Downturn causes 20m job losses in China

Downturn causes 20m job losses in China

By Jamil Anderlini in Beijing and Geoff Dyer in London

Published: February 2 2009 07:10 | Last updated: February 2 2009 19:20

More than 20m rural migrant workers in China have lost their jobs and returned to their home villages or towns as a result of the global economic crisis, government figures revealed on Monday.

By the start of the Chinese new year festival on January 25, 15.3 per cent of China’s 130m migrant workers had lost their jobs and left coastal manufacturing centres to return home, said officials quoting a survey from the agriculture ministry.

The job losses were a direct result of the global economic crisis and its impact on export-oriented manufacturers, said Chen Xiwen, director of the Office of Central Rural Work Leading Group. He warned that the flood of unemployed migrants would pose challenges to social stability in the countryside.

The figure of 20m unemployed migrants does not include those who have stayed in cities to look for work after being made redundant and is substantially higher than the figure of 12m that Wen Jiabao, premier, gave to the Financial Times in an interview on Sunday. Speaking on a visit to the UK on Monday, Mr Wen said there had been signs at the end of last year the Chinese economy might be starting to recover.

In a speech at Cambridge University later, he warned that the global economy could face further problems. “The crisis has not yet hit the bottom, and it is hard to predict what other problems there will be down the path,” he said. Governments should avoid any policies that allowed them to “progress at the expense of others”, he added.

Mr Wen’s speech was interrupted by a protester who called him a “dictator” and threw a shoe at the stage – an act reminiscent of the Iraqi journalist who threw shoes at George W. Bush, former US president, at a press conference in Baghdad last year. Police said they had arrested the man.

Production in China’s manufacturing sector declined for the sixth successive month in January, according to Hong Kong brokerage CLSA, which said on Monday that its purchasing managers’ index hit 42.2, up marginally from December but well below the no-change mark of 50.

The CLSA survey showed that manufacturers shed jobs in January at the fastest rate since the survey began in 2004.

In the past decade, 6m-7m rural migrant workers a year have left the countryside to man the factories, construction sites and restaurants of booming cities.

According to a rough official calculation, one percentage point of Chinese gross domestic product growth creates about 1m jobs. In the fourth quarter, growth from a year earlier fell to 6.8 per cent and many economists believe Beijing will struggle to meet its target of 8 per cent growth this year.

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Chinese leadership besieged by caution

Published: February 3 2009 02:00 | Last updated: February 3 2009 02:00

China is best viewed as a paradox. Seen from western capitals, it often appears bathed in a glow of enviable destiny - the future superpower with supercharged growth. But from within Zhongnanhai, the forbidden compound in central Beijing where its leaders live and work, the country feels besieged by a perennial employment crisis, the social injustice of a vast wealth gap, restive ethnic minorities and a deep imbalance between the rigidity of Communist rule and the flexibility required by a capitalist economy.

Both views of China were on display as Wen Jiabao, the premier, spoke to the FT in an interview this week - but the latter reveals more about Beijing's current mindset. The west may be looking to China as a source of growth, but Beijing is feeling defensive: concerned above all else to ensure that a sharp slump in growth does not trigger regime-threatening unrest. All Chinese policies can almost always be traced back to this primal fear.

Thus, when Mr Wen says that "further, new" measures on top of the announced Rmb4,000bn fiscal stimulus package may be needed, he means what he says. The calculation in Zhongnanhai is binary: rapid growth or political convulsion. Beijing is ready to comprehensively boost consumer spending, as well as public works investments.

But such Herculean domestic labours may leave little energy for the external agenda. Mr Wen played down the idea that China would be able to pledge large chunks of its $2,000bn in foreign exchange reserves to the International Monetary Fund. He also lowered expectations that Beijing would agree to a "quantitative" cap on carbon emissions in Copenhagen later this year.

However, where overseas issues directly relate to domestic priorities, China is straining for a balanced approach. This is evident most clearly in its attitude to purchases of US Treasuries. Though Beijing could use much more of its foreign reserves at home (and is discussing how to do so, Mr Wen said), it knows that an abrupt decline in its funding of US deficits could drive down the value of its existing US holdings - and open it up to more criticism in the US Congress.

Thus, Mr Wen insisted it was "ridiculous" to say China's vast savings pool was partly responsible for the US financial crisis, and "completely unfounded" to charge that Beijing was a currency manipulator. China's heavy reliance on exports makes it viscerally sensitive to anything that could give Congress ammunition to pursue a protectionist agenda. It would do no harm at all for a bit of that sensitivity to rub off on Washington.

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Indian import shift stirs sugar market

By Chris Flood

Published: February 3 2009 12:11 | Last updated: February 3 2009 12:11

Sugar prices rose on Tuesday after India announced approval for duty free imports of raw sugar to bolster domestic supplies. Although the decision was expected, traders said the move represented an important shift for the global market and will see India swing from a net exporter of sugar to a net importer.

ICE March raw sugar rose 1.5 per cent to 12.94 cents per pound.

Downward revisions to Indian sugar output also provided a boost for sentiment, with one producer suggesting sugar production could drop by almost half to 16m tonnes from 29m tonnes last year.

Some imports will go to India but it is unclear how much, given that some 10m tonnes remain stored somewhere in the country.

Elsewhere in commodity markets, oil prices managed a modest rebound after falling in the previous session. Gold held above the $900 level and base metals were mixed as traders digested the latest forecasts for economic growth in Asia from the International Monetary Fund.

The IMF cut its forecast for Asian GDP growth in 2009 to just 2.7 per cent this year, a sharp reduction from the 4.9 per cent expansion that was predicted as recently as November. The IMF also warned that the outlook for Asia was “very uncertain” and that a “worse outcome” could not be ruled out.

For China, the IMF repeated its forecast growth of 6.7 per cent in 2009 and said that that an additional stimulus package could help Beijing reach its own GDP growth target of 8 per cent.

ICE March Brent, which is seen as the best indicator of global oil prices, rose 32 cents to $44.14 a barrel.

Nymex March West Texas Intermediate added 12 cents at $40.20 a barrel, while the April contract gained 18 cents at $44.10 a barrel.

JBC Energy, the Vienna-based consultancy, said the 11 Opec members bound by output restrictions – excluding Iraq – had reduced their crude oil output by a “massive” 1.57m barrels a day between the end of December and the end of January.

“The impact of Opec’s most recent efforts should not be underestimated,” the consultancy said, adding that “the group is serious about reducing the current supply overhang”.

Gold was trading at $904 a troy ounce, moving between a narrow range between a low of $896.06 and a high of $905.85, after ending trading in New York on Monday at $901.25.

James Steel, precious metals analyst at HSBC, said evidence of disinflation and financial market weakness had encouraged investors to liquidate long gold positions.

He added that although investment demand for gold had been strong in recent weeks, demand for jewellery was continuing to weaken, as shown by the latest sales data from Abu Dhabi, which showed a 70 per cent drop in jewellery sales in January.

“The Arab emirates are historically an accurate barometer of demand in the region. The slump in sales, combined with recent weak Indian gold import data for January, strongly imply weak retail gold demand in much of the emerging world,” Mr Steel said. He cautioned that weak retail demand could present a headwind to any future price rallies.

Among base metals, aluminium traded 1.3 per cent lower at $1,367 a tonne amid ongoing concerns about the outlook for demand this year.

The head of Rusal, the world’s largest aluminium producer, warned that world demand would tumble by nearly one-quarter this year and prices would not rebound, forcing smelters to slash costs or go out of business.

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Iran launches first home-made satellite

TEHRAN, Feb 3 – Iran launched its first home-made satellite into orbit on Tuesday, state television reported, displaying progress in space technology at a time of persistent international tension over its nuclear programme.

The Omid (Hope) satellite, launched as Iran marks the 30th anniversary of the 1979 Islamic revolution this month, was designed for research and telecommunications, said the television, which carried footage of the launch.

The long-range ballistic technology used to put satellites into space can also be used for launching weapons, although Iran says it has no plans to do so.

”In another achievement for Iranian scientists under sanctions, Iran launched its first home-made Hope satellite into orbit,” said the television.

It said the satellite was carried into orbit by the Iranian-made satellite carrier Safir.

”Omid will carry experimental satellite control devices, communications, digital equipment, power supply systems,” the television said.

”It has been designed for gathering information and for testing equipment.”

Iran is under U.N. sanctions because the United States and other Western powers suspect Tehran is amassing the capability to produce nuclear weapons.

Tehran says its nuclear ambitions are limited to the peaceful generation of electricity to meet the demands of its economy.

The state television broadcast said Omid would return to earth after orbiting for one to three months.

”It is going to bring back data with it. That data is going help Iranian experts send an operational satellite into space,” said the television.

Iran already had a satellite in orbit but the Sina-1 was launched by a Russian rocket in 2005, it said.

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Saudi Arabia seeks help in tracking militants

By Abeer Allam in Riyadh

Published: February 3 2009 10:45 | Last updated: February 3 2009 10:45

Saudi Arabia has asked Interpol for assistance in seeking the arrest of 85 terror suspects living abroad, according to a statement on the interior ministry’s website. The list includes six former Guantanamo detainees who had been released into Saudi custody and had undergone a rehabilitation programme.

The list of 83 Saudis and two Yemenis includes Said bin Ali al-Shihri, a Saudi national suspected of involvement in a bombing of the US Embassy in Sanaa , theYemeni capital, in September. Al Qaeda in Yemen has identified al-Shihri as its new deputy leader.

“They are adopting a deviant ideology and planning to launch or assist in criminal attacks in our homeland,” an unidentified official at the ministry was quoted as saying in the statement, promising a reward for information about the suspects.

The authorities pledged lenience and the opportunity to rejoin their families for those who hand themselves over voluntarily.

The reports about the alleged involvement of Mr al-Shihri and other militants in terror attacks are likely to raise questions about the success of Saudi Arabia’s militants rehabilitation programme.

The kingdom has sought to reintegrate former members of al-Qaeda-affiliated terror groups, including those who fought in Iraq or Afghanistan, via classes covering ideology, as well as generous compensation, jobs, finances to facilitate marriage, and funding for houses and cars.

Out of the 218 individuals to complete the programme, nine have subsequently been arrested, including former prisoners at Guantanamo in Cuba, the interior ministry said on Tuesday.

“Re-arresting some of the rehabilitated should not overshadow the fact that the majority benefited from the programme and returned to a normal life,’’ the ministry said.

The statement added that those who returned to the “deviant ideology,” the Saudi term for al-Qaeda’s beliefs, complicate efforts to close down prisons abroad as well as reunion with families.

Observers have noted that these revelations may complicate efforts by President Barack Obama to close the controversial prison in Cuba.

In 2003 and 2004 Osama bin Laden, the Saudi Arabia-born al-Qaeda leader, attempted to destablise the kingdom through waves of terror attacks undertaken by local affiliates. The attacks, which killed dozens, targeted Western residents in civilian compounds, oil installations, and government buildings.

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SWIP launches in Saudi

By Ruth Sullivan

Published: February 1 2009 16:40 | Last updated: February 1 2009 16:40

Scottish Widows Investment Partnership has set up an asset management business in Saudi Arabia, aiming to attract mainly domestic institutional investors who are looking for opportunities in the kingdom and abroad.

The Riyadh-based joint venture with local partner Manar Financial Investment Co comes after hopes for the region’s low correlation with the rest of the world’s markets vanished.

But Peter Dorward, chief executive of Swip Saudi Asset Management, sees opportunities in spite of a tougher environment. “Saudi is the biggest economy in the region and has shown the strongest growth in the past three to four years, with 70 per cent of its population under 30. That suggests there will be a growth in savings [in the future,” he said.

“A large number of sophisticated investors in Saudi are sitting on cash and they will need to put it somewhere when the appetite for risk returns,” he added.

Mr Dorward plans to target insurance companies and offer advisory services to a range of institutional clients. The joint venture will also focus on global emerging market equities, domestic and eventually international real estate. Products will comply with sharia requirements, he said.

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Kuwaiti tribes turn parliament to own advantage

By Jamie Etheridge

Published: February 2 2009 16:57 | Last updated: February 2 2009 16:57

Their names read like a list of actors in local history: Adwani, Ajami, Awazim, bani Ghanim Dhafiri, Dusari, Anaizi and Shimmari. They are the tribes of the Arabian peninsula. Once nomads ranging from Yemen to Syria, today the tribes are mainly sedentary. In Kuwait, their dual identity, some claim, leads to dual loyalties that place them in opposition to democracy, national identity and the unity of the state.

In the only Arab democracy in the region, say critics, tribesmen increasingly vote for candidates who have been handpicked to represent the tribe.

“Tribes are no longer a social position. They are a political position,” argues Ebtahal Al-Ahmed, a Kuwaiti political activist and professor at Kuwait University. “They [the tribes] provide their own MPs – Ajami for the Ajami tribe, Mutairi for the Mutairi tribe.”

In parliamentary polls in May last year, tribal MPs made significant gains, winning 23 seats in the 50-seat national assembly. The gains came after constituency lines were redrawn in 2006. The hope was that a similar exercise in 2006 reducing from 25 to five electoral constituencies would help curb vote-buying and corruption. Instead, the number of liberals in parliament fell.

The strength of tribal MPs in parliament has also been helped by a primary system. Although outlawed, most tribes held primaries prior to the polls and rioted when tribal leaders were arrested for organising illicit by-elections. In November, several tribal MPs threatened to question the minister of interior over the arrests and the use of force by security forces to quell the riots.

As Kuwait wrestles with conflicting impulses – to develop economically and politically on one hand, or to cling to traditions on the other – the tribes are playing an increasingly vocal and powerful role in deciding the policy and future of Kuwait.

“The role of large tribes has increased dramatically in recent years,” explains Nathan Brown, professor of political science and international affairs at George Washington University. He says the government cultivated tribal groups to gain power in the parliament and weaken the urban merchant class, known as the hadhar. But over time, as they have grown in number, the tribes have become a political force.

Fostered by the government, the tribes have come to play an oppositional role. Rather than advancing government positions in parliament, they block legislation.

“The tribes themselves have grown far more sophisticated and demanding with regard to their political agendas,” says Prof Brown. “Tribal primaries have allowed tribal members to use their votes in a more united manner. The most recent election was a dramatic illustration of how much tribal ties dictated the voting in the outer districts. And no longer can tribal deputies be bought cheaply – they represent sizeable constituencies now and do not follow the government blindly.”

The consequence has been a weakening of the government’s ability to manage parliament. Tribal MPs do not cling to any political ideological blocs, making it difficult for the government to guarantee a majority on any particular piece of legislation.

The demands of the tribes are often material. “In Jahra [Kuwait’s third city and a tribal stronghold], we have only one bilingual school and one hospital. They try to isolate us,” says a member of the Mutairi tribe who works in parliament. “We want to be treated like them [the hadhar]. We want equal access to jobs, services, housing. We are Kuwaitis like everyone else. There is no difference.” With a greater force in parliament, the tribes’ marginalisation is a thing of the past.

The result has been a two-year tug-of-war between the parliament and government that has led to repeated cabinet reshuffles and resignations and two dissolutions of the National Assembly.

After the latest cabinet resignation last November, the country waited to see if Sheikh Sabah Al-Ahmed Al-Sabah, the amir, would again dissolve parliament. He did not. Instead, he accepted the resignation of Sheikh Nasser Al-Mohammad Al-Sabah, the prime minister, who is his nephew. He reappointed the premier and asked him to form a government. For his part, the prime minister has formed a cabinet but it consists largely of the same faces.

Dominated by tribal and Islamist MPs, the parliament had been in power for only six months. While the tribal element is not solely to blame for the troubled relationship between the executive and the legislative branches, many see the tribes’ rising power as adding to the squabbling.

The situation is starting to reach critical mass. The constant fighting has wearied the people of Kuwait. Many have begun to question the value of the democratic process.

“People no longer have faith in their country, nor in the institutional system or the government. If you have eight papers that need ministry approval, you find someone from your tribe or religious sect. You no longer believe in the system because it doesn’t work,” says Prof Ahmed.

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The art market: Middle East in the frame

By Georgina Adam

Published: January 31 2009 00:22 | Last updated: January 31 2009 00:22

Contemporary art from the Middle East is all over London at the moment. Last week Tate held a two-day symposium on the subject, bringing together curators, artists, academics and dealers in the field. The Saatchi Gallery opened its new show on Friday, featuring artists from Lebanon, Iran, Palestine, Iraq and Tunisia, among others [see Jackie Wullschlager’s review ]. In parallel, Phillips de Pury, which funds free public entry to the Saatchi Gallery and has a space on the top floor, is showing 21 modern Arab and Iranian paintings. Curated by the firm’s Middle East director, Lulu Al-Sabah, the show spans almost 100 years, from a 1911 river scene by the Iraqi Abdul Al Rassam to an energetic 1997 abstract by the Lebanese Hussein Madi. “The choice is my own taste,” says Al-Sabah, who lives between Kuwait and Dubai. Prices range from $22,000 to $180,000, and the show continues until May 6.

Still at Phillips, one of its advisory board members is the contemporary art collector Francesca von Habsburg, so it is only natural that she has chosen the firm to sell 30 works in its London sales on February 12 and 13. The proceeds go to Iceland – not to help with its debt, but to raise funds for contemporary art in the country. Reykjavík’s Living Art Museum is one beneficiary. “I like the way it nurtures artists, and its interdisciplinary approach, which reflects that of my own foundation TBA21,” says von Habsburg. Among the works being sold is Struth’s night scene of Oslo, “Drammen I, Drammen/Oslo” (2001), estimated at £40,000- £60,000; the whole group of works is estimated at between £533,000 and £766,000. A symposium on Icelandic artists on February 12 will be moderated by the ever-energetic über-curator Hans Ulrich Obrist.

Damien Hirst is known for not making his art himself, but now he promises an exhibition of 25 new, all-his-own-work, paintings. Some will be aired in the PinchukArtCentre in Kiev, from April to September, as part of a giant retrospective. Then the paintings will move on to the Wallace Collection in London in October. There they will be shown in richly ornamental surroundings, among Sèvres porcelain and Boulle furniture rather than spiky contemporary art. “I’ve chosen to show my new paintings [in the Wallace Collection] because I love the fact that it is a family collection ... I don’t feel that white walls and perfect minimal spaces are what these paintings are about. They are more about collecting and preciousness and fragility,” says Hirst. Of course, he is a savvy businessman as well. The two shows are non-commercial, but the second branch of his shop, Other Criteria, opened last week, conveniently just around the corner from the Wallace. The shops sell editions by Hirst and other artists, from £30 butterfly posters to £50,000 spin-painted plastic skulls.

Musical chairs in the art fair world. Lorenzo Rudolf, one of the founders of ShContemporary, the Shanghai fair, has resigned as director after the event’s Italian owners ignored his advice to cancel this year’s event. The fair is going ahead, September 10-13. Replacing him is the Beijing-based curator Colin Chinnery, previously deputy director at China’s first independent art space, the Ullens Center for Contemporary Art (UCCA) in Beijing. Chinnery was one of four senior staff who left UCCA, said insiders, because its owner/founder, the Belgian foodstuffs mogul Guy Ullens, wanted financial targets to be met earlier than initially planned. Meanwhile, Rudolf has been hired to spearhead international development at the French company that owns Art Paris-Abu Dhabi, the art fair held every November in the Emirate.

As part of Christie’s slim-down in New York, the firm is rolling a number of fields into one department, combining 19th-century European art, Old Master paintings and drawings and British drawings. The new department will be called Old Masters and 19th-Century Art, and will hold just three sales a year, the first in June and a Part I and Part II sale in January 2010. As for London, a similar consolidation is being considered as part of a restructuring process which, it is thought, could result in a quarter of the UK operation being let go.

Georgina Adam is editor-at-large of The Art Newspaper

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Downturn displays the flaws in Dubai’s legal system

By Simeon Kerr

Published: February 2 2009 16:54 | Last updated: February 2 2009 16:54

Dubai’s real estate expansion lifted many investors into a world of unimagined riches as prices vaulted into the stratosphere.

Now, as house values decelerate at an equally frightening speed, the buoyant mood has soured. Small-time investors may be returning keys, but the major speculators face defaults on a frightening scale.

Those who were turning round whole floors of buildings in a day have been caught holding overvalued assets. And when these people lose lots of money, they often call a lawyer.

Anecdotal suggests the rise in legal action in response to the downturn has already begun.

Lawyers tell of legal disputes over land sales and property developments rising as uncertain and ever-shifting real estate regulations finally come in for some rigorous testing.

Then there are the thousands of redundancies across the city: lawyers are reporting a rise in disputes as staff members are shed by cash-strapped companies.

Changes to the legal system have been demanded for decades.

Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai, has identified the justice system as deserving particular attention and has called for modernisation.

During the good years, the government could have ushered in root-and-branch reform of the commercial legal codes more easily than today, when tougher choices are likely to be harder because of the economic gloom.

But unless quick action is taken, change could come too late.

Investors are already lining up at police stations to launch complaints against developers and agents they claim have defrauded them out of properties that may not be built.

Property agents, meanwhile, are cashing cheques for second payments on apartments and villas and then launching criminal cases when cheques bounce.

Not honouring cheques, which are used as collateral, has long been a criminal offence in the UAE.

It has often been used as a means to jail business adversaries and creditors can be quick to use this option when trying to recover debts.

The lack of a civil option in resolving such disputes, as well as clear laws on redundancy and personal and corporate bankruptcy, could mean the slow courts system is further jammed this year.

And, with the real estate market still in freefall, the situation is likely to become worse.

It is not as if the police and other investigating departments have spare time on their hands.

Dozens of executives remain behind bars in a prison on the outskirts of Dubai, uncharged for up to a year, over alleged financial wrongdoing at state-backed companies such as Deyaar, the developer, and Dubai Islamic Bank.

In these cases, the authorities have strong evidence of their guilt but they seem unable or unwilling bring the cases to trial.

Insiders claim that overstretched investigating teams could have sought external expertise to help them through the complicated world of corporate fraud.

Other criminal cases have shed an unwanted light on the legal system. Women complain that husbands only have to present the flimsiest of evidence of adultery to seize custody of children.

The fraud cases and apparent gender inequality reflect badly on the country’s human rights record, a reputational issue that the federal government is at pains to address.

Questions over the rule of law reflect even more poorly on the emirate’s attractiveness to foreign investment.

Dubai won the role of regional business hub as it cut red tape and displayed tolerance to different cultures. That masterstroke has been helped by a relentless commitment to execution: building the region’s best infrastructure first.

The emirate’s drive to turn itself into a financial centre was founded on the understanding that it would revamp its regulatory system.

As officials chart ways of easing Dubai through the downturn, they are focusing on ensuring the city completes its national infrastructure – roads, airports and metros – so it can be the first to rebound when the good times come back.

Perhaps now is the time to give equal consideration the legal infrastructure.

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A little oasis of calm for currencies

By Steve Johnson

Published: February 1 2009 08:19 | Last updated: February 1 2009 08:19

In the depths of the mid-1970s recession, a swathe of US banks was left out of pocket when Herstatt Bank, a privately owned German operation, was put into liquidation by German regulators.

The Americans had handed over dollars to Herstatt earlier that day as one leg of routine foreign exchange transactions; they fully expected deutschemarks in return a matter of hours later.

The actions of the German regulators rudely interrupted this process. The deutschemarks were never handed over and the phrase “Herstatt risk” became synonymous with settlement risk in the FX community, giving the Cologne-based bank far greater notoriety in death than it ever achieved in life.

The later collapses of Bank of Credit and Commerce International in 1991 and Barings in 1995 led to similar losses, but despite the turmoil currently roiling the banking industry – and ever-rising turnover in the FX market, some $3,200bn (£2,268bn, €2,424bn) a day according to the Bank for International Settlements – there have been no reports of similar mishaps this time.

This oasis of financial competence is largely attributed to the activities of CLS Bank, established by a consortium of global financial institutions in 2002.

CLS, which now settles 55 per cent of all FX trades, operates a payment netting system that virtually eliminates settlement risk by, in effect, acting as a trusted third party between the counterparties.

FX settlement risk particularly worries central bankers because the sums involved are large enough to potentially create systemic risk in the global banking system. The success of CLS has been such that some industry figures believe the problems surrounding clearing and settlement in the FX world have now largely been solved, although others believe there is still work to do.

The BIS said last year that, while significant progress had been made in eliminating settlement risk through the development of CLS, it was still concerned about the 45 per cent of FX transactions settled elsewhere.

The concern is shared in the very highest corridors of power.

Tim Geithner, the new US Treasury secretary, said last year in his role as chairman of the BIS Committee on Payment and Settlement Systems: “The financial services industry has made significant progress in dealing with foreign exchange settlement risk.

“However, more can and should be done to tackle remaining exposures and to guard against the risk of reversing the progress that has already been achieved.”

Bill Boss, global head of FX and money market operations at UBS, one of the banks that jointly own CLS, argues that part of the solution may simply be to expand the range of services CLS provides.

He suggests CLS could offer same-day settlement of trades such as dollar/yen, which is problematic due to the time difference between the US and Japan, expanding its current roster of 17 currencies and endeavouring to sign up more members.

“Getting a lot of customers on CLS is a good thing. Getting the remaining currencies on is a good thing,” he says. “When a trade or a currency pair or counterparty are not on CLS, that is when the fun begins. The industry does not have many ways around it.”

Jonathan Wykes, head of Advanced Execution Services, FX sales in Europe at Credit Suisse, believes cost factors have stopped CLS from increasing its penetration further still, particularly at a time when many participants are having to slice trades up in order to execute at the best price.

“The number of [deal] tickets is rising as people split their trades. It’s a very fragmented market, maybe you can do €10m at the best offer price, so do €10m times 10 venues. And with higher volatility, some market makers are in the market in smaller sizes. Liquidity has thinned out and spreads have widened.”

Greater take-up of bulking and netting arrangements before feeding trades into CLS could reduce charges, Mr Wykes argues, but this practice is currently frowned upon.

“A lot of people want to put their trades through CLS because it reduces their settlement risk and ultimately some of their credit risk as well, but the clients want to reduce the total cost of trading,” he says.

Most of AES’ trades do go through CLS but some go elsewhere, typically with a credit support annex or similar arrangement in place to reduce settlement risk.

Other operators may help fill gaps in the industry. LCH.Clearnet, Europe’s largest independent clearer, is working on a plan to start clearing FX trades.

Roger Liddell, chief executive, told the FT in October: “A lot of the risk is taken out by CLS but there are firms that are looking again at FX to see whether it makes sense to have a clearing offering as well. I think it’s distinctly possible that FX will have clearing arrangements.”

Icap, the inter-dealer broker, also has plans to expand into over-the-counter post- trade services, potentially including FX. Both Icap and LCH.Clearnet declined to comment for this article.

Mr Boss offered a qualified welcome to the putative newcomers, saying: “There is potential for other vendors to get involved and sell their wares.

“We are hugely supportive of CLS but there is always room for a smaller, more nimble vendor to be involved.”

However, he warned the fragmentation of settlement and clearing activities could reduce efficiency. “CLS is all about multilateral netting, which is more efficient. When you start eroding that and putting trades here and there it erodes a little bit of value,” he warns.

“But it’s always good from a competition viewpoint to have other operators.”

In the interim, UBS has looked at the potential of establishing an escrow service to act as a trusted third party for its clients, says Mr Boss, although this initiative has been held back by issues around secrecy, fees and the legal structure, as well as technical details.

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Siemens chief to discuss nuclear project with Putin

By Daniel Schäfer in Frankfurt, Catherine Belton in Moscow and Daniel Dombey in Washington

Published: February 3 2009 11:24 | Last updated: February 3 2009 11:24

Siemens is sounding out a possible venture with Russia’s Atomenergoprom in a politically delicate move to tap the fast growing market for nuclear power plants.

Peter Löscher, Siemens’ chief executive, was set to signal his interest to cooperate with the Russian state-owned company later on Tuesday in a meeting with Vladimir Putin, Russia’s prime minister, people close to the situation said.

The move came after Siemens’ supervisory board decided last week to sell its 34 per cent stake, worth more than €2bn, in its nuclear joint venture with France’s Areva. Siemens had grown increasingly frustrated about a partnership that gave it insufficient say in the company’s strategic development. Mr Löscher hinted last week that Atomenergoprom could be “one of several possible partners” to replace the joint venture with Areva.

German and Russian industry insiders cautioned that contacts between the companies were at an early stage and the two sides were not expected to sign any agreements soon.

Rosatom, the nuclear state agency that owns Atomenergoprom, said Sergei Kiriyenko, its chief executive, would be present at the meeting with Mr Putin.

Siemens’ interest in the Russian market is politically delicate but rumours about opposition from the German government seem to be unfounded. People close to the situation have said that Angela Merkel, the German chancellor, is supportive of a possible deal.

Siemens, which aims to become a full-range supplier for nuclear power plants, is already supplying equipment to Rosatom. It signed several contracts with the Russian agency in recent years to provide systems to reactors in Bulgaria and Slovakia. Rosatom is also using Siemens’ equipment in Russian reactors.

The market for nuclear power plants is projected to be growing fast, with 400 new plants, worth a total of €1,000bn, expected to be built by 2020 worldwide.

In Russia alone, Mr Putin has backed plans to build 26 new nuclear power plants in the next 12 years.

Closer Russian-German nuclear cooperation is likely to bolster the view that US companies are losing out on lucrative business in the sector.

Last year, the Bush administration and Moscow made a civil nuclear agreement that could have paved the way to business deals worth billions of dollars. But in the wake of the Russian-Georgian war, the Bush administration withdrew the agreement from Congress in September and put it on hold.

A state department official told the FT the Obama administration was looking to forge a new relationship with Moscow, which is keen for the nuclear agreement to be pushed through. But he added that no decision had yet been reached on whether to re-submit the agreement to Congress for approval.

Siemens’ idea of joining forces with Atomenergoprom underlines how Russia’s importance for German companies has remained unabated, even amid the drastic economic downturn in the country.

Around 4,600 German companies have operations in Russia, according to the Committee on Eastern European Economic Relations, a German business initiative.

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Treasury rethink hits defence budget

By Sylvia Pfeifer and Alex Barker

Published: February 2 2009 23:38 | Last updated: February 2 2009 23:38

Britain’s deepening financial crisis has prompted the Treasury to pull back from funding any unexpected costs from fighting in Iraq and Afghanistan, putting further pressure on the core defence equipment budget.

Gordon Brown, as chancellor, set up the Treasury reserve to pay for any equipment urgently needed for operations and half of any unforeseen costs. But Treasury officials have recently told the Ministry of Defence to cover the entire cost of any overruns itself.

The Treasury sees the move as increasing the incentive for the MoD accurately to estimate the costs of operations. But it was attacked as a cost-cutting measure that would put further pressure on the strained military budget and have a negative impact on troops in the field.

The rule change was mentioned in passing in a Commons statement by John Hutton, defence secretary, in December but has only now been highlighted in a response by Mr Hutton to an inquiry by the Conservatives.

The department agreed a budget of £635m for urgent operational requirements (UOR) in the financial year 2009-10 which would be met by the Treasury’s reserve. However, any expenditure over and above that would be met “initially by the reserve, but repaid by the defence budget after two years”, Mr Hutton said.

The government has already come under fire for not spending enough on defence at a time when the country is fighting in two conflicts.

On Monday night, Liam Fox, shadow defence secretary, called on the MoD to explain why there had been a change to the rules.

“This is the result of a heavy reliance on the UOR process as an ersatz procurement programme. At this rate it is anybody’s guess on how bad the finances of the department will be in the years ahead. The unfunded liability for the department could total hundreds of millions of pounds. This deal with the Treasury makes very little long-term financial sense.”

Defence analysts said the move was a further sign of much tighter government budgets that had been strained by the recent bail-outs for banks.

“We have absolutely no money. The Treasury has too little funding and it’s a very tight equipment round for the coming financial year,” said Paul Beaver, of Beaver Westminster. “We continue to spend money even though we are moving out of Iraq. There is still a lot that needs to be done if we are going to do our job properly.”

The MoD said the change was “a reflection of the tighter financial times”. “Governments need to be able to plan properly. Every department has a responsibility to spend within the limits it sets for itself.”

The department has identified support for current operations as its main priority and everything from armoured vehicles to unmanned aerial vehicles have been pushed through under the urgent operational requirement scheme.

These requests have helped to improve protection for the forces in Afghanistan, which were poorly equipped when they arrived in 2006. The government underestimated the challenge troops would face, sending them in woefully underprepared, say defence specialists.

Last March, the MoD said it had processed 950 UORs since 2001, with a combined value of more than £3bn.

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Portsmouth sees energy plant proposal as a time of waste

Almost 900 years after its dockyards opened for the building and servicing of Britain's warships, Portsmouth's historic naval base on the south coast is going green. The base, which will be the home of the Royal Navy's two new aircraft carriers, plans to build a waste-to-energy plant to help cut its energy bills and meet the ships' electricity needs onshore once they come into service.

The Ministry of Defence has asked a handful of waste specialist and support services companies to bid for a contract to build a commercial waste-to-energy plant. With fuel bills expected to keep rising, despite recent falls in commodity prices, the plant would help the base cut its electricity bills.

Under the proposal, the new plant would provide a minimum of 12 megavolt amperes (MVA) directly to the base. The base is limited to a 30MVA demand on the National Grid, with a further 10MVA reserve. However, the peak load once the new carriers are in service is forecast to be as high as 48MVA. The two ships, HMS Queen Elizabeth and HMS Prince of Wales, will be the biggest and most powerful warships built for the navy. Each will be at least twice the size of the Invincible-class carriers currently in service and, once in port, each will require a sizeable chunk of electricity from the grid. The new plant would help the base meet that increased demand.

VT Group is tipped by defence industry sources as the frontrunner to win the contract.

A decision is expected later this month.

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Met Office warns icy blast could last a week

By Kiran Stacey, Robert Wright and David Turner

Published: February 2 2009 09:09 | Last updated: February 3 2009 13:26

Snow was falling on northern parts of Britain on Tuesday after the heaviest snowfalls in 18 years, concentrated on the south-east, kept an estimated 20 per cent of the workforce at home on Monday and cost an estimated £1bn in lost productivity.

Forecasters were expecting areas of Scotland, Wales and northern England to suffer most on Tuesday although road conditions in areas hit on Monday remained dangerous as snow turned to ice overnight. The Met Office warned that snow could keep falling until next Monday.

Disruption to businesses and school closures remained widespread on Tuesday although public transport was operating closer to normal in London after a day of chaos in which all bus services were suspended. Buses were running again and problems were reported on four Underground lines as opposed to eight on Monday.

Network Rail, which owns and runs Britain’s rail infrastructure, said all major routes were open with the exception of Kent where some routes remained closed. A spokesman said: ”We are in recovery mode now. There was a much better service this morning than yesterday, and it should be easier still to get home tonight.” Network Rail also said overnight snowfall had not been as heavy as some forecasts suggested.

Nonetheless, it advised travellers to check National Rail enquiries ‘ service, which for its part said journeys on many routes remained subject to severe delays and alterations.

At Heathrow airport, scores of flights suffered delays after the major international hub was confined to the use of one runway on Monday. But BAA said that most of the snow had been cleared by Tuesday morning enabling Heathrow, Gatwick and Stanstead airports to resume a “ vastly improved” service.

BAA said both runways at Heathrow were open, although out of a daily total of around 1,300 flights, 26 arrivals and 19 departures had been cancelled on Tuesday, compared with a total of 868 on Monday.

Gatwick remained open and airlines were planning to operate a near full service on Tuesday. Airlines were planning to operate a full service at Stansted, with no cancellations planned.

Once more thousands of schools looked set to be closed on Tuesday because of the weather after the closure of schools on Monday forced many people to stay off work to look after their children. All schools in Birmingham and Solihull, Surrey, Bradford the Scottish Borders were closed. On Monday, the bulk of Birmingham schools had opened.

In Kensington and Chelsea in the heart of London, the council said five out of its 34 schools were definitely shut, and the status of the rest was not yet clear. The City of London School for Girls, a leading private school within the Square Mile, said it had reopened after shutting on Monday. The nearby City of London School, which is for boys, said however it would remain shut.

The local council in Westminster told parents “to assume most Westminster schools will be closed today as the weather continues to hamper safe travel for pupils and teachers”.

Many businesses in London and the southeast were forced to operate on a limited basis on Monday, with almost half of business in the capital operating at only 50 per cent capacity, according to a survey by the London Chamber of Commerce and Industry.

The Federation of Small Businesses was warning that an extended cold snap could prolong the recession.

“If this goes on for a few days or even a week that could sink into the recession and make it longer than it would have been. This has knocked back the spring feel good factor, which we hoped would kick start the economy,” said Stephen Alambritis from the FSB.

Many businesses complained that local authorities for being poorly prepared. “You have to ask why other countries can cope with these sort of conditions but we can’t,” said Mr Alambritis.

City traders gained a rare respite from the turbulence of the past few months. One managing director of a UK broker complained that a third of his staff were “at home with their kids riding toboggans”. One contractor at Barclays said: “The atmosphere around Canary Wharf was really good – people were pleased to have something other than the credit crunch to talk about.”

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High yen takes wind out of tourist boom

By Mure Dickie and Jonathan Soble in Tokyo

Published: January 29 2009 02:00 | Last updated: January 29 2009 02:00

With the yen hitting highs not seen since a notorious 1995 international accord to drive down the value of the Japanese currency, Asia World Travel has laid off half its guides as the flow of foreign visitors to the western port city of Fukuoka slows to a trickle.

Takao Nagashima, the head of the tour guide agency and a former cargo ship captain, says the high yen is "the only problem" keeping customers away. His four guides previously shepherded South Koreans on tours of temples, shopping centres and the famed hot springs of nearby Beppu city. But Asiana Airlines, the South Korean carrier, says the number of Korean passengers on its Seoul-Fukuoka route plunged 80 per cent year-on-year in December.

The downturn is bad news for Japanese policymakers, who have made promoting inbound tourism a "pillar" of national policy and are targeting an annual 10m international visitors by 2010. They are now having to wrestle with a yen worth as much as Y87 to the dollar.

Foreign visitors are particularly important to Fukuoka, which wants to expand its role as an international gateway to help offset the economic impact of an expected decline in the population of the region.

There are hopes for a growth in visitors from China, with Fukuoka recently becoming a port of call for Chinese cruise ships, says Taiji Mineta, director of tourism policy for the municipal government.

In spite of the sudden dearth of South Korean tourists, Fukuoka should forge ahead with efforts to tighten ties with the Korean port city of Busan, less than three hours away by high-speed ferry. Tourism is not just about immediate economic advantage, he says

"Although it is very painful for people on this side when the number of visitors falls, our concept goes beyond that," he says. "Since the won is cheap, why not go to South Korea?"

Many Japanese need little such encouragement. JTB, the country's biggest travel agency, says twice as many customers have been taking package holidays to Seoul, Busan and other South Korean cities in January than a year earlier. Bookings for February are up by almost 150 per cent.

Japanese newspapers are full of advertisements for cut-rate deals, promising return fights to Seoul with two nights' hotel stay for as little as Y23,000 ($257, €194, £180).

Unlike past bouts of yen strength, however, the upswing in Japanese tourist numbers has been limited to nearby countries that can be visited quickly and cheaply. While a supercharged currency makes foreign travel look cheap, consumers are cautious in the face of economic recession.

The farthest-flung destinations have had the steepest declines in bookings. Package tours to Canada, for instance, were down a quarter over the end of year period even though the yen strengthened more than half against the Canadian dollar last year, JTB data showed.

Narita airport, Japan's main international gateway, served 8 per cent fewer travellers during the holiday rush from December 19 to January 5, the sharpest drop since the aftermath of the 2001 terrorist attacks in the US.

Japan Airlines and All Nippon Airways, the country's two main carriers, have reported declines in both tourist and business travel.

"People are thinking about the economic situation rather than the strong yen," says All Nippon Airways.

Mr Nagashima is wistful about the boom now ended. "[In 2007] profits were unbelievable," he says.

South Koreans enjoyinga strong currency, visa-free access and new leisure time from the introduction of the five-day working week had flocked to Fukuoka. Overall, more than 8.3m tourists visited Japan in 2007, up from just 5.2m five years earlier.

But that was before global financial turmoil sent the yen soaring against other nations' currencies, especially the crisis-shaken Korean won. "All we can do is endure and wait for spring," says Mr Nagashima.

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Petrobras in talks over $174bn development

By Carola Hoyos in London

Published: February 2 2009 17:50 | Last updated: February 2 2009 22:51

Petrobras, Brazil’s national oil company, is in direct talks with governments including Washington and Beijing to help finance the $174bn development of its huge reserves.

The partially traded group recently discovered the biggest oil fields in Latin America in the past 30 years and industry leaders, such as Tony Hayward, BP’s chief executive, believe the waters off Brazil’s south-eastern coast hold oil reserves as big and important as those discovered in the North Sea in the 1970s.

José Sergio Gabrielli de Azevedo, Petrobras’s president and chief executive, told the Financial Times that Petrobras had secured almost all of its financing for this year and over the five-year period could finance $120bn from its own cash flow.

But that still leaves the company with a large financial hole it will need to plug to realise its goal of increasing current oil and gas production of 2.2m barrels a day to 3.3m b/d by 2013 and to 5.7m barrels a day by 2020.

“It’s going to be tough, it’s going to be challenging, but it is not impossible.” he said. “We have had several talks with different countries, not only China, even the US. We think this is going to be an important source of financing for us.”

The UAE is also thought to have shown interest.

In the US, Mr Gabrielli said Petrobras had held conversations with Export-Import Bank and Overseas Private Investment Corporation, which he said wanted to improve the presence of US companies in Brazil. But he said his conversations in Washington were hampered by the fact there was not one central institution.

He said that, in return for help financing the project, Petrobras would guarantee future oil and oil products.

“In relation to the US, today we are already a net exporter of petroleum products. This is going to increase,” Mr Gabrielli said.

Analysts and other oil company executives agree that securing financing would be one of Petrobras’s two biggest hurdles, considering the credit crisis and the fall in oil prices of more than $100 a barrel in six months. The second hurdle is expected to be the technical challenge of extracting oil trapped under thick layers of salt, far below the ocean’s surface.

An executive from a competing oil company with operations in Latin America and the North Sea said: “They have found a North Sea. It took 15 big companies more than a decade to develop that.”

But Mr Gabrielli said he believed companies that had not helped find the pre-salt fields would be left out.

“Brazil’s regulatory system rewards the companies that took exploration risk.” He noted that these included: BG of the UK, Galp of Portugal, Repsol of Spain, ExxonMobil and Amerada Hess of the US, and Anglo-Dutch Royal Dutch Shell. “The ones who didn’t take it [the risk] are not going to be rewarded,” he said.

Presenting its business plan for 2009-2013 last week, Petrobras insisted it would push ahead with plans not only to develop its newly discovered fields, but to build three oil refineries, Brazil’s first new refineries for almost 30 years. Mr Gabrielli said Petrobras was unique among big oil companies in having big new fields to develop and a big domestic market.

But its plans also involve expanding export sales of value-added refined products rather than crude oil. “To capture [our advantages] we need to build capacity now,” Mr Gabrielli said. “If we don’t build it now we will miss our chance.”

Almir Barbosa, financial director, said Petrobras still needed to raise about $8bn to meet investment targets of $28bn this year and $35bn in 2010. He said the company was striving to reduce its financing needs by a cost-cutting programme, involving renegotiations of all projects, especially those still in their early stages.

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New York’s singles resort to creative romance

By Julie MacIntosh in New York

Published: February 3 2009 00:54 | Last updated: February 3 2009 00:54

Paying your date’s bar tab with a coupon is not generally seen as the best way to impress. But as New York’s singles’ crowd comes to grips with the recession, it is starting to see such potentially embarrassing options as a better alternative to going broke.

Carnage on Wall Street has led to tens of thousands of redundancies in New York, many of them focused squarely on the city’s striving young and middle-aged single classes.

But that does not mean finding love is not a priority. The dating business is booming, according to Christie Nightingale, owner of dating service Premier Match, who just enjoyed the best fourth quarter in her nine years in the business.

“When they’re getting clobbered at work and are on the verge of being fired, it plays on the psyche and gets people thinking about relationships,” she said.

Searching for a soulmate can be expensive, however, and people who normally rely on their bank accounts as wooing weapons are feeling impotent.

Not everyone is eschewing foie gras in favour of liverwurst. Some single New Yorkers with jobs are still throwing financial caution to the wind.

But many singles are finding creative ways to spend less money without ruining the image they’re trying to project.

Ms Nightingale has advised clients – who pay up to $15,000 (€11,643, £10,500) a year – to meet dates during happy hours, in hotel lobbies that offer live jazz, or at bars where women drink for free. She even counsels clients to use coupons to get discounts at restaurants: “I tell the guys to slip it in behind the credit card, and pay without the date knowing,” she said. “None of the guys have gotten caught yet, as far as I’ve heard.”

Rather than dropping cash on expensive wines or ornate floral arrangements, those looking to impress are racking their brains for sentimental and inventive ideas.

Luis Collazo, owner of Lotus Flowers, said his clients continue to shell out for high-quality blooms, but they’re buying just a few at a time.

To account for their more modest outlays, Mr Collazo’s clients are putting pen to paper and drafting heartfelt notes to accompany bouquets, even requesting advice on what to write.

“Men are still buying flowers, but they’re not being as frivolous as they used to be,” Mr Collazo said. “They’re making up for it by going the extra mile to add a deeper meaning, making it more thoughtful.”

Divorce rates often tick higher at the first sign of an economic slump, as “mice scramble to get off the ship”, according to Raoul Felder, a well-known divorce lawyer. But New York has worsened past that point.

Mr Felder says the city’s divorce rate is down 25 per cent from early 2008, as unhappy spouses opt to wait out the crisis rather than be forced to divide up relatively meagre spoils.

“They may have changed the rules in the middle of the game, but there’s no other game to play,” he said. “So they’re stuck.”

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譲渡後も許認可継続　中小企業の優良事業、円滑な再生を支援

　政府は一般企業に公的資金を活用して資本注入する産業活力再生特別措置法（産業再生法）改正案を3日に閣議決定し、今国会に提出する。改正法案には、過剰債務の中小企業が将来性のある事業部門を営業譲渡する際に営業上の許認可を継続できる新制度も盛り込む。雇用や取引先の維持を条件に許認可継続を認める。将来性の高い事業を存続させることで、中小企業の円滑な再生を促す。

　新制度の対象となる中小企業は、製造業では資本金3億円以下、従業員300人以下の企業。有利子負債をキャッシュフローで割った比率が20を超える過剰債務に陥った中小企業が将来性のある事業部門を事業譲渡や会社分割で別法人に譲渡する場合、別法人が営業に必要な許認可を継続できる。収益力の高い事業を存続させ、不採算事業を清算する「選択と集中」を進めるのが狙いだ。(07:00)

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コメ価格、調整見直しを提案へ　諮問会議民間議員

　政府の経済財政諮問会議の民間議員は3日の会合で、農政改革を提言する。小規模農家の温存につながるコメの価格調整を見直すよう提案。コメの価格が下がって所得が減る農家には、別に支援策を講ずるよう求める。石破茂農相も同日の会合で、米粉や飼料になるコメの生産への支援を強化する方針を表明する。穀物生産を増やし、食料自給率の向上を目指す。

　民間議員は「総合的な穀物政策の構築」や「農業経営体の支援」などを訴える。穀物政策では水田を有効に使うべきだと指摘。余ったコメを政府が買い上げて価格を維持する仕組みなどをやめ、価格と農家収入の支援は切り離した政策を取るべきだとする。ただ、生産調整（減反）を巡っては検討項目に「生産調整のあり方」と記述するにとどめた。(07:00)

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アフリカの南部と西部結ぶ定期航路、川崎汽船が再開

　川崎汽船は3日、アフリカの南部と西部を結ぶ定期コンテナサービスを4月上旬に始めると発表した。アフリカに対する輸送需要の高まりに応え、2002年にいったん休止していたサービスを再開させた。1000ＴＥＵ（ＴＥＵは20フィートコンテナ換算個数）のコンテナ船4隻を、週に1便のペースで単独運行する。

　川崎汽船では上海からインド洋を通ってケープタウンに着く航路を既に運行しており、ケープタウンで積み荷を移して西アフリカへ運ぶことを想定しているという。寄港地はケープタウンのほか、ガーナのテマ、ナイジェリアのラゴス、ベナンのコトノウ。(18:01)

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丸紅、東南アジア事業で統括会社を設立

　【シンガポール＝野間潔】丸紅は東南アジア事業を強化する。4月1日付で同地域の事業を対象にする統括会社を設立し、投資など域内での事業開発を機動的に実施できるようにする。東南アジア事業は2009年3月期の純利益の約10％を占めるが、3年後に15％、将来は20％程度に高める。域内で原油・ガスの開発権益の取得も目指す。

　シンガポールを訪問した朝田照男社長が2日、明らかにした。東南アジアの統括会社はシンガポールに設置。タイ、インドネシア、フィリピンなど域内の現地法人を傘下に置く。約100人体制になる予定。新会社は投資や収益などの目標で責任を負う。域内の資産を将来、3割程度拡大することを目指す。(07: 00)

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103歳男性に年金500万円支給遅れ

　大阪府在住の103歳の男性が年金記録漏れを見つけ、昨年4月に年金相談センターで記録訂正を請求したのに、依然として年金の増額分が支払われていないことが3日、明らかになった。民主党議員が同日の同党会合で明らかにした。

　未支給分は約500万円に上るという。100歳を超える高齢者への対応として遅すぎる、との批判がでそうだ。

　男性は昨年4月に受け取った「ねんきん特別便」で、自身の記録に1年8カ月分の漏れがあるのを発見。埼玉県に住む息子が東京都内の年金相談センターで記録訂正を請求したところ、対応した職員が「過去5年の未支給分は6カ月前後で支払う」と説明した。10月になっても支払われず、再度問い合わせると「請求から1年前後かかる」と言われたという。(17:01)

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損賠訴訟：「過労でうつ自殺」認定　農協に１億円賠償命令－－北海道・釧路地裁支部

　北海道の音更（おとふけ）町農業協同組合の元男性係長（当時３３歳）が自殺したのは過労によるうつ病が原因として、妻（３５）と長女（４）が同農協に計約１億４０５８万円の損害賠償を求めた訴訟の判決が２日、釧路地裁帯広支部であった。

　岡山忠広裁判長は「男性の業務量を軽減するなどの措置を怠ったのは安全配慮義務に違反する」と原告の主張を認め、同農協に計約１億３９８万円の支払いを命じた。

　判決によると、男性は同農協青果課で農産物の販売業務を担当していた０４年６月以降、前任の係長の入院や準職員２人の交通事故で業務量が増加。繁忙期の同年８月には残業時間が９０時間にも上り、うつ病の症状が出始めた。係長に昇格後の０５年５月１４日、上司から３時間にわたる叱責（しっせき）を受け、翌日に自殺した。

　判決後、妻は「農協があのような働かせ方をしていなければ主人は亡くならなかった。今後は（過労に対する）態勢を整えてもらいたい」と話した。

　同農協は「今の段階ではコメントできない。今後のことは弁護士と相談していきたい」としている。

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グーグル：「ストリートビュー」ナンバーや表札丸見え

　日本では札幌、仙台、東京、横浜、京都、大阪など１２都市を対象にストリートビュー（グーグル社運営）のサービスが提供されている。不動産業者が物件紹介に活用する動きが広まる一方、住宅や人の姿が映っているため、プライバシー保護の点から改善やサービスの中止などを求める声が相次いでいる。

　グ社によると、画像は公道から撮影し、被写体の地域・個人への告知はしていない。人の顔には自動的にぼかしを入れる技術を導入しているという。しかし、撮影位置が人の目線より高いうえ日本では公道に接した住宅が多いため、車のナンバーや表札が読めたり、民家の塀の内側まで見える画像もある。

　大阪府茨木市の中村信彦市議によると、インターネットの匿名掲示板に同和地区の家などを撮影したストリートビューの画像を張り付け、中傷する言葉が書き込まれたこともあった。中村市議は「いったんインターネット上に流れてしまった画像は、なかなか削除しきれない」と懸念する。

　自治体の間では規制を求める動きが広がり、東京都杉並区は昨年２度にわたりグ社にプライバシー配慮などを申し入れた。毎日新聞の調べでは、東京都町田市議会や大阪府茨木市議会など９地方議会が国などに規制を求める意見書を採択した。

　グ社は自社のサイトと電話で画像の削除要請を受け付けている。しかしパソコンなどを持たず、こうした情報が出回っていることすら知らない住民への対応としては不十分との指摘がある。杉並区は昨年１１月、ストリートビューを知らない住民でも削除要請ができるよう、区の広報誌にグ社の電話番号を記載した。

　国会でも昨年１１月の衆院総務委員会で、鳩山邦夫総務相が「塀の中が見えるというのはプライバシーの侵害に近い」と発言。同１２月２２日に政府の犯罪対策閣僚会議が決定した行動計画も「問題点がある場合は、対策について検討する」と言及しており、政府レベルで規制の動きが本格化する可能性もある。

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スズメ：国内生息数、半世紀前の１割に　全国調査で判明
仲良く柿の実をついばむスズメ＝横浜市港北区で、岩下幸一郎撮影
仲良く柿の実をついばむスズメ＝横浜市港北区で、岩下幸一郎撮影

　国内のスズメの生息数が１８００万羽にとどまることが、立教大理学部の三上修・特別研究員の調査で分かった。餌場の田畑と、巣を作る木造家屋の減少などにより、最近２０年足らずで最大８０％、半世紀前との比較では９０％も減少したとみられる。スズメの生息数を全国レベルで推計した調査は初めて。

　調査は０８年５、６月に実施。気候の偏りなどを考慮して秋田、埼玉、熊本の３県を調査地に選び、住宅地▽農村▽森林－－など五つの生息環境について巣の平均密度を算出。国土交通省が持つ建物用地や森林などの面積データとの比率を基に、巣は全国に約９００万個あり、個体数はつがいで約１８００万羽と推定した。

　減少率は農作物の被害面積や、有害鳥獣駆除数の推移などから推定。個体数は９０年以降８０～５０％程度減り、６０年ごろとの比較では１０分の１になった可能性もあると結論付けた。

　三上特別研究員は「まだ保全の緊急性が高いとは言えないが、個体数の変化をモニタリングし、減少の原因を突き止める必要がある」と話している。

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ピーナツバター入りシリアル食品回収指示　米の食中毒で

2009年2月3日22時4分

　米国で多発している食中毒の発生源とされるピーナツバターを使ったシリアル食品が国内で流通していたとして、厚生労働省は３日、東京都新宿区の食品輸入会社に対し、販売中止と自主回収を指示した。国内での流通が確認されたのは、同社が扱っていたポップコーンに次いで２例目。

　厚労省によると、製品は棒状に固めたシリアル食品の「グラノーラ・バー」（カシ　セールズＬＬＣ社製）。０７年１０月～０８年８月に計３回、１９０ケース（約２８７０キロ）が輸入されていた。

　詳しい流通先は不明だが、卸会社やスーパーなどに出荷されたという。

　米国ではこの製品による食中毒の報告はないという。

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LUKOIL to cut off this year’s investment program by 25-30% – Alekperov

02.02.2009, 23.45





MOSCOW, February 2 (Itar-Tass) -- Russia’s biggest oil producing LUKOIL company will reduce its investments by 25 to 30 percent in 2009 as compared to 2008, LUKOIL President Vagit Alekperov said on Monday.

In his words, the investment indicators are being specified, but they will amount to about eight billion U.S. dollars in general, the Prime Tass economic news agency said.

This amount will allow the company to maintain its oil production at the level of 1.5-1.8 percent, Prime Tass quoted Alekperov as saying.

LUKOIL’s overall foreign investments will amount to 1.5 billion U.S. dollars this year, he said.

“We promptly respond to oil prices and to changes in the rouble exchange rate, which helps us improve our economic position,” the head of the oil company said.

“The dialogue with the government, which seems to hear us and is changing the tax bases for companies, allows us to acquire additional resources for investments,” Alekperov said.

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Aeroflot plans to obtain 24 new planes in 2009

02.02.2009, 17.45





MOSCOW, February 2 (Itar-Tass) - Russian Airlines - Aeroflot plans to renovate its aircraft fleet this year, the air carrier’s director-general, Valery Okulov, told the Vesti news channel on Monday.

“We have a very big program for obtaining 24 new planes. Of them eighteen planes are new ones of the Airbus family – A-319, A-320 and A-321 and six long-range planes A-330,” he said.

Okulov stressed that at present, Aeroflot “has the youngest fleet in Europe.” “While receiving the new fleet, we are taking out of service our old planes,” he said.

“Tu-154 is a good and reliable plane, it served good for the company. Our heads are off to it and we have to say ‘thank you’ and a proper farewell,” he said.

Okulov noted that the supplies of a Superjet airliner are planned “for the end of the year.”

“The plane has the potential and prospects for becoming competitive on the world market and I hope that it will be successfully sold not only to Russian companies, but also to international ones,” he said.

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宗教法人６割課税漏れ　近畿の９２５法人、国税局
2009.2.3 13:18
このニュースのトピックス：宗教

　大阪国税局が税務調査した近畿２府４県にある１４７６の宗教法人のうち、６割以上の９２５法人で平成２０年６月までの３年間に源泉所得税の課税漏れがあり、計約７億８８００万円を追徴課税されていたことが３日、分かった。

　課税漏れのうち２１２法人は重加算税の対象となる不正が見つかったという。

　関係者によると、税務調査は京都や大阪の寺院などで行われた。法人が所有する不動産を売却して得た代金を個人で使ったり、僧侶が法要で受け取った謝礼金を私的に支出したりするなどのケースがあった。

　これらの金銭的なやりとりについて、大阪国税局は法人収入に当たると判断し、個人使用分は法人から個人への給与に当たると認定したとみられる。

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元若麒麟の逮捕現場事務所　役員、コカイン所持か

2009年2月3日 夕刊

　大相撲元若麒麟の鈴川真一容疑者（２５）の大麻所持事件で、鈴川容疑者の逮捕現場となった音楽関連会社「Ｄ．ＯＦＦＩＣＥ」（東京都港区六本木四）の男性役員（３０）から、神奈川県警が、コカインとみられる粉末の任意提出を受けていたことが分かった。調べに対し、役員は粉末について「一カ月以上前に自分で吸ったコカインの残り」と供述しており、県警は麻薬取締法違反容疑で捜査している。

　県警によると、役員は先月三十日昼ごろ、県警が大麻取締法違反容疑で家宅捜索していた同社事務所に出社。役員のかばんの中から四つ折りの紙に包まれた粉末が見つかった。微量のためその場で鑑定ができず、県警科学捜査研究所が粉末と役員の尿の鑑定を進めている。

　同社社員の屋宮達樹容疑者（２１）も、別の大麻密売事件で逮捕されており、県警は同社関係者が薬物を日常的に使用していた可能性もあるとみて、事務所に出入りしていた鈴川容疑者との接点を調べている。

　登記簿などによると、同社は二〇〇七年十二月設立。ヒップホップ音楽を扱い、東京・渋谷でＣＤ販売店を経営しているほか、役員や社員らがテレビのバラエティー番組にも出演している。

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社員が「コカイン」提出…元力士の逮捕、捜索現場で

　大相撲元十両の若麒麟容疑者（２５）の大麻所持容疑事件で、神奈川県警が東京・六本木の音楽ＣＤ販売会社の事務所で同容疑者を逮捕、家宅捜索した際、事務所に入ってきた同社の３０代の社員の男が、コカインとみられる微量の粉末を所持していたことが３日、分かった。

　社員は粉末をコカインと認め「１カ月以上前に吸った残り」と説明、尿とともに捜査員に任意提出した。県警が鑑定を実施、麻薬取締法違反（所持、使用）容疑で調べている。

　県警によると、社員の男は１月３０日昼、家宅捜索中の事務所に入室。所持品から、四つ折りの紙に包まれた微量の白い粉末が見つかった。

　登記簿などによると、同社は「Ｄ．ＯＦＦＩＣＥ」で、設立は２００７年１２月。主にヒップホップ音楽ＣＤをネットや東京・渋谷の店で販売している。

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相撲協会、文科相の見方を否定 処分報告の予定もなし

　大麻所持容疑で逮捕された元若麒麟への解雇処分が「軽過ぎる」と塩谷立文部科学相から批判された日本相撲協会は３日、ナンバー２にあたる伊勢ノ海事業部長（元関脇藤ノ川）が処分の正当性を強調し、再検討の可能性があるとの塩谷氏の見方を否定した。武蔵川理事長（元横綱三重ノ海）が処分の報告のため文科省に出向く予定も今のところはないと説明した。

　この日、武蔵川理事長は体調不良で不在。協会関係者によると、協会には３日までに「処分が甘い」などとする抗議の電話が殺到した。

　塩谷文科相は処分について、３日の記者会見で「協会全体の（上部）機関で再検討される可能性はあると思う」と述べ、一層の協会改革も求めた。しかし、伊勢ノ海事業部長は「解雇は理事会の全会一致で決めたこと。決して軽い処分ではない」と繰り返した。

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伊勢ノ海委員長「解雇軽くない」　若麒麟処分批判に反論

2009年2月3日18時58分

　大麻取締法違反容疑で逮捕された大相撲の元十両若麒麟真一容疑者（２５）の解雇処分を塩谷文部科学相が「軽すぎる」と批判したことに対し、日本相撲協会生活指導部特別委員会の伊勢ノ海委員長（元関脇藤ノ川）は３日、「解雇は軽くない。重い処分」と反論した。報道陣の取材に答えた。

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大相撲大麻：「退職金」早急に見直し…文科相発言受け協会

　大麻取締法違反容疑で逮捕された元十両若麒麟（本名・鈴川真一）容疑者（２５）の解雇処分について、塩谷立文部科学相が「軽すぎる」と発言したことを受け、日本相撲協会の伊勢ノ海理事（元関脇・藤ノ川）は３日、退職金に当たる力士養老金の支給規定見直しを急ぐ考えを示した。「解雇は軽くない。重い処分。力士養老金が出るからそういう話になる。解雇の場合は支払わない寄付行為に変えることを早急に進めていく」と話した。

　現行では、解雇者から力士養老金の請求があった場合、拒否する規定がなく、支払わざるを得ない。昨年８月に大麻取締法違反容疑で逮捕、解雇された元幕内若ノ鵬からは請求があったため、約５８０万円が支払われた。

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元若麒麟「２、３年前に雑誌みて大麻に興味」
2009.2.3 21:30

　大相撲元若麒麟（きりん）の鈴川真一容疑者（２５）の大麻所持事件で、鈴川容疑者が神奈川県警の調べに対し、「２、３年前に両国の書店でたまたま手にした雑誌に大麻のことが書いてあり、大麻を吸ったらどうなるんだろうと興味を持った」と供述していることが３日、分かった。その後、大麻の吸引方法を紹介するビデオを見て、吸引の仕方を知ったという。

　鈴川容疑者は大麻を吸引したのは「逮捕前日と当日の２回だけ」と話しているが、県警は大麻吸引の経緯や回数などについて詳しく調べている。

　県警は鈴川容疑者の生活実態を把握するため、師匠だった尾車親方（元大関琴風）から参考人聴取する方針。