Japan's Olympus admitted on Tuesday it hid losses on securities investments dating back to the 1980s, bowing to weeks of pressure to explain a series of baffling transactions that have put the future of the firm in doubt.
Japan's Olympus admitted for the first time on Tuesday that controversial acquisitions had been used to cover up losses on securities investments dating back to the 1980s, succumbing to weeks of pressure that has battered the company's share price.
Japan's Olympus admitted for the first time on Tuesday that controversial acquisitions had been used to cover up losses on securities investments dating back to the 1980s, succumbing to weeks of pressure that has battered the company's share price.
Tokyo Stock Exchange and Osaka Securities Exchange <8697.OS> are in the final stages of talks to merge with the aim of combining forces in the autumn of 2012, the Nikkei newspaper reported on Monday.
Japan's Olympus Corp said it will not announce its quarterly earnings on Nov. 8 as expected because it needs more time after appointing an external panel to look into past acquisitions, sparking a fresh plunge in the firm's shares.
Olympus Corp risks possible lawsuits unless a planned probe of acquisitions at the heart of a scandal engulfing the endoscope maker is truly independent, the head of the Tokyo Stock Exchange warned Friday.
Olympus Corp head Tsuyoshi Kikukawa resigned on Wednesday after a scandal over hefty advisory fees wiped out half of the 92-year-old firm's market value while his successor stuck with the company's line that it had done nothing wrong.
Olympus Corp Chairman and President Tsuyoshi Kikukawa stepped down on Wednesday in response to a widening scandal over dubious acquisition deals, as sources said Japan's securities watchdog was looking into the 92-year-old firm's past dealings.
Olympus Corp announced Wednesday that its chairman and president Tsuyoshi Kikukawa had stepped down over media reports of a widening scandal, as sources said Japan's main securities watchdog was looking into the 92-year-old firm's dubious acquisition deals.
The U.S. Federal Bureau of Investigation is probing the massive advisory fee paid by Japan's Olympus Corp. in its takeover of a British company, a media report said, as the firm's shares continued to slide over the scandal.
Shares in Olympus Corp plunged 22 percent on Monday after media reports quoted its ousted chief executive as accusing the board of firing him for probing allegations of improper payments related to acquisitions.
The New York Stock Exchange website was inaccessible for 30 minutes on Monday, according to an Internet monitoring company, but the exchange said there was no interruption of service.
Tokyo Stock Exchange has proposed a tender offer for Osaka Securities Exchange Co <8697.OS>, Japan's Asahi newspaper reported on Tuesday, as the two bourses proceed in merger talks aimed at surviving a wave of industry consolidation.
Nintendo is leaving E3 with more questions than answers.
The Law Offices of Marc S. Henzel (www.henzellaw.com) a firm focusing on shareholder litigation, is investigating the proposed buyout of TradeStation Group, Inc. (Nasdaq: TRAD) by Monex Group, Inc. (Tokyo Stock Exchange: 8698).
Goldman Sachs and others said they did not urge the Tokyo Stock Exchange to halt trading because of Japan's earthquake and subsequent nuclear crisis, despite a comment from the bourse's chief that some foreign banks had pressed for a halt.
Sony Corp. has suspended production at more Japanese plants after a massive earthquake on March 11 has made it difficult for the plants to get raw materials and components.
The Tokyo Stock Exchange said it has no plan to suspend operations despite steep falls in share prices after Japan's devastating earthquake and tsunami, responding to rumors in the New York market that the bourse would close.
Japan's Nikkei share average plunged 10.6 percent on Tuesday, posting the worst two-day rout since 1987, as hedge funds bailed out after reports of rising radiation near Tokyo. Many mutual funds were left on the sidelines, leaving them poised to dump shares into any rebound.
Japan's Nikkei share average plunged 10.6 percent on Tuesday, posting the worst two-day rout since 1987, as hedge funds bailed out after reports of rising radiation near Tokyo. Many mutual funds were left on the sidelines, leaving them poised to dump shares into any rebound.
A massive selloff on the Tokyo Stock Exchange wiped out some 23.5 trillion yen ($287 billion) from the market's value on Monday with investors dumping stocks as the country recoiled from a devastating earthquake and struggled to avert nuclear disaster.
World stocks fell to a six-week low on Monday, driven by a 7.5 percent fall in Japanese stocks, while oil tumbled as concerns grew about the economic damage from Japan's earthquake and tsunami.
