Kodak Co. said Thursday it plans to sell its online photo service business to online photo publishing company Shutterfly Inc. for $23.8 million. Eastman Kodak filed for Chapter 11 bankruptcy protection in January and said it is narrowing its focus to its core printer

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Shares in Gap jumped 6.8% after it reported strong February sales. Unusually warm weather has encouraged US shoppers and Gap said its spring products have been selling well. With sales growth of 12%, the company’s Banana Republic chain had a particularly good month.

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Collection of early comic books has sold for $3.5m (£2.2m) at auction in New York. The trove of 345 comics had been bought by the late Billy Wright from Virginia when he was a boy. A copy of Detective Comics No. 27, which sold for 10 cents in 1939 and featured Batman’s debut, got the [...]

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Profits have more than doubled at Volkswagen after the company delivered a record number of vehicles last year. It reported net profit of $21.2bn for last year, compared with $10.2bn in 2010. It delivered more than 8.2 million vehicles, up almost 15% on 2010. VW plans to spend 62bn euros on new plants and models [...]

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price of oil has reached its highest level since May last year as concerns mount over Iran’s nuclear program. Benchmark US light crude rose by $1.67 to $105.27 a barrel and Brent crude futures rose 44 cents to $120.49. It marks the second day in a row of rises after Iran announced on Sunday oil [...]

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NYSE Euronext’s proposed merger with Deutsche Boerse has been blocked by the EU on competition grounds. The proposed deal would have created the world’s largest stock exchange operator. However, the European Commission blocked the deal because it said it would have created a “near monopoly” in European financial

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Viacom’s profit beat Wall Street forecasts on Thursday helped by a double-digit growth in fees paid by cable, satellite and phone companies for its stable of networks, including MTV and Nickelodeon. Fiscal first quarter net income from continuing operations fell 5 percent to $591 million from $620 million in the year-ago

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Qualcomm delivered quarterly results and an outlook for the current quarter that beat analysts’ expectations on Wednesday, sending its shares higher in after-hours trading. The company, which makes chips used in cellphones and other wireless devices, posted fiscal first-quarter earnings excluding items

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International Monetary Fund (IMF) has warned of a 20-30% oil price spike if Iranian exports are disrupted. The IMF warned that if the West imposed financial sanctions on Iran, it would be tantamount to an oil blockade, and the shock to the

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The pace of US economic growth increased in the final three months of 2011, according to official figures. The economy grew at an annualized rate of 2.8%, the Commerce Department said. This was up from the 1.8% annual rate recorded in

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