business news in context, analysis with attitude

• Both CNN and the Wall Street Journal report that federal investigators are looking into allegations that counterfeit rare wines have been sold by some of the world’s top auction houses, such as Christie's in London and Zachys in New York.

While the auction houses say that they did everything possible to assure the wines’ authenticity, the Journal notes that if their involvement is proven it could result in prosecution under federal fraud statutes.

USA Today reports that “the U.S. Department of Agriculture is telling farmers not to plant a popular long-grain rice variety after the discovery of unapproved genetically engineered traits in what's supposed to be conventional rice…The unapproved rice was discovered during routine testing of the non-genetically engineered rice, called Clearfield CL131. Trademarked by Germany's BASF, the seed is licensed by Horizon Ag of Memphis. The companies notified USDA of the test results last week.”
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