Alibaba buying media company ChinaVision for $804M

BEIJING — Chinese e-commerce giant Alibaba is expanding into media by acquiring control of a Hong Kong film and television company, ChinaVision, for $804 million.

Alibaba Group will buy new shares giving it a 60 percent stake in the TV company, ChinaVision Media Group Ltd. said Wednesday in a statement. Alibaba is allied with two ChinaVision board members whose stake is diluted to about 11 percent from 27 percent.

Alibaba and other Chinese Internet companies are spending heavily to expand beyond their core businesses into instant messaging, games and other areas to compete for China's 618 million Internet users.

ChinaVision produces Chinese-language films and television programs and has a unit that develops content for mobile phones.

Alibaba rival Tencent Holdings Ltd. owns 8 percent of ChinaVision, which will be reduced to 3 percent after additional shares are issued as part of the latest investment, according to the company statement issued through the Hong Kong Stock Exchange.

Alibaba, based in the eastern city of Hangzhou, near Shanghai, makes most of its revenue from operating online commerce platforms for businesses and consumers. It has expanded into instant messaging, online finance services and other businesses.

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Alibaba Group: www.alibaba.com

ChinaVision: www.chinavision.hk

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Japan lab weighing retraction of stem cell paper

TOKYO — A Japanese government-funded laboratory said Tuesday it is considering retracting a research paper describing a simple way of turning ordinary cells from mice into stem cells.

The RIKEN Center for Development Biology in Kobe, Japan, has been looking into questions raised over images and wording in the paper, co-authored by lab scientist Haruko Obokata.

RIKEN said Tuesday that it may retract the paper because of credibility and ethics issues, even though an investigation is continuing.

The paper was published in the scientific journal Nature in late January. It was praised as a possible groundbreaking method for growing tissue for treating illnesses such as diabetes and Parkinson's disease using a simple lab treatment.

RIKEN and Nature are investigating allegations including anomalous lines in an image of DNA fragments and a partial plagiarism.

Another author, University of Yamanashi professor Teruhiko Wakayama, said Monday that he believed his part of the research — stem cell production by using the cells provided by Obokata — was appropriate but wanted a third party to run detailed analysis on the stem cells produced. He said he'd rather drop the paper and resubmit it after addressing all questions.

The two scientists were part of a group of researchers, in Boston and Japan, who exposed cells from spleens of newborn mice to a more acidic environment that they're used to. That turned them into stem cells, they said. Cells from other tissue of newborn mice appeared to go through the same change, which could be triggered by exposing cells to any of a variety of stressful situations.

Scientists hope to harness stem cells to replace defective tissue in a wide variety of diseases. By making stem cells from the patient, they can get around the problem of transplant rejection.

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Agency sues American Airlines over tax incentives

CHICAGO — The agency that oversees public transportation in Chicago has filed a lawsuit claiming American Airlines is running a "sham" office in a small town to avoid paying taxes in the nation's third-largest city.

The Regional Transportation Authority filed its lawsuit late Tuesday afternoon. It claims American is actually doing the work of buying millions of dollars in jet fuel in Chicago, not in the small community of Sycamore.

The agency says the setup cost Chicago, Cook County and the RTA $23.6 million in lost sales taxes in 2013 alone and far more than that since the office opened in 2004.

Sycamore's city manager and American declined to comment. But when the RTA filed a similar lawsuit against United Airlines last year, American said it was following the law.

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Collecting disabled workers' judgment difficult

DES MOINES, Iowa — Federal and state officials are having trouble collecting the multimillion-dollar judgment a Texas company was ordered to pay for mistreating 32 mentally disabled workers at an Iowa labor camp.

The Des Moines Register reports (http://dmreg.co/1nwRGmj ) Henry's Turkey Service of Goldthwaite, Texas, has yet to pay nearly $6 million in judgment money and fines against the company and its leader Kenneth Henry.

A jury agreed last year that Henry's discriminated against its employees, who were hired out to work at an Iowa turkey processing plant. The initial verdict was the largest in the history of the Equal Employment Opportunity Commission, which brought the case.

Henry's Turkey Service sent hundreds of mentally disabled men from Texas to labor camps in seven states.

In Iowa, the 32 mentally disabled men lived in a dilapidated former schoolhouse in Atalissa for years. They were paid roughly $65 a month no matter how many hours they worked and endured verbal and physical abuse.

The Iowa operation was shut down in 2009 after family members reported the conditions to state officials.

So far, federal officials have collected assets worth between $30,000 and $40,000, and they're collecting about $3,500 in monthly lease payments on land owned by Henry.

Iowa regulators say they don't plan to pursue the $1.1 million in penalties the company owes the state because it appears unlikely Henry's will pay.

"Because of the bankruptcy filing, it's likely none of the penalties will be collected," said Kerry Koonce, spokeswoman for the state labor commissioner.

Attorney Robert Canino, who represented the workers, said he and federal Justice Department officials continue looking for ways to collect what is owed to the men.

Records suggest that Henry and his business partner owned a Texas ranch worth $2.5 million in 2009, and the company owned property worth between $3 million and $4 million.

"So it is a matter of what can be done to attempt to secure those kinds of assets toward liquidation that would go to the men for the damages they have been awarded," Canino said.

Sherri Brown, sister of former worker Keith Brown, who now lives in Fayetteville, Ark., said she doesn't expect to ever receive any money from the case.

"I have never had any illusions about us seeing one dime from all of this," she said. "Keith does expect that, though. He occasionally asks about that, and I have to explain to him that we fought this case for other people, so that this sort of thing would never happen again to anyone else."

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Information from: The Des Moines Register, http://www.desmoinesregister.com

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Medical marijuana business prospects topic of Boston forum

As Massachusetts gears up for its entry into the medical marijuana business, entrepreneurs will meet Saturday for a forum on the new industry.

Hosted by the National Cannabis Industry Association, the all-day Northeast CannaBusiness Symposium will focus on education, with updates on federal and regional marijuana policy.

"Obviously the medical marijuana industry is getting started in Massachusetts, and there's a lot of activity in the Northeast overall, so Boston is a good location for talking about the region," said deputy director Taylor Left, whose group is based in Denver and Washington, D.C.

Other panel discussions at the event, which will be held at the Courtyard Boston Downtown, will focus on testing and extraction, a process used to remove oil from marijuana; building a medical marijuana business on strong principles; and securing financing.

The 3-year-old nonprofit association bills itself as the largest U.S. marijuana trade group and the only one representing related businesses at the national level. It has some 450 member businesses, including 14 based in Massachusetts, many of which provide ancillary services to the industry, Left said.

Denver's Dixie Elixirs & Edibles is an event sponsor. It produces 120 marijuana-infused products, including drinks, chocolates, mints and topical items such as salve, lotion and bath soak.

"We're coming there to do business," CEO Tripp Keber said. "It's an incredibly target-rich environment. I firmly believe that Dixie will be there in a meaningful way (and) ... will have Dixie's branded line of infused products in your market as the state allows."

Since interstate transport of its products is illegal, Dixie plans to sign a Massachusetts licensee to cultivate marijuana and manufacture and distribute its products here.

Portsmouth, N.H.-based Ideal 420 Technologies, another event sponsor that produces cultivated soil to grow marijuana, also hopes to tap the Bay State market.

"It's a beautiful model," CEO Richard Yost said. "The grower having the ability to really ramp up on the production side in Massachusetts is quite different from any other states."

Yost welcomes the chance to work with large-scale 
marijuana growers in his company's backyard.

"Now I can really put a lot of my science and technology to use," he said. "I can now have my plant scientists in Boston to work with growers in a tangible way."

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Don't bite on bitcoin

The fact that bitcoin is becoming more popular — with an ATM at South Station and even spinoff startups — is not a sign that it is a legitimate or stable currency.

Nine months ago, I told you you'd be hearing a lot more about bitcoin. But I declined to take a position on the newfangled form of Internet currency, which is beloved by libertarians because it's not backed or controlled by any government. Now I'm taking a position: Get into bitcoin only if you like playing with fire and have money to burn. Know that getting into bitcoin is like gambling — or speculating, or prospecting. And know that bitcoin will crash. Maybe not this year. Or even next year. But it will crash, eventually. And then it will never come back.

That's not to say that whoever invented bitcoin isn't a genius. This mysterious, unstable pseudo-currency has lots of interesting benefits, such as no-cost microtransactions and the ability to transact across international lines. As an exercise in computer science, bitcoin is a beauty. But that doesn't make it a legitimate currency.

This is how it will pan out: As bitcoin becomes more known to people, the value will rise dramatically as investors see it as a hedge against economic uncertainty and a chance to get in on the ground floor of an exciting new market. And the value will rise because there is a finite number of bitcoins. That value can't be manipulated or controlled by any entity (i.e. the Fed), so there's no way to print more bitcoins to get people to spend more bitcoins, as our government does with the dollar. But while proponents of bitcoin see the inability to adjust the spigot as a benefit, it's also a fatal flaw. The lack of any oversight means that there's no way to prevent people from hoarding their bitcoins. Bitcoins will continue to rise in value as people hoard them, until one day somebody wants to cash in. And on that day, everyone will want to cash out at once. And that is when the system will collapse.

Some banks are starting to get interested in bitcoin. But they're not interested in it because it's legitimate. They're interested in making a quick buck off people like you and me. Same with the ATM companies, the so-called bitcoin entrepreneurs who land totally uncritical interviews at a certain broadsheet. So say it with me now: the popularity of something doesn't equate to its legitimacy or its merit. Bitcoin isn't a currency; it's a commodity.

And it's doomed to fail.

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Buick is showing classic symptoms of vapor lock

Here is a problem that I have fought for almost two years. My 2001 Buick Regal will not start after a shutdown and heat soak. The car has 128,000 miles, never shuts down while driving, starts and runs perfectly in the morning. When it won't restart, you can crank it until the battery runs down, but the car won't start. After shutting the engine off it will start immediately — if you don't wait too long! Engine operating temperature is normal, it never overheats and has a new thermostat and ECT sensor. There are no intake manifold leaks, either vacuum or coolant. Fuel pressure is normal, but a new regulator was installed along with a new MAF sensor. In a no-start condition the spark will jump a gap of at least one inch at the coil.

In the summer I carry a jug of water in the trunk (in winter I use snow) and in a no-start condition I pour about a quart of water on the intake plenum. The car will start right away and will run perfectly until the next no-start condition.

I can't recall a better description of vapor lock. The proper term is fuel percolation, which describes residual engine heat boiling the ready fuel supply in the fuel rails near the plenum/intake manifold. When this occurs, fuel pressure fades due to the aerated fuel disrupting fuel delivery from the injectors. Even though fuel pressure may be "normal" when tested with the engine running, I suspect fuel pressure drops quickly after shutdown due to percolation.

Using water to cool the intake stops the percolation. The first few injector pulses bleed air from the rail and, as fuel pressure returns, the engine starts.

But how to eliminate the problem? Start with three simple steps. Idle the engine for 30 seconds before shutdown to allow coolant to carry residual combustion heat from the cylinder heads into the radiator. Pop the hood open to the safety catch position to allow hot air to escape from under the hood. And try different brands of fuel, looking for a fuel with a vapor pressure less prone to this issue.

In addition, make sure airflow through the A/C condenser and radiator is clear and unobstructed. If the cooling system hasn't been serviced recently a power flush may lower coolant and underhood temperatures measurably.

And to cover all the bases turn the ignition to the "on" position and listen for the fuel pump to run for two seconds and then stop, confirming that the fuel pump relay and fuel pump are operating properly. I'd also test for injector pulse widths from the PCM to confirm that the fuel injectors are being commanded to open/close on a hot restart.

I have a well-maintained 2003 Acura 3.2L TL-S model with 114,000 miles. My Goodyear dealer has continued to propose replacement of the timing belt and water pump. He said the belt should have been replaced at the seven-year mark or 100,000 miles. I can't seem to find any definitive recommendations from Acura or on the Internet about this repair. I want to maintain the car and continue to drive it for a number of years and would value your opinion on this repair.

Acura's service recommendation for this vehicle and engine, as outlined in my Alldata automotive database, calls for timing belt replacement at 105,000 miles/84 months under normal operating conditions. Under severe service conditions — operation at ambient temperatures under minus-20 degrees or above 110 — replacement is recommended every 60,000 miles.

With this engine, a timing belt failure could allow contact between pistons and valves, resulting in catastrophic engine failure, so a new timing belt makes perfect sense. Include pre-emptive replacement of the water pump.

Paul Brand, author of "How to Repair Your Car," is an automotive troubleshooter, driving instructor and former race-car driver. Readers may write to him at: Star Tribune, 425 Portland Ave. S., Minneapolis, Minn., 55488 or via email at paulbrand@startribune.com. Please explain the problem in detail and include a daytime phone number. Because of the volume of mail, we cannot provide personal replies.

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Device aids weight loss

Doctors at three Massachusetts hospitals are recruiting people battling Type 2 diabetes and obesity for a clinical trial of a medical device that has been approved in other countries to reduce blood sugar and body weight without the need for the kind of weight-loss surgery that more than 200,000 Americans undergo each year.

Made by Lexington-based GI Dynamics, the EndoBarrier is a thin, flexible, tube-shaped liner placed via the mouth during a brief endoscopic procedure and inserted in the duodenum, the first section of the small intestine, just beyond the stomach, said Dr. Lee M. Kaplan, the trial's lead investigator and director of the Obesity, Metabolism and Nutrition Institute at Massachusetts General Hospital and Harvard Medical School.

"The food you eat goes down the middle of the tube," Kaplan said, "but the tube blocks interactions between the food and hormone secretions," which can affect insulin sensitivity, glucose metabolism, satiety and food intake.

In commercial use outside the U.S., the device has been shown to achieve as much as a 30 percent reduction in glucose levels within the first week and a 10 percent to 20 percent body-weight loss within the 12-month period for which it has been approved for use in countries including England, France, Germany and Australia, said Stuart Randle, GI Dynamics' president and CEO.

"No one yet knows why, when you bypass the first section of the intestine, these hormones change so dramatically and so immediately," Randle said.

The U.S. trial, which currently is enrolling people at 22 sites, including MGH, Boston Medical Center and UMass Memorial Medical Center in Worcester, will end in two years and, if it shows that the EndoBarrier is safe and effective, the Food and Drug Administration could approve the device in about a year.

If it does, the EndoBarrier could offer new hope to the 26 million people who have been diagnosed with diabetes in this country, including approximately 360,000 adults in Massachusetts, where the disease each week causes an average of 22 deaths, 38 lower-leg amputations, 13 new cases of end-stage renal disease and five new 
cases of blindness, according to the Massachusetts Department of Public Health.

"Obesity and diabetes are twin epidemics that remain out of control, and while we have good medical therapies for diabetes and some good therapies for obesity, they don't always work," Kaplan said. "For those patients who need additional therapy, this device may provide a valuable new option. But testing it is critical."

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Casinos’ projections trump panel’s

The annual gaming revenue projected by the competing Mohegan Sun and Wynn Resorts casino proposals exceed a new state Gaming Commission study, which factors in competition from the slots parlor the commission green-lighted to open at the harness racetrack in Plainville.

The commission's study, released late last month by the firm HLT, projects the Boston-area casino will generate $749 million in gross gaming revenue with a slots parlor open in Plainville, with $606.9 million coming from Massachusetts and $142 million from neighboring states. The state will take 25 percent of that revenue in taxes.

Mohegan Sun projects $857 million in gross gaming revenues in its first year for a casino at Suffolk Downs in Revere, while Wynn projects $804 million for its Everett site.

Gaming Commission Chairman Stephen Crosby said the board will study the discrepancies.

"We'll be looking at their projections, looking at their assumptions and giving them a good scrub," Crosby said.

Clyde Barrow, a University of Massachusetts Dartmouth professor and gaming expert, said his independent studies have projected well north of $800 million, particularly for a Suffolk Downs casino, because it's in such a dense population area.

"They're high," Barrow said, "but I came out in the same space as they did."

Wynn says it's been conservative in its estimates, and supporters of the Everett casino say the Las Vegas company has the economic strength to deliver on promises.

"The hastily devised Mohegan Sun casino proposed in Revere at the last minute will not attract visitors from outside our region or even take away any business from Mohegan Sun's main operation in Connecticut," Everett Mayor Carlo DeMaria said in a statement. "Wynn Resorts has a proven track record of attracting international customers to their facilities — that's the type of operator Massachusetts needs."

Gary Luderitz, Mohegan Sun's vice president of operations and development, stuck by the projections, saying the company is better positioned to tap customers in the region due to its existing database and that the commission's estimate that the average adult will leave $375 at the Boston-area casino per visit '"sounds a little low to me."

"We're starting from a very strong position in the Northeast," Luderitz said. "Our data analysis consultants used figures that had held up in other work that they've done. We feel pretty good about it."

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China's February exports down 18 percent

BEIJING — China's exports plunged by an unexpectedly large 18 percent in February, possibly denting hopes trade will help drive the slowing economy while communist leaders push ambitious promised reforms.

Exports declined to $114.1 billion while imports rose a stronger-than-expected 10.1 percent to $137.1 billion, customs data showed Saturday.

Weakness in key European and U.S. export markets could raise the risk of politically dangerous job losses in trade-reliant industries that employ millions of workers at a time when communist leaders want to focus on restructuring China's economy.

China's official 2014 economic growth target of 7.5 percent, announced this week by Premier Li Keqiang, assumes trade also will grow by 7.5 percent. But customs data show combined imports and exports so far this year have shrunk by 4.8 percent.

The ruling Communist Party is trying to reduce reliance on trade and investment to drive growth by promoting domestic consumption and giving market forces a "decisive role" in the economy. A surge in job losses could force them to shore up growth with a stimulus based on state-led investment, setting back their reform effort.

China's trade data can be distorted by the Lunar New Year holiday, which falls at different times in January and February each year. But even grouping together the first two months of this year still showed exports fell 1.6 percent from a year earlier, while imports rose 10.1 percent.

This year's data also were expected to be unusually weak because during the comparison period in 2013 exporters were believed to be inflating sales figures as an excuse to evade currency controls and bring extra money into China for investment.

Despite that, the decline in February trade far exceeded forecasters' expectations of a contraction in low single digits. They also expected imports to grow by a similar small margin.

The official economic growth target looks unusually ambitious after last year's expansion rate fell to a two-decade low of 7.7 percent. Manufacturing weakened in February and an HSBC Corp. survey showed employers cut jobs at the fastest rate in five years.

The finance minister said this week that growth as low as 7.2 percent would be acceptable and Beijing's priority is creating jobs. Plans call for creation of 11 million jobs but the minister said as many as 13 million might be possible.

China's global trade balance swung to a deficit of $23 billion. The country often runs a trade deficit for one or months early in the year as factories restock following the Lunar New Year shutdown.

The surplus with the 27-nation European Union, China's biggest trading partner, narrowed by 22 percent to $4.1 billion. China's trade surplus with the United States narrowed by 36 percent to $7 billion.

A plunge in global demand in mid-2013 prompted Beijing to launch a mini-stimulus based on higher spending on railway construction and other public works. Growth accelerated but quickly faded once the government spending ended.

Since then, Chinese leaders have said there is little that additional stimulus can do to spur growth and improvements will have to come from longer-term reforms.

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