The US economy grew by an annualized rate of 5.7% between October and December, official figures have shown. The number, which is a first estimate, is a big rise from the previous quarter’s growth rate of 2.2%.

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The carmaker made $2.7bn (£1.7bn) in 2009, compared with a loss of almost $15bn in 2008, and said it expects to be profitable this year as well. For the final three months of last year, the company made $868m, a dramatic improvement on the $6bn loss it made a year earlier.

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Samsung Electronics has reported strong profits in the fourth-quarter of 2009 thanks to increased sales of flat screen televisions and mobile phones. The company’s net profit in the three months to 31 December rose to 3.1 trillion won ($2.7bn;£1.7bn).

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Toyota says it is recalling up to 1.8 million cars across Europe, including about 220,000 in the UK, following an accelerator problem. The carmaker says it will recall eight models including the Yaris, the Corolla and the RAV4 sports utility vehicle.

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Kodak has said it will sue Apple and Research In Motion (RIM), the makers of the iPhone and Blackberry, over technology used in their handsets. Kodak has filed a complaint with the US International Trade Commission (ITC). It alleges the iPhone and Blackberry use technology for previewing

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JP Morgan Chase has reported profits of $3.3bn for the last three months of 2009. That compares with profits of $702m reported at the end of 2008 at the height of the financial crisis. Total profits for the year were $11.7bn, the bank said, with

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Sales at US retailers saw an unexpected fall in December, casting uncertainty over the recovery of the US economy. Retail sales fell by 0.3% compared with November, figures from the US Commerce Department said. Sales of electrical goods and cars saw some of the biggest falls,

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Oil prices have climbed to more than $79 a barrel, reaching the highest levels for five weeks. During Monday’s trading in London, US crude touched $79.12 a barrel before falling back later to $78.77. Heating oil futures led the gains, while London Brent crude rose by

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The Angolan state-owned oil company, Sonangol, has signed two initial oilfield deals in Iraq. The two, the Qayara and Najmah oilfields, are in Nineveh province, known as one of the most dangerous regions of the country. There are frequent insurgencies there, as Sunni Islamic militants

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Novartis has agreed to take full control of eyecare company Alcon in a deal worth nearly $40bn. It will spend $28.1bn on raising its stake in Alcon to 77%, up from the 25% stake it bought from Nestle in 2008.

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