Date
19 November 2017
US President-elect Donald Trump (left) and SoftBank CEO Masayoshi Son speak to the press after meeting at Trump Tower in Manhattan, New York on Tuesday. Photo: Reuters
US President-elect Donald Trump (left) and SoftBank CEO Masayoshi Son speak to the press after meeting at Trump Tower in Manhattan, New York on Tuesday. Photo: Reuters

SoftBank vows to invest US$50 bln in US, Trump targets Boeing

SoftBank Group Corp. chief executive Masayoshi Son said he will invest US$50 billion in the United States and create 50,000 new jobs.

Son, who controls Sprint Corp., announced his investment plans after a 45-minute meeting with President-elect Donald Trump in New York, the Wall Street Journal reports.

Trump said it was his election victory in November that spurred SoftBank’s decision.

Son plans to invest in new startup companies in the US, the newspaper quoted the telecommunications magnate as saying.

The Journal said it would be difficult to create 50,000 jobs just by investing in startups, which generally employ few workers.

Sprint, which has about 30,000 workers, has shed jobs to cut losses.

Son said the money for the US investment will come from a US$100 billion fund he started setting up earlier this year with several partners.

Meanwhile, Trump accused Boeing Co. of trying to rip off American taxpayers in the planned construction of jets to replace the existing Air Force One fleet.

“I think Boeing is doing a little bit of a number,’’ Trump said in brief remarks in the lobby of Trump Tower in New York City.

“We want Boeing to make a lot of money but not that much money.”

Using Twitter, Trump wrote of the planned deal: “Cancel order!”

It’s not the first time the president-elect has called out a specific company over its business practices.

On Dec. 1, Trump said the Carrier unit of United Technologies Corp. will retain 800 jobs in the US after he pressed the firm not to move certain operations to Mexico.

The following day he reprimanded Rexnord Corp. over its plans to move some operations to Mexico.

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RA/CG

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