Japanese authorities arrested seven people in connection with the ongoing accounting scandal at Olympus, the New York Times reports. Among those arrested were the company's former president and chairman, Tsuyoshi Kikukawa, a former executive vice president, and several outside bankers and consultants. 

Earlier this week, Olympus forecast an overall loss for its current fiscal year of 32 billion yen/US$410 million. The company's losses come primarily from its camera division, but that division, while still a money loser, will post significantly better results than last year, reports Amateur Photographer UK.