Pakistanis angry over detentions in Times Sq. case Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They
AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e
BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German
Minister seeks closure of anti-Berlusconi websites Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who
By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an
Edition:
U.S.
Africa
Arabic
Argentina
Brazil
Canada
China
France
Germany
India
Italy
Japan
Latin America
Mexico
Russia
Spain
United Kingdom
Home
Business
Business Home
Economy
Technology
Media
Small Business
Legal
Deals
Earnings
Social Pulse
Business Video
The Freeland File
Markets
Markets Home
U.S. Markets
European Markets
Asian Markets
Global Market Data
Indices
M&A
Stocks
Bonds
Currencies
Commodities
Futures
Funds
peHUB
World
World Home
U.S.
Brazil
China
Euro Zone
Japan
Mexico
Russia
India Insight
World Video
Reuters Investigates
Decoder
Politics
Politics Home
Election 2012
Issues 2012
Candidates 2012
Tales from the Trail
Political Punchlines
Supreme Court
Politics Video
Tech
Technology Home
MediaFile
Science
Tech Video
Tech Tonic
Social Pulse
Opinion
Opinion Home
Chrystia Freeland
John Lloyd
Felix Salmon
Jack Shafer
David Rohde
Bernd Debusmann
Nader Mousavizadeh
Lucy P. Marcus
David Cay Johnston
Bethany McLean
Edward Hadas
Hugo Dixon
Ian Bremmer
Lawrence Summers
Susan Glasser
The Great Debate
Steven Brill
Jack & Suzy Welch
Frederick Kempe
Christopher Papagianis
Breakingviews
Equities
Credit
Private Equity
M&A
Macro & Markets
Politics
Breakingviews Video
Money
Money Home
Tax Break
Lipper Awards 2012
Global Investing
MuniLand
Unstructured Finance
Linda Stern
Mark Miller
John Wasik
James Saft
Analyst Research
Alerts
Watchlist
Portfolio
Stock Screener
Fund Screener
Personal Finance Video
Money Clip
Investing 201
Life
Health
Sports
Arts
Faithworld
Business Traveler
Entertainment
Oddly Enough
Lifestyle Video
Pictures
Pictures Home
Reuters Photographers
Full Focus
Video
Reuters TV
Reuters News
Article
Comments (0)
Counterparties: Today's Best Links
Another debt ceiling debacle could sink the economy
Last year's Congressional debt standoff hurt consumer confidence more than the collapse of Lehman Brothers, Betsey Johnson and Justin Wolfers write. This time could be worse. Read more at Counterparties
A guide to the end of the eurozone
The investor who outsmarted JPMorgan
Sign up for the Counterparties newsletter!
Follow Reuters
Facebook
Twitter
RSS
YouTube
Read
Dewey files for Chapter 11 in record law firm collapse
29 May 2012
Facebook shares plumb new depths, valuation questioned
|
29 May 2012
Obama honors Dylan, other "heroes" for their influence
29 May 2012
Biggest Greek bank warns of dire euro exit fallout
29 May 2012
Romney clinches Republican 2012 nomination in Texas
1:59am EDT
Discussed
150
Romney tells vets dangerous world demands powerful military
105
Iran has enough uranium for five bombs: expert
102
Protests planned after minister calls for gays to be fenced in
Watched
A look at the UK’s most beautiful face
Thu, May 10 2012
Volcano covers Colombian cities in ash
Tue, May 29 2012
Cruise ship crunch
Sat, May 26 2012
Olympus to cut 2,500 jobs, sell equity stake: media
Tweet
Share this
Email
Print
Related News
Sony, Panasonic top candidates for Olympus tie-up: Asahi
Tue, May 29 2012
Nikkei up on China stimulus talk; Renesas hits record low
Tue, May 29 2012
Renesas outsources top-end chips to TSMC as shake-out looms
Mon, May 28 2012
Renesas says to tie up with TSMC in chip business
Thu, May 24 2012
Nikkei scrambles back above 8,500 on late rally
Thu, May 24 2012
Related Topics
Tech »
Japan »
A man is seen next to an Olympus logo at an electronics shop in Tokyo May 10, 2012.
Credit: Reuters/Kim Kyung-Hoon
TOKYO |
Wed May 30, 2012 3:21am EDT
TOKYO (Reuters) - Japan's Olympus Corp, hit by a $1.7 billion fraud scandal, plans to shed 2,500 workers and sell an equity stake to either Sony Corp or Panasonic Corp in a bid to bolster its finances, local media reported Wednesday.
Olympus, the world's leading maker of diagnostic endoscopes, is struggling to recover from an accounting fraud uncovered last year by its then CEO, Michael Woodford. It was forced to correct years of accounts, leaving its balance sheet badly weakened.
The job losses, equal to about 7 percent of its total workforce, will come mainly from Olympus's loss-making camera business and by consolidating its overseas plants, the Nikkei business daily said. They would be revealed on June 8, it added.
Sony and Panasonic are the leading contenders to pump fresh equity in Olympus, the Asahi newspaper said, adding that the successful suitor would invest several hundreds of millions of dollars for a stake of more than 10 percent.
That decision is expected by end-June, the Asahi said.
Olympus shares jumped 4 percent to 1,214 yen on the news, although the stock is still down nearly half since Woodford blew the whistle last October.
Investors in Sony and Panasonic, both struggling to turn their own businesses around after reporting record losses, gave the newspaper reports a cold reception on Wednesday. Sony shares fell 1.9 percent and Panasonic lost 2.2 percent in a wider Tokyo market which dipped only 0.3 percent.
Panasonic is considering plans to shed as much as half its 7,000-strong workforce at its headquarters, after 17,000 job cuts in the year ended March 31. Sony has said it is cutting 10,000 people from its payroll.
Both companies have been hobbled by losses in their TV businesses but there has been speculation that they, along with other global electronics firms, are interested in expanding into the healthcare industry, which offers more stable revenues.
Olympus's endoscope business has continued to be a reliable earner throughout the scandal and its tumultuous aftermath.
Japan, unaccustomed to mass U.S.-style layoffs, is awash with news of job losses as big companies look to cut costs amid weak demand and a strong, profit-sapping yen.
Last weekend, a source revealed that struggling chip-maker Renesas Electronics Corp, the world's largest maker of microcontroller chips, would axe 12,000 jobs.
On Tuesday, Woodford won a likely multi-million dollar settlement from Olympus over his claim of unfair dismissal.
(Reporting by Ayai Tomisawa and Mari Saito; Writing by Tim Kelly; Editing by Mark Bendeich)
Tech
Japan
Related Quotes and News
Company
Price
Related News
Tweet this
Link this
Share this
Digg this
Email
Reprints
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (0)
Be the first to comment on reuters.com.
Add yours using the box above.
Edition:
U.S.
Africa
Arabic
Argentina
Brazil
Canada
China
France
Germany
India
Italy
Japan
Latin America
Mexico
Russia
Spain
United Kingdom
Back to top
Reuters.com
Business
Markets
World
Politics
Technology
Opinion
Money
Pictures
Videos
Site Index
Legal
Bankruptcy Law
California Legal
New York Legal
Securities Law
Support & Contact
Support
Corrections
Connect with Reuters
Twitter
Facebook
LinkedIn
RSS
Podcast
Newsletters
Mobile
About
Privacy Policy
Terms of Use
AdChoices
Copyright
Our Flagship financial information platform incorporating Reuters Insider
An ultra-low latency infrastructure for electronic trading and data distribution
A connected approach to governance, risk and compliance
Our next generation legal research platform
Our global tax workstation
Thomsonreuters.com
About Thomson Reuters
Investor Relations
Careers
Contact Us
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.