Sunday, December 18, 2011

Russian customs seize Iran-bound radioactive metal

(AP) ? Russia's customs agency said Friday that it seized radioactive metal from the luggage of an Iranian passenger bound for Tehran.

Spokeswoman Kseniya Grebenkina told The Associated Press that the luggage had been seized some time ago, but could not specify when. The Iranian hasn't been detained, she said.

The Federal Customs Service said in a statement that its agents found 18 pieces of metal at Moscow's Sheremetyevo airport after a radiation alert went on. It says the gauges showed that radiation levels were 20 times higher than normal.

It was not immediately clear if the substance could have any use in Iran's controversial nuclear program.

The pieces contained Sodium-22, she said, a radioactive isotope of sodium that could be produced in a particle accelerator. Sodium-22 is a positron-emitting isotope that has medical uses, including in nuclear medicine imaging.

Grebenkina said prosecutors have launched a probe into the incident.

Sergei Novikov, spokesman for the Rosatom nuclear agency, told the AP that the pieces are highly unlikely to have come from Rosatom and said the isotope is produced by particle accelerators, not by nuclear reactors.

In Russia, universities, research institutes and big medical centers have the technology to produce it, he said.

"There is an extremely slim chance that it could have come from Rosatom," he said.

Novikov said that Rosatom has never sold Sodium-22 to Iran, but it has supplied it with other types of medical isotopes.

Grebenkina of the Customs Service insisted that the material seized is not highly radioactive.

The U.S. House of Representatives on Wednesday endorsed harsher sanctions against Iran aimed at derailing its suspected pursuit of nuclear weapons. Iran denies Western allegations that it is seeking to build nuclear weapons.

Earlier this year, Atomstroiexport, a Rosatom subsidiary, launched Iran's first nuclear reactor in Bushehr.

Russian officials have insisted that the deal with Iran is in line with international agreements and will oblige Tehran to ship all the spent fuel from the plant back to Russia for reprocessing to avoid a possibility of it being used in a covert weapons program.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2011-12-16-EU-Russia-Iran/id-cd9e0d6740b240a69e18f8000ed96c14

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Roche melanoma drug wins European green light (Reuters)

LONDON (Reuters) ? European regulators have recommended approval of a targeted melanoma drug from Swiss group Roche Holding AG, opening the way to a new treatment option for patients with the deadliest form of skin cancer.

The green light for Zelboraf from the European Medicines Agency -- which Roche said on Friday it expected to be formally endorsed by the European Commission in February -- follows U.S. approval in August.

The new drug is given as a twice-daily pill and is designed to be used alongside a companion diagnostic test, also from Roche, that identifies which patients have a specific genetic mutation that means they will benefit from the treatment.

The London-based agency said the benefits of Zelboraf, particularly the improvements seen in terms of patients going longer before their disease progressed and overall survival, outweighed its potential risks.

Side effects from Zelboraf can include secondary growths, rash, slight hair loss, extreme photosensitivity and joint pain.

Zelboraf was developed in partnership with Daiichi Sankyo and became the second drug to be approved for melanoma in the United States this year, after Yervoy from Bristol-Myers Squibb.

Roche said in August that Zelboraf would cost just over $56,000 for a six-month course of treatment in the United States. It has yet to announce a price in Europe.

Analysts tracked by Thomson Reuters Pharma, on average, forecast annual sales of $930 million for the medicine by 2016, making it a useful addition to Roche's market-leading portfolio of cancer therapies.

Zelboraf, known clinically as vemurafenib, is targeted for patients with tumors that have a mutation in a gene known as BRAF that allows melanoma cells to grow. About half of all melanomas have the genetic aberration the drug targets.

The European drugs watchdog said it backed Zelboraf for treating patients with the BRAF mutation who suffered from metastatic or unresectable melanoma, meaning it cannot be removed by surgery.

Melanoma globally afflicts nearly 160,000 new people each year. It can spread quickly to internal organs and average survival is six to nine months.

(Reporting by Ben Hirschler)

Source: http://us.rd.yahoo.com/dailynews/rss/cancer/*http%3A//news.yahoo.com/s/nm/20111216/hl_nm/us_europe_medicines

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Saturday, December 17, 2011

Corrected: Mexico drug gangs up ante with high-tech tunnels (Reuters)

MEXICO CITY, Mexico (Reuters) ? When architect Felipe de Jesus Corona built Mexico's most powerful drug lord a 200-foot-long tunnel under the U.S.-Mexican border with a hydraulic lift entrance opened by a fake water tap, the kingpin was impressed.

The architect "made me one f---ing cool tunnel" Joaquin "Shorty" Guzman said, according to court testimony that helped sentence Corona to 18 years in prison in 2006.

Built below a pool table in his lawyer's home, the tunnel was among the first of an increasingly sophisticated drug transport system used by Guzman's Sinaloa cartel. U.S. customs agents seized more than 2,000 pounds of cocaine which had allegedly been smuggled along the underground route.

In the past five years, a crackdown on drug smugglers in Mexico and tighter U.S. border security above ground has led to a dramatic increase in the use, and the sophistication, of tunnels under the border.

There have been more than 100 tunnels discovered during President Felipe Calderon's five years in office, double the number found over the previous 15 years.

Officials suspect most recently found tunnels belong to the Sinaloa cartel, which has been perfecting its technique for two decades using specialized technology and a cadre of trained builders.

Agents of U.S. Immigration and Customs Enforcement, or ICE, are trying to shut the tunnels down, working with the few companies that have the technology and equipment to dig deep and long horizontal shafts to prevent tunnel construction.

Two drug passageways were discovered along the California border in the past month, including one about 1,600 feet long in San Diego.

Authorities seized over 32 tonnes of marijuana, worth $65 million, there after busting drivers hauling drugs from the tunnel's end at a faux produce warehouse to an industrial suburb outside Los Angeles.

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Graphic on tunnels: http://link.reuters.com/maw45s

Full coverage of drugs war: http://link.reuters.com/wam89p

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"It's evident that those who constructed these tunnels are specialists, not only for the size but also because it requires study of the soil to prevent it from caving in," said General Gilberto Landeros, a Mexican army commander, during the recent discovery of a Tijuana tunnel. "The machinery they use for construction is really sophisticated."

That tunnel, replete with a hydraulically controlled steel door, elevator and electric rail tracks, was built by the Sinaloa cartel, which controls the California-Mexico border area where the bulk of subterranean passages are, he said.

To burrow deep and long - one tunnel stretched 2.5 miles - smugglers employ powerful machinery, some of which can bore a small hole deep in the soil and create a walled shaft without having to send anyone below ground.

"It's super fast, it's really actually scary," said Tim Durst, assistant special agent in charge of ICE's San Diego office. "You can have a tunnel done in a couple of weeks."

PROFESSIONALS RECRUITED

The drilling equipment costs between $50,000 and $75,000, and officials say they have no way to stop cartels from obtaining the high-powered gear.

"If it's the Sinaloa cartel, they have unlimited resources," Durst said. A well built tunnel could be used to move 25 tonnes of drugs in one or two days, he said.

Officials believe cartels are turning to smaller horizontal drills that dig the length of a tunnel fast and can easily be hidden in warehouses, a favored location among smugglers trying to blend into industrial areas along the border.

Only a handful of companies produce the specialized drills normally used for laying subterranean pipelines and other infrastructure projects. ICE officials are pushing to find the purchasers, but vendors say it is difficult to be sure of buyers' identities.

"If these guys have business cards that say (Mexico's state oil company) Pemex and they want to do a pipeline here, how am I to know exactly what they are going to do?" said Gregg Shelton, who sells large-scale drilling equipment for American Auger, an Ohio-based manufacturer.

Hauling tons of drugs is no easy task. Even with industrial-sized equipment, construction can take weeks and requires skilled workers.

"The profile is somebody who has engineering or mining experience," said Joe Garcia, deputy special agent in charge for homeland security investigations in ICE's San Diego office. "It has to be somebody who is going to use tried and true surveying techniques with a compass and line of sight."

Authorities are still searching for the architect of an Arizona tunnel discovered in 1999 and constructed by unemployed and striking miners. Operated by the Tijuana and Juarez cartel, smugglers slipped about 30 tonnes of cocaine through the tunnel.

"We all know that they have access to equipment such as hydraulic lifts, elevators, generators, water pumps," said Ramona F. Sanchez, a spokeswoman for the Drug Enforcement Administration in Phoenix. "It's not your pick and shovel operation."

(Additional reporting by Tim Gaynor in Phoenix; Editing by Kieran Murray)

Source: http://us.rd.yahoo.com/dailynews/rss/latam/*http%3A//news.yahoo.com/s/nm/20111215/wl_nm/us_mexico_drugs_tunnels

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How Apple really came to 'Think Different': 5 takeaways (The Week)

New York ? In Forbes, Rob Siltanen, one of men who worked on the Apple's landmark 1997 ad campaign, details how it all came to be

Apple's 1997 "Think Different" ad campaign is credited with helping turn around the then-struggling computer company. The print ads featured black and white photos of various revolutionary thinkers, including MLK, Thomas Edison, and Gandhi. The iconic TV spot began with the now-famous voiceover "Here's to the Crazy Ones. The misfits. The rebels. The troublemakers." (Watch it below.) Just how the legendary campaign came to be has been a matter of debate, but Rob Siltanen, who was creative director at the ad agency that pitched the idea to Steve Jobs, sets the record straight in a column at Forbes. Here, five takeaways from his story:???

1. It wasn't Steve Jobs' idea
In his Steve Jobs biography, Walter Isaacson "incorrectly suggests Jobs created and wrote much of the 'To the crazy ones' launch commercial," says Siltanen. "To me, this is a case of revisionist history." While Jobs was heavily involved in Apple's advertising, he didn't initially like the commercial that played "a pivotal role in helping Apple achieve one of the greatest corporate turnarounds in business history."

SEE MORE: Is the iPhone's Siri a threat to Google??

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2. Jobs didn't initially want a TV campaign
In 1997, when Jobs met with various ad agencies about coming up with a campaign to help what was then a "hemorrhaging" company, he initially just asked for "some print ads in the computer magazines until we get things figured out." Siltanen disagreed, telling Jobs, "Nobody stands around the water cooler talking about print ads. You need to do something bigger and bolder."

3. Jobs was hesitant to go with the idea
When TBWA/Chiat/Day, the agency where Siltanen then worked, presented the concept, which included a mood video set to Seal's "Crazy" to help convey the idea in the print ads, Jobs was impressed but hesitant. "This is really great ? but I can't do this," Siltanen recalls him saying. "People already think I'm an egotist, and putting the Apple logo up there with all these geniuses will get me skewered by the press." He quickly changed his mind, saying, "Screw it. It's the right thing. It's great."
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4. The commercial's copy was inspired by Dead Poet's Society
After Jobs approved the idea, the agency was charged with cutting the mood video from several minutes into a 60-second spot. The original version, never intended to be a commercial, relied heavily on the song lyrics, but they were lost in the editing. Inspired by Dead Poet's Society, Siltanen wrote a short manifesto to convey the same message ? "To the crazy ones. Here's to the misfits. The rebels. The troublemakers. The people who see the world differently" ? imagining Robin Williams speaking the words. Jobs initially called the copy "crap" and "advertising agency shit," Siltanen recalls. Another writer, Ken Segall, tweaked it, and eventually Jobs came around. But Robin Williams wanted no part in advertising, so it was Richard Dreyfuss who spoke the lines.?

5. The campaign had a real impact
"When the 'Think Different' campaign launched, Apple immediately felt the boost despite having no significant new products," says Siltanen. Within twelve months, Apple's stock price tripled. A year after the campaign launched, Apple released the jellybean-colored iMacs, which were heralded for their design and sold like gangbusters. "Without the 'Think Different' campaign preceding and supporting them, it's likely [they] would have been viewed by the press and general public as just more 'toys' from Apple."

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Source: http://us.rd.yahoo.com/dailynews/rss/oped/*http%3A//news.yahoo.com/s/theweek/20111216/cm_theweek/222548

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Friday, December 16, 2011

Games company Nexon slips in Tokyo debut (Reuters)

TOKYO (Reuters) ? Online gaming firm Nexon Co, an Asian rival to U.S.-based Zynga, slipped lower on its first morning of trading on Wednesday, following its $1.2 billion IPO, Japan's biggest this year.

Nexon, founded in South Korea almost two decades ago, offers PC-based games for free, while charging users small fees for in-game virtual items such as clothing for avatars -- a so-called freemium model that analysts see as relatively recession-proof.

"Part of the problem is that they priced it at fair value, hence it wasn't going to come on at a huge premium," said David Gibson, an analyst at Macquarie Capital Securities in Tokyo.

He also noted that not all shareholders were restricted from offloading their holdings right away.

By mid-morning, Nexon was trading at 1,288 yen versus its IPO price of 1,300 yen.

The broader market was down 0.2 percent, while domestic rivals Gree and DeNA dropped 1.6 percent and 3.5 percent respectively.

Zynga, known for its success in developing games for Facebook, was forced earlier this month to trim its planned near-$1 billion IPO -- still the largest from a U.S. Internet company since Google Inc raised $1.7 billion in 2004 -- due to weak financial markets. Zynga's first day of trading will be Friday.

Nexon, whose most successful offerings include MapleStory and KartRider, has more than 77 million active monthly users, compared with Zynga's 260 million.

Between 2008 and 2010, Nexon's operating profit tripled to 30 billion yen ($385 million)and sales increased more than 70 percent to 70 billion yen. The company employs 3,240 people, mostly in South Korea, and derives most of its business from Asia. China and South Korea accounted for two-thirds of revenue last year.

The company said on Wednesday it expected operating profit to rise 23 percent in the year to December 2011, indicating a slowdown in its breakneck growth.

A cyber attack in which hackers gained access to personal data, but no financial information, on more than 13 million subscribers to its MapleStory role playing game in South Korea probably took some of the shine off the IPO, analysts have said.

Nexon has said it will use the IPO proceeds to pay off debt, build a new home for its Nexon Korea Corp unit, upgrade games systems and invest in third-party games developers.

It was the biggest initial public offering in Japan since drugmaker Otsuka Holdings took in 160 billion yen a year ago, and came despite weak market conditions, with the benchmark Nikkei average down about 17 percent this year.

Japan's IPO market has been in the doldrums in the wake of the March earthquake and given the sluggish prospects for the domestic economy. So far this year firms have raised just 160 billion yen through initial public offerings in Japan, down from 1 trillion yen last year and one sixth the average over the past decade.

Early this month, Nikko Asset Management cancelled its planned $586 million IPO, citing weak markets and the uncertainty sown by Europe's debt crisis.

At around 1,250 yen, Nexon is trading at 17 times the company's projected earnings for the year ending this month, slightly higher than Gree at 15 times consensus forecasts for the year to June 2012.

Global games industry revenue was $60.4 billion in 2009 and expected to rise to $70 billion in 2015, according to research company DFC Intelligence.

Nomura Securities, Morgan Stanley and Goldman Sachs were joint global coordinators for the IPO, while Barclays Capital was bookrunner on the international tranche.

($1 = 77.8450 Japanese yen)

(Editing by Joseph Radford and Edwina Gibbs)

Source: http://us.rd.yahoo.com/dailynews/rss/videogames/*http%3A//news.yahoo.com/s/nm/20111214/tc_nm/us_nexon

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Corporate Finance Research in Behavioral Finance | Economics ...

?Abstract? Modern financial theory to solve two questions: First, the adoption of optimal decision-making model to explain what are the optimal decision-making; are two decision-making through the description of the actual model of investor decision-making process. Modern financial theory to solve the first problem at the achievements are undeniable, but on the second question, modern financial theory and practice has very different circumstances, it is a very good decision-making and should not follow the optimal decision-making model. In order to better explain and predict the financial mainstay of the actual decision-making process (rather than optimal decision-making model), as well as the actual operation of the financial market conditions, to absorb the financial study of psychology, history and sociology of knowledge, such as the development of a new research paradigm , that is, behavioral finance, it is the behavioral science and Finance study the formation of the edge of the combination of disciplines. Behavioral Finance at the expectations set up the basis of the theory, development and extension of the modern financial theory.It can be said that the standard financial theory, in its production and gradually improve only if the course of medicine, effective treatment for a lot of capital market in the ?disease? of the capital market and the normal operation of the sound has played a small role. But the world is not a panacea, the standard financial theory of capital markets can not solve all the questions. When the capital market such as the calendar effect of frequent, IPO premium fan of closed-end funds and other ?illnesses?, the standard financial theory appeared to be inadequate and feeble. Based on this situation, and many scholars from the standard financial theory to wake up in the obsession, to re-start their thinking and positioning, and to examine the kind of ?new drugs? ? behavioral finance theory ready.Behavioral Finance in China about a late start of the study, the research has been mostly concentrated on the synthesis of behavioral finance theory and the use of behavioral finance to explain the various phenomena on the securities market, the lack of the behavioral finance theory applies to companies in financial management research. This article is from the theoretical study of behavioral finance at home and abroad on the basis of the financial system to sort out the theoretical system of behavior, and with the traditional theory of financial systems, and behavioral finance theory, respectively, compared with the traditional financial theories about corporate finance policies, investment policy, dividend distribution policy of these companies the distinction between content management and on this basis, focuses on behavioral finance theory in the company?s financial management application, so as to provide our country against the company a non-fully rational decision-makers and non-efficient market fiscal strategy. Significance of this study is that through the study of the introduction of behavioral finance to investors in the investment decision-making process in the cognitive, emotional, psychological characteristics such as attitude and the resulting non-effective market research, market effectively to explain phenomena, and a non-rational and the market inefficiency of the status of assets under management. It can be said that it is a kind of modern financial theory of change and innovation. Therefore, the study of behavioral finance in the enterprise financial management of applied research on a very important practical significance. For selection, this paper studies the use of the norms of law, conduct research and theory with practice to carry out the methods discussed.This article is divided into six major parts: The first part is preface, introduction of the thesis research background and significance, literature review, research ideas and methods, and research; the second part is about the theory of behavioral finance system, including behavioral finance theory and the development of behavioral finance theory challenges the traditional financial theory, behavioral finance theory of the basic theory, the theory of behavioral finance research system, behavioral finance theory, as well as the theoretical model of behavioral finance theory and practical significance; third part discusses the Perspective of Behavioral Finance corporate finance policies, including the financing of modern financial theory of policy analysis, behavioral finance theory and policy analysis of the financing of listed companies in our country financing preference analysis; fourth part of the Perspective of Behavioral Finance?s investment policies, including review of the traditional investment theory, the company internal investment policies, investment policies outside of the impact from the Perspective of Behavioral Finance Investment Strategy; fifth part discusses the perspective of behavioral finance companies under the dividend policy, including the traditional dividend Theory, Behavioral Finance from the Perspective of the dividend policy China?s dividend policy of listed companies and non-rational analysis of the status quo; sixth part of the article are summarized, including the conclusion of the study of this article, innovation, inspiration, as well as theoretical research study on the future outlook.In this paper, theories of behavioral finance system on the basis of carding, focuses on behavioral finance theory in the company?s financial management application, and a breakthrough in the following aspects:?The traditional financial theory and behavioral finance theory of comparative systems.?The oretical analysis of the use of Behavioral Finance Corporate Finance in the financing policy, investment policy, dividend distribution policy.?Combination of listed companies in our country the practice of behavioral finance theory with the rights and interests of the financing of their preference, investment strategy and the selection of preferred stock dividends for the behavior analysis.

Title: Corporate Finance Research in Behavioral Finance
Category: Management economics
Filename: Corporate Finance Research in Behavioral Finance.pdf
Pages: 127
Price: US$70.00
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Source: http://www.economics-papers.com/?p=75627

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