2011-08-11 19:13:27

Chinese authorities find 22 more fake Apple stores

Authorities in China’s southwestern city of Kunming have identified another 22 unauthorized Apple retailers weeks after a fake of the company’s store in the city sparked an international storm.

China’s Administration for Industry and Commerce in the Yunnan provincial capital said the stores have been ordered to stop using Apple’s logo after Apple China accused them of unfair competition and violating its registered trademark, state media said on Thursday.

The market watchdog agency said it would set up a complaint hotline and boost monitoring, the official Xinhua news agency reported.

It did not say if the shops were selling knock-off Apple products or genuine but smuggled models.

Countless unauthorized resellers of Apple and other brands’ electronic products throughout China sell the real thing but buy their goods overseas and smuggle them into the country to escape taxes.

In July, inspections of around 300 shops in Kunming were carried out after a blog post by an American living in the city exposed a near-flawless fake Apple Store where even the staff were convinced they were working for the California-based iPhone and iPad maker.

Chinese law protects trademarks and prohibits companies from copying the “look and feel” of other companies’ stores.

But enforcement is spotty, and the United States and other Western countries have often complained China is woefully behind in its effort to stamp out intellectual property (IP) theft.

In May, China was listed for the seventh year by the U.S. Trade Representative’s office as a country with one of the worst records for preventing copyright theft.

2011-08-11 18:28:55

The best investing opportunities right now in telecom

The telecommunications sector is changing rapidly in Canada, with cell phones, smart phones and tablet computers now roaming the globe and creating fierce competition among providers. It's also a dividend-paying area of the stock market that's fairly resilient to economic setbacks, as consumers tend to hold onto their communications devices even when times are bad.

Join us for a live discussion Tuesday at 2 p.m. (ET) with Dvai Ghose, managing director and head of reseach with Canaccord Genuity. Mr. Ghose covers telecom and will provide his take on where the sector is heading and answer your questions on what are the best opportunities right now. From expected consolidation among carriers, to the shift to Android devises and new wireless technologies, it promises to be a lively discussion.

2011-08-11 17:17:24

CPPIB posts gain despite weak markets

The CPP Fund has posted a 0.9-per-cent return for the three months ended June 30, a time period during which major stock indices were down.

The fund generated $1.3-billion of investment income, mostly thanks to assets outside of the public markets, such as private equity and real estate. It also took in $3.8-billion in excess CPP contributions, resulting in a $5-billion increase in its net assets to $153.2-billion. The fund is managed by the CPP Investment Board, which invests the money that’s not yet needed to pay Canada Pension Plan benefits. The three months ending in June represent the first quarter of its new fiscal year. Equities made up 51.8 per cent of its investment portfolio, or $79.4-billion. That included $55.3-billion worth of public stocks and $24.1-billion of private equities. Slightly more than 31 per cent of its portfolio, or $47.7-billion, was in fixed income, including bonds and money market securities. About 8.2 per cent of its investments, or $12.6-billion, were real estate; 6.2 per cent of $9.5-billion was in infrastructure assets; and 2.7 per cent, or $4.1-billion was in inflation-linked bonds.

2011-08-11 17:10:02

US trade deficit widens in June

American producers sold fewer industrial engines, electric generators and farm products to the rest of the world in June, pushing the trade deficit to the highest level since 2008 and dealing another blow to an already struggling economy. The deficit rose 4.4 per cent to $53.1-billion in June, the largest imbalance since October 2008, the Commerce Department reported Thursday. Imports fell 0.8 per cent to $223.9-billion as crude oil prices fell for the first time in nine months. Exports dropped 2.3 per cent to $170.9-billion, the biggest decline in more than two years. The drop in exports, the second in a row, was a blow to hopes that rising overseas demand will boost the fortunes of American manufacturers in the face of a slump in spending by U.S. consumers. The concern now is that a global slowdown will hobble a U.S. economy that is in danger of stalling out. The deficit through June is running at an annual rate of $576.6-billion, 15.3 per cent higher than the 2010 imbalance. A higher trade deficit subtracts from overall economic growth because it means consumers are purchasing more foreign-made goods and fewer products made by U.S. workers.

2011-08-10 16:04:31

Canadian Tire results hit by spending.

- The Globe and Mail Canadian Tire Corp.’s profit fell 14 per cent Thursday, missing market estimates, as it spent more on promotions and invested in infrastructure. Second-quarter earnings fell to $105.8-million, or $1.29 a share, from $122.8-million, or $1.50 a share, a year ago. Analysts, on average, had expected earnings of $1.45 a share, according to Thomson Reuters I/B/E/S. Revenue rose 4 per cent to $2.57 billion, compared with the average analyst estimate of $2.62 billion.