China to stick with US bonds

China to stick with US bonds

By Henny Sender in New York

Published: February 11 2009 23:33 | Last updated: February 11 2009 23:33

China will continue to buy US Treasury bonds even though it knows the dollar will depreciate because such investments remain its “only option” in a perilous world, a senior Chinese banking regulator said on Wednesday.

China has used the dollars it accumulates selling manufactured goods to US consumers to accumulate the world’s largest holding of Treasuries.

However, the increasing US budget deficit and its potential impact on the dollar have raised questions about the future Chinese appetite for US debt.

Luo Ping, a director-general at the China Banking Regulatory Commission, said after a speech in New York on Wednesday that China would continue to buy Treasuries in spite of its misgivings about US finances.

“Except for US Treasuries, what can you hold?” he asked. “Gold? You don’t hold Japanese government bonds or UK bonds. US Treasuries are the safe haven. For everyone, including China, it is the only option.”

Mr Luo, whose English tends toward the colloquial, added: “We hate you guys. Once you start issuing $1 trillion-$2 trillion [$1,000bn-$2,000bn] . . .we know the dollar is going to depreciate, so we hate you guys but there is nothing much we can do.”

However, Mr Luo said Chinese officials would encourage its banks to finance domestic mergers and acquisitions rather than provide rescue finance to distressed financial companies in other countries: “There will be no bottom-fishing of financial institutions, particularly in the US, because there is a lot of uncertainty about the quality of the books.”

Mr Luo said China intends to maintain its separation of investment and commercial banking based on its observations of the US after repeal of the Glass-Steagall Act that enforced a similar division of banking activities.

“To some extent, Glass-Steagall has fuelled the crisis,” Mr Luo said. “The separation of commercial and investment banking is likely to stay longer [in China] than before.” Like senior financial officials in other developing nations – such as Mohammad Al Jasser, vice-governor of the Saudi Arabian Monetary Agency – Mr Luo also spoke out against what he called America’s laissez-faire capitalism.

“Government ownership was viewed as something negative but the pendulum is swinging the other way. Perhaps banking is [no different from] public utilities where government participation is necessary,” he said.

“Deregulation in the US has gone a little bit too far. The market can’t be omnipotent.”

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Foreign worker employment rises

By Andrew Taylor, Employment Correspondent

Published: February 11 2009 23:35 | Last updated: February 11 2009 23:35

Gordon Brown’s slogan “British jobs for British workers” is likely to come under fresh scrutiny after official figures revealed employment of UK-born workers fell by almost 280,000 last year while employment of foreign-born workers rose by 214,000.

The figures published by the Office for National Statistics came as fresh demonstrations were staged by hundreds of construction workers outside the Staythorpe and Isle of Grain power stations in protest over the employment of foreign workers.

Workers employed by sub-contractors Motherwell Bridge staged an unofficial walk-out at Staythorpe in Nottinghamshire. The action mirrored a series of illegal wildcat strikes at power stations and oil and gas terminals last week over employment of Italian and Portuguese contractors at Total’s Lindsey oil refinery in Lincolnshire. The stoppages only halted after Total agreed to set aside 100 more jobs for British workers.

Motherwell Bridge “strongly denied” union reports the walk-out began after the company threatened to discipline workers who were refusing to cross picket lines.

The figures reveal the extent to which foreign-born workers have been filling jobs in the UK – many of them posts that British workers previously could not or did not wish to fill. That mattered less when employment was high but tensions have been rising as unemployment has increased.

According to ONS, the number of foreign-born workers in the final quarter of last year was 3.82m – some 1.9m more than at the beginning of 1997, the year Labour came to power. During the same period, the number of British-born workers has risen by 1.26m to 25.58m.

The figures do not disclose how many of the foreign-born workers were British citizens, brought to this country many years ago as youngsters, and how many were migrants.

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Austria calls on EU to support Ukraine

By Stefan Wagstyl in Kiev

Published: February 12 2009 12:04 | Last updated: February 12 2009 12:04

An economic or political “catastrophe” in Ukraine could trigger a “domino effect” of economic difficulties within the European Union, Austria’s finance minister warned yesterday.

Josef Pröll, who is also the country’s vice chancellor, urged the EU to support Ukraine because of its strategic importance and its political and economic ties with union members.

“Ukraine is a very important keystone country and we must avoid a domino effect inside the EU, if there is economic and political catastrophe in such a huge neighbouring country. There could be a domino effect in terms of economic difficulties in the EU” Mr Pröll told the FT.

”We don’t see this scenario developing now. But we must prepare and keep an eye on Ukraine,” he added.

Mr Pröll was speaking during a trip to eastern Europe made amid mounting international concern about the financial condition of the region’s more vulnerable states.

Ukraine, which like Latvia and Hungary, has secured an emergency International Monetary Fund package, is seeking up to $5bn in extra loans from sources including Russia, the US, the Middle east, Japan and the EU.

Mr Pröll is visiting Ukraine, Croatia, Romania and Bulgaria before a meeting of EU finance ministers early next month where support for vulnerable eastern european states is due to be discussed.

Mr Pröll said that while the EU’s greatest responsibility was for member states, it also had to support candidate members and Ukraine which had no membership perspective but had close links with the EU.

Mr Pröll said he was not calling for wholesale financial support. The International Monetary Fund had to take the lead in giving financial assistance to those states which needed it, he said. But the EU had a range of financial and non-financial instruments available for member states and non-members, including Ukraine.

Mr Pröll pledged Austrian support for its banks, which are among the region’s biggest lenders. Austrian banks which drew on a €100bn government support plan could keep operating in eastern Europe “without restriction”.

Asked about French efforts to link assistance to French carmakers to safeguarding French jobs, which has caused alarm in eastern europe’s carmaking nations Mr Pröll said: protectionism is not the right answer.”

“If we look to the last crisis 80 years ago where one country tried to pass its problems to another country and so on, they did not solve their problems. We can only be successful if work together and keep open the economy,” said Mr Pröll.

Mr Pröll added that western europe had a particular responsibility to eastern europe. ”We have made a lot of money in these countries in the last 20 years and now in this crisis we must support them in these difficult times.”

Hryhoriy Nemyria, Ukraine’s deputy prime minister, said Kiev’s bids for extra loans on top of its IMF package were a ”usual and natural” way of complementing IMF aid.

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France imposes limits on bank bonuses

By Ben Hall in Paris

Published: February 11 2009 22:22 | Last updated: February 11 2009 22:22

France became the first leading economy to impose industry-wide restrictions on future bonuses to bankers, traders and fund managers in an effort to avoid excessive risk-taking in financial markets.

The curbs will mean bonuses for employees working for France’s investment banks, brokers and fund managers will be paid over several years and linked to the longer-term profitability of their employer, rather than simply their own activities. The rules will apply to bonuses for 2009 paid out from early 2010.

The code governing variable pay was drawn up by the French Banking Federation together with the body representing Paris as a financial centre, and it will be compulsory.

Christine Lagarde, finance minister, said the Banking Commission, France’s regulator, would ensure all relevant financial companies complied with the rule by the end of April. The government had already said that banks wanting to access its €360bn ($463bn, £323bn) bank support scheme would have to abide by the rule.

As in many other countries, there has been a furore in France about the payment of generous bonuses after state aid. All six of France’s leading banks have received capital injections.

But President Nicolas Sarkozy said last week he was more worried about traders’ pay being linked to risk-taking and contributing to “catastrophe” than about bonuses to bank chief executives. He appeared to rule out imposing a $500,000 pay limit to top management at bailed-out banks.

Ms Lagarde said France was sending a message about its ambitions for the G20 summit on financial regulation on April 2 by being “first to market” with its proposals.

Georges Pauget, chief executive of Crédit Agricole and FBF president, said he expected other countries to follow suit because the French code was based on proposals from the Institute for International Finance, the body representing leading global banks.

French banks – whose staff in London, New York and elsewhere would be covered by the code – would not be put at a competitive disadvantage, Mr Pauget said. “We are not going to create some kind of French island in the middle of the global financial system.”

The idea was to ensure bonuses did not encourage excessive risk-taking by market operators. Many banks already paid bonuses in stages, Mr Pauget said.

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時太山の父正人さん、真相知るため法廷に

　真相を知るため、父は再び法廷に足を運んだ。１２日、時太山（本名斉藤俊さん＝当時１７）の父正人さん（５２）は厳しい表情で名古屋地裁の傍聴に訪れた。入廷前に、報道陣に「（元親方には）１日も早く罪を認めてほしい」と心情を語った。

　昨年１０月から１２月の兄弟子らの公判と同様、化粧まわし姿の俊さんの遺影を両手でしっかりと抱きかかえて着席。元親方山本順一被告（５８）が座る被告席を見詰め続けた。

　事件から約１年８カ月。正人さんにとって決して長い歳月ではなかった。

　「元親方が認めれば、苦しまずに済むのに」。最愛の息子を失って月日が過ぎ、早く普通の生活に戻りたいと感じることもあった。ただ、兄弟子の公判では望んでいた実刑判決は出ず、事件のすべてが明らかになったとは思えない。

　「親としてあれは傷害致死ではなく、殺人じゃないかと思っている。納得する結果が出るまで闘いたい」。正人さんは息子の霊前にそう誓った。

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けいこ目撃「何かの罰と思った」 時津風部屋後援会員が証言

　大相撲時津風部屋の序ノ口力士、時太山＝当時（１７）、本名斉藤俊さん＝の暴行死事件で、傷害致死罪に問われた元親方山本順一被告（５８）の初公判は１２日午後、名古屋地裁（芦沢政治裁判長）で証人尋問が行われた。ぶつかりげいこを目撃した部屋の後援会の男性が「精神面を鍛えるけいこで、（斉藤さんへの）何かの罰と思った」と証言した。

　男性は２００７年６月２６日、愛知県犬山市のけいこ場で見たまわし姿の斉藤さんの尻には黒いあざがあったといい「何かで失敗して棒などでたたかれたのかな」と思ったという。

　その後ぶつかりげいこが始まったが、斉藤さんは受け身がうまく取れず、相撲の技術は未熟に見えたといい、長時間続いたことから「相撲を鍛えるというよりは、精神面を鍛えるけいこと思った」と述べた。

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力士暴行死：時津風前親方、起訴内容を否定　名古屋地裁

2009年2月12日 11時08分　更新：2月12日 15時53分
亡くなった俊さんの遺影を手に名古屋地裁に入る父親の斉藤正人さん（中央）＝名古屋市中区で２００９年２月１２日午前９時３５分、竹内幹撮影
亡くなった俊さんの遺影を手に名古屋地裁に入る父親の斉藤正人さん（中央）＝名古屋市中区で２００９年２月１２日午前９時３５分、竹内幹撮影

　大相撲時津風部屋の力士暴行死事件で、序ノ口力士、斉藤俊（たかし）さん（当時１７歳）＝時太山（ときたいざん）＝への傷害致死罪に問われた前親方、山本順一被告（５８）の初公判が１２日、名古屋地裁（芦沢政治裁判長）で始まった。山本被告は「兄弟子に暴行の指示をしたことはない」などと起訴内容を否認した。また弁護人は、山本被告の管理監督責任は認め、業務上過失致死罪の成立を主張した。

　起訴内容の認否で山本被告は「ビール瓶で太ももと額を傷つけたのは事実だが、兄弟子に暴行の指示をしたことはない。（０７年６月）２６日のぶつかりげいこは通常のぶつかりげいこで制裁目的ではない。けいこ終了後にホースで放水したのは事実だが、気付けのためで、暴行のためではない」と述べた。

　さらに弁護人は「兄弟子との共謀は成立せず、ビール瓶による暴行と死亡の因果関係も不明で傷害致死罪は成立しない。死亡した結果については親方の管理監督責任があり、業務上過失致死罪が成立する」と主張した。

　検察側は冒頭陳述で、山本被告が０７年６月２５日夜、部屋から逃げた斉藤さんに相撲を続けるか問いただした際に優柔不断な態度だったことに腹を立て、ビール瓶で殴った後、兄弟子たちに「お前らも教えてやれ」と暴行を指示したと指摘した。さらに「テッポウ柱に縛りつけておけ」などと命じたとした。

　また山本被告が、斉藤さんに相撲を続ける意思がないことを認識しながら翌２６日も斉藤さんにけいこへの参加を指示、通常のけいこ終了後も罰としてぶつかりげいこと称して斉藤さんを痛めつけようと考えたと主張した。

　一方、弁護側は冒頭陳述で、斉藤さんの死因について６月２０日と２５日昼にも兄弟子が独自の判断で暴行したとして「外傷性ショックの起因となった可能性がある」と指摘。ぶつかりげいこについて「技量の向上と兄弟子との関係修復のための正当な業務行為。山本被告は新弟子に対して暴行による指導は認めていなかった」と主張した。【式守克史、秋山信一】

　【ことば】時津風部屋力士暴行死事件　起訴状によると、山本被告と兄弟子は、斉藤さんが愛知県犬山市の宿舎から逃げたことに怒って共謀。０７年６月２５日、斉藤さんをビール瓶でたたいたり、けいこ場のテッポウ柱に縛って殴るなどの暴行を加え、２６日もぶつかりげいこで斉藤さんを何度も土俵にたたきつけ、山本被告が顔面に放水するなどして外傷性ショック死させたとされる。傷害致死罪に問われた兄弟子３人の公判では名古屋地裁が０８年１２月、山本被告の指示や、ぶつかりげいこが制裁目的だったことを認め、３人に執行猶予付き有罪判決を言い渡し確定した。
　◇１年の拘置生活、山本被告小さく

　初公判は午前１０時に開廷。名古屋拘置所に拘置されている山本被告は、前後を刑務官に挟まれて入廷した。白いワイシャツ、黒いジャケット、グレーのズボン姿。裁判官や傍聴席に向かって小さくお辞儀し、猫背気味に歩く山本被告は、逮捕後１年間の拘置生活で体が少し小さくなった印象を与えた。

　一方、斉藤さんの父正人さんは傍聴席の最前列に着席。検察官が座る前方に顔を向けて目を閉じ、山本被告が正人さんに小さく頭を下げた時も、目を合わせなかった。

　名古屋地裁では８１の一般傍聴券を求めて兄兄弟子の初公判時（４９１人）を上回る５７３人が列を作り、前親方の刑事責任が明らかにされる公判への関心の高さを示した。【飯田和樹】
　◇部屋はピリピリ　時津風部屋

　東京都墨田区の時津風部屋では１２日、朝から幕内・時天空や十両・土佐豊ら部屋の力士たちが、けいこに励んだ。前時津風親方の初公判が開廷する午前１０時前にはけいこが終了。裁判について聞かれた土佐豊は「何も」と言ったきり、口を閉ざした。また力士の一人は報道陣に対して「裁判があるから来たのか」と厳しく詰め寄るなど、部屋全体が神経過敏になっている様子だった。

　師匠の現時津風親方（元幕内・時津海）は不在で、「司法の判断に任せるしかないので、裁判の成り行きを見守っていきたいと思います」とのコメントを発表した。【武藤佳正】
　◇「見守りたい」　武蔵川理事長

　日本相撲協会の武蔵川理事長（元横綱・三重ノ海）は１２日、前時津風親方の山本順一被告が起訴事実を一部否認したことを受けて、東京都内で報道陣に対し「（今後の）司法の判断に任せ、見守りたい。それ以上は言いようがない」と話した。
　◇不祥事の連鎖止まらず

　力士暴行死事件を受けて、日本相撲協会は０７年９月に「力士の指導に関する検討委員会」（のちに「再発防止検討委員会」に改称）を設置した。伊勢ノ海生活指導部長（元関脇・藤ノ川）を委員長に、漫画家のやくみつる氏ら５人の外部有識者を加えてメンバーを構成。相撲部屋全５３部屋（当時）を対象に、けいこや生活実態を問うアンケート、親方からの聞き取り、けいこ場視察などを実施した。同委員会の指導により、けいこ中に竹刀を使うのをやめた部屋もある。

　相撲界の不祥事は続き、０８年８月にロシア出身の若ノ鵬が大麻所持容疑で逮捕。９月にはロシア出身の兄弟力士、露鵬と白露山が尿検査で大麻に陽性反応が出た。３力士は解雇され、白露山の師匠でもあった北の湖理事長（元横綱）が理事長を辞任し、代わって武蔵川理事（元横綱・三重ノ海）が理事長に就任した。協会は監督官庁の文部科学省から外部役員を入れるよう再三指導されてきたが、武蔵川新執行部は０８年９月、大学教授と元検事長の外部理事２人と元警視総監の監事１人の起用に踏み切った。

　０８年１２月には、両国国技館に力士、親方、行司、呼び出しら全協会員９４０人を集め、１０年ぶりに研修会を開き、不祥事の再発防止を呼び掛けた。しかし、０９年を迎えても不祥事の連鎖は止まらず、１月３０日に若麒麟（解雇）が大麻所持容疑で逮捕された。事態を重く見た相撲協会は再発防止検討委員会を「生活指導部特別委員会」と名称を改め、引き続き対応に追われている。

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「しつけ」を「気付け」に変更＝力士死亡事件

　１２日開かれた時津風部屋力士死亡事件の元親方山本順一被告に対する初公判で、同被告の証言の一部が「しつけ」から「気付け」と変更される一幕があった。

　午前の罪状認否で山本被告は、斉藤俊さんに向けてホースで放水した理由を「しつけのために行ったのであり、暴行ではありません」と発言。発音が不明瞭（ふめいりょう）だったため、裁判長が「しつけですね」と確認したが、午後の再開直後、裁判長の再確認に同被告が「気付け」だったと述べた。

　相撲界では、疲れて意識がもうろうとしてきた力士にしばしば「気付け」と称して水を掛けるが、ひしゃくを使うことが多い。（2009/02/12-20:18）

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故時太山の父「頭下げるくらいなら…」

　衰弱していく息子の様子が語られると、父は大きく息をついた。１２日午後、時津風部屋の力士、時太山（ときたいざん＝当時１７、本名斉藤俊さん）の暴行死事件で、傷害致死罪に問われた元親方山本順一被告（５８）の初公判。暴行とされるぶつかりげいこの状況を目撃した部屋の後援会の男性が証言すると、斉藤さんの父正人さん（５２）は身を乗り出して聞き入った。

　山本被告は被告人席で終始、目を閉じ、硬い表情で聞いていたが、前かがみになったり、背をそらしたりすることを繰り返し、落ち着かない様子だった。

　正人さんは時々被告人席の方を鋭いまなざしで見詰めた。

　閉廷後、正人さんは初公判で山本被告が謝罪したことに触れて「何も感じなかった。頭を下げるくらいなら罪を認めてくれと思った」とコメントした。（共同）