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| Olympus plans to cut 2,700 jobs | Olympus plans to cut 2,700 jobs |
| (about 1 hour later) | |
| Olympus, the Japanese camera maker recovering from an accounting scandal, has announced a five-year plan that includes cutting 2,700 jobs. | Olympus, the Japanese camera maker recovering from an accounting scandal, has announced a five-year plan that includes cutting 2,700 jobs. |
| The company said it planned to make a fresh start and go "back to basics". | The company said it planned to make a fresh start and go "back to basics". |
| Olympus lost 49bn yen ($618m; £400m) in the year to the end of March, but has predicted that it will make a profit of 7bn yen in the current year. | Olympus lost 49bn yen ($618m; £400m) in the year to the end of March, but has predicted that it will make a profit of 7bn yen in the current year. |
| Last year, it admitted hiding losses of $1.7bn after its chief executive revealed accounting irregularities. | Last year, it admitted hiding losses of $1.7bn after its chief executive revealed accounting irregularities. |
| High debts | |
| Olympus, the world's biggest maker of endoscopic cameras used by surgeons, is suffering with relatively high debts. | |
| Currently, shareholder money accounts for less than 5% of the company and the rest is financed by debt. | |
| A debt-to-equity ratio of 20% is generally considered healthy. The group has hinted that it will ask shareholders for additional capital in a share sale. | |
| In its financial statement, the company said it wanted to "restore its financial health". |