House Democrats contend the $15 per hour minimum wage bill will lift workers who have not seen the benefits of a strong economy.Politicsread more
The Philadelphia Fed saw its primary gauge measuring the sector jump from 0.3 in June to 21.8, far better than Wall Street estimates of 5 and the highest in a year.Economyread more
Stocks erased earlier losses, but the rise was kept in check as Wall Street digested a mixed batch of corporate earnings results.US Marketsread more
"It's better to take preventative measures than to wait for disaster to unfold," Williams told the annual meeting of the Central Bank Research Association.The Fedread more
The fact that interest rates are relatively low makes the idea of a so-called insurance rate cut later this month an attractive option for the Fed.Market Insiderread more
Video of the event does not show the president disagreeing with his supporters. Instead, it shows that Trump paused as the chant began, allowing his supporters to continue...Politicsread more
President Trump said he's looking at the JEDI Contract that will be awarded to Microsoft or Amazon.Technologyread more
Wealthy clients liquidate some investments every year to cover their tax bill, so presumably this was higher than what Morgan Stanley has seen previously.Financeread more
Hacker Square at Facebook's headquarters pays homage to the company's early motto of moving fast and breaking things.Technologyread more
It's tempting to view Netflix as a possible replacement for the entire media ecosystem. But execs on its Q2 earnings call showed lower ambitions: It just wants to create the...Technologyread more
These are the stocks posting the largest moves midday.Market Insiderread more
Sony aims to boost its operating profit 25-fold within three years by focusing on its more profitable image sensors, videogame and entertainment businesses, its chief executive said on Wednesday.
Outlining his strategy for the loss-making Japanese consumer electronics icon to 2018, CEO Kazuo Hirai said Sony wanted to give its subsidiaries more autonomy in decision making to help drive growth.
He also did not rule out an exit from smartphones and TVs, sectors in which Sony has been battered by cut-throat competition from cheaper Asian rivals and industry leaders like Apple and Samsung Electronics.
"If our initial mid-term corporate strategy was about reforms, the second mid-term strategy starting from the next business year will be about generating profit and investing for growth," Hirai said in the strategy briefing.
Sony would use return on equity (ROE) as its main yardstick for performance, setting a target of more than 10 percent by the end of the business plan to March 2018, Hirai added.
He also targeted an operating profit of at least 500 billion yen ($4.20 billion) for 2017/18, a jump from the 20 billion yen Sony forecast for the financial year ending March 31.
Sony shares have risen more than 80 percent over the past year as investors applauded its restructuring, which accelerated since Hirai appointed Kenichiro Yoshida as his chief strategy officer in late 2013.
Both executives have been honing Sony's focus on niche markets where sales have been strong, such as the PlayStation videogame network and the camera image sensors, while cutting back on loss-making products including TVs and smartphones.
Earlier this month, Sony forecast an operating profit instead of a loss for the financial year ending March 31. But it still expects to book its sixth net loss in seven years in 2014/15, albeit a smaller amount than previously estimated.
Sony's strategy revamp comes as cut-throat competition squeezes some of its Japanese peers into losses and restructurings.
While Panasonic's shifting focus on automobile-related technology and quirky household appliances has helped it bounce back, Sharp remains mired in losses with its concentration on display panels now working against it amid pricing pressure in the smartphone industry.