Steve Inskeep talks with Jonathan Soble of the Financial Times about a scandal that has engulfed the Japanese camera and medical device maker Olympus. Ex-CEO Michael Woodford, a rare non-Japanese CEO, was ousted after he brought into the open massive and possibly improper payments that Olympus paid to two little-known "advisory firms" as part of an acquisition several years ago. The FBI is now investigating.
Thousands of police deployed along the French Riviera on Wednesday to stop protesters from disrupting the G-20 summit, where leaders will likely focus on the debt crisis in Europe. Sony says it's heading for an annual LOSS of more than a billion dollars — its fourth straight year of losses.
Hundreds of elderly residents visit an IKEA in Shanghai to chat, drink free coffee and look for partners. They have turned it into an informal and occasionally rowdy lonely hearts club and though store managers would like them to leave for hurting IKEA's image, they are too polite to kick them out.
A political calculation, not a financial one, may be at the heart of Prime Minister George Papandreou's decision Tuesday to send the EU debt restructuring proposal to voters, observers say. The move infuriated some European leaders.
Bank of America canceled plans to impose a $5 monthly fee on customers who use debit cards in stores and restaurants. The bank's original decision to charge the fee came under sharp attack from consumer groups and individual customers.
When the investment firm MF Global filed for bankruptcy Monday, it told regulators it couldn't account for hundreds of millions of dollars in customer accounts. The missing money caused negotiations to save the firm from bankruptcy to fall apart.
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