Most Principles Fashion Stores 'Face Closure'

Most Principles Fashion Stores 'Face Closure'

38 mins ago
SkyNews Sky News

The majority of stores belonging to fashion chain Principles are likely to close after administrators failed to find a buyer, according to Sky sources.

Sky News understands that department store group Debenhams is set to sign a deal to take over the Principles brand and existing stock.

But Debenhams is not believed to be interested in buying the stores.

A deal is expected to be signed today.

Principles, which was part of Baugur-backed Mosaic Fashions, employs 2,500 people.

It has 91 stand-alone stores and about 300 concessions in department stores.

Mosaic Fashions was placed into administration earlier this week.

The Icelandic-backed fashion group, which also owns Karen Millen, Warehouse and Oasis, was immediately resurrected when its management and lender bought it back.

Under the deal, Icelandic bank Kaupthing and Mosaic's management gained ownership of most brands under a reduced company, named Aurora.

But administrator Deloitte took control of Shoe Studio and Principles.

Jobs at Shoe Studio were safeguarded when the retailer was bought by Dune on Wednesday.

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Hedge fund to close after run of redemptions

By James Mackintosh

Published: March 6 2009 23:34 | Last updated: March 6 2009 23:34

Gandhara Capital, a $2.25bn (£1.6bn) London and Hong Kong-based hedge fund, is to close after 40 per cent of its investors asked for their money back.

Managers of Gandhara, set up by a dozen former Deutsche Bank traders led by Davide Erro in 2005, decided to shut the fund after concluding it was the best way to avoid tarnishing their reputation with investors.

Gandhara is the latest fund to fold after heavy redemptions or poor performance, with many more closures expected. Panicked investors have been pulling out of the industry, even redeeming from funds which have done well, in order to raise cash.

But Gandhara is rare in shutting earlier than it had to, as its pay-out terms meant investors had to wait 18 months to withdraw all their holding.

It also had fee structures which gave it a 10 per cent performance fee on gains immediately, which would have ensured continued income, while most funds have to wait until they have made back losses before imposing performance fees.

“Getting new capital at the moment is obviously very difficult; it is increasingly competitive,” Gandhara said.

“New investors were saying we like what you’re doing but six quarters [of lock-up] is just too long for us in the current environment.”

The fund lost 19 per cent last year, better than the average for rival long-short equity funds but far from the absolute returns hedge fund investors expect.

Last year, dozens of funds closed, many blaming withdrawals or the difficulty in expanding, but most were very small. Hundreds more restricted redemptions, in some cases infuriating investors who thought they were simply out to preserve management fees.

Investors and analysts predict many more funds will close this year, with some managers packing it in because they cannot earn fees while others become too small to survive.

Gandhara expects to return 50-70 per cent of assets at the end of this month, with most of the rest following shortly afterwards. About 5 per cent of the fund held in private equity and other hard-to-sell assets will take longer to unwind, but Gandhara will scrap its management fee.

The fund was a fixture on the long-short equity scene in London and Asia, with Mr Erro based in Hong Kong most of the year.

It grew rapidly after strong performance in its early years, returning 15-18 per cent annually until last year.

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US invites Iran to join Afghan talks

By James Blitz in Brussels and Daniel Dombey in Washington and Guy Dinmore in Rome

Published: March 5 2009 17:21 | Last updated: March 6 2009 01:24

The Obama administration on Thursday marked a clear break with George W. Bush’s policy of isolating Iran by declaring its intention to invite the Islamic republic to an international conference on stabilising Afghanistan.

Hillary Clinton, secretary of state, announced in Brussels that Tehran was likely to be invited to a meeting that would bring together all “interested parties” on Afghanistan. Administration officials later confirmed Iran would be on the guest list.

Iran has already signalled its willingness to attend. A firm date for the conference has not been fixed. Italy, as holder of the G8 presidency this year, has proposed hosting such a conference in Trieste in June.

But in a sign that the western powers are not rushing to engage Iran, Franco Frattini, Italy’s foreign minister, decided to postpone a visit to Tehran he was due to make next week. Mr Frattini would have been the most senior official from a European Union state to visit Iran during the hardline presidency of Mahmoud Ahmadi-Nejad, who is running for re-election in June.

Only last week Mrs Clinton had made no objection to Mr Frattini’s plan to visit Tehran when they met in Washington. European diplomats said pressure from the UK, France and Germany – which had been furious at Mr Frattini’s initiative – led to the postponement. Israel, which has close ties with Italy’s centre-right government, was also opposed.

The US continues to emphasise its determination to halt Iran’s uranium enrichment programme, which it says is intended to give Tehran nuclear weapons capability.

But western diplomats say talks with Iran on Afghanistan would show there are areas where Washington and Tehran have mutual interests. If successful, the move would restore links between the US and Iran that came to an end after Mr Bush denounced the Islamic Republic in 2002 as part of an “axis of evil”.

“If you are going to have a regional conference on Afghanistan you have to include the country that is on their western border,” said one administration official. “Whether or not Iran is prepared to play a positive role is another question.”

The Iranian regime is a longstanding enemy of the Taliban and has long sought western co-operation to stem opium poppy cultivation in Afghanistan.

The US move comes as Washington seeks to piece together a strategy on Afghanistan ahead of a Nato summit on April 3-4, and contrasts with Mr Bush’s thwarting in 2006 of French efforts to establish a “contact group” on Afghanistan that included Iran.

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Telecom Italia denies need to tap shareholders

By Vincent Boland

Published: March 3 2009 19:06 | Last updated: March 3 2009 19:06

Telecom Italia has ample ability to finance its debt and does not need a capital injection from Libya’s sovereign wealth fund or other investors, the company’s chief executive Franco Bernabè said. Telecom Italia’s €34bn ($42.8bn) of net debt was sustainable and the company was both reducing the nominal level and well able to finance it through the capital markets, he said.

There is persistent speculation about whether it will seek another outside investor, much to the company’s irritation.

Telecom Italia on Tuesday said it was not considering a capital increase, in a sharply worded denial of a press report that it might need to tap shareholders for cash to pay for its investment plans.

A consortium led by Telefónica of Spain is Telecom Italia’s biggest investor, with a 24.5 per cent stake.

Mr Bernabè told the Financial Times that any outside investor could buy Telecom Italia’s stock in the market. “Our stock is traded in the market and if they [Libya], like everybody else, want to buy a stake they can buy it there,” he said. Telecom Italia stock was trading at under 90 euro cents a share Tuesday. The Libyan Investment Authority was reportedly considering buying a stake of up to 10 per cent in Telecom Italia last September, but it made no firm offer.

Instead, it turned its sights on UniCredit, where it could emerge as the biggest single shareholder after supporting a share issue by the Italian bank. It is also said to be eyeing a stake in Eni, the Italian energy giant. On Monday, Tripoli ratified a wide-ranging agreement with Italy that could pave the way for more investment.

Mr Bernabè said Telecom Italia had already refinanced 25 per cent of its debt so far this year. “We have no problem whatsoever in funding our debt,” he said, adding that the company had also been able to cut its debt by €1.7bn in 2008 as a consequence of “a very strong decline in costs”.

Telecom Italia said in December that it would lay off employees and dispose of non-core assets as it sought to address investor concerns about the debt and its operating performance.

Last week it announced a fall of just under 10 per cent in net income for 2008 and a cut in its dividend to €0.05 a share from €0.08.

Mr Bernabè described the move on the dividend as “prudent”. He said investors needed to be patient, adding that only a focus on cost-cutting would restore shareholder value. He said: “There is no transformative value in the present markets; the focus needs to be on cutting costs.”

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Former HRE chief demands millions

By James Wilson in Frankfurt

Published: March 7 2009 02:00 | Last updated: March 7 2009 02:00

Anger was building in Germany yesterday after it emerged the former chief executive of Hypo Real Estate was taking legal action against the stricken lender to try to secure millions of euros in unpaid salary and pension.

Georg Funke left the bank abruptly in October after it had to be saved with a €50bn ($63bn) rescue package from other German banks and the government. The bank, now under a new chief executive and chairman, is expected shortly to be taken over by the government.

Mr Funke wants a court to decide that HRE must honour his contract, which runs until 2013. It could mean him receiving €800,000 a year, based on his basic salary in 2007, the most recent year for which figures have been published. It could also mean him getting a subsequent annual pension of €560,000.

Labour union Verdi called Mr Funke's bid "shameless", while shareholder activist group DSW said the legal action displayed a "skewed perception" of reality, according to Reuters.

Any substantiation of Mr Funke's rights to the payments would be controversial in Germany, where support given to HRE extends to more than €100bn.

It would mirror the UK outcry over pension payments to Sir Fred Goodwin, former chief executive of Royal Bank of Scotland, which in effect has been taken into state ownership.

HRE yesterday defended its decision to end Mr Funke's contract last December, saying it was based on investigations and independent legal advice. "The supervisory and management boards are working with the highest priority on a full review of the past," it said. Three other past and present management board members also had contracts terminated along with Mr Funke.

A Munich court confirmed that legal actions had been filed on behalf of Mr Funke.

Mr Funke and other former bank staff are being investigated by state prosecutors for possible breaches of trust during their time at the lender, which ran into severe refinancing problems at Depfa, its public-sector lending subsidiary.

Separately, Peer Steinbrück, German finance minister, told parliament that the government would try to take control of HRE through a capital increase next month. As a last resort the government is also preparing a law that, if passed, would allow expropriation of HRE shareholders' stakes, the biggest of which is JC Flowers, the US private equity investor.

"It cannot be ruled out that the option to expropriate will be used . . . HRE must be restructured," Mr Steinbrück told lawmakers, saying he believed that even a 75 per cent state stake in HRE would not be enough.

Mr Steinbrück said he would not pay two or three times the market worth of a company's shares. JC Flowers has been in talks over its stake, which it bought last year for €22.50 per share. HRE shares yesterday closed at €0.66.

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March 7, 2009
Singapore backs anti tax-evasion
SINGAPORE - SINGAPORE has agreed to endorse the Organisation for Economic Co-operation and Development (OECD) standard for the exchange of information through Avoidance of Double Taxation Agreements (DTAs), the Finance Ministry said.

The ministry planned to amend laws in the middle of this year before seeking a parliamentary approval, it said in a statement released late on Friday.

'The decision to endorse the OECD standard is in keeping with Singapore's role as a trusted centre for finance and a responsible jurisdiction, with strong and consistent regulatory policies and a firm commitment to the rule of law,' it said.

Singapore, which is trying to grow financial services to wean itself off its dependence on manufacturing, is targeted by a proposed new US anti-tax-abuse law as it has a hard line on bank secrecy.

Singapore Prime Minister Lee Hsien Loong said in December such toughened financial scrutiny in the West could lead to more European money flowing into the country, which could also put the country under pressure to comply with international practice.

The Finance Ministry statement said the standard was consistent with Singapore's system of banking confidentiality, which does not shelter criminals.

'The standard does not preclude countries from having such confidentiality or privacy safeguards, and some OECD countries in fact have such safeguards under their common or civil law systems,' the statement said. -- REUTERS

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金融の中心　ロンドン１位　東京は８段階下げ１５位

2009/3/7

　５日発表された調査結果によると、ロンドンは世界の金融センターとしての優位を保ち、ニューヨークを抑えて１位を維持した。東京は１５位と８段階順位を落とし、主要都市の中で後退が目立った。

　調査はロンドン当局の委託でコンサルタントのＺ／エン・グループが実施した。２位のニューヨークに続く、３～８位はシンガポール、香港、チューリヒ、ジュネーブ、シカゴ、フランクフルトの順。ドバイは２３位で横ばい。ムンバイの４９位も変わらずだった。

　半年前の調査と比べ上位６都市に変動はなかったものの、それぞれの得点は低下した。世界的な景気悪化と金融サービス業界への信頼低下が反映されたとロンドン当局者は指摘した。

　ロンドン金融街の政策会長、スチュアート・フレーザー氏は発表資料で、「調査結果にはすべての金融センターに対する厳しい信頼低下が表れた」とし、「金融サービスの現状について否定的な見方が強まった」とコメントした。

　調査は銀行、資産運用、保険業界の１４５５人を対象に実施。規制、税制、市場へのアクセス、人材、インフラなどの項目についての得点に基づき６２都市をランク付けした。（Ｂｒｉａｎ　Ｌｙｓａｇｈｔ）

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「小泉元首相処分なし」に異論　自民党総務会

2009年3月6日22時18分

　定額給付金にかかわる第２次補正予算関連法の衆院再可決に欠席した小泉元首相の処分を自民党執行部が見送ったことについて、６日の党総務会で異論が出た。

　中谷元・元防衛庁長官は「処分がまちまちなのはおかしい。党幹部のほうが責任は重大だ」と、採決を棄権し戒告処分を受けた小野次郎衆院議員との違いを疑問視。笹川尭総務会長も総務会後の会見で「（欠席届を出したから処分しないのでは）全く意味がない。反対だから欠席すると言われると困る」と述べた。

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宗男氏、実名バラす…「自民に波及せず」の政府高官

漆間巌氏（クリックで拡大）
漆間巌氏（クリックで拡大）

　西松建設による違法献金事件で、東京地検の捜査が自民党議員には拡大しないとの見通しを示した政府高官は６日夜、自らの発言について、「自分は検察情報を知る立場にはない。一般論として検察はよくやったということを言った」などと釈明した。

　この政府高官、オフレコ取材の取り決めで実名は明かされていなかったが、新党大地の鈴木宗男代表は同日夜のＢＳ放送の番組で「漆間巌官房副長官が『自民党に発展しない』と言うのはおかしい」と実名批判。

　民主党も週明け９日の参院予算委員会に政府参考人として漆間氏の出席を求め、直接追及する構えを見せる。政府は応じない方針という。

　漆間氏は警察庁長官を経て、昨年９月の麻生太郎内閣発足に伴い、官僚機構を統括する官房副長官（事務担当）に就任した。

ZAKZAK 2009/03/07

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医療用語：言い換えや分かりやすく説明した手引書発売へ　

　国立国語研究所は７日、医療現場でよく使われるのに患者には分かりにくい言葉や、誤解しやすい言葉などについて、言い換え例などを示した手引書「病院の言葉を分かりやすく－工夫の提案」をまとめた。１２日から書店などで販売する。

　計５７語を取り上げ、（１）患者に知られておらず、日常語で言い換える必要がある（１３語）（２）患者が意味を正しく理解していない場合などが多く、明確に説明する必要がある（３５語）（３）重要で新しい概念として普及させる必要がある（９語）－－に分類。昨年１０月に中間まとめを公表したが、医療機関などへのアンケート結果を踏まえて一部修正した。

　同研究所は「医療者と患者で情報が共有され、互いの信頼が形成されることで初めて医療の安心と安全が達成される。大いに活用してほしい」としている。１冊２１００円。問い合わせは勁草書房（０３・３８１４・６８６１）。【加藤隆寛】

医療用語の主な言い換えや説明の例

（１）日常語に言い換える

【寛解（かんかい）】症状が落ち着いて安定した状態

【浸潤（しんじゅん）】がんなどがまわりに広がっていくこと

【予後】今後の病状についての医学的な見通し

【ＡＤＬ】日常生活に最低限必要な基本的動作

【ＭＲＳＡ】発症した場合、通常細菌を退治するために使われる薬が効かなくなる細菌の一種

（２）明確に説明する

【潰瘍（かいよう）】病気のため体の一部が深いところまで傷ついた状態、ただれ。病気の名前だという誤解が多い

【膠原（こうげん）病】自分の体のある部分を敵と間違え、激しい反応を全身に起こしてしまう病気。「高原病」「抗原病」を思い浮かべ誤解する人が多い

【頓服（とんぷく）】食後など決まった時間ではなく、発作時や症状のひどい時などに薬を飲むこと

【メタボリックシンドローム】内臓に脂肪がたまることにより、さまざまな病気を引き起こす状態。単に太っていることと誤解する人が多い

【合併症】ある病気が原因となって起こる別の病気。または、手術や検査などの後、それらがもとになって起こることがある病気

【ショック】血圧が下がり、生命の危険がある状態。急な刺激を受けることだという誤解が多い

（３）新概念の普及を図るために説明を加える

【インフォームド・コンセント】納得診療。説明と同意。納得できる医療を患者自身が選択すること

【セカンドオピニオン】別の医師の意見

【ＱＯＬ】その人がこれでいいと思えるような生活の質

【緩和ケア】痛みや苦しみを和らげる医療

【プライマリーケア】普段から近くにいて、どんな病気でもすぐに診てくれ、いつでも相談に乗ってくれる医師による医療

【ＰＥＴ】薬剤を体内に注射してから、特別な機械を使って体の中の詳しい画像をとる検査

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中毒ギョーザ“事件”日本が「作った」…関係者は全面否定

　【北京＝牧野田亨】６日に開かれた中国の全人代・河北省代表団の記者会見で、日本で中毒事件を起こした天洋食品のギョーザが河北鋼鉄集団の傘下企業に横流しされ、中国でも中毒事件が起きた問題が取り上げられたが、関係者は横流しを含め、事実関係を全面否定した。

　横流しは国営新華社通信も報道しており、国内の事件を一切隠そうとする中国側の姿勢が浮き彫りになった。

　同集団の王義芳社長は「我々がギョーザを配った事実は存在しない」と強調。質問した日本メディアに対し、「この事実はあなた方が作り出したものだ」と述べた。

　読売新聞は同集団傘下の唐山鋼鉄の従業員宅で、配布された天洋製ギョーザを確認したが、唐山市の陳国鷹市長は「中国人はギョーザ好きで、どの家にもある」と述べた後、「自分で買った物で、（会社が）配った物とは違う」などと釈明した。

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日産、休業日のアルバイトを容認　賃上げはゼロ回答

2009年3月6日6時23分

　日産自動車は５日、０９年の春闘で日産自動車労働組合からの賃金改善要求に対し、経営側としてゼロ回答の方針を伝えたことを明らかにした。業績悪化が加速しており、賃金改善は困難だと判断した。また、減産などにともなう休業日に限って社員のアルバイトを容認することも明らかにした。

　５日の労使交渉で経営側が組合に伝えた。アルバイトについては、従来は全面的に禁止だった。しかし、販売不振を受け、大幅な減産を実施しており、工場の操業休止に加え、間接部門の社員にも休業日を設定。賃金の８割を支給している。アルバイトを条件付きで認めることで賃金の目減り分を補う狙いがある。

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相次ぐ副業解禁、でも…　「本業だけで精いっぱい」「条件が合わず」 (1/2ページ)
2009.3.6 22:47

　不況で業績が悪化するメーカーを中心に、社員の副業を認める動きが広がっている。しかし、社員が実際にアルバイトを行うケースは少ないという。理由は「本業だけで精いっぱい」「時間や年齢などの勤務条件が合わない」…。就業規則で副業を禁止してきた企業側は今回について「例外的な措置」としているが、従業員側にとっても副業に携わるのは“例外”となっているようだ。

　不況が深刻化する中、電機業界では２月上旬に富士通（東京）、東芝（同）が減産を実施している工場の社員を対象に副業の容認を打ち出した。世界的な販売不振にあえぐ自動車業界でも日産自動車（同）が今月５日、最大２０％の賃金カットを伴う休業日限定で、正社員を対象に１日８時間までアルバイトを容認することを決めている。

　このうち、富士通は（１）同業他社で働かない（２）機密の保持（３）富士通の業務が主である－の３点を条件に副業を認めたが、対象者約５０００人のうち、「実際に副業を行っているのは、ほとんどいないと聞いている」（広報ＩＲ室）。夜勤や遅勤などさまざまな交代制勤務のため、定期的にまとまった時間が確保できないことが理由とみられている。