Howard Stringer, the Welsh-born head of Sony’s US business, became the first foreigner to head the Japanese electronics and entertainment company today, underlining changes in Japan’s often insular business management.

IT’S a deal that will cost $2.9 billion (E2.36bn) and make Sony the main player in the home- viewing box office stakes.

Electronics giant Sony has announced a restructuring plan that will see 20,000 job losses over three years.

For years, Nobuyuki Idei seemed to have the golden touch. Since his appointment as Sony president in 1995, Idei has fixed sagging US operations and doubled group sales to $60bn.

Sony chairman Nobuyuki Idei says the potential of third-generation mobile phones is overestimated.