Bush sends US forces on Georgia aid mission
By Andrew Ward in Washington, Stanley Pignal in Brussels and Charles Clover in Tbilisi
Published: August 13 2008 19:12 | Last updated: August 14 2008 00:08
George W. Bush ordered US military forces on Wednesday to lead a “vigorous” humanitarian mission to Georgia and raised doubts over Russia’s commitment to the French-brokered ceasefire agreed on Tuesday.
A US Air Force cargo aircraft carrying aid landed in Tbilisi, the Georgian capital, on Wednesday and Mr Bush said more air and naval forces would arrive soon.
While White House officials insisted the mission was purely humanitarian, the arrival of US forces marked an intensification of Washington’s response to the crisis after criticism of its relatively low-key role in previous days.
Mr Bush expected Russia to ensure that “all lines of communication and transport” were open to humanitarian supplies but the Pentagon denied claims by Mikheil Saakashvili, the Georgian president, that US forces would take control of Georgia’s ports and airfields.
Georgia accused Russia of breaking the terms of Tuesday’s ceasefire, when Russian forces destroyed an abandoned military base in the city of Gori, near the pro-Russian enclave of South Ossetia where the conflict erupted.
There were also reports – denied by Moscow – of Russian units entering the port city of Poti and blowing up Georgian vessels.
“We expect Russia to meet its commitment to cease all military activities in Georgia,” said Mr Bush. “And we expect all Russian forces that entered Georgia in recent days to withdraw from that country.”
Mr Bush said he was sending Condoleezza Rice, secretary of state, to Tbilisi to convey America’s “unwavering support” for the democratically elected government. She was expected in Paris today for talks with French President Nicolas Sarkozy.
At an emergency meeting in Brussels on Wednesday, European Union foreign ministers endorsed Tuesday’s peace deal and expressed broad support for sending peacekeepers to South Ossetia, subject to United Nations approval.
Sergei Lavrov, Russia’s foreign minister, said Moscow would not object to the addition of international peacekeepers to South Ossetia but insisted Russian forces would remain in the enclave.
The UK on Wednesday pulled its Royal Navy out of a planned Nato military exercise involving Russia, saying it would be “highly inappropriate” to continue in the “current circumstances”.
Mr Bush issued a veiled threat to expel Russia from the Group of Eight industrialised nations and block its accession to the World Trade Organisation, warning that its actions in Georgia were “inconsistent with the principles” of such institutions.
“Russia's ongoing action raises serious questions about its intentions in Georgia and the region,” he said. “To begin restoring its place in the world, Russia must keep its word and act to end this crisis.”
Mr Lavrov said the US must choose between supporting its “special project” in Georgia and forging a “real partnership” with Moscow.
Mr Saakashvili criticised western countries for not reacting strongly enough to Russian aggression, warning that Moscow was “fighting a proxy war with the west through us”.
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The Short View: Falling sterling
By John Authers, Investment Editor
Published: August 13 2008 19:10 | Last updated: August 13 2008 19:10
Foreign exchange traders care about trends. It is hard to work out a “fundamental” value for a currency, so trading patterns are often all they have to go on. If a long-term trend is breached, that can mean more to them than the latest economic data.
Look no further than the upheavals for the euro and the pound. Moving averages matter. If a currency regularly trades above or below its 200-day moving average (its rolling average over the last 200 days of trading), then a move through that average takes on great significance.
That is what happened to the euro last week, taking some comments from Jean-Claude Trichet of the European Central Bank as a catalyst. Once the euro had dropped through its 200-day moving average, the result was a dramatic sell-off. With the trend broken, suddenly much greater falls became thinkable.
This was nothing compared to sterling, which breached its 200-week moving average. Once an inexorable upward trend of many years had been broken, it could go into free fall. Hence it was on Wednesday heading towards $1.86, having traded almost at $2 earlier this month. A downbeat assessment of growth prospects from the Bank of England, which put rate cuts firmly on the agenda, helped the move.
But sterling’s savage underperformance continued even though there were signs that the dollar’s dramatic upward shift of the past few days had been arrested. Oil prices rose, financial stocks set new lows for the month on a renewed round of concerns about the depth of the financial crisis, and retail sales data from the US were awful.
All of this should have undercut the dollar, and it did against other currencies. But when such a long-running trend had so recently been breached, there was no support for sterling. For now, international confidence in the UK’s currency and its economy is broken.
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Subprime rescue hit by second mortgages
By Sarah Mishkin in New York
Published: August 13 2008 23:31 | Last updated: August 13 2008 23:31
Efforts to avert foreclosures are being complicated by the large number of subprime borrowers who took out second mortgages so they could afford the downpayments on their homes, industry executives say.
George W. Bush, the US president, signed a bill last month providing $300bn to help distressed homeowners refinance into cheaper mortgages backed by the Federal Housing Administration. In exchange for agreeing to a loss on the initial loan, primary lenders are guaranteed a minimum pay-out while the second mortgage would be wiped out.
Second-mortgage providers are generally in a weaker position than primary lenders in a renegotiation because they hold what is known as a second lien – meaning they stand behind the primary lender in terms of their rights to seize the home.
However, industry executives say secondary lenders are finding ways to stall or derail mortgage renegotiations, employing such methods as delaying the completion of necessary paperwork.
“The second-lien holders have the potential to hold the process hostage because they ask, ‘What’s in it for me?’” said Michael Stevens, senior vice-president with the Conference of State Bank Supervisors.
“What’s the incentive for the second-lien holder to say, ‘I’m going to give up my security interest in the mortgage to keep the borrower in the home when I get nothing’?”
The problem could become widespread for borrowers seeking to refinance. Credit Suisse estimates that half of subprime homebuyers in 2006 took out a second mortgage for their purchases – and many other types of mortgage also have a second lien on the property. The second mortgage market is estimated at $1,000bn, SMR Research says.
Keith Johnson, president of Clayton Holdings, which collects mortgage payments, suggested government action might be needed to speed the renegotiating process. “You need a simple, easy, broad-based solution that I don’t know if anyone has really come up with yet,” he said. “You may need regulatory action.”
Traditionally, homeowners took second mortgages to refinance high-interest credit-card debt or pay for renovations. In recent years, homebuyers also have taken out second mortgages to finance downpayments. About 30 per cent of the second-lien market consists of such “piggy-back” mortgages, SMR Research says.
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Japan must acquire a taste for competition
By Michiyo Nakamoto
Published: August 14 2008 03:00 | Last updated: August 14 2008 03:00
As even a casual visitor to Japan can attest, in this Michelin-star studded country, there is food, glorious food. From the most sumptuous feasts concocted entirely from simple vegetables, to the endless variations on the humble onigiri rice balls that line the shelves of convenience stores, the inventiveness and care that go into food production in Japan make it a true foodie's paradise.
But contemporary Japan's rich culinary culture owes as much to the free flow of global trade in agricultural produce as to the creativity of its chefs. Despite its staunchly protectionist stance towards agriculture, which has defined its position at World Trade Organisation talks, Japan is one of the world's largest importers of food products. The country that brought the world miso soup, tofu and soya sauce produces only 20 per cent of the soyabeans that go towards making these daily staples.
Japan's dependence on imported food has grown so much over the years, along with the westernisation of its eating habits, that food self-sufficiency measured by calories consumed has tumbled from 79 per cent in 1960 to 40 per cent today. This is the lowest among the world's most advanced economies and compares with a food self-sufficiency of 70 per cent in the UK.
None of this mattered much while the world was making more food than it could consume and food-exporting countries were clamouring to sell their finest agricultural produce to the world's second-largest economy. But as the explosion of demand from developing economies has affected supplies and an increasing number of countries have been restricting exports of staples, there is growing alarm that Japan might not be able to count on the rest of the world to satisfy its demanding palate.
Hirota Matsumoto, executive director of the National Chamber of Agriculture, says: "There has been a paradigm shift in terms of human food supplies and demand. I am very worried about Japan's abnormally low food self-sufficiency."
To be sure, nobody expects food imports to dwindle to the point that Japan will be left to survive on potatoes and rice, the latter being the one staple that Japan can boast nearly 100 per cent self-sufficiency in. Nevertheless, there is almost unanimous agreement that Japan needs to rethink its agricultural policy, which has left many parts of its farming sector facing a grim future.
This is particularly true of rice farming, where the government's protectionist stance and a policy of restricting production in order to keep prices high have undermined the sector's commercial viability.
Japan has taken a fiercely protectionist stance over rice, imposing tariffs of 778 per cent on imports. When the Doha round of world trade talks collapsed last month there was a collective sigh of relief from the rice lobby, highlighting the persistent resistance to opening up that market. But a policy of protecting the rice sector from outside competition and from market forces has left Japan woefully unprepared for the challenges confronting domestic rice production.
For one thing, it has left the long-term viability of Japan's rice sector under serious question. The failure to introduce market efficiencies has meant that despite Japan's high rice prices, rice farming is so unprofitable that few young people are willing to take it on. As a result, more than half of rice farmers are in their 70s and most of them only produce rice part-time.
What is more, only 60 per cent of the land available for use as rice paddies is actually being used and as ageing farmers retire, this proportion is expected to fall. If the situation is left unchecked, Japan's rice crop could plunge from an annual 8.5m tonnes to about 4m tonnes, says Akio Shibata, director of the Marubeni Research Institute. Mr Shibata worries that even if Japan opened its market to rice imports, it might not be able to procure all the supplies it needs, given recent global trends.
Second, despite staunch opposition from the rice lobby, there is growing acceptance that, as Shoichi Ito, professor at Kyushu University says, "import barriers will have to be reduced and Japanese farmers will have to compete in that [open] market".
Rather than continue to coddle its rice industry, Japan needs to implement measures aimed at raising its competitiveness. Allowing rice imports into the country is a step in that direction, which would provide a much-needed boost to efforts to improve the efficiency and commercial viability of rice production.
The issue is not just a matter of feeding the Japanese population. As one of the world's largest food importers, Japan's lack of food self-sufficiency couldhave a potentially damaging impact on supplies for other countries with less buying power.
Already Japan is coming under fire for its failure so far to release some of the 1.3m tonnes of rice it has stockpiled as part of its WTO commitments to countries facing shortages, such as the Philippines.
As a country that relies so heavily on food imports, Japan needs to play its part in ensuring stability in global food trade. If Japan succeeds in raising the competitiveness of its agricultural sector and, better yet, becomes a food exporter capable of helping to ease tightening world supplies, that would be a far worthier distinction than any number of Michelin stars.
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Melco Macau Makeover Lets Ho, Packer Rescue Loser Casino Shares
By Kelvin Wong and Beth Jinks
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Aug. 14 (Bloomberg) -- James Packer and Lawrence Ho, two sons of billionaires, opened a $524 million casino in Macau in May 2007. It was a flop.
The empty building was ``eerie,'' the 31-year-old son of casino magnate Stanley Ho said in an interview. Three months after Crown Macau's grand opening, the two co-chairmen of Melco Crown Entertainment Ltd., its Hong Kong-based owner, decided it was time to ``throw in a nuclear bomb,'' Ho said.
Packer and Ho ripped out two-thirds of their low-limit gambling tables and four-fifths of the slot machines to make space for high rollers. The casino shifted its focus from middle-class gamblers to VIP players who spend at least 1 million patacas ($124,000) per visit.
The strategy handed Melco Crown 15 percent of Macau's casino business in less than a year as it seeks to take VIP share from larger establishments run by Las Vegas Sands Corp. and Wynn Resorts Ltd.
``Before, Crown Macau couldn't even break even,'' said Billy Ng, a Hong Kong-based analyst at JPMorgan Chase & Co. ``Now it looks like it's making a profit.''
Melco Crown's shares, which dropped 42 percent this year, will climb 67 percent over the next 12 months, according to analysts' estimates compiled by Bloomberg. That compares with predictions of a decline for Wynn and a 1.4 percent gain for Sands, based on Aug. 12 stock prices.
The shares were unchanged at $6.75 in Nasdaq Stock Market trading on Aug. 12.
`Undervalued Stock'
``The stock is undervalued,'' Michael Perna, an analyst with AAD Capital Management LP in California, said in an interview. The fund manager bought 1.55 million Melco Crown shares, according to a second-quarter regulatory filing. He's since continued buying, he said.
Melco Crown, which had a loss of $178.2 million in 2007, posted a profit of $43.2 million in the first quarter of this year. It will report a second-quarter profit when it releases earnings today, according to the average estimate of four analysts surveyed by Bloomberg.
The company's new focus on big spenders is also being applied to its $2.1 billion resort development called City of Dreams being built in Macau's Cotai district. Among the VIP- oriented changes planned for the casino, scheduled to open next year, is a reduction in slot machines to 1,500 from 3,500, Ho said, which appeal primarily to middle-class gamblers.
``We want to be a higher-value proposition than'' Las Vegas Sands' Venetian Macao across the street, he said.
A City of Dreams
With City of Dreams, Packer and Ho have positioned Melco Crown to benefit from the anticipated increase in gambling revenue in Macau, Lawrence Klatzkin, an analyst at Jefferies & Co. in New York, said in an interview.
``City of Dreams will enable them to expand'' the VIP business further, said Klatzkin, who recommends buying the shares and expects them to rise to $19. ``The Crown is pretty close to being capped out, it's not a big facility.''
Ho and his partner, who is the son of Kerry Packer, the richest man in Australia before he died in December 2005, will face competition from brand names in gambling -- even some from family. MGM Grand Macau, a venture between Las Vegas-based MGM Mirage and Ho's older sister Pansy Ho, will almost double its VIP tables to 150 and convert the 34th and 35th floors of its development to exclusive gambling rooms, Chief Executive Officer Terrence Lanni said on an Aug. 5 conference call.
The Ho Legacy
Patriarch Ho, who held a 40-year casino monopoly in the former Portuguese colony, never saw Macau as more than a gambling destination. Then, in 2002, Macau offered new licenses and the U.S. billionaires and their well-known Las Vegas brands -- Sheldon Adelson's Las Vegas Sands, Stephen Wynn's Wynn Resorts, and Kirk Kerkorian's MGM Mirage -- moved in.
Macau's casino gambling revenue rose 55 percent to 58.7 billion patacas in the first six months of the year, accelerating from 47 percent growth in 2007. Local government data shows VIPs contributed about 70 percent of Macau revenue so far this year.
One tactic to lock up the VIP gambling market that ``ruffled some feathers,'' according to Ho, was a deal struck with Amax Entertainment Holdings Ltd.'s 80 percent-owned junket operator AMA International Ltd. AMA brings in about one-fifth of Macau's high rollers, according to Karen Tang, a Hong Kong-based analyst at Deutsche Bank AG.
Melco Crown agreed to help Amax raise HK$2 billion ($256 million) on the Hong Kong stock exchange in December 2007 and pay AMA commission on high-roller junkets. In return Amax guaranteed a steady flow of wealthy gamblers from China to Crown Macau.
Tourists from Japan
When Melco Crown and rivals began to build a Las Vegas-style destination with five-star restaurants and top-draw entertainers, they aimed to entice middle-class Chinese and tourists to fill the thousands of hotel rooms they were building.
``We need to be able to draw a lot more visitors from places like Japan or South Korea,'' said Andy Wu, the president of the Travel Industry Council of Macau, an industry body representing local travel agencies. ``These are the ones more likely to spend on things other than gaming.''
Packer and Ho and other casino owners soon realized middle-class gamblers weren't necessarily staying away by choice. The city's transportation infrastructure is underdeveloped, with older ferry terminals and proposed sky-rails that have never been built, making a Macau getaway less accessible.
To overcome the problem, some casinos such as the Sands have bought their own ferries. With infrastructure improvements and more rooms to accommodate bigger numbers, Ho said that ``next year will be a banner year.''
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Japan Insurers Look Abroad as Profits, Premiums Drop (Update2)
By Tomoko Yamazaki and Komaki Ito
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Aug. 13 (Bloomberg) -- Slowing premium growth in Japan may force the nation's insurance companies to seek more takeovers abroad to counter declining profits in the world's most rapidly aging country.
The seven biggest casualty insurers, including Tokio Marine Holdings Inc., this week reported a combined first-quarter profit of 70.8 billion yen ($648 million), 37 percent lower than a year ago. Net premium income fell 0.6 percent on declining demand for auto insurance because fewer people drive.
Japan is the first developed country to register more annual deaths than births, with the elderly set to outnumber children two to one within five years, according to the health ministry. To tackle falling premiums at home, Tokio Marine is buying Philadelphia Consolidated Holding Corp., and Dai-ichi Mutual Life Insurance Co. agreed to buy a stake in Tower Australia Group Ltd.
``Where there is population and economic growth, there are business opportunities for insurers, and that's mainly in Asia,'' said Hitoshi Yamamoto, chief executive officer of Tokyo-based Fortis Asset Management Japan Co., which oversees about $415 billion including Japanese insurers. ``It's a given that Japanese insurers won't have growth opportunities just looking at the domestic market.''
The trend is pushing Japan's life insurers, mostly mutual societies owned by policyholders, to consider converting to stock ownership so they have shares to finance acquisitions.
Declining Birthrate
Japan's birthrate has slumped to the lowest level in history, and deaths outpaced births, surpassing 1 million for five straight years, data compiled by the Ministry of Health, Labour and Welfare show. That means fewer new customers for the nation's almost 100 life and non-life insurance companies, and higher costs as people live longer in the world's third-largest insurance market.
Tokio Marine, Japan's biggest casualty insurer, posted a 42 percent drop in net income to 28.9 billion yen for the three months ended June 30, while Sompo Japan Insurance Inc., the third biggest, reported a 60 percent decline to 7.3 billion yen. Mitsui Sumitomo Insurance Group Holdings Inc., the second biggest, reported an increase in profit for the quarter among the seven. Its net income gained 0.2 percent to 23.5 billion yen.
Asean, BRICs
The nine-member Topix Insurance Index dropped 3.6 percent today after T&D Holdings Inc., Japan's largest publicly traded life insurer, reported a 68 percent drop in first-quarter profit in part as a declining population cut demand for life insurance.
Japanese insurers may target countries in the 10-member Association of Southeast Asian Nations and Brazil, Russia, India and China, known as the BRICs, where rapid economic growth will create demand for insurance, according to Mac Salman, a Tokyo- based analyst at Macquarie Group Ltd.
Tokio Marine, Mitsui Sumitomo, Aioi Insurance Co. and Sompo are the best positioned of the non-life insurers to benefit from international expansion, Salman said. He named Mitsui Sumitomo as the most likely candidate to follow Tokio Marine with an acquisition this year, probably in Asia.
``We expect the larger non-life insurers to seek overseas opportunities,'' Salman said. He predicted that Tokio Marine would soon acquire a U.S. insurer in a report dated July 3. ``Diversification of the business portfolio strengthens earnings and is important from a risk management perspective.''
Historical Acquisition
Tokio Marine has spent about $2 billion since 2002 on purchases in countries including China, Malaysia and Thailand. One of its units purchased Lloyd's of London insurer Kiln Ltd. for 442.2 million pounds ($838 million) in December.
The planned $4.7 billion purchase of Philadelphia Consolidated is the biggest overseas acquisition by a Japanese insurer. Philadelphia Consolidated will double Tokio Marine's earnings from outside Japan to $575 million, equal to 35 percent of the company's total.
``The biggest challenge we face right now is to come up with a growth strategy at a time when the domestic market is stagnating,'' Tokio Marine President Shuzo Sumi, 61, said on Bloomberg Television on Aug. 4. ``Every insurance company in Japan faces the same problem.''
Tokyo-based Dai-ichi Mutual, Japan's second-biggest life insurer, may be one of the first life insurers to go public. It plans to sell more than 1 trillion yen of shares and convert to a joint-stock company in 2010. Smaller rivals Sumitomo Life Insurance Co. and Meiji Yasuda Life Insurance Co. have said they may follow suit.
Demutualization
``Demutualization is preferable when it comes to expanding your business and raising funds,'' said Tatsuo Kurogi, a credit analyst at Standard & Poor's in Tokyo. ``Now is the time to plant the seed in order to survive.''
Dai-ichi on Aug. 8 agreed to pay A$376 million ($327 million) to buy 30 percent of Tower Australia to enter the nation's insurance market, following expansion into Thailand, Taiwan, India and Vietnam.
Nippon Life Insurance Co., Japan's biggest life insurer, bought 5 percent of Russell Investments of Tacoma, Washington, last month to bolster its asset-management and overseas sales.
Insurers' expansion plans, coupled with declining stock prices, may attract investors, says Amit Wadhwaney, a fund manager at New York-based Third Avenue Management LLC, which has about $24 billion in assets globally. The MSCI World Insurance Index has lost more than a fifth of its value in the past year.
``Insurance companies and reinsurers have become cheap,'' said Wadhwaney, who holds shares of Tokio Marine and Sompo. ``I don't think Tokio Marine's purchase will be the last one.''
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Japan Loves Wal-Mart as Samurai Debt Cuts U.S. Costs (Update2)
By Oliver Biggadike and Takashi Ueno
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Aug. 13 (Bloomberg) -- Corporate borrowers are turning to Japan for cash that is becoming increasingly hard to get anywhere else in the world.
Debt sales in Japan by overseas issuers from Bentonville, Arkansas-based Wal-Mart Stores Inc., the world's largest retailer, to Zurich-based bank UBS AG rose 37 percent to 2.03 trillion yen ($18.5 billion) this year from the same period of 2007, data compiled by Bloomberg show. Sales of so-called samurai bonds may exceed 3 trillion yen this year for the first time since 1996, according to Merrill Lynch & Co.
The lowest Japanese government-bond yields in three years are encouraging investors in the world's second-largest economy to buy higher-coupon corporate debt. Wal-Mart's offering of 100 billion yen of samurai bonds on July 24 was the first by a foreign retailer in 29 years. The 2.01 percent coupon on the five-year portion of the sale was less than the 4.25 percent on similar-maturity notes sold in the U.S. on April 8.
``It's the easiest and cheapest market in the world at the moment,'' said Mana Nakazora, chief credit analyst for Japan at JPMorgan Chase & Co. in Tokyo.
While sales are booming in the world's second largest economy behind the U.S., new corporate bond issues in America are down 13 percent this year and 16 percent in Europe, data compiled by Bloomberg show.
BMW to Citigroup
Besides Wal-Mart and UBS, Royal Bank of Scotland Group Plc in Edinburgh, and Citigroup Inc. of New York also tapped the samurai bond market this year. Munich-based Bayerische Motoren Werke AG, the world's largest maker of luxury cars, sold so- called euroyen notes to Japanese investors in April.
Samurai bond sales are also climbing as Japanese banks, which have accounted for less than 3 percent of the $501 billion in writedowns and losses on securities tied to subprime mortgages as measured by Bloomberg data, seek investments at higher yields than what government securities pay. The yield on Japan's benchmark 10-year notes fell to 1.215 percent in March, from 1.985 percent in June 2007 and below the average over the past five years of 1.55 percent.
``It's essentially a credit-availability question,'' said Brendan Brown, the chief economist at Mitsubishi UFJ Securities International in London. ``Japanese lenders, and particularly Japanese banks, are in a better position to extend credit than their European or U.S. counterparts.''
Japanese Lending
Lending by financial institutions, excluding credit associations, rose 2 percent in both June and July, the first back-to-back increase of that magnitude since early 1996, according to Bank of Japan figures released Aug. 8. The amount of U.S. syndicated loans fell to $453 billion this year from $1.33 trillion in the same period of 2007, Bloomberg data show.
Demand for notes from government-linked institutions such as the top-rated Asian Development Bank or World Bank may increase after Japan's economy contracted last quarter, bringing the country to the brink of its first recession in six years.
Sovereign and quasi-sovereign samurai bonds ``could be sold well'' because they're not as tightly linked to the economy as manufacturers, said Yuuki Sakurai, a general manager for investment planning in Tokyo at Fukoku Mutual Life Insurance Co.
``Corporate Japan is earning money from exports and if the world economy is not doing very well, that means slower growth in the Japanese economy,'' said Sakurai of Fukoku, which manages the equivalent of $54 billion. ``We shouldn't take some kinds of corporate risk.''
The European Investment Bank, which carries the top credit rankings from Standard & Poor's, sold 20 billion yen of 30-year bonds in June paying an initial coupon of 4.5 percent. The Luxembourg-based EIB, the lending arm of the European Union, has the right to repurchase the notes starting in 2010.
`Complete No-Brainer'
``You could argue much of the deals done this year got done cheaper than they could in their traditional markets,'' said Alan Schmoll, head of cross-border yen syndication at Merrill in Tokyo. ``It's a complete no-brainer. For any issuer that's got a big borrowing program this year, they're all looking at it.''
Samurai bonds, or yen-denominated debt sold in Japan's domestic market, are named after the nation's feudal warrior class famed for their sharp, curved swords. The Manila-based Asian Development Bank, funded by regional governments to reduce poverty, sold the first samurai bonds in 1970. Sales of 3 trillion yen would be the most since the record 3.87 trillion in 1996, according to data compiled by Nomura Holdings Inc.
Wal-Mart Yield
Wal-Mart increased its samurai sale to 100 billion yen from 60 billion yen. As part of the sale, the company issued 25 billion yen of five-year debt rated Aa2 by Moody's Investors Service, or the third-highest ranking. The notes yielded 50 basis points, or 0.5 percentage point, more than yen swap rates, a benchmark for borrowing in Japan.
The U.S. retailer sold the debt at yields lower than what investors may have demanded from its Japanese unit Seiyu Ltd., a household-goods chain. Tokyo-based Seiyu, ranked one step above bankruptcy by Mikuni Credit Ratings, ``cannot sell any bonds without support from Wal-Mart,'' said Fumihito Gotoh, an analyst at UBS Securities Japan Ltd.
A Wal-Mart spokesman, John Simley, declined to comment on the company's sale of samurai bonds.
`Stay Diversified'
BMW's finance unit sold 15 billion yen of three-year notes in April to yield 56 basis points more than the three-month London interbank offered rate for yen, or about 1.47 percent. Two months earlier, it issued $53 million of floating-rate notes of similar maturity to yield 51 basis points more than three-month dollar Libor, or 3.16 percent. The notes were rated A1.
``The funds were used to refinance BMW's financial services business,'' Eckhard Wannieck, a Munich-based spokesman for BMW, said of the carmaker's euroyen note. ``The main goal is to stay diversified. We always want attract a broad range of investors by issuing different funding instruments.''
BMW's yen-denominated bond priced about 10 basis points below the cost of default protection on the German carmaker after currency adjustments, according to arranger Merrill Lynch. Yield spreads below the cost of credit-default swaps indicate stronger demand because the income investors receive on the note isn't enough to hedge against a repayment failure.
Credit-default swaps are used to protect against or speculate on default. The price increases as perceptions of credit quality deteriorate.
Paying More
Yields on samurai bonds sold by financial companies may rise because many Japanese investors bought their fill of the debt in the first half of the year, said Koyo Ozeki of Pimco Japan Ltd., a unit of Pacific Investment Management Co. in Newport Beach, California.
``In the last couple of months, deals like UBS are paying slightly more'' than previous bank borrowers in Japan, said Ozeki, head of Asia-Pacific credit research in Tokyo at Pimco, which runs the world's biggest bond fund.
UBS sold 47 billion yen of five-year, 2.82 percent notes on June 19 as part of a larger 91.5 billion yen offering. The securities, rated Aa1, were priced to yield 120 basis points more than yen-swap rates. Royal Bank of Scotland, a unit of the second-largest U.K. bank, issued 141 billion yen of samurai bonds in June for the first time. As part of the sale, RBS issued 55 billion yen in five-year, 2.59 percent notes rated Aaa to yield 95 basis points more than yen swaps, according to Daiwa Securities SMBC Co., an arranger.
If the companies sold securities in the U.S. with the same maturity, the coupons would have probably been about 6 percent, according to a Merrill index of banks rated between AA and AAA.
`Better Reception'
``Bank issuance will still get a better reception in Japan than it will on a relative basis in other parts of the world,'' Merrill's Schmoll said.
Citigroup, the largest U.S. bank by assets, priced 186.5 billion yen of three-year bonds rated Aa3 on June 12 at a spread of 109 basis points.
The bank's 5.1 percent dollar-denominated note due in September 2011 yielded 137 basis points more than swap rates yesterday in New York, according to Trace, the bond price reporting service of Financial Industry Regulatory Authority. The spread widened to more than 300 basis points on March 17, during the Federal Reserve's rescue of New York-based investment bank Bear Stearns Cos.
Citigroup sold $3 billion of five-year notes yesterday, offering investors the highest yield over benchmark rates that the bank has paid since being formed from the merger of Travelers Group Inc. and Citicorp in 1998.
The 6.5 percent senior securities priced to yield 337.5 basis points more than Treasuries of similar maturity, almost 50 basis points more than what the bank paid on similar debt four months ago, according to data compiled by Bloomberg.
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Wall Street Losses Cut Tax Bill, Sap New York Revenue (Update4)
By Henry Goldman and David Mildenberg
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Aug. 12 (Bloomberg) -- Wall Street's mortgage losses have grown so large that some firms may pay little or no taxes for years, widening New York City and state deficits and challenging their ability to provide services, Mayor Michael Bloomberg said.
Some companies are seeking refunds from the city on taxes they paid ahead of time, saying losses have cut their tax liability to zero. The banks pay tax on 110 percent of earnings in advance as a ``safe harbor,'' protecting against penalties for underpayment.
``It will be a number of years before Wall Street starts paying taxes again,'' the mayor said at a press conference yesterday in Manhattan. ``They will carry forward all of those losses.''
Financial firms posted $501 billion in writedowns and credit losses worldwide since the start of last year, a figure the World Bank predicts may rise to $1 trillion as the credit squeeze sparked by the subprime market collapse worsens. The tax drain is particularly serious in New York, where Wall Street accounts for 20 percent of state revenue and about 9 percent for the city, state Comptroller Thomas DiNapoli has said.
``If the World Bank's prediction that the large investment banks will book up to $1 trillion in writedowns because of the mortgage crisis is true, then Mayor Bloomberg is absolutely right,'' said Lynn Turner, former chief accounting officer of the U.S. Securities and Exchange Commission. ``These guys won't be paying taxes for some time.''
Citigroup, Merrill
Citigroup Inc., the largest U.S. bank by assets, has taken about $55 billion in losses and slashed more than 14,000 jobs, while Merrill Lynch & Co. lost $51.8 billion and cut 5,220 jobs, according to data compiled by Bloomberg News. The mayor is founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.
Merrill, the third-biggest U.S. securities firm, recorded a $4.2 billion global income tax benefit in 2007 and $4.8 billion in the first six months of 2008, according to company reports. The 2007 tax breakdown included $185 million in current and deferred benefits on the company's state and local taxes and $1.26 billion on federal tax benefits, according to the company's 2007 annual report.
Companies such as Merrill are allowed to use those benefits to get refunds on taxes paid in the prior two years and to offset tax payments going forward for as long as two decades, said Robert Willens, president and chief executive officer of Robert Willens LLC, a tax consulting company in New York.
Six Years
``They'll try to use that as quickly as they can,'' Willens said. ``If you add up all of the Wall Street losses, you're talking about not paying taxes for five or six years easily.''
While analysts expect firms including Merrill and Lehman Brothers Holdings Inc. to report losses for 2008, some other Wall Street firms will probably remain profitable and keep paying taxes. Goldman Sachs Group Inc. and Morgan Stanley, the two largest U.S. securities firms, are expected by analysts to record profits this year.
Goldman had a net tax expense of $6.01 billion in 2007, including $488 million in current and deferred state and local taxes, according to the company's annual report.
Emergency Session
New York Governor David Paterson called the Legislature back to work next week in an emergency session to address widening deficits as revenue, including tax receipts from Wall Street, declines. Sixteen of the state's largest banks sent taxes totaling $5 million to the state treasury in the most recent reporting period, a 97 percent decrease from a year earlier, when they accounted for $173 million in revenue, Paterson said.
The state faces a $26 billion deficit over the next three years and a $630 million shortfall in the current year that began April 1, Paterson has said. The governor yesterday outlined $630 million in administrative spending cuts he intends to apply this year, and he called upon legislators to cut at least $600 million more later in August.
``A lot of what we're facing now are the diminished revenues from Wall Street, with capital gains down 24 percent and personal bonuses down 20 percent, and Wall Street losing $40 billion in its last three quarters,'' Paterson, a Democrat who took over as governor in March following Eliot Spitzer's resignation, said yesterday.
Widening Gap
In the city, where Wall Street provides about 5 percent of jobs and more than 20 percent of total personal income, deficits are projected to widen to $2.3 billion in fiscal 2010 beginning next July, growing to $5.96 billion and $5.4 billion in 2011 and 2012, city Comptroller William Thompson has said.
``We still haven't come to grips with how deep will be the impact on New York City's and the state's economy and budget resulting from this credit crisis,'' said Kathryn Wylde, president of the Partnership for New York City, a civic group of corporate chief executives organized to promote commerce.
The mayor didn't name the firms that contacted the city seeking repayments of their taxes.
``You have to give them the money back,'' Mayor Bloomberg said. ``We've already collected it, but we can't spend it because it's not ours.''
City Services
Paterson's call for the state to reduce spending included his suggestion that the Legislature reduce support for the state's municipalities by 6 percent. While the mayor pledged to maintain good city services, he said the state and the city's difficulties with Wall Street would have an effect.
``When the state government says they are going to cut back, they are fundamentally going to shift that expense downstream to us, so it is the mayors or county leaders, in all 60 counties, that are going to have to deal with where the revenue goes,'' Bloomberg said.
``I'm not preaching doom and gloom,'' the mayor said. ``I am preaching that it is likely to be difficult and trying, and we have to work together.''
When asked at a press conference today whether New York may consider asking public workers to pay more for their health insurance, Bloomberg said it's a trend prevalent among private employers that the city's unions have fought.
``Anybody who thinks that the state and the city are not going to have to look at all these kinds of things to face the new economic reality is just making a mistake,'' he said.
Bond Ratings
New York City won its highest debt ratings in recent years, AA from Standard & Poor's and Aa3 from Moody's Investors Service, as Wall Street profits soared and the real estate market boomed. The largest Wall Street firms paid a combined $30 billion in bonuses in early 2007 because of record 2006 profits, Turner said.
New York state has $50 billion of outstanding debt. Ratings range from AAA for bonds backed by personal income taxes or sales tax, to AA for state general obligation debt and AA- for bonds that require appropriations by the Legislature, according to Standard & Poor's.
``I am worried about the state's bond rating, and it will start to fall if the governor doesn't do something about his budget problems now,'' Bloomberg said. ``The rating agencies are cognizant of what's happening to our economy.''
The cumulative projected deficit the state faces over the next three years has widened 22 percent since May, to $26.2 billion from $21.5 billion, Paterson said. The current budget is $80.5 billion, excluding capital projects and federal aid.
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The City The Credit Crunch Forgot
SkyNews
By Sky News SkyNews - Thursday, August 14 02:33 am
It is the city the credit crunch forgot. The rest of the UK may be feeling the pinch, but life is good in Aberdeen, the oil capital of Europe.
(Advertisement)
World energy prices are soaring with Brent Crude now trading at the once unimaginable figure of $120 a barrel. The oil industry is booming and as a result Aberdeen and its residents are enjoying a prosperity not seen since the 1970s. Trade is as brisk as ever at the city's best-known restaurant the Silver Darling.
Owner and chef Didier Dejeun says the credit crunch is having no effect here at all. He said: "All the oil executives and their families are based here, they have to spend their money somewhere and they spend it in Aberdeen. "There is no limit to how much some people will spend. They arrive at the restaurant in their Ferraris and their Bentleys and order champagne." The five-star Marcliffe Hotel and Spa is situated in the Pitfodels area of the city, which boasts the highest proportion of millionaires anywhere outside London. Owner Stewart Spence says the hotel has never been so busy and customers are still willing to spend money on life's luxuries. He said: "Aberdeen is basically all about energy and the price of oil worldwide means more employment and exploration, which all comes back to the city. "People's spending habits haven't changed at all. Customers are still asking for the best wines and the lobster."
But some believe Aberdeen cannot buck the trend forever and that the big companies like Shell and BP will be unable to keep posting record breaking multi billion pound profits each quarter. However, former Lord Provost and city councillor John Reynolds disagrees. "The price of oil will not go down, it will get up to $150 maybe even $200 a barrel in two years time," he says. "We will continue to benefit from that here." The downside is that the people of Aberdeen will still have to pay the price at the pumps. For many though, that is a price worth paying.
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GM to invest 445 mln dlrs in Thai auto plants
AFP
By Jutarat Tongpiam AFP - Wednesday, August 13 05:55 pm
RAYONG, Thailand (AFP) - General Motors will invest 445 million dollars to build a new diesel engine plant and to upgrade an existing assembly plant in Thailand, chief executive Rick Wagoner said Wednesday.
(Advertisement)
The new plant in the industrial coastal town of Rayong will start production in 2010, with a capacity to produce more than 100,000 engines per year, he said. The facility will also employ about 340 workers.
About 90 percent of the engines will be used in GM's nearby assembly plant, which will be upgraded to produce the new model Chevrolet Colorado small pickup truck, he added.
Wagoner said the investment was part of GM's global strategy, which includes growth in emerging markets like Thailand.
GM has struggled with a weakening US economy, losing the top spot in global sales to Japanese rival Toyota in the first quarter, while posting a 15.5-billion-dollar net loss in the second quarter.
But Wagoner refused to concede that GM might fall second to Toyota in annual sales this year.
"This year is not over yet," he told reporters in Rayong. "We don't worry about coming back to be No 1, but we want to be driven by outstanding cars and trucks, the latest technology and participating in the world market overall."
Thailand is the world's leading producer of one-tonne pickups. The kingdom has positioned itself as a key regional production base for foreign automakers, which make vehicles here for export around the region.
GM has a relatively small market share in countries like Thailand, where Japanese automakers dominate, but its overall Asian sales have been posting strong growth -- while domestic sales in the United States are plunging.
The company's Asia-Pacific president Nick Reilly said that sales in China were expected to rise to 1.2 million this year, up from 1.0 million last year.
GM is also set to open a new Indian assembly plant outside Mumbai next month, he said.
But the steady loss of its US market share -- its July auto sales plunged 26.7 percent from one year ago -- has forced the company to take drastic measures.
It has shed tens of thousands of jobs, cut costs and switched some production into fuel-efficient cars.
GM has also switched to crossovers, which are SUVs built on car platforms, as more Americans are buying them to seek some respite from gas guzzlers amid high fuel prices.
The automaker is considering the sale of some of the many brands it owns too.
Wagoner told reporters that the company planned to keep the Saab brand, with sales focused mainly on the European market.
GM bought a majority stake in Saab in 1990, then bought the rest in 2000. Saab accounts for less than one percent of GM's sales, and had been thought a candidate for sale as GM thins out its brands.
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ロシア人スパイ：旅券法違反容疑で書類送検
福島県郡山市で６５年に失踪（しっそう）した歯科技工士、黒羽一郎さん（当時３５歳）になりすましてスパイ活動したとして、警視庁公安部は１３日、アジア系ロシア人の男を国籍、氏名、年齢とも不詳のまま旅券法違反などの容疑で書類送検した。男の旅券は昨年６月に失効し、公安部は再入国の可能性が低いとみて書類送検に踏み切った。
調べでは、男は９２年６月、オーストリアの日本大使館で、黒羽さん名義の旅券を取得し、９４年２月に日本に入国、９５年２月に出国した疑い。
公安部が男の存在を把握、９７年に事件が発覚。東京都練馬区の自宅からは乱数表や換字表などが押収された。男は９５年に出国していたが、所在は確認されていない。公安部は在日ロシア大使館の当時の一等書記官が事件に関与したとみて任意で出頭要請したが拒否され、書記官は帰国している。
公安部は９７年７月、旅券法違反などの疑いで男について逮捕状を取り、国際手配していた。黒羽さんの消息も判明していない。
◇「背乗り」で活動、北朝鮮工作員も
スパイ活動をしやすくするため、他人になりすます手法は「背乗り」と呼ばれる。
蓮池薫さん夫妻の拉致事件で国際手配中の北朝鮮の元工作員、通称「チェ・スンチョル」容疑者は７２年と８０年に、日本人男性２人になりすましたとされる（西新井事件）。同じ北朝鮮の元工作員、辛光珠（シングァンス）容疑者＝拉致容疑で国際手配＝もこの手法を使い活動したとされる。捜査関係者は「かつての北朝鮮は旧ソ連の影響下にあり、背乗りがロシアからもたらされた可能性はある」と指摘する。
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第３次産業指数、６月は0.8％低下、２カ月連続低下
経済産業省が14日発表した6月の第3次産業活動指数（速報、2000年＝100、季節調整値）は109.5と前月に比べ0.8％低下した。低下は2カ月連続。業種別にみると、原材料価格の上昇で金属材料などの販売が鈍り、卸売・小売業が同1.7％低下した。貨物運送などで通行量が減少し、運輸業が同 2.0％下がったことも影響した。
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リーマン首位、106兆円 東証の07年度売買代金
東京証券取引所の売買資格を持つ証券会社が2007年度に顧客から注文を受けた売買代金で、リーマン・ブラザーズ証券が106兆円でトップになったことが分かった。大量の取引を電子的に発注するヘッジファンドなどからの委託代金が前年度から7割も増えたため。日本株は外国人投資家が6割強の売買シェアを占めており、外国証券の存在感が高まっていることを示した。
東証の売買シェア上位10社のうち、07年度は7社が外国証券だった。06年度に首位だったネット証券最大手のＳＢＩ証券は個人の売買が伸び悩み、2位になった。リーマンやゴールドマン・サックス証券など主な外国証券が委託代金を増やした半面、野村証券や大和証券ＳＭＢＣなど国内大手は減少した。
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財務省、自治体破綻予防へ指導 新制度検討
財務省は来年度にも財務内容の悪化した自治体を、直接指導する制度をつくる検討に入った。自治体の発行する地方債を財政投融資を活用して引き受けている「資金の貸し手」として、返済能力や資金繰りなどを独自に設けた指標に基づいて点検。財政悪化の兆しがあれば、同省職員が出向くなどして原因究明や改善を指導する。自治体の財政を調査・監視している総務省との連携に向けて調整に入った。
自治体財政を巡っては北海道夕張市が2007年3月に破綻するなど問題が表面化している。総務省は08年度決算から地方財政健全化法に基づいて、自治体の財政状況を「実質赤字比率」（財政規模に対する赤字の割合）などを使って点検する仕組みを導入。破綻状態の自治体は「財政再生団体」として国の管理下で再建し、破綻の懸念がある自治体も「早期健全化団体」に指定し、自主再建を促すことにしている。
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非課税限度額上げ要望 日本版４０１ｋで厚労省
厚生労働省は2009年度の税制改正で、確定拠出年金（日本版４０１ｋ）の掛け金の非課税限度額の引き上げを要望する。企業が拠出する掛け金に従業員が上乗せして資金を出す「マッチング拠出」の解禁も求める。政府が6月にまとめた「骨太の方針2008」が、制度改正の結論を年内に出すと明記したのを受け、実現の可能性は高まっているとみている。ただ税収減を懸念する財務省は依然として慎重で、税制改正の焦点の1つになりそうだ。
確定拠出年金は掛け金を加入者の投資判断に基づいて債券や株式などで運用し、運用実績に応じて老後の受取額が変わる年金。自営業者らが加入する「個人型」と、企業が社員のために提供する「企業型」がある。3月末で約280万人が利用している。
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金融検査の結果、開示拡大 金融庁
金融庁は金融機関に対する検査結果を従来より分かりやすく伝える方針だ。内部管理体制を評価する「検査評定制度」で、評価の経緯や改善を要する点などを詳しく知らせ、自主的な経営改善を後押しする。検査官と経営陣が検査結果や評定について話し合う機会も増やす。検査の納得性を高め、金融機関の不満を取り除く狙いもある。
金融庁は2007年7月に「ベターレギュレーション（良い規制環境）」を打ち出し、金融機関の自主的な取り組みを通じて金融サービスの質を高めていく姿勢に転換した。今回、開示の内容を拡充するのもその一環。
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資源国向け輸出17％増 08年上期、伸び率やや鈍化
財務省がまとめた2008年上期（1―6月）の貿易統計によると、中東やロシアなど資源国向けの輸出は5兆5327億円と前年同期比17％増えた。エネルギー・原材料高による資源国の購買力の増大が背景にあるが、前年に比べると増加率はやや鈍化している。
日本の上期の輸出総額は41兆9204億円で前年同期比3.8％増。主要資源国（中東、中南米、ロシア、オーストラリア）向けが全体の13％を占め、景気減速で9％減となった対米輸出の落ち込みを補った。商品別では自動車輸出が中東向けで36％増、ロシア向けは48％増えた。資源開発などに使う建設用・鉱山用機械も中東向けが44％増、ロシア向けは74％増になった。
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高年齢層ほど「長く働きたい」 厚労省調査
「少なくとも70歳まで働きたい」「生涯働きたい」。こう考える人の割合が合わせて3割を超えたことが厚生労働省が今月まとめた「高齢期における社会保障に関する意識等調査報告書」で分かった。年齢層が上がるほど長く働きたいと考える人が多い傾向もある。
調査は厚労省が20歳以上の男女を対象に2006年7月に実施し、1万1086人から有効回答を得た。
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「ＩＳＯ」審査厳しく 日韓、信頼確保狙い提案へ
日韓両政府は品質管理の国際規格「ＩＳＯ」の信頼性を高めるため、審査の厳格化に向けた認証制度の見直しを、規格の運用を協議する国際機関に提案する方針だ。アジアを中心に不十分な認証審査が横行し、規格の有名無実化が一部で進んでいると懸念している。中国やインドなど他のアジア諸国との連携も検討し、信頼性確保への議論を主導したい考えだ。
ＩＳＯ認証制度の運用のあり方を協議する国際機関、国際認定フォーラム（ＩＡＦ）が、10月に開催する予定の総会で具体案を提起。ＩＳＯの審査や認証を担う認証機関が取得しなければならない規格「ＩＳＯ１７０２１」などの改正を目指す。
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首都圏マンション発売44.5％減 ７月
不動産経済研究所が14日発表した７月のマンション市場動向調査によると、首都圏の新築マンション発売戸数は前年同月比44.5％減の3554戸となり、11カ月連続で減少した。契約戸数は1902戸で、月間契約率は前月より11.2ポイント低下の53.5％になった。８月の発売戸数は2500戸前後の見込み。
同時に発表した近畿圏の新築マンション発売戸数は前年同月比29.5％減の1786戸となった。契約戸数は1006戸で、月間契約率は前月より8.2ポイント低下の56.3％だった。８月の発売戸数は1100戸前後の見込み。
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スーパー、ネット宅配拡大 ダイエー９月参入
スーパー大手が一斉に、インターネットで注文を受けた商品を当日に家まで届ける宅配事業を展開する。ダイエーが9月に参入し、イオンとユニーは実施店舗と地域を拡大する。主な顧客である高齢者や働く女性の増加に加え、ガソリン高で需要が拡大すると判断。すでにイトーヨーカ堂が取り扱いを3年内に全170 店強（現在は約80店）に広げる方針を打ち出しており、各社が本格化することで消費者の利便性が高まることになる。
事業は「ネットスーパー」と呼ばれ、会員登録した人がパソコンで注文すると、最短2、3時間で日用品や生鮮食品がトラックで届けられる。商品価格は店頭とほぼ同じ。原則、1回数百円程度の手数料が必要だが、購入額が一定以上だと無料になるケースもある。
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日産、部品審査を強化 品質高め信頼性向上
日産自動車は品質向上活動の強化に乗り出す。部品の審査資格者を現状の20倍の5000人超に増やすほか、不具合発生から対応を取るまでの期間を半減させる。執行役員10人を各部門の品質責任者に任命し、責任も明確化した。自動車業界ではガソリン高などで先進国を中心に販売が低迷、経営環境が悪化している。品質管理を徹底することで消費者の信頼を獲得し、販売拡大につなげる。
日産が不具合の発生要因を調べると、モデルチェンジや仕様の見直しなどで部品が変更されたケースが多かった。現在でも新規部品の採用時などは綿密な審査を行っているが、仕様や形状が一部変わっただけの部品の場合は審査が行き届かないケースがあった。
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アシックス、ロシア・インド本格進出 ミズノは豪に販社
アシックスとミズノが相次ぎ海外で販路を拡大する。アシックスはロシアとインドに販売会社など拠点を設立、運動靴で両市場に本格参入する。ミズノはオーストラリアでの本格販売に進出する。両社は北京五輪に向けて中国市場開拓に力を入れてきたが、五輪後を見据えて新興国などの成長市場への取り組みを加速。海外事業の欧米依存脱却につなげる。
アシックスは年内に、ロシアに販売を手がける現地法人を設立。2009年からランニングシューズの販売を始める。モスクワを中心にスポーツ専門店約 400店への卸売りで販路を広げ、直営店も出店する。07年度で1億円だった同国内での売り上げを10年度までに800万ユーロ（約13億円）に拡大する。
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フィルター、抗菌力強く 富士フイルム
富士フイルムは高い抗菌・抗ウイルス効果をもつ空気清浄機用バイオフィルターを開発した。2009年3月までに新開発のフィルターを使った空気清浄機を製品化する。空気中の浮遊菌やウイルスをともに不活性化できるため、主に医療機関や介護施設での院内感染の予防に役立てられる。5年後にバイオフィルター関連で100億円以上の売上高を目指す。
抗菌効果の高い銀イオンを効率よく放出する新開発の有機銀をフィルターに塗布する。写真フィルムの感光素材である銀の研究開発ノウハウを応用。特殊加工で銀の表面積を大きくするなどの工夫を施し、抗菌性能を高めた。インフルエンザウイルスの抗体も塗布し、抗菌と抗ウイルスの両方の性能をもたせた。
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ＪＴＢ、高額旅行商品を全国販売 富裕層向け
ＪＴＢはオーダーメード型の高額旅行商品を全国約300の支店で販売する。東京・銀座にある専門店だけが取り扱ってきたが、営業ノウハウを支店に伝えて地方の資産家や退職した役員らを取り込む。2009年に同商品で20―25％の取扱人数拡大を目指す。超富裕層対象のオーダーメード型商品の全国展開は業界でも珍しいという。
商品の名称は「ロイヤルロード」。ＪＴＢが旅行代金とは別に15％の「企画料」を参加者から受け取り、一から作り上げる。夫婦2人で欧州に8日間旅行した場合の平均価格は500万円程度。
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宇和海でマグロ養殖続々 高魚価・漁獲規制追い風
マダイやハマチの養殖が盛んな愛媛県南部の宇和海で、クロマグロの養殖が広がってきた。先陣を切った宇和海漁業生産組合（宇和島市）に続き、日本ハムが同組合や辻水産（同）などと共同出資で新会社を設けマグロ養殖に参入。飼料・鮮魚販売のダイニチ（同）も試験養殖を始めた。魚価が高く、漁獲規制や燃油高なども追い風となり、愛媛の養殖業は転換期を迎えている。
宇和海生産組合が愛媛県愛南町で、クロマグロ養殖に乗り出したのが2005年7月。これまで07年に1200尾、08年に3000尾を主に関西方面へ出荷した。旧宇和島藩主にあやかり、「だてまぐろ」と名付け、ブランドに育てている。
宇和海では食品大手も今夏、クロマグロ養殖に参入した。宇和海生産組合と、同組合の辻澄男組合長が会長を務める辻水産が、日本ハム子会社のマリンフーズ（東京・品川）などと共同で7月に新会社「宇和海マリンファーム」（宇和島市）を設立した。宇和島沖の日振島、戸島、嘉島に大型いけす計 10基を設け、2万尾の稚魚を投入。
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期待と懸念 拉致再調査の報告に被害者家族ら
2008.8.14 20:57
日朝実務者協議の報告を受け、内閣府を出る拉致被害者家族会の飯塚繁雄代表。左奥は横田早紀江さん＝１４日午後日朝実務者協議の報告を受け、内閣府を出る拉致被害者家族会の飯塚繁雄代表。左奥は横田早紀江さん＝１４日午後
北朝鮮による拉致被害者家族が１４日、内閣府を訪れ、被害者の再調査開始で合意した日朝実務者協議について報告を受けた。外務省の斎木昭隆アジア大洋州局長は「今までの（北朝鮮からの）報告はすべて白紙にして行う」などと説明、家族らは期待と懸念を表明した。
説明を受けたのは家族会のメンバーと支援組織「救う会」の幹部ら。中山恭子少子化・拉致問題担当相も同席し、「（再調査の中で）北朝鮮が拉致被害者の帰国を決断できるような状況へもっていける動きを作り出したい」と話した。
報告後の記者会見で、家族会の飯塚繁雄代表（７０）は「流れが見えてきたが、短い時間でどれだけ事実が分かるか心配もある」。横田めぐみさん＝拉致当時（１３）＝の父、滋さん（７５）は「きちんと実行されれば大きな成果が出るのでは」と期待を寄せた。
しかし、航空チャーター便の規制など一部経済制裁を解除することについて、増元るみ子さん＝同（２４）＝の弟、照明さん（５２）は「制裁解除は遺憾。北朝鮮に約束を履行させるために、こちらが新たに行動しなければならないのは少し北朝鮮ペース」と懸念を表した。
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「偽装五輪」と中国異質論…次期開催国の英メディア
次回夏季五輪を開催する英国で、北京五輪の運営に対する批判的な報道が目立っている。派手な演出の開会式に、ロンドン五輪関係者が「太刀打ちできない」と漏らすほどだっただけに、その後の「花火の合成映像」や「口パクの少女の歌」の発覚で「中国異質論」が勢いを増した形だ。
「偽装五輪、どこから見ても見栄え良く設計」。こんな見出しを掲げたのは、１３日付タイムズ紙。口パク問題とともに、当局が組織した“ボランティア”応援団が多数競技場に送り込まれ、空席が目立つ応援席を埋めていると報じた。そろいの黄色いシャツの応援団に潜り込んだ同紙記者は、中国を応援するよう求められたという。
イブニング・スタンダード紙は、入場券はほぼ完売とされるのに、中国がメダルを取れそうな競技ですら会場はがら空きだと指摘する。
フィナンシャル・タイムズ紙は社説で、偽装してまで“完ぺき”を目指す中国は「五輪は単なるゲームだと思い出すべきだ」と強調。デーリー・テレグラフ紙は、ロンドン五輪では「開会式でも競技でも健全さを取り戻そう」と主張した。
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負債総額２５５８億円アーバン破綻…次危ない会社は？
東証１部上場の新興不動産会社、アーバンコーポレイション（本社・広島市）が１４日までに民事再生法の適用を東京地裁に申請し、事実上倒産した。負債総額は今年最大となる２５５８億円。米サブプライム住宅ローン問題の影響やマンション市況悪化、金融機関の不動産向け融資引き締めで新興不動産会社が相次いで破綻するなか、早くも「次の破綻候補」に注目が集まっている。
「昨年１１月ごろからマーケットに変調が現れた」。１３日に東京証券取引所で記者会見を開いたアーバンの房園博行社長は、不動産市況の急速な悪化が破綻の要因だったことを明かした。再生計画認可後、房園社長を含め全取締役が退任するという。
同社はバブル期の１９９０年に設立。当初はマンションの販売代理業務を主力としていたが、分譲マンションの「アーバンビュー」シリーズを自社開発で手掛けるようになり、２００２年には東証１部への上場を果たした。
急成長の原動力となったのが、未稼働または低収益のオフィスビルや店舗、宅地などを取得し、リニューアル後に外資系ファンドなどに転売する「不動産流動化事業」だった。同社の連結売上高は０３年３月期に３２５億円だったのが、０８年３月期には２４３６億円まで拡大、経常利益も６１６億円と過去最高を計上していた。
しかし、サブプライム問題の余波で、日本の不動産に積極投資していた外資系ファンドや不動産投資信託（リート）が投資資金を絞り出したため、アーバンの物件の売れ行きも悪化。さらに地価下落の影響で転売価格も低迷するなど、経営環境が急速に悪化していった。
急成長のウラで、同社の連結有利子負債は今年３月末時点で４０７８億円に膨らんでいた。社債の格付けは「投機的水準」に格下げされ、株価も１００円を割り込んでいた。
そんな同社に対し、資金回収に走る金融機関も出るようになり、資金繰りに窮した同社は「黒字倒産」を選ぶしかなかった。株式は上場廃止となり、０６年１２月に機関投資家向けに発行した２００億円の社債は債務不履行（デフォルト）となる。
アーバンに限らず、急速に拡大してきた新興不動産会社を取り巻く経営環境は厳しい。業界では今年に入って、「ＵＳＡ」が“危ない不動産会社”としてささやかれてきた。「ＵＳＡ」は破綻の恐れがある新興不動産会社のイニシャルを取ったもので、「Ｕ」が今回破綻したアーバン、「Ｓ」は６月に破綻したスルガコーポレーションで、業界の不安が見事的中した格好になっている。
「Ａ」は「東日本の不動産ファンド、もしくは東日本のマンション関連会社」（業界関係者）といわれており、アーバンの「次」として注目されている。
「ＵＳＡ」のほか、「ＪＡＰＡＮ」「ＵＡＥ」と称される“倒産予備群”も存在する。不動産市況が急速に冷え込むなか、金融機関も不動産向け融資をかなり引き締めており、死の淵をさまよっている新興不動産会社は多い。
■最近破綻した主な不動産関連会社
社名 本社 申請手続き 負債総額
３月 レイコフ 大阪 民事再生法 ４２６億円
（破産に変更）
４月 ケイアール不動産 東京 特別清算 １６７７億円
５月 近藤産業（ゼファー子会社） 大阪 破産 ３２２億円
６月 スルガコーポレーション 神奈川 民事再生法 ６２０億円
７月 キョーエイ産業 広島 民事再生法 ８７億円
ゼファー 東京 民事再生法 ９４９億円
８月 アーバンコーポレイション 広島 民事再生法 ２５５８億円
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苦境の新興不動産 相次ぐ破綻 (1/2ページ)
2008.8.14 22:42
新興不動産の苦境が一段と増している。今年に入ってスルガコーポレーション、ゼファーなど上場企業の破綻（はたん）が相次ぎ、１３日にはアーバンコーポレイションが今年最大となる総額約２５００億円の負債を抱え、民事再生法適用を申請した。背景にあるのは米国の低所得者向け高金利型住宅ローン（サブプライムローン）問題による不動産市況の悪化だ。外資系ファンドなどの物件購入が減少したうえ、金融機関は融資を厳格化した。市況好転の見通しは立たず、業歴が短く実績の少ない新興不動産業界の“受難”は続きそうだ。
●赤字転落
経常損益は２３３億円の黒字から２４億円の赤字へと転落－。ダヴィンチ・ホールディングスが１４日発表した平成２０年６月中間連結決算は、新興不動産の苦境ぶりを象徴した。売上高は前年比６６.２％減、最終利益は同９１.７％減。他の新興不動産の第１四半期決算も軒並み落ち込んでいる。
こうした中、東証１部上場のアーバンコーポが経営破綻した。同社は２０年４～６月期連結決算では営業赤字に転落。同３月期は営業、最終利益ともに最高益を達成しているが、房園博行社長は「今年に入り、金融機関の融資が厳しくなった」と悔しさをにじませた。
●資金不足
同社をはじめ新興不動産は、金融機関からの融資で土地を購入し、マンションやビルを建てて投資ファンドなどに売却する「不動産流動化ビジネス」などを事業の核としている。
しかし、昨年夏に表面化したサブプライム問題の影響で、ファンドを中心に物件を買い渋るようになり市況は悪化。これに伴い金融機関も、新興不動産など業歴が浅い融資先は、信用力が低いとして「融資を見送る事例が多くなった」（大手行幹部）という。
「金融機関頼みで自転車操業」（業界関係者）の新興不動産は資金繰りに窮して、債務返済のために簿価を下回る価格で物件を売却せざるをえなくなった。これが業績の悪化を招いた。
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自民ボウリング議連：小泉元首相や「上げ潮派」が結束大会
自民党のボウリング振興議員連盟は１３日、東京都内のホテルで大会を開いた。最高顧問の小泉純一郎元首相は持参したボールでストライクやスペアを連発し、議連会長の武部勤元幹事長や経済成長を優先する「上げ潮派」の中川秀直元幹事長らを沸かせた。内閣改造・党人事で改革派が冷遇されたため、後ろ盾の小泉氏を中心に結束を確認したようだ。
大会には「小泉チルドレン」の１回生議員や報道陣らが参加。中川氏は「日本がガターにならず、上げ潮が迎えられるようにお願いする」とあいさつした。小泉氏は３４人中１１位の成績で、存在感を示した。
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食道がん：野菜と果物で危険半減 厚労省研究班
野菜と果物を多く食べる男性は、あまり食べない男性に比べ、食道がんになる危険性がほぼ半減することが、厚生労働省研究班（担当研究者、山地太樹・国立がんセンター予防研究部研究員）の調査で分かった。今月号のがんに関する国際誌電子版に掲載された。
研究班は９５年と９８年、８県の４５～７４歳の男性約３万９０００人を対象に、食事に関するアンケートを実施し、野菜と果物の１日あたりの摂取量を推計した。０４年までに、１１６人が、食道がんのうち日本人の大半を占める「扁平（へんぺい）上皮がん」と診断された。国内の食道がんの患者は、男性が８割以上とされる。
分析の結果、野菜と果物の合計摂取量が１日平均５４４グラムと最も多いグループが食道がんになる危険性は、最も少ない同１７０グラムのグループの５２％にとどまった。また摂取量が１日１００グラム増えると、危険性は約１０％減った。種類別では、キャベツや大根などのアブラナ科の野菜の摂取と、危険性の低下に関連が認められた。
喫煙、飲酒習慣がある人でも、野菜と果物を多く食べると危険性が減った。喫煙習慣があり、日本酒を１日２合以上飲む人では、多く摂取する人の危険性が、少ない人より６割以上も低かった。
山地研究員は「食道がんの予防には、禁煙、禁酒が第一だが、野菜と果物の摂取にも予防効果が期待できることが分かった。アブラナ科の野菜は、がんを抑制するとされる成分『イソチオシアネート』を多く含むため、効果があるのではないか」と話している。
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インド代理出産：「赤ちゃん出国禁止に」 人身売買と印ＮＧＯが提訴
【ジャイプール（インド西部）共同】日本人夫婦がインド人女性に代理出産を依頼して誕生した赤ちゃんが、夫婦の離婚が原因でインドを出国できないでいる問題で、同国西部ジャイプールの非政府組織（ＮＧＯ）は１３日までに、代理出産に関する法律がインドにないことを理由に、この赤ちゃんの国外連れ出しを禁じるよう求め地元裁判所に提訴した。
裁判所は地元州行政当局などに対し、国外連れ出しの可否などについて説明するよう命令した。裁判が決着するまで赤ちゃんはインドに留め置かれる可能性が高まり、日本への出国に向けた手続きは遅れそうだ。
１３日付の地元紙などによると、ＮＧＯの申立書は、代理出産で誕生した子供の外国への引き渡しはインドに関連法律が存在しないため「人身売買」に当たると指摘。代理出産した女性や、依頼した日本人男性医師らの誰も親権を主張することはできないとしている。
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04:55 GMT, Thursday, 14 August 2008 05:55 UK
US whites 'to be minority sooner'
The Statue of Liberty, New York's historical landmark for immigrants
White people are projected to no longer be in the majority in the United States by the year 2042 - eight years sooner than previous projections.
The US Census Bureau's latest figures - based on birth, death and immigration rates - suggest that minorities will soon make up 55% of the population.
Hispanics who now make up about 15% will, it says, account for 30% by 2050.
It is projected that black people will make up 15%, a small increase, while Asians will grow from 4% to 9%.
White non-Hispanics currently make up about two-thirds of the population, but only 55% of those are aged under five.
'Aging baby boomers'
It has long been said that the US is a nation of immigrants but in the past the influx has mainly come from white Europeans, the BBC's Jonathan Beale reports from Washington.
By the middle of this century, that group will be in the minority for the first time, he notes.
It is likely that the demographic changes will be experienced right across the country - and no longer confined to urban areas as in the past.
Overall, the US population is expected to rise from 305 million people to 439 million by the year 2050.
The white population will also be ageing. The number of people over 85 years old will triple in the next 40 years.
"The white population is older and very much centred around the aging baby boomers who are well past their high fertility years," William Frey, a demographer at the Brookings Institution think tank, told the Associated Press.
"The future of America is epitomised by the young people today. They are basically the melting pot we are going to see in the future."
The Census Bureau points out that its projections are subject to big revisions, depending on immigration policy, cultural changes and natural or manmade disasters.
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飼料用コメの生産拡大 穀物高で代替需要、愛知は２期作実験
家畜に飼料として与えるトウモロコシなどの国際価格が高騰しているのを受けて、コメを飼料向けに栽培する動きが広がってきた。愛知県は今秋から、国内では現在ほとんど実施されていない2期作の実験を飼料向けに始める。山形県や新潟県は飼料米の作付けを急拡大させている。今後、飼料高に悩む畜産農家のコスト削減や主食用のコメの需給調整策として飼料米づくりが進みそうだ。
愛知県の2期作実験は西三河農業協同組合（ＪＡ西三河、西尾市）に委託、25アールの田に飼料用品種「夢あおば」を植えた。このうち収穫後の5アール分で8月下旬から9月上旬にかけて再び田植えをする。残りは刈り取った後の株から出る芽に肥料を与え育てる。11月下旬に2度目の刈り入れをする。
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脱法ドラッグ規制を強化 大麻種子も対象に、政府が５カ年戦略
政府は、麻薬に似た幻覚作用があり青少年を中心に乱用が広がる「脱法ドラッグ」の規制対象を拡大する。インターネットなどで流通が続いている新種の薬物について、薬事法で製造、輸入、販売を禁じる「指定薬物」への追加を急ぐ。大麻対策でも、食材や繊維材料などの用途以外の種子の不正輸入・販売を取り締まる方法を検討する。
一連の方針は、政府の薬物乱用対策推進本部（本部長・福田康夫首相）が今月下旬にも正式決定する2008年度からの「薬物乱用防止5カ年戦略」に明記する。
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中小建設業、独自性で勝負 本業不振で多角化加速
公共工事の縮減など建設投資の落ち込みが続くなか、独自のノウハウや技術を生かして事業の多角化を進める中小の建設関連会社が増えている。建設業界では本業の不振から農業や環境ビジネスに活路を見いだそうとする企業が多いものの、参入した先でも苦戦する例が目立つ。競合他社にない独自性をどう打ち出すかで、事業多角化の成否が分かれるようだ。
港湾の補修など手掛ける鉄組潜水工業所（静岡市、鉄芳松社長）は、北海道南部特産のガゴメコンブを粉末にした「海乃香藻（ウミノハーブ）」の販路を北海道内の百貨店から飲食店向けに拡大する。道内で開催する物産展への参加も増やす。販路拡大で200万円程度だった年間売上高を2―3年後をめどに400万 ―500万円に伸ばす。
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敗訴の賠償金２２万円、担当職員から回収 防衛省（1/2ページ）
2008年8月14日15時1分
旧防衛庁に情報公開を請求した人の個人情報がリスト化されて庁内で配布された問題で、リストに記載された作家らが起こした２件の国家賠償訴訟で敗訴した防衛省が、担当の情報公開担当者１人から賠償金相当額の計２２万円を回収していたことがわかった。
公務員に故意などがあったと認めた場合、国が本人に賠償金を請求できるという国家賠償法の「求償権」が使われた珍しいケースとなる。リスト化に組織的関与があったと疑う原告らは「個人責任として確定させた」と批判的だ。
リスト問題は０２年５月、海上幕僚監部の情報公開担当者が、請求者約１４０人の氏名や職業など個人情報をリストにまとめ、庁内で配布していたことが発覚した。同庁の内局や陸・空の幕僚監部などもリストを作成・閲覧していたことが判明し、「組織的な作成ではないか」とも指摘されたが、０２年６月に出された防衛庁の内部調査は、組織的関与を認めなかった。
訴訟は、ノンフィクション作家・久慈力氏と新潟市の斎藤裕弁護士が「プライバシーを侵害された」などとして東京、新潟地裁に提訴した。久慈氏の訴訟は０４年２月にリストの作成・配布は担当者による故意の違法行為とされ、１０万円の賠償が確定。斎藤弁護士の訴訟でも配布について違法とし、最高裁で０８年４月に１２万円の賠償が確定した。斎藤弁護士は組織的関与も訴えたが、認められなかった。
久慈氏は米同時多発テロなどに関する資料、斎藤弁護士は駐屯地の飲食費などに関する資料の情報公開を求めていた。
一般的に国が賠償を負っても、国側は「故意や重過失はなかった」として公務員には請求しない場合が多いとされる。防衛省でも８９年以降で請求したのは飲酒事故などの２件だけという。だが、同省は「『故意』が認定された。本人も違法性を認識している」と賠償金を請求。担当者も０４年３月と今年６月に支払ったという。
久慈氏は「組織の責任逃れだ」とし、斎藤弁護士も「求償権を行使することで、完全に担当した隊員だけの責任として片づけられてしまうことになる」と話している。
明治大学法科大学院の西埜章教授（行政法）は「求償権を使うための要件である故意や重過失の有無は役所が判断できる」とするが、その過程が担当部局内だけで進められていると指摘。「その判断が妥当かどうか外部がわからないのが問題」としている。
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「無料と思ったのに…」 粗大ゴミ回収巡り苦情次々
2008年8月14日15時2分
粗大ゴミや不用品の回収を業者に頼んだら高額な料金を請求されたという相談・苦情件数が急増している。全国各地の消費生活センターに寄せられた件数は０７年度、過去最高の４７４件になった。各地のセンターは、各自治体の回収ルールをよく確かめてから対応するよう呼びかけている。
国民生活センター（東京）のまとめによると、０２年度は１４１件。ゴミ処理の有料化が広がるのに合わせて年々増え続け、０７年度は３．４倍に。０８年度に入ってからも０７年度の１．４倍の勢いで増えている。目立つのは「無料と思って業者に回収を頼んだら、作業後に料金を請求された」というケースだ。
首都圏のある主婦は、昨年１１月、「こちらは無料回収車です。粗大ゴミはありませんか」などと宣伝を流しながら回るトラックを呼び、自転車やカーペットなどの引き取りを依頼。品物をトラックに引き渡した後に業者から「リサイクル料金がかかる」と請求され、２万円を支払った。宣伝を聞き、「無料で引き取ってくれる」と思ったという。
関西の２０代の男子学生は０７年３月、ポストに配られたチラシの業者に見積もりを頼むと、「約１０万円かかる」と言われた。だが、業者は折りたたみベッドや食器などを車に積み込んだ後、「思ったより多かったので２３万円になる」と請求。学生は全額支払ったという。
廃棄物処理法によると、業者が粗大ゴミなどの一般廃棄物の収集や運搬、処分をするには、自治体の許可や委託を受ける必要がある。国民生活センターは「許可をもつ業者かどうかや回収費用は、自治体に問い合わせればわかる。安易に業者に頼むとトラブルや不法投棄の原因となる」と話す。
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三菱商事、ブルネイに太陽光発電所計画 東南アジア最大
2008年8月14日3時2分
三菱商事は１３日、ブルネイで東南アジア最大の太陽光発電所を建設することを明らかにした。資源輸出国ブルネイとの関係を強化するとともに、成長市場の東南アジアで高い発電効率が得られる太陽光パネルを検証する。
計画では、ブルネイ西部のベライト地区に出力１．２メガワットの発電所を建設、１０年をめどに操業を始める。結晶系や薄膜系など材質の違う複数の太陽光パネルを用い、日照量が多い東南アジアに合った発電手法を確かめる。事業費約１５億円は三菱商事が負担する。
ブルネイは液化天然ガス（ＬＮＧ）の約９割を日本向けに輸出しており、日本の年間輸入量の約１割を賄う。一方、天然ガス資源は有効な外貨獲得手段のため、国内向けの発電には再生可能エネルギーの導入を進めたい考えだ。東南アジアではフィリピンで１メガワット級の発電所建設が予定されているが、今回の計画はそれを上回る。
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北方領土、色丹島の穴澗村村長インタビュー 「人口増え、社会基盤整備が急速に進展」
2008.8.14 07:51
北方領土の色丹島・穴澗（あなま）村のレフ・セディフ村長（５８）は８月１０日、北海道の中高校生と教育関係者からなるビザなし交流訪問団の同行記者のインタビューに応じた。この中でセディフ村長は、島の人口がこのところ増えていることを指摘したうえで、ロシアのプーチン前大統領時代に決めた「クリール諸島社会経済発展計画」により、社会基盤整備が急速に進んでいることを強調した。北方領土のロシア化が着々と進んでいることを認めた形だ。一問一答は次の通り。（加納洋人）
－－現在の色丹島の人口は
「穴澗村の住民は９８０人。季節によって、水産工場や道路工事で、２５０人くらいが増える。斜古丹（しゃこたん）村の方は、１３１０人が住民で、約１０００人が季節労働者だ」
－－人口は増えているのか
「昨年、穴澗、斜古丹の２つの村で６３人が生まれた。出生率は全ロシアの平均より高い。島の学校を卒業して、本土で勉強していた若者が戻ってきている」
－－戻ってきている理由は
「まず故郷にひかれるためだ。２つめは教師が足りないため。全ロシア的に医療関係者と教育関係者の給与がかなり上がり、島で教師をやっても暮らしていけるようになったためだ」
－－出生率が上がった理由は
「若い人が戻ってきたので必然的に出生率が上がった。また、プーチン前大統領時代の人口問題に対する対応で、子供を産みたい家庭への援助が増えたことも背景にある」
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「家族のような存在失う」 盲導犬事故死で慰謝料請求
2008.8.14 16:39
道路を横断中にトラックにはねられ、付き添っていた盲導犬を失い、精神的な苦痛を受けたとして、静岡県の７０代の男性が、高知県のトラック運転手と運送会社に、慰謝料など計約２２０万円の損害賠償訴訟を名古屋地裁に起こしていたことが１４日、分かった。
訴状などによると、平成１７年９月、静岡県吉田町の交差点で、横断歩道を渡っていた男性と盲導犬「サフィー」＝当時６歳＝が右折してきたトラックにはねられた。男性は重傷を負い、サフィーは即死。男性は「家族のようなかけがえのない存在を失った」としている。
この男性に盲導犬を無償貸与した「中部盲導犬協会」（名古屋市）が既に運転手と運送会社に損害賠償を求め名古屋地裁で係争中のため、男性は併合審理を求めている。
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「足跡花火」、実はＣＧだった 北京五輪開会式
2008年8月12日15時3分
【北京＝奥寺淳】国際オリンピック委員会（ＩＯＣ）は１２日の会見で、北京五輪の開会式で花火がテレビ放映された際、巨人の足跡を表現した花火は、開会式以前に打ち上げられた花火の映像を使っていたことを明らかにした。地元紙の報道によると、過去の映像をコンピューター・グラフィックス（ＣＧ）の技術を使って組み合わせたという。
この花火は、第２９回の五輪にちなんで、巨人が北京市南部から天安門広場を通り、開会式会場の国家体育場（愛称・鳥の巣）に向かって２９個の大きな足跡を刻むという演出。花火は実際に打ち上げられたが、航空管制があり、撮影も角度の問題から難しいことから、最初の２８歩、５５秒間は過去の映像を使うことを決めた。最後の１歩は、鳥の巣から打ち上げられた実際の花火の映像を使ったという。
報道によると、北京五輪の映像効果担当者らが認めた。ＣＧを駆使した花火の特殊映像は約１年かけて準備したものだったという。
北京五輪の開会式は、最中に何度も盛大に花火を打ち上げて盛り上げ、中国国内で約８億４千万人がテレビの前でくぎ付けになったとされる。北京の五輪関係者は「生中継する際、失敗しないために合成映像を使うことは普通にあることだ」と話した。
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開会式「微笑みの天使」は口パク、容姿でふるいに非難続出
【北京＝杉山祐之】中国紙「信息時報」（電子版）などは１３日、北京五輪開会式で、入場する中国国旗を９歳の少女が革命歌を歌って迎えたシーンについて、少女は実際には「口パク」をし、世界に流れた歌声は別の少女（７）のものだったと報じた。
会場にいたのは北京市の小学３年生、林妙可さん。荘重な場面を演出したお下げ髪の愛らしい顔立ちと可憐な歌声は、世界中で感動を呼び、中国国内では人気爆発。「微笑みの天使」と呼ばれるようになった。
ところが、開会式の音楽担当責任者が国内メディアに「歌声は別人」と明かした。歌ったのは同市の小学１年生、楊沛宜さんだった。「林さんは、容姿は抜群」、「楊さんは、歌声は抜群」という理由で、２人を組み合わせたという。
責任者は「全国の観衆は理解してくれると思う。国家の利益のためにやったことだ」と話した。
しかし、インターネット掲示板などでは、子供に「口パク」をさせたことや、容姿で子供をふるいにかけたことへの非難が続出した。開会式に出られなかった楊さんは中国メディアの取材に、「自分の声が流れただけで満足です」と答えているという。
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Libya says Russia emerging as counterbalance to U.S. dominance
16:31 | 14/ 08/ 2008
Print version
MOSCOW, August 14 (RIA Novosti) - Libya said the conflict in Georgia and its breakaway republic of South Ossetia has signaled an end to the dominance of the United States in global affairs, a Russian daily reported on Thursday.
"What happened in Georgia is a good sign, which means America is no longer the sole world power setting the rules of the game," the Libyan president's eldest son Seif al Islam Qaddafi said in an interview with Kommersant.
"There is a balance in the world now. Russia is resurging, which is good for us, for the entire Middle East," said Seif al Islam, who runs the Qaddafi Foundation, a non-governmental body, told the paper.
He said the Arab world has welcomed the withdrawal from Iraq by Georgian troops, describing the Caucasus state, which enjoys strong backing from the U.S., as "an occupier."
Georgia, which announced the withdrawal of its contingent of 2,000 personnel from Iraq over fighting with Russia, maintained the third largest force in the embattled Middle East country after the U.S. and Britain.
Western nations have strongly criticized Russia for a "disproportionate" use of force in its counterattack against Georgia's military offensive, aimed at regaining control of the separatist region.
Moscow has accused the West of bias and injustice, saying it had no choice but to reinforce its peacekeepers in the region and protect the civilian population.
Russia said at least 1,600 civilians and 74 Russian troops were killed in South Ossetia, and tens of thousands were forced to flee the region during the fighting. Georgia has reported 60 civilian deaths in the city of Gori, near the South Ossetian border, after Russia bombed an arms depot on Saturday.
Libya, notorious for its poor human rights record, has improved ties with the West in recent years. American oil giants are lavishly investing in the desert nation, which holds the largest oil reserves in Africa. Weapons producers have also been in fierce competition with each other for Libya's lucrative market.
Libya's reinvigorated contacts with Russia have worried the West that fears the North African state could join a natural gas cartel proposed by Russia and other gas producers, influencing prices.
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USA must choose between its virtual project of Georgia and real partnership with Russia
14.08.2008 Source: Pravda.Ru URL: http://english.pravda.ru/world/ussr/106096-usa_russia_georgia-0
The USA must choose between the real partnership with Russia and “the virtual project of Georgia,” Russia’s Foreign Minister Sergei Lavrov told reporters Wednesday.
“We realize and everyone writes about it that Georgia today is a special project of the USA. We understand that the USA worries about the fate of this project,” the minister added.
“But here we have either the notion of prestige about the virtual project or partnership, which requires collective actions to be taken,” the minister said.
Lavrov said that he was on the phone with US Secretary of State Condoleezza Rice on Wednesday.
“The US administration claims that illegal armed groups pillage the people on the outskirts of Gori [a town in Georgia] and that the Russian military do not take any measures. If something like that is confirmed – on the outskirts of Gori, Tskhinvali or anywhere else – we will react in the most serious way,” the minister said.
“The Russian Armed Forces and the Russian peacemakers have the order from the Supreme Commander-in-Chief, i.e. the president of Russia, to observe all martial laws. Civilians must be protected against infringements of human life and dignity. We will look into every message saying that it is taking place and we will not let this happen,” Lavrov said.
As for the USA’s approach to the situation in the conflict zone, the Russian minister commented George W. Bush’s statement about South Ossetia:
“The qualification of the speechwriters, who prepared the statement, surprised me again,” Lavrov stated.
Russia instituted criminal proceedings upon the murder of citizens of South Ossetia in accordance with Article 357 of the Penal Code of the Russian Federation – genocide, Interfax reports.
About 100 Russian investigators continue to work in Tskhinvali, the capital of South Ossetia, which was virtually leveled as a result of the Georgian aggression. The officers investigate the murder of Russian citizens and Russian peacemakers.
Russian President Dmitry Medvedev ordered to collect the evidence to prove that the Georgian authorities had committed actions of genocide against the citizens of South Ossetia.
In the meantime, Prime Minister of Slovakia, Robert Fico, stated that it was Georgia that triggered the armed conflict in South Ossetia. The official urged everyone not to perceive the situation in black and white colors.
The official stated that he rejected the black and white approach to the situation, when one is defined as a bad guy and the other one as a good guy. The Slovak premiere believes that the sides should cease fire, sit down for talks and solve the problems, ITAR-TASS reports.
The vice-speaker of the parliament of Slovakia, Anna Belousovova stated that Georgia had attempted to commit genocide. She believes that many European media outlets provided the biased coverage of the military actions in Georgia. “The media outlets waged an informational war against Russia,” the Slovak official said.
The foreign media simply ignored what South Ossetians think of all those events, in spite of the fact that they were the people, who suffered from the war most. Belousovova reminded that it was the Georgian military that launched the aggression against Tskhinvali and South Ossetia.
“This was an attempt of genocide on Georgia’s part, and the International Tribunal must look into this issue,” the official stressed out.
Dmitri Simes of the Nixon Center supported Russia’s actions in South Ossetia. The expert believes that the USA made groundless accusations against Russia of its “disproportionate response” to Georgia’s actions.
The expert reminded of the situation in 2006, when Hezbollah militants kidnapped two Israeli soldiers and murdered three others. Israel started bombing Lebanon immediately after the incident – over 1,000 Lebanese civilians were killed in the attacks.
The expert continued with saying that several members of the UN Security Council attempted to condemn Israel for its “disproportionate response,” whereas the US administration firmly stood up to protect its ally and did not let the council pass an anti-Israeli statement.
Eduard Shevardnadze, a former Georgian president, said in an interview with Rheinischer Merkur that the current situation would not have occurred if the Georgian military had not invaded Tskhinvali.
“This is the main reason why the situation has aggravated so much. This conflict can be solved only through peaceful negotiations,” Shevardnadze said.
The ex-president of Georgia rode off on a side issue when asked if the conflict in South Ossetia had caused serious and long-term damage to relations between Russia and Georgia.
Shevardnadze believes that Georgia may eventually become a member of NATO.
“This process will most likely go faster now. The first priority, however, is to start serious talks with Russia. Even if Russia is against Georgia’s NATO membership, the Georgian government should pursue a long-term goal to convince Russia that it does not threaten its security,” the former Georgian president said.
Shevardnadze denied the supposition that the conflict between Russia and Georgia is connected with the struggle for the transit of oil and gas via the territory of Georgia.
“The question of oil reserves in the Caucasus and their shipments to the West was solved ten years ago,” he said.
The former Georgian president stated that he did not expect any other reaction from the US administration.
“One can not expect something else from the US administration. The USA has been providing financial, defense, political, economic and moral support to Georgia for almost ten years. What else can they do? The USA can not send their troops here, because they are busy with wars in Iraq and Afghanistan. They cannot afford another war,” he said.
“I exclude an opportunity for the US forces to leave the Caucasian region after Moscow’s display of power. Washington will strengthen its influence in the region, because Georgia takes an important geo-strategic position even though it is a small country,” Shevardnadze said.
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