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CEOs Pledge Sustainability, Urge 'Green Revolution'

Business leaders gathered at a Rio+20 conference Monday pledged sustainable policies and joined a call for world leaders to usher in "a green industrial revolution" to save the planet.

Two days before a U.N. summit on sustainable development opens here, 1,200 CEOs wrapped up a four-day meeting with more than 150 voluntary commitments to greater energy efficiency, reforestation and a lower carbon footprint and other green policies.

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Oil Below $83 as Traders Eye Iran Nuclear Talks

Oil dropped below $83 a barrel Tuesday in Asia as traders closely watched talks between Iran and six world powers over the Middle Eastern country's nuclear program.

Benchmark oil for July delivery was down 36 cents to $82.91 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 76 cents to settle at $83.27 in New York on Monday.

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Oracle to Buy Back $10 Billion More in Stock

Business software giant Oracle on Monday shook off rumors of a looming management shake-up and announced plans to buy back an additional $10 billion in stock.

Oracle shares gained ground on what had been a losing day of trading on the Nasdaq after the surprise early release of its quarterly earnings report along with word the board of directors had approved the stock buy-back scheme.

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World Leaders Seek G20 Boost for Flagging Economy

World leaders and the IMF tried to inject fresh confidence into the flagging global economy on Monday at a G20 summit in Los Cabos, Mexico dominated by Europe's growth-sapping debt crisis.

The International Monetary Fund trumpeted $456 billion in pledges to a firewall fund intended to stave off future crises, but it was the current downward spiral in Europe that preyed on the minds of the world's major powers.

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Rolls-Royce Reveals £1.0 Bn Submarine Contract from Britain

Rolls-Royce said on Monday it had won a contract worth more than £1.0 billion (1.24 billion euros, $1.57 billion) to power Britain's next-generation nuclear submarines.

The British power-systems group, which is best known for producing engines for planes, said the contract includes regeneration of the current Rolls-Royce submarine reactor core manufacturing facility in Derby, central England.

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IMF to Firm up $430 bn Crisis Fund with China's Help

After searching for months for cash, the IMF looks able to firm up a huge emergency "firewall" fund for crisis prevention after China said Sunday that big emerging economies would chip in.

A day before the Group of 20 powers open crucial talks on the Eurozone crisis, Chinese Vice Finance Minister Zhu Guangyao said that the International Monetary Fund would get the balance it needs to reach the $430 billion it tentatively announced in April.

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World's Richest Woman Raises Fairfax Stake

The world's richest woman Gina Rinehart has boosted her stake in ailing Australian media giant Fairfax to 18.67 percent as she bids to win a board seat, it was revealed Monday.

The mining billionaire increased her holding from 12.58 percent, according to a regulatory filing.

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Australia Urges Greece to Act Swiftly After Vote

Australian Treasurer Wayne Swan Monday urged Greece to quickly form a new government, as he hit out at Europe for failing to adequately tackle financial turmoil.

His comments come after the conservative pro-austerity New Democracy party won a knife-edge election on Sunday and its leader Antonis Samaras urged pro-euro parties to join him in a coalition.

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Euro Warning as Greeks Face Crucial Election Dilemma

Eurogroup chief Jean-Claude Juncker warned a radical left victory in Greece would have "unpredictable" consequences for the Eurozone as Greeks fed up with austerity prepared for Sunday's elections.

"If the radical left wins ... the consequences for monetary union are unpredictable," Juncker, who leads Eurozone finance ministers and is also Luxembourg's prime minister, said in an interview with the Austrian daily Kurier.

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Lagarde Calls for Immediate Signal on Stronger Eurozone

Europe should immediately signal its joint will to strengthen the Eurozone, IMF chief Christine Lagarde said Saturday on the eve of Greek elections which are crucial for the future of the monetary union.

"In the very short term, perhaps in less than three months, it is necessary for Europeans, particularly those in the heart of the Eurozone, to give strong signals about their collective will to buttress their monetary union," she told France's Liberation newspaper.

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