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Olympus plans to cut 2,700 jobs Olympus plans to cut 2,700 jobs
(about 3 hours 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 and medical equipment maker says 2,700 jobs will go as part of a five-year plan.
The company said it planned to make a fresh start and go "back to basics". It lost 49bn yen ($618m; £400m) in the year to the end of March, but forecasts a profit of 7bn yen in 2012-13.
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, the company admitted hiding losses of 130bn yen.
Last year, it admitted hiding losses of $1.7bn after its chief executive revealed accounting irregularities. Olympus also approved on Friday a £10m settlement with former chief executive Michael Woodford, who was sacked by the company's board after raising the accounting irregularities.
Mr Woodford, a Briton, had filed a complaint of wrongful dismissal against his former employer, claiming he had been fired for blowing the whistle on the accounting scandal.
Olympus had said its decision to dismiss Mr Woodford, the company's first foreign chief executive, had been due to a clash of culture.
High debtsHigh debts
Olympus, the world's biggest maker of endoscopic cameras used by surgeons, is suffering with relatively high debts. Olympus, the world's biggest maker of endoscopic cameras used by surgeons, is suffering with relatively high costs and debts.
It will reduce its global workforce by 7% by 2014, and cut the number of its factories around the world from 30 to 18 by 2015.
In its statement, the company said it wanted to "restore its financial health".
Currently, shareholder money accounts for less than 5% of the company and the rest is financed by debt.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.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". There had been reports that consumer electronics maker Panasonic could buy shares in Olympus.
However, the BBC's Tokyo correspondent, Roland Buerk, said: "There's talk of a tie-up. Panasonic has said it's not interested but Fujifilm does seem to be interested."