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2020 vision sees clearly where the RICS should be in 18 years
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Investment Agency Team of the Year
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Pru in pole position to buy Bluewater stake
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Sick builders syndrome
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SoftBank’s Son considers new type of fund for startup investing
SoftBank Group Corp. founder Masayoshi Son said he is considering a new type of fund for startup investing, showing his determination to keep cutting deals after missteps with WeWork and several other companies.The Japanese billionaire unveiled his US$100 billion Vision Fund three years ago and had been planning on raising a similarly sized second Vision Fund. But as he discussed earnings in Tokyo Wednesday, he conceded that raising money from limited partners for the second fund has been difficult and he may instead make startup investments solely with SoftBank’s capital for a year or two.“A lot of our planned investors have been worried by the trouble at WeWork and Uber and we heard their feedback,” Son said. “So before we officially launch SoftBank Vision Fund 2, maybe we start from a smaller scale and start from a shorter period in terms of investment as sort of a bridge.” “So I’m beginning to think about that kind of two-step approach,” he said. “We have not made any official decision yet, but that’s one of the options that we started considering. Again, we have not come to a conclusion yet.”Read also: Local venture capitalists, start-ups learn lessons from Softbank’s big loss in WeWorkSon’s somewhat opaque comments came after SoftBank reported that the Vision Fund had lost money for the second quarter in a row, reflecting the decreased value of startups it has backed. The Vision Fund lost 225.1 billion yen ($2.05 billion) for the three months ended in December, after losing 970.3 billion yen the quarter before including WeWork and Uber Technologies Inc.”Mr. Son said that he may consider delaying SVF2 or a smaller SVF2. Given our view that SVF2 is a big risk, this statement is welcome,” said Atul Goyal, an analyst at Jefferies Group, in a research report. SoftBank set up the original Vision Fund with money from outside investors, led by Saudi Arabia’s Public Investment Fund and Abu Dhabi’s Mubadala Investment Co. But for years before that, SoftBank made deals with its own capital, including early investments in Alibaba Group Holding Ltd. and Yahoo! Corp. During the dot-com boom, Son took stakes in hundreds of internet companies.Read also: Softbank eyes $40b investment in new capital city: LuhutIndeed, before the first Vision Fund, SoftBank set up an entity called Delta Fund that was used for startup deals, including some that eventually were moved into the Vision Fund. Son could simply inject capital into that vehicle. SoftBank had weighed contributing $40 billion to $50 billion of its own capital for the second fund, people familiar with the matter have said.“We can make investment on our own or we can work with partners, new or existing,” Son said.He did explain that SoftBank continues to back startups with its own money.“We made several investments because we do have a very good pipeline,” Son said Wednesday. “It’s a hundreds of billions yen level.”Read also: Lippo Karawaci inks partnership with Softbank to integrate AI, IoT in real estateHe added that he is no longer targeting $108 billion for the second fund and wasn’t precise about what the expected size would be.“We shouldn’t be postponed too long,” he said. “First, make it a little bit smaller for 1 to 2 years, raise some bridge money, while were are building a track record. Then once we have results, I want to raise an official second fund.”Topics :
PREMIUMThe Australian dream: Indonesians hopeful of gaining easier access to southern neighbor
Forgot Password ? Linkedin Topics : Indonesians and Australians, despite their geographical proximity, still do not understand each other very well, says I Made Andi Arsana, an Indonesian scholar from Gadjah Mada University (UGM), who spent nine years living in the land down under.As neighbors, an acknowledgement of their importance to each other has come fairly recently, in the form of the Indonesia-Australia Comprehensive Economic Partnership Agreement (CEPA), which was fast-tracked by both sides amid warming ties.One side of the relationship both countries are looking to improve is people-to-people connectivity, which officials – at least on the Indonesian side – insist could be immediately addressed by easing visa restrictions for Indonesians looking to travel to Australia.During President Joko “Jokowi” Widodo’s visit to Australia earlier this week, visa reforms were one of the… Google Facebook LOG INDon’t have an account? Register here Log in with your social account Indonesia Australia CEPA employment visa-regime Youth
Man City target role reversal against Champions League kings Real Madrid
In the time City have won three Premier League titles and five domestic cups, they have gone past the Champions League’s quarter-finals only once, reaching the last four in 2016, only to be beaten by Madrid. Zinedine Zidane’s side, meanwhile, have surrendered dominance in La Liga to Barcelona but made amends for one Spanish league title in seven years by winning an four Champions Leagues out of the last six. Few would argue that quality explains the difference. Madrid’s success has certainly been due in part to the brilliance of Cristiano Ronaldo but City have perhaps boasted an even better all-round collection of players and their excellence in England points to a club well-equipped to excel in Europe. Guardiola has been accused of over-thinking against elite opposition too yet City’s lethargy encompasses nine seasons in the Champions League and Guardiola has only been in charge for three. Instead, Madrid’s habit for coming through the kind of crunch games that have so often proved City’s undoing suggests each club’s identification with the Champions League has become something of a self-fulfilling prophecy. Madrid believe this tournament is their tournament, a conviction based on historic success that makes them assured under pressure and ruthless in the decisive moments. “When you have a history of the (Alfredo) Di Stefano period, winning five or six European Cups at that time, it means a new player that comes to Real Madrid and puts on that shirt knows ‘we have to defend our history’,” said Guardiola. “That gives them a boost because they live that history.” When Madrid last won the Champions League by beating Liverpool in the final in 2018, their advance to the trophy seemed to rely on a number of crucial interventions falling their way. In the semi-final against Bayern Munich, they progressed after an error from Bayern’s goalkeeper Sven Ulreich. In the quarters, they were awarded a fortuitous 97th-minute penalty to beat Juventus. Even in the last 16, they faced a Paris Saint-Germain side without the injured Neymar. Yet where some saw luck, Madrid’s coach and their players saw a refusal to give in. “The point is Madrid never give up,” said Zidane after their last-gasp triumph over Juventus. “We came up against a number of obstacles but we believe in the goals we want to achieve and we achieve them because we fight.” For City, that refusal to accept defeat is still to be established and with every year that victory evades them, doubts grow too. “It’s a real, real test,” said Guardiola. “The king of this competition against a team who are not used to playing this kind of game much, because our best performance was one semi-final in our history. “So, in a marvellous stadium we have to show our personalty.” Personality to Guardiola means a certain style as well as attitude but to Madrid, the objective is more straight-forward. “At Real Madrid, every season, you have to go for everything and win everything,” said Zidane last summer. “And more importantly, we believe we can do it.” Topics : Manchester City will be up against both Real Madrid and their reputation on Wednesday as the Champions League’s biggest winners play one of its biggest underachievers at the Santiago Bernabeu.After City’s win over Leicester on Saturday, Pep Guardiola said: “We will try to be ourselves. We can win and we can lose but we must try to be ourselves.” Yet in some ways, City will seek a role reversal too. Madrid’s record is the envy of Europe but in particular by teams like City, whose financial might and technical talent has translated only into disappointment outside domestic competition. 
US-Taliban sign historic troop withdrawal deal in Doha
Topics : The United States signed a historic deal with Taliban insurgents on Saturday that could pave the way toward a full withdrawal of foreign soldiers from Afghanistan over the next 14 months and represent a step toward ending the 18-year-war there.While the agreement paves the way for the United States to gradually pull out of its longest war, many expect that talks to come between the multiple Afghan sides will be far more complicated.The deal was signed in the Qatari capital Doha by US special envoy Zalmay Khalilzad and Taliban political chief Mullah Abdul Ghani Baradar. US Secretary of State Mike Pompeo was on hand to witness the ceremony. “The biggest thing is that we hope the US remain committed to their promises during the negotiation and peace deal,” said Zabiullah Mujahid, a spokesman for the hardline Islamist group.Mujahid said it was “irritating and provocative” that foreign military aircraft continued to fly over Taliban territory, but militia fighters were following the order to stand-down.For millions of Afghans, the deal represents some hope for an end to years of bloodshed.”Peace is extremely simple and my country deserves it. Today is the day when maybe we will see a positive change,” said Javed Hassan, 38, a school teacher living on the outskirts of Afghan capital, Kabul.Hassan’s children were killed in a bomb blast carried out by the Taliban in 2018. Since then, he has been writing letters to world leaders urging them to end the Afghan war.Uncertain prospectsBut prospects for peace remain uncertain given the next step is reaching agreement with the Afghan government.Senior members of the Afghan government and countries surrounding Afghanistan have been concerned that the United States could abandon Kabul much like it was perceived to have left the region after the Soviet Union exited Afghanistan decades ago.The accord also comes amid a fragile political situation in Afghanistan. The Independent Election Commission said on Feb. 18 that Ghani won a Sept. 28 vote beset by allegations of rigging, technical problems and other irregularities.Afghanistan Chief Executive Abdullah Abdullah rejected the results, claimed to be the victor and vowed to name a parallel government.Michael Kugelman, deputy director Asia Program at the Wilson Center, said of Esper’s trip to Kabul that “Washington is essentially trying to show that its full strength is behind this deal and it wants to also indicate to Kabul that it’s fully behind Afghanistan as the peace and reconciliation process moves toward a formal beginning.””[Esper’s trip is] perhaps an indication that the US is ready to essentially accept the new government in Afghanistan,” he added.The war, which has killed tens of thousands of people, began when the United States launched attacks on Afghanistan just weeks after the Sept. 11, 2001, attacks on New York and Washington by the Afghanistan-based al Qaeda militant group.Washington accused the Taliban of harboring al Qaeda and its leader Osama bin Laden, and with its allies ousted the group from power. But the Taliban has remained a potent force and currently controls about 40% of Afghan territory.Troop withdrawal Trump said in a statement on Friday said the deal will pave way for US troop numbers to drop to 8,600 from about 13,000 in the weeks following the deal.Further reductions of Western forces will hinge on the Taliban adhering to a “reduction in violence” pledge, a condition that will be assessed by the United States.Under the deal, the Taliban wants 5,000 fighters to be released from Afghan-run jails, but it is not clear whether the Afghan government will agree.There are also questions about whether Taliban fighters loyal to hardline Islamist splinter groups will be willing to adhere to the reduction in violence agreement.Some senior commanders of the Taliban in Doha for the signing said they will ensure that the US and Afghan governments accept all the conditions laid down by the group, according to Afghan defense officials.Sources in the Taliban earlier this month said they were prepared to launch a spring offensive and had recruited more than 6,000 fighters and suicide bombers if the agreement collapses.
US Defense Secretary Mark Esper meanwhile travelled to Kabul on a visit that officials and experts said was aimed at reassuring the Afghan government about the United States’ commitment to the country.For US President Donald Trump, the deal represents a chance to make good on his promise to bring US troops home. But security experts have also called it a foreign policy gamble that would give the Taliban international legitimacy.”Today is a monumental day for Afghanistan,” the US Embassy in Kabul said on Twitter. “It is about making peace and crafting a common brighter future. We stand with Afghanistan.”Hours before the deal, the Taliban ordered all its fighters in Afghanistan “to refrain from any kind of attack … for the happiness of the nation.”
South Korea declares new ‘special care zone’ as coronavirus spreads
The KCDC reported five more deaths from the virus, bringing the total in the country to 37. The flu-like virus that emerged from China late last year has infected more than 95,300 people and killed almost 3,300 around the world, mostly in China, according to a Reuters tally.KCDC Deputy Director Kwon Jun-wook advised all South Koreans to stay home and avoid “any gatherings, especially those that take place in enclosed places with many people such as religious events”.He also advised employers in Asia’s fourth-largest economy, home to tech giants like Samsung Electronics Co Ltd, to work from home. Gyeongsan has seen a spike in new cases in recent days, many of them linked to a fringe Christian group at the center of the South Korean outbreak. Similar zones have been declared around neighboring Daegu city and Cheongdo County.About 75% of all cases in South Korea are in and around Daegu, the country’s fourth-largest city, according to the Korea Centers for Disease Control and Prevention (KCDC).”Every day is sad and tough like a war. But our Daegu citizens are showing surprise wisdom and courage,” Daegu Mayor Kwon Young-jin told reporters on Thursday.About 2,120 patients were waiting for hospital beds in Daegu, city officials said. Dozens of newly commissioned military nurses were due to begin work in the city on Thursday, the health ministry said. ‘Deeply regrettable’US Forces Korea (USFK) reported two new cases, for a total of six cases in soldiers, employees or people related to the roughly 28,500 troops stationed in South Korea.Despite the new cases, USFK had resumed sending troops to bases in Daegu and surrounding areas, according to military newspaper Stars and Stripes.Commanders believed the bases were protected from the outside population, and that the troop rotations were needed to maintain readiness in the face of continued threats from nuclear-armed North Korea, the newspaper reported.Australia’s move to ban the arrival of foreigners from South Korea is a blow to Seoul’s efforts to prevent the United States from imposing such restrictions.”It is a deeply regrettable step, and we will closely consult Australian authorities for a swift revocation of the measure and to minimize inconvenience for our citizens,” South Korean foreign ministry spokesman Kim In-chul told reporters.South Korean officials met the US ambassador in Seoul on Wednesday to urge the United States not to limit travel. Similar talks would be held on Friday with diplomats from other nations, the foreign ministry said.According to the US State Department, anyone with a fever of 38 Celcius is already banned from boarding direct flights from South Korea to the United States.Korean Air Lines said on Thursday it would screen all passengers departing Incheon airport for high temperatures and reject those deemed a risk.South Korea sent three “rapid response” teams to Vietnam on Thursday to assist more than 270 citizens quarantined in that country over coronavirus concerns, the foreTopics :
South Korea declared a “special care zone” on Thursday around a second city hit hard by the coronavirus and the US military confirmed two new cases among relatives of its troops in the country, as it battles the biggest epidemic outside China.Australia became the latest country to impose travel restrictions on South Koreans, with almost 100 nations now limiting arrivals from the East Asian country which reported 438 new coronavirus cases on Thursday for a total of 5,766.The South Korean government declared a “special care zone” around Gyeongsan, a city of about 275,000 people 250 kilometers southeast of Seoul, promising extra resources such as face masks and warning against travel there.
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