WSJ : Nobel Prize Winners in Physiology or Medicine Discovered ‘Inner GPS’

Nobel Prize Winners in Physiology or Medicine Discovered ‘Inner GPS’
Award Given for Discoveries Relating to Brain Cell Positioning Systems

A British-American and two Norwegian scientists were awarded this year’s Nobel Prize in Physiology or Medicine for discovering brain circuits that forms an “inner GPS” system that allows us to navigate our environment.

Half the prize was awarded to American-born John O’Keefe for discovering nerve cells that get activated in different combinations to enable the creation of a spatial map that determines our sense of “place.”

The other half was shared by a Norwegian couple, May-Britt Moser and Edvard I. Moser, who discovered other nerve cells that also enable precise positioning and pathfinding.

Taken together, the discoveries “have solved a problem that has occupied philosophers and scientists for centuries—how does the brain create a map of the space surrounding us and how can we navigate our way through a complex environment,” the Nobel Assembly, the body that makes the final decision on the winners, said in a statement.

The research has paved the way for a better understanding of other cognitive processes, including memory, thinking and planning. And it may one day provide medical benefits.

For example, patients with Alzheimer’s disease often lose their way and cannot recognize where they are. Knowledge of how the brain’s inner global positioning system works could shed light on how spatial memory loss occurs.

Nobel Prize Winners, 2014
Read more about the Nobel Prize winners.

Dr. O’Keefe, who is a dual U.K.-U.S. citizen, is director of the Sainsbury Wellcome Centre in Neural Circuits and Behavior at University College London. Ms. Moser is the director of the Centre for Neural Computation in Trondheim, Norway. Mr. Moser is the director of the Kavli Institute for Systems Neuroscience in Trondheim.

By watching rats navigate labyrinths, scientists had long suspected that the animals likely had cognitive circuitry that allowed them to find their way. But it was far from clear how any such map would be represented in the brain.

In 1971, Dr. O’Keefe found a key part of the answer. By connecting electrodes to the brains of rats as they moved freely in a room, he discovered that certain nerve cells got activated when the animal was in a particular location. Crucially, the cells weren’t just registering the location but they were also forming circuits that constituted an inner map of the location.

If the rat was placed in another part of the room, another set of nerve cells got activated. When the animal was moved back to the original location, the original cells were reactivated. The upshot: the memory of a place was stored as a specific combination of these nerve or “place” cells. These “place” cells, Dr. O’Keefe found, are located in a part of the brain called the hippocampus.

In 2005, while conducting similar experiments on rats, the husband-and-wife team of May-Britt Moser and Edvard I. Moser found that nerve cells in a nearby part of the brain called the entorhinal cortex got activated when the animals passed certain locations. Together, the grid cells are a type of navigation chart—a system of coordinates that allow the animals to navigate spatially.

By studying patients undergoing brain surgery, researchers have evidence that similar “place” and “grid” cells also exist in humans.

“Before the discovery of ‘place cells’ we didn’t have any sense of how the brain built maps and computed this information on a cellular level and the understanding of these ‘grid-like cells’ really gives us a navigational chart to operate on as well,” said Juleen Zierath, professor of clinical integrative physiology and chairman of the Nobel committee, in an interview.

These discoveries, though, form just a small part of the complex workings of the human brain. Scientists are now trying to learn more. The U.S. government recently embarked on a large-scale project to create the most comprehensive map of the human brain assembled so far. Europe also has a large $1-billion brain science project in the works.

Regarded as the most prestigious prize for medical and physiological research, the 8 million Swedish kronor ($1.1 million) Nobel award is given to recipients whose discoveries greatly enhance the understanding of life or the practice of medicine. The decision is made by the Nobel Assembly at Stockholm’s Karolinska Institute—a group of 50 professors whose 18-member working body evaluates nominations from scientists around the world and proposes top candidates.

(BFW) Asos Gains; Amazon May be Best Fit, Could Pay 5,000p, UBS Says


Asos Gains; Amazon May be Best Fit, Could Pay 5,000p, UBS Says
2014-10-06 11:12:49.573 GMT


By Gaurav Panchal
Oct. 6 (Bloomberg) -- Asos gains as much as 6.7%, up most
since Sept. 29; trades at 2,036p, vol. 35% of 3-mo.. daily avg.
* UBS says acquisition of Asos by Amazon would increase
strength and number of brand relationships, give access to a
fashionable, low price own-label offering
* Utilizing Amazon ad relationships, Amazon Prime customer
base, infrastructure, IT platform would have potential
to more than double current Asos margin: UBS
* Acquisition of Zappos, rollout of Amazon clothing has
hinted at Amazon’s ambition of increasing international
and clothing exposure: UBS
* Acquisition of Zappos, rollout of Amazon clothing has
hinted at Amazon’s ambition of increasing international
and clothing exposure: UBS</li></ul>
* Reiterates buy, PT raised to 4,050p vs 4,000p
* NOTE: Asos hit its 52-week high in Feb. at 7,050p
* Short Interest: 10% of shares out, about 4 days to
cover: Markit
* Short Interest: 10% of shares out, about 4 days to
cover: Markit</li></ul>


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gpanchal2@bloomberg.net

>>> US Early premarket gappers

Early premarket gappers

Gapping up: CFN +25.5%, PBR +14.5%, IGLD +10.4%, BDX +8.1%, PSTI +8.1%, MZOR +7.5%, HPQ +6.7%, MNOV +6%,HEB +5.4%, SMIT +4.6%, VALE +4.4%, MHR +3.9%, NOK +3.6%, PT +3.5%, MGM +2.8%, NNVC +2.5%, LVS +2.4%, AG+2.2%, BCS +2.1%, KNDI +1.9%, GPRO +1.9%, EXXI +1.8%, NXTD +1.8%, LAKE +1.7%, CDE +1.7%, BCRX +1.6%, LINTA+1.3%, ALLT +1.2%, SLV +1.1%, ZMH +0.9%, SIGA +0.7%, DIS +0.6%, BHP +0.6%

Gapping down: SNSS -58.6%, ADHD -45.4%, RSH -9.1%, EMITF -5.7%, TKMR -4.8%, MBLY -1.6%, MU -1.2%, HRB -1%,STO -0.8%, TOT -0.7%, RDS.A -0.4%

>>> Bureau Veritas : Awarded concession to operate foreign trade single window i

Awarded concession to operate foreign trade single window in DR Congo; financial terms undisclosed 

The Democratic Republic of the Congo has awarded the consortium Bureau Veritas BIVAC B.V. / Soget, the concession to set up and operate the Single Window for facilitating trade.

This paperless and secure platform will apply to all categories of goods whatever the mode of transport, both import and export, transit or transhipment. A particular innovative billing system, which monitors costs and taxes more efficiently, will be at the heart of the new Single Window.

>>> HP confirms it will separate into two public companies; reiterates fiscal 20

HP confirms it will separate into two public companies; reiterates fiscal 2014 non-GAAP diluted net EPS outlook of $3.70 to $3.74 and updates GAAP diluted net EPS outlook to $2.60 to $2.64

The co announced plans to separate into two new publicly traded Fortune 50 companies: one comprising HP's market-leading enterprise technology infrastructure, software and services businesses, which will do business as Hewlett-Packard Enterprise, and one that will comprise HP's market-leading personal systems and printing businesses, which will do business as HP Inc. and retain the current logo. Immediately following the transaction, which is expected to be completed by the end of fiscal 2015, HP shareholders will own shares of both Hewlett-Packard Enterprise and HP Inc. The transaction is intended to be tax-free to HP's shareholders for federal income tax purposes.
  • Meg Whitman to be President and Chief Executive Officer of Hewlett-Packard Enterprise; Pat Russo to be Chairman of Hewlett-Packard Enterprise Board
  • Dion Weisler to be President and Chief Executive Officer of HP Inc.; Meg Whitman to be Chairman of the HP Inc. Board
  • For fiscal 2014, HP reaffirms its non-GAAP diluted net EPS outlook range of $3.70 to $3.74, and updates its fiscal 2014 GAAP diluted net EPS outlook to be in the range of $2.60 to $2.64.
  • For fiscal 2015, HP estimates non-GAAP diluted net EPS outlook to be in the range of $3.83 to $4.03 and GAAP diluted net EPS outlook to be in the range of $3.23 to $3.43.
  • The company disclosed that their FY15 outlook includes flat Y/Y growth in revenues

(FBR Capital) Rockwell Medical Tech.: Baxter (BAX) deal adds value to core busin

Rockwell Medical Tech.: Baxter (BAX) deal adds value to core business, offset by increased Triferic costs; maintain Underperform

FBR Capital notes, RMTI announced that it had entered into a deal with BAX regarding co's core business in hemodialysis concentrates and dialysates. This deal increases the value of the base business, which had been operating at a loss for a number of years given the low margins. Firm thinks it also decreases the immediate need for financing ahead of a potential Triferic launch. The deal does not change firm's long-term outlook for RMTI shares, which is predominantly driven by Triferic.

>>> U.S. air strikes in Syria targeted French agent who defected to al Qaida


IRBIL, IRAQ — A former French intelligence officer who defected to al Qaida was among the targets of the first wave of U.S. air strikes in Syria last month, according to people familiar with the defector’s movements and identity.

Two European intelligence officials described the former French officer as the highest ranking defector ever to go over to the terrorist group and called his defection one of the most dangerous developments in the West’s long confrontation with al Qaida.

The identity of the officer is a closely guarded secret. Two people, independently of one another, provided the same name, which McClatchy is withholding pending further confirmation. All of the sources agreed that a former French officer was one of the people targeted when the United States struck eight locations occupied by the Nusra Front, al Qaida’s Syrian affiliate. The former officer apparently survived the assault, which included strikes by 47 cruise missiles.

U.S. officials have acknowledged that the assault on the Nusra Front locations, which came as the Americans and coalition partners also struck Islamic State positions elsewhere, was aimed at members of what the Obama administration has dubbed the Khorasan group, a unit of top-level terror operatives who had been dispatched to Syria to plot attacks on the West.

The only member of that unit U.S. officials have identified is Muhsin al Fahdli, a 33-year-old one-time confidant of al Qaida founder Osama bin Laden. The United States offered a $7 million reward in October 2012 for information leading to Fahdli’s death or capture. Twitter accounts associated with jihadi sympathizers have said Fahdli was killed, but U.S. officials have said that information remains unconfirmed.

The former French officer may have been a more important target. Syrian rebels battling to topple President Bashar Assad said that U.S. officials had told them before the strikes that they were closely monitoring the defector’s movements.

European intelligence officials said the former officer had defected from either French military intelligence or from France’s foreign intelligence agency, the General Directorate for External Security, known by its French-language acronym as the DGSE.

The former officer, according to one rebel source, is an explosives expert who fought in Afghanistan and in Syria with al Qaida and had assembled a group of about five men that was operating out of a mosque in Idlib.

The French operative is “still alive and kicking” after the airstrikes, said one European intelligence official, who described the man as “highly trained in Western intelligence trade-craft and explosives.” The combination of Western-style intelligence training and devout jihadist beliefs made him among the most dangerous of al Qaida operatives, the intelligence official said.

It was unknown whether the former officer’s al Qaida sympathies were missed during the French vetting process or manifested themselves later.

Four European intelligence agents from a variety of countries with a range of knowledge of the situation were able to confirm or partially confirm the French agent’s existence. All declined to speak for attribution because of the sensitive nature of the information and because they feared being charged criminally in their home countries for revealing classified information. One called the existence of the French officer “absolutely top secret.”

“I’m rather appalled I’m even having this conversation,” he said.

“We don’t know if he was sleeper [agent] or radicalized after he joined the service,” said another European intelligence official familiar with the man’s background. “I assume my French colleagues are working hard to determine that and if they have figured it out, they certainly aren’t sharing how they ended up in this mess, which as you could expect they find rather embarrassing.”

Two European intelligence sources provided the man’s name but asked that it not be published – one cited possible violence in France against the man’s family. Both independently provided the same name.

When reached for comment on the situation, a U.S. intelligence official refused to provide any information.

Three attempts to discuss the matter with French intelligence services were rebuffed. “There is no way I am going to discuss this matter” was one response.

An intelligence official from a third country, who said that his familiarity with the situation stemmed only from casual conversation and not from an official briefing, said the situation represents an “epic nightmare that we have so far been spared.”

“We’ve seen Arab partners lose well trained people to these groups, and in a handful of cases those defectors have benefited from our training through partnership programs,” he said. “It’s the cost of doing business when you aid some of our regional allies.”

But the French officer’s defection, he said, is the first he’d heard of by “someone with legitimate security clearance and Western-style vetting and training.”

“As embarrassed as the French must be right now, it should be pointed out that the French services are highly regarded within the intelligence community as consummate and loyal professionals,” he said. “This failure, and I do believe this happened, must be seen in the context as an outlier and not anything systematic about the French services.”

One European official directly familiar with the case said the partial confusion over the man’s resume – which has been alternately described as French Special Forces, military intelligence or DGSE – probably stems from the overlapping “seconding” process where specialists move between branches of the government on a fairly regular basis.

“It sounds likely he started as French military and maybe because of an Arabic family background and appearance, language skills and a high degree of competency, he would then be loaned out to different aspects of the French services,” the European official said. “Everyone does that all the time,” he said, citing as an example a member of the U.S. military’s Special Operations Command being assigned to the CIA.

For their part, Syrian rebels, who are already furious at the United States for not notifying them in advance about the strikes and for not including Assad government facilities among the targets, expressed puzzlement at why the U.S. government hadn’t approached them about trying to seize the man.

But a European intelligence official said the decision to try to strike the defector with a missile rather than capture him was in part to keep the French agent’s existence a secret. “Perhaps some problems are best buried forever under a pile of rubble,” he said.

ROY GUTMAN CONTRIBUTED TO THIS STORY FROM ISTANBUL.

(BFW) LVMH 3Q Sales Seen Affected by Hong Kong Protests, Citi Says


LVMH 3Q Sales Seen Affected by Hong Kong Protests, Citi Says
2014-10-06 09:02:25.53 GMT


By Billy Chan
Oct. 6 (Bloomberg) -- Worsening trends in Greater China,
especially H.K. as pro-democracy protests affect retail sales
and traffic of mainland visitors, cited as reason for est. 3%
growth at constant FX, analyst Thomas Chauvet writes in note.
* Est. also reflects weak demand among Chinese and Russian
visitors in Europe
* LVMH to post 3Q sales on Oct. 14
* NOTE: LUXURY STREETWRAP: Swatch, Richemont May Be Hurt by
Hong Kong


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Hari Govind

(BFW) Dragon Oil’s Petroceltic Offer Low, Counterbid Likely: Peel Hunt


Dragon Oil’s Petroceltic Offer Low, Counterbid Likely: Peel Hunt
2014-10-06 08:25:31.834 GMT


By James Cone
Oct. 6 (Bloomberg) -- Dragon Oil “would be getting a good
deal” if proposed 230p/shr offer is accepted, strong likelihood
of counter offer from another co. closer to est. risked NAV of
250p/shr, Peel Hunt says in note.
* Peel Hunt (buy): Petroceltic’s 38.25% interest in Ain Tsila
gas/condensate field in Algeria may appeal to a number of
larger cos. seeking alternative sources of supply in south
Europe
* Has development risks, although with Russia/Ukraine
situation ongoing the strategic value of Ain Tsila
should command premium, ensure fuller valuation for
shrholders
* Has development risks, although with Russia/Ukraine
situation ongoing the strategic value of Ain Tsila
should command premium, ensure fuller valuation for
shrholders</li></ul>
* Oriel: offer represents ~$786m acquisition excl. debt, “a
meaningful inroad” into Dragon’s $2b cash resources
* Would rebalance Dragon’s portfolio toward development,
provide exploration exposure in Kurdistan
* Would rebalance Dragon’s portfolio toward development,
provide exploration exposure in Kurdistan</li></ul>
* Petroceltic rises as much as 23% in London to 220p/shr, vol
>10x 3-month daily avg.; Dragon Oil falls as much as 1.2%

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To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net