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Daily Archives: July 15, 2017
Conservatives must eschew political correctness – Republican Journal
Posted: July 15, 2017 at 11:20 pm
It happened slowly, like the proverbial frog in a water-filled pot that didnt know the heat was turned on until it was too late. Political correctness, the desire to be accepted and a wish not to offend anyone has led even staunch conservatives to become wishy-washy people pleasers.
Those on the liberal side have no compunctions about voicing their beliefs. To their credit, there is no doubt where liberals stand on any topic. Conservatives, on the other hand, have vacillated to the point that its difficult to ascertain the difference between them and their liberal counterparts.
Conservatives dont push back much nowadays. And Im not talking about conservative politicians, either, but rather everyday Americans, the run-of-the-mill conservative people who just want to go about their daily business without turmoil and strife. Conservatives are more likely to apologize for things they neednt apologize for rather than stand strong in their convictions. But giving in at every turn can only lead to a loss of whatever it is we might support. Heres an example.
I live in a rural area and, not too long ago, had no neighbors except for a working poultry farm. With no one to complain, I operated an active shooting range. Then people from urban settings began moving to the country and houses began popping up in otherwise wild settings.
Without exception, all of my new neighbors are anti-hunting and except for one lone soul, all dislike firearms. It didnt take me long to figure this out and consequently I pared down activity at my shooting range. This was a courtesy gesture on my part. Still, it pays to keep the shooting eye sharp and I occasionally do a bit of target practice, although far less than in the past.
And, of course, I am well within my legal rights to do so. My place sits far off the road with no one very close to me and only woodlands behind and on either side. So it came as a surprise when a neighbor called and asked me if I was OK. Puzzled, I asked why she would think otherwise. I heard a gunshot, she said. I told her that the gunshot was me shooting my muzzleloading rifle, which had remained loaded since last deer season. The easiest way to unload a muzzleloader is, of course, to fire it.
That call left me with an uneasy feeling, but the real reason for the call still eluded me. Than, about a week later, someone else a distance away fired several shots. Immediately, the phone rang. It was the same neighbor with the same disingenuous question: We heard a shot. Are you OK?
It was than that I comprehended the reason for the call. The neighbor wasnt concerned about my well-being, but rather, was registering her displeasure with hearing gunfire. This time I gave the reply that I should have given in the first place. Why shouldnt I be OK? Well, she replied, We thought it was a rifle shot.
So what if it was? I said.
I went on: Whoever shot, unless they are barred from owning a firearm, has every right to shoot their rifle. Under the Second Amendment of the U.S. Constitution, citizens are allowed to possess and use firearms. Furthermore, I dont want you calling me every time someone, including me, touches off a gun.
My neighbor doesnt like me any more, but at least she now knows where I stand on gun rights.
My experience typifies the political-correctness mindset. Using subterfuge (are you OK?), liberals achieve their goals in an innocent-sounding manner. But where does it end?
For instance, the city of Belfast has declared Oct. 9 is no longer Columbus Day, but rather, Indigenous Peoples Day. This may sound nice and fuzzy to some, but it is simply rubbish. No amount of political correctness will change the fact that on Oct. 12, 1492, Christopher Columbus made landfall in the New World. We conservatives have two choices. They are, either go along with the upside-down politically-correct nonsense, or continue celebrating Columbus Day as Columbus Day.
Even such mundane statements as posting a Trump sign or flying the American Flag brings conservatives under attack.
But it is Christians who fare the worst. Many people who profess Christ as their savior are unwilling to state their beliefs publicly. And that marks the beginning of the end of religious freedom.
So, my conservative friends, know that your beliefs and God-given rights are slowly being eroded. And worst of all, you are partially to blame because you allowed it to happen. Its not too late, of course, but from now on conservatives must get a backbone and stand up to political correctness. It is our only hope.
Tom Seymour is a freelance magazine and newspaper writer, book author, naturalist and forager. He lives in Waldo.
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How does cloning work, anyway? Your guide to real-world replication – Digital Trends
Posted: at 11:19 pm
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Its common knowledge that cloning has broken the bonds of sci-fi, and that labs around the world are experimenting with cloning techniques. But how exactly does cloning work, and why havent we heard more about it? More specifically, why havent clone armies overrun us yet? Heres how researchers clone living organisms, and why it remains a complicated process.
Cloning isnt a very scientific word, so its no surprise that there are several different techniques that you could call cloning. That includes the common gene cloning, where biological materials are reproduced and used for medical techniques or even meeting demand for red meat as well as therapeutic cloning, which involves swapping nucleus DNA between eggs for a shortened development process.
But for the real, thats what I meant style of cloning, we need to talk about somatic cell nuclear transfer (SCNT). This is the type of cloning that takes the DNA of an adult specimen and reproduces it, so that an embryo with that same DNA is created. Its the sort of science that inspired stormtroopers and dinosaurs in our favorite movies, and its probably exactly what you were thinking of. So lets talk about how somatic cell nuclear transfer works.
First, scientists need healthy, durable cells from a donor a.k.a. the organism they aimto clone. There are different kinds of cells in the average sexual organism, but somatic cells are the neutral type of cell that just hangs out doing its job with the typical two complete sets of chromosomes.
Somatic cells cant be found among red blood cells, but white blood cells are somatic and a common source for DNA products. Skin cells and the traditional cheek-swab also work, but the cells have to be healthy and undamaged. Thats why it is usually impractical to try to clone ancient frozen or trapped animals: Their cells are almost always heavily damaged.
While one part of the scientific cloning team is working on extracting a plentiful supply of somatic cells from the donor, another part is working to prepare a viable egg cell. It doesnt necessarily have to be an egg cell from the same species, but for greater chances of success, the closer the better.
When scientists find the right undamaged egg cells, they carefully extract the nucleus of the cell. The nucleus is what holds the single set of chromosomes that contributes to reproduction. But for cloning, they dont want that DNA they want an intact, empty shell that can house an embryo. So the nucleus and all its DNA is removed, while the rest of the egg is delicately preserved.
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Remember, because somatic cells are complete, adult cells not used for reproduction, they have the full dual set of chromosomes, already present and ready for action. However, scientists need to get this DNA into the egg cell and prepared to grow into a new organism. So they again, very carefully remove the nucleus and insert it into the waiting, empty egg cell.
The goal is to combine them into a single cell again, which is not easy. Current successful techniques use a very light, directed flow of electricity so that the nucleus and egg cell bind together, and hopefully agree to their new living arrangement.
Now we have a cloned egg, ready to start growing! But, while the egg does have two sets of chromosomes and, in theory, everything it needs to grow into a copy of the donor organism, it hasnt actually been fertilized and it cant be fertilized without ruining the cloning process.
So scientists try to convince the egg that its fertilized and should start growing. This is another area where there is a lot of experimentation with new techniques: Usually, the egg is subjected to chemical cocktails designed to trigger the growth process, often while being zapped with more electricity (sometimes science really is like the movies).
When the cell starts to divide, scientists move quickly onto the next stage, keeping the egg in similar conditions to the real reproductive process. If the egg starts to develop into an embryo that appears healthy, they typically implant that embryo into a living female organism to gestate. This is better for the egg and much less expensive than trying to grown an embryo externally in a lab.
Closeup of the researched embryos
As you probably noticed, theres a certain amount of uncertainty and delicate work involved in all the previous steps. Even small amounts of cell damage can be disastrous, and theres no guarantee a doctored egg will develop correctly either inside or outside the carrying organism. In other words, viability is a major issue. There are a lot of failed attempts and embryos that just dont develop correctly (often going awry when the embryo is only a small collection of cells), so it takes massive resources, plenty of time, and hundreds of attempts to create a successful clone. Successful live births are a rarity.
Even then, the process is not usually kind to the successful clones. They tend to suffer from shortened lifespans and other problems summed up by what you could call DNA whiplash. However, these problems have diminished as technology has advanced.
Juan Grtner/123RF
The first true cloningusing SCNT occurredin 1996 after 276 attempts: The famous Dolly the sheep. This was quickly followed by cloned calves in Japan, and then a number of other animals were added to the list, including cats, dogs, rabbits, rats, horses, and even a rhesus monkey.
Except for rumors, there is no evidence that a human has ever been cloned primates are especially difficult to clone, and humans are the most difficult of all because of the complex way that our cells divide. Reports of human clones have either been debunked or dropped due to lack of evidence.
Full cloning like this also has relatively little value to the scientific community thus far. Gene cloning is far more advantageous when it comes to healthcare and profit, and much easier to accomplish. True cloning with SCNT has become something of a sideshow as a result: Today, most interest in the process focuses on the applications of stem cells from successful embryos, but that also remains an expensive, controversial process for now.
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Midas, Cloning and the quest for eternal life – The New Indian Express
Posted: at 11:19 pm
Image used for representational purpose only.
Midas, king of Phrygia, was granted a boon by Bacchus: Whatever the king touched, would turn to gold. Midass delight was short-lived. The food that he raised to his lips turned to yellow metal, as did the water he tried to drink. Desperate, Midas begged Bacchus to take back his baneful gift. The god took pity on the king and told him to bathe in a sacred river, which washed away the sin of specious enrichment.
We might not be so lucky. The fable of Midas has disturbing echoes today when genetic engineering promises to put within our grasp the cornucopia of endlessly replicated life. The biotechnology of cloning has already created its mitochondrial ewe in the form of Dolly the sheep. The Noahs Ark of the brave new world seems set to embark on a fantastic voyage at the end of which the animals will come out, not in twos but in their limitless multitudes. Technicallyif not ethicallythere would appear to be no reason why humans also cannot be produced on this genetic assembly line.
Despite widespread fears about what such an industrialisation of humanity might lead to, the gathering momentum of genetic research could prove irreversible. One researcher has been quoted as saying, Its not a matter of should it (human cloning) be done, but when can it be done. According to reports, it already has been done, by accident. Belgian doctors who rubbed the surface of a frozen fertilised human ovum to facilitate implantation in the mothers womb discovered, three weeks later, that the egg had divided to develop two embryos following the friction treatment. The result was identical twins today who are living in southern Belgium.
Cloning has become the new Frankensteins monster. The cloning of more productive livestock has been extolled as an economic miracle and denounced as a transgression of natural laws. The deliberate cloning of humans, though still in the realm of science fantasy, has provoked an outcry against a host of test-tube hobgoblins from mass-produced Nazis to captive organ farms, which could be harvested and cannibalised by affluent patients in need of transplants.
Such extreme and unlikely scenarios apart, it is clear that the issue raises a thicket of prickly social, legal and philosophical questions, which we are ill-equipped, both intellectually and emotionally, to answer. Like Midas, we have been given a seemingly divine gift, which could turn into a self-destructive curse.
The Midas touch and the biotechnicians clone of thorns encompass a single quest: both represent the human yearning for everlasting life. Using the technique of engineered cell division, cloning seeks to usurp the sovereignty of creationalong with that of its inevitable concomitant of dissolution and deathand reward its adherents with an ersatz immortality.
The legend of Midas expresses the same desire, employing the metaphor of incorruptible gold as an allegory of deathless life. The Midas myth is a foreshadowing of the alchemists search for the so-called philosophers stone, the magical substance, which supposedly could transmute base metals into gold.
Sixteenth century alchemists used the sorcerers cloak of secrecy to mask a far greater enterprise than that of the molecular transformation of metal: what they sought was the transubstantiation of perishable flesh into an imperishable prototype.
C G Jung notes that the ostensible making of gold was a red herring, a diversionary symbol for the transformation of the personality through the merging of the elements, the conscious and the (collective) unconscious. Marlowes Faustus, who sold his soul to the devil in exchange for knowledge of the secret lore and who longed for the kiss of immortality from the lips of long-dead Helen, was an anachronistic clone of the alchemists, and of Midas.
The fugitive desire for a surrogate perpetuity has adopted many guises in many cultures: from the birth of Minerva, goddess of learning, who sprang forth fully-formed from the head of her father, Jupiter, to the Biblical creation of Eve from Adams rib; from the Yiddish legend of the golem, the elemental and indestructible humanoid who both protected its creator and represented his primal self, to the Gothic cult of the vampire, the everlasting undead. Its present avatarthat of cloningrepresents a form no more, or less, bizarre than many others it has earlier taken.
The fatal flaw that lies at the heart of this recurring allegory is that it chooses the inescapable prison of eternity over the irrepressible freedom of the infinity of life in its untrammelled diversityand its necessary transience. Death is the mother of beauty, said the poet. The abyss, which lies beneath the nectar in a sieve, makes each drop as it falls into oblivion sweeter and more dazzlingly golden than all the eternally unchanging, eternally barren riches of Midas.
Jug Suraiya
Writer, columnist and author of several books
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Former employees of multiplex arrested for cloning cards at … – Hindustan Times
Posted: at 11:19 pm
Four persons, including three former employees of PVR cinemas in Gurgaon, were arrested by Gurgaon police for allegedly cloning credit and debit cards of customers who visited the theatres.
The accused are suspected to have cloned around 45 to 50 cards of customers and siphoned off an amount of Rs20 to Rs25 lakhs of customers who visited the theatres located on two malls on MG Road, the police said on Friday.
The accused have been identified as Ajay Raghav, Sanjay Jat, Rahul Yadav and Sonajeet. They took note of ATM pin numbers of customers and later used it to withdraw cash from the cards cloned by them. Raghav, Jat, and Yadav worked in the mulitplexes.
Two ATM card readers, one card cloning machine, one laptop and few cloned cards were recovered from the accused. The accused have been sent on three days police remand for further questioning.
The machines are easily available online at a very low price, police said.
A few days earlier, a similar racket was unearthed inDelhi where an employee of Farzi cafe in Connaught Place was caught by police for cloning cards.
Sumit Kuhar, deputy commissioner of police (crime), said that Ajay Raghav, a resident of Mathura in UP,was the kingpin of the gang and was arrested from Mathura.
Raghav got to know that police was after him so he had shifted his accommodation. He is married and used the stolen money for familys expenses, said Kuhar.
Raghavs arrest and unraveling of the gang came after a Gurgaon resident Dhrishti Bhasin complained at Sector 56 police station that someone had withdrawn Rs50,000 from her account using a debit card on May 25.
The matter was referred to the Cyber crime cell, which formed a team under cell in-charge inspector Anand Kumar that started identifying the ATMs from where the cash was being withdrawn.
After sustained investigation, the police was able to identify Sanjay Jat, a resident from Alwar in Rajasthan, and arrested him from his brothers house in south city 2, said Kuhar.
On questioning, Jat spilled the beans and this led to the arrest of others including Raghav, Sonajeet who lives in DLF phase 4, and Rahul Yadav who is from Kosli in Rewari.
It is being suspected that there are more members involved in the fraud, who used to steal ATM pin numbers from different locations. Police is also on the look out of a person, who had taught card cloning to Jat, which led to his entry into this trade.
The accused have been arrested in a case registered at sector 56 police station under section 379 (theft), 420 (fraud), and 120b (criminal conspiracy) of IPC and section 66 of the IT Act.
A representative of the PVR cinemas said that officials authorised to speak to the media were not available.
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Multiplex workers in card cloning racket – Times of India – Times of India
Posted: at 11:19 pm
GURUGRAM: A four-member gang of cyber criminals, in their early-to-mid 20s, who cheated many people by cloning credit and debit cards, was busted on Friday. The accused had duped around 50 people of over Rs 20 lakh in total, in only the last three months, by employing a unique trick, police said.
The mastermind, Raghav, was employed at the canteen of a multiplex at DT City Centre Mall, Sector 29, not too long ago. One of his accomplices was currently working there. Police have recovered a laptop and three electronic gadgets, which they used to clone plastic cards.
The accused had bought the card reader and card writer on an e-commerce website for Rs 27,000 and then used them to dupe many unwary customers of lakhs of rupees. All four were produced in a city court today. Police have taken them on four days remand for questioning.
The cyber crime cell was alerted following the complaint of Gurgaon-resident Drishti Bhasin, who alleged that Rs 50,000 had been fraudulently withdrawal from her account using her debit card. Following the leads provided by the cyber crime team, headed by inspector Anand Kumar, crime branch arrested the accused Sanjay, resident of Mundawar village, Alwar district, Rajasthan; Rahul Yadav, resident of Kosli village, Rewari district; Sonajeet, resident of Gurgaon and Ajay Raghav, resident of Mathura district, UP.
During interrogation, the accused revealed so far, they had cloned over 50 debit and credit cards, and duped many people in the NCR of a total of over Rs 20 lakh.
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How Cindy taught me a theory of evolution – The Hindu
Posted: at 11:18 pm
How Cindy taught me a theory of evolution The Hindu Children are the greatest manipulators in this world. We parents believe foolishly that we are the ones who control our children! Our son had been trying to convince me to allow him to own a pet dog for quite some time, but in vain. Being a single ... |
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Statue of ‘Scopes monkey trial’ evolution backer unveiled – WYFF Greenville
Posted: at 11:18 pm
DAYTON, Tenn. (AP)
The Tennessee town known for the famed 1925 "Scopes monkey trial" saw no protesters Friday as it unveiled a statue of the lawyer who argued for evolution near a sculpture of his creationism-advocating legal rival.
About 75 people were on hand at the Rhea County Courthouse in Dayton as officials revealed the statue of skeptic Clarence Darrow, who argued for evolution. His likeness stands on the opposite side of the courthouse from a 2005 statue of William Jennings Bryan, the Christian defender of biblical creationism.
Though pockets of opposition to the statue exist due to religious objections, no protesters showed at Friday's ceremony for the sculpture championed by atheists. Some attendees donned 1920s-era garb for the festivities.
The new statue hasn't drawn teeming crowds like the ones that forced some 1925 trial proceedings to be moved outdoors. Historians say the trial started as a publicity stunt for the small town, and it succeeded in grabbing plenty of national headlines.
The one small hitch Friday had nothing to do with public backlash - the group had trouble peeling off the black cloth that covered the statue. Former Star Trek actor John de Lancie used an umbrella to help pry it off the Darrow sculpture's head.
Philadelphia-based sculptor Zenos Frudakis crafted the Darrow statue, funded largely by $150,000 from the Freedom from Religion Foundation. The group said the project would remedy the imbalance of Bryan standing alone.
Historians say the trial came about after local leaders convinced John Thomas Scopes, a 24-year-old high school teacher, to answer the American Civil Liberties Union's call for someone who could help challenge Tennessee's law that banned teaching evolution. He was found guilty but didn't spend time in jail.
Bryan, a three-time Democratic candidate for president, died just five days after the trial ended.
Formally known as Tennessee vs. John Thomas Scopes, the case was immortalized in songs, books, plays and movies.
The unveiling Friday helped kicked off Dayton's annual Scopes Trial festival, a 10-day event featuring a theatrical production.
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Grandma’s insomnia might be a product of evolution | Popular Science – Popular Science
Posted: at 11:18 pm
If your sleep is getting worse with age, evolution might be to blame.
A study recently published in Proceedings of the Royal Society B found that humans' age-specific sleep patterns may have evolved to protect mixed-age groups from potential danger in the night. And in this scenario, the elderly members of these groups may have drawn the short strawtheir restless sleep made them perfect for the night watch.
Looking at sleep patterns is really relevant not only to basic science, but also to increasing our understanding of cross-cultural sleep, says Alyssa Crittenden, a study co-author and assistant professor at the University of Nevada, Las Vegas. It provides crucial clues of how species evolved.
The study was conducted among the Hadza people, a hunter-gatherer group in Tanzania. They traditionally sleep outside, without the technology many of us now use to stay comfortable while we snoozefrom air conditioning to a roof over our heads to shield us from the rain. Crittenden has studied the Hadza for 13 years, and she emphasizes the people arent relics of the past. They are as modern and contemporary as you and me, she says. But when it comes to sleep, their chosen environment is unusually similar to that of our ancestorsso they make excellent study subjects.
Most human sleep research has been in sleep labs in Western societies, says first author David Samson, who was a postdoctoral fellow at Duke University at the time of the study and is currently an assistant professor at the University of Toronto, Mississauga. Its not a great model, they go from one temperature- and light-controlled room to another.
The researchers studied Hadza adults ranging from those in their late teens to the elderly. While the subjects slept, they each wore an actigraph, which Samson describes as a super Fitbit. Much like its commercial analog, the device is worn on the subjects wrist and can tell if they are asleep or awake based on activity. But the actigraph also has extra capabilities, like measuring the amount of light in the environment, and it can withstand much harsher conditions.
From the actigraph data, the researchers characterized each subjects sleep pattern: when they were sleeping or awake, and how long each period lasted. Some people were lighter sleepers who regularly woke up throughout the night, others slept undisturbed all night; there were subjects that went to bed early and woke up early, while other subjects tended to sleep later in the night and into the morning.
By layering the sleep patterns of all the subjects, they found that over the course of 20 nights, there were only 18 one-minute intervals when all the subjects were asleep at once. At any given time during the night, almost 40 percent of the Hadza were awake (or sleeping lightly) while the rest slept deeply. This lines up with the sentinel hypothesis, a pre-existing idea that having a variety of sleep patterns provided humans with an evolutionarily advantage. If groups of people had varying sleep patterns, they could more easily rest without being vulnerableand they'd all be more likely to survive and successfully reproduce, allowing the mismatched sleep patterns to persist in future populations. The sentinel hypothesis has never been tested in humans before, Crittenden says.
The biological roots of these patterns lie in circadian rhythms, the internal clock that dictates our behavior at any given time of day. Are you an early bird? A night owl? Well, those are actual biological characteristics, known as chronotypes (scientists actually use lark and owl to describe the two extremes). They can even be inherited. Chronotypes encapsulate the unique ways that each of our individual circadian rhythms drive our sleep behavior.
In this study, the researchers compared the subjects chronotypes with demographic variables, and only one seemed to be linked: age. Older subjects were, as the proverb says, "early to bed and early to rise"the lark chronotypeand they tended to wake up frequently during the night. The Hadza don't have official guards posted at night, but since older individuals were more likely to be awake, Crittenden says, they were more likely to be functioning as sentinelsif not in any official capacity. Their wakefulness made them the most likely ones to be alerted to danger.
People have thought about the evolutionary role of elders in human society before, in what is known as the grandmother hypothesis. It suggests that women live beyond their reproductive yearsa trait unique to humans, killer whales, and pilot whalesbecause they play an important role in their familial group's survival. They can help care for grandchildren and teach them how to survive, allowing younger females to focus on reproducing. The researchers expanded that idea to coin the poorly sleeping grandparent hypothesis: In mixed-age groups, grandmothersor grandparents in generalmay sleep discontinuously so that they can remain alert to potential dangers while their offspring rest.
According to Samson, this finding could provide an important new perspective on how people think about and stigmatize insomnia, a condition that is very common among older peoplealmost half of adults over the age of 60 report having trouble sleeping.
It may normalize things we consider to be disorders, Samson says. We tend to label things as a disorder if they dont match up with normal parameters. But insomnia may be an evolutionary mismatch with the modern context.
It could also impact how insomnia is treated in the elderly. For example, cognitive behavioral therapy has been shown to be effective in treating insomnia: By identifying the cause of the insomnia, people are able to effectively manage it. Explaining the evolutionary origins of insomnia could play a similar role in treatment.
This was the first study of the sentinel hypothesis in humans, but it wont be the last. Samson and Crittenden hope to study sleep in populations around the world, ranging from rainforests to the Arctic, and compile the results into a global sleep database. If the patterns hold, then they might actually be able to show that the sentinel hypothesis is at play among humans, Crittenden says.
It could help us ask and answer questions about how humans adapted to different ecological niches around the world, Samson says.
So, kids, the next time your parents wonder why you dont wake up earlier, just remind them that you evolved to be this waygetting up early is grandmas job.
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Beijing Enterprises’ makeover traces China’s evolution in capitalism over 20 years – South China Morning Post
Posted: at 11:18 pm
Beijing Enterprises made history 20 years ago when it debuted on Hong Kongs stock exchange 1,300 oversubscribed, as the most sought-after initial public offering in the citys history.
The IPO, which drew huge crowds of people scrambling for application forms underscored the average Hong Kong investors sentiments and the fever pitch frenzy for the largest well-connected mainland government-backed company.
Raising HK$2.5 billion, it was the biggest amount at the time from any listing of the so-called red chips, or overseas-registered mainland enterprises. It also made the only listed conglomerate of the Beijing government in Hong Kong the talk of the town, with just one month before the citys sovereignty was returned to the mainland.
Beijing Enterprises was one of about 10 conglomerate window companies of various levels of mainland governments tasked to raise funds overseas to boost economic development at home.
Back then, the Beijing municipal government picked eight of its quality assets and put them into the newly set up Beijing Enterprises, and floated it, chief executive Zhou Si told the South China Morning Post in an interview.
The assets included the capital citys first department store called Wangfujing, its first Sino-foreign joint venture hotel called Jianguo, its first highway linking the city to the airport, the successful consumer brands Sanyuan dairy products and Yanjing beer.
The assets were well-liked by investors and the companys listing was hugely successful.
Today, there are close to 150 red chips listed in Hong Kong, either incorporated in the city or overseas.
The assets were well-liked by investors and the companys listing was hugely successful
Zhou Si, Beijing Enterprises
Shares of Beijing Enterprises, which attracted subscription 1,276 times the number of shares offered to Hong Kong investors and locked up HK$238.8 billion, surged 222 per cent from the IPO price of HK$12.48 to close at HK$40.2 on their first day of trading.
Two decades later, after multiple boom and bust cycles, its share price has yet to climb back above the debut close, ending Friday at HK$42.70, only over half that of its all-time high of HK$77.80 seen in late 2013.
It is fetching around 7.3 times this years forecast earnings, a fraction of the 19.4 times it debuted at, and half that of current valuation of the benchmark Hang Seng China-affiliated Corporations Index that track red chips.
Fellow red chip Shanghai Industrial, the municipal governments largest overseas conglomerate listed in Hong Kong in 1996, commands a multiple of only 8.6.
Window firms with operations in multiple industries have long lost their pre-eminence as investors prefer specialised firms that are easier to understand and value, said Kenny Tang Sing-hing, chief executive of Junyang Securities. Conglomerates generally attract valuation discounts.
From the shares issuers perspective, a red chip listing is preferred over a floatation of an H share a mainland-registered firm with mainland assets.
Window firms with operations in multiple industries have long lost their pre-eminence as investors prefer specialised firms that are easier to understand and value
Kenny Tang, Junyang Securities
This is because the red chip format has fewer restrictions and approval red tapes on post-listing shares issuance and original owners shares disposal.
However, tighter restrictions on the transfer of mainland state-owned assets to overseas vehicles in the past decade led to a sharp drop in new red chip listings , although mainland firms were still able to gain control of overseas already-listed vehicles and turn them into red chips via asset injection deals.
Data from the Hong Kong Exchanges and Clearing has also demonstrated the trend of H-shares gaining popularity at the expense of the red chips.
The number of red chips rose 149 per cent from 59 in 1997 to 147 last year, while that for H-shares leaped 459 per cent from 39 to 218.
The gap had a lot to do with the jumbo floatations of state financial services and energy companies since 2000, and the divide is more accentuated by their market clout.
H shares accounted for 36 per cent of the Hong Kong bourses total turnover last year, up from 8.5 per cent in 1997. In contrast, that of red chips plunged from 27.6 per cent to 14 per cent during the same period.
For Beijing Enterprises, the past 20 years also saw a complete makeover of its business.
After the Asian financial crisis in the late 1990s, it dawned on us that having effective management influence over units in eight industries was quite difficult, said Zhou, who joined the firm in 2005 from the municipal government.
We also lacked a clear development direction which investors wanted us to have ... with our share price spiralling down, Beijing Enterprise lost its fund-raising capacity.
After a few years of soul-searching, top management in 2005 decided to sharpen its business focus and undergo major restructuring of its assets.
In 2007, the municipal government injected a natural gas distribution business into Beijing Enterprise, which contributed substantially to business growth as the capital replaced coal with cleaner-burning natural gas as fuel for power and heat generation.
Having also bought in 2013 a major stake in China Gas, one of the nations largest city gas distributors, its natural gas business contributed 76 per cent of its total profit last year.
After the Asian financial crisis in the late 1990s, it dawned on us that having effective management influence over units in eight industries was quite difficult
Zhou Si
Water, solid waste treatment and other environmental operations accounted for 23 per cent of the earnings, and the remainder was from its brewery operation.
After various asset transfer deals over the years, Yanjing Brewery, the nations fifth largest brewery, is the only one of the original eight business units that remains.
Beijing Enterprises now has a clear positioning as a utilities company, with a focus on industries that bring environmental benefits, Zhou said.
Last year, Beijing Enterprise clinched its biggest overseas acquisition to date. It agreed to pay 1.44 billion euros for a German company which owns 18 plants in Europe that burn municipal waste and generate power.
Zhou said the deal would allow Beijing Enterprises to transfer the worlds most advance expertise in building and running waste-to-energy projects from Germany to China, where the waste treatment industry is undergoing a boom that will last many years.
Beijing Enterprises shares plunge after buying minority stake in Russian oil and gas producer
Although such projects are not technology-intensive, he said China could learn from Germany the skills and know-how in project management and resources integration, as well its craftsman spirit and quality culture.
Looking forward, Zhou said Beijing Enterprises hoped to reap more synergies by tapping the business relations it has build with the governments of a large number of Chinese cities, to which it can cross-sell its expertise in the environmental protection sector.
The firm is also studying opportunities to invest in water and waste treatment projects in various nations in South and Southeast Asia, where Beijing is supporting Chinese firms to finance and build infrastructure along the old land and maritime Silk Road trading routes, he added.
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‘Scopes monkey trial’ town erects evolution figure’s statue – Fox News
Posted: at 11:18 pm
NASHVILLE, Tenn. The famed "Scopes monkey trial" pitted two of the nation's foremost celebrity lawyers against one another, but only one of them was memorialized outside the Tennessee courthouse where the landmark case unfolded -- until now.
On Friday at the Rhea County Courthouse in Dayton the public will behold a 10-foot statue of the rumpled skeptic Clarence Darrow, who argued for evolution in the 1925 trial. It will stand at a respectful distance on the opposite side of the courthouse from an equally huge statue of William Jennings Bryan, the eloquent Christian defender of the biblical account of creation, which was installed in 2005.
The trial that unfolded there nine decades ago garnered national headlines in what historians say started as a publicity stunt for the small town. Formally known as Tennessee vs. John Thomas Scopes, the case generated front-page headlines nationwide and was immortalized in songs, books, plays and movies. Dayton hosts its annual Scopes Trial festival for 10 days, starting Friday, featuring a theatrical production.
Historians say the trial came about after local leaders convinced Scopes, a 24-year-old high school teacher, to answer the American Civil Liberties Union's call for someone who could help challenge Tennessee's law that banned teaching evolution. He was found guilty but didn't spend time in jail.
Bryan, a three-time Democratic candidate for president, died just five days after the trial ended.
In Dayton, home of a Christian college that's named for Bryan, it's not hard to envision the community accepting a statue venerating the august champion of the faith.
But Darrow is another matter.
Rifts over evolution and creationism continue almost a century later, and the Darrow statue was requested by atheist groups.
Pockets of opposition in the town suggest many Christians still see the science of evolution as clashing with their faith. Dayton resident and minister June Griffin has led much of the backlash against the Darrow statue, citing religious convictions.
"This is a hideous monstrosity," Griffin said. "And God is not pleased."
Two weeks ago about 20 supporters and 20 protesters clashed peacefully at the courthouse over the statue, said Rhea County Sheriff's Department Special Projects Coordinator Jeff Knight.
Nevertheless, the Darrow statue hasn't drawn teeming crowds in Dayton like the ones that forced some of the 1925 trial proceedings to be moved outdoors.
Regardless of how people's beliefs differ, the statue helps represent history, said Rhea County historian Pat Guffey. Most people seem OK with it, she added.
"I just think that something that is history should stay, or should be put up, no matter what," Guffey said. "I don't think we should try to change history."
Philadelphia-based sculptor Zenos Frudakis crafted the new statue, funded largely by $150,000 from the Freedom from Religion Foundation. The group said the project would remedy the imbalance of Bryan standing alone.
"Bryan was there as an attorney, a prosecutor, and Clarence Darrow as a defense attorney. And now, the history has been restored," Frudakis said.
Frudakis, an admirer of Darrow, said the sculpture offers an honest look at the lawyer.
"He looks like he slept in his suit, which he often did. Sometimes his shirts were torn," Frudakis said of Darrow. "He smoked too much. He drank too much. He was a womanizer. I got as much of that as I could in the sculpture."
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'Scopes monkey trial' town erects evolution figure's statue - Fox News
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