Kodak files Chapter 11 bankruptcy

The 130-year-old photographic film pioneer, Kodak filed for Chapter 11 bankruptcy protection in New York early Thursday morning. It had also obtained a $950 million, 18-month credit facility from Citigroup to keep it going. Kodak press release says that Eastman Kodak Company and Its U.S. Subsidiaries Commence Voluntary Chapter 11 Business Reorganization. And, it informed … Continue reading “Kodak files Chapter 11 bankruptcy”

World Bank downgrades its global growth forecasts for 2012 to 2.5%.

World Bank’s latest Global Economic Prospects (GEP) 2012 reports that the world economy in 2012 is set to grow by just 2.5 percent, weighed down by ripple effects from the 2008 financial crisis. The sovereign debt crisis in Europe, which took a turn for the worse in August 2011, coincides with slowing growth in several … Continue reading “World Bank downgrades its global growth forecasts for 2012 to 2.5%.”

Citigroup Reports Fourth Quarter 2011 Net Income of $1.2 Billion or $0.38 per Share

Citigroup Inc. today reported net income of $1.2 billion, or $0.38 per diluted share, for the fourth quarter 2011 on revenues of $17.2 billion. This compared to net income of $1.3 billion, or $0.43 per diluted share, in the fourth quarter 2010 on revenues of $18.4 billion. Citigroup 2011 full year net income was $11.3 … Continue reading “Citigroup Reports Fourth Quarter 2011 Net Income of $1.2 Billion or $0.38 per Share”

Citibank Allows Facebook Fans To share Rewards Points

Citibank customers can now use Facebook to pool their rewards points online.Citibank Tuesday launched a Facebook application “Thanks You Point Sharing” that lets users team up to use their points, whether it’s for charity, a group gift or a personal goal. Once customers have downloaded the app and connected their account, they can start a … Continue reading “Citibank Allows Facebook Fans To share Rewards Points”