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China should probe foreign luxury carmakers over prices: Xinhua

China should probe foreign luxury carmakers over prices: Xinhua

Monday, Jul 29, 2013

Reuters

SHANGHAI – Foreign carmakers are reaping exorbitant profits selling imported luxury cars in China and should face an anti-trust investigation, the official Xinhua News Agency said, in what may amount to a shot across the bow of foreign auto firms. Xinhua said that in the wake of investigations into how foreign companies in other sectors price their goods, the question of imported cars had become a contentious topic. Foreign milk formula makers and pharmaceutical companies have come under intense regulatory scrutiny in recent weeks, especially over pricing. Separately, Chinese police have accused British drugmaker GlaxoSmithKline of bribery. Read more of this post

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The Near-Zero Interest Rate Trap; If long-term rates rise to normal levels, banks holding government bonds would be de-capitalized—a disaster

July 29, 2013, 7:04 p.m. ET

Ronald McKinnon: The Near-Zero Interest Rate Trap

If long-term rates rise to normal levels, banks holding government bonds would be de-capitalized—a disaster.

RONALD I. MCKINNON

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The conventional critique of the Federal Reserve’s policies of near-zero interest rates and massive monetary expansion is that they risk kindling excess aggregate demand and high inflation. Yet inflation world-wide remains low, and some major trading partners of the United States, such as Japan and now China, are worried about deflation. China’s Producer Price Index fell 2.7% in June, the 16th consecutive monthly decline. Read more of this post

Bacteria linked to gum disease traveled to the brains of people with Alzheimer’s disease, suggesting that dental hygiene plays a role in the development of the memory-robbing illness

Bacteria in Brains Suggest Alzheimer’s-Gum Disease Link

Bacteria linked to gum disease traveled to the brains of people with Alzheimer’s disease, suggesting that dental hygiene plays a role in the development of the memory-robbing illness, British researchers said.

Signs of the bacterium, known as Porphyromonas gingivalis, were found in four out of 10 samples of brain tissue from Alzheimer’s patients, while no signs of the bug were found in 10 brains from people of similar age who never developed dementia, according to the results of the study published in the Journal of Alzheimer’s Disease. Read more of this post

Overuse of antibiotics has caused growing resistance to drugs, and many scientists say their heavy use on farm animals is a major culprit

July 29, 2013

Tracing Germs Through the Aisles

By SABRINA TAVERNISE

Twice a month for a year, Lance Price, a microbiologist at George Washington University, sent his researchers out to buy every brand of chicken, turkey and pork on sale in each of the major grocery stores in Flagstaff, Ariz. As scientists pushed carts heaped with meat through the aisles, curious shoppers sometimes asked if they were on the Atkins diet.

In fact, Professor Price and his team are trying to answer worrisome questions about the spread of antibiotic-resistant germs to people from animals raised on industrial farms. Specifically, they are trying to figure out how many people in one American city are getting urinary infections from meat from the grocery store. Read more of this post

Some of the top scientists in cancer research are recommending sweeping changes in the approach to detection and treatment, including eliminating the word cancer entirely from some common diagnoses.

JULY 29, 2013, 11:00 AM

Scientists Seek to Rein In Diagnoses of Cancer

By TARA PARKER-POPE

A group of experts advising the nation’s premier cancer research institution has recommended sweeping changes in the approach to cancer detection and treatment, including changes in the very definition of cancer and eliminating the word entirely from some common diagnoses.

The recommendations, from a working group of the National Cancer Institute, were published on Monday in the Journal of the American Medical Association. They say, for instance, that some premalignant conditions, like one that affects the breast called ductal carcinoma in situ, which many doctors agree is not cancer, should be renamed to exclude the word carcinoma so that patients are less frightened and less likely to seek what may be unneeded and potentially harmful treatments that can include the surgical removal of the breast. The group, which includes some of the top scientists in cancer research, also suggested that many lesions detected during breast, prostate, thyroid, lung and other cancer screenings should not be called cancer at all but should instead be reclassified as IDLE conditions, which stands for “indolent lesions of epithelial origin.” Read more of this post

Tycoon “Superman” Li Ka-Shing’s ParknShop struggles to turn subleasing business profitable

ParknShop struggles to turn subleasing business profitable

Staff Reporter

2013-07-30

Speculation is intensifying over the intention of Hong Kong-based Hutchison Whampoa, one of the largest companies listed on the Hong Kong stock exchange, to sell its supermarket chain Taste International ParknShop. The chain has posted worse-than-expected results in both Hong Kong and mainland China, according to the Chinese-language New Express Daily. Chen Xianming, a senior analyst at Taiping Securities, feels Hutchison Whampoa’s business development has matured, with lower marginal profits. If the company does seek to sell ParknShop, it should be seen as a positive move given the fierce competition the conglomerate faces in mainland China. Read more of this post

HK Commercial Crime Bureau is believed to have started investigating the company China Metal Recycling for allegedly faking its balance sheet

(773) China Metal Recycling:
Apple Daily reported that HK Police arrested 2 individuals related to China Metal Recycling last Friday, and the Commercial Crime Bureau is believed to have started investigating the company for allegedly faking its balance sheet. Officers visited the company’s offices in Central on Friday and Saturday, taking away documents.
(773 HK) @ HK$: market cap. US$0.0m, daily liquidity US$0.0m. Broker forecasts:  buys,  holds,  sells, 0.0x current year P/E, 0.0% yield.

(773) China Metal Recycling: SFC has presented a petition to the Court of First Instance to wind up China Metal Recycling (Holdings) Limited. These applications follow an SFC investigation that found evidence suggesting that China Metal Recycling has overstated its financial position in the prospectus used for its initial public offering in 2009 and in its annual report for 2009. The SFC alleges that this was achieved by inflating the size of the company’s business and the amount of revenue generated by its major subsidiary. The SFC alleges that an overwhelming majority of the subsidiary’s purported purchases from its three major suppliers for the financial years ended 31 December 2007, 2008 and 2009 were fictitious by escalating amounts in each successive year. The SFC’s investigation also found evidence showing that the suspected exaggeration of China Metal Recycling’s financial situation remains a current issue that would affect its 2012 financial results, which to date remain unissued . China Metal Recycling said an order was granted by the High Court of the Hong Kong Special Administrative Region on 26 July 2013 appointing Cosimo Borrelli and Chi Lai Man Jocelyn, both of Borrelli Walsh Limited, as provisional liquidators to Chin a Metal Recycling on the application of the SFC. In response to the SFC’s file, the single largest shareholder of the company, Wellrun Limited expressed objection, saying that the act does not meet the interests of shareholders. The Company has arranged legal counsel to follow the issue.

Two nabbed as SFC says China Metal lied
Victor Cheung
Tuesday, July 30, 2013
Hong Kong police is understood to have arrested two individuals related to China Metal Recycling (0773) on Friday, it was learned last night. The Commercial Crime Bureau is believed to have started investigating the company on Friday for allegedly faking its balance sheet. Officers visited the company’s offices in Central on Friday and Saturday, taking away documents. One of the individuals arrested is a 46-year old man surnamed Lam and another is a 42-year old woman surnamed Lai. Both are locals and currently on bail. The Securities and Futures Commission, which is seeking to liquidate China Metal Recycling, yesterday accused the firm of inflating the size of its business and revenue before listing in 2009. The regulator, which applied on Friday to wind up the listed firm under the Securities and Futures Ordinance in a first, said China Metal had overstated its financial position in the prospectus used for its June 2009 initial public offering that raised HK$1.55 billion. An “overwhelming majority” of purported purchases by one of the firm’s subsidiaries from its three major suppliers for 2007-09, were “fictitious by escalating amounts in each successive year,” the SFC alleged. With the court granting orders to appoint Borrelli Walsh as provisional liquidators, the board of directors will be suspended. The court would void any disposition of the firm’s property and any share transfers. The matter will return to the court for a hearing on Friday. China Metal chairman and major shareholder Chun Chi-wai yesterday objected to the winding up, saying the move would not be beneficial for shareholders. The Guangzhou-based firm’s shares have been suspended since January 28 after shortseller Glaucus Research made allegations against it. Just three days before, Chun signed a deal to sell 29 percent of the state-owned firm for HK$3.4 billion. Deloitte, the auditor for China Metal, said there is no suggestion of any fault on its part.

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