Saturday,  Feb. 23, 2014 • Vol. 16--No. 222 • 44 of 49

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G-20 finance chiefs vow to boost world economy by $2 trillion over next 5 years

• SYDNEY (AP) -- Finance chiefs from the 20 largest economies agreed Sunday to implement policies that will boost world GDP by more than $2 trillion over the coming five years.
• Australian Treasurer Joe Hockey, who hosted the Group of 20 meeting in Sydney, said the commitment from the G-20 finance ministers and central bankers was "unprecedented."
• The world economy has sputtered since the 2008 financial crisis and global recession that followed. Progress in returning economic growth to pre-crisis levels has been hampered by austerity policies in Europe, high unemployment in the U.S. and a cooling of China's torrid expansion.
• The centerpiece of the $2 trillion commitment made at the Sydney meeting is to boost the combined gross domestic product of G-20 countries by 2 percent above the levels expected for the next five years, possibly creating tens of millions of new jobs. World GDP was about $72 trillion in 2012.
• The G-20 combines the world's major industrialized and developing countries from the United States to Saudi Arabia and China, representing about 85 percent of the global economy.
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Climate change, executive power at issue in environmental case at Supreme Court

• WASHINGTON (AP) -- Industry groups and Republican-led states are heading an attack at the Supreme Court against the Obama administration's sole means of trying to limit power-plant and factory emissions of gases blamed for global warming.
• As President Barack Obama pledges to act on environmental and other matters when Congress doesn't, or won't, opponents of regulating carbon dioxide and other heat-trapping gases cast the rule as a power grab of historic proportions.
• The court is hearing arguments Monday about a small but important piece of the Environmental Protection Agency's plans to cut the emissions -- a requirement that companies expanding industrial facilities or building new ones that would increase overall pollution must also evaluate ways to reduce the carbon they release.

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