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<ul><li>The global market for lab grown diamonds (<keyword id="10733616" type="General" weightage="80" keywordseo="lgd" source="Orion">LGD</keyword>) that the Indian government has decided to focus on is expected to rise to $5 billion by 2025.</li><li>Besides, the jewellery industry, LGD are used in computer chips, satellites and 5G networks.</li><li>The LGD has vast application in the field of defence, optics, jewellery, thermal and medical industry.</li></ul>Chennai, The global market for lab grown diamonds (LGD) that the Indian government has decided to focus on is expected to rise to $5 billion by 2025 and exceed $15 billion by 2023 from the $1 billion in 2020. Besides, the jewellery industry, LGD are used in computer chips, satellites and 5G networks as they can be used in extreme environments due to their potential to operate at higher speeds while using less power than silicon-based chips. The LGD has vast application in the field of defence, optics, jewellery, thermal and medical industry. As the government figures, exports of cut and polished (worked) LGD from India has been growing at fast clip. During FY21 the exports were $637.97 million and shot up to $1,348.24 million in FY22. This fiscal -- FY23 -- the exports of LGD between April-December stood at $1,387.33 million. Presenting the Budget 2023-24 in the Parliament recently, Indian Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>, said: "The LGD is a technology and innovation-driven emerging sector with high employment potential." "These environment-friendly diamonds have optically and chemically the same properties as natural diamonds. To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years," she added. As per a recommendation made by the <keyword id="113018" type="General" weightage="50" keywordseo="department-of-commerce" source="Orion">Department of Commerce</keyword>, the research grant of Rs 242 crore over a period of five years to <keyword id="55119" type="General" weightage="50" keywordseo="indian-institute-of-technology" source="Orion">Indian Institute of Technology</keyword>, Madras (IIT-M) has been approved. It is proposed to establish an India Centre for lab grown diamond (InCent-LGD) at IIT-M with the estimated cost of Rs 242.96 crore over five years. The aim of this project is to provide, in mission mode, technical assistance to the industries, and entrepreneurs in the country, in promoting indigenous manufacturing of both chemical vapour deposition (CVD) and high pressure and high temperature (HPHT) systems along with the recipes for expanding the LGD business at the upstream end. Research efforts would make the technology available for start-ups at affordable cost, increase employment opportunities, increase exports of LGD, thus play a significant role in fuelling India's economic growth. According to the Indian government, the gems and jewellery sector plays a significant role in the Indian economy, contributing around nine per cent to India's total merchandise export. Over the past decade, there has been several positive developments in the gem and jewellery sector globally. One of the major technological developments in this sector has been the LGD. Though, India is one of the leading producers of LGD using CVD technology it has to depend on other countries for the supply of critical machinery components and 'seeds' -- which are the raw material for producing synthetic diamonds. It is, therefore, imperative that India develops its own, indigenous technology for producing the critical machinery component seeds to remove the import dependence that we have in the case of natural diamonds, the government said. Good quality LGD with qualified certification, produced from the developed equipment and process parameters will attract many foreign customers increasing the export volume of LGD and scalability of production. The documented process parameters and the developed recipe will encourage new entrepreneurs to enter the LGD business making it easier and cost-effective to set up the facility, start the business and generate employment. "This is indeed the right time to set up a diamond factory in India, given that diamonds have thermal and electrical properties making them superior to contemporary technologies like silicon, <keyword id="1437475" type="General" weightage="50" keywordseo="silicon-carbide" source="Orion">silicon carbide</keyword> and gallium nitride. IIT-Madras will work towards producing diamond wafers suitable for electronic applications," V. Kamakoti, Director of IIT-M, had said. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/google-chrome-rolls-out-memory-and-energy-saver-modes-heres-how-you-can-use-it/articleshow/98118135.cms">Google Chrome rolls out Memory and Energy Saver modes: Here’s how you can use it</a> <a href="https://www.businessinsider.in/tech/news/oneplus-11-concept-video-reveals-a-large-camera-and-a-rear-panel-that-lights-up/articleshow/98112845.cms">OnePlus 11 Concept video reveals a large camera and a rear panel that lights up</a>

Not just jewellery, lab grown diamonds used in satellites, computer chips too

<ul class="summary-list"><li>Cleveland Cavaliers center <a target="_blank" href="https://www.businessinsider.com/tristan-thompson-jordyn-woods-khloe-kardashian-timeline-2019-2">Tristan Thompson</a> has been suspended from the NBA for 25 games.</li><li>The 32-year-old tested positive for a pair of <a target="_blank" href="https://www.businessinsider.com/brady-quinn-peds-nfl-injuries-2015-11">substances prohibited</a> by the league's anti-drug program.</li></ul><a target="_blank" href="https://www.businessinsider.com/category/cleveland-cavaliers">Cleveland Cavaliers</a> big man Tristan Thompson has been suspended without pay from the NBA for 25 games.The 32-year-old NBA champion tested positive for a pair of substances prohibited by the league's anti-doping program, according to an NBA release published Tuesday. The two drugs found in Thompson's system — ibutamoren and LGD-4033 — can be used for <a target="_blank" href="https://www.businessinsider.com/fitness-influencers-steroids-secret-dangerous-body-dysmorphia">performance enhancement purposes</a> and may have dangerous side effects.<div type="image" title="Tristan Thompson drives to the basket." height="1666" width="2221" msid="107093623" hostid="261" sizebytes="143098"></div><a target="_blank" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5632578/">According to the NIH</a>, ibutamoren is a growth hormone secretagogue, or a substance that promotes the production of growth hormones. Heightened growth hormone in one's system can increase muscle mass, limit body fat, and improve exercise tolerance, per Mayo Clinic.Likewise, LGD-4033 — also known as Ligandrol — can stimulate muscle growth and improve physical functioning, <a target="_blank" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7528560/">according to the NIH</a>. LGD-4033 belongs to a <a target="_blank" href="https://www.businessinsider.com/tiktok-influencers-promoting-sarms-ped-steriod-like-substances-teens-2023-11">class of drug called SARMs</a>, or selective androgen receptor modulators, which are designed to mimic the effects of testosterone on the body, but can also have dangerous repercussions.<div type="image" title="a man whose face isn't visible is lifting weights shirtless in gray sweatpants while looking in a mirror" height="1414" width="1885" msid="107093624" hostid="261" sizebytes="59140"></div>Dubbed "legal steroids" despite their dubious legal status, SARMs like LGD-4033 can increase the risk of heart attack, liver failure, sexual dysfunction, and psychosis, the <a target="_blank" rel="" href="https://www.fda.gov/consumers/consumer-updates/fda-warns-use-selective-androgen-receptor-modulators-sarms-among-teens-young-adults">FDA</a> warns. Ibutamoren, meanwhile, has been associated with the potential for congestive heart failure in patients, per the FDA.Both drugs are banned by the NBA as well as sports governing bodies such as the <a target="_blank" href="https://ncaaorg.s3.amazonaws.com/ssi/substance/2022-23NCAA_BannedSubstances.pdf">NCAA</a> and the <a target="_blank" rel=" nofollow" href="https://www.wada-ama.org/en/prohibited-list">World Anti-Doping Agency</a>.Thompson is not the first NBA player found with such substances in his system. In 2017, then-<a target="_blank" href="https://www.businessinsider.com/james-dolan-stands-behind-msg-facial-recognition-ban-entry-2023-1">New York Knick</a> Joakim Noah earned a 20-game suspension after testing positive for LGD-4033 while taking supplements in an attempt to expedite his return from injury, <a target="_blank" href="https://www.nba.com/news/joakim-noah-suspension-supplement-backfired">according to the league</a>.<div type="image" title="Joakim Noah with the New York Knicks." height="1722" width="2500" msid="107093625" hostid="261" sizebytes="268396"></div>The following year, then-<a target="_blank" href="https://www.businessinsider.com/russell-westbrook-elena-delle-donne-injury-recovery-help-wnba-2021-8">Washington Wizards</a> guard Jodie Meeks missed the 2018 playoffs and the start of the following season after testing positive for ipamorelin, a growth hormone secretagogue similar to ibutamoren. And in 2019, John Collins — then with the <a target="_blank" href="https://www.businessinsider.com/how-trae-young-hawks-scoring-beating-defenses-playoffs-2021-6">Atlanta Hawks</a> — spent 25 games on the sidelines after the league found pralmorelin, another growth hormone secretagogue, in his system.Thompson, who has averaged just over 12 minutes per game this season in Cleveland, will be eligible to return to the court in mid March. The Cavaliers, who currently sit in fourth place in the Eastern Conference, will look to maintain their <a target="_blank" href="https://www.businessinsider.com/giannis-antetokounmpo-net-worth">playoff positioning</a> without the center as he completes his 25-game suspension.

Tristan Thompson was suspended from the NBA for a drug violation. Here's why the 2 substances found in his system are banned.

<ul><li>Exports of cut and polished diamonds fell sharply by 32% in July, indicating a reversal of the boom seen in FY22 and stable demand in FY23.</li><li>The US accounts for 50% of demand for polished diamonds. During the pandemic, demand was driven by stimulus and lack of other spending avenues.</li><li>High inflationary pressures in consuming nations and shift in preference to lab grown diamonds is hurting India’s <keyword id="1411712" type="General" weightage="20" keywordseo="diamond-polishing" source="Orion">diamond polishing</keyword> markets.</li><li>Exports of polished diamonds are expected to decline 10-15% on an annual basis to $19-20 billion, predicts a report by CareEdge. </li></ul>Diamonds are forever, they say, but the love for bling is waning in different ways. Not only is demand from consuming nations like the US coming down, and preferences too are shifting towards lab grown diamonds. This will hit India which is the world’s largest cut and polished diamond (CPD) center. Its exports will decline 10-15% in FY24 to $19-20 billion, predicts CareEdge. In July, CPD exports, in value terms, declined by 32% on a year-on-year basis, the report adds, highlighting the pain points in the sector. Demand for diamonds has remained largely stable in FY23, after growing robustly during the pandemic years of FY22. However, the pandemic boom in diamonds was driven by the financial stimulus provided by the US government and lack of experience based spending avenues. But things have gone downhill since. Linked to US spending patterns While diamonds polished in India are exported to jewellery manufacturing and trading centres in the US, UAE, Hong Kong, and Belgium, the US is a key for diamond consumption. It accounts for 50% of polished diamond consumption and Indian CPD markets fortunes are heavily linked to US consumption patterns. “Recent headwinds such as high inflationary pressures across major diamond-consuming nations continue to weigh on CPD processors in India as is evident from the sharp decline in month wise CPD export data. Anticipating the trajectory ahead, we envision this moderated demand for polished diamonds to recover in the forthcoming holiday season,” said CareEdge. The US market will remain tight in the coming months, expect most experts in the bullion industry. “With savings from the pandemic era dwindling, credit card debt rising and interest rates staying high, risk of a hard landing for the US economy remains,” said Ghazal Jain, fund manager of alternative investments at Quantum Mutual Fund in her September outlook on gold. Diamonds from labs India also has a vibrant law grown diamonds (LGD) industry which is on a growth path as it is in nascent stages. LGD exports from India surpassed $1 billion in FY22 and have continued to remain strong in FY23 with exports at $1.65 billion. This segment is seeing greenshoots even as <keyword id="2361401" type="General" weightage="20" keywordseo="natural-diamonds" source="Orion">natural diamonds</keyword> are going through a temporary disruptive phase, says CareEdge. They are ethical, conflict-free and environmentally friendly and are also much more affordable than natural diamonds. “While the natural diamond is going through a temporary disruptive phase, green shoots appear in the LGD segment. With the same physical properties and chemical properties as natural diamonds, it has developed as a separate, more affordable diamond jewellery category and not merely a substitute for natural diamonds,” says CareEdge. Unlike in the CPD industry, India does not have a dominant position in the LGD market. China accounts for 40-45% of the production, with hubs in Russia as well. The overall exports of LGD from India showed some moderation in the last two quarters ending Q1FY24 in value terms. This, however, is due to a sharp decline in LGD prices, but in volume terms it has remained strong. Over FY20 to FY23, the export of polished LGDs from India surged by approximately 41%. In line with the growth, substantial capacity expansions are being undertaken in India, and with growing acceptance of LGDs, the value of polished LGD exports from India is expected to exceed $3 billion by FY26, predicts CareEdge — indicating that all is not lost as the world changes its preferences. (This is the second article in the Boom to Bust series which discusses the post-pandemic trends.) SEE ALSO <a href="https://www.businessinsider.in/business/news/how-pizza-hut-kfc-dominos-lose-their-post-pandemic-boom-effect/articleshow/103438807.cms">The Quick and the Dead: How fast food players lost their pandemic boom effect</a>

Diamond demand heads for a hard landing with ‘temporary disruption’ at play

The <keyword id="55119" type="General" weightage="20" keywordseo="Indian-Institute-of-Technology" source="Orion">Indian Institute of Technology</keyword>, Madras (IIT-M) will receive ₹242 crore as research grant for research and development of <keyword id="8933855" type="General" weightage="20" keywordseo="lab-grown-diamonds" source="Orion">lab grown diamonds</keyword> (LGDs), the institute said on Thursday. The research will be focused on driving indigenisation of the LGD manufacturing process. Presenting the Budget 2023-24 in the Parliament on Wednesday, Finance Minister Nirmala Sitharaman, said: "The LGD is a technology and innovation-driven emerging sector with high employment potential." "These environment-friendly diamonds have optically and chemically the same properties as natural diamonds. To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years," the Finance Minister added. As per a recommendation made by the Department of Commerce, the research grant of Rs 242 crore over a period of five years to IIT-M has been approved, the statement said. "This is indeed the right time to set up a diamond factory in India, given that diamonds have thermal and electrical properties making them superior to contemporary technologies like silicon, silicon carbide and gallium nitride. IIT-Madras will work towards producing diamond wafers suitable for electronic applications," Prof. V. Kamakoti, Director of IIT-M, said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/budget-to-aid-flagging-affordable-home-segment-boosts-demand-with-infra-push/articleshow/97556770.cms">Budget to aid flagging affordable home segment, boosts demand with infra push</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/credit-cards-personal-loans-more-indias-youngest-adults-lead-in-credit-inquiries/articleshow/97553940.cms">Credit cards, personal loans &amp; more – India’s youngest adults lead in credit inquiries</a>

IIT Madras to get ₹242 crore for R&D on lab grown diamonds

<ul><li>Most of the world’s diamonds originate from the mines of Russia but they are polished in Mumbai and Surat.</li><li>Now, Indian merchants are also growing the precious stone in India in a lab to become less import-dependent.</li><li>This lab-grown diamond industry market in India was ₹2,200 crore in 2021 and is expected to grow exponentially.</li><li>Currently, India’s lab-grown export is around $1.3 billion and is growing at a pace of 105% y-o-y.</li></ul>India has always been a diamond polishing hub thanks to a vibrant small-scale industry driving it. Now, it intends to go up the value chain by producing its own diamonds – not by mining but by growing them in laboratories. It also helps that lab-grown diamonds (LGDs) are no different than their prized, mined counterparts. The only difference is the certificate. Mined diamonds fetch you a white one, while lab-grown diamonds have a yellow certificate. Retailers claim that lab diamonds are greener and 55-60% cheaper than mined diamonds. “If I get mined diamond for $4,000 and a lab-grown diamond costs $700-800, young people would spend the remaining money on travel and other experiences,” said Shardul Vashi, head of marketing, Maitri Diamonds. India’s annual lab-grown <keyword id="622307" type="General" weightage="20" keywordseo="diamond-exports" source="Orion">diamond exports</keyword> are at around $1.3 billion. But it’s growing at a breakneck speed of 105% y-o-y and contributing around 15% to global production. Shashikanth Dalichand Shah, chairperson, Lab Grown Diamond &amp; Jewellery Promotion Council, believes that it’s just a matter of time before India becomes the biggest outsourcing hub for lab-grown diamond and jewellery (LGDJ). The biggest market is abroad The sales of India’s lab-grown diamonds are much higher abroad than in the domestic market, with 60-70% exported. Lab-grown diamonds are more popular overseas as jewellery tends to be more about fashion, while in India it’s more of an asset. Thus, in the domestic market, the major buyers are space, research and industrial equipment industries. In 2021, the LGD market in India was about ₹2,200 crore ($250 million). Jewellery, as per retailers, only contributes about 2% of the pie. However, industry experts believe LGD jewellery will become more popular in India as well. As lab-grown diamonds are more affordable, Shah believes that they will adorn more bangles, necklaces and rings. Every Indian woman, living in a hut or a bungalow, owns at least 1 gram of gold and diamonds could soon be a part too. “Only 3-4% of Indians actually buy diamonds and now, middle-class people can also afford diamonds,” Mahesh Sonani, MD of LGD manufacturing company Sonani Industries, told Business Insider India. Apart from the cost difference, the fact that lab-grown diamonds are not blood diamonds or harm the earth will also play a role in their sales. Consumers take time to switch <div type="image" title="Real diamond" msid="93458392" hostid="261" caption="&amp;lt;p&amp;gt;BCCL&amp;lt;/p&amp;gt;"></div> Shah said that lab-grown diamonds contribute only 3% to India’s industry because of a lack of awareness in the B2C market. A mined diamond is exclusive, rare and the most expensive gem of them all, which makes for an attractive offer for consumers. With lab-grown diamonds, albeit equally shiny, some consumers might have a tough time seeing its allure. But Shah is optimistic that a diamond’s origin will become secondary in years to come. He said, “When a baby is born, you don't ask how it arrived, whether it is through natural means, IVF, or is it a test tube baby. The birth certificate doesn’t mention how the baby was delivered.” World’s major mines such as Argyle Mine in <a href="https://phys.org/news/2020-11-world-biggest-pink-diamond.html#:~:text=The%20world's%20largest%20pink%20diamond,giant%20Rio%20Tinto%20said%20Tuesday.">Australia </a>are shutting down and with a supply cut from Russia, lab diamonds will get a push. Millennials and GenZ are first adopters Sonani Industries says that there is a lot of interest for lab-grown diamonds from millennials as they prefer the ‘greener and cheaper’ versions. Trivedi of Maitri Diamonds said that millennials are also more open to accepting lab diamonds because they want to make a fashion statement without burning a hole in their pockets. “Earlier, people were suspicious of lab-grown diamonds but in the last two years, there’s been a growing awareness about the characteristics of lab diamonds. It’s exactly the same, which is attracting more consumers and it’s not just limited to high-end consumers,” said Harshil Trivedi, senior sales associate of Sahajanand Technologies Ltd (STPL), a home-grown company that provides diamond machines to the world. LGDs are made artificially by simulating the conditions that produce natural diamonds in the earth. There are two categories of lab-grown diamonds – chemical vapour deposition (CVD) and high pressure and high temperature (HPHT). Currently China supplies the roughs for HPHT while India makes almost 90% of CVD diamonds, said Kishan Trivedi of Surat-based Maitri Diamonds. However, India is eyeing a larger share of the HPHT market as well, Trivedi added. There are about 2,200-2,800 lab diamond machines in India currently. This could go up to 5,000 in two years, taking India’s production level to new heights, said LGDJ Council’s Shah. As the LGD industry continues to grow at the rate of 28%, Shah of LGDJ Council is confident that more consumers will embrace the greener alternative of diamonds. “Sky’s the limit for this democratic diamond,” Shah said.

Indian diamantaires want to make lab-grown diamonds a woman’s best friend

Mumbai, May 15 () Non-banking financial companies (NBFCs) on Friday requested the Reserve Bank of India (RBI) to allow them to draw-down from their reserves for making additional provision for expected losses due to COVID-19 pandemic.NBFCs appropriate pro Statutory and Other Reserves, and utilization of these reserves is governed by the statute requiring its creation."We urge upon RBI to consider, as a one-time measure, to allow NBFCs to draw-down from their Reserves and adjust towards additional Expected Credit Losses (ECL) provision requirement, in excess of provision calculated as per normal Probability of Default (PD) and Loss Given Default (LGD)," Finance Industry Development Council (FIDC), a representative body of assets and loan financing NBFCs, said in a letter to RBI Governor Shaktikanta Das.NBFCs are required to comply with Indian Accounting Standards (IndAS). The Institute of Chartered Accountants of India (ICAI) has advised NBFCs to measure the impact of COVID-19 on the portfolio quality in the form of PD and LGD with adverse impact on the business of the borrowers or debtors due to COVID-19 on one hand and prudential regulatory actions to sustain the economy such as loan repayment holidays and reduction in interest rates. As per IndAs norms, that are applicable in respect of ECL measurement and disclosure in the financial statements, the NBFCs are required to make additional provisioning in terms of ICAI advisory and it will surely make a severe dent on the profitability and net worth of the respective NBFCs particularly considering the impact of COVID-19 on the vulnerable sections of society, FIDC said.A one-time draw-down from reserves would enable the NBFCs to shore-up their balance sheet strength by reporting a more fortified ECL provision cover against their likely increase in delinquent loans and remain eligible to access equity/debt capital when situation normalizes, the letter read.The sector has asked the RBI to consider permitting any provisions made as per ECL, in respect of the standard assets, to be reckoned with for the purpose of tier II capital.The industry also requested the RBI to increase the ceiling for considering standard asset provision for calculation of capital adequacy to 2.5 per cent from 1.25 per cent. FIDC has urged the RBI to allow NBFCs a one-time window for restructuring of all loans. HV MR

Coronavirus impact: NBFCs urge RBI to allow draw-down from reserves for provisioning

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters</div></div></div>It's been an ugly day for Valeant Pharmaceuticals.The stock is down around 9% in Monday's trading, after the company announced it would delay a fourth quarter earnings announcement expected Monday morning. CNBC also reported that it would have a call with Wall Street analysts Monday afternoon, but the company then quickly canceled the call. People were confused.Now here's more bad news - Moody's ratings agency is putting a bunch of Valeant debt <a href="https://www.moodys.com/research/Moodys-reviews-Valeants-ratings-for-downgrade--PR_344808">under review for a downgrade.</a>Here's the part you have to read [emphasis ours]:Valeant's Ba3 Corporate Family Rating (under review for downgrade) reflects its good scale in the global pharmaceutical industry with annual revenue above $10 billion, its strong diversity, its high profit margins, and its good cash flow. The ratings are supported by low exposure to patent cliffs, and growth from successful products like Jublia (antifungal) and Xifaxan for irritable bowel syndrome. In addition, the ratings are supported by management's commitment to reduce debt/EBITDA, using excess cash flow for debt repayment.However, the ratings also reflect moderately high financial leverage (pro forma gross debt/EBITDA of 5.5x), and significant business challenges related to Valeant's pricing strategy and aggressive acquisition appetite. Valeant is confronting significant scrutiny on its pricing practices, including those on products acquired through acquisitions, and uncertainty related to government investigations. In late 2015,Valeant announced it was terminating its relationship with specialty pharmacy distributor Philidor, and Valeant is transitioning to a new distribution arrangement with Walgreens.Valeant, a former Wall Street darling, was forced to change its business model last year after coming under scrutiny for its pricing practices, and for its strange relationship with a secret pharmacy called Philidor.Basically, Valeant promised not to hike the prices anymore, and dismantled Philidor before creating a new agreement with Walgreens. While it was doing that, Valeant also promised to cut down on its debt load - of around $30 billion - in 2016, forgoing more acquisitions.What's interesting about Moody's statement, is that it mentions Jublia and Xifaxan, two of the company's top selling drugs. Both those drugs are at risk right now. CVS has said that it is going to make customers try a generic form of Jublia (a toe fungus drug) before they can buy the Jublia itself. Xifaxan may be about to see a generic rival enter the market.Check out the full release from Moody's below:<h3 style="padding-left: 30px;">Moody's reviews Valeant's ratings for downgrade</h3>29 Feb 2016Approximately $31 billion of rated debt affectedNew York, February 29, 2016 -- Moody's Investors Service placed the ratings of Valeant Pharmaceuticals International, Inc. ("Valeant") and subsidiaries, including the Ba3 Corporate Family Rating under review for downgrade. This rating action reflects concerns that Valeant'sunderlying operating performance is weaker than Moody's previous expectations, potentially impeding the company's deleveraging plans.Moody's review will focus on the opportunities and challenges in Valeant's key businesses as well as the progress at transitioning toward a new prescription fulfillment program with Walgreens. In its review, Moody's will also consider Valeant's deleveraging prospects, as well as the company's ability to deliver sustainable growth in a strategy less reliant on large acquisitions and cost reductions.Ratings placed under review for downgrade:Valeant Pharmaceuticals International, Inc.:Corporate Family Rating at Ba3Probability of Default Rating at Ba3-PDSenior secured bank credit facilities at Ba1 (LGD 2)Senior unsecured notes at B1 (LGD 5)Valeant Pharmaceuticals International:Senior unsecured notes at B1 (LGD 5)VRX Escrow Corp. (obligations assumed by Valeant Pharmaceuticals International, Inc.):Senior unsecured notes at B1 (LGD 5)Rating affirmed:Valeant Pharmaceuticals International, Inc.:Speculative Grade Liquidity Rating at SGL-2The affirmation of the SGL-2 Speculative Grade Liquidity rating reflects Valeant's good liquidity stemming from low debt maturities relative to cash flow and revolver size, and the expectation that Valeant will remain in compliance with its financial maintenance covenants.RATINGS RATIONALEValeant's Ba3 Corporate Family Rating (under review for downgrade) reflects its good scale in the global pharmaceutical industry with annual revenue above $10 billion, its strong diversity, its high profit margins, and its good cash flow. The ratings are supported by low exposure to patent cliffs, and growth from successful products like Jublia (antifungal) and Xifaxan for irritable bowel syndrome. In addition, the ratings are supported by management's commitment to reduce debt/EBITDA, using excess cash flow for debt repayment.However, the ratings also reflect moderately high financial leverage (pro forma gross debt/EBITDA of 5.5x), and significant business challenges related to Valeant's pricing strategy and aggressive acquisition appetite. Valeant is confronting significant scrutiny on its pricing practices, including those on products acquired through acquisitions, and uncertainty related to government investigations. In late 2015,Valeant announced it was terminating its relationship with specialty pharmacy distributor Philidor, and Valeant is transitioning to a new distribution arrangement with Walgreens.Headquartered in Laval, Quebec, Valeant Pharmaceuticals International, Inc. ("Valeant") is a global specialty pharmaceutical company with expertise including branded dermatology, gastrointestinal disorders, eye health, neurology, branded generics and OTC products. Valeantreported approximately $10 billion in total revenue for the 12 months ended September 30, 2015.The principal methodology used in these ratings was Global Pharmaceutical Industry published in December 2012. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/benfords-law-used-detect-fraud-math-forensic-accountants-2016-2">How forensic accountants use Benford's Law to detect fraud</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="B1YWoxcjrFrRijRDjTaHaOVr7tUDWzvh" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

More terrible news for Valeant

Deutsche Bank commodity analysts Daniel Brebner and Xiao Fu recently weighed in on the <a href="http://www.businessinsider.com/german-gold-claw-back-causes-concern-2013-1">German Bundesbank's decision to repatriate part of its gold holdings </a>from New York and Paris back to Germany.
The decision has caused quite a stir – some took it as a sign that the <keyword id="150939" type="ORGANIZATION" weightage="60" keywordseo="Bundesbank">Bundesbank</keyword> no longer trusts the authorities at the Federal Reserve and the Banque de France with its German <keyword id="18712" type="ENTERTAINMENT" weightage="60" keywordseo="Gold">gold</keyword>.
However, Brebner and Xiao say that <a href="http://www.businessinsider.com/countries-by-gold-reserves-january-2013-2013-1">many central banks have been rebalancing their gold holdings</a>, and the Bundesbank just "happens to be a high profile example."
In fact, the Deutsche Bank analysts say the reason the Bundesbank is going to complete the repatriation process over seven years – as opposed to taking more immediate action – is to battle those very perceptions of waning trust.
Brebner and Xiao write:
Given the highly ‘charged’ or politicised nature of the gold market as it pertains to central bank actions, particularly in the Western World, central bankers are generally highly sensitive to public perception and to perceptions of trust. In our view the Bundesbank is responding in large part to the Court of Auditors, who themselves have no doubt observed the increase in value of German gold reserves and may wish to raise the standard by which gold is treated on their books.
Furthermore, we believe that the slow transfer of gold from the US Fed in NY back to Frankfurt, at 50t/year, is partly a reflection of its wish to avoid any perception of a change in confidence in the US Fed. A secondary factor could perhaps be the reluctance to put undue strain on the gold refining sector.
Moreover, the Deutsche Bank analysts say the timing makes perfect sense:
For various historical/liquidity reasons many central banks have in the past held their gold reserves in multiple jurisdictions. These reasons are, in many cases, no longer valid. This and the increased value of gold holdings combined with heightened budgetary pressures that many governments are now facing is, not surprisingly, resulting in a greater call to track assets more closely. On this basis, we believe the timing of the high profile German repatriation process is not altogether unexpected.
However, there is one issue, according to Brebner and Xiao – the gold may be there, but the quality of the gold may not be that great:
Not only will incoming bars be stored domestically however: these bars will, if necessary, also be upgraded to London Good Delivery (LGD) standards, thereby ensuring compliance with the request of the Court to ‘spot check’ their quality.
We believe much of the gold held in NY is old, known as ‘Fed Melts’ or ‘Deep Storage’ bars and may not be acceptable as is for transaction without additional processing.
The biggest impact the Bundesbank's actions have, though, according to Brebner and Xiao, is that they lend further credibility to the shiny yellow metal. The analysts conclude, "we view the repatriation and upgrade of old gold by the Western World’s central banks as a further positive in gold’s evolution as a legitimate form of money."
SEE ALSO: <a href="http://www.businessinsider.com/goldman-buy-gold-ahead-of-debt-ceiling-2013-1">GOLDMAN SACHS: BUY GOLD &gt;</a>

Why All Of The Conspiracy Theories About Why Germany Is Taking Its Gold Out Of America Are Bunk

<div class="KonaFilter image-container"><div class="image"></div></div>Zoe Saldana's "Guardians of the Galaxy" character, Gamora, plays a big part in the hit film - but you wouldn't know it based on the film's merchandise.
A current controversy is brewing over this T-shirt from kids' clothing retailer, <a href="http://www.childrensplace.com/webapp/wcs/stores/servlet/en/usstore/home" target="_blank">Children's Place</a>, that only features male characters:<div class="KonaFilter image-container"><div class="image"></div></div>One disturbed mom tweeted her outrage:
<blockquote class="twitter-tweet" lang="en" data-cards="hidden">
Who's missing from this <a href="https://twitter.com/hashtag/GuardiansOfTheGalaxy?src=hash">#GuardiansOfTheGalaxy</a> shirt at <a href="https://twitter.com/childrensplace">@childrensplace</a>? WHY NO GAMORA SERIOUSLY. <a href="http://t.co/QJLif6Fyve">pic.twitter.com/QJLif6Fyve</a>
- Kristen (@kristenrapp) <a href="https://twitter.com/kristenrapp/statuses/501111789963472896">August 17, 2014</a></blockquote>

After contacting the company for an explanation, she received a surprising reply:
<blockquote class="twitter-tweet" lang="en" data-conversation="none">
.<a href="https://twitter.com/justjenn">@justjenn</a> <a href="https://twitter.com/amy_geek">@amy_geek</a> <a href="https://twitter.com/HiddlesEducates">@HiddlesEducates</a> <a href="https://twitter.com/Guardians">@Guardians</a> FYI, I got a reply from <a href="https://twitter.com/childrensplace">@childrensplace</a> and... this IS 2014, right? <a href="http://t.co/MT3A855HcF">pic.twitter.com/MT3A855HcF</a>
- Kristen (@kristenrapp) <a href="https://twitter.com/kristenrapp/statuses/501429807700533248">August 18, 2014</a></blockquote>

She wasn't satisfied with Children's Places' response:
<blockquote class="twitter-tweet" lang="en">
.<a href="https://twitter.com/childrensplace">@childrensplace</a> So, I tell my daughter, "there's no female on this because the shirt isn't for you in the first place" and that's OK?
- Kristen (@kristenrapp) <a href="https://twitter.com/kristenrapp/statuses/501432215046062081">August 18, 2014</a></blockquote>

The Internet humorously weighed in on the situation:
<blockquote class="twitter-tweet" lang="en" data-conversation="none">
<a href="https://twitter.com/TheMarySue">@TheMarySue</a> <a href="https://twitter.com/metaAnnelies">@metaAnnelies</a> <a href="https://twitter.com/childrensplace">@childrensplace</a> <a href="https://twitter.com/Guardians">@Guardians</a> I hadn't realised they sell more shirts to racoons and trees, than they do to girls
- Jo Wright (@kvetchup) <a href="https://twitter.com/kvetchup/statuses/501459356760547328">August 18, 2014</a></blockquote>

<blockquote class="twitter-tweet" lang="en">
<a href="https://twitter.com/anneursu">@anneursu</a> <a href="https://twitter.com/kristenrapp">@kristenrapp</a> <a href="https://twitter.com/childrensplace">@childrensplace</a> Little boys don't have a prob wearing girls on shirts unless someone tells them to.
- Brandy (@brandymuses) <a href="https://twitter.com/brandymuses/statuses/501526892093394944">August 19, 2014</a></blockquote>

<blockquote class="twitter-tweet" lang="en" data-conversation="none">
.<a href="https://twitter.com/annesobe">@annesobe</a> <a href="https://twitter.com/awarenews">@awarenews</a> <a href="https://twitter.com/kristenrapp">@kristenrapp</a> <a href="https://twitter.com/childrensplace">@childrensplace</a> My 10yo boy thinks this is dumb. "If it doesn't have everybody, it's not a GotG t-shirt."
- Amy Jo Cousins (@_AJCousins) <a href="https://twitter.com/_AJCousins/statuses/501540667525308417">August 19, 2014</a></blockquote>

Then people even started taking to The Children's Place Facebook page:
<blockquote class="twitter-tweet" lang="en">
Oh my god, there's a bunch of irate posts on <a href="https://twitter.com/childrensplace">@childrensplace</a>'s FB page now: <a href="http://t.co/lGd5yg8wPd">pic.twitter.com/lGd5yg8wPd</a>
- Kristen (@kristenrapp) <a href="https://twitter.com/kristenrapp/statuses/501540340114132993">August 19, 2014</a></blockquote>

But the mom eventually fixed Children Place's mistake:
<blockquote class="twitter-tweet" lang="en">
Fixed your glaring <a href="https://twitter.com/hashtag/GuardiansOfTheGalaxy?src=hash">#GuardiansOfTheGalaxy</a> mistake for you, <a href="https://twitter.com/childrensplace">@childrensplace</a>. Please send a check c/o my kid, thanks. <a href="http://t.co/TkeIdgmxZg">pic.twitter.com/TkeIdgmxZg</a>
- Kristen (@kristenrapp) <a href="https://twitter.com/kristenrapp/statuses/501122583371460608">August 17, 2014</a></blockquote>
But this isn't an isolated incident, Gamora has actually been missing from a lot of the movie's merchandise.
A quick search on <a href="http://www.disneystore.com/marvel/guardians-of-the-galaxy/mn/1024507/" target="_blank">the Disney store website</a> reveals a similar situation:<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>
Blogger Amanda Ratcliffe started the hashtag <a href="https://twitter.com/search?q=%23WheresGamora&amp;src=tyah" target="_blank">#WheresGamora</a> after noticing that <a href="http://www.geekwithcurves.com/2014/08/a-sad-lack-of-gamora.html" target="_blank">Walmart was selling tons of merch featuring the male stars</a> of "Guardians," but no females. See photo proof on her blog <a href="http://www.geekwithcurves.com/2014/08/a-sad-lack-of-gamora.html" target="_blank">here</a>.
The #WheresGamora hashtag has <a href="https://twitter.com/search?q=%23WheresGamora&amp;src=tyah" target="_blank">since gone viral</a>, with some great observations being brought to light:
<blockquote class="twitter-tweet" lang="en">
Hey <a href="https://twitter.com/Marvel">@Marvel</a> and <a href="https://twitter.com/Disney">@Disney</a>, 44% of your opening week audience for Guardians were women... so where's my Gamora merch??? <a href="https://twitter.com/hashtag/wheresgamora?src=hash">#wheresgamora</a>
- Kat (@thekatosaurus) <a href="https://twitter.com/thekatosaurus/statuses/497195742239277056">August 7, 2014</a></blockquote>

<blockquote class="twitter-tweet" lang="en">
Gamora deserves equal amounts of merch and exposure for both girls and boys. Same goes for Black Widow. <a href="https://twitter.com/Marvel">@Marvel</a> <a href="https://twitter.com/DisneyStore">@DisneyStore</a> <a href="https://twitter.com/hashtag/wheresgamora?src=hash">#wheresgamora</a>
- Diego Armando (@phanta5magoria) <a href="https://twitter.com/phanta5magoria/statuses/497244939336843264">August 7, 2014</a></blockquote>

<blockquote class="twitter-tweet" lang="en">
When even a 4 yr old with an empowering family says "maybe superheros aren't for girls" it's a problem. <a href="https://twitter.com/hashtag/wheresgamora?src=hash">#wheresgamora</a> <a href="http://t.co/GY5MTF7C9A">http://t.co/GY5MTF7C9A</a>
- Andrea (@tinytall) <a href="https://twitter.com/tinytall/statuses/497802588054511616">August 8, 2014</a></blockquote>

<blockquote class="twitter-tweet" lang="en">
Um... <a href="https://twitter.com/hashtag/WheresGamora?src=hash">#WheresGamora</a>? Superhero-crazy Anya &amp; Stella scour toy aisles to find her [VIDEO] <a href="http://t.co/ikETnyDNNX">http://t.co/ikETnyDNNX</a> <a href="http://t.co/lhn55JqyW2">pic.twitter.com/lhn55JqyW2</a>
- WomenYouShouldKnow® (@WomenYSK) <a href="https://twitter.com/WomenYSK/statuses/499228950389075968">August 12, 2014</a></blockquote>

Here's what happened when young "Guardians" fans, <a href="http://www.womenyoushouldknow.net/proud-dad-two-geek-girls-talks-superheroes-disney-princesses-barbie/">Anya and Stella Marcotte</a>, went to target to find a <a href="http://www.womenyoushouldknow.net/um-wheres-gamora-guardians-galaxy-action-figure-set-leaves-woman-hero/">Gamora action figure</a> (spoiler alert: there isn't one):

The girls' dad further explained what happened on their Target outing to <a href="http://www.womenyoushouldknow.net/wheres-gamora-superhero-crazy-anya-stella-scour-toy-aisles-find-video/" target="_blank">WYSK</a>:
"The only female action figure we were able to find in the entire aisle was Wonder Woman, and she was only available as part of a seven-hero set that cost $50. So in order to get one Wonder Woman, the girls would have to buy six heroes they didn't want and pay $50 for the privilege. That was a non-starter."

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