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H&M Shares Rally after Positive Sales Results

Swedish clothing company Hennes & Mauritz (H&M) AB shares boosted on Monday after posting solid April sales results complementing analysts’ expectations.

The world’s second largest fashion retailer’s stocks were up 1.3 percent to kr218.6 ($24.77) following a 7 percent increase to kr54.4 million ($6.16 million) in sales including value added tax (VAT) meeting analysts’ average estimates.

H&M’s gross profit on the first quarter of December 2016 to February 2017 was at kr24.5 million ($2.8 million. Group’s income after tax amounted to kr2.5 million ($278 thousand) or kr1.48 per share. Earnings were poorly affected due to lower sales as well as an increase in mark-downs.

Sales in local currencies rose 4 percent in the same period.

H&M’s chief executive officer Karl-Johan Persson stated that the first quarter sales rose 7 percent to just over kr54 billion ($6.1 billon) which was below the plan and that in general, market conditions were very tough in many of their large markets located in central and southern Europe and in the US and it showed in their sales.

Although, their sales in Sweden and other Scandinavian countries, eastern Europe, Turkey, Russia, China and Japan increased very well  and the company continued to acquire market share.

Back in 2016, H&M was not able to meet sales target and profits fell as it deals with strong competition from its Spanish rival and Zara owner Inditex and Ireland-based clothing firm Primark. The company’s sales including VAT last year of April were up 6 percent to kr222.8 million ($25.3 million).

As of April 30, H&M have more than 161,000 employees and a total of 4,474 stores in 66 markets compared to 4,035 units in the same month in 2016, indicating almost 11 percent more trading spots for the company.

H&M did not specify on the subject of how sales broke down across itself, COS, & Other Stories and its other labels.

The company has a full-year growth target of between 10 percent and 15 percent but Persson said that it might be difficult mark to meet given the current sales development.

Some analysts have thought that the company should hold up its hostile expansion program and concentrate on generating more revenue out of existing locations.

Moreover, the clothing group recently announced that it will start on a new series of stores which goes by the brand name ARKET which will sell clothing, home furnishings and accessories. The shop will open in London by early autumn, then in Brussels, Copenhagen and Munich.

The brand will also sell items online starting with 18 European markets.

H&M Home will too open its first standalone shops next year.

H&M is also making changes at a fast rate in an effort to reach its much preferred outcome which will have an effect little by little therefore adding opportunities to do good performance throughout the rest of 2017.

Persson said that H&M will post the company’s May and earnings for the second-quarter on June 15 while it release report on the six months of its fiscal year on June 29.

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Wells Fargo Bank Deals with New Scandals

Wells Fargo must again overcome a number of controversies. One of these involves immigrants who went to the United States when they were young and have resided in the country ever since. The bank denied loans to some of them which led to a lawsuit.

The complainants are members of a group of immigrants who are under the Deferred Action for Childhood Arrivals (DACA) program. Wells Fargo tried to get the complaint dismissed and argued that its actions were legal under a 1976 federal law.

However, U.S. District Judge Maxine Chesney decided to uphold it. According to Chesney, the bank violated two laws when it failed to grant loans to the plaintiffs due to their citizenship.

One of the complainants’ representatives, attorney Victor Viramontes, called Chesney’s verdict a “significant ruling.” Viramontes added, “Wells Fargo argued that they could discriminate against DACA recipients, and the judge rejected that.”

Small Businesses Battle Wells Fargo

Aside from the lawsuit focused on immigrant loans, Wells Fargo is facing a complaint because of a “misleading” credit card service. It was filed by Patti’s Pitas, a Middle Eastern restaurant in Philadelphia, and a tour guide company in North Carolina.

In the suit, it was explained that Wells Fargo presented a lengthy and deceptive contract regarding its service. It was allegedly misleading in discussing the fees.

“The accusations outlined against Wells Fargo in this lawsuit do not reflect how we operate our Merchant Services business,” Wells Fargo spokeswoman Sara Hassell stated. The bank is working with First Data Corp. when it comes to its merchant business unit.

 Wells Fargo Inadvertently Tricks Customers

Another major problem Wells Fargo needs to settle is a lawsuit filed due to unnecessary car insurance. For a few years, the bank charged 800,000 customers for collision protection insurance which was worth around $80 million.

Wells Fargo stated last week that it was unaware when all of this was taking place. The incident also led to 25,000 customers losing their vehicles.

The recent scandal led to US Senator Elizabeth Warren calling for some of Wells Fargo’s board members to be removed from their post. Meanwhile, New York City Comptroller Scott Stringer is saddened by the issue, but is not surprised. Stringer believes mistakes like these are typical for the bank which is currently led by CEO Timothy J. Sloan.

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Aussie Declines as Reserve Bank of Australia Holds Steady, Hints at Neutral Bias

On Tuesday, the Aussie declined after Australia's central bank held steady as expected in its latest interest rate decision as investors detected tones of a more neutral bias and with investors watchful ahead of a meeting this week between U.S. President Donald Trump and Chinese President Xi Jinping in Florida expected to be contentious on trade.

AUD/USD traded down 0.34% to 0.7580, while USD/JPY adjusted at 110.43, declined 0.42%. The U.S. dollar index, which gauges the greenback’s strong point against a trade-weighted basket of six major currencies, eased 0.04% to 100.32.

"The outlook continues to be supported by the low level of interest rates," RBA Governor Philip Lowe said in a statement. "Lenders have recently announced increases in mortgage rates, particularly those paid by investors. Financial institutions remain in a good position to lend. The depreciation of the exchange rate since 2013 has also assisted the economy in its transition following the mining investment boom. An appreciating exchange rate would complicate this adjustment."

Earlier, Australia reported a trade balance excess of A$3.574 billion, almost double the A$1.80 billion perceived as exports increased 1% and imports plunged 5%. The NZIER business confidence survey for the first quarter indicated a dip to 17% from 28%, although the New Zealand think tank said capacity utilization increased to 93.6% from 92.7%. NZD/USD traded at 0.6984, declined 0.41%.

Markets in China, Hong Kong, Taiwan and India are close for public holidays.

Suddenly, on Monday, the greenback stayed  slightly beyond break-even against a basket of major currencies, as investors mulled over the release of mixed economic statistics. Additionally, the Bank of Japan will report core CPI with a 0.2% increase expected year-on-year.

The greenback retreated from session peaks, as March construction spending declined below economists’ forecasts while economic activity in the manufacturing sector reduced less than expected.

The Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) hit 57.2 in March, a 0.5% dropped from the February reading of 57.7 but slightly beyond economists’ forecasts of 57.0.

Temporarily, the Commerce Department stated, February U.S. construction spending surged 0.8% to its highest level in over  ten years, but it missed analysts’ expectations of 1% increased.

Somewhere else, the pound lost some of its resilience against the greenback, as GBP/USD plummeted to a session low of $1.2466, after UK manufacturing activity declined in March. Financial data company Markit stated its purchasing managers' index (PMI) fell to 54.2 from a downwardly revised 54.5 in February.

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Gold Plunges after Positive U.S. Data

Spot gold futures inched down in North America on Thursday, following data which indicated that United States durable goods orders surged, surpassing January market expectations, as core orders also climbed sharply, reducing worries over the health of the economy.

Market players also kept a close eye on the main United States economic data, which was released on late Thursday, to measure if the world’s biggest economy can handle another rate hike this year.

On the COMEX division of the New York Mercantile Exchange, gold for April delivery plunged $2.10 or 0.17 percent, to exchange hands at $1,237.00 per troy ounce. In the previous session, gold prices soared $16.50 or 1.35 percent.

An economist noted, “For as long as uncertainty persists among market participants and the oil prices and stock markets show no clear upward trend, gold is likely to remain in considerable demand, allowing the price to gain accordingly.”

The United States Commerce Department reported that the total durable goods orders, which include transportation items, inched up 4.9 percent last month, shrugging off past expectations for an increase of 2.5 percent. Core durable goods, with no volatile transportation items included, rose 1.8 percent, easily exceeding forecasts for a rally of 0.2 percent.

Meanwhile, the United States Department of Labor stated that the number of individuals filing for initial jobless claims gained last week by 10,000 to 272,000. Analysts forecasted jobless benefits to elevate by 8,000 to 270,000 from the previous week’s total of 262,000.

Prices of the precious metal have been well supported in recent weeks amid rising speculation that the Federal Reserve could hold the pace of its tightening policy for the rest of 2016.

As stated by a commodity analyst, “Gold prices are in this environment are attractive. The new risk-on trade appears to be long gold as most currencies and some assets are not attractive. In addition, the low gold price makes gold a relatively safe bet in comparison to other assets.”

Gold prices hiked to a one year high of $1,263.90 on February 11. The yellow metal has climbed nearly 16 percent so far this year amidst signs that global economic and financial headwinds could make it hard for the Federal Reserve to elevate interest rates as much as it did like this year.

“Traders are looking at anything that gets them off risk, away from volatility, and protects against negative rates. Gold doesn’t yield anything, but that’s 0.4% per year better than benchmark Swiss bonds, and 0.3% better than commercial deposit rates at the European Central Bank,” an economist stated.

On the other hand, market players will shift their focus on the release of speeches from Federal Reserve Presidents.

At the Atlanta Fed 2016 Banking Outlook Conference, Atlanta Federal Reserve Chairman Dennis Lockhart gives welcoming remarks, while San Francisco Federal Reserve Chairman John Williams is slated to release his perspective on the economy later in the day.

According to a market analyst, “The technical picture seems a bit changed and at the same time we don't expect rate hikes from the Fed anymore ... we expect gold to reach $1,300 by the end of the year.”

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Financial Firms Add and Cut Stakes in Visa

According to the latest Form 13F filing with the SEC, Compass Capital Management Inc. cut its stake in Visa Inc. by 0.8 percent during the first quarter. The institutional investor held 266,034 shares of the American multinational financial services’ stock after selling 2,130 shares during the said period.

 Visa accounts for about 4.1 percent of Compass Capital Management Inc.’s investment portfolio, being the stock’s 7th biggest position. At the CCM’s holdings in Visa were worth $23,642,000 at the closing of the latest reporting period.

 Other huge investors also recently increased and cut their stakes in the stock. Financial advisory firm Mercer Capital Advisers Inc. added its stake in Visa by 2.2 percent in the first quarter. Mercer now owns 1,167 shares of Visa’s stock valued at $104,000 after acquiring an additional 25 shares during the last quarter.

 Investment advisory Delta Asset Management LLC also raised its stake in the credit-card processor’s stock valued at $137,000 after obtaining 38 shares in the last quarter. Meanwhile, Pacific Center for Financial Services purchased a new stake in Visa during the fourth quarter, with an estimated price of $138,000.

 On the other hand, State of Alaska Department of Revenue purchased a new stake in Visa during the first quarter, with an approximate worth of $153,000, as SRS Capital Advisors Inc. obtained a new stake in Visa during the fourth quarter, approximately valued $160,000. 82.02 percent of the stock is acquired by institutional investors.

On Monday, Visa Inc. opened at 100.89, as the multinational financial firm has a fifty-day moving average price of $96.32 and a 200-day moving average price of $91.20. Visa set its weekly low to $75.17 and 52-week peak of $101.34. The company has a market capitalization of $230.86 billion, a price-earnings ratio of 37.52, and a beta of 0.94.

 Visa announced its earnings report on July 20, reporting $0.86 earnings per share for the quarter, which exceeded analysts’ expectations of $0.81 by $0.05. The firm had revenue of $4.57 billion for the quarter, in contrast with analysts’ estimates of $4.36 billion.

 The financial company had a rebound on equity of 30.95 percent, and a net margin of 36.53 percent, while its quarterly revenue surged 25.8 percent, higher than the prior year’s same quarter. During the same period in the previous year, the firm had $0.69 earnings per share.

  You could say Visa Inc. is doing quite well in the market. After all, if companies stake in huge amount of investment for Visa, its market variation should result to a sturdy bullish or bearish movement. So watch out because Visa might be your next most-favored asset in the market as Trade12 will surely deliver you more enthralling information!

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NIESR Expects Higher GDP as UK Economy Recovers

According to information provided on Wednesday by a British think tank, United Kingdom’s economic status is expected to surge by 1.7 percent this year, and 1.9 in the coming year. One of the forecasts from the National Institute of Economic and Social Research, the annual consumer price index (CPI) would elevate at 3.0 percent in the final quarter of 2017 before relieving the target rate of 2.0 percent in the last quarter of 2019.

National Institute of Economic and Social Research also expected that the United Kingdom fiscal deficit would end in 2022, and the debt to gross domestic product (GDP) ratio would climb in the next two coming years.

 As stated by the directed of NIESR, Jagjit Chadha, “In the euro area, stronger economic performance, together with reduced political uncertainty, provides an opportunity for action to complete the monetary union and reduce economic imbalances.”

 Central banks, in those economies are more advance, will have to manage policy normalization will have to manage policy normalization with certain precautions to refrain from jeopardizing the recovery.

 NIESR director Chadha also noted, “This rate increase should not be seen as a tightening in policy, but instead as a modest withdrawal of some of the additional stimulus that was injected into the economy after the 2016 EU referendum.”

 Manufacturing Data Shows Activity Growth

United Kingdom’s latest economy shows the manufacturing section proceeds to see expansion as demand for UK exports. The latest Purchasing Managers’ Index shows acceleration in the sector’s activity, with a reading of 55.1 for July, edging higher from last month’s 54.2 and surpassing analysts’ expectation of 54.4.

 On the other hand, the report also released the expectation for global gross domestic product in 2017 has been changed to 3.6 percent, as this would also be the most rapid growth in six years. However, forecasts for 2018 GDPs remained unchanged at 3.6, and 3.4 percent for the medium term.

 The PMI was stimulated by more robust inflows of improved job creation, inflows of new work, longer supplier delivery times, a gradual elevation in inventory holdings, and higher levels of production.

 Looks like the United Kingdom is making its way through deflation, and finally recovering after the EU turmoil. If global economy interests you, Trade12 is perfect for you! We deliver the absolute information you need for your trading education and signals.

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Microsoft Builds Custom Windows 10 for China

Microsoft has announced on Tuesday a Windows 10 China Government Edition, which is ready to be used in Chinese government agencies.

A China-specific version of the operating system will consist of greater control for administrators, support for custom data encryption preferences, and have updates and system data administered by a Chinese entity.

The Chinese Government Edition of the operating system is based on Windows 10 Enterprise Edition, which already includes many of the security, identity, deployment, and manageability features governments and enterprises need.

Terry Myerson, executive vice president of Microsoft’s Windows and Devices unit, said that this is the very first time the tech giant has built a custom version of Windows for China. The first customers of Windows 10 Chinese Government Edition include China’s customs service and the city of Shanghai.

"The China Government Edition will use these manageability features to remove features that are not needed by Chinese government employees like OneDrive, to manage all telemetry and updates, and to enable the government to use its own encryption algorithms within its computer systems," said Myerson in a blog post.

He added, “Over the last two years, we have earnestly cooperated with the Chinese government on the security review.”

A joint venture in China between the Microsoft and CMIT will manage all the system updates and telemetry for the operating system so no data leaves China.

Operating in China has never been an easy process for the tech giant and for other Western companies, with services like the social media giant Facebook totally banned from the country.

Now, the fruits of that labor will fall into place at the China ‘s customs service, the city of Shanghai, and Westone Information Technology. Moreover, it’s also been announced that Lenovo will be among the first OEM partners to preinstall the government’s operating system on new hardwares, computers and devices sold to government officials in the region.

Myerson also said the custom version of Windows fully complies with the company’s values. He also said they are aware that building a custom version of the operating system could be perceived as a sensitive issue in the country, but it could also be quite suitable for a sovereign country like China, especially in its own computer system and its own employees having its own encryption systems.

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Nokia and Apple Resolves Patent Lawsuit

Nokia has rested its case on patent infringement against tech giant Apple with a new patent license deal and a partnership agreement with the US tech giant surprising investors who had expected the issue to last for years.

From rivals to business partners for the second time, the Finnish company will be receiving an upfront cash payment from Apple and additional revenues over the term of the ‘multiyear’ licensing deal. Analysts stated that the revenue could possibly be higher than the earlier agreement.

In return to the upfront cash and extra revenues Nokia has agreed to give network infrastructure services to Apple. The rest of the details of the licensing deal remain confidential.

Nokia’s shares fell in December when the patent lawsuit was announced but rose to 6.9 percent to €5.905 on Tuesday.

Apple’s stocks closed on Monday with a 0.6 gain to $153.99 and a 0.5 percent boost to $154.80 in pre-market trading but opened 0.1 down to $153.81 on Tuesday as of 13:53 GMT.

Nokia stated that it would supply network products and services to the tech giant while Apple would go on carrying Nokia’s digital health products which were sold earlier under the Withings brand in its retail and online stores.

Moreover, the value of the deal will be regarded to some extent as patent licensing net sales in Nokia Technologies and partly as net sales in other Nokia business firms such as the company’s IP/Optical Networks business.

At the end of last year, the Helsinki-based company confirmed that it had filed lawsuits against the US tech group in 11 countries in total saying that Apple breached 40 of its patents covering technologies such as display, user interface, software, antenna, chipsets and video coding.

Nokia’s patents cover technology reduces the need for hardware pieces in a phone, saves battery life, amplifies radio reception, helps in getting back lost phones and makes voice recognition possible among other features.

The complaint came shortly subsequent to the tech giant’s claims that Nokia, which was formerly the leader in the phone market pre-iPhone era, of taking out too much revenue for its panted technology.

With the absence of a new agreement, the Finnish group cut its yearly run-rate forecast in December for patent and brand licensing sales to €800 million ($900 million) from €950 million earlier.

With the end of what could have been years of litigation between the two tech  companies, Apple can now focus its attention on its extensive fight with US chip maker Qualcomm who filed a lawsuit against four of the tech giant’s manufacturers which is economically and strategically much bigger.

Hanu Rauhala said that it is good news for Nokia although the people still have to wait for detail concerning the financial impact.

The previous annual rate was €150 million so Rauhala believes it to be more around €500 million.

Nokia’s chief legal officer Maria Varsellona describe the deal as a meaningful agreement between Nokia and Apple and that it changes their relationship with the US tech giant from being rivals in court to business partners working for the benefit of their customers.

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US Stocks Dragged Due To Political Mayhem

US stocks suffered on Friday as political commotion in Washington grows in the past week driving investors to abandon US shares.

Funds invested in the country showed outflows of $8.9 billion in the week to Wednesday making it their third consecutive week of outflows.

Investors committed to European stocks added $1.1 billion the biggest in 39 weeks and the ninth successive week of inflows.

The US indexes are heading to its worst weekly fall since mid-April subsequent to US President Donald Trump’s action of dismissing FBI director James Comey all of a sudden.

It was then followed by another report of President Trump asking the former director to end the investigation into ex-advisor for the National Security Michael Flynn and his affiliation with Russia.

Investors worry that the political uproar in Washington could hold back President Trump from executing his promise of economic incentive which is a chief driver for Wall Street’s record-setting progress.

On the other hand, the big gainers for the week were global tech stocks which acquired $1 billion in the week to Wednesday in their 11th straight week of inflows.

The NASDAQ internet index (QNET) was trading at a yearly rate of 75 percent increase year so far. Its current shares are up 0.9 percent to $608 on Friday.

However, the longer it takes the economy and yields to pick-up, bigger risk of tech mania.

Investors stayed in rising markets as well with equities boosting $3.9 billion in a ninth week of gains while growing market debt showed inflows of $1.6 billion in their 16th continuous positive week.

Overall, bond funds pulled in $9.7 billion of inflows in the week to Wednesday with around two thirds of the $6.6 billion going into investment grade funds.

Meanwhile, Peter Cardillo said that the market is looking to calm down seeing that no new political news will be appearing on the morning headlines indicating that investors are ready to play out the political mayhem without pushing the panic switch.

Oil prices scored their third consecutive day of gains boosting the indexes on Friday with West Texas Intermediate (WTI) crude earning as much as 2.1 percent to $50.38 a barrel while Brent edged up 2.1 percent as well to $53.64 per barrel.

Gold was down 0.08 percent to $1,251 while silver futures was up 0.7 percent to $16.799 and copper with 1.6 percent increase to $2.573.

Dow Jones Industrial Average (DJI) gained 0.5 percent to $20,765 while S&P 500 (SPX) was 0.6 percent high to $2,381.

Nasdaq 100 Futures went up as well by 0.6 percent to $5,665 while the US Dollar Index lost 0.5 percent to $97.19.

The escalating political issue pulled the US Dollar Index (DXM7) down as well with a 0.6 percent decline to $97.14.

For investors, this had been so far the busiest week of the year with leading stock markets climbing record highs and then falling down in one of the sharpest cross-asset routs in years.

Nick Parsons said that the frustrating part is that we are now at the mercy of equity markets and that we can be pretty confident that ten point on or off the S&P 500 is a big figure on or off of dollar/ yen.

He added that the only thing possible to break the link would be a confident-sounding Federal Reserve (Fed) at its next meeting.

Subscribe now at Trade12 and be updated with the latest economic happenings. Check out Trade12 reviews and get latest information about forex, stock markets, commodities, and economies.

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Qualcomm Sues Apple’s Manufacturers

Telecommunications equipment company Qualcomm announced on Wednesday that it has filed a complaint against four of Apple Inc’s manufacturers by reason of violating their license agreement.

The California-based chipmaker said that it will be suing four of the tech giant’s Taiwan-based contract producers specifically Foxxconn, Compal, Wistron and Pegatron for refusing to pay royalties for its patents on smartphone technology such as the cellular modems.

The complaint reported in the US District Court for Southern District of California demands an order obligating the defendants to meet the terms of their contractual commitments to Qualcomm plus damages.

The four companies said that their refusal to pay on Apple products made by the mobile chip giant is not because they are violating their commitments but it is for the reason that they must stick to the tech giant’s instructions not to pay.

However, Qualcomm pointed out the license deals with the four groups were entered into even before Apple started selling its first iPhone and that it was not a participant to the agreements.

Apart from that, the defendants keep on paying the chip maker royalties in non-Apple products exercising the same contract that is relevant to the tech giant.

Qualcomm also said that it has already filed a separate complaint against Apple for its unauthorized intrusion with the license agreements between them and the manufacturers.

The separate complaint was necessary since the licensing deals associated to the iPhone and iPad are not with the tech giant itself but with the contract manufacturers that create the devices, therefore Qualcomm cannot sue Apple directly for refusing to pay those royalties.

The legal dispute between the two companies started back in January when Apple filed a lawsuit against the chip maker for $1 billion accusing it of misusing its chief position by charging royalty fees for technologies they have no involvement whatsoever.

Qualcomm denied the charges and claimed that the tech firm gave false and misleading statements to government so as to get the regulators to act against them.

Apple reasoned that Qualcomm has overpriced the payment by billions of dollars for more than a few years and that the mobile chip maker has ordered too much royalties concerning to its wireless communication patents.

Back in April, the chip maker informed investors that it had encountered a loss in sales and earnings since Apple one of its major clients had stopped paying an amount equal to the mobile chip maker’s earlier share of royalties to the producers that makes the iPhone and iPad.

One by one the contract manufacturers had discontinued paying Qualcomm by the same amount.

Qualcomm’s executive vice president Don Rosenberg stated that it is unfortunate that they must take this kind of action against these long-time licensees just to recognize their agreements.

Nonetheless, the mobile chip company cannot tolerate these producers and Apple to utilize the group’s significant intellectual property without paying the fair and reasonable royalties to which they have agreed.

Amid the legal dispute, shares of Qualcomm lost 0.6 percent to $55 while Apple’s stocks dropped 1.2 percent to $153 on Wednesday.

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TOSHIBA Expects ¥950 Billion Net Loss

Japanese multinational conglomerate Toshiba known for its customer electronics products has been weighed down on Monday by a major and probable net loss for its fiscal year ended March.

The Tokyo-based company reported a ¥950 billon ($8.4 billion) likely net loss failing to get auditor’s approval from the earlier quarter following rising speculations that US engineering firm CB&I Stone and Webster got a hold of Toshiba.

The loss nearly doubled the ¥460 billion ($4.1 billion) loss marked up prior fiscal year.  

Toshiba estimated negative shareholder equity worth ¥540 billion ($4.75 billion) as well.

The electronics giant said on Monday that it will holdup reporting its annual profits and that the ¥950 billion net loss statement was more of a forecast than a result given that they have not yet acquired auditor’s consent.

The said loss which is particularly connected to severe investing deductions at Toshiba’s US Nuclear unit WestingHouse Electric was to some extent better than the company’s previous ¥1.01 trillion net loss forecast stated last month.

Despite being faced with a possible huge net loss, shares of Toshiba closed with 3.8 percent high to ¥262.4.

The postponement came after Toshiba delayed twice its nine-month profits before reporting unaudited results last month.

The holdups have brought about concerns that the company’s significant shares could be removed from the Tokyo Stock Exchange list seeing that new funds are required right away so as to lift its balance sheet.

Toshiba stated that it missed the exchange’s deadline for results to be made known within 45 days since the auditor is still evaluating them.

The company is now dealing with a deadline for the end of June to release its results with Japan’s finance ministry.

Toshiba said that it is now looking ahead to gain a ¥270 billion profit at the operating point, which could put an end to the ¥500 billion loss estimate earlier month. Sales of ¥4.87 trillion lower than prior forecast of ¥5.49 trillion.

The company has been under pressure on determining the effect of major write-downs at WestingHouse which filed for bankruptcy protection in March.

The investigation began following a whistleblower’s complain that one or more WestingHouse executives exercised improper pressure on its accounting.

Meanwhile, the Japanese conglomerate came to a decision of selling its NAND flash-memory chip business in order to keep its finances afloat but its US joint venture partner Western Digital Corp is demanding to the company to not sell it to anyone else.

For this reason the computer data storage firm stated on Monday that it has filed a request for international settlement with the International Court of Arbitration (ICC) so as to prevent Toshiba from selling its memory chip business.

The request intends to prohibit the electronics company’s sale without Western Digital unit SanDisk’s approval pointing out that it would be a breach to the joint venture contract.

Toshiba stated that they have not yet been given any notice of arbitration and said that there had been no violation of the agreement and that Western Digital had no reasons to get involved of the sale process.

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SoftBank’s Tech Investment Spree

Japanese Telecommunications Company SoftBank Group is on a tech investment spree with its decision to invest on China’s major ride-sharing corporation Didi Chuxing and leading British software company startup Improbable with one of its biggest investments ever made.

The Tokyo-based internet firm has also made a deal to merge it largest Indian asset Snapdeal together with India’s e-commerce giant Flipkart.

Didi Chuxing

SoftBank stated on its fiscal year 2017 earnings report that it had confirmed to make a total investment of ¥550 billion ($5 billion) to Didi Chuxing and that it will not be identified as a subsidiary or an associate of the company after the investment at all times.

The exact period to when the multinational telecommunications giant will be investing the said amount into the uber of China has not so far been confirmed.

A representative has refused to provide further details on whether SoftBank invested the full amount into Didi’s latest funding round for April 28 worth $5.5 billion or the amount is being distributed over several investment rounds.

For the time being, SoftBank’s wager on Didi seems to be equal to 5 percent of the intended size of the large fund other supporters of which consist of tech firms Apple Inc, Foxconn and Saudi investors while Vision Fund has not yet closed.

A SoftBank representative verified that the fund is not finalized so far.

Improbable

The London-based virtual reality company gained a $502 million (£390 million) in its most recent investment led by SoftBank proving that the UK is capable of contending with the finest in the technological industry.

According to data gathered, this transaction would rank as the fifth major UK business investment in the past decade.  

With the internet firm supporting Improbable in a funding round, the five-year old company is now worth at least $1.04 billion.

The newly earned funds will be spent on Improbable’s tech development which builds virtual realities for video games.

The investment came while SoftBank is settling its $100 billion venture capital fund with sponsors including tech giant Apple Inc and Saudi Arabia.

Improbable’s chief executive Herman Narula said that the next main stage in computing will be the emergence of a large-scale virtual worlds which enhances human experience and change how people see the real world.

Snapdeal

SoftBank is all set to merge India-based e-commerce firms Snapdeal and Flipkart after reaching a deal with Snapdeal’s early investor Nexus Venture Partners.

The Japanese conglomerate invested almost $2 billion in Snapdeal making it one of SoftBank’s biggest investments in India.

Kunal Bahl (CEO) and Rohit Bansal founders of Snapdeal together with Nexus arrived at an agreement regarding the conditions laid out by SoftBank with Snapdeal founders each getting $15 million and Nexus receiving payment between $50 million and $60 million.

The terms of the sale estimated nearly $750 million to $1 billion.

The business deal if successful will redefine India’s online retail industry and develop the competition between the homegrown rivals and worldwide adversaries such as US’s Amazon and China’s Alibaba.

The announcement of the merger is likely in the next two to three days while Flipkart is expected to sign an agreement and begin its scheduled business shortly.

Meanwhile, despite these major binges from SoftBank, the Japanese firm’s stock price edged down on Friday with a 2.4 percent decline to ¥8,657 ($76.21) as of 06:00pm GMT.

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