AmexCo converts to bank holding company

AmexCo converts to bank holding company

By Francesco Guerrera in New York

Published: November 11 2008 00:25 | Last updated: November 11 2008 00:25

American Express became the latest financial group to convert to a bank holding company in a surprise move on Monday that will give the credit card group permanent access to Federal Reserve funds and could facilitate consolidation in the sector.

The Fed said AmexCo’s application had been approved more quickly than usual because of the “emergency conditions” and “the unusual and exigent circumstances” in financial markets.

According to the Fed, AmexCo had $127bn in total assets but retail deposits of just $7.2bn – another sign that the financial crisis is prompting regulators to accept bank holding applications from companies with little retail banking presence.

Several other financial groups, including GMAC, General Motors’ finance arm, have also applied to become bank holding companies in the hope that Fed funds would provide some shelter from the turbulent markets.

Bank holding companies get access to low-cost Fed lending facilities but have to submit to the stricter regulation and capital requirements demanded by the regulators.

Goldman Sachs and Morgan Stanley began the trend in September with the surprise decision to turn into bank holding companies at a time when their investment banking business model was under fire from investors.

AmexCo has been seen as vulnerable to the downturn, because it is one of the few standalone credit card companies and has a large business in states suffering from big house price declines. It recently announced it would cut 7,000 jobs, or 10 per cent of its workforce, as part of measures aimed at saving $1.8bn in 2009.

The company’s profits have been hit as the US economic slowdown and the bursting of the housing bubble prompted cardholders to cut spending.

Last month, AmexCo reported a 24 per cent drop in third quarter profits and a 50 per cent rise in the provision for credit losses as rising unemployment and falling house prices led to an increasing number of defaults.

Legal experts said that converting to a bank holding company could make it easier for AmexCo to merge with another lender if it decided to abandon its standalone business model.

Kenneth Chenault, the company’s chief executive, said: “Given the continued volatility in the financial markets, we want to be best positioned to take advantage of the various programmes the federal government has introduced or may introduce to support US financial institutions. We will continue to build a larger deposit base to broaden our funding sources. With Federal Reserve oversight we should gain greater access to the capital on offer under the current and any future government-sponsored programmes. This decision to become a bank holding company does not fundamentally change American Express’ core focus on the payments industry, nor will it require any significant divestitures.”

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South Korean Lehman blow defended

By Song Jung-a and John Authers in Seoul

Published: November 11 2008 02:00 | Last updated: November 11 2008 02:00

South Korea's top financial regulator yesterday defended his decision to scuttle Korea Development Bank's attempt to acquire now-defunct Lehman Brothers, which changed the global financial landscape and aggravated the global credit crunch.

Lehman Brothers went bankrupt after state-run KDB suspended talks to invest in the US investment bank, following a warning from Jun Kwang-woo, chairman of the Financial Services Commission.

"From the beginning, it wasn't easy or even appropriate for a state bank like KDB to pursue a cross-border M&A that involves any large international investment bank," Mr Jun told the Financial Times.

"I think we made the right decision. KDB, I felt, was in a way too small a boat to get involved in saving a Titanic like Lehman Brothers."

Mr Jun said that Seoul encouraged Korean financial institutions to invest abroad and welcomed inward foreign investment into Asia's fourth-largest economy.

Foreign private equity funds have recently invested in South Korea, with Blackstone and Oaktree Capital ploughing $2bn and $3bn each into distressed assets with the state-run national pension service. However, Lone Star, the US investment fund, has yet to sell its 51 per cent stake in Korea Exchange Bank, after the collapse of a $6.3bn (€4.9bn, £4bn) deal with HSBC.

"We will create a level playing field for foreign investors to be active in the Korean financial market," said Mr Jun. "Achieving financial globalisation in Korea has to be carried out two ways. Welcoming foreign investors inward and encouraging our financial institutions to go outward."

South Korea has endured the won falling 29.4 per cent against the US dollar this year, making it the worst-performing major Asian currency. Its benchmark Kospi stock exchange index is down 39 per cent this year, although that is less than some other Asian indices.

Mr Jun said the country was well prepared to deal with the financial crisis, and that its banks remained fundamentally strong because there was no major mismatch between assets and liabilities.

"Korea is well equipped to provide fiscal stimulus programmes to support not only the real economy but also the financial sector," Mr Jun added.

South Korea plans an $11bn package to boost stagnant domestic demand, as export growth slows amid the global downturn. It has also announced a package of about $130bn to provide debt guarantees and liquidity for its banks and companies.

"I think they are sufficient at this time. Nevertheless, I must admit that it depends on how the global economy evolves," he said. "If the downturn is more severe than we envisage, we should be prepared to do more to support the economy."

Mr Jun denied there was a possibility of South Korea seeking International Monetary Fund support, and said it had "enough cushion" to deal with foreign exchange needs with its $240bn international reserves, a $30bn currency swap agreement with the US Federal Reserve, and a turnround in its current account.

"We are not in a position to even think of the IMF arrangement at this very juncture," he said.

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Short View: Market tenor

Published: November 10 2008 19:55 | Last updated: November 10 2008 19:55

The tenor of a market can be gauged by how it reacts to big news. At the risk of oversimplification, in a bearish market, bad news is fuel for further falls, while good news is swiftly dismissed as offering false hope. The opposite can be true in a bullish trend.

Such asymmetry was not more in evidence than after Friday’s awful non-farm payrolls numbers. The US economy lost 240,000 jobs last month and 284,000 in September. But the S&P 500 bounced 2.9 per cent on the day.

Part of the reaction may be because investors were bracing for even more dire figures. It may also be a signal of a more bullish mood in the market.

Ditto the reaction to the news over the weekend that Beijing would deliver a $586bn stimulus to the Chinese economy, which propelled Asian markets higher, spurred a recovery in mining stocks and supported a solid performance on European markets.

A month ago, such a package may have been taken as a sign of how worrying the slowdown in China had become. Investors would also have been wary of the lack of detail in the plans.

Not now. There is a sense the falls of October have left the market already discounting a relatively sharp global slowdown. The bad news, many argue, is baked in. The new mood was underlined by an initially sanguine reaction to a Blue Monday of bad news: further losses at Fannie Mae and AIG, the collapse of Circuit City and Deutsche Bank’s claim that GM’s shares are worthless.

Some of the bullishness may have been ebbing on Monday as Wall Street gave up early gains by midday trading. But for those worrying about the fickleness of sentiment, there is one piece of unambiguously good news. The US three-month London interbank offered rate fell on Monday for the 21st consecutive fixing. Its decline was a prerequisite for any sustained market rally.

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Lebanon and Syria tussle over militants

ByFerry Biedermann in Tripoli

Published: November 10 2008 19:04 | Last updated: November 10 2008 22:48

Syria and Lebanon have become embroiled in a bitter war of words that runs counter to their recent political rapprochement and centres on mutual accusations of support for militant Islamist groups.

Syrian television last week broadcast what it said were the confessions of members of the Lebanon-based Fatah al-Islam faction, admitting responsibility for a bomb attack in Damascus in September that killed 17. The Lebanese authorities on Monday said they had arrested five of the militants on suspicion of involvement “in terrorist acts”.

The controversy arises from televised claims by the militants that they had been financed by Lebanon’s anti-Syrian Future movement. The movement, led by Saad Hariri, son of murdered former prime minister Rafiq Hariri, is Lebanon’s main Sunni political party.

The Future movement has denied the allegation. Ahmad Fatfat, a former cabinet minister, called it “a fabrication by the Syrian security services that can only prove their own involvement with Fatah al-Islam”.

Fatah al-Islam is the best known of a plethora of Sunni Islamist groups, known as Salafis, that are ideologically linked to al-Qaeda and have a presence in north Lebanon, in and around the port city of Tripoli.

Lebanon’s army fought a three-month battle last year to dislodge the group from the Palestinian refugee camp Nahr al-Bared, in which about 400 people died.

Fatah al-Islam grew out of a Syrian-supported Palestinian faction and Lebanon’s anti-Syrian bloc says Damascus is still involved with the group. The Lebanese authorities have arrested several cells in recent weeks, said to be linked to the group, in connection with lethal bomb attacks on the army in Tripoli in August and September.

Damascus, meanwhile, has repeatedly accused Salafi groups of involvement in violence in Syria. President Bashar al-Assad has sent about 10,000 troops to the border in what Syria says is an attempt to contain them.

Syria and Lebanon on Monday agreed to examine the possibility of better border controls between the two countries. The Lebanese interior minister, on a visit to Damascus, agreed with his Syrian counterpart on the establishment of a joint commission to set up the mechanisms for co-ordinating the policing of the border and the fight against terrorism.

The two nations agreed to establish full diplomatic relations this summer for the first time since both countries became independent in the 1940s. But Syria’s posturing over the Salafists has prompted the US administration to warn Damascus against interfering in Lebanon.

Washington’s ties with Syria were further strained last month when US forces carried out a raid on a Syrian village on the Iraqi border, killing eight people, according to Damascus. The US accuses Syria of not doing enough to stop al-Qaeda fighters from crossing into Iraq.

Anti-Syrian politicians see the latest Syrian moves as an attempt at intimidation, possibly linked to next year’s parliamentary elections in Lebanon. Tareq Mitri, information minister, last month told journalists that the Salafist threat was exaggerated.

“Tripoli is not Kandahar, it’s just Tripoli,” he said, playing down the extent of the violence that has cost the lives of about 40 civilians and soldiers since May.

Apart from their apparently limited number, much of what is known about the Salafists is a matter of dispute. The movement is splintered and divides into openly anti- and pro-Syrian factions. Members vary in their ideological affiliation with al-Qaeda and have different financial backers with wildly diverging agendas.

The sharpest division seems to run between groups for whom anti-US and general anti-western motives trump local politics, and those for whom anti-Syrian, anti-Shia, anti-Hizbollah and anti-Iranian sentiments dominate – to the extent that they co-operate with the US-backed mainstream Sunni Future movement.

The anti-Syria group came to prominence when fighting broke out in Lebanon in May in which the Shia Hizbollah movement and its pro-Syrian allies overran Sunni neighbourhoods in Beirut – marking a debacle for the Future movement.

The Salafis at the time took credit for battling and containing pro-Syrian groups in north Lebanon. “Now that there are problems, all the Sunnis are becoming Salafists,” said Sheikh Bilal Baroudi, the preacher at the main Salaam Mosque in Tripoli and an anti-Hizbollah Salafist.

Since there are few Shia in the north and barely any Hizbollah presence, the Salafis have turned their enmity towards Hizbollah’s pro-Syrian allies – consisting of some political groups, and members of the Alawite sect who live in the Jebel Mohsen district of Tripoli and elsewhere in the north.

Some observers see the violence in the north as a struggle between Saudi Arabia, which is said to be funding some groups, and Syria.

The Saudis, backer of the Future movement, were dealt a blow in May, when Hizbollah and its allies flexed their muscles in Beirut. While European governments have been improving relations with Damascus, Saudi Arabia’s ties with Syria are deteriorating.

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Oligarchs’ practices raise investor concerns

By Catherine Belton in Moscow

Published: November 10 2008 20:19 | Last updated: November 10 2008 20:19

When a Siberian court issued an injunction at the end of last month to freeze Mikhail Fridman’s 44 per cent stake in Vimpelcom, the Russian mobile phone operator, just as western creditors were moving in, some investors feared it could be a repeat of practices honed in the August 1998 financial crash.

Then, the country’s business tycoons concocted elaborate schemes to keep their assets out of the reach of western banks, sometimes enlisting the help of Russian courts.

But in a sign the government is anxious about Russia’s reputation as a borrower during the credit crisis, it moved fast to ease such concerns by issuing Mr Fridman’s Alfa Group a $2bn bail-out loan to pay off creditors in full. This immediately lifted the threat to the stake and, soon afterwards, the court injunction.

Nevertheless, some investors still fear that other businessmen could revert to old practices as the cash squeeze tightens.

Topping investor concerns in the wake of a market rout that has wiped more than 70 per cent off the value of the Russian stock market are the return of complex schemes that key investors claim some of Russia’s biggest businessmen may be deploying to corner cash and control assets.

Investors and international lenders say some of the schemes are raising questions about the sanctity of contracts and the security of collateral in the country at a time when it is increasingly difficult for anyone to win funding.

Sintez to sue RWE of Germany over failed TGK-2 deal

RWE, the German utility, is facing a legal claim for $1.41bn from Sintez, the Russian energy group, for abandoning a joint deal to buy TGK-2, a Russian power generator.

Sintez said yesterday it was suing the German group at the international court for arbitration in London “in relation to the breach of its obligations to become a joint shareholder of TGK-2”.

RWE began talks with Sintez to take joint control of TGK-2 early this year, but pulled out of the deal in September citing the high cost of the transaction and turbulence in Russia’s financial markets.

“There is no reason for RWE to buy TGK-2 at such a high price. They can buy another one cheaper,” said Andrew Krasnov, an electricity analyst at Aton.

The decision came as a blow to Sintez leaving it with a majority stake in TGK-2 and an obligation to buy-out the remaining minority shareholders.

The European Bank for Reconstruction and Development had shown interest in investing in TGK-2, but said it would only participate alongside a strategic investor, such as RWE.

TGK-2 is the biggest electricity generator in northern Russia and controls six power and heat plants with a combined capacity of 2,582MW.

Mr Krasnov said it was “unclear” whether Sintez could claim any damages from RWE for walking away from the TGK-2 deal.

Sintez’s case is likely to hinge on obligations set out in a provisional letter signed by RWE announcing its intent to buy 51 per cent of the TGK-2 shares acquired by Kores Invest, a Sintez unit, in a privatisation deal earlier this year.

RWE refused to comment yesterday but has previously said that its decision to withdraw from the deal was not an indictment of the Russian market and that it would continue to seek opportunities in the country.

“When people are short of money, they are ready to do anything,” says one prominent western investor in Russia.

Recently, OGK-3, a Russian electricity generator, bought assets belonging to Vladimir Potanin, the billionaire who controls Norilsk Nickel, for $600m. The deal rang alarm bells with some investors because OGK-3 is a subsidiary of Norilsk. They say the transaction looks like a direct cash transfer to Mr Potanin.

However, Interros, Mr Potanin’s holding company, defended the deal. It said OGK-3’s purchase of Mr Potanin’s 25 per cent stake in the Kovykta gas field and his 35 per cent stake in a US fuel-cell maker were part of a strategy to make OGK-3 an independent, vertically integrated power company.

But many investors are puzzled by the business logic, especially the reasoning for buying the Kovykta stake, which cost OGK-3 $573m. Gazprom, the state-controlled energy giant, has held back from buying a 51 per cent stake in Kovykta from TNK-BP for up to $700m, saying it thinks the stake is “worthless” because of threats to the licence. Indeed, just two days after OGK-3 bought the stake, Yury Trutnev, Russia’s natural resources minister, repeated a threat to revoke it by the end of the year.

“Interros is using the company as a piggy bank,” says Mattias Westman, chief executive of Prosperity Capital Management, which holds shares in Norilsk. Interros says the deal has not brought any losses to OGK-3.

“I haven’t seen anything like this for years,” says Rob Edwards, managing director for metals and mining at Renaissance Capital, the Moscow investment bank.

In another move that raised investor questions, at the end of September three Norilsk subsidiaries bought about 8.7 per cent of shares in Norilsk. The deal necessitated moving about Rbs43bn ($1.7bn) into a number of accounts, including some at Rosbank, which is controlled by Mr Potanin.

Investors say the moves could have the effect of giving Mr Potanin a liquidity boost at a time when he is under financial strain as a result of the stock market collapse.

Vasily Titov, the deputy chairman of VTB, the state-controlled bank, told the FT that Mr Potanin was in “a very difficult situation” with the $3.2bn in loans he owed to VTB.

People familiar with the situation have said Mr Potanin was facing margin calls on the loans, which were partly backed by Norilsk shares that had fallen nearly 77 per cent in value since their peak in May.

Mr Titov would say only that the bank was in “dialogue” with its client. Norilsk has not explained the reason for the transaction by its subsidiaries. Interros says the decision was taken by Norilsk’s management.

Other investors are concerned that even Mikhail Prokhorov – the oligarch who looks to have come out on top of the crisis, as he cashed out assets to the tune of about $10bn earlier this year – is trying to renege on a deal. Mr Westman’s Prosperity Capital Management is leading a campaign by a group of minority shareholders in a regional power generation company against Mr Prokhorov, for what they view as an attempt to renege on a $500m shareholder buyout deal agreed earlier this year.

“In our 12 years of investing in Russia, this is potentially one of the worst transgressions of corporate governance we’ve seen,” Mr Westman says.

Mr Prokhorov had agreed to buy out the remaining shareholders in TGK-4, the regional power company, earlier this summer when his Onexim Group raised its stake in the company above a 30 per cent threshold in line with Russian law.

But in a complex scheme, as the October deadline for buying out the remaining shareholders approached, Onexim issued a statement saying TGK-4 had been classified by the Russian government as a “natural monopoly” and a strategic company.

It claimed that this meant it was unable to complete the buyback because it owned its stake through a foreign-owned entity, an Onexim vehicle in Cyprus. According to Russian law, natural monopolies are strategic entities barred from being majority owned by foreign entities.

Investors claim Mr Prokhorov is playing with definitions with the sole aim of reneging on the deal: the government granted TGK-4 its definition as a natural monopoly in June after 2.4km of gas pipeline it had leased out were returned to its books.

Its status as a foreign entity is also questioned by some investors. Onexim Group is a Russian company, but in this instance Onexim says it bought its initial stake through a Cyprus entity and therefore has to be classified as foreign.

Last week, Onexim filed suit in the Moscow arbitration court against foreign institutions including Goldman Sachs, Clearstream and Deutsche Bank for attempting to go through with the buyout regardless.

But the shenanigans over redefining the company as a strategic company is provoking fears over the value of Russian collateral among international lenders.

“From my point of view as an institutional lender, when choosing between Brazil, Turkey, India or Russia, at this point in time Russia isn’t even on the list because the framework isn’t there,” says a senior executive at a large international lender. “For us to be able to step up to the plate, we need confirmation from the government that people can’t use that strategic asset law as a pretence to walk away from obligations,” he continues.

“If you can just readily put your company on the strategic asset list it will be impossible for international lenders to use Russian assets as collateral,” the executive adds. “These days, Russia really needs capital. But as long as this issue is outstanding that’s going to be closed.”

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Mexico hedges almost all of its oil exports for the coming year

By Javier Blas in London and Adam Thomson in Mexico City

Published: November 11 2008 02:00 | Last updated: November 11 2008 02:00

Mexico is taking steps to protect itself from the oil price remaining below $70 a barrel in the clearest sign yet of the concerns of producer countries at the impact of the global economic slowdown on their revenues.

The world's sixth biggest oil producer hedged almost all of next's year oil exports at prices ranging from $70 to $100 at a cost of about $1.5bn (£961m) through derivatives contracts, according to bankers familiar with the deal.

The cover is far higher than the country - which relies on oil for up to 40 per cent of government revenue - usually seeks. Last year, Mexico hedged 20-30 per cent of its exports.

Mexico's finance ministry yesterday declined to comment but said in its latest quarterly report that its oil income stabilisation fund spent about $1.5bn on "financial investments, as part of the measures taken for risk management".

Oil prices hit an all-time high of $147.27 a barrel in July but have since fallen to less than $65 as the global economy cools. In London yesterday, oil ended the session up $1.73 at $59.08 a barrel.

Tomas Lajous, a strategist at UBS in Mexico City, said the trades appeared to have occurred in late August and early September. "The hedge is very good news . . . a presumed cost of some $1.5bn is immaterial relative to risks," he said.

Signs that a big producer was hedging emerged over the summer as traders in New York noted a significant surge in options for December 2009. Mexico's programme could have added some downward pressure to spot oil prices as banks in-volved in the deal - Barclays Capital and Goldman Sachs - offloaded some of their risk, selling futures, traders said. Neither bank would comment.

Without the hedge, the recent price falls would have been a serious concern for Mexico. The government has already revised its budget, lowering its oil price target from $80 to $70.

Last month, Agustín Carstens, Mexico's finance minister, told the Financial Times in an interview that he had been stunned by the fall in oil prices.

"What we have seen is amazing," he said.

However, he pointed out that the government's stabilisation fund had a $10bn cushion. "We should be in good shape."

Fitch, the ratings agency, yesterday cut the outlook on Mexico's sovereign debt from stable to negative. Among the reasons, it cited were lower oil prices.

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Blow for homeowners sparks reform call

By Alex Barker, Political Correspondent

Published: November 10 2008 22:56 | Last updated: November 10 2008 23:09

Ministers have ordered a review of legal protections for homeowners after a landmark High Court ruling reaffirmed the right of lenders to sell the homes of borrowers in arrears without seeking a court order.

Jack Straw, justice secretary, has given his officials a week to report on the implications of the ruling and propose any measures necessary to ensure repossessions are a last resort.

The ruling strongly backed the power of lenders to sell a home after two mortgage payments are missed, allowing repossession without explicit permission from a judge.

Mainstream lenders are not expected to change their long-standing practice of seeking court orders for repossessions. But lawyers and opposition politicians fear rogue lenders will exploit the statutory right, dating from 1925, to sell the properties of defaulting borrowers.

The case was brought after GMAC-RFC, a specialist lender, appointed a receiver to auction a property after the buy-to-let borrowers fell behind in payments and breached contract terms. The judge found that Horsham Properties, the new owner, was justified to evict the former owners as trespassers.

GMAC, which was named as a third party in the case, said it exercises its right of sale in relation to buy-to-let mortgages, but not owner-occupied properties. However, Mr Justice Briggs made clear his judgment had “wide-ranging implications” as it applied to all residential mortgages.

The Ministry of Justice acknowledged the case “confirms the long-standing right of a mortgage lender to sell a property without a court order” but said such cases were “rare”.

Mr Straw had “asked for advice on the implications of this judgment and will consider with colleagues across government whether further action is needed to protect homeowners”, the ministry added.

A new set of judicial guidelines designed to make repossession a last resort come into force later this month. However, the legal protections for borrowers are only triggered when a lender applies to court for an order to repossess.

Derek McConnell, an expert on possession proceedings, said the implications of the ruling were “potentially earth-shattering” for borrowers as it allowed lenders to circumvent the courts. He called on ministers “to quickly introduce legislation to prevent this”.

Patrick McAuslan, professor of law at Birkbeck, said “long overdue” reforms should make a court order mandatory for repossessions and strengthen the power of judges to change repayment terms.

Vince Cable, the Liberal Democrat Treasury spokesman, said: “The hope was that guidance for courts was enough to prevent a great swathe of repossessions. But if it turns out that a new law is all that will do it, that must be the answer.”

One option could be to introduce laws in either the upcoming banking bill or in a new justice bill announced in the Queen’s Speech.

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Lifting of Cuba ban could hit rest of Caribbean

By Benedict Mander in Caracas

Published: November 10 2008 02:00 | Last updated: November 10 2008 02:00

Fears are growing that the tourism industry in many Caribbean nations could suffer if Barack Obama, US president-elect, decides to weaken or lift the long-standing US embargo on Cuba.

US passport holders are now banned from going to the island. But if American tourists - the Caribbean's biggest group of visitors - were granted unrestricted access to what is potentially the region's largest tourism destination, a "seismic shift" could hit the Caribbean, said Rafael Romeu, an International Monetary Fund economist who has studied the issue.

What exactly an Obama administration will do on Cuba remains unclear.

But any shift allowing US travel to the Caribbean's largest island could represent the single most significant change in US policy towards the region and its economies.

While Cuba has suffered from strict trade barriers for the past half-century, the rest of the region has benefited as a result. Now, however, they will need to act quickly to prepare themselves for this large loss in what amount to implicit trade preferences - or suffer the consequences, said Mr Romeu.

Destinations most vulnerable are those that depend heavily on US tourists, such as the Bahamas and Cancún. Others that have a higher proportion of European visitors, such as the Dominican Republic and Barbados, will be less affected.

Mr Romeu expects a net increase of more than 10 per cent in the region's visitors as costs of visiting fall.

About 1.4m people visit Cuba each year. But the island is expected to receive up to 3.5m Americans alone if the US changes its policy.

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Egypt to hand out stakes in state assets

By Heba Saleh in Cairo

Published: November 11 2008 02:00 | Last updated: November 11 2008 02:00

Egypt is preparing legislation that would give citizens a stake in dozens of public sector companies in a move designed to address popular misgivings about the state's privatisation programme.

The ruling National Democratic party yesterday announced plans under which all Egyptians above the age of 21 would receive a certificate of ownership of shares in a range of companies owned by the state.

"Once they have received the [certificate] they will have the right to sell it to a number of banks or investment funds or other institutions . . . ," said Mahmoud Mohieddin, investment minister. "Or they will have the right to hold on to it until registration has been completed and it could be traded on the stock exchange."

The state will continue to run the companies in which it will retain at least a 30 per cent stake. The minister said it would take a year from parliamentary approval until the implementation of the plan. The value of the certificate has not yet been determined and neither has the list of companies to be included.

Egypt's privatisation programme restarted in 2004 to boost economic growth after a new cabinet headed by Ahmed Nazif was appointed. Economic growth in Egypt exceeded 7 per cent, the highest in two decades, in 2007. But the sale of state assets stalled this year amid public opposition and the global financial crisis.

In a country with a socialist legacy from the 60s and with widening income disparities in recent years, privatisation has come to acquire a bad name, and there are frequent accusations that state companies are being sold off to government cronies and foreigners at bargain-basement prices.

Analysts say that by transferring ownership of the assets to the general public, the government will make privatisation more popular. "This will push privatisation much further because it will eliminate all the problems and accusations that companies are being sold cheaply," said Aladdin Saba, chairman of Beltone Financial, an investment bank.

"A foreign investor who wants to buy will have to make a tender offer in the stock exchange. There will be no issue over price or accusations that anyone took a bribe or that public assets are being under valued."

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Saudi Arabia to review $10.5bn aluminium deal

By Andrew England in Abu Dhabi

Published: November 11 2008 02:00 | Last updated: November 11 2008 02:00

Saudi Arabia's state mining company and Rio Tinto Alcan said yesterday they were reviewing a $10.5bn aluminium project in the wake of the deepening financial crisis.

The scheme had been seen as an integral part of diversifying the kingdom's oil-dependent economy.

The statements from Ma'aden and the international mining giant - which have a preliminary agreement to mine bauxite and build a refinery, smelter and power station to produce at least 1.4m tons of alumina a year and 650,000 tons of aluminium - are further evidence of how the global credit crunch is affecting the oil-rich Gulf.

A lack of international financing combined with a liquidity crunch in the region's domestic banks, as well as concerns of a global recession, have caused analysts to predict that many of the estimated $2,500bn-worth (€1,955bn, £1,595bn) of projects planned for the Gulf will be delayed and some cancelled.

Production at the aluminium project in Saudi Arabia - touted as the world's largest fully integrated mine-to-metal project - was scheduled to begin in 2012.

Ma'aden released a statement saying that it was conducting a detailed review of the project in "the context of the current international financial climate".

Dick Evans, chief executive officer at Rio Tinto Alcan, said the company was looking at the "technical and financial feasibility of all our projects", adding that it was not unique to Ma'aden.

The aluminium smelter was one of two massive projects led by Ma'aden, as it sought to provide much-needed jobs and investment in rural Saudi Arabia.

It was unclear if a review was being conducted on the second project, a $5.6bn development that involves mining phosphate and building the world's largest sulphuric acid and phosphoric acid plants to produce diammonium phosphate (DAP), an agricultural fertiliser. The goal was to produce 15 per cent of the world's DAP by 2011.

Ma'aden's partner in that project is Sabic, the kingdom's petrochemicals giant. It was announced in June that just under $4bn in financing had been raised.

Officials at Saudi Aramco said last week that the world's largest oil company was reviewing some of its longer term projects, although the officials did not elaborate on the details of the review.

There have also been reports that some of Dubai's huge real estate projects are being delayed. An official in Abu Dhabi, the wealthy capital of the United Arab Emirates, has said that the emirate was reviewing some of its investments in tourism.

Abu Dhabi was still pushing ahead with flagship projects, including the near $30bn development of an island that will be home to Louvre and Guggenheim museums, but was "reprioritising some of our major projects, especially those that have not been announced", Lee Tabler, chief executive of the Tourism Development and Investment Company, said.

Libya, however, sought to buck the trend yesterday as a Libyan government fund and Gulf Finance House, a Bahrain-based investment bank, gave details of ambitious plans to launch a $5bn energy city in the north African country.

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Goldman cuts 10 percent of bankers in Tokyo

Reuters

Goldman Sachs Group has cut about 10 percent of its investment bankers in Tokyo, including one of Japan's top women bankers, as part of global efforts to cut its workforce, people familiar with the matter said.

Goldman has laid off more than 10 bankers from its mergers and capital markets teams, including Naomi Matsuoka who led Goldman's equity capital markets team, four people told Reuters.

Matsuoka is known for her role in sales of shares by the Japanese government, including stakes in Nippon Telegraph and Telephone Corp between 1998 and 2000 and East Japan Railway Co in 2002.

Goldman handled many of Japan's big privatisation deals, helping to boost its ranking on banking league tables.

Goldman ranks this year as No.4 investment bank in handling Japanese share sales, up from 12th position at the same time last year, data compiled by Thomson Reuters showed.

Matsuoka is one of the four managing directors who have left the bank in the latest move, the people said.

A spokeswoman for Goldman Sachs in Tokyo declined to comment.

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Swiss fear more pressure on bank secrecy after Obama victory

AFP Andre Lehmann

Switzerland is likely to come under further pressure from the United States over its prized system of banking secrecy after the election last week of Barack Obama, key sector players predicted.

The newly-elected US president, who formally takes office in January, is known for his hard line on fiscal evasion, having jointly presented a "Tax Haven Abuse Act" to the Senate back in 2007.

Switzerland was one of 34 countries listed as a potential site for tax evasion by US clients in the bill and observers said that while that particular piece of legislation is unlikely to see the light of day, it could yet inform the new president's policy.

"American legislation can move very quickly and laws can get passed speedily," said Martin Navillle, head of the Swiss-US Chamber of Commerce.

"The United States is looking for more fiscal receipts" to finance its massive bailout plan for Wall Street giants battered by the global economic crisis, he added.

His comments echoed warnings by Switzerland's Foreign Minister Micheline Calmy-Rey, who said that pressure on the country was bound to increase after Obama's victory.

"The pressure on Switzerland is going to increase, also from the United States," Calmy-Rey told the weekly SonntagsZeitung in an interview.

"Countries across the world have injected billions into financial markets to save the banking system," she noted, adding "they now have to find fiscal means" to finance these rescue plans.

Switzerland has come under regular fire for its banking secrecy laws which other countries see as a helping tax evasion.

In the United States, the country's image has been particularly tarnished due to a scandal involving Switzerland's largest bank UBS and its alleged role in facilitating US tax evasion.

UBS said in July that it was halting its offshore banking services for US citizens after it came in for scathing criticism from the authorities.

The bank's chief financial officer of global wealth management, Mark Branson, told a US senate committee that the bank "genuinely regrets" failures in complying with US regulations and would stop offering offshore banking to Americans.

German Finance Minister Peer Steinbrueck sparked outrage in Bern last month by calling for Switzerland to be placed on an OECD "black list" of countries that did not cooperate in the fight against tax fraud.

Swiss authorities called in Germany's ambassador and Calmy-Rey said that Steinbrueck's comments did not meet the standards of a "legal state."

But Calmy-Rey assured the SonntagsZeitung that the government would defend banking secrecy in the face of foreign criticism.

"We have nothing to fear," she said.

Not everyone is so confident as the foreign minister, however.

Maneul Amman, head of the Swiss Banking and Finance Institute at the University of St.-Gallen, said there is a definite, real risk that the United States will keep up their pressure.

"The Swiss model is going to remain under pressure and this pressure is going to get stronger rather than weaker," he told AFP.

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Harvard seeking spending cuts amid economic crisis

By RODRIQUE NGOWI, Associated Press Writer Rodrique Ngowi, Associated Press Writer

BOSTON – Harvard University is considering spending cuts because the economic slowdown may reduce federal grants and the school's substantial endowment, President Drew Faust said Monday.

Harvard's endowment posted an 8.6 percent return and grew to $36.9 billion in the fiscal year that ended June 30. The school, however, lost 12.7 percent on its U.S. stock portfolio and 12.1 percent on its foreign equity portfolio during that time. Faust's spokesman on Monday declined to say how much the endowment has lost during the current economic turmoil.

Still, Faust warned in an e-mail to faculty, staff and students that "we must recognize that Harvard is not invulnerable to the seismic financial shocks in the larger world. Our own economic landscape has been significantly altered."

"We need to be prepared to absorb unprecedented endowment losses and plan for a period of greater financial restraint," she said.

Harvard's is the nation's largest university endowment and provides about a third of the annual operating budget. Faust said the school is looking at ways to cut spending and will review compensation costs, which account for nearly half of the budget.

Harvard also is reviewing its ambitious expansion program, including plans announced early last year to expand across the Charles River from its Cambridge campus into Allson, she said.

"We will need to plan and act in ways that reflect that reality, to assure that we continue to advance our priorities for teaching, research and service," she said.

The school intends to implement initiatives to make education affordable to students from low- and middle-income families, and will ensure that those with income below $60,000 will pay nothing to send children to Harvard College. Those earning up to $180,000 can expect to pay no more than about 10 percent of their income, she said.

Graduate and professional schools will keep financial aid budgets at current levels.

Harvard's efforts to address the economic downturn mirror what is happening elsewhere in the country, including other Ivy League schools. While wealthy schools can fare better in a downturn, they are also seen as vulnerable to prolonged market slumps because they tend to fund a greater portion of their budget from their endowment.

Dartmouth College has announced that it will cut spending after its endowment, which also makes up about a third of its budget, lost $220 million. That school's trustees blamed the loss on poor returns on stocks and bonds because of the Wall Street meltdown.

Last week, Brown University announced a hiring freeze through January, and said it would review its capital budget to determine which projects could be delayed. Cornell University also recently announced a 90-day halt of construction projects and a pause on hiring staff members from outside the university through the end of March.

"Virtually every college and university, their budgets are under strain, stress, for a variety of reasons," said Matthew Hamill, a vice president of the National Association of College and University Business Officers.

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Las Vegas Sands Gets $2.14 Billion, Halts Macau Build (Update2)

By Beth Jinks
Enlarge Image/Details

Nov. 11 (Bloomberg) -- Las Vegas Sands Corp., the casino company run by billionaire Sheldon Adelson, said it's raising $2.14 billion in capital and is suspending construction in Macau to conserve cash after a third-quarter loss.

The casino operator expects to finish the ``oversubscribed'' sale of debt or equity this week, including contributions from the Adelson family, removing the risk of the parent company tripping loan covenants, executives said yesterday on a conference call. A ``major Chinese bank'' may also lend the company as much as $700 million to resume the stalled Macau projects, Adelson said.

Las Vegas Sands needs the cash to avoid violating the terms of some U.S. loans and setting off a series of defaults that may force it into bankruptcy. The company said yesterday it will halt work on developments in Macau, where it earns two-thirds of revenue, to focus on the $4 billion Singapore project.

``They're weak on a number of levels, with return on capital at 3.3 percent, significantly below their cost of capital,'' Roy Ophir, director of research at financial research and asset management company Matrix Lighthouse LLC, said in a phone interview today. ``From a free cash flow perspective, they're burning cash.''

The ratio of the Las Vegas-based company's total debt to total capital was 80 percent in June, according to data compiled by Bloomberg.

Macau Casino Revenue

The owner of the Venetian and Palazzo casino resorts also said it will stop work on its Las Vegas condominiums and parts of its Bethlehem, Pennsylvania project.

The casino operator needs ``more financing to finish what's on their plate right now in Macau,'' Robert LaFleur at Susquehanna Financial Group LLLP, said last month. ``That's exceptionally difficult to come by in this market and that uncertainty has been a significant drag on the stock.''

Las Vegas Sands, Wynn Resort Ltd. and MGM Mirage are expanding outside of their home market as gambling revenue on the Las Vegas Strip has declined for eight straight months.

The company will issue a prospectus ``within days,'' executives said on the call, declining to specify whether it was selling debt or equity.

Singapore Project

Las Vegas Sands extended the deadline for finishing parts of Marina Sands in Singapore into 2010. The casino, two hotel towers, parts of the mall as well as meeting and convention areas are to open as scheduled by the end of 2009.

Las Vegas Sands has pledged to invest at least $12 billion building casinos in Macau, where casino gambling revenue has more than doubled since 2004 to 83 billion patacas ($10.4 billion) last year.

Casino gambling revenue in Macau fell 26 billion patacas ($3.26 billion) in the third quarter, 10 percent lower than the previous three-month period, amid the economic slowdown caused by the credit crisis and measures by the Chinese government to restrict its citizens' travel to the city. Macau, the only place in China where casinos are legal, is a special administrative region and Chinese from the mainland need a visa to enter it.

Still, compared with the third quarter last year, Macau's casino revenue grew 28 percent.

Macau had 2.31 million visitors in September, 10 percent less than the previous month and the lowest number since July 2007, according to data compiled by Bloomberg.

Projected Earnings

Design changes will allow the Singapore casino to house as many as 1,000 gambling tables, up from about the 600 earlier planned, Las Vegas Sands said. It expects the Singapore project to deliver earnings before interest, taxes, depreciation, amortization and rent of $1.26 billion in 2012.

Las Vegas Sands fell 6.3 percent to $7.50 after the close of New York Stock Exchange composite trading.

The company has lost 92 percent of market value this year on investor concerns that falling casino revenue and the global financial meltdown will leave it without enough cash to pay for expansion projects or cover its loans. It was usurped as the world's largest casino company by market value in the past month. Wynn Resorts Ltd. is now the biggest, followed by MGM Mirage.

Adelson's company posted a third-quarter loss of $32.2 million or 9 cents a share, compared with $48.5 million or 14 cents, in the previous year.

Excluding items such as development costs and a loss on the sale of some assets, Las Vegas Sands' earnings per share were 2 cents. That missed the 10-cent average estimate of 18 analysts surveyed by Bloomberg.

Revenue rose to $1.11 billion from $661 million, missing the $1.17 billion average estimate of 12 analysts.

Adelson, who owns about two-thirds of Las Vegas Sands, injected $475 million Sept. 30, hired Goldman Sachs Group Inc. to help raise more capital and said he would participate in the financing. The company made a filing with regulators Nov. 6 to allow it to quickly sell stocks or bonds if it finds investors.

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10月の街角景気、過去最低水準に　世界的株安で

　内閣府が11日発表した10月の景気ウオッチャー調査によると、街角の景況感を示す現状判断は22.6となり前月から5.4ポイント下がった。水準は比較可能な2001年８月以来最低で、下落幅は過去最大。低下は７カ月連続となった。世界的な株価下落を受けて消費者心理が悪化。製造業を中心に経営者マインドも一段と悪化した。

　内閣府は同調査の判断を「景気の現状は急速に厳しさを増している」とし、前月までの「景気の現状は厳しい」から下方修正した。この表現も比較可能な02年４月以降で過去最悪となった。

　10月の現状判断指数の内訳では「家計動向関連」が5.2ポイント低下。特に高額品関係の落ち込みが目立った。「企業動向関連」は5.4ポイント低下。円高の進行もあり特に製造業の悪化が目立った。「雇用関連」は6.3ポイントの低下だった。３項目ともに下落幅は過去最大だった。

　２―３カ月先の先行き判断指数は25.2と前月に比べて6.9ポイント低下した。水準、下げ幅とも過去最悪。〔ＮＱＮ〕(15:54)

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金融危機、企業の調達に影　銀行借り入れにシフト

　欧米の金融危機に端を発した市場の混乱が国内企業の資金繰りに影響を及ぼしている。日銀が11日発表した貸出・資金吸収動向とマネーストックからは、市場の機能低下を背景として企業が銀行借り入れへの依存度を高めたり、手元資金を取り崩して対応したりする動きが浮かび上がった。金融市場は各国の政策対応などでやや落ち着きつつあるが、企業経営など実体経済への影響は次第に鮮明になりつつある。

　日銀が11日発表した10月の「貸出・資金吸収動向」によると、民間銀行の貸出残高は前年同月比2.5％増の397兆1539億円となった。1992年 8月（同2.5％）以来、約16年ぶりの高い伸び率。米欧の金融危機に伴う金融資本市場の混乱で、企業が短期資金の調達を銀行借り入れに頼ったことが主因。

　三菱ＵＦＪフィナンシャル・グループによる米モルガン・スタンレーへの出資に絡んだつなぎ資金の融資も貸出残高を押し上げたもようだ。(15:03)

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日本とフィリピン、ＥＰＡが12月11日に発効

　中曽根弘文外相は11日の閣議後の記者会見で、日本とフィリピンの経済連携協定（ＥＰＡ）の12月11日発効が決まったと発表した。フィリピン人看護師・介護福祉士の日本への受け入れなどが主な柱。日本はすでにシンガポール、マレーシア、タイなどとの2国間ＥＰＡを発効済み。東南アジア諸国連合（ＡＳＥＡＮ）とのＥＰＡ発効も決まっており、今回のフィリピンで9番目となる。(14:03)

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環境税、新税は先送り　ガソリン税など衣替え

　環境相の諮問機関である中央環境審議会が11月中にまとめる環境税導入に向けた報告書の原案が明らかになった。ガソリン税など既存のエネルギーにかかる税率を維持したうえで、環境税に衣替えする。中環審は石炭など温暖化ガスを多く排出する化石燃料に新税を課すよう主張してきたが、方針を転換する。年末の税制改正論議のたたき台ともなる。

　原案ではガソリン税（揮発油税など）のほか、軽油引取税などの税率を維持したうえで名目を環境税に変更。石油石炭税のうち温暖化ガスの排出量の多い石炭については税率を引き上げるよう求める。新税の導入は2010年度以降に先送りする。(09:57)

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ＡＩＧ、日本事業の売却難航　大手生保に余力乏しく

　米保険大手アメリカン・インターナショナル・グループ（ＡＩＧ）の日本事業の売却が難航している。アリコジャパン、ＡＩＧエジソン生命保険、ＡＩＧスター生命保険の生保3社が売却対象だが、金融混乱による株安などで国内外の大手保険会社が買収余力に乏しくなってきたことが響いている。数千億―1兆円超とされる売却金額の引き下げを迫られる可能性もある。

　ＡＩＧが3社の売却を発表したのは10月3日。1カ月余りたってもまだ正式な入札手続きすら始まっていない。売却の難航はＡＩＧの再建計画にも悪影響を及ぼす。当初は国内外の保険会社による争奪戦に発展するとの見方もあったが、国内保険各社は買収に慎重な姿勢に転じている。(09:57)

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９月の経常黒字、前年比48.8％減

　財務省が11日朝に発表した９月の国際収支（速報）によると、経常収支は１兆4979億円の黒字となり、前年同月と比べて48.8％減少した。経常黒字が前年同月の水準を下回るのは７カ月連続。

　９月中の輸出額は前年同月比2.1％増の７兆352億円、輸入額は同32.7％増の６兆7881億円で、貿易収支は2471億円の黒字となり、同 86.0％減少した。サービス収支は1510億円の赤字で、貿易・サービス収支は961億円の黒字と、同94.0％減少した。所得収支は１兆4839億円の黒字で、同4.7％増加した。

　同時に発表した2008年度上半期（４―９月）の経常黒字は７兆8564億円と前年同期比37.0％減少した。輸出額は同3.1％増の40兆9883億円、輸入額は同17.8％増の39兆4002億円で、貿易収支の黒字は１兆5881億円と同74.8％減少した。貿易・サービス収支の黒字は同89.8％減の4924億円、所得収支の黒字は同2.9％減の７兆9856億円だった。〔ＮＱＮ〕(09:03)

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４―９月の経常黒字、３年ぶり減少　世界経済減速が影

　財務省が11日発表した2008年度上半期（4―9月期）の国際収支速報は、海外とのモノやサービスなど総合的な取引状況を示す経常収支の黒字が前年同期比37.0％減の7兆8564億円になった。半期ベースの黒字幅が縮小したのは05年度上半期以来3年ぶり。世界経済の減速で輸出額の伸びが小幅にとどまる一方、原油高で輸入額が増え、貿易黒字が縮小した。

　08年度上半期の貿易収支は1兆5881億円の黒字で、前年同期比74.8％減だった。黒字額は比較可能な1985年度以降では最少。輸出はアジア向けが好調だったものの、サブプライムローン問題や物価上昇による欧米の景気減速を受け、対米、対欧州が自動車などで落ち込んだ。一方で原油価格が円ベースで前年同期比55.9％もの上昇となり、差し引き項目である輸入額が増大。貿易黒字を圧縮した。これにより、貿易・サービス収支の黒字も前年同期比 89.8％減と大幅に縮小した。(13:14)

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太陽光発電の導入拡大へ行動計画発表　経産相

　二階俊博経済産業相は11日の閣議後の記者会見で、政府がまとめた太陽光発電の導入拡大のためのアクションプラン（行動計画）を発表した。家庭に加えて、道路や鉄道、空港、小中学校など公的な施設への導入を加速するのが柱。また太陽光や風力、原子力発電など温暖化ガスを排出しない「グリーン電力」の卸取引を17日から始めることも発表。電力会社は風力や水力などの発電事業者が発電したグリーン電力を市場から購入できるようになる。温暖化ガスの排出が多く、排出削減に苦しむ電力会社はグリーン電力の購入によって排出量を減らしやすくなる。(14:03)

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10月のオフィス空室率、東京は上昇　大阪・名古屋は横ばい

　オフィス仲介のシービー・リチャードエリス（東京・港）が11日発表した東京都心5区の10月のオフィス空室率は2.7％と9月より0.3ポイント上昇した。景気の不透明感から全体として移転の動きは鈍かったが、大規模ビルで本社移転に伴う空室増が目立った。

　大阪市は前月と同じ6.6％。オフィス縮小や拠点集約の動きが広がり、大規模ビルの需給逼迫（ひっぱく）は和らいだ。名古屋市も横ばいの7.7％だったが、賃料削減を狙ったオフィス移転が増えつつあるため、今後空室率が上がる可能性も大きい。

　3.3平方メートルあたりの平均賃料は、東京5区が前月比0.6％高い1万5270円だった。大阪市は1.5％高い9060円、名古屋も0.3％高い9770円と、わずかながらいずれも上昇した。(17:58)

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塩ビ管大手のクボタシーアイ、堺工場を閉鎖　09年7月末までに

　塩化ビニール管大手のクボタシーアイ（大阪市）は11日、2009年7月末までに堺市の塩ビ管・継ぎ手工場を閉鎖すると発表した。公共工事や住宅着工の減少で、近年塩ビ管の需要が減り続けているため生産能力を2割減らして効率を高める。堺工場の閉鎖で、同社の国内工場は5つから4つに減る。

　従業員147人は他工場や親会社のクボタの生産拠点に配置換えして雇用を維持する考えだ。工場跡地は所有者であるクボタに返却する。

　現在、堺工場のみで手掛けている水道用の継ぎ手や耐熱性の高い塩ビ管の生産設備は小田原工場（神奈川県小田原市）や栃木工場（栃木県市貝町）へ移設する。(17:47)

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東洋ゴム、ロシアにタイヤ販社を設立

　東洋ゴム工業は11日、三菱商事と共同出資でロシアのモスクワ市にタイヤの販売子会社を設立したと発表した。2009年1月に営業を始める。これまではロシアでは現地代理店を通じてタイヤ販売を手掛けていたが、販社設立によって新規顧客の開拓やマーケティングを強化する。

　新会社は「ＴＯＹＯ　ＴＩＲＥ　ＲＵＳ」。資本金は5000万ルーブル（約1億8000万円）で、東洋ゴムが60％、三菱商事が40％を出資した。社員数は6人。(13:30)

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三菱レイヨン、英化学大手買収を午後発表

　化学大手の三菱レイヨンは11日、英化学大手ルーサイト・インターナショナルの買収を正式決定し、同日午後発表する。ルーサイトは液晶パネルや車の部品に使われるアクリル樹脂原料の世界最大手。同4位の三菱レイヨンは買収により、成長が見込める同分野で2位を大きく引き離す首位に躍り出る。

　三菱レイヨンは年内をメドに英投資ファンドのチャーターハウスが保有するルーサイト株式78％のすべてを1500億円程度で買い取り、子会社にする。将来は100％子会社にすることも検討している。(12:29)

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米火星探査機が活動停止　水の存在確認など成果

　【ワシントン＝共同】米航空宇宙局（ＮＡＳＡ）は10日、火星で水の存在を確認するなど大きな成果を挙げた無人探査機「フェニックス」が交信不能となり、活動を停止したと発表した。

　着陸した北極周辺の日照時間が短くなり、太陽電池による電気出力が低下したのが原因。5月下旬の着陸以来、当初想定した3カ月を超え5カ月以上も活動を続け、ＮＡＳＡも「計画は大成功だ」としている。

　フェニックスからの通信は今月2日を最後に途絶えた。移動能力はないため、冬に向かう今後は二酸化炭素の氷で覆われ、回復は見込めないという。(13:01)

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米火星探査機：交信不能で活動停止　水の存在確認で成果

　米航空宇宙局（ＮＡＳＡ）は１０日、火星で水の存在を確認するなど成果を上げた無人探査機「フェニックス」が交信不能となり活動を停止したと発表した。

　着陸した北極周辺の日照時間が短くなり、太陽電池による電気出力低下が原因。５月下旬の着陸以来、想定した３カ月を超え５カ月以上も活動を続けＮＡＳＡも「計画は大成功だ」としている。

　フェニックスからの通信は１１月２日を最後に途絶えた。移動能力はないため、冬に向かう今後は二酸化炭素の氷で覆われ回復は見込めない。２万５０００枚以上の画像を撮影、送信しており、データ分析にはさらに数年かかる見通しだ。

　フェニックスは０７年８月に打ち上げられ、火星の北極付近に初めて着陸。土壌に水が氷として存在することを突き止めた。（共同）

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ドンキ店舗への放火未遂容疑者「株価下げもうけようと」

　量販店「ドン・キホーテ」の横浜市の店舗に対する放火未遂容疑で神奈川県警に逮捕された同市磯子区東町、会社員、関根英雄容疑者（36）が、「ドン・キホーテの株価を下げてもうけようと思った」などと動機を供述していることが11日、分かった。

　同容疑者が同社株を保有、売買していたとみられることも判明。金融商品取引法は有価証券の相場変動を図る目的で、風説の流布や、暴行、脅迫などの行為を禁じている。県警は同法違反（相場変動目的の暴行）容疑での立件を視野に捜査している。

　同容疑者は、7月に同市緑区のドン・キホーテの店舗に放火しようとしたとして、放火未遂容疑で逮捕されているほか、5月に同市中区の店舗で起こった不審火についても関与を認めているという。(10:26)

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調査捕鯨の鯨類研、鯨料理店を閉鎖へ　資金繰り悪化で合理化案

　南極海などで調査捕鯨を実施している日本鯨類研究所（東京・中央、森本稔理事長）と事業の委託先である共同船舶（同、山村和夫社長）が10日までに経営合理化案をまとめ、水産庁に提出した。捕鯨船の一般公開をやめるほか、アンテナショップを兼ねる鯨料理店「勇新」（東京・浅草）を2010年に閉店する。

　昨年の火災事故や米環境保護団体「シー・シェパード」などの妨害活動で捕獲数が減少。鯨肉の販売数量も減り、研究所の資金繰りが悪化した。(07:00)

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永遠にネットさまよう…公安個人記録５９０人分野放し

元内部関係者が２ちゃんで流す

　１９９９年１０月、突如ネット上に流出した公安調査庁職員５９０人分の住所、電話番号などのリストが、１０年近くたったいまでも簡単に入手できる状態となっている。職員の多くは配置換えによって部署が変わっているが、自宅住所は変わっていないケースも多い。公安調側は何度も削除を試みているが、亡霊のように出現するため、いたちごっこが続いている。

　ネットをさまよう職員住所録には、９８年当時の長官以下、全国の職員らの職名、氏名、郵便番号、住所、電話番号がズラリと並ぶ。

　９９年新規採用者の個人情報も含まれており、当時すでに退職していた内部関係者が、オウム真理教事件に端を発した第２破壊活動防止法の粉砕を目的に、巨大掲示板「２ちゃんねる」に一気に書き込んだとされている。

　同庁総務課の情報管理官が当時、２ちゃんねる管理人の西村ひろゆき氏に削除要請したが、時すでに遅し。データは英訳され、海外のホームページにまで英文で掲載されてしまった。

　海外ホームページはニューヨークの建築家（当時）が管理しており、ＦＢＩ経由で削除を申し入れたが、表現の自由を理由に拒否。「世界一無能な情報機関」などと題し、同庁職員が９７年に米中央情報局（ＣＩＡ）を訪問した際に受けとった内部資料などとともに公開し続けた。

【削除しても復活】

　このＨＰは現在、消滅しており、データは抹消されたと考えられていたが実態は違った。

　あるネットユーザーは「この種のデータは何回消しても、亡霊のように必ず復活する。データをダウンロードしてしまった不特定多数のユーザーらがアップし続ける限り、一般ユーザーでも専用ソフトを使ってキーワードを入力すれば、かなりの確率でダウンロードできる」と言い切る。

　当時を知る公安調関係者は「可能な限り処置はしたが、（流出データは）忘れたころに必ず出てきてしまう。何年経とうが、このデータは永遠にネットの世界をさまよい続ける。まさに痛恨の極み」と話している。

　なお、現在はこの種の個人情報（入手方法を含む）を掲示板などに不正にアップした場合、ＩＰアドレスなどから確実に身元が割り出される。

ZAKZAK 2008/11/11

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焦げ付きピンチ！“危険水域”金融機関ワースト１０社

　日本でも金融危機が深刻になるなか、不良債権の割合が１０％超の“危険水域”に達している金融機関に注目が集まっている。金融庁の資料によると、メガバンクや地方銀行など預金を扱う全国５６２の金融機関のうち、実に３割近くの１４６が危険水域入り。危うい金融機関に予防的に公的資金（税金）を投入できるようにする金融機能強化法改正案の審議は曲折が予想されており、これらの銀行の行く末が案じられている。

　不良債権比率とは、金融機関が企業や個人に実行した融資や融資枠のうち、返済に滞りが出ているものがどれくらいあるかを示すもの。比率が高いほど、焦げ付く可能性のある融資が多いことになり、その金融機関の経営状態はよくないことになる。

　２００３年５月に一時国有化されたりそな銀行の場合、国有化直前の不良債権比率は１０％程度。同１１月に事実上経営破綻し、一時国有化された足利銀行は１４％程度だった。１０％を超えると、“危険水域”にあるといえる。

【信金の４分の１、信組の半分が…】

　そこで、金融庁の資料をもとに、０８年３月末時点の不良債権比率が１０％超の金融機関をピックアップすると、地銀１行、第２地銀１行、６８の信金、７６の信組－の計１４６の金融機関が該当した。

　地銀で不良債権比率１０％超となっているのは、長崎県佐世保市に本店を構え、０７年にふくおかフィナンシャルグループ（ＦＧ）の傘下に入った親和銀行。地域経済の落ち込みを背景に不良債権比率が高止まりしていたうえ、ふくおかＦＧの傘下入りを機に不良債権の査定を厳格化したところ、不良債権比率が前年同期より２．１８ポイント高い１５．７３％にアップした。

　第２地銀では、大分市にある豊和銀行が１２．８７％。０８年３月期に不良債権を厳しく査定し、今期はその処理を進めたことで不良債権比率は０．８ポイント改善したものの、依然として高水準となっている。

　「豊和銀は０６年３月期に銀行の健全性を示す自己資本比率が３％を割り込んだことがあった。国内で業務を行う銀行がクリアすべき４％を大きく下回ったことから、経営不安説が流れ、預金流出を招いたこともあった」（金融関係者）という。０８年３月期の自己資本比率は６．６９％に改善している。

　信金、信組では、不良債権比率が極めて高い水準にあるところが多い。信金では全２７９金庫の約４分の１、信組は全１６４信組の半分近くが不良債権比率１０％超と、目を覆いたくなるような惨状にある。

　信金でもっとも不良債権比率が高かったのは岩国信金（山口）の２３．２５％。０８年３月期は金融機関の売上高にあたる業務粗利益が８億円、最終損益が７億円の赤字となった。不良債権比率も前の期の２０．８０％から増加している。

　信組では、顧客から受け入れている預金量が全信組のなかで５番目に大きい山梨県民信組（山梨）が、不良債権比率２７．９３％。同信組のほかに８信組が２０％超となった。

　同信組以外で２０％超となったのは、佐世保中央信組（長崎、２６．６７％）▽イオ信組（岐阜、２６．５５％）▽信組愛知商銀（愛知、２４．２７％）▽長崎県民信組（長崎、２３．４５％）▽信組岡山商銀（岡山、２３．２０％）▽鹿児島県信組（鹿児島、２２．５３％）▽五城信組（宮城、２０．７４％）▽青森県信組（青森、２０．２９％）の８信組。

　金融関係者は「地域金融機関は経営規模が小さく、高水準の不良債権比率を自力で減らすことは難しい。公的資金投入で時間稼ぎをする間に、経営体力のある金融機関との経営統合を目指すしか生き残りの道はないのではないか」と分析している。

ZAKZAK 2008/11/11

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淀川４ダム：４府県知事、大戸川ダムの建設凍結求める

　淀川流域での４ダム建設を盛り込んだ、国の「河川整備計画案」に対し、滋賀・嘉田由紀子、大阪・橋下徹、京都・山田啓二、三重・野呂昭彦の４府県知事は１１日、４ダムのうち大戸川（だいどがわ）ダム（大津市）の建設凍結を求める共同見解を正式公表した。丹生（にう）ダム（滋賀県余呉町）の建設にも、事業費不明などを理由に意見を留保した。４知事は河川法に基づいて今後、正式に国土交通省に意見を提出する。

　国のダム計画に、知事が同法に基づいて反対するのは初めて。知事の意見に法的拘束力はないが、国は４ダムのうち２ダムに厳しい見解を突きつけられ、治水政策の見直しを迫られる。

　４知事は、残る川上ダム（三重県伊賀市）の建設と、天ケ瀬ダム（京都府宇治市）の再開発（貯水量拡大）には基本的に合意した。

　大戸川ダムは建設費１０８０億円で、約３割を滋賀、大阪、京都が共同で負担する。

　共同見解は同ダムに一定の治水効果を認めたが、「施策の優先順位を考慮すると（今後３０年程度の建設計画を定める）河川整備計画に位置づける必要はない」と、事実上の建設凍結を求めた。一方で、凍結に伴って国が中止する可能性がある地域整備事業に関し、大阪府、京都府が（財政負担も視野に）滋賀県と助け合う用意があるとした。

　丹生ダムについては「渇水対策の必要性など検討結果を（府県に）提示すること」を国に要望。費用対効果が不明のままでは同意しない姿勢を示した。

　国交省は今年６月に今回の計画案を公表。河川法の規定に基づいて、関係各知事に意見を求めていた。

　同省は「大戸川ダムを建設すれば、２００年に１度の豪雨の際に、淀川下流の水位を１９センチ下げる効果がある」との試算を公表している。丹生ダムについては用地買収済みだが「渇水対策に必要か未定」などとして、ダムの形も建設費も未定だ。

　一方、同省の諮問機関「淀川水系流域委員会」は今年４月に、「治水効果は小さい」などとして４ダムの計画をいずれも認めない見解をまとめ、国交省に計画案の作り直しを求めていた。

　国のダム計画をめぐっては、熊本県の川辺川ダム建設について今年９月、蒲島郁夫知事が、河川法を根拠としない形で、県議会で建設反対を表明した。【野田武】