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Markets not live, Wednesday 12th February 2020

Damn, Son.SoftBank’s quarterly operating profit fell 99 per cent after its huge Vision Fund recorded a bn loss, as the Japanese technology group came under pressure from US activist fund Elliott Management. The Tokyo-based conglomerate said on Wednesday that operating profit for the October to December period was just ¥2.59bn (m). Earnings from its telecoms unit and other businesses helped offset unrealised losses at the 0bn Vision Fund, which has been hit by a soured investment in US office-sharing company WeWork. Meanwhile, reports suggest that Masayoshi Son has scrapped the 8bn fundraise target for his Vision Fund 2 in response to investors finally wising up. Softbank shares rose overnight, needless to say, because it was easier to read US approval of the Sprint and T-Mobile

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