Doctors Use Euphemism for $2.4 Billion in Needless Stents

Doctors Use Euphemism for $2.4 Billion in Needless Stents

The American College of Cardiology is changing its guidelines for when implanting coronary stents is appropriate — by banishing the term “inappropriate.” Next year, the main U.S. heart-doctor group will remove the word it has used since 2009 to describe cases where people don’t need the metal-mesh tubes in their blood vessels. The label has become a liability in treatment disputes with insurers and regulators, said Robert Hendel, who led the effort that updated the wording. “The term ‘inappropriate’ caused such a visceral response,” said Hendel, a cardiologist at the University of Miami. “A lot of regulators and payers were saying, ‘If it’s inappropriate, why should we pay for it, and why should it be done at all?’” The cardiology group replaced the “Inappropriate” label with “Rarely Appropriate.” Another category — cases in which there’s medical doubt — will switch from “Uncertain” to “May be Appropriate.” Read more of this post

China’s accounting industry matures with challenges

China’s accounting industry matures with challenges

(Xinhua)    20:51, October 29, 2013

China’s certified public accounting industry has grown to be worth over 50 billion yuansince the sector was re-established in the 1980s. Significant regulatory developments have accompanied its rapid progress. One regulatorystep China has taken ahead of Europe and the United States is mandatory rotation ofauditing irms.
The idea of forcing companies to change bookkeepers gained momentum after the 2008global financial crisis. Taxpayers were furious that some banks were given a clean bill ofhealth but later rescued using public cash. Read more of this post

China Baidu’s financial foray shows online finance rush; Baidu triggers alarm bells with launch of Baifa mutual funds

China: Baidu’s financial foray shows online finance rush

Oct 29, 2013 11:28am by Lydia Guo

Baidu, China’s dominant search engine, started its online financial service on Monday in an attempt to compete with rivals such as Alibaba, who have already pushed aggressively into Chinese financial sector. It wasn’t exactly smooth running. Baidu’s financial services platform made its debut on October 28, introducing a financial product in conjunction with China Asset Management, which was offering an 8 per cent annual return in its original promotional material. However, the ad fell foul of the financial regulator, and the site was overwhelmed with traffic. The missteps show how much of a rush the big internet companies are to get into online finance. The China Securities Regulatory Commission said on its official Weibo account that it is against the rules to estimate or promise the return of a fund. CSRC said it would verify whether Baidu has followed compliance rules based on written documents submitted by the company. Baidu has already pulled the 8 per cent advertisement and said it would “offer [a] better online financial service experience under the guidance of relevant regulators”. But many of Baidu customers were frustrated on the service’s first day. People hungry for the attractive yields couldn’t log into the platform for much of the morning, and those who managed to log in complained the complexity of process. Baidu said that the platform problem was because of too many visitors – hardly a good excuse from China’s biggest internet company. The service was back to normal in the aftern on, and with more than 120,000 users the Rbm1bn product was oversubscribed. Read more of this post

Tom Friedman Is Too Optimistic About China’s Schools

Tom Friedman Is Too Optimistic About China’s Schools

By Adam Minter  Oct 29, 2013

The New York Times recently published “The Shanghai Secret,” a column by Thomas Friedman that explained how Shanghai’s students received the world’s top scores on the 2009 Program for International Student Assessment exams. Administered every three years (the 2012 results will be released Dec. 3), PISA is designed to assess how well 15-year-olds worldwide are prepared to apply their educations to real-world situations. Read more of this post

Click and clink: Amazon selling wine in China

Click and clink: Amazon selling wine in China

Updated: 2013-10-30 07:21

By YU WEI in San Francisco (China Daily USA)

After launching its first shipment of directly imported US wines into China, Amazon China,’s branch there, said the wines have received a very good response in the country, especially in Shanghai. “The direct-sales model gives our wines quality assurance and more cost-effectiveness,” said Niu Yinghua, vice-president of Amazon China. “Consumers can easily have fine wines from thousands of miles away to by clicking” Read more of this post

Chinese President Xi Jinping and the six other top officials reportedly were at Tiananmen Square on Monday when a vehicle crashed and exploded nearby, leaving five dead

China leaders were nearby during apparent Tiananmen Square attack

By Barbara Demick

October 29, 2013, 5:07 a.m.

BEIJING — Chinese President Xi Jinping and the six other top officials reportedly were at Tiananmen Square on Monday when a vehicle crashed and exploded nearby, leaving five dead. Although there is no indication that the physical safety of the leaders, who were attending meetings inside the Great Hall of the People, was jeopardized, the apparent suicide attack so close to the epicenter of power rattled the Chinese government and has raised doubts about the effectiveness of its often-stifling security apparatus. Read more of this post

South Korea’s financial authorities will take disciplinary actions against banks for their negligence to be on the lookout for the default of conglomerates.

Banks to face penalties over negligent lookout for default of conglomerates

2013.10.30 11:28:58

South Korea’s financial authorities will take disciplinary actions against banks for their negligence to be on the lookout for the default of conglomerates. The authorities will also increase the number of conglomerates who commit to improving financial structure to prevent another collapse of conglomerate as Tong Yang Group did. After Tong Yang Group’s subsidiaries filed for court receivership, the Financial Supervisory Service (FSS) decided to conduct a thorough evaluation of main creditor banks during its bank assessment to strengthen accountability of financial firms, said sources in the financial sector Wednesday.  Read more of this post

Moody’s Discussed Stripping New Zealand of Last AAA Rating

Moody’s Discussed Stripping New Zealand of Last AAA Rating

Moody’s Investors Service considered stripping New Zealand of its sole remaining top credit rating amid concern the nation’s current-account deficit is exacerbating its vulnerability to external shocks. New Zealand’s reliance on overseas investors means it can face difficulties when crises such as the Christchurch earthquakes and Fonterra Cooperative Group Ltd.’s contaminated milk scare occur, Steven Hess, Senior Vice President at Moody’s in New York, said in an interview in Wellington today. The kiwi fell today to a four-week low. Read more of this post

Madoff Money to Japan Mob Ties Breed Banks’ Global Pains

Madoff Money to Japan Mob Ties Breed Banks’ Global Pains

Japanese regulators said they’re looking for loans to gangsters by the nation’s three biggest banks. The 115-year-old Dutch lender Rabobank Groep was fined more than $1 billion for rigging interest rates. Deutsche Bank AG (DBK) and UBS AG (UBSN), Germany and Switzerland’s biggest lenders, both said they’re facing investigations into currency manipulation. It was another day in global banking. Read more of this post

India equities enjoy stunning rebound

October 29, 2013 1:52 pm

India equities enjoy stunning rebound

By James Crabtree

“Crisis? What crisis?” This seems to be the new motto for Indian markets. Stocks have built on a startling recovery, shrugging off a period of currency freefall and capital flight that had threatened to turn into a full-fledged crisis. The buoyant mood seemed confirmed on Tuesday, as Reserve Bank of India governor Raghuram Rajan’s decision to raise interest rates sent equities nearly 2 per cent higher. The benchmark Sensex index closed at 20,929, just a fraction below its all-time closing high, set last week. Read more of this post

‘We buy the best companies – and many of them happen to be Australian’

‘We buy the best companies – and many of them happen to be Australian’

Fund manager Jason Pidcock of Newton explains why he is optimistic about prospects down under

By Jason Pidcock

12:47PM GMT 29 Oct 2013

We maintain a constructive view on the Australian economy, market and currency. While we are more positive than most of our peers, who have been swayed by some excessive pessimism; it is worth pointing out that we do not have an aggressively large holding of Australian shares in our funds. As always, our aim is to look for the best companies, wherever they may be listed, and Australia happens to provide us with a lot of candidates, especially for the Income fund. The weighting of the portfolio to Australia is purely a function of that. Read more of this post

Will Starbucks’ push into tea hurt its coffee shops?


October 30, 2013 12:07 am

Will Starbucks’ push into tea hurt its coffee shops?

The Teavana bar’s opening raises questions about how to avoid competing with the original business


Starbucks opened its first Teavana bar in New York last week. CEO Howard Schultz said he was not worried about cannibalising the coffee chain because “most people who are tea drinkers are not crossing over to coffee”. When launching similar products, how do you avoid competing with your original business? Read more of this post

For Once-Mighty Sears, Pictures of Decay; “Every store has something fundamentally wrong with it.”

OCTOBER 29, 2013, 8:41 AM

For Once-Mighty Sears, Pictures of Decay


Updated, 8:46 p.m. | When Brian Sozzi, the chief executive of Belus Capital Advisors, visited Sears locations in New York and New Jersey this month, he said, he found barren shelves, haphazard displays and badly stained carpets. Also missing: customers. “It’s just badness throughout,” Mr. Sozzi said in an interview. “Every store has something fundamentally wrong with it.” Read more of this post

World is entering devastating chocolate crisis

2013-10-29 17:03

World is entering devastating chocolate crisis

By Doug Bandow
Attention in Washington remains focused on the government shutdown. But a far more important issue confronts America while the president and congressional leaders dither: rising chocolate prices. When will the government address this terrifying global crisis? Cocoa trees have been cultivated for thousands of years. The early Mesoamericans, including the Aztecs and Mayans, turned the beans into cocoa solids, liquid, and butter. These peoples were serious about their chocolate, offering cocoa beans as gifts for the gods and using cocoa drinks in sacred ceremonies. Read more of this post

‘Allergy-free’ milk firm reaches £1m sales, disrupting the traditional dairy market

‘Allergy-free’ milk firm reaches £1m sales

Milk producer a2 has chalked up £1m of sales in Britain and Ireland since its launch a year ago, despite a fire that razed its Droitwich dairy earlier this month.

By Anna White, Enterprise Correspondent

6:00AM GMT 29 Oct 2013

The Anglo-New Zealand business – a collaboration between the British company Müller Wiseman Dairies and Auckland – has disrupted the traditional dairy market, claiming to produce a type of milk that does not create lactose intolerances. The milk manufacturer, which now sells into 1,000 stores across the UK, markets milk containing the A2 protein. Read more of this post

Humble roadside stall blossoms into successful family business

Humble roadside stall blossoms into successful family business


Wednesday, Oct 30, 2013

P. Aruna

The Star/Asia News Network

MALAYSIA – What had started as a roadside stall with the daily budget of RM15 (S$5.90) to buy some chicken and herbs, has today become a successful family business for Nurul Sakinah Abdullah. Currently, the 42-year-old earns at least RM4,000 each day and has hired seven permanent workers at her shop in Seremban. Her brand of “Ayam Panggang Kenyalang” or “Kenyalang roast chicken” has gained fame since she established the business there in 2004. She gets up to three big orders each week to cater food for wedding functions and also sells her marinade recipe to those who want to make their own versions of her famous roasted chicken. Read more of this post

Singapore’s Sky One share price collapse of over 90% in one day; “A lot of people lost a lot of money on these. What’s on the street right now is, ‘Oh gosh, what’s next?’ This needs to stop . . . Why don’t we just set everything back to zero, start all over again? Press the reset button.”


Brokers raise shields with Sky One falling


SGX has so far only queried Sky One, but not intervened in the trading of its shares – PHOTO: SPH

‘SGX might as well switch off its system at this rate. Its poor communication has killed what’s left of the penny stock market,’ a broker complained.

[SINGAPORE] Sky One Holdings’ collapse on Monday prompted a number of brokers to update their lists of restricted stocks this week, raising questions about why the Singapore Exchange (SGX) did not impose trading curbs as it had done with three other stocks a few weeks earlier. Trading in shares of Sky One, a logistics provider being targeted in a reverse takeover (RTO) by a coal- mining business, whose stock fell as much as 91 per cent early Monday before being halted, is currently restricted at several brokers, including AmFraser, CIMB, DMG, OCBC Securities and UOB Kay Hian, according to market sources and some of the brokers’ own websites. Read more of this post

A new space tourism company named World View unveiled its plans to loft passengers to the stratosphere as early as 2015, not by rocket but by giant balloon. Price: $75,000. (Drinks included.)

October 22, 2013

Balloon Ride to Offer Expansive View, for a Price



A rendering of the balloon, which would climb about 18.5 miles and stay up for a couple of hours before its promised gentle descent.

And now, a high-altitude adventure for the leisure class, people who do not want to be jostled as they sip Champagne and gaze down at Earth’s curved blue surface. A new space tourism company named World View unveiled its plans on Tuesday to loft passengers to the stratosphere as early as 2015, not by rocket but by giant balloon. Price: $75,000. (Drinks included.) World View is led by the same people involved in Inspiration Mars, a private endeavor to launch two people in 2018 to a flyby of the red planet. Read more of this post

Attack innovation the ‘special forces’ way

Attack innovation the ‘special forces’ way



Over the past 50 years, the Pentagon’s Defense Advanced Research Projects Agency (DARPA) has produced an unparalleled number of breakthroughs. Arguably, it has the most consistent track record of radical invention in history. Its innovations include the Internet, stealth technology and unmanned aerial vehicles, or drones. Though the United States military was the original customer for DARPA’s applications, the agency’s innovations have played a central role in creating a host of multi-billion-dollar industries. What makes DARPA’s long list of accomplishments even more impressive is the agency’s swiftness in developing breakthroughs, as well as its relatively tiny size and comparatively modest budget. Read more of this post

Sony’s Hirai Mixes Camera With Phone Geeks to Catch Apple

Sony’s Hirai Mixes Camera With Phone Geeks to Catch Apple

For Kazuo Hirai, creating Sony Corp. (6758)’s flagship smartphone was too important to be left to the company’s mobile-phone experts. Taking aim at a $310 billion market dominated by Samsung Electronics Co.’s Galaxy and Apple Inc. (AAPL)’s iPhone, Sony’s chief executive officer sent dozens of his company’s camera engineers to its phone division last year to give the Xperia Z handset advanced photography capabilities. It was a big change for a company whose units haven’t been used to collaborating on their thousands of consumer products. Read more of this post

Phantom Ships Expose Weakness in Vessel-Tracking System: Freight

Phantom Ships Expose Weakness in Vessel-Tracking System: Freight

Shippers, traders and researchers monitoring global vessel traffic in the past six months might have seen an imaginary U.S. ferry sail to North Korea, a tugboat go from the Mississippi River to a Dallas lake in two minutes and the path of a fake Italian yacht spelling out PWNED — hacker slang for “defeated.” These false signals, orchestrated by Trend Micro Inc., a Tokyo-based Internet security company, were designed to expose vulnerabilities in the mandatory system used to track merchant vessels worldwide. With the network that was built to improve safety at sea unprotected against hackers, phony tracks could lead to collisions and other accidents, according to the International Chamber of Shipping, a trade association representing more than 80 percent of the fleet. Read more of this post

Motorola aims for do-it-yourself smartphones

Motorola aims for do-it-yourself smartphones

3:56pm EDT

By Noel Randewich

SAN FRANCISCO (Reuters) – Motorola wants to let consumers design their own smarpthones. The Google-owned manufacturer has launched Project Ara to create a free, open and standardized platform to let people pick and choose the components they want in their phones, Motorola said in a blogpost this week. The goal is to create a standard endoskeleton, or frame, that can hold different modules, like extra-powerful processors, additional batteries or memory chips for storing more music, all based on the customer’s preferences. Read more of this post

Google+ rolls out movie-making features, claims 300 million users

Google+ rolls out movie-making features, claims 300 million users

3:04pm EDT

By Alexei Oreskovic

(Reuters) – Google Inc on Tuesday unveiled new technology that creates polished movies, complete with music soundtracks, from collections of home videos and photos that users post on its fledgling Google+ social network. The new features mark Google’s latest move to try and differentiate its 2-year-old social network from Facebook, the world’s No. 1 online social network with 1.15 billion users. Read more of this post

Google Nears Smartwatch Launch; Company In Talks With Asian Suppliers for Mass Production

Google Nears Smartwatch Launch

Company In Talks With Asian Suppliers for Mass Production


Oct. 29, 2013 6:03 a.m. ET


Google’s smartwatch is in late-stage development and the device, which will run on Android, will be integrated with Google Now, the company’s digital assistant. The WSJ’s Yun-Hee Kim speaks with Eva Dou about what to expect from Google’s smartwatch. TAIPEI— Google Inc. GOOG +2.09% ‘s smartwatch is in late-stage development and the company is in talks with Asian suppliers to begin mass production of the device, people familiar with the matter said. Read more of this post

Zoomlion, Press Crackdowns and China’s Economy; Criminalizing business journalism damages investor confidence

Zoomlion, Press Crackdowns and China’s Economy

Criminalizing business journalism damages investor confidence.

Updated Oct. 29, 2013 5:04 p.m. ET

Beijing’s ongoing crackdown on media freedom is bad enough in political terms. But the case of Chen Yongzhou, the latest reporter to run afoul of the police, highlights the extent to which it’s also an economic problem. Mr. Chen was arrested October 18 in connection with his reporting on alleged financial shenanigans at construction-equipment manufacturer Zoomlion. Mr. Chen’s articles in the Guangzhou-based New Express newspaper claimed that Zoomlion forged various financial documents to conceal accounting improprieties and may also have been involved in the “loss”—to use state television’s word—of government property. Zoomlion has consistently denied these allegations. Read more of this post

Political Gridlock, Beijing Style; With Plenum Weeks Away, Few Signs of Reform

Political Gridlock, Beijing Style

With Plenum Weeks Away, Few Signs of Reform


Updated Oct. 29, 2013 11:11 a.m. ET

A high-level meeting in Beijing, which will set China’s economic course for the next decade, is expected to deliver only narrow reforms. The WSJ’s Michael Arnold speaks to Andrew Browne about China’s economic roadmap.

BEIJING—To admirers outside the country, China’s political system stands far above the dysfunctional democracies of the West in one regard: its ability to act decisively and deliver results that boost economic growth. Think of the flood of investment that enabled China to sail through the recent “Great Recession,” the dizzying roll out of high-speed rail, or even the spectacular 2008 Olympics. Read more of this post

NQ Mobile Halts Muddy Waters-Led Rout, Rises First Time in Seven Days on Deposit Verification

NQ Mobile Halts Muddy Waters-Led Rout: China Overnight

NQ Mobile Inc. (NQ) jumped 25 percent, leading gains in Chinese equities traded in New York, after taking further steps to refute allegations by Muddy Waters LLC that sank the stock by 62 percent in the previous three days. American depositary receipts of NQ Mobile, a mobile-services provider, surged to $11.01 yesterday, advancing for the first time since Oct. 18. Muddy Waters, the research firm founded by short seller Carson Block, said in an Oct. 24 report that the company inflated revenue and misrepresented cash balances. NQ Mobile denied the allegations. The Bloomberg China-US Index of the most traded Chinese stocks in the U.S. climbed 1.7 percent to 102.6, set for a fourth monthly gain. Read more of this post

China’s anti-pollution drive risks running out of gas

China’s anti-pollution drive risks running out of gas

8:40pm EDT

By Adam Rose and David Stanway

BEIJING (Reuters) – A chronic shortage of natural gas is hurting China’s plan to move away from burning coal to heat homes and offices, raising the prospect of more choking air pollution this winter and beyond. The problem is worst in northern China, where air pollution mainly caused by decades of reliance on coal has lowered life expectancy by an estimated 5.5 years compared to the south, Chinese and international researchers said in July. Read more of this post

Apple Expands China Business, Moving Beyond Big Cities

Apple Expands China Business, Moving Beyond Big Cities

Apple Inc. (AAPL) Chief Executive Officer Tim Cook is working to broaden the company’s distribution in China as a way to reignite growth after the iPhone maker reported its first decline in annual profit in at least a decade. Cook said Apple is expanding how it sells the iPhone and iPad tablet in China, focusing on areas outside the country’s largest cities. The Cupertino, California-based company is adding more outlets besides Apple stores to sell its devices, and the iPhone is now available in 50 percent more stores in the country than last year, he said on a conference call this week. Read more of this post

Infosys’ Record Fine Targets Outsourcing Abuses

Infosys’ Record Fine Targets Outsourcing Abuses

A record fine against Infosys Ltd. (INFY) targets outsourcing companies and their alleged abuse of existing immigration laws to feed the insatiable desire for highly skilled engineers in the U.S. Infosys has been sending employees to the U.S. with B-1 visitor visas, letting it sidestep caps on H1-Bs — the permits designed for high-tech workers. To settle the case, the company agreed to $35 million penalty with the U.S. Attorney’s Office for the Eastern District of Texas that will be announced today, said two people familiar with the matter. The fine would be the largest ever for the outsourcing industry, which manages tasks for customers using a mix of on- and offshore labor. Read more of this post

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