Business this week

SoftBank reported only a tiny operating profit of ¥2.6bn ($24m) for the latest quarter because of more losses at its Vision Fund for startups, which has come under scrutiny after a number of poor investments, most notably in WeWork. The drop in earnings comes after Elliott, an activist hedge fund known for its combative push for change at the companies it invests in, pressed the Japanese conglomerate to undertake a $20bn share buy-back. Son Masayoshi, SoftBank’s boss, took a conciliatory approach to Elliott’s intervention, saying “We are thankful that such a distinguished investor has joined us as a friend.”