Apple reportedly confirms $1 billion investment in SoftBank fund

January 5, 2017 Timothy Stephen Breaking News, Business, Tech 0

People wait outside the Apple store in Covent Garden in London August 30, 2016. The European Commission's demand for Apple to pay Ireland some 13 billion euros in back taxes has put the country in the strange position of refusing the windfall for fear of scaring away valuable investment. Rather than welcoming the cash -- equivalent to around five percent of its gross domestic product -- the government has vowed to appeal the ruling, fearing an ever greatest cost to its economy and jobs. / AFP PHOTO / DANIEL LEAL-OLIVAS

BRITAIN-IRELAND-EU-US-TAX-TECH-ECONOMY — People wait outside the Apple store in Covent Garden in London August 30, 2016. The European Commission's demand for Apple to pay Ireland some 13 billion euros in back taxes has put the country in the strange position of refusing the windfall for fear of scaring away valuable investment. Rather than welcoming the cash -- equivalent to around five percent of its gross domestic product -- the government has vowed to appeal the ruling, fearing an ever greatest cost to its economy and jobs. / AFP PHOTO / DANIEL LEAL-OLIVAS

Apple confirmed its plans to invest $1 billion a tech fund being set up by Japan’s SoftBank Group, the Wall Street Journal reported on Wednesday.

“We believe their new fund will speed the development of technologies which may be strategically important to Apple,” the Journal quoted Apple spokeswoman Kristin Huguet as saying.

SoftBank has said it is investing at least $25 billion in the fund and has been in talks with Saudi Arabia’s Public Investment Fund for an investment that could go up to $45 billion.

SoftBank has also said that it plans to make future large-scale investments via the tech fund, rather than on its own.

Reuters reported in December, citing sources familiar with the matter, that Apple had held talks with SoftBank about the investment.

Apple and SoftBank did not immediately respond to requests for comment.

Source: Today.ng