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Germany: Banks to Take Bigger Losses on Greek Debt

Germany's finance minister says private holders of Greek government bonds must accept bigger losses to achieve "a durable and sustainable solution" for Europe's debt crisis.

Wolfgang Schaeuble told German public broadcaster ARD on Sunday that an agreement struck in July when banks and other investors agreed to renounce on 20 percent of their Greek debt must be renegotiated.

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BMW Wants Stake in SGL Carbon: Report

German automaker BMW wants a stake in SGL Carbon, already one of its strategic partners and the leading carbon-based product maker, the weekly Der Spiegel reported Sunday.

"We have a fundamental interest in SGL Carbon," a senior BMW executive told the magazine.

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Iraq Talks Investment with India Delegation

Iraqi Deputy Prime Minister Hussein al-Shahristani on Sunday called on a visiting Indian delegation to make much-needed investments in Iraq's energy, industry and housing sectors.

"Shahristani discussed the means for Indian investment and developing the industrial and oil sectors in Iraq with an Indian delegation," according to a statement from his office.

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Anti-Crisis Anger Turns into Global Movement

Clashes erupted in New York and Rome and protesters camped out Sunday in worldwide demonstrations seen as a show of force by a rising global movement against corporate greed and government cutbacks.

There were rallies in 951 cities in 80 countries around the globe on Saturday in an extension of a campaign born on May 15 with a rally in Madrid's central Puerta del Sol square by a group calling itself "Indignados" ("Indignants").

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Europe Strives to Convince G20 over Debt Crisis

Europe sought Saturday to convince its G20 partners that it can resolve a debt crisis that is threatening to drag the world economy back into recession as finance chiefs held key talks in Paris.

While finance ministers from the world's top economies huddled over measures to keep world growth from stalling, protesters began taking to the streets for worldwide protests to vent anger at alleged corporate greed and government cutbacks.

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U.S. Man Jailed for 25 Years over $400 mn Ponzi Scheme

A U.S. federal court on Friday sentenced a New York-based man to 25 years in prison after he admitted stealing more than $195 million from thousands of investors in a $400 million Ponzi scheme.

Nicholas Cosmo -- who ran two New York investment companies, Agape World Inc. and Agape Merchant Advance -- was ordered by U.S. District Court Judge Denis Hurley to pay $179 million in restitution to his victims.

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'Occupy' Activists Launch Worldwide Protests

Activists scuffled with police in London and decried the wealthy in Hong Kong on Saturday as an unprecedented outcry against corporate greed and government cutbacks spread worldwide.

Inspired by America's "Occupy Wall Street" and Spain's "Indignants", people took to the streets in a rolling action targeting 951 cities in 82 countries from Asia to Europe, Africa and the Americas.

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Draft Statement: G20 Commits to Ensuring IMF has Adequate Resources

G20 nations are committed to ensuring the International Monetary Fund has adequate resources to deal with the debt crisis, a draft statement from finance chiefs meeting in Paris said Saturday.

The G20 bloc of leading economies will hold further talks on the subject during a summit in the French city of Cannes on November 3 and 4, sources close to the negotiations told Agence France Presse.

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India's Tata to Launch Nano Car in Bangladesh

India's Tata Nano, billed as the world's cheapest car, will go on sale in Bangladesh on Saturday -- but with a price tag nearly triple what it is at home.

The least expensive no-frills Nano will cost 599,000 taka ($7,900), said Abdul Matlub Ahmad, director of Nitol Motors -- Tata's sole distributor in Bangladesh.

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Libya to Investigate 'Every Penny' in Oil Graft Probe

Libya's new government vowed on Thursday to investigate "every penny" of suspicious oil contracts signed under the former regime, responsible for what it described as "unbelievable" corruption.

"Any corruption under the previous regime will be investigated... There will be specialized committees that will look into all these contracts and agreements starting with the oil sector," the National Transitional Council's oil and finance minister, Ali Tarhuni, told a news conference in Tripoli.

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