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Loeb pushes for Sony spinoff. Daniel Loeb, whose Third Point Capital has a 6.5% stake in Sony (SNE) worth some $1.1B, is pushing for a spinoff of the company’s entertainment business including the film studio responsible for James Bond blockbuster “Skyfall” and the music label which houses big name artists such as Taylor Swift. Andrew Ross Sorkin says Loeb flew to Tokyo last weekend and hand-delivered a letter to CEO Kazuo Hirai praising the company’s turnaround initiatives but calling for greater focus. In order to “ensure the success” of a potential spinoff, Third Point would be willing to put up $2B to backstop an IPO of around 15-20% of the entertainment arm, the letter said. Other corporate assets Loeb thinks could be ripe for a split include the company’s insurance division.

U.S. oil boom fuels non-OPEC supply growth. Thanks to U.S. shale oil, demand for OPEC


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Samsung projects Q1 profit jump of 53%. Samsung (SSNLF.PK) has estimated that its Q1 operating profit surged 53% to 8.7T won ($7.7B), beating estimates for 8.38T won, while sales rose 15% to 52T vs consensus of 53T. Samsung didn’t provide a break-down by unit, nor a net profit figure. Seoul-based analyst Lee Sei Cheol said: “In addition to the Galaxy S3, mini models sold well in emerging markets, including China, Brazil and India.”

H-P Chairman Ray Lane quits following sustained criticism. H-P (HPQ) Chairman Ray Lane has resigned after coming under fierce criticism from investors and shareholder advisory firm ISS, which opposed Lane’s recent re-election as chairman because of his role in the Autonomy debacle. Lane will remain as a director, although John Hammergren and G. Kennedy Thompson, who were also the target of disgruntled shareholders, are departing. H-P’s shares were flat pre-market.

Jobs growth seen


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Verizon, AT&T eye $245B break-up bid for Vodafone – FT. Verizon Communications (VZ) and AT&T (T) have reportedly been working on a $245B bid for Vodafone (VOD) whereby Verizon would realize its long-held dream of gaining full control of Verizon Wireless and AT&T would obtain Vodafone’s non U.S. assets. “Usually reliable people” tell the FT that Verizon and AT&T could offer 260 pence a share in what would be the biggest takeover in history. Vodafone shares were +4.6% at 195 pence at midday in London.

AstraZeneca suffers patent blow. A New Jersey district court has ruled that a patent protecting AstraZeneca’s (AZN) billion-dollar Pulmicort Repsules asthma treatment is invalid, opening the way for Actavis (ACT) to launch a generic version. The ruling won’t affect AstraZeneca’s 2013 revenue guidance, but it will hurt royalties that the company receives from Teva’s (TEVA) version of Pulmicort.


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Creditors, large depositors to take haircut in Cyprus rescue. Hours before a possible financial meltdown in Cyprus, the eurozone agreed to a €10B bailout in which the country’s second-largest bank, Laiki, will be closed and its operations folded into Bank of Cyprus. Deposits of over €100,000 will be hit with a large tax, perhaps 30% or more, while those below that level will be left untouched. Laiki’s senior bondholders will be wiped out, while Bank of Cyprus’s creditors will also be affected.

Cheniere to export £10B worth of gas to U.K. Cheniere (LNG) has signed a £10B 20-year deal to provide 1.7M metric tons of natural gas per year to U.K. energy company Centrica (CPYYF.PK) in the first such agreement between a U.S. supplier and a British utility. The deal is subject to Cheniere securing financing and the required regulatory approval, which isn’t necessarily such a


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ECB gives Cyprus until Monday to reach bailout deal. The ECB has upped the stakes over Cyprus, threatening to cut off emergency funding to the country’s banks on Monday if it hasn’t agreed to a bailout deal by then. Cypriot President Nicos Anastasiades is in talks with party leaders to find a solution, while Finance Minister Michael Sarris is still in Moscow as he seeks a rescue from Russia.

Deterioration at eurozone factories hits EU shares and the euro. The contraction in eurozone manufacturing has unexpectedly deepened this month, with PMI falling to 46.6 from 47.9 in February. Even German manufacturing shrank after growing in February. "The concern is that the (economic) downturn has gathered pace again," says Markit. Instead of stabilization as many have been hoping for, the slump could "intensify in the coming months." The data dragged down European shares and the euro, which


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