Slowdown threatens stability, says China PM

Slowdown threatens stability, says China PM

By Geoff Dyer in Beijing and David Pilling in Hong Kong

Published: November 3 2008 18:55 | Last updated: November 3 2008 18:55

Wen Jiabao, China’s prime minister, warned that high growth was needed to maintain social stability as fresh evidence emerged on Monday that China’s economy was slowing quickly.

In an article in a Communist party magazine, Mr Wen said 2008 was “the most difficult year in recent years” and maintaining high growth was the priority.

“We must be crystal-clear that without a certain pace of economic growth, there will be difficulties with employment, fiscal revenues and social development . . . and factors damaging social stability will grow,” he wrote in the magazine, Seeking Truth.

Slowdown fears in China were exacerbated by two surveys of the manufacturing sector which both showed a sharp decline. The China purchasing managers’ index compiled by the brokerage CLSA fell from 47.7 points to 45.2 points in October – the steepest monthly fall and the lowest point since the index was started in 2004. Meanwhile, a government-backed survey of manufacturers dropped 6.6 points to 44.6 in October, also a record fall.

The Chinese figures came as Manmohan Singh, India’s prime minister, said New Delhi was ready to boost public spending and cut interest rates to sustain economic growth. In Seoul, South Korea unveiled an $11bn stimulus package – the second package in less than three weeks.

The Chinese figures came after an official at the central bank indicated that government quotas on new bank lending had been abandoned.

Stephen Roach, chairman of Morgan Stanley Asia, said the flurry of recent announcements could indicate that Chinese authorities knew growth had already dipped below 8 per cent.

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Ukraine’s billionaires steel themselves

By Roman Olearchyk in Donetsk

Published: November 4 2008 01:28 | Last updated: November 4 2008 01:28

Just like his Russian counterparts, Ukrainian steel billionaire Rinat Akhmetov is feeling the pinch of the global financial crisis.

His Metinvest holding company has been caught by the global decline in steel prices and demand. Production levels in Ukraine’s vast steel industry are falling and orders are dwindling. Hundreds of thousands of blue collar employees at factories he and other Ukrainian businessmen own are nervous about losing their jobs.

“These are difficult times,” Mr Akhmetov said during a Financial Times interview in Donetsk, the largest city in Ukraine’s eastern industrial region.

Sitting in the restaurant of a luxurious hotel he owns, he added: “The recession has already arrived.”

He is not the only billionaire to be suffering. Tomas Fiala, director of Dragon Capital, a Kiev-based investment bank, said: “Ukraine has about a dozen billionaires,” adding that the crisis has cut their net asset value in half. They have leveraged themselves less than Russian counterparts, but have “some $10-20bn in outstanding foreign debt,” he added.

A Donetsk native, Mr Akhmetov became very rich during what is seen as the crony capitalist days that followed the collapse of the Soviet Union. Reputably Ukraine’s richest man, he snapped up steel mills, mines, utilities and other assets at fire-sale prices.

In Russia, most of the wealth is rooted in the export of gas and oil. Wealth in Ukraine is also concentrated on exports, although in its case the focus is steel. The country ranks as a top ten world steel exporter.

In an April ranking, Dragon Capital valued Mr Akhmetov’s net worth at $31bn (€24bn, £19bn).

In a sign that Mr Akhmetov is not alone in suffering, Igor Kolomoisky – another billionaire and co-owner of three export-oriented ferroalloy plants in Ukraine – halted production on November 1.

In 2007, 34-year old Kostyantin Zhevago floated his Ferrexpo ore company in London. In a gamble, he used a quarter of Ferrexpo as collateral for a loan to fund expansion plans. But its share price has plummeted this year and an investment bank exercised its option to sell the stake to a third party, reducing his stake from 75 per cent to 50 per cent.

Lenders have been more cautious in lending to Ukrainian billionaires because of the country’s relentless political turmoil. The prospect of a recession and low steel prices raises doubt about their ability to service debt. But Mr Akhmetov still has deep pockets, according to Mr Fiala.

Fearful of a recession and lay-offs, Donetsk residents hope billionaires such as Mr Akhmetov will help cushion them from serious trouble. He refused to comment in detail on the impact of the recession, but he pledged to avoid lay-offs at all costs.

He stressed the need for Ukraine’s government to bail out troubled Ukrainian banks, but insisted “I need no special treatment”.

Kiev’s government has offered bail-outs in return for equity stakes that could be sold off later.

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EU carmakers attack Korea trade proposal

By Joshua Chaffin in Brussels

Published: November 3 2008 23:19 | Last updated: November 3 2008 23:19

European carmakers have attacked a proposed trade agreement with South Korea, claiming that it is lopsided and sacrifices their interests for the benefit of Europe’s services industries.

“We would open the European market and we would get absolutely nothing in return,” said Ivan Hodac, secretary-general of ACEA, the European car manufacturers association.

Carmakers are raising their complaints ahead of negotiations this month between Catherine Ashton, the newly appointed European Union trade commissioner, and her South Korean counterpart, Kim Jong-Hoon, as the two sides try to finalise a pact before the end of the year.

The bilateral negotiations reflect Europe’s strategy of seeking agreements with individual trading partners after Doha round discussions aimed at reaching a global deal stalled this year.

Trade between the EU and South Korea totalled nearly $90bn (€71bn, £57bn) last year. A Korean trade deal would be the EU’s first in Asia and could advance similar discussions with India and the Association of South East Asian Nations.

However, European carmakers have been persistent critics of the Korean negotiations, arguing that the proposed terms would benefit Europe’s consulting, legal, accounting and other services industries while leaving carmakers vulnerable, and set a bad precedent for future trade deals.

One of their chief complaints is that South Korea’s refusal to accept international technical standards for its car market amounts to a non-tariff barrier to entry because it is too costly to comply with domestic standards.

Another stumbling block is a South Korean proposal to reduce the so-called “rules of origin” – the proportion of a finished product that must be made in a particular country – from 60 per cent to 40 per cent.

European carmakers complain that such a move would leave them competing against Korean cars that are primarily composed of low-cost Chinese parts but have not been subject to existing tariffs on Chinese imports.

A spokesperson for Baroness Ashton said the EU remained in close contact with the car industry and was intent on clearing barriers to its exports.

Lady Ashton said: “While much of the focus to date has been on the car industry, an ambitious [trade agreement] with South Korea would substantially boost trade across a range of sectors, including services, chemicals, machinery and processed foods.

“We are in regular contact with the car industry and an [agreement] offers the best means of tackling the non-trade barriers, which greatly impede the export of European cars to Korea.”

South Korea last year agreed a trade deal with Washington, although the US Congress has yet to ratify it amid concerns about job losses.

The push for a final agreement comes at a time when the economic slowdown has intensified concerns about Europe’s beleaguered car industry.

Member states last week agreed to ease new restrictions on car emissions after an intense lobbying effort by carmakers.

EU member states are also considering a €40bn ($51bn, £32bn) loan request by the industry.

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Armenia and Azerbaijan seek peace accord

By Isabel Gorst in Moscow

Published: November 3 2008 22:55 | Last updated: November 3 2008 22:55

Azerbaijan on Monday welcomed a thaw in relations with Armenia after the presidents of the two countries pledged to find a political settlement to their 15-year conflict over the breakaway enclave of Nagorno-Karabakh.

Nagorno-Karabakh, a mountainous enclave populated by ethnic Armenians, broke away from Azerbaijan during a violent war that followed the collapse of the Soviet Union. It has run its own affairs with support from Armenia, since a fragile ceasefire in 1994, although no state has recognised its independence.

Ilham Aliev, the president of Azerbaijan, and his Armenian counterpart, Serzh Sarksyan held talks about Nagorno-Karabakh at a meeting outside Moscow this weekend hosted by Dmitry Medvedev, the Russian ­president.

The three men signed a declaration agreeing to intensify diplomatic efforts to resolve the dispute over Nagorno-Karabakh and to develop confidence building measures in the region.

Khazar Ibrahim, a spokesman for Azerbaijan’s foreign ministry, said, “This is the first ever document about Nagorno-Karabakh signed by the two heads of state. If we use the document and take practical steps we have a chance to move forward.”

He said Azerbaijan was prepared to consider allowing Nagorno-Karabakh some measure of self-determination, adding that “self-determination does not mean independence”.

Azerbaijan has demanded that Armenia withdraw troops from Nagorno-Karabakh and allow ethnic Azerbaijanis displaced during the war to return home.

“Comprehensive confidence building will only be possible if both communities live together,” he said.

Western diplomats said the war in August between Russia and Georgia over Georgia’s separatist regions of South Ossetia and Abkhazia appeared to have given impetus to diplomatic efforts to resolve the Nagorno-Karabakh conflict.

Azerbaijan has grown prosperous amid an oil boom, and has stepped up defence spending recently. However, the country has abandoned threats to retake Nagorno-Karabakh by force since the war in Georgia.

Armenia, dependent on Georgia for access to the west since a blockade imposed by Azerbaijan and Turkey in the early 1990’s, suffered economic losses during the August war when roads across Georgia to the Black Sea were closed.

Mr Ibrahim said that Azerbaijan would invest in Nagorno-Karabakh’s economic revival once the conflict was settled. “It is in everybody’s interest, including Armenia’s, that the conflict is resolved,” he said.

Armenia is willing to consider returning to Azerbaijan some territories surrounding Nagorno-Karabakh captured during the war, but insists that the autonomy of Nagorno-Karabakh itself is not negotiable.

Karlen Avetissian, Nagorno-Karabakh’s permanent envoy in Yerevan, the Armenian capital, said representatives of the mountain enclave wanted to be involved in negotiations about their fate. Like many in Nagorno-Karabakh and Armenia, he expressed fears about spiralling Azerbajaini military spending in the absence of a peace deal between Yerevan and Baku following their conflict.

For its part, Turkey sided with Azerbaijan in the conflict over Nagorno-Karabakh, but has recently taken steps to mend its fractured relationship with Armenia, using the impetus of President Abdullah Gul’s “football diplomacy” in attending September’s match between the two countries in Yerevan, the Armenian capital.

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Mass graves reopen Spain's civil war wounds

By Victor Mallet in Madrid

Published: November 4 2008 02:00 | Last updated: November 4 2008 02:00

Hardly a month passes in Spain without the well publicised unearthing of another civil war mass grave containing victims of Francisco Franco, the former dictator.

The holes and ditches look like archaeological sites. But the onlookers are often weeping over the skulls and ribcages of parents and relatives gunned down in cold blood 70 years ago.

In most countries, seven decades would be long enough for such exhumations, followed by reburials and commemorations, to be universally welcomed as a way of coming to terms with past tragedies.

Not so in Spain. Instead, a drive by Baltasar Garzón, the activist judge, to dig up more graves and right the wrongs of the Francoist past has aroused indignation on the right and exposed deep political and social divisions dating back to before the 1936-39 civil war.

Mr Garzón's latest and most contentious act has been to declare Franco and his colleagues guilty of a systematic plan to exterminate their Republican opponents - and therefore of crimes against humanity that do not fall under Spain's 1977 amnesty law.

This not only provoked anger and ridicule from conservative politicians but embroiled Mr Garzón in a legal dispute over his right to continue his inquiries. Javier Zaragoza, High Court chief prosecutor and an old friend of Mr Garzón, rejected most of his arguments.

Before that, Mr Garzón - who has pursued corrupt politicians, terrorists and human rights abusers and once had Augusto Pinochet, the former Chilean dictator, detained in the UK - was in trouble with rightwing Spaniards for trying to accelerate the exhumations and account for up to 130,000 missing Republican fighters and civilians suspected of leftist sympathies.

Mariano Rajoy, leader of the opposition Popular Party, and his allies have repeatedly said that it is wrong to reopen the wounds of the past. Manuel Fraga, the PP's founding president and a minister under Franco, pointed to the amnesty law and described Mr Garzón's moves as a "very grave mistake".

Many leftwingers, including members of the Socialist government of José Luis Rodriguez Zapatero, whose grandfather was executed by Franco's forces, take the opposite view. They argue that the wounds of the civil war have never been closed and it is time to do so. In memorials and churches, Francoists and Catholic priests who were killed by Republicans are officially honoured, whereas thousands of Franco's victims lie forgotten.

"There has been a complete forgetting during our democracy of those people who were the most repressed and punished," says Fernando Magán, a lawyer who represents the relatives of some of those killed and buried in secret locations.

"There are many relatives who carried on living in these villages near the graves of their parents," he says in an interview at the Audiencia Nacional, the court in Madrid where Mr Garzón works. "Every time this issue was opened up, all the political forces, especially the right, the church and the army, were against reopening the wounds and raising the ghosts of the past."

Until a few years ago, even Spaniards on the political left grudgingly accepted that the tacit "pact of forgetting" after the death of the generalísimo in 1975 was essential in order to preserve the country's fragile, post-Franco democracy.

The first mass grave of Franco's victims was opened in 2000 and the exhumations are certain to continue across the country regardless of the arguments over Mr Garzón's methods.

Relatives of Federico García Lorca, the poet murdered by a Francoist death squad near Granada in 1936, have for years opposed the opening of the grave. But some family members have yielded to the pleas of other victims' relatives. Nieves Galindo, whose schoolmaster grandfather Dióscoro Galindo was buried with Lorca, describes the process launched by Mr Garzón as her "last hope".

According to Mr Magán, it is not Mr Garzón but the Spanish "taboo" on tackling the legacy of the civil war that is "totally abnormal", given that most of those involved have died and other countries such as Germany have faced up to horrors committed in the more recent past.

Crime catalogue

The 1936-39 Spanish civil war between Soviet- backed Republicans and fascists was a brutal prelude to the second world war. In Spain, however, the fascists won. They remained in power until Francisco Franco died in 1975. With the help of King Juan Carlos, Spain declared an amnesty and made a successful transition to democracy. But with no cathartic defeat of the dictatorship and few signs of regret on the right, ill-feeling has festered.The descendants of Republican victims have begun to demand full accounting for the barbarities committed.

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Trump seeks early start for golf resort

By Andrew Bolger in Edinburgh and Daniel Pimlott in New York

Published: November 3 2008 13:58 | Last updated: November 3 2008 21:57

Donald Trump hopes to start building his controversial £1bn golf resort on the coast near Aberdeen “early to mid- next year”, he told the Financial Times on Monday.

The US property tycoon was speaking after Scotland’s government gave the go-ahead for the development of the resort, including two 18-hole golf courses, a 450-bedroom hotel with conference centre and spa, and 950 holiday apartments.

Mr Trump said he would fully own the development and, because he had “a lot of cash”, the credit crunch would not create any obstacle to its financing.

The scheme, which was rejected a year ago by Aberdeenshire council’s infrastructure committee, was supported by the Scottish business community and local public opinion. But it was criticised by environmentalists for threatening sand dunes that are home to rare birds and plants.

The decision by the Scottish National party administration follows a report from a public inquiry recommending that outline planning permission be granted.

John Swinney, finance secretary, said he endorsed that finding, subject to necessary legal agreements being put in place before work began.

“The reporters found there was significant economic and social benefit to be gained from this project, which has been a major consideration in my decision to grant outline planning permission,” he said.

Business leaders in north-east Scotland are keen to see the area develop tourism to reduce the economy’s dependence on North Sea oil and gas, which is in decline.

Mr Trump said: “Because of the quality of the land we are given to work with, we will build the greatest golf course in the world. It will be a tremendous asset and source of pride for both Aberdeenshire and Scotland for many generations.”

The decision was also welcomed by Alex Salmond, Scotland’s first minister, who is the MSP for the constituency in which the proposed development will be built at Balmedie, 12 miles north of Aberdeen.

“I believe that the economic and social benefits for the north-east of Scotland substantially outweigh any environmental impact, and that this is demonstrated in the evaluation of the three reporters to the public local inquiry,” said Mr Salmond.

He added: “In tough economic times, substantial investment of this kind is at a premium. Six thousand jobs, including 1,400 which will be local and permanent, is a powerful argument.”

The Royal Society for the Protection of Birds Scotland said it was disappointed. Aedan Smith, an official of the society, said: “[This] will cause the destruction of a dune system, with its precious wildlife, on a site which is protected by law and should continue to be available for future generations to enjoy. We, and the thousands of other objectors, consider that this is too high a price to pay for the claimed economic benefits.”

Iain McMillan, director of the employers’ group CBI Scotland, said the business community supported big inward investment projects of this kind, which were vital for future prosperity.

Property debt offset by socks, vodka and magazines

Donald Trump’s US empire has extended far from his real estate roots, writes Daniel Pimlott.

The high-profile developer, entrepreneur and reality TV star now lends his name from everything to socks to skyscrapers.

Most of his portfolio of luxury apartments, offices and hotels is in New York. “I don’t even know how many buildings I own” in the city, he told the FT. But the famously teetotal billionaire has even got his own brand of vodka, and also owns Trump magazines, a Trump modelling agency and a Trump skating rink in Central Park.

However, the slumping US real estate market is hitting one of his most high profile projects – a 1,362ft-tall condominium, hotel and retail development in Chicago. The 92-floor Trump International Hotel & Tower is the tallest building to go up in North America since the Sears Tower was completed in 1974.

He says the outstanding debt on the building is $800m (£506m) and he has closed on only about a third of $600m in condos. He says he is not personally liable for the loan, however – which should help him avoid the troubles he faced following the downturn in the early 1990s that nearly drove him to bankruptcy.

“The Chicago market is way down, as are many markets,” he said. “But we’ve got a couple of years to figure it out.”

Other deals have fared better – including the sale of his 33,000 sq ft French-Regency style property on Palm Beach to Dmitry Rybolovlev, a Russian oligarch and owner of a fertiliser company.

Mr Trump shifted the 6.3-acre beachfront property in Florida for $100m – one of the highest prices ever paid for a home in the US – and more than doubled his money.

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Chinese win first overseas regional jet order

By Raphael Minder in Hong Kong

Published: November 4 2008 02:00 | Last updated: November 4 2008 02:00

The Chinese national aircraft manufacturer, Commercial Aircraft Corporation of China, will announce today that it has secured the first overseas order for its regional jet, worth about $750m, from General Electric's leasing unit.

The announcement, which is set to be made on the opening day of the Zhuhai air show, confirms China's commitment to the ARJ21 70-seater aircraft and its determination to challenge more established participants in the regional aircraft market, such as Bombardier of Canada and Embraer of Brazil.

GE's leasing unit, GECAS, is set to buy 25 ARJ21 aircraft, at an estimated cost of $30m each.

However, GE is already a supplier of engines for the ARJ21, and the US company said that the new aircraft would be earmarked for leasing to Chinese airlines rather than foreign carriers.

When GE was selected by the Chinese as the engine provider for the aircraft in 2002, the companies estimated that about 500 ARJ21s would be sold over 20 years, with a potential value of $3bn to GE.

Since then, however, analysts have noted that the ARJ21 project has been running behind schedule.

At the same time, demand is anticipated to falter because of the global economic slowdown.

While CACC, the company that was formed in order to spearhead China's aircraft manufacturing sector, is expected to announce that the GE deal will raise the order book for the ARJ21 above the 200 mark, other newcomers are also making steady progress.

Mitsubishi of Japan is launching a regional jet while Sukhoi of Russia recently started test flights for its 75-seater regional aircraft, the Superjet 100.

"Chinese manufacturers will really need as much help as possible in this very crowded and very tough market for regional jets," said Martin Craigs, president of Aerospace Forum Asia, a regional business chamber.

Given Chinese state control over much of its airline industry, CACC is likely to have little difficulty in finding domestic customers for its regional aircraft once it is time for it to be launched commercially.

The aircraft is due to make its first flight in the coming month and to enter service next year.

However, the Chinese authorities have long insisted that their aim is to compete in international markets, including plans to develop a larger aircraft model that will be double the size of the ARJ21 and that will compete with

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US car sales sink to lowest level for 25 years

Sales of light vehicles in the US sank to their lowest level in a quarter of a century last month, with generous discounts failing to offset evaporating consumer confidence and scarce credit. GM and Chrysler were among the heaviest casualties, while Toyota and Ford were also hard hit. Overnight in Japan, shares of Nissan Motor fell 9.5 per cent to 446 yen in early trade after the country’s third-largest automaker more than halved its profit forecast for the year to March and retracted its dividend target, hit by a slumping market and strong yen.

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Norway ready to lend Iceland 500 million euros

AFP

Norway is ready to give Iceland a long-term loan of 500 million euros (635 million dollars) to help it pull itself out of financial crisis, the Norwegian finance ministry said on Monday.

"The government will as soon as possible present a bill to parliament proposing a state guarantee for such a loan," the ministry said in a statement.

Iceland has said it needs about six billion dollars to overcome the financial turmoil.

It has already agreed with the International Monetary Fund on a loan of 2.1 billion dollars (1.6 billion euros), and has asked its Nordic neighbours Denmark, Finland, Norway and Sweden for help, as well as the European Central Bank and the US Federal Reserve.

The country has been pushed to the brink of bankruptcy after the government in early October nationalised Iceland's three biggest banks and the currency nosedived.

The finance ministry said the loan from the Norwegian central bank to its Icelandic counterpart would be granted on condition that the IMF board approves Iceland's stability programme, a decision that is expected on Wednesday, and that other countries also come to Iceland's aid.

Norwegian Foreign Minister Jonas Gahr Stoere meanwhile said at a press conference in Reykjavik that Norway would "see to it that the other Nordic countries help Iceland" as well.

Norway's offer of aid also includes an extension of a currency exchange agreement until the end of 2009.

Iceland's central bank, Sedlabanki, announced on May 16 that its counterparts in Norway, Denmark and Sweden had put a total of 1.5 billion euros at its disposal through currency swap mechanisms.

Sedlabanki took advantage of the offer last month, carrying out a 400 million euro swap with the Danish and Norwegian banks.

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Norway may mediate in UK row with Iceland

Yesterday, 06:51 pm
Reuters Omar Valdimarsson and Aasa Christine Stoltz

Norway said on Monday it would give crisis-hit Iceland a 500 million euro (407 million pounds) loan and is willing to act as mediator in a row with Britain sparked by the meltdown of Iceland's banks.

Norway's finance ministry and central bank said in separate statements that the loan would have a maturity of up to 5 years, and that Norway would also extend an existing forex swap agreement through 2009.

On a visit in Reykjavik, Norwegian Foreign Minister Jonas Gahr Stoere said it was "essential" for Iceland to stabilise its all but collapsed crown currency.

"We want to show our support for the international initiative and we will be providing support to Iceland in the near future," Stoere told journalists on Monday after meeting Icelandic Prime Minister Geir Haarde in the Icelandic capital.

Iceland, an early victim of the global financial crisis, has already reached a tentative deal with the International Monetary Fund for a $2 billion (1.3 billion pound) loan and has been talking to other potential lenders including Russia and the European Union as it tries to fix a broken financial system and revive its economy.

The IMF loan still needs approval by the fund's board.

In May this year, Norges Bank and Iceland's Sedlabanki agreed on a swap facility that gave Sedlabanki the right to acquire 500 million euros when it needed. The Icelandic central bank has drawn 200 million euros from this agreement.

UK ROW MEDIATION?

Haarde said he had suggested to Norway, which is well-known on the international stage as a peace negotiator, that it mediate a diplomatic row between Iceland and Britain.

The conflict erupted last month after Britain used anti-terror legislation to seize UK assets of collapsed Icelandic bank Landsbanki in a bid to protect British depositors.

Three of Iceland's four biggest banks, which had extended their reach well outside the island nation's borders in recent years, were taken over by Iceland during the financial crisis.

"I'm taking no stance on the disagreement between the two countries but should Britain and Iceland want us to act as brokers we will not say no," Stoere said.

Haarde said Norwegian Prime Minister Jens Stoltenberg had also responded positively to the idea of Norway playing moderator.

He said Britain's minister for Scottish Affairs, James Murphy, who is visiting Reykjavik, had been "relatively positive" towards the idea and that Murphy and Stoere would discuss the matter later on Monday.

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Brazilian merger to create Latin America's biggest bank

AFP

* Print Story

Brazilian banks Itau and Unibanco announced Monday they were merging to create the biggest bank in Latin America, with combined assets of more than 260 billion dollars.

The new bank -- to be called Itau Unibanco -- will be the 17th biggest in the world, with capital of 50 billion reais (23 billion dollars), they added.

Itau is currently the second largest private-sector bank in Brazil, and Unibanco is ranked fourth.

Shares in Itau closed 16 percent higher on the news, while Unibanco gained nine percent.

The heads of the banks, Roberto Setubal of Itau and Pedro Moreira Salles of Unibanco, told a Sao Paulo media conference that while their merger talks had gone on for the past 15 months, the current global financial crisis had precipitated their move.

"The crisis was an opportunity to accelerate this," Setubal said.

Moreira Salles added that the merged banks' aim was to be "a global player within five years," and said that the new entity would start off with a "strong position" in South America.

They both said they did not foresee any branch closures or staff cuts as a result of the merger.

Setubal is to be the new bank's chief executive under the deal, while Moreira Salles will be chairman.

If the all-share transaction is approved by central bank regulators, Itau Unibanco would overshadow state-owned Banco do Brasil, currently the biggest bank in Latin America, and Bradesco, the biggest private-sector bank in Brazil.

Itau will hold the majority stake in the new enterprise. The bank was founded 65 years ago, and was restructured in 2003 to bolster its presence in Europe, Asia and the Americas.

Currently Itau has assets of 396 billion reais (182 billion dollars) and 69,000 employees.

Unibanco, founded 84 years ago, has assets of 179 billion reais (83 billion dollars) and 35,000 employees.

After a series of acquisitions that saw it grow remarkably, in 1997 it became the representative in Brazil of American International Group, the insurer that was bailed out by the US government in September after becoming one of the biggest casualties of the global financial crisis.

Together, Itau and Unibanco will have assets of 575 billion reais (265 billion dollars) and account for around 20 percent of Brazil's savings accounts and credit.

According to Fortune magazine, Itau made two billion dollars in profits last year from 29 billion dollars in revenues and 168.6 billion dollars in assets.

Itau Unibanco would have a "strong international presence," notably in the countries in the Mercosur trade bloc that comprises Argentina, Brazil, Paraguay and Uruguay, it said.

"The institution will have the necessary agility to increase Brazil's presence on the world stage," it said.

Analysts said fierce competition from Spanish bank Santander in Brazil also likely prompted the merger.

Finance Minister Guido Mantega said Itau and Unibanco were "traditional, solid and with an important role to play in the economic activity. That's why I think it's important they merge now to continue to free up credit, which is their role."

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生活保護費、組員７０人が不正受給　埼玉、立件も視野

2008年11月4日15時1分

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　厚生労働省が通知した暴力団排除の条項で、暴力団組員らが本来受け取れないはずの生活保護費を受給した疑いのあるケースが過去７年間で埼玉県内で約７０人分あることが埼玉県警の調べでわかった。県警は精査したうえで、悪質な数件について、詐欺容疑での立件を視野に捜査している。

　県警は今年６月、同県深谷市の元組員の男と妻を、生活保護受給者に対する通院治療費などの詐欺容疑で逮捕。２２０万円分の詐欺罪について有罪が確定している。この事件を受け、１０月、県内の市町村に情報提供を呼びかけ、暴力団組員や周辺者約１７００人について実態調査を進めた。

　県警によると、深谷市の詐欺事件では、元組員が福祉事務所の職員を威嚇（いかく）するなどして、行政対象暴力のような形で不正受給を繰り返していたという。厚生労働省は０６年、「暴力団と分かれば、窮迫状況にある場合を除き、生活保護の申請を却下できる」と通知。県警と県は生活保護の受給に組員が関与した場合、情報を共有することを盛り込んだ協定を０７年に締結し、連携を取ってきた。

　今回の県警の調査で明らかになった、不正受給の疑いのある約７０人の中には、病気などですでに組員としての活動実態がないケースも一部含まれているとみられる。県警は詳細を精査し、悪質性の強いものについて、事件化する方針だ。

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クレーンつり下げ、殺人容疑おいを逮捕　愛知・一宮

2008年11月4日1時48分

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　愛知県一宮市大赤見の金属加工会社経営仲島孝治さん（当時５７）が９月、自社工場内で首にワイヤを巻かれてクレーンにつり下げられていた殺人事件で、愛知県警は４日、孝治さんのおいで、近くに住む会社役員仲島弘将（ひろまさ）容疑者（３２）を殺人容疑で逮捕した。容疑を認めているという。

　発表によると、弘将容疑者は９月１日午後６時３４分ごろから同日午後９時５分ごろの間、孝治さんの工場内で、孝治さんの顔を殴るなどをしたうえ、首にワイヤを巻き付けてクレーンのフックにつり下げ、孝治さんを窒息死させた疑いがもたれている。

　これまでの調べでは、犯行当日、弘将容疑者は工場内で待ち伏せし、孝治さんが入ってきたところを鉄の棒で顔などを殴りつけ、クレーンまで引きずっていったという。

　弘将容疑者は、孝治さんの兄の息子。１９９３年に、遺産相続をめぐって孝治さんと弘将容疑者の父がもめたことがあったという。その際、弘将容疑者の母が孝治さんに殴られたり、孝治さんから「お前の会社をつぶす」などと言われたりしたことがあり、「積年の恨みがあった」と供述しているという。

　この事件では、犯行直後、犯人と見られる男が孝治さんの長男（１９）に複数回電話をかけてきて、孝治さんの交遊上のトラブルを指摘するようなことを言ったうえ、「いいものを見せてやる」と工場に呼び出していたという。

　県警は、孝治さんの交友関係を調べる一方、犯行直後に長男に連絡してきていることなどから親族関係についても捜査を続け、弘将容疑者の関与が浮かんだ。

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国籍法改正案を閣議決定

2008年11月4日12時2分

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　母親が外国人で、結婚していない日本人の父親から出生後に認知された「婚外子」が日本国籍を取得できるようにする国籍法改正案が４日、政府で閣議決定された。今年６月にあった最高裁の違憲判決を受けた改正で与野党ともに異論はなく、臨時国会での成立を目指す。

　最高裁は６月４日、結婚していないフィリピン人の母と日本人の父の間に生まれ、出生後に父親から認知された１０人の子が日本国籍を求めた訴訟の判決で、両親の結婚を国籍取得の要件とした国籍法の規定を違憲と判断。法務省が改正に向けて動いてきた。

　改正により、両親が結婚しているかどうかに関係なく、出生後に認知された子供も出生前に認知された子供と同様、日本国籍の取得が認められる。最高裁判決を踏まえ、０３年１月以降に届け出をしていた人はさかのぼって取得を認める。

　「偽装認知」による不正な国籍取得を防ぐため、うその届け出には罰則（１年以下の懲役か２０万円以下の罰金）を新設する。（延与光貞）

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旧住宅公庫９８年申し込み分、金利一気に倍増　滞納懸念（1/2ページ）

2008年11月4日3時7分

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図住宅金融支援機構の「破綻・延滞」や「貸し出し条件緩和」債権の推移

　１０年前に当初金利を大幅に引き下げて融資された「段階金利型」の住宅ローンが、１０月下旬から金利引き上げ期を迎えた。旧住宅金融公庫（現住宅金融支援機構）のローンで、金利が当初１０年の２％から本来の４％になる。旧公庫のローンは支払いに行き詰まる世帯も増えており、景気悪化の中で滞納や焦げ付きが増えないか、心配されている。

　金利引き上げを迎えるのは、９８年１０月１６日～１２月２７日の申し込み分。当時政府は、景気浮揚のための緊急対策として、旧公庫の基準金利（下限金利）をそれまでの２．５５％から史上最低の２％に引き下げた。この時の段階金利型ローンで、１１年目になる１０月下旬以降の支払いから、金利が当初予定通り４％になる。

　このローンを返済中の人は０７年３月末時点で７万１３００人、残高は１兆１２００億円。試算では、借入残高２千万円、返済期間３５年の元利均等返済の場合、月の支払い約６万６千円が約８万２５００円に増えるという。

　旧公庫は若年層の住宅購入を促すため段階金利型のローンを０５年まで実施していた。機構によると、当初１０年と１１年目以降の金利差は、８２～０５年の単純平均で０．８９％で、今回の２％という引き上げ幅は最大。直前の申し込み分の金利差は１．４５％。翌９９年申し込み分の金利差は１．２～１．８％だった。

　旧公庫の住宅ローンなどの債権は、支払いが滞る比率が増えている。住宅金融支援機構の０７年度決算では、破綻（はたん）先と延滞を合わせた債権額は１兆５２４３億円で、総貸付金残高の３．５８％。０６年度より３７１２億円増え、比率も１．０６ポイント大きい。

　このほか、支払期間を延ばした「貸し出し条件緩和債権」が０７年度は２兆４４３億円あった。破綻・延滞と条件緩和の合計額が総貸付金に占める比率は００年度以降、右肩上がりで増えている。機構は「収入が見込んだほど伸びない人が増えているようだ」と見る。

　足元では景気が急減速しており、不動産コンサルタントの長嶋修さんは「昨年と比べて、住宅ローンをどうしたらいいのかという相談が増えている。支払いがぎりぎりという人は多いのでは」と話す。

　住宅金融支援機構の財務体質への影響について、所管する国土交通省は（１）焦げ付きには貸し倒れ引当金を積んでいる（２）貸し出し条件を緩和した分の７割は正常債権に戻っている、と説明。ただ、最近の経済状況の悪化もあるため「今後の推移には注意が必要」（幹部）と見ている。（座小田英史）

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カタールとファンド共同創設　政策金融公庫
2008.11.4 19:37

　日本政策金融公庫は４日、カタール国営石油公社との間で、アジアの環境関連プロジェクトなどに投資するファンドの共同創設に向けて業務協力協定を締結した。規模や創設時期は未定で、今後、カタール側と意見交換して詳細を詰める。石油公社は、カタールの天然ガス、石油関連事業や産業インフラ整備で中核的な役割を果たし、日本のエネルギー関連企業との関係も深い。政策金融公庫は日本の環境技術をアジアに広められると期待している。

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「著作権はすべて僕」小室容疑者のウソ詳述　大阪地検

2008年11月4日19時3分

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　小室哲哉容疑者の詐欺事件で、大阪地検特捜部は逮捕容疑の中で、著作権をめぐって小室容疑者が東京都内のホテルで投資家についたとする「うそ」を詳述した。

　それによると、小室容疑者は最初に会った０６年７月３０日、投資家に「ＪＡＳＲＡＣ（日本音楽著作権協会）に登録してある８０６曲の作品の著作権はすべて僕にありますから、この僕のすべての著作権を１０億円で買っていただきたい」「僕は、音楽出版社から完全にインディペンデント（独立）していますから、僕の過去の曲の著作権については、音楽出版社との間でも、全部、僕の手もとに残しておくという契約になっています」と述べ、実際は著作権を譲渡できる状態でないことを隠したとされる。

　さらに「バラバラではなくて、僕の過去の作品８０６曲がフルセットになっているということに、意味があるし、価値が出るんですよ。１０月末までには、８０６曲全部の著作権をＡさん（投資家）の名義にしてもらいます」と売り込んだとしている。

　また、仮契約を結んだ同年８月７日には５億円の前払いを求めるにあたって「早急に元妻に支払わなければならない差し押さえ解除のためのお金が５億円ほど必要ですので、申し訳ないのですが、１０億円の売買代金の中から、先に５億円を支払っていただきたいんです」「もう元妻とは話がついており、後は５億円をキャッシュで支払うだけという段階に来ています」と言ったとされる。しかし、特捜部によるとこれもうそで、入金された５億円は借金返済に使われたという。

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小室容疑者、海外進出機に転落　事業失敗、莫大な借金

2008年11月4日19時5分

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　９０年代、ヒット曲を連発した小室哲哉容疑者は「小室ファミリー」と呼ばれる一大勢力を業界に築き、一時は収入が３０億円を超えた。しかし、９８年に香港に設立した音楽プロダクションが株価下落と赤字に見舞われ、経営から撤退。資金繰りが悪化し、著作権を担保に大手都市銀行から１０億円を借り入れたという。

　０６年には元妻の離婚慰謝料数億円の支払いも滞り、著作権管理団体「日本音楽著作権協会（ＪＡＳＲＡＣ）」から支払われるはずのテレビやラジオ番組で使う楽曲の放送使用料も差し押さえられた。芸能関係者によると、０６年当時までに、海外での音楽事業の失敗などで借金は数十億円規模に膨らんでいたとされる。

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「９０年代の顔」転落、著作権にすがる　小室容疑者逮捕（1/3ページ）

2008年11月4日15時1分

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写真逮捕され大阪拘置所に入る小室哲哉容疑者＝４日午前１１時４５分、大阪市都島区、飯塚晋一撮影

　９０年代、記録的なミリオンセラーを放った時代の寵児（ちょうじ）に音楽著作権をめぐる詐欺の疑いが浮上した。４日、大阪地検に逮捕された音楽プロデューサー、小室哲哉容疑者（４９）が手がけたＣＤの売り上げは１億７千万枚を超え、年収が３０億円を超える高額納税者だった。なぜ、転落したのか。

■別荘・高級車、次々と処分

　「不動産は全部なくなってしまった。担保になるのは著作権しかないんだ」

　約１年前、ある音楽プロデューサーの男性は東京都内で小室容疑者から融資を依頼された。新ビジネスを立ち上げるため、音楽著作権を担保にするという申し出だった。具体的な事業内容や将来像には触れず、資金を求める姿に、男性は「とにかくお金に困っている印象だった」と振り返る。

　９０年代、小室容疑者は、安室奈美恵や華原朋美、ｔｒｆといったアーティストに楽曲を提供し、発表したＣＤが次々と１００万枚を超えるヒットとなるミリオンセラーを連発。９６年分の納税者番付では納税額１０億５１万円で全国４位、翌９７年分も１１億７千万円余でやはり４位だった。収入は３０億円を超えていたとみられ、一時居住地を米国・ロサンゼルスに移し、海外に幾つもの音楽スタジオを構えた。

　絶頂期の９８年に本格的なアジア進出を目指し、香港に総合音楽プロダクション「ロジャム（ＲＯＪＡＭ）」を自ら出資し、設立。逆さに読むとメジャー。音楽イベントの運営やアーティストの売り出しなど派手な事業を繰り広げた。００年夏の九州・沖縄サミットで、イメージソング「ＮＥＶＥＲ　ＥＮＤ」を作詞・作曲し、政府から総理大臣特別協力感謝状も贈られた。

　ところが、０１年５月に香港のベンチャー市場「ＧＥＭ」に上場した直後から株価が一気に下落。含み損は数カ月で数十億円にものぼり、０２年３月期決算ではスタジオの維持費などがかさんで１０億円以上の赤字を計上した。株価はその後も低迷が続き、０４年５月に安値で株式を売却し、経営から撤退。多額の損失を抱えてロサンゼルスや、インドネシア・バリ島にあった別荘、高級外車などを次々と処分した。数億円と言われる元妻への離婚慰謝料の支払いも滞り、楽曲の放送使用料が差し押さえられた。

■格安ＤＪ、売り込み不発

　近年は、０２年に結婚した現在の妻ＫＣＯ（ケイコ）さんの古里、大分を活動の拠点の一つとしていた。妻の実家がある大分県臼杵市でも、ジーンズにＴシャツなどラフな格好で、犬と散歩する姿もよく見かけられた。

　「気さくにあいさつしてくれて、腰が低い」。近所の人はそう声をそろえる。大分のＦＭ局で、妻がパーソナリティーを務めた番組にもたびたび出演。周囲に「ここはホッとする」「大分のために役立ちたい」と語っていた。

　だが、その大分でも金銭に絡むトラブルがつきまとった。自ら役員を務め、スポーツイベントも手がける芸能プロダクション「トライバルキックス」が、サッカーＪ１の大分トリニータのユニホームに社名を入れるスポンサー契約を交わしたが、０４年末から支払いが滞り始めた。その後、ランクを落として練習着スポンサーになったが、０５年夏には未払い金が７千万円に上り、トリニータが一時経営危機に陥った一因をつくったとされる。

　トリニータの小沢正風総務部長は「小室さんは、申し訳ないと頭をさげ、逃げずに誠実だった。ただ、小室さん側から支払いは厳しいという話を聞くと、芸能界は厳しいんだと思った。あれだけお金を持っていた人が……」と振り返る。

　「ＤＪ（ディスクジョッキー）をさせてくれないか」。今年の初夏、大阪・ミナミのクラブに小室容疑者は関係者を通じ、こう売り込んできた。人気ＤＪなら１晩で１００万円以上を稼ぐが、小室容疑者側は「２０万～３０万円で大丈夫」と答えたという。その後、連絡がなく出演は実現しなかったが、このクラブ側は「落ちぶれようはひどいと思った。最近はヒット曲もなく、２０代半ばまでが客層の店では小室さんを知っている人もあまりいない」と話す。

　大阪地検によると、小室容疑者は今も十数億円の借金を抱えている。関係者によると、巨額の借金を抱えた後も、クレジットカードで１千万円単位の買い物をしていたという。

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小室哲哉容疑者ら逮捕　著作権巡り５億円詐取認める

2008年11月4日15時12分

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写真逮捕され大阪拘置所に入る小室哲哉容疑者＝４日午前１１時４５分、大阪市都島区、飯塚晋一撮影

写真フラッシュを浴び大阪地検に入る、小室哲哉容疑者（車中中央）を乗せたワゴン車＝４日午前８時１０分、大阪市福島区、南部泰博撮影

　大阪地検特捜部は、９０年代に多くのヒット曲を生んだ音楽プロデューサーの小室哲哉容疑者（４９）＝東京都港区＝が自作曲の著作権のうその譲渡話を持ちかけ、兵庫県芦屋市の男性投資家（４８）から５億円をだまし取った疑いが強まったとして、４日朝、関係者２人とともに詐欺容疑で逮捕した。小室容疑者の自宅なども家宅捜索した。特捜部によると、３人とも容疑を認め、小室容疑者は「間違いない。申し開きすることは何もない。責任をとって弁償したい」と述べているという。

　小室容疑者は０６年の事件当時、海外での音楽事業の失敗などで借金が数十億円にまで膨らんでいたという。特捜部は小室容疑者が借金返済の必要に迫られ、自らの知名度と、権利関係が複雑に絡み合う著作権の仕組みを悪用して多額の金をだまし取ったと判断。前例のない音楽著作権をめぐる大型詐欺事件の摘発に踏み切った。

　ともに逮捕されたのは、小室容疑者が取締役を務めている芸能プロダクション会社「トライバルキックス」の社長、平根昭彦容疑者（４５）＝東京都港区＝と、同社監査役で広告会社代表の木村隆容疑者（５６）＝東京都中野区。

　特捜部によると、小室容疑者ら３人は、日本音楽著作権協会（ＪＡＳＲＡＣ）が管理する小室容疑者の自作の曲や歌詞など８０６曲の著作権の売買代金の名目で金をだまし取ることを計画。実際はすべての著作権がレコード会社側などに譲渡され、そのうち主な約３００曲の著作権をトライバルキックスなど２社に二重譲渡していたのに、小室容疑者がすべて所有しているように装ったうえで、０６年８月７日、それらを１０億円で譲渡する内容の仮契約を投資家と結んだとされる。この際、小室容疑者は「ＪＡＳＲＡＣに登録済みの８０６曲は全部僕に著作権があります」などとうそをついたという。

　さらに「離婚した元妻による著作権の使用料収入の差し押さえを解除するための費用」という名目で、１０億円のうち５億円を前払いするよう投資家に要求。２日後の同月９日以降、この投資家を小室容疑者に紹介した木村容疑者の会社名義の口座を経由する形で、トライバルキックスの口座に計５億円を２回に分けて振り込み入金させ、だまし取った疑いがあるという。

　特捜部は、小室容疑者が譲渡済みの著作権を投資家に改めて譲渡する権限はなかったと判断。入金された５億円についても、実際には差し押さえ解除の費用には使っておらず、小室容疑者に資金を貸し付けていた木村容疑者への返済分１億５千万円と、別の貸主への３億５千万円の返済にすべて充てられたとしている。