September 7,2020 Biz in 60

Softbank shares plunge on reports it drove up US tech stocks Shares in Softbank fell as much as eight percent amid a massive tech sell-off on Wall Street. Investors wiped nearly nine billion dollars off its market value following reports that the Japanese conglomerate made aggressive bets on technology stocks. The decline in the stock came despite the group reportedly making four billion dollars in trading gains from those bets. Samsung clinches $6.6B network deal with Verizon Samsung has signed a six-point-six billion dollar deal with US wireless carrier Verizon to provide network equipment and services. The deal will help the South Korean tech giant expand its presence in the strategically crucial 5G network market. The group has been pouring resources into its network business after the US imposed sanctions on its Chinese rival Huawei. Primark's full-year profits on course to beat forecasts Associated British Foods says full-year profits at its Primark fashion chain would be at least at the top end of the previously advised 400 to 460 million dollar range. This comes as sales recovered when stores reopened following weeks of lockdowns. The firm says sales since reopening would hit two-point-six billion dollars by the end of the year.