This Afternoon's Top News Stories
Here's a quick look at a few of the headlines making news this afternoon.
Kodak to stop selling consumer inkjet printers
Eastman Kodak (OTC: EKDKQ) has announced plans to stop selling consumer inkjet printers. While in Chapter 11 bankruptcy protection, the company is restructuring to focus on commercial, packaging and functional printing solutions and enterprise services. The company also announced it will be cutting 200 more jobs than previously expected. It has reduced its global work force by more than 2,700 positions so far in 2012 and now expects to cut 1,200 more. Kodak is also asking the bankruptcy court to give it until Feb. 28 to file its plan of reorganization.
USPS to default on $5.6 billion payment
The U.S. Postal Service says it won't make a $5.6 billion payment due this weekend to fund future retiree health benefits. This follows an Aug. 1 default on a $5.5 billion payment mandated by a 2006 law seeking accelerated payments. Said the USPS in a statement: "We will continue to deliver the mail and pay our employees and suppliers. Postal Service retirees and employees will also continue to receive their health benefits. The health care for current retirees is paid from the Postal Service's general operating budget and is not affected by the Postal Service's inability to make the accelerated payments mandated by Congress as part of a 2006 law."
Spanish bank review completed
An independent audit has determined that Spain's banks will need $76.3 billion, according to a BBC report. The European Commission welcomed the news. "This is a major step in implementing the financial-assistance programme and towards strengthening the viability of and confidence in the Spanish banking sector," the EC said in a statement. "The necessary State aid provided to Spanish banks will be determined in the coming months. It will be based on today's published results." Click here to open a PDF version of a press release on the study of the Spanish banking system's capital needs.
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