The admission by Olympus Corp., a major maker of cameras and endoscopes, that it has covered up investment losses since the 1990s damages not only the firm but also the image of corporate Japan.It is all the more regrettable that the financial wrongdoing, which has become the target of a criminal investigation by the Metropolitan Police Department, was committed by a 92-year-old company known for its technological prowess and enjoying a more than 70 percent share in the global market for endosco

The Occupy Wall Street that is happening now in New York resembles a familiar episode that I witnessed in Seoul. As Yogi Berra said, this is like dj vu all over again!When my long stay in Seoul on a project started in the beginning of 2008, the new administration was elected but had not yet taken the office. The Korean democracy at work allowed a smooth transition to the new government, with befitting joyous ceremonies.Shortly after the new government was sworn in, some major shifts in policies

It is essential for Japan to pursue strategic diplomacy with the United States and China if effective international rules are to be worked out to ensure peace and prosperity in the Asia-Pacific region.Japanese Prime Minister Yoshihiko Noda met with U.S. President Barack Obama in Honolulu Saturday on the sidelines of the Asia-Pacific Economic Cooperation summit and explained to him a government plan to submit to Okinawa Prefecture within this year an environmental assessment report on the planned

Although the Yingluck Shinawatra government has planned a budget for the 2012 fiscal year with spending as high as 2.38 trillion baht, the spending details do not respond well to the needs of the country, which is suffering from the ongoing flood crisis and mismanagement by the administration.The massive flooding has prompted many economic institutions to revise the country’s growth projection downwards. The Bank of Thailand, for instance, has lowered the projected growth rate for next year to o

The series of meetins held by the Association of South East Asian Nations (ASEAN) starting in Bali, Indonesia, on Thursday, should be an opportunity for participants to expand common ground and explore new areas of cooperation, so that the region can better contribute to regional and global development and stability. ASEAN’s traditional dialogue partners, China, Japan and South Korea, will participate and Russia and the United States have been invited to take part for the first time. Despite the

Last Friday, before leaving for the 19th Leaders’ Summit of the Asia-Pacific Economic Cooperation forum in Honolulu, Philippine President Benigno Aquino III said that the meeting would help solve the problems of the Philippines. He mentioned in particular economic growth, job creation, regulatory reforms, competitiveness and protection from the turbulence that has swept the European Union.Well, indeed he may be getting some ideas on how to solve the problems of the country from the strategies, p

In the past 12 months, four European premiers have lost their jobs because they failed to fix their countries’ mounting debt problems. A fifth could join the list on Nov. 20, when Spain holds a general election. The take-away: When leaders fail to address urgent fiscal matters, the capital markets will punish ― and ultimately remove ― them by making the cost of financing debt prohibitively high. Heads started rolling this year when Ireland’s and Portugal’s prime ministers lost elections soon aft

As concerns mounted over a possible military confrontation between Israel and Iran, several leading Arab commentators argued that such worries were overblown.This was so even as the International Atomic Energy Agency concluded last week that Iran appeared to have worked on developing a nuclear bomb and as media in Israel reported that the country’s leaders may be nearing a decision to bomb Iran’s nuclear facilities. Wrote columnist Rachid Hassan, in the Amman-based Ad-Dustour daily: “We are cert

Among the many things that need to change in the aftermath of the Penn State scandal is Pennsylvania law.First, the commonwealth needs to require that any witness to child abuse must call the police. Second, the statute of limitations for civil claims against child abusers needs to be expanded.Consider that when Mike McQueary saw a 10-year-old boy being raped in the shower at the campus’ Lasch Football Complex, he was under no legal obligation to dial 911 ― much less intervene. According to the

Terrible things tend to happen when Syrian security officials catch their quarry. Dissidents are detained, tortured and sometimes killed. It is thus disturbing to learn that U.S. and European technology companies are working to help the regime of President Bashar al-Assad monitor Internet traffic to keep tabs on citizens. A Bloomberg News investigation revealed that the Italian company Area SpA has been installing a wide-reaching surveillance system for the Syrians, using equipment from the U.S.