Olympus looks to raise money

Japanese camera company Olympus is preparing to issue around 100bn yen (£820m) in new shares to boost its bank balance and is reportedly looking to rival companies such as Sony and Fujifilm. The company’s president Shuichi Takayama also announced in a memo yesterday that Olympus’ directors will be taking cuts in renumeration of between 30 and 40 per cent. Takayama’s aim is to cut non-fixed expenditure by 20 per cent for the January to March quarter on the current quarter. Shares jumped 15 per cent on this news, closing at 1,065 yen.