Sony Proposal
Sony Corp.’s board is discussing a proposal by Daniel Loeb’s Third Point LLC to spin off part of its entertainment business, Chief Executive Officer Kazuo Hirai said today. The shares rose 5.9% to the highest level in more than two years in Tokyo after the Nikkei newspaper earlier reported the board may discuss the spin-off.
The yen declined versus 11 of its 16 major peers after a government report showed the trade deficit swelled more in April more than economists forecast and exports were lower than estimated. It slid 0.7% to 103.25 per dollar, near the weakest level since 2008.
The franc weakened beyond 1.26 per euro for the first time in two years after Swiss National Bank President Thomas Jordan said a shift of the cap on the currency and negative interest rates are among steps the central bank could take.
Gasoline for June delivery declined for a third day, losing 0.9% to $2.8194 a gallon, after a U.S. report showed supplies unexpectedly gained. Prices at the pump have jumped 13.8 cents this month, according to AAA, the largest U.S. motoring organization, as the summer driving season approaches.
West Texas Intermediate oil slipped 2% to $94.28 a barrel after a government report showed U.S. inventories fell less than expected last week. The Energy Information Administration said that supplies dropped 338,000 barrels to 394.6 million. The report was projected to show a 1 million- barrel drop, according to a Bloomberg survey of 11 analysts.
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