World
Green Coffee Bean Extract Marketer to Refund Customers
Marketers made millions off "Oz effect" but FTC says there was no proof the supplement worked
 
The marketer of a green coffee bean extract, who appeared on Dr. Oz and The View, touting the supplement’s weight-loss benefits will be paying consumers $9 million in refunds under an agreement with the FTC.
 
Lindsey Duncan and his companies, Genesis Today Inc., and Pure Health LLC, deceptively claimed that consumers could lose up to 17 pounds of their body fat in just three months without diet or exercise if they took the extract, according to the FTC.
 

In his Dr. Oz show appearance, Duncan, who also blogged for Oz’s site, cited a clinical study that the FTC later cited as severely flawed and which its authors later retracted.
 
He also capitalized on his appearance on Dr. Oz, and reaped millions in sales, the FTC said, by posting links to the Oz episode on his websites and marketing the supplement in retail stores with phrases such as “As Seen on TV.” He also issued a press release after his appearance on the show warning about scam companies selling green coffee extract and recommending his own company as a retailer.
 
Dr. Oz — a TINA.org Wall of Shamer — was later skewered at a Congressional hearing for promoting “miracle” weight-loss products, such as green coffee bean extract and garcinia cambogia.
 
The FTC also alleged that several company spokespeople portrayed themselves as independent sources of information about natural weight-loss remedies such as green coffee bean extract, failing to disclose their financial ties to Duncan’s companies.
 
Under the settlement agreement, Duncan is barred from making any weight-loss claims about a supplement or drug in the future without two well-controlled human clinical tests that support them.
 
TINA.org has reached out to Genesis Today and Dr. Oz for a comment. Reuters reported that a spokesperson for Genesis Today said Duncan had left the company in 2014.
 
Read more here on green coffee extract and weight-loss claims. 
 

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Nifty, Sensex to give up some gains – Tuesday closing report

Nifty may dip to around 8,850

 

We had mentioned in last week’s closing report that NSE’s CNX Nifty’s sharp up move may slow down and the index may turn volatile around 8,800. On Tuesday, the positive opening on Nifty was followed by a range bound session up to around 2pm. During this period, the 50-share index moved into negative for few minutes while the S&P BSE Sensex managed to stay above Friday’s close during the entire session. After 2pm, both the benchmarks regained strength and hit a new all-time high.
 
The Sensex opened at 29,452 while Nifty opened at 8,871. Sensex moved from the low of 29,286 to the high of 29,619 and closed at 29,571 (up 292 points or 1.00%). Nifty moved from 8,825 to 8,925 before closing at 8,911 (up 75 points or 0.85%). NSE recorded a volume of 90.68 crore shares. India VIX rose 1.12% to close at 18.0850.
 
On Sunday, India and the US broke the 7-year-old logjam in operationalizing their landmark civil nuclear deal besides deciding to jointly produce military hardware including advanced unmanned aerial vehicles during talks between Prime Minister Narendra Modi and US President Barack Obama.
 
Last week, the Reserve Bank of India (RBI) relaxed rules for companies and banks to restructure and reschedule existing overseas borrowings by permitting an increase in the total cost of external commercial borrowing (ECB). The RBI has also allowed changes in the drawdown and repayment schedules of ECB. However, the easing of rules will not be applicable for foreign currency convertible bonds, the RBI said.
 
There are reports that senior officials from India and the US will meet after the forthcoming budget session to identify and prioritise sectors for investments and technology sharing.
 
Finance Minister Arun Jaitley has said fiscal deficit targets for current year are likely to be met and manufacturing sector is showing turnaround signs.
 
Coming back to stock markets, Jet Airways (14.44%) was the top gainer in ‘A’ group on the BSE. The stock hit its 52-week high today. It was in the news recently, as it came out with attractive offers for economy fares on Jet Airways’ domestic network with travel validity from March 1, 2015 to September 30, 2015.
 
Gujarat State Fertilizers & Chemicals (11.78%) was the top loser in ‘A’ group on the BSE.
All the bank stocks in the Sensex 30 pack were among gainers. Axis Bank (4.83%) was the top gainer. Other gainers were ICICI Bank (3.58%), HDFC Bank (2.98%) and SBI (0.75%).
 
Dr Reddy’s Lab (4.01%) was the top loser in Sensex 30 stock. The stock fell ahead of its December 2014 quarter result, when the market is anticipating the company results to lag market expectations.
 
US indices closed Monday in the green. Except for Shanghai Composite (0.89%) and Hang Seng (0.41%) all the other Asian indices closed in the green. Nikkei 225 (1.72%) was the top gainer.
 
There was optimism that the actions of Greece's new government won't force the nation to leave the euro currency bloc.
 
On Tuesday global credit rating agency Moody's Investor Services said Asia will be resilient to global macro-economic challenges in 2015.
 
European indices were trading sharply lower. US Futures too were trading deeply in the red.
 
Standard & Poor's Ratings Services on Monday lowered Russia's long-term foreign currency rating to a junk grade of BB+ from BBB-.
 

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Home sales may not recover in FY2016 says India Ratings

Credit metrics of real estate companies would continue to deteriorate next fiscal year, as demand would remain subdued amid high property prices even as inventory was being built-up using bank funding, the ratings agency says

 

Housing sales are unlikely to recover in the next fiscal as high property prices have made residential units unaffordable for end-users, says a report from India Ratings & Research (Ind-Ra). The ratings agency has maintained a negative to stable outlook on the real estate sector in India.
 
The ratings agency said credit metrics of real estate companies would continue to deteriorate next fiscal year, as demand would remain subdued amid high property prices even as inventory was being built-up using bank funding.
 
“The sales of residential units are not likely to recover during FY2016. Any improvement in property demand will depend on not only a positive change in consumer expectations of economic growth, job and income prospects but also lower property prices."
 
“Property prices have remained high and unaffordable to end-customers. While economic growth is likely to improve in FY2016, property prices might not correct. This could lead to end-customers postponing purchase decisions,” India Ratings & Research said in a statement.
 
However, Ind-Ra said it expects demand for both office and retail spaces to pick up during FY2016. “This is because better economic growth will boost net hiring by IT/ITeS and banking financial services insurance sectors and better customer sentiments will revive the expansion plans of both local and foreign retailers,” it said.
 
The rating agency said interest of investors in the sector remains high, especially in rent-yielding commercial properties.
 
“The relaxation of thresholds for foreign direct investment in real estate projects is likely to improve fund inflow. The announcement of the guidelines for introduction of real estate investment trusts and the clarification of tax pass-through status for such vehicles are also positive for the sector, as they improve fund availability to companies owning rent-yielding assets,” it added.
 

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