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Reuters

China looks set to hit its full-year growth target of 8% after a surprisingly strong second quarter notable for a surge in investment driven by powerful fiscal and monetary stimulus.

Annual gross domestic product growth accelerated in the second quarter to 7.9 percent from 6.1 percent in the first quarter, making China the best-performing major economy and reinforcing hopes that the world economy is pulling out of its deepest recession in 80 years.

 

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arclein

The government will invest 107 trillion ($84.4 billion dollars), or 2.0 percent of gross domestic product every year, over the next five years in an effort to reduce reliance on fossil fuels, Lee's office said. The scheme will help create up to 1.81 million new jobs and generate about 206 trillion won in economic output, it said. The government will also boost spending on green technology products such as solar-powered batteries and hybrid vehicles, it said.

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Bill Bonner for LewRockwell.com

“Switzerland at war with the rest of the world,” begins an update from colleague, Cecile Chevre, in Paris.

The Swiss usually manage to stay out of wars. They do it by being heavily armed. Even the yodelers have softened up lately, but until recently every able-bodied man was required to serve in the Swiss Army. He had to keep his rifle at home…and each year he had to prove that he knew how to use it.

During WWII, the Germans considered invading Switzerland. According to legend, a top German general met with Switzerland’s top military man on the border.

“We have twice as many men on the border as you do,” said the German. “What would you do if we launched an attack?”

“The answer is very obvious,” replied the Swiss general. “I would tell each of my men to shoot twice.”

But now Switzerland is up against even worse odds. Switzerland has long been a haven for people with money. And life is getting tougher for the rich…as well as for those

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arclein

Some 2,000 families live from fishing in Tyre, a city of 100,000 located near the border with Israel, says Khalil Taha, head of the local fishermen's syndicate. In the city's heyday, a fisherman would easily earn 500 dollars a week, but that figure is now closer to 200 dollars for an entire month, well below the minimum wage of 333 dollars, Taha said.

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Reuters

Asian stocks edged up slightly on Tuesday but struggled after a slide the previous day, while the yen held gains against higher-yielding currencies as investors doubt the speed of the global economy's recovery. A bleak U.S. jobs report last week has prompted portfolio managers to reassess how quickly economies around the world can return to growth after the deep recession, spurring a pull-b

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The Guardian

A campaign to boost sales of the Zimbabwean, a newspaper that attacked Robert Mugabe's regime by using the troubled country's almost worthless bank notes to make billboard adverts, has won the top award in the outdoor category at the Cannes Lions International Advertising Festival.

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AFP

A decision by China to reduce its US Treasury holdings suggests concern about the US attitude towards its economic woes, Chinese economists said.

Coming after a modest decline in Chinese investments in US government bonds, were in contrast to an earlier statement in Beijing which had said the recent sell-off was a routine transaction.

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