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G8 Pledges Billions for Arab Spring as IMF Recognizes Libya

Arab states that ousted their dictators got a financial shot in the arm Saturday with promises of tens of billions of dollars to help their rocky transformation into modern democracies.

G8 rich nations and institutions including the World Bank, the IMF, regional banks and the Arab Monetary Fund pledged nearly $80 billion in aid and loans over the next two years, doubling the amount promised earlier this year.

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Iraq Minister Says Kurdistan Region Halts Oil Exports

Iraq's autonomous Kurdistan region halted crude exports on Sunday, nearly a week after it rejected a new oil and gas law approved by the central government, Oil Minister Abdelkarim al-Luaybi said.

"The government of the Kurdistan region today halted oil exports without giving reasons," Luaybi told Agence France Presse on the sidelines of an oil conference in the Jordanian capital.

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Credit Suisse Says Provided Customer Data to U.S.

Swiss banking giant Credit Suisse on Sunday said it had provided Washington data about its U.S. customers, local media reported.

"Credit Suisse has provided information about U.S. customers" to U.S. authorities, the bank's Chairman of the Board of Directors Urs Rohner said in an interview in the Swiss weekly NZZ am Sonntag.

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French Foreign Minister Says Euro 'Must Not Fail'

French Foreign Minister Alain Juppe on Sunday said that the euro must not be allowed to fail for the stability of the whole region, and pledged to press Beijing on the Yuan on his upcoming visit.

Juppe, the highest-level French visitor to Australia in 28 years, also condemned continuing divisions within the United Nations Security Council on Syria after objections from Moscow, calling the uncertainty a "scandal".

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Auto Makers Defy Crisis at IAA Motor Show

Clouds may be gathering over the global economy, but auto makers are revving up to try and dispel any gloom with nearly 90 new models at the world's biggest motor show, the IAA.

With more than 1,000 exhibitors from 32 countries crowding into 235,000 square meters (23 hectares) of the vast halls of Frankfurt's "Messe" trade fair, this year's "Internationale Automobil Ausstellung" is going to be 25 percent bigger than the last edition in 2009.

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Euro 2012 an Economic Boost for Poland

With just nine months left until Euro 2012, organizers and experts say host country Poland will reap long-term economic benefits from Europe's top international football showcase.

"Euro 2012 is a catalyst of positive change. It's a catalyst, and not just a goal in itself," said Marcin Herra, who heads PL.2012, the body overseeing a bewildering array of projects from stadiums to airports and hotels to highways.

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New U.S. Envoy Says Strong U.S. Economy Good for China

U.S. Ambassador to China Gary Locke said Friday a stronger U.S. economy is in China's interest and he will promote trade and human rights as the new envoy in Beijing, a focal point for U.S. diplomacy.

"The highest priority of the United States today is to create jobs for Americans and revitalize our economy. Given our economic interdependence, a stronger American economy is in the economic self-interest of the Chinese people," he said to university students.

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Oil Near $88 After Obama Announces Jobs Bill

Oil prices fell to near $88 a barrel Friday in Asia as investors mulled whether a new U.S. jobs package will help boost crude demand.

Benchmark oil for October delivery was down 62 cents to $88.43 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude fell 29 cents to finish at $89.05 on Thursday.

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Stocks Lower Ahead of G-7 Meeting

The failure of Federal Reserve chairman Ben Bernanke to outline new monetary stimulus weighed on markets Friday ahead of a meeting of finance ministers of the Group of Seven top industrialized countries where pro-growth measures are set to be discussed.

Hopes that Bernanke would use a speech Thursday to hint at another round of stimulus were not met and fueled a bout of selling in markets after a week when most stocks have managed to hold their own.

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Porsche Shares Tank as VW Says no Merger This Year

Porsche shares are down sharply after Volkswagen said a merger between the two German carmakers will not be completed by the year-end as planned.

Shares in Porsche Automobil Holding SE traded down 11.3 percent Friday at €39.21.

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