as a volunteer you can positively impact people’s lives. It takes a lot out of you to volunteer, but you are also fulfilled with a sense of so much that is good. The girls in Tanzania don’t have guaranteed or easy access to education, so to see the impact thatthis opportunity has on them has beenincredibly rewarding.
I realize how privileged I am to have this experience. Not everybody has the time, not everybody has the support from their employer, not everybody has the financial conditions to do it.
I want to give more of me to those who need help, or to guide young people. I already mentor three young women graduates who want to grow professionally. I was connected with them through the Global Mentorship Initiative, a non-profit organization, which I also discovered via one of the Baker Hughes ERGs. But I want to create something that has a bigger impact in society. I have the eagerness, I have the means, I have the strength, and I have the genuine desire in my heart to do that. Tanzania opened my eyes to how much need there is in the world, and how I can collaborate better with others to change things.
Asia-Pacific private equity managers are more upbeat on the deal outlook, expecting stronger returns and fewer geopolitical risks than their global counterparts, even as deal activity in the region continues to soften, a new survey shows.
Respondents in the region expected an average net return of 17.4 per cent from the private equity industry this year, slightly higher than the 17.1 per cent expected by North American, European, Middle Eastern and African (EMEA) executives, according to Dechert’s annual global private equity outlook report.
The law firm worked with Mergermarket to survey 100 senior-level executives at different private equity firms across regions in July.
Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.
Regarding the threat of geopolitical conflicts to deal making over the next 12 to 18 months, only 30 per cent of Asia-Pacific managers cited it as a top risk, compared with 49 per cent globally and 65 per cent in EMEA.
The findings pointed to cautious optimism in Asia-Pacific, underpinned by interest in healthcare and technology deals and the wider use of flexible structures such as earnouts.
“We expect this optimism to translate into improved deal flow in Asia-Pacific in 2026,” Maria Tan Pedersen, co-head of emerging markets at Dechert, said in a written response to the Post.
The life sciences and healthcare, and technology sectors were expected to lead activity in the region, Pedersen said. The focus on these two sectors reflected regional governments’ priorities, the global push into artificial intelligence and demographic shifts as populations in markets such as India and the Philippines expanded while those in Japan and China aged, she added.
About three-quarters of respondents planned to invest in both sectors over the next two years.
Investments in expanding or fast-growing businesses would benefit from additional use of private credit support and earnout structures, according to Pedersen.
Such structures allow part of the purchase price to be paid only if the acquired company hits the agreed performance targets after the deal. Sixty per cent of Asia-Pacific private equity managers favoured earnout structures to bridge valuation gaps, higher than the global average of 48 per cent.
Populations in both China and Japan are expected to age, driving activity in the life science sector. Photo: Xinhua alt=Populations in both China and Japan are expected to age, driving activity in the life science sector. Photo: Xinhua>
“We expect a meaningful uptick in deal volumes in Asia-Pacific across buyouts, bolt-ons and secondary and continuation vehicles, with improved close rates driven by flexible structures like earnouts,” Pedersen said.
Asian executives saw weak economic growth as the most significant headwind to the deal environment, with half of the respondents citing it as a top threat – compared with the global average of 37 per cent.
Asia-Pacific private equity deal value fell 3.8 per cent to US$107.7 billion in the first three quarters of this year from the same period a year ago, while deal volume slid 5.2 per cent to 1,874 as deal makers assessed the impact of shifting US tariff policy on the region’s export-led businesses.
In China, the region’s largest private equity market, ongoing regulatory and macro uncertainty, coupled with persistent property-sector weakness, was set to depress real-estate deal flow, widen valuation gaps and curb risk appetite, Pedersen said.
Private-equity activity in China had nonetheless shown signs of a rebound, driven by a surge in domestic merger and acquisition (M&A) transactions, multinational companies reshaping their portfolios and private equity funds poised for a wave of exits, said Pedersen, who is also Dechert’s partner for M&A and private equity in Singapore.
“We expect this rebound to broadly continue in 2026,” she said. However, it could be “an uneven and gradual thaw” concentrated in selected verticals such as technology and data, and healthcare, she added.
China’s housing market is flashing fresh warning signs as the property downturn runs into its fifth year, with excess inventory dragging home prices. Sales of the top 100 developers plunged 36% in terms of value in November from a year earlier, despite a modest pick-up from a 42% decline in October, according to data published Monday by China Real Estate Information Corp . In the first 11 months of the year, home sales shrank 19% from a year ago. “The worsening of the property data was real and concerning,” Hui Shan, chief China economist at Goldman Sachs, said in a note Monday, suggesting that the likelihood of another round of housing stimulus measures had increased. Separately, industry research body China Index Academy said Monday that secondary home prices in 100 Chinese cities surveyed dropped 7.95% in November, widening slightly from the prior month. The research firm attributed the deepening price slump to high listing volumes and weak homebuyer sentiment. Morgan Stanley estimates average sales of 25 major developers declined 42% year on year in November, with that sluggishness likely extending into spring next year. Beijing’s goal to “halt the declines in housing market,” announced in September last year, appears “increasingly unrealistic,” said William Wu, a property analyst at Daiwa Capital Market, citing “renewed turmoil” in the sector in the fourth quarter amid accelerating home price declines and “resurfacing of high-profile defaults.” Government support? Real estate giant China Vanke’s recent decision to seek bondholders’ approval for a 1-year deferral on its onshore bond, maturing Dec. 15, has sparked fresh fears about liquidity in the sector. Vanke, once considered one of China’s healthier developers, was able to avert default risks largely thanks to financial support from its deep-pocketed state-owned shareholder Shenzhen Metro. In early November, Shenzhen said it would request collateral for pledges for about 20 billion yuan worth of previously unsecured loans to Vanke, rattling creditors and sending bond prices to record lows. The surprise move “reflects a liquidity crisis that will likely end in a comprehensive restructuring,” said Cathy Lu, a credit analyst at financial data provider Octus, formerly known as Reorg, adding that a broader wave of extensions or defaults following Vanke’s postponement remains unlikely. “The property crisis has weeded out [developers with] weak balance sheets,” Lu noted, adding that the government is unlikely to launch a broad bail-out plan to contain Vanke’s fall, but focusing on “restructuring” its debt and ensuring home deliveries. Rating agency S & P Global last Friday downgraded Vanke’s long-term issue credit ratings to “CCC-” from “CCC” due to heightened risk of a “distressed restructuring” at the embattled developer within the next six months. The company’s bonds extended losses on Tuesday, with several yuan bonds falling over 20%, triggering a trading suspension by the Shenzhen Stock Exchange . In May last year, Chinese authorities provided 300 billion yuan to financial institutions to lend to local state-owned enterprises so they can buy unsold apartments that have already been built. That amount seems to have not been large enough to meaningfully lift the sector out from its slump, with excess inventory overhang remaining a key drag on housing price recovery. The number of completed and unsold inventory stood at about 762 million square meters as of end-August 2025, up from 753 million square meters as of end-December 2024, according S & P Global . The agency expects inventory destocking to remain a policy priority. Should policy measures become effective in tightening land supplies to developers, which would reduce apartment inventory, home prices could bottom out as early as the first half of 2027, according to Economist Intelligence Unit. The inventory turnover ratio, calculated by dividing residential inventory by average monthly sales, in China has shortened by five months from its peak of 25.9 months in April 2025, EUI economists said in a note last week. A shorter inventory turnover cycle, whether driven by shrinking supply or rising demand, signals price stabilization. At the current pace, it may take another year and a half for the clearance cycle to shorten to 12-18 months — a relatively healthy range by historical standards, the research firm said. Several economists whom CNBC spoke to expect China’s authorities to unleash incremental policy easing measures to stem the slump in a sector that has long been an important engine of its economy. The falling prices and fewer property sales have further strained cash-strapped developers, prompting banks to list more foreclosed properties on the market — “this is precisely the type of ‘negative feedback loop’ that policymakers need to cut off,” Goldman’s Shan warned. Beijing may consider an “interest-rate subsidy” which would lower homebuyers’ cost of mortgages without hurting banks, stabilize home prices and “buy time for a gradual demand-led recovery,” according to Morgan Stanley. The Wall Street bank estimates that a 1 percentage point cut in mortgage costs in the second quarter of 2026 could lift new home sales and help ease deflation pressures next year, with prices likely to find a floor in higher-tier cities.
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
The chief executive and founder of Just Eat Takeaway is to step down just weeks after the company was acquired by Prosus, bringing to an end his 25-year career at the head of the food delivery company.
Jitse Groen announced he was stepping down from the Amsterdam-based food delivery group on Wednesday, to be replaced by Prosus’s head of European operations, Roberto Gandolfo.
The surprise move comes despite Groen having initially said he would remain at the company after it was acquired to help smooth the transition. The deal, which closed last month, saw Groen’s group bought by the investment arm of South African group Naspers for €4.1bn.
Groen, who founded Takeaway.com in 2000, expanded the business to become an industry leader before steering the company through a £6.2bn merger with fellow food delivery group, Just Eat, in 2020.
The combined entity became one of Europe’s leading food delivery groups, with operations in 16 countries; however, it struggled in the years following the pandemic, with its stock price plummeting.
The fall was exemplified by the failed acquisition of US-based food ordering platform Grubhub for $7.3bn in 2021, before the group was forced to sell it last November for just $650mn.
The company subsequently delisted from the London Stock Exchange in December, to focus on its Amsterdam listing, as part of a cost-cutting drive.
“I am immensely proud of what our team has built, and I want to extend my deepest gratitude to everyone who has been part of this remarkable journey,” Groen said in a statement.
Groen’s replacement, Gandolfo, was formerly at Brazil’s iFood, which is also owned by Prosus, and will assume his new role on January 1.
Meanwhile, Prosus’s chief executive, Fabricio Bloisi, will replace Gandolfo in his previous role as chair of the Just Eat Takeaway board.
“JET is a phenomenal business with a strong brand, valued partners and great people across the organisation,” Gandolfo said.
“I’m excited to join at this pivotal moment and to work closely with JET’s leaders to unlock the company’s next chapter of growth through innovation and best-in-class execution,” he added.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding the LBMA Gold Price
The LBMA Gold Price is administered and published by ICE Benchmark Administration Limited (IBA). The LBMA Gold Price is a trademark of Precious Metals Prices Limited and is licensed to IBA as administrator of the LBMA Gold Price. ICE and ICE Benchmark Administration are registered trademarks of IBA and/or its affiliates. The LBMA Gold Price is used by the World Gold Council with permission under license by IBA.
Published LBMA Gold Price information may not be indicative of future LBMA Gold Price information or performance. None of IBA, Intercontinental Exchange, Inc. (ICE) or any third party that provides data used to administer or determine the LBMA Gold Price (data providers), or any of its or their affiliates makes any claim, prediction, warranty or representation whatsoever as to the timeliness, accuracy or completeness of LBMA Gold Price information, the results to be obtained from any use of LBMA Gold Price information, or the appropriateness or suitability of using LBMA Gold Price information for any particular purpose. to the fullest extent permitted by applicable law, all implied terms, conditions and warranties, including, without limitation, as to quality, merchantability, fitness for purpose, title or non-infringement, in relation to LBMA Gold Price information, are hereby excluded, and none of IBA, ICE or any data provider, or any of its or their affiliates will be liable in contract or tort (including negligence), for breach of statutory duty or nuisance, or under antitrust laws, for misrepresentation or otherwise, in respect of any inaccuracies, errors, omissions, delays, failures, cessations or changes (material or otherwise) in LBMA Gold Price information, or for any damage, expense or other loss (whether direct or indirect) you may suffer arising out of or in connection with LBMA Gold Price information or any reliance you may place upon it.
LBMA Gold Price information provided by the World Gold Council may be used by you internally to review the analysis provided by the World Gold Council, but may not be used for any other purpose. LBMA Gold Price information provided by the World Gold Council may not be disclosed by you to anyone else.
A file photo taken on September 1, 2019 shows Roundup weedkiller on sale that is the subject of thousands of lawsuits in the U.S. Bayer stock rose on Tuesday after the U.S. solicitor general backed the company in an amicus brief to the Supreme Court.
Bayer shares rose as much as 15% on Tuesday after the U.S. solicitor general backed the company’s bid to get the Supreme Court to curtail litigation alleging its Roundup pesticide causes cancer.
Analysts said the move will support the German company’s attempts to resolve litigation around what’s called glyphosate by the end of 2026. Solicitor General D. John Sauer on Monday said the Environmental Protection Agency repeatedly has stated that glyphosate is not likely to be carcinogenic in humans and that the agency has repeatedly approved Roundup labels without cancer warnings.
Bayer welcomed the support in the lawsuit, Monsanto Co. vs. Durnell, and the issue of whether a federal insecticide rule preempts state law. Bayer said “tens of thousands” of cases on Roundup are overwhelmingly based on claims grounded in failure-to-warn theories.
Bayer bought Monsanto in 2018 for $63 billion, and two months later, a California jury ruled in favor of a groundskeeper who contracted non-Hodgkin lymphoma.
In the third quarter Bayer had a provision of EUR6.5 billion to cover remaining and future cases, worth some 6.60 euros per share, according to analysts at Jefferies.
Bayer shares (XE:BAYN) rose over 4 euros to EUR34.75, with the percentage gain its best since Oct. 28, 2008.
-Steve Goldstein
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
Until now, the internet has provided a two-way messaging system: users query search engines to find web pages, products and services. Producers send paid ads to reach users. Data trails left by consumers power online targeted advertising that generates revenue that supports many online business models. Google Search, the dominant general search engine, epitomises this strong link between the two messaging channels.
Artificial intelligence services are altering this web navigation system. AI answers to complex queries are derived from original content, doing the work of consulting webpages and saving users time and effort. But this is disadvantageous for online service providers because it re-directs user attention away from original content and from revenue-generating advertising.
AI ‘answer engines’ also complement general search engines. AI is better at answering complex questions that search cannot answer. Search engine providers have started switching between search and answer on the same page, depending on the query. Search engines thrive on data-driven network effects that result in winner-takes-all monopolistic markets, such as Google Search. AI models do not exhibit network effects, though harvesting user data and leveraging search engine data in AI opens that possibility.
AI-induced competition in search supports the efforts of policymakers to weaken Google Search’s monopolistic position, notably by obliging Google to share data with competitors. These remedies have so far not yielded tangible results. Competition policymakers may need to rethink their approaches to Google’s dominant position in search and advertising markets in the face of AI pressure.
