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The Associated Press October 13, 2010, 10:39PM ET

Mexico's Slim: Jobs not charity will end poverty

Mexican billionaire Carlos Slim says the only way to get people out of poverty is by giving them jobs and not just charity.

Slim says modern society is based on the welfare of others and, in his words: "the best investment we can make is to fight poverty."

He has said he has no interest in competing with U.S. billionaires Bill Gates and Warren Buffett, who have donated large portions of their fortunes to charities.

Slim, one of the world's richest men, owns Telefonos de Mexico SA, which controls more than 90 percent of Mexico's fixed phone lines. His other business holdings run the gamut from construction to music, restaurants to cigarettes.

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