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Nepal And The World News In Brief (3 - 9 March 2013)

  2 min 10 sec to read

US Economic Growth Rate Revised Down
The US economy grew at a much slower rate from October to December than originally predicted, the US Commerce Department said. US gross domestic product (GDP) grew at an annualised rate of 2.4% in the fourth quarter of 2013, down from an initial estimate of 3.2%. The revision is down to weaker than expected consumer spending due to severe winter weather. 
 
Major Bitcoin Exchange Files for Bankruptcy
After weeks of speculation over its financial health, the beleaguered  Bitcoin exchange Mt. Gox has filed for bankruptcy protection. A company lawyer made the announcement at an impromptu news conference held at Tokyo District Court, according to The Wall Street Journal. Mt. Gox says it has ¥6.5 billion ($63.9 million) in liabilities at present. Mt. Gox suspended Bitcoin withdrawals in early February, ultimately blaming a transaction bug that could have led to theft. The exchange went offline altogether on Monday amid reports that 744,000 bitcoins had been stolen. 
 
Japanese on Spending Spree Ahead of Sales Tax Rise
Japanese consumers are on a spending spree ahead of a sales tax hike, and companies are increasing production to meet increased demand. The country’s retail sales grew 4.4% in January compared to a year ago, marking a sixth straight month of gains. Industrial production rose by 4% in January, marking the second straight monthly jump in factory activity. Most of the spending and production increase is due to a rush in purchases ahead of higher sales tax in April.
 
Ukrainian currency hits 10-year low
Ukraine’s currency, the hryvnia, has fallen to a new low of 10 to the US dollar. The currency’s decline reflects political upheavals and longer-term persistent economic weakness. But it is also likely to aggravate those underlying problems and adds to Ukraine’s need for international financial assistance. 
 
UK Govt Considers Visa Auctions for Millionaires
Visas to settle down in Britain could be auctioned to some of the wealthiest bidders under new proposals being considered by the UK government. Under the proposal, overseas millionaires will be invited to bid for a limited proportion of investor or Tier 1 UK visas that allow holders and their families to live indefinitely in Britain. 

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