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SoftBank under-reported income by $380 million – source

TOKYO SoftBank Group Corp under-reported income to Japan’s tax authorities by around 40 billion yen ($380 million) in the financial year ended March 2019, a person with knowledge of the matter said, requiring the conglomerate to resubmit filings.

The under-reported income was offset by losses recorded that year, the person said, meaning no additional tax was paid.

SoftBank was told it booked expenses in the wrong period, made calculation errors when converting foreign denominated debt and under-reported income at overseas affiliates, SoftBank said without providing details.

SoftBank’s domestic wireless unit, SoftBank Corp, was also told it under-reported income by 3 billion yen due to booking expenses in the wrong period, a spokesman for the telco said.

It paid additional tax of more than 1 billion yen, the spokesman said.

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($1 = 106.0200 yen)

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor


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SoftBank under-reported income by $380 million – source => Chinese Sponsors For IPL Has The Galwan Betrayal Forgotten ? | Brass Tacks With Zakka Jacob
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SoftBank under-reported income by $380 million – source => History In The Making, But Naysayers Clamour On, Now With ‘Mahurat’ Politics | The Right Stand
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Tech

Nvidia in Advanced Talks to Acquire SoftBank-owned Chip Maker ARM For $32 Billion

Image for Representation

Image for Representation

Buying ARM would consolidate graphics giant Nvidia’s position at the centre of the semiconductor industry.

  • IANS
  • Last Updated: August 1, 2020, 11:05 AM IST

US chip-maker Nvidia is reportedly in advance talks to acquire SoftBank-owned UK chip company ARM in a cash-and-stock deal worth at least $32 billion. According to a report in the Financial Times on Friday citing sources, the talks began after “Nvidia approached SoftBank, which has been pursuing a series of other asset sales, about a potential acquisition”. The proposed deal includes “both cash and stock and that it valued ARM at above the $32bn price that SoftBank paid for the business in 2016”. Both Nvidia and ARM did not comment on the report. The British chip designer powers major mobile processor from companies like Qualcomm, Apple, Samsung and Huawei.

Apple last month confirmed its break up with Intel chips for ARM chips in its Mac desktops, announcing it will transition the Mac to its world-class custom silicon to deliver industry-leading performance and powerful new technologies. Buying ARM would consolidate graphics giant Nvidia’s position at the centre of the semiconductor industry. SoftBank bought ARM for $31 billion in 2016. Microsoft makes an ARM-based Surface laptop and a version of Windows designed for ARM. According to The Verge, Nvidia would make an interesting owner for ARM. While Nvidia is the leader for GPUs, it has little to do with CPU design or mobile hardware.

Nvidia said this week it delivered the world’s fastest Artificial Intelligence (AI) training performance among commercially available chips, a feat that will help big enterprises tackle the most complex challenges in AI, data science and scientific computing. Nvidia A100 GPUs and DGX SuperPOD systems were declared the world’s fastest commercially available products for AI training, according to MLPerf benchmarks. The A100 Tensor Core GPU demonstrated the fastest performance per accelerator on all eight MLPerf benchmarks.



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