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Watchdog groups are warning that up to 50% of the audits performed by the Big Four accounting firms are fatally flawed and are calling on Congress to step in to prevent another financial meltdown

Watchdog groups and whistleblowers are worried that poor-quality auditing of public companies could lead to another financial crisis. Research by the Project On Government Oversight indicates that the largest accounting firms are doing a sub-par job of auditing public companies and the regulatory agency that is supposed to oversee their work has largely given them a pass for their shoddy work. According to that regulatory agency — the Public Company Accounting Oversight Board — between 20% and...
Tags: Congress, La, Softbank, US, Trends, SEC, Deloitte, Kpmg, Securities And Exchange Commission, Capital Markets, Pogo, House Financial Services Committee, House Financial Services, Public Company Accounting Oversight Board, PCAOB, Peloton

Announcing the final agenda for Robotics + AI — March 3 at UC Berkeley

TechCrunch is returning to U.C. Berkeley on March 3 to bring together some of the most influential minds in robotics and artificial intelligence. Each year we strive to bring together a cross-section of big companies and exciting new startups, along with top researchers, VCs and thinkers. In addition to a main stage that includes the likes of Amazon’s Tye Brady, U .C. Berkeley’s Stuart Russell, Anca Dragan of Waymo, Claire Delaunay of NVIDIA, James Kuffner of Toyota’s TRI-AD, and a surpris...
Tags: Amazon, TC, Y Combinator, Softbank, Disney, Samsung, Tech, Nasa, Artificial Intelligence, Software, United States, Olympics, Nvidia, Machine Learning, Tokyo, Toyota

Neobanks like Chime and N26 raised record VC cash in 2019. Here's how they differ from traditional banks, and where they're finding revenue without lending.

The traditional banking business model is pretty simple. Banks take in deposits, then lend that money out and charge interest. They make money on the 'spread,' or, the difference between the deposit and loan rates, as well as non-interest income like overdraft fees.  Upstart digital banks like Chime, N26, and Varo—which are attracting billions in VC cash— for now only play on the deposit side of the balance sheet, offering checking and savings accounts. Instead of earning interest rate spreads...
Tags: Europe, UK, Germany, Softbank, US, San Francisco, Trends, Bank Of America, Brazil, WeWork, DST Global, Forbes, Jpmorgan, FDIC, Bankrate, Monzo

The Mormon Church's secretive $100 billion fund revealed huge stakes in Apple, Google, and Microsoft. Here are its 10 biggest holdings.

The Mormon Church's mysterious $100 billion fund revealed huge stakes in tech companies. Ensign Peak Advisors had a $40 billion stock portfolio at the end of 2019, SEC filings show. It included $6 billion worth of shares in Microsoft, Apple, Alphabet, Amazon, and Intel. Ensign doesn't hold Coca-Cola or Starbucks, likely because it doesn't invest in caffeine stocks. Visit Business Insider's homepage for more stories. The Mormon Church's secretive $100 billion investment fund revealed massive s...
Tags: Microsoft, Softbank, Trends, Caesars Entertainment, Bloomberg, Intel, Mormon church, Starbucks, Coca Cola, Wall Street Journal, Journal, Philip Morris, Securities And Exchange Commission, UnitedHealth, Apple Google, Microsoft Apple

Big Tech companies have a new question: Build, Buy or Bail

Welcome to this week's edition of Trending, the newsletter where we highlight BI Prime's biggest tech stories. I'm Alexei Oreskovic, Business Insider's West Coast bureau chief and global tech editor. If this is your first time here, this is how you can get Trending in your inbox every week. This week: To build or to buy, tech's fundamental question takes center stage "Build or Buy?" is one of the fundamental questions for any tech business. The unrelenting rhythm of innovation in technology, ...
Tags: Apple, Google, Amazon, Facebook, Elon Musk, Supreme Court, Microsoft, Softbank, Trends, Tech, Cisco, Pimco, Ibm, Silicon Valley, Jeff Bezos, West Coast

SoftBank to borrow $4.5 billion pledging domestic telco's shares

SoftBank Group Corp said on Wednesday it plans to borrow up to 500 billion yen ($4.5 billion) from 16 domestic and foreign financial institutions using almost a third of its stake in telco SoftBank Corp as collateral.
Tags: Money, Softbank, businessNews, SoftBank Group Corp, Softbank Corp

SoftBank to borrow up to $4.5 billion using domestic telco's shares as collateral

SoftBank Group Corp said on Wednesday it plans to borrow up to 500 billion yen ($4.5 billion) from 16 financial domestic and foreign institutions using part of its stake in telco SoftBank Corp as collateral.
Tags: Money, Softbank, businessNews, SoftBank Group Corp, Softbank Corp

SoftBank-backed South Korean ride-hailer Tada gets rare win amid crackdown

South Korea's ride-hailing service Tada, a smash hit since its launch just over a year ago, was cleared of transport law violations in court on Wednesday, a rare victory in a market that has been particularly unkind to ride-hailing companies.
Tags: South Korea, Money, Softbank, businessNews, Tada

SoftBank-backed South Korean ride-hailing Tada fights for survival amid crackdown

Wednesday is D-day for South Korea's ride-hailing service Tada, a smash hit since its launch just over a year ago, as it prepares for a court verdict that could potentially end its ambitious drive in one of the world's most tech-savvy economies.
Tags: South Korea, Money, Softbank, businessNews, Tada

Join the Q&A with top speakers at TC Sessions: Robotics+AI (March 3)

Over the past four years, TechCrunch has brought together some of the biggest names in robotics: founders, CEOs, VCs and researchers for TC Sessions: Robotics+AI. The show has provided a unique opportunity to explore the future and present of robotics, AI and the automation technologies that will define our professional and personal lives. While the panels have been curated and hosted by our editorial staff, we’ve also long been interested in providing show-goers and opportunity to engage wit...
Tags: Softbank, Samsung, Tech, Companies, Artificial Intelligence, Sony, Nvidia, ARM Holdings, Robotics, Qualcomm, TechCrunch, New Enterprise Associates, Shasta Ventures, SoftBank Group, Stuart Russell, Zetta Venture Partners

SoftBank backed Tridge's vision for an ethical online farmers' market. We got an exclusive look at its pitch deck.

Tridge is an online marketplace connecting farmers using ethical methods with buyers around the world.  The Seoul-based startup, founded by Hoshik Shin in 2015, has been backed by SoftBank, Forest Partners and Activant Capital.  We got an exclusive look at the pitch deck Shin used to woo investors before raising $10 million at the end of last year.  Click here for more BI Prime stories. Tridge, an online marketplace helping farmers sell their produce around the world, raised more than $10 mil...
Tags: Softbank, Trends, Walmart, Deutsche Bank, Seoul, Shin, Carrefour, Tridge, Hoshik Shin, SoftBank Forest Partners, Hoshik Shin Tridge

Today's the first day on the job for new WeWork CEO Sandeep Mathrani. Insiders told us why he's the guy to pull off one of the most difficult turnarounds Silicon Valley has ever seen.

Sandeep Mathrani, WeWork's new CEO, starts on Tuesday. To understand how he will likely lead the struggling coworking giant, we talked with six executives at his former company GGP. Mathrani started at the mall company GGP after his predecessors laid the foundation for a major turnaround, and he continued the plan with his operating expertise. WeWork wasn't his first stop after working at GGP's parent company — instead, he was set to be a consultant for the private-equity giant Starwood Capita...
Tags: India, Softbank, US, Trends, Chicago, Kanye West, Washington Dc, Sheldon Adelson, Starwood, Brookfield, Silicon Valley, Bill Ackman, WeWork, Nolan, Metz, Signal

Monzo, one of Europe's hottest neobank startups, wins 200,000 customers a month without marketing. Now it's coming for the US.

Fast-growing challenger bank Monzo has 3.8 million customers in the UK and wants to scale into the US soon.  Founded in 2015, London-based Monzo has attracted a loyal following from customers with its bright coral pink debit cards and easy-to-use banking app. Monzo announced its US launch in June 2019, but says it will take the rollout slowly. "The needs of the consumer in the US are different," Tom Blomfield, Monzo cofounder and CEO told Business Insider in an interview. "We have to get the p...
Tags: Europe, UK, London, Berlin, Softbank, US, San Francisco, Trends, Rbs, Lloyds, Starling, Mondo, Business Insider, Anil, Tom Blomfield, Monzo

SoftBank spends $2.5 billion to get second Vision Fund off the ground: sources - Reuters

SoftBank spends $2.5 billion to get second Vision Fund off the ground: sources - Reuters:SoftBank Group Corp (9984.T) has pumped $2.5 billion of its own cash into new investments since October, people familiar with the matter said, hoping to restore its money-making credentials as it courts investors for a successor to its Vision Fund.The Japanese technology conglomerate is also considering investing another $2.5 billion of its own money, one of the people said.SoftBank Chief Executive Masayoshi...
Tags: Travel, Softbank, Reuters, SoftBank Group Corp, Masayoshi Son, Rupert Neil Bumfrey

Gojek reportedly buys 4.3% stake in Indonesian taxi company Blue Bird

Gojek has paid $30 million to take a minority stake in Blue Bird, one of the largest taxi operators in Indonesia, according to Bloomberg, which first reported that the deal was in progress last month. Gojek’s stake in Blue Bird is worth $30 million. The taxi operator’s holding company disclosed in a regulatory filing earlier this month that it had sold 108 million shares of Blue Bird at 3,800 rupiahs (about 28 cents) to an undisclosed buyer. The company already offered reservations for Blue B...
Tags: Fundings & Exits, Startups, TC, Transportation, Asia, Indonesia, Southeast Asia, Softbank, Tech, Bloomberg, On-demand, Ride Hailing, Gojek, Blue Bird

SoftBank spends $2.5 billion to get second Vision Fund off the ground - sources

SoftBank Group Corp has pumped $2.5 billion of its own cash into new investments since October, people familiar with the matter said, hoping to restore its money-making credentials as it courts investors for a successor to its Vision Fund.
Tags: Money, Softbank, businessNews, SoftBank Group Corp

Atomico raises new $820M fund to back ‘mission-driven’ European founders at Series A and beyond

Atomico, the European venture capital firm founded by Skype’s Niklas Zennström, has announced that it has closed its fifth fund — “Atomico V” — giving it another $820 million to invest in European startups. The London-headquartered VC firm’s previous fund closed at $765 million, so this is an increase over three years ago. However, the remit remains largely the same, as Atomico says it plans to double down on its strategy of backing “mission-driven” European founders at Series A, but with the...
Tags: TC, Europe, London, Softbank, Funding, America, Tech, Research, Venture Capital, Silicon Valley, Skype, Niklas Zennstrom, Atomico, Alison Smith, Peakon, Mattias Ljungman

Oyo says annual loss grew over six-fold on China expansion

SoftBank-backed Oyo Hotels and Homes said on Monday losses widened more than six-fold in the year to March 2019, as the India-based hotel chain spent heavily to expand into China.
Tags: Money, China, India, Softbank, businessNews, Oyo, Oyo Hotels and Homes

Oyo’s revenue surged in FY19, but its loss widened, too

On Monday, budget-lodging startup Oyo reported a loss of $335 million on $951 million revenue globally for the financial year ending March 31, 2019, and pledged to cut down on its spending as the India-headquartered firm grows cautious about its aggressive expansion. The six-year-old startup’s growing revenue, up from $211 million in financial year ending March 31, 2018 (FY18), is in line with the company’s ambitions to be in a clear path to profitability this year, said Abhishek Gupta, Global C...
Tags: Startups, Asia, Europe, Japan, China, India, Softbank, Tech, New York Times, Airbnb, Oyo Rooms, Axel Springer, Oyo, Aditya Ghosh, Ghosh, Softbank Bloomberg

Meet the 'super angel' investors, the power players of streaming, and the top M&A bankers of 2019

Hello! One of the things we try to do here at Business Insider is to introduce our readers to the individuals shaping their industries. After all, companies don't do things; it's the people working there that make things happen. With that in mind, I wanted to highlight stories focused on key players in Silicon Valley, Hollywood, and Wall Street this week. First off, in Silicon Valley, a special breed of investor known as 'super angels' are raising their own venture-capital funds as solo general...
Tags: Google, Amazon, Spacex, Elon Musk, Hollywood, Texas, Microsoft, Wall Street, Softbank, Digital, US, Trends, Tesla, Netflix, Silicon Valley, Mars

WeWork is bringing in a new CEO as it tries to right the ship — here's everything that's going on inside the coworking giant

WeWork pulled its IPO in 2019 after mulling a massive valuation cut to drum up investor interest, and cofounder Adam Neumann was ousted as CEO and chairman. WeWork has been slashing jobs and selling or shuttering businesses.  WeWork has announced real-estate veteran Sandeep Mathrani as its new CEO, replacing Artie Minson and Sebastian Gunningham, who served as co-CEOs since Neumann was ousted. It's also seen a big board shakeup.  Marcelo Claure will stay on as chairman, according to The Wall S...
Tags: Google, New York, Mexico, Stanford, Wall Street, Softbank, Israel, US, America, San Francisco, Trends, Kanye West, Brooklyn, Aol, Italy, Brookfield

SoftBank's $100 billion Vision Fund had a no good, very bad year in 2019, but was still in the black overall. Here's why experts are still struggling to make sense of it.

SoftBank's Vision Fund had a terrible year last year, thanks in large part to the collapse of WeWork. To a large degree, though, its overall performance since it was established in 2017 is in the eye of the beholder. Despite last year, the fund was in the black overall at the end of last year, and its performance has improved since then. But its returns to date have been subpar for the venture industry, and the struggles of WeWork and many of its other investments are a worrying sign, venture ...
Tags: Softbank, Trends, Sprint, Alibaba, Silicon Valley, WeWork, Son, ARM, T Mobile, Foote, SIEGEL, Santa Clara University, GrubHub, Stanford Graduate School of Business, PE, Hendershott

The Japanese government gave 2,000 iPhones to passengers stuck on a cruise ship where nearly 200 coronavirus cases have been confirmed (AAPL)

The Japanese government gave 2,000 iPhones to passengers stuck aboard a Diamond Princess cruise ship where nearly 200 coronavirus cases have been confirmed, according to 9to5Mac and Macotakara. The phones were reportedly given out so passengers could download an app on which they can request medication and talk with doctors. Without the phones, people may not have been able to download the app if their devices were registered to app stores of countries other than Japan. Visit Business Insider...
Tags: Japan, Softbank, NFL, Trends, Aapl, Ministry of Health Labor and Welfare, MacOtakara

WeWork's head of enterprise sales is out, leaving a role that's key to the coworking giant's turnaround plan vacant

WeWork's head of enterprise sales has left the company, Business Insider has learned.  Grant McGrail spent three years at WeWork.  Working with major companies rather than freelancers and entrepreneurs is a key growth area for WeWork as the company seeks more stable revenue sources.  Last year, WeWork came in under target for enterprise desks in North America, according to internal data obtained by Business Insider in January. Click here for more WeWork stories. Grant McGrail, WeWork's head o...
Tags: Softbank, San Francisco, Trends, Merck, Ibm, Silicon Valley, WeWork, North America, Oracle, Signal, Blackrock, Business Insider, Netsuite, Claure, Marcelo Claure, Sandeep Mathrani

T-Mobile-Sprint merger might be renegotiated after underwhelming Sprint financials, but doing so could also hurt T-Mobile's growth

German telecom Deutsche Telekom is seeking to renegotiate the merger deal between its US subsidiary, T-Mobile, and rival Sprint, due to the latter's underwhelming financial performance, according to The Financial Times. This follows on the heels of the decision earlier this week in the protracted antitrust lawsuit against the proposed merger, which ruled in favor of T-Mobile and cleared the merger to move past one of its final hurdles. For context, since the merger's announcement in April 2018,...
Tags: Verizon, Softbank, US, Trends, Sprint, Deutsche Telekom, Mvno, T Mobile, T Mobile Sprint, MVNO Ting Mobile

Here's a list of 11 top smart-doorbell and smart-lock brands — and the big money behind tech that's fueled privacy concerns

Amazon's Ring has recently been plagued with criticism over its security and privacy standards.  While Ring is the biggest name in the industry, it was not the first or the only company to create smart doorbells and locks. We gathered a list of the 11 biggest names in smart locks and doorbells. The companies range from venture backed startups to corporate spinoffs, and several have been acquired by tech companies. Visit Business Insider's homepage for more stories. Every smart home needs a sm...
Tags: Google, Amazon, Ebay, China, Massachusetts, Softbank, Blink, Trends, Walmart, Brookfield, Silicon Valley, Google Ventures, Blackstone, Kleiner Perkins, Crunchbase, Bessemer

Flying solo: A new generation of VCs are rewriting the Sand Hill Road playbook and anointing themselves general partners of their own funds

A new generation of tech investors are raising their own venture capital funds as solo general partners. The number of micro-funds is actually on the decline, but the solo general partner's ranks are expected to grow as more companies go public and capital becomes more available. The solo general partner participates in the crowded early-stage investing space, but their size and background gives them an advantage over institutional funds. Click here for more BI Prime stories. Sand Hill Road...
Tags: Facebook, Twitter, Softbank, Trends, Ocean, Ben Horowitz, Susan Wojcicki, Coinbase, Hoover, Ryan Hoover, Product Hunt, Erik Torenberg, Zendesk, Marc Andreessen, Sand Hill Road, Ashley Mayer

Big meditation money, new VC funds, and how do you value Airbnb?

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines. After having a good time with NEA’s Rick Yang last week, we thought we’d bring on another venture capitalist. So this week Danny and I had Elliott Robinson from Bessemer swing over for the show. As it turned out, he was about as correct as guest as possible as not only did the topics of the week line up with where he invests, he’s also friends with some of the folk...
Tags: Fundings & Exits, Startups, TC, Podcasts, Softbank, Venture Capital, Equity, Nea, Bessemer, Danny, Rick Yang, Equity podcast, Recent Funding, Elliott Robinson, Equal Ventures, Brandless RIP

T. Rowe Price calls WeWork a 'terrible investment' (TROW)

In an unusually frank letter, fund managers at T. Rowe Price derided WeWork as a "terrible investment." T. Rowe Price led WeWork's Series D financing round in 2014, which valued the company at $4.65 billion. The fund managers said they invested with the understanding that WeWork would curb its losses and growth, but that didn't happen. WeWork failed to go public last year and nearly went bankrupt instead, sending its valuation plummeting in the process. Visit Business Insider's homepage for mo...
Tags: Softbank, US, Trends, Silicon Valley, WeWork, Neumann, Adam Neumann, Wakeman, Rowe, T Rowe Price, Berghuis, Adam Neumann Neumann, Brian W H Berghuis, John F Wakeman, PitchBook Berghuis Wakeman

How a video game wunderkind promised a robot revolution that mesmerized SoftBank but went off the rails: The inside story of Zume Pizza

Zume Pizza, the pizza-making robotics startup, spent its early days pitching investors and the public on an AI-powered robotic revolution at the hands of its robot fleet. But the revolution hit a snag, and in January, Zume announced that it was permanently shuttering Zume Pizza, the robotics division of the company, and laying off roughly 360 employees across multiple offices. Now, Zume is looking to sustainable packaging to stay afloat as its cofounder and CEO Alex Garden struggles to right t...
Tags: Garden, Japan, Hbo, Microsoft, Steve Jobs, Stanford, Softbank, San Francisco, Trends, Zynga, Arizona, Xbox, Pizza Hut, Silicon Valley, Mountain View, Seattle