Renminbi fall fuels talk of policy shift

Renminbi fall fuels talk of policy shift

By Peter Garnham

Published: July 21 2008 10:42 | Last updated: July 21 2008 21:17

The Chinese renminbi fell for the third consecutive day on Monday, sparking speculation that its continued appreciation might not be a foregone conclusion.

The renminbi has risen more than 6 per cent against the dollar this year as the Chinese authorities have used the currency as a tool to dampen inflationary pressures in the country’s overheating economy.

By midday in New York, the renminbi dropped 0.2 per cent to Rmb6.8290 against the dollar after the People’s Bank of China fixed the currency’s daily mid-point lower for a third successive day.

Gabriel Stein, of Lombard Street Research, said that, while the move could just be put down to “normal daily fluctuations”, the Chinese ministry of commerce had called for a slower pace of renminbi appreciation.

Wen Jiabao, the Chinese premier, has talked about helping China’s exporters.

“It could be the beginning of a policy shift,” said Mr Stein. “It could also be an attempt to stave off speculative capital inflows by showing that renminbi appreciation is not a one-way bet.”

Elsewhere, the dollar recovered from early sharp losses after expectation-beating earnings figures from Bank of America, the second-largest US bank, eased some fears over the health of the US financial system.

But analysts said the focus would now turn to second-tier US banks – which were expected to be more vulnerable to credit-related losses – reporting this week.

Gavin Friend, of Commerzbank, said US economic releases this week – including jobless claims figures, housing data and durable goods orders – were unlikely to support the dollar, which last week fell to a record low against the euro.

“The market is worried about possible stagflation in the US and maintains its rather dollar negative mood,” he said.

Late in New York the dollar was down 0.4 per cent to $1.5898 against the euro, lost 0.2 per cent to Y106.70 against the yen and eased 0.2 per cent to SFr1.0202 against the Swiss franc.

The dollar was flat against the pound at $1.9987, after comments from David Blanchflower, a member of the Bank of England’s monetary policy committee.

Mr Blanchflower called for cuts in UK interest rates, saying he suspected the UK was already in recession and the economy faced three or four quarters of contraction.

Although he is known as the most dovish member of the MPC, analysts said Mr Blanchflower’s comments were noteworthy given the depths of his concerns over the UK economy.

“He believes the downside risks to the UK economy from falling house prices and the credit crunch could be even greater than they are in the US,” said Howard Archer, of Global Insight.

The pound fell 0.1 per cent to £0.7945 against the euro and fell 0.1 per cent to Y213.32 against the yen.

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Fed seems focused on inflation over growth

By Krishna Guha in Washington

Published: July 22 2008 03:03 | Last updated: July 22 2008 03:03

As the dust settles on the latest bout of financial turmoil, the Federal Reserve appears to be focused on inflation rather than economic growth.

This inflation bias comes in spite of the continuing troubles at Fannie Mae and Freddie Mac, extreme volatility in bank stocks and the recent dip in the price of oil.

Those developments, while reminding policymakers that there are still serious risks to economic growth, do not appear to have fundamentally changed the assessment set out in the minutes of the June 30 policy meeting.

At that meeting, the Fed in effect switched gears. The minutes said: “With increased upside risks to inflation and inflation expectations, members believed that the next change in the stance of policy could well be an increase in the funds rate.”

The question then was not whether the Fed was turning its attention to inflation, but how soon and how quickly interest rates would have to go up. The minutes said “the timing and magnitude of future policy actions” was still “quite unclear”.

It appears that the Fed left out a formal inflation bias from the June statement not because such a bias did not exist, but because it wanted the markets to understand that growth risks remained significant, and investors should not mistake a tightening bias for a signal that rate increases were imminent.

Since then a lot has happened, but it does not appear that the Fed has moved very far away from the position reached in June. Ben Bernanke’s testimony to Congress on July 15 – in the immediate aftermath of the ­rescue plan for Fannie Mae and Freddie Mac, with financial stocks in freefall – edged up the Fed’s assessment of growth risks.

Yet given the context, the Fed chairman’s comments were if anything hawkish. He highlighted reasons to worry about the risk that high rates of headline inflation (pushed up by energy and food prices) could get embedded in the domestic inflationary process. “A critical responsibility of monetary policy makers is to prevent that process from taking hold,” he said.

Core inflation – excluding energy and food – was higher than expected in June, almost certainly adding to the Fed’s discomfort on prices.

Tom Hoenig, president of the Kansas City Fed, said on July 16 it would be important for the Fed “to move to a less accommodative stance in a timely fashion”.

Since the comments by Mr Bernanke and Mr Hoenig, financial stocks have rallied, tempering the threat to growth. The price of oil has fallen and is about $16 below its high. The market turmoil of the past month, plus increased signs that growth is likely to weaken rather than strengthen in the second half, may have pushed back a little the moment at which the Fed will start tightening, compared with the expectation in June.

However, it appears that the basic reorientation of the June meeting remains intact.

In effect the Fed has moved from doing whatever it can to support growth, subject to an inflation constraint, to seeking to start raising rates as soon as it can, subject to a growth constraint.

Moreover, while early and rapid rate rises still do not look to be in the Fed’s Plan A, it could still move quite quickly if forced to by more evidence of a deterioration in inflation expectations, and the inflation dynamic more generally.

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Austria’s hard right scents election success

By Eric Frey in Vienna and Haig Simonian in Zurich

Published: July 22 2008 02:37 | Last updated: July 22 2008 02:37

Almost a decade after a remarkable poll success that propelled Austria’s rightwing Freedom party (FPÖ) into government and shocked the rest of Europe, it appears poised again to play a key political role.

Under its former leader, the populist Jörg Haider, the radically anti-immigrant and eurosceptic FPÖ won votes and international prominence – and condemnation.

Polls now suggest that it could hold the balance of power after snap elections called for September following the coalition government’s collapse this month.

A strong showing for the FPÖ – which polls put on 20 per cent support, almost double its showing in elections two years ago – could see Austria adopt a more hostile tone towards the rest of the European Union.

Heinz-Christian Strache, the FPÖ’s firebrand leader, has long favoured powerful anti-Brussels rhetoric. More recently, elements within the two main parties, the Social Democrats and the centre-right People’s party, have also adopted more eurosceptical tones, partly in an effort to blunt the popularity of Mr Strache.

“Hostility to Europe has become a potent force in Austrian politics. Strache’s Freedom party is reaping the fruits of the major parties’ inability to convey the advantages of EU membership and eastern enlargement to voters,” said Thomas Hofer, a political analyst.

The latest Eurobarometer poll shows only 28 per cent of respondents positive about the EU .

Both the main parties have ruled out forming a coalition with Mr Strache, who has vowed to remain in opposition. But even from outside government, Mr Strache, 39, who took over the party leadership in 2005 when Mr Haider broke away to set up a splinter party, has already managed to display influence.

The People’s party has grown tougher on immigration and opposes Turkey joining the EU and is committed to holding a referendum before any such step.

The Social Democrats have moved closer to the FPÖ on Europe. In a recent turnround, Alfred Gusenbauer, the chancellor and former party leader, and Werner Faymann, his successor as party chairman, demanded referendums on future EU treaties, including any significant revision of the Lisbon reform treaty already ratified by Austria.

This new eurosceptic tone could be a vote winner – or at least prevent a further decline for the Social Democrats, who have grown increasingly unpopular during Mr Gusenbauer’s 18 months as chancellor. He and Wilhelm Molterer, People’s party leader, are political veterans seen by critics as uncharismatic, long-time party apparatchiks.

By contrast, Mr Strache appears refreshing to many supporters. But his rhetoric is, if anything, even more strident than that of Mr Haider – especially on the subjects of Turkey and Muslim immigrants – and with no attempt to appeal to the centre. “Haider gathered old people nostalgic for the past. But today, the party’s supporters are mostly men in their 30s with extremely far-right views, and they are really scary,” says Peter Filzmeier, a political scientist. As a young man, Mr Strache was close to neo-Nazi groups, and he has refused to apologise for Nazi crimes or acknowledge any historical guilt.

In spite of such positions, he has not gained the same international notoriety as Mr Haider, who once commended the employment policies of the Third Reich.

Mr Haider used his electoral triumph in 1999, when he won close to 27 per cent, to become junior partner in a coalition led by the People’s party – a decision that drove Austria into temporary isolation as EU partners froze bilateral contacts.

While the two main parties rule out repeating such a deal, the prospect of another grand coalition – the only realistic alternative if the FPÖ were excluded from the next government – is also unappealing for the Social Democrats and the People’s Party. Such a move, says Mr Filzmeier, would “prolong [Mr Strache’s] success, and the next time he could be number two or even number one”.

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Russia and China settle border spat

By Charles Clover in Moscow

Published: July 21 2008 22:51 | Last updated: July 21 2008 22:51

Russia and China finalised a protocol on Monday, formally demarcating their 4,300km international border – a significant step towards friendship between the two large military powers.

The agreement settles the status of four islands in the Amur river, an issue that has dogged bilateral relations for decades and which in 1969 triggered a brief war .

Sergei Lavrov, Russia’s foreign minister, said the agreement “created the conditions in order for the Russia-China border to always be a border of stability, friendship and prosperity”.

The agreement is the latest in a series of steps both countries have taken towards each other, starting shortly before the collapse of Soviet communism and the later expansion of Nato towards Russia’s borders.

“When Russia thinks in terms of military threats, they do not think about threats from China any more – they think about the threat from Nato,” said Dmitri K. Simes, a foreign policy analyst and president of the Nixon Center, a think-tank in Washington.

However, he did not foresee a Sino-Russian alliance in the making , adding: “That is not happening yet.”

In 2001, the two sides signed a security treaty which stopped short of a full military alliance. In 2005, they conducted joint military exercises in China, which were followed by another set of joint manoeuvres in Russia this year.

Moscow, generally more anxious than Beijing about Nato’s creeping influence, is understood to have made most of the concessions in Monday’s agreement. The official China Daily newspaper said Russia would return Yinlong (Tarabarov) island and half of Heixiazi (Bolshoi Ussuriysky) island to China.

Mr Simes said that although the agreement itself was signed three years ago, “we all know the devil is in the detail, and we know how many such agreements in principle never come to final fruition. [But] the Russians and the Chinese were able to come to a final agreement quite amicably without serious contradictions.”

Beijing and Moscow went from being friends, after the 1949 communist revolution in China, to enemies by the 1960s, driven by regional rivalries and the Soviet leader Nikita Khrushchev’s rejection of Stalinism.

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Tax haven probe targets rich Britons

By Vanessa Houlder in London

Published: July 21 2008 23:39 | Last updated: July 22 2008 09:29

About 300 wealthy Britons who secretly salted away more than £1bn ($2bn, €1.26bn) in the tax haven of Liechtenstein are facing investigation and possible criminal prosecution by the UK tax authorities.

Some clients have been contacted by Revenue & Customs, which says it will consider prosecuting those who have lied about their assets in other probes. Inquiries are expected to take two or three years.

Separately, the next phase of Revenue & Customs’ investigation into offshore account holders is set to be launched over the next few months, along similar lines to last year’s disclosures by UK banks. It is seeking legal notices requiring an initial batch of about 25 foreign banks to reveal information about clients with offshore accounts.

Since the Liechtenstein tax evasion scandal broke in February, investigators have received more information from the former employee of LGT, the bank controlled by the principality’s ruling family, who sold internal bank details to German and other tax authorities.

The revelations were examined in a US Senate subcommittee report last week. This concluded that the “murky operations” of banks such as LGT helped US taxpayers evade an estimated $100bn of taxes each year.

Investigators have focused on more than 15,000 LGT clients with total funds of £100bn-£110bn invested through 4,000 foundations and other entities designed to provide anonymity. About 50 countries believe their citizens have undisclosed assets in LGT, headed by Germany, which has details of roughly 1,400 foundations. In the US, the Internal Revenue Service has identified at least 100 US citizens who hid money in Liechtenstein. Liechtenstein’s 15 other banks are coming under pressure to co-operate with foreign tax authorities.

●Suspected tax evaders in Germany are considering suing their Liechtenstein bank for failing to inform them promptly of the theft of confidential client information in 2002, a Liechtenstein lawyer said on Monday, writes Bertrand Benoit in Berlin.

Information about trusts held by LGT Treuhand for German nationals was obtained by the BND foreign intelligence agency and given to the tax authorities, leading to the biggest tax evasion inquiry in Germany.

Heinz Frommelt, a lawyer in Vaduz, said he had been approached by German lawyers inquiring about the prospects of possible damages claims by their clients, some of whom are now under investigation.

He said the alleged tax evaders argue they might have used an amnesty offered by Germany in 2004, had they known then about the theft of the data.

“There is a huge amount of anger among LGT Treuhand clients in Germany right now,” Mr Frommelt said. “A similar damage suit was turned down by Liechtenstein’s highest court in 2005, but you could argue that the existence of the amnesty adds a new element.

“My advice to the colleagues is for their clients first to settle their issues with the German tax authorities, then observe a cooling-off period before they seek to recover damages, if only because they need to quantify these damages.”

LGT, LGT Treuhand’s parent company, said on Monday: “Of course there are clients who have mentioned this issue and expressed their dissatisfaction. We have rarely faced concrete claims, however.”

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‘Risks’ dash hopes on foreign profits

By Vanessa Houlder

Published: July 21 2008 23:05 | Last updated: July 21 2008 23:05

The prospect that multinationals will soon be able to bring back profits from overseas free of tax was dashed on Monday when the Treasury told the CBI that the “fiscal risks are too great” to introduce such an exemption as early as next year’s finance bill.

However, the decision to delay the controversial package of proposed reforms while the Treasury conducts further talks with business was met with relief – tempered by concern that popular aspects of the reforms might ultimately be dropped.

The Treasury insisted there was “still a strong case” for a dividend exemption, but said that pushing it through without accompanying anti-avoidance measures “could impose significant costs on the Exchequer”.

Jane Kennedy, financial secretary, confirmed that the Treasury has dropped proposals to tighten tax rules on intellectual property and interest restrictions.

“It is clear that elements of the changes to controlled foreign companies rules and interest restrictions that were set out in last year’s discussion document could cause problems for business, specifically the proposals relating to the CFC [controlled foreign companies] rules that would have affected the tax treatment of intellectual property and impacted on certain sectors disproportionately,” Ms Kennedy said.

In a letter to Richard Lambert, director-general of the CBI, she rejected the argument that the dividend exemption – allowing the tax-free repatriation of foreign profits – could be introduced without putting tax revenues at risk from more avoidance. But she said she would welcome discussions that would lead to a better understanding of the risks.

Mr Lambert said: “The Treasury’s willingness to rethink this issue is welcome and the CBI looks forward to further consultation on taxation of foreign profits. This is a particularly important issue for internationally mobile businesses, many of which have increasing flexibility on where to locate.”

Peter Vipond, director of tax at ABI, which represents insurers, expressed relief the Treasury was taking a step back from contentious new interest restrictions, but urged the government to press on with its discussions with business.

Ian Brimicombe, tax director of AstraZeneca, the pharmaceutical company, also warned that maintaining the status quo was not acceptable. “To some extent, they need to change. They have to make the UK more attractive,” he said.

Chris Morgan of KPMG, the professional services firm, said: “The real concern that HM Treasury has is, if you have an exemption for dividends there is no longer a disincentive to move profits offshore. They are concerned that people transfer business offshore or put capital offshore and lend it back to the UK. That sort of thing is clearly abusive.”

But he warned the Treasury could not leave the CFC rules untouched because recent legal challenges had suggested they did not comply with EU rules.

John Cullinane of Deloitte, professional services firm, warned that the Treasury’s desire for a balanced package of reforms meant there was likely to be a different group of losers from its next set of proposals. “Each particular idea has different implications for different companies.”

Chris Sanger of Ernst & Young said the difficulty of bridging the gap between businesses’ expectations and the Treasury’s fears about revenues might lead the Treasury to make less far-reaching changes to the taxation of foreign profits.

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Mubadala goes into aerospace

By Andrew England in Abu Dhabi

Published: July 22 2008 03:00 | Last updated: July 22 2008 03:00

Few could doubt the grandiose ambitions of Abu Dhabi as the once sleepy emirate seeks to reinvent itself.

The oil-rich capital of the United Arab Emirates has already done deals that will see a Louvre and Guggenheim museum grace one island. Another island will host a grand prix racetrack and Ferrari theme park.

Last week Abu Dhabi chose Farnborough airshow to announce to the world its ambitions in the aerospace industry.

Etihad, the emirate's airline, placed orders for 100 aircraft with options for a further 105, which could eventually be worth $43bn. And Mubadala, the increasingly powerful state investment company, announced plans for a facility that will manufacture high-tech aerospace parts for EADS, the parent of Airbus, and a joint venture with Rolls-Royce to provide engine maintenance services.

The question is whether the emirate will deliver on its grand designs.

Officials say the ultimate aim in aviation is for Abu Dhabi to become a "tier one" supplier of parts to the two big manufacturers - Airbus and Boeing - and for the emirate to be an aerospace hub, providing a range of services from maintenance to component production.

The broader strategy is to diversify the oil-dependent economy and create jobs for young Emiratis in specific sectors. There are plans for petrochemicals, aluminium smelters, steel plants and tourism. In effect it is using its oil wealth to start industries from scratch.

Abu Dhabi's transformation comes after decades during which its leaders have cautiously tucked away most of the oil revenue in sovereign funds such as Adia, the Abu Dhabi Investment Authority.

The aerospace industry is perhaps the most ambitious element of the strategy. About three years ago the emirate had plans to set up plants to manufacture auto parts, but that project never got off the ground, says a banker in the region. Abu Dhabi has tremendous financial resources, but previous unsuccessful projects in the Gulf prove that money does not guarantee success.

As a sector aviation is expanding in the Middle East, but Abu Dhabi will be competing with Dubai, which, through Dubai Aerospace Enterprise, has set itself the goal of creating a "global aerospace manufacturing and services corporation" and is ahead in terms of airlines and airports.

"It's not for me to say whether the world and the pie isn't big enough for two players," says Waleed Ahmed Mokarrab Al Muhairi, chief operating officer of Mubadala. "I just don't know the answer to that. What I do know is we have a vision. We are executing as rapidly and as methodically as we can to realise that vision, and you are seeing the fruits of that."

Creating high-tech jobs for Emiratis is crucial to the plan, but is highly dependent on reforms to the education system (see above) and its ability to train engineers. Given the small size of the indigenous population (about 420,000), it will still have to be able to attract skilled foreign labour.

"You start with a very small population and you have to ask how many graduates will be brain surgeons or top engineers," the banker says. "They are going to have to bulk up and attract people to [become] the regional brain hub. Then perhaps they have a chance."

Still, the scale of Etihad's plane orders gives Abu Dhabi some standing with the likes of Airbus.

"If you are one of the biggest purchasers and you are the new player, you have a much bigger pile of chips," the banker says. "You have to accept they are moving up the ladder; the question is how far they can get."

Mubadala has been building up the aerospace component of its portfolio for two years, and has stakes in Piaggio Aero Industries, an Italian company, and SR Technics, based in Zurich. It is also sole owner of Abu Dhabi Aircraft Technologies, a maintenance company that will be involved in the joint venture with Rolls-Royce.

Mr Muhairi says the company diversifies for "very specific" ends. "In this case its about the academic spill-over, it's about the R&D, it's about introducing the type of manufacturing culture we want to have. I think that all has unquantifiable value we would like to introduce into our economy."

Abu Dhabi, he says, takes a long-term view. "We are patient, but we understand that the window of opportunity is not going to be open for ever. So if we're going to do stuff, we should do it sooner rather than later."

Because most of the big projects are still in the early implementation stage, observers say it is difficult to gauge which will succeed and which may fall by the wayside. Successful implementation will be the most daunting challenge.

"The telling time will be the next 24 months because some of these things should start to show," another observer in the emirate says.

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In oil-rich Norway, petrol prices most expensive in Europe
AFP
By Gwladys Fouche AFP - Tuesday, July 22 04:50 am

OSLO (AFP) - In Norway, many motorists are up in arms over why they have to pay the highest petrol (gasoline) prices in Europe when the country is the world's fifth-largest oil exporter and a recent tax hike has done little to cool tempers.
(Advertisement)

"It is really strange: we have lots of oil and we're a rich country. Why do we have to pay so much?" asks Per-Arne Skjerpingstad, a 38-year-old hospital porter as he fills up the tank of his Peugeot 307 at an Oslo gas station for 750 kroner (94 euros, 148 dollars).

Diesel costs 14.23 kroner (1.78 euros, 2.82 dollars) a litre (quarter gallon) and 95 unleaded 13.84 kroner, putting it at the top of the European league, EU figures show.

And while many countries are discussing how to soften the blow of skyrocketing oil prices on consumers, Norway on July 1 increased its already heavy tax take by 0.05 kroner per litre on petrol and 0.10 kroner (0.1 euro cent, 0.2 dollar cent) on diesel.

Seven out of 10 Norwegians oppose the tax increase, according to a July poll by the daily VG.

"It's not the way to go. In a country like Norway, people need to have cars. I bought this car because I'm going to be a father soon," Skjerpingstad said.

Critics argue it is meaningless to increase taxation when oil prices have risen so much in the past months. And as the new tax increase is low, it won't significantly change drivers' behaviour.

Instead "we should lower tax because we are so fortunate to be an oil exporter," said Siv Jensen, the leader of the far-right Progress Party, the leading opposition group in Norway.

"We should give the money back to the people so they can enjoy it," she told AFP.

The tax increase is part of a wider government strategy to fight climate change by pushing Norwegians to leave their car at home.

"At a time when climate change is beginning to seriously impact the planet, and when Norway's carbon dioxide emissions are increasing, we politicians must take steps to meet these challenges," Finance Minister Kristin Halvorsen said.

The tax was agreed by all political parties, apart from the Progress Party, as part of the country's overall climate change policy.

But now supporters of the centre-left coalition government fear the tax increase will cost them dearly in the next elections, in September 2009.

"It's a very unwise political decision. The only thing it will accomplish is that the Progress Party will get even more votes," Labour MP Karita Bekkemellem told the daily VG in June.

A third of the population expect fuel prices to be the most important issue in the polls, according to a survey in Aftenposten, Norway's paper of reference.

Speculation has been rife over whether the far-right could come to power for the first time in the next election. Even Labour Prime Minister Jens Stoltenberg has acknowledged that the Progress Party could get into government.

Those living in rural and remote areas are particularly incensed about the tax increase as they are more dependent on cars than city dwellers who have access to public transport.

"This is a serious issue with many people I have spoken to and met in my region, (rural) Moere and Romsdal. Much more serious than for those who live in a small circle in Oslo and Gruenerloekka (a fashionable area in the capital) think," Bekkemellem told VG.

At the same time, there are those who think the protests are overdone since Norway is a rich country and should be able to afford high fuel prices in the service of a good cause.

Norwegian salaries are among the highest in the world and the government estimates an average industry worker here can buy twice as much petrol as his Spanish counterpart after working an hour.

"Of course petrol is expensive but it's okay. The standard of living is good here and salaries are high," said Stine Nore, a 28-year-old logistics manager as she filled up her black BMW estate.

"There have to be incentives for people to drive less. Driving is a luxury. People should only drive a car when it really is necessary," she told AFP.

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Unilever agrees Bertolli olive oil/vinegar sale
Reuters
Reuters - Monday, July 21 04:16 pm

LONDON (Reuters) - Anglo-Dutch consumer goods group Unilever said on Monday it had agreed to sell its Bertolli olive oil and vinegar business to Spanish food group SOS Cuetara for 630 million euros (500 million pounds).
(Advertisement)

The deal is part of previously announced plans by Unilever, which makes Dove soap and Sunsilk shampoo, to sell non-core businesses with a collective turnover of over 2 billion euros.

SOS, Spain's second-biggest quoted food group, will acquire the worldwide licence for the Bertolli brand covering olive oil and premium vinegar products, Unilever said.

SOS already owns Carbonell, which is the world's biggest olive oil brand, according to the firm's website.

Monday's deal also includes the sale of Unilever's Italian Maya, Dante, and San Giorgio olive oil and seed oil businesses, as well as its factory at Inveruno, Italy. Combined sales from all businesses bought by SOS hit some 380 million euros in 2007.

Unilever said it would keep the Bertolli brand for all other categories including margarine, pasta sauces, and frozen meals.

The brand remains a priority for the group Unilever said, "with strong growth plans based on capturing the growing appetite for Mediterranean food products".

Shares in both firms were practically flat following news of the deal, which SOS said would be paid for with a bridge loan.

That will be financed through one or more of several options -- a capital hike, an initial public offering of its olive oil business in Italy or the partial sale of non-strategic assets, SOS said.

Goodwill from the deal, still subject to regulatory approval, will be calculated upon the deal's close which is expected later this year, the two companies said.

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American Express shares tumble as 2Q profit falls

BY SARA LEPRO, AP Business Writer Tue Jul 22, 1:37 AM ET

NEW YORK - In a sign that even wealthier consumers are feeling the pinch of the credit crisis, American Express Co. said its second-quarter profit tumbled as it set aside more money to cover souring loans across all its portfolios.

The credit card lender, known for catering to America's elite, said late Monday that its second-quarter earnings fell 38 percent, well below Wall Street's expectations.

The effects of the weakening economy were evident even among its more established members with excellent credit.

"Consumer spending slowed during the latter part of the quarter and credit indicators deteriorated beyond our expectations," American Express Chairman and Chief Executive Kenneth I. Chenault said. "The scope of the economic fallout was evident even among our longer term, superprime cardmembers."

The company's shares shed $4.65, or 11.4 percent, to $36.25 in aftermarket trading. They are down about 21 percent for the year.

For the period ended June 30, American Express reported net income of $653 million, or 56 cents per share, compared with $1.06 billion, or 88 cents per share, in the year-ago period.

Analysts, on average, expected earnings of 83 cents per share, according to Thomson Financial.

The results include a $374 million addition to credit reserves, reflecting higher credit losses and the expectation for increased write-offs in the third and fourth quarter.

The company's U.S. card services division reported a profit of just $21 million, down from $580 million a year ago. Revenue net of interest expense in the segment rose a modest 1 percent to $3.6 billion. Results were hurt by a $1.5 billion provision for loan losses, up from $640 million in the 2007 quarter.

The net loan write-off rate, including both on-balance-sheet cardmember loans and off-balance-sheet securitized cardmember loans, was 5.3 percent, compared with 2.9 percent in the prior-year quarter.

Chenault said in a statement that fallout from the weakening economy accelerated in June with consumer confidence dropping, unemployment rates rising and home prices falling at "the fastest rate in decades."

In a conference call with analysts, American Express executives said the company has begun to notice problems even among cardholders with credit scores ranging from 650 to 750, and those who hold mortgages on multiple properties. As a general rule, those with a credit score above 650 receive the lowest interest rates.

The pinch felt by American Express' superprime cardholders mirrors a similar trend among borrowers at JPMorgan Chase & Co.

The bank said last week that even its more creditworthy borrowers are now failing to make their mortgage payments — the charge-off rate for prime mortgages nearly doubled from the first quarter to the second. JPMorgan CEO Jamie Dimon said his expectation is that those losses could triple during the remainder of 2008.

If economic conditions worsen, American Express said it will be forced to add to its credit reserves.

Quarterly revenue rose 8 percent to $7.48 billion, slightly below analysts' estimate of $7.6 billion. Revenue was boosted by strong growth in the company's international card services segment, as well as its global network and merchant services division and global commercial services unit.

Revenue from its international card services division increased 20 percent to $1.3 billion, due to higher cardmember spending and borrowing.

American Express no longer forecasts long-term earnings-per-share growth of between 4 percent and 6 percent, based on expectations of continued economic uncertainty and higher write-off levels. The company expects third- and fourth-quarter write-off rates to be higher than June levels.

The lender also hinted at various cost-trimming initiatives, including possible job cuts, that would result in restructuring charges in the second half of the year.

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東証システム障害、原因はプログラムミス　担当役員が陳謝

　東京証券取引所は22日午後、国債先物取引など金融派生商品の取引停止を引き起こしたシステム障害について、記者会見した。21日までの連休中にシステム改良作業をした際、プログラムミスが発生したのが原因と説明した。

　会見したシステム本部長の鈴木義伯常務取締役は、「市場関係者に迷惑をかけたことを反省している」と陳謝した。東証のシステム障害は２月、３月に続き、今年３回目。鈴木常務は「トラブルをより起こりにくくする体制が東証はまだ弱い」と認めた上で、今後体制改善や社内処分を検討していく考えを示した。

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経済財政白書、リスク対応力強化が急務　企業・家計に投資促す

　大田弘子経済財政担当相は22日の閣議に2008年度の年次経済財政報告（経済財政白書）を提出した。白書は日本経済が「試練のときを迎えている」と指摘、米経済減速や原油高など海外発のリスクに影響を受けやすい弱い体質になっていると分析した。その上で成長力を高めるため、企業と家計に積極的な投資を求めるなど「リスク対応力」の強化が急務と提言。社会保障の財源確保を巡っては、消費課税の強化を本格的にとり上げ、消費税率引き上げの必要性をにじませた。

　白書の副題は「リスクに立ち向かう日本経済」。米経済の減速と原油価格の高騰を受け、02年から続く戦後最長の景気回復が足踏みし、企業と家計の負担が重くなっている状況を詳述。そうした実態を踏まえ、短期、中期、長期の３つに分けて日本経済が抱える「リスク」を分析した。

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世界経済へ積極関与を　経済財政白書　リスクへの挑戦を促す

2008年7月22日 夕刊

　大田弘子経済財政担当相は二十二日の閣議に、二〇〇八年度の年次経済財政報告（経済財政白書）を提出した。白書は、原油価格高騰など海外発のショックに対する日本経済の弱さを指摘。新興国の成長が続く世界経済に積極的にかかわり、対外投資を受け入れるなど世界経済の成長の成果を国内に取り込むべきだとして、日本経済に挑戦を促した。

　白書の副題は「リスクに立ち向かう日本経済」。景気の現状では、景気回復が一時的に停滞する「踊り場状態」にあると位置づけ、原油・原材料高が企業収益や家計を圧迫し、米景気減速、人口減少に伴う潜在成長率の低下などのリスクに直面しているとした。

　短期の課題では、国内金融市場の弱さを指摘。個人金融資産が現金や預金中心のため株式などリスク投資が進まないといった投資家の層の薄さや外国企業の上場が少ないことなどを原因に挙げた。その上でリスクをとって成長力を向上させる必要があると提言した。

　また、現在の日本経済の苦境は「（世界経済が一体化に向かう）グローバル化のためではなく、グローバル化に主体的に取り組まなかったため」とした。

　中期の課題では、個人の起業が少ないことなどを挙げ、新事業に資金を回すため「機関投資家の役割を高めていくことが求められる」とした。

　長期の課題では、高齢化と人口減少が進む中、政府が巨額の債務を抱える財政問題に触れ、「高齢化により国民負担が増大する中で、経済成長を阻害しないことが重要」と強調した。

　法人税や所得税の課税強化は、国際競争の激化や労働力人口の減少から難しく、「消費税の存在感が高まる」と予測。社会保障の財源として、消費税の重要性に初めて言及した。
経済財政白書骨子

▽景気回復は二〇〇八年に入り足踏み状態

▽原油高騰は所得流出の規模で、二度の石油ショック以来。過去二回の「踊り場」と異なる

▽持続的な物価上昇と景気後退の組み合わせであるスタグフレーションに陥る可能性は低い

▽企業、家計ともにリスクを取り、成長力を高める必要がある

▽人口減少により、二〇年代には潜在成長率が１％弱に低下

▽消費税の目的税化は六割強が賛成、三割弱が反対

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成果主義の改善を提言　労働白書、働く人の満足度低下

　舛添要一厚生労働相は22日の閣議に2008年版の「労働経済の分析（労働経済白書）」を報告した。1990年代以降、多くの企業が導入した業績・成果主義的な賃金制度について「実際には労務コストの削減が主目的だった」と指摘。成果主義の適用範囲を意欲の向上に役立つ部門やグループに限定するとともに、評価基準を明確にして不公平感をなくすといった運用の改善が必要だと提言している。

　今回の白書は「働く人の意識と雇用管理の動向」と題し、初めて労働者の仕事に対する意識をテーマに採り上げた。「仕事のやりがい」や「雇用の安定」「収入」に対する労働者の満足度は長期的に低下傾向にあることを示すデータを掲載。企業が正社員を減らし、パートなどの非正規社員を増やしてきたことがその原因と分析している。

　仕事に対する満足度を高める対策としては、長期的視点に立った人材育成が必要だと強調した。

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非正規雇用頼み、生産性の停滞に　労働経済白書

2008年7月22日12時55分

　企業が競争力強化のために進めた正社員の絞り込みとパート・派遣など非正規雇用の拡大が、かえって生産性の上昇を停滞させている――。厚生労働省が２２日発表した０８年版「労働経済の分析」（労働経済白書）はこう指摘した。その上で、日本型の長期雇用に戻って人材育成に力を入れ、１人の生み出す付加価値を高めることが、人口減少社会で経済発展を持続させるカギと提言した。

　今年の白書は、労働力がどれだけ付加価値を生み出したかを示す労働生産性の推移と、就業者数や非正規労働者の割合との関係に着目した。

　もともと生産性が低いサービス業での非正規雇用急増と、生産性が高い製造業での正社員削減の結果、「低生産性部門は温存され、全体の労働生産性にマイナスの影響を及ぼしている」と分析した。実際、全体の労働生産性の伸び（年率換算）は７０年代の４％、８０年代の３．４％に比べて、９０年代は１％、００年代も１．７％と低迷している。

　サービス業では９０年代から００年代にかけて就業者数が年率換算で２．６％増え、就業者に占める非正規労働者の割合は２４．６％（９２年）から３９．４％（０７年）に拡大した。この間、生産性上昇率は年１．９％から０．５％に低下。白書は「（非正規雇用の増加は）コスト削減には有効でも、労働者の職業能力の向上を通じた生産性向上にはつながりにくい」と指摘した。

　一方、製造業は９０年代から００年代にかけて、総生産の増加率が年０．５％から２．９％へと加速。生産性上昇率も２．３％から４．５％に伸びた。だが、正社員の絞り込みで就業者数は年１．２％減から１．９％減へと減少が加速した（非正規労働者の割合は１７．７％から２２．９％に拡大）。白書は「生産性の伸びは就業者の削減により実現した」と分析したが、この手法には限界があり「持続性を持った生産性の向上としては評価しがたい」と苦言を呈した。

　また、「高い生産力を担う労働者は、企業の中で豊富な職務経験を積み重ねながら育成される」として、企業に長期的な視点に立った人材育成を求めている。

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マルハニチロ、国内工場の１割閉鎖　北海道・東北で

　マルハニチロホールディングス（ＨＤ）は2011年３月期までに、国内に42カ所ある工場のうち約１割の４―６工場を閉鎖する。北海道・東北が対象で従業員は配置転換で吸収する。昨年10月の経営統合に伴う措置で、生産効率を高めるとともに人口減による国内市場の縮小に備える。

　同社は北海道・東北に24工場が集中しており、生産品目が重複する19工場から閉鎖対象を選ぶ。これとは別に従業員の約１％に当たる150人を削減する。定年退職などの自然減で対応する。

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ヤマハ発、米の船外機用プロペラメーカーを買収

　ヤマハ発動機は22日、船外機用のプロペラ製造を手掛けるプレシジョンプロペラ社（米インディアナ州）を買収したと発表した。ヤマハ発の米子会社が18日に100％出資子会社を設立し、プレシジョン社の資産を買い取って事業を引き継いだ。買収額は公表していない。

　プレシジョン社は、ステンレス製プロペラの製造・販売を得意としている。今回の買収で、ヤマハ発は中大型船外機の商品開発力を強化し、米国市場での販売拡大につなげる考えだ。新会社は、2009年にステンレス製のプロペラを5万枚、1000万ドル（約10億6000万円）分、生産することを目標としている。

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北野組、破産申し立て

　北海道の土木・建築大手、北野組（旭川市、菅原久広社長）は22日、旭川地裁に破産手続きの開始を申し立てた。負債総額は118億8040万円。

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コマツ社長「２―３年で黒字化」　ロシアの建機工場起工式

　【ヤロスラブリ（ロシア中部）＝坂井光】コマツは21日、ヤロスラブリで建設機械の組み立て工場の起工式を開いた。2010年6月から中型油圧ショベルとフォークリフトを生産する予定。ロシアだけでなく、旧ソ連や東欧諸国向けの生産拠点とも位置づける。現地で日本経済新聞の取材に応じた野路国夫社長は「生産開始後2―3年で黒字化を達成する」と強調した。

　外資が建機の完成工場をロシアに建設するのは初めて。起工式にはヤロスラブリのセルゲイ・バフルコフ知事らも出席した。野路社長は「ソ連に初めて建機を輸出して来年で40年。耐寒性能などコマツはロシア市場とともに成長してきた。工場建設は新たなステップとなる」と述べた。

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日ロ刑事共助条約、年内締結へ　組織犯罪増加に対応

　日本とロシア両政府は国際犯罪の捜査円滑化に向けた「刑事共助条約」を年内に締結する方針を決めた。車両盗難や銃器の密輸、犯罪者の逃亡など組織犯罪の増加に対応し、両国の捜査機関が外交ルートを通さずに情報交換や証拠提供をできるようになる。両政府が近く署名し、日本政府は臨時国会での承認による早期批准を目指す。

　日本が刑事共助条約を結ぶのは米国、韓国、中国に次いで4カ国目。ロシアとは2005年から締結交渉を続け、福田康夫首相とメドベージェフ大統領が8日の首脳会談で早期締結で実質合意していた。

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浄化槽の汚水漏れ防げ　環境省、地震時の破損調査

　岩手・宮城内陸地震や昨年の新潟県中越沖地震などで生活排水を処理する浄化槽の破損が相次いでいるため、環境省は家庭のし尿や生活排水を処理する浄化槽が災害時に受けた被害の実態調査に乗り出す。汚水が流れ出ると公衆衛生が悪化するため、同省は調査結果に基づき、各被災地ごとに被害を把握した上で早急な復旧作業ができるように、自治体向けの対策マニュアルをまとめる。

　浄化槽が破損すると、各家庭のトイレが使えなくなるだけでなく、し尿や生活排水などの汚水がタンク内から漏れ出して感染症の発生も懸念される。

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韓国駐日大使が「島国日本」と不適切発言

　新学習指導要領解説書への竹島（韓国名・独島）記述に抗議し、韓国へ一時帰国中の権哲賢駐日大使が２１日の与党ハンナラ党の会議で、日本には「島国が持つ特異な傾向がある」と発言したが、不適切との指摘を受けて発言を取り消した。韓国メディアが２２日、伝えた。

　大使は１５日の帰国前後から日本非難を繰り返している。解説書への記述阻止に失敗した責任を国内で問われることを回避する狙いもあるもようだが、与党側は度が過ぎると苦言を呈した形だ。

　韓国では島国との言葉を日本と結びつける場合、見下すニュアンスが含まれるとの見方が一般的。権大使は公開の会議の冒頭で、日本には英国と同様に孤立を恐れる島国特有の傾向があり、これを「逆利用」する必要があると主張。６カ国協議や首脳外交に今回の問題を結び付けると日本に通告したと述べた。

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脳が萎縮！？　疲労の放置は要注意…慢性疲労症候群

　連日の３０℃超えに「疲れが取れない」「集中力が低下した」と訴えるサラリーマンも多いはず。症状が長引けば「慢性疲労症候群（ＣＦＳ）」と呼ばれるれっきとした病気に。放置すると出社不能状態にも陥るという。危険を知らせる身体症状は事前にチェックだ！

【うつとの識別】

　「慢性疲労症候群（ＣＦＳ）は１５－１６年前、明らかになった病気です。鑑別のポイントは、うつ病などの精神症状との違い。臨床医としては、微熱、のどが痛い、リンパ節が腫れている－などの身体症状を診ます。どこの病院へ行っても、はっきりした原因がわからないため、遠くから診察を希望して訪れる患者さんも多くいるほどです」

　こう指摘するのは、ＣＦＳに詳しくその診療をしている、（財）東京都保健医療公社・多摩北部医療センター内科部長の高橋孝医師だ。

　「疲れがたまると、体の免疫力が落ち、リンパ系に異常をきたします。そのまま修復できないと、脳やホルモン分泌にも波及してきます。神経系、内分泌系、免疫系のどれか１つに異常があると、他の２つにも影響してくるのです」

【症状】

　放っておくと、倦怠感のため、活動性が低下。やがて、勤務先に出社できなくなり、身の回りのことができず、終日寝たきりになることもあるという。

　病院に行くかどうかは、自覚症状１０項目のチェックシートで判断を。

　「痛み、発熱、疲れといったアラームが１つでも出ると、自己防衛のため、休息をとるようになるんです。休息をとり続けると、脳の中で、神経細胞を刺激しているものが低下して、神経細胞が死んでいく。結局、脳が萎縮（いしゅく）して小さくなり、ますます動かなくなるという悪循環に陥るのです」

　治療は、個人のライフスタイルに合わせて、運動療法、心理療法、漢方薬、ビタミン剤などを処方。慢性的な疲労をとる。

【治療と予防】

　では、日頃の予防法はどうすべきか。じつは、疲れたときに、休むことは逆効果。家の中ででも、週に２－３度は、ちょっとしたストレッチなどで筋肉をほぐすことが重要だという。

　昼と夜の体内時計が狂っている人にも、ＣＦＳが多く見られるらしい。

　「朝、光を浴びると、頭の中で活動ホルモンが出てきて、脳に刺激が行く。だから、まず朝の光を浴びることが大事。夜は深部体温が低くなっていて、朝の体温を上げるときに、朝食を食べることも必要。脳に活動モードを知らせ、深部体温もグンと上がり、体内時計をリセットさせるのです」

　早起きと軽い運動で、この暑さを乗り切りたい。

　≪かんたんチェックシート≫

　（１）３７．２－３８．３度の微熱がある。または、悪寒がする。

　（２）のどが痛い

　（３）リンパ腺が腫れている

　（４）筋力が低下した

　（５）筋肉痛がある

　（６）軽作業後、２４時間以上全身の倦怠感が続く

　（７）頭痛がする

　（８）関節が痛い

　（９）もの忘れが激しい

　（１０）眠れない、または起きられない（上記の症状が６カ月以上続く、または、繰り返し起こるか？）

　＊３－５個でＣＦＳの傾向、６－７個でＣＦＳの疑い、８個以上はすぐに医師の診察を

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Chavez Goes Weapons Shopping in Russia Amid Arms Race (Update2)

By Matthew Walter
Enlarge Image/Details

July 21 (Bloomberg) -- Venezuelan President Hugo Chavez heads to Moscow today to shop for air defense systems, submarines and other weaponry as Latin America's arms race quickens amid signs that his regional influence is waning.

Past Venezuelan arms purchases from Russia have strengthened ties with Moscow as its rivalry with the U.S. intensifies over President George W. Bush's plans for an Eastern Europe missile defense system and other issues. Chavez, 53, also plans to visit Belarus, a Russian ally that the U.S. considers a dictatorship.

Chavez ``regularly refers to us as an `empire,' opposes our initiatives in the Americas and seeks out our adversaries as friends and allies,'' Assistant U.S. Secretary for Western Hemisphere Affairs Thomas Shannon said July 17 in testimony to a congressional committee.

Chavez will order $2 billion worth of weapons, including Project 636 diesel subs, Mi-28 combat helicopters and airplanes made by Ilyushin Co., the Russian newspaper Kommersant reported May 12, without saying how it obtained the information. The Russian Interfax news service, citing an unnamed defense ministry official, said today Chavez may order $1 billion of weapons, including three Varshavyanka subs and up to 20 Tor-M1 air-defense systems.

`Some Shock'

``What Chavez likes to do is to shock, and this will create some shock in Washington,'' said Riordan Roett, a professor of Latin American studies at Johns Hopkins University.

Chavez, who plans to meet Russian President Dmitry Medvedev tomorrow, has bought more than $4.4 billion of Russian arms since 2003. He says the hardware, including jets and submarines, is needed to counter a military threat from the U.S. and its main regional ally, Colombia.

Russia last year announced plans to build two factories to make Kalashnikov assault rifles in Venezuela.

Russia has used Venezuela to diversify its arms-selling business beyond China and India, said Dmitry Vasiliev, an analyst at the Center for the Analysis of Strategies & Technologies, a Moscow-based defense research center. Venezuela was Russia's third-biggest arms customer last year, he said.

Trade between the two countries surged to $1.13 billion in 2007 from $517 million the previous year, according to a statement published on the Venezuelan Information Ministry's Web site.

`Ideal Partner'

``Russia is trying to be good friends with Chavez because he is an ideal partner in arms trade,'' said Fyodor Lukyanov, an analyst at the Council on Foreign and Defense Policy in Moscow.

The Venezuelan president said this month he'll also discuss the creation of a joint development bank and an investment fund with Russia.

Latin American countries have gone on a military spending spree in recent years as their governments collect record income from commodities, including Venezuela's oil windfall. Regional arms spending jumped 55 percent over four years to $38.4 billion in 2007, according to the International Institute for Strategic Studies.

The buildup comes amid increased regional rivalries. Chavez was outmaneuvered this month when Colombian President Alvaro Uribe rescued 15 hostages from the Revolutionary Armed Forces of Colombia, including former presidential candidate Ingrid Betancourt and three Americans.

Chavez had been trying to negotiate the captives' release from the guerrilla group, while denying accusations by the U.S. and Colombia that he had supported the FARC rebels with arms and funding. Uribe has been increasing military pressure on the FARC since becoming president in 2002, with the help of $5 billion in military assistance from the U.S.

Colombia-Brazil Accord

Colombia and Brazil on July 19 signed an accord to strengthen military ties, promote the sale of weapons and expand joint training exercises.

Venezuela ordered troops moved toward the Colombian border in March, after Colombia conducted an anti-FARC raid into neighboring Ecuador, a Chavez ally. The three countries later moved to mend relations.

In May, Chavez said he was prepared to scramble his fighter jets after a U.S. Navy S-3 aircraft flew into Venezuelan airspace. The U.S., which buys about 1.36 million barrels of oil a day from Venezuela, says the incursion was due to a navigational error.

The U.S. has tried to isolate Chavez. It cut off U.S. arms sales to Venezuela in 2006, refusing to sell it F-16 jet replacement parts, and declared that the government ``isn't fully cooperating'' in the war on terror.

Missile Test

Since then, Chavez has stepped up purchases from Russia. Last month, the Venezuelan military fired its first test missile from a Russian Sukhoi fighter jet.

Chavez will also travel to Spain and Portugal this week to discuss energy and trade accords. Lisbon-based Galp Energia SGPS SA, Portugal's biggest oil company, has agreed to work with state oil company Petroleos de Venezuela SA to build liquefied natural gas plants.

Chavez last month threatened to stop selling oil to Europe and outlaw investment from European countries after the EU passed legislation allowing detention of undocumented workers.

``With all due respect, I recommend that the leaders of Europe make a sustained effort to understand what's happening in Latin America,'' Chavez said in a speech last month. ``They don't understand us.''

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夏ボーナス、大手企業は６年ぶりマイナス　経団連集計

2008年7月22日20時58分

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　日本経団連が２２日発表した大手企業の今夏のボーナス調査（最終集計）によると、平均妥結額は前年同期比０．０８％減の９０万９５１９円だった。２年連続の９０万円台だが、企業業績に陰りが出始めたことを反映し、デフレやＩＴ（情報技術）不況で減額だった０２年以来６年ぶりのマイナスとなった。

　調査対象は従業員５００人以上で東証１部上場の２１業種２６３社で、平均額の回答があった１７３社分を集計した。製造業は０．２０％増の９３万２７８２円と６年連続で増えたが、非製造業は１．５１％減の８４万９８円と２年ぶりに減少に転じた。

　業種別では、造船が４．４９％増、電機も５．５３％の増加。一方、鉄鋼は５．０２％減と大きく減少し、セメントも１．６１％減、食品も５．３８％減となった。自動車は、１０５万４８５４円と５年連続で１００万円台だったが、前年同期比は０．９０％減と３年ぶりにマイナスに転じた。

　非製造業では多くの企業が前年同期比で減少した。２８年ぶりに当期赤字に陥った東京電力など９社が経常減益となった電力業界のマイナスが響いた。

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国籍法、結婚要件を削除　婚外子０３年以降救済で素案　

2008年7月22日21時53分

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　母親が外国人で、日本人の父から生後に認知された婚外子が日本国籍を取得できるよう、法務省は国籍法改正の素案をまとめた。２２日、民主党側に示し、基本的な了承が得られた。与党もこの方向性に賛同しており、法務省は秋の臨時国会で提案する方針。法改正の可能性が高まった。

　婚外子をめぐっては、結婚していないフィリピン人の母親と、日本人の父親の間に生まれ、出生後に父親が認知した子ども１０人が日本国籍を求めた訴訟で、最高裁が６月の上告審判決で、両親の結婚を国籍取得の要件とした国籍法の規定を違憲と判断。法務省は判決の趣旨に沿って、婚姻要件を削除する方向で、国籍法の改正を検討してきた。

　素案は、現在の国籍法にある両親の婚姻要件を削除したうえで、最高裁判決を踏まえて、救済範囲は０３年１月１日にさかのぼる方針だという。国籍法が改正されれば、出生後に認知された子も、出生前認知の子と同じように日本国籍の取得が認められるようになる。

　一方、日本国籍を取得するために「偽装認知」が出る懸念が指摘されてきた。こうした不正を防ぐために、法務省は、今回の法改正に新たな規定を盛り込まずに、両親の出入国情報を審査するなどの運用面での対策を検討していくという。