Sony has cancelled its dividend payment, for the first time since the company went public in 1958.
The Japanese electronics and entertainment conglomerate confirmed there would be no dividend payments for the half- and full-year. “This is the very first time we ever eliminated a dividend,” said Sony’s president Kazuo Hirai. “For more than 50 years we always paid a dividend. The entire management takes this very seriously.”
The announcement came after Sony wrote down the value of its smartphone business, which has faced fierce competition from Chinese rivals.
The company announced a loss of 230bn yen (JPY), equivalent to US$2.1bn/£1.29bn, for the fiscal year ended in March against an earlier projection of JPY50bn. The heavier losses reflected a quarterly write-down on the mobile unit’s value of about JPY180bn.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.