japan

Olympus Chairman Resigns Over Scandal

October 26, 2011 by NewsMaker Leave a Comment

TOKYO (Reuters) – Japan’s scandal-hit Olympus Corp said its chairman and president Tsuyoshi Kikukawa has stepped down due to a series of media reports on the company’s problems and a plunge in its share price.

Shuichi Takayama, a managing director of the company, was appointed to replace him as president.

Kikukawa had taken over as Olympus’s chief executive after the company abruptly fired its British CEO, Michael Woodford, on Oct 14.

Shares of the camera and endoscope maker fell 7.6 percent on Wednesday and have lost more than half their value since Woodford was sacked.

The company is scheduled to hold a news conference at 1730 JST (09:30 BST).

(Reporting by Chikafumi Hodo; Editing by Edmund Klamann)

Article source: http://feeds.nytimes.com/click.phdo?i=cc96f8a4a1286593ae2e5f3fc22fe82c

Filed Under: Business News Tagged With: japan, managing director, michael woodford

Business Briefing | COMPANY EARNINGS: McDonald’s Sales Rise but Fall Short of Forecasts

September 10, 2011 by NewsMaker Leave a Comment

McDonald’s reported a lower-than-expected rise in worldwide August sales at established restaurants, citing a steep drop in Japan and a lull in new product introductions in the United States. McDonald’s said sales at restaurants open at least 13 months rose 3.5 percent globally. Analysts surveyed by Thomson Reuters were looking for an increase of 4.3 percent. Same-restaurant sales rose 3.9 percent in the United States, just shy of analysts’ 4.0 percent expectation. In Europe, the company reported an increase of 2.7 percent, missing analysts’ estimate of a 4.7 percent increase. McDonald’s reported a 0.3 percent decline in Asia/Pacific, the Middle East and Africa, while Wall Street had forecast a rise of 3.5 percent.

Article source: http://feeds.nytimes.com/click.phdo?i=a1fb9605e7475c346dbff69693e14bdd

Filed Under: Business News Tagged With: company earnings, japan, united states