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TOKYO (Reuters) - Sony Corp shares surged more than 9 percent on Tuesday after a Reuters report saying Third Point LLC was again raising its stake in the Japanese conglomerate stoked speculation that fund owner Daniel Loeb was preparing to agitate for more change. Third Point, which has about $14.5 billion in assets under management, is raising a dedicated investment vehicle targeting $500 million to $1 billion in capital to buy Sony shares, people familiar with the matter said. A Sony spokesman declined to comment on the report.
Sony shares rallied 9.3 percent to a one-month high in Tokyo trade, recovering from a slump last month triggered by concern that its turnaround of recent years had lost momentum, The electronics and entertainment conglomerate had a market value of 6.7 trillion yen ($60 billion) at Tokyo’s Tuesday close, The move would be Third Point’s second campaign for change at Sony in six years, coming as investors look for the company’s next profit pillar engraved cufflinks tiffany amid signs its gaming business is slowing and as its PlayStation 4 console nears the end of its lifecycle..
Third Point wants Sony to explore options for some of its business units, including its movie studio, which the fund believes has attracted takeover interest, the sources said. Sony Chief Executive Kenichiro Yoshida sees movies, music and other intellectual property as central to stable revenue growth, having battled years of losses in consumer goods such as television sets that are more susceptible to price competition. “I don’t think a sale of the pictures business is an option for Sony now because entertainment content is becoming crucial for the company,” Ace Securities analyst Hideki Yasuda said, pointing out synergies seen in the success of action game Marvel’s Spider-Man and the related movie series.
“The profit margin at Sony’s pictures business is thinner than rivals, but that’s a result of past management decisions, including the sale of rights to Spider-Man merchandise.”, The business is on track to recover from a series of short-term engraved cufflinks tiffany measures that cost the company long-term profit, Yasuda said, Sony forecasts its pictures segment to report 50 billion yen in operating profit for the year ended March, less than a tenth of the estimated 870 billion yen profit for the entire company..
WASHINGTON (Reuters) - The U.S. Trade Representative on Monday proposed a list of European Union products ranging from large commercial aircraft and parts to dairy products and wine on which to slap tariffs as retaliation for European aircraft subsidies. With the move, the USTR said it was kicking off the process for retaliation against over $11 billion worth of damage from EU subsidies to Airbus that the World Trade Organization has found cause “adverse effects” to the United States.
The European Union and the United States have been battling for more than a decade over mutual claims of illegal aid to plane giants Boeing and Airbus, with parallel cases at the WTO, Both sides engraved cufflinks tiffany have been caught paying billions of dollars of subsidies to gain advantage in the global jet business, The move by the USTR marks an escalation of tensions as the United States seeks to slap hefty tariffs on a range of EU products, The EU has left most of its subsidies unchanged and launched additional aid since the challenge, USTR said..
“Our ultimate goal is to reach an agreement with the EU to end all WTO-inconsistent subsidies to large civil aircraft. When the EU ends these harmful subsidies, the additional U.S. duties imposed in response can be lifted,” U.S. Trade Representative Robert Lighthizer said in the statement. The WTO said last year it would evaluate a U.S. request to slap billions of dollars worth of sanctions on European products in response to a ruling that the EU had doled out the illegal subsidies to the aircraft giant.
ZURICH (Reuters) - Crimefighters in Switzerland and Brazil pledged to intensify cooperation to resolve the sprawling corruption case linked to state oil firm Petrobras in which around 700 million Swiss francs ($701 million) remain frozen in Switzerland, Switzerland has so far returned roughly 365 million Swiss francs ($365.6 million) to Brazil related to Petrobras and engraved cufflinks tiffany construction firm Odebrecht, the Swiss Office of the Attorney General (OAG) said on Tuesday, including 9 million francs in March..