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