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Dec 7, 2011

Olympus board signals to quit, battle looms with ex-CEO

TOKYO (Reuters) – Olympus Corp’s board signalled plans to quit over a $1.7 billion accounting fraud, but will likely pick a team of potential successors, triggering a battle for control of the Japanese firm with the former CEO who blew the whistle on the scandal.

At a news conference on Wednesday, Olympus said one director had resigned, others may follow, and the entire board could go once the firm submits its second-quarter earnings, due by December 14, and takes steps to put the disgraced company back on track.

Dec 7, 2011

Olympus board signals may quit by late-Feb

TOKYO, Dec 7 (Reuters) – The entire board of Japan’s
Olympus Corp signalled its plans to quit, maybe as
early as February, over a $1.7 billion accounting fraud, and set
up an outside committee to advise whether to sue those
responsible for the scandal.

One director resigned, and the company’s president, Shuichi
Takayama, said the entire board would step down once they had
submitted their second-quarter earnings — due by Dec. 14 — and
taken steps to put the disgraced company back on track.

Dec 7, 2011

Nintendo: 3DS gets boost from Mario, at least in Japan

TOKYO (Reuters) – Sales of Nintendo Co Ltd’s 3DS games device will hit 3 million units in the Japanese market within days, but consumers in the U.S. and Europe seem to be delaying their holiday season shopping due to poor economic conditions, the company said.

Nintendo slashed the price of the 3DS by about 40 percent in August and announced a flood of new software, including titles in the much loved Mario series, in a bid to prop up sales of the gadget, which had slumped soon after its February launch.

Dec 5, 2011

Zynga rival Nexon’s Tokyo IPO set at $1.2 billion

TOKYO (Reuters) – Online gaming firm Nexon Co fixed the price for its $1.2 billion initial public offering on Monday at the mid-point of a pre-set range, following U.S.-based rival Zynga in settling for a more conservative valuation amid tough stock market conditions.

The public offering, Japan’s biggest this year, was several times oversubscribed, reflecting investor expectations that the firm will continue to expand profits thanks to the increasing popularity of online gaming both domestically and overseas.

Dec 4, 2011

Analysis: Japan’s silent majority may find its voice over

TOKYO (Reuters) – Some big Japanese shareholders in disgraced firm Olympus Corp may support ex-CEO Michael Woodford’s campaign to return to the helm — a once-unthinkable step for investors that are more usually known for their discreet, hands-off approach.

Experts say that outcome, though still uncertain, would be a rare case of activism and mark a big attitude change for domestic financial institutions which traditionally hold shares to cement business ties and prefer to avoid public battles.

Dec 2, 2011

Analysis: Japan’s silent majority may find voice over Olympus

TOKYO (Reuters) – Some big Japanese shareholders in disgraced firm Olympus Corp (7733.T: Quote, Profile, Research, Stock Buzz) may support ex-CEO Michael Woodford’s campaign to return to the helm — a once-unthinkable step for investors that are more usually known for their discreet, hands-off approach.

Experts say that outcome, though still uncertain, would be a rare case of activism and mark a big attitude change for domestic financial institutions which traditionally hold shares to cement business ties and prefer to avoid public battles.

Dec 2, 2011

Analysis – Silent majority may find its voice over Olympus

TOKYO (Reuters) – Some big Japanese shareholders in disgraced firm Olympus Corp (7733.T: Quote, Profile, Research) may support ex-CEO Michael Woodford’s campaign to return to the helm — a once-unthinkable step for investors that are more usually known for their discreet, hands-off approach.

Experts say that outcome, though still uncertain, would be a rare case of activism and mark a big attitude change for domestic financial institutions which traditionally hold shares to cement business ties and prefer to avoid public battles.

Dec 2, 2011

Japan’s silent majority may find its voice over Olympus

TOKYO, Dec 2 (Reuters) – Some big Japanese
shareholders in disgraced firm Olympus Corp (7733.T: Quote, Profile, Research) may support
ex-CEO Michael Woodford’s campaign to return to the helm — a
once-unthinkable step for investors that are more usually known
for their discreet, hands-off approach.

Experts say that outcome, though still uncertain, would be a
rare case of activism and mark a big attitude change for
domestic financial institutions which traditionally hold shares
to cement business ties and prefer to avoid public battles.

Dec 2, 2011

Nexon’s IPO on track after Nikko Asset cancels

TOKYO, Dec 2 (Reuters) – Online games firm Nexon Co
said on Friday that it would forge ahead with what is likely to
be Tokyo’s biggest initial public offering this year, brushing
off the sluggish market conditions that prompted Nikko Asset
Management to cancel its IPO.

Like U.S. rival Zynga Inc, which is also preparing to go
public, Nexon offers its mostly PC-based online
games for free, but charges for small in-game items, such as
outfits for avatars, a business model seen by analysts as
relatively recession-proof.

Nov 25, 2011

Olympus ex-CEO Woodford says willing but not begging to return

TOKYO (Reuters) – The British ex-CEO of Japan’s Olympus Corp emerged from a frosty meeting of directors on Friday, convinced its board would eventually quit over an accounting scandal engulfing the firm, but he said he wasn’t “begging” to return and clean up the mess.

Michael Woodford, still an Olympus director despite being fired as CEO and blowing the whistle over the scam, described the meeting as a tense encounter with no handshakes or apologies offered from the men who had sacked him barely a month ago.