CEO Son of Softbank placed a lot of trust on investments in Saudi Arabia, however news is getting worse on the Kingdom and the disappeared journalist. Also, Line is helping Japan move to 40 percent cashless society by 2025. More comments below.
Markets are concerned about events in Saudi Arabia as it has become clear that there was wrongdoing in the disappearance and reported death of journalist Jamal Khashoggi. Mixed signals from Saudi Arabia while Turkey claims that the Saudi government is not coming clean with information and support in the investigation. There are reports of this journalist being dismembered in a bizarre series of events that has entangled the US, Turkey and Saudi Arabia in a web of intrigue.
CEO Masayoshi Son of Softbank cancelled his engagement but the news just will not go away as Softbank has shown strong interest in the Kingdom. US and Japanese officials seem content to keeping distance with the Saudis and Trump has spoken only once or twice asking for more clarity.
In other news, the company Line has rolled out a little machine that will combine with the Line app that is determined to make the future cashless – the Line Pay wallet is now becoming more popular. This new gadget will allow shoppers to scan a QR code and again, the goal is a cashless society. And after the transaction a 2.45 percent fee on each checkout comes into affect. Japan as a nation is pushing for a 40 percent cashless society by 2025, up from 20 percent in 2016. This includes Suica cards and others that are used in daily transactions.