No guarantee

Last year, China’s milk powder scandal had parents who could afford it flocking to buy imported replacements. Now, we see evidence – if any was needed – that foreign brands are not a guarantee of product safety. It’s not powdered milk, but baby skin powder that is the problem this time: German housekeeping and health care products maker MAPA had its NUK brand pulled off Chinese shelves for allegedly containing asbestos. There has been no word on whether any babies have been harmed by its use. Parents are not the only ones wary. In Australia, a new poll has found a majority of Australians against Chinese purchases of Australian miners, though it’s unclear whether domestic opposition will be sufficient to sink the deals. Some good news, at least, for investors in the China Overseas Best Selection Fund, who received dividend payments thanks to a rebound in global stock markets. Many Qualified Domestic Institutional Investor (QDII) products were badly hit by the financial downturn.