Spreadex Market Update
Asian shares climb
Scheduled to take effect at 11:59pm (4:59 UK) tonight are the much talked about sequestration cuts. With the two major political parties failing to find middle ground in congress, cuts are set to take place in all walks of life from; reduced pay checks for those employed by the government, cutbacks in food inspection and Closure of public attractions.
The International Monetary Fund warned the cuts could slow the U.S. and world economies. The full brunt of the automatic cuts will be borne over seven months and Congress can stop them at any time if the two parties agrees on how to do so.
Groupon Inc has fired CEO Andrew Mason following dismal quarterly results that saw around 25% of the share value wiped out. Upon leaving the struggling company, Mason admitted to his “failure” in a leaving memo.
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