Sony will consider a proposal to spin off its entertainment assets, the company's chief executive said yesterday.
The proposal, submitted last week by Daniel Loeb of the US hedge fund Third Point, suggests selling 20 per cent to help free up capital to bring the company's electronics business back to profitability and boost Sony's share price by as much as 60 per cent.
"We will engage in thorough discussions at the board level to decide on Sony's response," said Kazuo Hirai, the Sony chief executive. "It is an important matter that relates to Sony's core businesses and management, so the board must hold ample discussions."
Mr Hirai declined to give a time frame for when the company would make a decision, saying that the matter was for the board to decide.
"We are still at the starting stage," Mr Hirai added. "But we intend to engage positively with our investors."
The company's shares shot up 5.87 per cent on The Tokyo Stock Exchange, the highest in two years after Mr Hirai's comments.
Sony's entertainment arm includes one of the biggest film studios in Hollywood, which produced the Spider-Man and James Bond films and counts Alicia Keys and Adele under its music label, one of the largest music publishers in the world.
"Sony's turnaround is the biggest concern facing us this year," said Mr Hirai, who revised the company's sales targets for its electronics division by up to 17 per cent for the year to end-March 2017.
It is now targeting camera sales of ¥1.3 trillion (Dh46.48 billion) for 2014-15 and expects smartphone and tablet sales of ¥1.5tn with an operating margin of 4 per cent.
"How we respond to the rapidly growing smartphone market is crucial," said Mr Hirai.
The company expects smartphone sales to rise by more than a quarter to 42 million units to the end of March next year. It is vying for the top three spot against competition from the likes of China's Huawei and South Korea's LG Electronics, which manufactures Google's flagship Nexus smartphones.
By the end of the revival plan, Sony's core electronics businesses - camera, mobile and gaming - will account for 65 per cent of revenues and 80 per cent of operating profit.
Sony launched the world's slimmest and first water-resistant tablet in Dubai yesterday. The device will be available in stores by the middle of next month.
thamid@thenational.ae
Company%20Profile
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
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School counsellors on mental well-being
Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”
Killing of Qassem Suleimani
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
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Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
Ticket prices
- Golden circle - Dh995
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- Lower Bowl Platinum - Dh95
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Director: Goran Hugo Olsson
Rating: 5/5
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Killing of Qassem Suleimani
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
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