SoftBank Group’s top executives saw steep cuts in their paychecks as the Japanese conglomerate marked a historic loss for its Vision Fund unit.
The company’s founder and chief executive Masayoshi Son kept his pay unchanged at 100 million yen ($785,000), however some of his top executives whose compensation was made public through a company filing on Monday saw big drops following a record $20.5 billion loss.
Chief financial officer Yoshimitsu Goto made 293 million yen, down almost 40 per cent from the previous year. Ken Miyauchi, chief of SoftBank’s domestic telecom operation, made 539 million yen, down 15 per cent.
Both long-serving lieutenants have helped lead SoftBank’s multiple reinventions, from broadband provider to telecom operator to the world’s biggest tech investor.
Simon Segars, who stepped down as the head of the company’s chip unit Arm in February, earned 1.15 billion yen during the almost-three months that he was a board director, SoftBank said, without providing further details. Mr Segars received 1.88 billion yen in the previous year, ended March 2021.
Ronald Fisher, Mr Son’s long-time lieutenant who also stepped down from his role leading the Vision Fund’s US arm in April, earned 126 million yen during his time as a board director last year from April to June 23. He got 917 million yen in the prior year and remains an adviser to Mr Son.
SoftBank did not disclose what compensation former chief operating officer Marcelo Claure, previously one of Son’s most trusted allies and highest-paid executives, received before his departure earlier this year. He earned 1.8 billion yen in the prior year. Compensation was also not disclosed for Rajeev Misra, who heads the Vision Fund. Both departed SoftBank’s board in November 2020.
The world’s largest tech fund reported its biggest loss ever for the year ended March 31 as a selloff in tech shares deflated the value of its portfolio companies, including public holdings like Coupang and Didi Global Inc.
The Japanese tech investor earlier this week named venture capitalist David Chao to join its board as it tries to regain its footing from money-losing investments.
Mr Chao’s appointment will be subject to approval at the upcoming annual general meeting of shareholders on June 24.
Banned items
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Drones
-
Animals
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Fireworks/ flares
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Radios or power banks
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Laser pointers
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Glass
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Selfie sticks/ umbrellas
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Sharp objects
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Political flags or banners
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Bikes, skateboards or scooters
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Jetour T1 specs
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Carla Bruni
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Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
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Simon Rushton: War vet raises £12m for health workers
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Specs
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THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
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Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
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Global state-owned investor ranking by size
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UAE |
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How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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6025 – Dh20
6027 – Dh 100
6026 – Dh 200
if you go
Lexus LX700h specs
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Company%20Profile
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
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Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
Blackpink World Tour [Born Pink] In Cinemas
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Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Profile of VoucherSkout
Date of launch: November 2016
Founder: David Tobias
Based: Jumeirah Lake Towers
Sector: Technology
Size: 18 employees
Stage: Embarking on a Series A round to raise $5 million in the first quarter of 2019 with a 20 per cent stake
Investors: Seed round was self-funded with “millions of dollars”
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
The specs
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On sale Jan/Feb 2020
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Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
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