Olympus former chairman arrested in connection with fraud

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Source: Marketwatch
Ex-chairman of Olympus Tsuyoshi Kikukawa and other former executives were arrested Tokyo prosecutors on Thursday in connection with an accounting fraud involving a cover up of investment shortfalls. Former executives Hisashi Mori, Hideo Yamada, and Akio Nakagawa, were also arrested as they are suspected of breaching the Financial Instruments and Exchange Law via faking financial statements. 

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Fri, 17 Feb 2012 07:35:12 GMT

European markets close lower on news from Moody's and Greece

European shares traded down on Thursday amid worries EU FMs may cancel rescue package for Greece and Moody's rating agency threatened to cut credit ratings for more than a hundred large-scale global lenders. German DAX and FTSE 100 index each fell 0.1% to 6,751.96 and 5,885.38, respectively. In contrast French CAC 40 index and Stoxx 600 Europe index closed 0.1% up at 3,393.25 and 264.31,

Fri, 17 Feb 2012 07:32:43 GMT

Moody's considers downgrading UBS, Credit Suisse

Credit Suisse Group AG, Morgan Stanley and UBS AG credit ratings are likely to be lowered by 3 levels, said Moody's Investors Service, currently reviewing 17 lenders and securities companies. Several large banks including Goldman Sachs, Deutsche Bank AG and HSCB Holding Plc may face two-notch downgrade. Moody's already lowered some European region insurer credit ratings, citing risks from debt

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