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Technology Stocks : Softbank Group Corp -- Ignore unavailable to you. Want to Upgrade?

To: Jonas1 who wrote (2313)	11/11/1999 1:30:00 AM
From: mact	Respond to of 6018

guess the mkt didnt like the news!...closed up 3200Y when we were up the limit for hrs. TOKYO, Nov 11 (Reuters) - Japan's Internet-savvy Softbank Corp plans to enter the increasingly popular Web-based music business by setting up a joint venture to distribute music on the Internet, a source close to the deal told Reuters on Thursday. Earlier, Softbank said it would hold a news conference at 3 p.m. (0600 GMT) on the establishment of a joint venture for new businesses, without disclosing further details. Shares in Softbank, one of the best-performing issue on the Tokyo Stock Exchange, jumped by its daily limit of 5,000 yen, or 9.23 percent, to hit an all-time high of 59,200 by 0526 GMT. Among the partners in the venture is a Japanese industry body in charge of music copy protection, the Japanese Society for Rights and Authors, Composers and Publishers (JASRAC), the source said. Company president Masayoshi Son and a director of Softbank Commerce Corp, a wholly owned unit of Softbank, will attend the planned news conference. Softbank Commerce is involved in Softbank's former mainstream operations, including the distribution of personal computers, peripherals and personal computer software, as well as electronic commerce Copyright 1999 Reuters Limited