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Jack Ma resigns from SoftBank board

SoftBank Group Corp said on Monday that Alibaba co-founder Jack Ma will resign from its board, in the latest departure by a high-profile ally of CEO Masayoshi Son. The departure of Ma, who retired as Alibaba’s executive chairman in September, comes as he pulls back from formal business roles to focus on philanthropy. SoftBank will […]

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Business

SoftBank expected to lose $16.7 billion as value of tech startups collapses

Japan’s SoftBank warned that it expected to post its first operating loss in 15 years because of a collapse in the value of its flagship tech investments. The company said it expected an operating loss of 1.35 trillion yen ($12.5 billion) in its fiscal year through March 31, 2020. That compares with an operating profit […]

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Business

SoftBank bails WeWork with fresh $5 billion fund infusion

WeWork received a multi-billion-dollar lifeline from Softbank that will give the Japanese company more control of the troubled property start-up. Softbank in a statement said it would provide $5 billion (£3.9 billion) in new financing and up to $3 billion for existing shareholders. The deal will see Softbank increase its stake in the US office-space […]