Rostekhnologii to include 1/4 of Russia defence sector-Ivanov
28.08.2008, 18.25
KLIMOVSK (Moscow region), August 28 (Itar-Tass) - Stocks of 330 organisations and enterprises of the defence-industrial sector will be transferred to the State Corporation Rostekhnologii (Russian Technologies) as “a property contribution of Russia,” which makes almost one-fourth of the total number of all organisations included in the Consolidated Register of the Defence-Industrial Complex Organisations, Russian Vice Prime Minister Sergei Ivanov said on Thursday at a visiting session of the Military-Industrial Commission under the Russian government.
According to the official, the share of these enterprises in the “total volume of military production is about 22 percent.”
Ivanov recalled that holding companies in the defence complex will be created on the basis of these organisations. According to him, the main task of the Military-Industrial Commission is to “ensure the settlement of the most difficult complex questions, as well as to become the main coordination body in this process.” Ivanov expressed confidence that the commission at its Thursday meeting will make final decisions “that will comprehensively promote the process of integration of defence enterprises, including under the auspices of Rostekhnologii.”
Rostekhnologii was established by a Russian presidential decree in November 2007 on the basis of arms exporter Rosoboronexport’s assets to promote the development, production and export of high-tech industrial products.
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West should not depend on Russia for energy - British PM -2
14:01 | 31/ 08/ 2008
MOSCOW, August 31 (RIA Novosti) - British Prime Minister Gordon Brown said in an article in the Observer newspaper on Sunday that the West should not be dependent on Russia for energy supplies.
"No nation can be allowed to exert an energy stranglehold over Europe," wrote Brown, adding that he would take action to stop the U.K., "sleepwalking into an energy dependence on less stable or reliable partners."
Brown's words came a day after what he called a "frank" phone conversation with Russian President Dmitry Medvedev ahead of an EU emergency meeting in Brussels on Monday on the recent conflict between Russia and Georgia over South Ossetia.
Russian President Dmitry Medvedev told Brown during their conversation that Moscow was seeking, "constructive dialogue with the EU and other international organizations."
Brown argued for additional funding to construct a pipeline from the Caspian Sea carrying gas through Turkey to the West. This would go around the traditional supply route through Russia and neighboring ex-Soviet republics. Some analysts had suggested that the Nabucco pipeline project could be put in jeopardy by the recent conflict in Georgia.
Russia dismissed on Friday media reports claiming the country planned to cut oil supplies to Europe amid growing tensions over the Georgia conflict.
"Even during the Cold War, the Soviet Union consistently fulfilled its contract obligations to supply energy to Europe irrespective of political or other circumstances," Deputy Prime Minister Igor Sechin, who oversees the energy sector in the Russian government, said.
At the EU summit on Monday, the organization is expected to promise to send peace monitors to Georgia. They are also to review ties and relations with Russia in the light of the Georgia crisis.
The recent conflict between Russia and Georgia began on August 8 when Georgian forces attacked breakaway South Ossetia. Russia mounted an operation to expel Georgian troops from the rebel region, and then pushed on into parts of Georgia proper. Moscow announced the end of its operation "to force Georgia to peace" on August 12.
Last Tuesday, Moscow recognized South Ossetia and another Georgian breakaway republic, Abkhazia, as independent states, despite warnings from Western leaders not to do so.
"When Russia has a grievance over an issue such as South Ossetia, it should act multilaterally by consent rather than unilaterally by force," Brown said.
"My message to Russia is simple. If you want to be welcome at the top table of organizations such as the G8, OECD and WTO, you must accept that with rights come responsibilities," he added.
The British PM went on to say that, "That is why I will argue tomorrow [at the EU summit] that Russia should accept Georgia's territorial integrity and international mechanisms for addressing these conflicts, and withdraw troops to their previous positions.
"And, in the light of Russian actions, the EU should review - root and branch - our relationship with Russia," he concluded.
He also called on NATO to "re-evaluate the alliance's relationship with Russia and intensify our support for Georgia and others who may face Russian aggression."
Moscow has accused the West of "bias" in the current crisis. Last week, Russian Prime Minister Vladimir Putin accused the U.S. of provoking the conflict in Georgia in order to give an advantage to "one of" the U.S. presidential candidates.
Putin defended on Saturday Russia's actions in South Ossetia, saying it had defended the rights of its citizens.
The former Russian president stressed that Russia did not fear Western sanctions: "Such a country will not be in isolation," he said in an excerpts shown on state-run Russian television.
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Russia, Turkmenistan sign cooperation deal
AFP
AFP - Saturday, August 30 10:25 pm
ASHGABAD (AFP) - Russia and Turkmenistan have signed a deal to develop oil and gas fields and build new pipelines, the state TDH news agency reported Saturday.
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"The agreement between (the) Turkmen and Russian governments on trade and economic cooperation, as well as the accord on scientific, technical and innovation cooperation" was signed during talks on general economic cooperation, the report said.
"Turkmenistan considers Russia its good friend and strategic partner, and intends to develop (a) constructive dialogue," Turkmen President Gurbanguly Berdymukhamedov was quoted as saying during talks with Russia's Deputy Prime Minister Viktor Zubkov.
Russian gas giant Gazprom recently announced it had reached agreements with Turkmenistan on investing in its gas infrastructure.
The company said it would build "major new pipelines" in the east of the country, develop new gas deposits and increase the capacity of the pipeline running along the Caspian Sea to 30 billion cubic metres.
Moscow has recently faced increased competition for Turkmenistan's vast gas reserves from both Europe and China.
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ブラジルで鉄鉱石加工へ 神戸製鋼
2008年8月30日21時54分
神戸製鋼所はブラジルでの鉄鉱石加工を検討し始めた。犬伏泰夫社長が朝日新聞のインタビューで明らかにした。独自の加工技術を生かし、品薄の鉄鉱石を安定調達する狙い。現地の鉄鉱石世界最大手バーレや、神鋼の提携先である新日本製鉄との３社合弁を想定している。
粉状の鉄鉱石を高炉に投入する前の処理法の一つに、水や添加剤で直径１～３センチほどのペレットに固める方法がある。神鋼は、品質が低く安価な鉄鉱石でも高品質なペレットに仕上げる技術を持っており、加古川製鉄所（兵庫県加古川市）で実際に使っている。この技術を用いてブラジルでペレットを生産し、神鋼や新日鉄で使うことを検討している。
鉄鉱石の０８年度価格は前年度より６５～８０％も値上がりした。背景には、中国の旺盛な鉄鋼需要と資源大手３社による寡占がある。３社のうち、豪州に鉱山を持つリオ・ティントとＢＨＰビリトンが値上げ幅を８０％にしたのに対し、バーレは６５％。バーレはブラジルでの高炉建設でＪＦＥスチールと合弁を組む方針を明らかにするなど、日本勢との関係を強めている。
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Russia anounces ‘spheres of interest’
By Charles Clover in Moscow
Published: August 31 2008 18:59 | Last updated: August 31 2008 18:59
Russia’s president Dmitry Medvedev on Sunday announced Moscow’s intention to preserve geographical spheres “of privileged interest” on or near its borders as part of a five point foreign policy statement in a television interview.
The announcement, in the wake of the recent conflict in Georgia, is likely to raise the political temperature in neighbouring states, especially those with significant Russian minorities, as they try to gauge Russia’s appetite for future conflicts in the region.
He said that Russia would defend “the life and dignity” of Russian citizens “no matter where they are located”. He was referring to Russia’s intervention in Georgia with the declared aim of defending Russian citizens in South Ossetia against Georgian forces.
Mr Medvedev announced that Russia would provide aid – including military help – to the enclaves of South Ossetian and Abkhazia.
In the announcing his five-point foreign policy, he emphasised Russia’s wish to avoid confrontation or international isolation as the result of the recent conflict, which has been widely criticised in the west. “Russia does not intend to isolate itself. We will develop, as much as possible, our friendly relations with Europe and the United States, and other nations of the world”
He also focused on a commitment to international law, and again expressed Moscow’s now familiar antipathy to a “unipolar” world dominated by Washington, saying “this type of world is unstable and threatens conflict”.
Mr Medvedev’s announcement that Russia has “regions of priviledged interest” is likely to be greeted with concern in the west, where it might be interpreted as the announcement that Moscow has imperial ambitions in the former Soviet Union. It is also likely to resonate in Crimea, the province of Ukraine that is dominated by ethnic Russians, ethnically Russian northern Kazakhstan, and Baltic states with large Russian minorities.
"Russia, like other countries in the world, has regions in which it has privileged interests” said Mr Medvedev. “In these regions are located countries which have friendly relations…Russia will work attentively in these regions" he said, adding these "privileged" regions included states bordering Russia, but not only those.
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Threat to Poland’s energy prices
By Adam Easton in Warsaw and Fiona Harvey in London
Published: August 31 2008 23:20 | Last updated: August 31 2008 23:20
Poland faces crippling energy price rises which will threaten growth and employment unless the European Union rethinks its carbon trading system, officials in Warsaw are warning.
In January the Commission put forward a plan to cut greenhouse gas emissions by 20 per cent, improve energy efficiency by 20 per cent and produce 20 per cent of the energy used by the 27-member bloc from renewable sources by 2020.
One of the tools to achieve emissions cuts is the EU Emissions Trading Scheme (ETS), under which limits are placed on the amount of carbon dioxide certain heavy industries may emit.
At present power companies receive their allowances to emit CO2 for free. But a new directive proposes that from 2013 power utilities will be forced to buy all their carbon permits in open pan-European auctions.
The directive is due to be debated in the European Parliament in September and poorer new EU member states with energy-intensive and coal-dependent economies are worried that the scheme will hurt their expanding economies.
The European Commission says the package must be passed to ensure fair treatment across the EU.
Poland has been one of the most vocal critics. It produces 92.5 per cent of its electricity from coal-fired power plants. For every megawatt hour of electricity produced in Poland, 0.94 tonnes of CO2 are emitted into the atmosphere. In Sweden, by contrast, where hydroelectricity and other renewables make up a large proportion of power generation, just 0.02 tonnes of CO2 are emitted per mwh.
The European Commission estimates that auctioning permits will raise electricity prices by 22 per cent on average. Krzysztof Zmijewski, an adviser to the Polish government on energy and the former head of the Polish power grid system, said Poland would end up paying much more than countries like Sweden.
“The first result, which is very easy to calculate, will be a dramatic rise in electricity prices of between 100-300 per cent. That’s because we are based on coal and we will have to [buy more] CO2 allowances than any other country,” he said.
But while the Commission acknowledged that Polish power prices would rise, officials said it would stand firm in support of full auctioning of permits to the electricity generation sector, as the ETS was only a minor factor in raising prices, and safeguards had been built in to help cushion the effects.
“Our research shows that only 15 per cent of any electricity price rise in Poland would be owing to the ETS,” said Barbara Helfferich, spokeswoman for Stavros Dimas, the environment commissioner. The price of coal was a bigger factor.
She added this estimate was based on oil at $60 a barrel: higher oil prices would mean even less of the rise was owing to the ETS.
Poland will also receive €1bn ($1.48bn, £800m) a year from the proceeds of the permit auctions in richer member states, and the Polish government will receive an estimated €3bn a year in revenue from auctioning permits. This money could be used to cushion the effect of higher prices to consumers, if the government so decides.
The Commission said electricity companies across Europe had already benefited from passing on to consumers the theoretical cost of buying permits, even though they received the permits for free from 2005-08, and only a small percentage will be auctioned from 2008-12. In theory, this should mean the price of buying permits has already been factored into electricity prices, and future rises owing to the cost of permits should be muted.
The Commission said auctioning permits to the electricity sector from 2013 was necessary to prevent generators from continuing to benefit in this way. Electricity generation must, by its nature, be carried out close to the point of use, so generators are more insulated from international competition than other industries.
Jerzy Buzek, a former Polish prime minister and MEP who sits on the European Parliament’s energy committee, said a fairer system would be to group states with similar energy mixes together, so carbon-dependent countries such as Poland, Estonia, Bulgaria and Greece could phase in the auctioning system over a number of years.
Mr Zmijewski also warned rising energy costs could force energy-intensive industries such as steel and non-ferrous metals, glass and cement plants, to relocate outside the EU to less strict environmental regulations.
“As a result of this price rise we will have so-called ‘carbon leakage’, which is in fact industrial activity leakage, mostly outside of the European Union area. For Poland it could mean the loss of 500,000 jobs. Such a big rise in unemployment could result in a new wave of emigration to countries in Western Europe,” he said.
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Turkey threatens Russian trade curbs
By Alex Barker in Ankara
Published: August 29 2008 23:43 | Last updated: August 29 2008 23:43
Turkey threatened on Friday to restrict imports from Russia in a trade dispute that has highlighted Ankara’s precarious diplomatic position between its Nato allies and Moscow.
Kursad Tuzmen, Turkey’s foreign trade minister, said his country would impose unspecified curbs on Russian goods after thousands of Turkish lorries were held up at Russian border posts.
Turkish ministers fear that the disagreement is more significant than past export rows and could mark a Russian attempt to punish Turkey for allowing US warships to pass through the Bosphorus into the Black Sea.
The dispute comes in spite of Ankara’s efforts to maintain good relations with Moscow, its top trading partner and supplier of two thirds of its natural gas. Turkey has avoided strong criticism of Russian military action in Georgia and urged the US to avoid raising tensions.
Cengiz Aktar, an academic in Istanbul, said Turkey was “trapped” between Russia and its strategic allies in the west. “It is hugely dependent on Russian gas and very vulnerable,” he said. “It will be very difficult to balance its interests. They don’t know what to do.”
Mr Aktar added: “Russia is already blackmailing Turkey by stopping these trucks. This is a warning that there could be more pain to come.”
Recep Tayyip Erdogan, Turkey’s prime minister, responded to the Georgia crisis by travelling to both Moscow and Tbilisi to champion the “stability and co-operation platform”, a security body which would comprise Turkey, Russia, Georgia, Armenia and Azerbaijan.
However, western diplomats in Ankara are sceptical about the prospects of the initiative. Observers instead expect a visit to Ankara by Sergei Lavrov, Russia’s foreign minister, to be dominated by talks over Turkey’s management of shipping through the Bosphorus strait.
Several Nato warships have passed through the Istanbul strait to take part in a Black Sea military exercise and to deliver aid to Georgia. The movements provoked an angry response from Moscow, but were cleared by Turkey under the 1936 Montreux convention, which gives such vessels up to 21 days in the Black Sea.
Analysts say Russia may use Turkey as a “scapegoat” if the warships do not leave.
“Of course it is not just Turkey’s responsibility, it is all the parties that signed Montreux,” said Hasan Ozertem of the USAK think-tank. “But the Russians may not see it that way.”
Turkish officials are nervous the Black Sea may become the front line of a stand-off between the west and Russia, potentially posing greater challenges to Turkey than the cold war.
In the past Turkey has relied on Russia’s help in overcoming gas shortages during the winter months.
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Threat of tax base shift by financial services
By Vanessa Houlder
Published: September 1 2008 03:00 | Last updated: September 1 2008 03:00
Rapid overseas expansion will encourage more financial services businesses to move their tax bases abroad, adding to the list of companies that have recently defected to more business-friendly regimes, advisers have warned.
Dana Ward, a financial services tax partner at advisers Grant Thornton, said market opportunities in Asia and the Gulf were forcing asset managers to reassess whether they could remain within the UK's complex system of taxing foreign profits.
Her comments followed a week in which three FTSE 250 companies - Henderson, an asset manager, Charter, an engineering company and Regus, the serviced offices provider - announced their tax bases were moving to Ireland or Luxembourg. A fourth, Brit Insurance, said it was "actively considering the issue of tax domicile".
Fears that more companies will follow suit have prompted calls for urgent clarification of the Treasury's intentions for taxing multinationals. The Institute of Directors said it was "essential" that the government published a detailed consultation on its plans for the multinational tax regime in the pre-Budget report.
Richard Baron, head of taxation at the IoD, said a prompt move by the Treasury was vital to "remove the uncertainty, and stop groups emigrating because they are worried about what might happen and cannot be confident that the UK will offer a good deal on tax".
Financial services businesses were losing out under the British tax system after choosing Hong Kong and Singapore as bases from which to distribute financial products to the rest of Asia, Ms Ward said. Under complex anti-avoidance legislation, profits earned in these low-tax countries may be treated as taxable in the UK.
Asset management houses affected by these tax rules were not engaged in sophisticated tax avoidance, she said. "It's really because they need their local presence to reach out to local markets. It's not they are parking profits offshore."
Complaints about the system were aggravated by the way in which "the UK approaches change and implementation of policies", Ms Ward said, echoing criticisms of uncertainty made by companies such as Henderson last week.
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Foreign taste for pork offers hope
By Andrew Bounds in Retford
Published: September 1 2008 03:00 | Last updated: September 1 2008 03:00
The UK is the only European country to keep large numbers of its livestock in fields rather than in pens, writes Andrew Bounds . Richard Longthorp of LKL Farming is one of them. He also grows wheat on his arable farm near Howden, east Yorkshire, as well as peas for Birds Eye.
He raises sows on rented land near Retford, where the soil is sandy. Most of England is too boggy to keep pigs on.
"I believe in the free market," says Mr Longthorp, 55. "But it is crazy if the only way to drive up the price is to create scarcity. The retailers need to give producers more money or they will go out of business, and then there will be a shortage of pigs."
Mr Longthorp introduced livestock 20 years ago to diversify his business, following the farmers' motto of "up horn, down corn" - when arable prices fall, animal prices rise. "I got out into pigs when retailers started driving down the price of arable crops. Now I am back where I started."
However, the booming market in agricultural land, which is now fashionable with investors, has caused his rent to increase too.
While the supermarket price of pork has gone up 160p a kilo in the last few months, he says that he has seen just 26p of this rise. "Unless I can see a market price that reflects the cost of production why continue?"
But with China and eastern Europe developing an increased taste for pork, he believes that there is still hope. "There is such potential," he said. "Pork is excellent value compared with lamb and beef. And as they say: 'The only bit of a pig you can't sell is the squeak'."
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Investor interest in algae grows
By Richard Waters in San Francisco
Published: August 31 2008 23:35 | Last updated: August 31 2008 23:35
The idea of using algae as a significant new source of fuel is moving rapidly from the science lab to large-scale production, to judge by a wave of big investments that have been made in the area in recent weeks.
The potential for using green slime to solve the energy crisis has been met with a new wave of enthusiasm from financial backers. However, this optimism has been tempered by the difficulties some producers have experienced in controlling very large growths of algae. Also, most industry analysts predict that it will still be some time before algae producers can demonstrate that their projects are commercially viable.
California-based Solazyme, the latest start-up company to attract cash, confirmed last week that it had raised $45.4m from a number of venture capitalists and other backers – part of a financing round that could eventually grow much larger.
The Solazyme investment caps a string of recent deals that point to a rapid scaling-up of the algae industry. These include a $50m investment in Sapphire Energy and $20m raised by Aurora Biofuels, both of which are also based in California.
Until recently, most of the financial backing for algae companies was limited to very small, early-stage investments designed to explore the basic science behind the idea. The new round of much bigger investments suggests the industry’s backers believe they are ready to move to commercial-scale production.
A spokeswoman for Solazyme said that the company was already producing “thousands of gallons” of biofuel as it rapidly scales up, with the aim of demonstrating that its products could become cost-competitive with other sources of fuel.
Algae has emerged as a leading candidate as a source of biofuel thanks to the ease with which it grows, the low level of feedstocks needed to produce it, and the fact that it does not use up as much land area as other sources of biofuel. Solazyme, for instance, grows its algae in stainless steel tanks, fed by industrial waste. Other companies use ponds or giant glass tubes, relying on sunlight and water and, in some cases, large amounts of carbon dioxide to stimulate growth.
However, some producers, like Massachusetts-based GreenFuel Technologies which recently raised $14m in extra backing, have run into problems trying to control the growing algae, raising questions about how smoothly the technology will move into large-scale production.
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Asia fuels boom in rail supply industry
By Robert Wright in London
Published: August 31 2008 23:33 | Last updated: August 31 2008 23:33
An Asian surge in high-speed trains and rising US freight locomotive demand have helped create boom conditions in the once-moribund railway supply industry, new research has shown.
The sector, further boosted by rising European orders, has grown at 9 per cent annually in recent years, according to a survey of the sector worldwide by Roland Berger consultants on behalf of Unife, the European railway industry association, to be published in September. The study is only the second such global survey of the industry, following an initial study commissioned by Unife two years ago.
Railway professionals in many parts of the world have been convinced for some time the sector is reviving fast as roads clog up, goods have to be carried over longer distances and environmental awareness grows.
The study underlines the extent of the opportunity for the big international suppliers of trains and signalling, power and other equipment.
The passenger-train and electric freight locomotive markets are dominated by the rail arm of Canada’s Bombardier, France’s Alstom and Germany’s Siemens. The diesel freight locomotive markets are dominated by the US’s General Electric and Electro-Motive Diesel.
Chart
Andreas Schwilling, who prepared the report, said the high growth rates resulted partly from a rash of orders in Europe for high-speed trains but also regional trains for rural areas.
While the US, Canada and Mexico will continue to see growth, Asia will overtake the region as the second-most important market, according to the report. China is building 17,000km of new lines, 7,000 of them dedicated, high-speed passenger lines.
The global rail supply industry grew 18 per cent from an average €103bn annually in 2003-5 to an average €122bn in 2005-7.
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Banks shift funds out of U.S. to Europe
Reuters
Reuters - 51 minutes ago
SINGAPORE (Reuters) - Banks transferred funds out of the United States and into Europe in the first three months of 2008 as they turned to safer assets during the global credit crunch, the Bank for International Settlements said.
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"In the first quarter of 2008, reporting banks continued their net transfer of funds out of the United States, a trend evident since the onset of the financial turmoil in mid-2007," the Swiss-based BIS said in its quarterly review of financial markets and banking activity, published on Monday.
It said European banks had cut dollar loans booked by their U.S. offices, resulting in a net outflow from those offices of $259 billion (143.7 billion pounds) during the first quarter of the year, following a net outflow of $238 billion during the second half of 2007.
The BIS said banks stepped up their holdings in public sector debt, while their outstanding debt securities claims in the non-bank sector fell for the first time since 2001. Much of that decrease reflected sales and write-downs of bonds issued by corporate and non-bank financial entities, it said
"This fall in debt securities claims seemed to coincide with a broader shift in bank balance sheets away from the U.S. non-bank private sector, at least for some banking systems," it said.
The expansion in international claims on non-bank borrowers worldwide was weak in the first quarter of 2008, with growth of $365 billion -- the smallest first quarter expansion since 2003, it said.
As banks tapped international sources of funds, their cross-border equity and other liabilities surged in the first quarter by $122 billion overall, BIS data showed.
DROP IN RESERVES
The reporting banks saw a decrease in their deposit liabilities to official monetary authorities, reflecting partly a drop in reserves these authorities were placing with commercial banks abroad, BIS said.
Of this, U.S. dollar liabilities fell the most, and bank offices in the United States, United Kingdom and euro area reported the largest declines in their holdings of such deposits.
"Identifying with any degree of precision which central banks accounted for these moves is difficult because of incomplete data on the residence of the central bank counterparty," BIS said.
But it quoted reserve holdings reported by 63 monetary authorities to the International Monetary Fund as revealing an aggregate decrease of $56 billion in deposits placed in commercial banks in the first quarter of 2008.
Relatively large declines were reported by the monetary authorities in Russia, India, Indonesia, Malaysia and Romania.
BORROWINGS RISE
The BIS reported a sharp recovery in borrowing in the international debt securities market in the second quarter of 2008, with net issuance up at $1,071 billion against just $371 billion in the first quarter.
The biggest increase was in issuance of euro-denominated bonds and notes, while UK borrowers were the largest issuers.
At the same time, there was a retreat in activity on the international derivatives exchanges in the second quarter.
"Total turnover based on notional amounts decreased from the high of $692 trillion recorded in the first quarter to $600 trillion," the BIS reported.
Trading in commodity derivatives declined from the record level in the first quarter but continued to be active, it said.
"The largest fall was observed in agricultural derivatives, followed by precious metals, non-precious metals and energy products.
"The decline in turnover in agricultural derivatives came chiefly from Asian exchanges, in particular Chinese ones," the BIS said.
It said the drop in trading coincided with an easing of price increases in agricultural products over the quarter.
For the full report, please double-click on: http://www.bis.org/publ/qtrpdf/r_qt0809.pdf
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Algeria adopts 2009 finance bill with oil put at 37 dollars a barrel
AFP
AFP - 59 minutes ago
ALGIERS (AFP) - The Algerian cabinet chaired by President Abdelaziz Bouteflika adopted the 2009 finance bill predicated on an oil price of 37 dollars a barrel and a growth rate of 4.1 percent, it was announced here.
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Other markers were inflation at 3.5 percent and imports totalling 34 billion dollars, a communique said.
Income was estimated at 2,786 billion dinars (27.86 billion euros) and expenditure at 5,191 billion dinars (51.91 billion euros), the latter up by seven percent over 2008.
The large deficit could be covered by a regulatory fund that currently totals over 4,000 billion dinars, the communique said.
The oil price was set extremely low as a barrel was over 117 dollars in New York on Friday.
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Commerzbank to buy Dresdner
Reuters
By John O'Donnell and Patricia Uhlig Reuters - 1 hour 5 minutes ago
FRANKFURT (Reuters) - Commerzbank agreed to buy Dresdner Bank from Allianz on Sunday in a $14.5 billion (8 billion pounds) all-German deal that will break the country's banking mould and cost 9,000 jobs.
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Commerzbank will buy its competitor in two steps, taking 60 percent this year and the rest in 2009 to create a rival to sector leader Deutsche Bank in Europe's biggest economy.
Much of the purchase price will be paid to Allianz in the form of shares, leaving Europe's biggest insurer with a stake of almost 30 percent in the new Commerzbank.
The new owner plans to close more than a third of the combined group's 1,900 branches and pare back laggard investment bank Dresdner Kleinwort, which has been further hobbled by the credit crunch.
The deal puts a price tag of 9.8 billion euros on Dresdner. Allianz paid 24 billion for it in 2001.
A further strand to the deal sees Allianz buying Commerzbank's fund management business Cominvest.
Analysts and insiders were sceptical over whether the pairing of what many see as two mediocre performers could create a financial champion.
"It is good for Allianz. In the seven years they have owned Dresdner they have learned that they don't have a clue about running a bank," said Dirk Becker, an analyst with Landsbanki Kepler.
"But it is a huge integration. We will see in half a year that something will go wrong."
JOBS GLOOM
The sale casts a dark cloud over Dresdner Kleinwort, the group's accident-prone investment bank which helped cause the insurer $5 billion of writedowns during the credit crunch.
Part of the purchase price that Commerzbank is paying to Allianz will be ringfenced to cover any further writedowns.
About 2,500 of the 9,000 jobs that will be cut are set be lost outside Germany, and Commerzbank flagged investment banking as one of the businesses where the axe will fall. Many of the non-German job losses will happen at Dresdner Kleinwort in London.
The sale will give Commerzbank a badly needed leg-up in its home market, which is dominated by state not-for-profit lenders, and allow Allianz to end an unhappy marriage that unsuccessfully tried to match investment bankers with insurance salesmen.
Architects of the Dresdner takeover had hoped to sell bank accounts to Allianz customers as well as products such as car insurance at bank branches.
Instead, investor tempers rose and Dresdner racked up billions in losses.
In June last year, Reuters reported that Allianz had begun to consider its options for Dresdner. The resulting jump in the insurer's share price reflected the degree of investor frustration with the botched takeover.
But finding a buyer has not been easy, mostly because of Dresdner's laggard investment bank -- a business, said one insider, which Allianz had never intended to keep.
"It was clear from the start to Allianz that they did not want to keep the investment bank," this person said. "But when the time was right to sell it -- at the top of the investment banking boom in late 2006 -- they fell asleep at the wheel."
The sale will beef up Commerzbank. Despite being one of the country's biggest lenders, it is still a lightweight by European standards, with a market value of about 13 billion euros -- less than half that of Frankfurt neighbour Deutsche Bank.
China Development Bank had also been interested in Dresdner but was sidelined in the face of opposition in both countries' capitals to a deal.
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７月の現金給与0.3％増、増加は７カ月連続 毎月勤労統計
厚生労働省が１日発表した７月の毎月勤労統計調査（速報、従業員５人以上）によると、すべての給与を合わせた１人平均の現金給与総額は38万8315円と前年同月比0.3％増えた。増加は７カ月連続。所定内、所定外の給与ともに増えた。
総労働時間は154.8時間と前年同月比0.8％増えた。うち所定外労働時間は10.7時間と１％減。景気の影響を受けやすいとされる製造業の所定外労働時間が4.9％減と落ち込みが目立った。
雇用者数は前年同月比1.5％増の4517万6000人。このうち正社員など一般労働者は1.6％増、パートタイム労働者は１％増となった。産業別にみると、鉱業、建設業、電気・ガス業の３業種の労働者数が減った。
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別荘など「タイムシェア型住宅」、所有者の権利保全を
別荘やリゾートマンションで1年のうちの特定期間を毎年利用できる権利を所有者が持つ「タイムシェア型住宅」の普及に向け、国土交通省の有識者検討会が 1日に公表する予定の報告書が明らかになった。タイムシェア型住宅を安心して購入できるよう、不動産業者の倒産などにかかわらず所有者の権利を「長期間にわたり確実に保全」することが重要だと指摘する。
タイムシェア型住宅は例えば「リゾートマンションの1室を毎年1月の第1週、使える」という権利を売買する。欧米では普及している制度で、日本でも不動産会社がリゾートマンションの1年間の一定期間について部屋を利用する権利を販売する事例がある。しかし、会社が倒産すれば権利が揺らぐなど所有者の立場が弱い欠点がある。
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塩野義、米医薬品会社を1500億円で買収
塩野義製薬は１日、月内に米国医薬品会社、サイエル ファーマ（ジョージア州）を買収すると発表した。買収額は14億ドル（約1500億円）。米国での販売体制整備のため。
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８月の新車登録、14.9％減 ２カ月ぶり減
日本自動車販売協会連合会が１日発表した８月の登録車の新車販売台数は前年同月比14.9％減の19万3902台となり、２カ月ぶりに減少した。車種別内訳では、乗用車が同12.8％減の16万6153台で、うち普通乗用車が同18.0％減の７万265台、小型乗用車が同8.5％減の９万5888台。商用車では、普通トラックが同27.6％減の１万497台だった。
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パーク２４、鉄道利用者の駐車料金下げ
駐車場最大手のパーク２４は東武鉄道など関東の鉄道各社と組み、鉄道利用者の駐車料金を割り引くサービスを始める。私鉄・バス共通ＩＣ乗車券「パスモ」などの利用が条件。5年間で割引対象の駐車場を200カ所にし、自動車と鉄道を併用する利用者を取り込む。駅周辺の駐車場に自動車を止め目的地に向かう「パーク＆ライド」の推進にもつなげる。
割引の仕組みは、まずパスモや東日本旅客鉄道（ＪＲ東日本）のスイカで鉄道を利用。駐車料金を払う際に精算機に設置したＩＣカードリーダーにカードをかざすと、乗車履歴の記録を読み取り、駐車料金を通常から200円割り引く。
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深海資源開発、5年ぶりに調査再開 日本近海の海底資源
官民で出資する深海資源開発（東京・中央）は9月、日本近海の海底資源の調査を5年ぶりに再開する。2012年度までの5カ年計画で、年間20億―30 億円を投じて伊豆・小笠原沖と沖縄西方沖の2海域で金、銀、銅やレアメタルが豊富に含まれる海底熱水鉱床の調査を実施。10年後の商業化を目指す。
同社は独立行政法人・石油天然ガス・金属鉱物資源機構（ＪＯＧＭＥＣ）が筆頭株主で、三菱マテリアルや新日本製鉄など46社が出資している。
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西豪州へ日本企業進出 資源開発、5兆円規模
【シドニー＝高佐知宏】日本の資源関連企業が相次いで西豪州に進出する。千代田化工建設はガスプラントの受注などを目的とする子会社を設立。商船三井は資源運搬の需要を見込んで拠点を立ち上げた。コマツは建機部品のサービス拠点を増強する。鉄鉱石、天然ガスなど鉱物資源の高騰を受け、豪州では今後5年間に総額6兆5000億円超の開発投資が予定され、このうち約5兆円が西豪州に集中している。日本企業は機材、資材、物流などの関連需要を狙う。
日本企業が進出するのはウエスタンオーストラリア州の州都パースを中心とする西豪州地区。鉄鉱石や液化天然ガス（ＬＮＧ）など資源・エネルギー分野の開発が集中している。
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三菱商事に50億円追徴 東京税関「豚肉輸入で関税逃れ」
三菱商事が、国産豚肉の保護を目的にした「差額関税制度」に違反し、デンマーク産輸入豚肉などの関税約42億円を免れたと東京税関から指摘されていたことが１日、わかった。追徴税額は加算税を含め約50億円に上るとみられる。
差額関税制度は、輸入豚肉の自由化に伴い、1971年に創設。豚肉の輸入価格が一定価格（１キログラム・524円）を下回った場合、基準輸入価格（約 546円）との差額を関税として納める制度。輸入価格が安いほど税負担が重くなり、基準価格に近い価格を虚偽申告するケースが相次いでいる。
関係者によると、三菱商事は2005年ごろ、デンマークの食肉加工会社の日本法人だったフーデーン・ジャパンなど複数の食肉輸入会社を介してデンマーク産豚肉などを仕入れた。
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銀行「不動産融資」貸し渋り加速…新規貸出１８％減
「以前は借りろ、借りろと言ってきたのに」
国内銀行の２００８年４－６月の不動産業向け新規貸出額が前年同期比１８．７％減の約１兆８０００億円だったことが１日までに、日銀の調べで分かった。前年同期の水準を下回るのは０６年１０－１２月以来、６四半期ぶり。不動産業界で倒産ラッシュが続くなか、不良債権の増加を嫌う銀行の融資姿勢がより慎重になっているためで、不動産会社の資金繰りはますます厳しくなりそうだ。
日銀の統計によると、４－６月の新規貸出額は１－３月と比べて４０．０％も減った。６月末の運転資金も含めた貸出残高も、３月末比２８７億円減の５７兆８６００億円となり、０６年６月以来２年ぶりに減少した。
銀行の融資姿勢の変化について、中堅不動産幹部は「以前は借りろ、借りろと言ってきたのに、今年に入って急に資金を出さなくなった」と証言。東京商工リサーチの友田信男情報部統括部長は「金融庁が昨年、不動産向け融資を検査で厳しくチェックしたことも背景にある」と指摘する。
不動産市場はここ数年、「ミニバブル」の状態となり、地域経済の低迷で貸出先に困る地方銀行も営業地盤以外に進出し、融資残高を積極的に増やしてきた。しかし昨年後半から環境が激変。国内銀行に加え、外資系ファンドなども不動産向けに資金を出さなくなった。
東京商工リサーチによると、７月の不動産業の倒産は６０件と前年同月から倍増。関係の深い建設業も２割増となり、真柄建設（金沢市）など各地で破綻の動きが広がった。８月に入ってもアーバンコーポレイション（広島市）など上場企業の倒産が相次いでいる。
融資先の破綻で、多額の損失を計上する地銀も出ている。広島銀行は、アーバンコーポの破綻で０８年９月中間期の最終利益予想を従来の半分に下方修正。四国銀行も０９年３月期通期の最終利益予想を４５億円から２８億円に引き下げた。
不動産向け融資を絞っているのはメガバンクも同じだ。三菱ＵＦＪフィナンシャル・グループ（ＦＧ）、みずほＦＧ、三井住友ＦＧも傘下銀行の不動産向け融資を０７年度の１年間で合計５０００億円も減らした。あるメガバンク幹部は「サブプライム関連で損失を被ったことで、資本の健全性を維持するためには融資を絞らざるを得ない状況だ」と話す。
資金繰りが厳しい企業は借り入れの返済や支払手形の決済が集中する５・１０日や月末の度に金策に奔走することになる。
上場企業の多くを占める３月決算企業には、９月末の中間決算で監査法人のチェックを受けるという大きなハードルもあり、不動産会社を取り巻く環境はますます厳しさを増していく。
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子宮体がん、コーヒーでなりにくい…厚労省研究班
コーヒーをよく飲む女性ほど子宮体がんになりにくいことが、厚生労働省研究班の大規模疫学調査で分かった。がんの国際専門誌インターナショナル・ジャーナル・オブ・キャンサーに１日までに発表した。
研究班は１９９０年から９４年にかけて、全国１０地域の４０－６９歳の女性約５万４０００人にコーヒーの摂取頻度などのアンケートを実施。２００５年末まで追跡したところ、１１７人が子宮体がんになった。
コーヒーの摂取頻度で４グループに分けて発症リスクを比較すると、週２日以下しか飲まない人と比べ、毎日１、２杯の人は約４割、毎日３杯以上の人は約６割リスクが低かった。
一方、緑茶ではこうした関連が見られなかった。
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サル出没：２歳児つかみかかられ軽傷…名古屋・南区
１日午前１１時１０分ごろ、名古屋市南区元桜田町の空き地で、子供同士で遊んでいた男児（２）が突然近づいてきたサルにつかみかかられ、足に軽傷を負った。愛知県警南署によると、同日午前６時４０分ごろから、南区内で「サルがいる」との１１０番通報が計９件相次いでいた。
現場から約４キロ東の名古屋市緑区で先月２７、２８日、ニホンザルが出没。中学１年の男子生徒が足をかまれて軽いけがを負っている。同署は同じサルが移動したとみて現場付近にパトカーを出して警戒を呼びかけている。
日本モンキーセンター（犬山市）は「山から迷い出たか、ペットが逃げ出した可能性がある。目を直視するとサルは威嚇されたと感じ危険。遭遇した場合は、サルの目を見たり、近寄ったりしないようにしてほしい」と話している。
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痴漢：「合理的な疑い」…会社員に無罪 大阪地裁判決
電車内で女子高校生２人に痴漢行為をしたとして、大阪府迷惑防止条例違反の罪に問われた兵庫県内の男性会社員（３１）に対し、大阪地裁の中川博之裁判長は１日、「痴漢された事実は認められるが、被告が犯人というには合理的な疑いが残る」として、無罪（求刑・懲役６月）を言い渡した。
起訴状などによると、男性は通勤中の昨年５月２８日朝、ＪＲ大阪環状線の車内で、女子高校生の胸を右ひじで触った後、別の高校生の下半身を手で触ったとされた。しかし、男性は逮捕直後から「やっていない」と無罪を主張していた。
中川裁判長は「高校生の胸にこの男性のひじが当たった事実は認められるが、電車内は混雑しており、故意があったと認めるには疑いが残る」と指摘。別の高校生が下半身を触られた事実も認めたが、犯人の手をつかんだものの振りほどかれていることなどから「この男性を犯人であるとするには疑いが残る」とした。
男性は閉廷後、「事件後１年以上、自分の人生や家族を犠牲にしてきたが、真実を信じて闘ってきてよかった」と笑顔を見せた。
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大分県教委の教員採用汚職：２１人採用取り消し 休み明け、先生来るの？
◇きょうから新学期
大分県の教員採用汚職事件にからみ県教委は、新学期スタート前日の３１日までに、不正が確認された２１人に「採用取り消し」を通知した。元小学校長、浅利幾美被告（５２）＝贈賄罪で起訴、懲戒免職＝の長男を除く２０人に、面談して伝えた。長男は既に自主退職している。ただ、本人は点数かさ上げなどを頼んだ心当たりがなく、皆、事実を受け入れられない様子で、涙を流す教員もいた。県教委によると、約１週間で採用取り消しになり、対象者には自主退職を促し、希望すれば臨時講師として同じ学校で雇用する。３日までに学校長に意思を伝えるよう頼んだという。
１日の始業式から休む対象者が出ても、すぐには後任は決まらない。担任を持っていても、当面は管理職などが対応する。保護者からは「担任がいなくなったらどうするのか」という不安の声が上がっている。
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職安法違反：札幌市がホームレスに派遣紹介
札幌市内の一部の生活保護担当職員が、無届けの職業紹介を禁じた職業安定法に違反して、生活保護を希望するホームレスに人材派遣業者での就労をあっせんしていたことが分かった。紹介を受け派遣契約を結んだところ、劣悪条件の勤務を強いられてトラブルになったケースもあり、０７年初めごろまでにはあっせんをやめたとされる。市は事実を認め「現在は指導を徹底し再発防止に努めている」と説明している。
支援団体「北海道の労働と福祉を考える会」などによると、生活保護申請の相談をするため０６年ごろに北区や中央区役所を訪れたところ、職員から「認められない」と言われた。職員は東京都新宿区と愛知県刈谷市の派遣業者２社の連絡先などを手渡し「本州で勤務することになるが、この会社なら住所がなくても働ける」と説明。職員が自ら連絡したケースもあった。
２社の派遣先は東海地方の機械部品工場など。派遣業者が用意した寮に入居して勤務したところ、事前の説明と異なり給料から毎月計十数万円の寮費や光熱費、食費、旅費などが引かれ手元にほとんど残らなかった。
出勤も不定期で、仕事がないと寮費だけがかさみ、赤字になることもあった。「役所がこんな会社を紹介していいのか」と市に抗議した人もおり、相談を受けた考える会などが「職安法違反にあたる」として再三中止を申し入れていた。
市保護指導課は「詳しい経緯は不明だ。区役所に仕事の紹介を求める人がいたため、善意で紹介していたようだ」と話す。職安法は職業紹介は公共職業安定所が行うとしており、自治体が実施する場合は厚生労働省に届け出なければならない。厚労省は「違法の可能性が強く望ましくない」としている。
考える会代表の木下武徳・北星学園大准教授は「違法である前に、役所がこうした業者を紹介するのが問題。就労支援名目の切り捨てだ」と批判。東京の業者は「業務内容は言えない」と話している。
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農地買収：仮登記で耕作放棄拡大 農水省把握せず
農地の転用を当て込んだ開発業者らが農家に売買代金を払って事実上買い取った末、転用できずに耕作放棄地化する現象が各地で起きていることが毎日新聞の調べで分かった。判明しただけで６県１１カ所計約１２３ヘクタールあり、専門家は「氷山の一角」と指摘する。農地は農地法で農家と農業生産法人しか所有できず、転用許可前の売買は法の趣旨に反するが、耕作放棄地解消を掲げる農林水産省は実態をつかんでおらず対応を迫られそうだ。
農地法は、農業の担い手以外が転用許可を得ないまま農地の所有権を登記することを禁じる。開発業者らは農地の登記簿に「転用が許可されたら所有権を移す」と仮登記する形で買収を進めている。
市町村農業委員会の上部組織、全国農業会議所が指摘した例などを基に、１３府県の自治体などに取材、登記簿も調べた。その結果、千葉県や熊本県など６県で、不動産会社やゼネコンなどが宅地やゴルフ場などの用地として農地を買い進め仮登記していた。いずれも開発計画の中止や凍結を余儀なくされ、業者が倒産した例もある。水戸市では、大規模スーパーを計画する流通業者が水田４ヘクタールを取得。出店は見送られ、仮登記がついたまま３ヘクタールが耕作放棄地になった。
１１カ所以外にも、一時仮登記された末に耕作放棄地となった農地を５県で５カ所３４ヘクタール確認。開発中止後に自治体が取得し、農地以外に転用した例が多く、農地に復元されたのは一部にとどまる。
農水省は「実情は把握していないが、仮登記を妨げる法的根拠はない」と説明する。
一方、全国農業会議所の柚木茂夫農地・組織対策部長は「仮登記農地は各地で問題化し、全国にどれだけあるか分からない。農家には『売った』という意識があり、耕作放棄につながりやすい。農地法の趣旨から外れている」と指摘する。
農地問題に詳しい財団法人農政調査会の関谷俊作前会長は「開発業者らが農地の売買契約を結んで仮登記することは、売買契約を許可制にして規制でもしない限り防げない」と指摘している。【井上英介、奥山智己、田村彰子】
◇耕作放棄、２０年で倍に
仮登記で耕作放棄地が広がっている問題は、食料生産や国土保全を担う農地が、いかに粗末に扱われてきたかを如実に示している。
耕作放棄地は０５年の統計で埼玉県の面積に匹敵する３８万ヘクタール。２０年前のほぼ倍で、全農地の１割近い。農林水産省は、先進国最低の食料自給率（０７年度４０％）を１５年に４５％まで上げる目標を定める。従来の統計は農家の自己申告を基にしていたため、今年から全耕作放棄地を対象に復元可能性などの調査を始めた。
耕作放棄の原因は、後継者難などがよく挙げられるが、農業関係者の間では、仮登記も原因の一つとしてささやかれてきた。しかし、農水省は実態も把握していない。
農地の転用は制度上は厳しく規制されているが、現実には開発や公共事業で転用が簡単に許可されてきた。そのことが安易な転用期待を蔓延（まんえん）させ、仮登記というルール逸脱を助長してきた面は否めない。農地を押さえたい業者と、高値で売りたい農家が少なくない現状を直視しなければ、耕作放棄地対策は進まない。
農地をいかに保全し、農業の担い手のもとへ集めていくか。国土を荒廃させ、食料事情が逼迫（ひっぱく）して途方に暮れる前に、土地利用のあり方を考えるべき時期だ。
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日中韓：核事故でホットライン 覚書調印へ
日中韓３カ国は、原子力発電所など核関連施設の災害や事故などを緊急通報する政府間の連絡体制（ホットライン）を創設することで合意した。中国を中心に原発の新設が相次ぐことを受け、事故が隣国に及ぼす「越境被害」に備える。東京都内で５日、協定覚書に調印する見込み。
連絡体制は「北東アジア原子力安全上級規制者フォーラム」と名づけ、経済産業省原子力安全・保安院と中国環境保護省国家核安全局、韓国原子力安全技術院が窓口になる。災害やテロ、事故による放射能漏れの有無について数時間以内の情報共有を目指すほか、普段からトラブル情報や法規制などについて情報交換を進める。
背景には、今年５月の中国・四川大地震で核施設の放射能漏れの確認に手間取ったことがある。同地震では、人民解放軍幹部による「安全宣言」の５日後、倒壊した施設の下敷きになるなどして、放射性物質が一部未回収だったことを環境保護省が公表するなど情報が錯綜（さくそう）した。軍事施設にかかわる通報が十分に進むかどうかは不明だが、日本の担当者は「情報を集約する国内体制づくりを促したい」と説明する。
日本原子力産業協会によると、日本５５基、韓国２０基、中国１１基の原発が運転中のほか、３カ国計３８基が建設中や計画中。８６年のチェルノブイリ事故を機に、国際原子力機関（ＩＡＥＡ）のもとに原発事故早期通報条約や相互援助条約は既にあるが、増設ラッシュの３カ国でより緊密な交流を進める狙いがある。
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Bank of China flees Fannie-Freddie
By Saskia Scholtes in New York and James Politi in Washington
Published: August 28 2008 23:33 | Last updated: August 28 2008 23:33
Bank of China has cut its portfolio of securities issued or guaranteed by troubled US mortgage financiers Fannie Mae and Freddie Mac by a quarter since the end of June.
The sale by China’s fourth largest commercial bank, which reduced its holdings of so-called agency debt by $4.6bn, is a sign of nervousness among foreign buyers of Fannie and Freddie’s bonds and guaranteed securities.
Foreign investors have been a mainstay of the market for such debt, but uncertainty over the mortgage financiers’ capital positions and the timing and structure of a potential government rescue has made some investors reassess their exposures. Asian investors in particular have become net sellers of agency debt, said analysts.
Federal Reserve custody data shows that for the year to July, foreign official and private investors bought an average of $20bn of agency debt a month, including debt issued by other government agencies such as Ginnie Mae and the Federal Home Loan Banks. Purchases of US Treasuries averaged $9.25bn.
From July 16 to August 20, foreign investors sold $14.7bn of agency debt, trimming their overall holdings to $972bn. They purchased $71.1bn of Treasuries in the same period.
The US Treasury was granted powers last month to extend its credit lines to Fannie and Freddie and invest in their debt and equity. The rescue plan came after a collapse in the companies’ shares heightened concerns about their ability to raise equity capital to cushion losses and whether they could maintain their access to the debt markets.
By making a historically implicit government guarantee for the mortgage financiers’ debt increasingly explicit, the Treasury sought to reassure foreign and domestic investors by providing a safety net. Fannie and Freddie have a combined $1,500bn of debt outstanding.
This weekend, the Group of Twenty developed and advanced developing countries will be holding a preparatory meeting in Brazil. Although the crisis at Fannie Mae and Freddie Mac is not on the agenda, there is speculation that Treasury officials could informally encourage big holders of agency debt and mortgage-backed securities not to scale back their investments.
After a sharp drop in the market value of their stock last week, Fannie and Freddie have made a strong recovery after successful short-term debt sales. Fannie was 13.5 per cent higher on Thursday and Freddie was up 12 per cent.
Bank of China’s disclosure on its holdings of Fannie and Freddie securities came as the bank reported a 15 per cent increase in second-quarter profit.
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ADCB files suit over losses of UK-based SIV
By James Drummond in Abu Dhabi
Published: August 27 2008 03:27 | Last updated: August 27 2008 03:27
Abu Dhabi Commercial Bank has filed a lawsuit against two US banks and two rating agencies over losses from a collapsed $6bn structured investment vehicle, formerly managed by London-based hedge fund Cheyne Capital.
In the suit in a US court, the bank, which is majority owned by the largest of the United Arab Emirates, is seeking unspecified damages from Morgan Stanley, Bank of New York Mellon, Moody’s Investors Services and Standard & Poor’s.
The suit alleges investors were misled over the quality of assets held by the SIV, a vehicle that was part of an industry that was worth $400bn (£217bn, €272bn) before it was decimated by the credit crunch. The crunch cut the value of asset-backed and other financial debt these vehicles invested in, while also causing their funding to evaporate.
The SIV was put into administration last year and some assets have been auctioned off – a process that was organised by Deloitte & Touche and Goldman Sachs – to repay senior creditors who wished to get back a cash recovery. Senior investors who took the cash got about 60 cents in the dollar overall, while junior investors have been left with nothing.
“The legal action alleges, among other things, that ADCB was misled about the quality of the underlying mortgages in which the Cheyne SIV would invest,” a spokesman for the bank said on Tuesday.
ADCB has applied for class-action status for the suit and said it had held talks with other banks in the Gulf Co-operation Council and investors about joining the action.
“Based on these conversations, ADCB expects additional investors to join or support the legal action as required,” the bank said.
Morgan Stanley declined to comment, while the others from whom the bank is seeking damages did not return calls requesting comment late on Tuesday.
ADCB is one of the few banks in the Middle East to acknowledge publicly its total exposure of about Dh1bn ($272m) to the subprime crisis through investments in SIVs and other instruments.
The decision to go public and provide some transparency is at odds with the secretive nature of other financial institutions in the region.
Last year, it set aside Dh560m to cover the exposure, causing its profits to fall 3 per cent to Dh2.085bn. It then made another Dh70m provision in the first quarter this year and Dh40m in the second quarter.
Eirvin Knox, ADCB’s chief executive, told the Financial Times that his bank was fully provided for in one form or another for its exposure to these vehicles and that he did not expect to make further provisions in the second half of this year.
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２ちゃんねらーの４割は女性、３０－４０代が中心 高齢化のせい？
2008.9.1 19:36
このニュースのトピックス：ネット社会
４割が女性、３０－４０代が主力ユーザー－。インターネット利用動向調査のネットレイティングス（東京都渋谷区）が公表した、掲示板や動画共有などＣＧＭ（消費者生成メディア）系サイトの利用動向に関する調査結果で、大手掲示板「２ちゃんねる」の“意外”な利用実態が明らかになった。
２００８年７月度の同社調査によると、「２ちゃんねる」利用者の性別割合は男性が６０％、女性が４０％（インターネット全体の割合は男性５５％、女性４５％）。また、年齢層別の割合は１９歳以下が１６％、２０－２９歳が１１％、３０－３９歳が２８％、４０－４９歳が２９％、５０歳以上が１６％と、３０－４０代が主力ユーザーであることが判明した。
この結果は、当の２ちゃんねる利用者にとっても意外だったようで、「意外に女が多いのに驚いた」「１０代～２０代後半くらいまでが多いのかと素で思ってた」との反応が相次いだ。
３０－４０代の利用が多い理由については、実社会で遊ぶ友達に不自由しない１０－２０代に比べて「３０代過ぎると、友達は決まってくるし、話に広がりが出てこない。その割に知識と経験が出てくるから、突っ込んだ話もしたい」と、様々な話題に応じた掲示板が用意されている２ちゃんねるの利便性を評価する人がいる一方、開設から９年が経過し、単にユーザーの高齢化が進んだ結果とみる意見もあった。
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不動産売買のエフ・イー・シーが破たん、負債総額１３０億円
不動産売買・仲介のエフ・イー・シー（東京）は１日、東京地裁に民事再生法の適用を申請した。
同社の代理人によると、負債総額は１３０億円。
不動産市況低迷で過剰在庫を抱える一方、金融機関からの借り入れなど資金繰りが悪化して破たんした。
信用調査会社の帝国データバンクによると、エフ・イー・シーは１９９７年設立。都心部を中心に戸建て住宅やマンションの販売を手がけ、２００８年２月期の年間売上高は１５３億円に達していた。
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Thaksin Sells City To Arab Group
SkyNews
By Sky News SkyNews - 24 minutes ago
Manchester City, the football club owned by former Thai Prime Minister Thaksin Shinawatra, has been taken over.
(Advertisement)
The Abu Dhabi United Group for Development and Investment (ADUG) confirmed it had bought the Premiership outfit.
The deal was struck late on Sunday night between Mr Shinawatra and ADUG.
ADUG will be represented on the new board of Manchester City by Hydra Properties chief executive Dr Sulaiman Al Fahim.
Thaksin is currently wanted in Thailand on corruption charges.
He will reportedly stay on as honorary president of the club without any administrative responsibilities.
Mr Al Fahim, who led negotiations, told Arabian Business: "This is a great event for both the club and Abu Dhabi. "Our goal is very simple – to make Manchester City the biggest club in the Premier League, and to begin with, to finish in the top four this season." Mr Al Fahim stressed the group will solve all the club problems and clear any pending payments.
He added it will comprehensively support the club by bringing in some of the best football players in the world.
Through Hydra Properties, Mr Al Fahim is already involved in several sports sponsorship deals.
He is building a new football academy in Abu Dhabi with Italian football giants Inter Milan.
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HSBC says super-rich clients moving into cash
Reuters
By Laura MacInnis Reuters - 1 hour 32 minutes ago
GENEVA (Reuters) - Many of the world's wealthiest people have moved their money out of stocks and bonds and into cash, the head of HSBC's Swiss private banking unit said on Monday.
(Advertisement)
"The first half of 2008 has seen a notable change in client expectations and investment choices," said Peter Braunwalder, chief executive of HSBC Private Bank (Suisse), the bank's main affiliate catering to the ultra-rich.
"Faced with inflation worries, volatile asset prices and sudden changes in exchange rates, a majority of investors have reduced their transaction volumes in equities, bonds, and structured products," he told a news briefing in Geneva.
This was particularly true for clients from Asia, whose demand for complex investment tools such as equity derivatives has "drastically decreased" in response to recent financial market upheaval, said Braunwalder.
"Concurrently, most clients increased their cash allocation and, for some, their leverage," he added.
Investors worldwide have been scrambling to find a safe place for their savings this year in the face of a global economic slowdown, a credit crisis that has spooked markets, and an energy price spike spurring concerns about inflation.
Alexandre Zeller, who will replace Braunwalder as HSBC Private Bank (Suisse) chief on October 1, said that concerns about inflation would dominate many investing decisions ahead.
"My worry is that a lot of liquidity has been injected in the markets by central banks to solve the (credit) crisis," the former head of Banque Cantonale Vaudoise said, raising concerns about how that liquidity will be removed from the market, and whether interest rates would have to rise as a result.
HSBC Private Bank (Suisse), rated AA by Standard and Poor's and Aa3 by Moody's, has been more shielded from recent banking sector woes than its larger Swiss rivals UBS and Credit Suisse .
But the Geneva-based bank said the first six months of 2008 were necessarily arduous in light of "the most difficult financial markets for several decades".
"Record levels of volatility across asset classes and markets have made clients more hesitant to move their assets between financial institutions," it said.
Assets under management decreased by 13 percent to 23.8 billion Swiss francs ($21.7 billion) compared to December 2007, due both to unfavourable markets and the drop of the U.S. dollar against the Swiss franc.
Net new money flows were 6.9 billion francs in the first half, with most funds coming from Europe, the Middle East, and Asia, the HSBC unit reported. Zeller said he considered that inflow "substantial" and stood by the bank's goal to grow assets under management by 60 percent over the next three years.
"I think this is something that we can achieve," he said.
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内閣支持率再び低下、「改造効果」薄れる 世論調査
日本経済新聞社とテレビ東京の共同世論調査で、福田内閣の支持率が内閣改造前の水準に低下した。わずか1カ月で改造効果が薄れた背景には、福田康夫首相の指導力不足がある。総合経済対策の目玉となった定額減税の評価は高いが、その過程で首相の「顔」はみえず、公明党と調整にあたった自民党の麻生太郎幹事長が株を上げた格好。首相にとって厳しい政権運営が続きそうだ。
自民支持層で内閣支持率は57％にとどまり、不支持率は37％に達した。公明支持層では不支持率が5割を超え、支持率を上回った。
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福田首相が辞任表明へ
福田康夫首相は1日夜、内閣総辞職する意向を固め、首相官邸での緊急記者会見で表明する。自民党は直ちに後任を選ぶ総裁選に入る見通しだ。
福田氏は安倍晋三前首相の突然の辞任を受け、昨年9月26日に首相に就任した。在任期間は1年に満たなかった。
自民党総裁選には麻生太郎幹事長が名乗りを挙げる見込み。同党内には非麻生候補を推す動きもあり、政局は一段と混迷しそうだ。
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