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Growth for the world’s largest exporter hit its slowest pace in three years as demand for Chinese products waned in the U.S., Europe and elsewhere, prompting the country’s leaders to encourage investment with stimulus measures.

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A 0.2 percent dip in GDP at the end of 2011, which followed a drastic decline in the third quarter, has thrown Ireland back into recession, alongside Belgium, the Netherlands, Italy, Portugal and Greece, and begs the question of whether austerity is the answer to Europe’s economic woes.

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ITT, the premier night vision equipment supplier to the US military, will pay $100 million in fines for violating the Arms Exports Control Act by sending sensitive information to China, Singapore and Britain without permission The U attorney in charge of the case said American soldiers were the "principal victims of ITT's crimes".

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