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Olympus scales back, shifts focus to turn around fortunes
Beleaguered camera maker Olympus vows to shed around 2,700 jobs and heavily restructure its business following a major accounting scandal. That works out that around seven percent of its total global workforce will be cut, with Olympus also aiming to sell unused property and close its Philippines plant over the next two years. The Japanese manufacture will also refocus on profitable imaging, medical and life-science departments -- presumably fields that would-be suitor Panasonic's also interested in. Update: Or perhaps not.
Panasonic gearing up to offer $635 million bailout to save troubled Olympus (update)
Panasonic is reportedly putting the final touches to a 50 billion yen ($635 million) bailout package to save Olympus. Panasonic will become the largest shareholder of the scandal-ridden camera maker, reeling from a $1.7 billion accounting fraud uncovered last year, with an eye on getting a foothold in Olympus' profitable medical imaging business. It gives us hope that the current range of blockbuster shooters including the OM-D won't be sacrificed in a last-ditch attempt to make the books balance. Update: Outgoing Panasonic president Fumio Ohtsubo has strongly denied the reports, saying that there's no company plan to invest. That clears that up, then.
