14/12/2011 World Business Report


14/12/2011

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higher than their valuation. Now the latest financial news with

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World Business Report. The headlines: In the nick of time, a

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Olympus files its revised ending its report and avoids being

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delisted from the Tokyo Stock Exchange. Thomas Cook reveals its

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restructuring plans. Hundreds of its shops face closure. Japanese

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regulators say that Olympus has submitted its revised and in its

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report, narrowly meeting a deadline to avoid being delisted from the

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Tokyo Stock Exchange. The company is at the centre of one of Japan's

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worst corporate scandals, spanning 13 years. The fraud came to light

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after it fired former chief executive at Michael Woodford. He

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claims he was let go for questioning suspicious payments.

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Our correspondent in Tokyo has the latest. They make the deadline with

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a few hours to spare. Revised earnings reports for the last five

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years. Critically,... INAUDIBLE:. Deceiving shareholders about its

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very solvency. INAUDIBLE: unfortunately, we will have to

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speak to Rowland later. technical reasons he cannot speak

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to us. Shall we try to end? Restart from the beginning again. We had

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trouble hearing year. We had five years revised earnings reports from

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Olympus, taking into account the holes in its figures. At no time

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did its liabilities exceed its assets. On at no time was it

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deceiving shareholders about its solvency. That is very important

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because it gives an Olympus a better chance of surviving this

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scandal. It has avoided automatic the sting by meeting this deadline

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for revised reports, but the scale of the deception is great. We will

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have to leave it there. We will talk more about this on another

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occasion. Apologies again for the technical fault at the beginning of

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that discussion. We have to discuss Thomas Cook, revealing how bad

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things are when it reports its full-year results in a few well was.

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Shares in the London based company have plunged 92% this year after a

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squeeze on consumer spending and political events in North Africa

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reduced holiday bookings. Last month, a bank agreed to lend the

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company emergency funds so it could stay afloat. Our correspondent

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reports. Thomas Cook started by selling British railway excursions.

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It is having the worst here in its history. It has been a tough year

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economic Glee and the pressure on consumers has hurt the holiday

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giant. The company has issued three profit warnings this year and has

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now had to restructure its business. It sells 22 million holidays per

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year in the UK. It has been criticised for not differentiating

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its business from its competitors. market in a bid to turn its

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fortunes around. Europe's second largest travel group is looking to

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offer a more exclusive range of holidays. Doing that means job cuts

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and shock closures. They have to get back to their core strategy of

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offering really high quality tours with added value. The brand is very

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strong. They have to get back to what they are really good at. Stop

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doing peripheral things they have not been doing terribly well.

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Assets to be sold include continental hotels and office

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buildings. Last month the group was forced to arrange a new revolving

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credit facility for $300 million, with 17 Yanders. Restricting costs

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and redundancy payments are expected to come in at $155 million.

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Thomas Cook may have the fun in needs to get through the winter,

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but lower bookings next year could cause a major freezing its recovery.

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BBC News. Former executives from a German company have been charged

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with bribery in the US. They are accused of plotting to pay bribes

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to keep a contract for identity cards for Argentine citizens. It

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was described as a shocking level of corruption. HTC will learn today

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if it can continue to sell some of its smartphone models in the US. On

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there will be a ruling in a patent infringement case where Apple

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claims HTC is unlawfully using ten of its patents. The Portuguese were

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the first Europeans to set foot in Brazil over 500 years ago. A second

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wave is coming, but for a different reason - the economic crisis in

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Europe. A one in ten Portuguese graduates now leaves the country.

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In the latest of our special series on the young and jobless we look at

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the brain drain. Our correspondent reports. In university, this young

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man never a major and he would end up in Brazil, let alone managing a

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golf course in a country better known for its football. We speak

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the same language. It is much easier for us being Portuguese and

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working in Brazil. Brazil can offer me something today which Portugal

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cannot: Stability. Brazil needs a qualified workforce to grow. For

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many years Brazil was a victim of the brain drain. Its brightest

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young professionals working to move abroad for a career and a future

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elsewhere. But now there is and economic boom, said the tide has

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turned and growing numbers of foreign workers are coming in

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hoping to make it beach in this expanding economy. Headhunters say

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there is plenty of work for Portuguese graduates. If you have

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talent and know-how, Brazil is keen to have your expertise. Brazil is

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still more carefree. Young Portuguese expatriates gather in

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this bar for a very happy hour every week. One of the things you

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learn in Brazil is having fun. Every day I get CVs from friends of

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mine trying to come to Brazil. Brazil has become a safe haven for

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young Portuguese. With the debt crisis in Portugal going from bad

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to worse, more and more are making the BBC is focusing on the young

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and jobs as theirs. -- jobless. This is your opportunity to put

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questions about setting up and running a business to one of the

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world's most famous entrepreneurs. The markets today. Losses across

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the board. A lot of this is because the Fed decided to keep rates on

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hold and do nothing else to stimulate the economy. On the one

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