Japan's Olympus Corp. has confirmed news reports that it is suing 19 current and former board directors and executives in connection with the cover-up of more than US$1.5 billion in investment losses dating back to the 1990s.
After issuing a “disclaimer of opinion” with respect to China Forestry Holdings’ financial statements for the year ended 31 December 2010, Big Four audit firm KPMG has opted not to stand for reappointment as the company’s auditor.
An enterprising Reuters reporter has tracked down a Japanese banker who played a key role in the Olympus scandal. According to Reuters, Akio Nakagawa “exploded in anger at finally being tracked down” in Hong Kong, where he lived in an upscale district near the city’s financial centre.
The Tokyo Stock Exchange sent an ultimatum to Olympus to submit its second quarter earnings report by 14 December – or else it would be delisted. The 92-year-old camera and medical equipment maker failed to release its results on 8 November as originally scheduled.
As cloud technologies and services mature and user understanding of their capabilities improve, the cloud is developing into a mainstream IT option. The cloud is no longer viewed as a disruptive technology but an innovation in business service delivery, says IDC.
Although airline ticket sales rebounded in 2010, loss due to online payment fraud is down since the last survey, in both percentage of overall online revenue and bookings, finds a new report by CyberSource Corporation.
Data privacy is now the main obstacle to cloud adoption among organisations, with 74% of respondents citing it as a concern, ahead last year’s top mention of security, reveals the Cloud Computing in "Asia Pacific: The Annual Cloud Maturity Index," a study conducted in October 2011 by Forrester Consulting on behalf of VMware.
Half of workers in Singapore spend well over eight hours a day at the office and 50 percent regularly take work home to finish in the evening. This evidence of long working hours is seen in the latest global survey findings from Regus.