Transparency of Information in the Market: The Citic Case Before the Market Misconduct Tribunal

This paper identifies some of the more important issues raised by the finding of the Market Misconduct Tribunal that CITIC's non-disclosure of price sensitive information at a time when it made a no material adverse change statement did not amount to market misconduct for the purposes of section 277 of the Securities and Futures Ordinance. It is suggested that the causal relationship between 'no change' public announcements and maintenance is inadequately explored, and that the Tribunal's interpretative process and approach to the listing rules is inappropriately circumscribed. The case has left the market in an unsatisfactory situation in a number of regards.postprin

The regulation of consumer tDCS: engaging a community of creative self-experimenters

Peer commentary on ‘A pragmatic analysis of the regulation of consumer transcranial direct current (TDCS) devices in the United States’ by Anna Wexler

Ethical considerations in using brain stimulation to treat eating disorders

Eating disorders (EDs), such as anorexia nervosa (AN), bulimia nervosa (BN), and binge eating disorder (BED) are characterized by pathological eating behaviors and body image disturbance. These disorders are associated with high levels of mortality and morbidity, as well as significantly impaired quality of life (Arcelus et al., 2011). EDs are often associated with young adulthood, with the disorder typically being first diagnosed when the person is 15–19 years old (Hoek and van Hoeken, 2003; Hudson et al., 2007). Recently, there has been increased interest in the neurobiology of EDs as an insight into the mechanisms of pathological eating behavior, and as a potential avenue for treatment (Kaye et al., 2010). Brain-based interventions for EDs have in the past involved highly invasive deep-brain stimulation (DBS), in which surgically implanted electrodes deliver electrical pulses to brain areas such as the cingulate cortex (Israel et al., 2010) or the nucleus accumbens (Wu et al., 2013). These surgeries have proved reasonably effective in the small number of reported cases. However DBS has a number of problems that make it less attractive as a treatment option: DBS exposes the person to the risks of surgery; the potential side-effects are more serious; and it is difficult to adjust or to reverse the treatment. For these reasons, there is much interest in a treatment that modulates brain activity but that does not expose the patient to such serious side-effects. There has recently been an increase in interest in the use of so-called non-invasive brain stimulation to treat EDs. These techniques, principally transcranial magnetic stimulation (TMS) and transcranial direct current stimulation (tDCS), use magnetic or electric fields to transfer energy across the skull, and so to modulate neural activity. Here, we explore the rationale for using TMS/tDCS in EDs, and argue that many ethical and safety issues must be clarified before widespread adoption of these techniques is possible

Factors controlling tropospheric O3, OH, NOx, and SO2 over the tropical Pacific during PEM-Tropics B

Observations over the tropical Pacific during the Pacific Exploratory Mission (PEM)-Tropics B experiment (March-April 1999) are analyzed. Concentrations of CO and long-lived nonmethane hydrocarbons in the region are significantly enhanced due to transport of pollutants from northern industrial continents. This pollutant import also enhances moderately O3 concentrations but not NOx concentrations. It therefore tends to depress OH concentrations over the tropical Pacific. These effects contrast to the large enhancements of O3 and NOx concentrations and the moderate increase of OH concentrations due to biomass burning outflow during the PEM-Tropics A experiment (September-October 1996). Observed CH3I concentrations, as in PEM-Tropics A, indicate that convective mass outflux in the middle and upper troposphere is largely independent of altitude over the tropical Pacific. Constraining a one-dimensiohal model with CH3I observations yields a 10-day timescale for convective turnover of the free troposphere, a factor of 2 faster than during PEM-Tropics A. Model simulated HO2, CH2O, H2O2, and CH3OOH concentrations are generally in agreement with observations. However, simulated OH concentrations are lower (∼25%) than observations above 6 km. Whereas models tend to overestimate previous field measurements, simulated HNO3 concentrations during PEM-Tropics B are too low (a factor of 2-4 below 6 km) compared to observations. Budget analyses indicate that chemical production of O3 accounts for only 50% of chemical loss; significant transport of O3 into the region appears to take place within the tropics. Convective transport of CH3OOH enhances the production of HOx and O3 in the upper troposphere, but this effect is offset by HOx loss due to the scavenging of H2O2. Convective transport and scavenging of reactive nitrogen species imply a necessary source of 0.4-1 Tg yr-1 of NOx in the free troposphere (above 4 km) over the tropics. A large fraction of the source could be from marine lightning. Oxidation of DMS transported by convection from the boundary layer could explain the observed free tropospheric SO2 concentrations over the tropical Pacific. This source of DMS due to convection, however, would imply in the model free tropospheric concentrations much higher than observed. The model overestimate cannot be reconciled using recent kinetics measurements of the DMS-OH adduct reaction at low pressures and temperatures and may reflect enhanced OH oxidation of DMS during convection. Copyright 2001 by the American Geophysical Union

Moving Forward on Listing Reform

This paper considers the process of listing reform in Hong Kong. It identifies the primary underlying threads in that process as undertaken to date and queries whether the overarching strategic objectives for market development have been adequately diagnosed. Exchanges compete on a range of factors that are influenced by both public and private interests, which requires a clear policy analysis of developmental objectives as a precursor to regulatory reform proposals. Three Propositions are derived that may assist to reposition the reform debate. It is suggested that if stakeholders take these Propositions on board in earnest, there will be a better prospect for moving forward together on listing reform.published_or_final_versio

Aggregated proteins in schizophrenia and other chronic mental diseases: DISC1opathies

Chronic mental diseases (CMD) like the schizophrenias are progressive diseases of heterogenous but poorly understood biological origin. An imbalance in proteostasis is a hallmark of dysfunctional neurons, leading to impaired clearance and abnormal deposition of protein aggregates. Thus, it can be hypothesized that unbalanced proteostasis in such neurons may also lead to protein aggregates in schizophrenia. These protein aggregates, however, would be more subtle then in the classical neurodegenerative diseases and as such have not yet been detected. The DISC1 (Disrupted-in-schizophrenia 1) gene is considered among the most promising candidate genes for CMD having been identified as linked to CMD in a Scottish pedigree and having since been found to associate to various phenotypes of CMD. We have recently demonstrated increased insoluble DISC1 protein in the cingular cortex in approximately 20% of cases of CMD within the widely used Stanley Medical Research Institute Consortium Collection. Surprisingly, in vitro, DISC1 aggregates were cell-invasive, i.e., purified aggresomes or recombinant DISC1 fragments where internalized at an efficiency comparable to that of α-synuclein. Intracellular DISC1 aggresomes acquired gain-of-function properties in recruiting otherwise soluble proteins such as the candidate schizophrenia protein dysbindin. Disease-associated DISC1 polymorphism S704C led to a higher oligomerization tendency of DISC1. These findings justify classification of DISC1-dependent brain disorders as protein conformational disorders which we have tentatively termed DISC1opathies. The notion of disturbed proteostasis and protein aggregation as a mechanism of mental diseases is thus emerging. The yet unidentified form of neuronal impairment in CMD is more subtle than in the classical neurodegenerative diseases without leading to massive cell death and as such present a different kind of neuronal dysfunctionality, eventually confined to highly selective CNS subpopulations

Meningococcal genetic variation mechanisms viewed through comparative analysis of Serogroup C strain FAM18

Copyright @ 2007 Public Library of ScienceThe bacterium Neisseria meningitidis is commonly found harmlessly colonising the mucosal surfaces of the human nasopharynx. Occasionally strains can invade host tissues causing septicaemia and meningitis, making the bacterium a major cause of morbidity and mortality in both the developed and developing world. The species is known to be diverse in many ways, as a product of its natural transformability and of a range of recombination and mutation-based systems. Previous work on pathogenic Neisseria has identified several mechanisms for the generation of diversity of surface structures, including phase variation based on slippage-like mechanisms and sequence conversion of expressed genes using information from silent loci. Comparison of the genome sequences of two N. meningitidis strains, serogroup B MC58 and serogroup A Z2491, suggested further mechanisms of variation, including C-terminal exchange in specific genes and enhanced localised recombination and variation related to repeat arrays. We have sequenced the genome of N. meningitidis strain FAM18, a representative of the ST-11/ET-37 complex, providing the first genome sequence for the disease-causing serogroup C meningococci; it has 1,976 predicted genes, of which 60 do not have orthologues in the previously sequenced serogroup A or B strains. Through genome comparison with Z2491 and MC58 we have further characterised specific mechanisms of genetic variation in N. meningitidis, describing specialised loci for generation of cell surface protein variants and measuring the association between noncoding repeat arrays and sequence variation in flanking genes. Here we provide a detailed view of novel genetic diversification mechanisms in N. meningitidis. Our analysis provides evidence for the hypothesis that the noncoding repeat arrays in neisserial genomes (neisserial intergenic mosaic elements) provide a crucial mechanism for the generation of surface antigen variants. Such variation will have an impact on the interaction with the host tissues, and understanding these mechanisms is important to aid our understanding of the intimate and complex relationship between the human nasopharynx and the meningococcus.This work was supported by the Wellcome Trust through the Beowulf Genomics Initiative

Protection of cells from salinity stress by extracellular polymeric substances in diatom biofilms.

Diatom biofilms are abundant in the marine environment. It is assumed (but untested) that extracellular polymeric substances (EPS), produced by diatoms, enable cells to cope with fluctuating salinity. To determine the protective role of EPS, Cylindrotheca closterium was grown in xanthan gum at salinities of 35, 50, 70 and 90 ppt. A xanthan matrix significantly increased cell viability (determined by SYTOX-Green), growth rate and population density by up to 300, 2,300 and 200%, respectively. Diatoms grown in 0.75% w/v xanthan, subjected to acute salinity shock treatments (at salinities 17.5, 50, 70 and 90 ppt) maintained photosynthetic capacity, Fq'/Fm', within 4% of pre-shock values, whereas Fq'/Fm' in cells grown without xanthan declined by up to 64% with hypersaline shock. Biofilms that developed in xanthan at standard salinity helped cells to maintain function during salinity shock. These results provide evidence of the benefits of living in an EPS matrix for biofilm diatoms

HVOF and laser cladded Fe-Cr-B coating in simulated biomass combustion: microstructure and fireside corrosion

Biomass is often considered as a low carbon alternative to fossil fuels in the power industry. However the heat exchangers in biomass plants can suffer from chloride based aggressive fireside corrosion. A commercially available amorphous Fe-Cr-B alloy was deposited onto a stainless steel substrate by HVOF thermal spray and laser cladding. The controlled environment corrosion tests were conducted in a HCl rich environment at 700°C for 250 h with and without KCl deposits. The samples were examined with XRD, SEM and EDX mapping to understand the corrosion mechanisms. In the absence of any deposits, the amorphous HVOF coating performed very well with a thin oxide growth whereas the crystalline laser cladding suffered from ~350 μm metal loss. The scales were composed of MnWO₄, Fe₂O₃, Fe₃O₄ and Cr₂O₃. When a KCl deposit was present, the HVOF sprayed coating delaminated from the substrate and MnCl₂ was found in the scale