力士死亡で元親方来月逮捕へ
大相撲の時津風部屋の序ノ口力士、時太山（ときたいざん）＝当時(17)、本名斉藤俊（たかし）さん＝が昨年６月に愛知県犬山市でけいこ後に急死した問題で、県警捜査１課と犬山署は28日、制裁目的の暴行などで斉藤さんを死亡させたとして、傷害致死の疑いで山本順一・元時津風親方(57)＝元小結双津竜、昨年10月に解雇処分＝と、部屋の兄弟子少なくとも３人を２月に逮捕する方針を固めた。
名古屋大に依頼した死因の再鑑定は大筋でまとまり「一連の暴行が死因になった」と結論付けているといい、県警は近く名古屋地検と最終協議に入る。相撲界を揺るがした力士急死問題は刑事事件に発展する見通しとなった。
調べでは、元親方は昨年６月25日夜、犬山市の時津風部屋で斉藤さんの額などをビール瓶で殴打。兄弟子に「おまえらもやってやれ」と命じ、兄弟子３人が約30分間、金属バットなどで暴行した。
元親方と、前日の暴行に加わった２人を含む兄弟子５人は翌26日、けいこ場で通常５分程度のぶつかりげいこを30分以上続け、斉藤さんを死亡させた疑いが持たれている。
再鑑定では、強い打撃を受け半日以上経過すると血中に蓄積、一定以上で心停止などを引き起こすカリウムに着目。斉藤さんは血中濃度が通常の２倍程度になっていた。このことから、県警は25日の暴行をきっかけにカリウムがたまり始め、26日の激しいけいこが直接の引き金になったと判断した。
26 日のけいこについて、元親方は任意の聴取に「けいこだった」としたが、兄弟子の一部は「制裁目的の暴行」と供述。日本相撲協会関係者や専門家は「入門したての弟子にとっては異常に長く、けいこに相当しない」などと回答し、県警は２日間の暴行が死因になった傷害致死容疑の適用が可能と結論付けた。
斉藤さんの父親の正人さん(51)は28日、新潟日報社の取材に対し、捜査の進展について同日に愛知県警に問い合わせたことを明らかにし、「『立件はまだ決まっていない』と言われた。事件にならないのではないかと今でも不安。元親方に謝ってもらったところで、俊が帰ってくるわけではないが、捜査に対して真実を全部話してほしい」と話した。
新潟日報2008年1月28日
Thursday, January 31, 2008
Vladimir Putin may become Dmitry Medvedev’s successor at Gazprom
Vladimir Putin may become Dmitry Medvedev’s successor at Gazprom
30.01.2008 Source: Pravda.Ru URL: http://english.pravda.ru/russia/kremlin/103745-putin_medvedev_gazprom-0
Many observers say that there will not be a major confrontation held during the presidential election in Russia on March 2. First Vice Prime Minister Dmitry Medvedev will most likely replace Vladimir Putin on the top state position. Putin in his turn will chair the government.
However, it is still unclear who will chair the Board of Directors of Russia’s natural gas giant Gazprom. It is Dmitry Medvedev who takes the position at the moment. If he becomes Russia’s next president he will not be able to stay at Gazprom. It is worthy of note that Gazprom’s administration will have to approve the new list of candidates to its Board of Directors on February 4. The annual meeting of Gazprom’s shareholders is slated to take place on June 27.
Gazprom’s Board of Directors consists of ten people. Four of them represent the state structures, four others are from Gazprom itself, and the remaining two act as independent economists. The list of candidates is longer this year, spokespeople for the gas monopoly said. It counts 42 names as opposed to 26 in 2007.
Like it was mentioned above, Dmitry Medvedev will not be able to combine two positions of the president and the chairman of the Board of Directors of Gazprom. However, Vladimir Putin will have a full right for this, experts say.
It is not ruled out that Vladimir Putin may thus become Dmitry Medvedev’s successor at Gazprom.
There is another variant to solve the problem. A source close to the presidential administration said that Aleksey Miller, the incumbent chairman of Gazprom’s Board of Directors, may take the position. The chairman of the legal department of the company, Konstantin Chuichenko, will become his successor in this case.
The inauguration of Russia’s new president will take place in the beginning of May, when the new head of state officially takes office. Consequently, Dmitry Medvedev will be able to remain the chairman of Gazprom’s Board of Directors before May 2008.
Gazprom is the largest Russian company. Gazprom is the biggest extractor of natural gas in the world With sales of US$31 billion in 2004. It accounts for about 93 percent of Russian natural gas production; with reserves of 28,800 km3, it controls 16 percent of the world's gas reserves (as of 2004, including the Shtokman field.) After acquisition of the oil company Sibneft, Gazprom, with 119 billion barrels of reserves, ranks behind only Saudi Arabia, with 263 billion barrels, and Iran, with 133 billion barrels, as the world's biggest owner of oil and oil equivalent in natural gas.
By the end of 2004 Gazprom was the sole gas supplier to at least Bosnia-Herzegovina, Estonia, Finland, Macedonia, Latvia, Lithuania, Moldova and Slovakia, and provided 97 percent of Bulgaria's gas, 89 percent of Hungary's, 86 percent of Poland's, nearly three-quarters of the Czech Republic's, 67 percent of Turkey's, 65 percent of Austria's, about 40 percent of Romania's, 36 percent of Germany's, 27 percent of Italy's, and 25 percent of France's. The European Union as a whole gets about 25 percent of its gas supplies from this company.
Apart from its gas reserves and the world's longest pipeline network (150,000 km), it also controls assets in banking, insurance, media, construction and agriculture.
As measured by its market capitalization as of December 2007 (US$345 billion), Gazprom is the world's third largest corporation following this measure. Gazprom chairman Dmitry Medvedev says the company's market capitalization should quadruple to reach one trillion dollars by 2017, which would make it the world's biggest corporation.
AP photo
Utro
Translated by Dmitry Sudakov
Pravda.ru
30.01.2008 Source: Pravda.Ru URL: http://english.pravda.ru/russia/kremlin/103745-putin_medvedev_gazprom-0
Many observers say that there will not be a major confrontation held during the presidential election in Russia on March 2. First Vice Prime Minister Dmitry Medvedev will most likely replace Vladimir Putin on the top state position. Putin in his turn will chair the government.
However, it is still unclear who will chair the Board of Directors of Russia’s natural gas giant Gazprom. It is Dmitry Medvedev who takes the position at the moment. If he becomes Russia’s next president he will not be able to stay at Gazprom. It is worthy of note that Gazprom’s administration will have to approve the new list of candidates to its Board of Directors on February 4. The annual meeting of Gazprom’s shareholders is slated to take place on June 27.
Gazprom’s Board of Directors consists of ten people. Four of them represent the state structures, four others are from Gazprom itself, and the remaining two act as independent economists. The list of candidates is longer this year, spokespeople for the gas monopoly said. It counts 42 names as opposed to 26 in 2007.
Like it was mentioned above, Dmitry Medvedev will not be able to combine two positions of the president and the chairman of the Board of Directors of Gazprom. However, Vladimir Putin will have a full right for this, experts say.
It is not ruled out that Vladimir Putin may thus become Dmitry Medvedev’s successor at Gazprom.
There is another variant to solve the problem. A source close to the presidential administration said that Aleksey Miller, the incumbent chairman of Gazprom’s Board of Directors, may take the position. The chairman of the legal department of the company, Konstantin Chuichenko, will become his successor in this case.
The inauguration of Russia’s new president will take place in the beginning of May, when the new head of state officially takes office. Consequently, Dmitry Medvedev will be able to remain the chairman of Gazprom’s Board of Directors before May 2008.
Gazprom is the largest Russian company. Gazprom is the biggest extractor of natural gas in the world With sales of US$31 billion in 2004. It accounts for about 93 percent of Russian natural gas production; with reserves of 28,800 km3, it controls 16 percent of the world's gas reserves (as of 2004, including the Shtokman field.) After acquisition of the oil company Sibneft, Gazprom, with 119 billion barrels of reserves, ranks behind only Saudi Arabia, with 263 billion barrels, and Iran, with 133 billion barrels, as the world's biggest owner of oil and oil equivalent in natural gas.
By the end of 2004 Gazprom was the sole gas supplier to at least Bosnia-Herzegovina, Estonia, Finland, Macedonia, Latvia, Lithuania, Moldova and Slovakia, and provided 97 percent of Bulgaria's gas, 89 percent of Hungary's, 86 percent of Poland's, nearly three-quarters of the Czech Republic's, 67 percent of Turkey's, 65 percent of Austria's, about 40 percent of Romania's, 36 percent of Germany's, 27 percent of Italy's, and 25 percent of France's. The European Union as a whole gets about 25 percent of its gas supplies from this company.
Apart from its gas reserves and the world's longest pipeline network (150,000 km), it also controls assets in banking, insurance, media, construction and agriculture.
As measured by its market capitalization as of December 2007 (US$345 billion), Gazprom is the world's third largest corporation following this measure. Gazprom chairman Dmitry Medvedev says the company's market capitalization should quadruple to reach one trillion dollars by 2017, which would make it the world's biggest corporation.
AP photo
Utro
Translated by Dmitry Sudakov
Pravda.ru
Russian Foreign Ministry: The truth about the British Council
Russian Foreign Ministry: The truth about the British Council
28.01.2008 Source: URL: http://english.pravda.ru/opinion/columnists/103700-russianfmbrcouncil-0
In the middle of October the British Council (BC) announced its intention to curtail by the start of 2008 the activities of its regional offices within Russia with the exception of its offices in the cities where there are the diplomatic and consular institutions of Britain . The British explained their decision by changes in the overall concept of Council activities all over the world. This coincided with our intensive discussion with the British side of the question of the absence of a legal base for the activities of the British Council in Russia .
The British Council began its activities in Russia from the early 1990s. Having first opened its main office in Moscow , the Council without an appropriate legal formalization set up in subsequent years a total of 15 regional representations of its. In violation of the 1995 Russian Government Resolution on the Procedure for Establishing and the Conditions of Activity of Foreign Cultural and Information Centers on the Territory of the Russian Federation , the British side not only did not obtain, but also did not request consent for the opening of these regional offices. Moreover, there were in the Council’s practical activities some violations of Russian legislation in the financial, taxation and other spheres.
Carrying out its activities under the umbrella of the consular institutions in St. Petersburg and Yekaterinburg, the British Council is in breach of the 1963 Vienna Convention on Consular Relations, because this organization has no relationship to either diplomatic or consular representations. Of course, we by no means call in question the right of consular institutions to promote the development of comprehensive, including cultural and scientific, ties between a represented state and a host stage. It is crystal clear, however, that these activities cannot be carried out under the shingle of other organizations not provided with diplomatic or consular status.
An abnormal situation has evolved, where the Council has for a long time been working on the territory of our country without any legal grounds for that. The agreement on cooperation in the fields of science, education and culture of 1994, to which the British side refers in confirmation of the supposedly legitimate activities in Russia of the regional offices of the Council, as applied to the British Council has but the character of a framework document which determines neither the legal status nor the procedure of opening nor the conditions of functioning of its offices. A separate bilateral agreement on the procedure for establishing and the conditions of operation of cultural and information centers was to have solved these issues. This document was precisely designed to create the necessary legal and regulatory base both for the activities of the Council in Russia and for the possible opening of Russian scientific and cultural centers in Britain in the future. But the unfriendly actions towards Russia undertaken by the British side in July 2007 and accompanied by the imposition of a whole array of discriminatory measures frustrated our efforts for the preparation of this document.
In the conditions of the absence of a legal and regulatory base governing British Council activities in the Russian Federation , the British side has been informed of the suspension from January 1, 2008 , of the functioning of all regional offices of the BC in Russia with the exception of its main office in Moscow . This involves a freeze on their work, including realizing the current projects, until the elaboration and conclusion of the above-mentioned Russian-British agreement.
In this case we would like to stress that the Russian side has always supported, and continues to do so, the development of ties with Britain in the fields of education, science and culture which are an important integral part of our interstate relations. At the same time this does not mean that the activities of organizations working in this sphere, including the British Council, can come into contradiction with the rules of Russian legislation and international law.
Source: Ministry of Foreign Affairs
Russian Federation
28.01.2008 Source: URL: http://english.pravda.ru/opinion/columnists/103700-russianfmbrcouncil-0
In the middle of October the British Council (BC) announced its intention to curtail by the start of 2008 the activities of its regional offices within Russia with the exception of its offices in the cities where there are the diplomatic and consular institutions of Britain . The British explained their decision by changes in the overall concept of Council activities all over the world. This coincided with our intensive discussion with the British side of the question of the absence of a legal base for the activities of the British Council in Russia .
The British Council began its activities in Russia from the early 1990s. Having first opened its main office in Moscow , the Council without an appropriate legal formalization set up in subsequent years a total of 15 regional representations of its. In violation of the 1995 Russian Government Resolution on the Procedure for Establishing and the Conditions of Activity of Foreign Cultural and Information Centers on the Territory of the Russian Federation , the British side not only did not obtain, but also did not request consent for the opening of these regional offices. Moreover, there were in the Council’s practical activities some violations of Russian legislation in the financial, taxation and other spheres.
Carrying out its activities under the umbrella of the consular institutions in St. Petersburg and Yekaterinburg, the British Council is in breach of the 1963 Vienna Convention on Consular Relations, because this organization has no relationship to either diplomatic or consular representations. Of course, we by no means call in question the right of consular institutions to promote the development of comprehensive, including cultural and scientific, ties between a represented state and a host stage. It is crystal clear, however, that these activities cannot be carried out under the shingle of other organizations not provided with diplomatic or consular status.
An abnormal situation has evolved, where the Council has for a long time been working on the territory of our country without any legal grounds for that. The agreement on cooperation in the fields of science, education and culture of 1994, to which the British side refers in confirmation of the supposedly legitimate activities in Russia of the regional offices of the Council, as applied to the British Council has but the character of a framework document which determines neither the legal status nor the procedure of opening nor the conditions of functioning of its offices. A separate bilateral agreement on the procedure for establishing and the conditions of operation of cultural and information centers was to have solved these issues. This document was precisely designed to create the necessary legal and regulatory base both for the activities of the Council in Russia and for the possible opening of Russian scientific and cultural centers in Britain in the future. But the unfriendly actions towards Russia undertaken by the British side in July 2007 and accompanied by the imposition of a whole array of discriminatory measures frustrated our efforts for the preparation of this document.
In the conditions of the absence of a legal and regulatory base governing British Council activities in the Russian Federation , the British side has been informed of the suspension from January 1, 2008 , of the functioning of all regional offices of the BC in Russia with the exception of its main office in Moscow . This involves a freeze on their work, including realizing the current projects, until the elaboration and conclusion of the above-mentioned Russian-British agreement.
In this case we would like to stress that the Russian side has always supported, and continues to do so, the development of ties with Britain in the fields of education, science and culture which are an important integral part of our interstate relations. At the same time this does not mean that the activities of organizations working in this sphere, including the British Council, can come into contradiction with the rules of Russian legislation and international law.
Source: Ministry of Foreign Affairs
Russian Federation
年金問題：転記作業、外国人がミス連発 ５０人の派遣打ち切り
年金問題：転記作業、外国人がミス連発 ５０人の派遣打ち切り
コンピューターに未入力の古い厚生年金記録１４３０万件などの手書き台帳からの書き写し作業で、昨年１２月に派遣会社から派遣された中国籍などの外国人約５０人がミスを連発し、社保庁が途中で全員の作業を打ち切ったことが分かった。
３０日の民主党の会合で社保庁が説明した。この作業のため、社保庁は派遣社員ら約１３００人を集め作業を開始。人材派遣大手「フルキャスト」（東京都）は外国人約５０人を１２月１０日から派遣した。
だが、田中昭という名前を「田」「中昭」と書き写すなど、姓と名の区分がつかないミスが多発。社保庁は全員日本人にするよう要望し、１月末までだった派遣は１２月２０日で打ち切った。ミスした記録約２５万件は修正したという。
社保庁は「派遣会社からは、テストした優秀な人を選んだと説明があった」と釈明。フルキャスト広報室は「全員、日本国内の定住者か留学生で、漢字の読み書きはできた。このような結果になり申し訳ない」と話している。【野倉恵】
コンピューターに未入力の古い厚生年金記録１４３０万件などの手書き台帳からの書き写し作業で、昨年１２月に派遣会社から派遣された中国籍などの外国人約５０人がミスを連発し、社保庁が途中で全員の作業を打ち切ったことが分かった。
３０日の民主党の会合で社保庁が説明した。この作業のため、社保庁は派遣社員ら約１３００人を集め作業を開始。人材派遣大手「フルキャスト」（東京都）は外国人約５０人を１２月１０日から派遣した。
だが、田中昭という名前を「田」「中昭」と書き写すなど、姓と名の区分がつかないミスが多発。社保庁は全員日本人にするよう要望し、１月末までだった派遣は１２月２０日で打ち切った。ミスした記録約２５万件は修正したという。
社保庁は「派遣会社からは、テストした優秀な人を選んだと説明があった」と釈明。フルキャスト広報室は「全員、日本国内の定住者か留学生で、漢字の読み書きはできた。このような結果になり申し訳ない」と話している。【野倉恵】
ライオン、生産サイクル３分の１に
ライオン、生産サイクル３分の１に
ライオンは2009年までに、洗剤などすべての日用品の生産サイクルを3分の1に短縮する。従来は月ごとに在庫を把握し、不足分を生産していたが、この頻度を10日ごとに切り替える。在庫を3割圧縮し、年間10億円以上の経費を削減する。主要販路のドラッグストアなどは週単位で売り場を変更しており、迅速に商品を供給できる体制を整えてシェア拡大につなげる。
ライオンは1カ月を3回に分け、それぞれ前年同時期と直前の出荷実績から出荷数量を予測。それに従い、千葉県市原市など全国6カ所の自社グループ工場で必要な数量を生産する。洗剤の濃縮液をあらかじめ作っておき、後から薄めるなど一部の中間材料を共通化し、ラインを迅速に切り替えられるようにする。 (07:00)
ライオンは2009年までに、洗剤などすべての日用品の生産サイクルを3分の1に短縮する。従来は月ごとに在庫を把握し、不足分を生産していたが、この頻度を10日ごとに切り替える。在庫を3割圧縮し、年間10億円以上の経費を削減する。主要販路のドラッグストアなどは週単位で売り場を変更しており、迅速に商品を供給できる体制を整えてシェア拡大につなげる。
ライオンは1カ月を3回に分け、それぞれ前年同時期と直前の出荷実績から出荷数量を予測。それに従い、千葉県市原市など全国6カ所の自社グループ工場で必要な数量を生産する。洗剤の濃縮液をあらかじめ作っておき、後から薄めるなど一部の中間材料を共通化し、ラインを迅速に切り替えられるようにする。 (07:00)
中国製食品の使用中止、外食で相次ぐ
中国製食品の使用中止、外食で相次ぐ
中国製ギョーザに有機リン系殺虫剤「メタミドホス」が混入していた問題を受け31日、ファミリーレストラン最大手のすかいらーくは、同日から中国で加工された食品約300種類のうち必要と判断した食品の利用を、グループの外食店舗約3300店すべてで中止することを決めた。小売りでも、中国製の冷凍食品をすべて店頭から撤去する企業も出ており、影響が広がり始めた。
すかいらーくが使用している中国での加工食品約300種類は、同社が利用している食材の約1割にあたる。中国で加工された食品はエビフライなど、中核商品に必要なものも多く「提供中止になるメニューが出る可能性が高い」とみている。(16:04)
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天洋食品から輸入、ギョーザ以外の製品でも19社
中国製冷凍ギョーザを食べた人が中毒症状を訴えた問題で、厚生労働省は31日、問題のギョーザを製造した中国・河北省の食品輸出入集団天洋食品工場からギョーザ以外の製品を輸入している全国の19社を公表した。昨年1月から今月30日までに届け出があった約820件(約2500トン)分。厚労省は安全性が確認されるまで販売を中止するよう、自治体を通じ要請した。
製品は煮た牛肉や豚肉、ソーセージなどが中心。輸入業者から食品会社に流通し、レストランや食卓に並んでいるとみられる。厚労省は「製品名などは判明次第、公表する」としている。
19社は、天野食品(愛知県)、東海澱粉(静岡市)、ワントレーディング(大阪市)、インターグローバル(同)、ＫＨ通商(同)、タニインターナショナル(同)、豊田通商(同)、日佳食品(同)、西食産業(大阪府)、イメックス(同)、神戸物産(兵庫県)、ハイキクトレーディング(東京都港区)、ジャパンフード(同)、住金物産(同)、双日(同)、太洋物産(同)、シンポインターナショナル(東京都大田区)、日協食品(東京都中央区)、ジェイティフーズ (東京都品川区)｡(12:44)
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“殺人ギョーザ”被害拡大…サリン同様の中毒症状
大半の国で使用禁止の農薬
“殺人ギョーザ”を撤去し始めたスーパーに張られた告知の紙。気付いた顧客はいいが、気づかず冷凍庫の備蓄に手を出すと…＝３０日（クリックで拡大）
“殺人ギョーザ”を撤去し始めたスーパーに張られた告知の紙。気付いた顧客はいいが、気づかず冷凍庫の備蓄に手を出すと…＝３０日（クリックで拡大）
中国製の“殺人ギョーザ”を食べた消費者が農薬中毒を起こした事件は、被害が底なしに拡大する様相を呈している。未確認を含め被害者は３１日朝までに１５人に上っているが、厚生労働省などの徹夜の情報収集でも被害の全容はつかめていない。女児が命を落としかけた緊急事態にもかかわらず、警察が捜査に乗り出すまで危険性は見過ごされ続けた。手軽な保存食として全国に流通しながら気付かず冷蔵庫に眠っている製品も多いとみられ、流通巣さえ把握できない異常事態となっている。
「まずい」
ちばコープ市川店の宅配サービスで「ＣＯ・ＯＰ手作り餃子」を食べた男性会社員（２７）は、２５日夜にギョーザを５個食べ、すぐに異常を感じた。
「４０個入りの珍しさで、初めて注文しました。夜中に気分が悪くなり、翌朝には吐き気もひどくなりました。胃腸薬を飲み続け、ある程度治まっていましたが月曜日（２８日）に再発し、会社を休みました」
男性は、あまりの気分の悪さに顔面神経痛まで発症。報道直後に生協の消費者センターへ問い合わせたが、その対応にも不信感を抱いたという。
「やっと電話が通じたと思ったら、『症状は食後すぐに出るはず。気のせいでは』などとあしらわれたあげく、『後日、配達担当から連絡させます』と告げられ、連絡先も聞かれませんでした」
怒りが収まらない男性は３１日に病院で検査を受けた後、宅配サービスを即刻解約する予定だ。
ギョーザから検出された農薬「メタミドホス」はアブラムシなどの駆除に使われるが、体重５０キロの人の致死量が１・５グラムという“猛毒”。元アジア学院校長の田坂興亜氏（化学）は「毒性が極めて高く、世界のほとんどの国で使用が禁じられている」と説明する。
地下鉄サリン事件で使用された「サリン」と同じような、けいれんや下痢、嘔吐（おうと）といった中毒症状を見せる。老人や子供が許容摂取量を超えた場合、生命の危険も生じる。
今回は工場の製造段階で混入した疑いが強いが、メタミドホスは中国本土でも昨年から使用が禁じられており、「未必の故意」だった可能性もある。千葉県警では当初、殺人未遂容疑での捜査も視野に入れていた。
兵庫県高砂市で５日夕、一家３人で問題の「中華ｄｅごちそうひとくち餃子」を食べた男子高校生（１８）は「苦いと感じたが、ハーブか何かと思い食べると、体が震え、いすから崩れ落ちた。その場で吐き、気が付くと病院のベッドだった」と語った。
父親（５１）は「入院中も震えが止まらず、死ぬかと思った」と恐怖を振り返った。
「下痢や嘔吐（おうと）の症状が激しすぎ、明らかに普通の食中毒と違った」。２３日に千葉県市川市で家族５人でギョーザを食べ、一時意識不明の重体となった女児（５）を診察したベテラン医師はそう直感したという。母親ら残る４人も重症で入院した。
各国で使用禁止の猛毒が混入した“殺人ギョーザ”はなぜ、海を渡ったのか。
２００２年に中国産冷凍ホウレンソウから基準を上回る農薬が検出されるなど、一連の中国産食品問題を受け、日本では残留農薬の規制を大幅に強めた「ポジティブリスト制度」を導入した。
今回、中国・河北省の「天洋食品」から問題のギョーザを輸入したジェイティフーズでも冷凍野菜については毎回、農薬検査を行っていた。だが、加工食品のギョーザについては、「思い付かなかった。考察が足りなかった」（同社幹部）という。
厚生労働省幹部も「冷凍ギョーザに中毒を起こすほど農薬が含まれるとは予想もしなかった。ギョーザのように、さまざまな原材料で作られた加工食品の農薬検出は技術的に困難」とチェック体制に大きな盲点があったことを認めた。
天洋製ギョーザは昨年１０月、福島県内の生協で販売された商品からトルエンなどの薬品が検出されていた。また、３人が中毒となった千葉市のケースも、発覚が昨年１２月２８日だったにもかかわらず、「個別のにおいのクレーム」（生協連合会幹部）と判断して迅速な対応を取らず、結果的に被害を拡大させた。
３１日までに新たに埼玉や千葉、秋田で５人が中毒症状や体調不良を訴えていたことが判明。被害者は計１５人に上っている。ジェイ社のほか、加ト吉や味の素冷凍食品、江崎グリコも製品の回収に乗り出した。
天洋食品で農薬が検出された製品と同じ日に製造されたギョーザだけで１万５０００パックが日本で販売されたが、天洋製全体になると、昨年１年間に１３００トンもの冷凍ギョーザが輸入されている。「全国のスーパーなどに出回っており、どの店舗にどれだけあって家庭の冷蔵庫にいくら残っているかは把握しようがない」（ジェイ社幹部）という。
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中国産ギョーザ：埼玉、神奈川、秋田でも中毒症状の訴え
埼玉県は３０日、今月１７日に「手作り餃子（ぎょうざ）」を食べた所沢市内の女性（３３）が下痢や嘔吐（おうと）を発症していたと発表した。３０日午後、女性が中国製冷凍ギョーザによる中毒報道を見て所沢保健所に届けた。既に回復している。県衛生研究所の分析では殺虫剤のメタミドホスは検出されなかった。
県によると、ギョーザは昨年１２月初旬、「さいたまコープ 所沢センター」から宅配された。下痢は２日間続き、市内の病院で当時、「ノロウイルスの疑い」と診断された。
また、神奈川県小田原市と秋田市でジェイティフーズが輸入した「手包みひとくち餃子」を食べた計４人が下痢や吐き気などを訴えていたことも分かった。因果関係は不明で、いずれも軽症だった。
中国製ギョーザに有機リン系殺虫剤「メタミドホス」が混入していた問題を受け31日、ファミリーレストラン最大手のすかいらーくは、同日から中国で加工された食品約300種類のうち必要と判断した食品の利用を、グループの外食店舗約3300店すべてで中止することを決めた。小売りでも、中国製の冷凍食品をすべて店頭から撤去する企業も出ており、影響が広がり始めた。
すかいらーくが使用している中国での加工食品約300種類は、同社が利用している食材の約1割にあたる。中国で加工された食品はエビフライなど、中核商品に必要なものも多く「提供中止になるメニューが出る可能性が高い」とみている。(16:04)
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天洋食品から輸入、ギョーザ以外の製品でも19社
中国製冷凍ギョーザを食べた人が中毒症状を訴えた問題で、厚生労働省は31日、問題のギョーザを製造した中国・河北省の食品輸出入集団天洋食品工場からギョーザ以外の製品を輸入している全国の19社を公表した。昨年1月から今月30日までに届け出があった約820件(約2500トン)分。厚労省は安全性が確認されるまで販売を中止するよう、自治体を通じ要請した。
製品は煮た牛肉や豚肉、ソーセージなどが中心。輸入業者から食品会社に流通し、レストランや食卓に並んでいるとみられる。厚労省は「製品名などは判明次第、公表する」としている。
19社は、天野食品(愛知県)、東海澱粉(静岡市)、ワントレーディング(大阪市)、インターグローバル(同)、ＫＨ通商(同)、タニインターナショナル(同)、豊田通商(同)、日佳食品(同)、西食産業(大阪府)、イメックス(同)、神戸物産(兵庫県)、ハイキクトレーディング(東京都港区)、ジャパンフード(同)、住金物産(同)、双日(同)、太洋物産(同)、シンポインターナショナル(東京都大田区)、日協食品(東京都中央区)、ジェイティフーズ (東京都品川区)｡(12:44)
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“殺人ギョーザ”被害拡大…サリン同様の中毒症状
大半の国で使用禁止の農薬
“殺人ギョーザ”を撤去し始めたスーパーに張られた告知の紙。気付いた顧客はいいが、気づかず冷凍庫の備蓄に手を出すと…＝３０日（クリックで拡大）
“殺人ギョーザ”を撤去し始めたスーパーに張られた告知の紙。気付いた顧客はいいが、気づかず冷凍庫の備蓄に手を出すと…＝３０日（クリックで拡大）
中国製の“殺人ギョーザ”を食べた消費者が農薬中毒を起こした事件は、被害が底なしに拡大する様相を呈している。未確認を含め被害者は３１日朝までに１５人に上っているが、厚生労働省などの徹夜の情報収集でも被害の全容はつかめていない。女児が命を落としかけた緊急事態にもかかわらず、警察が捜査に乗り出すまで危険性は見過ごされ続けた。手軽な保存食として全国に流通しながら気付かず冷蔵庫に眠っている製品も多いとみられ、流通巣さえ把握できない異常事態となっている。
「まずい」
ちばコープ市川店の宅配サービスで「ＣＯ・ＯＰ手作り餃子」を食べた男性会社員（２７）は、２５日夜にギョーザを５個食べ、すぐに異常を感じた。
「４０個入りの珍しさで、初めて注文しました。夜中に気分が悪くなり、翌朝には吐き気もひどくなりました。胃腸薬を飲み続け、ある程度治まっていましたが月曜日（２８日）に再発し、会社を休みました」
男性は、あまりの気分の悪さに顔面神経痛まで発症。報道直後に生協の消費者センターへ問い合わせたが、その対応にも不信感を抱いたという。
「やっと電話が通じたと思ったら、『症状は食後すぐに出るはず。気のせいでは』などとあしらわれたあげく、『後日、配達担当から連絡させます』と告げられ、連絡先も聞かれませんでした」
怒りが収まらない男性は３１日に病院で検査を受けた後、宅配サービスを即刻解約する予定だ。
ギョーザから検出された農薬「メタミドホス」はアブラムシなどの駆除に使われるが、体重５０キロの人の致死量が１・５グラムという“猛毒”。元アジア学院校長の田坂興亜氏（化学）は「毒性が極めて高く、世界のほとんどの国で使用が禁じられている」と説明する。
地下鉄サリン事件で使用された「サリン」と同じような、けいれんや下痢、嘔吐（おうと）といった中毒症状を見せる。老人や子供が許容摂取量を超えた場合、生命の危険も生じる。
今回は工場の製造段階で混入した疑いが強いが、メタミドホスは中国本土でも昨年から使用が禁じられており、「未必の故意」だった可能性もある。千葉県警では当初、殺人未遂容疑での捜査も視野に入れていた。
兵庫県高砂市で５日夕、一家３人で問題の「中華ｄｅごちそうひとくち餃子」を食べた男子高校生（１８）は「苦いと感じたが、ハーブか何かと思い食べると、体が震え、いすから崩れ落ちた。その場で吐き、気が付くと病院のベッドだった」と語った。
父親（５１）は「入院中も震えが止まらず、死ぬかと思った」と恐怖を振り返った。
「下痢や嘔吐（おうと）の症状が激しすぎ、明らかに普通の食中毒と違った」。２３日に千葉県市川市で家族５人でギョーザを食べ、一時意識不明の重体となった女児（５）を診察したベテラン医師はそう直感したという。母親ら残る４人も重症で入院した。
各国で使用禁止の猛毒が混入した“殺人ギョーザ”はなぜ、海を渡ったのか。
２００２年に中国産冷凍ホウレンソウから基準を上回る農薬が検出されるなど、一連の中国産食品問題を受け、日本では残留農薬の規制を大幅に強めた「ポジティブリスト制度」を導入した。
今回、中国・河北省の「天洋食品」から問題のギョーザを輸入したジェイティフーズでも冷凍野菜については毎回、農薬検査を行っていた。だが、加工食品のギョーザについては、「思い付かなかった。考察が足りなかった」（同社幹部）という。
厚生労働省幹部も「冷凍ギョーザに中毒を起こすほど農薬が含まれるとは予想もしなかった。ギョーザのように、さまざまな原材料で作られた加工食品の農薬検出は技術的に困難」とチェック体制に大きな盲点があったことを認めた。
天洋製ギョーザは昨年１０月、福島県内の生協で販売された商品からトルエンなどの薬品が検出されていた。また、３人が中毒となった千葉市のケースも、発覚が昨年１２月２８日だったにもかかわらず、「個別のにおいのクレーム」（生協連合会幹部）と判断して迅速な対応を取らず、結果的に被害を拡大させた。
３１日までに新たに埼玉や千葉、秋田で５人が中毒症状や体調不良を訴えていたことが判明。被害者は計１５人に上っている。ジェイ社のほか、加ト吉や味の素冷凍食品、江崎グリコも製品の回収に乗り出した。
天洋食品で農薬が検出された製品と同じ日に製造されたギョーザだけで１万５０００パックが日本で販売されたが、天洋製全体になると、昨年１年間に１３００トンもの冷凍ギョーザが輸入されている。「全国のスーパーなどに出回っており、どの店舗にどれだけあって家庭の冷蔵庫にいくら残っているかは把握しようがない」（ジェイ社幹部）という。
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中国産ギョーザ：埼玉、神奈川、秋田でも中毒症状の訴え
埼玉県は３０日、今月１７日に「手作り餃子（ぎょうざ）」を食べた所沢市内の女性（３３）が下痢や嘔吐（おうと）を発症していたと発表した。３０日午後、女性が中国製冷凍ギョーザによる中毒報道を見て所沢保健所に届けた。既に回復している。県衛生研究所の分析では殺虫剤のメタミドホスは検出されなかった。
県によると、ギョーザは昨年１２月初旬、「さいたまコープ 所沢センター」から宅配された。下痢は２日間続き、市内の病院で当時、「ノロウイルスの疑い」と診断された。
また、神奈川県小田原市と秋田市でジェイティフーズが輸入した「手包みひとくち餃子」を食べた計４人が下痢や吐き気などを訴えていたことも分かった。因果関係は不明で、いずれも軽症だった。
サブプライム損失拡大、大手４行で5000億円に・今期見通し
サブプライム損失拡大、大手４行で5000億円に・今期見通し
米国の信用力の低い個人向け住宅融資（サブプライムローン）関連の損失が邦銀でも拡大している。大手銀行6グループのうち4行の損失は2008年3月期、合計で5000億円規模に達する見通しになった。関連の証券化商品の価格が一段と下がったためで、損失は9月中間決算を発表した昨年11月時点の約 3000億円から7割増える。
4行はみずほフィナンシャルグループ（ＦＧ）、三井住友フィナンシャルグループ、三菱ＵＦＪフィナンシャル・グループ、住友信託銀行。みずほ、三菱ＵＦＪは31日に07年4―12月期業績を発表する。(07:00)
米国の信用力の低い個人向け住宅融資（サブプライムローン）関連の損失が邦銀でも拡大している。大手銀行6グループのうち4行の損失は2008年3月期、合計で5000億円規模に達する見通しになった。関連の証券化商品の価格が一段と下がったためで、損失は9月中間決算を発表した昨年11月時点の約 3000億円から7割増える。
4行はみずほフィナンシャルグループ（ＦＧ）、三井住友フィナンシャルグループ、三菱ＵＦＪフィナンシャル・グループ、住友信託銀行。みずほ、三菱ＵＦＪは31日に07年4―12月期業績を発表する。(07:00)
大学、資産運用を積極化・日経調査
大学、資産運用を積極化・日経調査
大学が資産運用に力を入れている。日本経済新聞社が全国の大学を対象に実施した資産運用調査によると、回答した私立大学の30％がデリバティブ（金融派生商品）を用いた仕組み債の買い増しを検討。国公立大学では地方債や政府保証債に資金を振り向ける動きが強まっている。少子化で経営財源の確保が求められ、運用の重要性が高まっていることが背景にある。
回答した176校の私大のうち、現預金や国債以外の「リスク性資産」に投資している大学は65％にのぼった。外債投資が中心だが、株式運用の経験があるところも24％あった。
大学が資産運用に力を入れている。日本経済新聞社が全国の大学を対象に実施した資産運用調査によると、回答した私立大学の30％がデリバティブ（金融派生商品）を用いた仕組み債の買い増しを検討。国公立大学では地方債や政府保証債に資金を振り向ける動きが強まっている。少子化で経営財源の確保が求められ、運用の重要性が高まっていることが背景にある。
回答した176校の私大のうち、現預金や国債以外の「リスク性資産」に投資している大学は65％にのぼった。外債投資が中心だが、株式運用の経験があるところも24％あった。
12月の新設住宅着工、６カ月連続減
12月の新設住宅着工、６カ月連続減
国土交通省が31日発表した2007年12月の新設住宅着工戸数は、マンションなどの耐震強度偽装事件の再発防止を目的とする改正建築基準法（６月20 日施行）の影響が残り、前年同月比19.2％減の８万7214戸と６カ月連続で減少した。ただ、減少率は前月より7.8ポイント縮小。９月（44.0％）がピークだった対前年比減少率は３カ月連続で縮小した。国交省は「一定のペースで回復しつつある」と評価している。
建築確認申請件数は同9.3％減の４万7279件となり、対前年比減少率は前月より3.0ポイント拡大し、改善傾向が足踏みした。一方、マンション建設などに不可欠な構造計算適合性判定の合格件数は1686件と前月比17.9％増加。国交省は「適合性判定の現場は10―11月に比べて混雑度が緩和されている」とし、今後の円滑化に期待を寄せている。
国土交通省が31日発表した2007年12月の新設住宅着工戸数は、マンションなどの耐震強度偽装事件の再発防止を目的とする改正建築基準法（６月20 日施行）の影響が残り、前年同月比19.2％減の８万7214戸と６カ月連続で減少した。ただ、減少率は前月より7.8ポイント縮小。９月（44.0％）がピークだった対前年比減少率は３カ月連続で縮小した。国交省は「一定のペースで回復しつつある」と評価している。
建築確認申請件数は同9.3％減の４万7279件となり、対前年比減少率は前月より3.0ポイント拡大し、改善傾向が足踏みした。一方、マンション建設などに不可欠な構造計算適合性判定の合格件数は1686件と前月比17.9％増加。国交省は「適合性判定の現場は10―11月に比べて混雑度が緩和されている」とし、今後の円滑化に期待を寄せている。
Maersk sells ships to Norway group
Maersk sells ships to Norway group
By Robert Wright, Transport Correspondent
Published: January 30 2008 11:27 | Last updated: January 30 2008 17:54
AP Møller-Maersk is to dispose of its car-carrying ships to Norway’s Höegh Autoliners in the latest restructuring move at the vast and troubled Danish shipping and oil conglomerate.
The move, announced on Wednesday, will help Höegh in its efforts to expand its fleet to compete with other large operators of car-carrying ships.
In return for its 12 existing vessels, six new buildings currently under construction, and an undisclosed cash sum, Maersk will take a 37.5 per cent stake in Höegh Autoliners. Höegh Autoliners will continue to be controlled by privately held, Oslo-based Leif Höegh & Company, which also operates liquefied natural gas-carrying ships.
Maersk said it would make a net profit of around $200m on the disposal of the ships.
After the deal, Höegh will control a fleet of around 67 car-carrying roll-on, roll-off ships, out of a total world fleet of a little over 500. Car carrier operators have been eager to expand after miscalculating in the 1990s that Asian car manufacturers’ opening of plants in the USA and Europe would reduce demand for their ships. Tight capacity at shipyards has meant few have been able to expand to meet growing demand.
Thor Jørgen Guttormsen, Höegh Autoliners’ chief executive, said Höegh wanted to grow and had had a deal since last year where Höegh operated the ships on Maersk’s behalf.
“We felt it would be better to have a jointly-owned company,” he said.
Co-operation between the two companies dated back to 1927, when Arnold Peter Møller, Maersk’s founder, took a stake in the first ship operated by his father, Leif Höegh, Westye Höegh, Höegh’s chairman, said.
“Having A.P. Møller-Maersk on board again makes a strong company even stronger and well positioned for exciting developments in challenging waters ahead,” he said.
Søren Skou, the Maersk board member responsible for the car carrier operation, said Maersk had confidence in Höegh Autoliners’ strategy and believed it could contribute positively to the cooperation based on its expertise in scheduled shipping services and logistics.
Maersk, whose Maersk Line is much the world’s largest operator of container ships, has been gradually shedding businesses not core to its container shipping and oil production businesses over the last 10 years. The divestments have included the airline Maersk Air and the dry bulk shipping operations. Nils Andersen, who took over as only the fourth chief executive in Maersk’s 104-year history in November, has said a turnaround at Maersk Line – currently operating at a loss – is his top priority.
Shares in A.P. Møller-Maersk were up 2.2 per cent at DKr51,500, supported by buying interest from international investors.
By Robert Wright, Transport Correspondent
Published: January 30 2008 11:27 | Last updated: January 30 2008 17:54
AP Møller-Maersk is to dispose of its car-carrying ships to Norway’s Höegh Autoliners in the latest restructuring move at the vast and troubled Danish shipping and oil conglomerate.
The move, announced on Wednesday, will help Höegh in its efforts to expand its fleet to compete with other large operators of car-carrying ships.
In return for its 12 existing vessels, six new buildings currently under construction, and an undisclosed cash sum, Maersk will take a 37.5 per cent stake in Höegh Autoliners. Höegh Autoliners will continue to be controlled by privately held, Oslo-based Leif Höegh & Company, which also operates liquefied natural gas-carrying ships.
Maersk said it would make a net profit of around $200m on the disposal of the ships.
After the deal, Höegh will control a fleet of around 67 car-carrying roll-on, roll-off ships, out of a total world fleet of a little over 500. Car carrier operators have been eager to expand after miscalculating in the 1990s that Asian car manufacturers’ opening of plants in the USA and Europe would reduce demand for their ships. Tight capacity at shipyards has meant few have been able to expand to meet growing demand.
Thor Jørgen Guttormsen, Höegh Autoliners’ chief executive, said Höegh wanted to grow and had had a deal since last year where Höegh operated the ships on Maersk’s behalf.
“We felt it would be better to have a jointly-owned company,” he said.
Co-operation between the two companies dated back to 1927, when Arnold Peter Møller, Maersk’s founder, took a stake in the first ship operated by his father, Leif Höegh, Westye Höegh, Höegh’s chairman, said.
“Having A.P. Møller-Maersk on board again makes a strong company even stronger and well positioned for exciting developments in challenging waters ahead,” he said.
Søren Skou, the Maersk board member responsible for the car carrier operation, said Maersk had confidence in Höegh Autoliners’ strategy and believed it could contribute positively to the cooperation based on its expertise in scheduled shipping services and logistics.
Maersk, whose Maersk Line is much the world’s largest operator of container ships, has been gradually shedding businesses not core to its container shipping and oil production businesses over the last 10 years. The divestments have included the airline Maersk Air and the dry bulk shipping operations. Nils Andersen, who took over as only the fourth chief executive in Maersk’s 104-year history in November, has said a turnaround at Maersk Line – currently operating at a loss – is his top priority.
Shares in A.P. Møller-Maersk were up 2.2 per cent at DKr51,500, supported by buying interest from international investors.
Carmakers drive into emerging markets
Carmakers drive into emerging markets
By Jung-a Song
Published: January 30 2008 16:19 | Last updated: January 30 2008 16:19
South Korea expects its automobile exports to grow 5.7 per cent this year compared with a more robust 13.3 per cent in 2007, due to cooling demand from the US and western Europe.
But that it expects auto exports to grow even amid an economic slowdown in the US says a lot about where South Korean and other Asian carmakers are looking for business these days.
Hyundai Motor, South Korea’s biggest automaker, says it will focus on penetrating emerging markets this year and strengthen its product line-up in the US to cope with cooling demand.
“We are closely watching how US demand changes this year,” says Jake Jang, a Hyundai spokesman. “We just hope that there won’t be any sharp decrease in auto demand there.”
Hyundai is actually hoping for a 10 per cent increase in sales to the US, which remains its biggest export market and accounted for the sale of 467,000 vehicles last year. It argues that its strength in compact cars and lower prices due to a weaker won will help it weather cooling demand as US consumers demand more economical cars.
But Hyundai also wants to penetrate emerging markets such as Russia, India, and China as well as Latin America and the Middle East. “Those markets are growing so fast. So we will focus on [them] this year,” says Mr Jang.
The same is true of Japan’s Toyota, which is now vying with General Motors for the title of world’s largest carmaker.
Toyota managed to increase US sales last year, thanks to strong demand for its Prius hybrid car, and expects sales in that market to be slightly up this year to 2.64m units.
But Toyota is looking to China and Russia for its real growth. Toyota’s sales in China are forecast to surge 40 per cent to 700,000 units, following a 62 per cent jump in 2007. In Russia, Toyota forecasts sales of its cars to rise substantially to at least 200,000, after increasing 52 per cent last year to 160,000 units.
By Jung-a Song
Published: January 30 2008 16:19 | Last updated: January 30 2008 16:19
South Korea expects its automobile exports to grow 5.7 per cent this year compared with a more robust 13.3 per cent in 2007, due to cooling demand from the US and western Europe.
But that it expects auto exports to grow even amid an economic slowdown in the US says a lot about where South Korean and other Asian carmakers are looking for business these days.
Hyundai Motor, South Korea’s biggest automaker, says it will focus on penetrating emerging markets this year and strengthen its product line-up in the US to cope with cooling demand.
“We are closely watching how US demand changes this year,” says Jake Jang, a Hyundai spokesman. “We just hope that there won’t be any sharp decrease in auto demand there.”
Hyundai is actually hoping for a 10 per cent increase in sales to the US, which remains its biggest export market and accounted for the sale of 467,000 vehicles last year. It argues that its strength in compact cars and lower prices due to a weaker won will help it weather cooling demand as US consumers demand more economical cars.
But Hyundai also wants to penetrate emerging markets such as Russia, India, and China as well as Latin America and the Middle East. “Those markets are growing so fast. So we will focus on [them] this year,” says Mr Jang.
The same is true of Japan’s Toyota, which is now vying with General Motors for the title of world’s largest carmaker.
Toyota managed to increase US sales last year, thanks to strong demand for its Prius hybrid car, and expects sales in that market to be slightly up this year to 2.64m units.
But Toyota is looking to China and Russia for its real growth. Toyota’s sales in China are forecast to surge 40 per cent to 700,000 units, following a 62 per cent jump in 2007. In Russia, Toyota forecasts sales of its cars to rise substantially to at least 200,000, after increasing 52 per cent last year to 160,000 units.
Asia economies hope for happy divorce
Asia economies hope for happy divorce
By FT Reporters
Published: January 30 2008 22:33 | Last updated: January 30 2008 22:33
Asia’s export-dependent economies are hoping that decoupling -- the notion that the rest of the world can grow even with the US in recession -- will hold true.
There have been signs. Over the past year, Japanese shipments to China have risen by 15 per cent, to Europe and other Asian nations by 11.5 per cent, and to the “rest of world”, including the oil-flush Middle East, by 25 per cent.
Still, exports to the US have been fading fast, down 1.7 per cent on the year, and because Japan’s eagerly awaited recovery in domestic demand has never materialised, its economy has been running on only one (export-led) engine. This fiscal year its economy is expected to grow by what analysts describe as a disappointing 1.3 per cent.
Peter Morgan, chief economist for Asia Pacific at HSBC, says that one of the chinks in decoupling’s armour is Europe.
The region has been happily sucking in Asian imports thanks to its strong currency and reasonably good economic performance. But as Asian currencies appreciate, against the euro as well as the dollar, and European economies slow, that will change. “That is going to take away one of the legs of the stool,” he says.
Exports to the Middle East, which accounts for a fairly modest but rapidly growing portion of Asian exports, should hold up assuming demand for oil stays firm. But the foundations of intra-Asian trade, on which much of the argument about export diversification rests, could be more rickety than they appear.
“One thing to remember is that a lot of exports to China are just passing through,” says Mr Morgan, referring to China’s role as an assembly plant for Asian components.
Asian exports to the US appear to be just 18 per cent. But, the real amount, including all the “goods in process”, might be more than 30 per cent, he calculates.
Thailand is a good example. Recent economic growth has been powered primarily by exports, about 12.5 per cent of which went directly to the US last year, down from about 20 per cent when the previous US recession struck in 2001.
Yet Thailand is not as insulated as this might suggest. Sethaput Suthiwart-Narueput, chief economist at SCB Securities, says Bangkok remains vulnerable to a US slowdown since most of its exports to China -- about 9.5 per cent of total shipments, up from 4.4 per cent in 2001 -- are components used to make goods bound for the US.
The picture is not black and white and decoupling is not an “either/or phenomenon”, says Paul Sheard, global chief economist at Lehman Brothers. Asia emerged relatively unscathed from the 1991 US recession but was much harder hit by the “tech recession” of 2001. Similarly, this time, depending on the precise nature of any downturn, commodity-rich Australia, Indonesia and Malaysia might fare better than, say, countries specialising in electronics, such as Taiwan or South Korea.
Indonesia, for example, has already noticed its non-oil and gas exports slowing to the US. Mari Pangestu, trade minister, told the Financial Times: “Our strategy now is to diversify markets and diversify products. We think the growth market is still Asia, although if the US does fall into recession it will have an impact on the high-growth economies.”
The US remains India’s largest export market, reducing the country’s chances of surviving a US downturn unscathed. The Reserve Bank of India says it has already seen a slowdown in the crucial software and services exports.
By contrast, Australia’s reliance on US exports has substantially diminished. Tim Harcourt, chief economist at the Australian Trade Commission, points out that the US share of Australia’s exports has fallen from 10 per cent to just 6 per cent as “Australia has benefited from the global economy firing on more cylinders than usual.”
China and the health of its economy could be a key factor for many others in Asia. If China’s role as the world’s assembly plant is vulnerable to a US downturn, its infrastructure-led demand is less so. Barring the truly unexpected, even a US recession is not likely to push Chinese growth much below 9 per cent, against 11.4 per cent last year.
Depending on the components of that growth, there could be more demand for, say, raw materials and construction equipment and less for components and factory machinery.
That could slow, but not throttle, growth in some Asian economies. For example, both Singapore and Malaysia have seen a slowdown in their biggest export category, electronics.
But, according to Kit Wei Zheng, a Citigroup economist, Singapore is unlikely to suffer as big a slump as in 2001 because it has diversified into other export areas, including pharmaceuticals. Likewise, Malaysia is partly cushioned by the global demand for palm oil.
Diversification will only go so far, however, particularly if US consumption nosedives, says Mr Sheard. “Asia, centred on China, has become even more interlinked into the global economy, the driving impetus of which has been the US,” he said. It is hard to be global and decoupled at the same time.
By FT Reporters
Published: January 30 2008 22:33 | Last updated: January 30 2008 22:33
Asia’s export-dependent economies are hoping that decoupling -- the notion that the rest of the world can grow even with the US in recession -- will hold true.
There have been signs. Over the past year, Japanese shipments to China have risen by 15 per cent, to Europe and other Asian nations by 11.5 per cent, and to the “rest of world”, including the oil-flush Middle East, by 25 per cent.
Still, exports to the US have been fading fast, down 1.7 per cent on the year, and because Japan’s eagerly awaited recovery in domestic demand has never materialised, its economy has been running on only one (export-led) engine. This fiscal year its economy is expected to grow by what analysts describe as a disappointing 1.3 per cent.
Peter Morgan, chief economist for Asia Pacific at HSBC, says that one of the chinks in decoupling’s armour is Europe.
The region has been happily sucking in Asian imports thanks to its strong currency and reasonably good economic performance. But as Asian currencies appreciate, against the euro as well as the dollar, and European economies slow, that will change. “That is going to take away one of the legs of the stool,” he says.
Exports to the Middle East, which accounts for a fairly modest but rapidly growing portion of Asian exports, should hold up assuming demand for oil stays firm. But the foundations of intra-Asian trade, on which much of the argument about export diversification rests, could be more rickety than they appear.
“One thing to remember is that a lot of exports to China are just passing through,” says Mr Morgan, referring to China’s role as an assembly plant for Asian components.
Asian exports to the US appear to be just 18 per cent. But, the real amount, including all the “goods in process”, might be more than 30 per cent, he calculates.
Thailand is a good example. Recent economic growth has been powered primarily by exports, about 12.5 per cent of which went directly to the US last year, down from about 20 per cent when the previous US recession struck in 2001.
Yet Thailand is not as insulated as this might suggest. Sethaput Suthiwart-Narueput, chief economist at SCB Securities, says Bangkok remains vulnerable to a US slowdown since most of its exports to China -- about 9.5 per cent of total shipments, up from 4.4 per cent in 2001 -- are components used to make goods bound for the US.
The picture is not black and white and decoupling is not an “either/or phenomenon”, says Paul Sheard, global chief economist at Lehman Brothers. Asia emerged relatively unscathed from the 1991 US recession but was much harder hit by the “tech recession” of 2001. Similarly, this time, depending on the precise nature of any downturn, commodity-rich Australia, Indonesia and Malaysia might fare better than, say, countries specialising in electronics, such as Taiwan or South Korea.
Indonesia, for example, has already noticed its non-oil and gas exports slowing to the US. Mari Pangestu, trade minister, told the Financial Times: “Our strategy now is to diversify markets and diversify products. We think the growth market is still Asia, although if the US does fall into recession it will have an impact on the high-growth economies.”
The US remains India’s largest export market, reducing the country’s chances of surviving a US downturn unscathed. The Reserve Bank of India says it has already seen a slowdown in the crucial software and services exports.
By contrast, Australia’s reliance on US exports has substantially diminished. Tim Harcourt, chief economist at the Australian Trade Commission, points out that the US share of Australia’s exports has fallen from 10 per cent to just 6 per cent as “Australia has benefited from the global economy firing on more cylinders than usual.”
China and the health of its economy could be a key factor for many others in Asia. If China’s role as the world’s assembly plant is vulnerable to a US downturn, its infrastructure-led demand is less so. Barring the truly unexpected, even a US recession is not likely to push Chinese growth much below 9 per cent, against 11.4 per cent last year.
Depending on the components of that growth, there could be more demand for, say, raw materials and construction equipment and less for components and factory machinery.
That could slow, but not throttle, growth in some Asian economies. For example, both Singapore and Malaysia have seen a slowdown in their biggest export category, electronics.
But, according to Kit Wei Zheng, a Citigroup economist, Singapore is unlikely to suffer as big a slump as in 2001 because it has diversified into other export areas, including pharmaceuticals. Likewise, Malaysia is partly cushioned by the global demand for palm oil.
Diversification will only go so far, however, particularly if US consumption nosedives, says Mr Sheard. “Asia, centred on China, has become even more interlinked into the global economy, the driving impetus of which has been the US,” he said. It is hard to be global and decoupled at the same time.
OSCE threatens Russian election boycott
OSCE threatens Russian election boycott
By Neil Buckley and Catherine Belton in Moscow
Published: January 30 2008 19:22 | Last updated: January 30 2008 19:22
Europe’s leading election watchdog has warned Moscow that it will scrap its monitoring of Russia’s presidential poll on March 2 -- weeks after it boycotted parliamentary voting -- unless its observers can start work next week.
The Organisation for Security and Co-operation in Europe’s elections arm said it wanted permission to send a “core” team of 20 observers to Russia next week. The national authorities have said observers cannot arrive before February 28.
The OSCE’s Office for Democratic Institutions and Human Rights said the restrictions “don’t give us enough time for any kind of meaningful observation”.
The comments came as two senior Russian officials suggested that Russia’s increasingly aggressive foreign policy could damage inward investment.
Anatoly Chubais, architect of Russia’s 1990s privatisation programme and now head of its electricity monopoly, told a Moscow investment conference that the confrontational approach carried risks amid a worsening global economy.
“We can continue to fight with the British Council and demand the closure of its branch in St Petersburg,” Mr Chubais said, referring to the dispute over the UK’s cultural body in Russia. “[But] we cannot make peace with this.”
Alexei Kudrin, finance minister and a deputy prime minister, told the same forum: “Our dependency on global economic ties, on our exports, is felt so strongly, that in the nearest future we need to adjust our foreign policy goals to guarantee stable investment.”
Russia’s trade surplus of $135bn (EUR91bn, ￡68bn) could disappear within three years if market conditions worsened, he said.
Limitations on foreign poll monitors are a visible sign of Russia’s more assertive stance. Besides time restrictions, the OSCE has been limited to 70 observers, compared with 387 for Russia’s 2004 presidential poll.
Russian election officials insisted they were complying with international standards and said effective monitoring would be “quite possible within the mandate” given to foreign observers.
By Neil Buckley and Catherine Belton in Moscow
Published: January 30 2008 19:22 | Last updated: January 30 2008 19:22
Europe’s leading election watchdog has warned Moscow that it will scrap its monitoring of Russia’s presidential poll on March 2 -- weeks after it boycotted parliamentary voting -- unless its observers can start work next week.
The Organisation for Security and Co-operation in Europe’s elections arm said it wanted permission to send a “core” team of 20 observers to Russia next week. The national authorities have said observers cannot arrive before February 28.
The OSCE’s Office for Democratic Institutions and Human Rights said the restrictions “don’t give us enough time for any kind of meaningful observation”.
The comments came as two senior Russian officials suggested that Russia’s increasingly aggressive foreign policy could damage inward investment.
Anatoly Chubais, architect of Russia’s 1990s privatisation programme and now head of its electricity monopoly, told a Moscow investment conference that the confrontational approach carried risks amid a worsening global economy.
“We can continue to fight with the British Council and demand the closure of its branch in St Petersburg,” Mr Chubais said, referring to the dispute over the UK’s cultural body in Russia. “[But] we cannot make peace with this.”
Alexei Kudrin, finance minister and a deputy prime minister, told the same forum: “Our dependency on global economic ties, on our exports, is felt so strongly, that in the nearest future we need to adjust our foreign policy goals to guarantee stable investment.”
Russia’s trade surplus of $135bn (EUR91bn, ￡68bn) could disappear within three years if market conditions worsened, he said.
Limitations on foreign poll monitors are a visible sign of Russia’s more assertive stance. Besides time restrictions, the OSCE has been limited to 70 observers, compared with 387 for Russia’s 2004 presidential poll.
Russian election officials insisted they were complying with international standards and said effective monitoring would be “quite possible within the mandate” given to foreign observers.
Moscow warned hard line endangers economy
Moscow warned hard line endangers economy
By Neil Buckley and Catherine Belton in Moscow
Published: January 30 2008 22:08 | Last updated: January 30 2008 22:08
Two leading liberal Russian officials yesterday warned that Moscow’s increasingly aggressive foreign policy could damage inward investment, in a rare public show of dissent from Vladimir Putin’s advisers.
Anatoly Chubais, architect of Russia’s 1990s privatisation programme and head of its electricity monopoly, told a Moscow investment conference that Russia’s confrontational approach carried risks in a worsening global economic situation.
“Maybe we should ask ourselves a simple question: How much does our external policy cost Russia? We might be able to pay the price in a good world economic situation, but can we continue to pay the price now?” Mr Chubais said.
“We can continue to persecute the British Council and demand the closure of its branch in St Petersburg,” he said, referring to the dispute over the British cultural body. “But we cannot make peace with this.”
Alexei Kudrin, finance minister and a deputy prime minister, warned in the same forum, organised by Troika Dialog: “Our dependence on global economic ties, on our exports, is felt so strongly that in the nearest future we need to adjust our foreign policy goals to guarantee stable investment.”
The comments appeared to reflect deepening divisions within the government as competing factions jostle for position in advance of presidential elections in March.
Russia’s foreign policy has become increasingly hawkish toward the west as Mr Putin, the president, has revived cold war practices, such as long-haul sorties by bombers, and clashed with the UK in disputes, including the row over the 2006 murder in London of Alexander Litvinenko.
Dmitry Medvedev, considered favourite for the presidency and Mr Putin’s preferred successor, is seen by analysts as more western-friendly than other potential candidates. But it is unclear whether his emergence will bring serious policy changes.
Mr Kudrin told the forum that Russia’s trade surplus of $135bn (EUR91bn, ￡68bn) could disappear within two or three years as imports rise. Mr Chubais said it could disappear quicker if the global economy deteriorated. Speaking later to reporters, however, Mr Kudrin toned down his remarks, saying there were “no serious mistakes in our [foreign] policy”. “Russia is just defending its interests,” he said.
● Europe’s leading election watchdog has warned it will cancel its monitoring mission of Russia’s presidential elections on March 2 -- just weeks after it boycotted the country’s parliamentary poll -- unless observers can start work next week. The election arm of the Organisation for Security and Co-operation in Europe yesterday said that it wanted permission to send a core team of 20 observers to Russia next week. The Russian authorities have said observers cannot arrive before February 28 -- three days before the poll. Russian election officials insisted the country was complying with international standards and effective monitoring would be “quite possible within the mandate” given to foreign observers.
By Neil Buckley and Catherine Belton in Moscow
Published: January 30 2008 22:08 | Last updated: January 30 2008 22:08
Two leading liberal Russian officials yesterday warned that Moscow’s increasingly aggressive foreign policy could damage inward investment, in a rare public show of dissent from Vladimir Putin’s advisers.
Anatoly Chubais, architect of Russia’s 1990s privatisation programme and head of its electricity monopoly, told a Moscow investment conference that Russia’s confrontational approach carried risks in a worsening global economic situation.
“Maybe we should ask ourselves a simple question: How much does our external policy cost Russia? We might be able to pay the price in a good world economic situation, but can we continue to pay the price now?” Mr Chubais said.
“We can continue to persecute the British Council and demand the closure of its branch in St Petersburg,” he said, referring to the dispute over the British cultural body. “But we cannot make peace with this.”
Alexei Kudrin, finance minister and a deputy prime minister, warned in the same forum, organised by Troika Dialog: “Our dependence on global economic ties, on our exports, is felt so strongly that in the nearest future we need to adjust our foreign policy goals to guarantee stable investment.”
The comments appeared to reflect deepening divisions within the government as competing factions jostle for position in advance of presidential elections in March.
Russia’s foreign policy has become increasingly hawkish toward the west as Mr Putin, the president, has revived cold war practices, such as long-haul sorties by bombers, and clashed with the UK in disputes, including the row over the 2006 murder in London of Alexander Litvinenko.
Dmitry Medvedev, considered favourite for the presidency and Mr Putin’s preferred successor, is seen by analysts as more western-friendly than other potential candidates. But it is unclear whether his emergence will bring serious policy changes.
Mr Kudrin told the forum that Russia’s trade surplus of $135bn (EUR91bn, ￡68bn) could disappear within two or three years as imports rise. Mr Chubais said it could disappear quicker if the global economy deteriorated. Speaking later to reporters, however, Mr Kudrin toned down his remarks, saying there were “no serious mistakes in our [foreign] policy”. “Russia is just defending its interests,” he said.
● Europe’s leading election watchdog has warned it will cancel its monitoring mission of Russia’s presidential elections on March 2 -- just weeks after it boycotted the country’s parliamentary poll -- unless observers can start work next week. The election arm of the Organisation for Security and Co-operation in Europe yesterday said that it wanted permission to send a core team of 20 observers to Russia next week. The Russian authorities have said observers cannot arrive before February 28 -- three days before the poll. Russian election officials insisted the country was complying with international standards and effective monitoring would be “quite possible within the mandate” given to foreign observers.
Fed cuts interest rates by 50 basis points
Fed cuts interest rates by 50 basis points
By Krishna Guha and James Politi in Washington and Michael Mackenzie in New York
Published: January 30 2008 19:15 | Last updated: January 31 2008 00:47
The Federal Reserve on Wednesday cut interest rates by another 50 basis points and signalled that the door was open to further reductions in an aggressive move to combat the risk of a US recession.
The move to cut rates to 3 per cent initially triggered a broad rally in stocks -- the S&P 500 jumped 1.7 per cent in the first 45 minutes after the announcement -- only for the market to turn lower just before the closing bell.
The dollar meanwhile fell to a record low against the euro before closing slightly higher.
The 50 basis point reduction in the Federal Funds rate came hot on the heels of last week’s emergency 75 basis point cut. The combined 125 basis point reduction represents the most abrupt easing of monetary policy by the US central bank since the early 1980s.
The scale of the move reflects chairman Ben Bernanke’s determination to get ahead of the deterioration in the US economy following criticism that the Fed was “behind the curve” on monetary policy.
In addition to offsetting the decline in its base case forecast for the economy, the Fed wants to buy some insurance against the possibility that the worst-case outcome for growth -- a deep and protracted recession -- could materialise.
This represents a reassertion of the Fed’s “risk management” approach to policy. But it also stimulated debate as to whether the Bernanke Fed is starting to move away from the Greenspan-era practice of gradualism -- moving interest rates in a series of small incremental moves.
Earlier, fresh data showed that a sharp reduction in business inventories had cut US growth to 0.6 per cent in the fourth quarter, its lowest growth rate since 2002.
In a statement, the Fed said its actions would “help promote moderate growth over time” and “mitigate the risks to economic activity”. But, it said, “downside risks to growth remain”. The US central bank said it would continue to assess the effects of financial and other developments and “act in a timely manner as needed to address those risks”.
The focus on the downside risks to growth and the pledge to act in a “timely manner” suggest the Fed will consider cutting interest rates again, although it will probably hope not to have to do so before its next scheduled policy meeting in March.
But the Fed signalled that investors should not assume it will carry on cutting rates in 50 or 75 basis point increments by toning down its description of growth risks from the phrase “appreciable downside risks” in its inter-meeting statement.
The 50 basis point cut was approved by a nine to one margin, with Richard Fisher, president of the Dallas Fed, dissenting. The Fed also unanimously approved a 50 basis point cut in the discount rate at which it lends directly to banks. The move came in spite of data that showed that core inflation moved higher in the final quarter of 2007 and indications that the US labour market is not collapsing.
The Fed said “financial markets remain under considerable stress” and “credit has tightened for some businesses and households”. It said recent information indicated a “deepening of the housing contraction” as well as “some softening in labour markets”.
It left its language on inflation unchanged, saying it would “continue to monitor inflation developments carefully”.
The S&P 500 closed down 0.5 per cent at 1,355.81.
The yield on the two-year Treasury note closed down 5 basis points at 2.22 per cent, while the yield on the 10-year note closed up 4 basis points at 3.74 per cent. The dollar was lower by 0.6 per cent at $1.4869 against the euro.
By Krishna Guha and James Politi in Washington and Michael Mackenzie in New York
Published: January 30 2008 19:15 | Last updated: January 31 2008 00:47
The Federal Reserve on Wednesday cut interest rates by another 50 basis points and signalled that the door was open to further reductions in an aggressive move to combat the risk of a US recession.
The move to cut rates to 3 per cent initially triggered a broad rally in stocks -- the S&P 500 jumped 1.7 per cent in the first 45 minutes after the announcement -- only for the market to turn lower just before the closing bell.
The dollar meanwhile fell to a record low against the euro before closing slightly higher.
The 50 basis point reduction in the Federal Funds rate came hot on the heels of last week’s emergency 75 basis point cut. The combined 125 basis point reduction represents the most abrupt easing of monetary policy by the US central bank since the early 1980s.
The scale of the move reflects chairman Ben Bernanke’s determination to get ahead of the deterioration in the US economy following criticism that the Fed was “behind the curve” on monetary policy.
In addition to offsetting the decline in its base case forecast for the economy, the Fed wants to buy some insurance against the possibility that the worst-case outcome for growth -- a deep and protracted recession -- could materialise.
This represents a reassertion of the Fed’s “risk management” approach to policy. But it also stimulated debate as to whether the Bernanke Fed is starting to move away from the Greenspan-era practice of gradualism -- moving interest rates in a series of small incremental moves.
Earlier, fresh data showed that a sharp reduction in business inventories had cut US growth to 0.6 per cent in the fourth quarter, its lowest growth rate since 2002.
In a statement, the Fed said its actions would “help promote moderate growth over time” and “mitigate the risks to economic activity”. But, it said, “downside risks to growth remain”. The US central bank said it would continue to assess the effects of financial and other developments and “act in a timely manner as needed to address those risks”.
The focus on the downside risks to growth and the pledge to act in a “timely manner” suggest the Fed will consider cutting interest rates again, although it will probably hope not to have to do so before its next scheduled policy meeting in March.
But the Fed signalled that investors should not assume it will carry on cutting rates in 50 or 75 basis point increments by toning down its description of growth risks from the phrase “appreciable downside risks” in its inter-meeting statement.
The 50 basis point cut was approved by a nine to one margin, with Richard Fisher, president of the Dallas Fed, dissenting. The Fed also unanimously approved a 50 basis point cut in the discount rate at which it lends directly to banks. The move came in spite of data that showed that core inflation moved higher in the final quarter of 2007 and indications that the US labour market is not collapsing.
The Fed said “financial markets remain under considerable stress” and “credit has tightened for some businesses and households”. It said recent information indicated a “deepening of the housing contraction” as well as “some softening in labour markets”.
It left its language on inflation unchanged, saying it would “continue to monitor inflation developments carefully”.
The S&P 500 closed down 0.5 per cent at 1,355.81.
The yield on the two-year Treasury note closed down 5 basis points at 2.22 per cent, while the yield on the 10-year note closed up 4 basis points at 3.74 per cent. The dollar was lower by 0.6 per cent at $1.4869 against the euro.
Qatar considers dropping dollar peg
Qatar considers dropping dollar peg
By Simeon Kerr in Dubai
Published: January 30 2008 19:59 | Last updated: January 30 2008 19:59
Qatar is reviewing its currency policy and could revalue or drop the dollar peg as the booming Gulf state struggles to tame inflation while the US reduces interest rates to head off a recession.
Qatari officials on Wednesday said the gas-rich emirate was considering revaluing its currency or linking it to a trade-weighted basket of currencies as well as other policy proposals aimed at cooling rampant inflation of up to 15 per cent.
Abdullah al-Attiyah, the oil minister and deputy prime minister, on Wednesday said the central bank and finance ministry were studying a currency revaluation, but he did not say when any decision would be made.
Ibrahim Ibrahim, an economic adviser to the government, said official policy remained to maintain the Qatari riyal’s peg to the dollar, but that could change with time. “The official position is we won’t delink but that doesn’t mean for ever -- it means in the foreseeable future,” he told the Financial Times.
Qatar may host the region’s largest US military base but it is also known as a policy maverick, perhaps less daunted than most of its Gulf neighbours about taking the politically sensitive decision of severing the long-held tie to the dollar.
Kuwait last year became the only Gulf country to move from a dollar peg to a basket of currencies. It has allowed the dinar to rise 6 per cent since its decision.
After speculation of an imminent revaluation in the United Arab Emirates last month, the five Gulf Co-operation Council states still linked to the dollar agreed to ?maintain the peg and co-ordinate policy while seeking to unify their currencies by 2010.
Qatar, which is a member of the GCC, is constrained in its fight against inflation because the dollar peg forces it to track US monetary policy.
Doha’s central bank has cut its deposit-facility rate by 150 basis points in four moves since September 18, tracking moves by the US Federal Reserve.
However, a recent central bank report attributed rising inflation mainly to domestic, growth related factors.
Mr Ibrahim, who heads a government body that charts econ?omic development, said other inflation-taming measures were under consideration. He said Doha will issue bonds to soak up liquidity and give the central bank more control over monetary policy, and is considering reducing government spending and placing lending caps on banks.
By Simeon Kerr in Dubai
Published: January 30 2008 19:59 | Last updated: January 30 2008 19:59
Qatar is reviewing its currency policy and could revalue or drop the dollar peg as the booming Gulf state struggles to tame inflation while the US reduces interest rates to head off a recession.
Qatari officials on Wednesday said the gas-rich emirate was considering revaluing its currency or linking it to a trade-weighted basket of currencies as well as other policy proposals aimed at cooling rampant inflation of up to 15 per cent.
Abdullah al-Attiyah, the oil minister and deputy prime minister, on Wednesday said the central bank and finance ministry were studying a currency revaluation, but he did not say when any decision would be made.
Ibrahim Ibrahim, an economic adviser to the government, said official policy remained to maintain the Qatari riyal’s peg to the dollar, but that could change with time. “The official position is we won’t delink but that doesn’t mean for ever -- it means in the foreseeable future,” he told the Financial Times.
Qatar may host the region’s largest US military base but it is also known as a policy maverick, perhaps less daunted than most of its Gulf neighbours about taking the politically sensitive decision of severing the long-held tie to the dollar.
Kuwait last year became the only Gulf country to move from a dollar peg to a basket of currencies. It has allowed the dinar to rise 6 per cent since its decision.
After speculation of an imminent revaluation in the United Arab Emirates last month, the five Gulf Co-operation Council states still linked to the dollar agreed to ?maintain the peg and co-ordinate policy while seeking to unify their currencies by 2010.
Qatar, which is a member of the GCC, is constrained in its fight against inflation because the dollar peg forces it to track US monetary policy.
Doha’s central bank has cut its deposit-facility rate by 150 basis points in four moves since September 18, tracking moves by the US Federal Reserve.
However, a recent central bank report attributed rising inflation mainly to domestic, growth related factors.
Mr Ibrahim, who heads a government body that charts econ?omic development, said other inflation-taming measures were under consideration. He said Doha will issue bonds to soak up liquidity and give the central bank more control over monetary policy, and is considering reducing government spending and placing lending caps on banks.
MBIA Posts Biggest Loss; Considers New Capital Plans (Update1)
MBIA Posts Biggest Loss; Considers New Capital Plans (Update1)
By Christine Richard
Enlarge Image/Details
Jan. 31 (Bloomberg) -- MBIA Inc., the world's largest bond insurer, posted its biggest-ever quarterly loss and said it is considering new ways to raise capital after a slump in the value of subprime-mortgage securities the company guaranteed.
The fourth-quarter net loss was $2.3 billion, or $18.61 a share, raising concern the Armonk, New York-based company will lose its Aaa rating at Moody's Investors Service. The loss came a day after FGIC Corp.'s insurance unit became the third company to be stripped of its AAA credit rating.
MBIA is seeking to convince Moody's to retain the Aaa on its insurance unit as Chief Executive Officer Gary Dunton tries to shore up capital through stock and bond sales. Without the Aaa stamp, MBIA would be unable to lend a top rating to new securities, crippling its business and throwing ratings on $652 billion of debt into doubt. The threat of losses prompted the New York State Insurance Department to call a meeting of banks last week to discuss a rescue.
``In the absence of a credible bailout plan, I think investors and issuers need to assume that MBIA, along with all of the other companies, will face continuing, worsening downgrade pressure all year,'' said Matt Fabian, a managing director at Concord, Massachusetts-based consulting firm Municipal Market Advisors.
Excluding writedowns and some other items, the operating loss was $407.8 million, or $3.30 a share, MBIA said today in a statement. The average analyst estimate from a Bloomberg survey was for a loss of $2.98.
``We are disappointed in our operating results,'' Dunton said in the statement.
CDO Expansion
Bond insurers guarantee $2.4 trillion of debt combined and are sitting on losses of as much as $41 billion, according to JPMorgan Chase & Co. analysts. Their downgrades could force banks to write down $70 billion, Oppenheimer & Co. analyst Meredith Whitney said yesterday in a report.
MBIA is reeling from an expansion out of municipal securities into guaranteeing collateralized debt obligations, which repackage assets such as mortgage bonds and buyout loans into new securities with varying risk. As the value of some CDOs plummet, ratings companies are pressing the insurers to add more capital.
Hedge fund manager William Ackman has also stepped up pressure on the companies. Ackman, a managing partner of Pershing Square Capital Management LP, released a letter to regulators yesterday estimating MBIA's CDO losses would reach $11.6 billion. Ackman has trades set up that would profit from a decline in the price of the shares and bonds of MBIA and Ambac Financial Group Inc., the second largest insurer.
Writedwowns
MBIA posted $3.4 billion of losses from marking down the value of residential and commercial mortgages as well as CDOs that it guarantees, according to the statement. MBIA also wrote off its $85.7 million investment in Channel Reinsurance Ltd., which reinsures securities guaranteed by MBIA. Moody's said Jan. 23 it may cut Channel Re's Aaa rating.
Adjusted direct premiums, a measure of new business written that doesn't adhere to generally accepted accounting principles, fell 38 percent to $262.4 million during the fourth quarter, MBIA said.
MBIA's loss compared with profit of $181 million, or $1.48 a share, reported a year earlier. MBIA, started as the Municipal Bond Insurance Association in 1974, has reported a profit every year since at least 1991, buoyed by the regular premiums from insuring municipal debt.
MBIA yesterday said New York-based private-equity firm Warburg Pincus LLC completed its purchase of $500 million of new shares, sticking to an agreement reached last month to buy the stock at $31 a share. MBIA sliced its dividend 62 percent and later sold $1 billion of notes.
Surpassing Requirements
Warburg Pincus' agreed to backstop a future share sale to help MBIA restore capital. MBIA said today it is considering this and other stock raising plans.
``We believe that these steps, along with reduced capital requirements resulting from slower business growth, will result in our capital position surpassing rating agency Triple-A requirements,'' the company said in the statement.
MBIA fell $2.02, or 13 percent, to $13.96 yesterday in New York Stock Exchange composite trading. The stock has lost more than 80 percent of its value in the past year.
Ambac reported a fourth-quarter net loss of $3.26 billion, or $31.85 a share, on Jan. 22, after writing down the value of credit-derivatives tied to subprime loans by $5.21 billion. Fitch cut the New York-based company's rating to AA from AAA this month and Ackman yesterday predicted Ambac may face $11.6 billion in losses.
As well as Ambac and FGIC's Financial Guaranty Insurance Co., Fitch earlier this month downgraded Hamilton, Bermuda-based Security Capital Assurance Ltd.'s XL Capital Assurance and XL Financial Assurance five steps to A.
By Christine Richard
Enlarge Image/Details
Jan. 31 (Bloomberg) -- MBIA Inc., the world's largest bond insurer, posted its biggest-ever quarterly loss and said it is considering new ways to raise capital after a slump in the value of subprime-mortgage securities the company guaranteed.
The fourth-quarter net loss was $2.3 billion, or $18.61 a share, raising concern the Armonk, New York-based company will lose its Aaa rating at Moody's Investors Service. The loss came a day after FGIC Corp.'s insurance unit became the third company to be stripped of its AAA credit rating.
MBIA is seeking to convince Moody's to retain the Aaa on its insurance unit as Chief Executive Officer Gary Dunton tries to shore up capital through stock and bond sales. Without the Aaa stamp, MBIA would be unable to lend a top rating to new securities, crippling its business and throwing ratings on $652 billion of debt into doubt. The threat of losses prompted the New York State Insurance Department to call a meeting of banks last week to discuss a rescue.
``In the absence of a credible bailout plan, I think investors and issuers need to assume that MBIA, along with all of the other companies, will face continuing, worsening downgrade pressure all year,'' said Matt Fabian, a managing director at Concord, Massachusetts-based consulting firm Municipal Market Advisors.
Excluding writedowns and some other items, the operating loss was $407.8 million, or $3.30 a share, MBIA said today in a statement. The average analyst estimate from a Bloomberg survey was for a loss of $2.98.
``We are disappointed in our operating results,'' Dunton said in the statement.
CDO Expansion
Bond insurers guarantee $2.4 trillion of debt combined and are sitting on losses of as much as $41 billion, according to JPMorgan Chase & Co. analysts. Their downgrades could force banks to write down $70 billion, Oppenheimer & Co. analyst Meredith Whitney said yesterday in a report.
MBIA is reeling from an expansion out of municipal securities into guaranteeing collateralized debt obligations, which repackage assets such as mortgage bonds and buyout loans into new securities with varying risk. As the value of some CDOs plummet, ratings companies are pressing the insurers to add more capital.
Hedge fund manager William Ackman has also stepped up pressure on the companies. Ackman, a managing partner of Pershing Square Capital Management LP, released a letter to regulators yesterday estimating MBIA's CDO losses would reach $11.6 billion. Ackman has trades set up that would profit from a decline in the price of the shares and bonds of MBIA and Ambac Financial Group Inc., the second largest insurer.
Writedwowns
MBIA posted $3.4 billion of losses from marking down the value of residential and commercial mortgages as well as CDOs that it guarantees, according to the statement. MBIA also wrote off its $85.7 million investment in Channel Reinsurance Ltd., which reinsures securities guaranteed by MBIA. Moody's said Jan. 23 it may cut Channel Re's Aaa rating.
Adjusted direct premiums, a measure of new business written that doesn't adhere to generally accepted accounting principles, fell 38 percent to $262.4 million during the fourth quarter, MBIA said.
MBIA's loss compared with profit of $181 million, or $1.48 a share, reported a year earlier. MBIA, started as the Municipal Bond Insurance Association in 1974, has reported a profit every year since at least 1991, buoyed by the regular premiums from insuring municipal debt.
MBIA yesterday said New York-based private-equity firm Warburg Pincus LLC completed its purchase of $500 million of new shares, sticking to an agreement reached last month to buy the stock at $31 a share. MBIA sliced its dividend 62 percent and later sold $1 billion of notes.
Surpassing Requirements
Warburg Pincus' agreed to backstop a future share sale to help MBIA restore capital. MBIA said today it is considering this and other stock raising plans.
``We believe that these steps, along with reduced capital requirements resulting from slower business growth, will result in our capital position surpassing rating agency Triple-A requirements,'' the company said in the statement.
MBIA fell $2.02, or 13 percent, to $13.96 yesterday in New York Stock Exchange composite trading. The stock has lost more than 80 percent of its value in the past year.
Ambac reported a fourth-quarter net loss of $3.26 billion, or $31.85 a share, on Jan. 22, after writing down the value of credit-derivatives tied to subprime loans by $5.21 billion. Fitch cut the New York-based company's rating to AA from AAA this month and Ackman yesterday predicted Ambac may face $11.6 billion in losses.
As well as Ambac and FGIC's Financial Guaranty Insurance Co., Fitch earlier this month downgraded Hamilton, Bermuda-based Security Capital Assurance Ltd.'s XL Capital Assurance and XL Financial Assurance five steps to A.
Investors Should Abandon the Yen-Funded Carry Trade, UBS Says
Investors Should Abandon the Yen-Funded Carry Trade, UBS Says
By Bo Nielsen
Jan. 30 (Bloomberg) -- UBS AG, the world's second-largest currency trading firm, says investors should stop selling yen to buy higher-yielding assets overseas because rising volatility and financial-market turmoil favor other strategies.
Carry trades will be unreliable this year as banks cut financing in the wake of credit market losses and changes to Japanese investment laws reduced sales of mutual-funds built on foreign securities, Ashley Davies, a UBS analyst based in Singapore, wrote today in a note to clients.
``The carry trade will not return in a big way and will not be a reliable generator of returns in 2008,'' Ashley said. ``Investors are better off trading other macro themes such as slowing global growth, downside risks to specific economies and the increased likelihood of policy error by central bankers.''
The yen has been the best-performing major currency this year, gaining 4 percent against the dollar and 2.7 percent versus the euro. The Japanese currency traded at 107.26 against the dollar by 11:41 a.m. in New York, from 107.11 yesterday. It was at 158.52 per euro from 158.27.
In carry trades, speculators get funds in a country with low borrowing costs, such as Japan, and invest in one with higher returns. They earn the spread between the two. The risk is that currency fluctuations may erase profits.
Japan's benchmark rate of 0.5 percent is the lowest among major economies. It compares with 8.25 percent in New Zealand and 4 percent in the euro region.
Implied Volatility
The value of futures contracts held by traders on the Tokyo Financial Exchange betting on a drop in the yen, compared with those betting on a gain, has fallen by more than half to $2.2 billion since August, Davies wrote. Investment trust outflows from Japan slowed to about $1 billion per month in November and December from an average $6.5 billion prior to July, he wrote.
The implied volatility of a one-month dollar yen option rose to 13.2 percent today from 13 percent yesterday. The two- year average is 8.8 percent.
UBS had about a 15 percent share in the foreign exchange market, trailing only Deutsche Bank AG's 19 percent, according to a survey last year by Euromoney magazine.
By Bo Nielsen
Jan. 30 (Bloomberg) -- UBS AG, the world's second-largest currency trading firm, says investors should stop selling yen to buy higher-yielding assets overseas because rising volatility and financial-market turmoil favor other strategies.
Carry trades will be unreliable this year as banks cut financing in the wake of credit market losses and changes to Japanese investment laws reduced sales of mutual-funds built on foreign securities, Ashley Davies, a UBS analyst based in Singapore, wrote today in a note to clients.
``The carry trade will not return in a big way and will not be a reliable generator of returns in 2008,'' Ashley said. ``Investors are better off trading other macro themes such as slowing global growth, downside risks to specific economies and the increased likelihood of policy error by central bankers.''
The yen has been the best-performing major currency this year, gaining 4 percent against the dollar and 2.7 percent versus the euro. The Japanese currency traded at 107.26 against the dollar by 11:41 a.m. in New York, from 107.11 yesterday. It was at 158.52 per euro from 158.27.
In carry trades, speculators get funds in a country with low borrowing costs, such as Japan, and invest in one with higher returns. They earn the spread between the two. The risk is that currency fluctuations may erase profits.
Japan's benchmark rate of 0.5 percent is the lowest among major economies. It compares with 8.25 percent in New Zealand and 4 percent in the euro region.
Implied Volatility
The value of futures contracts held by traders on the Tokyo Financial Exchange betting on a drop in the yen, compared with those betting on a gain, has fallen by more than half to $2.2 billion since August, Davies wrote. Investment trust outflows from Japan slowed to about $1 billion per month in November and December from an average $6.5 billion prior to July, he wrote.
The implied volatility of a one-month dollar yen option rose to 13.2 percent today from 13 percent yesterday. The two- year average is 8.8 percent.
UBS had about a 15 percent share in the foreign exchange market, trailing only Deutsche Bank AG's 19 percent, according to a survey last year by Euromoney magazine.
Financials' monoline write-downs may top $70 billion
Financials' monoline write-downs may top $70 billion
By Karen Brettell Reuters - Wednesday, January 30 07:58 pm
NEW YORK (Reuters) - U.S. financial institutions are on the hook for as much as $70 billion (35.2 billion pounds) in new write-downs from bond insurers in 2008, Oppenheimer said on Wednesday, as losses from ailing monolines spread deeper into European bank results.
(Advertisement)
Monolines are insurers that guarantee timely interest and principal payments on bonds and sell protection on structured deals -- collateralized debt obligations (CDOs) -- with credit default swaps.
The risk of monolines failing has caused turmoil for investors who have purchased their protection on assets. The monolines' investment-grade "AAA" ratings are on review for possible downgrades by credit ratings agencies that view their capital as insufficient due to exposure to risky subprime mortgages.
Oppenheimer said it sees a minimum of $40 billion in additional write-downs from monolines, but that the figure could be as large as $70 billion, noting that majority of the write-downs would be concentrated between Citigroup , Merrill Lynch and UBS .
EXPOSURE WIDESPREAD
Swiss investment bank UBS on Wednesday unveiled $4 billion in new subrime-related write-downs.
Analysts said part of a $2 billion hit at the bank was connected to monolines, underscoring fears the insurers' troubles could set off a chain reaction that would cripple the banking sector and the global economy.
BNP Paribas , France's biggest publicly-traded bank, revealed a 456-million-euro (340.3 million pound) fourth-quarter write-down from bond insurers.
Merrill Lynch Chief Executive John Thain said on Wednesday the company's net exposure to troubled monoline bond insurers is about $3.5 billion. The bank last week wrote off almost $2 billion of exposure from one of the weakest bond insurers, ACA Capital Holdings .
Thain said if monolines "disappeared from the face of the Earth," they would owe Merrill Lynch about $6 billion, though he did not expect that to happen.
Merrill has reserved $2.6 billion against the estimated $6 billion write-down, leaving about $3.5 billion in monoline exposure, he said.
Oppenheimer, however, views Merrill's potential losses as much larger than what Thain estimates.
The brokerage said future downgrades of monoline insurers by ratings agencies could put another $100 billion in assets held by banks in jeopardy of further write-downs, adding that it expects a write-down of about $10 billion at Merrill if the downgrades happen.
BAILOUT
Fears of market turmoil resulting from the possible downgrades of the monoline insurers has provoked regulatory interest, though some analysts consider that any regulatory solution is likely to come too late.
New York State Insurance Superintendent Eric Dinallo is working with banks to help the bond insurers raise capital to strengthen their balance sheets.
New York Gov. Eliot Spitzer said on Tuesday he was working "extraordinarily hard" to aid troubled bond insurers and would do whatever is appropriate for the bond market.
But analysts said that any bond insurer bailout is likely to end up looking like the SIV bailout -- a selective rescue of the biggest players, rather than an industry-wide fix.
Banks all have varying levels of exposures to the bond insurers, whether in muni bond trading or credit derivatives and structured finance. Different insurers also have different capital requirements.
Getting a large number of parties to determine how to share the risk will be incredibly difficult, and instead the banks with the most to lose might bail out individual insurers, analysts said.
By Karen Brettell Reuters - Wednesday, January 30 07:58 pm
NEW YORK (Reuters) - U.S. financial institutions are on the hook for as much as $70 billion (35.2 billion pounds) in new write-downs from bond insurers in 2008, Oppenheimer said on Wednesday, as losses from ailing monolines spread deeper into European bank results.
(Advertisement)
Monolines are insurers that guarantee timely interest and principal payments on bonds and sell protection on structured deals -- collateralized debt obligations (CDOs) -- with credit default swaps.
The risk of monolines failing has caused turmoil for investors who have purchased their protection on assets. The monolines' investment-grade "AAA" ratings are on review for possible downgrades by credit ratings agencies that view their capital as insufficient due to exposure to risky subprime mortgages.
Oppenheimer said it sees a minimum of $40 billion in additional write-downs from monolines, but that the figure could be as large as $70 billion, noting that majority of the write-downs would be concentrated between Citigroup , Merrill Lynch and UBS .
EXPOSURE WIDESPREAD
Swiss investment bank UBS on Wednesday unveiled $4 billion in new subrime-related write-downs.
Analysts said part of a $2 billion hit at the bank was connected to monolines, underscoring fears the insurers' troubles could set off a chain reaction that would cripple the banking sector and the global economy.
BNP Paribas , France's biggest publicly-traded bank, revealed a 456-million-euro (340.3 million pound) fourth-quarter write-down from bond insurers.
Merrill Lynch Chief Executive John Thain said on Wednesday the company's net exposure to troubled monoline bond insurers is about $3.5 billion. The bank last week wrote off almost $2 billion of exposure from one of the weakest bond insurers, ACA Capital Holdings .
Thain said if monolines "disappeared from the face of the Earth," they would owe Merrill Lynch about $6 billion, though he did not expect that to happen.
Merrill has reserved $2.6 billion against the estimated $6 billion write-down, leaving about $3.5 billion in monoline exposure, he said.
Oppenheimer, however, views Merrill's potential losses as much larger than what Thain estimates.
The brokerage said future downgrades of monoline insurers by ratings agencies could put another $100 billion in assets held by banks in jeopardy of further write-downs, adding that it expects a write-down of about $10 billion at Merrill if the downgrades happen.
BAILOUT
Fears of market turmoil resulting from the possible downgrades of the monoline insurers has provoked regulatory interest, though some analysts consider that any regulatory solution is likely to come too late.
New York State Insurance Superintendent Eric Dinallo is working with banks to help the bond insurers raise capital to strengthen their balance sheets.
New York Gov. Eliot Spitzer said on Tuesday he was working "extraordinarily hard" to aid troubled bond insurers and would do whatever is appropriate for the bond market.
But analysts said that any bond insurer bailout is likely to end up looking like the SIV bailout -- a selective rescue of the biggest players, rather than an industry-wide fix.
Banks all have varying levels of exposures to the bond insurers, whether in muni bond trading or credit derivatives and structured finance. Different insurers also have different capital requirements.
Getting a large number of parties to determine how to share the risk will be incredibly difficult, and instead the banks with the most to lose might bail out individual insurers, analysts said.
Wednesday, January 30, 2008
中国製ギョーザで１０人中毒症状 農薬検出 千葉・兵庫
中国製ギョーザで１０人中毒症状 農薬検出 千葉・兵庫
2008年01月30日21時28分
日本たばこ産業（ＪＴ）子会社の「ジェイティフーズ」（東京都品川区）が輸入した冷凍ギョーザを食べた千葉、兵庫両県の３家族計１０人が下痢や嘔吐（おうと）などの中毒症状を訴え、このうち、女児（５）ら３人が一時重体になっていたことが３０日、わかった。いずれも中国の食品会社「天洋食品廠公司」の製造。両県警がギョーザを鑑定したところ、メタミドホスなど有機リン系農薬の成分が検出されたため、ジェイティフーズは、同公司製造の２３品目、約５８万点の自主回収を開始。冷凍食品大手の「加ト吉」（香川県観音寺市）も、同公司に委託製造した冷凍串カツ６種の回収を始めた。味の素グループの「味の素冷凍食品」も同日夜、問題の工場で加工された牛肉を使って国内で製造した市販用冷凍チャーハンなど２品目を、自主回収することを明らかにした。
写真
農薬が混入していたとされる冷凍ギョーザと同じ商品。２９日にコープ市川店で撮影された＝千葉県提供
厚生労働省は、同公司から冷凍ギョーザを輸入した実績がある業者に対し、都道府県を通じて輸入自粛と販売中止を要請。事態を重く見た中国当局（国家品質監督検査検疫総局）も「日本の関係部門と連携を取りながら早急に事実解明をしたい」として調査に入った。
両県警などによると、中毒症状を訴えたのは、千葉県市川市の店員女性（４７）ら家族５人と、千葉市稲毛区の女性（４５）と女児（３）の母子２人、それに兵庫県高砂市の男性（５１）ら親子３人。
市川市の５人は今月２２日、同市内の「ちばコープ コープ市川店」で購入した「ＣＯ・ＯＰ 手作り餃子（ギョーザ）４０個」を食べたところ、吐き気や下痢などの症状を訴えたという。女性と長女（１８）、小４の長男（１０）、小２の次男（８）が重症、次女（５）が意識不明の重体になった。５人とも快方に向かっているが、現在も入院している。
千葉市の母子２人は昨年１２月２８日、同市花見川区の「コープ花見川店」で買った同じ商品を食べて吐き気などをもよおし、入院や通院をしたという。いずれも昨年１０月２０日製造の商品だった。
高砂市の男性の家族３人は今年１月５日、スーパーで購入した「ひとくち餃子」（２０個入り、２６０グラム）を食べた後に同様の症状を訴えた。それぞれ１０～１４日間入院し、男性と次男（１８）が一時重体になった。これは昨年１０月１日の製造だった。
警察庁によると、市川市と高砂市の被害者が食べたギョーザからはメタミドホスが検出された。また、千葉市の２人のギョーザからは、メタミドホスとは特定できていないものの有機リン系農薬の成分が検出された。
ＪＴによると、冷凍ギョーザは、中国でパッケージされて輸入されたものという。原材料はキャベツ、ニラといった野菜と豚肉などだった。
厚労省の藤崎清道食品安全部長は３０日夜、緊急記者会見を開き、「通常の残留農薬では考えにくい急性症状が出ている」と述べ、現状で発生件数が限られていることなどから、生産段階で使用された農薬が中毒の原因となった可能性は低いとの見方を示した。
厚労省によると、同公司製造の冷凍ギョーザは昨年１月から今年１月２８日までに約１３００トン輸入され、約１２３０トンを輸入するジェイティフーズのほか、２社が約７０トン扱っているという。
一方、千葉県警と兵庫県警は、業務上過失傷害や食品衛生法違反容疑で農薬の混入経路などを調べる方針だ。
◇
〈メタミドホス〉 主に殺虫のために使用される有機リン系の農薬の一つ。日本では農薬として登録されていないが、中国では利用されているという。中毒症状としては、神経が異常に興奮状態となり、吐き気や発汗、瞳孔の縮小などが現れる。ひどい時には呼吸障害から昏睡（こんすい）となり、死亡に至る。内閣府食品安全委員会によると、一度に口から与えて半数が死ぬ「半数致死量」は、ラットの場合、体重１キロ当たり１６ミリグラムで、急性毒性は毒物劇物取締法の毒物に相当する。
2008年01月30日21時28分
日本たばこ産業（ＪＴ）子会社の「ジェイティフーズ」（東京都品川区）が輸入した冷凍ギョーザを食べた千葉、兵庫両県の３家族計１０人が下痢や嘔吐（おうと）などの中毒症状を訴え、このうち、女児（５）ら３人が一時重体になっていたことが３０日、わかった。いずれも中国の食品会社「天洋食品廠公司」の製造。両県警がギョーザを鑑定したところ、メタミドホスなど有機リン系農薬の成分が検出されたため、ジェイティフーズは、同公司製造の２３品目、約５８万点の自主回収を開始。冷凍食品大手の「加ト吉」（香川県観音寺市）も、同公司に委託製造した冷凍串カツ６種の回収を始めた。味の素グループの「味の素冷凍食品」も同日夜、問題の工場で加工された牛肉を使って国内で製造した市販用冷凍チャーハンなど２品目を、自主回収することを明らかにした。
写真
農薬が混入していたとされる冷凍ギョーザと同じ商品。２９日にコープ市川店で撮影された＝千葉県提供
厚生労働省は、同公司から冷凍ギョーザを輸入した実績がある業者に対し、都道府県を通じて輸入自粛と販売中止を要請。事態を重く見た中国当局（国家品質監督検査検疫総局）も「日本の関係部門と連携を取りながら早急に事実解明をしたい」として調査に入った。
両県警などによると、中毒症状を訴えたのは、千葉県市川市の店員女性（４７）ら家族５人と、千葉市稲毛区の女性（４５）と女児（３）の母子２人、それに兵庫県高砂市の男性（５１）ら親子３人。
市川市の５人は今月２２日、同市内の「ちばコープ コープ市川店」で購入した「ＣＯ・ＯＰ 手作り餃子（ギョーザ）４０個」を食べたところ、吐き気や下痢などの症状を訴えたという。女性と長女（１８）、小４の長男（１０）、小２の次男（８）が重症、次女（５）が意識不明の重体になった。５人とも快方に向かっているが、現在も入院している。
千葉市の母子２人は昨年１２月２８日、同市花見川区の「コープ花見川店」で買った同じ商品を食べて吐き気などをもよおし、入院や通院をしたという。いずれも昨年１０月２０日製造の商品だった。
高砂市の男性の家族３人は今年１月５日、スーパーで購入した「ひとくち餃子」（２０個入り、２６０グラム）を食べた後に同様の症状を訴えた。それぞれ１０～１４日間入院し、男性と次男（１８）が一時重体になった。これは昨年１０月１日の製造だった。
警察庁によると、市川市と高砂市の被害者が食べたギョーザからはメタミドホスが検出された。また、千葉市の２人のギョーザからは、メタミドホスとは特定できていないものの有機リン系農薬の成分が検出された。
ＪＴによると、冷凍ギョーザは、中国でパッケージされて輸入されたものという。原材料はキャベツ、ニラといった野菜と豚肉などだった。
厚労省の藤崎清道食品安全部長は３０日夜、緊急記者会見を開き、「通常の残留農薬では考えにくい急性症状が出ている」と述べ、現状で発生件数が限られていることなどから、生産段階で使用された農薬が中毒の原因となった可能性は低いとの見方を示した。
厚労省によると、同公司製造の冷凍ギョーザは昨年１月から今年１月２８日までに約１３００トン輸入され、約１２３０トンを輸入するジェイティフーズのほか、２社が約７０トン扱っているという。
一方、千葉県警と兵庫県警は、業務上過失傷害や食品衛生法違反容疑で農薬の混入経路などを調べる方針だ。
◇
〈メタミドホス〉 主に殺虫のために使用される有機リン系の農薬の一つ。日本では農薬として登録されていないが、中国では利用されているという。中毒症状としては、神経が異常に興奮状態となり、吐き気や発汗、瞳孔の縮小などが現れる。ひどい時には呼吸障害から昏睡（こんすい）となり、死亡に至る。内閣府食品安全委員会によると、一度に口から与えて半数が死ぬ「半数致死量」は、ラットの場合、体重１キロ当たり１６ミリグラムで、急性毒性は毒物劇物取締法の毒物に相当する。
Top-grade US wheat prices soar
Top-grade US wheat prices soar
By Javier Blas in London
Published: January 29 2008 22:01 | Last updated: January 29 2008 22:01
Prices for top-quality US wheat jumped to a record high on Tuesday, extending their gains over the past two months to 40 per cent as demand from emerging countries was boosted by weakness in the US dollar and sharp declines in freight costs.
High quality spring and winter hard red wheat is in demand from importers because of its high protein content. The recent price rally for hard red wheat has also spilled over into lower quality soft wheat, which is traded in Chicago.
Soft wheat, considered the main benchmark for prices, is used to bake flatbreads, cakes and pastries due to its lower protein content.
At the Minneapolis Grain Exchange on Tuesday, top-quality spring red hard wheat soared by its 30 cents daily trading limit to $13.27 a bushel, more than double its price a year ago.
The wheat price surge has been accompanied by a decline in freight costs, down almost 50 per cent from an all-time peak in November. Traders said that the jump was also exacerbated by panic buying and the shallow liquidity of the Minneapolis market.
Middle East and African countries usually import large amounts of high quality US wheat to complement their local crops of lower quality grain. Japan and other Asian countries also buy top-quality wheat from the US.
Record freight rates last year put some grain exports on hold, while countries including India and Taiwan moved from large capacity bulk vessels to smaller cargos in an effort to lower shipping costs.
The price of hard red winter wheat for March delivery at the Kansas City Board of Trade was up 10 cents at $10.10 a bushel, a rise of nearly 25 per cent over the past two months. Hard red winter wheat’s protein content is not as high as top-quality spring wheat.
US farmers have exported about 14.4m tonnes of spring and winter hard red wheat during the current crop marketing year, accounting for almost 65 per cent of their total foreign sales. Last week, 75 per cent of exports were of top-quality wheat.
The rise in export demand comes as the US Department of Agriculture has forecast that top-quality wheat inventories will fall to the lowest level in at least 30 years before the arrival of the next crop, which is expected in summer.
Supply tightness in the top quality wheat market has been aggravated by drought in the key US growing area for hard red winter wheat. In spite of record prices, US farmers sowed less of this wheat variety in the autumn than a year previous.
Greg Wagner, of Horizon Strategies in Chicago, said the disappointing expansion in land devoted to hard red winter wheat provided a trigger for the price rally in spring wheat. Recent price action also provided a clear indication that competition for land between wheat, soyabean and corn can be expected to intensify in 2008.
“It is an absolute necessity to secure more acreage for high protein wheat or prices will need to rise high enough in order to ration demand,” said Mr Wagner.
In Chicago, lower quality soft wheat for March delivery fell 10 cents to $9.53 a bushel, below its recent all-time high of $10.09 a bushel.
By Javier Blas in London
Published: January 29 2008 22:01 | Last updated: January 29 2008 22:01
Prices for top-quality US wheat jumped to a record high on Tuesday, extending their gains over the past two months to 40 per cent as demand from emerging countries was boosted by weakness in the US dollar and sharp declines in freight costs.
High quality spring and winter hard red wheat is in demand from importers because of its high protein content. The recent price rally for hard red wheat has also spilled over into lower quality soft wheat, which is traded in Chicago.
Soft wheat, considered the main benchmark for prices, is used to bake flatbreads, cakes and pastries due to its lower protein content.
At the Minneapolis Grain Exchange on Tuesday, top-quality spring red hard wheat soared by its 30 cents daily trading limit to $13.27 a bushel, more than double its price a year ago.
The wheat price surge has been accompanied by a decline in freight costs, down almost 50 per cent from an all-time peak in November. Traders said that the jump was also exacerbated by panic buying and the shallow liquidity of the Minneapolis market.
Middle East and African countries usually import large amounts of high quality US wheat to complement their local crops of lower quality grain. Japan and other Asian countries also buy top-quality wheat from the US.
Record freight rates last year put some grain exports on hold, while countries including India and Taiwan moved from large capacity bulk vessels to smaller cargos in an effort to lower shipping costs.
The price of hard red winter wheat for March delivery at the Kansas City Board of Trade was up 10 cents at $10.10 a bushel, a rise of nearly 25 per cent over the past two months. Hard red winter wheat’s protein content is not as high as top-quality spring wheat.
US farmers have exported about 14.4m tonnes of spring and winter hard red wheat during the current crop marketing year, accounting for almost 65 per cent of their total foreign sales. Last week, 75 per cent of exports were of top-quality wheat.
The rise in export demand comes as the US Department of Agriculture has forecast that top-quality wheat inventories will fall to the lowest level in at least 30 years before the arrival of the next crop, which is expected in summer.
Supply tightness in the top quality wheat market has been aggravated by drought in the key US growing area for hard red winter wheat. In spite of record prices, US farmers sowed less of this wheat variety in the autumn than a year previous.
Greg Wagner, of Horizon Strategies in Chicago, said the disappointing expansion in land devoted to hard red winter wheat provided a trigger for the price rally in spring wheat. Recent price action also provided a clear indication that competition for land between wheat, soyabean and corn can be expected to intensify in 2008.
“It is an absolute necessity to secure more acreage for high protein wheat or prices will need to rise high enough in order to ration demand,” said Mr Wagner.
In Chicago, lower quality soft wheat for March delivery fell 10 cents to $9.53 a bushel, below its recent all-time high of $10.09 a bushel.
日仏の原子力協力拡大へ、４月にフィヨン首相が来日
日仏の原子力協力拡大へ、４月にフィヨン首相が来日
【パリ＝林路郎】フランスのフィヨン首相が４月上旬にも来日し、日仏両政府が原子力利用の分野での協力拡大で合意する見通しであることが分かった。
ロシアや中国などが強硬な資源外交を展開するなかで、「原子力立国」を掲げ、原子力エネルギーに資源確保の突破口を見いだそうとする日本は、原子力施設や技術の売り込みに積極的なサルコジ仏政権と共同歩調を取ることで、エネルギー政策の強化を図る。
複数の外交筋によると、フィヨン首相は来日時に福田首相らと会談するほか、日本原燃の使用済み核燃料再処理施設（青森県六ヶ所村）を視察する予定。
具体的には、〈１〉原子力エネルギーの将来における重要性の原則的立場を確認し合う〈２〉原発の売り込みに必要となる発展途上国での原子力技術者養成や原子力産業の基盤整備で日仏が政府開発援助（ＯＤＡ）などで協調する〈３〉三菱重工業と仏国営原子力企業アレバが合意した次世代型原子炉の販路開拓で協力する――ことが柱となる見込み。
【パリ＝林路郎】フランスのフィヨン首相が４月上旬にも来日し、日仏両政府が原子力利用の分野での協力拡大で合意する見通しであることが分かった。
ロシアや中国などが強硬な資源外交を展開するなかで、「原子力立国」を掲げ、原子力エネルギーに資源確保の突破口を見いだそうとする日本は、原子力施設や技術の売り込みに積極的なサルコジ仏政権と共同歩調を取ることで、エネルギー政策の強化を図る。
複数の外交筋によると、フィヨン首相は来日時に福田首相らと会談するほか、日本原燃の使用済み核燃料再処理施設（青森県六ヶ所村）を視察する予定。
具体的には、〈１〉原子力エネルギーの将来における重要性の原則的立場を確認し合う〈２〉原発の売り込みに必要となる発展途上国での原子力技術者養成や原子力産業の基盤整備で日仏が政府開発援助（ＯＤＡ）などで協調する〈３〉三菱重工業と仏国営原子力企業アレバが合意した次世代型原子炉の販路開拓で協力する――ことが柱となる見込み。
Societe Generale Board Member Sold Shares on Jan. 18
Societe Generale Board Member Sold Shares on Jan. 18 (Update3)
By Gregory Viscusi and Heather Smith
Jan. 29 (Bloomberg) -- Societe Generale SA board member Robert Day and his foundations sold shares of the bank worth 45 million euros ($67 million) on Jan. 18, the day it said management discovered trading frauds costing 4.9 billion euros.
Day's sales totaled 40.5 million euros for himself and 4.5 million euros for the Robert A. Day Foundation, France's market regulator, the Autorite des Marches Financiers, said in two statements on its Web site.
These sales bring to 140 million euros the amount of shares in Societe Generale that Day or his foundations have sold since the start of the month.
``The AMF has opened an investigation into Societe Generale,'' Christine Anglade, a spokeswoman for the regulator, said today. She declined to say what the AMF was looking into at the bank.
Paris-based Societe Generale delayed an announcement about a 2.05 billion-euro writedown linked to the U.S. subprime mortgage market to Jan. 24 from Jan. 21 after discovering that trader Jerome Kerviel had secretly set up positions that resulted in losses of 4.9 billion euros as they were unwound over the next three days.
Josh Pekarsky, a spokesman for Day, said ``no inside information was used in any way with respect to these sales,'' in an e-mailed statement yesterday. Day still owns approximately 1.9 million shares in Societe Generale. Pekarsky declined to comment further today.
Shareholder Activists
Colette Neuville, chairwoman of ADAM, the Chartres, France- based shareholder activist association, filed a request with the AMF to launch an investigation into Societe Generale for insider trading, failure to disclose the extent of its subprime losses, and how it accounted for the losses attributed to resolving Kerviel's positions
In addition to the shares sold by Day this month, Neuville cited a November 2007 letter to investors from Societe Generale Chief Financial Officer Frederic Oudea estimating the bank's subprime loss at 230 million euros.
``Shareholders who put their trust in these reassuring statements were clearly led astray,'' Neuville said in the letter to the AMF.
Lawsuit
A group of individual and company investors yesterday filed a suit against unnamed people at the bank alleging insider trading, their lawyer Frederik-Karel Canoy said.
Societe Generale did not inform board members when ``additional subprime-related writedowns or reserves would be made. Such writedowns and reserves were presented to the board for the first time on January 20, 2008,'' Laura Schalk, a spokeswoman for Societe Generale, said in a statement. Day ``has pledged his cooperation into any inquiries,'' she said.
Societe Generale bought control of Los Angeles-based fund management company TCW Group Inc., where Day was chief executive officer, in 2001 for $1.3 billion in stock. Day is 297th on Forbes Magazine's list of the wealthiest people in the U.S. with an estimated worth of $1.6 billion.
By Gregory Viscusi and Heather Smith
Jan. 29 (Bloomberg) -- Societe Generale SA board member Robert Day and his foundations sold shares of the bank worth 45 million euros ($67 million) on Jan. 18, the day it said management discovered trading frauds costing 4.9 billion euros.
Day's sales totaled 40.5 million euros for himself and 4.5 million euros for the Robert A. Day Foundation, France's market regulator, the Autorite des Marches Financiers, said in two statements on its Web site.
These sales bring to 140 million euros the amount of shares in Societe Generale that Day or his foundations have sold since the start of the month.
``The AMF has opened an investigation into Societe Generale,'' Christine Anglade, a spokeswoman for the regulator, said today. She declined to say what the AMF was looking into at the bank.
Paris-based Societe Generale delayed an announcement about a 2.05 billion-euro writedown linked to the U.S. subprime mortgage market to Jan. 24 from Jan. 21 after discovering that trader Jerome Kerviel had secretly set up positions that resulted in losses of 4.9 billion euros as they were unwound over the next three days.
Josh Pekarsky, a spokesman for Day, said ``no inside information was used in any way with respect to these sales,'' in an e-mailed statement yesterday. Day still owns approximately 1.9 million shares in Societe Generale. Pekarsky declined to comment further today.
Shareholder Activists
Colette Neuville, chairwoman of ADAM, the Chartres, France- based shareholder activist association, filed a request with the AMF to launch an investigation into Societe Generale for insider trading, failure to disclose the extent of its subprime losses, and how it accounted for the losses attributed to resolving Kerviel's positions
In addition to the shares sold by Day this month, Neuville cited a November 2007 letter to investors from Societe Generale Chief Financial Officer Frederic Oudea estimating the bank's subprime loss at 230 million euros.
``Shareholders who put their trust in these reassuring statements were clearly led astray,'' Neuville said in the letter to the AMF.
Lawsuit
A group of individual and company investors yesterday filed a suit against unnamed people at the bank alleging insider trading, their lawyer Frederik-Karel Canoy said.
Societe Generale did not inform board members when ``additional subprime-related writedowns or reserves would be made. Such writedowns and reserves were presented to the board for the first time on January 20, 2008,'' Laura Schalk, a spokeswoman for Societe Generale, said in a statement. Day ``has pledged his cooperation into any inquiries,'' she said.
Societe Generale bought control of Los Angeles-based fund management company TCW Group Inc., where Day was chief executive officer, in 2001 for $1.3 billion in stock. Day is 297th on Forbes Magazine's list of the wealthiest people in the U.S. with an estimated worth of $1.6 billion.
UK paying for 'migrant baby boom'
UK paying for 'migrant baby boom'
By Mark Easton
BBC News home editor
Births to Eastern European-born mothers have risen by 15,000
Polish-born Eliza and baby
The NHS is spending ￡350m a year to provide maternity services for foreign-born mothers, ￡200m more than a decade ago, the BBC has found.
Immigration has raised the birth rate so fast that some units have closed, so that midwives could be moved to areas of urgent need.
A unit in Ascot, Berkshire, shut for two months in 2007 because staff had to be transferred to Slough.
The NHS says it is working to "build in" the extra capacity needed.
Other maternity units have turned expectant mothers away because they could not cope with unprecedented increases in the local birth rate.
When Labour came to power, the NHS spent around ￡1bn a year on maternity services, with one baby in eight delivered to a foreign-born mother.
Ten years on, spending has risen to ￡1.6bn, with almost one baby in four delivered to a mother born overseas.
While the number of babies born to British mothers has fallen by 44,000 a year since the mid-1990s, the figure for babies born to foreign mothers has risen by 64,000 - a 77% increase which has pushed the overall birth-rate to its highest level for 26 years.
Graph In central London, where six out of every 10 babies born has a foreign-born mother, senior consultants and health managers blame the lack of resources to deal with the pressures of migration for unacceptably poor standards.
Professor Philip Steer, editor of the British Journal of Obstetrics and Gynaecology, said: "The Department of Health has been taken by surprise. The demographic change, the sheer numbers, has in some areas increased very substantially without there being any forward planning really to allow for that."
According to figures from the Office for National Statistics, in 2006 there were 15,000 more Eastern European babies born here than a decade earlier.
'Unprecedented increase'
The statistics go on to show that 11,000 more babies were born to a mother from the Indian sub-continent, while 8,000 extra babies had mothers born in Africa.
Heatherwood Hospital in Ascot closed its maternity unit for two months in the summer of 2007 because of an "unprecedented increase" in the local birth rate.
Midwives were moved to Wexham Park Hospital, closer to the pressure-point of Slough where in the last year staff have witnessed an extra 150 babies delivered to foreign-born mothers.
Baby Tharlie In a statement at the time, local health officials said they "reluctantly took the decision to temporarily close the delivery suite at Heatherwood Hospital for two months so we can ensure we offer mothers-to-be a safe, high quality service at Wexham Park Hospital."
The knock-on effect was experienced in nearby Reading where the local maternity unit could not cope with the extra demand.
Tharlie Cooper was supposed to have been born in Reading, but when mother Lavina went into labour two weeks overdue she was told that, despite her being booked in, her local birthing unit was full.
Tharlie's father Dean was furious. "Basically we got turned away and the reply I got on the phone was wherever you ended up is where you end up", he said.
He drove his wife to Basingstoke in neighbouring Hampshire where doctors conducted an emergency caesarean.
LIVE BIRTHS BY COUNTRY OF BIRTH OF MOTHER
* Births by British-born mothers down 44,000
* Births by all foreign-born mothers up 64,000
* Births by mothers born in Eastern Europe up 15,000
* Births by mothers born in Indian subcontinent up 11,000
* Births by mothers born in Africa up 8,000
Source: ONS/BBC
Send us your comments
Lavina, herself a migrant from South Africa, believes she and her baby could have died without prompt medical help.
The Royal Berkshire Hospital has apologised to the Cooper family.
In a statement the trust said: "It is a very difficult decision to close the unit and one which is not taken lightly.
"We are undertaking a strategic review to look at what sort of maternity services should be provided over the next 10 years, based on future population growth and birth rates."
How to cope
Peterborough has seen a huge increase in births from Eastern Europeans. There were just three such babies in 2000, but almost 200 in 2006.
At the Thistlemoor Medical Centre, births among patients have increased 33% in just two years. GP Nalini Modha fears the authorities have not planned for the new arrivals.
"Hopefully somebody who is in authority is actually looking at the figures to try and work out how they're going to cope with the influx" she said.
"If you're going to provide responsible care for all the population - the indigenous as well as the newcomers - then we will have to stop and think about what we can and can't afford."
Graph
In parts of Greater London, seven out of 10 babies are now delivered to mothers born overseas.
The Strategic Health Authority argues that this partly explains why maternity services in the capital performed so poorly in last week's Healthcare Commission report.
Births within migrant groups can often be more difficult, more dangerous and more expensive - with much higher rates of type 2 diabetes, tuberculosis and HIV among mothers who often turn up very late in their pregnancy.
London's chief nurse, Trish Morris-Thompson, admitted that the NHS had not realised how immigration would affect maternity services.
"The timing of the impact is much quicker than we had anticipated", she said.
"We're working with our commissioners and our maternity providers now to ensure that we're building in the capacity they need."
By Mark Easton
BBC News home editor
Births to Eastern European-born mothers have risen by 15,000
Polish-born Eliza and baby
The NHS is spending ￡350m a year to provide maternity services for foreign-born mothers, ￡200m more than a decade ago, the BBC has found.
Immigration has raised the birth rate so fast that some units have closed, so that midwives could be moved to areas of urgent need.
A unit in Ascot, Berkshire, shut for two months in 2007 because staff had to be transferred to Slough.
The NHS says it is working to "build in" the extra capacity needed.
Other maternity units have turned expectant mothers away because they could not cope with unprecedented increases in the local birth rate.
When Labour came to power, the NHS spent around ￡1bn a year on maternity services, with one baby in eight delivered to a foreign-born mother.
Ten years on, spending has risen to ￡1.6bn, with almost one baby in four delivered to a mother born overseas.
While the number of babies born to British mothers has fallen by 44,000 a year since the mid-1990s, the figure for babies born to foreign mothers has risen by 64,000 - a 77% increase which has pushed the overall birth-rate to its highest level for 26 years.
Graph In central London, where six out of every 10 babies born has a foreign-born mother, senior consultants and health managers blame the lack of resources to deal with the pressures of migration for unacceptably poor standards.
Professor Philip Steer, editor of the British Journal of Obstetrics and Gynaecology, said: "The Department of Health has been taken by surprise. The demographic change, the sheer numbers, has in some areas increased very substantially without there being any forward planning really to allow for that."
According to figures from the Office for National Statistics, in 2006 there were 15,000 more Eastern European babies born here than a decade earlier.
'Unprecedented increase'
The statistics go on to show that 11,000 more babies were born to a mother from the Indian sub-continent, while 8,000 extra babies had mothers born in Africa.
Heatherwood Hospital in Ascot closed its maternity unit for two months in the summer of 2007 because of an "unprecedented increase" in the local birth rate.
Midwives were moved to Wexham Park Hospital, closer to the pressure-point of Slough where in the last year staff have witnessed an extra 150 babies delivered to foreign-born mothers.
Baby Tharlie In a statement at the time, local health officials said they "reluctantly took the decision to temporarily close the delivery suite at Heatherwood Hospital for two months so we can ensure we offer mothers-to-be a safe, high quality service at Wexham Park Hospital."
The knock-on effect was experienced in nearby Reading where the local maternity unit could not cope with the extra demand.
Tharlie Cooper was supposed to have been born in Reading, but when mother Lavina went into labour two weeks overdue she was told that, despite her being booked in, her local birthing unit was full.
Tharlie's father Dean was furious. "Basically we got turned away and the reply I got on the phone was wherever you ended up is where you end up", he said.
He drove his wife to Basingstoke in neighbouring Hampshire where doctors conducted an emergency caesarean.
LIVE BIRTHS BY COUNTRY OF BIRTH OF MOTHER
* Births by British-born mothers down 44,000
* Births by all foreign-born mothers up 64,000
* Births by mothers born in Eastern Europe up 15,000
* Births by mothers born in Indian subcontinent up 11,000
* Births by mothers born in Africa up 8,000
Source: ONS/BBC
Send us your comments
Lavina, herself a migrant from South Africa, believes she and her baby could have died without prompt medical help.
The Royal Berkshire Hospital has apologised to the Cooper family.
In a statement the trust said: "It is a very difficult decision to close the unit and one which is not taken lightly.
"We are undertaking a strategic review to look at what sort of maternity services should be provided over the next 10 years, based on future population growth and birth rates."
How to cope
Peterborough has seen a huge increase in births from Eastern Europeans. There were just three such babies in 2000, but almost 200 in 2006.
At the Thistlemoor Medical Centre, births among patients have increased 33% in just two years. GP Nalini Modha fears the authorities have not planned for the new arrivals.
"Hopefully somebody who is in authority is actually looking at the figures to try and work out how they're going to cope with the influx" she said.
"If you're going to provide responsible care for all the population - the indigenous as well as the newcomers - then we will have to stop and think about what we can and can't afford."
Graph
In parts of Greater London, seven out of 10 babies are now delivered to mothers born overseas.
The Strategic Health Authority argues that this partly explains why maternity services in the capital performed so poorly in last week's Healthcare Commission report.
Births within migrant groups can often be more difficult, more dangerous and more expensive - with much higher rates of type 2 diabetes, tuberculosis and HIV among mothers who often turn up very late in their pregnancy.
London's chief nurse, Trish Morris-Thompson, admitted that the NHS had not realised how immigration would affect maternity services.
"The timing of the impact is much quicker than we had anticipated", she said.
"We're working with our commissioners and our maternity providers now to ensure that we're building in the capacity they need."
奨学金：大学生の上限２万円増…文科省、来年度から
奨学金：大学生の上限２万円増…文科省、来年度から
文部科学省は来年度から奨学金の上限を２万円引き上げることを決めた。大学生は現行の１０万円を１２万円、大学院生は１３万円を１５万円にそれぞれアップする。変更は９９年度以来９年ぶり。
奨学金は同省が予算を決め、独立行政法人・日本学生支援機構が運営している。有利子と無利子の２種類があり、今回の対象は有利子分。大学生の場合、月額３万、５万、８万、１０万円のいずれかを選択して支給を受けているが、来年度からは１２万円を希望することも可能になる。大学院生も現行の５万、８万、１０万、１３万円に加え、１５万円が選択肢に加わる。
さらに、対象学生数も無利子分を前年度比１０００人増の４６万８０００人、有利子分を同７万４０００人増の７５万人と設定。一連の措置で予算総額は同８０１億円増の９３０５億円になるという。
最高額を選択する学生は年々増加傾向にあるといい、同省は「需要は高まっており、経済格差で進学の機会が奪われないよう、教育の機会均等を重視した」としている。奨学金の拡充は、政府の「骨太の方針２００７」にも盛り込まれていた。【高山純二】
文部科学省は来年度から奨学金の上限を２万円引き上げることを決めた。大学生は現行の１０万円を１２万円、大学院生は１３万円を１５万円にそれぞれアップする。変更は９９年度以来９年ぶり。
奨学金は同省が予算を決め、独立行政法人・日本学生支援機構が運営している。有利子と無利子の２種類があり、今回の対象は有利子分。大学生の場合、月額３万、５万、８万、１０万円のいずれかを選択して支給を受けているが、来年度からは１２万円を希望することも可能になる。大学院生も現行の５万、８万、１０万、１３万円に加え、１５万円が選択肢に加わる。
さらに、対象学生数も無利子分を前年度比１０００人増の４６万８０００人、有利子分を同７万４０００人増の７５万人と設定。一連の措置で予算総額は同８０１億円増の９３０５億円になるという。
最高額を選択する学生は年々増加傾向にあるといい、同省は「需要は高まっており、経済格差で進学の機会が奪われないよう、教育の機会均等を重視した」としている。奨学金の拡充は、政府の「骨太の方針２００７」にも盛り込まれていた。【高山純二】
力士急死：時津風部屋の兄弟子３人の番付据え置き
力士急死：時津風部屋の兄弟子３人の番付据え置き
大相撲の時津風部屋の力士急死問題で、暴行に加わったとされ、昨年１１月の九州場所から全休している兄弟子３人（同部屋）の春場所番付が初場所の地位で据え置かれることになった。３０日の番付編成会議で決まった。日本相撲協会審判部によると「捜査に全面協力することによる救済措置」としている。広報部によると、全休した力士の番付を留め置く前例はほとんどなく、異例の対応となった。
この措置は、２６日に開かれた臨時理事会ですでに決まっており、この日の審判部で確認された。初場所の兄弟子の番付は幕下１人と序二段２人。
-----------
兄弟子３人、全休なのに番付据え置き…序ノ口力士死亡事件
時津風部屋の序ノ口力士が死亡した問題で日本相撲協会は２９日までに、愛知県警の捜査による心労を理由に九州場所から休場している兄弟子３人の春場所（３月９日初日・大阪府立体育会館）の番付を据え置くことを決めた。正式には３０日に両国国技館で開かれる春場所の番付編成会議で決まる。力士死亡問題が、通常なら降格するはずの番付にも影響を及ぼした。
兄弟子３力士の番付据え置きは２６日の臨時理事会で承認された。協会広報部によると過去、公傷を除き休場した力士の番付が据え置かれた例はない。３人の初場所の番付はそれぞれ幕下下位、序二段上位、同下位。角界の慣例を破る異例の措置に北の湖理事長は「協会は今、捜査に全面協力しています。３力士も捜査に協力しており社会通念上、据え置くことを決めた」と説明。前例のない理由での休場が異例の番付据え置きという事態を引き起こした。
力士死亡問題は愛知県警が２月中に前時津風親方の山本順一氏と兄弟子３人を逮捕する方針を固めている。協会は現役力士逮捕のＸデー当日に臨時理事会を開き、兄弟子３力士の処遇を決める。ただ、同県警の初動捜査ミスで起訴が見送られる可能性もある。こうした不確定な状況も番付が据え置かれた背景にはある。協会の温情とも言える措置に現時津風親方（元幕内・時津海）は「３人ともこうした状況でも復帰を目指してけいこしているので感謝しています」と話した。
大相撲の時津風部屋の力士急死問題で、暴行に加わったとされ、昨年１１月の九州場所から全休している兄弟子３人（同部屋）の春場所番付が初場所の地位で据え置かれることになった。３０日の番付編成会議で決まった。日本相撲協会審判部によると「捜査に全面協力することによる救済措置」としている。広報部によると、全休した力士の番付を留め置く前例はほとんどなく、異例の対応となった。
この措置は、２６日に開かれた臨時理事会ですでに決まっており、この日の審判部で確認された。初場所の兄弟子の番付は幕下１人と序二段２人。
-----------
兄弟子３人、全休なのに番付据え置き…序ノ口力士死亡事件
時津風部屋の序ノ口力士が死亡した問題で日本相撲協会は２９日までに、愛知県警の捜査による心労を理由に九州場所から休場している兄弟子３人の春場所（３月９日初日・大阪府立体育会館）の番付を据え置くことを決めた。正式には３０日に両国国技館で開かれる春場所の番付編成会議で決まる。力士死亡問題が、通常なら降格するはずの番付にも影響を及ぼした。
兄弟子３力士の番付据え置きは２６日の臨時理事会で承認された。協会広報部によると過去、公傷を除き休場した力士の番付が据え置かれた例はない。３人の初場所の番付はそれぞれ幕下下位、序二段上位、同下位。角界の慣例を破る異例の措置に北の湖理事長は「協会は今、捜査に全面協力しています。３力士も捜査に協力しており社会通念上、据え置くことを決めた」と説明。前例のない理由での休場が異例の番付据え置きという事態を引き起こした。
力士死亡問題は愛知県警が２月中に前時津風親方の山本順一氏と兄弟子３人を逮捕する方針を固めている。協会は現役力士逮捕のＸデー当日に臨時理事会を開き、兄弟子３力士の処遇を決める。ただ、同県警の初動捜査ミスで起訴が見送られる可能性もある。こうした不確定な状況も番付が据え置かれた背景にはある。協会の温情とも言える措置に現時津風親方（元幕内・時津海）は「３人ともこうした状況でも復帰を目指してけいこしているので感謝しています」と話した。
マンション更新料：過大でない…返還請求を棄却 京都地裁
マンション更新料：過大でない…返還請求を棄却 京都地裁
賃貸マンションの更新料は消費者契約法に違反し無効だとして、京都市の男性会社員（５３）が貸主に、更新料５回分計５０万円の返還を求めた訴訟の判決が３０日、京都地裁であった。池田光宏裁判長は「更新料はいわば賃料の前払いで（本件では）契約期間や家賃に照らし過大でなく、消費者の利益を一方的に害するものとはいえない」と述べ、請求を棄却した。男性側は大阪高裁に控訴した。
判決によると、男性は００年８月、月額家賃４万５０００円、更新料毎年１０万円で左京区のマンションを借りる契約を貸主と締結。０６年１１月に退去するまで６回更新したうち、最後を除く５回、更新料を支払った。
判決は「借り手は更新料を含めて物件を選択しており、契約前に更新料の金額について説明を受けている」と指摘。「契約が不測の損害、不利益をもたらすものではない」として、消費者の利益を一方的に害する条項を無効と定めた同法に反しないと結論付けた。
男性は「更新料は賃料増額手続きの代わりに脱法的に始められたもので、借り手側が情報力、交渉力に劣るため維持されてきた」などと主張していた。
更新料は全国で１００万戸以上に設定されているとみられ、影響の大きさから、男性側が「京都敷金・保証金弁護団」、貸手側が「貸主更新料弁護団」を組織して正面から争っていた。【太田裕之】
賃貸マンションの更新料は消費者契約法に違反し無効だとして、京都市の男性会社員（５３）が貸主に、更新料５回分計５０万円の返還を求めた訴訟の判決が３０日、京都地裁であった。池田光宏裁判長は「更新料はいわば賃料の前払いで（本件では）契約期間や家賃に照らし過大でなく、消費者の利益を一方的に害するものとはいえない」と述べ、請求を棄却した。男性側は大阪高裁に控訴した。
判決によると、男性は００年８月、月額家賃４万５０００円、更新料毎年１０万円で左京区のマンションを借りる契約を貸主と締結。０６年１１月に退去するまで６回更新したうち、最後を除く５回、更新料を支払った。
判決は「借り手は更新料を含めて物件を選択しており、契約前に更新料の金額について説明を受けている」と指摘。「契約が不測の損害、不利益をもたらすものではない」として、消費者の利益を一方的に害する条項を無効と定めた同法に反しないと結論付けた。
男性は「更新料は賃料増額手続きの代わりに脱法的に始められたもので、借り手側が情報力、交渉力に劣るため維持されてきた」などと主張していた。
更新料は全国で１００万戸以上に設定されているとみられ、影響の大きさから、男性側が「京都敷金・保証金弁護団」、貸手側が「貸主更新料弁護団」を組織して正面から争っていた。【太田裕之】
京セラ、中国の携帯事業から撤退…日本メーカー姿消す
京セラ、中国の携帯事業から撤退…日本メーカー姿消す
京セラは３月末までに、中国企業との合弁契約を解消し、中国の携帯電話端末事業を清算、同市場から撤退する。これにより、すべての日本メーカーが中国市場から姿を消すこととなる。
京セラは、２００１年１２月に約１１億円出資して中国の電子機器メーカー中国振華科技（貴州）と現地に合弁会社を設立。世界最大規模の携帯市場で、高機能製品を中心に端末を生産し、販売してきた。しかし、中国では音声通話のみの低価格端末が主流で、販売は伸び悩んでいた。
京セラは３月末までに、中国企業との合弁契約を解消し、中国の携帯電話端末事業を清算、同市場から撤退する。これにより、すべての日本メーカーが中国市場から姿を消すこととなる。
京セラは、２００１年１２月に約１１億円出資して中国の電子機器メーカー中国振華科技（貴州）と現地に合弁会社を設立。世界最大規模の携帯市場で、高機能製品を中心に端末を生産し、販売してきた。しかし、中国では音声通話のみの低価格端末が主流で、販売は伸び悩んでいた。
地対空誘導ミサイル、横須賀にも配備・首都防衛、一段と強化
地対空誘導ミサイル、横須賀にも配備・首都防衛、一段と強化
防衛省は30日未明、弾道ミサイルを迎撃する地対空誘導弾パトリオットミサイル（ＰＡＣ３）を神奈川県横須賀市の航空自衛隊武山分屯基地に配備した。入間基地（埼玉県）、習志野分屯基地（千葉県）に次いで3カ所目。首都を守るミサイル防衛（ＭＤ）システムが一段と強化された。
同日は誘導装置などを装備した特殊車両とともに発射機2基を基地に搬入した。首都防衛は4カ所体制を予定しており、近く霞ケ浦分屯基地（茨城県）にも配備する。2010年春には中部東海、九州北部などでも迎撃態勢を整え、全国11カ所体制にする。
ＭＤは飛来する敵の弾道ミサイルを探知し、着弾前に迎撃する仕組み。大気圏外を飛ぶミサイルをまずイージス艦に搭載したスタンダードミサイル（ＳＭ３）で狙い、打ち損じたら地上からＰＡＣ３で撃墜する。(10:22)
防衛省は30日未明、弾道ミサイルを迎撃する地対空誘導弾パトリオットミサイル（ＰＡＣ３）を神奈川県横須賀市の航空自衛隊武山分屯基地に配備した。入間基地（埼玉県）、習志野分屯基地（千葉県）に次いで3カ所目。首都を守るミサイル防衛（ＭＤ）システムが一段と強化された。
同日は誘導装置などを装備した特殊車両とともに発射機2基を基地に搬入した。首都防衛は4カ所体制を予定しており、近く霞ケ浦分屯基地（茨城県）にも配備する。2010年春には中部東海、九州北部などでも迎撃態勢を整え、全国11カ所体制にする。
ＭＤは飛来する敵の弾道ミサイルを探知し、着弾前に迎撃する仕組み。大気圏外を飛ぶミサイルをまずイージス艦に搭載したスタンダードミサイル（ＳＭ３）で狙い、打ち損じたら地上からＰＡＣ３で撃墜する。(10:22)
東京港の07年貿易額、輸出入とも過去最高
東京港の07年貿易額、輸出入とも過去最高
東京税関が29日発表した2007年の東京港の貿易額は、輸出が前年比11.0％増の5兆5798億円、輸入は9.7％増の7兆6625億円となった。電子部品などが好調で輸出、輸入とも過去最高を更新。都ではコンテナ取扱量も10年連続で日本一になるとみている。ただ、アジア主要港と比べるとコンテナ取扱量や基幹航路数は見劣りしており、バース整備を含む利便性の向上が課題となっている。
東京税関によると、輸出入の差引額は2兆827億円の輸入超過で、入超は7年連続となった。地域別では、米国向けの輸出が4年ぶりに減少し、1.8％減の1兆4348億円にとどまった。一方、中国向けは輸出が14.7％増の1兆3103億円、輸入も11.9％増の3兆989億円となり、いずれも過去最高。輸出では半導体などの電子部品が伸びた。
首都圏１都７県の貿易額は、輸出が9.9％増の31兆6798億円、輸入が7.0％増の33兆4822億円となった。
東京税関が29日発表した2007年の東京港の貿易額は、輸出が前年比11.0％増の5兆5798億円、輸入は9.7％増の7兆6625億円となった。電子部品などが好調で輸出、輸入とも過去最高を更新。都ではコンテナ取扱量も10年連続で日本一になるとみている。ただ、アジア主要港と比べるとコンテナ取扱量や基幹航路数は見劣りしており、バース整備を含む利便性の向上が課題となっている。
東京税関によると、輸出入の差引額は2兆827億円の輸入超過で、入超は7年連続となった。地域別では、米国向けの輸出が4年ぶりに減少し、1.8％減の1兆4348億円にとどまった。一方、中国向けは輸出が14.7％増の1兆3103億円、輸入も11.9％増の3兆989億円となり、いずれも過去最高。輸出では半導体などの電子部品が伸びた。
首都圏１都７県の貿易額は、輸出が9.9％増の31兆6798億円、輸入が7.0％増の33兆4822億円となった。
FBI probes 14 companies over home loans
FBI probes 14 companies over home loans
By ALAN ZIBEL, AP Business Writer Tue Jan 29, 7:00 PM ET
WASHINGTON - The FBI on Tuesday said it is investigating 14 companies for possible accounting fraud, insider trading or other violations in connection with home loans made to risky borrowers.
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Agency officials did not identify the companies under investigation but said the wide-ranging probe, which began in spring 2007, involves companies across the financial services industry, from mortgage lenders to investment banks that bundle home loans into securities sold to investors.
The Federal Bureau of Investigation is working in conjunction with the Securities and Exchange Commission on the corporate-fraud probe, said Neil Power, chief of the FBI's economic crimes unit in Washington.
As the nation's housing crisis worsens, there has been a dramatic spike in the number of mortgage fraud cases under investigation. An agency spokesman said 1,210 such cases are open, up from roughly 800 a year ago.
The announcement comes weeks after authorities in New York and Connecticut said they are investigating whether Wall Street banks hid crucial information about high-risk loans bundled into securities sold to investors.
Power said the FBI is looking into the practices of so-called subprime lenders, as well as potential accounting fraud committed by financial firms that hold these loans on their books or securitize them and sell them to other investors.
Referring to certain unnamed bankrupt subprime lenders, Power said there are "some irregularities there that we're looking into," including the timing of stock sales by executives. Dozens of subprime lenders have filed for bankruptcy in the past year, most prominently New Century Financial Corp.
"We're looking at the executives to see if they were committing insider trading," Power said.
Power also said law enforcement officials are looking at whether homebuilders manipulated financial statements to inflate revenues.
An SEC spokesman declined to comment. The agency has said about three dozen investigations related to the mortgage market meltdown are ongoing.Defaults on subprime loans have risen over the past 12 months and are primarily responsible for the credit crunch that has disrupted global financial markets.
Morgan Stanley, Goldman Sachs Group Inc. and Bear Stearns Cos. all disclosed in regulatory filings Tuesday that they are cooperating with requests for information from various, but unspecified, regulatory and government agencies. Officials at the companies either declined to comment, or could not immediately be reached.
FBI officials also highlighted what they called a growing pattern of suspected mortgage loan fraud potentially committed when loans were made to shaky borrowers. They cited a surge in "suspicious activity reports" that banks are required to file with the government.
The number of those reports is projected to rise to 60,000 this year after hitting 48,000 last year, up from about 7,000 in 2003. "We're going to have to take a hard look at these things," said Assistant FBI Director Ken Kaiser.
Earlier this month, Connecticut Attorney General Richard Blumenthal said he and New York Attorney General Andrew Cuomo were looking whether banks properly disclosed the high risk of default on so-called "exception" loans ― considered even risker than subprime loans ― when selling those securities to investors.
In November, Cuomo said he issued subpoenas to government-sponsored mortgage companies Fannie Mae and Freddie Mac in his investigation into what he claims are conflicts of interest in the mortgage industry. He said he wanted to know about billions of dollars of home loans they bought from banks, including the largest U.S. savings and loan, Washington Mutual Inc., and how appraisals were handled.
By ALAN ZIBEL, AP Business Writer Tue Jan 29, 7:00 PM ET
WASHINGTON - The FBI on Tuesday said it is investigating 14 companies for possible accounting fraud, insider trading or other violations in connection with home loans made to risky borrowers.
ADVERTISEMENT
Agency officials did not identify the companies under investigation but said the wide-ranging probe, which began in spring 2007, involves companies across the financial services industry, from mortgage lenders to investment banks that bundle home loans into securities sold to investors.
The Federal Bureau of Investigation is working in conjunction with the Securities and Exchange Commission on the corporate-fraud probe, said Neil Power, chief of the FBI's economic crimes unit in Washington.
As the nation's housing crisis worsens, there has been a dramatic spike in the number of mortgage fraud cases under investigation. An agency spokesman said 1,210 such cases are open, up from roughly 800 a year ago.
The announcement comes weeks after authorities in New York and Connecticut said they are investigating whether Wall Street banks hid crucial information about high-risk loans bundled into securities sold to investors.
Power said the FBI is looking into the practices of so-called subprime lenders, as well as potential accounting fraud committed by financial firms that hold these loans on their books or securitize them and sell them to other investors.
Referring to certain unnamed bankrupt subprime lenders, Power said there are "some irregularities there that we're looking into," including the timing of stock sales by executives. Dozens of subprime lenders have filed for bankruptcy in the past year, most prominently New Century Financial Corp.
"We're looking at the executives to see if they were committing insider trading," Power said.
Power also said law enforcement officials are looking at whether homebuilders manipulated financial statements to inflate revenues.
An SEC spokesman declined to comment. The agency has said about three dozen investigations related to the mortgage market meltdown are ongoing.Defaults on subprime loans have risen over the past 12 months and are primarily responsible for the credit crunch that has disrupted global financial markets.
Morgan Stanley, Goldman Sachs Group Inc. and Bear Stearns Cos. all disclosed in regulatory filings Tuesday that they are cooperating with requests for information from various, but unspecified, regulatory and government agencies. Officials at the companies either declined to comment, or could not immediately be reached.
FBI officials also highlighted what they called a growing pattern of suspected mortgage loan fraud potentially committed when loans were made to shaky borrowers. They cited a surge in "suspicious activity reports" that banks are required to file with the government.
The number of those reports is projected to rise to 60,000 this year after hitting 48,000 last year, up from about 7,000 in 2003. "We're going to have to take a hard look at these things," said Assistant FBI Director Ken Kaiser.
Earlier this month, Connecticut Attorney General Richard Blumenthal said he and New York Attorney General Andrew Cuomo were looking whether banks properly disclosed the high risk of default on so-called "exception" loans ― considered even risker than subprime loans ― when selling those securities to investors.
In November, Cuomo said he issued subpoenas to government-sponsored mortgage companies Fannie Mae and Freddie Mac in his investigation into what he claims are conflicts of interest in the mortgage industry. He said he wanted to know about billions of dollars of home loans they bought from banks, including the largest U.S. savings and loan, Washington Mutual Inc., and how appraisals were handled.
Tata to get full stake in Jaguar and Land Rover-paper
Tata to get full stake in Jaguar and Land Rover-paper
Reuters - 2 hours 38 minutes ago
MUMBAI (Reuters) - India's Tata Motors is preparing for "an outright purchase" of Ford's Jaguar and Land Rover luxury brands, against an earlier plan for a majority stake, the Economic Times said on Wednesday.
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"Ford has decided not to retain a minority stake, as it is convinced about the future development of these two brands in the hands of the Tatas,", the newspaper said, citing sources close to the development.
Ford earlier this month picked Tata Motors as the front-runner to the purchase of the two brands and said it would proceed with "focused negotiations at a more detailed level".
The deal, which is expected to be completed early this year, has been pegged at $1.5-$2.0 billion (753.3 million pounds-1 billion pounds) by analysts, and media reports had indicated Ford would hold a small stake in the two brands to ensure that supply contracts and jobs are protected.
"We are still in detailed and focused discussions with Tata Motors, and these discussions are confidential," a spokesman for Ford Motor told the paper. A spokesman for Tata Motors declined comment.
Ford has shown Tata Motors officials new model lines and planned products, the paper said. Ford officials and union members were expected to visit Tata Motors' plant in western India in a fortnight, the paper said.
Reuters - 2 hours 38 minutes ago
MUMBAI (Reuters) - India's Tata Motors is preparing for "an outright purchase" of Ford's Jaguar and Land Rover luxury brands, against an earlier plan for a majority stake, the Economic Times said on Wednesday.
(Advertisement)
"Ford has decided not to retain a minority stake, as it is convinced about the future development of these two brands in the hands of the Tatas,", the newspaper said, citing sources close to the development.
Ford earlier this month picked Tata Motors as the front-runner to the purchase of the two brands and said it would proceed with "focused negotiations at a more detailed level".
The deal, which is expected to be completed early this year, has been pegged at $1.5-$2.0 billion (753.3 million pounds-1 billion pounds) by analysts, and media reports had indicated Ford would hold a small stake in the two brands to ensure that supply contracts and jobs are protected.
"We are still in detailed and focused discussions with Tata Motors, and these discussions are confidential," a spokesman for Ford Motor told the paper. A spokesman for Tata Motors declined comment.
Ford has shown Tata Motors officials new model lines and planned products, the paper said. Ford officials and union members were expected to visit Tata Motors' plant in western India in a fortnight, the paper said.
Singapore's GIC says able to bail out another bank: newspaper
Singapore's GIC says able to bail out another bank: newspaper
AFP
AFP - 1 hour 14 minutes ago
SINGAPORE (AFP) - The Government of Singapore Investment Corporation (GIC), fresh from multi-billion-dollar capital injections into troubled global financial institutions, has the capacity for an additional bailout, a report said Wednesday.
(Advertisement)
"We will look at any deal that is shown to us. We have a duty to do so. We would still have the capacity if we find it worthwhile to invest," The Business Times quoted Tony Tan, GIC's deputy chairman and executive director, as saying.
Earlier this month GIC said it would invest 6.88 billion US dollars in US banking giant Citigroup, whose finances have been battered by a US housing slump.
That deal came a little more than a month after GIC said it would pump almost 10 billion dollars into Swiss bank UBS, another victim of a crisis in the United States subprime, or higher-risk, mortgage sector.
Whether a similar deal would be as large "is a matter to be decided," the newspaper quoted Tan as saying.
GIC, established in 1981 to manage Singapore's foreign reserves, says it manages "well above" 100 billion dollars.
Analysts say it could be as much as 300 billion or more, a figure which places GIC among the largest sovereign wealth funds in the world, according to an October report by Citigroup Global Markets Inc.
Sovereign wealth funds are a form of government-created investment vehicle whose newfound market muscle has led to concerns in recipient countries over national security issues and a lack of transparency by the funds.
Singapore's founding father Lee Kuan Yew, who holds a cabinet position as Minister Mentor, is the chairman of GIC.
Lee said recently that sovereign wealth funds from Singapore are no threat to the economies of Western nations, and are relatively small.
GIC has been a traditionally secretive organisation but GIC executives have recently given a series of press interviews. Tan was quoted on Monday as saying the company plans to disclose more about its operations.
AFP
AFP - 1 hour 14 minutes ago
SINGAPORE (AFP) - The Government of Singapore Investment Corporation (GIC), fresh from multi-billion-dollar capital injections into troubled global financial institutions, has the capacity for an additional bailout, a report said Wednesday.
(Advertisement)
"We will look at any deal that is shown to us. We have a duty to do so. We would still have the capacity if we find it worthwhile to invest," The Business Times quoted Tony Tan, GIC's deputy chairman and executive director, as saying.
Earlier this month GIC said it would invest 6.88 billion US dollars in US banking giant Citigroup, whose finances have been battered by a US housing slump.
That deal came a little more than a month after GIC said it would pump almost 10 billion dollars into Swiss bank UBS, another victim of a crisis in the United States subprime, or higher-risk, mortgage sector.
Whether a similar deal would be as large "is a matter to be decided," the newspaper quoted Tan as saying.
GIC, established in 1981 to manage Singapore's foreign reserves, says it manages "well above" 100 billion dollars.
Analysts say it could be as much as 300 billion or more, a figure which places GIC among the largest sovereign wealth funds in the world, according to an October report by Citigroup Global Markets Inc.
Sovereign wealth funds are a form of government-created investment vehicle whose newfound market muscle has led to concerns in recipient countries over national security issues and a lack of transparency by the funds.
Singapore's founding father Lee Kuan Yew, who holds a cabinet position as Minister Mentor, is the chairman of GIC.
Lee said recently that sovereign wealth funds from Singapore are no threat to the economies of Western nations, and are relatively small.
GIC has been a traditionally secretive organisation but GIC executives have recently given a series of press interviews. Tan was quoted on Monday as saying the company plans to disclose more about its operations.
Peugeot to build plant in Russia
Peugeot to build plant in Russia
By John Reed in London
Published: January 29 2008 20:50 | Last updated: January 29 2008 20:50
PSA Peugeot Citroe"n is to invest EUR300m ($442m) in a greenfield assembly plant in Russia in a big push into one of the world’s fastest-growing car markets.
Europe’s second-largest carmaker said it would start construction by the summer on the factory, which will have capacity to produce 150,000 cars a year and be on a 200-hectare site in Kaluga, 180km south-west of Moscow.
Peugeot said it would use the plant to produce unspecified mid-size vehicles, which account for about 60 per cent of sales on the Russian market. The carmaker’s mid-range includes the Peugeot 308 and Citroe"n C4 small family cars.
A company executive said the carmaker was not ruling out taking a partner at the plant. Mitsubishi Motors, which makes the Peugeot 4007 and Citroe"n C crossover vehicles in Japan, is seen as a candidate.
Volkswagen opened its own 150,000-vehicle capacity plant in Kaluga last November and Peugeot said it chose the location over a rival site in Nizhny Novgo-rod mainly because it had space for an adjacent suppliers’ park.
Swedish truckmaker Volvo last October began construction on a plant in the city that, when completed in 2009, will build heavy trucks under its own brand and that of Renault, its shareholder.
Christian Streiff, Peugeot’s chief executive, has identified Eastern Europe, along with South America and China, as a priority market for development as it seeks to capitalise on growth away from its core volume-vehicle business in France and western Europe.
Peugeot, which made 32 per cent of its sales outside western Europe last year, is trailing other global carmakers in such rapidly growing emerging markets as Russia and India, where it has no local production capacity.
The company aims to sell 100,000 vehicles a year in Russia by 2010 and 300,000 over the medium term. Peugeot’s vehicle registrations there rose by a third to 36,000 units last year, behind the market’s growth rate.
Renault, Peugeot’s closest rival, sold more than 100,000 vehicles in Russia last year, including low-cost Logan sedans. It made 35 per cent of its overall group sales outside western Europe.
Renault last month announced an agreement with Avtovaz, Russia’s largest domestic carmaker, on a partnership that would boost both companies’ local production capacity and make Russia a larger market for Renault than France.
General Motors, which already produces cars in Russia, and its US competitor Chrysler have held separate talks with Gaz, another Russian carmaker, about possible joint production.
By John Reed in London
Published: January 29 2008 20:50 | Last updated: January 29 2008 20:50
PSA Peugeot Citroe"n is to invest EUR300m ($442m) in a greenfield assembly plant in Russia in a big push into one of the world’s fastest-growing car markets.
Europe’s second-largest carmaker said it would start construction by the summer on the factory, which will have capacity to produce 150,000 cars a year and be on a 200-hectare site in Kaluga, 180km south-west of Moscow.
Peugeot said it would use the plant to produce unspecified mid-size vehicles, which account for about 60 per cent of sales on the Russian market. The carmaker’s mid-range includes the Peugeot 308 and Citroe"n C4 small family cars.
A company executive said the carmaker was not ruling out taking a partner at the plant. Mitsubishi Motors, which makes the Peugeot 4007 and Citroe"n C crossover vehicles in Japan, is seen as a candidate.
Volkswagen opened its own 150,000-vehicle capacity plant in Kaluga last November and Peugeot said it chose the location over a rival site in Nizhny Novgo-rod mainly because it had space for an adjacent suppliers’ park.
Swedish truckmaker Volvo last October began construction on a plant in the city that, when completed in 2009, will build heavy trucks under its own brand and that of Renault, its shareholder.
Christian Streiff, Peugeot’s chief executive, has identified Eastern Europe, along with South America and China, as a priority market for development as it seeks to capitalise on growth away from its core volume-vehicle business in France and western Europe.
Peugeot, which made 32 per cent of its sales outside western Europe last year, is trailing other global carmakers in such rapidly growing emerging markets as Russia and India, where it has no local production capacity.
The company aims to sell 100,000 vehicles a year in Russia by 2010 and 300,000 over the medium term. Peugeot’s vehicle registrations there rose by a third to 36,000 units last year, behind the market’s growth rate.
Renault, Peugeot’s closest rival, sold more than 100,000 vehicles in Russia last year, including low-cost Logan sedans. It made 35 per cent of its overall group sales outside western Europe.
Renault last month announced an agreement with Avtovaz, Russia’s largest domestic carmaker, on a partnership that would boost both companies’ local production capacity and make Russia a larger market for Renault than France.
General Motors, which already produces cars in Russia, and its US competitor Chrysler have held separate talks with Gaz, another Russian carmaker, about possible joint production.
UK banks could be tapped for billions
UK banks could be tapped for billions
By George Parker, Peter Thal Larsen and Jean Eaglesham
Published: January 29 2008 21:45 | Last updated: January 29 2008 21:45
UK banks face having to put billions of pounds into a revamped scheme to compensate savers in a banking collapse, as part of a wide shake-up of the sector after the Northern Rock debacle.
Alistair Darling, chancellor, will on Tuesday launch a three-month consultation on legislation to control the damage of a future banking crisis, including an idea that banks fund upfront the depositor compensation scheme.
The idea is unpopular with banks and Mr Darling will admit there are “significant disadvantages” in forcing them to pay into a compensation pot when capital is tight. “This is a very significant IOU the government is handing to the banking sector,” one banking executive said.
MPs on the Treasury select committee insist banks should pre-fund the scheme, preferably in economic good times, to reassure savers and provide instant money if a bank goes under.
One alternative would be to retain the “pay as you go” approach, where the scheme is funded by loans in the event of a crisis and later repaid by banks . Another would be to make banks partially pre-fund the scheme.
Mr Darling’s paper launches a consultation on whether the current level of saver compensation -- 100 per cent of the first ￡35,000 -- should be extended to ￡50,000 or even ￡100,000.
The banks want to keep the figure at ￡35,000, covering an estimated 97 per cent of savers. But the chancellor has an open mind, arguing that the 3 per cent of remaining savers hold roughly 50 per cent of all bank deposits.
The consultation includes requiring banks to have systems to inform the Financial Services Authority at “short notice” their liquidity situation. There will be proposals for a banking insolvency regime, allowing authorities to take a failing bank out of the market, protecting savers’ deposits and parcelling out parts of the business to another bank.
By George Parker, Peter Thal Larsen and Jean Eaglesham
Published: January 29 2008 21:45 | Last updated: January 29 2008 21:45
UK banks face having to put billions of pounds into a revamped scheme to compensate savers in a banking collapse, as part of a wide shake-up of the sector after the Northern Rock debacle.
Alistair Darling, chancellor, will on Tuesday launch a three-month consultation on legislation to control the damage of a future banking crisis, including an idea that banks fund upfront the depositor compensation scheme.
The idea is unpopular with banks and Mr Darling will admit there are “significant disadvantages” in forcing them to pay into a compensation pot when capital is tight. “This is a very significant IOU the government is handing to the banking sector,” one banking executive said.
MPs on the Treasury select committee insist banks should pre-fund the scheme, preferably in economic good times, to reassure savers and provide instant money if a bank goes under.
One alternative would be to retain the “pay as you go” approach, where the scheme is funded by loans in the event of a crisis and later repaid by banks . Another would be to make banks partially pre-fund the scheme.
Mr Darling’s paper launches a consultation on whether the current level of saver compensation -- 100 per cent of the first ￡35,000 -- should be extended to ￡50,000 or even ￡100,000.
The banks want to keep the figure at ￡35,000, covering an estimated 97 per cent of savers. But the chancellor has an open mind, arguing that the 3 per cent of remaining savers hold roughly 50 per cent of all bank deposits.
The consultation includes requiring banks to have systems to inform the Financial Services Authority at “short notice” their liquidity situation. There will be proposals for a banking insolvency regime, allowing authorities to take a failing bank out of the market, protecting savers’ deposits and parcelling out parts of the business to another bank.
French consumer confidence plunges
French consumer confidence plunges
By Ben Hall in Paris
Published: January 29 2008 11:48 | Last updated: January 29 2008 22:32
French consumer confidence plunged to a record low in January according to officials figures published on Tuesday, reflecting deepening concern about financial market turmoil and rising prices.
The study by INSEE, the French statistical agency, found that household confidence dropped to its lowest level since 1987, when the series began.
The figures reveal the growing anxiety of French consumers, with record pessimism about future living standards and a growing reluctance to buy.
Mathieu Kaiser, economist at BNP Paribas, said willingness to buy goods had fallen to its lowest level for 10 years.
The INSEE survey was completed before last week’s sharp fall on European stock markets, and the discovery of a EUR4.9bn fraud at Socie'te' Ge'ne'rale, suggesting confidence could be even weaker in next month’s figures.
The credit squeeze and falling stock markets appear to have taken a heavier toll on French morale than in other EU countries, such as Germany.
According to a survey published on Tuesday in Le Parisien newspaper, 77 per cent of those asked thought the financial turmoil would have a big impact on French growth and 68 per cent said it would have a big impact on their living standards.
Heightened French concern about the repercussions of a financial crisis helps to explain President Nicolas Sarkozy’s desire to restore order to a system which he says has lost sight of its purpose.
“Unlike in Britain, where people are perhaps more philosophical, the turmoil creates an atmosphere of anxiety in France and that could hit confidence quite hard,” said an official in the finance ministry in Paris.
The French government now predicts the economy will grow by around 2 per cent in 2008, the bottom end of its range of 2 to 2.5 per cent. Ministers point to the underlying resilience of French companies and the continued buoyancy of the housing market as reasons why France may suffer less from a US slowdown and a credit squeeze.
Most private sector economists are more pessimistic, forecasting growth of between 1.5 and 1.8 per cent this year. They point to rising inflation, a slowing fall in unemployment and tighter credit conditions.
Concern about inflation in France remains particularly acute. Although, at 2.8 per cent in December, the French consumer price index is lower than in Germany, where it reached 3.1 per cent in the same month, it has risen sharply from 1.6 per cent in September.
By Ben Hall in Paris
Published: January 29 2008 11:48 | Last updated: January 29 2008 22:32
French consumer confidence plunged to a record low in January according to officials figures published on Tuesday, reflecting deepening concern about financial market turmoil and rising prices.
The study by INSEE, the French statistical agency, found that household confidence dropped to its lowest level since 1987, when the series began.
The figures reveal the growing anxiety of French consumers, with record pessimism about future living standards and a growing reluctance to buy.
Mathieu Kaiser, economist at BNP Paribas, said willingness to buy goods had fallen to its lowest level for 10 years.
The INSEE survey was completed before last week’s sharp fall on European stock markets, and the discovery of a EUR4.9bn fraud at Socie'te' Ge'ne'rale, suggesting confidence could be even weaker in next month’s figures.
The credit squeeze and falling stock markets appear to have taken a heavier toll on French morale than in other EU countries, such as Germany.
According to a survey published on Tuesday in Le Parisien newspaper, 77 per cent of those asked thought the financial turmoil would have a big impact on French growth and 68 per cent said it would have a big impact on their living standards.
Heightened French concern about the repercussions of a financial crisis helps to explain President Nicolas Sarkozy’s desire to restore order to a system which he says has lost sight of its purpose.
“Unlike in Britain, where people are perhaps more philosophical, the turmoil creates an atmosphere of anxiety in France and that could hit confidence quite hard,” said an official in the finance ministry in Paris.
The French government now predicts the economy will grow by around 2 per cent in 2008, the bottom end of its range of 2 to 2.5 per cent. Ministers point to the underlying resilience of French companies and the continued buoyancy of the housing market as reasons why France may suffer less from a US slowdown and a credit squeeze.
Most private sector economists are more pessimistic, forecasting growth of between 1.5 and 1.8 per cent this year. They point to rising inflation, a slowing fall in unemployment and tighter credit conditions.
Concern about inflation in France remains particularly acute. Although, at 2.8 per cent in December, the French consumer price index is lower than in Germany, where it reached 3.1 per cent in the same month, it has risen sharply from 1.6 per cent in September.
Tuesday, January 29, 2008
医師が任意後見契約、元患者女性の遺産数億円受け取る
医師が任意後見契約、元患者女性の遺産数億円受け取る
東京都内の私立大学病院の医師が、元患者の女性と任意後見契約を結び、昨年６月に女性が８１歳で亡くなった後、遺言により数億円に上る全財産を譲り受けていたことがわかった。
女性の親族は反発している。
読売新聞の取材に対し、医師は代理人を通じ、「法的にも倫理的にも問題はない」とした上で、「女性の遺志を尊重し、財産すべてを大学の研究などに寄付する」と回答した。
しかし、任意後見制度に詳しい専門家からは、「業務としてかかわる後見人が遺贈を受けるのは職業倫理に反する」との指摘も出ている。
医師の代理人弁護士によると、医師は１９８７年に女性が入院した際の担当医の一人として知り合い、女性が９５年に再入院した際も担当した。女性の姉も病弱で、転院先や生活上の相談に乗る中で親しくなったという。女性と姉は結婚しておらず、千代田区内の自宅に２人で暮らしていた。同区内の宅地約２４０平方メートルなど、不動産や預貯金「数億円相当」（代理人弁護士）の財産を所有。親類とは疎遠で、２００３年４月に医師が将来、女性と姉の後見人になるよう任意後見契約を結び、同時に遺言公正証書を作成した。
遺言は、「頼れる身よりはなく、長年にわたり医師に病気の診療その他多くのことで一方ならぬお世話になった。心からの感謝の気持ちを表し、医師夫妻に財産を遺贈することにした」として、〈１〉姉妹が死亡した時の遺産は、第一にお互いが、第二に医師が、第三に医師の妻が譲り受ける〈２〉遺言執行者に医師を指定する――と定められた。
女性の姉は、遺言作成の３か月後、８６歳で死亡。姉の財産を相続した女性はその後、医師の世話で都内の有料老人ホームに転居した。医師や妻が女性を外食に連れ出したり、正月に自宅に招いたりといった付き合いをしていたが、昨年６月に亡くなった。
日本医師会が０４年に策定した医師の職業倫理指針は、医療行為に対する謝礼を患者から受け取ることを禁じている。女性の親族の一人は、「患者の医師に対する信頼を悪用した行為で、医師の倫理に反する」と反発している。
医師の代理人弁護士は、「医師は長年、女性と家族ぐるみの付き合いをしており、医療行為に基づく謝礼ではない。遺贈は女性本人の遺志に基づくもので、法的にも倫理的にも問題ない」としている。医師の所属する大学は、「医師と女性の個人的な問題で、一切関知しない」とコメントしている。
東京都内の私立大学病院の医師が、元患者の女性と任意後見契約を結び、昨年６月に女性が８１歳で亡くなった後、遺言により数億円に上る全財産を譲り受けていたことがわかった。
女性の親族は反発している。
読売新聞の取材に対し、医師は代理人を通じ、「法的にも倫理的にも問題はない」とした上で、「女性の遺志を尊重し、財産すべてを大学の研究などに寄付する」と回答した。
しかし、任意後見制度に詳しい専門家からは、「業務としてかかわる後見人が遺贈を受けるのは職業倫理に反する」との指摘も出ている。
医師の代理人弁護士によると、医師は１９８７年に女性が入院した際の担当医の一人として知り合い、女性が９５年に再入院した際も担当した。女性の姉も病弱で、転院先や生活上の相談に乗る中で親しくなったという。女性と姉は結婚しておらず、千代田区内の自宅に２人で暮らしていた。同区内の宅地約２４０平方メートルなど、不動産や預貯金「数億円相当」（代理人弁護士）の財産を所有。親類とは疎遠で、２００３年４月に医師が将来、女性と姉の後見人になるよう任意後見契約を結び、同時に遺言公正証書を作成した。
遺言は、「頼れる身よりはなく、長年にわたり医師に病気の診療その他多くのことで一方ならぬお世話になった。心からの感謝の気持ちを表し、医師夫妻に財産を遺贈することにした」として、〈１〉姉妹が死亡した時の遺産は、第一にお互いが、第二に医師が、第三に医師の妻が譲り受ける〈２〉遺言執行者に医師を指定する――と定められた。
女性の姉は、遺言作成の３か月後、８６歳で死亡。姉の財産を相続した女性はその後、医師の世話で都内の有料老人ホームに転居した。医師や妻が女性を外食に連れ出したり、正月に自宅に招いたりといった付き合いをしていたが、昨年６月に亡くなった。
日本医師会が０４年に策定した医師の職業倫理指針は、医療行為に対する謝礼を患者から受け取ることを禁じている。女性の親族の一人は、「患者の医師に対する信頼を悪用した行為で、医師の倫理に反する」と反発している。
医師の代理人弁護士は、「医師は長年、女性と家族ぐるみの付き合いをしており、医療行為に基づく謝礼ではない。遺贈は女性本人の遺志に基づくもので、法的にも倫理的にも問題ない」としている。医師の所属する大学は、「医師と女性の個人的な問題で、一切関知しない」とコメントしている。
SocGen could be next banking break-up
SocGen could be next banking break-up
By Mathieu Robbins Reuters - Monday, January 28 03:37 pm
LONDON (Reuters) - French bank Societe Generale, looking increasingly cheap as its shares extended their decline on Monday, could become a break-up target like Dutch bank ABN AMRO if no single buyer wants all its assets.
(Advertisement)
The bank's big size and diverse mix of businesses may make it too large and unwieldy a target for any single bidder, especially in the current difficult financing environment where banks may struggle with large acquisitions, analysts said.
Dutch ABN AMRO agreed last year to be broken up, with Bank of America taking its U.S. operations, Royal Bank of Scotland its investment bank, Santander its Italian and Brazilian units and Fortis its domestic operations.
"A break-up scenario a la ABN AMRO is looking increasingly possible for SocGen," said Keefe Bruyette & Woods analysts Jean-Pierre Lambert and John Holmes in a report on Monday.
Like ABN AMRO, SocGen has a diverse mix of assets including a mature domestic retail bank, higher-growth emerging market operations such as branches in Bulgaria and the Czech Republic, an asset management unit and a corporate and investment bank.
The bank has been rocked to its foundations by the loss of around 4.9 billion euros (3.6 billion pounds), which the bank has said resulted from unauthorised trades by trader Jerome Kerviel.
Recent woes in the credit market have forced many banks across Europe and the U.S. to cut staff and take significant writedowns. This makes Societe Generale's 35 billion-euro market value a stretch for most in this environment and has prompted some touted suitors for the whole bank to rule themselves out.
Italy's Unicredit, for example, said on Friday it does not plan any acquisitions in the short term. The Italian bank had held talks with SocGen last year and has a track record of aggressive growth through large acquisitions.
Another potential bidder, BNP Paribas, could certainly profit from the growth buying Societe Generale would give it in France, but according to a source familiar with its management's thinking, is not enthused by the thought of having to integrate its rival's investment bank in the event of a full takeover.
FRENCH ESTABLISHMENT RALLIES ROUND
And as SocGen's management continues to face questions about its credibility, doubts are increasingly being cast on the bank's long-term independence.
"I don't think SG can, in the current context, keep its independence," said Francois Chaulet, a fund manager at Montsegur Finance.
But French Economy Minister Christine Lagarde said on Monday that Societe Generale was under no pressure to merge with another bank as its shares plunged.
Lagarde's statement was the latest sign that France's establishment is rallying round to SocGen's defence in an attempt to stave off talk that a foreign rival might launch a takeover bid for the company as its market value sinks.
Societe Generale's shares fell another 5.4 percent to 69.88 euros. They traded as high as 162 euros in April before the global credit crisis kicked in.
A top adviser to President Nicolas Sarkozy warned on Sunday the government would probably intervene if raiders made a move. That still leaves scope for an all-French solution, however.
"A French solution would be a joint offer by (French bank) Credit Agricole and BNP," said Keefe Bruyette's Lambert and Holmes. "Credit Agricole might nominally have to take over SG and then sell on the retail banking operations to BNP."
Parts of SocGen may be much easier to digest than the whole.
Credit Suisse analyst Guillaume Tiberghien has valued SocGen's retail banking operations at about 29 billion euros -- of which 8.7 billion euros for its non-French branches -- and its corporate and investment bank at about 12 billion euros.
Still, the current market woes and the uncertainty they create may give Societe Generale respite from any kind of offer as banks wait for a more stable climate before making any moves, bankers and analysts said.
And, unlike ABN AMRO whose share price lagged other banks for several years and prompted activist investors to get involved, Societe Generale has broadly outperformed its peers, its wobbles having occurred recently.
"This is different -- ABN AMRO was a case of long-term underperformance," said a senior investment banker who added that banks would be extremely hesitant to commit to large buys in the current environment.
This could give SocGen's management valuable time to re-establish credibility and find its feet again to avoid being swallowed up by one -- or several -- rivals.
(additional reporting by Sudip Kargupta in Paris, editing by Elizabeth Fullerton)
-------------
HSBC might be interested in SocGen - Citi research
Reuters - Monday, January 28 10:42 am
PARIS (Reuters) - Citigroup said in a research note that British-based bank HSBC might be interested in bidding for Societe Generale, the French bank hit by a rogue-trading scandal.
(Advertisement)
"Overall, we think HSBC would be among the most convincing bidders for SG (SocGen)," Citigroup said in the research note. The note was dated January 25 but received on Monday.
"The emerging Europe focused international retail unit and the CIB (corporate and investment banking)/derivatives unit would fill two holes in the HSBC footprint."
"Also, the acquisition would be manageable (HSBC market capitalisation is around 3.3 times that of SG today) and given SG's low valuation the goodwill/capital impact would be relatively small," added Citigroup.
HSBC bought French CCF in 2000, and Citigroup said a SocGen acquisition could fit well with HSBC's existing French operations.
(Reporting by Sudip Kar-Gupta; Editing by Quentin Bryar)
By Mathieu Robbins Reuters - Monday, January 28 03:37 pm
LONDON (Reuters) - French bank Societe Generale, looking increasingly cheap as its shares extended their decline on Monday, could become a break-up target like Dutch bank ABN AMRO if no single buyer wants all its assets.
(Advertisement)
The bank's big size and diverse mix of businesses may make it too large and unwieldy a target for any single bidder, especially in the current difficult financing environment where banks may struggle with large acquisitions, analysts said.
Dutch ABN AMRO agreed last year to be broken up, with Bank of America taking its U.S. operations, Royal Bank of Scotland its investment bank, Santander its Italian and Brazilian units and Fortis its domestic operations.
"A break-up scenario a la ABN AMRO is looking increasingly possible for SocGen," said Keefe Bruyette & Woods analysts Jean-Pierre Lambert and John Holmes in a report on Monday.
Like ABN AMRO, SocGen has a diverse mix of assets including a mature domestic retail bank, higher-growth emerging market operations such as branches in Bulgaria and the Czech Republic, an asset management unit and a corporate and investment bank.
The bank has been rocked to its foundations by the loss of around 4.9 billion euros (3.6 billion pounds), which the bank has said resulted from unauthorised trades by trader Jerome Kerviel.
Recent woes in the credit market have forced many banks across Europe and the U.S. to cut staff and take significant writedowns. This makes Societe Generale's 35 billion-euro market value a stretch for most in this environment and has prompted some touted suitors for the whole bank to rule themselves out.
Italy's Unicredit, for example, said on Friday it does not plan any acquisitions in the short term. The Italian bank had held talks with SocGen last year and has a track record of aggressive growth through large acquisitions.
Another potential bidder, BNP Paribas, could certainly profit from the growth buying Societe Generale would give it in France, but according to a source familiar with its management's thinking, is not enthused by the thought of having to integrate its rival's investment bank in the event of a full takeover.
FRENCH ESTABLISHMENT RALLIES ROUND
And as SocGen's management continues to face questions about its credibility, doubts are increasingly being cast on the bank's long-term independence.
"I don't think SG can, in the current context, keep its independence," said Francois Chaulet, a fund manager at Montsegur Finance.
But French Economy Minister Christine Lagarde said on Monday that Societe Generale was under no pressure to merge with another bank as its shares plunged.
Lagarde's statement was the latest sign that France's establishment is rallying round to SocGen's defence in an attempt to stave off talk that a foreign rival might launch a takeover bid for the company as its market value sinks.
Societe Generale's shares fell another 5.4 percent to 69.88 euros. They traded as high as 162 euros in April before the global credit crisis kicked in.
A top adviser to President Nicolas Sarkozy warned on Sunday the government would probably intervene if raiders made a move. That still leaves scope for an all-French solution, however.
"A French solution would be a joint offer by (French bank) Credit Agricole and BNP," said Keefe Bruyette's Lambert and Holmes. "Credit Agricole might nominally have to take over SG and then sell on the retail banking operations to BNP."
Parts of SocGen may be much easier to digest than the whole.
Credit Suisse analyst Guillaume Tiberghien has valued SocGen's retail banking operations at about 29 billion euros -- of which 8.7 billion euros for its non-French branches -- and its corporate and investment bank at about 12 billion euros.
Still, the current market woes and the uncertainty they create may give Societe Generale respite from any kind of offer as banks wait for a more stable climate before making any moves, bankers and analysts said.
And, unlike ABN AMRO whose share price lagged other banks for several years and prompted activist investors to get involved, Societe Generale has broadly outperformed its peers, its wobbles having occurred recently.
"This is different -- ABN AMRO was a case of long-term underperformance," said a senior investment banker who added that banks would be extremely hesitant to commit to large buys in the current environment.
This could give SocGen's management valuable time to re-establish credibility and find its feet again to avoid being swallowed up by one -- or several -- rivals.
(additional reporting by Sudip Kargupta in Paris, editing by Elizabeth Fullerton)
-------------
HSBC might be interested in SocGen - Citi research
Reuters - Monday, January 28 10:42 am
PARIS (Reuters) - Citigroup said in a research note that British-based bank HSBC might be interested in bidding for Societe Generale, the French bank hit by a rogue-trading scandal.
(Advertisement)
"Overall, we think HSBC would be among the most convincing bidders for SG (SocGen)," Citigroup said in the research note. The note was dated January 25 but received on Monday.
"The emerging Europe focused international retail unit and the CIB (corporate and investment banking)/derivatives unit would fill two holes in the HSBC footprint."
"Also, the acquisition would be manageable (HSBC market capitalisation is around 3.3 times that of SG today) and given SG's low valuation the goodwill/capital impact would be relatively small," added Citigroup.
HSBC bought French CCF in 2000, and Citigroup said a SocGen acquisition could fit well with HSBC's existing French operations.
(Reporting by Sudip Kar-Gupta; Editing by Quentin Bryar)
New home sales took record fall in 2007
New home sales took record fall in 2007
By MARTIN CRUTSINGER, AP Economics Writer Mon Jan 28, 8:17 PM ET
WASHINGTON - New home sales plunged in 2007 by the largest amount on record while home prices tumbled sharply in December. Analysts forecast more trouble in 2008 as housing tries to emerge from its worst slump in more than two decades.
ADVERTISEMENT
The Commerce Department reported Monday that sales of new homes dropped by 26.4 percent last year to 774,000. That marked the biggest decline on record, surpassing the old mark of a 23.1 percent plunge in 1980.
The government reported that the median price of a new home barely budged last year, edging up a slight 0.2 percent to $246,900, the poorest showing since prices fell by 2.4 percent during the 1991 housing downturn.
And the slump in sales and prices appeared to be worsening at year's end. December sales fell by 4.7 percent, a bigger-than-expected drop, while the median price of a home fell by 10.4 percent last month, when compared to December 2006, the biggest 12-month decline in 37 years.
"It looks like the floor fell out of the housing market in December," said Mark Zandi, chief economist at Moody's Economy.com. He said the current slump is already on par with the deep housing downturn of the 1980s and could end up being the worst in the post-World War II period.
The data on new homes followed earlier reports that sales of existing homes dropped 13 percent last year, the biggest decline since 1982, while construction of new homes and apartments fell by 24.8 percent, the largest drop since 1980.
Zandi predicted that sales of new and existing homes will likely hit bottom this spring and that construction will level off by this summer. But he said prices were likely to keep falling for the entire year as weak demand forces sellers to cut asking prices even further to move homes.
Housing is slumping now after a five-year boom. Demand for both new and existing homes hit all-time highs for five straight years, ending in 2005, the peak of the boom. New home sales fell by 18.1 percent in 2006. The sales level last month is now down by 56.5 percent from the monthly peak hit in July 2005.
The prolonged slump in housing is raising concerns that the weakness could be severe enough to push the country into a full-blown recession. In an effort to guard against that threat, the Federal Reserve cut a key interest rate last week by the largest amount in more than two decades with a further rate cut expected on Wednesday when the Fed completes a two-day meeting.
The bad news on housing actually gave a lift to Wall Street with investors believing it raised the chances the Fed will cut rates again this week. The Dow Jones industrial average rose 176.72 points Monday to close at 12,383.89.
President Bush and House leaders reached agreement on a $150 billion economic stimulus package last week which included items to boost housing by increasing the size of the mortgages that Fannie Mae and Freddie Mac and the Federal Housing Administration can handle. But critics said the continued plunge in housing showed that more dramatic action is needed.
"The worst housing market in 20 years has led us to the brink of a recession and I remain convinced that we need to address the housing mess as we continue discussions on an economic stimulus," said Sen. Charles Schumer, D-N.Y.
Hillary Rodham Clinton, a Democratic presidential candidate, said the weakness in housing prices was increasing economic anxiety in the country and showed the need for her housing proposals, including providing $30 billion to states and communities to combat mortgage foreclosures.
"The latest housing data shows that 2007 marked the first time in recent history where America has experienced a sustained annual drop in median existing home prices," the New York senator said in a statement. "In order for us to truly jump-start our economy, we must address the housing crisis."
Jerry Howard, the chief executive officer of the National Association of Home Builders, said policymakers needed to offer greater relief, including raising the loan limits for Fannie and Freddie for two years instead of just one.
The 26.4 percent drop in sales for 2007 represented weakness in every part of the country except the Northeast, where sales posted a small 1.6 percent advance. Sales recorded declines of 32.2 percent in the West, 26.7 percent in the Midwest and 26.3 percent in the South.
It would take 9.6 months to eliminate the backlog of unsold new homes at the December sales pace, the longest stretch of time since the month's supply stood at 10.3 months in October 1981.
The severe credit crunch that hit in August has made the troubles in housing worse because it has prompted banks and other lenders to tighten their standards, making it harder for prospective buyers to qualify for loans. Also adding to the problems facing prospective sellers is the rising tide of mortgage defaults, which are dumping more homes on an already glutted market.
"We are seeing the compounding effects of rising subprime mortgage defaults, a weakening real economy and housing market credit restraints," said Stuart Hoffman, chief economist at PNC Bank Corp.
Hoffman said all of the weaknesses in housing will likely convince the Fed to follow-up last week's 0.75 percentage point rate cut with a half-point cut on Wednesday.
(This version CORRECTS Fed rate-cut announcement to Wed sted Thurs in last graf.)
By MARTIN CRUTSINGER, AP Economics Writer Mon Jan 28, 8:17 PM ET
WASHINGTON - New home sales plunged in 2007 by the largest amount on record while home prices tumbled sharply in December. Analysts forecast more trouble in 2008 as housing tries to emerge from its worst slump in more than two decades.
ADVERTISEMENT
The Commerce Department reported Monday that sales of new homes dropped by 26.4 percent last year to 774,000. That marked the biggest decline on record, surpassing the old mark of a 23.1 percent plunge in 1980.
The government reported that the median price of a new home barely budged last year, edging up a slight 0.2 percent to $246,900, the poorest showing since prices fell by 2.4 percent during the 1991 housing downturn.
And the slump in sales and prices appeared to be worsening at year's end. December sales fell by 4.7 percent, a bigger-than-expected drop, while the median price of a home fell by 10.4 percent last month, when compared to December 2006, the biggest 12-month decline in 37 years.
"It looks like the floor fell out of the housing market in December," said Mark Zandi, chief economist at Moody's Economy.com. He said the current slump is already on par with the deep housing downturn of the 1980s and could end up being the worst in the post-World War II period.
The data on new homes followed earlier reports that sales of existing homes dropped 13 percent last year, the biggest decline since 1982, while construction of new homes and apartments fell by 24.8 percent, the largest drop since 1980.
Zandi predicted that sales of new and existing homes will likely hit bottom this spring and that construction will level off by this summer. But he said prices were likely to keep falling for the entire year as weak demand forces sellers to cut asking prices even further to move homes.
Housing is slumping now after a five-year boom. Demand for both new and existing homes hit all-time highs for five straight years, ending in 2005, the peak of the boom. New home sales fell by 18.1 percent in 2006. The sales level last month is now down by 56.5 percent from the monthly peak hit in July 2005.
The prolonged slump in housing is raising concerns that the weakness could be severe enough to push the country into a full-blown recession. In an effort to guard against that threat, the Federal Reserve cut a key interest rate last week by the largest amount in more than two decades with a further rate cut expected on Wednesday when the Fed completes a two-day meeting.
The bad news on housing actually gave a lift to Wall Street with investors believing it raised the chances the Fed will cut rates again this week. The Dow Jones industrial average rose 176.72 points Monday to close at 12,383.89.
President Bush and House leaders reached agreement on a $150 billion economic stimulus package last week which included items to boost housing by increasing the size of the mortgages that Fannie Mae and Freddie Mac and the Federal Housing Administration can handle. But critics said the continued plunge in housing showed that more dramatic action is needed.
"The worst housing market in 20 years has led us to the brink of a recession and I remain convinced that we need to address the housing mess as we continue discussions on an economic stimulus," said Sen. Charles Schumer, D-N.Y.
Hillary Rodham Clinton, a Democratic presidential candidate, said the weakness in housing prices was increasing economic anxiety in the country and showed the need for her housing proposals, including providing $30 billion to states and communities to combat mortgage foreclosures.
"The latest housing data shows that 2007 marked the first time in recent history where America has experienced a sustained annual drop in median existing home prices," the New York senator said in a statement. "In order for us to truly jump-start our economy, we must address the housing crisis."
Jerry Howard, the chief executive officer of the National Association of Home Builders, said policymakers needed to offer greater relief, including raising the loan limits for Fannie and Freddie for two years instead of just one.
The 26.4 percent drop in sales for 2007 represented weakness in every part of the country except the Northeast, where sales posted a small 1.6 percent advance. Sales recorded declines of 32.2 percent in the West, 26.7 percent in the Midwest and 26.3 percent in the South.
It would take 9.6 months to eliminate the backlog of unsold new homes at the December sales pace, the longest stretch of time since the month's supply stood at 10.3 months in October 1981.
The severe credit crunch that hit in August has made the troubles in housing worse because it has prompted banks and other lenders to tighten their standards, making it harder for prospective buyers to qualify for loans. Also adding to the problems facing prospective sellers is the rising tide of mortgage defaults, which are dumping more homes on an already glutted market.
"We are seeing the compounding effects of rising subprime mortgage defaults, a weakening real economy and housing market credit restraints," said Stuart Hoffman, chief economist at PNC Bank Corp.
Hoffman said all of the weaknesses in housing will likely convince the Fed to follow-up last week's 0.75 percentage point rate cut with a half-point cut on Wednesday.
(This version CORRECTS Fed rate-cut announcement to Wed sted Thurs in last graf.)
Shortages force Asian coal to new high
Shortages force Asian coal to new high
By Javier Blas in London
Published: January 29 2008 00:54 | Last updated: January 29 2008 00:54
Coal prices in Asia jumped to a record high on Monday as the region suffered acute shortages because of disrupted supply in Australia, South Africa and China.
Cold weather, meanwhile, increased regional demand for power and hampered the transport of coal in China.
Weekly prices for the regional benchmark, Australia’s Newcastle coal, rose to $93.35 a tonne, up almost 75 per cent in the past year, according to the GlobalCoal trading platform. Analysts reported daily prices on Monday at over $100 a tonne.
The impact is spilling into other regions, with coal costs rising sharply in the US, Latin America and Europe. Rotterdam spot coal prices, the European benchmark, jumped to $130 a tonne, up from $68.5 a tonne a year ago.
Supply issues
Australia: Mining companies in Australia, the world’s largest producer, announced force majeure at several mines last week after flooding in the state of Queensland. Among those was one owned by BHP Billiton and Mitsubishi, which produce nearly half of Australia’s coal exports.
South Africa: Coal mines here, which produce about 10 per cent of the world’s coal exports, were evacuated last week after the country had extensive electricity blackouts. Some mines have restored production since then, but others are still halted.
China: Miners and port authorities were told last week to stop coal exports for two months to ensure the local market remains well supplied and to help end a severe power crisis.
In the short term, the price rises will raise the cost of electricity generation. The price rises also cast doubt on the long-term sustainability of coal as a cheaper option to fuel power stations than crude oil and natural gas.
The coal industry has witnessed a renaissance in the past five years, thanks to the development of so-called clean-coal technologies that reduce carbon dioxide emissions, and because coal is relatively abundant in Europe and the US. It has been presented as a more secure alternative to reliance on Middle East-dominated oil supplies.
But coal’s recent success has pushed up demand. The market has turned from one of abundant and cheap supplies to one of more scarce resources, in which even small supply disruptions can force large price jumps.
Emmanuel Fages, a coal analyst at Socie'te' Ge'ne'rale in Paris, said the coal market was already tight before the recent supply disruptions. It would take weeks rather than days, he said, before supply and demand balanced and prices eased.
“We will not see a downturn in prices, but we will see an easing after some weeks, starting in March or April,” Mr Fages added. On top of rising demand in China, the coal market is facing a short-term increase in consumption in Japan, as the country’s power utility, Tepco, relies more heavily on its coal thermal power plants to offset the impact of the closure of the Kashiwazaki-Kariwa nuclear plant after an earthquake in July.
The company imported 400,000 tonnes of coal last month, more than double the 187,000 tonnes it bought in December 2006.
Japanese and South Korean utilities are buying on the spot market to secure supplies after China imposed a ban last week on coal exports to keep its local market better supplied.
The coal market’s tightness and the supply disruptions suggest that the outcome of the current annual secretive price negotiations between the mining companies and the Japanese steelmaking industry will result in much higher prices.
By Javier Blas in London
Published: January 29 2008 00:54 | Last updated: January 29 2008 00:54
Coal prices in Asia jumped to a record high on Monday as the region suffered acute shortages because of disrupted supply in Australia, South Africa and China.
Cold weather, meanwhile, increased regional demand for power and hampered the transport of coal in China.
Weekly prices for the regional benchmark, Australia’s Newcastle coal, rose to $93.35 a tonne, up almost 75 per cent in the past year, according to the GlobalCoal trading platform. Analysts reported daily prices on Monday at over $100 a tonne.
The impact is spilling into other regions, with coal costs rising sharply in the US, Latin America and Europe. Rotterdam spot coal prices, the European benchmark, jumped to $130 a tonne, up from $68.5 a tonne a year ago.
Supply issues
Australia: Mining companies in Australia, the world’s largest producer, announced force majeure at several mines last week after flooding in the state of Queensland. Among those was one owned by BHP Billiton and Mitsubishi, which produce nearly half of Australia’s coal exports.
South Africa: Coal mines here, which produce about 10 per cent of the world’s coal exports, were evacuated last week after the country had extensive electricity blackouts. Some mines have restored production since then, but others are still halted.
China: Miners and port authorities were told last week to stop coal exports for two months to ensure the local market remains well supplied and to help end a severe power crisis.
In the short term, the price rises will raise the cost of electricity generation. The price rises also cast doubt on the long-term sustainability of coal as a cheaper option to fuel power stations than crude oil and natural gas.
The coal industry has witnessed a renaissance in the past five years, thanks to the development of so-called clean-coal technologies that reduce carbon dioxide emissions, and because coal is relatively abundant in Europe and the US. It has been presented as a more secure alternative to reliance on Middle East-dominated oil supplies.
But coal’s recent success has pushed up demand. The market has turned from one of abundant and cheap supplies to one of more scarce resources, in which even small supply disruptions can force large price jumps.
Emmanuel Fages, a coal analyst at Socie'te' Ge'ne'rale in Paris, said the coal market was already tight before the recent supply disruptions. It would take weeks rather than days, he said, before supply and demand balanced and prices eased.
“We will not see a downturn in prices, but we will see an easing after some weeks, starting in March or April,” Mr Fages added. On top of rising demand in China, the coal market is facing a short-term increase in consumption in Japan, as the country’s power utility, Tepco, relies more heavily on its coal thermal power plants to offset the impact of the closure of the Kashiwazaki-Kariwa nuclear plant after an earthquake in July.
The company imported 400,000 tonnes of coal last month, more than double the 187,000 tonnes it bought in December 2006.
Japanese and South Korean utilities are buying on the spot market to secure supplies after China imposed a ban last week on coal exports to keep its local market better supplied.
The coal market’s tightness and the supply disruptions suggest that the outcome of the current annual secretive price negotiations between the mining companies and the Japanese steelmaking industry will result in much higher prices.
Coal shortages put pressure on Beijing
Coal shortages put pressure on Beijing
By Richard McGregor in Beijing and Tom Mitchell in Hong Kong
Published: January 28 2008 19:34 | Last updated: January 28 2008 19:34
An acute coal shortage left China suffering its worst power crisis in years as unseasonably large snowfalls saw hundreds of thousands stranded when they tried to travel to their families for the lunar new year holiday.
About half of China’s 31 provinces and regions have been hit by “brownouts”, or voltage reductions, caused by Beijing’s attempt to reimpose and tighten price controls on commodities including coal and oil.
Beijing is using old-fashioned price controls in an effort to stop food inflation, which has pushed the consumer price index to an 11-year high, from spreading to the rest of the economy.
Power companies insist the brownouts are the result solely of coal shortages. But executives admit privately the industry may have exacerbated the situation to drive home to Beijing the unfairness of price controls. Global prices of coal, China’s staple fuel, have surged, causing pressure for the rises to be passed on. Power industry margins have also been cut by higher freight costs.
“The shutdown of power stations by the generators is not force majeure [the cancelling of contracts because of a major unforeseen event]. This is price majeure,” said a China-based energy executive. Chinese media estimated that 150,000 travellers were stuck on Monday at the main rail station in Guangzhou, capital of southern Guangdong province, with hundreds of thousands more expected in coming days.
Every lunar new year, millions of migrant workers labouring at factories in the country’s southern industrial heartland stream through the station and the nearby bus station during the peak “spring rush” travel period.
About 2,500 police have been deployed at the train station to maintain order. The Guangzhou Railway Group also announced that it was suspending new ticket sales through February 6, new year’s eve on the lunar calendar, to help clear the backlog, potentially stranding hundreds of thousands more workers far from home over the week-long holiday.
The company estimates it will be up to five days before the Beijing-to-Guangzhou rail line is operating at normal capacity.
Beijing has ordered coal companies to delay price rises negotiated in the new year and deliver the fuel immediately to power stations. Li Chaolin, a Beijing-based energy expert, said the coal shortage had also been caused by the closures of scores of small mines on safety grounds.
By Richard McGregor in Beijing and Tom Mitchell in Hong Kong
Published: January 28 2008 19:34 | Last updated: January 28 2008 19:34
An acute coal shortage left China suffering its worst power crisis in years as unseasonably large snowfalls saw hundreds of thousands stranded when they tried to travel to their families for the lunar new year holiday.
About half of China’s 31 provinces and regions have been hit by “brownouts”, or voltage reductions, caused by Beijing’s attempt to reimpose and tighten price controls on commodities including coal and oil.
Beijing is using old-fashioned price controls in an effort to stop food inflation, which has pushed the consumer price index to an 11-year high, from spreading to the rest of the economy.
Power companies insist the brownouts are the result solely of coal shortages. But executives admit privately the industry may have exacerbated the situation to drive home to Beijing the unfairness of price controls. Global prices of coal, China’s staple fuel, have surged, causing pressure for the rises to be passed on. Power industry margins have also been cut by higher freight costs.
“The shutdown of power stations by the generators is not force majeure [the cancelling of contracts because of a major unforeseen event]. This is price majeure,” said a China-based energy executive. Chinese media estimated that 150,000 travellers were stuck on Monday at the main rail station in Guangzhou, capital of southern Guangdong province, with hundreds of thousands more expected in coming days.
Every lunar new year, millions of migrant workers labouring at factories in the country’s southern industrial heartland stream through the station and the nearby bus station during the peak “spring rush” travel period.
About 2,500 police have been deployed at the train station to maintain order. The Guangzhou Railway Group also announced that it was suspending new ticket sales through February 6, new year’s eve on the lunar calendar, to help clear the backlog, potentially stranding hundreds of thousands more workers far from home over the week-long holiday.
The company estimates it will be up to five days before the Beijing-to-Guangzhou rail line is operating at normal capacity.
Beijing has ordered coal companies to delay price rises negotiated in the new year and deliver the fuel immediately to power stations. Li Chaolin, a Beijing-based energy expert, said the coal shortage had also been caused by the closures of scores of small mines on safety grounds.
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