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Olympus on Thursday posted a $620 million loss in the year to March, a shortfall largely tied to a loss cover-up at the camera and medical equipment maker that hammered Japan’s corporate-governance image. The firm said it lost 48.99 billion yen ($620 million) in the fiscal year, after a scandal that sparked lawsuits and the arrest [...]
A sensational political scandal unfolding in China has exposed the high level of impunity enjoyed by elites at a time when social tensions are rising, highlighting the need for change, observers say. The affair — which toppled Bo Xilai, one of the Communist Party’s stars, and prompted authorities to probe his wife for murder — has played out in [...]
The Secret Service prostitution scandal grew Monday to include a 12th member of the U.S. military as the Pentagon suspended the security clearances of all the military personnel who have been implicated. The Secret Service has also taken action against 12 of its employees. Three Defense Department officials said the 12th military person involved was in Colombia in [...]
The White House has probed President Barack Obama’s advance staff for any link to a Secret Service sex scandal in Colombia but found no evidence of “improper” conduct, a spokesman said Monday. The clearing of White House staff who had gone to Cartagena to prepare for President Barack Obama’s arrival came as the Pentagon said it had suspended the security clearances of 11 military personnel over [...]
Japan’s Olympus Corpmay be able to recover from a huge accounting scandal without having to bring in new investors, even as it looks to beef up its capital by around $3 billion over the longer term, its likely new president said on Tuesday. The maker of medical equipment and cameras has been badly weakened by the $1.7 billion [...]
Hungarian President Pal Schmitt resigned Monday because of a plagiarism scandal regarding a doctoral dissertation he had written 20 years ago on the Olympics. Schmitt, who was elected to his largely ceremonial office in 2010 for a five-year term, told Parliament he was stepping down because the controversy over his dissertation was dividing Hungary. “When my personal issue divides [...]
Trucking company president Masazumi Ando said he was furious when he saw the head of an investment firm that lost $1.3 billion in pension money bow in apology at a parliamentary hearing last week. “This is nothing but a fraud,” said Ando, whose 300 employees belong to a trucking-sector pension plan with $120 million in retirement savings [...]
A Chinese business tycoon with reported links to disgraced Communist party official Bo Xilai has been detained, state media reported, in the latest twist to a major political scandal. Xu Ming, one of the richest people in China, was taken into custody on March 15, said the ENN Weekly, a magazine backed by the official Xinhua news agency, in a [...]
A scandal-plagued season for the Syracuse University basketball team hit a new low on Tuesday when starting center Fab Melo was ruled ineligible for the national championship tournament. A statement from the school revealed the Orangemen had lost a 7-foot playmaker who averaged 7.8 pts, 5.8 rebounds and 2.9 blocked shots a game in helping Syracuse post a 31-2 regular-season record. “Syracuse University sophomore [...]
Most of the largest banks passed their annual stress test, according to the Federal Reserve, in a conservative report card that underscored the recovery of the financial sector but called out a few laggards, including Citigroup. The Fed announced the results in an earlier-than-expected release on Tuesday. JPMorgan Chase pulled the trigger on announcing its [...]