Falling economy hurts China stocks; Apple profit down, cash pile up; 'Cosmetic crisis' in the making; Pakistan's pointless polls; Toyota stays top auto seller

1 Falling economy hurts China stocks (Daniel Inman in The Wall Street Journal) Confidence in Chinese stocks is fading as evidence mounts that the country's economic recovery is stalling. Fund managers pulled $3.1 billion from Chinese stock funds in the eight weeks through April 17, including $477.5 million in the latest week, after putting in $3.6 billion in the eight weeks before that, according to data provider EPFR Global.

The poor performance of Chinese stocks reflects broader unease about prospects for one of the world's fastest-growing economies. Doubts about China's growth trajectory have pummeled commodities and some currencies in recent weeks. Some analysts say the worries could spill over to markets in the US and Europe, where so far stocks have been relatively resilient.

On Tuesday, a gauge of manufacturing activity showed slower expansion in factory utilization. The result: More selling of Chinese shares. Only 13% of investors surveyed this month by Bank of America-Merrill Lynch expect the Chinese economy to strengthen over the next 12 months, down from 71% in January.

2 Apple profit down, cash pile up (Dominic Rushe in The Guardian) Apple revealed its first profits fall in a decade Tuesday but still managed to beat analysts' expectations, making $9.5bn in the quarter and boosting its share buyback programme by $50bn. The tech giant's second-quarter results come after a precipitous drop in its share price. It posted quarterly revenue of $43.6bn and net profits of $9.5bn, compared to revenue of $39.2bn and net profit of $11.6bn in the same quarter a year ago, marginally higher than analysts had forecast.

Tim Cook,  Apple's CEO, announced the company was adding $50bn to its share buyback programme, taking the total to $100bn over two years, believed to be the largest in history. Apple also added $8bn to its cash pile, bringing it to $145bn.  Last September Apple's shares hit a high of $700 and the company became the most valuable on the planet. Before Tuesday's results the shares were hovering around $400. The collapse has wiped out close to $290bn of value – more than the entire worth of Google.

3 ‘Cosmetic crisis’ in the making (James Gallagher on BBC) Injections to plump up the skin are a "crisis waiting to happen" and should be available only on prescription, a UK review of cosmetic procedures has said. It warned that dermal fillers, covered by only the same level of regulation as toothbrushes, could cause lasting harm. The review has recommended a series of measures to better protect patients. It was commissioned by the Department of Health in England, but the findings will be passed to health ministers throughout the UK.

From fillers to breast implants - the cosmetic procedures industry is booming. It was worth £750m in the UK in 2005, £2.3bn in 2010 and is forecast to reach £3.6bn by 2015. But there is considerable concern that regulations have failed to keep pace - leaving patients vulnerable.

The biggest growth is in non-surgical procedures such as fillers to tackle wrinkles, Botox and laser hair removal - the area the report describes as "almost entirely unregulated". The advisory panel said the procedures, which could go horribly wrong, were being treated as casually as having highlights done at a lunchtime hairdresser's appointment and had become commonplace at "beauty parties".

4 Pakistan’s pointless polls (Nadeem M Qureshi in Khaleej Times) The corrupt and incompetent are all set to get elected in Pakistan. Democracy has been a pyrrhic victory for Pakistan. The first democratic government to complete a full term has left a ravaged land. Numbers do not capture the misery and distress. Inflation has ripped into the poor like a carving knife. Unemployment has metastasized. Prolonged and frequent power cuts have ruined livelihoods. Cities have become killing fields. Civic services have become distant memories. The list goes on.

Now, as elections scheduled for May 11 approach, Pakistanis wonder what else democracy has in store for them. While there are many political parties in the country only four really matter in the coming election. These are: Pakistan People’s Party (PPP), Pakistan Muslim League Nawaz (PML-N), Pakistan Tehreek-e-Insaaf (PTI) and the Muttahida Qaumi Movement (MQM).

The next election will most likely see a hung assembly with no party getting an outright majority. PML-N will have the most seats followed by several smaller parties. A coalition government will be formed. Democracy will move forward. But sadly nothing will change: The same people, or the same sort of people — corrupt, incompetent and insincere — who sat in the previous assembly will sit in the new.

5 Toyota stays top auto seller (Straits Times) Toyota held onto its status as the world's top-selling automaker in the first quarter of this year, although the three-way race with General Motors and Volkswagen is proving tight, as its sales fall in China and Japan.

Toyota Motor Corp. reported that it sold 2.43 million vehicles during the January-March period, outpacing US automaker General Motors Co. at 2.36 million vehicles and Volkswagen AG of Germany at 2.27 million vehicles. Toyota's first quarter sales declined 2.2% from a year earlier, while those for GM were up 3.6% and Volkswagen's jumped 5.1%. GM's quarterly results were within about 69,000 vehicles of Toyota's.