Angolan President Urges US Firms to Invest Beyond Oil, Minerals
'American companies operating in Angola are already benefiting from a favorable business climate,' he said on Monday at the opening of the US-Africa Business Summit in Luanda, the capital. 'Now we want to see broader engagement.'
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SoftBank's Son backs ally Tan with $2 billion Intel investment
By Sam Nussey, Fanny Potkin and Anton Bridge TOKYO (Reuters) -When Lip-Bu Tan stepped down from the SoftBank Group board in 2022 at a time when the Japanese company was grappling with soured investments, his parting message offered advice on how Masayoshi Son's conglomerate could strengthen its business. Three years later, a resurgent SoftBank has made a show of support by taking a $2 billion stake in Intel as Tan, now the storied American company's CEO, seeks to turn around the embattled chipmaker. Tan took Intel's top job in March and is driving restructuring at the company, which lost out to Nvidia in artificial intelligence chips and whose foundry business is struggling. "This is really a vote of confidence of Masa in the turnaround materialising over the coming years," said Rolf Bulk, an analyst at New Street Research. "For Intel, the investment makes it more likely that SoftBank could be a potential client to Intel in the future." The two men have a long-standing relationship. "Masa and I have worked closely together for decades, and I appreciate the confidence he has placed in Intel with this investment," Tan said in a statement. In addition to his time on SoftBank's board, Tan became chairman of chip startup SambaNova, which received backing from SoftBank's Vision Fund. "Masa is brilliant; he's a visionary. But he still needs people to provide safeguards, give him advice, and make him even more successful," Tan wrote in his statement on leaving the SoftBank board. Son, 68, is known as a savvy political operator, appearing publicly with U.S. President Donald Trump twice in the months following the presidential election. He has close relationships with leading tech entrepreneurs such as Jensen Huang, CEO of Nvidia, in which SoftBank has a stake. Last week Tan, 65, met with Trump, who days earlier had called on him to resign due to his ties to Chinese firms. Washington is in talks to take a 10% stake in Intel, Bloomberg has reported. "SoftBank's investment helps but it is not what is going to move the dial for Intel," said Amir Anvarzadeh of Asymmetric Advisors. "It's more to maintain this very good relationship he has with Trump," he said. BACK ON THE OFFENSIVE Son is making splashy investments again after some underperforming tech bets forced a period of retrenchment, with the conglomerate pursuing a $500 billion U.S. data centre venture with OpenAI, the maker of ChatGPT. SoftBank has acquired a former electric vehicle factory from Foxconn in Ohio as it looks to advance its Stargate data center project. Arm, which is controlled by SoftBank, plans to make its own chips, and the Japanese conglomerate also acquired chipmaker Graphcore last year. SoftBank's shares have been on a tear, boosted by positive sentiment around its AI investments. "The $2 billion investment should be viewed more as a strategic stake rather than a financial one," said Nori Chiou, investment director at White Oak Capital Partners. "In the world of cutting-edge semiconductor manufacturing, only capital commitments in the $30 billion–$40 billion range carry true commercial weight," he said. Industry experts say Tan still faces a mountain to climb to turn around Intel, which has suffered from years of management missteps. "It is Masa making a contrarian bet but one where I think the downside risk is fairly limited," said Bulk of New Street Research.
Bloomberg
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South Africa's Eskom Seeks Solar Buyers in Shift Away From Coal
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'Brake-ing' news - Bolton business revs back to life after closure threat
An established Bolton motorcycle manufacturer may have a future after being bought out of administration by new owners keen to see the business continue. Clews Competition Machines (CCM) entered administration in June after more than 50 years in business. The company had been forced to cut more than three-quarters of its workforce since 2022, leaving just a dozen staff members left at its Jubilee Works factory in Breightmet. Despite receiving acclaim for their motorbikes, the company's output had halved from around 300 bikes per year to 150 in 2024. A selection of the company's bikes and assets are currently up for auction (Image: Gateway Auctions)Have a story? Get in touch at However, they may now have a future after their assets were bought by Gateway Auctions Ltd, based in Whalley, Lancashire. A selection of the company's new and used motorcycles – including a number of heritage models – are currently up for auction. Gateway will also be building a "substantial number of motorcycles" from the raw materials and components still held by CCM – with key members of staff kept in their roles. Gateway will be building a 'substantial number' of bikes (Image: Gateway Auctions) READ MORE: Aldi offering more than 350 apprenticeships in Manchester READ MORE: Cowgills accountant promoted to partner after 23 years READ MORE: Leigh: Hard-working team 'desperate' to make Tea Junction cafe thrive Director of Gateway Auctions David Sunderland said: "I was shocked to hear that such a well-respected UK motorcycle manufacturer had entered administration. "I was keen to see if our 'outside-the-box' style of disposal could not only maximise the value of the assets but also offer some hope for the brand and its employees. "Once we have a clearer picture of the business, we may also look into supplying spare parts to existing CCM customers. "Long term, I'd like to see the brand continue, and we would be open to discussions with interested parties who may wish to take the brand forward."
