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<keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s fourth-quarter GDP release two weeks ago <a href="http://www.businessinsider.com/china-q4-2012-gdp-2013-1">showed a rebound in the Chinese economy</a> at the end of last year.
Electricity consumption data, which observers tend to trust more than China's official GDP growth numbers, <a href="http://www.businessinsider.com/china-electricity-usage-q4-2012-2013-1">seemed to confirm the turnaround.</a>
Over the weekend, China's National Bureau of Statistics released industrial <keyword id="6357061" type="UNKNOWN" weightage="60" keywordseo="earnings">earnings</keyword> growth figures for the fourth quarter. The data showed that profits surged 20.4 percent in Q4 after negative growth over the first three quarters.
BofA Merrill Lynch economist Ting Lu broke down the details this weekend:
Upward momentum was sustained in Dec 2012. China’s NBS today released 2012 annual sales and earnings data of industrial companies above certain sizes. December data could be derived from year-to- date (YTD) data. Earnings growth moderated slightly to 19.0% yoy in Dec from 22.4% Nov, but small volatility in monthly data derived from YTD data should be downplayed. Quarterly data, which is less subject to data irregularities, displayed impressive turnaround: Industrial earnings growth surged to 20.4% in 4Q12 from - 1.0% in 3Q12 and -1.8% in Jan-Sep 2012. These NBS earnings data bode well for China’s listed companies’ earnings to be released in coming weeks. We expect the NBS industrial earnings growth to peak in 1H13 at around 25%.
 Why do the NBS industrial earning growth data matter? As shown in Chart 1, the NBS industrial earnings growth moves fairly closely with that of non-financial listed companies. Since the NBS data are monthly (although they need to be derived from YTD data), they provide an early guidance for quarterly earnings of listed companies. Based on the correlation, we expect listed non-financial companies’ earnings growth could turn the corner in 4Q12, likely jumping to around 10% yoy from -16% in 3Q12.
The Shanghai Composite surged 2.4 percent in overnight trading, but the gains were led by financials as opposed to industrials.
Ting Lu expects industrial earnings growth to peak in mid-2013 near 25 percent.

Chinese Industrial Profits Surge 20.4% In The Fourth Quarter

<div class="image-container float_right" style="width:400px"><div class="image"></div><a href="http://www.youtube.com/watch?v=QLL9plgz0pg">Fist Of Legend via YouTube</a></div><keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s <a href="http://www.businessinsider.com/china-january-2013-hsbc-pmi-2013-1">HSBC manufacturing PMI</a> report jumped to 52.3, a two-year high in January.
However, <a href="http://www.businessinsider.com/china-january-2013-official-pmi-2013-1">China's official NBS manufacturing PMI </a>unexpectedly fell 50.4.
So, are we supposed to just follow the official number because it's "official"?
Some skeptics would actually argue that "official" makes the NBS report less reliable since it comes from the Chinese government.
But conspiracy theories set aside, the two reports actually source explicitly different samples.
Bank of America economist <a href="http://www.businessinsider.com/why-chinas-flash-pmi-is-weaker-than-official-pmi-2012-4">Ting Lu</a>, in a note to clients last year, said one of the major differences was that the HSBC number has more exposure to small and medium sized enterprises (SME), which means they have a relatively tough time securing credit when the economy is slowing. They are also considered less favored by the government.
So, one could actually argue that the HSBC <keyword id="104215" type="ORGANIZATION" weightage="60" keywordseo="PMI">PMI</keyword> number offers a better cyclical signal. Lu argues as much in <a href="http://www.businessinsider.com/regarding-disappointing-china-pmi-2013-1">his latest note</a>.
We spoke with Luke Thompson, Head of Markit Economics, who told us more about the HSBC/Markit number:
I would just like to clarify two significant points in relation to the China Manufacturing PMI that Markit produces for HSBC.
1) The structure of our PMI survey panel is defined by industry sector and company size as determined by the latest available value added data from the Chinese National Bureau of Statistics (NBS). As such, there is no bias in our sample to small and medium sized industries over large sized companies. Our panel covers small, medium and large sized companies in the proportions determined by the NBS data on value added. This is in common with all PMI surveys that Markit conducts around the globe (using latest official value added data from the relevant official statistics provider). See the <a href="http://www.businessinsider.com/chinas-official-hsbc-pmi-reports-2012-9#-1">attached note</a> for more information on some of the differences between the Markit/HSBC and NBS PMI surveys.
2) Markit is one of the largest independent producers of macro economic data in the world. One of the key <keyword id="35660" type="UNKNOWN" weightage="60" keywordseo="features">features</keyword> of our data (and one that users most value) is its independence and there is absolutely no involvement in any of our data calculation from any parties external to Markit. I can state categorically that neither the Chinese government or HSBC have any involvement or influence at all in the PMIs that we publish for China or for any other nations.
Thompson forwarded us a 2-page note explaining the difference between the official and unofficial Chinese PMI numbers.

Here's Why The Two Chinese PMI Reports Went In Opposite Directions

<div class="KonaFilter image-container display-table"><div><div class="image on-image">China Photos/Getty Images</div></div></div>Chinese consumer price inflation edged higher in November, casting doubt on whether additional monetary policy easing will be delivered by the nation's central bank, the PBOC, ahead. According to China's National Bureau of Statistics (NBS), CPI increased by 1.5% in the year to November, a rate higher than the 1.3% level of October and expectations for an increase to 1.4%.An acceleration in food price inflation, rising 2.3% compared to a 1.9% increase in October, was largely responsible for the annual increase. Excluding food, inflation rose 0.2% to 1.1%, the fastest annual increase registered since August 2015.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Business Insider Australia</div></div></div>Despite the uplift in consumer prices, producer price deflation remained as grim as ever. The NBS reported that producer prices fell by 5.9% compared to November 2014, the fourth consecutive month that the figure has remained unchanged. Demonstrating the lack of price pressures - at least to the upside - producer prices have now fallen in annual terms for the past 45 months. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/eyelid-surgery-in-south-korea-2015-11">Why Korean parents are having their kids get plastic surgery before college</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3anZreDpn-2nQvRx1Ucqnt93GqH8mTZ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Chinese inflation is hotter than expected

New Delhi, Dec 4 () The government is seriously considering options for decontrolling urea by either fixing a nutrient-based subsidy(NBS) rate or making direct payment of subsidy to farmers' account, Fertiliser Minister Sadananda Gowda said on Wednesday.
 In 2010, the government had launched the NBS programme under which a fixed amount of subsidy, decided on an annual basis, is provided on each grade of subsidised phosphatic and potassic (P&amp;K) fertilizers, except for urea, based on the nutrient content present in them.
 "As far as change in the urea policy is concerned, we are open to suggestions. It can be NBS for urea or direct subsidy to the farmers account with decontrol of fertilizer sector. These are some of the alternatives which are under discussion," Gowda said while addressing an event organised by the Fertiliser Association of India (FAI) here.
 He further said that the government is "actively pursuing the issue of revision of fixed cost under urea policy" and added that any change in policy should protect the interest of farmers, industry and help conserve resources.
 Currently, urea is the only controlled fertilizer and is sold at a statutory notified uniform sale price. Its maximum retail price is fixed at Rs 5,360 per tonne. It is the most commonly used fertiliser because it is highly subsidised.
 Noting that the government is aware of the challenges faced by the industry, Gowda said, however there are "no short cut solutions" to the structural problems but the government is working very hard to find possible way out.
 As far as fertilizer policies and payments are concerned, the government is in continuous dialogue with all the stakeholders and various wings of the government.
 "It is our effort that there is an adequate provision for fertilizer subsidy and payments to the industry are made promptly," he said.
 However, there is a need to keep in mind the government's fiscal limitation in order to balance sometimes the "conflicting requirement' and meet the expectation of all stakeholders, he added.
 The minister also urged the industry to redefine the role of fertilisers industry by introducing newer forms of fertilisers and lauded efforts of cooperative fertiliser firm IFFCO in developing 'Nano fertilisers'.
 Speaking on the occasion, think-tank Niti Aayog member Ramesh Chand said there is a "disquiet trend in the fertiliser sector" as there is too much criticism about the soil nutrients which are essential for achieving food security.
 He said that consumption of fertilisers in most parts of the country is much lower than the average and there is a need to dispel misconception surrounding fertilisers impact on environment and human health.
 "Let us set perception right for growth of the agriculture sector and food security," he added. LUX LUX MR
MR

Govt considering options to decontrol urea: Fertiliser Min

<div class="image-container float_right" style="width:400px"><div class="image"></div><a href="http://www.flickr.com/photos/30265340@N00/285670789/">yewenyi / Flickr</a></div><keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s Flash Manufacturing PMI fell to a four-month low of <a href="http://www.businessinsider.com/china-february-flash-pmi-2013-2">50.4 in February</a> from 52.3 in January.
Economists were looking for a reading of 52.2.
Despite this unexpectedly low reading, markets are taking the report in stride. <a href="http://www.bloomberg.com/markets/stocks/world-indexes/asia-pacific/">Chinese stocks</a> are trading up.
"We suggest not taking this <keyword id="1755040" type="UNKNOWN" weightage="60" keywordseo="Flash-PMI">flash PMI</keyword> seriously as this PMI data point was heavily distorted by the Chinese New Year holiday," writes Bank of America Merrill Lynch economist Ting Lu.
While PMI is often regarded as one of the best economic indicators available, Lu believes it is "not a good barometer." At least this time around. From his latest note:
Why PMI is not a good barometer Neither the NBS nor the HSBC could do a good job in creating PMI during the Chinese New Year holiday. First, there could be a large amount of missing values for already small sample sizes (HSBC at around 500, NBS at 3000) due to the holiday. This is especially true for the HSBC February flash PMI this year as the holiday was from 9 to 15 Feb and the private sector’s holiday could last until end-Feb. Second, PMI data are heavily seasonally adjusted, but the season adjustment is quite inaccurate due to the different timing of CNY holidays and short history (since year 2005).
In other words, Lu believes this may turn out to be a blip in a string of upward trending data. Let's hope he's right and that this isn't an inflection point to the downside.

China's Latest Manufacturing Report Was Bad - Here's Why We Can Ignore It

<ul class="summary-list"><li>Chinese manufacturers' profits fell last month, but carmakers reported significant gains in the first quarter.</li><li>Weak domestic demand is causing Chinese companies to sell products en masse overseas.</li></ul>Big Chinese manufacturers' profits fell last month, but carmakers posted a significant gain in the first quarter — one of the sectors worrying US officials.The National Bureau of Statistics reported on Saturday that large-scale manufacturers' profits dipped 3.5% in March compared with a year earlier. For the first three months of the year, profits were up 4.3% to 1.51 trillion yuan, or about $208 billion.The new data highlights how weak domestic demand is eating into Chinese manufacturers' profits, causing companies to <a target="_blank" href="https://www.businessinsider.com/china-economy-overcapacity-dumping-manufacturing-exports-economic-woes-world-yellen-2024-4">sell products en masse overseas</a>. Janet Yellen, the US treasury secretary, and Antony Blinken, the secretary of state, visited China in the past month, where they warned of Chinese companies undercutting other manufacturers.Blinken said at a Friday press conference that he talked with Chinese officials about overcapacity in key industries, including solar panels, electric vehicles, and batteries."China alone is producing more than 100% of global demand for these products, flooding markets, undermining competition, and putting at risk livelihoods and businesses around the world," Blinken said.<h2>'A real train wreck coming'</h2>One major area of concern for the US is <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">protecting domestic car production</a>. Even though Chinese car companies don't sell cars in many large markets, such as the US, Chinese automakers' overall profit jumped 32% in the first quarter, year on year, according to the NBS.China needs to expand into new markets for many goods because domestic appetite has risen much slower than manufacturing output. Last year, China and Japan were neck and neck for the title of the world's largest auto exporter, and the Chinese EV maker BYD outsold Tesla.<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-02/us-europe-gripes-on-china-overcapacity-aren-t-all-backed-by-data?srnd=all">Bloomberg</a> found earlier this month that so far, increased EV production hadn't led to a big uptick in inventory — the kind of overproduction hurting other industries.And cars weren't the only bright spot in the first quarter: Electronic industry profits were up 82.5% year on year, according to data from the NBS.Michael Froman, the US trade representative during the Obama administration, told <a target="_blank" href="https://www.cnbc.com/video/2024/04/25/cfrs-michael-froman-on-trade-conflict-with-china-theres-a-real-train-wreck-coming-here.html">CNBC</a> on Thursday that China's export-led growth had come just as international markets were closing to the country. China has publicly written off US warnings about overproduction as posturing ahead of the presidential election."There's a real train wreck coming here where this is the next generation of trade conflict," said Froman, who's now the president of the Council on Foreign Relations. "This is broader than election-year activity."The NBS analyst Yu Weining wrote in a statement accompanying Saturday's data release that China was focused on boosting domestic demand and improving business confidence. Overall, domestic demand is depressed as the country faces a faltering GDP and a roiling <a target="_blank" href="https://www.businessinsider.com/evergrande-ordered-liquidate-china-real-estate-property-crisis-winners-assets-2024-1">property market</a>.

China's big factories had a terrible March, even as automakers roar to new highs

It is said that every newborn faces a potential risk until the baby has been screened for <keyword id="1144427" type="UNKNOWN" weightage="100" keywordseo="medical-conditions">medical conditions</keyword>. A <keyword id="2024251" type="UNKNOWN" weightage="100" keywordseo="Genetic-screening">genetic screening</keyword> of the newborn means enhanced <keyword id="2024262" type="UNKNOWN" weightage="100" keywordseo="Biotechnological-capacity">biotechnological capacity</keyword>, which ensures fast, accurate and expanded testing going beyond routine disorders. <keyword id="2024252" type="UNKNOWN" weightage="100" keywordseo="Newborn-screening">Newborn screening</keyword> (<keyword id="116258" type="ORGANIZATION" weightage="100" keywordseo="NBS">NBS</keyword>) has been made compulsory in 52 countries across the world, bringing down <keyword id="153995" type="UNKNOWN" weightage="100" keywordseo="infant-mortality">infant mortality</keyword> and disabilities in children. 
 Simply put, newborn screening (NBS) programme includes testing every newborn soon after its birth, to identify serious or life-threatening conditions which may lead to mental/physical retardation or even early death. The affected baby looks healthy at birth as there is no external defect and these disorders cannot be diagnosed until specifically tested for. However, India is yet to implement a <keyword id="2024264" type="UNKNOWN" weightage="100" keywordseo="National-newborn-screening-programme">national newborn screening programme</keyword> even though 5-15% of newborns fall prey to <keyword id="120871" type="UNKNOWN" weightage="100" keywordseo="Metabolic-disorders">metabolic disorders</keyword>. 
 Understandably, not too many Indian start-ups operate in the NBS space and the <keyword id="49685" type="UNKNOWN" weightage="100" keywordseo="Genetic">genetic</keyword> screening of newborns is rarely done in the country at a macro level. But here is one Mumbai-based start-up that has doing it for over a year now. <keyword id="2024246" type="UNKNOWN" weightage="100" keywordseo="Navigene">Navigene</keyword> has developed a unique and <keyword id="2024273" type="UNKNOWN" weightage="100" keywordseo="Non-invasive-preventive-genetic-screening">non-invasive preventive genetic screening</keyword> service for newborns and adults, which can be implemented at a mass scale. Its primary focus is <keyword id="2024274" type="UNKNOWN" weightage="100" keywordseo="Non-invasive-preventive-testing">non-invasive preventive testing</keyword> including <keyword id="2024278" type="UNKNOWN" weightage="100" keywordseo="Newborn-genetic-screening">newborn genetic screening</keyword>, <keyword id="2024275" type="UNKNOWN" weightage="100" keywordseo="Metabolic-fingerprinting">metabolic fingerprinting</keyword>, <keyword id="2024279" type="UNKNOWN" weightage="100" keywordseo="Prenatal-screening">prenatal screening</keyword> and more, besides offering <keyword id="2024280" type="UNKNOWN" weightage="100" keywordseo="Diagnostic-testing">diagnostic testing</keyword> (<keyword id="2024281" type="UNKNOWN" weightage="100" keywordseo="Cytogenetics">cytogenetics</keyword> &amp; <keyword id="1284857" type="ORGANIZATION" weightage="100" keywordseo="Molecular-Genetics">molecular genetics</keyword>). <keyword id="2024283" type="UNKNOWN" weightage="100" keywordseo="Navigene-Baby-Screen">Navigene Baby Screen</keyword>, the start-up’s flagship product, screens the newborns for 110 genetic and metabolic disorders on the very 3rd day after birth and the company claims it is one of the most comprehensive screening tests in the world. Here is a snapshot that captures the start-up’s operations, vision and viability. 
 
Who runs Navigene (navigene.in): Two co-founders – Dr <keyword id="2024250" type="UNKNOWN" weightage="100" keywordseo="Rishi-Dixit">Rishi Dixit</keyword> (MD &amp; CEO) and Dr <keyword id="1888201" type="PERSON" weightage="100" keywordseo="Vrushali-Joshi">Vrushali Joshi</keyword> (CTO) – and the early-stage incubation and <keyword id="6357097" type="COMPANY" weightage="80" keywordseo="venture-capital">venture capital</keyword> firm, <keyword id="720080" type="COMPANY" weightage="100" keywordseo="IncuCapital">IncuCapital</keyword>. An MBBS and MBA, Dr Rishi has a deep understanding of the healthcare marketing space and also worked with start-ups. Before starting Navigene, he was head of sales &amp; strategy at a start-up in the similar domain. Prior to that, he was manager, health analytics, with ICICI Prudential Life insurance. Dr Vrushali holds a Ph.D. from Mumbai University and is a leading geneticist with more that 15 years of experience. She is also a government-certified genetic counsellor. 
 Navigene was set up by the two co-founders in April 2012, along with IncuCapital’s senior venture partners’ team of <keyword id="2024248" type="UNKNOWN" weightage="100" keywordseo="Surojit-Nandy">Surojit Nandy</keyword>, <keyword id="6393254" type="PERSON" weightage="100" keywordseo="Manish-Kumar">Manish Kumar</keyword> and <keyword id="2024247" type="UNKNOWN" weightage="100" keywordseo="Prashant-Maharaj">Prashant Maharaj</keyword>. The company started operations in November that year. Currently, it boasts a state-of-the-art testing facility and central lab in Mumbai where all samples are flown in from different parts of the country and also from global destinations. This facility also serves as the head office while 2-3 sales people are assigned to each location. Weekly sales meetings are generally held at local CCDs – a good example of asset-light sales offices. 
 But going forward, the start-up plans to open sales offices in Delhi, Bangalore and Hyderabad – small facilities for operational and logistics management. As sample collection is generally done by the people themselves or the <keyword id="6355907" type="UNKNOWN" weightage="100" keywordseo="Medical-facilities">medical facilities</keyword>, the Navigene staff simply picks them up from homes/hospitals and courier them to the HO in Mumbai. 
 
What inspired the venture: The knowledge that non-traditional, highly accurate and revolutionary ways of medical diagnosis is possible through genetic screening and diagnostic techniques. Navigene was founded to bring these advanced <keyword id="684042" type="TECHNOLOGY" weightage="100" keywordseo="medical-technologies">medical technologies</keyword> to India. 
 
What’s the pitch: Early and accurate prediction/diagnosis of disorders and ailments in newborns and adults, through <keyword id="2024271" type="UNKNOWN" weightage="100" keywordseo="Preventive-genetic-screening">preventive genetic screening</keyword> – so that every individual has the opportunity to manage his/her health. “Over the years, we have learnt a great deal about how genes function and how they can cause certain problems. Now is the time to use that knowledge in exciting new ways to prevent and treat <keyword id="6377700" type="UNKNOWN" weightage="100" keywordseo="health-problems">health problems</keyword>,” says Dr Rishi. 
 
How it works: Navigene currently caters to the B2B segment – <keyword id="796241" type="UNKNOWN" weightage="100" keywordseo="corporate-hospitals">corporate hospitals</keyword>, high-end nursing homes with birthing facilities, NICUs (<keyword id="1145483" type="UNKNOWN" weightage="100" keywordseo="neonatal-intensive-care-units">neonatal intensive care units</keyword>) and state-of-the-art <keyword id="2024290" type="UNKNOWN" weightage="100" keywordseo="Paediatric-facilities">paediatric facilities</keyword>. It also works with individual obstetricians/gynaecologists and paediatricians. The start-up typically approaches medical facilities who, in turn, offer/recommend these services to their clients. Once a client registers for the tests, he/she is given the sample collection kit and the rest of the testing procedure follows. 
 
As for newborn screening, parents get the kit as soon as they register and after the birth of the baby, either the hospital staff or the parents collect the urine sample of the baby on the 3rd day. It is then sent Navigene’s central lab in Mumbai where the sample is analysed and reports are sent within 4 days. If the report detects any abnormality, the concerned doctor/hospital/parents are immediately informed and further consultation could be arranged with medical experts. Genetic counselling for the parents is also offered in such cases. 
 
Show me the money: As of now, the start-up has a B2B revenue model in place while the B2C space is essentially serviced through its partners who can reach out to more people. Navigene charges fee per sample testing and its flagship solution, Navigene Baby Screen (NBS), which tests urine sample for 110 disorders, costs Rs 5,000. But to make it more affordable for Tier II cities and smaller medical facilities, customised packages start from Rs 900 for tracking 3-4 basic disorders and can go up to Rs 2,700 for screening 31 commonest disorders that affect infants in the first few months. The company has also tied up with a leading stem cell company for instant access to a large B2C market. “Plus, we want to work with the state governments when they start running the NBS programme at the state-run hospitals, but we will keep the packages small,” says Dr Rishi. 
 
The market size is also huge as around 30 million babies are born in India every year. “As of now, we are targeting 40 cities in India where our addressable market (a fraction of the urban population in these cities) is around 30 lakh babies a year. We aim to cover most of them over the next 3 years through our proprietary sales channel,” adds Dr Rishi. 
 
Claim to fame: A value driver in a critical industry while expansion is its forte. Navigene is a pioneer of sorts, bringing crucial preventive health screening for newborn babies at an affordable price. The start-up is currently doing 500 samples a month and targeting 10,000 samples in the next 3 years. 
 Navigene raised an undisclosed seed round with the help of its institutional co-promoter IncuCapital in August 2012 and it will be raising Series A <keyword id="6357455" type="EVENT" weightage="100" keywordseo="Funding">funding</keyword> in the next 2-3 months. The money will be utilised to grow its presence pan-India and also in other geographies such as South-east Asia and <keyword id="48890" type="COUNTRY" weightage="80" keywordseo="Latin-America">Latin America</keyword>. “We can’t disclose the names just now, but these would be all bigger and more developed countries. We are also talking to a few players in Latin America, which can lead to substantial global expansion,” says Surojit Nandy of IncuCapital. As for pan-India expansion, the company plans to reach 40 cities in next the 3 years through its own B2B sales force. 
 The start-up has hit <keyword id="2024302" type="UNKNOWN" weightage="100" keywordseo="Operational-breakeven">operational breakeven</keyword> in December 2013, within 11 months from starting its sales operations. But it is not really looking at that as a landmark. “We don’t intend to remain operationally cash-positive as we are growing at a breakneck speed and want to keep investing in the growth. That’s the reason we are looking at the Series A funding soon,” says Dr Rishi. 
 “We are also working on some breakthrough <keyword id="2024304" type="UNKNOWN" weightage="100" keywordseo="Screening-products">screening products</keyword> around <keyword id="350054" type="TECHNOLOGY" weightage="100" keywordseo="metabolomics">metabolomics</keyword> in areas like oral &amp; <keyword id="16070" type="ORGANIZATION" weightage="80" keywordseo="breast-cancer">breast cancer</keyword>, and adult metabolic disorders. So a big chunk of the Series A money will be used for product development. We will <keyword id="47916" type="UNKNOWN" weightage="80" keywordseo="invest">invest</keyword> a good amount in Capex and Opex to further strengthen our testing portfolio,” he adds. 
 
Biggest challenge: According to Dr Rishi, there’s no real competition here as very few companies in India focus on genetics (metabolomics). As for the newborn screening business, a few labs who do screening through blood sample testing could be competitors, but they use an entirely different technology platform and can track a maximum of 45 disorders. However, creating awareness among prospective clients is currently the biggest challenge. <keyword id="1912844" type="UNKNOWN" weightage="100" keywordseo="patient-education">Patient education</keyword> is virtually non-existent in India while the cost of reaching them at a micro level could be huge. “That’s why we are opting for online registrations, which will reduce operational costs,” he notes. “Then there are other screening products we are working on. When they hit the market, we should be way ahead of others,” concludes Dr Rishi.

This Start-up Provides Genetic Screening For
Newborns, Adults; To Raise Series A Funding In 2-3 Months

<keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s economy expanded 7.8 percent year-on-year in July-September, data showed Friday, snapping two quarters of slowing growth, but analysts questioned whether the improvement was sustainable.
The gross domestic product (GDP) figure matched the median forecast in a survey of 11 economists by AFP. Growth for the first nine months of the year came in at 7.7 percent, the National Bureau of Statistics said.
"The overall national economy realised steady growth and enjoyed good momentum," the NBS said in a statement accompanying the figures.
"The major indicators stayed within the rational range, which was in favour of promoting economic restructuring and pushing forward reforms."
But its spokesman Sheng Laiyun warned of "pressures" in the form of a "complicated, volatile and severe" external environment, and accumulated structural problems in the economy.
Additionally, high comparative figures in the last three months of 2012 could mean China's growth rate may not accelerate in the fourth quarter, he added.
The latest result suggests China's economy, a key driver of global growth, remains on track to at least meet Beijing's own target for this year of 7.5 percent. The government usually announces a conservative number that it regularly surpasses.
Industrial production, which measures output at factories, workshops and mines, rose 10.2 percent in September year-on-year, the NBS said, while retail sales, a key indicator for consumer spending, was up 13.3 percent.
And fixed asset investment, a measure of government spending on infrastructure, rose 20.2 percent during the first nine months of the year.
The latest report card for the economy comes as China's new leadership has stressed the need to retool the country's growth model to one where private, consumer-led demand drives sustained -- albeit lower -- expansion.
Economists surveyed ahead of the release had said the jump was mainly a result of government stimulus since late June that featured increased rail and urban fixed-asset investment, tax cuts and looser monetary policy.
But analysts are questioning whether such measures can be continued, and some signs the recovery is waning have already emerged, highlighted by a surprising drop in exports last month.
"The GDP figure in the fourth quarter may be lower than the third quarter, as the momentum of the rebound is not that strong while the base from the fourth quarter last year is relatively high," Ma Xiaoping, a Beijing-based economist for British bank HSBC, told AFP.
Room for further monetary loosening is limited due to factors including rising inflation and excess market liquidity, economists say, adding that at the same time skyrocketing local government debt and slowing fiscal revenue growth are restricting further tax incentives.
ANZ bank economists Liu Li-Gang and Zhou Hao credited what they called the "mini stimulus" package for the growth uptick.
The government will more than make good on its 7.5 percent growth target, they predicted, with "risk biased to the upside", but added that the rebound was "not on a solid footing".
There were few indications that inventories are being restocked, they said, a situation "reflecting a cautious mood" ahead of a key Communist Party meeting scheduled for November, when economic reforms could be announced.
The pump-priming measures were taken after economic growth slowed for two straight quarters and following a 7.7-percent expansion for all of 2012 -- the worst performance since 1999.
The economy expanded 2.2 percent in the third quarter from the previous three months, the NBS said, the strongest expansion by that measure in five quarters.
Sheng said: "Despite the growth rate volatility, the internal structure of the economy and the growth quality have improved.
"Looking forward, it is more likely that the Chinese economy will maintain steady and relatively fast growth."
<div class="nc_footer">
Copyright (2013) AFP. All rights reserved.
</div>

Chinese GDP Grows 7.8%

<div class="image-container float_right" style="width:400px"><div class="image"></div><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult_VPage&amp;VBID=2C04WNV8GFXUE&amp;SMLS=1&amp;RW=1291&amp;RH=809#/SearchResult_VPage&amp;VBID=2C04WNV8GFXUE&amp;SMLS=1&amp;RW=1291&amp;RH=809&amp;PN=1"> REUTERS/China Daily </a></div>Chinese <keyword id="6362048" type="ORGANIZATION" weightage="60" keywordseo="Manufacturing">manufacturing</keyword> <keyword id="104215" type="ORGANIZATION" weightage="60" keywordseo="PMI">PMI</keyword> for February is out at 8 p.m. ET. Analysts polled by Bloomberg are looking for PMI to rise to 50.5, up from 50.4 the previous month.
HSBC PMI for February is out at 8:45 p.m. ET, and analysts polled by Bloomberg are looking for the index to decline to 50.6, from the <a href="http://www.businessinsider.com/china-january-2013-hsbc-pmi-2013-1">previous reading</a> of 52.3. The <a href="http://www.businessinsider.com/china-february-flash-pmi-2013-2">Flash PMI</a> declined to a four-month low of 50.4.
<a href="http://www.businessinsider.com/why-chinese-pmi-fell-2012-3">Bank of America's Ting Lu</a> has previously explained why the official and flash PMI often diverge. He says this is because the HSBC index focuses more on small and medium enterprises. Chinese export manufacturers tend to be smaller scale, so, "the HSBC PMI sample could also have more exposure to exports. <a href="http://www.businessinsider.com/chinas-official-hsbc-pmi-reports-2013-1#-1">Click here for Markit's explanation</a> on the difference between the two PMIs.
Ting expects the official number to rise to 50.5 but warns against paying too much attention to PMI readings in January or February because of the impact of the Chinese New Year holiday.
In a note last month, he explained just <a href="http://www.businessinsider.com/chinas-flash-pmi-report-distorted-2013-2">how the Chinese New Year holiday impacts</a> the two reports making them both unreliable:
Neither the NBS nor the HSBC could do a good job in creating PMI during the Chinese New Year holiday. First, there could be a large amount of missing values for already small sample sizes (HSBC at around 500, NBS at 3000) due to the holiday. This is especially true for the HSBC February flash PMI this year as the holiday was from 9 to 15 Feb and the private sector’s holiday could last until end-Feb. Second, PMI data are heavily seasonally adjusted, but the season adjustment is quite inaccurate due to the different timing of CNY holidays and short history (since year 2005).
Societe Generale's Wei Yao expects the official reading to rise to 51. "The unexpected decline of 0.2 points in January was partly due to insufficient adjustments for seasonality, which should be reversed in February and March." She thinks Chinese manufacturing "is still positive on balance, given positive signs from several other leading indicators".
Here's a look at the trajectory of both the official and HSBC flash PMI since 2005:
<div class="image-container" style="width:575px"><div class="image"></div>Societe Generale</div>

We're Moments Away From 2 Significant Chinese Data Points 

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FELIX SALMON SAYS BITCOIN WON'T BE DISRUPTIVE TO PAYMENTS. Reuters' Felix Salmon points out that one reason Bitcoin enthusiasts like <a href="http://www.npr.org/blogs/money/2014/02/05/272077743/a-venture-capitalist-is-betting-a-pair-of-socks-and-50-million-on-bitcoins-futur" target="_blank">Ben Horowitz</a>, <a href="http://money.cnn.com/2014/02/06/investing/bitcoin-venture-capital.pr.fortune/index.html" target="_blank">Dan Primack</a>, and <a href="http://www.ft.com/intl/cms/s/0/612ed094-8aaf-11e3-9465-00144feab7de.html" target="_blank">John Gapper</a> think the digital currency will be disruptive to the current payments system is because Bitcoin provides a way to transfer digital content between two people without copying it, and without more than one person owning it at once. In effect, it allows digital property to have the same characteristics as physical property.
Salmon argues that there are already examples of technology that effectively creates digital property that is owned by only one person or group at a time and that allows for it to be exchanged in a fast and inexpensive way. In particular, the example he gives is the technology underlying the stock markets. Ownership of stock can't be copied and people can't get access to it unless they pay for it. In a nutshell, he is saying that while elegant, Bitcoin won't be disruptive to digital payments because it doesn't add much more value than other solutions that are already in the system. (<a href="http://blogs.reuters.com/felix-salmon/2014/02/06/why-bitcoin-wont-disrupt-digital-transactions/" target="_blank">Reuters</a>) 
Over three-quarters of Americans are not familiar with Bitcoin. Bitcoin is a really exciting topic in payments, but outside of the tech media ecosystem it's still a foreign concept, according to new research conducted by OMNITEL on behalf of The Street. When surveyed, 76% of American respondents said that they were unfamiliar with Bitcoin. Still, it's important to note, 75% of respondents were interviewed via landline telephone. The high percentage of respondents who answered using landline telephone likely skewed the data toward a subset of Americans who may not be digitally inclined. Consider that back in 2012 <a href="http://gigaom2.files.wordpress.com/2012/12/wireless201212.pdf" target="_blank">36% of Americans said they didn't have a landline telephone</a>, according to a survey by the Center For Disease Control. (<a href="http://www.thestreet.com/story/12306983/1/three-in-four-people-have-never-heard-of-bitcoin.html" target="_blank">The Street</a>)
XIAOMI LOOKS LIKE IT WILL GET INTO PAYMENTS. On December 26, 2013 Xiaomi founder Lei Jun registered a new company called Beijing Xiaomi Payment Technology Ltd. with the Beijing Administration for Industry and Commerce, according to Technode. Xiaomi hasn't commented on its plans for the company beyond acknowledging its existence, but if the low-end smartphone manufacturer is planning to get into payments it would face stiff competition from both Alipay, a payment method offered by Alibaba, China's answer to Amazon, and social media behemoth Tencent's Tenpay. (Technode)
A CLEAR EXPLANATION OF EMV. Confused about what EMV is and why it's newsworthy? We've covered this topic in depth, but for those who need an introduction or a refresher, Business Insider's Jim Edwards has a <a href="http://www.businessinsider.com/chip-and-pin-credit-card-changeover-in-2015-2014-2" target="_blank">great article</a> on what EMV or "Chip and PIN" technology is and what it means for consumers and merchants. (<a href="http://www.businessinsider.com/chip-and-pin-credit-card-changeover-in-2015-2014-2" target="_blank">Business Insider</a>) 
FORGET CHIP AND PIN, THE U.K. HAS CONTACTLESS CARDS. Contactless payment cards need only be moved near a card reader in order to complete a transaction, and they only require pin entry periodically. They have not been particularly fast to take off in the U.S. but in the U.K., adoption has been more widespread. Through the first nine months of 2013, Visa saw transaction volume of about $740 million in the U.K. from NFC-based contactless cards and smartphone payments - that's up four times from 2012, according to Mark Austin, director of contactless for Visa Europe.
While contactless cards require a bit less from the consumer to conduct a transaction, there is debate as to whether they're safe. The cards do have a ~$32 transaction cap in the U.K., but since the transaction does not involve a PIN number for every transaction or even a signature, there's nothing to keep a thief who's obtained the card from using it for multiple transactions. In terms of safety, contactless cards are about as safe as the swipe and sign credit card payments used in the U.S. But in the U.K., where higher-level chip and PIN security on credit cards is the standard, contactless cards seem like a step back in security in favor of faster transactions. (<a href="http://www.computing.co.uk/ctg/analysis/2327179/contactless-payments-are-we-sacrificing-security-for-convenience/page/2" target="_blank">Computing</a>)
WELCOME, INSIDERS: Don't forget to sign up and get it every morning in your inbox. Please email johnh@businessinsider.com with news and tips.
AT SHOPRITE YOU CAN SCAN YOUR GROCERIES IN THE AISLE. ShopRite is a grocery chain that operates in Connecticut and New Jersey. The company is testing out a new payment system that allows shoppers to scan items they wish to purchase from grocery aisles using their mobile phones. Then shoppers pay for groceries by scanning their phones at self-service checkouts. The hope is that the checkout process will become speedier if scanning items takes place while customers are still shopping. (<a href="http://www.mobilepaymentstoday.com/article/227537/ShopRite-grocery-chain-trials-app-to-scan-and-pay-from-aisle" target="_blank">Mobile Payments Today) </a>
NBS PAYMENTS SOLUTIONS BUYS PAYMENTS TERMINAL PROVIDER EQUINOX. Toronto-based payment terminal provider NBS Payment Solutions announced the completion of its acquisition of the assets of Arizona-based payments terminal provider Equinox. The terms of the deal were not disclosed, but NBS will operate under the name Equinox in the U.S. market. (<a href="http://www.marketwired.com/press-release/nbs-payment-solutions-acquires-the-assets-of-equinox-payments-1876770.htm" target="_blank">Market Wired via NBS</a>)
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