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In disclosures prior to an investor meeting today, Philips Electronics (NYSE:PHG) announces an increased cost savings target of 1.1 billion euros, up from 800 million euros. The company has an additional intention to cut another 2,200 jobs, in addition to the 4,500 cuts announced last year.
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Amazon (NASDAQ:AMZN) and other e-book retailers are able to reduce prices on a range of e-books published by News Corp. (NASDAQ:NWS) unit HarperCollins after last week’s anti-trust settlement in which the latter and other publishers agreed to terminate price-fixing deals with Apple (NASDAQ:AAPL).
Visual effects and animation company Digital Domain (NYSE:DDMG), which produced the special effects of the film “Titanic,” entered bankruptcy proceedings after it defaulted on debt repayment of $35 million. The company has assets of $205 million and liabilities of $214 million. Chairman and CEO John Textor has also resigned.
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