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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. editor Kris Eddy does not own shares of any company mentioned in this article. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.

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  • Report this Comment On September 28, 2012, at 2:23 PM, trysson wrote:

    1) What is a Kodak?

    2) USPS: Perhaps it is time to tax e-mail and turn the money over to the USPS so that the postal- workers pension fund payments can be made. The USPS is tens of billions of dollars behind in their payments. Something must be done before a lot of people go POSTAL!

  • Report this Comment On September 28, 2012, at 3:23 PM, Johny205 wrote:

    What needs to be done is shut down the USPS and have a company run it, like UPS or Fed Ex. Then it will either be profitable of go out of business. These government workers with all their benefits are so overpaid for what they do anyways-to bad we can't outsource these jobs to China where they would make like $5 per hour.

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