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Economy Briefs

- - Thursday, February 9, 2012

PHOTOGRAPHY

Kodak to stop making cameras, digital frames

ROCHESTER, N.Y. | Eastman Kodak Co. said Thursday that it will stop making digital cameras, pocket video cameras and digital picture frames, marking the end of an era for the company that brought photography to the masses more than a century ago.

Founded by George Eastman in 1880, Kodak was known all over the world for its Brownie and Instamatic cameras and its yellow-and-red film boxes. But the company was battered by Japanese competition in the 1980s, and it was then unable to keep pace with the shift from film to digital technology.

The company, which filed for bankruptcy protection last month, said it will phase out the product lines in the first half of this year and instead look for other companies to license its brand for those products.

STOCKS

Groupon stock plunges on growth worries

NEW YORK | Groupon had a lot to prove with its first earnings report as a public company. The 14 percent slide in its stock Thursday suggests investors wanted more.

The online deals site Wednesday reported sharply higher fourth-quarter revenue that surpassed Wall Street's expectations.

But some analysts worry about the trajectory suggested by its revenue forecast of $510 million to $550 million for the current quarter.

The guidance means Groupon Inc. expects revenue to grow by about 5 percent in the first three months of this year, compared with the last three months of 2011. By that same measure, revenue grew by a double-digit percentage in each quarter of 2011.

TECHNOLOGY

Report: Apple to unveil new iPad in March

NEW YORK | A news report says Apple plans to unveil a new iPad early next month.

AllThingsD, a website affiliated with the Wall Street Journal, says Apple Inc. is holding an event in San Francisco the first week of March, the same week Apple announced the iPad 2 last year.

The report cites unnamed people familiar with the device. Apple declined comment Thursday.

SOFTWARE

Oracle to pay $1.9B for Taleo, extends rivalry

NEW YORK | Oracle Corp. is escalating its rivalry with German business-software maker SAP AG with a $1.9 billion purchase of Taleo Corp., a company that helps businesses hire and manage their employees.

The proposed purchase announced Thursday extends Oracle's offerings in a growing arena of computing known as "the cloud." With such an approach, businesses don't run software and services in-house. Instead, those tasks are dispatched over the Internet to remote locations operated by companies such as Oracle, SAP and IBM Corp.

Oracle, which is based in Redwood Shores, Calif., pounced on Taleo just two months after SAP struck a deal to buy a similar Silicon Valley software service, SuccessFactors, for $3.4 billion.

GREECE

Euro ministers cautious on Greek bailout deal

BRUSSELS | The chairman of the meeting of eurozone finance ministers says Greece has to identify an extra $432 million in savings for 2012 in order to meet the terms of a much-needed bailout.

Jean-Claude Juncker said Thursday the Greek parliament will also have to pass the full package of cuts and reforms Sunday, and party leaders have to make clear that they will back the measures after elections.

He said if those conditions are met, the eurozone finance ministers could give the green light to a bond-swap deal with private creditors to cut Greece's debt by some $130 billion at their next meeting Wednesday.

The austerity measures and the debt swap deal are key conditions for a $170 billion bailout that Greece needs to avoid default.

• From wire dispatches and staff reports