[LRflex] Re: The Olympus Scandal... an Update.
- From: Richard Ward <ilovaussiesheps@xxxxxxxxxxx>
- To: "leicareflex@xxxxxxxxxxxxx" <leicareflex@xxxxxxxxxxxxx>
- Date: Fri, 8 Jun 2012 08:29:27 -0400
Hi David,
I thought Panasonic's ceo quote 'Officially' denied they were buying into
Olympus. Was that him just managing in the Japanese Way ie:lying which Mr
Woodford didnt understand. I am confused now and my search at google and
reuters turned up bupkis newer than the reuters report that Panny was buying
into Oly. Can anyone share better links than I could find?
Thanks
Richard Ward
_____________________________________
My Sarcasm Fu Is Strong,
Proceed With Caution. :-)
_____________________________________
On Jun 8, 2012, at 8:16 AM, David Young <dsy@xxxxxxxxxxxxxxx> wrote:
> For those who have followed the Olympus Scandal, it would seem that Olympus
> is
> now set to recover as a fully independent company, albeit with a huge chunk
> of
> stock owned by Panasonic. They will also cut 2,700 jobs, and integrate more
> manufacturing in an effort to reduce costs. They now anticipate a small
> profit, in the current fiscal year.
>
> Details, from ifpress.com, below:
>
>
>> June 8:
>>
>> TOKYO - Panasonic Corp is making final arrangements to provide up
>> to $635 million in capital to scandal-hit Olympus Corp, Kyodo news
>> agency reported on Wednesday, a move that will make Panasonic the
>> company's top shareholder.
>>
>> Olympus, the world's leading maker of diagnostic endoscopes, is
>> struggling to recover from a $1.7 billion accounting fraud
>> uncovered last year by its then-CEO, Michael Woodford.
>>
>> Panasonic, a leading electronics maker, has been hobbled by losses
>> in its TV business, but there has been speculation that it is
>> interested in expanding into the healthcare industry, which offers
>> more stable revenues.
>
> For those of us who own or are contemplating an Olympus camera, this is, I
> think, good news.
>
> David.
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