Lehman worries boost yen
By Peter Garnham
Published: September 10 2008 11:12 | Last updated: September 10 2008 13:21
The dollar gave back early gains against the yen on Wednesday as a third quarter results from Lehman Brothers, the troubled US investment bank, did little to boost investor confidence.
Lehman Brothers shares fell sharply on Tuesday amid heightened concerns that the bank would be unable to bolster its balance sheet before reporting third quarter earnings.
This prompted the bank to bring forward its earnings figures, which showed a $3.9bn third-quarter loss. The bank also said it planned to sell a majority stake in its investment management division and spin off commercial real estate assets.
“With financial stress and sentiment dominating market headlines, FX price action continues to be dominated by relative positioning and broader financial market developments rather than relative fundamentals,” said Holly Huffman at JP Morgan.
The yen advanced as rising risk aversion prompted investors to cut carry trade positions, in which the low-yielding Japanese currency is sold to finance the purchase of riskier, higher-yielding assets elsewhere.
The yen, which before the announcement from Lehman Brothers, stood at Y107.50 against the dollar, rose 0.1 per cent to Y106.85.
The yen also rose 0.1 per cent to Y150.68 against the euro and climbed 0.1 per cent to Y187.83 against the pound.
Lee Hardman at Bank of Tokyo-Mitsubishi UFJ said heightened uncertainty surrounding the financial health of Lehman Brothers has helped propel risk aversion to elevated levels.
“The elevated state of risk aversion remains supportive for then yen as it deters investors from re-establishing yen funded carry trade positions,” he said.
However, Mr Hardman said the key for currency markets would be whether risk aversion had peaked or whether it would become more acute over the coming weeks.
“It is likely that Lehman developments will be a key determinant along with US third quarter earnings announcements which begin next week,” he said.
“We remain cautious over the prospect for further yen gains.”
Elsewhere, the dollar was little changed on the news, holding steady at $1.4095 against the euro and standing flat at $1.7570 against the pound.
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Weak pound fails to boost exports
By Delphine Strauss
Published: September 10 2008 10:18 | Last updated: September 10 2008 10:49
The weaker pound has not led to a significant boost in UK export volumes, judging by official data showing the UK’s trade deficit narrowed slightly in July but has remained fairly flat in recent months.
The Office for National Statistics said on Wednesday the UK’s goods trade deficit narrowed from a revised £8bn in June to £7.7bn in July. In the three months to July it had widened to £23.2bn, compared with £22.8bn in the three months to April.
Economists expect net trade to make a positive contribution to GDP growth over the next year, helping to offset the slowdown in the domestic economy, once exporters start to take advantage of the recent depreciation in sterling. But gains may be limited by weaker demand in the eurozone - the UK’s main export market.
The ONS said goods export values rose 3 per cent to £22.5bn in July, set against a 1 per cent rise in goods imports. But almost all that growth came from trade with non-EU countries, while exports to the EU rose just 0.5 per cent.
In the three months to July, goods export values rose 7.5 per cent while import values rose 6 per cent. But goods export volumes rose only 1.9 per cent, or 0.9 per cent excluding oil and other erratic items - suggesting exporters may be opting to expand their margins rather than to raise volumes.
Richard McGuire, economist at RBC Capital Markets, said trade remained “the one bright spot as regards the UK’s economic outlook”. He noted that the figures included a near-doubling of the UK’s oil deficit, from £750m to £1.3bn, that should prove short-lived once maintenance work on North Sea oil rigs had ended.
“This is not much to get excited about when over the same period the pound has fallen by around 15 per cent,” said Paul Dales at Capital Economics.
He added, “Admittedly, it takes time for the effects of the lower pound to be felt. But a significant surge in exports seems unlikely when the overseas environment – particularly in the UK’s largest export market, the eurozone - remains so weak.”
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N Zealand lowers interest rates to 7.5%
By Peter Smith in Sydney
Published: September 11 2008 05:24 | Last updated: September 11 2008 09:27
New Zealand’s central bank cut its benchmark interest rate by a higher-than-expected 0.5 per cent on Thursday and admitted the economy was in recession after two consecutive quarters of contraction.
The reduction in the official cash rate to 7.5 per cent, still among the highest in the developed world, caught economists by surprise with most expecting a less aggressive reduction of 0.25 per cent.
Alan Bollard, Reserve Bank of New Zealand govenor, said there had been a “marked slowdown” in the economy during a time when the outlook globally had deteriorated.
“The weakness in economic activity is expected to translate into lower inflation pressures in the medium term,’’ he said. ”However, food price inflation, exchange rate depreciation and higher wage costs will tend to keep headline inflation at elevated levels through 2009.’’
The New Zealand economy contracted in the opening quarter and figures due later this this month are due to confirm a further contraction in the June quarter.
However, Mr Bollard pre-empted those figures when he said New Zealand was already in a recession. “We’re in a shallow recession at the moment, and the third quarter we are in currently is the last negative growth period,” he said.
Joshua Williamson, strategist at TD Securities, said the central bank had acknowledged the country’s weakened growth prospects.
“The rate cut decision came with a reminder that inflation will reach 5 per cent in September before easing to 4.1 per cent in the first half of 2009,” Mr Williamson said. “This is still above the top of the target band [3 per cent] and reflects an expectation that the weakening exchange rate and higher food and wage costs will keep headline inflation elevated.”
He said a larger-than-expect cut in rates would normally lead to a fall in the New Zealand dollar.
“But the massive fall to date may have taken some of the wind out of any desire to drive the New Zealand dollar lower. However, the risk is that the market drags the New Zealand dollar lower sooner than we expected,” he said.
The cut in New Zealand’s rates, the second since an 0.25 per cent reduction in July that signalled the start of an easing cycle after more than 5 years, comes as Australia is also trimming rates.
The Reserve Bank of Australia this month cut its official rate to 7 per cent, its first reduction in seven years.
Another was expected as early as October however stronger than expected job figures out in Australia on Thursday have put that in doubt.
Australia’s unemployment rate shrank to 4.1 per cent in August, its lowest level since March, and compared with predictions from economists for it to rise from July’s 4.3 per cent to 4.4 per cent.
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Recession to hit Germany, UK and Spain
By Ralph Atkins in Frankfurt
Published: September 10 2008 16:20 | Last updated: September 10 2008 19:19
Germany, the UK and Spain all face recessions this year, the European Commission forecast on Wednesday, dashing finally any remaining hopes that Europe would avoid a sharp economic downturn. France and Italy would fare little better, it said.
The steep downward revisions in growth forecasts by the European Union’s executive arm showed it had accepted that tumbling business and consumer confidence was hitting economic activity – even though the European economy had been “generally sound” prior to the credit crisis .
Joaquin Almunia, economics and monetary affairs commissioner, described the environment as “difficult and uncertain”. As well as financial turmoil and a near doubling of oil prices over the past year, significant housing market corrections in some countries were taking their toll, he said.
The Commission expected the 27-country European Union economy to expand by 1.4 per cent this year, and the 15-country eurozone by 1.3 per cent, below the 2 per cent and 1.7 per cent it expected in its last forecasts, released in April
Germany’s economy is projected to contract by 0.2 per cent in the three months to September, taking it into technical recession – two quarters of contraction – after a fall of 0.5 per cent in the second quarter. The UK and Spain were expected to contract in both the third and fourth quarters.
But France and Italy, which both contracted in the second quarter, were expected to see flat growth in the current quarter.
Jean-Claude Trichet, European Central Bank president, struck a more upbeat tone, telling the European Parliament that the “current episode of weak economic growth is expected to be followed by a gradual recovery”.
But he reinforced expectations that ECB interest rates would remain firmly on hold by warning of a pick-up in eurozone unit labour costs that “has to be countered”. The ECB, which increased its main rate to 4.25 per cent in July, is particularly worried about wage indexation, which it fears increases the risk of current high inflation rates becoming entrenched. The Commission forecast eurozone inflation would average 3.6 per cent this year – above the ECB target of an annual rate “below but close” to 2 per cent.
Mr Trichet also complained about the “cartel” among oil producers. “Stabilisation of prices might be a good thing but stabilisation at a very abnormally high level is not a good thing.”
The ECB president warned financial markets would not return to conditions that had previously been considered normal, with three-month interest rates likely to stay elevated. The economic outlook would also depend increasingly on the financial system’s fate. “The financial market correction could be gradually changing its nature and scope and evolve into a more traditional credit-cycle downturn.”
In similar comments – echoing the fears of US policymakers – the Commission said that, “a deceleration in real economic activity could amplify problems in the financial sector by decreasing the capacity of companies and households to service their debt-repayment obligations.” That could trigger a further tightening in bank lending standards.
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Chinese inflation falls sharply
By Geoff Dyer in Beijing
Published: September 10 2008 04:32 | Last updated: September 10 2008 20:01
China’s inflation rate dropped sharply in August for a fourth month, giving policymakers – who have been focused on battling rising prices for the past year – more room to boost the economy if growth begins to slow sharply.
Consumer price inflation dropped from 6.3 per cent in July and a peak of 8.7 per cent in February to 4.9 per cent last month. The figure, which was well below analysts’ forecasts, was the lowest since June 2007.
Although factory price inflation nudged up further to 10.1 per cent last month from 10 per cent in July, economists said the new figures showed that China was close to overcoming a spike in consumer prices that had led the government to impose tough controls on bank credit.
Chinese authorities have used tighter monetary policy to try to engineer a gradual slowdown in the economy, which was growing at an annualised rate of nearly 12 per cent at the end of last year. However an increasing number of voices in Beijing are suggesting the measures have gone too far and are calling for new policies to boost growth.
Policy shifts under discussion include a further relaxation of the quotas on lending by commercial banks and increases in public spending.
“There are increasing noises that this tightening policy has lasted too long, and more and more worries about growth skidding seriously,” said Stephen Green, economist at Standard Chartered, who predicts growth will drop to 8.6 per cent in 2009, from 10.1 per cent in the second quarter of 2008.
The drop in consumer inflation also gives the authorities more space to increase energy prices, which are well below those in many developed countries.
Other government statistics released on Wednesday indicated a softening in economic activity, although they did not suggest a decline in growth.
Exports increased by 21.1 per cent in August year on year, though they were down from an increase of 26.9 per cent in July, while imports increased by 23.1 per cent, down from July’s 33.7 per cent rise. The trade surplus reached a record $28.7bn.
Fixed-asset investment increased by 28.1 per cent in the year to August, slightly lower than July’s 29.3 per cent rise.
Many economists argue consumption and investment figures show economic activity remains robust, though there have been a few recent warning signs of potential problems, including falling car sales and an increasingly sluggish property market.
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US extends sanctions to Iran's commercial sector
By Daniel Dombey in Washington
Published: September 11 2008 03:00 | Last updated: September 11 2008 03:00
Washington announced sanctions against Iran's main shipping company yesterday, broadening its efforts against Tehran's nuclear programme.
Sanctions from the US and the United Nations were previously focused on entities that worked directly on Iran's nuclear and missile programme or were under the command of the country's Revolutionary Guard.
But over the past 18 months, Washington and European countries have taken steps against Iran's financial sector, notably banning business with Bank Melli, the country's biggest bank. Western officials say the move has increased the cost of financing in Iran.
Yesterday's announcement of measures against the Islamic Republic of Iran Shipping Lines and 18 other affiliated entities shifts the US's efforts into the economic sphere. The company is Iran's national maritime carrier and the subsidiaries listed by the US involve groups in China, continental Europe and the UK.
The US Treasury said it was imposing the measures because of the shipping company's links to Iranian groups and institutions already proscribed by the UN or the US.
"Not only does IRISL facilitate the transport of cargo for UN designated proliferators, it al-so falsified documents and uses deceptive schemes to shroud its involvement in il-licit commerce," said Stuart Levey, Treasury undersecretary.
On their own, the US measures, which freeze any assets the targeted companies might have in the US and ban transactions between them and US entities, are unlikely to have much effect. But the US hopes other jurisdictions will follow suit - as the European Union did with Bank Melli - and private companies will steer clear of the shipping lines. A UN Security Council resolution agreed this year has already called for inspection of cargoes transported by IRISL.
In a related move, the US has been warning insurance companies to think twice before providing maritime insurance or reinsurance for Iranian vessels.
"The relevant results are the naming and shaming and the consequences that will have for risk rating, insurance premiums and companies that think twice before doing business [with the shipping groups]," said Matthew Levitt, a former US official now at the Washington Institute for Near East Policy.
US officials maintain the sanctions will not push up the price of Iran's oil exports.
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Ship seized in fresh pirate raid
By Barney Jopson in Nairobi
Published: September 10 2008 19:24 | Last updated: September 10 2008 19:24
A South Korean cargo ship was seized by pirates off the coast of Somalia on Wednesday as hijackers demanded a $1.4m (€1m, £790,000) ransom for the release of a French couple taken from their luxury yacht last week.
A flurry of attacks in the past three weeks in the Gulf of Aden – a vital shipping lane that links the Mediterranean to Asia and east Africa via the Suez Canal – has already forced one shipping line to stop using the route.
The seas around the Horn of Africa are currently the world’s “number one piracy hotspot”, according to the International Maritime Bureau (IMB), the shipping industry’s piracy watchdog.
The piracy stems in large part from the anarchy in Somalia, a failed state where criminality is thriving as a weak interim government struggles to establish any authority over warring clans, warlords and political rivals.
On Wednesday, heavily armed Somali pirates hijacked a South Korean vessel and were holding its crew captive, according to the East African Seafarers’ Assistance Programme, which monitors piracy in the region.
The attack raised the number of ships currently being held to an unprecedented 11. The hijackers seek ransoms for their captives and normally release them unharmed if the money is paid.
The seafarers’ programme said pirates were demanding a sum of more than $1.4m for the release of a French couple who were seized in the Gulf of Aden last week as they sailed from Australia to France.
This year is already the worst on record for piracy off the Somali coast: there have been 49 attacks on ships so far, including 20 successful hijackings, according to the IMB.
Four ships were captured in a 48-hour period at the end of August. MISC, a Malaysian shipping line, said it would stop sending its ships through the Gulf of Aden after two were hijacked in the space of 10 days last month.
Insurance costs for some ships travelling in the area began to rise in May when underwriters of maritime insurance in London added the Gulf of Aden to their list of high-risk zones. Combined Task Force 150, a US-dominated alliance of navy forces initially set up to combat terrorism and smuggling in the region, has had little success in stemming piracy.
Andrew Mwangura of the seafarers’ programme says the surge in activity is driven by the willingness of ship owners to meet rising ransom demands. “Ten years ago, pirates used to attack only fishing vessels and got less than $10,000. Today they demand more than $1m and people pay,” he said. “As soon as they get that money, they want more.”
Somalia-watchers say piracy is one result of the gangsterism and poverty that has afflicted the country since its central government collapsed in 1991. “It’s the same criminality you see on the ground being carried out on the sea,” said one United Nations official. “It’s the same as setting up roadblocks, kidnapping and other money-making schemes.”
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Wall Street tax avoidance ‘gimmicks’ rebuked
By Joanna Chung in New York and Daniel Dombey in Washington
Published: September 11 2008 03:12 | Last updated: September 11 2008 03:12
Leading Wall Street banks have been using complex derivatives “gimmicks” to help hedge funds and other offshore clients avoid billions of dollars in taxes owed to the government, US congressional investigators say.
A 77-page report by the Senate permanent subcommittee on investigations, to be released on Thursday, says the strategies enabled investors to avoid paying the 30 per cent withholding tax on income by treating dividend payments as returns on so-called equity swaps, stock loans or other derivatives transactions.
Transactions by Lehman Brothers, Morgan Stanley, Citigroup, Deutsche Bank, UBS and Merrill Lynch are included in the report, which calls for the Internal Revenue Service to crack down on such tax avoidance schemes. Officials from the IRS, Lehman, Morgan Stanley, Deutsche and several hedge funds are due to testify at a hearing on Thursday.
Carl Levin, a Democrat and chairman of the subcommittee, said the use of such derivatives had deprived the government of billions of dollars in taxes over 10 years. The report recounts more than $500m (€357m, £284m) of tax savings admitted to by the companies for the period between 2000 and 2007.
“These are gimmicks which are peddled by American financial institutions [and] designed, concocted and peddled to deny Uncle Sam the taxes that are owed under our law,” he said.
He added the IRS had “pussyfooted” on the issue and that he supported new legislation that would provide equal tax treatment for dividends and “dividend-equivalent” products.
The majority of swaps are legitimate but the subcommittee said some swap transactions were used for the purpose of dodging taxes on dividends.
According to the report, which cites e-mails and other internal documents, Lehman estimated that in 2004 alone its transactions enabled clients to avoid as much as $115m in dividend tax payments.
Citi voluntarily decided to pay the IRS $24m in withholding taxes on swap transactions it had arranged from 2003 to 2005.
Lehman declined to comment. UBS also declined to comment but said it was co-operating with the congressional investigators.
Deutsche said it was co-operating with the committee and believed its “swaps business operates within the letter and spirit of the law”. Merrill said it “acted appropriately under existing tax law” and Morgan Stanley believed it had complied with “all relevant tax laws and regulations”. Citi said its “tax treatment of the transactions at issue is proper under applicable tax law”.
The report recognises that there are ambiguities in how the law should be applied.
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Subprime crisis spurs private lawsuits
By Joanna Chung in New York
Published: September 10 2008 20:32 | Last updated: September 10 2008 20:32
The volume of private lawsuits in the US stemming from the current financial crisis has already surpassed levels seen in the aftermath of the savings and loan debacle two decades ago, a study has found.
Plaintiffs filed 607 civil cases related to the meltdown in the subprime mortgage market in federal courts during the 18 months to the end of June, according to a review published on Wednesday by Navigant Consulting.
That compares with 559 lawsuits over six years from the savings and loan turmoil, a period which had been widely viewed as a high-water mark in terms of litigation fall-out from a financial crisis.
“It is perhaps of little surprise that, as the current crisis takes on unprecedented scale, the related litigation would as well,” said Jeff Nielsen, head of Navigant’s financial services disputes and investigations group.
Lawyers believe the situation is still fluid. Veronica Rendon, a partner in the New York office of Arnold and Porter, said: “What is scary is that what is happening in the federal courts is only a piece of a picture . . . it’s an even worse trend once you picture in the states.”
More than half of the new lawsuits tracked by Navigant – a total of 310 – were filed in the first six months of this year, exceeding the total filed in all of 2007. Some of the newest stem from the $330bn (€230bn, £190bn) auction-rate securities market, which collapsed in February and has been the target of numerous regulatory probes.
There were 22 such cases filed in federal courts as of June 30, mostly class action lawsuits naming various broker-dealers who underwrote or managed the sales of the debt instruments.
There are signs that some types of subprime-related filings are beginning to dwindle and there are fewer total filings quarter on quarter, with 121 in the second period of the year compared with 189 in the previous quarter.
However, new cases are being filed quicker than old ones are disposed. In the second quarter, the ratio was more than three to one. This meant the backlog of cases continued to grow “virtually unchecked”, the report said.
Other waves of litigation could emerge from the increasing number of bank failures. So far this year 11 banks have been seized by regulators, including California’s IndyMac.
“You will have lawsuits being filed for a long time to come. What we are seeing is worse than the S&L crisis because [the current turmoil] has spilled into so many areas of the economy and it is having far-reaching effects,” Ms Rendon said.
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Bankers queue for stint in Mideast
By Brooke Masters
Published: September 10 2008 18:49 | Last updated: September 10 2008 18:49
London’s big investment banks are dramatically stepping up their presence in the Middle East in an effort to seek new clients, increase deal flow and shift people out of shrinking businesses.
While the choices are rarely as stark as “move to Dubai or be fired”, big bank employees, from managing directors down to young analysts, are being encouraged to consider a stint in the Gulf or nearby countries.
Many are jumping at the chance. Some are simply excited about getting into an area where business is hot. Others are capitalising on family connections to the area, or language skills that give them an edge.
The phenomenon extends from the Square Mile across the Atlantic to the US. Julian Mylchreest, Citigroup’s head of investment banking for central and eastern Europe, the Middle East and Africa, said: “If we had said three years ago, ‘we want to add five people in the Gulf’, we might have had a handful of decent candidates . . . Now there is a queue of some of our best people and, broadly, some of the local talent that has been in New York or London now wants to move home too. Bankers are now thinking, ‘If I move to the Gulf, I can see a seven-year career plan, good clients, great deal flow,’” Mr Mylchreest said.
Although the numbers do not compare with the tens of thousands of people losing their jobs in London and New York, virtually all banks are beefing up their Middle Eastern presence.
Morgan Stanley has gone from a standing start in 2005 to more than 100 people now. Deutsche Bank’s Middle East contingent, just a handful of people three years ago, now numbers 224. Lehman Brothers went from zero to 50 and plans to have significantly more by year’s end.
Recruiting bankers and analysts has not been hard.
“In this environment, it’s easy,” said Makram Azar, a Lehman Brothers investment banker who started in April as Lehman Brothers’ gobal head of sovereign wealth funds. “The west is depressed and many of the main deals are coming from the Middle East. Good people want to be where the action and energy is.”
The shift is particularly noticeable in investment banking and trading. Banks such as Citi, Credit Suisse and JPMorgan have been providing investment management and private client services in the region for decades, but all have rapidly expanded their deal-making and research coverage.
Citi has doubled its investment banking presence in the past 18 months and recently moved both its co-head of global investment banking and its co-head of Europe, Middle East and Africa capital markets origination there.
Some banks are specifically targeting sovereign wealth funds: Barclays recently named Gay Huey Evans vice-chairman and put her in charge of reaching out to government investment funds, many of them in the Middle East.
Many of the banks are also rushing to open new offices. UBS , which opened in Beirut in 1964, announced in July that it was expanding investment banking and research coverage of the region and opening offices in Saudi Arabia and Qatar this year. Merrill Lynch, which has been in the region 46 years, plans to open outposts in Qatar and Kuwait, bringing its regional total to six offices.
Sector participants disagree about what the rise of the Middle East, particularly Dubai, means for the traditional banking centres in London and New York.
“Historically everything passed through New York and London. Now the Middle East is a key financial centre,” says Lehman’s Mr Azar.
Fares Noujaim, Merrill Lynch’s new president of Middle East and North Africa operations, agrees. “The centre of gravity has shifted,” he said.
But Mr Noujaim, who previously worked for Bear Stearns in the US, argues that the shift has more to do with international wealth flows than any reaction to troubles in London and New York. “This was going to happen and would have happened with the same ferocity regardless of what was going on in New York. Wall Street is always in search of the next frontier,” he said.
London and New York also remain critical centres of specialised information.
So far the staff moving to the Middle East have tended to be focused on relationships, while sector experts are still flying in from elsewhere. “Coverage people should be very local so you can have day-to-day conversations. For specialised people it makes more sense to have them at the centre,” said Ms Evans of Barclays.
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Reversal of fortune for emerging markets
By David Oakley in London
Published: September 11 2008 03:00 | Last updated: September 11 2008 03:00
Outflows from emerging markets bond and equity funds reached $29.5bn over the past three months, the highest level since at least 1995, with withdrawals gathering pace over the past week.
Investors headed for the exits as rising fears over slowing world growth and the state of the banking system over the past week added pressure on emerging markets - which were already reeling from weaker commodity prices, inflationary pressures, a stronger dollar and geopolitical concerns.
Investors switched $1bn out of equity and fixed income funds on Monday, one of the highest daily outflows since records began in 1995, said EPFR Global, the data provider. Last week there were outflows of $1.6bn, bringing the total since June 4 to $29.5bn, the largest three-monthly figure since 1995.
Nick Chamie, head of emerging markets research at RBC Capital Markets, said: "Since July, investors have finally become aware of the severity of the global slowdown. The emerging markets are a leveraged play on global growth, so in a serious downturn, investors will naturally sell them."
David Lubin, emerging market strategist at Citigroup, said: "Emerging market asset prices rose strongly in a world of rapid growth and high commodity prices, creating something like a virtuous circle.
"Now we're faced with the risk that this process is unwinding. The strength of the dollar has put emerging economies' currencies under pressure just at the point where a rise in global risk aversion is pushing investors away from exposure to developing countries."
The benchmark MSCI emerging market index yesterday fell 1.27 per cent to 857.44, the lowest level since March 2007. The fall extended its decline to 4.8 per cent over the past week and 22 per cent over past three months.
The hardest hit stock markets in dollar terms are Ukraine, which has fallen 58.8 per; China, down 57 per cent; Romania, down 49 per cent; Pakistan, down 46.7 per cent; and Vietnam, down 46.4 per cent. Russia has dropped 46 per cent since its May 19 peak.
Emerging market sovereign bond yield spreads have risen to 330 basis points over Treasuries- highs not seen since mid-2005.
Paul Biszko, senior emerging market strategist, said: "here has been a realisation in the past few months, and even more clearly this week, that the emerging markets are not immune to the problems in the developed world."
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The Short View: Lehman Brothers
By John Authers, Investment Editor
Published: September 10 2008 18:21 | Last updated: September 10 2008 18:21
Once more, the markets seem to be hanging on the fate of one big financial institution.
For Lehman, read Countrywide Financial, the monoline bond insurers, Bear Stearns, and Fannie Mae and Freddie Mac.
But this time seems different, for two reasons.
First, Lehman is seen as part of a broader problem while the market believed, rightly or wrongly, that the previous problems were limited to the US financial sector. When other US financial groups were in trouble, financial stocks badly underperformed the market. That is no longer the case.
Second, the focus this time is less on the risk of default. Lehman’s default risk, as measured by credit derivatives, has only in the past two days returned to the level it touched during the Bear Stearns fire sale in March. But its stock price has been much lower than its March depths for months.
Rather, the worry now is that a company with Lehman’s business model can no longer make decent profits, and hence that it will not be able to raise a decent price from a buyer. This reflects extreme pessimism about the global economy.
Further evidence of acute economic worry comes from the oil price. In the past 24 hours, new US data has shown a fall in oil supply. That would normally push up the oil price.
Add to this the forces of Opec, which is cutting production, and of God, in the form of hurricane Ike heading for Texas. Oil prices should shoot upwards. But Brent crude remains below $100 per barrel. US prices fell.
This implies either that economic worries are now extreme or that speculators once blamed for driving the oil price up are now pushing it down.
So the market is not as dependent on the resolution of Lehman’s problems as might first appear. The question is instead whether the spasm of fear over global growth is truly justified.
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Russia may use wealth fund to support markets
By Charles Clover, Catherine Belton and Rachel Morarjee
Published: September 11 2008 09:48 | Last updated: September 11 2008 09:48
Russia is considering using money from its national wealth fund and pension fund to support financial markets where necessary in the future, Alexei Kudrin, finance minister said on Thursday as the country’s stock market inched higher following moves to bolster confidence.
On Thursday the RTS index opened 0.5 per cent higher at 1341.32, having lost almost 12 per cent during the previous two sessions. The market fell 4.4 per cent on Wednesday as investors ignored confidence boosting remarks by President Dmitry Medvedev and an injection of $10bn (€7.1bn, £5.7bn) by the central bank to alleviate a chronic credit shortage.
In the latest bid to reassure investors Mr Kudrin on Thursday said: ”There are several proposals for the banking community to improve the instruments that would allow (markets) to calmly work in this environment,”
”Among these is a proposal to place pension fund money and national wealth fund money on the domestic market. In future it will be possible if it becomes necessary,” Mr Kudrin told reporters, adding the money would be placed in securities.
Mr Kudrin’s remarks were an apparent volte face as he has previously strongly opposed investing the national wealth fund in the country’s financial markets on the grounds that such a move would be inflationary and market distorting.
On Wednesday Mr Medvedev, referring to the 49 per cent drop in the RTS index since its peak in May, said “In the end these changes are not dramatic. .. If the right decisions are made, the situation will straighten out” He told the RIA Novosti, the state news agency: “We will return to the levels that we saw at the start of the year. In any case, I believe this is in the power of the government.”
The Russian central bank’s injection of one-day funds into the banking system was the highest since November 2007.
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Medvedev fails to halt Russian market slide Print E-mail
September 10, 2008
September 11, 2008
By Charles Clover, Catherine Belton and Rachel Morarjee
Dmitry Medvedev, Russian president, tried to bolster confidence in the country’s plunging stock market on Wednesday as the central bank injected more than $10bn (€7.1bn, £5.7bn) into the banking system to alleviate a chronic credit shortage.
The RTS stock market index fell 4.4 per cent as investors ignored his remarks.
“In the end these changes are not dramatic,” Mr Medvedev said of the 49 per cent drop in the RTS index since its peak in May that has wiped out $750bn worth of capitalisation. “If the right decisions are made, the situation will straighten out,” he told RIA Novosti, the state news agency. “We will return to the levels that we saw at the start of the year. In any case, I believe this is in the power of the government.”
Kingsmill Bond, strategist at Troika Dialog, the Moscow investment bank, said of continued selling: “It is a very depressed mood in Moscow, which often marks a market bottom, but there is clearly some way to go.”
Falls were driven by energy prices and increased political risk after the Georgia conflict.
Analysts said Russia was experiencing a liquidity crunch of the type that has affected western markets for more than a year. Business leaders engaged in expansion plans are being forced to liquidate positions to meet margin calls.
“The market hasn’t reacted to Medvedev’s comments. However, [it] should,” said Roland Nash, head of research at Renaissance Capital, the investment bank.
He said the president’s comments may signal fresh investor-friendly policies, but were chiefly a “charm offensive”. He added: “This is the first time in history that the Kremlin has reached out to the investor community. It is fairly unprecedented.”
The Russian central bank’s injection of one-day funds into the banking system was the highest since November 2007.
“This situation clearly reflects a significant lack of bank liquidity caused by a disastrous capital outflow,” said Yegor Fyodorov, a debt analyst at the Bank of Moscow. “We expect this figure to increase by the end of September.”
Mr Medvedev’s comments signal that the exodus of foreign capital may be starting to take its toll on Russia’s economy. Business leaders complain of a serious credit shortage that has exacerbated the stock market crash.
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EU Condemns OPEC over Production Cut
By Chika Amanze-Nwachuku in Lagos and Patrick Ugeh in Abuja with agency report, 09.11.2008
The European Union (EU) is rankled by Tuesday's announcement by Organi-sation of Petroleum Exporting Countries (OPEC) that it would cut oil production by 520,000 barrels per day, a development that initially led to a marginal rise in international prices of crude.
The EU Commissioner for Energy, Mr Andris Piebalgs, who made this known to energy correspondents in Abuja yesterday, said the action by OPEC, which supplies 40 per cent of global oil output, was not in the interest of EU.
However, Brent crude fell back below $100 a barrel yesterday as signs of weaker global oil demand have offset OPEC’s decision to reduce output levels, the BBC reported yesterday.
Piebalgs said the EU and OPEC substantially disagreed on that move.
“We believe that OPEC should not reduce or increase its production into the market,” he said. “Let market forces determine the price, as we still know that there is very high demand for oil by China and many emerging economies. This practice is what makes the world to look as if OPEC is responsible for high crude prices.”
He said the market was still very volatile as a result of many factors, “so OPEC announcing a cut in production is adding to the volatility and is bad for the market”.
He stated that too high price of crude and very low price of crude is bad for both the EU and OPEC.
“This is one area we disagree with OPEC,” he said, “but I have tremendous respect for the professionals in OPEC, especially for the analytical dept at understanding the fundamentals for oil future.”
Crude price shortly before the OPEC meeting slumped by $3.08 to $103.26 a barrel after peaking at $149 in April. But the announcement yesterday led to a marginal rise of about a dollar in crude futures supply.
The EU Commissioner of Energy will again address the Press today after meeting with Nigerian Ministers of Energy.
But despite initially rising following OPEC's announcement, Brent was down $1.67 to $98.67 by yesterday evening in Europe.
US light crude was also lower, falling $1.41 to $101.85 a barrel.
After talks in Vienna, Opec’s member states decided to cut daily production levels by 520,000 barrels, starting within 40 days.
While the news initially saw oil prices rise, they then fell back, helped by the International Energy Agency (IEA) cutting its estimate for global oil demand this year and next.
The IEA - which had asked OPEC to keep its output unchanged - said consumers in industrial nations were changing their lifestyles in response to high prices.
Meanwhile, Nigeria's energy sector got a boost yesterday with a grant of 819 million euros (over N15 billion) from the EU, with a promise of more billions of investment in infrastructure, if the body finds the current reforms of the Federal Government acceptable.
Piebalgs explained that the EU had earmarked a development envelope of 840 million euros from its EU Development Fund (EDF) to each member country of African Union (AU), of which the EU regards Nigeria as its most important partner.
“Nigeria’s importance to the EU is such that every member country of EU has an embassy in Nigeria, including the tiniest of them,” said the Latvian.
He said the $819 million does not include contributions from individual member countries.
According to him, the money is there for Nigeria to access as long as it brings out proposals on specific projects to tie the fund to.
The EU Energy Commissioner said the EU was concerned about developments in the Niger Delta region of Nigeria and had ploughed in not less than 40 million euros in various projects aimed at injecting development in the region.
On investment, he said the EU had a huge investment potential pool targeted at Nigeria, especially on its power and gas sector.
According to him, he was in Nigeria to carefully study Nigerian Energy policy and its Energy reforms initiatives.
“We have to be very convinced that if we come here to generate electricity and distribute and sale, our investors must get returns on their investment, otherwise there would be no need”, he said.
“The kind of investments we are talking about are in billions of dollars, so we have to really understand the climate under which we will be investing,” he said.
According to him, already, the EU has shown huge commitment in the envisage multi-billion dollar Trans-Sahara Gas Pipeline project.
The proposed project, which will gather gas from the Nigeria gas rich Niger Delta to Algeria and for onward sale to European markets, would largely be financed by banks in EU countries.
He said about 90 per cent of Nigerian Liquefied Natural Gas is sold to the EU, but remarked that it amounts to just a small portion of the EU demand.
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Alternative oil sources fall short
By Javier Blas in London
Published: September 10 2008 19:50 | Last updated: September 10 2008 19:50
The oil market is not only facing reduced supplies from Opec in the near future, following the cartel’s decision to cut “immediately” its output by about 500,000 barrels a day, but also lower non-Opec supplies than previously estimated.
On Wednesday, the International Energy Agency, the western nations’ oil watchdog, lowered its forecast of non-Opec supply growth to 270,000 b/d to the end of this year, less than a third of the 1m b/d it predicted at the start of the year.
In its monthly oil report the watchdog also cut the forecast for global oil demand growth this year and next because of the impact of high prices and weaker economic environments, particularly in the US and Europe. But it signalled that consumption growth in emerging countries, particularly China, remained strong.
Non-Opec supplies have faltered following big production falls in mature areas such as the North Sea, Mexico and Alaska and lower than expected Russian output. Without a large increase in biofuel production, non-Opec supplies could have dropped this year. The IEA estimates biofuel output growth at about 300,000 b/d this year.
Last year non-Opec production grew by 425,000 b/d and the IEA said it expected a rebound in growth in 2009 to about 760,000 b/d. But it warned the risk for its 2009 forecast was skewed to the downside.
Biofuels – mostly corn-based ethanol in the US and sugar cane-based ethanol in Brazil – represent only a fraction of global oil production but have been the largest source of non-Opec output growth in the past two years. The IEA forecast that biofuel output would grow next year by 340,000 b/d.
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World Bank quits ‘model’ Africa oil project
By Matthew Green in Abuja
Published: September 10 2008 13:58 | Last updated: September 10 2008 20:17
The World Bank has withdrawn from a $4bn pipeline project in Chad, once billed as a model for transparent management of oil wealth in Africa, after years of increasingly acrimonious disputes with the government.
Anti-poverty campaigners said the decision vindicated their argument that the bank’s support for big mining and oil deals often risked entrenching autocratic African governments rather than fulfilling its mandate to fight poverty.
The World Bank said it had been forced to pull out of the scheme due to Chad’s failure to honour an agreement signed in 2001 to ensure large amounts of oil income would be spent on boosting the economy.
“There were just not enough benefits that were directed to the broader population of Chad from the oil revenues,” Michel Wormser, the World Bank’s director of strategy and operations for Africa, told the FT.
World Bank support for the project, which includes a 1,070km pipeline through neighbouring Cameroon, played a crucial role in persuading a consortium of ExxonMobil, ChevronTexaco and Petronas of Malaysia to go ahead with one of the largest capital investments in Africa. Chad now pumps about 170,000 b/d from its southern oilfields, which have also attracted interest from Chinese companies.
The World Bank helped finance the government’s participation in the scheme on condition it invested in sectors such as public works, education, health and agriculture, channelling oil money through an escrow account at Citibank in London.
But in the years after the first oil began flowing in 2003, President Idriss Déby challenged the terms of the initial agreement to give him a freer hand in spending what now amounts to about $1.4bn (€1bn, £800m) a year of oil revenue.
“This project shows you that you can’t put technocratic fixes in places like Chad and expect them to work,” said Ian Gary, senior policy adviser for extractive industries at Oxfam America. “You need to see the development of real democratic institutions.”
Analysts said Mr Déby wanted to liberate more funds to equip his security forces to fight rebels backed by neighbouring Sudan, who have repeatedly threatened to topple his government. In their most spectacular offensive, insurgents reached the gates of Mr Déby’s presidential palace in N’Djamena, the capital, in February.
Robert Zoellick, who took over as World Bank president in July last year, has pledged to take a tougher line in terms of governance standards with beneficiaries of loans. Bank officials said Chad had paid back $66m of its debts under the pipeline project.
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Lula’s new lucre: Brazil may keep full control of offshore oil
By Jonathan Wheatley and Carola Hoyos
Published: September 10 2008 19:58 | Last updated: September 10 2008 19:58
It was a day rich in symbolism. On an oil platform off the Brazilian coast, President Luiz Inácio Lula da Silva this month dipped his hands into the first crude to flow from promising reserves discovered in the country’s waters.
The gesture – an echo of that by Getúlio Vargas, a presidential predecessor who in the 1950s created Petrobras, Brazil’s state oil company – was unmistakable. But Mr Lula da Silva (pictured, above right) went further: as if to confirm the political significance of his country’s newly discovered offshore oil wealth, he planted an oily seal of approval on the overalls worn by Dilma Rousseff, his chief of staff and the woman widely regarded as his likely successor.
The reserves, though hard to reach, are expected to propel Brazil up the table of oil producing nations. Tony Hayward, chief executive of BP, Europe’s second biggest oil company, says the new finds are “as significant as the North Sea” – which in the 1970s was one of the new frontiers that helped pull the world out of its last big oil shock.
But the find is also set to pit one of the world’s most important emerging economies against both foreign equity investors and international oil companies. Many in the leftwing government seem determined to avoid sharing the coming bonanza. The future shape of the industry may be decided by short-term political imperatives ahead of presidential elections due in 2010.
Petrobras, a world leader in deep-sea exploration, is seen by many observers as ideally placed to lead the task of tapping what are some of the most inaccessible oilfields on earth. But the government has other plans. On September 19, an inter-ministerial commission is due to present its recommendations on the future structure of Brazil’s oil sector. The shortest odds are on the creation – recently backed publicly by Mr Lula da Silva – of a new national oil company, 100 per cent under government control, to take ownership of the new reserves and develop them in partnership with Petrobras and others.
While Petrobras is controlled by the Brazilian state through a majority of its voting stock, most of its capital is in non-voting shares. Some 60 per cent of total capital is held by minority – mostly foreign – shareholders. It is they who would lose the opportunity to benefit from exploiting the offshore discoveries.
Map: Brazil
Reserves that are seated below the salt
Brazil’s “pre-salt” offshore fields, as their name suggests, are trapped beneath a layer of salt way below the ocean floor, where they have resided since before Africa and South America parted company more than 100m years ago.
Working the Jubarte field, from which the first pre-salt oil is flowing, is relatively straightforward. It lies 77km off the coast, beneath 1,375 metres of water, under a layer of salt about 200 metres thick. Out in the Santos Basin further south, where the main pre-salt deposits have been found, the difficulties are greater.
These are virgin fields, more than 300km from the coast, where the oil is trapped at depths of up to 7,000 metres, including more than 2,000 metres of water and up to 2,000 metres of hot, high-pressure, volatile salt.
At the Tupi field, containing an estimated 5bn-8bn barrels of oil, a “long-duration test” is due to begin next year. It will be based on tried and tested technology, in which several wells are sunk into deposits to extract oil and gas and others to pump in sea water to maintain enough pressure to keep the oil flowing.
Apart from the huge operational problems, there is also the risk that individual deposits, once found, may not be commercially viable given the enormous investments required.
At the relatively simple Jubarte field, Petrobras is using the experience of two partners, Partex and Galp of Portugal, which have worked in comparable conditions in Oman. In the Santos Basin it will need all the expertise that its own engineers and those of partners can deliver.
It is hard to be precise about the size of the new finds, known as the “pre-salt” fields because they are trapped beneath a layer of salt. The one field that has been measured with any accuracy contains 5bn-8bn barrels – as much as the remaining reserves of Norway. Ministers are working on the assumption that there is 10 times that amount waiting to be found.
If so, international oil companies may be locked out of one of the biggest parties of the industry for some time. That is bad news when these companies are failing to replace used reserves with new discoveries. Petrobras and others are likely to be offered the chance to participate through service contracts – in which companies are paid to bring up the oil and gas but have no commercial rights over it – or production sharing agreements, in which they are given some of the oil they produce to cover costs and some as profit but have limited control over how much they may produce and when. What seems almost certain is that the current concessions system, in place since 1997, will change.
The notion has caused a political storm in Brazil, where many politicians who usually support the government have been alarmed by the proposals being floated by the president and senior ministers. “An assault on Petrobras’s minority shareholders,” is how Francisco Dornelles, a pro-government senator, describes the idea of the new company. The reserves already belong to the people and the idea that they must be reclaimed “is devoid of any meaning, confuses public opinion and serves only for electoral purposes”, declares Sérgio Guerra, a senator in the opposition centrist PSDB, which introduced the 1997 law.
The dissatisfaction is shared at Petrobras itself. Just as years of investment and accumulated expertise are set to pay off in spectacular fashion, the company’s domination of the industry it helped to create has been put in jeopardy. Sérgio Gabrielli, chief executive, (pictured above with Mr Lula da Silva) says Petrobras can take on the task and describes talks with the government as heated. The company’s strategic plan for 2008-12 includes investments of more than $112bn, of which just $8bn must be financed. The plan was drawn up on the basis of oil at $35 a barrel and before the discovery of the new fields – a revised plan is due to be announced this month. Mr Gabrielli says that with much higher oil prices and with new discoveries adding to reserves, Petrobras will be in a much stronger position. “We think we can develop the pre-salt fields on our own,” he adds, although modifying the assertion by saying: “Perhaps not 100 per cent, as we don’t know 100 per cent of what is there.”
Though they will be squeezed and may even lose pre-emption rights, international oil companies will be needed to handle technical challenges such as high levels of carbon dioxide in the offshore discoveries, an issue on which they say Petrobras is seeking their advice. Yet Brazil has already floated the idea of modifying existing contracts, albeit as one of several possibilities.
It seems strange to be keeping investors at arm’s length at a time when a worldwide shortage of rigs and other gear is forcing up costs across the industry – let alone in cases as complex as the pre-salt fields. “For every new project, costs are escalating exponentially,” says Michelle Billig of Pira Energy, a New York consultancy. “That puts a limit on the volume that can simultaneously be brought online, regardless of the reserve base.”
Under the concessions model introduced in 1997, oil companies buy rights to explore geographical blocks of Brazilian territory, on land or at sea. Petrobras – usually but not always as leader – has formed consortia with several international oil companies to buy concessions. Concession holders accept the risk of finding no oil, make the necessary investments and are rewarded with rights over whatever is discovered. They pay royalties to the government on what they produce.
The risk of not finding oil in the pre-salt fields appears slim. Of 16 probes sunk so far, all have found oil. That 100 per cent success rate compares with the 10-15 per cent typical of new areas in Brazil, according to Nilo Azambuja, a former Petrobras executive now working at High Resolution Technology, a geology and geochemistry service provider.
While the operational risks involved are still considerable, industry executives agree that the reduced risk of finding no oil at all leaves room to change the concession rules. Brazil’s oil industry regulator is among those who favour keeping the existing regime but demanding higher prices for concessions and charging companies bigger royalties. This would ensure that Brazilians gained from their new-found wealth while causing minimal disruption and attracting investment.
But Mr Lula da Silva seems determined to create a wholly state company modelled on Norway’s Petoro. Brazil has begun talks with Norway about how it managed its oil and gas discoveries in the North Sea.
People close to the talks say the stake that Brazil’s version of Petoro gained in each project would be limited by the fact that it will also have to invest and pay its share of the costs just like other partners. A senior executive of one national oil company says: “If Norway is any guide, having a new partnership of that nature in the future would not be a reason to be scared.”
Brazilian critics are less confident. “It just doesn’t make sense,” says Adriano Pires, an oil industry consultant in Rio de Janeiro. Petrobras has been able to invest and grow precisely because it has private shareholders, he says. “Where will the new company get money for investment?”
João Augusto de Castro Neves, a political scientist in Brasília, says he believes Mr Lula da Silva has spied in the new company a means of securing the election of Ms Rousseff when he stands down after two consecutive terms at the end of 2010. Success would depend on parliamentary support not only from the president’s socialist PT but also the catch-all PMDB, an agglomeration of regional interests that makes no secret of demanding government jobs in exchange for its support. A new oil company – immensely powerful and commanding a giant budget – is just the kind of entity both parties would love to gain command of, Mr Castro Neves says.
In arguing for different treatment of the new reserves, Mr Lula da Silva has revived an old nationalist slogan popular when Petrobras was created more than 50 years ago: O petróleo é nosso – “the oil is ours”.
That prompted a sharp rebuke from Antonio Palocci, formerly his finance minister. The biggest challenge, Mr Palocci said, would be to attract the necessary investment. “Either we make this investment possible,” he warned, “or we will be saying, ‘the oil is ours – ours down there under the ground’.”
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Riot signals China’s property fears
By Geoff Dyer in Hangzhou
Published: September 10 2008 18:28 | Last updated: September 10 2008 18:28
Few Chinese companies have been more adept at targeting the aspirational middle class than Vanke, the country’s biggest property developer. On the outskirts of Hangzhou, the company is putting the finishing touches to a gated community called “A Glamorous City”, aimed at young professionals in one of the hubs of China’s private-sector economy.
Yet the showroom at A Glamorous City is closed after a group of customers vandalised it at the weekend. At Vanke’s office in central Hangzhou, a city in eastern China’s Zhejiang province, two armed security guards in faux-army fatigues block the front entrance after another group of customers trashed the premises on Sunday, destroying furniture and overturning desks.
The demonstrators came in search of compensation. Having already paid for yet-to-be-completed Vanke apartments, they were irate that the company was now offering discounts of up to 25 per cent on similar properties.
“There seemed to be so many of them and they looked like they wanted to tear up the place,” said one Vanke employee in Hangzhou on Wednesday.
The mini-riot could be just one of many flashpoints in Chinese cities featuring people with little confidence in the legal system. But it comes at a time of mounting evidence that the property market is faltering, Vanke’s vandalised office could be an indicator of more problems to come.
The fate of the Chinese property market is being closely watched around the world. For a start, it could have a big impact on the Chinese economy. The export sector, one of China’s growth engines, is already battling against higher costs and weaker markets. If a slump in the property market drags down domestic investment – another of the main engines – the economy might suffer a hard landing rather than the gradual slowdown the government is hoping to achieve.
Moreover, given the huge scale of the Chinese property boom, which stretches across dozens of cities with more than 1m people, a weak market will have an impact on global demand for commodities such as steel, iron ore and copper.
According to Arthur Kroeber at the Beijing consultancy Dragonomics, there are already signs that Chinese demand for commodities is weakening. “The news on property will get worse for a number of months until it gets bad enough that the government jumps in to try and pump things up.”
Although data on the Chinese property market are patchy, there are several clear signs of a significant slowdown. The square footage of property sold, which increased by 25.7 per cent last year, dropped 10.8 per cent on an annualised basis in the first half of this year. Moreover, the growth rate in floor space under construction – which gives a clue about demand for metals – dropped by 3 percentage points in July.
Chinese developers have been feeling the pinch. Their shares have fallen by about 70 per cent since last autumn and as many as 30 companies have had to postpone plans to raise new equity capital. Vanke announced this week that its sales fell by 35 per cent in August compared with the same month last year, although analysts think Olympic television-watching might be one explanation; the company’s sales for the year so far are up 5 per cent.
However, for all the difficulties facing the Chinese market, the situation is a far cry from the meltdown in many developed countries.
The slowdown in China is largely the result of government design. The authorities have restricted new credit in part to stifle inflation but they have also introduced measures deliberately aimed at limiting property speculation and squeezing out small, poorly capitalised developers.
Chinese banks face a problem of fraudulent mortgage applications. However, given that mortgages for second houses require a 30 per cent upfront payment and a quarter of all house-buyers pay in cash, economists say the potential for a property-led financial crisis is much lower.
“This is not at all the same problem being faced in the US and Europe where there are deep financing problems and slack real demand,” says Andy Rothman, an economist at CLSA in Shanghai. “Once the government decides that the measures it adopted have had enough of an impact, they will be removed quite quickly.”
Despite the recent weakness in the market – which saw house prices, analysts say, either static or a bit lower in August – the market is a long way from a slump. Prices of new houses are up 7 per cent over the past 12 months in the 70 biggest cities in the country.
And while there have been property bubbles in individual cities, there is little evidence of a national bubble because of rising incomes. Indeed, despite the recent boom in house prices, salary increases have made property more affordable, not less.
The market is also underpinned by an annual influx of about 10m migrants who stream into Chinese cities, some of whom eventually become homeowners.
Vanke’s problems in Hangzhou might also indicate light at the end of the tunnel. The company’s discount offers have received a huge response. For some analysts, this shows that strong demand is there if developers are prepared to reduce their often-fat profit margins.
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Pentagon defers decision on air tankers
By Demetri Sevastopulo in Washington and Sylvia Pfeifer,in London
Published: September 11 2008 03:00 | Last updated: September 11 2008 03:00
The Pentagon has postponed a contentious battle to supply the military with refuelling tankers and passed it to the next administration after deciding that the "charged environment" prevented a fair competition being completed before President George W. Bush leaves office.
Boeing, which had succesfully protested against the Pentagon's decision this year to award European rival EADS the contract to supply the USAF with new tankers, welcomed the decision. Northrop Grumman, EADS's US partner, said it was "extremely disappointed". Louis Gallois, chief executive of EADS, said he was "disappointed" and reiterated the company and Northrop had "a contract and will seek an appropriate conclusion to that contract".
He added that the decision would nevertheless have no impact on EADS sales or earnings as it had not been included in its plans.
The move means the next president, who takes office in January, will decide which aircraft replaces the ageing fleet of refuelling tankers. "Over the past seven years, the process has become enormously complex and emotional, in no small part because of mistakes and missteps along the way by the department of defence," said Robert Gates, defence secretary.
"We can no longer complete a competition that would be viewed as fair and objective in this highly charged environment."
Mr Gates said the resulting "cooling off" period would allow the next president to determine how to proceed with replacing the ageing fleet of Eisenhower-era refuelling tankers.
The Pentagon decision appears to have taken EADS by surprise. Mr Gallois was in Berlin on Tuesday, assuring government officials that there was still all to play for in the $35bn competition.
The Franco-German aerospace and defence group had expected the Pentagon to issue its final requirements for the hotly fought competition this week.
In a surprise move this year, the Pentagon awarded the tanker deal to Northrop and EADS, replacing Boeing, which had supplied the military with refuelling tankers for decades. But the Pentagon scrapped the deal when a congressional oversight body upheld a Boeing protest after finding errors with the air force competition.
The Pentagon originally planned to reopen the competition this week, and choose a winner this year. But Boeing threatened to not offer a tanker unless more time was provided to consider the requirements for the aircraft.
The Pentagon decision to return to the drawing board is yet another setback for a procurement process that first began more than seven years ago and has been mired in politics.
The tanker saga has already cost the careers of two Boeing executives and several Pentagon officials.
General Arthur Lichte, head of the military command that oversees tankers, last week said he did not care which tanker won the competition, but he stressed that the Pentagon needed to move forward quickly.
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OECD immigration rises to 4m a year
By Andrew Taylor, Employment Correspondent
Published: September 10 2008 10:00 | Last updated: September 10 2008 10:00
About 4m people emigrated to live permanently in OECD countries in 2006, a five per cent increase on the previous year, with the US and UK the most popular destinations, the Paris-based organisation reported on Wednesday.
Family reunification accounted for 44 per cent of moves. Moving abroad for work accounted for another 14 per cent, it said.
Asylum seeking, however, has become less significant, with inflows falling to 282,000 in 2006, the lowest level since 1987 – representing only 7 per cent of permanent moves abroad.
The US, with 1.26m emigrants received about one third of all permanent inflows followed by the UK (with 343,200), Canada (251,600) Germany (216,000) and Italy (204,300).
Some of the largest increases in inflows were in the US, Korea and Spain. But as a percentage of total population, Ireland, New Zealand and Switzerland received some of the biggest inflows – representing more than 1 per cent of their populations.
Family reunification was the biggest reason given by emigrants to the US, accounting for 70 per cent of permanent moves. Many European countries, among them Italy, Ireland, Spain and the UK were more popular as destinations for job-seekers, with work reasons accounting for between 30 per cent and 40 per cent of moves to these countries.
Some 60 per cent of immigrant inflows in Europe were of European origin. Emigrants from Asia, however, accounted for almost 50 per cent of moves to other OECD countries.
Europe was also the destination of choice for over 85 per cent of emigrants from North Africa although 60 per cent of moves from sub-Saharan countries were to other non-European OECD countries. The US remained the country of choice for Latin American emigrants, mainly from Mexico. Portugal and Spain, however, were becoming more popular.
Some 20 countries accounted for 60 per cent of all immigrants to OECD countries with China, Poland, and Romania accounting for the largest number.
Polish immigration, which has recently begun to decline in the UK, rose sharply in 2006 in Sweden, Belgium, the Netherlands, Norway, Denmark and Germany, said the OECD.
The impact on national job markets of such large flows varies considerably. Immigrants in Finland accounted for less than 3 per cent of total employment. This rose to as high as 25 per cent in Australia, Switzerland and New Zealand, 11.2 per cent in the UK and 15.7 per cent in the US.
The number of international students studying in OECD countries has also risen sharply, increasing by about 50 per cent between 2000 and 2005.
Student numbers in the US and UK rose by about 120,000 over the period and by 100,000 in France and 85,000 in Australia. But the biggest percentage increases occurred in New Zealand, the Czech Republic, Japan, Korea and the Netherlands.
Many international students stay on, providing a potential source of future skills for their host countries, said the OECD.
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Toyota and EDF power up for plug-in test drive
By John Reed
Published: September 11 2008 03:00 | Last updated: September 11 2008 03:00
Toyota yesterday launched the UK's first trial of a plug-in hybrid car in a tie-up with EDF Energy, which will build a network of charging points where drivers top up their batteries.
The car, seen as a successor to the Prius petrol-electric hybrid, will be tested in EDF's company fleet as Toyota works through the practical issues surrounding plug-in cars, including the availability of recharging infrastructure.
EDF will set up 40 charging posts, dubbed "juice points", in the UK, mostly in London. The car will be equipped with an on-board charging and invoicing system allowing consumers to pay for the power.
The launch will make Britain Europe's second country where Toyota and Electricité de France are testing plug-in cars. Last autumn the power group began working with Toyota on recharging points for cars in France and the companies say they want to branch out further.
However, Peter Hofman, sustainable future director at EDF Energy, said the group was working with "a number of vehicle manufacturers" on recharging points, not just Toyota.
The UK is Toyota's biggest market in Europe for its Prius model, accounting for 27 per cent the hybrid's total sales on the Continent.
John Hutton, secretary of state for business, who attended the launch in London's Hyde Park, hoped the vehicle would "lead us one step closer to making our ambition of becoming a number one location for low-carbon vehicles".
In July Boris Johnson, London's mayor, said he wanted to almost treble the capital's number of charging points to 100.
Toyota dominates the small but fast-growing global market for hybrids, cars with internal combustion engines that manage short trips via a battery recharged from power released by the car. Plug-in cars, such as Toyota's test vehicle, promise longer electric-only driving ranges than currentgeneration hybrids.
Early plug-in cars produced by Toyota, General Motors and other manufacturers in the 1990s flopped commercially because of their short driving ranges, long charging times and the dearth of recharging points. Carmakers are now co -operating to build this infrastructure with utility companies, which see demand from plug-in hybrid and electric vehicles as a source of future revenue.
Last week Daimler, which makes the Mercedes-Benz and Smart marques, announced plans to work with Germany's RWE on launching 500 charging points for electric vehicles in Berlin by the end of 2009. Daimler is road-testing about 100 plug-in Smarts in London, which unlike Toyota's car will be purely electric with no back-up from a conventional petrol engine.
Toyota's plug-in, equipped with a nickel metal hydride battery like that in the
current Prius, will have an
electric-only driving range of about 10km, or 6.2 miles.
The Japanese company, like other carmakers including GM, Renault/Nissan, and Mitsubishi, is developing next-generation lithium-ion batteries that promise longer electric driving ranges.
GM says its Chevrolet Volt, which is due to launch in late 2010 equipped with lithium-ion batteries, will have a 40-mile electriconly driving range, enough to get most commuters to and from work.
The Toyota plug-in car will be driven by about 50 EDF Energy employees to determine how the vehicle performs in different urban environments and under various driving patterns.
The trial will cover Greater London for at least one year.
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Deutsche Bank in talks to buy Postbank
By James Wilson and Daniel Schäfer in Frankfurt
Published: September 10 2008 23:13 | Last updated: September 11 2008 08:31
Deutsche Post is poised to announce the sale of all or part of Postbank, with Deutsche Bank the leading candidate to buy its banking rival in the second big deal within days in Germany’s financial sector.
Josef Ackermann, Deutsche Bank chief executive, confirmed an interest in acquiring Postbank to strengthen his bank’s domestic retail operations. Within the past two weeks, Commerzbank, the second largest German bank, has stepped up its challenge to Deutsche by agreeing to acquire Dresdner Bank in a €9.8bn ($13.7bn) deal.
Postbank was 2.3 per cent lower at €45.85 in early trading on Thursday while Deutsche Bank dropped 2 per cent at €59.86. Deutsche Post was up 1.3 per cent at €16.24.
A transaction could be announced after Deutsche Post’s supervisory board meets on Friday. It could see Deutsche Bank take an initial minority stake in Postbank with an option to take control later by buying the remainder of Deutsche Post’s stake. However, Deutsche Post is also said to be talking to at least one other bank.
Frank Appel, Deutsche Post chief executive, has signalled that the logistics company should exit banking and concentrate on its core business. It owns 50 per cent plus one share in Postbank, which has a market capitalisation of about €7.6bn.
By acquiring up to 30 per cent of Postbank from Deutsche Post, Deutsche Bank could become the largest shareholder while avoiding having to make a mandatory offer to all shareholders.
The two sides are not thought to have agreed a price for Postbank – whose share price has slid by about 25 per cent in the past three months – and a deal could yet be postponed or abandoned.
Deutsche Bank is Germany’s biggest bank by assets while Postbank has the largest number of retail customers, with more than 14m.
Speaking at a Frankfurt banking conference, Mr Ackermann said Postbank “could strengthen us in several strategic areas”. But he said a deal had to be done on sensible terms for Deutsche Bank’s shareholders and said there were advantages to taking a minority stake.
Mr Ackermann did not rule out buying only a minority stake in a bank. “Of course you do not have [the same] strategic influence, that is clear . . . on the other hand you do not have the [same] capital requirements,” he said.
Mr Ackermann indicated that Deutsche did not want to be involved in a big bank restructuring – another sign that his bank might not want to acquire all of Postbank immediately.
Any big restructuring of Postbank would be politically controversial in the run-up to Germany’s election next September. The German government has some influence over any sale of Postbank, since it owns 30 per cent of Deutsche Post and has two seats on the logistics group’s board.
Wolfgang Klein, Postbank’s chief executive, cancelled his scheduled appearance at the Frankfurt conference.
Mr Ackermann said Deutsche had bid €4bn when it tried to buy Citigroup’s German retail operations in July. Crédit Mutuel paid about €5.2bn for the operations.
SEB, the Swedish bank, also announced a restructuring of its operations in Germany in an apparent prelude to a sale of its retail bank there, which some analysts have expected.
• Separately, Deutsche Bank announced on Thursday that it had agreed to buy a 40 per cent stake in UFG Invest, the Russian investment management company, with an option to become a 100 per cent owner in the future.
UFG Invest has over €400m in assets under management as of June 30 and it will combined with Deutsche Bank’s existing asset management business in Russia, DWS Investments (Russia). The financial terms were not disclosed.
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Supermarkets 'Killing Our Pubs'
SkyNews
By Sky News SkyNews - Thursday, September 11 02:57 am
Supermarkets are killing British pubs. That is the message from the Campaign for Real Ale (CAMRA) which is calling on the Government to make supermarkets raise the price of booze.
(Advertisement)
Around 36 pubs are calling time on their business every week, according to figures.
Now CAMRA is calling for the government to introduce minimum pricing to reduce the gap between supermarket and pub prices.
CAMRA Good Beer Guide 2009 Editor Roger Protz said: "Cheap beer in supermarkets - often sold at less than the price of bottled water - is killing the British pub."
"Over 150 pubs a month are closing. And the main reason is simple: people are abandoning their locals because they can buy cheap supermarket beer at a fraction of the price charged by pubs."
The average price of a pint of lager in a pub now stands at £2.82 after price hikes of 4.4% in the last year. This has been blamed on the 10% beer tax increase in the Budget.
In contrast, trade prices to supermarkets have fallen by a further 1% as a result of huge promotions.
CAMRA claims British pubs are being targeted by ruthless discounting that is resulting in falling pub visits and record pub closures.
Mr Protz added: "When a pub closes the community's heart is ripped out and dies. It's a particular problem in rural areas, where the village pub is the heart of the community.
"Pubs are regulated licensed premises. Publicans who permit bad behaviour such as heavy drinking will lose their licences.
"Supermarkets face no such restraints. They have no idea what happens to cheap alcohol once it leaves their stores. In too many cases, it's passed on to under-age drinkers. It's the supermarkets, not pubs, that encourage binge drinking, with their massively discounted sales of alcohol."
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Finnish papermakers Stora, UPM slash 3,300 jobs
AFP
By Terhi Kinnunen AFP - Wednesday, September 10 03:07 pm
HELSINKI (AFP) - Two of Europe's biggest papermakers, Stora Enso and UPM-Kymmene, cut 3,300 jobs on Wednesday but analysts said this just a small step to deal with strains in the sector.
(Advertisement)
The two Finnish companies have been hit by shrinking demand and surging costs linked in part to wood export duties by neighbouring Russia.
"Nobody should think that the storm is over. The worst thing for the industry would be for us to just wait for better times," Stora chief executive Jouko Karvinen told reporters.
He said he could not rule out further cuts.
Stora Enso, Europe's leading paper and cardboard maker, said it would make about 1,700 employees redundant in Germany, Finland and Russia.
Meanwhile UPM sait it intended to cut 1,600 jobs during the next few years and the first two mills in Finland are expected to be closed by the end of this year.
Markets welcomed the news but analysts noted that more capacity cuts were needed as Europe heads into an economic slowdown.
"It was a disappointment that in the fine paper sector no announcements were made, that is the problem area and I don't think this will be all. More announcements (of cuts) will be made," the head of research at eQ bank, Katja Keitaanniemi, told AFP.
"When the economic growth in Europe slows down next year, it will decrease delivery volumes and there will be overcapacity again," said analyst Henri Parkkinen from Pohjola Bank.
UPM chief executive Jussi Pesonen said as much, noting in a statement that "demand growth for paper in traditional markets has slowed down. Overcapacity still exists in Europe and slowing economic growth imposes further challenges."
In addition to weakening demand and rising costs, Finnish forestry groups are also preparing for a shortage of their most important raw material, wood, as imports from Russia are feared to end if Moscow carries out its plan to raise duties next year to 50 euros (71 dollars) per cubic metre from the current 15 euros.
Nordic paper makers have for years been dependent on cheap Russian wood, but Moscow wants companies to invest in Russia instead of exporting wood and has gradually increased timber export duties.
Stora Enso insisted it was well-prepared for the Russian duty hikes.
"We will be ready for the anticipated increases in duties on roundwood imported from Russia. We will be able to operate without Russian roundwood in 2009," Karvinen said in a statement.
Stora announced it expected the plan to boost annual profits by around 140 million euros by the end of 2010. In the third quarter it will post write-downs of around 280 million euros.
In 2008-2009 it is scheduled to close two production lines in Germany and Finland and a sawmill in Estonia by the end of this year.
Stora's rival UPM said it was targeting annual savings of about 70 million euros. It will book one-off costs of around 200 million euros for the period October-December related to planned capacity cuts.
The paper and forestry industry is one of Finland's biggest industrial sectors and a large share of the production is exported. But the industry has faced repeated difficulties in the past decade and these two companies have laid off some 9,800 employees in Finland alone since 2004.
On Wednesday, some 500 workers at UPM-Kymmene's Tervasaari pulp mill in Finland walked off the job to protest against the company's announcement hours earlier it was closing the mill.
In 2005, paper and forestry workers held a crippling six-week prompted by a dispute over salaries and working hours. The stoppage resulted in a 10 percent reduction in the Nordic country's pulp output and a slowdown in overall economic growth.
On the Helsinki stock exchange on Wednesday afternoon, the price of Stora shares was up 6.3 percent to 8.05 euros and UPM was 4.3 percent higher at 12.73 euros, as the general index was down 0.5 percent.
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Rio says Guinea to move forward with project
Reuters
Reuters - Wednesday, September 10 04:03 pm
LONDON (Reuters) - Mining group Rio Tinto said Guinea, which had previously said it was cancelling a licence for the firm's huge Simandou iron ore project, has now agreed to "move forward" with the new mine.
(Advertisement)
Simandou is central to Rio Tinto's expansion plans, which have triggered dispute over the company's valuation as it fights off a hostile takeover bid by BHP Billiton .
Top Rio officials have met the president of Guinea and established a framework for further discussions, a statement said.
"It clearly was a positive engagement with the Guinea government and there is an agreement to move forward the project on an aligned basis," spokesman Nick Cobban told Reuters, but he declined to say whether the licence issue was discussed.
"It was a fairly wide-ranging conversation but I don't think it would be right to talk about the detail."
Rio Chairman Paul Skinner, one of the officials who met the president, hinted on August 26 that Guinea may have cancelled the licence for the $6 billion (3.4 billion pounds) project to spur Rio into quicker development.
First production at Simandou, which Rio says is the world's biggest known undeveloped iron ore deposit, is due in 2013 and full output is forecast for 2018.
The company said it has already invested $300 million in Simandou and is now carrying out further research work for the project, which would involve building a 740 km railway to a port on the Atlantic coast.
After a letter from the office of President Lansana Conte cancelled a mining licence, Rio Tinto said it would fight to continue with the project.
A source close to the company has said its discussions with Conte's government would likely focus on ways to speed up benefits to the country from the new mine.
Rio estimates it is sitting on 2.25 billion tonnes of ore in Guinea and could extract 70 million tonnes from the mine each year by 2018. There would be potential to eventually boost annual output to 170 million tonnes, Rio has said.
Rio Tinto owns 95 percent of the project and the International Finance, the private sector lending arm of the World Bank, owns 5 percent. The Guinea government has an option to buy a 20 percent stake.
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King to explain rate decisions to MPs
Reuters
Reuters - Wednesday, September 10 04:43 pm
LONDON (Reuters) - MPs could give Bank of England Governor Mervyn King a rough ride on Thursday for not cutting interest rates, despite signs that the economy is on the brink of a recession.
(Advertisement)
But King and some of his fellow Monetary Policy Committee members are likely to point out that inflation is more than double the central bank's target, and a cut in borrowing costs now would risk it staying high for much longer.
MPC member David Blanchflower, however, looks sure to break ranks with his colleagues and press the case for aggressive rate cuts to stop the economy going into a long recession.
The Bank held interest rates at 5 percent for the fifth month running last week and analysts are divided about when it may resume cutting them again to bolster the economy.
The economy failed to grow in the second quarter for the first time since the recession of the early 1990s. Many people expect output to fall in the second half of the year as trouble in the housing market starts spreading across the economy.
Some analysts predict the MPC will cut interest rates in November, but others say it will wait until after the new year pay round and until it is certain that inflation is falling.
Thursday's testimony by King, Deputy Governor Charles Bean, Executive Director Paul Tucker, and other MPC members Blanchflower and Andrew Sentance before parliament's Treasury Committee is unlikely to settle the matter.
COUNTING BEAN
Blanchflower is likely to renew his call for lower rates. He told Reuters last month that 2 million people could be out of work by Christmas and urgent action was therefore needed now.
King, however, will probably stress the importance of ensuring inflation does not became embedded in the system.
His other deputy governor John Gieve said in a newspaper interview published on Wednesday that inflation still had not peaked and could remain high for several months. The central bank could not afford to let a "five percent (inflation) mindset" develop.
Tucker is likely to present a hawkish line. The Bank has forecast a sharp slowdown, seeing no growth over the next year, but this is needed to get inflation down.
Sentance is also regarded as hawkish and could be particularly worried by sterling's recent weakness adding to inflation risks, even if oil prices are now falling from record highs set earlier in the year.
Bean, formerly the chief economist, could yet surprise as he warned last month that the credit crisis still had further to run. But he, too, may be worried by the re-emergence of upside inflation risks as the currency depreciates.
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Austrian jeweller Swarovski axes jobs
AFP
AFP - Wednesday, September 10 02:22 pm
VIENNA (AFP) - Austrian jeweller Swarovski said Wednesday it will axe a further 290 jobs by the end of this year, on top of the 447 already gone in face of the worldwide economic slump.
(Advertisement)
The additional cuts mean the family-owned firm has cut the workforce at its main production site in Wattens by more than 10 percent this year to around 6,000, Swarovski said in a statement.
The reason for the downsizing, which will be implemented without compulsory redundancies, is "the current global economic climate which is characterised by recessive developments, inflation and the continued weakness of the dollar," it said.
Swarovski is present in around 120 countries, has a network of 1,300 retail outlets worldwide and annual sales of 2.56 billion euros (3.6 billion dollars).
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Trichet says ECB would consider bank watchdog role
Reuters
By Huw Jones Reuters - Wednesday, September 10 11:14 am
BRUSSELS (Reuters) - The European Central Bank would consider a bigger role in supervising euro zone commercial banks, ECB President Jean-Claude Trichet said on Wednesday.
(Advertisement)
The central bank for the 15-nation currency area was the first to inject liquidity into money markets last August when a crisis in the U.S. home loans market escalated.
The move won plaudits for the ECB and fuelled a debate in Europe on how supervision of financial markets should be reformed to reflect the emergence of many big cross-border banks while supervision remains largely nationally based.
Trichet was addressing the European Parliament's economic affairs committee where several members urged the ECB to play a more prominent role in banking supervision. Currently the ECB is limited to monitoring the overall stability of the market and intervening in money markets to support its monetary policy.
"At some point someone has to take the lead and shake things up a bit," said the committee's chairwoman, French socialist Pervenche Beres.
Trichet acknowledged growing debate on the issue.
"We would certainly have to look at it very very carefully in the Governing Council. I can't say we have a position on it in the Governing Council but I observe what has been proposed with great care," Trichet said.
Trichet said the ECB was "very, very keen" on encouraging supervision authorities in Europe to work more closely.
"We are pushing for a maximum amount of intimate cooperation and exchange of information in the EU and inside the euro area," Trichet said.
EU finance ministers meet in Nice in France on Friday and Saturday to discuss measures to set out how supervisors from each country a bank operates in could work more closely to anticipate problems.
Allowing the fiercely independent ECB to play a bigger role would be a step too far for some governments, which feel they would remain politically and financially accountable to voters when things go wrong.
Some governments have already had to help banks in trouble, such as Britain's Northern Rock and Germany's IKB, and there is no consensus on who would bail out a failed multinational bank.
Trichet noted the difference between the ECB helping the market with liquidity -- which is repaid within a few months -- and dealing with an individual bank's solvency problems.
"If taxpayers' money is at stake ... then of course the moral hazard seen from the taxpayers' standpoint (is) of extreme importance. In this domain we certainly have to be very careful," he said.
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信金中金、2200億円増資 資本注入に備え
信金中央金庫は11日、2200億円を超える大型の資本増強を実施する方針を固めた。全国各地の信用金庫から劣後ローンとして借り入れ、9月末までの増資完了を目指す。信金中金の増資額としては過去最大規模。地方の中小企業の倒産増加などにより各地の信金の経営環境が悪化するなかで、健全性が低下した信金への資本注入に備えることなどが狙い。
信金中金はすでに全国の信金に劣後ローンの借り入れを打診しており、近く正式に発表する。
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７月の機械受注、前月比3.9％減 内閣府 造船業など落ち込む
内閣府が11日発表した７月の機械受注統計によると、民間設備投資の先行指標である「船舶、電力を除く民需」の受注額（季節調整済み）は前月比3.9％減の１兆428億円となり、２カ月連続で減少。このうち製造業は10.4％減、非製造業は2.4％減だった。前年同月比での「船舶、電力を除く民需」受注額は4.7％減だった。
７月の受注実績（民需）の内訳をみると、製造業では15業種中８業種が減少し、特に造船業（前月比67.0％減）や石油・石炭製品工業（23.2％減）などで落ち込みが目立った。一方、船舶・電力を含めた非製造業全体では7.4％減。８業種中４業種が減少しており、運輸業（43.8％減）や通信業（22.9％減）などが落ち込んだ。
機械受注は機械メーカー280社が各業界から受注した生産設備用機械の金額を集計した統計。メーカーが機械を受注してから６カ月ほど後に工場などに導入されて設備投資額に計上されるため、設備投資の先行きを示す指標となる。
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米シティのサムライ債、初日申し込みが数百億円以上
米シティグループは10日から国内の個人投資家向けに総額3150億円の円建て外債（サムライ債）の募集を始めた。日興コーディアル証券などの取扱店舗には問い合わせの電話が相次ぎ、初日で数百億円以上の申し込みがあったもようだ。利回りは年3.22％（税引き後2.576％）と比較的高水準。株安や新興国通貨などの下落で運用先に悩む個人投資家の関心を集めている。
「知名度の高いシティがこの条件で債券を発行すれば運用難に陥った個人投資家にとって魅力的に映るのでは」。ＪＰモルガン証券の中空麻奈クレジット調査部長はこう指摘する。実際にこの日は個人投資家の問い合わせが急増し、電話が一時つながりにくくなった店舗もあった。(10:08)
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健保組合、計6300億円赤字 全体の９割、収支マイナス
大企業の会社員と家族が主に加入する健康保険組合の集まりである健康保険組合連合会が9日発表した2007年度決算によると、健保組合全体の経常利益は 599億円と、前年度に比べて74％の大幅な減少となった。08年度の財政は高齢者医療制度への支援負担などが膨らむことで一段と悪化。過去最大の約 6300億円の経常赤字に転落し、全体の9割の組合が赤字に陥るとみている。
9月1日時点の全国の健保組合数は1500。このうち07年度に経常赤字だった健保組合は全体の44.8％の680組合だった。赤字の組合数は06年度より178増えた。
財政の悪化で解散する健保も増えている。東証1部上場のセイノーホールディングス傘下の西濃運輸（岐阜県大垣市）は8月、拠出金の負担増を理由に健保組合を解散し中小企業のサラリーマンなどが加入する政府管掌健康保険に移行。今月に入り吉野家ホールディングス傘下で持ち帰りすしチェーンを展開する京樽も健保組合を解散した。(00:10)
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自社株消却の企業、最多に １―７月上場104社
株式相場が低迷するなか、保有する自社株（金庫株）を消却し、1株当たり利益の改善効果を株主に訴えようとする上場企業が増えている。今年1―7月に自社株消却に踏み切った東証の上場企業は100社を超え、過去最多を更新。消却総額も既に2兆円を超え、過去最高ペースとなっている。株安が続けば今後も消却を検討する企業が相次ぎそうだ。
東証の集計によると、今年7月末までに自社株消却をした企業は延べ104社に上った。集計を始めた2003年以降、これまで最多だったのは2005年の延べ86社で、今年は7カ月間で既に過去最多を更新した。消却総額も7月までに2兆1224億円に達した。今年度中に約4000億円を消却予定のみずほフィナンシャルグループなどの分も勘案すると、今年は2兆9180億円だった2006年を超える公算が大きい。(07:00)
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大手行、現地採用者育成を強化 海外業務拡大へ布石
大手銀行が海外の現地採用の人材への教育・研修を相次ぎ強化する。融資など海外業務の拡大を支えるには現地人材の活用が欠かせないと判断。三菱東京ＵＦＪ銀行や、みずほコーポレート銀行はアジアに専用の研修拠点を創設。三井住友銀行は教育内容を拡充する。大手行は海外金融機関への出資や海外融資などで攻勢を強めており、人材面でも国際化を後押しする。
3メガ銀が特に力を入れるアジアでは、現地採用の社員が2008年3月末で合計1万人弱と2年前から約2000増えた。協調融資や為替業務などが拡大しており、人材確保と育成が課題になっている。(07:00)
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カタール金融特区、日本の２社に年内にも免許
カタールの金融特区「カタール金融センター（ＱＦＣ）」のスチュアート・ピアース最高経営責任者（ＣＥＯ）は10日、日本経済新聞に対し、年内にも日本の大手金融機関2社に免許を付与する方針を明らかにした。
ＱＦＣはカタール政府が2005年に開設した金融特区。免許を得た金融機関は税の軽減措置などを受けることができ、これまで世界の大手金融機関90社が免許を得ている。日本の金融機関では今年3月、三井住友銀行が認定を受けた。
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明治製菓社長「健康事業を新たな柱に」 明乳との統合で
明治製菓の佐藤尚忠社長は11日、明治乳業との経営統合の記者会見で、「高齢化社会の進展で健康促進事業を新たな柱に育成したい」と狙いを語った。明治乳業の浅野茂太郎社長は「（統合の）本格検討は3月から。あとはあうんの呼吸（で決まった）」と述べた。(18:11)
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時速350キロの高速鉄道車両、川崎重工が開発着手
川崎重工業は11日、時速350キロメートルで営業運転する高速鉄道車両の開発に着手すると発表した。2010年3月末までに開発を終える計画だ。世界では今後20年で計1万キロメートル前後の高速鉄道路線が建設されるとの見通しもあることから、商機と見て高性能車両を独自に開発し、市場への投入を急ぐ。
同社はこれまで納入を目指す案件ごとに車両を開発してきたが、欧州の競合メーカーも車両開発を加速していることなどから自主開発に踏み切る。新車両「ｅｆＳＥＴ（イーエフセット）」が目指す時速350キロは、日本の新幹線を50キロ上回る水準。速度だけでなく、ボディーの軽量化や騒音・振動の低減、省エネ性能の向上、乗り心地の改善など総合的な性能向上に取り組む。投資額は公表していない。
川崎重工は国内の新幹線車両のほか、台湾や中国で高速鉄道用の車両を納入した実績がある。(17:18)
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アサヒビール、焼酎65万本を回収 三笠フーズの事故米使用
米粉加工会社「三笠フーズ」（大阪市）によるコメ不正転売問題で、アサヒビールは11日、子会社が製造・販売した焼酎の一部に、残留農薬などで汚染された「事故米」を使用していたとして、約65万本を自主回収すると発表した。
「芋焼酎 さつま司 ２５度」など9銘柄が対象で、一連の問題では最多の回収本数になるもよう。業務用として外食チェーンなどにも販売しており、影響が広がりそうだ。(12:41)
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製粉大手、小麦粉値上げ 平均７％
日清製粉、日本製粉、昭和産業の製粉大手3社は、業務用小麦粉を10月末にも値上げする。上げ幅は平均7％程度になる見込みで、昨年5月以来、4回目。政府が製粉会社に売り渡す輸入小麦価格を10月から10％引き上げるため、原料費上昇を転嫁する。小麦粉を使うパン、めんや菓子メーカーは価格転嫁の検討に入るが、輸入小麦の値上げ幅が当初見込みより圧縮されたため、最終商品の再値上げにつながるかは不透明だ。
3社は週明け以降、値上げを順次発表する。現在の業務用小麦粉の平均価格は25キログラム当たり4000円弱とみられ、上げ幅は200―300円台になる見通しだ。各社は家庭用も引き上げる方針だ。小麦粉を使う各メーカーは値上げを原則、受け入れるもようだ。(07:00)
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インド洋給油、デンマークも対象 政府方針
政府は11日、インド洋での海上自衛隊による給油活動に関し、デンマーク政府の要請に応じて同国艦船にも給油する方針を固めた。12日の閣議で正式に決める予定で、給油燃料の使用目的を「不朽の自由作戦」に基づく海上阻止活動に限ることなどを条件とする。給油対象国はパキスタン、フランス、ドイツ、カナダ、米国、英国、ニュージーランドに続き8カ国目となる。
インド洋での給油活動を巡ってはアフガニスタン周辺で反政府勢力タリバンの活動が活発化し、米国などが兵士の増派を呼び掛けている。政府はインド洋での給油活動を来年1月15日の期限切れ後も延長したい考えだ。(17:13)
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政府、イラク空自の年内撤収を発表
政府は11日午前、イラクでの復興支援のため現地に派遣している航空自衛隊を年内に撤収させると発表した。多国籍軍が駐留する根拠となる国連安全保障理事会の決議が12月末で期限切れになるためで、米国によるイラク駐留米軍の削減方針も考慮した。高村正彦外相が同日午前、外務省で記者団に「年内をめどにイラクの航空自衛隊の任務を終わらせる方向で具体的な検討に入る」と語った。
自衛隊の活動はイラク復興支援特別措置法に基づき、来年7月に期限切れとなる。現在は航空自衛隊のＣ１３０輸送機がクウェートを拠点に、バグダッドなどとの間で国連職員や医療品などを運んでいる。
安保理決議が失効する来年以降も多国籍軍が駐留を続けるには、イラク政府と新たに地位協定を締結しなければならない。現在、最大の派遣国である米国がイラクと大詰めの締結交渉を進めている。ただ現地の治安情勢は一定の改善が見られ、ブッシュ米大統領は来年2月までにイラク駐留米軍を8000人削減する方針を表明している。(11:15)
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自民・杉村議員、重体の秘書が死亡
8月28日未明に川崎市の自宅で首をつっているのが見つかり意識不明の重体となっていた、自民党の杉村太蔵衆院議員＝比例南関東ブロック＝の公設第2秘書の男性（25）が11日午前、治療を受けていた川崎市の病院で死亡した。
中原署は発見時の状況などから男性が自殺を図ったとみて調べている。
調べでは、男性は8月28日午前零時40分ごろ、川崎市中原区井田2の自宅でドアノブにひもを引っかけて首をつっているのを家族が発見、病院に運ばれた。
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川辺川ダム、熊本知事が「反対」 国に見直し迫る
国が熊本県相良村の球磨川水系川辺川で進める川辺川ダムについて蒲島郁夫知事は11日午前、「現行のダム計画を白紙撤回し、ダムによらない対策を模索すべきだ」と計画に反対する考えを県議会で表明した。知事が国の公共事業に明確に反対するのは異例で、国主導の大型公共事業のあり方に影響を与えそうだ。
ダム事業は国の直轄事業で知事の見解に法的拘束力はないが、一定の事業費負担をする県トップの反対で、国土交通省がこのまま建設を進めるのかは不透明となった。
ダムの概算事業費は3300億円程度が見込まれている。既に約2000億円が投じられ、道路整備や住宅のかさ上げなどが完了した。国がこのままダム建設を進めた場合、熊本県が財政負担を拒否して国と対立し、計画が混迷を深める可能性がある。(11:29)
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利根川ダム渇水、50年後は４倍に 水資源白書
国土交通省は31日、2008年度版「日本の水資源」（水資源白書）を発表した。地球温暖化により水不足が各地で深刻化し、50年後は利根川上流のダムで渇水の発生日（貯水量がゼロになる日）が最大4倍になるなどと推計した。
白書は、節水型家電の普及などにより、50年後に水需要は現在の約9割に低下すると予想。だが温暖化の影響で降雨時期がずれ、灌漑（かんがい）の時期に十分な雨が降らないなど水不足が起きる。
利根川上流にある8つのダムでは1981―2000年の20年間で渇水発生日数は合計30日だったが、50年後の2031―50年は計90―120日に増加。石狩川の忠別ダムでも計30日から計130―180日に増えるとしている。(01:05)
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北海道で震度５弱
11日午前９時21分ごろ、北海道十勝地方で震度５弱の地震を観測した。震源地は十勝沖で地震の規模はマグニチュード（Ｍ）7.0。気象庁は同日、北海道の太平洋沿岸に津波注意報を出した。
各地の主な震度は次の通り。
震度５弱＝新冠町、新ひだか町、浦幌町、大樹町▽震度４＝釧路市、帯広市、南幌町、長沼町、厚真町、むかわ町、浦河町、様似町、えりも町、音更町、幕別町、豊頃町、中札内村、更別村、広尾町、白糠町(09:35)
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麻生カネでも圧勝、豊富な軍資金…候補資産リスト公開
自民党総裁選（２２日投開票）は、「大本命」の麻生太郎幹事長（６７）が議員票の過半数を固める独走情勢にあり、与謝野馨経済財政担当相（７０）や小池百合子元防衛相（５５）、石原伸晃元政調会長（５１）、石破茂前防衛相（５５）が追う展開となっている。経済や外交などの政策論争が戦わされているが、「一国の宰相」を目指すには軍資金も重要だ。候補者の資産などを探ったところ、やはりカネでも麻生氏が圧勝した。
夕刊フジは、２００５年の資産等報告書と０７年の所得等報告書、０６年度の政治資金収支報告書を調べた。あくまで個人名義の資産で、法人名義や家族名義の資産は除外している。
総裁選のトップを走る麻生氏は、曽祖父が「維新の三傑」大久保利通、祖父が吉田茂元首相という名門一家の生まれ。福岡・筑豊での炭坑採掘から財を成した麻生グループの御曹司で、その総資産は「数十億円」ともされ、５人の候補者の中でもケタ違いだ。
福岡県飯塚市と東京都渋谷区の高級住宅街に大豪邸を構え、長野県軽井沢町にも別荘を持つ。麻生氏名義の土地は、東京ドームの約３．６倍という計約４万２０００平方メートルで、固定資産税の課税評価額は約４億３７００万円。建物の評価額は計約１７６０万円。実勢価格はさらにはね上がる。
自民党関係者は「実勢価格は渋谷だけで、３０億円を超える。かつては一角すべてが麻生邸だったが、相続税などを払うため、少しずつ売却しているようだ」と話す。
預貯金は計２６００万円だが、貸付金は２億１００万円で、借入金は２０００万円。保有株式も多く、麻生グループの中核企業「麻生」１５万４３６６株、「九州電力」４９３４株、「西日本鉄道」７万８３０８株、「鹿島」３７９２株、「ブリヂストン」４３５０株、「西友」１万２２３６株、「エフエム福岡」１万２０００株など。うち上場企業株の１０日終値の時価評価額は５９７２万３９１６円だった。
経済評論家の荻原博子氏は「手堅い株が多い。売り買いして利益を得るより、相続などで保有している株ではないか」と話す。
車は、大好きな漫画が積んである高級独車アウディやＢＭＷなど３台。ゴルフ会員権は、地元・福岡の「麻生飯塚ゴルフクラブ」と日本オープンも開催される「古賀ゴルフクラブ」、「グレンオークスカントリークラブ」（千葉）、「サンヒルズカントリークラブ」（栃木）の４つを持つ。最近の相場では計約１２７０万円の価値がある。
１０日の共同会見で、「他の候補より優れている点」を問われ、「経験」とひと言で答えた麻生氏。カネの点でも優れているようだ。
与謝野鉄幹・晶子夫妻の孫である与謝野氏も相当な資産家だ。
東京・六本木の一等地に３階建ての自宅を構え、渋谷区や新宿区、軽井沢町、千葉にマンションや別荘、山林を所有する。与謝野氏名義の土地は計約３５７０平方メートルで、課税評価額は約２６８４万円。建物の評価額は計約３０００万円。
車はアルファードが１台。預金は約５５００万円で、借入金は約４２４０万円。株や有価証券は保有していないが、ゴルフ会員権は「富士小山ゴルフクラブ」（静岡）と代表的なトーナメント開催コース「袖ヶ浦カンツリー倶楽部」（千葉）を持つ。直近の相場は計約１２６０万円。
「与謝野氏は多趣味で知られる。囲碁（アマ７段）だけでなく、ゴルフも好き。自身のＨＰでも『（ゴルフは）政治家の必修科目の趣味。社会人の頃から始め、永田町の大物と仲良くなるたびに腕はどんどん上達？』と書いている」（自民党関係者）
小池氏は選挙区（東京都練馬区・豊島区）とは離れた品川区に自宅マンションを持つ。評価額は計約１２２０万円。金銭信託で約３１万円、外国債券を約６６５万円保有する。荻原氏は「２世、３世ばかりの候補の中で彼女は唯一の庶民代表。ただ、国民生活をガタガタにした小泉路線の継承者というのが『ちょっと待ってよ』と思う」と話す。
石原慎太郎知事を父に持つ石原氏は、選挙区の東京都杉並区の住宅街に自宅を構える。土地と建物の評価額は計約２３５０万円。資産等報告書に掲載されていないが、昨年７月に神奈川県葉山町に夫人と共同名義で超高級リゾートマンションも購入したという。「ＮＴＴ」と「箱根カントリークラブ」を１株ずつ保有する。うち上場しているＮＴＴ株の時価（１０日終値）は５０万９０００円。
「葉山の高級リゾートマンションは、週刊誌が『１億３０００万円前後』と報じていた。あの年齢で優雅なものだ」（党関係者）
ゴルフ会員権は、財界トップらが会員に名前を連ねる名門「箱根カントリークラブ」（神奈川）と「葉山国際カントリークラブ」（同）。相場は計約１０２０万円。父親譲りの趣味か、共同名義で帆船一隻（価格不明）も保有する。
「軍事オタク」の石破氏は地元・鳥取市に自宅を構え、土地と建物の評価額は計約１８４０万円。車はシーマやセドリックなど４台。ゴルフ会員権は日本海、隠岐島が展望できる「三朝カントリークラブ」（鳥取）と「鳥取カントリークラブ」（同）を保有する。会員権の相場は計約７５万円。
株式は防衛関連企業など多数保有しており、「新日本製鉄」を２万１１４０株、「ＪＦＥホールディングス」を６００株、「住友金属」を８６６５株、「三菱重工業」を１万６２５株、「川崎重工業」を５０００株、「東京急行電鉄」を４６７０株、「東京電力」を３９３３株、「関西電力」を１６３８株。上場企業株の時価（同）は４０１７万２４５５円。
荻原氏は「国家の礎となる企業や防衛産業の株保有が目立つ。石破氏の個人的関心が理解できる」と話している。
ZAKZAK 2008/09/11
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タイ邦人殺害：預金引き出しで男２人に逮捕状 岐阜県警
バンコクで８月上旬、長期滞在中だった岐阜県山県市出身の棚橋貴秀さん（３３）が殺された事件で、岐阜県警は１１日、棚橋さんのものとみられる銀行口座から勝手に現金を引き出したとして、愛知県一宮市出身の男（３１）と大阪府吹田市の男（３０）の窃盗容疑の逮捕状を取った。
２人にはタイ警察から殺人容疑での逮捕状が出ている。一宮市の男は県警の任意聴取に対し、殺害への関与や遺体遺棄について供述しており、県警は刑法の国外犯規定に基づき、殺人容疑での立件も視野にタイ警察と連携して慎重に捜査を進める。
調べでは、２人は共謀して８月上旬、名古屋市内の現金自動受払機（ＡＴＭ）から数回にわたり、棚橋さんの預金計１０００万円以上を引き出した疑い。
一宮市の男については、棚橋さんの行方が分からなくなった８月５日、棚橋さんのアパートの部屋に出入りする様子が、アパートの防犯カメラに録画されている。【山田尚弘】
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軽犯罪法違反：天皇家批判の映画ポスター張った監督逮捕
天皇家を批判する映画の宣伝ポスターを許可なく張ったとして、警視庁公安部は１１日、住所不定、映画監督、渡辺文樹容疑者（５５）を軽犯罪法違反（張り札行為）容疑で現行犯逮捕した。一緒に作業をしていた３０代の女性も同容疑で書類送検する方針。
調べでは、渡辺容疑者は１１日午前４時１０分ごろ、東京都江東区亀戸４の街路灯に、「現天皇は昭和天皇の子供ではない」などと訴える自作の映画「天皇伝説」の宣伝ポスター数枚を張った疑い。今月に入り、同様のポスターを都内で約１００枚張っており、警戒中の捜査員に逮捕された。
渡辺容疑者は９０年、カンヌ国際映画祭にも出品した「島国根性」で、日本映画監督協会新人賞（奨励賞）を受賞した。天皇制に反対するテロリストを描いた「腹腹時計」などの作品がある。
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景気動向指数：一致指数が上昇
内閣府が１０日発表した７月の景気動向指数（速報値）によると、景気の現状を示す一致指数のＣＩ（合成指数、０５年＝１００）は前月比０・９ポイント上昇し、１０３・３となった。景気の基調判断は、景気後退の可能性が高いことを暫定的に示す「悪化」のまま据え置いた。
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環境税：導入で平行線 環境相と経団連会長が会談
斉藤鉄夫環境相は１１日午前、東京都内のホテルで日本経団連の御手洗冨士夫会長ら首脳と会談し、地球温暖化対策の一環で二酸化炭素（ＣＯ２）排出源に幅広く課税する「環境税」の導入を訴えた。これに対し、御手洗会長は「世界一高い法人税を負担する中で、これ以上の負担はとても耐えられない」と述べ、同税に反対する姿勢を改めて示した。
環境相はまた、政府が１０月からの試行を目指す排出量取引制度について、「排出量取引は世界の潮流で低炭素化を進める一つの重要な手段」と強調した。御手洗会長は「（投機的資金の流入などによる取引価格の高騰で）産業を破壊する可能性もある」と指摘し、慎重に制度設計を進めるよう要請した。【谷川貴史】
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三笠フーズ、事故米転売、架空取引繰り返す
米粉加工会社「三笠フーズ」（大阪市北区）がカビ毒や残留農薬で汚染された「事故米」を食用に転売していた問題で、同社が佐賀県唐津市の仲介業者との間で事故米の架空取引を繰り返していたことが11日、佐賀県の調べで分かった。事故米を流通させる手口の一つとみられ、同県はこの仲介業者についても調べる。
佐賀県は6日、この仲介業者を食品衛生法に基づき立ち入り調査し、伝票などの提出を受けた。
同県によると、仲介業者は記録上、昨年11月から今年8月にかけ、三笠フーズから20―30回にわたり計約880トンの事故米を「のり原料」として購入。さらに福岡市内の会社に全量を転売していた。(16:15)
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アサヒも焼酎自主回収…損失額は約１５億円６５万本
「かのか」など
アサヒビールが販売している焼酎の原料に、残留農薬などが含まれた事故米を不正転売していた米粉加工業者、三笠フーズ（大阪市）の汚染米が使用されていたことが判明、アサヒビールは１１日、対象商品の販売を中止し、自主回収に乗り出した。回収するのは焼酎の「さつま司」「かのか」と「とんぼの昼寝」「ちょこべこ」の４ブランドで、約６５万本。回収費用や廃棄など焼酎の自主回収に伴う損失額は計約１５億円に上るという。
アサヒビールは「当社の検査では原酒から残留農薬は検出されていない」としているが、消費者に不安を与えないよう回収に踏み切った。汚染米転売問題で大手飲料メーカーが自主回収に追い込まれたのは初めてで、問題の影響が拡大、事態は一層深刻化している。
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事故米食用転売：三笠フーズ、輸入会社からも７２トン購入
農林水産省は１０日、三笠フーズが０５年度に輸入会社「アンドレイ・ファーイースト」（東京都千代田区）からタイ産の事故米７２トンを購入したことを明らかにした。国以外からの購入先は３社となった。
農水省によると、カビが生えたうるち精米約６４トンともち砕精米約８トン。福岡県の米穀店を通じて、国から米を買ったアンドレイ社から購入した。同省はこれらの米について、食用転売していないか調べている。【奥山智己】
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事故米転売：やはり他にも 浅井「経営厳しく」 「食用」目的は否定
事故米をめぐる不正がまた明らかになった。三笠フーズ（大阪市北区）による食用転売問題に続き、新たに愛知県内の２社が事故米を目的外で使用していた。食用への転売は否定するが、事実は今後の農林水産省の調査結果待ちだ。事故米の転売問題は、さらに拡大する様相をみせてきた。
「資金繰りが厳しく、転売はいかんと知りつつやった。申し訳ございません」。「浅井」（名古屋市瑞穂区）の浅井利憲社長（５６）は１０日、同社が入るマンションの通路で報道陣に頭を下げ謝罪した。
浅井社長によると、事故米は前社長の時代から昨春まで数十年間、工業用として購入。知人の経営する米穀販売「ノノガキ穀販」（三重県四日市市）に計８６２トンを転売したのは昨年という。
農水省には「米は砕いて売ったが、工業用のりとしてではなかった」と話していたとされるが、取材には「中国産の事故米で、食用ではなく工業用と伝えた。のりの製造過程の粉状にして売った」と食い違いを見せた。
農水省の立ち入り調査があった８日に、ノノガキ穀販に対して再転売や食用使用の有無を問い合わせようとしたが、連絡が取れなかったという。浅井社長は「転売先での使われ方に考えが及ばなかった。売却はノノガキ穀販から持ちかけられた」と話した。
「ノノガキ穀販」は民家に入り、表札に社名が記されている。１０日夕は、人影がなくひっそりとしていた。調査に訪れた三重農政事務所の職員２人は「店舗はなく、車で産地や卸しなどの仲介をしているようだ。今日中には事情を聴けないかもしれない」と話した。
また、愛知県小坂井町にある「太田産業」の太田博之社長（５６）は、同社内で報道陣に「事故米は２０年以上前から肥料用と工業用として買っていたが、２年ぐらい前から工業用だけになった。（肥料として売った事故米分は）３年間で１０００トンぐらい。たいした量ではない」と話した。
２社に無償譲渡したとされることについては「（工業用として米を買う）入札の名義を借りるため、（見返りとして）与えた」などと話し、取材対応を打ち切った。【石原聖、加藤新市、清藤天】
◇「通帳」問い詰め白状－－農政局「信用しすぎた」
農水省などによると、「浅井」と「太田産業」は、０３年から架空伝票を作るなど二重帳簿で東海農政局（名古屋市）の立ち会い調査を逃れていた。今回の不正発覚は、業者にとって支出や収入の記録となる通帳という、最も基礎的なデータを調べた結果だった。
８日からの調査では、職員が出荷伝票や納品書、会計書類などで事故米の流れを確認した。通帳を要求すると、伝票上の取引先から入金がないなど不審な点が浮上。問い詰めると担当者が不正を認めたという。
事前に通告しての立ち入り検査が一般的な中、東海農政局では抜き打ち的に行っていたという。しかし、通帳を確認することはなかった。職員の一人は「強制権限がないので通帳の確認は難しかった」と打ち明ける。
これまで同農政局は２社に対して計４２回、立ち入り検査をしていたが、台帳や納品書の偽装には気付かなかった。担当者は「業者を信用しすぎた。数字を追うだけの調査だった感は否めない」としている。【稲垣淳】
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◇浅井
民間信用調査機関によると、４９年創業で穀物類を原材料とした接着剤の添加物や、飼料の卸売りを行っている。名古屋市港区や佐賀県伊万里市に支店や工場がある。浅井利憲社長（５６）は７５年に入社し、８５年から社長を務める。０５年時の従業員は５人。
◇太田産業
民間信用調査機関によると、３９年創業で、海外から仕入れた牧草などの飼料を卸売りしているほか、大豆粕（かす）や菜種油粕を肥料として農協などに販売している。太田博之社長（５６）は、０５年に兄に代わって社長に就任した。５月現在の従業員は８人。
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Big fund firms among top holders in sinking stocks
Wed Sep 10, 2008 5:19pm EDT
By Svea Herbst-Bayliss
BOSTON (Reuters) - Some of America's biggest and best-known mutual fund companies likely suffered heavy losses multiple times this week because they had large holdings in the market's worst performing stocks.
AllianceBernstein Holding LP (AB.N: Quote, Profile, Research, Stock Buzz), which invests $675 billion, may have been the biggest casualty. It ranked as the top shareholder in ailing investment bank Lehman Brothers Holdings Inc (LEH.N: Quote, Profile, Research, Stock Buzz), where it owned 65.6 million shares, and crippled mortgage company Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz), where it owned 134.2 million shares, at the end of June.
At Fannie's cousin Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz), AllianceBernstein was the third biggest holder with 41 million shares.
On Tuesday, Lehman's stock tumbled 46 percent, while Fannie Mae cratered 90 percent, and Freddie Mac plunged 85 percent on Monday. While the companies' share prices have recovered somewhat, losses remain enormous overall, with Fannie having given up early all of its value in the last 52 weeks, for example.
Fidelity Investments, the world's biggest mutual fund company with $1.5 trillion invested had also loaded up on this week's losers. The privately held company ranked as the third largest investor in Lehman and the fourth biggest owner at Fannie. At Freddie, Fidelity ranked in 10th position.
Capital Group, which runs the popular American Funds, was the second biggest investor in Freddie Mac and the third biggest in Fannie Mae. And Legg Mason Inc, home to Bill Miller who was ranked as America's best stock picker for 15 years, held more Freddie shares than anyone else, while Legg's ClearBridge unit was the second biggest owner of Lehman stock.
"Fidelity and Capital Group are so big that they are bound to be among the biggest owners in whatever they own," said Morningstar analyst Christopher Davis.
And hedge fund manager George Soros could have lost as much as $84.7 million this week alone if he still owns the 9.47 million shares of Lehman he bought in the second quarter.
While the ownership lists read like a who's who among mutual fund firms, it did not win these firms new fans, industry sources said, noting that clients either shifted their money from stock funds to cash or quit the firms altogether.
"Clients voted with their feet maybe because these guys weren't doing the research they should have been," said one hedge fund manager who asked not to be identified because he concentrates on betting that stock prices will fall.
AllianceBernstein said its assets under management shriveled $20 billion, or 2.9 percent, in August.
But the fact these firms were all crowded in these names also came as no surprise to other money managers.
"Fannie, Freddie and Lehman had long looked so cheap on paper that fund managers at America's biggest firms just kept buying them over time," said Pat Becker Jr., chief investment officer at Becker Capital Management.
"In a way, Fannie, Freddie and Lehman were some of their favorite children," added Becker, who does not own the names.
This summer, Harry Lange, who manages Fidelity's flagship Magellan fund, where millions of Americans save for retirement and college education, was loyal to Lehman.
At the end of June, Lange owned $138.7 million shares in Lehman, filings show. He had 10.3 percent of the portfolio invested in financial stocks at the end of June, up from 10.1 percent a month earlier.
Because the fund companies are so large, it is difficult to say which of their managers held the lion's share of these losers, industry analysts said. At the same time, several fund companies also said the pain was spread out among various holdings.
Asset managers also noted that Fannie, Freddie and Lehman were in so many portfolios because they are all big components of the Russell 1000 Index, which gives investors access to a large swath of big U.S. stocks and is often used as a benchmark by many fund managers.
"Any closeted indexer would have been buying these names. It makes a lot of sense," Becker added.
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国技大乱：／上 北の湖理事長辞任 科学に屈した強弁
角界を襲った薬物汚染騒動は、大麻の陽性反応が出た幕内・露鵬、十両・白露山の兄弟力士を解雇、日本相撲協会のトップに立つ北の湖理事長の辞任で、一応の決着を見た。続出する大相撲界の不祥事。その度にあからさまになる日本相撲協会の醜態。国技に対する信頼は揺らぐばかりだ。北の湖理事長は、ドーピング（禁止薬物使用）検査導入、外部理事の登用など山積する課題に手をつけぬまま退陣したといっていい。武蔵川新理事長は失った信頼を回復できるのか。【堤浩一郎】
◇外部委員が「常識」持ち込む
俗に「角界の常識は、世間の非常識」という。一連の大麻騒動でも、北の湖理事長はぎりぎりまで責任を回避する動きを見せ、露鵬の師匠である大嶽親方（元関脇・貴闘力）も「弟子を最後まで信じるのが親（方）の務め」との主張を続けた。こうした「非常識」を打ち破ったのが、科学の力だった。
８日の理事会で、露鵬、白露山両力士の尿検査の結果について報告した再発防止検討委員会の大西祥平委員（日本アンチ・ドーピング機構専門委員、慶大教授）は、データを示しながら「明らかに自身が吸ったと判断せざるを得ない」と説明。北の湖理事長に辞任を決断させる一因となった。
理事会に先立つ検討委で、露鵬、白露山は最後まで「吸っていない」と全面否定した。しかし、こうした数字を突き付けられ、「日本語が８０％しか分からない」「記憶が混乱している」などと、答えが次第にあいまいになったという。
検討委は、時津風部屋の力士暴行死事件を機に、昨年１０月に発足した。背景には管轄官庁である文部科学省の強い要請があり、決して協会執行部が積極的に設置したものではなかった。北の湖理事長も「形式」という意識だっただろう。しかし、大西氏ら外部から登用した委員が「世間の常識」を持ち込み、当初の予想以上の機能を果たした。
今月２日に協会が抜き打ち実施した尿検査も、検討委が８月２９日に提案したものだ。これを翌日に承認したのは、ほかならぬ北の湖理事長だった。理事会を経ずに理事長自ら下した決断が、その首を絞めることとなった。
◇吸引基準値の５～１０倍検出 大西委員が説明
今回の大麻疑惑で一連の検査を指揮した再発防止検討委員会の大西祥平委員は８日、両国国技館内で会見を開き、検査の結果などを説明した。
大西委員は、大麻を自身で吸引したと判断する最低基準値として、尿１ＣＣ中１５ナノグラム以上の成分が検出された場合としたうえで、「露鵬は基準値の５倍、白露山は１０倍の数値を示した」と明らかにした。
露鵬側が検査手続きの不備を主張している点については、精密分析を依頼した世界反ドーピング機関（ＷＡＤＡ）公認の検査機関が、手続きの正当性を証明する書類を発行していると反論。「（採取する）紙コップはランダムに渡し、恣意（しい）的な行為はできない。（検体保存の）ケースは特殊な器具でないと、ふたを開けられない」と話した。
一方、ＷＡＤＡの規定では、１回目の大麻使用の場合の資格はく奪は、最長１年間と定められている。これを受け、大西委員は「解雇は極めて厳しい処分。社会的な影響力を考えたのだと思う」と、協会の判断は妥当とする見解を示した。
◇剛腕の新理事長「腹割って話す」
武蔵川新理事長は北の湖理事長らと両国国技館内で会見した。第一声は「まずもって協会が度重なる不祥事を起こし、迷惑と心配をかけたことを、おわびしたい」との謝罪。さらに「協会がしっかりやらないと、こういう事件がまた起きかねない」と危機感を口にしたが、具体的な対策作りはこれからとなる。
「協会が一丸となり、腹を割って話し合いたい」と語った新理事長。ただ、この日の理事長人事もすんなりと決まったわけではない。協会ナンバー２の事業部長としての責任を指摘する意見も出た。だが、剛腕で知られる武蔵川理事が、非常時には適任との声で後任に決まった。新理事長には、水面下の派閥争いも激しい協会を「一枚岩」にまとめ上げることが求められる。
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◆北の湖理事長、一問一答
◇一生懸命努力をしたが、至らなかった
－－辞任して今の心境は。
白露山の陽性反応を真摯（しんし）に受け止め、師匠として、親として責任を取らなくてはいけない。自分から辞任を申し出た。指導が至らなかったことを、深く反省しています。本人が「していない」と言っても、本当に陽性なら辞任と考えていた。師匠として十分に目を光らせなければいけなかった。
－－在任中を振り返って。
時代の流れでいろいろな出来事があった。そういう問題で、私も一生懸命努力をしたが、至らなかった。処理できていないことが残り、申し訳ない気持ちがある。
－－白露山の大麻使用について。
違法なことで、決してやってはいけないこと。ファンの皆様、関係者に対して、申し訳なく思っている。
－－辞任はいつ決断したか。
昨日、数値が高いことを確認し、その時に決めた。
－－武蔵川新理事長に期待することは。
土俵あっての相撲。いろいろ問題も起きると思うが、その都度その都度、処理してほしい。
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◇処分内容◇
▽露鵬と白露山を解雇
▽大嶽親方を「委員」から「年寄」に降格
※北の湖理事長は自ら辞任。理事にはとどまり、大阪場所を担当。武蔵川新理事長が担当していた、事業部長には伊勢ノ海理事が就任
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◇日本相撲協会歴代理事長◇
初代 ２８～３８年 広瀬正徳（陸軍中将）
２代 ４４～５７年 出羽海 （元横綱・常ノ花）
３代 ５７～６８年 時津風 （元横綱・双葉山）
４代 ６８～７４年 武蔵川 （元前頭・出羽ノ花）
５代 ７４～８８年 春日野 （元横綱・栃錦）
６代 ８８～９２年 二子山 （元横綱・初代若乃花）
７代 ９２～９８年 境川 （元横綱・佐田の山）
８代 ９８～０２年 時津風 （元大関・豊山）
９代 ０２～０８年 北の湖 （元横綱・北の湖）
１０代 ０８年～ 武蔵川 （元横綱・三重ノ海）
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◇武蔵川晃偉（むさしがわ・あきひで）
元横綱・三重ノ海。本名・石山五郎。１９４８年２月４日生まれ。三重県出身。６３年名古屋場所が初土俵で、７６年名古屋場所に大関から関脇に陥落したが、翌場所の秋場所に大関返り咲き。７９年秋場所で横綱に昇進し、大関陥落経験のある唯一の横綱となった。幕内優勝は３回。指導者としても、横綱・武蔵丸、出島、武双山、雅山の３大関を育てた。
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国技大乱：／中 力士、親方のモラル低下 問われる指導力
「（大麻疑惑の）事実が明らかになるまで１年間休養する」とまで言って、理事長職にこだわった北の湖親方を、再発防止検討委員会が冷徹なデータという「外圧」で辞任に追い込んだ。しかし、ある理事は「まだまだ、火種はたくさんあるよ」と、山積する問題に頭を抱える。
露鵬と白露山は、６月のロサンゼルス巡業で大麻を手にしたという。巡業では、支度部屋で過ごす時間が長く、本場所のような緊張もないため、幹部からの縛りも緩い。抜き打ち尿検査導入を決めた先月２９日の検討委では、遅刻を繰り返した朝青龍の行動も問題にされた。
「薬物は持ってはいけない」「外出時は着物」。検討委は生活規範を写真で示したマニュアル作りを急いでいる。冊子の下刷りを見たある幹部は「子どものころに親から教えられること、入門時に親方が指導することばかり。協会がこんなことまで一から指導しなければならない時代なのか」と嘆く。
年内にはドーピング検査を試験的に導入するが、「力士が集まる一番分かりやすい日に大麻検査をしても、ひっかかる力士がいる。あまりに脇が甘い。ドーピング検査でも想像がつく」との冷ややかな見方もある。
「朝青龍騒動の後も、何一つ変わっていない」と指摘する親方は多い。検討委は外部有識者を呼んだ講演を５月に開いたが、居眠りする親方が何人もいた。「何もしなくたって力士がいるだけで月２０万円（協会が支給する弟子１人当たりの養成費）入ってくるんだから、いくら上から言ったってのれんに腕押し」とあきれる声もある。
モラルの低下と、指導力の欠如。武蔵川理事長（元横綱・三重ノ海）が打ち出した「腹を据えて、師匠、力士ともに徹底する」という厳しい指導がどんなものか、角界の内も外も注目している。【上鵜瀬浄】
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国技大乱：／下 厳しさと優しさ 横綱・大関４人育てた、確かな手腕
「あの厳しい武蔵川さんなら協会全体が引き締まる」。協会内には武蔵川理事長への期待の声が高い。親方として横綱武蔵丸、武双山、出島、雅山の３大関を育てた手腕の確かさを周囲は評価し、一目置いている。
「若・貴ブーム」の後、４人の横綱・大関で「武蔵川時代」を築き上げた。成功の秘訣（ひけつ）には「厳しさと優しさ」がある。
武蔵丸はハワイ出身。先輩に大関・小錦と横綱・曙がいる。小錦は発言でしばしば物議を醸し、曙も酒場で暴れて騒ぎを引き起こした。同じ轍（てつ）を踏まぬよう、武蔵川親方は厳しい目を光らせた。横綱になっても、けいこやしつけで妥協はしなかった。協会主催のパーティーに遅刻した雅山を衆人環視の中、叱責（しっせき）したこともある。
育成でも異彩を放った。当時、学生出身関取のほとんどが日大出身なのに、大関以上の日大出身者は輪島（横綱）だけだった。大学出身力士の、三役の常連も少なく「サラリーマン関取」とやゆされた。武蔵川親方は、この常識を破った。武双山は専大中退、出島は中大卒、雅山は明大中退。３人とも出身大学の指導者が「武蔵川さんなら大丈夫」と送り出した。
「人の助言を聞けるから、いい人材が集まった」と話すのは、武蔵川部屋出身の元十両・武哲山の栗本剛さん。栗本さんは角界引退後、筑波大大学院を修了。初の角界出身高校教諭になり、今年、茨城・東洋大牛久高相撲部を高校総体日本一に導いた。「今でも『うちのコメを持って行けよ』と声をかけてくださる」と栗本さんは言う。
先月２１日の理事会。大麻取締法違反容疑で逮捕された若ノ鵬の解雇を決めるとともに、遅刻常連の朝青龍の巡業での態度が議題に上った。当時事業部長の武蔵川親方は「高砂さん、あなたはおかしいと思わないのか」と語気を強め、朝青龍の師匠・高砂親方に反論させなかった。
角界に山積する難問に、毅然（きぜん）と対処できるか。新理事長の手腕が問われる。【上鵜瀬浄】
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大相撲大麻疑惑：白鵬、元若ノ鵬に同情「もう一度機会を」
日本相撲協会への謝罪後、報道陣の前で
大相撲の一連の大麻騒動に関して、横綱の白鵬が１１日、「若ノ鵬にはもう一度やらせてもいいんじゃないかという気持ちにもなる」と、解雇された若ノ鵬に同情的な姿勢を見せた。
この日、大島部屋で出げいこをこなした後に話した。白鵬は解雇された若ノ鵬、露鵬、白露山の３人について、「一生懸命頑張っていたし、まだまだこれからだった。何場所か休ませる手（処分）はなかったのかな」と残念そうに語った。また北の湖・前理事長の辞任は「責任とは怖いなと思った」と、地位の重さを痛感した様子だった。
武蔵川理事長は外国出身力士に再教育を行う方針を打ち出しているが、白鵬は「外国から来て目立つこともある。一から出直す必要がある。初心に戻ることが大事」と謙虚に受け止めた。
１４日初日の秋場所に向けて、世間の力士に対する心象が悪化していることが懸念されるが、白鵬は「全員がそうではない。応援してくれている人は知っている。萎（い）縮せず、今まで通り良い相撲を取る。大丈夫です」と、番付最上位である東の正横綱の自負にあふれた言葉を述べた。
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元若ノ鵬の会見、弁護士が台無しに…自己宣伝の暴挙
高須基仁「人たらしの極意」
相撲界を揺るがした“大麻スキャンダル”。きっかけを作った元幕内力士、若ノ鵬ことソスランは８日に処分保留で釈放された。当局は、彼が解雇という社会的制裁を受けたことで温情を見せたのだろう。
ソスランは、８日に続き、９日にも「相撲界に戻りたい」と記者団に訴えた。しかし、たとえ初犯で当時未成年だったとはいえ、世間の大麻・薬物に向ける目は厳しい。
私は、その釈放劇の前日７日深夜、東京・新宿の京王プラザホテルで、デビュー当時からソスランを支えてきた出版社社長と会い、釈放時の段取りを打ち合わせした。釈放されたらまず間垣親方の元にわびを入れに行き、相撲協会にも顔を出した上できちんと身繕いし、記者会見で相撲ファン、国民に頭を下げる－という段取りを組んだ。
ところが、ソスランの担当弁護士は、出版社が用意したキャデラックで警視庁に赴いた我々に先回りするようにソスランを“拉致”した。
弁護士が用意したハイヤーが既にあり、私たちは一度外に出された。記者会見も、私が司法記者会と折衝し、日比谷のプレスセンターで仮に設定していたのに、弁護士はソスランを押さえたまま、「忙しいから」と連絡を断った。
担当弁護士の主導で８日に行った会見では、ソスランはザンバラ髪で貸衣装らしい紋付を着せられたまま。無精ヒゲのグズグズの姿がマスコミを通じてさらされてしまった。
このため、間垣親方は両国国技館でお嬢さんと待機していたのに、結局親方らは国技館で待ちぼうけとなってしまった。親方は知人のお見舞いで埼玉方面に行き、間垣部屋には親方がいないにもかかわらず、弁護士が勝手に部屋に連れて行った。その後、午後５時過ぎに、会見が開かれたのだ。
出版社社長は、ソスランの拘留期間が長かったので、髪の毛を整え、ヒゲも剃り、身なりを整えて会見できるよう、衣装も用意していたのだが…。
ソスランは日本語が必ずしも達者ではない。弁護士の言うことが、そのまま最大の支援者である社長の言葉そのものと思ったのだろう。ソスランは９日、弁護士と委任契約を結んだらしいが、その金額たるや実にえげつない額だった。この素人っぽい弁護士が他人のふんどしで勝負、否、商売しようとするのが透けて見える。
弁護士はこの先も相撲協会と対峙し、「若ノ鵬の地位保全」を求める戦略のようだ。
ソスランの「もう一度相撲をとりたい」という気持ちは分かる。しかし、私はまだ時期尚早だと言いたい。親方にわびを入れることも１０日になってしまい、順番が逆になった。
はっきり言って、この弁護士はダメだ。彼が突出するのは、競争の激しい弁護士界で、顧客獲得のため自らの商売を自己宣伝する必要もあるからだろう。
私と出版社社長は９日夜、新宿歌舞伎町の居酒屋で１人でやってきたソスランと会った。ジャージー上下にビーチサンダルという姿だった。「一緒に写真を撮ろう」というと、彼は「勘弁してください」と顔を曇らせた。
私はこれだけの大問題になり、多くの人を巻き込んだことについて“大説教”した。ソスランは神妙に聞いていたが、あの弁護士にソスランの生殺与奪の権利を持たせてはいけないと思う。
元幕内力士、若ノ鵬こと２０歳のロシア青年、ソスランよ。古来日本のたとえにある“覆水盆に返らず”の言葉を噛みしめるべきであろう。（出版プロデューサー）
■高須基仁の“百花繚乱”独り言（ｈｔｔｐ：／／ｐｌａｚａ．ｒａｋｕｔｅｎ．ｃｏ．ｊｐ／ｔａｋａｓｕｍｏｔｏｊｉ）
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２元力士の大麻検査結果、相撲協会が警視庁に提出
大相撲のロシア出身の元兄弟力士、露鵬（28）と白露山（26）＝いずれも解雇＝が尿の精密検査で大麻反応を示した問題で、警視庁は10日、日本相撲協会から検査結果の任意提出を受けた。
同庁は今後、科学捜査研究所で検査結果を分析するとともに、2人の大麻所持の有無を慎重に捜査する方針。(07:00)
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元若ノ鵬、提訴せず「まげを切って下さい」親方と涙の抱擁
紋付き袴姿で元露鵬と元白露山が住むマンションを訪れた元若ノ鵬
大麻所持で逮捕された元幕内・若ノ鵬（２０）が１０日、解雇を受け入れる意思を固めた。前日は日本相撲協会が下した解雇の無効を訴え法的手段も視野に入れていたが、この日、所属していた間垣部屋など都内３か所を謝罪行脚。間垣部屋では間垣親方（元横綱・２代目若乃花）に涙で断髪を希望し、３年間の短い力士人生にピリオドを打った。
元若ノ鵬は、知人の出版プロデューサー・高須基仁氏らを伴い、墨田区の間垣部屋を紋付き袴（はかま）姿で訪問。頭を下げて復帰を希望したが、間垣親方に「解雇されたからもう戻れない」と却下された。その言葉に観念したのか、別れ間際には「まげを切ってください」と号泣。師弟で泣きながら抱き合った。結局断髪はしなかったが、力士の命を切り落とす決意で引退を受け入れた。
その後、０４年９月の来日時に世話になった江東区の大嶽部屋を訪ね、元横綱・大鵬の納谷幸喜さんと大嶽親方（元関脇・貴闘力）に謝罪。最後に元露鵬（２８）と元白露山（２６）が住む中央区のマンションを訪問した。だが、インターホンで言葉を交わしただけで、わずか１分で門前払い。若ノ鵬事件がなければ抜き打ち尿検査はなく、２人の解雇につながらなかった。門前払いは解雇の原因を作った怒りの表れか。謝罪行脚の最終地点で残酷な現実が待っていた。
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元若ノ鵬、大嶽部屋でも門前払い
大麻所持容疑で逮捕され、日本相撲協会から解雇処分を受けた元幕内若ノ鵬（２０）が１０日午後、東京・江東区の大嶽部屋に姿を見せた。大麻問題が飛び火して解雇された元幕内露鵬の件で先代親方の元横綱大鵬（納谷幸喜氏）に謝罪したい意向だったが、玄関でインターホンを鳴らしたものの門前払い。８日の釈放後、前日は協会にも復帰を断られたばかりで、肩を落として引き揚げた。
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元若ノ鵬が大嶽部屋訪問、納谷氏らに謝罪
謝罪のためアポなしで大嶽部屋を訪れた元若ノ鵬
謝罪のためアポなしで大嶽部屋を訪れた元若ノ鵬
元平幕若ノ鵬（２０＝本名・ガグロエフ・ソスラン）は１０日、元露鵬らがいるマンションに行く前に、間垣部屋入門前に１年間、住み込みでけいこした大嶽部屋に謝罪に訪れた。午後４時２０分すぎに到着し「謝りに来ました」と、かつて指導を受けた元横綱大鵬の納谷幸喜氏と４０分以上、大嶽親方（元関脇貴闘力）と約１５分話し、無言で車に乗り込んだ。納谷氏は「アイツが謝りに来ただけだよ」。大嶽親方は「話すことはない」と多くを語らなかった。
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若ノ鵬仲間割れ!?露鵬＆白露山に門前払い
元平幕若ノ鵬（２０＝本名・ガグロエフ・ソスラン）が１０日、同じロシア出身の元平幕露鵬と元平幕白露山の兄弟がいる都内のマンションから追い返された。この日、夕方に謝罪のため大嶽部屋を訪問した後、関係者に付き添われて同マンションを訪れたが、部屋に入れてもらえなかった。
元若ノ鵬は訪問の理由について「謝りたい」とだけ話した。相撲界を揺るがす大麻騒動は自身の大麻吸引による逮捕が引き金になった。それで兄弟を巻き込んでしまったという思いがあったのかもしれない。しかし、マンションに備えつけてあるインターホンを鳴らしたが、反応がなかったのか、首をかしげて、すぐに引き返した。
元若ノ鵬は元露鵬、元白露山兄弟の父親が経営するレスリングクラブの出身で、来日後も兄弟にかわいがられてきた。同郷の３人で行動することが多かった。しかし、元露鵬は現在、解雇処分に対して訴訟を起こすかどうかを弁護士と検討中。立場的にも逮捕された元若ノ鵬と接触することができないのかもしれない。報道陣からの質問に元若ノ鵬は「話す気になれない」とだけ言い残し、その場を後にした。
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協会から分析結果受領＝「ロス巡業で吸引」報告も－２力士大麻陽性問題・警視庁
大相撲力士の露鵬、白露山＝いずれもロシア出身、解雇＝から大麻の陽性反応が出た問題で、警視庁組織犯罪対策５課は１１日までに、日本相撲協会からドーピング（禁止薬物使用）専門機関による精密分析結果の提出を受けるとともに、２人が「ロサンゼルス巡業で大麻を吸った」と話していたとの報告を受けた。
分析結果は英語で書かれ、２人の尿から大麻成分が検出されたとの内容だった。
２人が２日の簡易検査で陽性反応が出た後、再発防止検討委員会の複数の親方の前で、「６月のロス巡業で、知人の黒人歌手から大麻をもらって吸った。師匠には黙っていてほしい」と話したとの報告も受けた。
２人はこれまでの事情聴取に「全くやったことがない」と否定。同課は再び事情を聴くなどして慎重に調べる。 （了）
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元若ノ鵬が地位確認求め提訴
2008.9.11 20:56
大麻取締法違反（所持）容疑で逮捕され、８日に処分保留で釈放された大相撲の元幕内力士、若ノ鵬（２０）（本名・ガグロエフ・ソスラン）＝ロシア国籍＝が１１日、日本相撲協会から解雇されたことを不服として、力士としての地位確認などを求める訴訟を東京地裁に起こした。
訴状によると、元若ノ鵬は平成１７年、力士として、同協会に雇用された。今年８月１８日、大麻を所持していたとして逮捕され、同月２１日に解雇された。
元若ノ鵬側は「協会の過去の処分例で、私生活上の犯罪行為で解雇した例は皆無。時津風部屋の力士による傷害致死事件でも出場停止にしているだけ。他の事例と比べても極めて厳しい処分で、協会の権利の乱用に当たる」と訴えている。
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岐阜県警、特別捜査本部を設置 タイ・日本人殺害事件
2008年9月11日21時7分
タイに滞在していた岐阜県山県市出身の棚橋貴秀さん（当時３３）が殺害された事件で、岐阜県警は１１日、山県署に特別捜査本部を設置するとともに、タイ警察が殺人容疑で逮捕状をとっている日本人の男２人について、棚橋さんの預金を勝手に引き出したする窃盗容疑で逮捕状を取った。特捜本部は、刑法の国外犯処罰規定に基づき、殺人事件について本格捜査する。
県警の調べでは、愛知県出身の男（３１）と大阪府出身の男（３０）が８月６日にタイから帰国した直後ごろ、名古屋市内の現金自動出入機（ＡＴＭ）で数回にわたり、棚橋さん名義の銀行口座から現金１千万円以上を引き出したとされる。
県警などによると、棚橋さんはタイに長期滞在し、為替や株取引をしながら生計を立てていた。大阪府の男とは資産運用を通じて知り合った。愛知県の男と面識はなかったという。県警は、資産運用をめぐってトラブルがあったとみている。
棚橋さんは、バンコクのアパートから行方不明となった４日後の８月９日、約２００キロ離れた国立公園で遺体となって発見された。県警がタイから搬送した棚橋さんの遺体を司法解剖した結果、死因は水死で、頭部や顔面、胸、腕などに鈍器で殴られたような跡があった。
男２人は、棚橋さんが行方不明になった翌日に別々の航空便で帰国。すでに県警の任意の聴取に応じている。愛知県の男はＡＴＭから現金を引き出したことや、棚橋さんの死体を現地の国立公園に遺棄したことなどを認めている。大阪府の男は事件について黙秘し、その後、行方が分からなくなったという。
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洗濯機：事故６件 停止前取り出し、指切断や骨折
洗濯機の洗濯槽の回転が止まる前に手を入れて指を洗濯物に絡ませ切断するなどの事故が昨年８月以降、６件あったことが経済産業省の調べで分かった。洗濯機の欠陥は確認されていないが、同省は「回転が止まってから取り出して」と注意を呼びかけている。
経産省によると、愛知県瀬戸市の女性が先月２７日、脱水運転が終わって洗濯物を取り出そうとして右手薬指を切断した。このほか、同様の指の切断が４件、腕を骨折したケースも１件あった。経産省は「ふたを開けて１５秒以内に洗濯槽が止まらない場合は故障の恐れがあるので、販売店に相談してほしい」と話している。
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