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High Speed Rail

Is Sony un-Japanese enough to entertain change?

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.Loeb wants CEO Kazuo Hirai to sell as much as a fifth of the group's money-making entertainment arm - movies, TV and music - to free up cash to revive an electronics business that has been battered by competition from Apple Inc and Samsung Electronics. He reckons the shake-up could increase Sony's market value by 60 percent.The target and timing of his polite hand-delivered overture are not accidental.Sony earns two-thirds of its revenue overseas a...

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  1. California Governor Addresses Chinese Rail Worries

    California Gov. Jerry Brown said Friday that safety concerns could be overcome should the state partner with China to fulfill California's $68 billion high-speed rai...

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