Today's Japanese Casualties: Canon, Fujifilm and Olympus

Following the two previous posts, Japanese Chartology, Japan's Collapse is Approaching Fast, here's today's dreadful news coming from Japan:
Jan. 31 (Bloomberg) -- Canon Inc., the world’s largest camera maker, fell the most in 10 months in Tokyo trading after forecasting annual profit that missed analyst estimates and saying its president will resign. Fujifilm Holdings Corp., a smaller camera maker, also dropped on a weaker outlook.

[...] Canon said yesterday profit will increase less than 1 percent for a second straight year, citing the slowing global economy. Fujifilm cut its estimate for annual net income by 48 percent.
President and Chief Operating Officer Tsuneji Uchida, 70, will leave both posts in March and be replaced by Chairman Fujio Mitarai, 76, the maker of cameras and printers said yesterday. Uchida will become an adviser, the company said.
Fujifilm, which makes cameras, printers, cosmetics and medical products, cut its estimate for annual operating profit by 19 percent and its revenue forecast by 3.9 percent, citing the stronger yen, the slowing economy and production setbacks due to floods in Thailand.

The company proposed a partnership yesterday with Olympus Corp. Fujifilm wants to combine its X-ray and ultrasound technology with the medical businesses of Olympus, which is seeking ways to boost capital after restating assets last year amid an accounting scandal.

No comments: