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Sep 8, 2014

From The Desk of Fernando Guzmán Cavero -September 8, 2014: Who really protects consumers in Perú?

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All the best,

Fernando Guzmán Cavero









THE BLUFF TO PROTECT PERUVIAN CONSUMERS

The National Institute for the Defense of Competition and Protection of Intellectual Property (INDECOPI) was created in November 1992 by Decree Law No. 25868.
Its functions market promotion and protection of consumer rights. Additionally, in the Peruvian economy fosters a culture of fair and honest competition, protecting all forms of intellectual property: from logos and copyrights to patents and biotechnology.
INDECOPI is a specialized public agency under the Presidency of the Council of Ministers, with legal personality under public law. Consequently, with functional, technical, economic, budgetary and administrative autonomy (Legislative Decree No.1033).

As a result of its work in promoting the standards of fair and honest competition between agents of the Peruvian economy, INDECOPI is currently conceived as a service entity with a strong concern for promoting a culture of quality to achieve full customer satisfaction: citizens, business and the state. 
THE DECENCY EFFORT TO PROTECT PERUVIAN CONSUMERS








The National Institute for the Defense of Competition and Protection of Intellectual Property (INDECOPI) was created in November 1992 by Decree Law No. 25868.
Its functions market promotion and protection of consumer rights. Additionally, in the Peruvian economy fosters a culture of fair and honest competition, protecting all forms of intellectual property: from logos and copyrights to patents and biotechnology.
INDECOPI is a specialized public agency under the Presidency of the Council of Ministers, with legal personality under public law. Consequently, with functional, technical, economic, budgetary and administrative autonomy (Legislative Decree No.1033).

As a result of its work in promoting the standards of fair and honest competition between agents of the Peruvian economy, INDECOPI is currently conceived as a service entity with a strong concern for promoting a culture of quality to achieve full customer satisfaction: citizens, business and the state. 

DealBook P.M. Edition - September 8, 2014: Top News: Martoma Sentenced to 9 Years in Prison for Insider Trading .

For the latest updates, go to dealbook.nytimes.com »
MONDAY, SEPTEMBER 8, 2014
TOP STORY
Mathew Martoma was convicted of insider trading in February.
Martoma Sentenced to 9 Years in Prison for Insider Trading Mathew Martoma was sentenced to nine years in prison on Monday for carrying out one of the biggest insider trading schemes on record in 2008 when he was working as a portfolio manager at Steven A. Cohen's former hedge fund, SAC Capital Advisors. The sentence was in line with what the government was seeking. Prosecutors working for Preet Bharara, the United States attorney in Manhattan, had asked for a prison term of eight years or more for Mr. Martoma, who was convicted in February by a federal jury in Manhattan. Mr. Martoma's lawyers have simply asked Judge Paul G. Gardephe to show mercy and sentence him to a significantly shorter term.
For the latest updates, go to dealbook.nytimes.com »
DEALBOOK HIGHLIGHTS
Traders at Jefferies in Manhattan.
Be Nice to Underlings, Jefferies Bankers Are Told"Waiting until the last minute to hand out work, creating unnecessary projects or deadlines, or just being insensitive makes you a jerk," two top Jefferies executives write in a letter to their bankers.
Mark P. Frissora engineered an acquisition strategy at Hertz.
Hertz's Chief Steps Down as Icahn Maintains PressureMark P. Frissora's decision comes a few weeks after Carl C. Icahn disclosed an 8.48 percent stake in the rental car provider along with plans to improve shareholder value.
Chiquita has been planning an inversion with a deal for its Irish rival Fyffes.
Chiquita Delays Shareholder Meeting to Talk With Bidders Chiquita now plans to meet with two Brazilian companies that have made a bid for the company. Two advisory firms have recommended that shareholders reject Chiquita's planned merger with Fyffes.
Collective student debt at New York University is among the highest in the nation.
Wall Street Hand Stays the Stormy Course at N.Y.U.Although he is to step down next year as chairman of N.Y.U.'s board of trustees, Martin Lipton, through his successor, is virtually guaranteeing the continuation of policies opposed by many faculty members, William D. Cohan writes in the Street Scene column.
Carlyle Deal Concludes a Lawsuit Against Private Equity The agreement to pay $115 million to settle accusations that it illegally colluded with its rivals to lower the prices of corporate buyouts ends a seven-year headache for the industry and brings the final tab to $590.5 million.
Royal Bank of Scotland's U.S. Unit Sets Price Range for I.P.O. At the midpoint of the range, the Citizens Financial Group, based in Providence, R.I., would be valued at $13.4 billion.
The Royal Bank of Scotland plans an I.P.O. for Citizens Financial.
R.B.S. Tries to Paint Too Pretty a Picture for Citizens I.P.O. The Royal Bank of Scotland is making a lot of rosy assumptions in valuing Citizens Financial ahead of its I.P.O., writes Antony Currie of Reuters Breakingviews.
Barry Rosenstein is the founder of Jana Partners.
Activist Investor Barry Rosenstein to Join Walgreen Board The appointment comes as Walgreen completes an acquisition of the British pharmacy chain Alliance Boots. Mr. Rosenstein will also recommend an additional director to the board.
BB&T to Buy Kentucky Bank BB&T said on Monday that it would acquire the Bank of Kentucky for $363 million in cash and stock.
LOOKING AHEAD
Apple plans to unveil its much-anticipated wristband device on Tuesday, as well as two iPhones. The Senate Banking Committee holds a hearing on "Wall Street Reform: Assessing and Enhancing the Financial Regulatory System." JPMoran Chase's chief financial officer, Marianne Lake, speaks at the Barclays Global Financial Services Conference.
For the latest updates, go to dealbook.nytimes.com »

NYT Video - September 8, 2014: Surviving an ISIS Massacre

The Times Video
Monday, September 8, 2014
Mr. Kadhim, an Iraqi soldier and a Shiite, survived a massacre by the Islamic State in Iraq and Syria.

International

ISIS massacred hundreds of Iraqi military recruits in June. Ali Hussein Kadhim survived. This is his improbable story. [Includes graphic images.]
VideoIconWatch »

Science - Out There

Light from exploding stars can live on in the form of echoes, rippling across space and illuminating clouds of dust and gas that might otherwise be invisible.
VideoIconWatch »

FTC | Settled Charges - September 8, 2014: Green Coffee Bean Manufacturer Settles FTC Charges of Pushing its Product Based on Results of “Seriously Flawed” Weight-Loss Study.

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A Texas-based company, Applied Food Sciences, Inc. (AFS), has settled Federal Trade Commission charges that it used the results of a flawed study to make baseless weight-loss claims about its green coffee extract to retailers, who repeated those claims in marketing finished products to consumers.
The FTC complaint alleges the study was so hopelessly flawed that no reliable conclusions could be drawn from it. The flawed study, which purported to show that the product causes “substantial weight and fat loss,” was later touted on The Dr. Oz Show.
The FTC’s settlement with Applied Food Sciences, Inc. (AFS), which sells a green coffee ingredient used in dietary supplements and foods, requires the company to pay $3.5 million, and to have scientific substantiation for any future weight-loss claims it makes, including at least two adequate and well-controlled human clinical tests.
“Applied Food Sciences knew or should have known that this botched study didn’t prove anything,” said Jessica Rich, Director of the FTC’s Bureau of Consumer Protection. “In publicizing the results, it helped fuel the green coffee phenomenon.”
According to the FTC’s complaint, in 2010, Austin, Texas-based AFS paid researchers in India to conduct a clinical trial on overweight adults to test whether Green Coffee Antioxidant (GCA), a dietary supplement containing green coffee extract, reduced body weight and body fat.
The FTC charges that the study’s lead investigator repeatedly altered the weights and other key measurements of the subjects, changed the length of the trial, and misstated which subjects were taking the placebo or GCA during the trial. When the lead investigator was unable to get the study published, the FTC says that AFS hired researchers Joe Vinson and Bryan Burnham at the University of Scranton to rewrite it. Despite receiving conflicting data, Vinson, Burnham, and AFS never verified the authenticity of the information used in the study, according to the complaint.
Despite the study’s flaws, AFS used it to falsely claim that GCA caused consumers to lose 17.7 pounds, 10.5 percent of body weight, and 16 percent of body fat with or without diet and exercise, in 22 weeks, the complaint alleges.
Although AFS played no part in featuring its study on The Dr. Oz Show, it took advantage of the publicity afterwards by issuing a press release highlighting the show. The release claimed that study subjects lost weight “without diet or exercise,” even though subjects in the study were instructed to restrict their diet and increase their exercise, the FTC contends.
The proposed order settling the FTC’s charges bars AFS from misrepresenting any aspect of a test or study related to the products it sells, and prohibits the company from providing anyone else with the means of falsely advertising, labeling, promoting, or using purported substantiation material in marketing their own products.
The order further requires AFS to notify trade customers of the FTC’s conclusion that the company lacked reasonable scientific support for the weight-loss and fat-loss claims it made. Finally, the proposed order requires AFS to pay $3.5 million.
Information for Consumers
The FTC advises consumers to carefully evaluate advertising claims for weight-loss products. For more information, see the FTC’s guidance for consumers of products and services advertised for Weight Loss & Fitness.
The Commission vote authorizing the staff to file the complaint and proposed stipulated final order was 5-0. The complaint and order were filed in the U.S. District Court for the Western District of Texas, Austin Division. The proposed order is subject to court approval.
The FTC is a member of the National Prevention Council, which provides coordination and leadership at the federal level regarding prevention, wellness, and health promotion practices.  The National Prevention Strategy, released June 16, 2011, aims to guide our nation in the most effective and achievable means for improving health and well-being. This case advances the National Prevention Strategy’s goal of increasing the number of Americans who are healthy at every stage of life.
NOTE: The Commission files a complaint when it has “reason to believe” that the law has been or is being violated and it appears to the Commission that a proceeding is in the public interest. Stipulated orders have the force of law when approved and signed by the District Court judge.
The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s website provides free information on a variety of consumer topics. Like the FTC on Facebook, follow us onTwitter, and subscribe to press releases for the latest FTC news and resources.
MEDIA CONTACT:Mitchell J. Katz
Office of Public Affairs 
202-326-2161

STAFF CONTACT: 
Elizabeth Tucci
Bureau of Consumer Protection 
202-326-2402

Related Cases

More news from the FTC >>

NYT | Politics - September 8, 2014: Political Shift Stalls Efforts to Overhaul Immigration

The New York Times

September 8, 2014

Politics

A border patrol agent on Friday near McAllen, Tex. The topic of immigration has become too combustible for President Obama, causing him to break his promise to overhaul the system.

Political Shift Stalls Efforts to Overhaul Immigration

By JULIE HIRSCHFELD DAVIS and ASHLEY PARKER
Though granting legal status to undocumented immigrants once looked like an imperative for both parties, a surge of Central American migrants into the United States has rendered the issue too toxic for President Obama.
President Obama will speak to the nation on Wednesday to make his case for expanding the United States-led offensive against ISIS.

Obama to Present Case for Broader U.S. Mission Against Militants

By JULIE HIRSCHFELD DAVIS
In an interview on NBC, President Obama said he would speak to the nation on Wednesday to try to make a case for launching a wider United States-led offensive against ISIS in the Middle East.
Former Presidents Bill Clinton left, and George W. Bush announced the launch of the Presidential Leadership Scholars program in Washington on Monday.  

Bill Clinton and George W. Bush Banter, and Introduce Leadership Program

By AMY CHOZICK
The two former presidents exchanged compliments in Washington on Monday as part of an initiative involving four presidential libraries.

More Politics

Representative John F. Tierney has said he expects to defeat Richard Tisei in the November election.

Veteran Democrat Faces Hurdles to Re-election

By KATHARINE Q. SEELYE and JESS BIDGOOD
John F. Tierney, a representative for the North Shore of Boston and a nine-term Democrat, knows about tough races against Republicans, but he faces a strong primary challenge from an Iraq War veteran.
Gina M. Raimondo

Pension Fund Draws Deep Divisions in R.I. Governor's Race

By KATHARINE Q. SEELYE
For Democratic candidates, the system overhaul has taken center stage in a primary that has become one of the most divisive in the country.

Lew Says Decision Near on Corporate Tax Actions

By JACKIE CALMES
In an address, Treasury Secretary Jacob Lew said he would decide what action the administration could take on loopholes and so-called inversions.
ADVERTISEMENT

Lessons From Losses Drive Massachusetts Candidates

By KATHARINE Q. SEELYE
Martha Coakley, a Democrat, and Charlie Baker, a Republican, were stung in 2010, but both are favored to win in the primary for governor on Tuesday.

The Upshot

The Republican Senate candidate Dan Sullivan has pulled into the lead against Mark Begich, according to the New York Times/CBS News/YouGov online panel results.
THE UPSHOT

Shift in Alaska Helps Republicans Retain Senate Edge

By NATE COHN
After the latest batch of data from an online panel, our forecasting model gives the G.O.P. a 61 percent chance of retaking Senate control.
THE UPSHOT

Mitch McConnell's Path to Re-election Is Looking More Assured

By NATE COHN
If there is any plausibly competitive state where we have a clear sense of the race, it is Kentucky. Prospects do not look good for the challenger.

Multimedia

THE UPSHOT
INTERACTIVE GRAPHIC:Elections 2014: Make Your Own Senate Forecast
Create and share your own forecast for who will win the midterm elections.
In hundreds of police departments across the nation, the percentage of whites on the force is more than 30 percentage points higher than in the communities they serve.
INTERACTIVE GRAPHIC:The Race Gap in America's Police Departments
Hundreds of police departments across the nation have forces with a white percentage that is more than 30 percentage points higher than the communities they serve.
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SEC | Announcements - September 8, 2014: SEC Names Victor Valdez As Enforcement Division’s Chief Operating Officer

SEC Seal

09/08/2014 01:55 PM EDT

The Securities and Exchange Commission today announced that Victor J. Valdez has been named Chief Operating Officer and Managing Executive of the agency’s Enforcement Division, where he will oversee project management, information technology, human capital strategy, and risk management among other functions.

Mr. Valdez comes to the SEC from the Federal Deposit Insurance Corporation (FDIC), where he is the Deputy Director of Strategic Planning and Corporate Programs for FDIC’s Corporate University.  He previously served as the Deputy Director of Strategic Planning and Resource Management in FDIC’s Division of Risk Management Supervision.  He will begin his new post on September 22.

“Vic brings an impressive breadth of management and planning experience to the critical position of Managing Executive,” said Andrew J. Ceresney, director of the SEC’s Enforcement Division.  “I am pleased that he will take a leading role in the Division’s ongoing efforts to improve our effectiveness and efficiency.”

Mr. Valdez said, “I am honored and humbled to join the SEC.  I look forward to working with all of the talented staff in the Division of Enforcement to carry out the SEC’s mission to protect investors.”

Before joining the FDIC, Mr. Valdez was an officer of the Senior National Intelligence Service with the Office of the Director of National Intelligence.  He served with the ODNI as the Chief of Staff for the National Counterintelligence Executive and Chief of Staff for the Deputy Director for Operations Support, National Counterterrorism Center.  Mr. Valdez also served for over 20 years as an officer in the US Air Force.  During his varied assignments, Mr. Valdez was a special agent with the Air Force Office of Special Investigations, responsible for investigating criminal, terrorist, and intelligence threats to the Air Force, Department of Defense, and U.S. government.

In addition to his undergraduate degree from the U.S. Air Force Academy, Mr. Valdez has earned graduate degrees in international affairs from Saint Mary’s University (Texas) and in military operational art and science from the Air Command and Staff College.  He earned his MBA from the Robert H. Smith School of Business at the University of Maryland.

WSJ | Most Actives Closing - September 8, 2014.

Most Actives Closing
Most Active Stocks by Volume
4:47 pm ET 09/08/2014
NYSE
ISSUEVOLUMEPRICECHG% CHG
Bank of America (BAC)93,681,117$16.350.332.06
Petroleo Brasileiro ADS (PBR)60,881,22018.35-1.03-5.31
Ford Motor (F)47,200,72116.80-0.34-1.98
Vale ADS (VALE)33,523,76912.46-0.22-1.74
Boston Scientific (BSX)33,052,04912.320.312.58
Twitter (TWTR)30,719,74352.001.302.56
Hertz Global Holdings (HTZ)28,485,10528.500.040.14
Nokia ADS (NOK)25,746,9808.490.172.04
Petroleo Brasileiro ADS A (PBRA)24,297,29019.24-1.03-5.08
General Motors (GM)21,916,47033.24-1.04-3.03
General Electric (GE)20,162,36026.08-0.02-0.08
Ambev ADS (ABEV)19,858,1306.95-0.17-2.39
Oracle (ORCL)19,409,24240.64-0.63-1.53
Rite Aid (RAD)18,562,4426.46-0.03-0.46
AK Steel Holding (AKS)14,456,1019.84-0.60-5.75
Pfizer (PFE)14,435,91729.40-0.25-0.84
Citigroup (C)13,509,38952.05-0.25-0.48
Mobileye (MBLY)13,289,15953.013.046.08
EMC (EMC)13,249,94129.280.250.86
Yamana Gold (AUY)13,056,9347.36-0.37-4.79
J.C. Penney (JCP)12,328,57310.94-0.14-1.26
Rackspace Hosting (RAX)11,648,21839.792.556.85
Motorola Solutions (MSI)11,469,96261.022.133.62
AT&T (T)10,711,87535.01-0.14-0.40
Itau Unibanco Holding ADS (ITUB)10,348,35117.48-0.56-3.10
 
Nasdaq
ISSUEVOLUMEPRICECHG% CHG
Yahoo! (YHOO)73,455,096$41.812.225.61
Apple (AAPL)45,758,37398.36-0.61-0.62
Microsoft (MSFT)45,276,04446.470.561.22
Facebook Cl A (FB)27,976,96177.890.630.82
Sirius XM Holdings (SIRI)25,314,6393.58-0.02-0.42
Intel (INTC)24,137,44735.330.330.94
PowerShares QQQ Trust Series 1 (QQQ)23,618,465100.080.190.19
Micron Technology (MU)17,343,82033.130.200.59
Groupon (GRPN)17,334,7996.72-0.10-1.47
NII Holdings (NIHD)17,328,2980.170.0656.64
21st Century Fox Cl A (FOXA)13,974,54835.88-0.14-0.40
Cisco Systems (CSCO)13,699,69124.95-0.05-0.20
Frontier Communications (FTR)12,213,4606.820.152.25
GoPro (GPRO)12,107,43863.524.778.12
Gilead Sciences (GILD)11,802,879106.531.171.11
Comcast Cl A (CMCSA)11,755,34355.880.180.32
Multimedia Games Holding (MGAM)11,268,82836.158.3730.13
FireEye (FEYE)10,302,83533.231.514.76
RF Micro Devices (RFMD)10,264,09212.21-0.10-0.77
Staples (SPLS)9,915,60612.62-0.24-1.87
Applied Materials (AMAT)9,651,62122.66-0.10-0.42
FuelCell Energy (FCEL)9,347,2062.670.072.69
American Realty Capital Properties (ARCP)9,159,08113.25-0.11-0.82
Achillion Pharmaceuticals (ACHN)9,137,33312.750.584.77
JDS Uniphase (JDSU)8,907,96211.750.595.24
 
NYSE Arca
ISSUEVOLUMEPRICECHG% CHG
SPDR S&P 500 ETF Trust (SPY)60,442,428$200.59-0.52-0.26
iShares MSCI Emerging Markets ETF (EEM)46,769,69145.31-0.54-1.18
Market Vectors ETF Trust Market Vectors Gold Miners (GDX)42,070,42724.19-0.88-3.51
iShares MSCI Brazil Capped ETF (EWZ)32,231,64051.42-1.74-3.27
Select Sector SPDR-Financial (XLF)21,650,91723.470.010.04
Barclays Bank iPath S&P 500 VIX Short Term Futures ETN (VXX)20,165,53427.510.060.22
iShares Russell 2000 ETF (IWM)19,857,916116.560.180.15
iShares MSCI Japan ETF (EWJ)17,402,50011.83-0.01-0.08
Direxion Daily Small Cap Bear 3x Shares (TZA)15,586,96614.23-0.07-0.49
iShares MSCI EAFE ETF (EFA)13,222,75666.29-0.71-1.06
Market Vectors Junior Gold Minets ETF (GDXJ)12,053,12137.26-2.04-5.19
Select Sector SPDR-Energy (XLE)10,867,75895.57-1.51-1.56
Vanguard FTSE Emerging Markets ETF (VWO)10,860,82445.95-0.54-1.16
iShares 20+ Year Treasury Bond ETF (TLT)9,162,337115.780.050.04
Market Vectors Russia ETF Trust SBI (RSX)8,908,07925.04-0.30-1.18
iShares China Large-Cap ETF (FXI)8,486,47242.29-0.23-0.54
iShares U.S. Real Estate ETF (IYR)8,328,27374.69-0.13-0.17
SPDR Gold Trust (GLD)7,349,487120.73-1.33-1.09
Direxion Daily Small Cap Bull 3x Shares (TNA)7,128,58976.610.330.43
iShares Silver Trust (SLV)6,764,66318.26-0.16-0.87
ProShares Ultra VIX Short-Term Futures ETF (UVXY)6,758,33523.550.130.55
Select Sector SPDR-Utilities (XLU)6,724,54843.36-0.26-0.60
Select Sector SPDR-Technology (XLK)6,307,57640.350.060.15
Select Sector SPDR-Health Care (XLV)6,042,14964.180.010.02
SPDR S&P Oil&Gas Exploration&Production ETF (XOP)6,030,41075.03-1.63-2.13
 
Composite
ISSUEVOLUMEPRICECHG% CHG
Bank of America (BAC)93,681,117$16.350.332.06
Yahoo! (YHOO)73,455,09641.812.225.61
Petroleo Brasileiro ADS (PBR)60,881,22018.35-1.03-5.31
SPDR S&P 500 ETF Trust (SPY)60,442,428200.59-0.52-0.26
Ford Motor (F)47,200,72116.80-0.34-1.98
iShares MSCI Emerging Markets ETF (EEM)46,769,69145.31-0.54-1.18
Apple (AAPL)45,758,37398.36-0.62-0.63
Microsoft (MSFT)45,276,04446.470.561.22
Market Vectors ETF Trust Market Vectors Gold Miners (GDX)42,070,42724.19-0.88-3.51
Rada Electronic Industries (RADA)37,821,2625.973.45136.90
Vale ADS (VALE)33,523,76912.46-0.22-1.74
Boston Scientific (BSX)33,052,04912.320.312.58
iShares MSCI Brazil Capped ETF (EWZ)32,231,64051.42-1.74-3.27
Twitter (TWTR)30,719,74352.001.302.56
Hertz Global Holdings (HTZ)28,485,10528.500.040.14
Facebook Cl A (FB)27,976,96177.890.630.82
Nokia ADS (NOK)25,746,9808.490.172.04
Sirius XM Holdings (SIRI)25,314,6393.58-0.02-0.42
Petroleo Brasileiro ADS A (PBRA)24,297,29019.24-1.03-5.08
Intel (INTC)24,137,44735.330.330.94
PowerShares QQQ Trust Series 1 (QQQ)23,618,465100.080.190.19
General Motors (GM)21,916,47033.24-1.04-3.03
Select Sector SPDR-Financial (XLF)21,650,91723.470.010.04
Barclays Bank iPath S&P 500 VIX Short Term Futures ETN (VXX)20,165,53427.510.060.22
General Electric (GE)20,162,36026.08-0.02-0.08
 
See All Most Actives
 
Footnotes
Includes common, closed end funds, ETFs, ETNs and REITS
x - stock is trading ex-dividend
Source: WSJ Market Data Group