April 2009 Posts (27)

Entertaining change: Sony to look at activist's spin-off idea

By Tim Kelly TOKYO (Reuters) - Few foreign activist investors have made much headway in forcing change in Japan, where a conservative corporate culture favors long-standing ties with banks, business partners and workers rather than shareholders seeking value. Struggling electronics giant Sony Corp, though, with more foreign and fewer bank shareholders, may prove something of an exception. That's the hope, at least, of Californian billionaire Daniel Loeb, whose Third Point hedge fund has built up a more than 6 percent stake in Sony, making it the group's biggest stockholder. ...

Restaurant learns online reviews can make or break

PHOENIX (AP) — It was the customer service disaster heard around the Internet.

First Look: New Xbox elegant, but much unknown

REDMOND, Wash. (AP) — Will gamers want One?

Sony mulls hedge fund's entertainment sale idea

TOKYO (AP) — Sony's CEO Kazuo Hirai says the company's board will discuss a proposal by U.S. hedge fund manager Daniel Loeb to spin off up to 20 percent of its movie, TV and music division.

Sony to assess spin-off plan; cuts targets for cameras, smartphones

By Tim Kelly TOKYO (Reuters) - Sony Corp cut its sales targets for digital cameras, smartphones and tablets by 13-17 percent for the year to end-March 2015, but said there were "encouraging" signs of a revival in its electronics business. CEO Kazuo Hirai told a press briefing on Wednesday that Sony would assess a proposal from its biggest shareholder, billionaire Daniel Loeb's Third Point LLC hedge fund, that the group should sell up to a fifth of its music and movies business, which includes artists such as Adele and hit franchises like "Spider-Man". ...

Apple case seen as possible spur to tax action

WASHINGTON (AP) — Now that tech darling Apple Inc. has been dragged front and center into the debate over the U.S. tax code, lawmakers are hoping that the spotlight on such a high-profile company could be the catalyst for Congress to take action to close loopholes or reform the law.

How cloud services could save Microsoft from sinking PC sales

We all know that the PC industry is in dire straits at the moment, which has naturally led to speculation that Microsoft could also soon find itself in big trouble. But while Microsoft’s struggles to establish itself in the mobile consumer device market are well-documented, the company still has an ace up its sleeve in the form of enterprise cloud services. Barron’s points us to a new note from UBS analyst Brent Thill, who makes the case that Microsoft cloud offerings such as Office 365 and SkyDrive have the potential to give the company a more predictable revenue stream and make the company more like IBM, which for years has raked in high earnings despite being out of the consumer

SoftBank grants Sprint permission to consider Dish buyout

Japanese carrier SoftBank has granted Sprint a waiver allowing it to consider Dish’s $25.5 billion bid for the company. The waiver gives Sprint permission to disclose non-public information and engage in negotiations with Dish regarding its buyout proposal. The Sprint Board of Directors has the right to terminate the existing merger agreement with SoftBank to accept a superior offer, however it has not yet changed its recommendation. SoftBank offered to pay $20.1 billion for a 70% stake in the wireless provider last October. Sprint will conduct due diligence with Dish and make a final decision in early June when shareholders vote to approve or reject SoftBank’s offer. Sprint’s press release follows below. Sprint Provides Transaction Update Sprint Receives Waiver from

The Irish loophole behind Apple's low tax bill

By Tom Bergin LONDON (Reuters) - Apple's ability to shelter billions of dollars of income from tax has depended on an unusual loophole in the Irish tax code that helps the country compete with other countries for investment and jobs. A U.S. Senate investigation revealed Tuesday that Apple, maker of iPhones, iPads and Mac computers, channeled profits into Irish-incorporated subsidiaries that had "no declared tax residency anywhere in the world. ...

Senate panel approves immigration bill

WASHINGTON (AP) — Far-reaching legislation to grant a chance at citizenship to millions of immigrants living illegally in the United States cleared the Senate Judiciary Committee on a solid bipartisan vote Tuesday night after supporters somberly sidestepped a controversy over the rights of gay spouses.