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Business Watch
Kodak cuts 200 more jobs
NEW YORK -- Kodak said Friday it plans to stop selling consumer inkjet printers and will eliminate 200 more jobs than previously projected as it requested more time to submit its framework for emerging from bankruptcy protection.
The Rochester, N.Y.-based company, which filed for bankruptcy protection in January, wants the court to extend the exclusivity period for the filing of its plan until Feb. 28. After the exclusivity period expires, creditors may file competing plans.
In the months since its filing, Eastman Kodak Co. has sold businesses, eliminated jobs and slashed other costs, with the goal of emerging from court protection in 2013.
Kodak said earlier it would stop making digital cameras, pocket video cameras and digital picture frames. Earlier this year, it sold Kodak Gallery, its online photo service business, to Shutterfly Inc. for $23.8 million.
Starbucks opens in India
MUMBAI, India -- Starbucks will open its first outlet in India by the end of October in an upscale neighbourhood of Mumbai and has appointed a chief executive to head its India joint venture, the company said Friday.
The store will be in Mumbai's Horniman Circle neighbourhood, which boasts a Hermes store and a stately park. Starbucks will operate in India through a joint venture with Tata Global Beverages.
Americans' spending up
WASHINGTON -- Americans boosted their spending in August even though their income barely grew. Much of the spending increase went to pay higher gas prices, which may have forced consumers to cut back elsewhere.
The Commerce Department said Friday consumer spending rose 0.5 per cent in August from July. It was the biggest jump since February.
Gas prices rose nearly 50 cents per gallon in July and August, but have since levelled off. Excluding the impact of higher gas prices and other price gains, spending ticked up only 0.1 per cent last month.
Income grew only 0.1 per cent, too. But after accounting for inflation and deducting taxes, income fell 0.3 per cent.
-- The Associated Press
Republished from the Winnipeg Free Press print edition September 29, 2012 B8
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Potential fracking in Gros Morne raises concerns for UN's world heritage agency
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