Sony to close smartphone plant in Beijing

A 116-year-old Japanese woman who still enjoys studying math and playing board games has been recognised as the world's oldest person, the Guinness World Records said Saturday.

Kane Tanaka was born on 2 January 1903, the year when the Wright brothers launched humanity's first powered flight, according to Guinness.

Tanaka's recognition was celebrated at the nursing home where she lives in western Japan's Fukuoka by city mayor Soichiro Takashima and other well-wishers.

Asked what moment she was the most happy in life, she replied: "Now."

She married Hideo Tanaka in 1922, giving birth to four children and adopting a fifth.

Kane normally wakes each morning at 6 am and passes the afternoons by studying mathematics and practicing calligraphy.&nbsp;

"One of Kane's favourite pastimes is a game of Othello and she's become an expert at the classic board game, often beating rest-home staff," Guinness said.

Japan has one of the world's highest life expectancies and has been home to several people recognised as among the oldest humans to have ever lived.

They include Jiroemon Kimura, the longest-living man on record, who died soon after his 116th birthday in June 2013.

The oldest verified person ever -- Jeanne Louise Calment of France -- died in 1997 at the age of 122, according to Guinness.

A 116-year-old Japanese woman who still enjoys studying math and playing board games has been recognised as the world's oldest person, the Guinness World Records said Saturday.

A 116-year-old Japanese woman who still enjoys studying math and playing board games has been recognised as the world's oldest person, the Guinness World Records said Saturday. Kane Tanaka was born on 2 January 1903, the year when the Wright brothers launched humanity's first powered flight, according to Guinness. Tanaka's recognition was celebrated at the nursing home where she lives in western Japan's Fukuoka by city mayor Soichiro Takashima and other well-wishers. Asked what moment she was the most happy in life, she replied: "Now." She married Hideo Tanaka in 1922, giving birth to four children and adopting a fifth. Kane normally wakes each morning at 6 am and passes the afternoons by studying mathematics and practicing calligraphy. "One of Kane's favourite pastimes is a game of Othello and she's become an expert at the classic board game, often beating rest-home staff," Guinness said. Japan has one of the world's highest life expectancies and has been home to several people recognised as among the oldest humans to have ever lived. They include Jiroemon Kimura, the longest-living man on record, who died soon after his 116th birthday in June 2013. The oldest verified person ever -- Jeanne Louise Calment of France -- died in 1997 at the age of 122, according to Guinness.

Japanese woman confirmed as world's oldest person at 116

Floyd Mayweather has won world titles in five different weight classes and is 50-0 in an unparalleled boxing career but the American could be set for a stunning detour into the world of mixed martial arts after signing with Japanese promoters RIZIN Fighting Federation.

And the undefeated 41-year-old, who last year said his boxing career was over after beating Irish MMA fighter Conor McGregor, has told Reuters he could handle himself in whatever format was agreed for the fight on New Year's Eve in Saitama.

His opponent is set to be 20-year-old Japanese kickboxer Tenshin Nasukawa.

Mayweather has never fought professionally under MMA rules and did not specify what format the fight would follow. He said negotiations were ongoing with Nasukawa's representatives and that his skill-set did not end at boxing.

"I can wrestle, I can wrestle little bit. I can box a lot a bit," Mayweather told Reuters in an interview Tokyo on Saturday.

"We will just see. I can do it all. I can do anything if I set my mind to it."

Nasukawa is contracted to RIZIN and competes in their championships in both MMA and pure kickboxing. He has won all four of his MMA fights.

While boxing rules restrict bouts to the use of fists, MMA rules can incorporate kicks, knees and elbow strikes, as well as wrestling, joint locks and chokes.

Mayweather was confident they would reach an agreement that would suit both fighters.

"I am pretty sure that when I speak with the guys from my team we are going to get on the same page so we can go out there and do what we have to do," he added.

Mayweather had said in September that he was coming out of retirement for another fight with Manny Pacquiao after the two of them had been pictured talking at a music festival in Japan.

His decision to sign a deal with RIZIN was all about timing, he said.

"Everything is about timing, everything takes time and everything is about timing," he added.

"Its also all about entertainment. I love to entertain, I like for people to be entertained and who doesn't want to be entertained.

"It is good to come over to another part of the world, have fun and enjoy each other."

Mayweather expects a good fight against Nasukawa, who won his last kickboxing bout against compatriot Kyoji Horiguchi at RIZIN.13 in September.

"He is very fast, very young and I am pretty sure he wants to go out and entertain his people," said Mayweather.

"I am pretty sure the crowd is going to be on his side but I am there for a great cause. It is a special bout.

"Just for me to be in the ring with a young guy that is hungry ... It is going to be good, very, very good and I can’t wait."

Floyd Mayweather has won world titles in five different weight classes and is 50-0 in an unparalleled boxing career but the American could be set for a stunning detour into the world of mixed martial arts after signing with Japanese promoters RIZIN Fighting Federation.

Floyd Mayweather has won world titles in five different weight classes and is 50-0 in an unparalleled boxing career but the American could be set for a stunning detour into the world of mixed martial arts after signing with Japanese promoters RIZIN Fighting Federation. And the undefeated 41-year-old, who last year said his boxing career was over after beating Irish MMA fighter Conor McGregor, has told Reuters he could handle himself in whatever format was agreed for the fight on New Year's Eve in Saitama. His opponent is set to be 20-year-old Japanese kickboxer Tenshin Nasukawa. Mayweather has never fought professionally under MMA rules and did not specify what format the fight would follow. He said negotiations were ongoing with Nasukawa's representatives and that his skill-set did not end at boxing. "I can wrestle, I can wrestle little bit. I can box a lot a bit," Mayweather told Reuters in an interview Tokyo on Saturday. "We will just see. I can do it all. I can do anything if I set my mind to it." Nasukawa is contracted to RIZIN and competes in their championships in both MMA and pure kickboxing. He has won all four of his MMA fights. While boxing rules restrict bouts to the use of fists, MMA rules can incorporate kicks, knees and elbow strikes, as well as wrestling, joint locks and chokes. Mayweather was confident they would reach an agreement that would suit both fighters. "I am pretty sure that when I speak with the guys from my team we are going to get on the same page so we can go out there and do what we have to do," he added. Mayweather had said in September that he was coming out of retirement for another fight with Manny Pacquiao after the two of them had been pictured talking at a music festival in Japan. His decision to sign a deal with RIZIN was all about timing, he said. "Everything is about timing, everything takes time and everything is about timing," he added. "Its also all about entertainment. I love to entertain, I like for people to be entertained and who doesn't want to be entertained. "It is good to come over to another part of the world, have fun and enjoy each other." Mayweather expects a good fight against Nasukawa, who won his last kickboxing bout against compatriot Kyoji Horiguchi at RIZIN.13 in September. "He is very fast, very young and I am pretty sure he wants to go out and entertain his people," said Mayweather. "I am pretty sure the crowd is going to be on his side but I am there for a great cause. It is a special bout. "Just for me to be in the ring with a young guy that is hungry ... It is going to be good, very, very good and I can’t wait."

Floyd Mayweather ready for Japan fight, whatever the rules

Prime Minister Narendra Modi on Sunday presented his Japanese counterpart Shinzo Abe two handcrafted stone bowls and dhurries made from rose quartz and yellow quartz stone sourced from Rajasthan.

A Jodhpuri wooden chest from Rajasthan with traditional work was also presented, an official said.

The gifts were specially crafted on the occasion of Modi's visit to Japan for the two-day India-Japan annual summit.&nbsp;

The bowls were crafted by master artisan Shabbirhusen Ibrahimbhai Shaikh of Gujarat's Khambhat region, which is known for its practice of stone craft since generations and is also a leading hub for exports of stone products from India.&nbsp;

"The uniqueness of this craft lies in the fact that the form of the product is scooped out from a block of stone, and then shaped and refined using basic hand tools generally without any lathe machines," the official said.&nbsp;

Hand-woven by the master weavers of Mirzapur in Uttar Pradesh, the dhurrie designs show the diversity of possibilities available -- from a symmetrical repeating geometric tessellation in one, to stylistic floral motifs arranged around the classical medallion pattern in another.&nbsp;

"The dhurries use two distinctive Indian colour palettes. While one uses Indigo blues, reds and sprinkles of turmeric yellows, the identifying colours that have marked Indian textiles for centuries, the other uses the muted earthy tones of the Indian landscape," the official said.&nbsp;

The stone bowls and dhurries were made under the design supervision of the prestigious Ahmedabad-based National Institute of Design. 
&nbsp;

Prime Minister Narendra Modi on Sunday presented his Japanese counterpart Shinzo Abe two handcrafted stone bowls and dhurries made from rose quartz and yellow quartz stone sourced from Rajasthan.

Prime Minister Narendra Modi on Sunday presented his Japanese counterpart Shinzo Abe two handcrafted stone bowls and dhurries made from rose quartz and yellow quartz stone sourced from Rajasthan. A Jodhpuri wooden chest from Rajasthan with traditional work was also presented, an official said. The gifts were specially crafted on the occasion of Modi's visit to Japan for the two-day India-Japan annual summit. The bowls were crafted by master artisan Shabbirhusen Ibrahimbhai Shaikh of Gujarat's Khambhat region, which is known for its practice of stone craft since generations and is also a leading hub for exports of stone products from India. "The uniqueness of this craft lies in the fact that the form of the product is scooped out from a block of stone, and then shaped and refined using basic hand tools generally without any lathe machines," the official said. Hand-woven by the master weavers of Mirzapur in Uttar Pradesh, the dhurrie designs show the diversity of possibilities available -- from a symmetrical repeating geometric tessellation in one, to stylistic floral motifs arranged around the classical medallion pattern in another. "The dhurries use two distinctive Indian colour palettes. While one uses Indigo blues, reds and sprinkles of turmeric yellows, the identifying colours that have marked Indian textiles for centuries, the other uses the muted earthy tones of the Indian landscape," the official said. The stone bowls and dhurries were made under the design supervision of the prestigious Ahmedabad-based National Institute of Design.

PM Modi gifts handcrafted stone bowl, dhurries to Japanese premier

Japan's Naomi Osaka cruised into the second round of the French Open with a straight-sets victory over American Sofia Kenin on Monday.

The 21st seed, who claimed her first WTA title at the BNP Paribas Open in March, took 74 minutes to complete the 6-2, 7-5 victory over world No. 95 Kenin in the opening round at Roland Garros.

Earlier this month Osaka, defeated Victoria Azarenka in the first round in Rome before managing only one game against world number one Simona Halep in the second, and she started on the right foot against Kenin.&nbsp

The Japanese continued to spray the court with unforced errors, allowing her opponent to steal her serve a second time.

Then Kenin suffered a terrible meltdown as Osaka won 18 out of 20 points to go from 5-2 down to 6-5 up.

She wrapped it up on Kenin's serve on her first match point when the American sent a forehand long.

The 21st seed took 74 minutes to complete the 6-2, 7-5 victory over world No. 95 Kenin

Japan's Naomi Osaka cruised into the second round of the French Open with a straight-sets victory over American Sofia Kenin on Monday. The 21st seed, who claimed her first WTA title at the BNP Paribas Open in March, took 74 minutes to complete the 6-2, 7-5 victory over world No. 95 Kenin in the opening round at Roland Garros. Earlier this month Osaka, defeated Victoria Azarenka in the first round in Rome before managing only one game against world number one Simona Halep in the second, and she started on the right foot against Kenin. The Japanese continued to spray the court with unforced errors, allowing her opponent to steal her serve a second time. Then Kenin suffered a terrible meltdown as Osaka won 18 out of 20 points to go from 5-2 down to 6-5 up. She wrapped it up on Kenin's serve on her first match point when the American sent a forehand long.

French Open: Naomi Osaka beats Sofia Kenin in 1st round

According to a report released by the Henley Passport Index on Wednesday, Singapore has been overtaken by Japan to have the world's most powerful passport.

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This translates into the fact that the Japanese can now enjoy visa-free or visa-on-arrival access to a record 189 destinations.

Singapore now stands second giving its citizens access to 188 countries that don't require a visa beforehand.

India comes 81st on the list with 56 destinations.

South Korea, Finland, France, Italy, Spain and Sweden share the third stop while the United States and the United Kingdom were tied at number four.

Henley's previously published index, that came out in February, had both Singapore and Japan at the top with 180 destinations.

Germany stood second with visa-free or visa-on-arrival access to 179 destinations.

As many as 199 countries were surveyed for the index against 227 travel destinations across the globe.&nbsp;

Singapore now stands second giving its citizens access to 188 countries that don't require a visa beforehand

According to a report released by the Henley Passport Index on Wednesday, Singapore has been overtaken by Japan to have the world's most powerful passport. × This translates into the fact that the Japanese can now enjoy visa-free or visa-on-arrival access to a record 189 destinations. Singapore now stands second giving its citizens access to 188 countries that don't require a visa beforehand. India comes 81st on the list with 56 destinations. South Korea, Finland, France, Italy, Spain and Sweden share the third stop while the United States and the United Kingdom were tied at number four. Henley's previously published index, that came out in February, had both Singapore and Japan at the top with 180 destinations. Germany stood second with visa-free or visa-on-arrival access to 179 destinations. As many as 199 countries were surveyed for the index against 227 travel destinations across the globe.

Japanese possess most powerful passport in world, India on 81st spot

Nearly half of Japanese voters believe Prime Minister Shinzo Abe should quit to take responsibility over a cronyism scandal and cover-up that have sent his support sliding, according to an opinion poll released on Monday.

Suspicions have arisen about a sale of state-owned land at a huge discount to a nationalist school operator with ties to Abe's wife, Akie, setting off the biggest political crisis Abe has faced since returning to power in 2012 and prompting protestors to call almost nightly for him to quit.

Abe has denied that either he or his wife intervened in the sale or were involved in altering documents related to the deal, in which mention of his and Akie's names were removed.&nbsp;

According to a public opinion survey covered by the liberal Asahi newspaper at the weekend, 48 percent of those polled said Abe and his government should quit, compared to 39 percent who said that wasn't necessary.

Those who said they supported Abe slid to 32.6 percent, down 11.7 percentage points from a month ago, while those who said they did not rose 13.2 percentage points to 54.9 percent.

Asked why they supported him, the largest number - 37.8 percent - said it was because his government "seems better than others," a reflection of the fragmented opposition and voter memories of the rocky tenure of the rival Democratic Party of Japan, one part of the reason Abe has managed to stay in power as long as he has.

No margin of error was given for the poll, in which 66.7 percent of 1,606 people contacted responded.

Asked about the land sale scandal in a parliamentary committee on Monday, Abe reiterated that as head of the government he was responsible for voters losing trust in his administration but repeated his denial that either he or his wife had been directly involved in the land sale.

According to a public opinion survey, 48 percent of those polled said Abe and his government should quit

Nearly half of Japanese voters believe Prime Minister Shinzo Abe should quit to take responsibility over a cronyism scandal and cover-up that have sent his support sliding, according to an opinion poll released on Monday. Suspicions have arisen about a sale of state-owned land at a huge discount to a nationalist school operator with ties to Abe's wife, Akie, setting off the biggest political crisis Abe has faced since returning to power in 2012 and prompting protestors to call almost nightly for him to quit. Abe has denied that either he or his wife intervened in the sale or were involved in altering documents related to the deal, in which mention of his and Akie's names were removed. According to a public opinion survey covered by the liberal Asahi newspaper at the weekend, 48 percent of those polled said Abe and his government should quit, compared to 39 percent who said that wasn't necessary. Those who said they supported Abe slid to 32.6 percent, down 11.7 percentage points from a month ago, while those who said they did not rose 13.2 percentage points to 54.9 percent. Asked why they supported him, the largest number - 37.8 percent - said it was because his government "seems better than others," a reflection of the fragmented opposition and voter memories of the rocky tenure of the rival Democratic Party of Japan, one part of the reason Abe has managed to stay in power as long as he has. No margin of error was given for the poll, in which 66.7 percent of 1,606 people contacted responded. Asked about the land sale scandal in a parliamentary committee on Monday, Abe reiterated that as head of the government he was responsible for voters losing trust in his administration but repeated his denial that either he or his wife had been directly involved in the land sale.

Nearly half of Japanese think Abe should quit over land sale scandal

The US&nbsp;and Japanese troops held joint-live fire drills on Monday (August 14) on the northern Japanese island of Hokkaido as part of the Northern Viper exercise, one of many scheduled exercises that Japan&#39;s Self Defence Forces conduct regularly with their US&nbsp;counterparts to promote cooperation between the allies.

The drills are not related to the latest tension on the Korean peninsula but are taking place as tensions between North Korea and the US&nbsp;are escalating.

The 18-day live fire exercise on the northern island of Hokkaido, which will include rocket artillery drills, runs through August 28 and will involve 3,500 troops.

The drills are not related to the latest tension on the Korean peninsula but are taking place as tensions between North Korea and the US are escalating

The US and Japanese troops held joint-live fire drills on Monday (August 14) on the northern Japanese island of Hokkaido as part of the Northern Viper exercise, one of many scheduled exercises that Japan's Self Defence Forces conduct regularly with their US counterparts to promote cooperation between the allies. The drills are not related to the latest tension on the Korean peninsula but are taking place as tensions between North Korea and the US are escalating. The 18-day live fire exercise on the northern island of Hokkaido, which will include rocket artillery drills, runs through August 28 and will involve 3,500 troops.

US, Japanese troops hold live fire drill in northern Japan

TOKYO: Mitsubishi Motors said Friday it will post a $480 million special loss for the current fiscal year to pay compensation to customers over years of cheating on fuel-economy tests. 
 
Mitsubishi first admitted in April it had been falsifying the tests, manipulating data to make cars seem more efficient than they were. 
 
Since the scandal emerged, its sales in Japan have slumped and the company last month said its president would resign. 
 
The scandal -- reported to cover almost every model sold in Japan since 1991 -- also includes mini-cars produced by Mitsubishi for Nissan as part of a joint venture. 
 
&quot;We will post a special loss of 50 billion yen ($480 million)&quot; for the year to March 2017, the automaker said in a statement, &quot;as costs for payments to customers of our company and Nissan Motor&quot;. 
 
It has already booked 15 billion yen in payments to customers for the year ended in March. 
 
It was Nissan that first uncovered problems with the fuel economy data, but Mitsubishi has said the company had no part in the cheating. 
 
Yokohama-based Nissan last month threw a lifeline to Mitsubishi as it announced plans to buy a one-third stake in the crisis-hit automaker for $2.2 billion, forging an alliance that will challenge some of the world&#39;s biggest auto groups. 
 
For the past year to March, Mitsubishi posted a net loss of 72.6 billion yen and operating profit of 138.4 billion yen on sales of 2.27 trillion yen. 
 
Following the scandal, it has been slow to give a full-year earnings forecast for the current fiscal year, with the company now &quot;estimating other (future) costs&quot; related to the cheating, Mitsubishi said in the statement. 
(AFP)

Losses caused by payments to be made to customers for cheating on fuel economy tests -- since 1991

TOKYO: Mitsubishi Motors said Friday it will post a $480 million special loss for the current fiscal year to pay compensation to customers over years of cheating on fuel-economy tests. Mitsubishi first admitted in April it had been falsifying the tests, manipulating data to make cars seem more efficient than they were. Since the scandal emerged, its sales in Japan have slumped and the company last month said its president would resign. The scandal -- reported to cover almost every model sold in Japan since 1991 -- also includes mini-cars produced by Mitsubishi for Nissan as part of a joint venture. "We will post a special loss of 50 billion yen ($480 million)" for the year to March 2017, the automaker said in a statement, "as costs for payments to customers of our company and Nissan Motor". It has already booked 15 billion yen in payments to customers for the year ended in March. It was Nissan that first uncovered problems with the fuel economy data, but Mitsubishi has said the company had no part in the cheating. Yokohama-based Nissan last month threw a lifeline to Mitsubishi as it announced plans to buy a one-third stake in the crisis-hit automaker for $2.2 billion, forging an alliance that will challenge some of the world's biggest auto groups. For the past year to March, Mitsubishi posted a net loss of 72.6 billion yen and operating profit of 138.4 billion yen on sales of 2.27 trillion yen. Following the scandal, it has been slow to give a full-year earnings forecast for the current fiscal year, with the company now "estimating other (future) costs" related to the cheating, Mitsubishi said in the statement. (AFP)

Mitsubishi Motors to post USD 480m loss for the year

Japan&#39;s&nbsp;military&nbsp;on Wednesday joined the&nbsp;search&nbsp;for a seven-year-old&nbsp;boyabandoned&nbsp;in a dense northern forest by his parents as&nbsp;punishment&nbsp;for being naughty.

Seventy five members of the Self-Defence Forces joined 200 police and civilians beating their way through thick brush in the mountainous forest on Hokkaido island.

A local hunter was also added to the&nbsp;search&nbsp;for Yamato Tanooka after fresh bear tracks were found in the area where he vanished on Saturday, Jiji news agency said.

The&nbsp;boy&#39;s parents first said he disappeared while they foraged for edible plants, but later told police they had left him by the road to discipline him after he threw stones at people and cars.

They said when they drove back a few minutes later the&nbsp;boy&nbsp;had disappeared. The area is so remote that residents of the region say they rarely go through it.

Despite the larger&nbsp;search&nbsp;party no leads turned up on Wednesday, with many worrying the&nbsp;boymight not have survived heavy rains which fell on Tuesday night. He was last seen wearing a t-shirt and jeans in an area where the overnight temperatures can fall as low as 7 Celsius (45 Fahrenheit).

The&nbsp;search&nbsp;has gripped Japan, with news programmes offering hourly updates, and thousands have taken to the internet to both pray for the&nbsp;boy&#39;s survival and excoriate his parents for what is seen as neglect.

&quot;If I was a small child in this situation I would either run after the car or wait there until they came back. I just hope he is safely found,&quot; one person wrote.

Japan's?military?on Wednesday joined the?search?for a seven-year-old?boy abandoned?in a dense northern forest by his parents as?punishment?for being naughty

Japan's military on Wednesday joined the search for a seven-year-old boyabandoned in a dense northern forest by his parents as punishment for being naughty. Seventy five members of the Self-Defence Forces joined 200 police and civilians beating their way through thick brush in the mountainous forest on Hokkaido island. A local hunter was also added to the search for Yamato Tanooka after fresh bear tracks were found in the area where he vanished on Saturday, Jiji news agency said. The boy's parents first said he disappeared while they foraged for edible plants, but later told police they had left him by the road to discipline him after he threw stones at people and cars. They said when they drove back a few minutes later the boy had disappeared. The area is so remote that residents of the region say they rarely go through it. Despite the larger search party no leads turned up on Wednesday, with many worrying the boymight not have survived heavy rains which fell on Tuesday night. He was last seen wearing a t-shirt and jeans in an area where the overnight temperatures can fall as low as 7 Celsius (45 Fahrenheit). The search has gripped Japan, with news programmes offering hourly updates, and thousands have taken to the internet to both pray for the boy's survival and excoriate his parents for what is seen as neglect. "If I was a small child in this situation I would either run after the car or wait there until they came back. I just hope he is safely found," one person wrote.

Military joins search for Japanese boy abandoned as punishment

Japanese mobile carrier SoftBank announced Wednesday they are planning to sell at least $ 7.9 billion (USD) of its stake in Chinese e-commerce giant Alibaba, as it looks to pay down a whopping debt load. 
 
The move will reduce SoftBank&#39;s 32.2 per cent holding in the Chinese company to about 28 per cent with the sale, it said, adding that proceeds would be earmarked to pay down debts. 
 
SoftBank said in a statement it has &quot;approved of a series of capital raising transactions, which involve monetising a portion of the shares of Alibaba&quot;. 
 
The Japanese mobile carrier, led by Masayoshi Son, first made its investment in Alibaba in 2000. 
 
&quot;This investment has been phenomenally successful and, over the past 16 years, we have built a close relationship, working together on 
many exciting projects,&quot; Son said in the statement, adding that the pair would continue to work together. 
 
Led by Son, SoftBank launched an acquisition streak that saw it pick up an assortment of firms, including its $16 billion purchase of US-based mobile giant Sprint. 
 
But the buying spree has put pressure on SoftBank&#39;s finances, and the firm also announced earlier this year it would buy back more than 14 per cent of its stock at a cost of about 500 billion yen. 
 
&nbsp;As per the official statement, Son and Alibaba&#39;s executive chairman Jack Ma will remain on the board of the other&#39;s firms 
 
&quot;Under the leadership of Masayoshi Son, SoftBank has been a highly valued, long-time partner of Alibaba for more than 16 years, and we look forward to continuing our strong partnership together,&quot; Ma said in a separate statement. 
 
&quot;As SoftBank looks to strengthen its own balance sheet, Alibaba determined that it was the best use of our capital to re-invest in our own business through an efficient buyback of a large number of shares in our own company that is accretive to our stockholders.&quot; 
 
SoftBank said Alibaba itself would buy back at least USD 2.0 billion worth of the shares it is selling. 
 
SoftBank has seen its profits boosted thanks to Alibaba&#39;s record USD 25 billion market debut in 2014 in New York. 
Today&#39;s announcement came after the Chinese online giant disclosed last week that US securities regulators were probing its accounting for possible violations of US securities laws. 
 
SoftBank shares rose more than two percent shortly after the opening bell today. 
 
Alibaba&#39;s US-listed shares declined 3.1 per cent yesterday after the announcement of SoftBank&#39;s planned share sale. (AFP)

Japanese mobile carrier SoftBank today said it will sell at least $ 7.9 billion (USD) of its stake in Chinese e-commerce giant Alibaba, as it looks to pay down a whopping debt.

Japanese mobile carrier SoftBank announced Wednesday they are planning to sell at least $ 7.9 billion (USD) of its stake in Chinese e-commerce giant Alibaba, as it looks to pay down a whopping debt load. The move will reduce SoftBank's 32.2 per cent holding in the Chinese company to about 28 per cent with the sale, it said, adding that proceeds would be earmarked to pay down debts. SoftBank said in a statement it has "approved of a series of capital raising transactions, which involve monetising a portion of the shares of Alibaba". The Japanese mobile carrier, led by Masayoshi Son, first made its investment in Alibaba in 2000. "This investment has been phenomenally successful and, over the past 16 years, we have built a close relationship, working together on many exciting projects," Son said in the statement, adding that the pair would continue to work together. Led by Son, SoftBank launched an acquisition streak that saw it pick up an assortment of firms, including its $16 billion purchase of US-based mobile giant Sprint. But the buying spree has put pressure on SoftBank's finances, and the firm also announced earlier this year it would buy back more than 14 per cent of its stock at a cost of about 500 billion yen. As per the official statement, Son and Alibaba's executive chairman Jack Ma will remain on the board of the other's firms "Under the leadership of Masayoshi Son, SoftBank has been a highly valued, long-time partner of Alibaba for more than 16 years, and we look forward to continuing our strong partnership together," Ma said in a separate statement. "As SoftBank looks to strengthen its own balance sheet, Alibaba determined that it was the best use of our capital to re-invest in our own business through an efficient buyback of a large number of shares in our own company that is accretive to our stockholders." SoftBank said Alibaba itself would buy back at least USD 2.0 billion worth of the shares it is selling. SoftBank has seen its profits boosted thanks to Alibaba's record USD 25 billion market debut in 2014 in New York. Today's announcement came after the Chinese online giant disclosed last week that US securities regulators were probing its accounting for possible violations of US securities laws. SoftBank shares rose more than two percent shortly after the opening bell today. Alibaba's US-listed shares declined 3.1 per cent yesterday after the announcement of SoftBank's planned share sale. (AFP)

SoftBank to sell part of stake in China's Alibaba for $7.9 billion

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