Fox meat makes an ass of Wal-Mart's China donkey product

Beijing: Global retail giant Wal-Mart Stores has recalled a donkey meat product from some Chinese stores after tests found traces of other animals' DNA, the company said today, after authorities said it contained fox meat.

The world's largest retailer will reimburse customers who bought the "Five Spice Donkey Meat" 50 yuan (USD 8.25), a spokeswoman told AFP.

The company would also independently DNA test all of its "high risk" meats in China, a procedure which is not required by retailers under Chinese food laws, the spokeswoman said.

Wal-Mart would also cooperate with food officials in the eastern province of Shandong with their probe into the "adulteration incident", said a statement posted on Sina Weibo, a Chinese Twitter equivalent.

The Shandong Food and Drug Administration had previously said the "Five Spice Donkey Meat" product contained fox.

"We are deeply sorry for this whole affair," said Wal-Mart's China president and CEO Greg Foran according to the Weibo statement, posted yesterday.

It did not give an explanation for how the contamination happened, but Foran added that the company would increase its focus on "supplier management".

Donkey meat is not a Chinese staple meat dish, but is commonly consumed as a snack.

China has seen several food safety scares in recent years, including one in which the industrial chemical melamine was added to milk formula in 2008, killing at least six babies and making 300,000 ill.

Wal-Mart plans to open up to 110 new stores in China over the next two years, according to the company's website.

View the original article here

Fox meat makes an ass of Wal-Mart's China donkey product

Beijing: Global retail giant Wal-Mart Stores has recalled a donkey meat product from some Chinese stores after tests found traces of other animals' DNA, the company said today, after authorities said it contained fox meat.

The world's largest retailer will reimburse customers who bought the "Five Spice Donkey Meat" 50 yuan (USD 8.25), a spokeswoman told AFP.

The company would also independently DNA test all of its "high risk" meats in China, a procedure which is not required by retailers under Chinese food laws, the spokeswoman said.

Wal-Mart would also cooperate with food officials in the eastern province of Shandong with their probe into the "adulteration incident", said a statement posted on Sina Weibo, a Chinese Twitter equivalent.

The Shandong Food and Drug Administration had previously said the "Five Spice Donkey Meat" product contained fox.

"We are deeply sorry for this whole affair," said Wal-Mart's China president and CEO Greg Foran according to the Weibo statement, posted yesterday.

It did not give an explanation for how the contamination happened, but Foran added that the company would increase its focus on "supplier management".

Donkey meat is not a Chinese staple meat dish, but is commonly consumed as a snack.

China has seen several food safety scares in recent years, including one in which the industrial chemical melamine was added to milk formula in 2008, killing at least six babies and making 300,000 ill.

Wal-Mart plans to open up to 110 new stores in China over the next two years, according to the company's website.

View the original article here

India to be world's 3rd largest economy by 2028 after China, US

New Delhi: India is likely to overtake Japan in 2028 to become the third largest economy in the world after China and United States, according to London-based economic consultancy Cebr.

As per Cebr's World Economic League table report for 2013, India has lost a place in the league table in 2013 to Canada and is now the 11th largest economy in the world."But demographics and economic growth will eventually drive the Indian economy up the table and the forecast for 2028 has India becoming the world's 3rd largest economy overtaking Japan," the report said. The Cebr World Economic League Table (WELT) is an annual calculation by the consultancy. The base data for 2012 is taken from the IMF World Economic Outlook and the GDP forecast draws on Cebr's Global Prospects model to forecast growth, inflation and exchange rates. The report gives an end of year report on GDP in the 30 largest economies in the world and forecasts countries that will be in the 'top thirty' after 5, 10 and 15 years.In the 2013 league table, India is at the 11th place with a GDP of USD 1.7 billion, and by 2018 the country is likely to be at the 9th place with a GDP of USD 2,481 billion, and by 2023 it would be at 4th place, with GDP size of USD 4,124 billion, and it will claim 3rd spot with GDP of USD 6,560 billion by 2028, it said.The 2013 league table shows only two changes in the list of top 20 economies. Firstly, Russia overtook recession- stricken Italy to gain 8th place and Canada overtook India as a result of the collapse of the rupee to retake its position as the second largest economy in the Commonwealth and the 10th largest economy in the world, the report said. By the year 2018, the emerging economies will be "on the move". Russia would be at the 6th place; India 9th, Mexico 12th, Korea 13th and Turkey 17th, it said.By 2023, India and Brazil would be "on the march" and are likely to claim the 4th and 5th place, respectively.By the year 2028, the league table will be reordered. China will move to the number one place, followed by the United States (2nd), India (3rd), Mexico (9th) and Canada (10th).The report further said China's GDP in dollar terms is likely to overtake the US in 2028 – much later than most previous predictions.Meanwhile, the United Kingdom would overtake Germany to become the largest Western European economy 'around 2030', it added.

View the original article here