Swiss chief says Singapore banks give more secrecy

Swiss chief says Singapore banks give more secrecy

By Raphael Minder in Hong Kong

Published: November 26 2008 23:43 | Last updated: November 26 2008 23:43

Singapore should expect tougher international scrutiny of its banking secrecy rules, as the Asian city-state continues to expand its wealth management and private banking businesses, according to the chief executive of the Swiss Bankers Association.

Comparing Switzerland and Singapore, Urs Roth said in an interview with the Financial Times: “Singapore is not getting as much attention at the moment, perhaps because they are still smaller than Switzerland. But I would guess that it is a question of time.”

Speaking in Hong Kong at the end of a tour of Asian financial centres, Mr Roth said Singaporean banking secrecy provisions “are probably even stronger than the ones in Switzerland”.

Switzerland has double taxation treaties with more than 60 countries and arrangements to provide information on request in cases of suspected fraud.

Mr Roth stressed that his comments did not reflect concern, at this stage, that Switzerland would lose business to Singapore. Overall, he suggested, the focus of banks on wealth management was likely to rise as other activities took a bigger hit.

“We are not afraid that Switzerland will lose out, but other hubs will be built up because wealth management is a robust and growing business and not as volatile as other types of businesses,” he said.

“Singapore is predominantly an Asian hub, in the region that has the highest growth rate. We don’t see, at this point in time, a large amount of money going to Singapore from Europe, but that might change over time.”

Banks in Singapore have between 10 and 15 per cent of the asset base of those in Switzerland. However, Switzerland has recently come under renewed attack over its banking secrecy following a German tax evasion investigation that involved accounts in neighbouring Liechtenstein.

Germany’s finance minister, Peer Steinbrück, last month referred to Switzerland as an uncooperative tax haven, even though it applies a European Union withholding tax on interest from savings of non-residents.

Separately, UBS is the target of a determined investigation by US tax authorities regarding its offshore banking activities for wealthy Americans.

Mr Roth said German criticisms had been “political statements” and did not seem likely to lead to action against Switzerland.

“Germany, as far as we can see, relies on the EU to take whatever action is adequate, and on the EU level there is a proposal to revise the savings tax directive. But any revision has to be agreed upon by the 27 EU member states,” he said.

Mr Roth urged EU finance ministers not to tighten tax legislation to a level that would encourage customers to move more of their assets out of Europe. “It does not make a lot of sense for Europe to chase customers away,” he said.

“Does it make a lot of sense to support banks in these difficult times with quite significant amounts of government money, and at the same time worsen the competitive environment? Really, that is not a very clear idea.”

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Yen boosted by global rush to cut rates

By Peter Garnham and Miles Johnson

Published: November 26 2008 11:16 | Last updated: November 26 2008 18:32

The yen strengthened on Wednesday as swings on global equity markets heightened risk aversion, pushing investors towards the haven of the Japanese currency.

The yen has benefited from recent deleveraging on global assets markets, due to the fact that before the turmoil many investments in higher-yielding assets were funded by selling the low-yielding currency.

Analysts said the yen was getting an additional boost as central banks rushed to cut interest rates in a bid to fend off a severe downturn.

Maurice Pomery of IDEAGlobal said the yen was about to strengthen significantly. He said it was supported not only by its haven status and Japan’s position as a creditor nation, but also by the closing of yield differentials against other currencies.

That, he said, could prompt a massive rethink from investment managers and make the yen increasingly attractive to central banks as a reserve currency.

“The yen will do very well as central banks are massively underweight yen due to interest rate yields,” said Mr Pomery. “This is all now changing and Japan is about to see a surge in its currency.”

By midday in New York, the yen was 1.8 per cent higher at Y122.12 against the euro, gained 1 per cent to Y145.76 against the pound and climbed 1.2 per cent to Y61.11 against the Australian dollar.

The yen also rose 0.6 per cent to Y94.71 against the dollar.

However, the dollar recouped some of its losses elsewhere after suffering a heavy sell-off in the previous session prompted by the latest US stimulus package.

The Federal Reserve’s $800bn effort to bolster the financial system knocked the dollar on Tuesday, reinforcing fears the currency would suffer as the Fed saddled its balance sheet with yet more debt.

But the dollar rallied as investors showed little sign of abandoning US government debt, with the yields on US Treasuries falling further.

Andrew Wilkinson said lower Treasury yields were telling investors something that could not be ignored. “It tells us that demand for such fixed-income assets is healthy and in order to park money there, demand for dollars is very much alive,” he said. “We expect the dollar rally to continue through at least the year end.”

The dollar rose 1.2 per cent to $1.2903 against the euro, climbed 0.4 per cent to $1.5400 against the pound and gained 1.2 per cent to SFr1.1974 against the Swiss franc.

Elsewhere, the renminbi eased 0.1 per cent to Rmb6.8282 against the dollar after the Chinese central bank slashed its main one-year interest rate by 108 basis points to 5.58 per cent, the biggest cut since the Asian financial crisis a decade ago.

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Insight: US debt puts strain on dollar

By Chris Watling

Published: November 26 2008 18:34 | Last updated: November 26 2008 18:34

The outlook for the dollar is poor.

In the short term an expected equity market rally, quite plausibly the beginning of a cyclical, although not secular, bull market should bring an end to the dollar’s recent “repatriation rally”. The inverse correlation of the dollar and the S&P 500 is well established and not expected to break any time soon, given the global macroeconomic backdrop. The short term trend should be further reinforced by the broken financial system which impairs the US economy’s ability to releverage and mutes the strength of its cyclical recovery. The inability to releverage precludes the US from leading the global economy out of this recession. That also reinforces the dollar’s short term unattractiveness.

In the medium term, the US economy faces significant, albeit not insurmountable, structural problems. In particular the interaction of a heavily indebted economy with a broken financial system suggests a decade of poor domestic economic growth as savings are rebuilt and trust in the system restored. The US is a debtor nation and owes the rest of the world more than $2,000bn (up from $750bn as recently as 2000). Indeed both the household and the government sectors have been dis-saving in recent years – a trend that now needs to reverse. All of which suggests an extended period of sub-par domestic economic growth.

There are two distinctive policy choices for an overly indebted economy when confronted by a breakdown in the financial system. Which is chosen can have a significant impact on the long term outlook for the currency.

Policy choice 1 – do nothing and allow the economy to work itself out with a severe recession or even depression, with a cleaning out of the system as weak companies fall into bankruptcy, leaving strong companies and a base from which to build recovery.

Policy choice 2 – use all policy tools available to attempt to stem the downturn.

Choice 1, not surprisingly, is considered politically unpalatable as millions of people lose their jobs and many companies go bust. Choice 2, while seemingly more palatable, carries far greater risk. If it doesn’t work it sows the seeds for a decade or more of disappointing growth as savings are rebuilt slowly and the pain of the adjustment prolonged. If it does work it sows the seeds for significant inflation.

Ineffective policy results in a Japanese style “lost decade” accompanied by a weak currency. Effective policy combats debt deflation and offsets the worst of the immediate recession but creates a real risk of eventual significant inflation. For a debtor nation such as the US that creates a real risk of a major currency crisis as investors shun dollar-based assets (because their real value is undermined by inflation and a falling currency). Either way, the dollar goes down.

Currently, US policymakers are halfway through policy choice 2. Interest rates have been cut aggressively and are now almost zero. Politicians are about to embark on their second fiscal stimulus. The banks have been recapitalised. The government has started buying and guaranteeing distressed debt. Finally, the Federal Reserve has begun in earnest to use its balance sheet (in a sterilised manner) to step into the absent shoes of the private sector in the financial system. The Fed’s balance sheet has expanded from $900bn just three months ago to $2,200bn today.

A failure of the initial set of policies to reflate the economy is likely to lead to the next, more risky, set of policy choices – those involving unsterilised intervention. Given the breakdown of trust in the financial system, the lack of savings by the US and the continued deleveraging of balance sheets, however, those initial policies, aimed mostly at supporting the economy through creating credit (rather than increasing savings) seem destined to fail.

As the US embarks on the next set of policy choices for curing deflation, as outlined by Ben Bernanke, Fed chairman, in his 2002 speech “Deflation – Making Sure it Doesn’t Happen here” – inflationary risks will begin to rise. With that comes the risk of sustained medium term dollar weakness and the risk ultimately of the demise of the dollar as the world’s sole reserve currency.

The writer is chief executive of Longview Economics

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Nokia to pull out of Japan

Reuters

Nokia, the world's biggest cellphone maker, said on Thursday it will stop selling mobile phones in Japan except for its high-end brand Vertu after struggling to expand its presence in the country.

Despite its global market share of nearly 40 percent, Nokia holds less than 1 percent of Japan's mature wireless market as its products have failed to lure consumers from high-performance Japanese-made devices.

"We have judged that we cannot continue to invest in product development just for Japan amid the current tough economic conditions," Nokia executive vice president Timo Ihamuotila said in a statement.

Nokia said it will keep the Vertu brand in Japan.

The Yomiuri newspaper reported on Saturday that the Finnish cellphone maker plans to launch mobile services of its own using the network of NTT DoCoMo, Japan's biggest mobile phone operator, to cater to users of its luxury brand.

Nokia said it will continue its global research and development work in Japan.

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Mexican billionaire invests in Citigroup

AFP

The investment firm owned by Mexican billionaire Carlos Slim has purchased a one percent stake in Citigroup, the financial giant recently rescued by the US government, an analyst close to the transaction has said Tuesday.

The stake -- amounting to around 26 million shares, worth around 150 million dollars -- is "a portfolio investment of Grupo Financiero Inbursa," the analyst told AFP, requesting anonymity.

The US government's more than 300-billion-dollar rescue of Citigroup late Sunday sparked a frenzy on the markets, with Wall Street and European stock markets soaring as investors cheered the news.

The deal leaves Washington with the burden of the bank's potential losses of up to 306 billion dollars and responsibility to inject capital of 20 billion dollars, which follows a previous 25-billion-dollar infusion.

US-based Citi operates in more than 100 countries and, with more than two trillion dollars in assets, is widely viewed as too big to be allowed to fail.

Slim, a Mexican businessman largely focused on the telecommunications industry, was ranked second richest person in the world by Forbes in 2008, with a fortune estimated at more than 50 billion dollars.

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Slim’s bank buys up to $150m in Citi shares

By Adam Thomson in Mexico City and Greg Farrell in New York

Published: November 26 2008 23:27 | Last updated: November 26 2008 23:27

Inbursa, the bank owned by Carlos Slim, the Mexican billionaire, has bought up to $150m in Citigroup shares over the past week as the US financial group’s stock plunged in value.

Inbursa, Mexico’s sixth largest bank, began buying the stock as prices fell on Wednesday last week, and continued the next day when they punctured the $5 mark. The bank’s brokerage arm is believed to have bought as many as 29m Citigroup shares for about $150m.

Arturo Eliás Ayub, Mr Slim’s son-in-law and the communications director of his Carso Group, on Wednesday confirmed the transactions. “[The bank] bought some shares for clients and investment funds,” Mr Eliás Ayub told the Financial Times.

Mr Eliás Ayub would not specify amounts but a company source confirmed that Mr Slim, one of the world’s richest men, was an Inbursa client in the transactions. Inbursa declined to comment.

Thanks largely to a $20bn US government-backed rescue plan, Citigroup shares have staged a recovery of about 60 per cent from last week’s levels.

On Wednesday, they closed in New York at $7.05, 16 per cent up on the previous day’s close.

The move has sparked rumours around business circles that Mr Slim might have been gearing up for an attempted purchase of Banamex, Citigroup’s Mexican subsidiary and the country’s second-largest bank. Local bankers in Mexico City believe that Banamex could be valued at anywhere between $10bn and $20bn.

However, Citigroup sources say that there is no plan to sell Banamex and that the bank would only contemplate doing so as part of a worst-case scenario. Sources close to Mr Slim also dismissed rumours that the billionaire would like to acquire Banamex.

Analysts argue that Mr Slim’s purchase of Citigroup shares fits seamlessly with his reputation as a value buyer. He has been particularly active in recent months. In September, he became the third-largest shareholder in the New York Times after reporting a 6.4 per cent stake valued at $127m.

At the time, Mr Eliás Ayub told the FT: “The investment is purely financial. It’s a great company, the price is cheap and it gives a good dividend.”

Mr Slim, who made his ­fortune from telecommunications, including Telmex, Mexico’s fixed-line carrier, and América Móvil, the pan-American cellular phone company, has been buying other media stock. He has significant holdings in the debt and equity of Mexico’s two largest broadcasters, and disclosed a 1  per cent stake in Independent News & Media in May.

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S.Korea to make first use of US currency swap deal

By KELLY OLSEN, AP Business Writer Kelly Olsen, Ap Business Writer – 2 hrs 5 mins ago

SEOUL, South Korea – The Bank of Korea said Thursday that local banks will have their first chance to utilize a currency swap deal with the U.S. Federal Reserve aimed at alleviating a dollar shortage caused by the global credit crunch.

The central bank said in a statement that it will hold a competitive auction on Dec. 2 by offering $4 billion in loans. South Korean banks as well as the local branches of foreign banks can participate.

"The BOK expects the introduction of this facility to enlarge the U.S. dollar funding opportunities for the banks and contribute to improving foreign currency funding conditions and relieving market concerns," the bank said in a statement.

South Korean banks and companies have been scrambling to acquire dollars to meet foreign debt obligations as formerly easily obtained short-term rollover loans have become harder to obtain amid the worldwide credit seizure.

The Bank of Korea and the Fed announced the currency swap deal in late October, allowing South Korea to get access to up to $30 billion until April 30, 2009.

The Fed also reached similar agreements with the central banks of Brazil, Mexico and Singapore in a bid to help ease dollar shortages.

The central bank said the loans under the currency swap facility will be made through competitive auctions and have a maximum duration of 88 days. Interest rates will be determined before each auction.

The banks are required to provide the BOK with South Korean won collateral amounting to 110 percent of the won value of the dollar loan, the central bank said.

South Korea has consistently said that its foreign currency reserves are sufficient to see it through the financial crisis. Those reserves, the world's sixth-largest, have been declining, however, as authorities have dipped into the pool of cash.

The reserves, which totaled $212.25 billion at the end of October, declined by $27.4 billion, the biggest ever for a single month, as the central bank expanded dollar liquidity to the financial system to help calm the effects of the credit crunch.

The South Korean won has fallen about 37 percent so far this year as foreign investors have sold South Korean stocks at a record pace and repatriated their money. The decline in the currency means more won is needed when exchanging for dollars.

The currency swap deal is one of a number of measures the government has carried out in the face of the crisis. It announced last month a $100 billion plan to guarantee new overseas loans taken out by the country's banks.

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Gulf companies must embrace good governance

Published: November 26 2008 18:24 | Last updated: November 26 2008 18:24

It is undisputed that the Middle East has been among the fastest-growing economic regions in the world. And, while it has not escaped the effects of the global slowdown, the recent business growth and foreign direct investment in the region has resulted in a profound economic, urban and social transformation.

Many of the world’s leading financial services firms now have a local presence, attracted by a liquidity pool created by high oil prices, the longer-term growth story and the development of broader and deeper capital markets.

To date, corporations in the region have enjoyed the benefits of operating in a highly liquid, tax-free, rapidly developing economic environment, in which double-digit growth was as common as the sunshine. This growth saw increased attention from a new cadre of international investors looking for places that offered higher returns than traditional western markets, where the economic cycle has clearly soured.

However, recent events in global financial markets and the economic slowdown are having an impact on the region. As we have seen in other markets, liquidity can quickly shrink and turn into dry powder in local financial institutions’ vaults. Companies in the Middle East are now realising that capital can flow out as quickly as it once flowed in.

While the immediate future does not look so bright, the cycle will eventually turn. When it does, international investors will once again be looking for compelling openings. This presents an opportunity for the region.

To become a credible, long-term destination for such investors, regional companies must demonstrate that they are serious global participants by addressing a pressing concern for all investors: corporate governance. This concept of best practice and fairness to all shareholders has long been embraced by international business and is crucial to securing long-term growth.

In the fast-maturing Middle East, corporate governance is a fundamental aspect of business that generally has not developed at the same rate as the economy. This has been demonstrated recently by a spate of cases that have the potential to cast a shadow on the region as a destination for international capital.

As the Middle East continues to develop, the need for corporate governance reform only increases. International investors expect the companies in which they invest to develop and implement highly structured governance frameworks. Without them, the Middle East is in danger of creating an economic environment built on weak and unsustainable foundations.

Companies need to adopt transparent structures, policies and processes, such as the use of company-wide codes of governance or business ethics to which management are held accountable. Such standards are widespread among banks and public companies in developed markets, and are expected by international investors.

Even looking at the basic principles of good governance – ensuring the correct checks and balances so that companies act in the interests of all shareholders, not just the majority owners – would be a start. Prohibiting overlapping boards of competing corporations and bringing in independent, non-executive directors – ideally including those with international exposure – are other essential steps.

Encouragingly, behind the headlines of alleged wrongdoings in the region, there are signs that awareness is increasing among many companies that corporate governance has an inestimable effect on their performance by enhancing accountability and wealth creation.

Hawkamah, the Gulf Co-operation Council’s corporate governance standards institution, recently presented research suggesting that, in valuation terms alone, investors would be willing to pay a premium of 15-30 per cent for well-governed companies in the region. That, it says, translates into $200-$300bn in fresh investment.

Middle East companies need to appreciate that, when it comes to attracting international investors as long-term shareholders, good corporate governance is crucial. If companies take it to heart, investors are likely to look at the region in an even more favourable light – to the benefit of all concerned.

Georges Makhoul is regional head, Middle East and North Africa, for Morgan Stanley

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Gulf bankers review their blueprint

By Robin Wigglesworth in Abu Dhabi

Published: November 26 2008 18:49 | Last updated: November 26 2008 18:49

As financiers and politicians read the last rites for the western investment banking model, financial houses across the Middle East are looking at what it means for their own business strategy.

Although local investment banks have enjoyed tremendous growth during the past five years, the bankruptcy, sale or conversion of the five US investment banking titans means even the biggest local financial institutions may have to adapt, says Amani Ibrahim Al-Omani, head of Gulf investments at Markaz, a Kuwaiti investment bank.

“This is a wake-up call for the entire investment banking industry. We have to review our strategy,” says Ms Omani.

At first sight, things look grim. The MSCI Gulf index has lost more than half its market capitalisation this year and analysts warn that regional stock markets are likely to remain weak well into 2009. This will savage the fees of regional investment banks as assets under management slump and all but the bravest of companies put initial public offerings on hold.

Brokerage volumes are expected to fall, mergers and acquisitions are scarce and some investments banks are reporting mark-to-market losses on more illiquid investments.

Furthermore, debt markets are stretched. Money market managers say what started as a liquidity squeeze due to excessive lending could well develop into a solvency crisis. If a bank is able to raise any funding at all, analysts say it will be at least twice the cost of just a few months ago.

“The removal of cheap credit will hit everyone,” says Declan Hegarty, co-head of global markets at HSBC Middle East. The regional investment banks have “got some tough strategic decisions to make”, adding: “Some are diversified and robust enough to see them through this but others will be motivated to change their shape and turn into something else.”

Arab Banking Corporation, a Bahrain-based bank, has said it is moving towards a more retail deposit-funded model after reporting nearly $1bn of writedowns in the first nine months of the year.

ABC is not the only investment bank losing money. Markaz reported a KD10m ($37m) loss in the third quarter and Dubai-based Shuaa Capital lost Dh371m ($101m) in the first half of the year. Many more losses are expected across the region.

“It’s a pretty painful time,” says Michael Burgess, chief financial officer of Shuaa Capital. “Frankly, I think everybody’s going to be cutting the number of staff in the industry whether it’s an international or local bank.”

Falling oil prices is another danger. Surging petroleum revenue has swamped the region with liquidity in recent years, much of it finding its way to local investment banks and asset managers, and the recent decline will lead to less capital to go round.

However, bankers say significant differences between the international and regional investment banking models will help the Middle East’s own financial houses fare better than their Wall Street counterparts.

Regional houses resemble asset managers and brokerage houses rather than the full investment banking model seen in western markets, bankers say, which may offer some succour.

While fees from managing clients’ money are likely to drop as the size of the investment portfolio falls, local investment banks do little trading with their own money, usually providing only a small amount of seed money for funds.

Compared with western investment banks – such as Goldman Sachs, where more than half of income is from proprietary trading – local banks are less exposed to direct trading losses, says Amjad Ahmad, chief executive of investment and merchant banking at NBK Capital.

Local investment banks are also too small to engage in the previously lucrative lending to regional governments and businesses, limiting their long-term credit exposure. Some large commercial banks are active corporate and project lenders but no local investment banks appear on the regional lending tables compiled by Dealogic, a data provider, this year.

The biggest boon to the regional industry, however, is the lower reliance on short-term borrowing.

The debt-to-equity ratio of a local investment bank is typically in the single digits while the high-octane international houses are often leveraged more than 20 times despite frantic de-leveraging in the past year.

“Fixed income markets aren’t really very well developed [in the Middle East] and there isn’t really an appetite for paper issued by banks,” says Mr Burgess. “As a result, you need to be mostly equity-funded. That gives us a much deeper reserve when the market moves against you.”

Some smaller investment companies – particularly in the United Arab Emirates and Kuwait – have borrowed to invest and might wobble as international banks cut credit lines but most of the larger financial institutions could emerge from the credit crunch strengthened, argues Hassan Haikal, chief executive of EFG-Hermes.

Analysts predict that many smaller brokerages and asset managers could fold, with their business potentially going to the bigger institutions that remain standing.

“Our revenue will go down proportionately [but] the issue becomes: do you have a direct exposure in terms of investments in the market and are these investments financed through leverage?” says Mr Haikal. Local banks will be “affected for a few quarters by the business environment [but], if you have the right balance sheet, the right positioning, then you are likely to be ultimately a beneficiary of the changing landscape and competition.”

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Iraq delays parliament vote on US troops

BAGHDAD, Nov 26 - Iraq’s parliament on Wednesday delayed a vote on a landmark pact setting a deadline for US troops to leave, after agreeing to Sunni Arab demands to make it dependent on a referendum but rejecting other conditions.

The deal paves the way for US troops to withdraw by the end of 2011, bringing closer to an end the 2003 US-led invasion that ousted former dictator Saddam Hussein only to usher in years of sectarian bloodshed.

Once-dominant minority Sunnis are concerned their departure may dilute their influence in the Shia-led country. They have proposed several political reforms they want adopted before they approve the pact. The vote has been postponed to Thursday.

The Iraqi National Dialogue, one of two Sunni political blocs whose blessing for the pact is seen as key to achieving a broad consensus, said it had demanded reforms that would defang efforts to find and try members of Saddam’s former Baath party.

”We refused the Iraqi National Dialogue’s two requests,” said Jaber Khalifa, a senior member of the ruling Shia coalition, the United Iraqi Alliance.

Iraq’s Shia-led government and its Kurdish partners, who together hold most of Iraq’s 275 parliamentary seats, had already agreed in principle to Sunni demands for a referendum on the security deal in mid-2009.

The pact has been approved by the cabinet and signed with Washington.

Mr Maliki was probably popular enough after presiding over a sharp drop in violence to ensure approval of the US troop deal in a referendum, said political analyst Kadhim al-Miqdad.

KEEN TO SEE AMERICANS GO

On Baghdad’s streets, where bodies once piled up overnight as death squads formed by majority Shia battled al Qaeda-affiliated Sunni fighters, some looked forward to the eventual departure of American soldiers.

”After five years of occupation, fighting, and instability, Iraq must be put on a steady base that will protect its sovereignty. The pact is the beginning of the end of the occupation,” said Imad Hameed.

A simple majority vote in favour of the pact had always appeared likely in parliament. But Mr Maliki’s government needed a broad consensus to satisfy Iraq’s most influential Shia cleric, Grand Ayatollah Ali al-Sistani.

Mr Maliki says the pact is Iraq’s best hope for restoring its sovereignty whilst avoiding a return to violence.

The deal, which replaces a UN mandate, would give Iraq authority over US troops, makes US soldiers liable for some crimes committed when they are off-duty and reins in private security firms that have enjoyed a bonanza during the war.

The 150,000-odd American troops in Iraq will have to quit the towns by mid-2009, and leave the country by the end of 2011.

That will strengthen the hand of Mr Maliki, who will continue to be able to call on US forces to fight violence whilst scoring nationalist points for being the one who ushered the invaders out. Some factions, including Sunnis who dominated Iraq under Saddam, fear Mr Maliki will gain too much power.

”This is an important step in restoring sovereignty to Iraq, but the road is still long, mostly because, regardless of Mr Maliki’s positions, governmental institutions and the security apparatus remain weak, and stability is fragile,” said Joost Hiltermann of the International Crisis Group.

While lawmakers negotiated, a blast in central Baghdad close to the fortified government and military Green Zone compound killed two people and wounded five.

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S Korea reveals record current account surplus

SEOUL, Nov 27 (Reuters) - South Korea’s current account swung in October to its biggest surplus in almost four years on smaller imports and an improvement in the service account, central bank data showed on Thursday, providing some support to the won.

The Bank of Korea also announced a plan to provide $4bn to local banks using its dollar credit line at the US Federal Reserve, giving the ailing local currency further support at least in the short-term, analysts said.

”The current account is seen getting better, given weaker oil prices and as the service account is expected to improve further. That is definitely a bullish factor for the won along with the use of the Fed swap,” said Kim Jae-eun, an economist at Hana Daetoo Securities.

”But the unit’s bearish trend is still intact in the longer term unless the global financial markets show signs of stabilisation,” she added.

The South Korean currency has plunged nearly 37 per cent against the dollar so far this year, hitting its lowest in almost 11 years against the dollar.

The current account of Asia’s fourth-largest economy turned to a seasonally adjusted surplus of $3.41bn in October, the biggest monthly surplus since a $3.54bn in January 2005, the Bank of Korea said.

The October number compared with a revised $2.65bn deficit in September.

Before seasonal adjustment, the country posted a record current account surplus of $4.91bn in October, compared with a revised $1.35bn deficit in September, the central bank said in a statement.

On Tuesday, the finance ministry said October’s current account was expected to post a surplus of over $1.5bn and around $1bn in November.

The goods account in October swung to a seasonally adjusted surplus of $2.02bn from a revised $1.63bn deficit in the previous month because of weaker imports, the data showed.

The service account posted a seasonally adjusted $431m deficit in October, compared with a revised $1.30bn deficit in September. The account, which largely covers travel and transport improved as fewer South Korean travel abroad due to the sliding won currency.

But the capital account in October posted a $25.53bn deficit, the biggest monthly deficit in history, compared with a $4.78bn shortfall in the prior month, hit by more outflow related to derivatives.

For the first 10 months of the year, South Korea produced a seasonally adjusted current account deficit of $7.66bn, reversing from a $7.72bn surplus for the same period in 2007 and heading for its first annual deficit in 11 years.

Growing current account deficits, a foreign sell-off in local financial markets and a deepening squeeze in dollar funding have all combined to send the won plunging recently to its lowest level since the 1997-98 Asian financial crisis.

The government has said sharp falls in oil and raw materials prices since historic highs earlier this year would help South Korea’s current account turn back to a surplus in the fourth quarter.

South Korea has been struggling to shore up liquidity-strapped local banks and the faltering financial market with a string of rescue measures.

Meanwhile, separate data released by the central bank showed that South Korea’s overseas borrowing fell by a net $20.4bn in October, the biggest monthly drop in history after a net increase of $0.16bn in September, central bank officials said.

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Gates said to agree to stay at Pentagon

By Demetri Sevastopulo in Washington

Published: November 26 2008 17:05 | Last updated: November 26 2008 22:11

Robert Gates has reportedly agreed to remain as defence secretary in the new Obama administration, a move that marks the first time a new president has retained a Pentagon chief who served the other political party.

President-elect Barack Obama is expected to unveil his national security team next week, which will also include Hillary Clinton as secretary of state. Mr Obama is leaning towards retired General James Jones, former US commander of Nato forces, as his national security adviser, and considering retired Admiral Dennis Blair, former head of the US Pacific Command, for director of national intelligence.

Keeping Mr Gates would provide continuity in management for the wars in Iraq and Afghanistan, but some experts suggest it signals that Mr Obama is reconsidering his campaign pledge to remove combat troops within 16 months.

While Mr Gates and Admiral Mike Mullen, the chairman of the joint chiefs, support withdrawing more troops from Iraq – particularly to free up forces for Afghanistan – they have publicly opposed setting a fixed timetable.

“I don’t see any way in which Gates would implement a plan for Iraq that was based on unconditional and inflexible withdrawals,” said Michael O’Hanlon, a defence expert at the Brookings Institution. “It is about as blunt as a signal you can get from Obama that he is rethinking that.”

Retired Colonel Peter Mansoor, former executive assistant to General David Petraeus and author of Baghdad at Sunrise, agrees that the move suggests that Mr Obama plans to be more flexible.

“It signals that while we are clearly on a trajectory to pull our combat out of Iraq that the new administration will be more flexible as to the timeline,” said Col Mansoor.

Col Mansoor added that Mr Obama would have more flexibility now that the US and Iraq have signed a security agreement that calls for all US troops to leave the country by 2012. The Iraqi parliament on Wednesday delayed a vote on the agreement.

In choosing Gen Jones, a widely respected former commandant of the Marine Corps, Mr Obama would signal that he wants a strong personality to help manage his “team of rivals” cabinet. A fluent French speaker, Gen Jones is respected within the military and overseas.

The national security council was widely seen as weak during the first term of the Bush administration with Condoleezza Rice, then national security adviser, unable to manage the strong personalities of Donald Rumsfeld, former defence secretary, and Colin Powell, then secretary of state.

The FT last week was the first to report that Mr Obama and Mr Gates were negotiating the terms under which Mr Gates would remain at the Pentagon. Brooke Anderson, national security spokeswoman for the Obama transition team, declined to comment.

It was unclear on Wednesday whether Mr Gates would stay for an extended transition period, or whether he would remain indefinitely at the Pentagon. Richard Danzig, a former secretary of the Navy, and a top Obama adviser, is expected to become deputy defence secretary, placing him in pole position to eventually replace Mr Gates.

Mr Gates has been widely praised for his stewardship of the Pentagon since he replaced Donald Rumsfeld in 2006. While some liberals may complain that Mr Obama has not broken with the Bush administration, the choice of Mr Gates is expected to be welcomed on Capitol Hill where he has developed a good relationship with Democrats and Republicans.

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Cameron hints at phasing out public sector pensions

By Andrew Bounds, Alex Barker and Nicholas Timmins

Published: November 26 2008 23:32 | Last updated: November 26 2008 23:32

Generous final salary public sector pensions would be phased out by an incoming Conservative government, David Cameron has signalled, in comments that could presage a huge battle with up to 5m NHS staff, teachers, civil servants and local government officers.

The Conservative leader has told businessmen that he wanted to switch public sector workers away from final salary schemes and into money purchase – or defined contribution – schemes.

The issue has become a hugely charged one in recent months as private sector workers face the threat of paying ever more in tax to support generous public pension schemes at a time when their own final salary schemes are being scrapped or scaled back.

The Conservative leader told a meeting of the Greater Manchester chamber of commerce earlier this week that “my vision over time is to move increasingly towards defined contribution rather than final salary schemes” for the public sector.

“We have got to end the apartheid in pensions,” he said, where growing numbers in the private sector rely on, usually much less generous, defined contribution pensions but public employees still enjoy final salary schemes largely paid for by the taxpayer.

He accused the government – which recently introduced relatively minor reforms expected to save £13bn over 20 years on a total liability that the Treasury puts at about £650bn – of being “remarkably feeble” on the issue.

Any such move would almost certainly cost money in the short term, even though there should be substantial savings later. However, defenders of the idea say that the Treasury is facing a 40 per cent increase in the cost of public sector pensions to 1.4 per cent of national income in 20 years’ time, according to the Pensions Policy Institute.

But Mr Cameron’s argument brought a furious reaction from the unions. Brendan Barber, the TUC general secretary, said the news would come “like a bolt from the blue to millions of hard working public servants”.

Both Unison and PCS, the biggest health and civil service unions, said that they would oppose any such move. Dave Prentis, general secretary of Unison, said that, at £7,000 a year, the average public sector pension was far from generous.

Mr Cameron’s office said last night that the Conservative leader – whose comments came in answer to questions from the floor after his speech – was merely outlining “the direction of travel”. The party has not yet “ruled any option in or out”, a spokesman said.

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Bulk shipping costs tumble as vessels lie empty

By Esther Bintliff

Published: November 27 2008 02:00 | Last updated: November 27 2008 02:00

The cost of shipping dry bulk commodities such as iron ore, coal and grains plunged to a near 22-year low yesterday, as worldwide demand for raw materials continued to decline.

The Baltic Dry Index, a global benchmark, fell 5.1 per cent to 762 points, the lowest level since January 1987. The index has tumbled 93.5 per cent since reaching an all-time high of 11,793 points in May.

Peter Norfolk, director of research at SSY, the shipping brokers, said: "Ships are sitting empty because of the slump in demand for commodities, particularly steel, leading to a collapse in trade of steel but also of its components, iron ore and coking coal."

SSY said the daily cost of chartering a cape-size ship has fallen to just $2,800 a day, from $234,000 a day at the peak of the market.

The collapse in shipping costs came as China, the world's largest consumer of iron ore, announced an emergency interest rate cut to shore up its economy.

China has been the engine of global commodities demand growth in the last decade, but signs of a slowdown in the country have darkened the outlook for energy and base metals.

News of the Chinese rate cut fuelled gains in the base metals sector, led by copper, which rose 3.1 per cent to $3,772 a tonne.

Nickel climbed 1.4 per cent to $10,600 a tonne while tin rose 1.6 per cent to $12,800 a tonne. Aluminium slid 0.5 per cent to $1,801 a tonne.

Zinc added just 0.1 per cent at $1,250 a tonne even as Nyrstar, the world's largest zinc producer, said it would halt operations at a Belgian plant until the middle of next year. Nyrstar said the suspension at its Balen smelter due to falling demand would cut output by 25,000 tonnes in 2008, and a further 130,000 tonne in the first half of 2009.

Oil prices rose after the latest US weekly inventories data bolstered expectations that Opec would cut production further in an effort to stabilise the market.

US crude stocks jumped by a massive 7.3m barrels last week, well above the consensus forecast of an 0.8m barrel increase.

Nymex January West Intermediate added 83 cents to $51.60 a barrel while ICE January Brent rose $1.11 at $51.46 a barrel.

Rob Kurzatkowski, a futures analyst at OptionsXpress, said: "The [crude inventory] number shows that even with Opec's reductions the market is still over-supplied. Opec can't cut production quick enough."

Traders also said an investor was unwinding put options - derivatives that give holders the right to sell at a predetermined price and date - at $50 a barrel, providing a further impetus to the upside.

A rise in petrol stocks of 1.9m barrels, against expectations of a 400,000 barrel increase, underlined evidence of US demand weakness. Nymex December RBOB unleaded gasoline rose 4.6 cents to $1.1410 a gallon. Distillate stocks (including heating oil) fell 200,000 barrels, compared with the consensus forecast for a decline of 800,000 barrels. Nymex December heating oil added 2.1 cents at $1.7195 a gallon.

Although Opec is expected to cut oil production before the end of the year, yesterday's US data boosted speculation the cartel might reduce output as early as this weekend. Opec meets on Saturday ahead of a more formal gathering in Oran, Algeria on December 17.

Gold retreated after a four day rally, down 1.2 per cent at $811 a troy ounce, curbed by a stronger dollar.

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AIG to pay retention bonuses to executives

By Greg Farrell in New York

Published: November 26 2008 23:41 | Last updated: November 26 2008 23:41

One day after announcing strict limits on salaries and bonuses for its top tier of executives, AIG revealed that some of those executives will receive millions in “retention bonuses” next year.

In a regulatory filing on Wednesday, the insurance group disclosed that Jay Wintrob, an executive vice-president, had put off receiving the first instalment of his $3m retention bonus from December to April 2009.

He will receive the second instalment, originally scheduled to be paid out in December 2009, in April 2010. David Herzog, AIG’s chief financial officer, also opted for the later payment schedule.

The retention bonuses for 130 key executives were disclosed by AIG in September, after the US government rescued the firm from bankruptcy by purchasing 79.9 per cent of the company for $85bn. After the government takeover, Edward Liddy, the former Allstate chairman, was named chief executive and AIG offered retention bonuses to Mr Wintrob, head of AIG’s retirement services division, among others.

In October, AIG’s management was embarrassed by the disclosure that the company spent $440,000 on a weekend retreat in California for senior performers.

The company announced on Tuesday that Mr Liddy would be paid a salary of $1 for 2008 and 2009, and that Paula Rosput Reynolds, who joined AIG as chief restructuring officer in October, would receive no salary or bonus for 2008.

The company said the other five members of AIG’s seven-member leadership group would not receive annual bonuses for 2008 or salary increases through 2009.

AIG also said that the company’s senior partners, about 60 executives, would not earn long-term performance awards in 2008, not earn salary increases in 2009, and that the group’s annual bonuses would be limited.

An AIG spokesman said on Wednesday that retention bonuses were different from the annual bonuses included in Tuesday’s statement. In September, Mr Liddy pledged to sell off significant portions of AIG’s international operations in order to pay back the government loan. The company said at the time that retention bonuses would be necessary to maintain continuity and value at various AIG units.

“Retention bonuses are a better alternative for the repricing of option awards so long as they are reasonable, fully disclosed and truly needed to retain talent,” said Richard Ferlauto, director of corporate governance and pension investment at the American Federation of State, County and Municipal Employees union.

“But in this market we don’t see much clamour for executives who made big bets, cannot make risk and were paid more than they are worth,” he added.

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Toyota suffers first rating cut in a decade

By Jonathan Soble in Tokyo

Published: November 26 2008 15:06 | Last updated: November 26 2008 18:59

Toyota Motor on Wednesday lost its status as one of the few large companies to hold a top-notch credit rating from all of the three big agencies when Fitch cut its assessment of its long-term borrowing position by two notches.

The downgrade, from triple A to double A, underscores the extent of the global motor industry slowdown, which is rattling Japanese carmakers and pushing their weaker US counterparts to the brink.

The move by Fitch contributed to a 4.6 per cent drop in Toyota’s share price to Y2,985.

Toyota had been the only carmaker, and one of only a handful of companies around the world, to enjoy top credit scores from all three big global rating agencies — Fitch, Moody’s and Standard & Poor’s.

In contrast, Toyota’s three US rivals – General Motors, Ford and Chrysler – have long had junk ratings on their debt.

Toyota last suffered a downgrade from one of the three agencies in 1998 when Moody’s cut its view of the company’s long-term debt position from triple A to Aa1. Moody’s raised the rating back to triple A in 2003.

The two-notch downgrade by Fitch is expected to push up its borrowing costs, although analysts stressed that it remained one of the world’s most financially solid businesses.

“The negative developments in the industry are so substantial and fundamental that even the strongest player – Toyota – can no longer support a triple-A rating,” Tatsuya Mizuno, Fitch analyst, said in a report.

Fitch said its outlook on Toyota was “negative”, suggesting another downgrade was more likely than a return to triple A status in the near term.

Toyota has long been a manufacturing and financial benchmark for global carmakers, yet it has not been immune to the worldwide industry slump. It reported a 69 per cent plunge in net profits for the quarter to September and has warned that it will barely make money in the second half of its financial year owing to falling US and European sales and a surge in the yen.

Like other carmakers, Toyota is suffering from a global slowdown in sales and the shift by US drivers to smaller cars. Toyota is likely to become the world’s largest carmaker this year, displacing GM from the top spot, and is the second-largest US carmaker.

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Woolworths falls into administration

By Tom Braithwaite and Jean Eaglesham

Published: November 26 2008 16:43 | Last updated: November 27 2008 07:38

Woolworths fell into administration on Wednesday, putting 30,000 jobs at risk and marking the bleakest day so far for retail in the financial crisis.

The troubled variety store chain failed to get sufficient backing from its banks to weather a cash crisis and directors met to appoint Deloitte as administrator just after MFI, the struggling kitchen seller, which employs about 2,000 people, also filed for administration.

As consumer spending and credit availability tightens, smaller retailers have already failed but Woolworths’ collapse is the biggest retail administration in the UK for many years, according to analysts, and comes as surviving retailers wage an increasingly desperate promotional battle to attract shoppers.

The decision to appoint administrators came in spite of late moves by the government and BBC Worldwide, which seemed to offer hope that the group could be salvaged.

It emerged that the government had called in Woolworths’ creditors and directors to discuss the situation on Tuesday night, prompting the parties to return to the negotiating table for talks into the early hours. Burdale and GMAC are the lead creditors to Woolworths’ £385m facility.

However, no taxpayer support was offered to prop up Woolworths. The retailer’s slow decline is seen by the government as symptomatic of the failings in its business model, rather than a fall-out from the credit crunch.

The department for business called in Woolworths and its bankers to try to broker a deal that would offer greater protection to staff. A problem with the payroll was resolved in the talks, ensuring that staff will be paid until the end of the year even though an administration has now occurred.

The BBC’s commercial arm, meanwhile, offered in principle to pay more than £100m for Woolworths’ share of a DVD publishing joint venture, which would have reduced the group’s borrowings and paved the way for a restructuring deal with Hilco UK.

Ultimately, however, not enough financing was available to support the proposal and the board decided it had no option but to pull the plug. Deloitte, which will be officially appointed this morning, will now attempt to find a buyer for parts of Woolworths, which includes a wholesale distribution arm as well as the retail stores.

The 2entertain DVD publishing joint venture with the BBC is being held outside administration in the expectation that the broadcaster will complete its deal to buy the stake.

In a statement issued to the stock exchange on Thursday Woolworths said discussion with BBC regarding its 40 per cent stake in 2 Entertain were ongoing.

The Woolworths’ directors were working with Deloitte last night to ensure that the stores would open for business as normal on Thursday.

Meanwhile, an executive close to MFI conceded last night that - unlike Woolworths - it was unlikely to re-emerge from administration. The chain was hit particularly hard by the dearth of housing transactions and associated decline in spending on the home.

Meanwhile, Tesco stole the march on rival retailers on Wednesday by declaring that it would cut value added tax on all its non-food lines by Friday, as the wider retail sector rushed to follow suit by Monday.

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Lehman’s Asia risk is revealed

By Sundeep Tucker in Hong Kong

Published: November 26 2008 23:48 | Last updated: November 26 2008 23:48

Lehman Brothers built up a huge balance sheet exposure to Asian property in the form of loans and investments worth billions of dollars, the liquidators of the Hong Kong subsidiaries of the collapsed bank have revealed.

The book value of Lehman’s property exposure in Thailand alone is $1bn, while the bank’s Hong Kong units racked up a further $1bn exposure with about 100 loans or direct real estate investments across the region.

The subsidiaries also made inter-company transfers worth $5bn to the bank’s Japanese arm, which were invested in domestic property assets, while one Asian investment vehicle has a $500m position in Taiwan’s landmark high-speed rail project

The disclosures were made during an exclusive Financial Times interview with KPMG, the professional services firm appointed by the Hong Kong courts in September to oversee the liquidation of the bank’s local units.

The revelations offer a rare inside glimpse into the activities of Lehman’s internal operations.

Paul Brough, KPMG Asia head of financial advisory services, said: “We have worked on many of the biggest liquidations in the region over the past two decades and this one is by far the most complex and challenging.”

KPMG is liquidating eight main Lehman entities registered in Hong Kong, which were responsible for the bulk of the bank’s non-Japanese operations in the region. The book value of assets belonging to these eight entities is up to $20bn. KPMG is yet to estimate what creditors are owed.

KPMG is about to begin the sale of Lehman assets and expects to hold the first creditor meeting for the Hong Kong-related entities in the new year.

Eddie Middleton, KPMG head of restructuring services, said there was no indication to date that the Hong Kong entities had transferred large amounts of money to the bank’s US holding company in the days ahead of the collapse, as had happened in the UK, and few clients had demanded access to Lehman’s now-frozen nominee trading accounts.

The bank’s liquidation has been complicated by its dismemberment and the different insolvency regimes governing its global operations. In recent days, KPMG partners have met their counterparts at PwC, administrators of Lehman’s UK arm, and Alvarez & Marsal, the firm restructuring the US assets, to discuss how to minimise the possibility of litigation relating to inter-company transfers.

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BHP Billiton stands by iron ore target

By Peter Smith in Sydney

Published: November 27 2008 02:19 | Last updated: November 27 2008 06:32

Marius Kloppers, BHP Billiton chief executive, on Thursday insisted the Anglo-Australian mining had no plans to cut iron ore production despite warning that recent Chinese steel production was down 17 per cent year-on-year.

“We have not seen that impact yet on our shift volumes but if that situation persists we cannot expect to escape scott free,” he told shareholders at the group’s annual general meeting in Melbourne on Thursday.

He said BHP would inform the stock exchange immediately if there were any reduction in volumes “of a material nature”.

BHP this week abandoned its more than year-long pursuit of Rio Tinto, valued at $62bn earlier this month, citing difficult market conditions brought on by the global credit crisis.

Vale of Brazil, Rio and a number of other smaller iron ore miners in Australia have cut production by 10 per cent or more in response to the sharp downturn in demand from steelmaking customers in China and elsewhere.

However, BHP said it was in better shape than all of its rivals to deal with the “volatile and challenging global conditions”.

Don Argus, chairman, said BHP believed demand for metals, driven by the growth fundamentals from emerging economies, would be robust in the long term

”We have not changed our view of the basic industrial logic of the combination [with Rio], or of the longer term prospects for natural resource demand growth driven by emerging economies, particularly China,” he said.

BHP also stressed its strong balance sheet and low net debt of $6.3bn.

”We believe we are in a better position than any other major mining company to deal with these uncertain times,” Mr Argus said.

Evy Hambro, head of the BlackRock World Mining Fund, said the collapse of the Rio bid meant BHP must be under pressure to explain itself to investors.

“They need to outline a strategy that allows investors to have a good understanding of how they are going to make the most of their enviable balance sheet,” he said, adding BHP was in a strong position to acquire assets given the rapid fall in the vale of mining assets in recent months.

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Russia, Venezuela ink several cooperation agreements

MOSCOW, Nov 27 (Prime-Tass) -- Russia and Venezuela have signed agreements on cooperation in the nuclear and electric power, shipbuilding, and oil sectors and an agreement on visa-free travel during Russian President Dmitry Medvedev's visit to Venezuela, ITAR-TASS reported Thursday.

The agreement on cooperation in the nuclear power sector includes uranium mining operations and the construction of nuclear power plants, said Sergei Kiriyenko, head of Russian state-controlled nuclear conglomerate Rosatom.

Russia's state-owned United Shipbuilding Corporation and Venezuela's oil company Petroleos de Venezuela SA, or PdVSA, have signed a memorandum of understanding. No details about the memorandum were provided.

Russia's natural gas monopoly Gazprom has signed an agreement with PdVSA to jointly develop the Ayacucho-3 block in Venezuela’s Orinoco oil belt.

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Pregnant baby girl born in Saudi Arabia
27.11.2008 Source: Pravda.Ru URL: http://english.pravda.ru/society/anomal/106755-pregnant_baby-0

An outstanding incident took place in the medical practice of Saudi doctors. A year-old girl turned out to be pregnant. Doctors said that it was the first incident in the history of modern medicine. Arab media outlets discuss whether the removal of the fetus from the baby girl is going to be considered a murder.

It turned out that the mother of the pregnant baby originally had two embryos during her pregnancy. One of the embryos began to develop in the uterus of the other child. In spite of the fact that doctors describe the incident as unique, there can be other similar examples found in history.

A 36-year-old farmer had the embryo of his twin brother removed in the town of Nagpur, India, in 2006. The man asked for medical help only after his swollen belly hampered his breathing.

Doctors were certain that the man had a gigantic tumor in his belly. However, they found fragments of human genitalia, hairs, limbs and jaws in the patient and finally removed a weird underdeveloped creature having legs and arms with long nails.

In 2002, Indian doctors found a fetus in the body of a six-month-old boy. The dead fetus, which surgeons removed from the boy, weighed one kilo, whereas the boy himself weighed 6.5 kilos.

The anomalous phenomenon is known as fetus in fetu. Such incidents are extremely rare: an embryo inside an embryo may appear once in 500,000 pregnancies. The phenomenon always occurs at an early stage of pregnancy. As a rule, the fetuses die in mother’s womb.

It may also happen that a child with a fetus inside survives the entire pregnancy. In this case the embryo continues to live inside its owner’s body like a trapped parasite.

A fetus in fetu can be considered alive, but only in the sense that its component tissues have not yet died or been eliminated. Thus, the life of a fetus in fetu is inherently limited to that of an invasive tumor. In principle, its cells must have some degree of normal metabolic activity to have remained viable. However, without the gestational conditions attainable (so far) only in utero with the amnion and placenta, a fetus in fetu can develop into, at best, an especially well-differentiated teratoma; or, at worst, a high-grade metastatic teratocarcinoma. In terms of physical maturation, its organs have a working blood supply from the host, but all cases of fetus in fetu present critical defects, such as no functional brain, heart, lungs, gastrointestinal tract, or urinary tract. Accordingly, while a fetus in fetu can share select morphological features with a normal fetus, it has no prospect of any life outside of the host twin. Moreover, it poses clear threats to the life of the host twin on whom its own life depends.

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TNK-BP to cut oil export by 4% to 58.2 mln tons in 2008

14:05 | 27/ 11/ 2008

MOSCOW, November 27 (RIA Novosti) - TNK-BP plans to cut oil and petrochemical exports by 4% to 58.2 million metric tons in 2008, the Russian-British joint oil venture's acting vice-president for refining and marketing said on Thursday.

The crude producer expects to have exported a total of 41.2 million tons (303 million bbl) of oil and 17 million metric tons of petrochemicals by the end of this year, Alexander Kaplan said.

The company also expects to refine a total of 30 million metric tons of oil in 2008, against last year's 28 million. Petrochemical sales on the domestic market are expected to grow 3% to 12 million metric tons.

The company will disclose its oil refining plans for 2009 after approving a business plan at a board meeting on December 11.

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「一澤帆布」相続問題、前社長側が逆転勝訴　大阪高裁

2008年11月27日20時3分

　布製かばんで知られる「一澤帆布（いちざわはんぷ）工業」（京都市）の先代の会長が残したとされる遺言書の真偽をめぐる訴訟で、大阪高裁は２７日、遺言書を無効とする判決を言い渡した。

　先代会長の一澤信夫氏の三男の前社長・信三郎氏（５９）の妻が長男の現社長・信太郎氏（６３）らを相手に、遺言書の無効確認などを求めていた。信太郎氏側は上告する方針。

　大和陽一郎裁判長は、訴えを退けた一審・京都地裁判決を取り消し、「重要な文書なのに認め印が使われるなど極めて不自然。真正な遺言書とは認められない」と述べた。遺言書とされた文書には、同社株の５分の４を信太郎氏に相続させるなどと記されていたが、これが無効となることで、信太郎氏らの議決権は失われると判断。当時社長だった信三郎氏が取締役を解任された０５年の臨時株主総会の決議も取り消した。

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韓国、１０月は過去最大の経常黒字　海外旅行減少などで

2008年11月27日18時35分

　【ソウル＝稲田清英】韓国銀行（中央銀行）は２７日、韓国の１０月の経常収支が４９億ドル（約４７００億円）の黒字だった、と発表した。４カ月ぶりの黒字で、単月の黒字幅では現行統計が始まった８０年以降、最大になった。

　原油の値下がりで輸入額の伸びが鈍化。さらに急激なウォン安の影響で海外旅行が控えられ、旅行収支が７年半ぶりに黒字になった。ただ０８年の経常収支は１０月までの累計で９０億ドルの赤字。１０月の黒字転換が下落傾向が続くウォン相場の反転につながる可能性は、「ある程度は期待できるが限られる」（市場関係者）との見方が強い。

　一方、資本収支は２５５億ドルの赤字で過去最大。外国人投資家の韓国への投融資の回収が進み、金融機関が海外からの借入金を返した額が大幅に増えた。

　また、韓国の１０月末の外貨準備高は約２１２２億ドルで、ユーロ建て資産の価値下落分なども含め前月末より２７４億ドル減っている。

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宮古島市課長ら逮捕

2008年11月27日

　宮古島市発注の土地改良工事をめぐって入札の最低制限価格を教えたなどとして、県警は２６日、同市伊良部総合支所経済建設課長、池間藤夫容疑者（５９）＝宮古島市伊良部＝ら３人を競売入札妨害（偽計）の疑いで逮捕した、と発表した。

　ほかに逮捕したのは、ともに土木建築会社社長の渡久山照夫（５５）＝同＝、屋比久龍元（４４）＝同＝の両容疑者。調べに対し、３人とも大筋で容疑を認めているという。県警は２７日にも、３人の自宅や土木建築会社などを家宅捜索する方針。

　県警によると、池間容疑者は８月１８日、市が実施した「鍋底地区土地改良整備工事」の指名競争入札の際、渡久山容疑者に対し、最低制限価格約２７６７万円を教示。同容疑者は同額で入札し工事を落札するなどして、公正な入札を妨害した疑いがある。

　渡久山、屋比久両容疑者は入札前、確実に受注できるよう最低制限価格を聞き出すことで合意。渡久山容疑者が聞き出したという。こうした経緯から県警は、屋比久容疑者も共謀関係があったと判断した。

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金融危機損失、17生保で8300億円　今年度上期

　主要生命保険の2008年度上半期業績が26日、出そろった。米国発の金融危機を受け、保有株式の減損処理などで国内大手9社は合計で3200億円の関連損失を計上。アリコジャパンなど外資系生保を含めた主要17社の関連損失は、8300億円に上った。株価の下落や円高により、有価証券の含み益は大手9 社合計で5兆9400億円となり、3月末から32％減った。

　米金融危機で保有株式が大幅に値下がりしたり、証券化商品を売れなくなったりしたことによる損失が膨らんだ。日本生命保険が866億円、第一生命保険が 712億円の関連損失を計上。三井生命保険は484億円の損失を出し、経常赤字だった。アリコジャパンはＡＩＧ株の評価損などで3061億円の関連損失を計上した。(07:00)

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定額給付金で総務省案、所得制限「原則なし」

　総務省は26日、追加経済対策の柱の一つとなる定額給付金について、地方自治体に示す実行案をまとめた。実行案は給付金の支給方法について「口座振込」「現金支給」を併記し、自治体に選択の余地を与える。指定金融機関を持たないなど口座振込が困難な自治体に配慮。総務省は28日、都道府県や政令指定都市の担当者への説明会で実行案を公表する。

　支給対象者への所得制限は「原則なし」とする。所得制限は市区町村に判断を委ねる方向となっていたが、窓口事務が煩雑になるのを考慮して事実上の一律支給を求める。給付時期は政府方針どおり「今年度内」とし、給付期間は開始から「3―6カ月間」とする方向で調整している。(07:00)

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豊田通商、コロンビアに現法　日野のトラック輸出

　豊田通商は27日、コロンビアに現地法人を設立し、日野自動車製トラックの近隣諸国への輸出を手掛けると発表した。輸出振興を目指す同国政府から、輸出品にかかる付加価値税を免除される「資格」を取得しており、自動車関連のほかコーヒー豆なども輸出する方針だ。2012年度に100億円の売上高を目指す。

　現法は7月に首都ボゴタに設立し、10月に付加価値税を免除する会社として認められた。これまでも駐在員事務所はあったが、日野の工場進出に合わせて体制を充実させた。(20:19)

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11月のガソリン卸値、下げ幅最大の23.2円　新日石

　石油元売り大手の新日本石油は27日、ガソリンの11月出荷分の平均卸値が10月に比べ1リットルあたり23.2円下がったと発表した。月ごとの下げ幅は10月が14.7円で過去最大だったが、これを更新した。原油価格の急落を反映した。(19:18)

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フィットネス、値上げ広がる

　フィットネスクラブで値上げの動きが広がってきた。最大手のコナミスポーツ＆ライフ（東京・港）は12月から首都圏の店舗を中心に月会費を再び上げる。 4位のティップネス（東京・千代田）もこのほど月会費を約3％上げた。電気料金上昇や会員数の伸び悩みで収益が悪化しているため。消費者の節約志向が強まる中、フィットネス離れが進む可能性もある。

　大手の大半は1―6月に値上げしている。このうちコナミスポーツ＆ライフは3月に実施しており、今回さらに月会費を平均3％強上げる。首都圏では店舗の半分強に当たる約50店が対象。一部店舗では、今年の値上げ幅は合計で8％になる。(07:00)

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政府の宇宙開発戦略本部、ＧＸロケット継続　来夏までに結論

　政府の宇宙開発戦略本部（本部長・麻生太郎首相）の専門調査会は27日、官民共同で開発する中型ロケット「ＧＸ」について開発を継続するかどうか来夏までに結論を出す方針を決めた。技術的な見通しや衛星需要を改めて調査し、国主導で本格的なロケット開発を進めるかどうか判断する。

　調査会はＧＸについて、宇宙基本法の施行で中小型衛星の需要拡大が見込まれることや新型エンジンの技術獲得に意義を認めたものの、技術的な見通しなどが不足していると指摘。今後、実機型エンジンの燃焼試験や防衛目的での需要調査を進め、2010年度の概算要求までに本格的な開発着手を判断するとした。

　調査会はまた、今後の宇宙政策の方向性を定める「宇宙基本計画」の骨子をまとめた。骨子は、宇宙利用の「基本的な方向性」として国民生活の向上や安全保障の強化、宇宙外交の推進などを挙げた。安全保障目的での宇宙からの情報収集機能の拡充や、気象衛星開発の着実な推進を訴えた。(20:01)

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相続税の抜本改革先送り、自民税調「景気後退時は困難」

　自民党税制調査会（津島雄二会長）は27日、2009年度税制改正の焦点だった相続税の抜本改革を先送りする方針を固めた。景気後退局面を迎えるなかで、最高税率の引き上げや課税対象の拡大、課税方式の変更は困難と判断した。来月中旬にまとめる09年度税制改正大綱にこの方針を盛り込む。

　同日午前の党税調正副会長・顧問らの会合は先送り論が続出。税調幹部は会合後、「デメリットが多過ぎる。とても来年度税制改正で結論が出そうにない」と語った。(16:00)

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「何もしない人の分何で私が払う」　高齢者医療に首相不満？

　「私の方が税金は払っている。たらたら飲んで食べて（健康維持に）何もしない人の分の金を何で私が払うんだ」。麻生太郎首相が社会保障を議論した20日の経済財政諮問会議で医療サービスを受ける高齢者にこう言及していたことが、内閣府が26日に公開した議事要旨で明らかになった。

　首相は「67歳、68歳になって同窓会に行くとヨボヨボして、医者にやたらかかっている者がいる」と指摘。「彼らは学生時代はとても元気だったが、今になるとこちらの方がはるかに医療費がかかっていない。それは毎朝歩いたり何かしているからだ」とも語った。(08:53)

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大学設置基準を厳格化、教員に最低勤務日数　文科省など検討

　文部科学省と中央教育審議会大学分科会は、大学の乱立で教育の質の低下が指摘されていることを受け、大学設置基準を厳格化する方向で検討に入った。非常勤の教員が増えすぎないよう、教員が最低限キャンパスで勤務すべき日数を設定することや、通信制大学の教育内容のチェック強化などが議論のテーマになる見通し。

　大学設置基準は大学や学部を新設する際に必要な設備や教員、カリキュラムなどについて定めた規定。規制緩和の流れの中で1990年代以降、順次緩められてきたが「認可されやすくなったと思うのか、責任感を欠いた準備不足の申請が増えた」（申請を審査する大学設置・学校法人審議会）との声が出ている。 (07:00)

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あなたの会社は大丈夫？“突然死”黒字倒産激増の怪

昨年７社から今年すでに３４社

　業績は黒字なのに破綻の憂き目をみる。こんな「黒字倒産」が激増している。東京商工リサーチの調査では、負債１００億円以上で倒産した会社は今年に入ってから１０月末までに６０社。このうち３４社が黒字だったにもかかわらず、つぶれてしまった。これは昨年１年間の数字（７社）の５倍で、今年度末に向けヤマ場を迎えるという。あなたの会社は大丈夫か－。

　「まるで１９５０年代後半にタイムスリップしたかのようだ」

　こう嘆くのは、大手不動産会社の幹部。５０年代後半といえば、日本が高度成長期に差し掛かったころで、国内経済は活気にあふれていた。しかしその半面、資金需要が急速に高まったため、黒字なのに運転資金が調達できずに倒産する会社が相次ぎ、大きな社会問題になった。

　あれから約５０年。再び「黒字倒産」のラッシュが日本を襲っている。

【不動産、建設・内装が７割】

　東京商工リサーチの調査によると、今年に入ってから１０月末までに負債１００億円以上を抱えて倒産し、なおかつ直近の最終損益が判明している会社は６０社。このうち３４社（約５７％）は最終黒字だった。

　調査を担当した同社情報部の橋本邦夫課長は次のように指摘する。

　「昨年１年間の１００億円以上の大型倒産は３０社でしたが、今年は１０月末時点ですでに６０社に達しています。昨年１年間の黒字倒産は７社で、今年は１０月末時点ですでに３４社。すさまじい激増ぶりです」

　１０月末までの倒産を業種別にみると、不動産業が１７社でもっとも多く、次いで建設・内装工事業が６社。この２業種だけで全体の７割近くを占めている。

　今年の「黒字倒産」のなかで、利益の規模がもっとも大きかったのが、マンション分譲のアーバンコーポレイション（広島）。直近の２００８年３月期に、過去最高の連結最終利益３１１億円を上げながら、資金繰りの悪化から８月に民事再生法の適用を申請した。

【５０年前も…激変期につきもの】

　破綻の背景について、先の橋本氏はこう解説する。

　「マンション分譲よりも、私募で集めた資金でオフィスビルなどを開発し、外資系ファンドに丸ごと転売する不動産流動化事業で多くの利益を上げていた。世界的な金融危機で、外資系ファンドが相次いで日本から撤退し、転売先が極端に減ったことに加え、金融機関が不動産向け融資を引き締めたことが追い打ちをかけた」

　１０月に破産手続きをしたノエル（神奈川）、９月に民事再生法適用を申請したランドコム（同）も、不動産流動化事業を積極的に手掛けていたことがアダになった。

　マンションなどの市況悪化は建物をつくる建設業も直撃。老舗ゼネコンの新井組（兵庫）、りんかい日産建設（東京）、三平建設（同）などは、不動産業者から受注した建設工事の代金が相手先の経営破綻で焦げ付くなどしたことが倒産の引き金になった。

　また、証券、保険など金融業でも５社が「黒字倒産」の憂き目をみた。９月に破綻した米証券大手リーマン・ブラザーズの日本法人、リーマン・ブラザーズ証券（東京）は直近の０８年３月期に１２４億円の最終利益を計上していたが、本体の破綻を受け共倒れした。

　１０月に更生特例法の適用を申請した大和生命保険（東京）は、サブプライム住宅ローンを組み込んだ証券化商品の評価損などが響いた。

　黒字会社がある日突然死する「黒字倒産」は、今後も増えるのか。橋本氏はこう予測する。

　「世界的な金融危機の広がりで、ほとんどの業種で業績が悪化。直近の決算で最終黒字となっていても、０９年３月期など次の決算期で赤字になるところは少なくないでしょう。来年３月までで黒字倒産はヤマ場を迎え、それ以降は業績不振に伴う赤字倒産の割合が増えるとみています」

　外部環境が急激に変化した時期に激増する傾向がある「黒字倒産」。今がピークといえそうだ。

ZAKZAK 2008/11/27

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外資のカモ・農林中金…１兆円増資でも足りない実態

増え続ける投資残高
１兆円超の資本増強を実施する農林中金。公的資金の注入は必要ないとしているが…（クリックで拡大）
１兆円超の資本増強を実施する農林中金。公的資金の注入は必要ないとしているが…（クリックで拡大）

　１兆数千億円の巨額資本増強に踏み切る農林中央金庫。ただ、金融界では「この程度の増資では足りないのではないか。国会で審議中の金融機能強化法改正案の活用も必要になるだろう」（金融幹部）との声がもっぱらだ。麻生政権が大きく揺らぐなか、「自民党の支持基盤の１つ」（野党）とされる農林中金は正念場を迎えている。

　農林中金のサブプライム住宅ローン関連を含めた証券化商品への投資残高は９月末時点で、６兆８２３０億円。驚いたことに、金融危機で市場が混乱するなか、３月末と比べて７８２３億円も増えているのだ。

　これとは別に、２つの米住宅金融会社、連邦住宅抵当金庫（ファニーメイ）と連邦住宅貸付抵当公社（フレディマック）の住宅ローンを担保にした証券の保有残高が３兆４５６８億円ある。

　前述の証券化商品と合わせ、実に１０兆２７９８億円もいわくつき商品に投資しているわけだ。

　米証券大手リーマン・ブラザーズが９月中旬に破綻する１週間前に、米政府はファニーメイとフレディマックに公的資金を注入する方針を発表。その後も追加支援策を打ち出し、当面の破綻を回避しているが、農林中金はいつ破裂するか分からない“時限爆弾”を抱えていることになる。

　「農林中金は約３兆円の自己資本に対し、損失が発生する恐れがある証券化商品を約１０兆円も抱えている。これは、自己資本を吹き飛ばすのに十分な規模だ。“導火線”に火がつく前に、公的資金を予防的に資本注入できるようにしておこうというのが、国会で審議されている金融機能強化法改正案の狙いだ」と金融関係者は指摘する。

　農協の総元締めとされた農林中金が変ぼうするのは、２００２年１月のＪＡバンク法の施行以降。同法施行により、農林中金、農協、信連（信用農業協同組合連合会）の個別金融機関が「ＪＡバンク」として１つの金融機関にリニューアル。全体の運用資金１１０兆円、預金８２兆円というメガバンクが誕生した。

　このうち、農林中金の運用資金は６１．０兆円、預金は３８．８兆円（０８年３月末）。農協に集まった貯金８２兆円のうち、３３．８兆円が信連を通じて預けられている。

　「農林中金の役割は法律上、『農林水産業への資金提供』だが、衰退傾向にある農業や漁業では資金需要も低い。となれば、有価証券で運用するしかない。農林中金の有価証券投資は約４４兆円に達し、貸出金の約１０兆円を大きく上回っている」と関係者は解説する。

　約４４兆円の有価証券投資がいかに巨大かは、他の金融機関と比べると分かる。日本生命保険の運用投資有価証券は約３４兆円、三菱ＵＦＪフィナンシャル・グループは約４１兆円（いずれも０８年３月末）。農林中金は日生や三菱ＵＦＪをしのぐ、日本最大の機関投資家なのだ。

　「農林中金は機関投資家といっても、投資経験やノウハウはない。外資系金融機関の間では、農林中金に持っていけば、どんな証券化商品でも買ってくれるから、いいカモにされていた。サブプライム問題が表面化し、各金融機関は証券化商品の売却に走り出したが、農林中金はせっせと買い続けた。そのため、今年３月から９月までに７８２３億円も残高を増やしている」（金融幹部）

　農林中金は１兆円超の資本増強を実施するが、果たしてこれで足りるのだろうか。

ZAKZAK 2008/11/27

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舞鶴女子高生殺害：弁護人が捜索の執行停止申し立て

　京都府舞鶴市で今年５月、府立東舞鶴高校浮島分校１年、小杉美穂さん（当時１５歳）が殺害された事件で、府警舞鶴署捜査本部は２７日に予定していた、遺体発見現場近くに住む無職の男（６０）＝窃盗罪で起訴＝宅の捜索を見合わせた。男の弁護人が２６日夜、殺人などの容疑の捜索令状取り消しを求める準抗告を京都地裁に申し立てたため。地裁は２７日夜、申し立てを棄却したが、弁護人はさらにこの決定の取り消しを求めて最高裁に特別抗告。同時に捜索の執行停止を求める申し立てをした。捜査本部は裁判所の判断を見ながら対応を決める方針。

　弁護人は２７日、準抗告申し立ての理由について「窃盗容疑で捜索しているのに、なぜもう一度捜索するのか。有力な物証が見つかっているなら（殺人、死体遺棄容疑で）逮捕して捜索すればいい。再度の捜索で物証が出たと言われても信用できないし、人権上問題だ」と説明。同日、今後の捜索で自宅から押収される物品について地裁に証拠保全を申し立てたことや、男の委任を受け捜索に弁護人を立ち会わせるよう府警と京都地検舞鶴支部に申し入れたことも明らかにした。

　刑事裁判に詳しい弁護士によると、捜索令状の取り消しを求める準抗告は極めて異例。

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GM Maize Disturbs Immune System of Young and Old Mice

* New research add to the weight of damning evidence against the safety of GM food
By Dr. Mae-Wan Ho
Institute of Science in Society, November 20, 2008
Straight to the Source

The Italian government’s National Institute of Research on Food and Nutrition has just published a report online in the Journal of Agricultural Food Chemistry documenting significant disturbances in the immune system of young and old mice that have been fed the GM maize MON 810 [1]. This follows hot on the heels of results released by the Austrian government showing that GM Maize Reduces Fertility & Deregulates Genes in Mice (SiS 41) [2]. These revelations confirm a string of previous findings on adverse health impacts of GM food and feed, leave us in little doubt that GM is Dangerous and Futile (SiS 40) [3]. Proponents should stop misleading the public that GM food and feed is safe.

The GM maize and the parental non-GM variety from which it was derived, were grown simultaneously in neighbouring fields in Landriano, Italy, from seeds provided by Seeds Emporda (Girona, Spain). The control maize flour from the non-GM parental strain had a low level of GMO contamination (0.29 percent by PCR test) but only the GM maize had the specific gene coding for the toxin Cry1Ab that acts as a pesticide.

The GM and non-GM maize were also analysed for levels of the fungal aflatoxins B1, B2, G1, G2, fumonisin B1 (FB1), deoxynivalenol (DON), ochratoxin, and zeralenon, that frequently contaminate maize grains. The values were below the maximum allowed in Europe, except for FB1 (1350 and 2450 mg/kg) and DON (1300 and 650 mg/kg) in GM and non-GM maize respectively.

The diets were formulated according to accepted standards and contained 50 percent MON810 or its parental control maize flour. A standard pellet diet containing about 50 percent of commercial non GM maize was also used, which did not contain CrylAb by PCR test.

Weaning mice, 21 days old, were fed with the diets for 30 and 90 days, and the old mice, 18 to 19 months, were fed for 90 days on the test diets; and male Balb/c mice were used in all the experiments.

There were no differences in the mean body weight or in food consumed between the GM-fed and control mice. These are the ‘agronomic’ characteristics typically measured in feeding tests, and all too often, the only characteristics measured.

The total number of white blood cells in the small intestine, spleen and blood were not different. However, there were significant differences in the percentages of T and B cells, and of CD4+, CD8+, gdT+, and mbT+ subpopulations in both weaning and old mice that were GM-fed for 30 and 90 days respectively compared with controls. These changes appeared in the gut, spleen and blood, and were accompanied by increase in blood cytokines IL-6, IL-13, IL-12p70, and MIP-1b, all involved in allergic and inflammatory responses. These changes were not detected in the mice fed the commercial non-GM pellet diet.

The greatest effects were the weaning mice fed for 30 days on GM maize, whereas those fed for 90 days only had increased B cells. In the old mice, the induced changes were similar to those found for the weaning mice fed for 30 days. These results show that very young and old mice are more susceptible to immunological insults. By the time the mice were 111 days old (90+21), a degree of tolerance had been established, so that the disturbances were reduced.

The immune disturbances are significant also in view of findings from another laboratory [4]; proteomic analysis identified 43 proteins that were up or down regulated in the MON 810 maize seeds compared with the parental strain, among them a 50 kda g-zein, a well-known allergenic protein [5], that was not present in the parental strain.

It is clear that genetic modification is inherently hazardous, as it invariably result in unpredictable and uncontrollable changes in the genome and the epigenome (pattern of gene expression) that impact on safety.

References

1. Finamore A, Roselli M, Britti S, Monastra G, Ambra R, Turrini A and Mengheri E. Intestinal and peripheral immune response to MON810 maize ingestion in weaning and old mice. J Agric food Chem, http://pubs.ac.org/, 16 November 2008
2. Ho MW. GM maize reduces fertility and deregulates genes in mice. Science in Society 41 (to appear)
3. Ho MW. GM is dangerous and futile. Science in Society 40 (in press).
4. Zolla L, Rinalducci S, Antonioli P, Righetti PG. Proteomics as a complementary tool for identifying unintended side effects occurring in transgenic maize seeds as a sresult of genetic modification. J. Proteome Res 2008, 7, 1850-61.
5. Pasini G, Simonato B, Curioni A, Vincenzi S, Cristaudo Q, Santucci B, Peruffo AD, Giannattasio M. IgE-mediated allergy to corn: a 50 kDa protein, belonging to the reduced soluble proteins, is a major allergen. Allergy 2002, 37, 98-106.

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元若ノ鵬「八百長してない」　週刊誌に嘘の告白　東京地裁に陳述書
2008.11.27 20:38
このニュースのトピックス：大相撲
元若ノ鵬（ガグロエフ・ソスラン・アレキサンドロヴィッチ氏）＝９月、両国国技館　元若ノ鵬（ガグロエフ・ソスラン・アレキサンドロヴィッチ氏）＝９月、両国国技館　

　大相撲の八百長疑惑に関連し、講談社発行の「週刊現代」の記事で現役力士の実名をあげて八百長を告発したロシア出身の元幕内力士、若ノ鵬（２０）＝本名・ガグロエフ・ソスラン＝が、日本相撲協会を相手取り解雇無効を訴え地位確認を求め東京地裁に起こした訴訟で、「八百長したことはない。だまされて証言した」とする内容の陳述書を提出していたことが２７日、分かった。若ノ鵬は記事で「年上の関取衆から八百長を強要された。何度も断ったけどやるしかなかった」と証言していた。

　陳述書によると、取材を仲介した人物に「親方や他の力士から八百長を強要されたといえば、悪い親方や力士を責め立てることができ、角界に戻れる」と言われ、９月末に行われた同誌の取材や会見でうそを告白。しかし、その後も解雇が撤回されなかったため、同誌に記事や発言の撤回を求めたところ「取り消せない」と断られたという。

　その上で「仲介者と週刊現代にだまされた」とするとともに、実名を挙げた力士に「本当に迷惑をかけました」と謝罪。大麻所持については「スピード出世で有頂天になっていた」と反省の言葉を連ねている。

　週刊現代は「若ノ鵬本人に確認したが、『（八百長を否定する）陳述はしていない』と否定した。事実関係を繰り返し精査したうえで記事化している」と反論している。

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元若ノ鵬、八百長告発記事の内容を否定　地位確認訴訟で

2008年11月27日20時8分

　大麻問題で日本相撲協会を解雇された元幕内力士の若ノ鵬（２０）が、力士としての地位確認を求めた訴訟で、元若ノ鵬が、自ら八百長を告発した週刊誌記事の内容について否定する陳述書を東京地裁に提出したことが分かった。

　元若ノ鵬は９月２９日に開いた記者会見で、「幕内にあがったらアンフェアな取組を強いられ、無理やり金を渡された」などとして、八百長を認める発言をした。１０月６日発売の「週刊現代」（講談社）には、元若ノ鵬が八百長を告白した、とする記事が掲載された。

　元若ノ鵬の代理人弁護士によると、陳述書は２５日付で、会見に至った経緯などを説明しているという。代理人弁護士は陳述書の提出について「協会復帰を強く望んでいる若ノ鵬が、現在何をしなくてはならないかという観点から考えた結果だ」としている。

　一方、週刊現代側は「若ノ鵬本人に確認したが、本人はそのような内容の陳述書が提出されたことについて『まったく知らない。そんな陳述は一切していない』と否定した」との談話を出した。

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「大麻、マリファナ何が悪い」と大暴れ　玉ノ井部屋力士送検　
2008.11.26 14:10

　酒に酔ってタクシー運転手に暴行し、軽傷を負わせたとして、警視庁西新井署は、傷害の疑いで、大相撲の玉ノ井部屋所属の力士（３４）を書類送検した。

　力士は知人らと酒を飲んで部屋に戻る途中で、タクシー運転手と、元幕内の露鵬ら角界の大麻問題について話していて、暴れ出したという。

　調べでは、力士は９月７日午後１１時ごろ、足立区内を走行中のタクシーの車内で「力士が大麻やマリフアナをやって何が悪い」などと暴れ、男性運転手（５０）を殴るなどし軽傷を負わせた疑い。

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タイ製菓子からメラミン　大阪の会社が輸入
2008.11.27 21:33

　大阪市は２７日、食品輸入会社「エヌエス・インターナショナル」（大阪市淀川区）が輸入したタイ製菓子「チーズクリームクラッカー」から９・２ｐｐｍの有害物質「メラミン」を検出したと発表した。

　２５道府県のスーパーなど３５店舗に出荷しており、市は食品衛生法に基づく回収を命じた。全国で４万２６２４袋が流通している可能性がある。現在のところ、健康被害の報告はないという。

　同社が輸入した商品をめぐっては、これまでに中国製菓子４商品、マレーシア製菓子４商品、タイ製菓子１商品からメラミンが検出されている。