Icelandic krona at record low against euro
By David Oakley, Sarah O’Connor and Peter Garnham
Published: June 18 2008 21:38 | Last updated: June 18 2008 21:38
The Icelandic krona fell to a record low against the euro and a five-year low against the dollar on Wednesday, sparking new worries about the health of the country’s economy and banking sector.
The krona fell to IKr128.16 against the euro at one point and IKr82.67 against the dollar as investors struggled to find bonds or shorter-dated paper, such as treasury bills and certificates of deposits, to buy after big redemptions in bond markets last week.
Analysts said the lack of bond market liquidity on top of continuing worries about the health of Iceland’s banks because of their large liabilities and highly leveraged loan books had caused the sell-off.
Nigel Rendell, senior emerging markets strategist at RBC Capital Markets, said: “There are still worries about the banks, but the particular problem at the moment is the lack of instruments to invest in in Iceland.
“There were big redemptions in the bond markets last week, which has reduced supply. There are also more redemptions this week. The central bank needs to issue more treasury bills or certificates of deposit to enable investors to buy into Iceland.
“This lack of liquidity means it is difficult for funds to access the markets there. This has put pressure on the currency and in turn put pressure on credit default swaps. The issue of the health of the banks remains in the background, so there is also this longer-term issue that is a concern for investors too.”
Credit default swaps, which measure the risk of holding bonds, were also trading at their widest levels since March.
Five-year credit default swaps for Icelandic banks Kaupthing and Glitnir rose to around 600 basis points – double the levels of a month ago. They soared above 1,000bp in March because of worries about the degree of leverage at these banks and fears over whether the central bank had the ammunition to combat any crisis, given its small reserves.
The Icelandic central bank said on Wednesday it was still considering plans to issue more treasury bills or bonds to ease the supply problems.
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Mexico imposes price controls on food
By Adam Thomson in Mexico City
Published: June 18 2008 19:17 | Last updated: June 18 2008 19:17
Mexico’s centre-right government on Wednesday announced the widest range of price controls in more than a decade in an attempt to curb rising food prices.
The price of 150 basic food stuffs, including processed beans, cooking oil, tinned tuna and fruit juices, have been frozen with immediate effect, until the end of the year.
On Wednesday, President Felipe Calderón said: “It is a measure that will benefit positively and directly millions of Mexicans . . . this reflects the commitment Mexican business people have to the country and to price stability.”
The controls, agreed with the country’s Confederation of Industry Associations, are the latest effort by Mr Calderon of the conservative National Action Party to combat inflation. Although overall inflation in the past 12 months is 4.95 per cent – a relatively modest level compared with the rest of the region – food prices have risen about 8 per cent over the same period.
Analysts said the measures were a clear sign of the government’s heightened concern about the increases and, above all, of the political impact food prices traditionally have in Latin America.
Last year, Mexicans took to the streets in protest at a sudden rise in the price of tortillas, the ubiquitous pancakes made from maize that form the cornerstone of the national diet. The protests were the first crisis Mr Calderon’s administration had to face.
Economists said that the measures, which come just a few weeks after the government announced a temporary suspension of import tariffs on maize, wheat, sorghum and dried milk, would have a significant impact on inflation.
Luis Flores, a senior economist at Ixe, the Mexican financial group, said he expected inflation to come down from the consensus forecast of 4.4 per cent for the whole of 2008, possibly to as low as 4.25 per cent.
”There were serious risks of further food price rises over the coming months and this announcement has all but eliminated those risks,” he said.
Analysts said yesterday’s agreement with Mexico’s leading food manufacturers would also be an additional – though not necessarily determining – element in the central bank’s much-awaited interest rate decision on Friday. They said that there is now a greater chance that the bank’s board will decide to keep rates on hold at 7.5 per cent.
In the longer term, however, there is more scepticism about the price freezes. For example, Mr Flores pointed out that such measures generally only served to postpone problems, and often made them worse in the long run. “In purely economic terms, price controls are bad news because they just accumulate inflationary pressures, which can explode with worse effects further down the line.”
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Football money-laundering fears
By Michael Peel
Published: June 18 2008 23:30 | Last updated: June 18 2008 23:30
Claims that football clubs and other sports team are being used as a conduit for money-laundering are to be investigated by the global watchdog on criminal fund flows.
The inter-governmental Financial Action Task Force last night agreed to investigate whether sporting clubs in Europe, the US and South America are used to process illicit money through investments and player transfers.
The project – which arrives neatly as the European football championship builds to a climax – is aimed at helping countries combat possible abuses in a sector that has come under increasing scrutiny as it has grown more lucrative and international.
Sir James Sassoon, taskforce president, said the project showed how the body was trying to “pick out things from across the waterfront that could present material vulnerabilities to the financial system”.
A London meeting of the taskforce – set up by the Group of Eight industrialised nations – gave final approval to a project that has attracted growing interest from its 34 members.
The push would see FATF produce toolkits on how to detect money laundered through sporting clubs for investigators, regulators and people in the private sector, Mr Sassoon said.
Officials at the meeting said the proposed focus on European football clubs had widened to cover teams and player transfers in South America and the finances of leading US sports.
One official said that while the report was not intended to name and shame clubs or individuals, it could be used to highlight problem countries and practices for national investigators to probe. “Any time you have organised sports – and big money is there – there may be a vulnerability. That’s what we are trying to find out,” he said.
The emergence of football on the agenda of the taskforce – whose other remits include the proliferation of weapons of mass destruction – is a sign of concerns raised by the influx of money to the game.
One high-profile case emerged in Brazil last year, over suspected money-laundering involving Russian and British nationals in connection with payments of $32.5m made to the Corinthians football club of São Paulo.
Concerns in Europe have included suspected illicit payments linked to the transfer market, investments from the former Soviet Union, and possible match-fixing by Asian betting syndicates.
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Quake reconstruction to boost China growth
By Geoff Dyer in Beijing and Tom Mitchell in Hong Kong
Published: June 18 2008 19:32 | Last updated: June 18 2008 19:32
Last month’s devastating Sichuan earthquake will boost China’s economic growth, thanks to the billions due to be poured into reconstruction, according to a government think-tank.
The State Information Centre, a research group that is part of the government’s main planning body, said on Wednesday that the reconstruction would add 0.3 percentage points to China’s growth rate this year.
The research confirms private sector estimates that economic losses from the earthquake are likely to be outstripped by investment in new construction and infrastructure.
The earthquake caused enormous casualties – the death toll is expected to exceed 90,000 – and left millions homeless. However, it has had little direct impact on the country’s industrial infrastructure.
According to the State Information Centre, direct losses from the earthquake will reach Rmb400bn-Rmb500bn ($58bn-$73bn, €37bn-€47bn, £30bn-£37bn), slowing growth by 0.1 percentage points. But investment resulting from the earthquake will add 0.4 percentage points.
China’s economy and its industrial sector have a history of withstanding Mother Nature’s wrath. Its economy grew at an annual rate of 10.6 per cent in this year’s first quarter, in spite of widespread disruption from ice storms and power cuts in January and February.
Sichuan province plays an important role in the country’s agriculture sector, but economists believe that the impact on farm production was also limited and will not have a significant impact on food prices. Most of the damage caused by the earthquake was in poor counties in mountainous rural areas.
Investment ahead of the August Olympic Games will boost growth in Beijing, but surrounding regions could be hit if there are extensive factory closures during the games in order to guarantee cleaner air in the capital.
The earthquake was just one of a number of natural disasters and other one-off events in China that have raised uncertainties about economic growth this year. Severe winter weather in February hit a number of southern provinces and there has been extensive flooding in the south over the past few days.
Guangdong province, which has experienced some of this month’s worst flooding, accounts for about 30 per cent of China’s exports. The province’s export industry is concentrated around the Pearl river, which is itself formed by three now swollen tributaries – the West, North and East rivers.
But while the floods have killed more than 60 people and displaced about 1.7m across southern and central China, the worst affected areas have been in more remote parts of Guangdong and neighbouring Guangxi province. The Pearl river delta, by contrast, has so far been relatively unscathed.
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US tanker review gives boost for Boeing
By Demetri Sevastopulo in Washington and John Thornhill and Peggy Hollinger in Paris
Published: June 18 2008 20:13 | Last updated: June 19 2008 00:46
EADS suffered a heavy blow on Wednesday when US congressional investigators urged the US Air Force to reopen a $35bn refuelling tanker deal the European defence company had won over Boeing.
The Government Accountability Office, the oversight arm of Congress, agreed with Boeing that there were flaws in the air force process used to choose EADS and Northrop Grumman, its US partner, over their Chicago-based rival.
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US Air Force to review 'significant errors' in tanker deal
AFP
By Veronica Smith AFP - Thursday, June 19 03:14 am
WASHINGTON (AFP) - The US Air Force said Wednesday it would review criticisms of its award of a 35 billion dollar aerial refueling tanker contract to EADS and Northrop Grumman after congressional investigators said there were "significant errors" in the deal.
(Advertisement)
In a major advance in its attempt to win back the contract, the Government Accountability Office backed Boeing's complaint that it had lost the deal to Northrop and European giant EADS in a flawed process, and recommended the Air Force review the decision.
"Our review of the record led us to conclude that the Air Force had made a number of significant errors that could have affected the outcome of what was a close competition," the GAO said.
The Air Force said in a statement it was "reviewing the GAO's decision that sustained portions of Boeing's protest. Once the review is complete, the Air Force will be in a position to determine the best course of action."
The decision could wrest the 35-billion-dollar contract from Northrop and its European partner EADS in a battle fraught with protectionist overtones.
The 179 new aircraft are to replace the Air Force's fleet of aging tankers made by Boeing, up to now the sole supplier of air refueling planes to the US military.
The GAO said the Air Force conducted "misleading" discussions with Boeing about its compliance with requirements and gave too much slack to Northrop Grumman on some points.
It also said the Air Force made "unreasonable" cost calculations that, when corrected, made Boeing the lower bidder over the life of the contract.
"We recommended that the Air Force reopen discussions ... obtain revised proposals, re-evaluate the revised proposals, and make a new source selection decision, consistent with our decision," the GAO said.
The recommendations of the powerful congressional investigative arm, although non-binding, are usually heeded, and industry analysts said it was likely to mean the contract is re-bid.
"In theory, the air force has 60 days to answer. But in reality, it's obvious they're going to have to start over," said Loren Thompson, a military affairs specialist at the Lexington Institute.
The GAO report marks a new twist in a process that in 2003 saw Boeing awarded the contract, only to have it canceled in a procurement fraud scandal.
On February 29, Northrop Grumman and the European Aeronautic Defence and Space Company (EADS), parent of Boeing's archrival Airbus, were awarded the contract for the 179 tankers.
Boeing filed a protest March 11, effectively freezing the contract and sparking the GAO review.
The contract is for the initial phase of a fleet replacement project worth some 100 billion dollars over the next 30 years.
"We welcome and support today's ruling by the GAO fully sustaining the grounds of our protest," Mark McGraw, vice president of Boeing Tanker Programs, said in a statement.
"We look forward to working with the Air Force on next steps in this critical procurement for our warfighters."
Northrop Grumman vice president Randy Belote said the company would review the GAO findings and insisted it had "offered the most modern and capable tanker."
EADS chief executive Louis Gallois said that "though we're disappointed, it's important to recognize that the ... announcement is an evaluation of the selection process, not the merits of the aircraft."
The politically charged battle over the tanker pits the KC-45, a militarized version of Airbus's 330, and the KC-767, a new version of the Boeing 767.
The choice of EADS raised protectionist hackles in Congress, with lawmakers citing security concerns and job losses to Europe at a time when the economy is struggling.
Representative Norm Dicks, a Democrat from Washington state, home to Boeing factories, embraced the news.
"I believe the Air Force should set aside the agreement it improperly reached with EADS/Northrop Grumman and we should proceed expeditiously to build the best aircraft -- the Boeing KC-767 -- here at home," he said.
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Business eyes Ukraine’s fertile land
By Roman Olearchyk and Stefan Wagstyl
Published: June 19 2008 02:33 | Last updated: June 19 2008 02:33
“Look at the colour, what a beautiful crop,” says Richard Spinks, pointing to wheat and rapeseed fields that his company sowed this season in western Ukraine.
“If all of Ukraine’s farms could produce the yields we are getting, this country could play a big role in feeding the world and establish itself as a geopolitical power,” says the British chief executive of London-listed Landkom.
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Saudi Arabia in Talks With Ukraine, Sudan for Farms, FT Reports
By Jake Lloyd-Smith
June 13 (Bloomberg) -- Saudi Arabia, the world's largest barley importer, is in talks with Ukraine, Pakistan, Sudan, Turkey and Egypt about establishing farms to grow grains to meet the nation's strategic food needs, the Financial Times reported.
Projects of at least 100,000 hectares (247,105 acres) may be set up to grow wheat, corn, rice, soybeans and alfalfa, with a fixed portion of the harvests to be shipped to Saudi Arabia, the report said, citing Deputy Agriculture Minister Abdullah al-Obaid.
The drive to set up overseas farms was spurred by soaring food prices and Saudi Arabia's decision to halt a wheat-producing project from 2016, curtailing production of about 2.5 million metric tons, the report said.
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Bank in biggest shake-up for 10 years
By George Parker and Norma Cohen
Published: June 19 2008 00:24 | Last updated: June 19 2008 00:24
Alistair Darling on Wednesday night unveiled the biggest government shake-up of the Bank of England in a decade, with plans to create a “financial stability committee” to address flaws exposed by the Northern Rock crisis.
The chancellor wants to sharpen the Bank’s ability to tackle looming problems in the City – an admission that it lost some of its focus and expertise when its banking supervisory function was hived off to the Financial Services Authority in 1997.
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Hedge fund chief pessimistic about UK property
By Henny Sender in Monaco
Published: June 18 2008 22:01 | Last updated: June 18 2008 22:01
John Paulson, the US hedge fund manager who made a fortune for his investors by anticipating the debacle in subprime mortgages, said on Wednesday it was too early to look for bargains in the financial sector and predicted the worst was yet to come for the UK housing market.
Mr Paulson, who founded Paulson & Co 14 years ago and has $33bn in funds under management, said he was “preparing to switch” to long positions on distressed mortgages and banks, but added that such a change could be months – or even a couple of years – away.
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Bahrain bank to launch second Islamic fund
By Daniel Thomas
Published: June 19 2008 03:53 | Last updated: June 19 2008 03:53
Bahrain-based Islamic investment bank Gulf Finance House is to launch its second Shariah compliant UK commercial property fund to buy cheaper property following the cyclical market downturn.
The bank has reviewed European markets, and said that it has “clearly identified a rare, cyclical buying opportunity” in the UK market following significant falls in value during the last six months.
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'Biggest Threat To Economy In 20 Years'
SkyNews
By Sky News SkyNews - 1 hour 40 minutes ago
The Governor of the Bank of England has issued a grim warning about Britain's financial future.
(Advertisement)
Speaking at the Lord Mayor's dinner to bankers and merchants, Mervyn King said the country faces its biggest economic challenge in 20 years.
He said consumers could expect sharp rises in gas and electricity prices - and a steep fall in purchasing power with no pay rises likely.
Mr King warned that families could expect to bear the brunt of the slowdown.
With bigger bills but no increases in take-home pay, consumer spending will be squeezed more than during the credit crunch, he said.
"This year our real take-home pay will rise at a slower pace than national productivity," he said.
"Rising fuel, gas, electricity and food prices, mean that average real take-home pay will stagnate this year.
"It will not be an easy time, and I know that some families will find it particularly difficult.
He added: "But it is only a temporary slowing in the growth of our real take-home pay."
Mr King said targeting inflation - through stemming pay rises and higher interest rates - were priorities.
Also speaking at the Mansion House event, Chancellor Alistair Darling renewed calls for a pay restraint in the public and private sectors.
He acknowledged that "times are tough" but insisted the UK would avoid recession.
The two speeches come against a backdrop of intense pressure over inflation and pay.
Downing Street has signalled it will resist any effort by public sector unions to renegotiate three-year pay deals in the light of rising prices.
But fuel tanker drivers involved in the four-day strike which hit hundreds of filling stations won a 14% pay rise.
:: The deputy Governor of the Bank of England, Sir John Gieve, is to stand down from the post early. He has been in the role at the Bank since January 2006.
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JAL labour dispute grounds 7,000 passengers: airline
AFP
AFP - 2 hours 32 minutes ago
TOKYO (AFP) - Some 7,000 passengers were grounded Thursday in labour disputes between the Japan Airlines group and its pilots, company officials said.
(Advertisement)
Pilots went on strike at Japan Airlines (JAL), Asia's largest carrier, which cancelled 34 domestic flights, about five percent of its total. Some 5,000 passengers were grounded, but no international flights were affected, JAL said.
Pilots with JAL unit Japan Air Commuter called off their own strike planned on Thursday, but the carrier said it still had to cancel 90 flights as it did not have time to prepare.
Some 2,000 passengers were grounded at Japan Air Commuter, mostly people headed to small islands in southern Japan.
JAL's union and the management were unable to resolve a dispute over summer bonus payments. The union called the two-day strike from Wednesday, but the carrier was able to carry out normal service on the first day by using non-union pilots.
Rival All Nippon Airways was able to avert a similar strike at the last minute in negotiations with its union.
JAL has undergone a major downsizing effort including slashing thousands of jobs to restore its financial health. The company returned to black in the year to March after two straight annual losses.
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セブン＆アイ、農業参入を正式発表
セブン＆アイ・ホールディングスは19日、農業に参入すると正式に発表した。8月に千葉県富里市で農家と共同で農業生産法人を設立し、3年以内に全国で 10カ所に新設する。生産した野菜を傘下のイトーヨーカ堂などで販売し、消費者の安全志向に対応する。一般企業の農業参入では最大規模になる見通しだ。
富里市では2ヘクタールの農場で栽培を始める。今秋から、大根やキャベツ、ほうれん草など5品目、千葉県内の6店舗を皮切りに売り始める。ヨーカ堂やセブンイレブンから発生する食品ごみを、飼料として自社農場で使うというグループ内の食品リサイクル網もつくる。昨年に施行された改正食品リサイクル法で義務付けられたリサイクル率の向上に弾みをつける狙いもある。
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双日、中国にポテトチップス材料工場
双日は中国の大型農場と提携しポテトチップス材料の製造事業に乗り出す。ジャガイモをフレーク状に加工する工場を10月にも新設、年末から現地の食品メーカーに販売する。ジャガイモの栽培地と加工工場を隣接させることで品質・安全を管理しやすくする。食の多様化が進む中国ではポテトチップス需要が急増しており、安定収益が見込めると判断した。
双日は山手線内側の2.9倍の面積に相当する農地を黒竜江省に確保。提携先は国有系の克山農場（黒竜江省チチハル市）。製造事業を共同運営する会社をこのほど現地に設立した。資本金は約17億円で出資比率は克山農場75％、双日25％。年間3万5000トンのジャガイモをフレーク状の中間材料にする工場を建設、年末から出荷する。
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ＢＳキー局系５社が黒字に 視聴可能世帯増でＣＭ収入伸び
ＢＳ放送局の収益が改善している。民放キー局系列のＢＳ局は2008年3月期に、ＴＢＳ系のビーエス・アイ（東京・港）など3社が営業黒字に転換。00 年の開局以降、初めて全5社が黒字となった。ＢＳチューナー（受信機）付きの薄型テレビの需要が拡大した結果、業界推定で全国の世帯数の4割弱に相当する 2000万世帯近くで視聴可能となり、ＣＭ収入などが伸びた。
ＢＳの視聴可能世帯数はすでに関東地方の地上波を上回っており、団塊世代など中高年向けのＢＳ独自番組を大手企業が提供するケースも増えてきた。
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トヨタ、米で１万台強減産 大型車３工場、休業日増やす
トヨタ自動車は米国内の大型車工場で生産調整を本格化する。ピックアップトラック「タンドラ」などを組み立てている3工場で10月末までに5―14日間、操業を休止する。対象工場の減産幅は合計で1万台強となり、前年実績比3―4％減となる見通し。米の景気減速やガソリン価格の上昇を受け米新車販売は低迷。燃料消費量の多い大型車の落ち込みが目立つため生産調整により収益改善を狙う。
テキサス工場では10月末までに14日間の休業日を設定する。タンドラや大型多目的スポーツ車（ＳＵＶ）「セコイア」などを生産するインディアナ工場では8月末までに6日間、エンジンを供給するアラバマ工場では8月初めまでに5日間を休業日とする。数カ月以内に契約期間が満了となるテキサス工場の一時従業員約200人については、契約を更新しない方針だ。
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トヨタ、日本精工に出資 「安定株主拡大」に応える
トヨタ自動車が3月末までに、ベアリング最大手、日本精工の株式を1.8％取得したことが18日わかった。日本精工の要請を受けて株式を購入、取得金額は100億円前後とみられる。従来の大株主は金融機関や機関投資家が中心で、トヨタは事業会社としては最大株主となった。トヨタは繊維大手のセーレン株も約4％取得。資本を通じて取引先との関係を強化する。
高い技術力を持つ自動車部品メーカーは買収の標的になりやすく、安定株主の拡大を急いでいる。
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サハリン２LNG対日輸出「遅くても来年１月」 ガスプロム副社長
【モスクワ＝坂井光】ロシアの天然ガス独占企業ガスプロムのメドベージェフ副社長（輸出担当）は18日、記者会見し、ガスプロム、三井物産などが参加する資源開発事業サハリン２について「液化天然ガス（ＬＮＧ）の輸出は遅くても来年1月、早ければ今年12月に始まる」と言明した。同時にサハリン２での天然ガス増産を検討していることも明らかにした。
サハリン２のＬＮＧは東京電力など日本企業向けを中心に今年末に輸出が始まる予定だったが、環境問題などの発生で来春まで遅れるとの観測が出ていた。副社長は「当局が求める環境基準を満たしている」と述べ、輸出開始が大きく遅れるとの見方を否定した。
副社長は「天然ガスの増産の可能性を検討している」とも発言。年960万トンを予定しているＬＮＧ生産の拡大が可能と判断すれば、来年前半にも販売先などを決める考えを示した。これにより日本向けの輸出が増える可能性も出てきた。
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韓国ＬＧ、日本でＬＥＤ照明事業 ７月、法人向けに進出
韓国電機大手のＬＧグループは発光ダイオード（ＬＥＤ）照明事業で日本に進出する。日本向けの新製品を開発、7月に法人など向けに発売する。ＬＥＤは蛍光灯に比べ省電力で二酸化炭素（ＣＯ2）排出も少ないため、工場などでの需要が高いと判断した。日本で3年後に年150万本、300億円程度の販売を目指す。
ＬＧグループでＩＴ事業を手掛ける「ＬＧ・ＣＮＳ」（ソウル市）がＬＥＤ照明「Ｅ―ＴＵＢＥ」を販売する。日本では大手鉄道会社が駅舎での試験導入を決めた。
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松下、中国電機業界で環境対策「首位」 217製品が認証取得
松下電器産業は2007年度に中国で実施した環境対策の成果をまとめた。薄型テレビや洗濯機など中国の電機業界で首位の217製品が中国政府から環境配慮型商品として認証された。中国内の約60拠点の工場が排出する売上高当たり（原単位）の二酸化炭素（ＣＯ2）を05年度比17％削減した。09年度には最低でも同37％まで削減する計画だ。
中国政府が環境に配慮した家電製品や事務機器に与える「節ラベル」「十環ラベル」などを、前年度比6倍強の217製品で取得した。「節ラベル」の取得件数は187件で、2位のサムスン電子の5倍強だった。
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三洋、乾電池型の充電池を年産5000万個に倍増
三洋電機は繰り返し使える単3、単4型のニッケル水素充電池の生産量を2008年度に前年度比2倍の年産5000万個に増やす。国内での販売増に加え、欧州向け輸出も拡大する。約1000回充電して利用できるのが利点で、経済性や環境への負荷が少ないことから使い捨て電池との置き換えが進んでいる。同社は市販のニッケル水素電池では国内で約3割のシェアを持つトップメーカー。大幅増産により首位固めを急ぐ。
増産するのは乾電池タイプの充電池「エネループ」。生産能力に余裕があることから設備投資は行わず、高崎工場（群馬県高崎市）の既存の製造ラインを改修して、増産に対応する。同社は07年度にも06年度比19％増の年産2500万個に能力を高めたばかり。
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最低賃金上げ「高卒初任給」を目安に 政府、20日提示
政労使が参加する政府の「成長力底上げ戦略推進円卓会議」で議論する最低賃金の引き上げについて、政府は「高卒初任給」を目安に中長期的な引き上げを目指すとの案で最終調整に入った。20日の会議に提示する。最低賃金を引き上げることで、企業規模や地域によって差が大きい中小企業の賃金上昇につなげる狙いだ。
最低賃金を巡っては、都市と地方や企業間の格差を問題視する労働側が大幅な引き上げをするよう主張。人件費の上昇を懸念する経営側が反発している。最低賃金の額は中央最低賃金審議会（厚生労働相の諮問機関）で毎年議論して決めるが、政労使が中長期的な引き上げで合意すれば、一定の引き上げが続くことになりそうだ。
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証券化商品、50－100項目開示義務化 日証協が統一ルール原案
日本証券業協会が来年初めにも導入する証券化商品の統一開示ルールの原案が18日、明らかになった。証券会社が機関投資家に住宅ローンなどを裏付けとした証券化商品を販売する際、裏付け資産の健全度など約50―100項目の開示を義務づける。米サブプライムローン問題が深刻化してから、国内の証券化市場は縮小している。投資家が証券化商品のリスクを把握しやすくして透明性を高め、健全な市場育成を促す狙いだ。
証券化商品は商業用不動産ローン（ＣＭＢＳ）、住宅ローン（ＲＭＢＳ）、リース料（狭義のＡＢＳ）、企業向けローン（ＣＬＯ）などを束ね、そこから上がる収益を裏付けに証券を発行、投資家に販売する仕組み。
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Sustainable Agriculture: The Food Revolution That Starts With Rice
* Food Revolution That Starts With Rice
Scientist at Work: Norman T. Uphoff
By WILLIAM J. BROAD
The New York Times, June 17, 2008
Straight to the Source
ITHACA, N.Y. - Many a professor dreams of revolution. But Norman T. Uphoff, working in a leafy corner of the Cornell University campus, is leading an inconspicuous one centered on solving the global food crisis. The secret, he says, is a new way of growing rice.
Rejecting old customs as well as the modern reliance on genetic engineering, Dr. Uphoff, 67, an emeritus professor of government and international agriculture with a trim white beard and a tidy office, advocates a management revolt.
Harvests typically double, he says, if farmers plant early, give seedlings more room to grow and stop flooding fields. That cuts water and seed costs while promoting root and leaf growth.
The method, called the System of Rice Intensification, or S.R.I., emphasizes the quality of individual plants over the quantity. It applies a less-is-more ethic to rice cultivation.
In a decade, it has gone from obscure theory to global trend - and encountered fierce resistance from established rice scientists. Yet a million rice farmers have adopted the system, Dr. Uphoff says. The rural army, he predicts, will swell to 10 million farmers in the next few years, increasing rice harvests, filling empty bellies and saving untold lives.
"The world has lots and lots of problems," Dr. Uphoff said recently while talking of rice intensification and his 38 years at Cornell. "But if we can't solve the problems of peoples' food needs, we can't do anything. This, at least, is within our reach."
That may sound audacious given the depths of the food crisis and the troubles facing rice. Roughly half the world eats the grain as a staple food even as yields have stagnated and prices have soared, nearly tripling in the past year. The price jolt has provoked riots, panicked hoarding and violent protests in poor countries...
Full Story: http://www.nytimes.com/2008/06/17/science/17rice.html
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Campaign Against Soybean Planting in the Amazon Gaining Momentum
* GREENPEACE WELCOMES THE EXTENSION OF THE SOY MORATORIUM TO PROTECT THE AMAZON
Greenpeace, June 17, 2008
Straight to the Source
Brasilia, Brazil - June 17, 2008 - Greenpeace welcomes the decision to extend by one year the Amazon soy moratorium. The announcement was made today at a press conference in Brasilia by the soy traders association (ABIOVE), together with Brazil's new Environment Minister Carlos Minc, Greenpeace and other non governmental organizations (NGOs).
The moratorium, which prohibits the purchase of soy from newly deforested areas in the Amazon, or from farmers using indentured or forced labourers, was the direct result of a Greenpeace investigation documented in the 2006 report "Eating up the Amazon" and the subsequent campaign. The moratorium will now run until July 2009.
Several soy producers used rising agricultural commodity prices and global demand for grain to pressure ABIOVE and traders not to extend the moratorium. "The decision to extend the moratorium against the backdrop of rising commodity prices and the food crises shows that government and industry now understand that it is possible to protect the forest, combat climate change and still ensure food production," said Lindsey Allen, forest campaigner for Greenpeace.
Greenpeace, together with other NGOs, will continue to help ABIOVE to bring effective governance to the soy industry in the Amazon. Greenpeace warns however, that a one-year extension may not be long enough to build the tools necessary to ensure that soy production does not result in further deforestation.
An alliance of soy consumer companies, led by McDonalds, Marks & Spencer and Carrefour also welcomed the extension decision and, in a joint statement,
renewed its commitment to remaining actively engaged. In Brazil, the companies Wal-Mart, Sadia and Yoki also supported the statement.
The direct involvement of the Brazilian government is key to providing the framework essential for farmers to comply with the law, Allen said.
Tropical forest destruction is responsible for nearly one-fifth of global greenhouse gas emissions, second only to the energy sector. Seventy-five percent of Brazil's emissions come from forest destruction, making it the world's fourth largest greenhouse gas emitter.
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GE Wheat is Not the Solution to Drought
* Greenpeace, June 18, 2008
Straight to the Source
Sydney, Wednesday 18th June, 2008: Reacting to the Victorian Premier John Brumby's statement championing genetically engineered (GE) wheat as a solution to drought at a conference in the US, Greenpeace has accused the biotechnology industry of using the drought as an opportunity to foist GE crops on a justifiably suspicious public.
Louise Sales, Genetic Engineering Campaigner with Greenpeace says "Genetically engineered wheat is not grown commercially anywhere in the world nor accepted by any market, which is why even major GE crop producers such as the US and Canada have rejected it. Consumers simply do not want GE in their daily bread and with good reason there is growing evidence that GE crops are harmful to the environment and may be harmful to human health."
"The biotechnology industry thinks it can use drought tolerant GE crops to overcome consumer resistance to GE crops. However there are better techniques to develop drought tolerant crops that don't pose the same unacceptable risk to human health and the environment. The real reason the biotechnology industry wants use GE is that it can then patent the seed requiring farmers to buy new seed every year" she added.
Safe drought resistant crops can be developed using either traditional breeding or modern biotechnology techniques such as marker assisted selection (MAS). MAS does not result in a GE crop, but utilises our knowledge of DNA and the genome to breed new plant varieties. MAS has already been successfully used to develop non-GE drought tolerant canola in Victoria, which should be available to farmers this year.
A recent UN report, produced by over 400 of the world's leading scientists acknowledged that GE crops are highly controversial and will not play a substantial role in addressing the key problems of climate change, biodiversity loss, hunger and poverty.
Contacts: Louise Sales, Genetic Engineering Campaigner: 0438 679 263
Ruchira Talukdar, Media Officer: 0407 414 572
Notes to the Editor:
1. Victorian Government (2006) Media Release: Victorian scientist develop drought tolerant canola,
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Monsanto's Gene-Altered Cotton in Asia Developing Pest Resistance from Mealy Bugs & Bollworms
* GM Watch (Europe), June 18, 2008
Straight to the Source
1. Mealy bug threatens cotton crop in state
2. The mealy bug has entered Vidarbha cotton fields through the Bt cottonseed 3. Pest resistance rising
NOTE: Evidence out of China has already shown any initial reductions in pesticide use from Bt cotton being eroded by new pest problems. The researchers warned the same patern was likely to be repeated elsewhere, and this seems to be exactly what's happening in India (where major pest problems have been besetting Bt cotton in the Punjab, Vidarbha and Haryana - items 1 and 2), the US and South Africa (item 3). http://www.lobbywatch.org/archive2.asp?arcid=7432
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1. Mealy bug threatens cotton crop in state
RAJENDRA KHATRY Express India, June 18 2008 http://www.expressindia.com:80/latest-news/Mealy-bug-threatens-cotton-crop-in-state/324076/
Chandigarh - The cotton crop in Haryana, especially Bt cotton, is under threat from mealy bug, which may cause extensive damage to the crop if not controlled in time, said sources in the Haryana Agriculture Department.
In the past, the cotton crop in the state had often been damaged by the American Bollworm. In 2002, the bug had caused severe damage to the crop, ruining a number of state farmers in the process. But in the past few years, the farmers had been getting a good crop. However, now a threat by another bug looms large. It was generally believed that Bt cotton was pest-resistant, but B.S. Duggal, Additional Director, Haryana Agriculture, says Bt cotton is safe only from bollworm and not mealy bug.
What is worrying the cotton farmers is the early onset of monsoon. Rains at this time of the year is good for other crops, including bajra, sugarcane, paddy and pulses, but not for cotton. "A prolonged humid period is conducive to the growth of the mealy bug. Farmers fear their crops may be damaged if the rains continue for a considerable period of time," said Duggal.
A recent study by two scientists of Haryana Agriculture University, Dr R.K. Saini and Dr Paleram, had shown that the presence of mealy bug was more in Sirsa district of the state. The study had shown that there was more presence of black and brown ants on cotton crop damaged by the bug.
The Agriculture Department is advising the farmers to remove the weeds in their fields and make use of pesticides wherever there are signs of the bug. "We have asked the farmers in the state to keep a close watch and destroy all unwanted weeds as mealy bugs are known to survive and thrive on them," said Duggal. This year, the cotton crop had been shown on a smaller area in the state. While last year the total area under cotton crop in Haryana was 86,000 acres, this year it is much less at 80,000 acres, said sources in the state agriculture department.
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2. The mealy bug has entered Vidarbha cotton fields through the Bt cottonseed
Science in Society #38 Summer 2008 http://freepage.twoday.net/stories/4961144/
Letters to the Editor
Deadly gift from Monsanto to India
To follow up on your articles, Organic Cotton Beats Bt Cotton in India (SiS 27) and Message from Andra Predesh: Return to organic cotton & avoid the Bt cotton trap (SiS 29), I enclose photographs of mealy bugs infested cotton plants in the demonstration plots of different seed companies in Vidarbha: Ganga Kavari, Paras Bbhrahma, and Banny. All of the plots have the Bollgard label. These mealy bugs have never been in our region on any plants before Bt cotton was introduced. I learned about the devastation of cotton in China two years ago. This alerted me to photograph and video the demonstration plots regularly. So, anybody can say with confidence now that the mealy bug has entered Vidarbha cotton fields through the Bt cottonseed.
Now when the cotton plants have died, the mealy bug is shifting to nearby plants. By mid June, farmers will go for the new cotton crop or plant another crop. But before that, the bug will have multiplied like any thing. It has shifted to Congress weed nearby, and many other weeds and plants in gardens.
Read the rest of the letters and see the photographs here
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3. Pest resistance rising
+ USA: INSECT PRESSURE SHIFTING In the Southeast and Mid-South, stink bugs and plant bugs including lygus, tarnished plant bugs and cotton fleahoppers have become the primary problems on Bt cotton, which has provided an ideal environment for stink bugs and plant bugs to flourish.
http://www.gmwatch.org/archive2.asp?arcid=8868
+ SUPER BOLLWORM COMETH In the USA bollworms are developing resistance to Bt cotton - bollworms being the pest that Bt cotton was supposed to kill - and commercial pressures look set to weaken the refuge strategy that might have slowed down rising resistance.
http://www.gmwatch.org/archive2.asp?arcid=8868
+ RESISTANCE DEVELOPING IN SOUTH AFRICA TOO In South Africa the Agricultural Research Council (ARC) has published trial results that indicate stalk-borer larvae have developed resistance to Bt maize plants.
http://agribiotech.free.fr/van%20Rensburg.2007%20(first%20report%20of%20insect%20resistance20IRM).pdf
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PR Firm Edleman Launches Charm Offensive for GMO Giant Monsanto
* Monsanto: still reading blogs
PR firm Edleman launches charm offensive for the GMO giant
By Tom Philpott
Gristmill, June 13, 2008
Straight to the Source
Not so long ago, I was an utterly obscure farmer-blogger dashing off indictments of industrial agriculture for some 30 loyal readers (many of them house-mates and relatives).
And then, evidently by the miracle of the Google search, a functionary from Monsanto's legal office discovered my blog and fired off a cease-and-desist letter. I published it, added a tart response, and alerted a few editors to the exchange. Within days, my site meter showed thousands of readers piling in. Within months I had a paid writing gig. Thanks, Monsanto! Evidently, the GMO seed giant is still paying folks to scan Google for blogs that dare criticize it -- only now it has evidently outsourced the task to the PR-flack powerhouse Edelman.
Just today, a week after we published a (highly sarcastic) guest post by Claire Hope Cummings titled "All Hail Monsanto," a gentleman from Edelman wrote to one of my Grist colleagues to offer his services "tracking down information or putting one of you in contact with a representative from Monsanto that can insightfully answer any questions you may have concerning the company and its sustainability goals."
You never know -- we might just take him up on that.
I have recently heard similar tales from other food-politics bloggers who have had the unbridled nerve to question Monsanto's benevolence: A cordial email from an Edelman employee offering informational services that might better explain Monsanto's intentions.
In her post that inspired the Edelman missive, Cummings had some fun at the expense of Monsanto CEO Hugh Grant for declaring that "Skepticism is a commodity the world can't afford right now." What he meant was: Let us benevolent experts take care of the food supply -- you consumers just shut up and eat!
Well, I'm here to inform our readers over at Edelman that while we're always open to new information, we'd prefer to keep our skepticism well-honed, thank you very much.
And while we're happy to engage in friendly email exchanges, we also remember that Monsanto is fully capable of turning that smile upside-down -- and even baring its fangs. I remember that cease-and-desist letter. I also note that, according to a 2005 Center for Food Safety report (PDF), Monsanto wields an "annual budget of $10 million and a staff of 75 devoted solely to investigating and prosecuting farmers" deemed to violate its draconian gene-patent claims.
Read comments at: http://gristmill.grist.org/story/2008/6/12/11
1847/690?source=daily
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Tax-free retirement for emigrating Brits
New rules passed by the Government allow British nationals to take their UK pension savings scheme abroad and avoid paying tax, reports the Telegraph newspaper.
Under the legislation, retirement savings can be transferred to a foreign pension plan tax-free. However, the Government requires the retiree to emigrate permanently, and transfer the funds to a specified pension plan in approved countries for a minimum of five years. After the five years, the pension savings can be converted to cash, without paying tax.
The new laws, passed in April 2006, are largely beneficial to those with large retirement savings due to the high costs of relocation and transferring funds offshore, but it has not stopped the thousands of Britons immigrating annually to places such as Australia and New Zealand. The Isle of Man, Guernsey, Jersey, Australia, New Zealand and Switzerland are top of the approved list for retired emigrants.
One advisor speaking to the Guardian newspaper said, “The government is kidding itself if it thinks people with large pensions are going to pay tax when they don't need to. There appears to be nothing to stop someone moving their pension pot to a tax haven like the Isle of Man and living off the proceeds in Spain, or wherever. After five years they can take complete control of their funds without any of the strict rules that apply to UK pensions."
If you are interested in moving to Australia, find out more about Australian visas and immigration from the Visa Bureau website.
For anyone interested in moving to New Zealand, information about New Zealand visas and immigration can also be found on the Visa Bureau website.
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自殺、10年連続３万人超 07年、60歳以上が3分の1
昨年1年間に全国で自殺した人は3万3093人で、10年連続で3万人を超えたことが19日、警察庁のまとめでわかった。前年よりも2.9％（938 人）増加し、2003年の3万4427人に次いで過去2番目の高水準。年齢別では、60歳以上の高齢者が全体の3分の1を超える1万2107人と過去最多になった。
政府は06年の自殺対策法成立を受け昨年6月、自殺総合対策大綱をまとめた。なお年3万人を超え続けている現状を踏まえ、官民をあげた自殺防止への取り組みの推進が迫られる。
昨年の自殺者は男性が全体の約7割を占める約2万3400人で、女性は約9600人。年齢別では、60歳以上が前年を約980人上回り、全体の 36.6％を占めた。60歳以上と30歳代（約4700人）は過去最多。人口10万人当たりの自殺者数を示す「自殺率」は、50歳代が38.1と最も高かった。
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三浦元社長の保釈認めず サイパンの地裁
【サイパン（米自治領）19日共同】1981年の米ロサンゼルス銃撃事件で、サイパンで逮捕され拘置中の元会社社長、三浦和義容疑者（60）＝日本では無罪確定＝の保釈請求をめぐる審理が19日、サイパンの地裁で開かれ、マングロナ判事は2度目となる弁護側の保釈請求を再び退ける決定をした。
弁護側は決定を不服として、サイパンの最高裁に上訴する。三浦元社長は2月22日、サイパンの空港で逮捕されて以来、同島の収容施設で拘置されており、拘置生活はさらに長期化することになった。
マングロナ判事は決定理由で「殺人罪の逮捕状が出ている場合は、原則的に保釈の対象にならない」と指摘。（サイパンを管轄する）北マリアナ諸島の知事がカリフォルニア州への身柄移送に同意している点を重視し、保釈する理由がない、とした。
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大相撲：力士暴行死 時津風親方らが被害者実家を弔問
大相撲時津風部屋の力士暴行死事件で亡くなった斉藤俊（たかし）さん（当時１７歳）＝序ノ口・時太山（ときたいざん）＝の新潟市の実家を１８日、時津風親方（元幕内・時津海）らが弔問した。
斉藤さんの実家には、２月に逮捕、起訴された兄弟子３人をのぞく部屋の全力士１０人や部屋付きの枝川親方（元幕内・蒼樹山）、呼び出し、床山も訪問。書類送検された力士２人も同行した。時津風親方は「ずっと部屋全員で線香をあげさせてもらいたかった。（２６日の俊さんの）命日に合わせ（名古屋場所の）宿舎で供養もしたい」と語った。一方、父正人さん（５１）は「今の親方は事件について『前親方が責任を取る』と言っていた。だが自分は責任がない、というのはおかしいのではないか」と話した。
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「立て直しムダ」九段宿舎“居座り”大物議員の言い分
３ＬＤＫ、家賃６万円台
「議員特権」として国民の政治不信をかきたてた議員宿舎問題が、会期末を迎えて再燃している。耐震基準に満たないため取り壊される衆院・九段議員宿舎の住人に対し、衆院議院運営委員会が「豪華」批判を浴びた赤坂宿舎への転居を要請したが、与野党の８議員が難色を示し、「居座り」を宣言しているというのだ。８人には大物議員も含まれている。「居座りには兵糧攻め」の強硬論も出ているが、議員にはどんな言い分があるのか。
「初当選から２４年半、女房と九段に住み、ここが生活の拠点になっている。他に住むところはない。住みごこちがすごくいいし、壊す必要は全くない。なぜ、我々の考えを聞かず、一方的に立ち退きを要求するのか。理由が分からない。新しく建て直すというが、そちらのほうがムダだ」
自民党の尾身幸次前財務相＝比例・北関東＝は夕刊フジの取材に対し、激怒しながら議運側を猛烈に批判した。尾身氏のほか、川崎二郎元厚労相＝三重１区＝が「居座り組」の重鎮だ。
東京メトロ・九段下駅から、靖国神社の脇を抜けて徒歩約３分。１９７５年に完成した９階建ての九段宿舎は１２５戸で間取りは３ＬＤＫ、家賃は６万円台。過去には週刊誌が、自民党の山崎拓前副総裁の不倫の舞台として報じるなど脚光を浴びた。１７日現在、住人は３９世帯。訪れると、郵便受けは約４０世帯を除いてビニールテープでふさがれ、破れた障子が外から見えるなど閉鎖モードになっていた。
議運委は昨年、九段宿舎の閉鎖を決定。入居者には今年６月末までに、赤坂宿舎に引っ越すよう要請し、４月には居座り議員に対し、転居に応じるよう文書で通知したが、尾身氏らは拒否しているわけだ。
そこで、小此木八郎議運委庶務小委員長（自民）は１７日、「立ち退きに応じない議員」として自民３、民主３、公明１、社民１の計８人を匿名で発表。さらに、「どうしても出て行かないなら電気、ガス、水道を止める」と兵糧攻めも辞さない考えを表明した。
こうした強制退去の理由のひとつは、赤坂宿舎の空き室（４３戸）解消。都内の一等地に３ＬＤＫ、高級ホテル並のロビーなど超豪華ながら、家賃が相場の６分の１の９万２０００円と破格で、世論の批判を浴び、入居に及び腰になる議員が多かった。「九段宿舎に居座られると管理費が年間３０００万円かかる」（議運関係者）のも理由のひとつ。実際、３９世帯しか住んでいないのに管理人、警察官、数人の職員が常駐していた。
こうした税金のムダ遣いに対し、尾身氏は「壊したり建て直したりしたら、余計に金がかかる。衆院議員の定数４８０人に対し赤坂宿舎は３００戸しかない。次期総選挙後に入居希望者が３００人を超えたらどうするのか。九段を残しておけばいい」と反論。兵糧攻めには「極めて理不尽だ」と徹底抗戦する構えだ。
また、川崎氏は４月の住民集会で尾身氏とともに「俺たちは出て行かないから、安心して残ってくれ」と語り、立ち退き拒否派をリードしてきた。川崎氏は１８日、「古い宿舎を改修しながら使うべきと主張している」とコメントした。
８人のうち尾身、川崎の両氏が最強硬派だが、依然、九段に居座る議員たちは、どう答えるのか。
自民党では、田中良生氏＝埼玉１５区＝の事務所が「いろんな批判があるので、赤坂宿舎には住まず、地元に部屋の荷物を持っていこうと思っている」と述べた。
民主党では、市村浩一郎氏＝比例・近畿＝が「あくまで要請で、強制ではなかった。九段を残すという意見があったので議論を待っていた」と話し、岡本充功氏＝比例・東海＝の事務所は「別に物件を探す」。三谷光男氏＝比例・中国＝は「議運の要請に回答していない。地元に『赤坂には入らない』と言っていたので入らない。７月に出て行く」と述べた。
公明党の石井啓一氏＝比例・北関東＝は事務所を通じて「赤坂宿舎への入居は要請で、強制力がない。九段は存続するという理解だった。１７日に閉鎖する旨通知がきたので赤坂へ転居する」と話す。
社民党の辻元清美氏＝比例・近畿＝は同党唯一の九段入居者。議運側は「退去拒否」としているが、辻元氏側は「拒否した事実はない。赤坂への転居も検討している」とコメントした。
議員宿舎問題は、赤坂の豪華で格安批判のほか、転居費の国庫負担が発覚。引っ越しで約１００万円を請求する議員もおり「非常識だ」と批判が強い。
６月末の退去期限を控え、２人の大物はどんな抵抗を試みるのだろうか。
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肥料１．５～２倍に値上げへ 全農が最終調整
2008年6月19日3時4分
化学肥料の約６割のシェアを持つ全国農業協同組合連合会（ＪＡ全農）が、主要な肥料の販売価格を７月から現行の１．５～２倍程度に値上げする方向で最終調整していることがわかった。原料のリンや窒素などの価格高騰が理由。今後、農産物の価格にも影響する可能性がある。
全農は原則的に毎年７月に肥料の価格を改定している。値上げは今回で５年連続。７３年の第１次石油危機時に品目によって３０～４０％値上げしたが、今回はそれを上回る過去最大の上げ幅になる。農林水産省によると、生産費に占める肥料の割合は約１割で、値上げは農家にとって大きな負担となる。
全農は近く値上げ幅を発表する。ただ毎回、肥料の価格そのものは公表していない。農水省の資料などによると、様々な肥料を混ぜ合わせた「高度化成」という主要な複合肥料の場合、価格は２０キロあたり２１００円程度（０６年）。倍になると４千円を超える。
中国やインドなど新興国の食糧需要の急増に合わせて、世界の肥料の需要も増加。肥料の３大要素であるリン、カリウム、窒素の国際価格も急騰している。日本は原料のほぼ全量を輸入に頼っているが、リン鉱石の有力な生産国である中国は、国内分を確保するため輸出税を課すなどして輸出を規制している。
肥料価格の高騰は、ローマで今月開かれた「食糧サミット」でも、食糧問題に深刻な影響を与えていると指摘された。
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