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Nov 8, 2011

In abrupt turnaround, Olympus admits hid losses for decades

TOKYO, Nov 8 (Reuters) – Japan’s Olympus (7733.T: Quote, Profile, Research) admitted
on Tuesday it hid losses on securities investments dating back
to the 1980s, succumbing to weeks of pressure to explain a
series of baffling transactions that have put the future of the
firm in doubt.

The revelations by the 92-year-old maker of endoscopes and
cameras would appear to vindicate ex-CEO Michael Woodford, who
has staged a campaign since being sacked on Oct. 14 to force the
firm to come clean on $1.3 billion in questionable payments.

Nov 8, 2011

Olympus admits acquisitions used to hide investment

TOKYO (Reuters) – 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.

Olympus President Shuichi Takayama blamed Tsuyoshi Kikukawa, who quit as president and chairman on October 26, Vice-President Hisashi Mori and auditor Hideo Yamada for the transactions, adding he would consider criminal complaints against them if necessary. Mori would be dismissed, the company said.

Nov 8, 2011

Olympus admits acquisitions used to hide investment losses

TOKYO (Reuters) – 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.

Olympus President Shuichi Takayama blamed Tsuyoshi Kikukawa, who quit as president and chairman on October 26, Vice-President Hisashi Mori and auditor Hideo Yamada for the transactions, adding he would consider criminal complaints against them if necessary. Mori would be dismissed, the company said.

Nov 4, 2011

Sony shares plunge as investors question TV revival

TOKYO (Reuters) – Shares in Sony Corp (6758.T: Quote, Profile, Research, Stock Buzz) fell nearly 10 percent on Friday as investors questioned whether the Japanese firm can successfully turn around its loss-making TV business after it warned the unit is set to lose $2.2 billion.

Sony shocked investors on Wednesday by warning of a fourth consecutive year of losses, further denting confidence in a firm that was once a symbol of Japan’s high-tech might.

Nov 4, 2011

Olympus delays earnings announcement; shares plunge

TOKYO (Reuters) – Japan’s Olympus Corp said it won’t announce its quarterly earnings on November 8 as expected because it needs more time after appointing an external panel to look into past deals, sparking a fresh plunge in the firm’s shares.

A spokesman for the scandal-hit maker of cameras and endoscopes said Olympus aimed to release the July-September figures in mid to late November, and would not necessarily wait for the panel to reveal its findings.

Nov 2, 2011

Sony warns of 4th annual loss; flags $2.2 billion TV loss

TOKYO (Reuters) – Sony Corp surprised investors Wednesday by warning it is heading for its fourth straight annual net loss and that its TV business alone would produce a loss of $2.2 billion due to tumbling demand and a surging yen.

The maker of Bravia TVs, Vaio computers and PlayStation game consoles cut its sales forecast for TVs, cameras and DVD players Wednesday and said it may report 90 billion yen ($1.1 billion) net loss in the current financial year, scrapping its earlier net profit estimate of 60 billion yen.

Nov 2, 2011

Sony forecasts fourth straight loss, cuts TV sales outlook

TOKYO (Reuters) – Sony Corp said it is headed for its fourth straight annual net loss, instead of a profit it forecast earlier, as Thai floods disrupted camera production, adding to losses from a soaring yen and price slides in its TVs and PCs in the United States and Europe.

The maker of Bravia TVs, Vaio computers and PlayStation game consoles changed its forecast to a loss of 90 billion yen ($1.1 billion) from a net profit of 60 billion yen earlier.

Nov 2, 2011

Sony forecasts fourth straight loss, cuts TV sales

TOKYO (Reuters) – Sony Corp (6758.T: Quote, Profile, Research) said it is headed for its fourth straight annual net loss, instead of a profit it forecast earlier, as Thai floods disrupted camera production, adding to losses from a soaring yen and price slides in its TVs and PCs in the United States and Europe.

The maker of Bravia TVs, Vaio computers and PlayStation game consoles changed its forecast to a loss of 90 billion yen (687 million pounds) from a net profit of 60 billion yen earlier.

Nov 2, 2011

Sony slashes forecast to fourth straight loss

TOKYO, Nov 2 (Reuters) – Sony Corp said it is now
headed for its fourth straight annual net loss instead of a
profit as Thai floods disrupt camera production on top of losses
from a soaring yen and price slides in its TVs and PCs in the
United States and Europe.

The maker of Bravia TVs, Vaio computers and PlayStation game
consoles slashed its forecast to a net loss of 90 billion yen
($1.1 billion) from a net profit of 60 billion yen. It blamed
the deluge in Thailand for cutting 25 billion yen in expected
earnings and reduced its TV sales forecast by 9 percent to 20
million sets.

Nov 2, 2011

Sony’s Hirai to address Q2, focus on restructuring

TOKYO, Nov 2 (Reuters) – Sony Corp’s heir apparent
will make a rare appearance at the Japanese firm’s earnings
conference Wednesday, raising hopes the once-stellar brand is at
last getting to grips with its struggling TV business and unveil
a robust challenge to its smartphone rivals.

Kazuo Hirai, who heads Sony’s consumer businesses and is
seen as the most likely candidate to succeed Welsh-born Howard
Stringer as president, needs to earn his stripes by guiding the
company through a much-needed change.