China says it will chase foreign investors who flee debt

China says it will chase foreign investors who flee debt

AFP

China will track down foreign investors who flee the country leaving debts and other liabilities behind, and may even ask for their extradition, the government said.

People who leave without paying their dues have caused "heavy economic losses to Chinese stakeholders" and had a "negative impact on social stability", the government said in a statement over the weekend.

Beijing will work through diplomatic channels to seek the return to China those who have left to escape huge taxes, said the statement, posted on the central government's website.

The statement was vague about who might be targeted, but it also seemed to cover business people who leave failed companies.

Beijing is increasingly concerned about business closedowns, as hundreds of thousands of migrant workers become jobless after factories in the coastal areas go bankrupt with exports falling amid the world economic crisis.

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Kuwait's Global says HSBC adviser in debt talks

Reuters

Kuwait's Global Investment House , downgraded by two ratings agencies for allegedly not meeting debt obligations, said it named HSBC as an adviser with foreign lenders after meeting with them on Sunday.

Shares in Kuwait's biggest investment bank closed down 8.2 percent on Sunday.

Last week, Global named Commercial Bank of Kuwait as an adviser for its borrowing needs after it said it was in talks with local banks to secure loans worth $1 billion (669 million pounds).

Global said in a statement on Sunday it had added HSBC as an international adviser to help renegotiate its loans with foreign banks and reschedule debt, while CBK is still its local financial adviser.

"The debt restructuring process was formally commenced today (Sunday) following a well-attended meeting in Kuwait with the company's bank lenders. The banks have agreed to form a steering committee to continue discussions with the company and its advisers," Global said in the statement.

"The management of Global is committed to resolving the process as quickly as possible and is confident that this will be achieved to the benefit of all stakeholders."

The investment bank said earlier this month it was in talks with local banks to secure loans worth $1 billion to replace short- and medium-term foreign loans with local loans. It also sold its stake in a Bahraini lender at a loss to secure financing.

Global shares tumbled last week after Fitch Ratings downgraded the firm's long-term Issuer Default Rating to 'C' from 'BBB', citing its "inability to meet an obligation due on December 15 ... due to cash flow problems."

Standard & Poor's Ratings Services lowered its long- and short-term counterparty credit ratings on Global to 'SD/SD' from 'BBB/A-3', following Global's "non-payment of a $200 million syndicated loan due on December 15," the agency said.

On Sunday, Kuwaiti daily al-Rai cited banking sources as saying the company was close to getting a $1 billion syndicated loan from local banks.

Last month, Kuwait said it would set up a bail out fund for investment firms to help them cope with the global financial crisis after the Gulf Arab state was forced to step in and rescue Gulf Bank in October.

The central bank has said it expected some investment firms to run into trouble due to their exposure to global markets since many investments are financed through loans.

Global Investment House is licensed as an investment firm but offers investment bank services such as underwriting issues or managing funds. It buys into firms and then sells them to investment funds.

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Bonuses of Currency Traders Fall Least on Wall Street (Update1)
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By Liz Capo McCormick

Dec. 22 (Bloomberg) -- The most volatile foreign-exchange markets since at least 1992 means currency traders will see the smallest pay cuts as the worst financial crisis since the Great Depression wipes out bonuses on Wall Street.

While bonuses, which account for the bulk of annual pay for traders and investment bankers, will fall an average 45 percent this year, currency traders will see declines of about 15 percent from 2007, the least of any department, according to Options Group, a New York-based consulting firm. Top executives at New York-based Goldman Sachs Group Inc., Morgan Stanley and Merrill Lynch & Co., gave up their bonuses as banks reported $1 trillion in writedowns and losses since the start of last year.

The biggest drop in the Standard & Poor’s 500 Index since 1937, a $100-a-barrel collapse in oil prices and the largest losses in corporate debt led to 200,000 job cuts at banks around the world. Yet data from the Comptroller of the Currency show foreign-exchange trading revenue at U.S. commercial banks rose 66 percent in the second quarter from a year earlier. Trading accelerated after the collapse of Lehman Brothers Holdings Inc. in September.

“Our team had been working long hours all year, but the days grew exponentially” after the Sept. 15 bankruptcy filing of New York-based Lehman, said Russell LaScala, head of North America foreign exchange at Deutsche Bank AG in New York.

Foreign-exchange desks of Frankfurt-based Deutsche Bank and UBS AG of Zurich, the world’s two largest currency traders, posted three consecutive quarters of record revenue from foreign exchange, according to quarterly earnings reports. The firms didn’t break out the revenue figures.

‘Robust’ Business

A trader who has been a vice president for three years will get on average a bonus of $350,000 to $450,000, according to Options Group, which started tracking pay and hiring more than a decade ago. Global heads of foreign exchange trading will receive average bonuses of $3.5 million to $4.5 million, down 10 percent from last year.

“The top performers’ bonuses are going to be cut conservatively because they had record years, like the foreign exchange people,” said Bob Reed, co-chief operating officer and co-founder of the Options Group. “I see no limitations on volatility, so that business will go forward pretty robustly.”

Volatility, which fuels increased trading and revenue for banks, surged to record levels in the weeks following Lehman’s bankruptcy as investors unwound holdings of higher-yielding assets to repay low-cost yen- and dollar-denominated loans.

Implied Volatility

So-called implied volatility on options for major exchange rates reached a record 26.55 percent on Oct. 24, from this year’s low of 9.27 percent in August, according to data compiled by New York-based JPMorgan Chase & Co. Traders use implied volatility to gauge expectations for currency swings and in setting options prices.

The bank’s index, which began tracking implied volatility on three-month options in June 1992, averaged 8.87 percent for the five years prior to the collapse of the subprime mortgage market in September 2007. The index was 21.41 percent today.

“The spike in market volatility led to wider spreads and higher trading volumes, driven by both hedging and risk management needs,” said Fabian Shey, global co-head of foreign exchange and money markets at UBS in London. “Facing pronounced movements in underlying equity markets and also currency markets, asset managers had an increased need for currency hedging.”

Foreign-exchange contracts traded at the CME Group Inc., the world’s largest futures market, surged in September to a record 835,000 per day, a 32 percent increase from a year earlier, to a notional value of $111 billion.

‘Volume Exploded’

“As volatility started to rise, the increase in business was a result of clients trying to proactively position themselves,” Deutsche Bank’s LaScala said. “When the whole de- leveraging started, foreign exchange volume exploded as people were trying to take their risk down.”

U.S. commercial banks reported $2.1 billion in foreign-exchange trading revenue in the second quarter, a 66 percent increase from the same period a year earlier, according to the latest data from the Treasury’s Office of the Comptroller of the Currency. Currencies revenue gained 14 percent in the first quarter.

Foreign-exchange trading was about the only bright spot on Wall Street this year.

While Treasuries have returned 14.7 percent, according to Merrill Lynch & Co.’s Treasury Master Index, average daily trading this year among the 17 primary dealers of U.S. government securities is $570.7 billion, compared with $571.6 billion in 2007, data compiled by the Federal Reserve show.

Takeovers, Issuance

Investment banking fees fell as takeovers shrank 36 percent from 2007. Fees for advising on mergers and acquisitions dropped 34 percent to an estimated $63 billion, according to data compiled by Bloomberg and New York-based research firm Freeman & Co. U.S. companies sold $859.4 billion of bonds this year, down 26 percent from 2007, according to data compiled by Bloomberg.

The meltdown of the U.S. mortgage market that led to a freeze in global credit forced traders to abandon higher-risk assets and pay back loans taken out in yen, causing the currency to soar to a 13-year high against the dollar as investors pared so-called carry trades. The U.S. dollar gained against other major currencies through November as investors sought a haven from global turmoil.

The exodus into the dollar and yen established a trend for traders to follow, according to Kathy Lien, director of currency research at GFT Forex. The New York-based online-currency trading firm’s volume surged 37 percent this year, including a jump of 157 percent in September and 187 percent in October, she said.

Dollar Index

ICE’s Dollar Index, which tracks the dollar versus a basket of currencies comprised of the euro, yen, British pound, Canadian dollar, Swedish krona and Swiss franc, increased 15 percent this year to a peak of 88.46 on Nov. 21. Since then the index fell 8.3 percent to 80.902. The yen has appreciated 24 percent this year versus the U.S. dollar to 90.02 yen.

The billions of dollars made available by the Fed to other central banks and intervention to support local currencies by South Korea and other developing nations helped bolster trading, according to Neil Jones, head of European hedge-fund sales in London at Mizuho Capital Markets. Central banks intervene when they buy or sell currencies to influence exchange rates.

The Fed set up currency swap lines with more than a dozen other central banks. Arrangements with Europe, the U.K. and Japan, are open-ended, allowing the Fed’s counterparts to draw as many dollars as they need. The value of the Fed’s System Open Market Account rose to $304.5 billion, from $87.8 billion at the end of June, due to the increased dollar funding provided to central banks through the swap lines.

Central Bank ‘Animals’

“The biggest animals involved in foreign exchange are the central banks,” said Jones. “The combination of clear trends in the market and ample liquidity has helped foreign exchange do well this year.”

Foreign-exchange funds had their biggest monthly returns in October since 2003, according to funds tracked by Stamford, Connecticut-based Parker Global Strategies LLC. Currency funds gained 2.53 percent in October, according to the firm, whose Parker FX Index tracks 68 firms managing more than $36 billion.

“People in foreign exchange are still getting recruited,” said Jeanne Branthover, head of the global financial-services practice at recruiting firm Boyden Global Executive Search in New York. “Firms are saying to recruiters like us that they are always looking for the best talent in foreign exchange because it is an area that will still be revenue generating in 2009.”

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Bank of England Rate Cuts Need to Have Impact, Says Tim Besley
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By Thomas Biesheuvel

Dec. 22 (Bloomberg) -- The Bank of England’s interest rate cuts need to have an impact to make sure inflation is not below the 2 percent target next year, Tim Besley said in the Daily Mail.

The bank’s Monetary Policy Committee has to concern itself with inflation falling below 2 percent just as much as rising above and the actions taken so far should make deflation less likely, Besley, a member of the MPC, said in the newspaper.

Mortgage and saving interest rates are less responsive to the official rate than in the past because of the difficulties in the banking system, Besley said.

Returning the banking system to normal remains a high priority and policy measures, beyond those of the MPC, continue to target this, Besley said.

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China November Corn Imports Rise 84%, Coffee Imports Gain
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By William Bi

Dec. 22 (Bloomberg) -- China, the world’s biggest grain consumer, imported 18,696 metric tons of corn in November, 84 percent more than a year ago, the Beijing-based customs office said, citing final trade data.

Imports of coffee gained 34 percent from a year ago to 1,783 tons, the agency said today in an e-mail today.

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US forces in Afghanistan set to double

By Andrew Ward and Daniel Dombey in Washington

Published: December 20 2008 16:43 | Last updated: December 21 2008 19:00

US troop numbers in Afghanistan could double by next summer to 60,000 as the Obama administration seeks to quell the resurgence by Taliban fighters, the top US military officer said over the weekend.

Admiral Mike Mullen, chairman of the joint chiefs of staff, said 20,000 to 30,000 more troops could be sent to the country, on top of the 31,000 already there.

Commanders have long called for an increase in forces after the deadliest year for coalition troops in Afghanistan since the US invasion to oust the Taliban in 2001.

Pentagon officials had been signalling for weeks that an increase of at least 20,000 troops was likely but Admiral Mullen’s remarks represented the firmest numbers yet proposed.

“We certainly have enough forces to be successful in combat, but we haven’t had enough forces to hold the territory that we clear,” the admiral told a news conference in Kabul.

“The Taliban and extremists are more sophisticated and effective. They haven’t won any battles but they certainly have increased the level of violence. . . That’s why the additional forces are so important.”

He said any increased US deployment would be tied to force levels in Iraq, where Barack Obama, the president-elect, plans to accelerate the US drawdown.

Speaking to the Financial Times, Condoleezza Rice, US secretary of state, defended the principle of sending more troops to Afghanistan, but argued that US military force alone would not be enough to resolve the country’s problems.

“People say win the hearts and minds of the people, [but] first you need to help them secure the bodies and then you can work on the hearts and minds,” she said.

Ms Rice also highlighted the country’s poverty and the existence of safe havens across the border in Pakistan.

● Other Nato members must follow the US in committing additional forces to Afghanistan to ensure the burden of the battle against militants is shared, the alliance said on Sunday, Reuters reports from Brussels.

A Nato spokesman said the additional US troops would go a long way to meeting the needs assessment of the military commander in Afghanistan. But other allies had to do more.

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Chill wind blows on LA’s waterfront

By Matthew Garrahan in Los Angeles

Published: December 21 2008 18:03 | Last updated: December 21 2008 18:03

Nursing a cup of strong coffee in a cafe near the port in Los Angeles, Esther Hudak is explaining how the world trade slump has hit her job prospects. “In 2006 I was working [at the port] four or five times a week,” she says. “I got out once last month.”

More than 40 per cent of US imports come through the San Pedro Bay ports at Los Angeles and nearby Long Beach, which have boomed for 30 years in line with the emergence of China as the world’s dominant manufacturing power.

But the volume of goods coming into the two ports has declined sharply. It is quiet round the Los Angeles facility: streets would normally be packed with trucks taking freight to distribution centres inland, but traffic is scarce and the dozens of hammerhead cranes that unload the ships stand idle.

The recession gripping the US has had a devastating impact on consumer spending, which has hit imports at the southern California ports. For members of the International Longshore and Warehouse Union such as Ms Hudak, the slump means looking for work elsewhere.

About 9,000 ILWU members in Los Angeles and Long Beach work on a casual basis. “When the economy was doing well, the port was too and so were we,” says Ms Hudak. “But everyone is looking for other jobs.”

The worsening employment picture is yet more bad news for the California economy which is struggling with the collapse of the housing market, spiralling mortgage foreclosures and a budget deficit that is forecast to hit $42bn by 2010.

The state economy relies heavily on the two ports, with more than 900,000 people either working directly for the two complexes or indirectly at inland warehouses, distribution centres and haulage companies.

Cars, toys, consumer electronic goods, clothing and furniture all come in via San Pedro Bay. But as consumers rein in spending, Asian manufacturers have cut exports destined for the US. Volumes have been waning for about a year, with the collapse of the housing market in 2007 slowing demand for household goods.

At Long Beach, imports are down 13 per cent on 2007. Los Angeles is down by a similar amount and yards that would normally be packed with containers are empty. Evidence of the slowdown is everywhere: thousands of Toyota and Mercedes cars occupy dockside space in Long Beach because dealerships in California and beyond cannot sell them. Toyota has leased more than 200 acres from port authorities for temporary storage.

In Los Angeles, the number of cars arriving has slowed to a trickle. “They’ve just about disappeared,” says Mark Jurisic, an executive board member of the ILWU Local 13, which represents the union’s members in Los Angeles. He adds there was a noticeable drop in imports in September, traditionally the start of the port’s busy period. “The kicker to all this is that we have to yet to come to Chinese new year [in February], which is always our hardest and slowest period.”

Unlike previous recessions, this one is being felt more keenly because it has been sparked by a consumer spending slump. “About 75 per cent of our goods are for retail and bound for the shelves,” says Michael Keenan, harbour planning and economic analyst with the Port of Los Angeles. “We were insulated from the 2001 downturn because that was primarily a business recession and consumers continued to spend. This time things are different.”

Export volumes have also fallen. As Asian manufacturing boomed, Los Angeles and Long Beach were ideal places from which to export scrap metal, waste paper and other raw materials to be used in the production and packaging of goods that would then be sold back to the US. “In terms of scrap steel, it tells us that China is not building like it was,” says Mr Keenan.

“Exports were up until the last few months,” says Art Wong of the Long Beach port. But a decline that started in September has accelerated with export volumes in November down 24 per cent on 2007. “If Asian countries are not importing raw materials they’re not planning to make products for us or Europe.”

For the longshoremen, crane operators and truck drivers, and the businesses that depend on the goods that come through the ports, prospects are gloomy. “We were the first to feel the slowdown and we will be the first to bounce back,” says Mr Jurisic at the ILWU. “As the economy goes, so do we.”

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Princeton to retain control over disputed endowment

By Rebecca Knight

Published: December 10 2008 23:29 | Last updated: December 10 2008 23:29

The protracted legal battle between Princeton University and members of a family that claimed the school misused funds it donated it nearly 50 years ago has been settled pending approval from the courts. Princeton will keep control of most of the endowment, which was once valued at $900m.

Under the proposed settlement, the endowment, known as the Robertson Foundation, will be dissolved on June 30, and the school will retain most of the money in a new fund controlled solely by the university.

In exchange, the university will reimburse another Robertson family foundation for its legal fees and will make payments totalling $50m to a new foundation being established by the Robertsons to support the preparation of students for government service. The transfers will take place over seven years begin in 2012.

University president Shirley Tilghman said the school has achieved its goal of controlling the use of the funds at the Woodrow Wilson School of Public and International Affairs. But, she added, the school settled to avoid additional legal fees, which Princeton’s attorneys estimated could have run an additional $20m.

”It is tragic that this lawsuit required the expenditure of tens of millions of dollars in legal fees that could have and should have been spent on educational and charitable purposes,” she wrote in a letter to the Princeton community.

The lawsuit has been closely watched by other colleges and universities who must interpret “donor intent” when gauging their leeway in spending donated funds.

The case centred on a $35m donation made in 1961 by Charles and Marie Robertson, heirs to the A&P grocery fortune, to establish an eponymous foundation, the assets and income of which were dedicated to Princeton’s Woodrow Wilson School.

William Robertson, the couple’s son, filed a suit against the university in 2002, claiming the money was given specifically to train students to work for the US government, but Princeton said the foundation was created to support the Wilson School, which trains students not only for careers in the US government, but for a variety of other policy-related jobs. Princeton further argued that the initial agreement with the donors gave it final say over how the money is spent.

The lawsuit had been scheduled to go to trial in January, after a series of last year by a New Jersey judge. Both parties are filing papers with a New Jersey Superior Court judge, asking for the settlement to be approved.

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US college heads accept voluntary thrift

By Rebecca Knight in Boston

Published: December 10 2008 18:53 | Last updated: December 10 2008 18:53

In the face of declining university endowments, an uncertain climate for philanthropic giving, and dwindling federal research support, the heads of several US colleges are taking voluntary pay cuts, while others – including Harvard University – have frozen faculty salaries.

Mark Wrighton, Chancellor at Washington University, a prestigious research university in St Louis, will take a 5 per cent salary reduction on January 1, followed by another 5 per cent cut on July 1. “If I am going to be asking other people to take a look at ways of constraining expenses, it was appropriate for me to take a look at my own situation and see what I could do,” he said.

The school has undertaken other cost-saving measures including lowering salary increases to faculty members, scaling back hiring, and eliminating or delaying some capital projects. The school’s endowment, which at the beginning of the year stood at $5.4bn, has lost about a quarter of its value since July 1.

Chancellor Wrighton earns a base salary of more than $510,000 and has a total compensation package of about $738,000. “I am not pleading poverty,” he said. “This is an usual time. This is something we’ve not experienced, and I am trying to have people recognise the serious situation that lies around the corner.”

Other school heads have made similar announcements. Elson Floyd, head of Washington State University, said he would take a pay cut next year. And Michael Hogan, president of the University of Connecticut, recently rejected a performance bonus in the range of $100,000.

John Walda, president of the National Association of College and University Business Officers (NACUBO), a membership organisation representing institutions of higher education around the world, described the pay cuts as a “symbolic gesture”.

“It certainly isn’t something that will make a dent in the university’s budget, but it is a symbolic gesture which is important,” he said. “It says that the president recognises that these are unusually tough times and everyone should be in the frame of mind to cut back, to be efficient and to be frugal.”

Harvard, the wealthiest university in the world, said this week that it would freeze salaries for its 720-member faculty in the Faculty of Arts and Sciences, the school’s largest academic body. The move, which would also postpone nearly all searches for tenure-track professors, comes one week after the school revealed that its endowment lost 22 per cent, in the first four months of the fiscal year, bringing its value to roughly $28.7bn.

The university is preparing for a 30 per cent reduction in its endowment by the end of the year.

Like many institutions, Harvard relies on revenue generated by its endowment to cover operating costs. In Harvard’s case, income distributed from the endowment now funds roughly 35 per cent of the university’s overall operating budget, and some of its schools rely on endowment income to cover more than 50 per cent of their expenses.

Meanwhile, the Faculty Senate at Brandeis University, near Boston, has asked professors to volunteer to take a 1 per cent pay cut. The move would allow the school to keep two to three fulltime staff members from being laid-off in the face of a projected budget shortfall in the 2009 budget.

The university’s president, Jehuda Reinharz, said he will take a cut if at least 30 per cent of the faculty agree to do so.

“It was clear from the start that there would have to be staff layoffs in order to balance the budget,” said William Flesch, the Faculty Senate chair. “This seemed a way that wasn’t entirely painless for the faculty, but saved some considerable pain for the staff that would have been laid off.”

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Kremlin critic could lose Aeroflot stake

By Charles Clover in Moscow

Published: December 20 2008 00:13 | Last updated: December 20 2008 00:13

An outspoken Kremlin critic could face the loss of a 25 per cent stake in Aeroflot, Russia’s national airline, if his bank is refused a bail-out loan by the Russian state.

Aleksander Lebedev, chairman of Russia’s National Reserve Bank, confirmed on Friday that he was in talks with VEB, the Russian state bank, for a $130m loan to stave off a margin call on a stake of about 25 per cent of Russia’s national airline, which fell due last night.

“We’ve been trying, but I’m not sure if we’ve been successful, because the procedure is not very clear,” he said in an interview with the Financial Times. “But we haven’t been told no.”

Aeroflot is majority controlled by the state and Mr Lebedev is the largest private shareholder.

Last year, National Reserve Bank took out a $400m loan from Deutsche Bank, using its stake in Aeroflot as collateral. But as the airline’s stock plunged by more than 80 per cent since May 2008, as the rest of the Russian market tumbled, the bank has been forced to cover margin calls.

Russia’s government last autumn allocated $50bn to VEB for the purpose of bailing out Russian companies’ foreign loans. A number of businesses have taken out loans from the facility, including a $2bn loan to Alfa Bank and a $4.5bn loan to bail out Russian Aluminium, which controls much of the Russian metals industry.

Compared with these bail-outs, the $130m loan requested by NRB is minimal, but Mr Lebedev is also known for public criticism of the government and his past outspokenness may be complicating his negotiations with VEB.

In particular, Mr Lebedev owns Novaya Gazeta, one of the last in a dwindling number of newspapers that are harshly critical of the Kremlin.

He declined to say whether politics could be getting in the way of negotiations over the state loan. “How do I know?” he said.

If the Aeroflot stake is liquidated, it would potentially have a number of eager buyers. Russian Technologies, a state company run by Sergei Chemezov, a close ally of prime minister Vladimir Putin, has been steadily moving ahead with plans to consolidate Russia’s airline sector by helping to create Russian Airlines, a competing national carrier.

Russian Airlines will eventually control stakes in up to 11 bankrupt mid-sized Russian carriers. These airlines had been crippled by high fuel prices, which forced them to take out huge loans they could not repay after the credit crunch hit.

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Bank Leumi falls amid talk of stake sale

By Vita Bekker in Tel Aviv

Published: December 22 2008 02:00 | Last updated: December 22 2008 02:00

Shares in Bank Leumi, Israel’s biggest lender in terms of market value, fell in Tel Aviv on Sunday after an Israeli newspaper reported that a $1.5bn hedge fund run by Ezra Merkin may sell its stake in the bank after incurring losses with Bernard Madoff’s alleged $50bn fraud.

The Israeli business daily Globes said that New York-based Gabriel Capital Management would sell the 4.8 per cent holding in Bank Leumi along with its other assets.

The newspaper cited a letter to clients sent by Mr Merkin, also chairman of GMAC, the financing subsidiary of General Motors, as stating that suspending withdrawals and selling the fund’s remaining assets is the “only realistic option” for Gabriel after it lost 39 per cent of its value from January to the end of November.

In the letter, Mr Merkin added: “We are all suffering deep wounds, emotional as well as financial, and they are exceedingly painful.”

Mr Madoff was arrested last week and charged with securities fraud after prosecutors said he told his two sons, who were senior employees at his company, that his operations were “all just one big lie”.

Bank Leumi’s shares fell 3.8 per cent to 8.62 shekels a share on the Tel Aviv Stock Exchange on Sunday. Gabriel Capital, along with Mr Merkin’s Ascot Partners asset management firm, was sued last week in a class-action suit for investing in funds run by Mr Madoff.

Gabriel Capital acquired a stake of 9.99 per cent in Bank Leumi in late 2005, along with Cerberus Capital, after winning an auction by the Israeli government. Last May, the Cerberus-Gabriel partnership announced it was ending its joint control of the stake and divided it, with Gabriel obtaining 4.8 per cent of the lender. Bank Leumi did not return calls.

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Andorra Sells Slopes to Offset Drop in Tourism, Tax Avoidance
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By Gareth Gore

Dec. 22 (Bloomberg) -- For six decades, Andorra prospered by catering to skiers, smokers and wealthy people trying to avoid taxes. With those revenues drying up, the mountain principality between France and Spain is now putting itself up for sale.

The government is opening up investment in resorts and other businesses to foreigners for the first time in seven centuries to plug a budget deficit that was financed by loans from Andorra’s five commercial banks until rising defaults curbed lending.

“Everyone’s talking of the global crisis, but this is purely an Andorran crisis,” said Jean-Christophe Queyroux, general manager at Pyrenees SA, Andorra’s largest retailer. “We’ve been living very expensive lives, had the best of everything, and now it’s time to pay the bills.”

Andorra’s 83,000 people occupy a Pyrenees mountains region that’s less than a fifth of the size of Rhode Island. They rely on revenue from about 10 million visitors a year for more than two-thirds of their $4.1 billion economy, less than half the size of Malta’s, the smallest state in the European Union.

As tourist numbers dwindle and clients pull money from Andorra’s banks amid tax-evasion probes by the U.S. and other governments, the state is facing its first recession in at least half a century, said Albert Pintat, Andorra’s prime minister.

Along with Monaco and Liechtenstein, the country is classified as one of three global “uncooperative tax havens” by the Paris-based Organization for Economic Cooperation and Development. After Liechtenstein formally agreed to share tax information with the U.S. this month, Andorra is under pressure to crack down on people trying to hide assets.

Image Shift

“We need to change the image the world has of us from tax haven to investment haven,” said Pintat, 65, in his office, which boasts a view of rocky peaks surrounding the capital, Andorra la Vella. “For a long time we’ve been closed off to the outside world. Now we need to open up.”

With the slowdown threatening state spending on schools and medical centers, Pintat on Nov. 7 pushed through legislation to ease seven centuries of restrictions on outside cash.

Foreigners, previously restricted to owning no more than a third of any Andorran company, can now hold up to 49 percent in its main industries, including luxury-clothing retailers, real- estate developers and ski resorts.

They will be able to own 100 percent of companies in 200 industries the government wants to develop, such as research firms and Internet commerce. Pintat said the government aims to remove all foreign-investments restrictions within six years.

‘Key Moment’

More than 40 companies from the U.S., Israel, Italy, the U.K., France and Spain inquired about investing in Andorra’s media, information technology and energy industries in the two weeks after the law change, according to the country’s Office for Business Innovation.

“This is a key moment for us,” said Xavier Altimir, president of a group representing about 400 of the country’s businesses. “My members are complaining that banks have shut off the tap to new business loans.”

That has prompted a shift in how businesses view outside investors.

“People have to stop seeing the outside world as a threat,” Altimir said. “We don’t have the economic clout to survive on our own. We’re a tiny village in a global economy.”

Andorra is an independent state, though French President Nicolas Sarkozy and Joan Enric Vives Sicilia, bishop of the small Catalan town of La Seu d’Urgell near Andorra’s southern border, share the role as official head of state.

Winter Resort

Once isolated and poor, the collection of valleys and snow-capped peaks has thrived since World War II because of its location as a winter resort and lack of an income tax. Gross domestic product per capita was about $50,000 this year, according to data from Standard & Poor’s. The EU average is about $35,800, based on figures from Eurostat.

The main shopping street in Andorra la Vella boasts electronics stores selling discount digital cameras, laptops and MP3 players. The road through the narrow valley leading to the capital is lined with malls owned by Pyrenees, which sells cut- rate perfume, clothes, sunglasses and cigarettes. Andorra’s tobacco prices once made it a favorite stop for smugglers.

Three-quarters of government revenue comes from taxes levied on such consumer goods, and Pyrenees’s Queyroux predicts a “tough season,” with sales dropping as much as 20 percent this winter.

Andorra provides free education and health care, and state spending on those services and public works projects doubled between 2003 and 2005.

‘Deeply Anxious’

In August, S&P cut Andorra’s long-term credit rating to AA- from AA, citing Andorra’s “narrow focus” on tourism and the “sharp rise” in state spending.

The country’s privately owned banks traditionally have loaned the state money to finance spending. Now, with defaults rising, “there isn’t as much room for the banks to lend to the government,” said Antoni Armengol, director general at the Andorran Banking Association. “With things as they are right now, banks have to be more careful.”

“People are feeling deeply anxious,” Pintat added. “We just aren’t diversified enough. We’re dependent on tourists coming in, and we’re dependent on snow.”

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Britain’s Offshore Centre Tax Information Exchange Agreements

Published on Thursday, December 18th, 2008
Offshore Investment » Offshore Tax Havens

Summary: Explaining the relevance of the UK’s Tax Information Exchange Agreements with offshore tax havens

Britain’s Offshore Centre Tax Information Exchange Agreements HM Revenue and Customs have recently announced that Great Britain has entered into another tax information exchange agreement (TIEA) with one of its offshore centres, which has resulted in many expatriates and international savers and investors asking whether this restricts or somehow limits the overall effectiveness of these offshore jurisdictions.

In actual fact, the tax information exchange agreements can be of benefit to those who use the offshore centres which have signed up to them. In part this is because the agreements also prevent double taxation from occurring, and also in part because they allow for greater reporting transparency between centres by following the OECD model agreement for exchange of information in tax matters.

In this article we cast a glance over Britain’s offshore centre tax information exchange agreements so that you know where they are in place and which jurisdictions therefore offer this level of transparency and are regarded internationally as being well regulated and controlled as a result.

The latest TIEA that the UK has signed is with the British Virgin Islands, a British dependency in the Caribbean particularly favoured as a centre for the creation of offshore or international business companies. The government of the jurisdiction has been working very hard in recent years to get the technology, infrastructure and regulation in place to ensure that the British Virgin Islands are regarded as a secure, competitive and attractive place to incorporate.

The latest piece of the jigsaw that they have put in place is the signing of a tax information exchange agreement with the UK. This will prevent the double taxation of Britons residing in the BVI for example, or indeed, the double taxation of BVI residents who relocate to mainland Britain. Furthermore, the agreement is a very important piece of legislation in the area of mutual legal assistance in criminal matters. According to UK Financial Secretary to the Treasury Stephen Timms, the agreement demonstrates: “the BVI government’s willingness to implement OECD principles of transparency and effective exchange of information in relation to both criminal and civil tax matters.”

The United Kingdom has previously implemented TIEAs with two other offshore tax havens, namely the Isle of Man and Bermuda. The former is world-renowned and respected for being very well regulated and for co-operating internationally with requests for information where criminal activity or deliberate taxation wrong doings have been suspected, but the signing of an agreement with Bermuda was more of a surprise! The jurisdiction is lesser known and considered by the average investor because the weight of its offshore business lies in insurance. Although the tax haven is of interest to Hong Kong residents seeking a jurisdiction in which to establish an offshore company. This is because the Hong Kong Stock Exchange approves Bermuda Exempted Companies for listing purposes. Because Bermuda is Britain’s oldest colony and it has ties to Hong Kong, which retains close ties with the UK despite the Sino-British Agreement which saw Hong Kong becoming a Special Administrative Region (HKSAR) of the People’s Republic of China, Britain was keen to have a TIEA in place with Bermuda.

Again it prevents double taxation – but it also ensures that there is the legislation in place should it be required to more easily investigate suspected criminal activity. For the average offshore investor, businessperson or banking client, these tax information exchange agreements are nothing to worry about at all – in fact, some would say they enhance the standing of the three offshore tax havens who have signed up to them.

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Friday, December 19, 2008

Taxing decision: More Houston firms may head to Switzerland to avoid penalties, analysts say

Houston Business Journal - by Greg Barr

Now that two major Houston energy companies intend to shift their place of incorporation from the Caribbean to Switzerland, partly to avoid a possible tax-haven crackdown under the incoming Barack Obama administration, industry observers say other local companies may not be far behind.

Transocean Inc. and Weatherford International Ltd., both based in Houston, were the first two energy players to make their move. Other major U.S. corporations, including security systems manufacturer Tyco International Ltd. and engineering and construction company Foster Wheeler Ltd. — which has its executive headquarters in New Jersey but maintains a substantial Houston presence — also intend to shift their place of incorporation to Switzerland, which has a tax treaty with the U.S. and offers a more stable and predictable corporate environment.

Energy services firms are seeing a major shift of business to Eastern Hemisphere markets, a key reason cited by Transocean and Weatherford executives for the decision. Mark Brown, senior research analyst with Pritchard Capital Partners LLC in New York, says the sudden rush to Switzerland with only a month before President-elect Obama is sworn in shows that the companies have more than being close to their markets in mind.

“It’s likely other companies will follow suit when there’s a risk out there of facing a higher tax rate, one way or the other,” Brown says.

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橋本外務副大臣がイラク訪問、マリキ首相と会談

　橋本聖子外務副大臣が21日、イラクの首都バグダッドを事前発表なしに訪問、マリキ首相と会談した。イラクの人道復興支援を続けてきた航空自衛隊が撤収したことを受け、副大臣は今後もイラク復興に協力する日本政府の立場を表明。マリキ首相は「自衛隊派遣を通じて日本が果たした多大な貢献に感謝する」と述べた。

　日本政府要人がイラク入りするのは、今年6月の甘利明・経済産業相（当時）以来。（バグダッド＝共同）(02:16)

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日銀、短期国債償還を再延長　３兆円分

　日銀は22日、償還期限を迎えた保有国債のうち、2008年度中に割引短期国債に借り換えて引き受けた9兆6000億円の約3割に当たる3兆円を、09 年度に再び割引短期国債で引き受けると発表した。通常は現金で償還を受けるが、短期国債の発行増による需給をならしたい政府の要請に応じることにした。国債償還の再延長は、05年度以来となる。

　日銀は市場から買い取った中長期の国債が満期を迎えると、償還期限1年の短期国債を引き受けて現金での償還を先延ばしにできる。

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輸出額、最大の減少　11月26.7％　米欧アジア向け総崩れ

　財務省が22日発表した11月の貿易統計速報（通関ベース）で、輸出総額は前年同月比26.7％減の5兆3266億円となり、月次の統計が比較可能な1980年以来、過去最大の減少率になった。米欧の金融危機に端を発した世界経済の低迷を背景に、自動車や半導体などの輸出が落ち込んだ。米国向け輸出が過去最大の減少率になったほか、欧州連合（ＥＵ）やアジア、中東、ロシア、中東欧向けの輸出も軒並みマイナスとなった。

　輸出額から輸入額を引いた貿易収支（貿易統計ベース）は2234億円の赤字になった。貿易収支は10月も赤字で、2カ月連続の貿易赤字は80年10―11月以来、約28年ぶり。

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需給ギャップ、2期連続マイナス　7-9月1.1％に、デフレ懸念も

　内閣府は22日、日本経済の需要と供給の差を示す「需給ギャップ」の2008年7―9月期の試算値が、マイナス1.1％と、2四半期連続でマイナスになったと発表した。低下幅も4―6月期（マイナス0.3％）から拡大した。需要にあたる7―9月期の国内総生産（ＧＤＰ）が2四半期連続のマイナス成長となったのが響いており、物価は下落しやすい状況にある。再びデフレとなる懸念も生じそうだ。

　需給ギャップは物価変動の背景をみる指標。実際のＧＤＰと、設備や労働力を平均的に使って生み出せる潜在ＧＤＰ（供給）の差から割り出す。プラスになると需給が引き締まり、物価が上がりやすくなっていることを示す。逆にマイナスは需要が不足し、物価は下落しやすい状況を指す。

　今回発表された数値は05年4―6月期以来の低水準。内閣府が今月発表した7―9月期の実質ＧＤＰ改定値は前期比0.5％減となり、需要は不足しつつある。今夏まで国際商品相場の高騰で強まってきた物価の上昇圧力は、原油価格などの反落で緩まりつつある。(13:15)

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輸出通関、製造業向けに優遇拡充　財務省、09年度から

　財務省は2009年度から、通関手続きを簡素化する制度を拡充する。一定の基準を満たした企業を優遇する認定事業者（ＡＥＯ）制度で、製造業を対象にした資格を新設。製造者がＡＥＯ資格を得れば、資格を持たない商社などを介して輸出しても、通関手続きで同様の優遇を受けられるようにする。物流をスピードアップして販売機会のロスや流通在庫を減らし、製造業の国際競争力を高める狙いだ。

　ＡＥＯ制度は法令順守や内部統制、財務状況などの基準をクリアした企業を対象に、財務省がＡＥＯ事業者と認定。税関の輸出入手続きを優遇する仕組みだ。(07:01)

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産科医手当を増額　09年度予算、与党復活要望

　自民、公明両党が2009年度予算案で政府に復活を要望する重点項目の全容が21日、明らかになった。産科医やへき地で勤務する医師の手当の増額、非正規労働者の再就職支援などを盛り込んだ。政府は22日に重要課題推進枠（重点枠）3300億円と調整財源200億円の配分を決める際に、与党の要望を大筋で受け入れる見通しだ。

　重点項目は両党がそれぞれ作成。自民党は33項目、公明党は32項目に上った。自民党の保利耕輔、公明党の山口那津男両政調会長が21日に財務省で中川昭一財務相と会談して申し入れた。(07:01)

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国債安定消化へかじ取り難しく　財務省、09年度に市場で増発

　財務省が2009年度に市場で発行する国債が4年ぶりに増加する。今年度の当初計画に比べて発行額を8兆2000億円増やす計画。日本経済の減速に伴い税収が大幅に落ち込む一方、景気下支えのための財政支出は膨らんでおり、財源を国債増発に頼らざるを得ないためだ。世界的な金融危機の影響で海外投資家が資金を引き揚げる中で、安定的に国債を市場で消化させるため、国債管理政策を担う財務省は難しいかじ取りを迫られる。

　財務省がまとめた09年度の国債発行計画では、あらかじめ入札の頻度や金額を定めて発行するカレンダーベースの市中発行額は113兆3000億円。今年度当初計画に比べ8兆2000億円増やした。増加は4年ぶり。来年度予算で財源を確保するため、新規国債を今年度当初予算より7兆9460億円増発し、 33兆2940億円とするのが主因。個人向け国債の販売不振で、市場で消化しなければならない国債が増えることも響く。(07:01)

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中部電、浜岡原発の２基廃炉を決定　特損で今期赤字へ

　中部電力は22日午前の取締役会で、耐震強度向上のため長期休止中の浜岡原子力発電所（静岡県御前崎市）１号機および２号機の廃炉と、６号機の新設を正式決定した。決定を受けて、中部電の三田敏雄社長は地元を訪問、石原茂雄御前崎市長に計画を申し入れ、理解を求めた。

　中部電は同日、業績見通しの下方修正も発表。廃炉に伴い2009年3月期に合計約1550億円の特別損失を計上、連結最終損益が従来予想の220億円の黒字から780億円の赤字（前期は706億円の黒字）になるとした。最終赤字は第2次石油危機時の1980年3月期（単独）以来、29年ぶり。年間配当は前期と同じ60円を維持する。

　三田社長が電力安定供給や経済性の観点など廃炉を決めるに至った背景を石原市長に説明。これに対し、石原市長は「企業の経営判断」と一定の理解を示した。ただ、配管破断事故など過去のトラブルなどを踏まえ、地元住民の安全確保や情報公開などについて強く要請した。三田社長は地元の漁協関係者らにも説明に回り、午後には静岡県の石川嘉延知事に申し入れる。(11:29)

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学生衛星など４基公開　Ｈ２Ａで１月打ち上げ

　東京大や香川大などの学生らが開発し、来年1月にＨ２Ａロケットで打ち上げられる小型衛星6基のうち4基が22日、大阪府東大阪市で公開された。

　温室効果ガス観測衛星「いぶき」を搭載するＨ２Ａの余剰能力を活用して打ち上げられる。衛星に土台を設置する作業のため、東大阪市にある宇宙航空研究開発機構の施設に集められた。いずれも個性派ぞろい。同機構は「無事に目的を達成してくれればうれしい」と話している。

　東大の「ＰＲＩＳＭ」は、約50センチ伸びるレンズで高解像度の画像撮影に挑む。香川大の「ＫＵＫＡＩ（空海）」はひもでつながった母衛星と子衛星で構成。軌道上で伸縮し姿勢制御する。

　都立産業技術高専の「ＫＫＳ１」は、本格的な三軸姿勢制御に挑戦。民間企業ソラン（東京）の「かがやき」はオーロラ観測を行う。

　公開に同席した都立産業技術高専の石川智浩准教授は「学生の技術はプロレベルにまで成長した。世界中の学生が衛星開発に挑戦してほしい」と話した。〔共同〕(15:02)

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関東、ぽかぽか陽気の朝　４月下旬並み

　関東地方は22日、日本海側に停滞中の前線に向かって暖かい風が流れ込んだ影響で気温が上がり、南部を中心に4月下旬並みの陽気に包まれた。東京・丸の内のオフィス街などでは、脱いだコートを片手に出勤するサラリーマンらの姿がみられた。

　気象庁によると、この日の朝の最低気温は東京都心で18.4度、横浜18.0度など12月としては観測史上の最高値を更新する水準。

　午後は前線の接近に伴い雲が広がり、夜にかけて天気が崩れるとみられる。栃木や群馬県などの山沿いでは降雪も予想され、23日にかけて平年並みの寒さに戻るという。(11:34)

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ブラジル：浜松の総領事館開設前倒し　非正規社員削減受け

　ブラジル政府が、浜松市に設置する総領事館の開設時期を、当初予定の来年６月から３月に前倒しする方向で準備を進めていることが分かった。派遣・請負労働者の人員削減が、同市に多く住む日系ブラジル人を直撃しているため、早期に総領事館を設け、支援体制を整える。今年７月の北海道洞爺湖サミットで来日した同国のルラ大統領が、浜松市への総領事館設置を表明していた。

　同国政府関係者によると、ＪＲ浜松駅周辺に開設する方針で、総領事にはルイス・セルジオ・フィゲイラ駐フィンランド大使が就任する予定。「総領事館をハローワークの窓口と勘違いしないでほしいが、問題を抱える自国民と一緒に解決の糸口を探る場所にしたい」と話している。【平林由梨】

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外交文書：日本漁船拿捕「補償はバナナで」　中華民国打診

　１９５４年に中華民国が日本に対し、拿捕（だほ）した日本漁船の補償金をバナナで支払う打診をしていたことが、２２日付で公開された外交文書で明らかになった。「バナナ補償」は実現しなかったものの、当時の日本でバナナは高級品。打診を受けた議論は文書では判明しなかったが、心が動いていた可能性もありそうだ。

　日本政府は当時、台湾に逃れた中華民国政府を中国を代表する合法政府として承認していた。

　第二次世界大戦後、日本の船は連合国軍総司令部（ＧＨＱ）の「マッカーサーライン」によって活動領域が制限されており、４７年１１月～４９年８月に東シナ海で中華民国に２隻が撃沈され、３０隻が拿捕された。その後、日本政府は漁船の水揚げに相当する額の補償を求めていた。

　外交文書によると、こうした中、５４年２月に中華民国側から一つの打診があった。

　「３２隻のうち２隻の返還が決まったとの話がある。補償額は１隻当たり１５万台湾ドル相当のバナナ。市場で買い付けたバナナを日本に送り、売上金をもって補償とする」。在日大使館から入った連絡はこういう内容だった。

　日本が求めた補償額が２隻で７６００万円だったのに対し、当時の１５万台湾ドルは３６０万円で、かなりの差があった。ただ、当時の日本でのバナナ１箱（４５キロ）の市場価格は約２万５０００円、輸入価格は約２７００円。１５万台湾ドルで購入できる６０トンを売れば約３３３０万円となる計算だった。

　外務省は、バナナ補償不発の後、何らかの決着が図られたとみているが、記録は残っていないという。【篠原成行】

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大麻事件の若ノ鵬に退職金支給へ、「解雇」では拒めぬ規定

　大麻事件で日本相撲協会を解雇された元幕内力士の若ノ鵬（本名＝ガグロエフ・ソスラン）（２０）に対し、相撲協会が一般の退職金にあたる力士養老金を支給する意向であることが２２日、わかった。

　理事会で今後、協議していく予定で、金額は５００万円を超える見通し。相撲界では元幕内の露鵬、白露山兄弟らも解雇されており、協会幹部は「請求があったら法的には払わなければいけない」と認めている。

　一方、傷害致死事件で解雇された前時津風親方（元小結双津竜）からの請求はなく、協会側も支給の予定はないという。

　相撲協会の退職金支給規定では、除名処分になった力士と親方には、退職金を支給しないとする「不支給規定」があるが、解雇処分者に対する規定は、特に定められていない。除名は相撲協会の「役員、評議員、横綱、大関の現在数の四分の三以上の特別決議が必要」となる。

　若ノ鵬は現在、解雇の無効を求めて相撲協会を提訴し、未払い給与の支払いを求めている。この訴えが認められなかった場合を想定し、弁護人は１１月、相撲協会に対し、「退職金」を支払うように請求したところ、解雇が妥当と判断された時は、支給する意向を示したという。

　協会幹部は「今後は規則の改正を考えなければいけない」と語った。
（2008年12月22日14時34分 読売新聞）

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退職金規定見直しへ＝相撲協会

　日本相撲協会の武蔵川理事長（元横綱三重ノ海）は２２日、一般企業の退職金に当たる力士養老金の支給規定を見直す意向を明らかにした。大麻問題で解雇した元若ノ鵬から請求された場合、現行規定では支払いを拒否できないことが分かり、「（規定を）作り直す必要があるだろう」と語った。

　力士養老金は、番付に勤続場所数などを加算して支給するが、解雇された力士を対象から除外する規定はない。不祥事で解雇された力士に退職金を支払うのは社会的な理解を得にくいため、改正を検討することになった。　（了）

（2008/12/22-18:09）

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露鵬＆白露山に小室事務所が総合オファー

　著作権譲渡をめぐる５億円の詐欺罪で起訴された音楽プロデューサー小室哲哉被告（５０）の所属事務所イーミュージックが、大麻問題で９月に日本相撲協会を解雇された元幕内露鵬（２８）と元十両白露山（２６）にマネジメント契約のオファーを出すことが２１日までに分かった。同社は格闘技選手のマネジメントを手がける新会社を１１月に設立しており、２人の総合格闘技への転向を視野に入れて年内にもオファーを出すという。来年にも元露鵬と元白露山が総合格闘技のリングで暴れ回ることになるかもしれない。

　元露鵬と元白露山にとって、思わぬところからの「助け舟」となるかもしれない。イーミュージックの関係者はこの日、「もともと格闘技界進出は温めていたプラン。露鵬、白露山は単純にリングで見たいと思っていた」と、年内にも２人に対して総合格闘技戦への参戦を視野に入れたオファーを出すと明かした。

　関係者によると同社は先月、格闘技の興行を手掛けている提携関係の会社と新会社「ＳＴＡＧＥ　０」を設立した。その新会社は来年中に総合格闘技のイベントを立ち上げる計画を立てているといい、イーミュージックは土俵という戦う場所を失った元露鵬と元白露山の存在に目を付けたという。

　２人は大相撲の実績はあるが、総合格闘技の力量についてはまったくの未知数。それでも関係者はその素材を高く評価しており、「専属の総合格闘技のコーチを付けて育成していきたい。総合格闘技の練習場のコネクションも数カ所あり、環境についてはまったく問題ない」。契約に至れば、２人が本格的な総合格闘技家としてデビューできるという自信を持っている。

　イーミュージックといえば、来年１月２１日に初公判が開かれる小室被告の所属事務所。公判で同被告は実刑となる可能性が高いとされているが、「能力のある人物。チャンスを与えたい」（関係者）と同社は「復活」を後押ししたい考え。同被告は総合格闘技団体ＰＲＩＤＥの草創期のころ出資していたこともあるといい、関係者は「もし露鵬、白露山と契約できて、デビューまでこぎつけられれば、小室被告にテーマ曲を依頼したい」と話した。今年、世間を騒がせた３人が「復活」を共通項として意外なところでタッグを組むこともあるかもしれない。

　［2008年12月22日8時56分　紙面から］

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石井vs国士舘大、卒業ピンチで奔放発言

表彰式を終え壇上で大あくびする石井慧（撮影・下田雄一
表彰式を終え壇上で大あくびする石井慧（撮影・下田雄一

　米国総合格闘技団体ＵＦＣへの参戦を表明した北京五輪柔道１００キロ超級金メダリストの石井慧（２２＝国士舘大４年）が、またまた奔放発言を連発した。２２歳の誕生日となった１９日、都内のホテルで行われた「２００８毎日スポーツ人賞」の表彰式に出席。来年３月の卒業がピンチになっていると明かすと「卒業させない大学が悪い」「卒業証書は破り捨てます」「自分は明治大学で強くなりました」などと言いたい放題だった。

　久々の石井節だった。「２００８毎日スポーツ人賞」の表彰式後の会見。石井は「先生に言われて、大学も卒業は無理なんで…。１日ぐらいしか行ってないんで」と、来年３月の卒業が難しくなっていると大学側から通告されたと明かし、「卒業させない大学がいけない」と言い放った。「温情措置」のような形で、卒業証書を手にしたとしても「そんなもん（卒業証書）破り捨てますよ！」と、吐き捨てるように言った。

　関係者によると、石井は１１月上旬に行われた国士舘大「体育学部創設５０周年記念行事」に出席すれば「卒業確定」というような口約束を大学関係者と交わしていたという。だが、石井によると、ここ来て大学側は「単位が足りないから卒業できないとか言い始めた」という。それでも、石井には「柔道の最高峰の大会（五輪）に国を代表して出て金メダルまで取っているのに、何を今さら…」という気持ちが強くあり、今後も授業に出るつもりはないという。

　谷前信治マネジャーは「残り２～３科目と聞いている。でも本人の尻をたたいてもね…。留年はない。単位が残ったら休学、あるいは中退することもありうる」と話した。

　やや感情的になっている向きもある石井節は止まらない。国士舘大体育学部武道学科の学生にもかかわらず、明大の柔道部に出げいこしてきたことを理由に「どっちかというと、自分は明治大学で強くなりました」。「金メダル獲得という最高の１年を振り返って」という質問に対しては「過去の栄光は情熱の妨げになるので、見ない」とまで言い切った。

　一方で、ＵＦＣへの参戦の話題には笑顔で答えた。２７日のＵＦＣ９２大会の視察に向けて「チケットは手配しました」と意欲満々。２６日には渡米する予定で「契約は話し合い次第。すぐに（試合に）出すとか言われたらしないけど。来年の秋（デビュー）を目標にやっていきたい」と話した。来年３月に国士舘大を卒業見込みの石井の目は、卒業ではなく完全にＵＦＣだけに向いている。

　［2008年12月20日8時14分　紙面から］

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英単語５００語追加…高校も「脱ゆとり」　学習指導要領案を発表 (1/2ページ)
2008.12.22 19:15
このニュースのトピックス：学校教育

　文部科学省は２２日、高校の新しい学習指導要領案を公表した。卒業に必要な単位数７４を維持した上で「ゆとり」重視で減少傾向にあった学習内容を理数系は平成元年レベルにまで戻し、英語は教員が英語で指導するなど、言語活動を充実させる。

　学校の実情に応じて義務教育レベルの反復学習を認め、高校生全員が履修する科目を主要教科で設定するなど、学力の底上げも図る。

　新学習指導要領は２５年度から実施し、数学と理科は１年前倒しする。２３日から一般から意見を募集し、修正を加えた上で、来年３月までに告示する。

　今回の改定は、今年１月の中教審答申に沿って行われた。今春告示された小中学校版と同様に、改正教育基本法を踏まえて「伝統文化の尊重」「わが国と郷土を愛すること」「公共の精神の尊重」などを学校の教育活動全体で行うことを明記。道徳教育については、学校による全体計画作成を義務化した。

　学習内容を制限する「歯止め規定」を削除し、週３０コマ以上の授業が行えることを明記するなど発展的授業に配慮。一方で、共通必履修科目として「国語総合」「数学Ｉ」「コミュニケーション英語Ｉ」を設定し、高校生が最低限身につけるべき学力を示した。

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「高校英語、英語で教えるべし」学習指導要領の改訂案

2008年12月22日22時1分

　文部科学省は２２日、１３年度の新入生から実施する高校の学習指導要領の改訂案を発表した。「英語の授業は英語で行うのが基本」と明記し、教える英単語数も４割増とする。理数でも前回抜いた項目を復活。卒業必要単位数を７４のままとしつつ、全体で学力向上を目指す内容だ。義務教育の学習が不十分であれば、改めて高校で学び直すことも初めて盛り込んだ。

　高校の指導要領改訂は０３年度以来１０年ぶり。理数は前倒しで１２年度から実施する。文科省は同日、特別支援学校の指導要領改訂案も発表した。

　高校の改訂案は英語で教える標準的な単語数を１３００語から１８００語に増加。同様に増える中学とあわせて３千語とした。中高で２４００語だった前回改訂の前をさらに上回り、「中国や韓国の教育基準並みになる」という。

　その上で「授業は英語で」を初めてうたった。長年の批判を踏まえ「使える英語」の習得を目指すという。文科省は「難しい文法までは英語で教えなくてもよい」というが、生徒や教員が対応できるか、教員養成のあり方とともに今後議論を呼びそうだ。

　数学と理科は「ゆとり路線」下の前回改訂で中学から高校に移した項目の多くを再び中学に戻す。空いた分、前回高校から削った項目を入れたり新しく加えたりする。

　国・数・英では選択科目を再編し、広く基礎的内容を学ぶよう必修の共通科目を設けた。「義務教育内容の確実な定着」も配慮事項として掲げ、数学Ｉでは中学の因数分解や不等式を再び扱う。

　全日制では週の授業時数が標準の３０単位を超えても良いことを明記。「○○は扱わない」といった歯止め規定も削除する。教科書の内容の上限をやめるのと合わせ、指導要領が「最低基準」であることを強調する狙いがある。

　教育基本法の改正を受け、公共の精神の育成や伝統の尊重も随所に記載。外交問題になった竹島に関しては記述されていない。（上野創）

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ムーディーズ、トヨタ格付けを引き下げ方向で見直し

　米格付け会社のムーディーズ・インベスターズ・サービスは22日、トヨタ自動車の長期債務格付けを最上位の「Ａａａ」から引き下げる方向で見直すと発表した。トヨタが2009年3月期の業績予想を下方修正ししたため。

　トヨタは03年8月から「Ａａａ」を維持している。格付け見直しにあたってムーディーズは、製品の収益性をどれだけ早く回復できるかに着目するとしている。 (22:46)

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三菱重工、仏アレバと原発燃料を共同生産　三菱商事も参加

　三菱重工業と仏原子力大手のアレバなど4社は22日、原子力発電所用燃料を国内で共同生産すると正式発表した。アレバが原発燃料製造会社の三菱原子燃料（茨城県東海村）に30％出資、燃料の設計・加工技術も供与する。三菱商事も5％出資して販売で協力。需要増が見込める原発燃料事業を拡大する。

　三菱原子燃料が2009年前半に、アレバと三菱商事に対して第三者割当増資を実施する。現在の出資比率は三菱マテリアルが66％で三菱重工が34％だが、最終的には三菱重工が35％の筆頭株主となり、三菱マテは30％に比率を下げる。

　三菱原子燃料は加圧水型軽水炉（ＰＷＲ）向け燃料の製造を手掛けている。アレバから沸騰水型軽水炉（ＢＷＲ）向けの技術供与を受け、事業を拡大する。海外販売にも乗り出す。また三菱重工はアレバと共同で、米国に燃料加工工場を建設する。 (23:04)

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三井住友銀、ハノイに支店

　三井住友銀行は22日、ベトナム・ハノイに支店を開いたと発表した。同国の営業拠点は、2006年に開設したホーチミン支店に続き2カ所目。07年にはベトナム輸出入銀行と資本・業務提携して協力関係を築いており、重要地域と位置づけるベトナム市場で基盤を築く。

　ハノイにはこれまで市場調査などを担う駐在員事務所を置いていた。支店開設に伴い、現地の従業員は従来の10人強から37人に増やした。進出した日系企業のほか、現地企業との取引も開拓する。(20:34)

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各国外交団、民主党に接触攻勢　政権交代視野に「値踏み」
2008.12.22 21:29

　各国の駐日大使ら外交団が民主党幹部と面会するなど同党と接触する動きが増えている。次期衆院選後の政権交代を視野に「民主党政権」の外交戦略を値踏みするとともに、同党幹部とのパイプをつくっておきたい諸外国の思惑が見え隠れする。

　民主党関係者によると、鳩山由紀夫幹事長は１２月に入って英国、フランス、豪州の３カ国の駐日大使らと相次いで会談し、意見交換した。各国からの申し入れによるもので、中国の駐日大使も小沢一郎代表への早期面会を求めているという。同党関係者は「他の外交団の面会希望も後を絶たない」としている。

　１９日には、米国のジョセフ・ナイ元国防次官補やマイケル・グリーン元国防総省アジア太平洋担当特別顧問ら米民主党の国防・アジア担当専門家が菅直人代表代行、岡田克也副代表らと都内のホテルで会談し、「日米の民主党が互いに交流を深めることが大事だ」との認識で一致した。

　同席した鳩山氏は会合後、「アフガニスタン政策について意見交換し、オバマ次期大統領の考えの概略を聞いた」と述べており、米政府が増派を決めたアフガン政策を中心に意見調整したとみられている。

　関係者によると、ナイ氏が「オバマ次期政権下で（日本の）民主党が安全保障政策でインド洋での給油活動をやめ、日米地位協定や普天間飛行場の移転問題も見直しに動いたら反米と受け止める」とクギを刺す場面もあったという。

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サマワの「火力発電所」完成　イラク側に引き渡し　
2008.12.22 22:20
２２日、引き渡し式が行われたイラク南部サマワの大型火力発電所（共同）２２日、引き渡し式が行われたイラク南部サマワの大型火力発電所（共同）

　陸上自衛隊が平成１６年から２年半にわたって駐留したイラク南部サマワで、日本政府の無償資金協力で建設されていた大型火力発電所のイラク側への引き渡し式が２２日現地で行われた。イラク訪問中の橋本聖子外務副大臣が出席した。

　政府開発援助（ＯＤＡ）による日本のイラク復興支援活動で最大のインフラ整備。航空自衛隊が撤収し、サマワの発電所完成で無償資金協力がほぼ終了したことで、日本のイラク復興支援は円借款や技術協力など民間主導の段階に移る。

　発電所は６万キロワットで、サマワを州都とするムサンナ州の約３分の１の電力需要をまかなう。住民約２万世帯、１０万～１２万人が恩恵を受ける見通しで、電力不足が深刻なムサンナ州の住民に朗報となりそうだ。

　式典で橋本副大臣は「電力供給が始まったことを共に喜びたい。日本はこれからもイラク復興に関与していく」とあいさつ。アハメド・マルゾク州知事は「われわれの友人日本の支援と、地元スタッフの力で発電所が建てられたことを誇りに思う」と述べた。

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ローマ法王、地動説を初めて認める
2008.12.22 21:31

　ローマ法王ベネディクト１６世（８１）は２１日、ローマ法王庁（バチカン）で信者らを前に、天文学の父、ガリレオ・ガリレイについて「彼の研究は（キリスト教の）信仰に反していなかった」と述べ、同１６世として初めてガリレオの地動説を公式に認めた。２２日付のイタリア主要紙が伝えた。

　１７世紀にバチカンは、ガリレオの地動説が聖書に反するとして宗教裁判で有罪とした。前法王ヨハネ・パウロ２世は１９９２年、当時のバチカンの非を認め謝罪したが、関係者によると、ベネディクト１６世が公に謝罪などをしたことはなかった。

　法王は枢機卿だった９０年の演説で、ガリレオへの弾圧を支持する発言をしたとされる。（共同）

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靴投げ記者「謝罪は拷問のせい」
2008.12.22 21:32

　ＡＰ通信によると、イラクの首都バグダッドでブッシュ米大統領に靴を投げて拘束されたザイディ記者が、マリキ首相に送った謝罪の手紙について、拷問を受け自分の意思に反して書かれたものだと話していることが２２日、分かった。同記者と接見した家族が明らかにした。

　家族によると、同記者は「自分のしたことを後悔していないし、再び繰り返すだろう」と話し、冷水をかけられるなど拷問を受けたと話した。同記者は歯が抜け、耳にたばこを押しつけられたとみられるやけどを負っていたという。

　フランス公共ラジオによると、捜査判事は２２日、同記者に対する捜査は終了し、３１日に裁判が始まるとの見通しを明らかにした。最高で禁固１５年の刑が科される可能性があるという。（共同）