NEW DELHI, Feb 15: Zinc futures prices today fell 0.21 per cent to Rs 117.05 per kg as participants reduced their positions,triggered by a subdued demand at spot markets.
At the Multi Commodity Exchange, zinc for delivery in February traded lower by 25 paise, or 0.21 per cent, to Rs 117.05 per kg, with a business turnover of 686 lots.
The metal for delivery in March fell by a similar margin to trade at Rs 117.90 per kg in a turnover of 82 lots.
Marketmen said the fall in zinc prices at futures trade was mostly in line with a weak trend at the spot markets due to subdued demand but metal’s strength at the London Metal Exchange, limited the fall. (PTI)
Zinc futures down 0.21 pc on subdued demand
Cancer groups say companies can monopolise cancer gene Tests
CANBERRA, Feb 15: An Australian court ruled today that two technology companies could hold a patent on genetic material related to cancer, in a case similar to one before the US Supreme Court that has implications for gene-based medicine worldwide.
Cancer support groups said the finding could stifle new breast cancer research and treatment. Australia’s Federal Court ruled that U.S. Company Myriad Genetics Inc and Melbourne-based Genetic Technologies Ltd had the right to hold a patent on human genetic material.
The material is known as BRCA1, a mutation associated with higher risk of hereditary breast and ovarian cancer.
The US Supreme Court will consider the same issue, which could affect millions of people worldwide, later this year.
In Australia, trial judge John Nicholas found the material could be subject to a patent because it could not exist naturally on its own inside or outside the human body.
He found those who develop a way of isolating it should have the right to a patent and to reap the financial rewards.
“It would lead to very odd results if a person whose skill and effort culminated in the isolation of a micro-organism … Could not be independently rewarded by the grant of a patent,” Nicholas said.
The finding disappointed cancer support groups, consumer organisation Cancer Voices, and Brisbane woman Yvonne D’Arcy, who challenged the patents in the Federal Court.
Lawyer Rebecca Gilsenan, who represented D’Arcy and Cancer Voices, said the decision could limit new research because researchers would need the companies’ permission to study BRCA1.
“In its isolated form, it is private property of the companies. If researchers want to access it now, they need to get permission or pay for it,” Gilsenan told Reuters.
“One of the reasons that we agreed to bring this case was because of a concern about access to research, development of treatments and cures for genetically transmitted diseases.”
Gilsenan said she was likely to appeal against the finding in a higher court.
Australian Cancer Council chief executive Ian Olver said
The finding would allow private companies to monopolise tests for the genetic mutations linked to the risk of breast and ovarian cancer. He said the law must be changed to protect the community “from gene monopolies”.
The Australian findings are unlikely to influence the U.S. Case. The US Supreme Court is due to hear oral arguments on April 15, with a decision expected by the end of June.
Justice Nicholas said evidence presented in Australia was different to evidence in the U.S. Case, and there were also different constitutional settings for patent laws. (agencies)
Hong Kong shares slip, dragged down by local property
HONG KONG, Feb 15: Hong Kong shares edged lower on Friday, weighed down by large-cap property and financial stocks, with many investors preferring to wait for direction from mainland China markets, which reopen after the Lunar New Year holiday next week.
Hong Kong property counters fell as robust sales during the holiday sparked fears of fresh curbs.
The Hang Seng Index fell 0.1 percent, while the China Enterprises Index of the top Chinese listings in Hong Kong rose 0.2 percent. Turnover in Hong Kong remained weak, with many traders still away for the holiday.
For the holiday-shortened, two-day trading week, the Hang Seng Index gained 0.8 percent, while the China Enterprises Index climbed 1.6 percent. Mainland Chinese markets were shut for the week and will resume trading on Feb. 18.
‘The holiday mode is still there and we are waiting for the reopening of the A-share market,’ said Linus Yip, strategist at First Shanghai Securities in Hong Kong.
The Hang Seng Index fell 2.1 percent last week, its worst weekly loss since November, but Yip reckoned the market could steady after that fall.
‘The short-term correction may be over and trading will turn to some mid- and small-cap stocks,’ Yip said.
Hong Kong real estate developers reported strong sales figures during the Lunar New Year holiday, triggering fears that the government might announce further housing curbs.
Local property developer Wharf Holdings fell 1.2 percent, while Sun Hung Kai Properties dropped 0.7 percent. Cheung Kong Holdings fell 1.2 percent.
The Chinese real estate sector gained for the second consecutive day after major mainland developers posted strong home sales in January. China Overseas Land rose 1.3 percent, while China Resources Land climbed 1.1 percent.
Shares in Geely Automobile Holdings Ltd rose 6 percent after its January car sales jumped 67 percent year-on-year.
China Metal International Holdings Inc rose 4.5 percent after its unaudited revenue for January rose to $25.8 million from $20.8 million a year ago.
Hong Kong Exchanges and Clearing Ltd, the world’s largest exchange company by market value, rose 1 percent after announcing plans to offer after-hours futures trading from April. (agencies)
One-man bank keeps German village business running
GAMMESFELD, Germanym, Feb 15: Peter Breiter, 41, is an unusual banker. Not for him the big bonuses, complicated financial instruments and multi-million deals. He is happy instead writing transaction slips out by hand for the 500 inhabitants of the tiny southern German village of Gammesfeld. (agencies)
Poonch power scam
First-stage enquiry into Poonch power scam has been so shocking as to make the Chief Minister take quick action against 13 Engineers of the PDD of whom six have retired while the remaining seven including a Chief Engineer have been placed under suspension. Of the six retired engineers one has expired and one is absconding.
When on 18 January, Poonch region was lashed by snowstorm and heavy rains, many transmission towers and electric poles collapsed and were uprooted, with the result that power supply from 133 KV transmission line was snapped for the entire belt. The magnitude of damage was such that it would not be restored without major operation. In the columns of this paper, we strongly demanded enquiry into the causes of disruption of power supply in the border district of Poonch on such a massive scale. The Chief Minister, with whom the charge of power rests, took a serious note of the matter and ordered an enquiry by a committee headed by the Principal Secretary Power, A.K. Mehta and assisted by experts drawn from the higher echelons of the Department. The report submitted by Mehta Enquiry Committee is shocking in more than one way. It has unraveled the possibility of a big scam in using sub-standard transmission towers, transmission line and poles. The Enquiry Committee has made field study and come to surprising conclusion. It appears that there has been a wide network of corrupt engineers, at least 13 of them, who had formed the nexus to cheat the Government by showing that only standard material, was used whereas actually they had used sub-standard material which could not stand even the normal snow, rain and wind to which the region is used. It has come to light that out of three specifications of towers, A1, A2 and A3, costing approximately 18, 25 and 30 lakh rupees each respectively, actually A1 towers were installed while on the papers A3 were shown to have been installed. Thus in one tower installed, scam computed up to rupees 12 lakh. Further, the towers were not purchased from any one of the three approved contractors but the engineers managed the purchases from unregistered source. In the case of electric poles, it has been found that sub-standard material was used which could not withstand even four inches of snowfall and were uprooted or folded and rendered unserviceable. This was despite 300 to 400 bags of cement shown to have been used to ground the tower.
Notably the MLA from Poonch had raised the issue of sub-standard material in the assembly way back in 2010, but a field survey team appointed by the Government had not given credence to the complaint of the MLA.
This scam also reveals to what depths of degradation and anti-national levels our Government functionaries have fallen. They were bereft of the qualms of conscience that they were defrauding the poor and backward village folks of a very backward district of Poonch. Official circles, having unearthed the shocking scam are now apprehensive of similar situation in regard to electric installations in other parts of the region especially the Rajouri district. That is why the report of Mehta Committee has recommended examination and investigation into the electric installations in that arras also before damage is done by another snowfall next time.
The Chief Minister has ordered that the entire case be handed over to the Chief Vigilance Organization for full enquiry. That is the right and legal thing to do. He has taken a bold and very laudable step in bringing the defaulters to book. We have been repeatedly stating in these columns that corruption has seeped into the veins of the PDD and there was the dire need of taking drastic action against the alleged persons. An exemplary punishment, after the crime is established, will go a long way in changing the mindset that has bedeviled this department since a long time.
The corresponding action of snipping the power connection of about 500 consumers, both individuals and organizations including some Government departments as well, is most welcome. People are highly satisfied that the Government does not succumb to fear or favour while trying to improve power supply in the State. In fact the defaulters were given proper notice and time limit to clear the arrears of electric bills. They failed to respond and the Government has finally taken the drastic step of stopping power supply to them. This decision will generate trust of ordinary consumers that the Government is unsparing for the big and the influential. As the ball is now in the court of Chief Vigilance Organization, we expect this organization to conduct impartial and unbiased enquiry within shortest possible time and establish the case of corruption against the alleged people if at all there is a case. Any attempt of delaying enquiry and in submitting the report will make the exercise of Mehta Committee futile. That should not happen.
River Phoenix rises again as final movie finished
BERLIN, Feb 15: American actor River Phoenix has returned to the big screen 20 years on from his death after “Dark Blood” director George Sluizer salvaged the footage of his incomplete 1993 film and filled in the gaps with voiceovers. Phoenix was considered one of the most promising performers of his generation before he died suddenly of a suspected drug overdose aged 23, 10 days before shooting on “Dark Blood” was scheduled to finish. (agencies)
Lady Gaga needs hip surgery, cancels remainder of tour
LOS ANGELES, Feb 15: Lady Gaga canceled the remainder of her “Born This Way Ball” concert tour to undergo hip surgery, promoters Live Nation said on Wednesday. The 26-year-old singer announced she was suffering from an inflammation of the joints on Tuesday, but the tour operator said Gaga’s injuries were more serious than she realized. (agencies)
European stock index futures signal mixed open
PARIS, Feb 15: European stock index futures pointed to a mixed open on Friday, following the previous day’s dip as investors combed through earnings from firms such as Commerzbank and PPR and kept an eye on the G20’s Moscow meeting.
At 0702 GMT, futures for Euro STOXX 50 were down 0.04 percent, for Germany’s DAX up 0.05 percent and for France’s CAC down 0.03 percent. (AGENCIES)
Iron ore may bounce back on China steel demand bets
SINGAPORE, Feb 15: Iron ore prices are likely to scale higher when top buyer China returns next week, backed by hopes Chinese steel demand will pick up pace, after a Lunar New Year break that has sapped activity in both physical and derivatives markets.
Iron ore swaps mostly rose in limited volumes this week as investors bet on spot prices closing in on 15-month highs of almost $160 per tonne reached in January as construction projects resume and factories reopen in China.
The March swap contract cleared by the Singapore Exchange traded as high as $158.50 a tonne this week, said Jamie Pearce, head of iron ore broking at SSY Futures, more than $3 above the current spot rate.
‘That shows everyone is thinking that prices are going to continue to rally post Chinese New Year,’ Pearce said, but added that some also do not expect a rally to last too long with forward contracts <0#SGXIOS:> still below the spot price.
Benchmark 62-percent grade iron ore <.IO62-CNI=SI> was unchanged at $155.10 a tonne this week as physical trades ground to a halt with the Chinese away for Spring Festival.
Iron ore hit a high of $158.50 on Jan. 8, its loftiest since October 2011, as the Chinese restocked ahead of the holidays, and traders said a new peak for the year may be set soon after China returns.
Before the week-long break, Shanghai steel rebar futures rose to their highest in nine and a half months amid increasing optimism that the Chinese economy will see brisker expansion after nearly two years of slower growth.
‘Given current low iron ore inventories at port levels and low steel inventories at various cities, we expect end users’ purchasing to pick up after the Chinese New Year break,’ Deutsche Bank said in a note.
Rio Tinto , the world’s No. 2 iron ore producer, expects prices to remain strong with fewer projects than expected to come on stream this year due to logistical and funding difficulties.
‘I expect that prices will come off a bit but still be robust,’ Rio Tinto’s new chief executive, Sam Walsh, said on Thursday.
Walsh said he would slash costs, sell weak assets and spend more carefully after Rio reported a $3 billion full-year loss, its first ever. (agencies)
Captain Cook’s pistol fetches 227,000 dollars at auction
SYDNEY, Feb 15: A pistol owned by British explorer Captain James Cook, who first claimed Australia for Britain nearly two and half centuries ago, sold yesterday for 227,100 dollars, above the top estimate set by auctioneers. The brass pistol, an early 18th century Continental Flintlock holster pistol with a 13-bore barrel made by Dutch gunmaker Godefroi Corbau Le Jeune, had a pre-sale estimate of 200,000 dollars. (agencies)