World Business Quick Take

Agencies

Thu, May 23, 2013 - Page 15

INVESTMENT

Loeb urges Sony spinoff

Sony Corp is considering evaluating a proposal from top shareholder Third Point LLC to spin off part of its movie and music business, Japanese daily Nikkei reported. Billionaire hedge fund investor Daniel Loeb last week called on the company to spin off its lucrative entertainment arm, setting the stage for a clash between his activist Wall Street fund and management at the Japanese electronics maker. Sony declined to comment when contacted by reporters. Loeb’s Third Point hedge fund has accumulated a little more than 6 percent of Sony’s shares, making it the largest stakeholder in the inventor of the company.

FINANCE

Dimon keeps JPMorgan jobs

Shareholders at JPMorgan Chase voted to let Jamie Dimon, chief executive officer and chairman of the board, keep both his jobs. At the bank’s annual meeting, just 32 percent of shareholders voted for a non-binding measure that would have advised the bank to split the roles. That is less than the 40 percent vote that a similar proposal received last year. JPMorgan’s stock gained 1.4 percent, or US$0.73, to US$53.02 in Tuesday trading.

WEALTH

Rineheart tops rich list

Mining magnate Gina Rinehart had A$7 billion (US$6.8 billion) wiped off her fortune in the past year, but remains Australia’s wealthiest person, an annual rich list showed yesterday. Rinehart led the respected BRW Rich 200 list for a third year in a row with a personal fortune of A$22.02 billion. However, she also lost more money than anyone else thanks to plunging iron ore prices, giving up a quarter of her estimated wealth from last year of A$29.17 billion. That means she lost more than A$19 million every day in the past 12 months, and takes her out of contention for world’s richest woman.

CYPRUS

Minister bearish on GDP

Minister of Finance Haris Georgiades said on Tuesday the island could suffer a double-digit contraction in GDP this year as a result of swingeing cuts adopted in return for a eurozone bailout. “Yes, it could be double-digit,” Georgiades told a group of reporters from fellow EU member Lithuania. An IMF report published on Friday last week forecast that GDP would contract by 8.7 percent this year and 3.9 percent next year, before growing by a modest 1.1 percent in 2015.

INTERNET

PayPal opens data center

PayPal has opened a new data center to help the online payment division of Ebay Inc handle its rapid growth, company president David Marcus said on Tuesday. The addition means PayPal now has four primary data centers, which it runs from network operation centers at its headquarters in San Jose, California, and Scottsdale, Arizona. Marcus declined to say where the new data center was located for security reasons. However, he said it has new technology that integrates well with some of PayPal’s new initiatives.

AUTOMAKERS

Ford to add capacity

Ford Motor Co, gaining more US market share than any other automaker this year, is to add capacity to build 200,000 more vehicles annually in North America on demand for F-Series pickups and Fusion sedans. Most of its North American assembly plants also will be idled for one week this summer instead of two, increasing production by about 40,000 units, the Michigan-based company said in a statement yesterday.