Hedge-fund billionaire Daniel Loeb’s campaign to pressure Sony Corp. into spinning off its entertainment arm is the latest tremor to ripple through Japan’s electronics industry, already reeling from unprecedented losses stemming from its lost standing in the technology world.
After posting an annual net loss of ¥545 billion ($5.4 billion), the biggest in its 100-year history, Sharp Corp. said it plans to replace both its president and chairman after just one year in an unusually public rebuke of former management that underscores the depth of the struggling electronics maker’s problems.
Panasonic Corp. Friday posted net losses exceeding ¥750 billion ($7.4 billion) for the second straight year, dragged down by hefty restructuring charges aimed at fixing its ailing electronics business.
Japanese electronics firm Sony Corp. said it doubled its profit outlook for the past business year ended March, aided by a weaker yen, asset sales and a rebounding stock market that helped its life insurance business.
Like most of China’s high-tech manufacturers Semiconductor Manufacturing International Corp. is located in an outsized and relatively isolated technology park. But unlike the bulk of China’s electronics manufacturers, which set up cramped dormitories and massive dining facilities to manage legions of workers who come to do basic assembly, SMIC’s campus is actually pleasant.
Best Buy Co. reported a narrower fourth-quarter loss on Friday on its first increase in U.S. same-store sales in more than a year, the latest evidence that the beleaguered electronics retailer is slowly stabilizing its battered business.