Japan’s SoftBank to invest $1b in OneWeb factory

Tokyo: Japanese telecoms and energy company SoftBank has agreed to invest $1 billion (Dh3.67 billion) in the US company OneWeb Ltd, which plans to build a factory in Florida that the companies say could create 3,000 jobs. Arlington, Virginia-based OneWeb plans to build a network of satellites to provide global broadband access. The two companies announced late Monday that OneWeb had obtained pledges of $1.2 billion from SoftBank and other investors. The $1 billion commitment follows a promise by SoftBank founder Masayoshi Son to President-elect Donald Trump to create 50,000 jobs and invest $50 billion in US start-ups.