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Ex Olympus Execs Arrested Over Cover-Up

Thu, 16 Feb 2012 08:09:07 CST

Japanese prosecutors today arrested three former Olympus executives, including the company's ex-chairman, over their alleged roles in orchestrating a cover-up of massive losses at the camera and medical equipment maker. Former chair Tsuyoshi Kikukawa, along with executives Hideo Yamada and Hisashi Mori, were arrested on charges of violating securities and...

UK Billionaires' Ranks Halved in Downturn

Matt Cantor — Sun, 26 Apr 2009 12:03:00 CDT

The number of UK billionaires has been almost cut in half by economic woes, from 75 to 43, with the country’s wealthiest having lost a collective $228 billion, the Times of London reports. The hardest-hit was steel magnate Lakshmi Mittal, who remains Britain’s richest man despite having lost some $9...

Ford Loses Just $1.4B, Turns Down Treasury Money

Jason Farago — Fri, 24 Apr 2009 06:49:53 CDT

Ford announced today a loss of $1.4 billion for the first three months of 2009—its worst Q1 result in 17 years, but nevertheless one that beat expectations, Bloomberg reports. The automaker said it expected to break even or possibly turn a profit in 2011, and it would not...

UBS Shocks With Record $17B Loss

Jason Farago — Tue, 10 Feb 2009 06:38:00 CST

UBS today announced an annual loss of $17 billion—the biggest ever by a Swiss company—despite a government bailout and a surprise tax benefit in the fourth quarter. The loss was higher than expected, but the once-mighty corporation reiterated that it would not sell off its investment banking arm,...

Prof Does Math, Finds Banking System 'Insolvent'

Harry Kimball — Wed, 21 Jan 2009 13:37:56 CST

A New York University professor who predicted the current economic crisis warns that losses at US banks could climb to $3.6 trillion, leaving the whole system essentially bankrupt, Bloomberg reports. Economist Nouriel Roubini argues that since the system has a base capitalization of just $1.4 trillion, if losses...

Madoff Victims Peddle Jewels to Pay Bills

Rebecca Smith Hurd — Mon, 05 Jan 2009 12:15:47 CST

Victims of investment scammer Bernard Madoff are selling off the family jewels—and sometimes their houses, too—to stay solvent. Jewelry buyers report steady traffic since the scandal, from a Beverly Hills woman sacrificing a 9-carat diamond to pay her bills to Palm Beach residents unloading more than $250,000...

$148M Loss Bites Into Crocs

Peter Fearon — Thu, 13 Nov 2008 03:02:39 CST

Crocs, the maker of hugely popular colorful plastic clogs, suffered a $148 million third quarter loss on a 32% drop in demand in Europe and the US. The Colorado-based company has shuttered a factory in Canada, will close another in Brazil next month, and has amassed extensive unsold inventory, reports...

Christian Science Monitor Will End Daily Print Edition

Nick McMaster — Tue, 28 Oct 2008 16:40:50 CDT

The Christian Science Monitor will discontinue its daily print edition in April as it shifts to the Internet. The paper, which turns 100 next month, will print a weekly edition instead. The Monitor has seen its circulation decline to 52,000 from 160,000 20 years ago, and while it...

Sides Dig In Despite Boeing Strike Costs

Harry Kimball — Mon, 29 Sep 2008 13:35:02 CDT

Machinists employed by Boeing have been on strike for more than 3 weeks, with no end in sight; analysts say if the stoppage reaches a month, it could cost the aircraft maker $1.3 billion, the Seattle Times reports. The union sees its position as good, given Boeing’s huge backlog...