Kodak Exits Digital Business, IEA Cuts Oil Forecast: Hot Trends
NEW YORK (
) -- Popular searches on the Internet include
Eastman Kodak
as the inventor of the digital camera is leaving the very business it created.
Kodak plans to exit its digital camera business during the first half of this year in effort to cut costs. The company, which will take a charge of about $30 million to leave the business, said significant job losses would result. It does expect $100 million in annual operating savings from the move.
Kodak also will stop selling digital picture frames as well as pocket video cameras. The company will now turn its focus to licensing its brand to other camera makers, instead of making its own. It will continue to put energy into its desktop printer business, and will keep offering online and in-store photo printing.
Kodak filed for bankruptcy protection last month.
The International Energy Agency is trending after cutting its oil demand growth forecast for the year for the sixth month in a row.
The agency predicts that due to the weakness of the global economy demand for oil around the world will grow by less than 1% this year. The IEA slashed its forecast to 800,000 barrels per day (bpd), compared to its previous forecast of 1.1 million bpd. The IEA cited the global GDP growth forecast -- now 3.3% for the year, down from the previous forecast of 4%.
Oil supplies from OPEC, however, rose to 30.9 million bpd in January. The IEA attributed the increase, which was the highest level since October 2008, to steady output from Saudi Arabia and the United Arab Emirates, with increasing production out of Libya.
Barclays
(BCS) - Get Report
is another popular search as the bank revealed it will cut its bonus pool upon announcing disappointing annual net profit.
Barclays reported that 2011 net income for investment unit Barclays Capital fell 16% from a year ago to 3 billion pounds. The British bank announced it will cut bonuses in the investment banking division by 32%, setting a 65,000-pound maximum on cash bonuses. Executive directors and the eight top-paid senior executives will also be affected, with their annual pay to be slashed by 48% on the year before. The bank said its bonus pool will be cut 25% from that of 2010, a reduction to 2.15 billion pounds.
CEO Robert Diamond attributed the move to the bank's necessity "to be responsive to the public mood." His bonus will be revealed next month in Barclays' annual report.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.
-- Written by Brittany Umar
.
Brittany joined TheStreet.com TV in November 2006 after completing a degree in Journalism and Media Studies at Rutgers College. Previously, Brittany interned at the local ABC affiliate in New York City WABC-TV 7 where she helped research and produce On Your Side, a popular consumer advocacy segment.
