THE NEWS WRAP: Kodak seeks $1billion loan in order to stay afloat

By Oliver Milman
Friday, 06 January 2012

A former executive of iconic photography brand Kodak, which is expected to file for bankruptcy in the coming weeks, has warned that other businesses could be at risk if they repeat the company’s mistakes.


Ziggy Switkowski, who ran the Australian arm of Eastman Kodak, told The Australian: “To make the call to go into new businesses when your legacy business is in terminal decline is a breathtakingly difficult one to make – but when your business is in that position, then you must adapt in order to survive.”


The 131-year-old business is attempting to secure a $1 billion loan in order to keep it afloat.


Worm eats into Facebook accounts


More than 45,000 Facebook accounts have been compromised by a computer worm, security experts have warned.


The accounts, mainly in Europe, have been stripped of data by Ramnit, a piece of malware that came to light in 2010 after it stole banking details. 


Vegemite rebrands as “Australia”


Vegemite has taken rebranding to a new level by renaming itself “Australia” ahead of Australia Day.


The brand, which is owned by US food giant Kraft, said that the temporary move was its way of “showing some contemporary Australian pride”. 




The Dow Jones industrial average was up 17.03 points, or 0.14%, to 12,435.45. The Australian dollar edged down to 102.67 US cents. 


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