Morning business round-up: Kodak files for bankruptcy


What made the business news in Asia and Europe this morning? Here's our daily business round-up:

The company that invented the hand-held camera is seeking Chapter 11 bankruptcy protection, which gives it time to reorganise itself without facing its creditors.

Kodak has recently moved away from cameras to focus on making printers, to stem falling profits.

Ratings agency Moody's has upgraded Indonesia's debt, restoring it to investment grade.

It marks Indonesia's second credit rating upgrade in as many months, after a similar move by Fitch in December.

The stamps of approval are likely to bring much foreign investment into south east Asia's biggest economy.

Australia's job growth has dipped to its slowest pace in 19 years raising fresh concerns about a slowdown in the country's economy.

The total number of people employed grew by 25,900 or 0.2% last year, down from 3.3% in 2010.

Mobile phone company Sony Ericsson has reported a fourth quarter loss, citing tough competition and the global economic slowdown for the deficit.

The firm - which is soon to be fully taken over by Sony - posted a net loss of 207m euros ($267m; £173m), compared with an 8m euro profit a year ago.

Media caption,
Biz Heads

English Premier League club Liverpool has signed a six-year deal with US sports firm Warrior Sports to make its kit from June.

Warrior, associated with ice hockey and lacrosse in the US, replace German giants Adidas as the maker of the Anfield club's home, away and third kits.

The Society of Motor Manufacturers and Traders said record exports had been the main driver of growth, with more than 80% of vehicles exported.

Among UK corporate news, Associated British Foods has reported a 12% rise in total sales in the 16 weeks to 7 January, thanks to "exceptional" performances at its sugar division and at discount fashion chain Primark.

Meanwhile, online fashion retailer Asos and luxury fashion brand Mulberry also reported strong trading periods.

Like-for-like sales at Comet for the 10 weeks to 8 January fell by 14.5% compared with a year earlier.

Like-for-like sales across the Kesa group, which also owns the Darty brand in continental Europe, fell by 1.3%.

The latest edition of Business Daily speaks to Ken Rogoff, former chief economist at the International Monetary Fund, and asks should the IMF be bankrolling Europe?

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