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Salmonella outbreak prompts another peanut butter recall

first_imgJan 14, 2009 (CIDRAP News) – The manufacturer of peanut butter that has been implicated in a multistate outbreak of Salmonella infections announced a recall yesterday of all of its product made since Jul 1, 2008.Peanut Corp. of America (PCA), based in Lynchburg, Va., announced the recall of 21 lots of peanut butter made in a company plant in Blakely, Ga. All of the product was sold to institutions and food service businesses, with none going to consumers through retail stores, the company said in a news release posted on the US Food and Drug Administration (FDA) Web site.The peanut butter was distributed in 17 states, George Clarke, a PCA spokesman in Washington, DC, told CIDRAP News today. The list of states and total amount of peanut butter covered by the recall were not immediately available.Minnesota investigators announced Jan 12 that they had found the outbreak strain of Salmonella enterica serotype Typhimurium in an open 5-pound container of King Nut peanut butter from a nursing home associated with one of the outbreak cases. King Nut Cos., based in Solon, Ohio, a distributor of peanut butter made by PCA, announced its own recall on Jan 10. PCA peanut butter is also sold under the name Parnell’s Pride.As of Jan 12, the outbreak involved 410 salmonellosis cases in 43 states, according to the latest update from the Centers for Disease Control and Prevention (CDC). The outbreak might have contributed to three deaths, and 18% of patients with available information were hospitalized, the agency said.Minnesota, one of the states hit hardest by the outbreak, now has 33 cases, up from 30 reported last week, the Minnesota Department of Health (MDH) reported today. Twelve of the patients were in nursing homes, and 13 were hospitalized, said MDH spokesman Doug Schultz.In addition, a second Minnesota case-patient has died, Schultz reported today. He said the patient, a male nursing home resident in his 70s, had numerous underlying health problems, so the extent of Salmonella’s contribution to his death is unknown. Officials had said the same of the earlier death, that of a woman in her 70s.Although PCA said none of the recalled peanut butter was destined for retail stores, a Minnesota Department of Agriculture (MDA) spokesman told CIDRAP News today that FDA investigators were looking into whether PCA peanut butter could have been used in other products.”I know that the FDA is in the facility in Blakely, Ga., and they’re looking at peanut butter that might’ve gone from that facility that might be used in other products,” said Ben Miller of the MDA. “What those products are I don’t know. That’s always a possibility when you’re dealing with a product like that.”Miller said the PCA press release referred to peanut butter that the company “probably had direct control over,” but if some of the product went to another manufacturer or distributor, the company wouldn’t have controlled how it was used.Clarke, the PCA spokesman, said he had no immediate information on whether any of the company’s customers could have formulated the peanut butter into other products.In other developments, King Nut Cos. said in a Jan 12 statement that King Nut peanut butter couldn’t have caused all the Salmonella cases because it is not distributed nationwide.”We only distribute in seven states and therefore King Nut peanut butter could not possibly be the source of a nationwide outbreak of Salmonella,” the company said. It said it sells to food service companies only in Ohio, Minnesota, Michigan, North Dakota, Arizona, Idaho, and New Hampshire.See also: PCA recall news release on FDA sitehttp://www.fda.gov/Safety/Recalls/ArchiveRecalls/2009/ucm128827.htmKing Nut Cos. news releaseshttp://www.kingnut.com/site.cfm/news.cfmCDC outbreak updatehttp://www.cdc.gov/salmonella/typhimurium/last_img read more

Joseph Mariathasan: How should pension funds invest in EM?

first_imgAccording to a recent survey by Mallowstreet, 90% of its UK institutional investor respondents are either retaining existing allocations to emerging markets (EM) or increasing them. Only 2.5% are decreasing, and 7.5% still have no allocations.What should these investors be looking for, both in terms of investment opportunities and the underlying factors driving them? What is apparent is that is just sticking to market capitalisation indices as benchmarks is likely to be misguided for a number of reasons.MSCI recently announced the inclusion of Chinese A-shares in its indices, adding 222 shares to its Emerging Markets and ACWI benchmarks from June 2018. Longer term, if China continues to liberalise the A-shares market and MSCI is to fully include them, China’s weight in the MSCI Emerging Markets index could rise to 40.8% from 28%.As the index provider says, institutional investors who have not examined how A-shares might fit into their portfolios should not underestimate the work involved in preparing, creating and maintaining such an allocation. Would A-shares inclusion alter emerging markets’ role in asset allocation? What is China’s role in emerging market equity allocation? MSCI also states that a sensible starting point would be to revisit the role of emerging markets in the policy asset allocation, including how China fits into that sub-asset class. Investors considering EM equity investments have to first decide whether to adopt an active or a passive approach. The obvious attraction of passive investment is cost, but the problem with market-cap-weighted indices is that the better a stock does, the greater the weighting, so they have a pro-momentum and anti-value bias. In addition, investors sticking closely to cap-weighted market indices are getting little exposure to the grand themes driving EM growth – the increasing spending power of middle-income consumers and the favourable demographics of younger populations.Alternative approaches such as fundamental indices conceptually get round this problem but end up introducing new issues of even more pronounced sector skews: two-thirds of the index universe is composed of financial, energy and basic materials companies, while one company (Petrobras) accounts for 9% of the total market cap. Petrobras is very volatile and subject to political interference, as are many other large companies such as Samsung.Valuation dispersions are much higher in EM – and that means greater opportunities for active management. If investing in EM equities benefits from active management, then the logical conclusion is that investors should seriously consider investing in emerging market private equity. It represents a more active approach to investment than listed equities.Accessing attractive but widely dispersed EM private equity opportunities is a challenge for investors – funds-of-funds provide one accessible solution.Pension funds are still very wary of investing in EM private equity, but risks are misperceived and much lower than imagined. The opportunity set is very large. Until the 1800s, China and India represented more than 50% of global economic output and, by 2030, five of the 10 largest economies will be EM, according to the US Department of Agriculture.Four key economic segments – food and agriculture, cities, energy and materials, and healthcare – could create a few hundred million new jobs by this point, and almost 90% of them would be in EM. The optionality value of such investing is high, while the opportunity costs are low.At a time in which valuations of private equity investments in the US and Europe are very high, shifting to EM at much lower valuations does seem to make sense.last_img read more

Ex Barca boss Rosell faces February trial for money laundering

first_imgProsecutors at the Madrid-based National Court have called for the ex Barca boss to be jailed for 11 years and fined 59 million euros.Rosell and his wife are accused of hiding money illegally obtained by Ricardo Teixeira, the former head of the Brazilian Football Confederation.Rosell had previously lived and worked in Brazil, where he forged numerous business links.The case centres on a deal signed by Teixeira in 2006 with a company based in the Cayman Islands for the television rights to 24 Brazil friendly matches.Altogether, Rosell and his wife allegedly received close to 15 million euros in their accounts as part of the deal.They pocketed 6.6 million euros with 8.4 million destined for Teixeira, prosecutors say.The trial will open on February 25, and run until March 27.0Shares0000(Visited 1 times, 1 visits today) 0Shares0000Former Barcelona president Sandro Rosell, pictured July 2014, his wife and four others are accused of “large-scale money laundering” since 2006 relating to television rights and sponsorship in Brazil © AFP/File / PIERRE-PHILIPPE MARCOUMADRID, Spain, Oct 17 – Former Barcelona president Sandro Rosell will go on trial for money laundering in February, Spanish judicial sources revealed on Wednesday.Rosell, his wife and four others are accused of “large-scale money laundering” of at least 19.9 million euros ($23 million) since 2006 relating to television rights and sponsorship in Brazil.last_img read more