Short View: Timing the sterling

Short View: Timing the sterling

By John Authers

Published: January 8 2009 19:48 | Last updated: January 8 2009 19:48

In markets, things look different depending on your time horizon.

In the very long term, the Bank of England’s decision to cut its bank rate to 1.5 per cent was a historic admission of defeat. Money has not been cheaper since the bank was founded in 1694.

But in the short term, the effect of the cut was more complex.

There is a chance that it helps end the recent run on sterling. The pound’s structural problems, such as the UK’s overextended housing sector and its effect on financial services, have not gone away. But in the game played on the markets, the surprise was that the BoE had not cut by more.

The immediate reaction on markets was to buy pounds against both the dollar and the euro. (The market retreated to leave sterling roughly where it started the day.)

This is at least in part because the run on sterling had been extreme, as traders and many pundits speculated that the pound could reach parity with the euro.

According to Bloomberg, the pound dropped 16 per cent from the beginning of last month, to be worth €1.02 at its low. It has rebounded by more than 10 per cent, to a level that still leaves it down 26.5 per cent from its peak of €1.53, set early in 2007.

Such movements have the whiff of a speculative attack that failed. The market went further than the fundamentals seem to justify.

According to the IMF, a rate of €1.318 was required to maintain purchasing power parity between the two currencies last year, falling to €1.288 this year – numbers that imply the pound was heavily overvalued, but that it is premature to talk about parity.

The awful economic data from the eurozone, and the market’s belief that the ECB will have no choice but to follow the BoE with a 0.5 percentage point cut of its own next week, strengthen that impression.

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Ex-KGB officer offered to buy Evening Standard

By Ben Fenton and Salamander Davoudi

Published: January 8 2009 23:37 | Last updated: January 8 2009 23:37

Alexander Lebedev, a former lieutenant-colonel in the KGB and billionaire banker, approached Daily Mail & General Trust last month with an offer to buy the Evening Standard.

The company rejected Mr Lebedev’s proposal without detailed discussion, a person with knowledge of the matter told the Financial Times. It is not known how much he offered for the paper.

Having made his fortune in banking, Mr Lebedev, 47, is the owner of a Moscow weekly news magazine called Korrespondent and owns a part share in the Novaya Gazeta paper.

He is a close friend of the former Soviet leader Mikhail Gorbachev, with whom he owns 49 per cent of Novaya Gazeta, and has been an outspoken critic of corruption in post-Communist Russia, but at the same time retained relatively friendly relations with the Kremlin.

Mr Lebedev is also a deputy of the State Duma.

As well as its national titles, the Associated Newspapers arm of DMGT owns the Evening Standard, which is believed to be lossmaking; a free version of the paper called London Lite; and the free morning title Metro, which is distributed free on the Underground.

They compete ferociously with The London Paper, published by News International, an arm of Rupert Murdoch’s News Corp.

Late last year, the two companies held brief discussions about calling a halt to the war of attrition.

Faced with this expensive combat on the streets of the capital, combined with the downturn in advertising revenues in its national and regional titles, other companies might well have considered the offer to buy the Evening Standard closely.

Indeed, DMGT, which is controlled by the Rothermere family, has received advice from bankers in the past to sell the Standard.

But, as one banker who has had dealings with them told the FT: “The Standard is very close to the Rothermere heart, although from a purely financial standpoint I think they should sell it and Metro and London Lite.”

Another banker with experience of working with the company, a famously reticent business, added: “DMGT are very sensitive when it comes to newspapers and there is no way they are going to get into bed with a Russian oligarch.”

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Miners see light at end of tunnel

By William MacNamara

Published: January 8 2009 23:23 | Last updated: January 8 2009 23:23

Investors charged in to mining equities this week before retreating in the face of old threats, but they left a hint of optimism in a sector that some view as undervalued after a dramatic sell-off in the fourth quarter of 2008.

“Miners are now at one of the most oversold levels against the market in their history”, wrote analysts at MF Global, the commodities broker, in a report on Wednesday. “We believe that after having ignored the risks in the early summer, the market is now ignoring the positives.”

Analysts have cautiously pointed to positives starting with a rally in base metals prices earlier in the week. That rally was short-lived, as was the accompanying lift it gave to shares in the six largest London-listed miners, which rose an average of 24 per cent in the first six days of the year.

But driving the rally were several factors that remain relevant: “The effects of capacity cuts coming on, the end of the de-stocking phase, and the ability of certain players to begin taking on commodity positions post year-end balance sheet dates,” according to Liberum Capital.

Others note that prices of base metals – such as nickel, copper and lead – continue to fall to levels at or below the costs of metal production, an inversion that the rules of supply and demand do not allow to persist for long.

There is talk in the sector of relief coming from readjustment: a readjustment of mining companies’ costs and size, followed by a readjustment of investors’ expectations from companies whose profits in recent years grew at the same stunning pace as the Chinese economy.

Recently buoyant shares reflect investors’ acknowledgment that leading miners took radical measures in December to support leaner growth in 2009.

At Rio Tinto and Anglo American those measures include multi-billion-dollar cuts in capital expenditure and plans to sell assets and lay off thousands of workers.

For many industry watchers the question is not whether leading miners are oversold, but how oversold they have to be before investors regain faith.

Anil Agarwal, chief executive of Vedanta, a base metals miner in the FTSE 100, answered whether the company was undervalued by pointing out that its cash balance of $5bn is about the same as its market capitalisation.

Mr Agarwal said the entire mining sector was undervalued by 60 and 70 per cent. Vedanta has launched a $250m buy-back programme.

The example of Vedanta suggests traditional metrics offer no clues about when investors will call the bottom. Vedanta shares fell to 388p in late November, barely higher than their opening price in December 2003. Over the same fiscal four-year period, however, earnings per share rose from 23.3 cents to 305 cents, and revenue from $1.3bn to $8.2bn.

Meanwhile, Rio has made the strongest gains this year, which analysts ascribe to investors’ belief that worst-case scenarios about its debts and the prices of its principal commodities, especially iron ore, are overblown. But Rio and Vedanta remain exposed to industrial metals prices. As long as these track the fall in global economic output, any gains are likely to be limited.

MF Global’s report cites sustained low commodity prices, more de-leveraging of commodities funds and debt refinancing problems as the risks that could prevent a recovery. But it also argues that low commodity prices would not be entirely disastrous to mining companies, because producer countries’ currencies would weaken, lowering miners’ costs.

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South Korea's Ssangyong applies for receivership

55 mins ago
AFP k Chan-Kyong

* Print Story

Chinese-owned Ssangyong Motor of South Korea, hit by falling auto sales in the face of the global slowdown, said on Friday it had applied for court receivership to avoid bankruptcy.

Just two weeks after the automaker was turned down for new bank loans, the company said its Chinese parent Shanghai Automotive Industry Corp had decided the move at an emergency meeting of its board on Thursday.

"The board of directors decided to apply for a court receivership in order to cope with the current liquidity crisis and turn the company into an entity capable of continuous growth," Ssangyong said in a statement.

"At the same time, we will work out measures to normalise the company, and execute them strongly," it said.

The application was filed with the Seoul central district court on Friday, a spokesman said. He said the courts will now decide "whether the company should be kept afloat or be liquidated".

The court is expected to order Ssangyong Motor assets to be frozen to protect them from creditors before making a ruling on whether the company should be rescued or liquidated within a month.

It remains unclear whether there will be any appetite for Ssangyong among potential buyers as consumers are increasingly turning away from Ssangyong's main line-up, Sports Utility Vehicles, amid a global economic crisis.

Ssangyong has fallen into financial crisis amid slow auto sales and a dearth of operating funds from its parent firm. It could not meet its payroll on time last month.

The state-run Korea Development Bank (KDB), Ssangyong's main creditor, said late last month that it would not consider new loans unless Shanghai Automotive extended Ssangyong 320 billion won (250 million dollars) of funding first.

In its statement, Ssangyong said it was facing a "serious liquidity crisis" because of the worldwide credit crunch and that losses were mounting in the current climate.

"The operating loss has been widening because of sharp falls in domestic sales and exports as well amid the global economic downturn," the statement said.

Ssangyong expects to post a net loss of more than 100 billion won (76 million dollars) for last year.

Its sales reportedly slumped 29.6 percent last year to 92,665 units including 53,500 vehicles shipped abroad. Its December sales plunged 52.5 percent from a year earlier to 5,540 units.

The board of directors also called for corporate restructuring, including redundancies and wage cuts.

Ssangyong halted production for two weeks from December 17 and said it would be unable to pay workers on time last month due to a lack of funds. The back wages were paid Friday.

The Korea Automobile Manufacturers Association has forecast that domestic sales by local automakers will drop 8.7 percent next year to 1.05 million units, the lowest since the financial crisis in 1998.

Shanghai Automotive acquired the automaker, South Korea's smallest, in 2004. Its outstanding bank loans are estimated at 300 billion won (225 million dollars).

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Japan's jobless to work the land: government

1 hour 24 mins ago
AFP

* Print Story

Japan is planning to offer jobless people work in farming and fishing in hopes of bringing new blood to the ageing countryside amid a worsening recession, officials said Friday.

Japanese companies have slashed tens of thousands of jobs, many held by young people on temporary contracts, as the global slowdown cuts demand for cars, electronics and other goods made by Asia's largest economy.

Japan has one of the world's lowest birthrates and with young people for years flocking to the cities, the countryside has been rapidly greying.

As part of Prime Minister Taro Aso's emergency economic package, the government is paying expenses for 800 jobless people to go on 10-day trips to learn how to process and sell agricultural produce.

In the financial year starting in April, the programme will be expanded to offer year-long stays in farming and fishing villages to about 50 people, agriculture ministry official Hisao Muneta said.

The programme "is aimed at recruiting potential successors for the agricultural and fisheries industries", he said. "Some participants in the programme will hopefully settle permanently in villages."

Farmers and fishermen often find it difficult to persuade young people to stay in small towns, where other types of work are scarce. Japan relies on imports for around 60 percent of its food, the highest rate among rich nations.

Muneta said young people could also bring new dynamism to rural communities.

"Even a small thing such as showing how to post a blog on the Internet would be great help to ageing farmers and fishermen in promoting their products," he said.

The agriculture ministry will ask for help from groups that have recruited young people in the past to resettle in rural villages, officials said.

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Citigroup: 2-billion-dollar exposure to LyondellBasell

5 hours 59 mins ago
AFP

* Print Story

US banking giant Citigroup said it had 2 billion dollars in direct gross exposure to Netherlands-based chemical giant LyondellBasell.

The exposure since December 31, 2008 is primarily held in its institutional clients group, Citi said in a statement.

Citi said that LyondellBasell had an estimated pre-tax impact of 1.4 billion dollars in the fourth quarter, recorded primarily as a loan loss reserve build.

"The final impact on Citi's fourth quarter financial results could differ from the impact disclosed," the banking group said, "due to closing and other adjustments."

Citigroup is the first major financial institution to indicate how much of an impact the collapse of the third largest chemical group in the world would have on its accounts.

Swiss bank UBS had recognized Wednesday that it would face losses from LyondellBasell's collapse, although it refrained from indicating the amount of the loss.

Before Citi's announcement, analysts said that the group would announce a loss of 0.76 dollars per share in the fourth quarter and 2.90 dollars per share over the whole year.

One of the institutions worst hit by the financial crisis, Citigroup has already recorded four straight quarters in the red. In October, it reported that its latest quarterly loss was 2.8 billion dollars.

In late November, the US government stepped in to guarantee over 300 billion dollars in potential losses at Citigroup and pump 20 billion more into the financial giant.

LyondellBasell announced Tuesday it had filed in the US for Chapter 11 bankruptcy protection, after falling prey to a collapse in demand for its products and a sharp increase in the cost of raw materials.

The petrochemical giant said it has up to 8 billion dollars of funds -- including 3.25 billion dollars in fresh funds -- to finance its activities during the restructuring period.

Citi said it was participating in LyondellBasell's debtor-in-possession financing.

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Dubai launches Islamic commodity hedge fund Index

Yesterday, 12:28 pm
Reuters Cecilia Valente

* Print Story

LONDON (Reuters)-The Dubai Multi Commodities Centre Authority governmental agency and asset manager Shariah Capital launched an index tracking the performance of Islamic hedge funds investing in commodities on Wednesday.

The Dubai Shariah Hedge Fund Index is the first to monitor the performance of hedge funds that comply with Islamic law, or sharia, and aims to provide a benchmark for investors, DMCC and Sharia Capital said in a statement.

The index performance will be calculated and reported by Thomson Reuters, which is the parent company of HedgeWorld.

The index is based on four hedge funds, part of the DSAM Kauthar Commodity Fund and investing in gold, energy, natural resources and mining. Each fund has received start capital of $50 million from the DMCC.

The funds are the constituents of the Sharia compliant Al Safi Trust, which selects sharia-compliant hedge fund managers, and was set up last year by the investment banking division of Barclays Bank and Sharia Capital.

Sharia forbids strategies typically used by hedge funds, such as short selling, because this involves selling something the investor does not own. Short sellers borrow shares and sell them hoping to buy them back later at a lower price.

Al Safi hedge funds operate through so-called arboon contracts sanctioned by a team of Islamic scholars. Through an arboon, a hedge fund pays a deposit in advance of the transaction and holds an option for a specific length of time to either go through with the purchase of a stock or cancel.

If it goes through with the purchase, the hedge fund pays the rest of the price, but the deposit is retained by the seller, in this case the broker, if the fund walks out.

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Weber Signals Germany May Contract More Than Forecast in 2009
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By Gabi Thesing and Christian Vits

Jan. 9 (Bloomberg) -- Bundesbank President Axel Weber signaled that Germany’s economy may contract by more than the central bank previously forecast as a recession worsens.

“The final quarter of 2008 may have been worse than we expected,” Weber said in the text of a speech delivered in Cologne late yesterday. “This would weigh on our growth projections for the current year.”

The Bundesbank in December forecast Europe’s largest economy will contract 0.8 percent in 2009 before expanding 1.2 percent in 2010. With the global economic crisis eroding export demand, German companies are paring output and cutting jobs.

Weber and European Central Bank President Jean-Claude Trichet, who spoke in Slovakia last night, didn’t comment on the outlook for interest rates. Weber referred to the communications blackout period one week before an ECB rate-setting meeting.

Trichet focused his speech, which marked Slovakia’s accession to the euro region, on the need for the country to carry out “ambitious” economic reforms.

Weber said German companies have improved efficiency over the past decade, making them better equipped to cope with a downturn. He also said lower oil prices and the euro’s decline should cushion the economy.

“Furthermore, globally expansive monetary and fiscal policies this year will help,” said Weber, who sits on the Governing Council of the ECB. “Both give reason to hope for a pick-up in economic growth next year.”

Weber described some “particularly negative” economic growth predictions for Germany as “scare-mongering.” Deutsche Bank AG chief economist Norbert Walter predicts the economy may shrink as much as 4 percent in 2009, while BNP Paribas SA economists forecast a 3 percent contraction.

“Some forecasts are presenting downside risks, which are merely potential developments that are unlikely to materialize, as fact,” Weber said.

The ECB on Dec. 4 lowered its key interest rate by an unprecedented 75 basis points to 2.5 percent and investors expect another cut of at least 50 basis at the next meeting, Eonia forward contracts show.

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ＬＥＤ光と紫外線で野菜の栄養アップ、ビタミンＣ倍増例も
紫外線を発するブラックライトとＬＥＤの光を照射し、野菜を育てる取り組みを行う岩井万祐子さん（６日、静岡県浜松市で）＝鈴木毅彦撮影

　浜松市のビニールハウスで、発光ダイオード（ＬＥＤ）の光や紫外線を野菜に当てて促成栽培し、栄養価を高める研究が行われている。

　取り組んでいるのは、光産業創成大学院大学（浜松市）の博士課程で学ぶ岩井万祐子さん（３０）。昨年９月から、約１２００平方メートルのハウス内に設けた高さ約１メートルの棚に土を盛り、ルッコラや春菊など２４種の野菜を植えている。

　毎日早朝と夜間に数時間ずつ、青や赤のＬＥＤと紫外線を照射。どのように光を当てたら栄養価が高まるか試行錯誤を繰り返し、サニーレタスに含まれるビタミンＣの量が露地物の約２倍になるなどの実験データが得られたという。

　これまでに、ＬＥＤを当てた野菜数種を交ぜたサラダ７５００パックを、東京都や静岡県内のスーパーなどに出荷。１パック約３００円で販売したところ、「味が濃くておいしい」との感想も寄せられた。

　課題は、コストダウンと、病害虫に強い野菜を作ること。岩井さんは「短期間で栄養価の高い野菜を育て、農業の新たな可能性につながれば」と夢を語る。指導する鈴木鉄也教授は「消費者や農家のため、ぜひ実用化を」とエールを送る。

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Turkmenistan postpones start of gas deliveries to China

04.01.2009, 02.27

ASHGABAT, January 4 (Itar-Tass) - Turkmenistan has postponed a date for the start of the export of natural gas to China.

The year 2009 was repeatedly referred to as a timeframe specified in the bilateral intergovernmental General Agreement on the Implementation of the Turkmenistan-China Gas Pipeline Project, signed in 2006. However, this past Saturday the Turkmenistan government press service announced, "Turkmenistan will begin to deliver its natural gas to China in years to come".

Way back in December President Gurbanguly Berdymukhamedov had assigned the executives of the fuel-and-energy sector to determine a concrete date for the launch of the export of gas to the People's Republic of China.

An item concerning the implementation of the project was discussed on Saturday at a special meeting, held in the oil and gas sector, about plans for this year. Those present spoke of putting into operation a gas processing plant at the Saman-tepe deposit of gaseous sulphur dioxide. The gas refinery is being built by the China National Oil and Gas Corporation at the Bagty-yarlyk field, which will be the initial point of the future pipeline.

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Child elopers' Africa plan foiled

Two German children - aged five and six - have been stopped by police from eloping to Africa to tie the knot in the sun, reports say.

The budding lovebirds, identified as Mika and Anna-Lena, packed bathing costumes, sunglasses and a lilo and headed for the airport.

They even had the presence of mind to invite along an official witness - Anna-Lena's seven-year-old sister.

The three got as far as Hanover railway station before police intervened.

The young couple were "very much in love" and had decided to get married in Africa "where it is warm", police spokesman Holger Jureczko told the AFP news agency.

Sun-seekers

The idea for the getaway wedding was born as the children's families celebrated New Year's eve together and Mika regaled the two girls with stories of a recent holiday to Italy.

The following morning, as their parents slept, the intrepid trio walked 1km (0.6 miles) to the local tram station at Langenhagen, where they hopped aboard a tram for Hanover central station.

But the group aroused the suspicion of a guard as they waited for a train to the airport, and police were called in.

Officers persuaded the children they would not get far without tickets and money, but consoled them with a free tour of the police station, where they were shortly picked up by relieved parents.

Although any marriage plans have been put on hold for now, police did not altogether rule out the possibility of an African wedding.

"They can still put their plan into action at a later date," AFP quoted the spokesman as saying.

Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/europe/7811686.stm

Published: 2009/01/05 13:38:08 GMT

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中国、貿易取引で元の決済解禁へ　輸出を後押し

　【北京＝高橋哲史】中国政府は東南アジア諸国連合（ＡＳＥＡＮ）など近隣国・地域との貿易取引について、人民元建てでの決済を一部解禁する方針だ。世界経済の急減速で苦境に立つ国内輸出企業の為替リスクを減らし、輸出を後押しするのが狙い。中国本土以外での決済を認めていない人民元の国際化に向けた一歩となる動きで、将来的な「元経済圏」の構築を視野に入れているとの見方もある。

　元建て決済を一部解禁する方針は、温家宝首相が主宰した昨年12月24日の国務院（政府）常務会議で決まった。まず(1)香港、マカオと、上海を含む長江デルタ地帯、広東省の間(2)ＡＳＥＡＮと雲南省、広西チワン族自治区の間――の貿易取引について元決済を試験的に認める。状況をみて対象地域を拡大する可能性がある。

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海賊対策法案、すべての公海対象　外国船も保護、国内法令を適用

　政府がアフリカ・ソマリア沖などで頻発する海賊被害に対応するために年度内の国会提出を目指している海賊対策新法案の骨格が9日明らかになった。海賊取り締まりの対象地域をすべての公海上と規定。遠洋など海上保安庁の能力を超える場合には海上自衛隊が取り締まりに参加できるようにする。現在は法的根拠のない外国船の保護と護衛も認める。

　国連海洋法条約に基づき海賊行為を犯罪として明確に定義。国籍や犯行場所を問わず、日本の刑罰法令の適用を可能にする。(16:00)

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12月末の外貨準備高、過去最高を更新

　財務省が９日朝発表した2008年12月末の外貨準備高は、前月末より277億8600万ドル増加の１兆306億4700万ドルとなり、過去最高を更新した。増加は２カ月連続で、最後に為替介入を実施した2004年３月の497億2000万ドル以来の大幅増となった。

　米国債の利回りが低下（債券価格は上昇）したことから、保有する債券の時価評価額が増加。ユーロが対ドルで上昇したため、ユーロ建て資産のドル換算額も膨らんだ。

　12月末は11月末に比べ、米10年債利回りは2.923％から2.216％に低下。ユーロの対ドル相場（ニューヨーク市場）は、１ユーロ＝1.2694ドルから1.3972ドルへ上昇した。〔ＮＱＮ〕(09:56)

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ネット証券、08年の売買代金は28％減

　大手インターネット証券5社の2008年の売買代金は、07年比28％減の132兆1300億円だった。昨年9月の米証券大手リーマン・ブラザーズの経営破綻以降、相場が大きく下落したことが響いた。売買の好機とみて新たに取引を始める個人がいたが、含み損を抱えた投資家の売買が細った。

　5社はＳＢＩ証券、楽天証券、松井証券、カブドットコム証券、マネックス証券。売買代金は2年連続で減少した。

　08年12月の売買代金は同年11月比1％増の8兆8800億円だった。増加に転じるのは2カ月ぶり。手数料が比較的安いＳＢＩと楽天で、頻繁に売買を繰り返す投資家の信用取引が増えたことが微増につながった。(07:00)

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パナソニック、赤字事業の撤退加速　2009年度経営方針

　パナソニックは9日、2009年度の経営方針を発表した。主力事業の薄型テレビ用パネルの投資額を当初計画に比べ1350億円圧縮。海外拠点の撤退基準を厳格運用するなど赤字事業からの撤退を加速、世界同時不況を受け経営体質の改善に力点を置く。成長が見込める新興国向け事業などは強化。選択と集中を加速し「市況回復時に大きく飛躍する」（大坪文雄社長）ための経営体質づくりを急ぐ。

　大阪府枚方市で記者会見した大坪社長は「厳しい環境に直面し、過去の構造改革効果は消失した」と指摘。そのうえで10年後に電機メーカーで世界1位を目指すため、09年度は「体質強化と仕込みの1年にする」と強調した。

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マクドナルドの08年12月、客数２年ぶり減少

　日本マクドナルドホールディングスが9日発表した2008年12月の既存店ベースの客数は前年同月に比べ3.4％減った。前年割れは06年12月（0.6％減）以来2年ぶり。既存店売上高は客単価の上昇で補って8カ月連続のプラスを確保した。同社は外食不振の中でも健闘しているが、消費不振で変調の兆しも見えてきた。

　昨年12月は前年より土・日曜日が1日少ないことがマイナスに働いたが、その要因を除いても客数が落ち込んだ。ただ関東で単価の高い新商品「クォーターパウンダー」を投入したほか、割引クーポンを抑えたこともあり、客単価が5.6％上昇し、既存店売上高は2.0％増えた。新店を含む全店売上高は3.4％増となり、35カ月連続でプラスとなった。

　同社は客数獲得を重視し、24時間営業店舗の拡大や朝食時間帯のメニュー強化などを打ち出してきた。(20:51)

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商船三井と川崎汽船、アジア―中南米航路を減便　貨物減少で

　商船三井と川崎汽船は9日、アジアとメキシコ、南米西岸を巡回する共同運行の定期船便を、2月以降、週2便から1便に減らすと発表した。2つの便は一部寄港地が異なるため、合わせて存続便の航路も変更する。世界的な景気の悪化で中国や韓国から中南米に輸出する貨物が急減しているのに対応するためで、まずは6カ月程度減便を実施するという。

　既存の2便のうち、横浜や中国の寧波や上海、メキシコのマンザニーロ、コロンビアのブエナベントゥーラ、ペルーのカヤオなどを結びコンテナ船8隻で運行している便を休止する。同便のみ寄港する港のうちカヤオは存続する便の航路に組み込み、寧波とブエナベントゥーラはそれぞれ既存のほかの便でカバーするという。(17:03)

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ＪＴ、イラン産ザクロで清涼飲料水

　日本たばこ産業（ＪＴ）は、ザクロの原産地とされるイラン産のザクロ果汁を使用した清涼飲料水「ペルシャざくろ」を19日に発売する。ザクロは酸味が強いため、果汁の使用量を全体の10％未満にし、飲みやすく仕上げた。熱量は100ミリリットルあたり14キロカロリーに抑えた。

　350ミリリットルのペットボトル入りで税別140円。主に健康や美容に関心が高い20―40代の女性を狙い、全国のコンビニエンスストアやスーパーマーケットなどで売り出す。(11:01)

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る税収、多摩の自治体知恵絞る　町田、競技場席を賃借方式に

　東京都多摩地区の自治体が、景気悪化に伴う税収の落ち込みを乗り切るため歳出の削減、財源確保など対策に追われている。工業出荷額が23区を上回る同地区は電機、精密、自動車など全国有数の工場集積地。住民が多いことから金融機関の店舗や大規模商業施設も多数あり、各社の業績の落ち込みで大幅な歳入減少が避けられない状況になっている。

　町田市は2009年度の法人市民税が落ち込み財政事情が一層厳しくなる見込みのため、09年度に計画している市立陸上競技場の改修にリース方式を導入し、当面の支出を減らす。改修の総投資額は10億―15億円になる見通しだが、５億―６億円かかる観客席部分を企業に投資してもらい、リース料を毎年払って使う形にして、09年度の支出を４億―５億円減らす。

　同市の陸上競技場をホームグラウンドにするサッカーチームが早ければ10年春にもプロリーグ、Ｊ２に昇格する可能性がある。観客動員力なども昇格条件のため、観客席を増やすなどの改修が必要になっている。

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武蔵野銀行、埼玉県内に回帰　南部に人員重点配置

　武蔵野銀行は東京都北部で進めていた法人向け営業を大幅に見直し、県内回帰を鮮明にした。人員を再配置し県南部に重点を置く。同時に個人ローンを開拓。県内に資産活用を考える富裕層は多いとみて、専任の営業員を増員した。貸倒引当金を積み増した2008年９月中間期は株式売却で経常黒字を確保しただけに、収益基盤の強化を急いでいる。

　同行は県外での拡大戦略を見直した。都県境から約５キロメートル圏内を「準県南地域」と設定し、07年５月―08年３月にかけて法人営業所を４カ所設置していたが、都内での融資リスクを考え、08年３月に開設したばかりの東京・王子の法人営業所を11月に閉鎖。４人の行員は川口支店などに異動させたほか、他の営業所でも計２人減員し、県内を手厚くした。

　県南地域の営業の底上げを進める。10月に草加、越谷、朝霞、川口の各支店に次長級の人材を「統括推進役」として１人ずつ配置した。本部と支店をつないで意思決定を早めるほか、企業訪問を通じて助言業務などに力を入れる。

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日本人出国者数、08年は7.6％減　法務省まとめ

　2008年の日本人の出国者数は約1599万人で、前年より約131万人、約7.6％減ったことが8日、法務省入国管理局の集計（速報値）で分かった。減少は2年連続。同局は「景気悪化に加え、前年からの原油価格の高騰に伴う航空機代金の上昇が影響した」と分析している。

　同局によると、08年の減少幅は1950年に統計を始めて以来、重症急性呼吸器症候群（ＳＡＲＳ）の影響を受けた03年、米同時多発テロが起きた01年に続く、過去3番目の落ち込み。

　一方、08年に日本に入国した外国人は約914万6400人で、過去最高だった前年より約5800人（0.06％）の減少となった。「上半期は増加傾向だったが、世界的な景気の後退や円高が影響し下半期に落ち込んだため」（同局）とみられる。(07:00)

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年越し派遣村：２０７人に生活保護　千代田区１カ月分支給

　東京・日比谷公園の「年越し派遣村」にいた失業者のうち、生活保護を申請していた２０７人に対し、東京都千代田区は１カ月分の保護費を支給することを決めた。申請者の大半は所持金がほとんどなく、住居や仕事を探すことが難しい事情を考慮、短期間での申請を認めた。

　千代田区によると、派遣村から２２３人の申請があり、５日から窓口に来ていた２０７人に面接を実施、８、９の両日で支給を決定した。金額は住宅費を含めて１人当たり１０万５０００～１３万１０００円で、総額は約２８００万円。多くの申請者には、既に保護費が支給された。

　通常は申請から支給決定まで数週間かかるが、千代田区は他部署の職員らを動員して短期間で結論を出した。石川雅己区長は「住民に身近な自治体には、就労や住まいの確保を助ける役目がある」と話した。

　失業者の大半は住居が確保できず、移転先となった都内４カ所の公共施設に宿泊している。施設の使用期限となる１２日から来週末までは、派遣村の実行委員会が都内２カ所の旅館に２５０人分の宿泊場所を確保した。多くの失業者が旅館を拠点に住居や仕事探しをすることになる。

　昨年１０月に職を失った男性（５５）は「生活保護は大変ありがたいが、安くていいアパートはなかなか見つからない。本当に自立できるのか」と不安そうだった。２年前から野宿していたという男性（６２）は「この年齢だとまともな仕事はない。あせっても仕方ないのでじっくり探したい」と話していた。

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国民年金保険料：「減免」８割が未申請　低所得者など、制度周知不足も

　低所得のため国民年金保険料の支払いを減免される対象者の８割に当たる８７１万人が減免の申請をしていないことが分かった。厚生労働省が推計した。減免を受けるには本人の申請が必要で、手続きをしないと将来、無年金や低年金になる恐れがある。制度を知らなかった人も多いとみられ、厚労省は申請がなくても、自動的に保険料を減免する仕組みを検討している。【野倉恵】

　公的年金の受給資格は納付が計２５年間必要。減免期間は資格期間に加算できるが、将来の給付は減額される。自営業者やパートなどの国民年金の場合、所得に応じて全額～４分の１減免される。全額免除の場合、年金額は満額の６万６０００円の３分の１に減額される。国民年金加入対象者のうち、減免対象者は０７年で１１２７万人だが、うち８７１万人は申請していない。

　年金保険料減免は、障害年金や生活保護の受給者を除けば本人の申請が必要。社会保険庁によると、公的年金を受給できない人は０７年で推計１１８万人。生活保護世帯以下の生計水準の人も多いとみられるが、実態は明らかになっていない。
　◇無年金の男性「今後が不安」

　東京都江東区の派遣社員、岩崎森太郎さん（６９）は、中学卒業後にガラス製造工場に就職、その後１０社以上で働いた。だが年金保険料の納付期間が足りず、無年金だ。１１年前から派遣社員として、ビル清掃で生計を立てている。

　午前５時に起きて土曜も出勤しているが、月収は約１２万円。１人で暮らすアパートの家賃３万６０００円や光熱費、介護保険料などを差し引くと、手元には約６万円しか残らないという。

　９４年から６年間、ほぼ寝たきりだった母親の介護を続けみとった。この間は働けず収入はゼロ。約６年前、社会保険事務所で受給申請をしようとしたが、窓口で職員は「納付期間が全然足りない」と手を振った。保険料減免対象となり得る期間が相当あったとみられるが、「制度は全く知らなかった」という。

　毎夕、弟２人の住む区内の団地に出向き、知的障害と聴覚障害を抱える末弟のため食事を作る。余裕はないが、生活保護を申請するつもりはない。「今後のことは不安だが、自分の責任でもある。製造業は派遣切りが問題化しているが、働けるうちは働きたい。死ぬか生きるかになれば別だが、まだ生活保護を受けるのは忍びない」と話している。

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クリード：会社更生法の適用申請…負債総額６５０億円

　不動産運用・投資のクリードは９日、東京地裁に会社更生法の適用を申請したと発表した。負債総額は６５０億円。

　９６年に設立され不動産ファンドの運営などで急成長し、０５年には東証１部に上場した。しかし、不動産市況の低迷で資金繰りが悪化し、債務返済ができなくなった。

　不動産投資信託（リート）のクリード・オフィス投資法人の設立母体だったが、クリードは昨年１２月に同投資法人の運用会社の全株式を他社に譲渡した。このため、同投資法人は「（倒産の）影響はない」としている。

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ユニクロ：営業利益予想を上方修正…０９年８月期

　カジュアル衣料店「ユニクロ」を展開するファーストリテイリングは９日、０９年８月期連結業績予想の営業利益を前期比１３．２％増の９９０億円（従来予想９３０億円）に上方修正すると発表した。発熱保温素材「ヒートテック」を使った肌着などの販売が好調なためで、消費不振で総合スーパーなどの衣料品販売が低迷する中、ユニクロ「独り勝ち」の状況を改めて示した。

　売上高も６．９％増の６２７０億円（同６２００億円）に上方修正し、過去最高となる見込みだ。

　また、同日発表した０８年９～１１月期決算では、売上高が前年同期比１７．５％増の１８８５億円、営業利益が４５．６％増の４０９億円。ヒートテック人気に加え、フリースジャケットなどの販売も好調で、国内ユニクロの既存店売上高は１７．７％増、客単価も６．２％増えた。中国や米国などの海外店も順調．に売り上げを伸ばした。

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コメルツ銀行：独政府が１００億ユーロ資本注入

　【ロンドン藤好陽太郎】ドイツの銀行２位のコメルツ銀行は８日、ドイツ政府から１００億ユーロ（約１兆２５００億円）の公的資金による資本注入を受けると発表した。すでに公表された分と合わせ公的資金投入額は計１８２億ユーロとなり、独政府が最大の株主となる。

　金融危機で経営環境が悪化する中、月内に予定される３位のドレスナー銀行との合併を円滑に進める狙いがあるとみられる。

　独政府はドレスナーと合併後の新コメルツ銀行に対し、株主総会で重要な経営案件などに拒否権を発動できる「２５％プラス１株」を保有、同行は事実上、部分国有化されることになる。

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もんじゅ：４度目運転再開を断念　福井県に正式表明

　日本原子力研究開発機構の岡崎俊雄理事長は９日午前、福井県庁で西川一誠知事と面会し、同県敦賀市の高速増殖炉「もんじゅ」について、予定していた２月の運転再開を断念することを正式に伝えた。再開時期は「関係省庁と協議して報告したい」と述べるにとどまったが、１２月以降になる公算が大きい。延期は４度目。

　もんじゅは現在、プラント確認試験を実施しているが、屋外排気ダクトに二つの腐食穴と多数のサビが見つかり、点検作業のため試験が中断している。

　腐食穴ができた原因について原子力機構は９日、「塩害が発生しやすく雨水もたまりやすい構造で腐食が進行した」などとする報告書を国に提出。ダクトを補修するため、大幅な遅れが避けられなくなった。

　記者会見した岡崎理事長は「県民に心配をかけたことをおわびしたい」と謝罪した。【大久保陽一】
　◇解説　単純ミス続々　問われる組織

　高速増殖炉「もんじゅ」の運転が４度目の延期になった。排気ダクトの点検を怠り、腐食を長年放置したという、通常運転している原発では考えられない単純ミスが原因だ。

　もんじゅは０７年８月末に最終試験を始め、運転再開に向け着実に準備を進めているはずだった。だが昨年になり、ナトリウム漏えい検出器の施工不良や、漏えい警報の通報遅れなどが発覚。９５年のナトリウム漏れ事故から１３年以上も停止したため見過ごされてきた点が、再開直前になって次々と表面化した。こうした事態を招いた原因は、日本原子力研究開発機構のずさんな組織体制にある。

　冷却材に空気や水と反応しやすい危険なナトリウムを使う高速増殖炉は、他の原発よりもはるかに厳しい安全管理が求められる。国の核燃料サイクルの根幹技術と位置づけられる高速増殖炉。だが単純ミスを繰り返すようでは、政策そのものに対する国民の信頼を失う結果になりかねない。

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Kawasaki pulls out of MotoGP

7 hours 39 mins ago
AFP

* Print Story

Japan's Kawasaki Heavy Industries said Friday it will withdraw from the MotoGP racing circuit as the global economic crisis pressures the firm to cut costs.

"The effect of the current financial crisis on the global economy is extremely significant and an extended period of time is required for a recovery," Kawasaki said in a statement.

"We saw the need for efficient redistribution of our management resources and have decided to forgo participation in the Moto GP from 2009 on," it said.

Kawasaki spends roughly four billion yen (43.8 million dollars) annually to run the team, said an official of the company based in the western Japanese city of Kobe.

With the decision, Kawasaki joined a growing number of major Japanese auto manufacturers that have terminated their racing programmes to cut costs as consumer demand for new vehicles plummets worldwide.

Honda took the shock decision to retire from Formula One racing, while Subaru and Suzuki pulled out of the World Rally Championships.

Kawasaki joined the racing circuit in 2003 to boost its brand image and develop its design technology.

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Rice prices set to surge again this year: rice experts

8 hours 55 mins ago
AFP

* Print Story

Rice prices are likely to rise sharply for the second straight year in 2009 as the global economic slowdown hits farmers and consumers alike, the International Rice Research Institute warned Friday.

The worldwide credit crunch will make it hard for farmers to secure cash to purchase essentials such as seeds and fertiliser, the Philippines-based body said in the latest edition of its quarterly journal "Rice Today".

At the same time, it added, the economic downturn may increase demand for rice in developing nations as falling income forces poor people to switch back to less expensive staples.

The price of rice -- a staple food for half the world including nearly 700 million poor Asians -- spiked to 1,080 dollars a tonne last April, triggering fears of social unrest.

It slid to about 575 dollars six months later due to record production and the early effects of the economic slowdown.

However, the institute warned, "production uncertainty due to tight credit and declining rice prices combined with strong demand growth points to another rise in rice prices in the coming months.

"Price volatility will remain high."

Even if they had the cash, farmers burned by the sudden plunge in commodity prices "will likely play safe and reduce input for their 2009 crops."

The institute pointed to a decision by the Philippines government to lower its 2009 rice output estimate by almost four percent, and said a similar move from other rice producers "is likely in the near term."

While global rice output reached record levels for each of the last four years, this was achieved through increased acreage and obscured the key issue of declining growth in rice yields owing to reduced agricultural investments since the early 1990s, the IRRI said.

As the world consumed more rice than it could produce in five of the last seven years, it forced governments to dip into their reserves to make up the shortfall.

Historic low levels of rice stocks contribute to the volatility, it added.

While rice prices have dropped from their 2008 peaks, the IRRI said, "they are still high relative to 2007 levels, and are likely to remain too high for millions of poor.

"If the yield growth rate does not improve, we can expect rice prices to continue to rise, and at a faster pace than that seen since prices started moving up in 2000."

The institute said the only solution was to boost rice yield growth through higher investment in research, and developing agricultural infrastructure to allow rice farmers to put new scientific breakthroughs to work.

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「泥棒よけ」がひきつけた…警備会社ステッカーの豪邸専門盗

　警視庁は９日、コロンビア国籍で、大阪市中央区日本橋１、無職アレナス・マタ・セサル被告（３９）（窃盗罪などで起訴）を窃盗容疑などで再逮捕したと発表した。

　発表によると、アレナス被告は昨年９月以降、セコムや綜合警備保障など大手警備会社のステッカーがはってある高級住宅ばかりを狙った約５０件（被害総額約１億円）の空き巣を自供したうえで、「警備を依頼する家には金目のものがあるし、金持ちの財産は保険でカバーされる」などと話しているという。

　同庁幹部によると、アレナス被告は都内や神奈川県内の高級住宅街で、警備会社のステッカーがある家の窓などをバールで割る手口で空き巣を繰り返していた。盗みは警備員が到着するまでの１０～１５分以内に終え、「警備員とすれ違うこともあった」と供述しているという。盗んだ貴金属などは別のコロンビア人の女に依頼して換金していた。

　発表によると、アレナス被告は昨年９月５日夕から夜にかけ、横浜市内の男性会社社長（５９）方に侵入、現金２０万円と高級腕時計など７点（時価計１５０５万円相当）を盗んだ疑い。