Japan goes West

Japan goes West

Published: September 24 2008 09:52 | Last updated: September 24 2008 19:24

From each according to his ability, to each according to his needs. The socialist tenet, popularly attributed to Karl Marx, neatly sums up the arrival of the Japanese on Wall Street. In a nutshell, Japanese banks have cash and their US peers need it. Japanese banks’ swollen balance sheets have at best become an embarrassment and at worst a temptation to dally in unsuitable investments. That explains why the list of the biggest creditors to Lehman Brothers was dominated by Japanese names, and why the country’s banks are Asia’s biggest casualties in the subprime fall-out.

Take Long Term Credit Bank, a lender which went spectacularly bust a decade ago, during Japan’s own banking crisis, and was nationalised before being taken over by Ripplewood, the US private equity firm. (Funds then flowed in the opposite direction.) The recapitalised and renamed Shinsei Bank had, at about the time of its initial public offering in 2004, a capital adequacy ratio in excess of 20 per cent, with a Tier 1 ratio of 15.5 per cent. Subsequent efforts to deploy some of that cash have seen Shinsei push into areas that have proved ugly, including domestic consumer finance. Thanks to its Lehman exposure, the mid-tier lender expects to generate net profits of only $110m this year.

--------------------------------
Japan’s banks step on to world stage

Published: September 24 2008 18:55 | Last updated: September 24 2008 18:55

“Whenever a friend succeeds, a little something in me dies.” By Gore Vidal’s measure the Japanese financial sector is in rude health: after years of watching others make millions, Japan’s banks can now luxuriate in the failure of Wall Street. It is less clear, however, whether they can take advantage of Wall Street’s woes through their own ventures into the shark-infested waters of investment banking.

Several have decided to try. Nomura has bought the Asian and European arms of Wall Street’s greatest victim, Lehman Brothers; Mitsubishi UFJ is to invest about $8bn for between 10 and 20 per cent of Morgan Stanley. Sumitomo Mitsui and Mizuho – both too early – bought stakes in Barclays and Merrill Lynch respectively earlier this year. None has managed the same terms as that true investment master, Warren Buffett – who has persuaded Goldman Sachs, the best franchise of them all, not only to pay him a preferred 10 per cent coupon but give him options on the upside as well – but MUFG is paying about book value for its stake in Morgan and Nomura is paying peanuts for what is left of Lehman.

---------------------------------
IG Group buys Japanese trader

By Sundeep Tucker in Hong Kong

Published: September 24 2008 12:59 | Last updated: September 24 2008 12:59

IG Group, the UK-based financial markets betting company, is to extend its geographic reach further with the acquisition of one of Japan’s most profitable online foreign exchange traders.

IG, which offers online trading in stocks and indices, on Wednesday said that it had entered into an agreement to buy 87.5 per cent of FXOnline Japan, a privately-held company, for £112m ($208m).

Tim Howkins, IG chief executive, said the acquisition represented a “milestone” in the company’s strategic plans. “There is a good cultural fit between the two businesses and the potential for immediate synergies.”

IG has expanded in Europe and has been seeking to expand its presence in Asia following successful launches in Australia and Singapore over the past six years.

Japan is home to the world’s second largest retail foreign exchange market, and last year legislated to permit the trading of contracts for differences – a key product offering for IG.

The acquisition will turn Japan into IG’s largest single business centre outside of the UK, and lift the proportion of its non-UK revenues from 27 per cent to 40 per cent.

It will be part funded by an £82m equity raising, with the remainder coming from cash reserves. The price paid, which represents a multiple of 8.7 times reported 2008 earnings, was well received by City of London analysts and IG shares rose 5.3 per cent to 314.25p by midday.

FXOnline has 45 staff and was started six years ago by James Gow, a UK national who moved to Japan in 1992. He will continue to head the company and will retain a 12.5 per cent stake in FXOnline until at least January 2011.

The Japanese company reported revenues of about £36m in the year to March 31 2008, a four-fold rise in two years, while pre-tax profits also quadrupled over the same period to about £25m.

IG said the recent UK ban on short selling shares in some banks was expected to have a “negligible” impact on group revenues, and reiterated its trading outlook issued on September 9.

---------------------------------
Danes scramble to rescue lenders

By Robert Anderson in Stockholm

Published: September 24 2008 22:37 | Last updated: September 24 2008 22:37

Danish banks are rushing to put together a rescue package for smaller lenders that are struggling to remain liquid as wholesale funding dries up.

“The banking association and the central bank are working to come up with something that could ease the functioning of the interbank market,” said Klaus Willerslev-Olsen, deputy chief executive of the Danish Banking Association.

An announcement could come as early as this week.

“The Danish interbank market is not working as it ought to do,” he said.

“Counterparty risk is something that many banks refrain from taking more of.”

On Monday the central bank was forced to bail out Ebh Bank, the country’s sixth largest, after it ran into liquidity problems.

Last month the central bank took over Roskilde Bank after a preliminary audit showed that it was insolvent after expanding aggressively into real estate lending.

Other small banks have been forced into mergers and further consolidation is expected.

Danish regulators helped Sydbank take over the struggling Bank Trelleborg in January and earlier this month Sweden’s Handelsbanken reached a deal to take over Lokalbanken Nordsjaelland, while mortgage lender Nykredit made an agreed bid for Forstaedernes.

Up to now banking association members have helped provide funds to rescue banks on an ad hoc basis with the central bank, assisted by a vehicle they set up last year that can draw on a maximum of Dkr1.5bn a year.

Mr Willerslev-Olsen said banks should consider creating a vehicle with more funding to help smaller lenders solve their temporary financing problems and to facilitate mergers.

Denmark’s banking sector remains very fragmented with some 140 smaller banks, with the country’s five largest controlling 70 per cent of the sector’s assets.

Many of the smaller banks have expanded their balance sheets aggressively in recent years, using wholesale funding to take advantage of the country’s real estate boom.

This housing bubble has burst and the economy is stagnating, knocking banks such as Roskilde that were heavily exposed to the real estate sector.

-------------------------------
Storms darken eurozone mood

By Ralph Atkins in Frankfurt

Published: September 25 2008 03:00 | Last updated: September 25 2008 03:00

Sharp falls in business confidence were reported across continental Europe yesterday as global economic storms drove the eurozone towards recession, adding pressure on the European Central Bank to consider interest rate cuts.

Germany, France and Italy reported the business mood had darkened markedly this month, with Germany's Ifo institute reporting that industry's expectations for the next six months were the most pessimistic since early 1993.

With business confidence surveys seen as a good guide to trends in activity, the deterioration provided fresh evidence that eurozone economic data for the past three months would show a second quarterly contraction - a technical recession.

Confidence had been knocked by the global slowdown, which was hitting eurozone exports, analysts said. But direct effects on the real economy of the recent financial market turmoil could add to the pressure. Lower oil prices had brought little relief.

Gilles Moec, a Europe economist at Bank of America, argued the gloomy outlook meant policy hawks at the ECB were "running out of arguments to resist calls for [interest] rate cuts". With the global slowdown spreading into Asia, ECB policymakers' comments have appeared more cautious recently about the growth outlook. But Mr Moec ex-pected the central bank to change its tough rhetoric only "cautiously and gradually".

As recently as July the ECB raised its main interest rate by a quarter percentage point to 4.25 per cent to head-off inflationary pressures. That move now appeared a mistake, argued Marco Annunziata, chief economist at Unicredit. "It tightened monetary conditions for an economy which we can now see was already entering recession."

Germany's Munich-based Ifo institute said its business climate index fell for a fourth consecutive month, from 94.8 in August to 92.9 in September - the lowest since May 2005. The component of the index that covers expectations for the next six months dropped to the lowest level since February 1993.

Hans-Werner Sinn, Ifo's president, said manufacturers had become "more res-erved" about export opportunities. "Very few firms still plan to hire additional staff."

Meanwhile, France's Insee statistical office reported French business confidence had fallen this month to the lowest since July 2003, with export orders particularly worrying. Italian business confidence was at a seven-year low, according to ISAE, the research organisation.

--------------------------------
London tops finance world but lead cut

By Brooke Masters

Published: September 25 2008 00:01 | Last updated: September 25 2008 00:01

London is still top among the world’s financial centres but the fallout from the credit crunch has cut into its lead over rival cities, particularly in Asia and the Middle East, according to a prestigious study to be released on Thursday.

Singapore climbed past Hong Kong into third place, followed by Zurich, Geneva and a newly resurgent Tokyo, which rose two places into seventh.

The Global Financial Centres Index – a twice-yearly ranking – found that both London and New York, its nearest rival, had lost ground since February in the wake of financial crises and massive job losses in financial services.

The gap between New York and the third place city is now the smallest ever.

Stuart Fraser, head of policy for the City of London, said: “London and New York are the two global cities and they are going to remain the global cities for a while yet but [other centres] will close the gap a bit.

“This is where the job losses are,” he said. “Singapore and Dubai are recruiting people. That makes them look positive.”

The Global Financial Centres Index is commissioned by the City of London and calculated by the Z/Yen group based on twice-yearly surveys as well as publicly available indices of financial activity, infrastructure and affordability.

The latest index covers 59 cities, and the last surveys were taken in July, so it does not reflect the effects of the banking crises of the past month.

Since last autumn, New York has performed consistently better than London on the survey part, although London’s superior ranking on the objective criteria put it on top overall.

Mr Fraser said that he believed New York racked up extra points on the survey consistently because its transit system made it an easier place to get round.

The study authors suggest that London’s reputation is continuing to suffer from the government’s handling of the Northern Rock bank crisis and concerns that the regulatory environment is unpredictable and unstable.

London also slipped behind New York among government and regulatory respondents for the first time since the survey was taken. That change may reflect the collapse of Bear Stearns this year, which prompted a rapid US regulatory response.

The survey also asks separate questions about which cities are the most likely to become significant in the future. Here Dubai, which came in 22nd on the main survey, was the big winner, with Singapore, Shanghai and several other Gulf state cities doing well.

Stuart Pearce, chief executive of the Qatar Financial Centre, said: “More and more financial services companies are looking at the Middle East and are seeing it as a place of strategic importance.” Qatar rose two places in the survey to 45 and was one of the biggest gainers in terms of points.

The big losers included Frankfurt, which fell three places to ninth, and Paris, down six places to 20th. However, old Europe scored victories as well, particularly in Scandinavia. Copenhagen was the fastest riser, jumping six places to 38th; and Oslo came in 41st, up four places.

-------------------------------
Libya fund considers Telecom Italia deal

By Andrew Parker and Roula Khalaf in London and Vincent,Boland in Milan

Published: September 25 2008 03:00 | Last updated: September 25 2008 03:00

A Libyan sovereign wealth fund is considering buying a minority stake in Telecom Italia, Italy's leading telecoms company.

The Libyan Investment Authority is considering paying about €2bn-€3bn ($2.9bn-$4.3bn) for a stake of up to 10 per cent in Telecom Italia, said two people close to the matter.

They added that Telecom Italia's board was today expected to discuss the possibility of the LIA buying a stake, although they cautioned that no deal had been finalised.

If a deal is concluded, it should provide Telecom Italia with funds to reduce its high leverage. It had net debt of €37.2bn at June 30.

However, a deal might also herald renewed turmoil at Telecom Italia. Telefónica, Spain's leading telecoms company, was part of a consortium that agreed to buy a controlling stake in Telecom Italia in April last year, when Romano Prodi was Italy's prime minister.

Although Telefónica has repeatedly denied that it wants to buy Telecom Italia, Silvio Berlusconi, who replaced Mr Prodi as Italy's prime minister in May this year, said this month it was "important for all kinds of reasons" that the country's leading telecoms company did not fall into foreign hands. Mr Berlusconi said a foreign investor, bringing fresh capital but not seeking a management role, may be unveiled "one of these days".

He did not refer to the LIA, but at the end of August Italy and Libya signed a landmark agreement under which Italy will pay $5bn to Libya over 25 years as compensation for colonial rule. Telefónica may not object to Libyan investment in Telecom Italia, because of the possibility that it could help the company's performance.

Telefónica paid €2.3bn last year to become the largest shareholder in a company that in turn has a controlling stake in Telecom Italia. Telefónica gained a 10 per cent economic interest in Telecom Italia, and paid the equivalent of €2.82 per ordinary share.

Telecom Italia's shares closed at €1.09 last night. They have fallen 48 per cent this year. Telecom Italia, Telefónica and the LIA declined to comment.

Telefónica's decision to invest indirectly in Telecom Italia brought some much needed stability to Telecom Italia following a dispute between its former chairman and Mr Prodi's government.

However, Franco Bernabe, Telecom Italia's chief executive, is struggling to improve the company's performance.

Nick Delfas, analyst at Morgan Stanley, said this month Mr Bernabe would have to find €3bn of asset sales if the company was to meet its leverage target. Telecom Italia is aiming to reduce its net debt to 2.5 times its earnings before interest, tax, depreciation and amortisation by 2010.

-----------------------------
Lloyd's of London half year profits drop 47 percent
Reuters
Reuters - 2 hours 1 minute ago

LONDON (Reuters) - The Lloyd's of London insurance market's profit dropped 47 percent in the first half on falling investment income and increased cost of claim, it said on Thursday.
(Advertisement)

The world's oldest and biggest insurance market reported pretax profits in the six months to June 30 of 949 million pounds compared with 1.81 billion pounds in the previous year.

Lloyd's said central assets reached 1.94 billion pounds.

"The market remains in a good position to face the challenges ahead even though the external conditions in which we operate are about to test our structure and resolve," said Lloyd's Chief Executive Richard Ward in a statement.

---------------------------------
The Short View: Good luck Tara!

By John Authers, Investment Editor

Published: September 24 2008 19:28 | Last updated: September 24 2008 19:28

Markets on Wednesday reflected two different realities. Equity markets behaved with what could almost be called calm; credit markets returned to the historic distress seen last week.

That is down to the conflict between Tara (the troubled assets relief act) and Warren (Buffett, the world’s most famous investor). Warren can move equity markets, but all the credit markets care about is the congressional drama of Tara – and whether it will give them the relief they want.

The credit markets have it right. Mr Buffett’s investment of $5bn in Goldman Sachs is not a good reason to buy equities more broadly.

First, Mr Buffett did not buy Goldman stock on the open market but at a preferential price, using his power to the full. Second, he is more a stock picker than a market timer. He tries to buy “premium” brands. Goldman enjoys the greatest prestige of any Wall Street firm, and so Mr Buffett spotted a chance to buy a premium brand at a discount. This is no reason for the rest of us to buy stocks.

Mr Buffett even made clear on Wednesday that he is relying on Tara, telling CNBC that he was “to some extent betting that the government will act promptly”.

Some version of Tara will pass. The questions are timing and pricing.

Delays in Congress would worsen conditions in the credit markets. And on Tuesday, the politicians understandably balked when Ben Bernanke of the Federal Reserve appeared to suggest that Tarp (the troubled assets relief programme) would buy bad assets from Wall Street firms for much more than they were worth.

On Wednesday, he made himself clearer. There is no point in buying assets at the current “fire sale” prices; that would not help the markets. However, he said there was a price that could stop banks going bust and give the taxpayer a chance to profit. Now, Tara must find that price.

------------------------------
The Short View

By John Authers

Published: September 25 2008 03:00 | Last updated: September 25 2008 03:00

Crisis? Which crisis? That this is a grave crisis for the US is now beyond denial. It has now disrupted the political process. What caused it?

Politicians don't put it this way, but at root their concern is that the bail-out the Bush administration has on the table deals with a liquidity crisis, while the true problem is a solvency crisis.

The plan that excited markets last week was for the US to spend money creating a price for "toxic" securities. This is aimed at a problem of liquidity - that nobody will trade, and so it is impossible to price assets.

There is certainly such a crisis. By Wall Street's close yesterday it had reached unprecedented proportions. Other than central banks, almost nobody was lending for terms longer than a day, and it was difficult even to obtain a price for commercial paper or interbank rates.

But liquidity has only dried up so badly because dealers fear banks are insolvent - that they lack the capital to survive. Thus solving the liquidity crisis might cost public money without resolving the solvency problem.

Hence academics, along it seems with the politicians, are moving to a different bail-out: where the government sorts out banks' solvency by giving them capital in return for a stake.

Both bail-outs have private-sector precedents. Merrill Lynch last month sold toxic assets to a private equity group at 22 cents on the dollar, a version of the existing plan. The problem was to set a price.

The new template may be Warren Buffett's investment in Goldman Sachs on Tuesday. He received preferred stock rather than common stock, along with warrants in return for bolstering its capital.

That looks a great deal for Mr Buffett. Similar deals with other banks may yet be good for Uncle Sam. They also seem to be a total necessity. Now, the politicians must find a deal.

------------------------------
Nine oil companies invest in Colombia oil exploration
AFP
AFP - Thursday, September 25 04:14 am

BOGOTA (AFP) - Colombia has signed contracts with nine oil companies worth 500 billion dollars to explore for oil near the border with Venezuela, the National Oil and Gas Agency has announced.
(Advertisement)

The companies include oil giants Shell and Exxon Mobil, Australian mining and primary resources company BHP Billiton, and the Korean National Oil Company, as well as companies from Canada and Peru.

"These companies have three years to estimate the potential of the area and choose more specific places to carry out exploration," said ANH director Armando Zamora.

The search is being carried out in eight blocs totally 127,000 square kilometers (49,000 square miles) located in the eastern Colombia departments of Meta, Arauca, Casanare, Vichada, Guania and Guaviare.

Colombia currently produces some 585,000 barrels of crude per day, and hopes to produce a million barrels a day by 2020.

Last week the government of President Alvaro Uribe said it hopes this year to increase its certified reserves of crude from 1.4 billion to four billion barrels after new finds.

--------------------------------
Daimler wants to sell remaining Chrysler stake to Cerberus
AFP
AFP - Wednesday, September 24 09:50 pm

CHICAGO (AFP) - German automaker Daimler said Wednesday it wanted to sell its remaining 19.9-percent interest in its former US subsidiary Chrysler to private equity firm Cerberus, which last year acquired a majority stake in Chrysler from Daimler.
(Advertisement)

"Daimler confirms that it is in talks with Cerberus Capital Management on selling its 19.9-percent holding in Chrysler LLC," Daimler said in a statement.

The manufacturer was reacting to a report in Manager Magazin and the specialised publication Automobilwoche.

Automobilwoche, citing a Daimler spokesman in New York, said talks between the parties were in an advanced stage and could be completed in the coming weeks.

Chrysler responded with a statement saying that it the talks were initiated by Cerebus and that the two companies "are currently in discussions."

"In the event of a successful transaction, common projects between Daimler and Chrysler in the areas of research and development and advanced technologies would continue," the Chrysler statement added.

Daimler, previously known as DaimlerChrysler, sold its majority stake in Chrysler to Cerberus in August 2007 after a troubled nine-year marriage.

The cost of the sale knocked 2.2 billion euros off Daimler's 2007 results and the German automaker said its remaining stake in Chrysler resulted in a loss of 864 million euros in the first half of 2008.

Chrysler has seen a sharp decline in sales in recent months amid an economic slowdown in its home market and a shift away from its lineup of gasoline guzzling trucks and sport utility vehicles.

The now-private company has lost 400 million dollars so far this year after posting a 1.6-billion-dollar loss in 2007, The Wall Street Journal reported Tuesday, citing dealers who were briefed by Chrysler Chief Executive Robert Nardelli.

Chrysler officials have repeatedly denied speculation that Cerberus was prepping the automaker for sale and the automaker on Tuesday made a commitment to ramp up production of electric vehicles and bring its first mass market model to market in 2010.

--------------------------------
Sovereign wealth funds increasingly involved in FDI: UNCTAD
AFP
AFP - Wednesday, September 24 07:26 pm

GENEVA (AFP) - Sovereign wealth funds are increasingly putting their money into foreign direct investment, with a very sharp increase recorded in the period 2005 to 2007, the UN said Wednesday.
(Advertisement)

In terms of large-scale cross border mergers and acquisitions, their involvement jumped from one case in 1987 to 30 in 2007, the UN Conference on Trade and Development (UNCTAD) said in its latest World Investment Report.

"Of the 39 billion dollars of FDI invested by SWFs during the past two decades, as much as 31 billion dollars was committed in the past three years," it said.

In total, SWFs control assets worth about five trillion dollars, UNCTAD estimated.

UNCTAD noted that SWFs put most of their money into developed countries, which accounted for 73 percent of their investment over the past two decades.

Most of the remainder was invested in Asia, mainly in services, it added.

SWFs in 2007 were also active in equity and hedge funds.

"The growing investments of SWFs in private equity and hedge funds could signal an increasing number of joint deals in the future.

"SWFs are additional and emerging sources of funds for private equity firms as bank loans decline because of the financial crisis," UNCTAD said, referring to recent financial market turmoil sparked by a global credit crunch.

SWFs have come under scrutiny in recent months after several took huge stakes in Western financial firms hit by the US subprime home loan crisis.

Some argue that the funds are too opaque and that stakes taken in strategic sectors could pose threats to national security.

Among high-profile investments were the Abu Dhabi Investment Authority's investment of 7.5 billion dollars in Citigroup while the Government of Singapore Investment Corp injected 11 billion Swiss francs (10.5 billion dollars) into Swiss bank giant UBS, one of the worst hit by the subprime crisis.

--------------------------------
German cooperative banks announce first step to merger
AFP
AFP - Wednesday, September 24 06:47 pm

FRANFURT (AFP) - Germany's DZ Bank and WGZ Bank, the country's two biggest cooperative banks, said Wednesday they had agreed on the broad outlines for a merger to take place next year.
(Advertisement)

"Combining the strengths of the two banks will create new earnings and growth potential for the local cooperative banks," DZ Bank's chief executive Wolfgang Kirsch said in a statement.

All WGZ's assets would be transferred to DZ Bank. In return, WGZ shareholders will receive shares in DZ Bank within the framework of a capital increase.

It was unclear if the merger, which is to take place from January 1, will lead to job cuts, with a statement saying only that both groups "attach great importance to employee retention."

The banks expected the merger to save 100-120 million euros (145-175 million dollars) a year in costs.

Germany's cooperative banking sector has around 16 million customers. DZ Bank acts as a clearing house for around 1,000 cooperative banks and WGZ for around 200 others.

--------------------------------
IMF head says Europe's banks should 'prepare for the worst'
AFP
AFP - Wednesday, September 24 05:09 pm

BERLIN (AFP) - Europe's banks are less in danger than their US counterparts but they should still "prepare for the worst," International Monetary Fund head Dominique Strauss-Kahn was quoted as saying Wednesday.
(Advertisement)

"European banks have suffered losses ... but all in all they are in a better state than American ones. At the same time it might be advisable for the Europeans to prepare for the worst case scenario," Strauss-Kahn told German daily Frankfurter Allgemeine Zeitung.

"We should not forget that first and foremost this is an American crisis ... Therefore the job of dealing with the crisis should be fulfilled first and foremost by the United States," he said in comments published in German.

The Frenchman, head of the IMF since past year, welcomed efforts by the US government to put together a 700-billion-dollar financial rescue package, saying it was "high time to find a solution to this systemic crisis."

"We welcome the plans in this respect. At first the American government was of the opinion it could decide on a case-by-case basis ... But then it became clear to them that that was not enough," he said.

He also said the crisis was "to a certain extent a result of the recent excesses" and that financial regulation in the United States was "not strong enough."

"Regulation in the United States has not kept up with the swift developments on the financial markets. State oversight is too fragmented. It appears that the need for reform, for a new financial architecture, was not recognised in time," he said.

-------------------------------
US ‘will lose financial superpower status’

By Bertrand Benoit in Berlin

Published: September 25 2008 11:55 | Last updated: September 25 2008 11:55

The US is poised to lose its role as a global financial “superpower” in the wake of the financial crisis, Peer Steinbrück, German finance minister, said on Thursday as he called for a regulatory crackdown on financial markets.

“The US will lose its status as the superpower of the world financial system. This world will become multipolar” with the emergence of stronger, better capitalised centres in Asia and Europe, Mr Steinbrück told the German parliament.

“The world will never be the same again.”

Mr Steinbrück launched a biting attack at the US government for resisting calls for stricter regulations of financial markets even after the subprime crisis erupted last summer, for which he said Washington was partly responsible.

In language that went much further than recent comments by Angela Merkel, Germany’s chancellor, Mr Steinbrück said tougher capital market rules were an urgent necessity.

“Crisis management alone will not rebuild the lost confidence,” he said. “We must civilise financial markets, and not just through moral appeals against excess and speculation. Self-regulation is no longer sufficient.”

The US belief in “laisser-faire capitalism; the notion that markets should be as free as possible from regulation; these arguments were wrong and dangerous,” he said. “This largely under-regulated system is collapsing today.”

The US had failed in its oversight of investment banks, Mr Steinbrück said, adding that the crisis was an indictment of the US two-tier banking system and its “weak, divided financial oversight.”

He pointed the finger at Washington for failing to take seriously proposals Berlin had made as it chaired the Group of Eight industrial nations last year. These proposals, he said, “elicited mockery at best or were seen as a typical example of Germans’ know-better attitude.”

By contrast, Mr Steinbrück praised the US crisis management, including the government’s planned $700bn rescue package for the financial sector. Washington, he said, had earned credits for acting not just in the US interest but also in the interest of other nations.

Yet he reiterated Germany’s refusal to mount a similar rescue operation using taxpayers’ money to acquire toxic assets. “This crisis originated in the US and is mainly hitting the US,” he said. In Europe and Germany, such a package would be “neither sensible nor necessary.”

Unlike the US two-tier banking system, he said, Germany’s three-pillar system had weathered the storm. The network of savings banks, much derided in the past by US critics, had provided business with more credit in the first half of this year than in the same period last year.

“In Germany, the three-pillar system has acted as a stabilising factor,” he said, and was continuing to provide the economy with sufficient liquidity. Yet he said the crisis had been a warning to the state-owned Landesbanks, which now needed to rethink their business models and consolidate.

Mr Steinbrück put forward eight proposals to help resolve the current crisis and prevent future financial meltdowns on a similar scale.

Among these were a ban on “purely speculative short-selling”; a crackdown on variable pay for bank managers, which had encouraged reckless risk-taking; a ban on banks scrutinising more than 80 per cent of the debt they hold; international standards making bank managers personally responsible for the consequences of their trades; and increased co-operation between European supervisors, culminating in the long term in a European supervisory system.

---------------------------------
Russia stalls talks on Iran nuclear plans

By Harvey Morris at the United Nations and James Blitz in London

Published: September 24 2008 20:46 | Last updated: September 24 2008 20:46

The leading powers were forced to cancel a meeting due to be held on Wednesday on the Iranian nuclear threat after Russia said the talks were not urgent, in a further sign of Moscow’s frostier relations with the west after the Georgia crisis.

Foreign ministers from the US, China, Russia, France and the UK – the five permanent, veto-holding members of the United Nations Security Council – and Germany were due to meet to discuss further sanctions aimed at reining in Tehran’s nuclear programme.

The cancellation came on the eve of a meeting on Wednesday between Condoleezza Rice, US secretary of state, and Sergei Lavrov, Russia’s foreign minister – their first since Washington came out forcefully against Russian military intervention in Georgia last month.

Western members of the “3 plus 3 group” had hoped to set out the framework for a fourth set of UN sanctions to force Iran to comply with demands that it suspend uranium enrichment.

But Andrei Nesterenko, Russian foreign ministry spokesman, said on Tuesday night: “We see no fire alarm which would require us to put off other things in the extremely busy week of the UN General Assembly.”

Western diplomats had feared that a united front on Iran might be the first casualty of splits within the Security Council, which have been exacerbated by the Georgia crisis.

A senior British official said on Wednesday: “It is in Russia’s strategic interests that pressure is put on Iran over its nuclear plans, so it’s not clever to have sent the Iranians this signal.”

However, diplomats said the cancellation of Wednesday’s meeting did not necessarily mean Russia was abandoning the strategy of incremental pressure on Tehran. A meeting on the margins of the General Assembly at some level was still possible, they said.

“I hope and expect that this is not the end of the 3 plus 3 group’s efforts,” said Frank-Walter Steinmeier, German foreign minister.

He also suggested that the Russian rebuff might be a response to Washington’s opposition to a meeting of the Group of Eight industrialised nations on the margins of the General Assembly, which would have included Moscow.

In a tough speech last week, Ms Rice accused Russia of being “increasingly authoritarian at home and aggressive abroad”.

George W. Bush, in his final speech as US president to the world body on Tuesday, said Moscow’s intervention in Georgia was a violation of the terms of the UN’s charter. The prospect of division in the Security Council over Iran might encourage Tehran to maintain its defiance in the face of international demands.

Mahmoud Ahmadi-Nejad, Iran’s president, used his address to the General Assembly in New York on Tuesday to declare that the “atomic age is over” and that Iran had provided all the information it could on its nuclear programme.

Iran could not prove a negative in the face of western-led accusations that its peaceful nuclear programme was geared towards producing a bomb, Mr Ahmadi­Nejad said.

He added that the campaign against Iran was orchestrated by the US and western allies who dominated the Security Council.

“If we had any complaints against the US, who would we turn to?” he asked a press conference. “The Security Council, on which the US has a veto?”

-------------------------------
Turkey’s nuclear tender falls flat

By Delphine Strauss in Ankara

Published: September 25 2008 03:57 | Last updated: September 25 2008 03:57

Turkey suffered a setback in its efforts to reduce a costly dependence on energy imports on Wednesday, receiving just one bid in a tender to build the country’s first nuclear power plant.

The 4,000-megawatt plant near Mersin on the Mediterranean coast is intended to be the first of three, aimed at averting power shortages and lessening reliance on natural gas imports from Russia and Iran.

“Nuclear is a very good option for Turkey, said Luis Echávarri, director-general of the Organisation for Economic Co-operation and Development nuclear energy agency, adding that the first venture into the sector would help to build a domestic industry. However, the lacklustre response to a project that had initially attracted widespread interest from foreign and domestic groups is an embarrassment that will raise doubts over Turkey’s ambition to rush the first plant into operation by 2015.

The only proposal submitted by Wednesday’s deadline came from a consortium led by Russia’s Atomstroyexport and Inter Rao, together with Turkey’s Park Teknik Group.

Yasar Cakmak, the chairman of the tender commission, said five other responses were simply “thank you letters” declining to bid.

The government had stuck to the deadline despite requests from several companies for more time to prepare. Recep Tayyip Erdogan, the prime minister, reiterated on Monday there would be no extension despite the turbulence in global markets.

Turkey’s ruling Justice and Development party is keen to show progress with its economic programme after a year of political distractions. It also needs to demonstrate that turmoil in global markets and political tensions at home will not damage Turkey’s ability to attract foreign investors.

However, this haste appears to have backfired. The tender failed to attract interest from companies such as US-based Westinghouse or France’s Areva, seen as the reference for the industry. Other groups bought the tender documents but decided not to bid.

“In nuclear terms, 2015 is tomorrow,” one expert on the sector said. “When suppliers ask you for more time, you listen.”

An analyst in Istanbul said the tender might now be suspended or cancelled, since without a genuine competition, anti-nuclear campaigners would find it easier to take court action.

The authorities said the process would continue with the tender commission deciding whether to refer the bid to Turkey’s Atomic Energy Board.

---------------------------------
Azerbaijan oil moves likely to worry west

By Isabel Gorst in Baku

Published: September 25 2008 02:32 | Last updated: September 25 2008 02:32

Oil-rich Azerbaijan has responded to the Georgian crisis by reducing its reliance on trans-Caucasus oil pipelines, increasing shipments to Russia and starting to sell crude to Iran, in moves that will raise concerns in the US and the European Union.

Baku, which has cautiously nurtured ties with the west to counter strong Russian influence, initially portrayed the changes as temporary measures when the brief war between Georgia and Russia broke out in early August and the oil and gas routes across the Caucasus to the Black Sea and Turkey were shut down.

But Azerbaijan has since decided to keep shipping some oil through Russia and Iran even though the fighting stopped more than a month ago. “We don’t want to insult anyone ... but it’s not good to have all your eggs in one basket, especially when the basket is very fragile,” said Elhar Nasirov, the vice-president of Socar, Azerbaijan’s state oil company.

Mr Nasirov said Azerbaijan would continue exporting oil to Russia and Iran, even though gas and oil shipments through Georgia had resumed, because of the increased risks in the Caucasus. He said: “We knew there was a risk of political turmoil in Georgia. But we did not expect war.”

Separately, Elmar Mammedyarov, the foreign minister, told the FT: “We are trying to be friends with everybody, at the same time as acting in accordance with our national interests.”

The small amount of oil that Azerbaijan is diverting to Russia is symbolically important to the Kremlin, which is determined to reassert control over Caspian energy. Azerbaijan forged close relations with the US in the 1990s when Russia was weak and allowed in western oil companies.

Nearly 1m barrels a day of oil – about 1 per cent of world output – now crosses the Caucasus, much of it through the US-backed Baku-Tbilisi-Ceyhan pipeline. Gas is shipped to Turkey via the south Caucasus pipeline.

But US efforts to persuade central Asian countries to use these pipelines have met with mixed success and may now be derailed.

Kazakhstan, which temporarily evacuated its oil port at Batumi on the Georgian Black Sea during the conflict, held talks this week with Moscow on new export pipelines to Russia.

Azerbaijan has not joined the west in condemning Russian action against Georgia despite the disruption caused to the oil business.

Ilham Aliev, Azerbaijan’s president, ended talks with Dmitri Medvedev in Moscow last week, saying Azerbaijan sought “predictability” in the Caucasus. Mr Mammedyarov said Azerbaijan’s main task was to preserve its independence and sovereignty.

Mr Nasirov said Azerbaijan was being courted for gas by Russia, the EU and Iran. “Russia knows it will have to pay a very high price if it wants all our gas,” he said.

Meanwhile Azerbaijan remained committed to supplying Georgia with gas through a new pipeline completed last year.

-------------------------------
Russia ally Kazakhstan cuts Georgia business deals: source
AFP
AFP - 36 minutes ago

ASTANA, (AFP) - Russia's ally Kazakhstan has pulled out of business deals worth billions of dollars in Georgia, a state company official said Thursday, the month after a conflict between Russia and Georgia.
(Advertisement)

State energy company Kazmunaigaz has abandoned plans to build a refinery in the Georgian port city of Batumi, while its subsidiary Kaztransgaz has cancelled the purchase of Georgian gas distributor Tbilgaz, the official said.

Referring to the refinery deal, the Kazmunaigaz official told AFP: "It's because of economic considerations. The capacity of the Rompetrol refinery is enough for us... The decision does not have any political subtext."

The project was valued at around five billion dollars (3.4 billion euros).

The official, who asked not to be identified, also said that Kaztransgaz out of economic considerations had cancelled its purchase of Tbilgaz, a deal worth an estimated 12.5 million dollars when agreed in 2006.

Observers in the Russian media said the cancellations could be due to pressure from Russia.

Kazakh Agriculture Minister Akhylbek Kurishbayev on Monday said Kazakhstan would not build a planned grain storage facility in Poti, another Georgian port, saying this was due to political instability in the region.

Kazakhstan has voiced some support for Russia's military action in Georgia but has stopped short of joining Russia in recognising the independence of the two Georgian separatist regions at the heart of the conflict.

The former Soviet republic of Kazakhstan, which has rich oil and gas reserves, is one of the leading states of the Central Asian region.

---------------------------------
'Maoist' Chávez strengthens oil ties with China

By Geoff Dyer in Beijing and Benedict Mander in Caracas

Published: September 25 2008 03:00 | Last updated: September 25 2008 03:00

Describing himself as a "Maoist" and predicting the "collapse of global capitalism", President Hugo Chávez announced yesterday that Venezuela and China would expand their energy ties by building an oil refinery in the Latin American country.

On his fifth visit to China, aimed at deepening cooperation between the two countries, Mr Chávez also announced that a joint investment fund would be doubled in size to $12bn (€8.2bn, £6.5bn).

Mr Chávez, whose anti-US rhetoric has sharpened re-cently, has long hoped that fast-growing China could become an important alternative market for Venezuelan crude and allow him to divert supplies from the US, which has caused unease in Washington. He said exports to China would more than treble to 1m barrels per day by 2012.

Although there remains considerable scepticism within the oil industry about the likelihood of Venezuela selling large volumes of oil to China because of distance and technical obstacles, the visit underlines the two governments' strengthening relationship.

Bilateral trade is expected to exceed $8bn this year, from less than $200m a decade ago. Some 26 agreements are to be signed during Mr Chávez's visit, including the construction of four oil tankers and projects in agriculture, telecommunications, electronics and petrochemicals. Before arriving, Mr Chávez said Caracas would buy 24 Chinese military aircraft and also planned to launch its first satellite from China in November.

Mr Chávez's visit - which comes between stop offs in Cuba and Russia - could cause some difficulties for Beijing, which usually tries to avoid open confrontations with the US and eschews the Venezuelan leader's outspoken rhetoric. Chinese diplomats have regularly argued that the country's emergence will not lead to oil supplies being diverted from other countries.

However, China also sees Venezuela, which has substantial undeveloped oil reserves, as an attractive long-term partner to boost its energy security.

"To establish the strategic partnership with Venezuela would help China expand its overseas sources of oil in order to ensure its energy safety," said Zou Jianhua, a professor at Zhongshan University in Guangzhou.

Some oil industry experts think the plans will not advance quickly. According to Trevor Houser at Rhodium Group in New York, China has announced investments that will expand its refining capacity by 50 per cent in the next three years, well ahead of demand growth. The result is that some of the announced projects will not get built.

David Johnson, analyst at Macquarie Securities in Hong Kong, said that it made sense for Chinese companies to attract partners to invest in building new refining capacity in China. It was less attractive to build refineries in Venezuela.

--------------------------------
Big boost from hosting Formula 1 races

By Roger Blitz in London

Published: September 24 2008 23:31 | Last updated: September 24 2008 23:31

Formula 1 races are providing governments with a return of more than five times their investment for hosting grand prix, with Japan gaining the best return in the 2007 season.

Governments in the Middle East and Asia are increasingly willing to invest large amounts of money to stage prestigious grand prix because of F1’s global reputation, and new research commissioned by ING, the financial services institution, suggests the money is well spent.

Singapore, which stages the first F1 night race this weekend, is contributing two-thirds of the $100m (€68m, £54m) cost of the event, the first in a five-year deal, with 110,000 tickets available.

According to Formula Money, governments invested $275m of public money during the 2007 season and received back $1.52bn into local economies through ticket sales, merchandise and tourism, representing a return on investment of 553 per cent.

Bernie Ecclestone, F1’s commercial director, has made government support a key component for cities’ bids to host F1 and has been pressing governments to put money into updating or building circuits.

The Japanese grand prix drove the best return on investment. Oyama Town contributed $4m to a grand prix that created $70m in revenues to the local area.

The long-established Monaco grand prix is still providing strong returns for the principality, generating $120m on its $7m subsidy.

The Singaporean government’s contribution will top any public investment made by a single government last season. Bahrain contributed $45m whilst Shanghai’s municipal government allocated $40m, and $33m went into the Melbourne grand prix and $30m into Turkey’s race.

Bahrain estimated the economic impact of its race to be $395m with Turkey’s the next biggest at $150m. Australia, Malaysia, Spain and China all generated high attendances and each had an impact of about $125m.

Down at the bottom of the scale were the races at the Nürburgring in Germany and the Belgian grand prix at Spa-Francorchamps, both rural areas, which returned only $25m.

No government funding went into the grand prix in Brazil, Britain, Italy or the US.

-------------------------------
China set for leap into new territory

By Mure Dickie in Beijing

Published: September 25 2008 03:00 | Last updated: September 25 2008 03:00

Forty years after the era of Soyuz and Apollo, when the US and Russia vied for the technological edge to conquer space, the launch pad is again the site of a struggle but this time it is between the world's fastest growing countries.

Both publicly deny that they are engaged in a space race but China and India are sending up rockets within a few weeks of each other to push their claims to the final frontier.

China's astronauts will attempt a space walk this week. India, meanwhile, plans to map the entire -surface of the moon next month. Both countries have ambitious plans for manned and unmanned missions in the years to come. They are not alone; Japan, too, has a space programme.

If all goes as planned, a Chinese astronaut will burn-ish his nation's credentials as a space-faring power by opening the hatch of an orbiting Shenzhou spacecraft and stepping into the void.

The pioneering space walk will be the central moment of China's third manned flight into orbit and an important step forward in a national space programme seen as both a strategic imperative and a patriotic rallying point. "On this Shenzhou-7 mission, we have the confidence, determination and ability to have a Chinese person step out into space for the first time," astronaut Jing Haipeng said in a televised press conference yesterday.

Mr Jing and two comrade as-tro-nauts ar-e scheduled to blast off this evening for the near-three day mission.

This is the most ambitious effort yet for the manned space programme, which is run by the military but involves more than 100,000 people from more than 3,000 different institutions. It highlights China's success in developing both highly reliable and powerful launch vehicles and the systems needed to keep astronauts alive in space. For many in China and around the world, the programme has become a potent symbol of the nation's wider economic suc-cess and technological clout, a view strongly push-ed by Beijing's official media.

"This series of soaring flights by China's astronauts are a symbol of its loftiness as a nation and a manifestation of its status as a great power," the Xinhua state news agency said.

The space walk is seen as a step towards missions that would involve docking two spacecraft in orbit and, eventually, work on a space station. Nor are China's extra-terrestrial achievements restricted to near-Earth.

Last year, an automated spacecraft made it into lunar orbit, the first step in a moon exploration programme that will include a landing, and later the return of a lander to earth with rock samples. While officials are coy about possible timing, they do not conceal their am-bition to achieve a manned moon mission.

Such ambitions can only fuel the concerns of those in the US and elsewhere who are already worried about China's growing power. Beijing's demonstration that it could shoot down low-orbit satellites last year was seen by some in Washington as the first shot in a new space arms race, though Chinese officials dismiss such suggestions as groundless and say they are keen to take part in peaceful space co-operation.

"So far, China's manned space programme hasn't carried out a single military task," said Cui Jijun, director of Gansu launch centre.

Indeed, officials are keen to stress that there still remains a considerable gap between China's space-faring technology and that of Russia and - even more so - the US. In taking a space walk, Chinese astronauts are boldly going where Russian and Americans went decades before. Reliance on Russian expertise for important components of its programme is also clear in the decidedly retro look of the Shenzhou spacecraft, which is modelled on the Soviet Soyuz, and the decision to take a Russian spacesuit on this flight. Still, there is no doubt that Chinese scientists and technicians are labouring to master all aspects of the technology for space flight, a drive aided immeasurably by a fast-growing and increasingly sophisticated domestic technology sector.

Experts say the Shenzhou spacecraft has been totally re-engineered and this week's mission will also involve a domestically produced spacesuit.

---------------------------------
８月の貿易赤字3240億円　26年ぶり、資源高で輸入額急増

　財務省が25日発表した8月の貿易統計速報（通関ベース）では、輸出額から輸入額を差し引いた貿易収支が3240億円の赤字となった。貿易赤字は正月の影響で輸出額が減る1月を除けば、1982年11月以来約26年ぶり。原油や石炭など資源価格が高騰し、輸入額が膨らんだことが主因。対米輸出が前年同月比21.8％もの大幅減となるなど、輸出額の停滞も響いた。

　82年の貿易赤字は日米貿易摩擦による輸出減が背景。今回の場合、信用力の低い個人向け住宅融資（サブプライムローン）問題の深刻化などを受けた世界経済の減速に伴う輸出のもたつきに、資源高が追い打ちをかける構図といえる。

　輸出総額は7兆559億円となり、前年同月比0.3％増とほぼ横ばいだった。モノの動き全体を示す輸出数量指数は前年同月比3.1％減と2カ月ぶりに減少した。下げ幅は2005年2月以来の大きさを記録した。輸出総額の増加分は、価格の伸びに支えられている面が大きい。

-------------------------------
「リーマン」ブランド消える　野村、買収事業「ノムラ」で展開

　野村ホールディングスが米証券大手リーマン・ブラザーズのアジア・太平洋事業、欧州・中東地域の主要事業の買収を決めた。野村は買収した事業をすべて「ノムラ」ブランドで展開する方針。リーマンの北米事業は英銀大手バークレイズが買収しており「リーマン」のブランドは世界中で消える。

　野村がアジア・太平洋事業で提示した買収価格は200億円強。最先端のトレーディングシステムなど事業インフラに加え、人材を獲得するための上乗せ評価分も入っている。野村が引き継ぐリーマンの社員はアジア・太平洋地域で3000人強、欧州・中東事業で約2500人。最終的に野村グループに残る人員は流動的だが、原則すべて「ノムラ」の社員となる。(09:31)

--------------------------------
三菱ＵＦＪ、モルガン出資額決定へ資産調査

　米証券2位、モルガン・スタンレーへの出資を決めた三菱ＵＦＪフィナンシャル・グループは24日、モルガンの財務調査（デューデリジェンス）を開始した。日米のスタッフでつくる特別チームが数週間かけてモルガンの資産内容を分析し、出資額など契約条件を確定する。業務提携の具体策についても検討を急いでいる。

　三菱ＵＦＪとモルガンの合意は、22日の米株式市場が始まる前に発表することにしたため「出資比率は10―20％」といった大まかな内容しか決まっていない。三菱ＵＦＪは今後、不動産関連を中心にモルガンの資産内容を詳しく調べ、出資比率や金額などを最終決定する方針だ。(07:00)

---------------------------------
出光興産、化学物質排出量を70％以上削減　01年度比

　出光興産は25日、化学物質排出把握管理促進法（ＰＲＴＲ法）の指定物質の大気への排出量を2007年度内に01年度に比べて70％以上削減したと発表した。石油製品の貯蔵タンクに浮きふたを設置するなどしてベンゼンやトルエンなどの揮発を抑制し、目標達成を1年前倒しした。

　全製油所に揮発性物質の回収装置も設置し、ローリーなどへの積み込み時に揮発性物質が大気中に放出しないようにした。01年度に782トンあった排出量を07年度中に72％減の217トンまで削減した。石油業界ではＶＯＣ（揮発性有機化合物）を10年までに00年比30％削減する自主目標を掲げている。 (20:16)

------------------------------------
マツダ、シベリア鉄道でロシア向け完成車輸送

　マツダは25日、シベリア鉄道を使ったロシア向け完成車輸送を10月に始めると発表した。輸送期間は船を使った海路に比べ、最大で30日短い10日程度となる。トヨタ自動車なども同鉄道による輸送を検討中だが、自動車メーカーで実際に始めるのはマツダが初めてという。

　国内工場からロシア・ウラジオストク近郊まで海路で輸送し、30両編成の専用列車でモスクワへ運ぶ。品質維持のため、自動車を保護材で覆ったうえで完全閉鎖型の貨車で運ぶ。マツダのロシア販売は1―8月で前年同期比83％増（約5万2000台）と好調で、今年にもドイツを抜き欧州で最量販国となる。ロシア販売台数の3割程度を同鉄道で運び、需要動向に素早く対応できる供給体制を整える。(19:33)

-----------------------------------
東京ライト工業、民事再生法を申請

　東京ライト工業（ボトルキャップ製造・販売、東京・台東）が24日に東京地裁に民事再生法の適用を申請し、受理された。帝国データバンクによると、負債総額は関連会社を含めた2社で52億7000万円。原料価格の上昇で価格転嫁が進まず、収益が悪化したとみられる。(19:33)

-------------------------------------
三越、池袋店を750億円で売却　希望退職１００人募集

　三越伊勢丹ホールディングス傘下の三越は2009年中に池袋店（東京・豊島）、鹿児島店（鹿児島市）など国内4店の閉鎖を正式に発表した。池袋店は不動産投資信託（ＲＥＩＴ）に750億円で売却する。一連の閉鎖で、約100人の希望退職を募る。消費不振で業績低迷が続く三越伊勢丹は不採算事業の整理で経営効率化を急ぐ。

　鹿児島店、池袋店は5月に、イオンのショッピングセンターにテナントとして入居している武蔵村山店（東京都武蔵村山市）と名取店（宮城県名取市）は3月に閉鎖する。併せて神奈川県鎌倉市、盛岡市にある小型店も3月に閉める。近隣に店舗がなく転勤が容易でない鹿児島店を中心に100人をメドとして、退職金を積み増す早期退職優遇制度を用意し、再就職支援も実施する。

　池袋店の売却先はシンプレクス・リート投資法人（東京・千代田）で、譲渡益は約200億円。三越は売却で得た資金を店舗閉鎖などリストラ資金に充てる。

-----------------------------------
小泉元首相が政界引退　次期衆院選は二男を後継に、後援会の会合で表明 (1/2ページ)
2008.9.25 20:57

　小泉純一郎元首相（６６）が２５日、関係者に対して次期衆院選に立候補せず、政界引退する意向を伝えたことが明らかになった。衆院神奈川１１区（横須賀、三浦両市）からは小泉氏の二男、進次郎氏（２７）が自民党公認の後継候補で立候補する方向。小泉氏は平成１３年から１８年までの５年半にわたる首相在任中に郵政民営化などの「小泉構造改革」を進めた。現在でも１７年の郵政選挙で当選した「小泉チルドレン」らの間に強い影響力を持つ。

　関係者によると、小泉氏は２５日、横須賀市で開かれた後援会の会合で、近く予定される衆院選に立候補せず、今期限りで引退する意向を表明。その後、記者団の「引退は間違いないか」との問いかけに対し、うなずいて肯定した。小泉氏は昨年夏ごろから、米国ワシントンの戦略国際問題研究所（ＣＳＩＳ）で日米関係の研究活動を行っていた二男の進次郎氏を後継者とするため、地元での活動に専念させていたという。

　小泉氏は昭和１７年に横須賀市で生まれ、福田赳夫元首相の書生を経て４７年の衆院選で初当選し、連続１２回当選。政界では子分をつくらない一匹狼（おおかみ）的な存在だったが、自民党の山崎拓元副総裁、加藤紘一元幹事長の「ＹＫＫ」グループと呼ばれる盟友関係を築いた。森喜朗元首相の退陣を受けた平成１３年の総裁選で３度目の出馬を果たし、圧勝して第８７代首相に就任した。

--------------------------------
「麻生ワンマン人事」波紋　「盟友優遇」に派閥反発

　24日に発足した麻生内閣は、目玉人事の少なさから逆に麻生太郎首相1人が際立つ一方、自らの盟友らを優遇する「ワンマン」人事となった。「親麻生」ばかり並ぶ布陣には最大派閥・町村派などが反発、閣僚リストは当初案から修正を余儀なくされた。「選挙の顔」としての首相への期待は強いが、支持率次第で政権の求心力が一気に低下しかねない。

　24日朝、麻生首相の人事構想を伝え聞いた町村派内は大騒ぎになった。リストに所属議員が一切見あたらなかったからだ。福田改造内閣の1人から3人に増えた伊吹派とは対照的だった。中川昭一、甘利明、鳩山邦夫各氏ら麻生首相と親密な議員、文教族の麻生首相に近い文相・文部科学相経験者も主要ポストにずらりと並んでいた。(09:42)

----------------------------------
佐渡でトキを試験的に放鳥

　国の特別天然記念物、トキを野生に復帰させるため、環境省は25日、国内で人工繁殖したトキ10羽を新潟県佐渡市の「佐渡トキ保護センター野生復帰ステーション」近くの水田で試験的に放鳥した。1981年に最後の5羽が保護のために捕獲され、国内の自然界から姿を消した。27年ぶりに佐渡の大空を羽ばたく優美な姿に歓声が上がった。

　放鳥の式典には秋篠宮ご夫妻が出席され、午前10時半すぎにトキの入った木箱のふたを開放。続いて地元・小学生らが放った残りの8羽とともに、翼を大きく羽ばたかせて空高く舞い上がり、思い思いの方向へ飛んでいった。

　小雨のぱらつくあいにくの天気だったが、トキの姿を一目見ようと集まった市民は約1650人。初めて飛ぶ姿を見たという男性（46）は「バラバラに飛んでいってしまった。群れをつくらないで大丈夫か」と不安そうに行方を追っていた。正午前には放鳥場所の近くの水田に2羽が舞い降り、携帯電話のカメラで撮影する市民もいた。(12:01)

----------------------------------
足立汚染土地：売り主企業に賠償命令　高裁が逆転判決

　購入した土地に環境基準を超えるフッ素が含まれていたとして、東京都足立区土地開発公社が売り主の化学製品メーカー「ＡＧＣセイミケミカル」（神奈川県茅ケ崎市）に除去費用など約４億６１００万円の賠償を求めた訴訟で、東京高裁は２５日、請求を棄却した１審・東京地裁判決を覆し、約４億４８９０万円の支払いを命じた。渡辺等裁判長は「取引後に有害性が認識された場合でも、売り主に賠償責任がある」と判断した。

　判決によると、公社は９１年３月、足立区新田１の宅地約３６５０平方メートルを約２３億３６００万円で購入した。取引当時はフッ素の有害性が知られていなかったが、０１年３月に国の規制が設けられ、調査した４０地点すべてで基準値を超えるフッ素が検出された。【銭場裕司】

---------------------------------
汚染米：農水省検査を他省庁などへ移管も

　石破茂農相は２５日の就任会見で、汚染米不正転売問題をめぐって甘さが指摘された農林水産省の検査業務について「外部化した方が信頼性を増すなら、その方向で検討する」と述べ、来年度の創設が予定される消費者庁など、他省庁や第三者機関への移管も選択肢とする考えを示した。

　農水省は、三笠フーズ（大阪市）に１００回近い立ち入り検査をしながら不正転売を見抜なかったことが批判を浴びた。このため、現在は同じ総合食料局に属しているコメの販売部門と検査部門の分離が課題となっている。検査部門を省内の消費・安全局に移す案が有力だったが、石破農相は省外の機関も検討対象に挙げた。

　また同日、省内に石破農相を本部長とする「事故米対策本部」を設置して初会合を開き、再発防止策策定や不正にかかわった事業者に対する罰則強化の検討を急ぐよう指示した。【工藤昭久】

---------------------------------
労基法違反：小渕元首相の甥、中間搾取で起訴　中国人実習生の賃金着服

　中国人実習生の賃金を着服したとして、宇都宮地検足利支部は２４日までに、外国人研修・技能実習生の受け入れ団体「日中経済産業協同組合」（東京都渋谷区）と、小渕成康（まさやす）理事長（４１）＝群馬県中之条町＝ら３人を、労働基準法違反（中間搾取）の罪で宇都宮地裁足利支部に起訴した。

　他に起訴されたのは、東京都杉並区の城立美・元組合顧問（５８）と栃木県足利市の森下幸徳・元組合足利事務所長（４４）。小渕理事長は故小渕恵三元首相の甥（おい）。【山下俊輔】

---------------------------------
厚生年金：偽装脱退で社保事務所が議事録ひな型作成

　休業などを装い厚生年金から脱退する偽装脱退を巡り、新宿社会保険事務所（東京）で０４年、企業が脱退届に添付する取締役会議事録のひな型を作成していたことが分かった。ひな型に基づき０４年１～８月、６２件の脱退届けが出され、うち４８件が滞納企業だった。社会保険庁は「偽装脱退を認めていると誤解されかねない」として、使用中止を社保事務所に指示していた。

　２５日の民主党の会合で社保庁が認めた。社保庁などによると、議事録のひな型は、新宿社保事務所が０３年１２月に作成した。「業績不振により営業を一時休止する。なお、営業再開の時期は未定である」と記され、出席した取締役の氏名欄なども設けられていた。

　社保庁は０３年、偽装脱退が多いと指摘されたことから、脱退手続の際、企業に雇用保険の廃止届か解散登記の写しの添付を義務付けた。だが、解散登記しない中小企業が多く、事業廃止や休業を議決した取締役会議録も証明書類として認めた。このため、偽装の抜け道が残ったとされる。

　東京社会保険事務局は「当時、中小企業が書き方の参考にするため作成したが、違法な脱退は促していない」と話している。だが、野党議員などからは「ひな型が違法な脱退を促した物証の一つでは」と指摘している。

--------------------------------
中央三井信託：「ビッグ」の新規募集停止へ　販売低迷で

　中央三井信託銀行は２５日、「ビッグ」の愛称で知られる貸付信託の新規顧客の募集を来年９月２０日でやめると発表した。三菱ＵＦＪ信託銀行など他行は既に貸付信託の販売を停止しており、中央三井だけが販売していた。高度成長期に高配当で人気を呼び信託銀行の看板商品だったが、役目を終えて姿を消す。

　貸付信託は１９５２年に信託銀行の業界統一商品として発売された。顧客から資金を集め、活発に設備投資していた鉄鋼など大企業向けに融資、利息を配当に回す仕組み。満期は２年物と５年物。元本保証に加え配当利回りが預金よりも高いことから人気を集め、ピークの９３年には販売残高が５０兆円に達した。

　しかし、その後は大企業の資金調達が銀行貸し出しから社債などにシフトしたことや、投資信託など多様な金融商品の登場で販売が低迷。００年から募集停止する信託銀が相次ぎ、残高は今年７月末時点で１．１兆円に落ち込んでいた。【斉藤望】

--------------------------------
インターフェロン：２２人が副作用死

　Ｃ型肝炎の治療に使われるインターフェロン（ＩＮＦ）製剤の投与で、０４年４月～今年５月に２２３件の間質性肺炎による副作用報告があり、うち２２件が死亡例だったことが、厚生労働省の調査で分かった。厚労省は特に報告が多かった製剤「ペガシス」について、販売元の中外製薬に、過去に間質性肺炎になった患者への使用を禁じるよう添付文書の改訂を指示した。

　厚労省によると、現在使用されているＩＮＦ製剤は８種類。販売元の推計では５年余で約１６万８８００人が使用した。肺胞と肺胞の間に炎症が起こる間質性肺炎の副作用があることは従来から知られているが、調査の結果、間質性肺炎の既往歴のある患者ほど副作用が起こりやすかった。

　報告が最も多かったのは、約４万２６００人が使用した「ペガシス」で、１２４人が間質性肺炎になり、うち１３人が死亡した。過去に間質性肺炎になったことがある患者は１１人（死亡１人）で、副作用の発生率が他の患者より１０倍程度高かった。厚労省はペガシスの使用上の注意の禁忌欄に「間質性肺炎の既往歴のある患者」と明記させ、それ以外の製剤についても、既往歴のある患者への慎重投与を促すよう求めた。【清水健二】

---------------------------------
ＢＳＥ：牛に音を聞かせ脳波で判定…動物衛生研が新検査法

　牛海綿状脳症（ＢＳＥ）に感染したかどうかを、生きた牛に音を聞かせて生じた脳波で調べる新しい検査法を、動物衛生研究所（茨城県つくば市）の研究チームが開発した。確定検査で死後の脳を使うことに変わりはないが、感染の可能性を簡便で早期に探る方法として注目されそうだ。

　ＢＳＥは、異常なプリオンたんぱく質が脳内に蓄積して発症する。足の震えなどの異常が表れるが、外見や症状から診断するのは難しい。

　研究チームは、ＢＳＥに感染した牛の脳の一部を健康な牛の脳に接種、症状の変化と脳波を観察した。すると、接種から２２～２４カ月後に前足の震えや起立不能などの症状が表れた。一方、脳波では２２カ月ごろから、健康な牛に比べて音の刺激を受けて生じた波形の一部が検出される時間が遅くなるなどの違いが生じた。脳内で音の刺激を伝える聴神経などに障害が起き、波形が乱れたと考えられる。

　実験した１１頭の脳波にはすべて異常がみられた。今後、データを積み重ね、精度の向上を図る。

　研究所の新井鐘蔵（しょうぞう）・上席研究員は「検査装置を携帯できるよう小型化し、農場で早期発見できるようにしたい」と話す。【石塚孝志】

--------------------------------
Will Russian tanks roll into Ukraine?
25.09.2008 Source: Pravda.Ru URL: http://english.pravda.ru/world/ussr/106458-russia_ukraine-0

President Viktor Yushchenko risks to take Ukraine to the state of war. Relations between Russia and Ukraine began to worsen very quickly after the war in Georgia.

Yushchenko accused Russia of aggression against Georgia and launched a new crusade against Russia’s Black Sea Navy currently stationed in Ukraine’s Sevastopol. The Ukrainian administration previously attempted to blame Moscow for national famine in the beginning of the 1930s, to immortalize the memory of accomplices of German fascists and to cut back the plans of economic integration with Russia.

Ukraine has become more persistent in its intentions to become a member of NATO and announced preparations to punitive measures against its own citizens who hold Russian passports. To crown it all, Ukrainian Foreign Minister V. Ogryzko accused Russia of preparing a military incursion in the Crimea.

Speaking at the UN General Assembly session, Viktor Yushchenko condemned Russia's "armed annexation" of South Ossetia and Abkhazia and said his country would not recognize the two nations as independent states.

"Ukraine strongly condemns the violation of Georgia's territorial integrity and the sanctity of its borders, and the armed annexation of its territory,” Yushchenko stated.

Yushchenko said the use of force and the resurgence of Cold War-era rhetoric have caused deep concerns in Kiev and "pose a potential threat to Ukraine and other regional states."

Ukraine , which could face a snap parliamentary poll as a result, is also nervous about its Crimea autonomous region, which is populated mainly by ethnic Russians and hosts Russia's Black Sea Fleet base.

Alexander Dugin, the director of the Center for Geopolitical Expertise, believes that Ukraine will keep its current borders if the nation achieves balance of European and Russian directions in politics and excludes the US-NATO political influence.

“Yushchenko is taking his nation to a disaster. Aggression against residents of Eastern Ukraine – legal, historical, or language aggression – may develop into pogroms. Russia is interested in the friendly or at least the neutral Ukraine. A disaster in another neighboring state may become a serious problem for Russia. The US administration can play another trick on Yushchenko the same way as they did with Saakashvili and push him towards military actions. Yushchenko is a political corpse, but he can make terrible decisions in the death struggle. People living in Kharkov or Donetsk may greet Russian tanks with flowers as a result of such decisions,” the expert said.

Vasili Volga, the leader of the Ukrainian Union of Leftist forces, said that President Yushchenko was pursuing two goals in his aspiration to aggravate relations with Russia.

“He wants to frighten the population with the external threat and substantiate the need to joint NATO as if it is only the alliance that can protect the country against the vicious Russian bear. His second goal is to retrieve people’s trust at least in western regions of Ukraine in order to win 10-12 percent at parliamentary elections. There are two ethnic groups in Ukraine, and Yushchenko asserts the rights of only one group. However, Yushchenko does not have the support either among the people or in the army, so there will be no war between Russia and Ukraine,” the specialist said.

Yushchenko believes that Russia is interested in destabilizing Ukraine, although he added that the Georgian scenario will not repeat there because “Ukraine is a large and a strong nation” as he said.

Russia does not conceal its concerns about Ukraine’s anti-Russian policies. Russia is particularly worried about Ukraine’s possible NATO membership. The Ukrainian administration claims that this process is inevitable, although opinion polls show that the majority of Ukrainians stand strongly against NATO. The membership can minimize the cooperation between Ukraine and Russia, which is the last thing that the majority of Ukrainians want.

-----------------------------
Russia made profit on U.S. mortgage bonds - Kremlin aide
16:31 | 25/ 09/ 2008

MOSCOW, September 25 (RIA Novosti) - Russia's Central Bank made a profit from investing a part of the country's international reserves in U.S. mortgage bonds, despite the subprime mortgage crisis, the president's economic adviser said on Thursday.

"The Central Bank has not sustained any losses. In fact, if you look at the price of mortgage bonds issued by Fannie Mae and Freddie Mac, their value has risen," Arkady Dvorkovich said.

Finance Minister Alexei Kudrin earlier said bonds held by the Central Bank in the two U.S. mortgage giants yielded over $1 billion in the first half of 2008.

The U.S. government-sponsored firms, which together own or guarantee $5 trillion in U.S. mortgage debt, or almost 50% of the market, were taken over by a federal regulator early in September to prevent their possible collapse amid a growing credit crunch.

Russia's Central Bank earlier said it held around $100 billion worth of bonds in Fannie Mae, Freddie Mac, and another mortgage firm, FHLB, which are guaranteed by the U.S. government, but has cut the figure by more than half since the firms' troubles became public.

Dvorkovich said the Central Bank's investment in U.S. mortgage bonds has dropped from $100 billion to $30 billion, and that the bank is now focusing on investment in euro-denominated government and quasi-government assets.

----------------------------
Russian president seeks quicker military reform
12:47 | 25/ 09/ 2008

VILYUCHINSK (KAMCHATKA), September 25 (RIA Novosti) - Russia's president said on Thursday that the modernization of the Armed Forces needed to move faster, with priority being given to new, advanced weaponry and improving the conditions for service personnel.

"We have a general development plan, but even it needs amending," Dmitry Medvedev said, adding that due to external pressures, its implementation had to be accelerated.

He singled out two main priorities: providing the military with better weapons and equipment, and improving the social and financial status of its personnel.

"First, modernization of the Armed Forces, and second, improving the status of the military serviceman, including higher wages, good quality housing, and an appropriate social security package," he said.

Asked whether the world financial crisis could affect Russia's military development programs, he said the country had a stable, self-sufficient economy and ample resources for the military.

"Regardless of crises, we must keep building new submarines," he said.