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SoftBank Profit More Than Triples on OpenAI Stake Gains

A man walks past a Softbank branch in Tokyo on May 13, 2026. (Photo by Andrew CABALLERO-REYNOLDS / AFP)
A man walks past a Softbank branch in Tokyo on May 13, 2026. (Photo by Andrew CABALLERO-REYNOLDS / AFP)
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SoftBank Profit More Than Triples on OpenAI Stake Gains

A man walks past a Softbank branch in Tokyo on May 13, 2026. (Photo by Andrew CABALLERO-REYNOLDS / AFP)
A man walks past a Softbank branch in Tokyo on May 13, 2026. (Photo by Andrew CABALLERO-REYNOLDS / AFP)

Technology investor SoftBank Group reported on Wednesday that its net profit more than tripled to 1.83 trillion yen ($11.60 billion) in the January-March quarter, as it booked gains on the value of its investment in ChatGPT-maker OpenAI.

It was SoftBank's fifth consecutive quarterly profit, with the Vision Fund investing arm booking an OpenAI-driven gain of 3.1 trillion yen in the quarter, according to Reuters.

Founder and CEO Masayoshi Son is one of OpenAI's most enthusiastic backers, with the group saying its cumulative gains on the investment total $45 billion.

SoftBank has sold off stakes in holdings such as T-Mobile and Nvidia, issued bonds and taken out loans, backed by its holdings in chip designer Arm and its domestic telecommunications arm SoftBank Corp.

SoftBank arranged ⁠a bridge loan agreement totaling $40 billion in March.

On Wednesday, it said $20 billion was drawn down in April, primarily for the OpenAI investment, and $2.5 billion had already been repaid.

SoftBank had previously said it had agreed to invest a further $30 billion in OpenAI over the course of 2026, which would bring its cumulative investment to $64.6 billion for a 13% stake.

Beyond OpenAI, the group booked a 278.6 billion yen gain on its investment in chipmaker Intel, which is led by former SoftBank board member Lip-Bu Tan.

SoftBank has ⁠also sought to build a portfolio of robotics firms, looking to gain a foothold in an industry that is in its infancy but is seen by analysts and investors as having potential to drive profits into the future.

It agreed to acquire the robotics business of Swiss engineering group ABB in a $5.4 ⁠billion deal last year, and created a new subsidiary within the group to hold its robotics-related stakes.

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Türkiye Raises End-2026 Inflation Target to 24%

FILE PHOTO: A view of the city's business and financial districts, from the July 15 Martyrs' Bridge, known as the Bosphorus Bridge, which links the city's Asian and European sides, in Istanbul, Türkiye, November 2, 2025. REUTERS/Murad Sezer/File Photo
FILE PHOTO: A view of the city's business and financial districts, from the July 15 Martyrs' Bridge, known as the Bosphorus Bridge, which links the city's Asian and European sides, in Istanbul, Türkiye, November 2, 2025. REUTERS/Murad Sezer/File Photo
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Türkiye Raises End-2026 Inflation Target to 24%

FILE PHOTO: A view of the city's business and financial districts, from the July 15 Martyrs' Bridge, known as the Bosphorus Bridge, which links the city's Asian and European sides, in Istanbul, Türkiye, November 2, 2025. REUTERS/Murad Sezer/File Photo
FILE PHOTO: A view of the city's business and financial districts, from the July 15 Martyrs' Bridge, known as the Bosphorus Bridge, which links the city's Asian and European sides, in Istanbul, Türkiye, November 2, 2025. REUTERS/Murad Sezer/File Photo

Türkiye's central bank raised its end-2026 interim inflation target to 24% from 16% Governor Fatih Karahan said on Thursday, forecasting that the inflationary effects related to the Iran war would remain pronounced in the short term.

Presenting the central bank's quarterly inflation report in Istanbul, Karahan said the bank also lifted its end-2027 interim inflation target ⁠to 15% from ⁠9%, setting its end-2028 interim target at 9%.

"While the central question before us is how long the regional tensions and pressures on energy supply will persist, we assess that the related inflationary effects ⁠will remain pronounced in the short term," Reuters quoted Karahan as saying.

He said that how long the tension lasts is a critical risk factor in terms of the inflation outlook, adding that there would be no compromise on the bank's determination to bring down inflation and it will continue to use all available tools for disinflation.

In the previous quarterly inflation report ⁠in ⁠February, the bank raised its year-end inflation forecast range by two percentage points to 15-21% and maintained its interim 16% target, despite market doubts about whether the downward trend seen throughout 2025 is on track.

The war-related surge in energy prices has rattled import-heavy economies like Türkiye. Monthly inflation surged to 4.18% in April and 32.37% on the year.

Business

UK Economy Shows Unexpected Growth of 0.3% in March

Union flags flutter in the breeze close to the Victoria Tower and Palace of Westminster, home to the two houses of Parliament, after the State Opening of Parliament in London on May 13, 2026. (Photo by Adrian DENNIS / AFP)
Union flags flutter in the breeze close to the Victoria Tower and Palace of Westminster, home to the two houses of Parliament, after the State Opening of Parliament in London on May 13, 2026. (Photo by Adrian DENNIS / AFP)
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UK Economy Shows Unexpected Growth of 0.3% in March

Union flags flutter in the breeze close to the Victoria Tower and Palace of Westminster, home to the two houses of Parliament, after the State Opening of Parliament in London on May 13, 2026. (Photo by Adrian DENNIS / AFP)
Union flags flutter in the breeze close to the Victoria Tower and Palace of Westminster, home to the two houses of Parliament, after the State Opening of Parliament in London on May 13, 2026. (Photo by Adrian DENNIS / AFP)

Britain's economy expanded unexpectedly in March to cap another strong first quarter, suggesting the economy was in slightly better shape as the Iran war escalated than many feared, official data showed on Thursday.

Gross domestic product increased by 0.3% month-on-month in March, the Office for National Statistics (ONS) said, against expectations in a Reuters poll of economists for a 0.2% contraction.

The ⁠services sector, construction ⁠output and manufacturing all grew strongly.

"Many will be unconvinced that this momentum can be sustained throughout this year," said Scott Gardner, investment strategist at J.P. Morgan Personal Investing.

"The risk is that ⁠the energy price spike following the start of the Iran conflict will persist and lead to a rebound in inflation."

Recent business surveys point to a rapid increase in cost pressures that is likely to weigh on corporate activity.

For the first quarter as a whole, the economy expanded by 0.6% - marking the third year ⁠running ⁠of conspicuously strong growth in the first quarter.

The ONS on Thursday published a blog that acknowledged there may be post-pandemic shifts in the timing of spending in the economy, and nudged down its readings for the first quarters of 2024 and 2025.

Finance minister Rachel Reeves said the data showed she had the right economic plan.

Business

Iran War and Oil Dominate BRICS Meet in India

India's Foreign Minister Subrahmanyam Jaishankar (R) speaks to Iranian counterpart Abbas Araghchi at the opening of the BRICS Foreign Ministers’ Meeting in New Delhi. Arun SANKAR / AFP
India's Foreign Minister Subrahmanyam Jaishankar (R) speaks to Iranian counterpart Abbas Araghchi at the opening of the BRICS Foreign Ministers’ Meeting in New Delhi. Arun SANKAR / AFP
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Iran War and Oil Dominate BRICS Meet in India

India's Foreign Minister Subrahmanyam Jaishankar (R) speaks to Iranian counterpart Abbas Araghchi at the opening of the BRICS Foreign Ministers’ Meeting in New Delhi. Arun SANKAR / AFP
India's Foreign Minister Subrahmanyam Jaishankar (R) speaks to Iranian counterpart Abbas Araghchi at the opening of the BRICS Foreign Ministers’ Meeting in New Delhi. Arun SANKAR / AFP

BRICS foreign ministers, including from Iran and Russia, met in New Delhi on Thursday, where India warned of "considerable flux" with conflict driving economic uncertainty and energy insecurity.

War in Iran and the related fuel crisis are dominating discussions in the two-day gathering, said AFP.

India, which holds the BRICS chair this year, was hosting the foreign ministers from the expanded bloc, which now includes Iran, Saudi Arabia and the United Arab Emirates.

"We meet at a time of considerable flux in international relations," India's Foreign Minister Subrahmanyam Jaishankar said, in his opening speech, before closed meetings began.

Among the foreign ministers attending were Iran's Abbas Araghchi and Russia's Sergei Lavrov.

"Ongoing conflicts, economic uncertainties, and challenges in trade, technology, and climate are shaping the global landscape," Jaishankar added.

"There is a growing expectation, particularly from emerging markets and developing countries, that BRICS will play a constructive and stabilizing role."

Disruptions around Gulf shipping routes and the Strait of Hormuz continue to drive volatility in oil and gas markets, increasing pressure on energy-importing economies, including India.

"Development issues remain central," Jaishankar added. "Many countries continue to face challenges on energy, food, fertilizer and health security, as well as also access to finance."

- 'Volatile global environment' -

The conflict involving Iran has added strain to India's economy, heavily reliant on Middle Eastern energy supplies and fertilizer imports, and has cast uncertainty over New Delhi's growth outlook.

India, the world's third-largest oil buyer, normally sources about half of its crude through the Strait of Hormuz, a vital waterway that has been repeatedly blocked since war began.

Ship tracking and import data show that India has partially plugged the gap by turning to old allies, expanding promising ties and reviving suppliers it had not tapped in years.

The biggest backstop has been Russian crude -- a fuel source New Delhi spent much of the past year trying to pivot away from under stiff US tariffs.

Jaishankar met with Lavrov on Wednesday evening.

"Our political cooperation is even more valuable in an uncertain and volatile global environment," Jaishankar said in remarks at the meeting, adding that discussions included "trade and investment, energy and connectivity".

BRICS was created in 2009 as a forum for major emerging economies seeking greater influence in institutions dominated by Western powers.

The grouping, originally comprising Brazil, Russia, India, China and South Africa, has since expanded, as members sought to boost the bloc's global political and economic influence.

It now includes Egypt, Ethiopia, Iran, Saudi Arabia, Indonesia and the United Arab Emirates.

China's Foreign Minister Wang Yi was not attending -- with US President Donald Trump in Beijing on Thursday.

India will hold a leaders' summit later this year, and the foreign ministers will also meet with Prime Minister Narendra Modi, the foreign ministry said.

With deep divisions among some members, including over the Middle East war and criticism of Western powers, it was not clear whether a joint statement would be released at the meeting's end.

"We will let you know as things progress," India's foreign ministry spokesman Randhir Jaiswal told reporters.