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Elderly Emerge as a New Class of Workers -- and the Jobless - WSJ.com
online.wsj.com/article/SB123535088586444925.html Elderly Emerge as a New Class of Workers -- and the Joblessmore in Economy »
By CLARE ANSBERRYAKRON, Ohio -- Mary Appleby, 76 years old, lost her job in January as a cashier at a courthouse cafeteria here. She is now looking for minimum-wage work. Mary Bennett, 80, began filling out applications for fast-food restaurants and convenience stores after she was laid off last March as a machinist. Fred Dase, 81, a bartender until last summer, also needs another job. Clare Ansberry/The Wall Street Journal Mary Appleby lost her job in January as a cashier at a courthouse cafeteria and the 76-year-old Ohio woman is looking for minimum-wage work.   During past recessions, older workers simply would have retired rather than searching want ads and applying for jobs. But these days, with outstanding mortgages, bank loans and high medical bills, many of them can't afford to be out of work. With jobs so scarce, people in their seventh and eighth decades are up against those half their age in a desperate scramble for work. The number of unemployed workers 75 and older increased to more than 73,000 in January, up 46% from the prior January. Among workers 65 and older, the jobless rate stands at 5.7%. That's below the national average, but well above what it was in previous recessions, including the recession of 1981, when it reached at 4.3%. The growing numbers reflect, in part, an increase in the number of older workers. The percentage of people 65 and older who are in the work force rose to 16.8% at year end, from 11.9% a decade earlier. Among people 75 and older, the increase was even greater -- to 7.3%, from 4.7%. As people live longer and stay in better health, some of them merely want the stimulation and challenge of a job. But for workers like Ms. Appleby, Ms. Bennett and Mr. Dase, the motivation is financial necessity. Fewer people than in years past are covered by defined-benefit plans, such as company-sponsored pensions that guarantee them specific monthly income for life. Those with retirement investments have seen their values erode with the stock-market tumble. Others worked for smaller companies, or were self-employed, and never had pensions. Many are outliving whatever savings they might have had, especially by the time they reach their mid to late 70s. Mortgages and medical bills push others into the job market because Social Security and Medicare, though helpful and critical, aren't enough. There are few programs to help older unemployed workers. Several states are developing pilot programs. The Obama administration is receiving proposals for new ways to connect workers 55 years and older with local jobs. ![[out of work]](http://s.wsj.net/public/resources/images/P1-AO820A_OLDWO_NS_20090222184816.gif)
"We're seeing a tremendous increase in the number of people coming for help," says Cynthia Metzler, who heads Experience Works. The Arlington, Va.-based national nonprofit organization offers job training and placement for 20,000 older adults in 30 states, and has a waiting list. The Cleveland office of another nonprofit group, the Senior Employment Center, has been seeing about 570 people coming in for help each month. Even when the economy is humming along, older workers who get laid off tend to spend more time unemployed. In December, the average period for joblessness for workers older than 55 was 25 weeks, compared with 18.7 weeks for those under 55, according to the AARP Public Policy Institute. The physical limitations of some older workers likely account for part of the difference. But Marcie Pitt-Catsouphes, director of the Sloan Center on Aging and Work at Boston College, cites lingering stereotypes that older workers are more expensive, less productive and resistant to change. Today's sputtering economy has flooded the labor market with a multitude of younger workers looking for jobs, which has made it even harder for older ones. Mr. Dase, the unemployed bartender, knows. He spent 40 years working at Pittsburgh taverns and at his own bar, never receiving a pension. Over the years, when the $1,625 Social Security check he and his wife receive each month didn't cover prescriptions or other medical costs such as supplemental Medicare insurance, they used their charge cards. Last year, when their credit-card debt reached $29,000, they took out a $26,000 home-equity loan to pay off most of it. He still owes $5,000 on one credit card, and needs to come up with $363 a month for eight years to pay off the home-equity loan. Mr. Dase had been working at a local Veterans of Foreign Wars club as a bartender. But he had to leave in August because it required too much standing. He looked for other jobs, applying at Big Lot stores, but he never heard back. "Who is going to hire an 81-year-old man?" he asks. Three weeks ago, he entered a jobs-training program called the Senior Community Service Employment Program. The program pays him $7.15 an hour to stuff envelopes and greet visitors at the human-services center in Turtle Creek, Pa. "It helps quite a bit," he says. "Towards the end of the month, we start to run out of food. But luckily my daughter comes and helps us out." At the moment, the Senior Community Service program, which currently has $433 million in funding, is the lone federal jobs initiative that targets unemployed older workers. Workers must be at least 55 and not have incomes more than 25% over the poverty level -- $13,000 a year for individuals. The program matches older adults with community nonprofit or public organizations. They receive on-the-job training, and are paid minimum wage, by the federal government, for up to 20 hours a week. Although it handles about 92,000 workers a year, the program is currently funded to serve less than 1% of the workers who would qualify, according to the Sloan Center, citing a General Accountability Office report. Bloomberg News Job seekers at a career fair in New York last week.  The goal is to help both unemployed older adults and community organizations, which often are short on staff. But it isn't meant to provide permanent employment. The paid training is supposed to last for no more than 24 to 36 months. Increasingly, those limits are being exceeded because there are fewer paying jobs available, especially in smaller towns and rural areas. Lois Humphrey, 80, has trouble climbing stairs and suffers severe hearing loss, so she needs an amplifier on her phone. She had to leave her department-store job because it was too hard on her feet. But she must keep working to pay for rent and prescriptions. She started at Experience Works in 2000. She has moved from one community organization to another in her Mechanicsburg, Pa., community, receiving different training along the way. She is now back with Experience Works, the nonprofit training and placement organization, which thus far has been unable to find her a private-sector job. "I've been stuck in here," she says, but gladly so. "I still need to work because of medications," says Ms. Humphrey, who has cancer, diabetes and arthritis. Justyn Jaymes of the Senior Employment Center in Akron, which administers the federal training program locally, is expected to move 27 to 32 people a year into private-sector paying jobs. They aren't supposed to spend more than 27 months in the program, on average. Several people are at that level or have exceeded it. "I'm going to have to be aggressive pushing people out in the next year," says Mr. Jaymes. He says he's always on the lookout for jobs, noticing a help-wanted sign in an Office Max store, and whether hotels need housekeepers, janitors and breakfast hostesses. Every week, he meets with at least four new older unemployed adults. He says he is "pretty blunt with them," telling them up front: "This is not a job. It looks like a job and feels like a job, but it is training and temporary. Are you going to job hunt or get comfortable?" Those accepted into the program must keep a log, recording their job-hunting efforts. Getting hired isn't impossible. Dorothy Adams, 90, who raised six sons, had been a waitress. She quit at age 85 because of the physical demands. She couldn't make it on $8,000 a year in Social Security and $1,140 in food stamps, so she enrolled in an Experience Works training program in central Pennsylvania. She got a job last year at a home-health-care agency. She drives to the homes of elderly adults who are sick and homebound. She reads them their mail, takes them to appointments, helps them dress and prepares light meals. She gets paid $7.50 an hour, plus mileage reimbursement. ![[staying power]](http://s.wsj.net/public/resources/images/P1-AO821_OLDWOR_NS_20090222184837.gif)
Ms. Bennett, the laid-off machinist, had worked steadily since she entered a dress factory at the age of 17, taking time off only for the births of her seven children and a quintuple-bypass surgery in 1995. After a divorce, she worked two jobs, assembling coffee pots in the day and working at truck stops or tending bar at night. When one factory or shop or restaurant closed, she would look for another with a help-wanted sign posted in the window. In her mid 70s, she left the truck stop hoping to retire, but found that she couldn't afford to. She applied at a machine shop in central Pennsylvania. Although she had never been a machinist, she got the job, and began making parts for door hinges, trucks, cranes and guns for $9 an hour. "I'm an easy person to teach," she says. Ms. Bennett and a few dozen others were laid off last March. She applied at restaurants, stores and the local mall, which needed a cleaning person. She had two interviews. They seemed to go well, but she never heard back. "I thought I had a good chance, but a lot of places want to hire younger people," she says. As weeks passed, with no luck, she applied for unemployment for the first time in her life. She continued hunting for work before resorting to the federal job-training program. About a month ago, she started at the cafeteria of a local hospital, waiting on customers and running the cash register for $7.15 an hour. She works five hours a day, four days a week. Her children, including her oldest, who is retired, want her to retire. "I don't have the money to do that," Ms. Bennett says. "I couldn't plan for retirement because I was raising seven children, and it just took all the money." Ms. Appleby, of Akron, is still without a job. For 18 years, she had worked at a small snack shop in the basement of the Summit County Courthouse. She cooked, cleaned tables and served. As her knees got weak and she relied increasingly on a cane, she was stationed at the cash register. She earned only minimum wage, but it helped supplement her $723-a-month Social Security check, and was enough to make her house payments. Five years ago, she tore down her childhood home, which needed too many costly repairs, and built a small white bungalow in its place. Ms. Appleby, who never married and has outlived most of her relatives, other than a few far-flung cousins, took out a loan -- a move she now regrets. Last year, sales at the snack shop, called Buddy's Place, fell as more office workers began packing lunches and governments trimmed staff, resulting in fewer people stopping for coffee and soup. The owner, Aaron Hopkins, who is 36 and blind, watched labor costs balloon to 29% of sales. That put him in danger of losing his own business. Under a state program for the visually impaired that got him the snack-shop job, he had to keep labor costs down to no more than 20% of sales. Mr. Hopkins, who earned $22,000 last year, reluctantly laid off Ms. Appleby. Her mobility and age limit her options. She doesn't have a résumé. A local law firm organized a benefit to help her get through the winter and pay mortgage bills. "It is our way, as courthouse family, to try to do something to help her get back on her feet," says Jonathan Sinn, an Akron attorney. Given her age and health, Mr. Sinn doubts she will be able to get another job in the court. She is considering knee surgery, which may make her more mobile, and thus more marketable. She is applying for unemployment. "I was waiting to see if [Mr. Hopkins] would call me back, and he hasn't," says Ms. Appleby. She lives modestly, with Timmy, a 13-year-old white spaniel mix, amid piles of papers, boxes and a lone black-and-white photo from her high-school graduation. "I was fine with Social Security and my job. I have to find other work." Write to Clare Ansberry at clare.ansberry@wsj.com Maintaining its Fox News like attack on pension programs, the Washington Post had a front page article about Japan's efforts to keep immigrant workers. It goes on to warn about how it will need many more immigrants in the future because of its declining population. Actually, because of something that economists call "productivity growth," Japan can count on continuing improvements in its standard of living even without immigration. In fact, since it is a densely populated country, it is possible that its standard of living will actually increase more rapidly in the absence of immigration. --Dean Baker “When the Treasury tells a bank to pay a penny a share vs.
its old dividend, you know who’s calling the shots,” said Jon
Bruss, a 40-year industry veteran and founder of Hartland,
Wisconsin-based Fortress Partners Capital Management Ltd., which
invests in banks. “It may not be de jure nationalization but I
think it’s de facto nationalization.”
Goldman Sachs Said to Plan Takeover of Universal Studios Japan Theme Park Goldman Sachs Group Inc. plans to
make a takeover bid for full control of USJ Co., operator of the
Universal Studios Japan theme park in Osaka, a person familiar
with the plan said.
鹿児島県阿久根市の竹原信一市長（４９）が、自らのインターネットのブログで「市議会不人気アンケート」として市議１５人全員の実名を挙げ、「最も辞めてもらいたい議員は？」との質問を設けてネット投票を呼び掛けていることが１４日、分かった。
どれくらい信用している？ A型、O型……「血液型本」（Business Media 誠） - Yahoo!ニュース
headlines.yahoo.co.jp/hl?a=20090108-00000065-zdn_m... Ahi quanto a dir qual era è cosa dura / esta selva selvaggia e aspra e forte / che nel pensier
theamericanscene.com/2008/12/23/ahi-quanto-a-dir-q...
自己資本規制比率の算出方法自己資本規制比率の算出については「金融商品取引法」及び「金融商品取引業に関する内閣府令」に定められていますが、その概要は以下のとおりとなっています。   The 10 Best American Movies - Stanley Fish Blog - NYTimes.com
fish.blogs.nytimes.com/2009/01/04/the-10-best-amer... Groundhog Day (1993), directed by Harold Ramis. Another Pygmalion story, but this time the material the sculptor works on is himself. Phil Connors (Bill Murray) is a jaded, dyspeptic, arrogant, cynical and obnoxious TV newsreader who on Feb. 2 finds himself covering the emergence of the groundhog in Puxatawney, Pa. When he wakes up the next morning, he finds that it is not the next morning, but Groundhog Day all over again and all over again and all over again. (His own spring will be late.) His responses to being trapped eternally in the same day include disbelief, despair, excess and hedonism before he settles down to make the best of the situation, which, it turns out, means making the best of himself — a self-help project that takes forever, but forever is what he has. (It is as if he were at once the ghosts of Christmas past, present and future and the object of their tutelary attention.). By bits and pieces, fits and starts, he makes himself into the most popular fellow in town and wins the love of his producer, the beautiful Rita (a perfectly cast Andie MacDowell). The miracle is that as the movie becomes more serious, it becomes funnier. The comedy and the philosophy (how shall one live?) do not sit side by side, but inhabit each other in a unity that is incredibly satisfying. This is a “feel-good” movie in at least two senses of the word “good.” No worker should tolerate personal criticism | DesMoinesRegister.com | The Des Moines Register
www.desmoinesregister.com/article/20090104/BUSINES... "He comes in every day quoting 'Mad Men,' " she says. "He thinks he's (suave) Dan Draper. But he's really more like (jerk) Pete Campbell."
asahi.com（朝日新聞社）：Phone to include voice translator - English
www.asahi.com/english/Herald-asahi/TKY200901050064... The latest cellphone from NEC Corp. will be able to translate spoken English into written Japanese in seconds, and vice versa. When a user speaks a short sentence into the phone, a translation appears within a second or two on the screen, an official of the electronic appliance manufacturer said. NEC adapted and improved its existing J-E machine translation software for use in cellphones, adding the reverse E-J option. J-CASTニュース : 記者クラブという「鎖国」制度 世界の笑いものだ（連載「新聞崩壊」第1回／フリージャーナリストの上杉隆さんに聞く）
www.j-cast.com/2008/12/30032953.html
――いいアイデアだと思っているのに、全国紙はなぜ踏み切れないのでしょうか。 上杉 そんなことは無理だ、できない、と彼らは言います。しかし、現在の状況はすでにできる、できない、を議論している段階ではなく、やるか、やらないのか、になっているのです。まだなんとかなる、と勘違いしているのは、日本の新聞社では、編集・記者出身者が経営陣に加わるというゆがんだシステムが影響していると思います。いわば経営の素人が会社を経営している訳ですから。アメリカでは編集と経営は分離されています。優秀な記者が経営に携わろうと思ったら、MBA（経営学修士）を取るなどして会社に入りなおさなくてはなりません。経営と編集は別の職業なのです。 Jan. 4 (Bloomberg) -- The Bank of Japan may consider measures including monetary policy to counter the rising yen as the economy faces severe conditions in 2009, Governor Masaaki Shirakawa said. “This year will be very tough for the economy,” Shirakawa told public broadcaster NHK today. “The strong yen at a time of rapid decline in the global economy has a big negative impact on our economy in the short term.” His comments follow signals last month from Finance Minister Shoichi Nakagawa that Japan was ready to intervene in the foreign-exchange market for the first time in four years. With the nation’s economy already in recession along with the U.S. and Europe, the surging yen is adding to pressure on exporters including Japan Toyota Motor Corp., which expects its first operating loss in 71 years. Op-Ed Contributors - How to Repair a Broken Financial World - NYTimes.com
www.nytimes.com/2009/01/04/opinion/04lewiseinhornb... THERE are other things the Treasury might do when a major financial firm assumed to be “too big to fail” comes knocking, asking for free money. Here’s one: Let it fail. Not as chaotically as Lehman Brothers was allowed to fail. If a failing firm is deemed “too big” for that honor, then it should be explicitly nationalized, both to limit its effect on other firms and to protect the guts of the system. Its shareholders should be wiped out, and its management replaced. Its valuable parts should be sold off as functioning businesses to the highest bidders — perhaps to some bank that was not swept up in the credit bubble. The rest should be liquidated, in calm markets. Do this and, for everyone except the firms that invented the mess, the pain will likely subside. 。。。 Instead of buying dodgy assets and guaranteeing deals that should never have been made in the first place, we should use our money to A) repair the social safety net, now badly rent in ways that cause perfectly rational people to be terrified; and B) transform the bailout of the banks into a rescue of homeowners. 。。。 Congress might grant qualifying homeowners the ability to get new government loans based on the current appraised values without requiring their bank’s consent. 。。。 Op-Ed Contributors - How to Repair a Broken Financial World - NYTimes.com
www.nytimes.com/2009/01/04/opinion/04lewiseinhornb... The funny thing is, there’s nothing all that radical about most of these changes. A disinterested person would probably wonder why many of them had not been made long ago. A committee of people whose financial interests are somehow bound up with Wall Street is a different matter.
Op-Ed Contributors - How to Repair a Broken Financial World - NYTimes.com
www.nytimes.com/2009/01/04/opinion/04lewiseinhornb... Stop making big regulatory decisions with long-term consequences based on their short-term effect on stock prices.
Op-Ed Contributors - How to Repair a Broken Financial World - NYTimes.com
www.nytimes.com/2009/01/04/opinion/04lewiseinhornb... Stop making big regulatory decisions with long-term consequences based on their short-term effect on stock prices.
Op-Ed Contributors - How to Repair a Broken Financial World - NYTimes.com
www.nytimes.com/2009/01/04/opinion/04lewiseinhornb... Congress might grant qualifying homeowners the ability to get new
government loans based on the current appraised values without
requiring their bank’s consent.
Op-Ed Contributors - How to Repair a Broken Financial World - NYTimes.com
www.nytimes.com/2009/01/04/opinion/04lewiseinhornb... Stop making big regulatory decisions with long-term consequences based on their short-term effect on stock prices.
Op-Ed Contributors - The End of the Financial World as We Know It - NYTimes.com
www.nytimes.com/2009/01/04/opinion/04lewiseinhorn.... The Madoff scandal echoes a deeper absence inside our financial system, which has been undermined not merely by bad behavior but by the lack of checks and balances to discourage it. “Greed” doesn’t cut it as a satisfying explanation for the current financial crisis. Greed was necessary but insufficient; in any case, we are as likely to eliminate greed from our national character as we are lust and envy. The fixable problem isn’t the greed of the few but the misaligned interests of the many.
。。。 Op-Ed Contributors - The End of the Financial World as We Know It - NYTimes.com
www.nytimes.com/2009/01/04/opinion/04lewiseinhorn.... OUR financial catastrophe, like Bernard Madoff’s pyramid scheme,
required all sorts of important, plugged-in people to sacrifice our
collective long-term interests for short-term gain. The pressure to do
this in today’s financial markets is immense. Obviously the
greater the market pressure to excel in the short term, the greater the
need for pressure from outside the market to consider the longer term.
But that’s the problem: there is no longer any serious pressure
from outside the market. The tyranny of the short term has extended
itself with frightening ease into the entities that were meant to, one
way or another, discipline Wall Street, and force it to consider its
enlightened self-interest.
。。。 Op-Ed Contributors - The End of the Financial World as We Know It - NYTimes.com
www.nytimes.com/2009/01/04/opinion/04lewiseinhorn.... At the same time, almost everyone believed that the rating agencies
would never downgrade MBIA, because doing so was not in their
short-term financial interest. A downgrade of MBIA would force the
rating agencies to go through the costly and cumbersome process of
re-rating tens of thousands of credits that bore triple-A ratings
simply by virtue of MBIA’s guarantee. It would stick a wrench in
the machine that enriched them. (In June, finally, the rating agencies
downgraded MBIA, after MBIA’s failure became such an open secret
that nobody any longer cared about its formal credit rating.)
。。。 But this should come as no surprise, for the S.E.C. itself is plagued by similarly wacky incentives. Indeed, one of the great social benefits of the Madoff scandal may be to finally reveal the S.E.C. for what it has become. Created to protect investors from financial
predators, the commission has somehow evolved into a mechanism for
protecting financial predators with political clout from investors.
(The task it has performed most diligently during this crisis has been
to question, intimidate and impose rules on short-sellers — the only
market players who have a financial incentive to expose fraud and
abuse.) 。。。 How can the person in charge of assessing Wall Street firms not have the tools to understand them? Is the S.E.C. that inept? Perhaps, but the problem inside the commission is far worse — because inept people can be replaced. The problem is systemic. The new director of risk assessment was no more likely to grasp the risk of Bernard Madoff than the old director of risk assessment because the new guy’s thoughts and beliefs were guided by the same incentives: the need to curry favor with the politically influential and the desire to keep sweet the Wall Street elite. 。。。 Michael S. Rosenwald - THE FINANCIAL LOBE: Madoff Exposed Investors' Weak Spots - washingtonpost.com
www.washingtonpost.com/wp-dyn/content/article/2009... Peterson pointed to a famous study in Taiwan showing that gamblers chose a strategy paying them repeated small amounts even if at some point they had to take a huge loss. In more than 200 trials, the gamblers were given different decks to select cards from. In one deck, on average four of the five cards produced small gains, while the fifth card wiped out the wins and led them down a money losing path. The other decks of cards produced, on average, four small losses and one big win, which netted out to overall gains. The researchers were stunned when, given a choice, gamblers continued to want to pull cards from the small-gain deck.
二〇〇九年は千代田、葛飾の二区と小平、日野、国分寺、羽村、西東京、武蔵野の六市、瑞穂町、八丈町、青ケ島村、新島村の四町村の計十二区市町村で首長選が行われる。主な選挙の情勢を展望する。 【千代田区長選】 現職石川雅己氏（６７）は昨年十一月の区議会で、三選出馬を表明している。 前回は自民と公明の推薦を受け、民主推薦の候補と一騎打ちだった。今回は今のところ他候補の出馬表明はないが、共産や区議会他会派が立候補者を立てる構えだ。 【西東京市長選】 Investors who benefit from fraud, even if they knew nothing
of any misdeeds, can be called on to return the fictitious
earnings from their investments, even their principal if they
redeemed it before the fraud was exposed.
asahi.com（朝日新聞社）：Why wait for a hero: Use your vote for change - English
www.asahi.com/english/Herald-asahi/TKY200901030039... The new year is a good time to make a fresh start. Let us sharpen our votes we hold so we can make "good things" happen this year.
・（適格）機関投資家 ・上場会社 ・資本金5億円以上の株式会社 ・それ以外の法人・・・小規模な法人であっても、証券会社に申し出て承諾を受ければ、プロとしての特定投資家になれる ・個人・・・純資産額および金融資産3億円以上かつ取引経験1年以上の、いわゆる富裕層 Proverbs 23:20-21: "Do not be with heavy
drinkers of wine, or obesity a sin? 「事件の真相」が未解明のままに終わっていることを多くの人がいぶかしく思っている。
When I asked a Citigroup spokeswoman, Shannon Bell, last week why the bank hadn't disclosed any significant impairment charges for this quarter, she replied: ``Citi follows all reporting requirements.'' When I asked again this week, she declined to elaborate. Her statement speaks volumes, nonetheless. At the Bailoutpalooza, everybody knows the rules: There are no rules. This has to stop somewhere. For babies, nationality depends on birthplace, parents | The Japan Times Online
search.japantimes.co.jp/cgi-bin/nn20090104f2.html The Web site of the Japan Aerospace Exploration Agency claims that, based on experiments with birds and amphibians, humans are probably capable of giving birth in space, which may prove to be the final nationality frontier. For now, however, pregnant women are barred from space flights. So why have other Ponzi-esque operators emerged scot-free (so far) with taxpayer bailouts, while Madoff gets pinched? The Cox Theory Sure, there is Madoff’s own confession, plus the sheer brazenness of his conduct. And Madoff’s collapse doesn’t threaten to bring down the global financial system, as far as we know. Yet perhaps the best explanation can be found in a Dec. 4 speech by SEC Chairman Christopher Cox on why the government needs an exit strategy to unwind its myriad bailout commitments. “From the standpoint of the SEC, the most obvious problem with breaking down the arm’s-length relationship between government, as the regulator, and business, as the regulated, is that it threatens to undermine our enforcement and regulatory regime,” Cox said. “When the government becomes both referee and player, the game changes rather dramatically for every other participant. Rules that might be rigorously applied to private-sector competitors will not necessarily be applied in the same way to the sovereign who makes the rules.” Cox failed to mention that the SEC already was a toothless tiger under his watch, long before this year’s bailouts took root. Give him credit for candor, though. The chairman of the SEC is now on record saying the government can’t be expected to enforce the nation’s securities laws even-handedly at companies where its own financial interests are at stake. Ask the Mole: Inside a financial planner's portfolio - Dec. 26, 2008
money.cnn.com/2008/12/23/pf/Mole_portfolio.moneyma... Now I will have to offer up one confession. I have a little gambling portfolio. You heard me right, I do occasionally buy some individual stocks to have just a little bit of fun. And it is actually a lot of fun to tell people that I bought Citigroup at $3.67 a share and it quickly doubled. What is not fun is talking about the inevitable losers, so I keep them to myself. Now with this confession, allow me to add that I keep a tight rein on the size of my gambling portfolio so that the future welfare of my family will not be impacted by its success or failure.
News You Can Lose: Financial Page: The New Yorker
www.newyorker.com/talk/financial/2008/12/22/081222... Does that mean newspapers are doomed? Not necessarily. There are many possible futures one can imagine for them, from becoming foundation-run nonprofits to relying on reader donations to that old standby the deep-pocketed patron. It’s even possible that a few papers will be able to earn enough money online to make the traditional ad-supported strategy work. But it would not be shocking if, sometime soon, there were big American cities that had no local newspaper; more important, we’re almost sure to see a sharp decline in the volume and variety of content that newspapers collectively produce. For a while now, readers have had the best of both worlds: all the benefits of the old, high-profit regime—intensive reporting, experienced editors, and so on—and the low costs of the new one. But that situation can’t last. Soon enough, we’re going to start getting what we pay for, and we may find out just how little that is.
You may tear apart the baby's rattle and see what makes the noise inside, but there is a veil covering the unseen world which not the strongest man, nor even the united strength of all the strongest men that ever lived, could tear apart. Only faith, fancy, poetry, love, romance, can push aside that curtain and view and picture the supernal beauty and glory beyond. Is it all real? Ah, VIRGINIA, in all this world there is nothing else real and abiding. Read later Basic Guide to Financial Management in For-Profits
managementhelp.org/finance/fp_fnce/fp_fnce.htm#anc... Financial Planning and Analysis -- Balance SheetsWhereas the P and L statement depicts the overall status of your profits (or deficits) by looking at income and expenses over a period of time, the balance sheet depicts the overall status of your finances at a fixed point in time. It totals your all your assets and subtracts all your liabilities to compute your overall net worth (or net loss). This statement are referenced particularly when buying or selling a business, or applying for funding.read in detail later 2008/12/22 16:25 - Yen Strength Shows Few Signs Of Reversal
www.nni.nikkei.co.jp/AC/TNKS/Nni20081222D22VS827.h... Perhaps such a stance indicates how badly the BOJ wants the U.S. rate to be higher than its own, thus easing upward pressure on the yen by enticing investors toward higher-yielding U.S. securities.
2008/12/22 19:56 - Shirakawa: Strong Yen One Factor Pushing Down Economy
www.nni.nikkei.co.jp/AC/TNKS/Nni20081222D22JF879.h... TOKYO (Dow Jones)--Bank of Japan Gov. Masaaki Shirakawa said Monday that the yen's recent appreciation is one of the factors hurting the nation's economy. "The yen's strength affects the domestic economy negatively in the short term," Shirakawa said at a public event at the BOJ's headquarters in Tokyo. The BOJ chief also said that decisions on whether to intervene in the foreign exchange market lie with the finance minister. 平成１９年７月１日、川崎CLUB CITTAにて行われた「BATTLE OF THE YEAR 2007 JAPAN」に本校ダンス部３年生のAOI 4th CREWと本校卒業生・都立足立東高等学校の卒業生と在校生で結成されたAOI 4th CREW relationsというチ－ムで参加しました。 この大会はドイツで開かれる世界最大のブレイクダンスのイベント「BATTLE OF THE YEAR」の日本予選大会です。 結果は予選を通過しませんでしたが、参加した生徒にとっては貴重な経験となりました。 AOI 4th CREW relations 藤村幸代(3-1) 廣田美里(3-1) 光嶋つかさ(3-2) 磯崎 涼(本校卒業生) 中村勇介(本校卒業生) 岡 隼央(足立東高卒業生) 佐藤勝也(足立東高３年生) 岡野竜介(ダンス部顧問) saw them perform outside Ayase Station tonight... reaffirmed my faith in Japan to see an official breakdancing club 2008/12/18 05:54 - Nikko Citi To Hold Onto Main Japanese Operations: President
www.nni.nikkei.co.jp/AC/TNKS/Search/Nni20081218D17... Just a day earlier, the firm unloaded NikkoCiti Trust & Banking Corp. Even though the president insisted no more businesses would be put on the block, speculation about the sale of Nikko Asset Management Co. is building. Asked about Nikko Asset's future, Peterson responded that plans to take the company public have not changed, but the timing has yet to be decided because markets are sluggish. 痛いニュース(ﾉ∀`):卓球・愛ちゃん、報道陣の質問攻めに涙目で謝罪…「このたびは熱愛報道でご迷惑をおかけして…」
blog.livedoor.jp/dqnplus/archives/1197238.html もう放っておいてやれよ
Wall St. Fallout: 3 Trust Banks Bidding For NikkoCiti Trust & Banking
www.nni.nikkei.co.jp/AC/FEAT/WallStFallout/WallStF... Mitsubishi UFJ Financial Group Inc. (8306) unit Mitsubishi UFJ Trust and Banking Corp., Sumitomo Trust & Banking Co. (8403) and Mizuho Trust & Banking Co. (8404) are the three major trust banks, among an unknown number of others, that are apparently in the race. U.S. financial services giant Citigroup is downsizing assets around the world in an effort to get back on its feet. In Japan, it has decided to sell off NikkoCiti Trust & Banking, which is not part of its core operations. 産経新聞中間決算を発表2008.11.27 23:05産経新聞社が２７日発表した２００８年９月中間連結決算によると、最終損益は１９億円の赤字（前年同期は１億円の黒字）となった。営業損益は４億円の赤字（前年同期は９億円の黒字）だった。売上高は８０８億円で、前年同期（９７８億円）から１７．４％減少した。 一方、産経新聞社の０８年９月中間単独決算は、原材料の新聞用紙の値上がりのほか、景気減退による広告収入の落ち込みなどが響いて１３億円の経常赤字となったが、保有株式の売却で５億円の最終黒字を確保した。 2008/11/28 14:48 - Gala Modifies Online Game 'Rappelz' For Muslim Players
www.nni.nikkei.co.jp/AC/TNKS/Nni20081128D28HH968.h... Gala Modifies Online Game 'Rappelz' For Muslim Players
TOKYO (Nikkei)--Internet company Gala Inc. (4777) in late December will begin offering an Arabic version of "Rappelz," its multiplayer online role-playing game. Rappelz has been modified to take into consideration Muslim culture. Female characters will no longer show as much skin and Western symbols, such as the Christian cross and the Star of David, will be removed. The game's background music will take on a Middle Eastern tone and the cries of monsters will sound different. The new version will target 19 countries, including Egypt, Saudi Arabia and Iraq. Gala hopes this overseas expansion will boost earnings. 2008/11/30 02:23 - Subprime-Hit Citigroup Rapidly Trimming Japan Ops
www.nni.nikkei.co.jp/AC/TNKS/Nni20081129D29JFF07.h... Major trust banks are expected to bid for the Citigroup unit, perhaps hoping to deepen ties with Nikko Asset Management Co. -- a large firm that entrusts its assets to NikkoCiti Trust & Banking.
変動利付国債 15 year, interest rate decided by auction
2008/11/29 23:47 - Citigroup To Sell NikkoCiti Trust & Banking
www.nni.nikkei.co.jp/AC/TNKS/Nni20081129D29JFF04.h... Saturday, November 29, 2008
TOKYO (Nikkei)--Citigroup Inc. has decided to sell its Japanese trust banking unit -- NikkoCiti Trust & Banking Corp. -- with major domestic trust banks expected to make bids for the firm. The bidding will likely take place on Monday at the earliest, probably drawing offers from such companies as Mitsubishi UFJ Trust and Banking Corp. and Sumitomo Trust & Banking Co. (8403). The price is likely to be around 40 billion yen. not Nikko Asset 2008/11/22 01:30 - Citigroup Cutting Staff At Nikko Brokerage Units
www.nni.nikkei.co.jp/AC/TNKS/Nni20081121D21JFF06.h... Citigroup Cutting Staff At Nikko Brokerage Units
TOKYO (Nikkei)--Battered by a sputtering share price in the U.S., Citigroup Inc. (8710) plans to cut personnel in Japan, in addition to reductions already planned elsewhere, The Nikkei learned Friday. This underscores how turmoil at major U.S. financial institutions is now having a direct impact on their Japanese operations and employees. Citigroup is set to solicit voluntary retirements through early December among employees at such units as retail brokerage Nikko Cordial Securities Inc. The firm plans to approach workers who will be 40 or older as of March 31, 2009. The U.S. financial giant will not set a target on the number of retirements that it hopes to solicit at Nikko Cordial, which has a total work force of around 7,000. It is expected to offer a special retirement bonus equivalent to around two times an employee's annual salary. Memo to College Students: Go Away! - washingtonpost.com
www.washingtonpost.com/wp-dyn/content/article/2008... So I say to every college student: Do something great for America: Leave!
2008/11/08 05:50 - As Foreign Brokerages Downsize In Japan, Some See Opportunities
www.nni.nikkei.co.jp/AC/TNKS/Nni20081108D07JFA09.h... Executive Search Partners Co. estimates that 4% of the nearly 28,000 employees at foreign financial institutions in Japan were affected by restructuring in the 12 months through August. This pales in comparison with layoffs of 20% in the U.S. securities industry, according to a report issued by the human resources consultant. But conditions have shifted since September in light of the financial crisis and resulting industry realignment. Foreign financial firms' income from M&A advisory services involving Japanese companies totaled 98 million dollars for the quarter ended Sept. 30, down 30% from the January-March period, based on data from market research firm Dealogic. "Restructuring could reach several thousand," says a representative of Esperanza Business Consulting Inc. Nikko Citigroup Ltd., under the umbrella of U.S. financial giant Citigroup Inc. (8710), recently shed three equities analysts from its roster of 30. The brokerage, which reported a net loss for the interim half through September, has pared staff by roughly 10% so far this year. The Associated Press: Obama slips in reference to seance by Nancy Reagan
ap.google.com/article/ALeqM5imJIbYI1pORnIiUHTyOhEn... WASHINGTON (AP) — In his preparation to become president, Barack Obama said Friday that he has had discussions with all former presidents — or almost all of them. "I've spoken to all of them that are living," the president-elect said in a lighter moment during his first press conference since his victory. "I didn't want to get into a Nancy Reagan thing about, you know, doing any seances," he joked. It actually wasn't Nancy Reagan who was linked to conversations with the dead; it was Obama's top Democratic challenger for the presidency, Sen. Hillary Rodham Clinton, D-N.Y. In either case, use of the word "seance" might be overstated. Nancy Reagan consulted an astrologer to help set her husband's schedule, wrote former White House chief of staff Donald T. Regan. The revelation created a furor and President Reagan even broke with his policy of not commenting on books by former White House staffers. "No policy or decision in my mind has ever been influenced by astrology," Reagan said. In his book "The Choice," Washington Post reporter Bob Woodward described how Clinton consulted with a spiritual adviser who led her through imaginary conversations with her personal hero, Eleanor Roosevelt. Newsweek magazine, which was promoting the book, characterized the visits as "seances," a term that White House officials quickly tried to squelch. ``The unwinding of yen carry trades will probably continue and they will probably overshoot, and the yen going to 80 to the dollar is possible,'' Sakakibara said. ``We also must note that the Bank of Japan may intervene when it breaks 90. I don't know if it will be successful. It may be effective in the short term but in the longer term, we have to see.'' The Bank of Japan's decision last week to cut its benchmark policy rate by 20 basis points, or 0.2 percentage point, was surprising, Sakakibara said. ``Probably they didn't want to cut and the market was expecting 25 basis points,'' he said. ``So cutting by 20 basis points was probably due to resistance to market pressure and political pressure.'' The top 10 most irritating phrases 1 - At the end of the day 2 - Fairly unique 3 - I personally 4 - At this moment in time 5 - With all due respect 6 - Absolutely 7 - It's a nightmare 8 - Shouldn't of 9 - 24/7 10 - It's not rocket science Registan.net » Invest in Central Asia! If You Have a Hedge Fund!
www.registan.net/index.php/2008/10/06/invest-in-ce... Why is William Pesek, a Bloomberg columnist, writing an entire essay based solely on talking with a single investor? It is nothing more than free advertising for ECM. That is a curious decision for a journalist to make. ECM was a co-sponsor of a recent event in Ulaan Baatar, and one of the main panels featured Pesek interviewing Djumanov in front of the assembled guests. Is that all this is? Pesek got a free trip, so he offered up column space? Who knows. But it doesn’t sit well with me.
2008/11/08 04:53 - Video Game Developers Split Down Middle In Interim Results
www.nni.nikkei.co.jp/AC/TNKS/Nni20081107D07JFA05.h... Square Enix Holdings Co. (9684) reported Friday that operating profit fell 4% on the year to 9.3 billion yen amid a slump in its amusement facilities. Namco Bandai Holdings Inc.'s (7832) operating profit tumbled 63% to 5.5 billion yen, weighed down by the delayed release of software and declines in toy sales and facility revenues. A slumping game machine business pushed Sega Sammy Holdings Inc. (6460) into a deeper operating loss of 7.5 billion yen. In contrast, Koei Co.'s (9654) operating profit soared 180% to an interim record of 3.2 billion yen, buoyed by strong demand for its mainstay software. And at Konami Corp. (9766), operating profit surged 75% to 22.8 billion yen as sales of its "Metal Gear Solid" action game series topped 4 million units. Capcom Co. (9697) reported an operating profit of 3.3 billion yen, up 10%. Nov. 7 (Bloomberg) -- The U.S. unemployment rate rose to the highest level since 1994 as companies slashed payrolls, setting the stage for the steepest economic decline in decades and a tough start for Barack Obama’s presidency. The jobless rate rose to 6.5 percent in October from 6.1 percent the previous month, the Labor Department reported today in Washington. Employers fired 240,000 workers after a loss of 284,000 in September. Revisions to the previous month added 125,000 more to the jobless lines than previously reported. The surge in unemployment, coupled with other signs the economy nosedived last month, puts pressure on Obama to quickly name his economic team and spell out his planned remedies. It may also spur congressional Democrats to enact in coming weeks a second fiscal stimulus package. “The economy has entered the very deep portion of the recession and should remain there over the coming six to nine months,” said John Herrmann, president of Herrmann Forecasting LLC in Summit, New Jersey. “These numbers imply a stimulus package of closer to $500 billion, ranging over the remainder of this year and through 2009.” President-elect Obama, in his first press conference since the Nov. 4 election, said today any stimulus package would combat unemployment. 2008/11/06 04:34 - After Surge, REIT Yields Falling As Investors Return To Market
www.nni.nikkei.co.jp/AC/TNKS/Nni20081105D05JFA24.h... The bankruptcy filing earlier last month by New City Residence Investment Corp. (8965) shattered the common belief that solid finances made REITs failure-proof.
stop no come back GDP was negative in Q3 -- worst quarter since Q3 2001
doh! 2008/10/28 13:50 - Aso, Faced With Financial Crisis, Eyes No Election This Year
www.nni.nikkei.co.jp/AC/TNKS/Nni20081028D28JF498.h... Tuesday, October 28, 2008
TOKYO (Kyodo)--Faced with the global financial crisis and deepening signs of economic recession, Prime Minister Taro Aso has decided to put off calling a general election this year, sources close to Aso said Tuesday. イオン、イトーヨーカ堂 進む円高、還元セール追加イオンは２７日、急激に進む円高を受けて還元セール「がんばろう日本！とことん価格」を、１１月１日からジャスコで行うと発表した。すでに１８日から値下げしている１０００品目に加え３００品目を１０～３０％円高メリットを先取りして値下げする。(フジサンケイ ビジネスアイ)＜東京外為＞円高一服 １ドル＝９４円５２～５５銭
2008/10/27 12:54 - G-7 Statement Highlights Concern Over Yen Surge
www.nni.nikkei.co.jp/AC/TNKS/Nni20081027D27JF397.h... The minister added, "We will take necessary action promptly while closely watching the yen's movement."
2008/10/27 15:41 - In Emergency Statement, G-7 Warns Against Yen Rises
www.nni.nikkei.co.jp/AC/TNKS/Nni20081027D27JF416.h... In the three-sentence statement, the G7 finance leaders singled out the yen, saying its recent "excessive volatility" threatens the global economy and financial system. That was the first time since September 1999 for the group to mention the yen on its own in its statement. The communique, which was released right after an ad-hoc news conference by Japanese Finance Minister Shoichi Nakagawa, suggests that not only Japan but also the U.S. and Europe now feel the yen's broad advances have gone too far.
Japan's currency jumped to as high as Y90.87 to the dollar Friday, its strongest level in 13 years. That sharp strengthening in the yen threatens to batter Japanese exports at a time when the domestic economy is going through another weak spell. "We are concerned about the recent excessive volatility in the exchange rate of the yen and its possible adverse implications for economic and financial stability," the statement by the finance ministers and central bank governors of the G7 said. "We continue to monitor markets closely, and cooperate as appropriate." But currency traders showed only a limited reaction to the statement as they preferred to study its meaning before trading on it. "Some players had speculated before the market opened that governments may intervene as early as today, so the statement disappointed us because it suggests that authorities are still a few steps away from actually selling the yen," said Hiroshi Maeba, senior dealer at Nomura Securities. "Under these unusual market conditions, we know that authorities are concerned about the yen's rise because everybody is concerned about it. What we need is an actual intervention," he said. Indeed, after the dollar rose slightly against the yen on the G7 statement, it dropped nearly a yen later, pushed down by a sharp fall in Japanese share prices. It's now trading around Y93.35. 2011年7月に現行のBS(放送衛星)アナログ放送が終了するのに合わせ、新たに誕生するBSデジタル放送のチャンネルをめぐる争奪戦が過熱する気配だ。総務省が09年4月に新規参入者の申請を受け付け、審査のうえ同7月に参入業者を認定する見通しだが、事前に参入希望調査を行ったところ、予想を上回る国内外の53社が参入の意向を表明した。新たに誕生するBSデジタル放送は、少なくとも4周波数で8～12チャンネルとされるが、53社が参入を希望する周波数は36周波数111チャンネルで、10倍前後の高倍率競争となりそうだ。
if the channels are so limited, why not stick with cable tv?? くどいけど、とても大事なことなので再度整理しておきます。読者用というより自分用ということで読みづらいですがこらえてください。
突然、政治家も官僚も新聞もテレビも 日本の銀行が中小企業に貸し渋っているのは今回の一連のアメリカ発サブプライム損失が原因であり、そのためにアメリカと同じような公的資金による資本増強が必要だ、と言い始めている。誰が洗脳したのか？？
juurin Mutantfrog Travelogue's Adamu (I'm a fan) recently wrote a post on foreigners interacting -- or not -- with each other in Japan. It's a good piece and well worth reading no matter where you live.
a fan The Citigroup Boys Still Have Not Noticed the Housing Bubble
www.prospect.org/csnc/blogs/beat_the_press_archive... That's right folks, the Post tells us that Citigroup equity strategist Tobias Levkovich anticipates that consumption might be constrained because of "a shrinking sense of wealth, especially among the top 20 percent of wage earners, who account for the bulk of equity investments and 40 percent of consumer spending." Mr. Levkovich is obviously referring to the loss of stock wealth due to the recent crash. However for most people, the major loss of wealth was the loss of equity in their home. This loss is already in the range of $5 trillion and will be close to $8 trillion before the housing market stabilizes. This will reduce annual consumption by between $400 billion and $480 billion. The incompetence of Citigroup's analysts caused its stockholders to lose most of the value of their holdings and contributed to the growth of the bubble. The Post might try to rely on sources who are more knowledgeable about the economy for its articles. 2008/10/25 04:59 - OPINION: Only All-Out Global Effort Will Stabilize Forex Market
www.nni.nikkei.co.jp/AC/TNKS/Nni20081024D24JFA24.h... Wide-ranging action, including currency market intervention and monetary policy changes, are needed by the start of next week. Only three weeks remain until the U.S. hosts a summit on the financial crisis. The financial markets are targeting Japan, probing its willingness to engage in international cooperation. --Translated from an article by senior Nikkei staff writer Mikio Sugeno (The Nikkei Saturday morning edition) サービス残業代、最多の272億円＝是正指導で1728社が支払い－07年度厚生労働省は24日、2007年度のサービス残業に関する調査結果を発表した。それによると、各地の労働基準監督署からサービス残業の是正を指導され、100万円以上の残業代を支払った企業は全国で1728社、支払総額は約272億4000万円に上り、いずれも調査を始めた01年度以降で最多だった。(時事通信)総務や経理まで中国へ業務移転 日本からホワイトカラーの仕事が消えていく(ダイヤモンド・オンライン) - Yahoo!ニュース
zasshi.news.yahoo.co.jp/article?a=20081024-0000000... 今や生産現場だけでなく、人事、総務、経理などのホワイトカラーの仕事を中国にアウトソーシングする日本企業が急増しており、2500社にも上っているのだ。
japan too being gutted 2008/10/23 18:36 - SINGULAR VIEW: H&M, Zara Biz Models Perfect Fit In Japan
www.nni.nikkei.co.jp/AC/TNKS/Nni20081023D23HH020.h... Does Japan's fashion industry have a flexible mentality in the same class as H&M and Zara? Isn't it smugly dug into a groove from which it sell its products only to the ranks of regular customers, content to be influenced by what is reported by traditional fashion journalism? It appears almost certain that the average people on the street will continue to tighten their purse strings. Yet, they hate to lower their living standards. Hence demand will increase for "inexpensive but snazzy" clothing. The business models of Zara and H&M are underpinned by well-managed supply chain systems and carefully crafted design strategies. When those in Japan's fashion industry say they pursue artisanship, it sounds nice to the ear. But the other side of the coin is that too much emphasis of workmanship can spawn a corporate culture in which establishment of a well-run supply chain system is shunned, a learn-from-the-customer attitude disappears and fashion trends and designs are slighted. At Zara's design headquarters, designers, of many nationalities, make efforts to stay abreast of global fashion trends. Are Japan's apparel companies prepared to go global, walking in the footsteps of H&M and Zara? 2008/10/19 20:48 - OPEC Pres: Oil Can't Fall Under $70 For Some Projects
www.nni.nikkei.co.jp/AC/TNKS/Nni20081019D19JF694.h... OPEC Pres: Oil Can't Fall Under $70 For Some Projects
LONDON (Dow Jones)--Some hydrocarbon projects won't be sustainable if the price of oil remain below $70 a barrel, although the Organization of Petroleum Exporting Countries doesn't have a price goal, the oil producer group's president said in remarks reported late Saturday. 2008/10/18 04:28 - Suntory's Beer Operations To Finish In Black For 1st Time
www.nni.nikkei.co.jp/AC/TNKS/Nni20081017D17JFA20.h... Saturday, October 18, 2008
TOKYO (Nikkei)--Having forgone price hikes longer than its competitors, Suntory Ltd. is expected to post a profit in its beer business for the first time since entering the market 46 years ago. After yearly losses in the billions of yen, the business is expected to turn an operating profit of around 1 billion yen in the fiscal year ending in December. The company held its prices steady this year until September, even though rivals had jacked up theirs by April. As a result, beer sales rose 12% on the year in volume terms during the January-September period, with high-margin premium brews doing well. Full-year sales are seen coming in 7% higher than last year at 240 billion yen. Streamlining operations and reining in expenses have helped the firm attain a profit. Production improvements absorbed a 4 billion yen increase in ingredient costs. The company also cut back on the incentives it pays retailers to keep prices low. (The Nikkei Saturday morning edition) Obama Raises $150 Million in September, Surpasses Record
By Julianna Goldman Oct. 19 (Bloomberg) -- Democratic presidential candidate Barack Obama raised more than $150 million for his campaign against Republican John McCain in September, more than doubling the previous one-month record he himself had set in August. The Obama campaign added 632,000 new donors, its most ever in a month, for a total of 3.1 million to date, with an average contribution of $86, Campaign Manager David Plouffe said in a video message e-mailed to supporters today. The previous monthly record for fundraising was $66 million in August. is he makign the recession worse? 2008/10/15 00:02 - Stock Investment Trust Assets Plummeted Record Y6.8tln In Sept
www.nni.nikkei.co.jp/AC/TNKS/Nni20081014D14JFN05.h... The net value of publicly offered stock investment trust assets plunged a record 6.8 trillion yen, or 11.5%, to 52.8 trillion yen as of the end of September, according to data released Tuesday by the Investment Trusts Association, Japan.
2008/10/09 18:28 - Japan Firms Rethink Using Dollar As Settlement Currency
www.nni.nikkei.co.jp/AC/TNKS/Nni20081009D09HH880.h... But the firm is open to change. "If using yen to settle deals becomes more advantageous for us, that would be an option," the official said.
In a First, Japan's Biggest Dailies to Consolidate Production
www.editorandpublisher.com/eandp/news/article_disp... NEW YORK Japan's Jiji Press reports today that the country's two biggest newspaper publishers, Asahi Shimbun Co. and Yomiuri Shimbun Holdings, have announced agreement to consolidate their printing as a cost-cutting measure.
It is Japan's first production collaboration between competing dailies, and the companies are calling on other publishers to join their initiative. Beginning in 2011 and on a new offset press installed for the purpose, Asahi will print approximately 200,000 Yomiuri Shimbun copies at its Funabashi plant in Chiba, for readers in that prefecture and in eastern Tokyo. Yomiuri's Sakaide plant, in western Japan's Kagawa prefecture, will print about 150,000 Asahi Shimbun copies for the Shikoku region, including Kagawa, beginning before 2013. 2008/09/28 21:03 - Segway Whisks Nature Lovers Off Beaten Path
www.nni.nikkei.co.jp/AC/TNKS/Nni20080928D26HH864.h... Sunday, September 28, 2008
TOKYO (Nikkei)--The Segway -- a battery-powered, self-balancing, two-wheeled vehicle -- is increasingly being used for nature tours and other outdoor activities in Japan as more people are discovering that the silent, emission-free gadget is a fun and easy way to enjoy Mother Nature. The Segway debuted in 2001, but because it is not allowed on Japanese public roads, only several hundred are in use in this country, according to SGI Japan Ltd., the local sales agent for the personal transporter. But the worldwide figure has reached some 40,000 units, with more than 240 tours approved by Segway Inc. available around the world -- including one at the Walt Disney World Resort in the U.S. and a sightseeing tour in Paris. "I saw the Segway when I went to Hawaii, but couldn't try it then. When I found this tour, I definitely wanted to participate," said a 30-year-old woman who signed up for a nature tour in Fujinomiya, Shizuoka Prefecture.
Participants of the guided tour ride their Segways through forests and fields that provide a sweeping view of Mt. Fuji. They also visit a centuries-old residence and refresh themselves with ice-cold water issuing from a nearby mountain. The fee for a two-hour course, which includes a safety lecture and training, is 8,800 yen. "You can control (the Segway) by shifting your balance," said a 32-year-old businessman, who likened the sensation of gliding along on the vehicle to snowboarding. The tour's guide says he came up with the idea because he "wanted people to get to know more about the mountains and therefore care more about them." He had a list of sightseeing spots, but a walking tour would require much more time and physical exertion, while visiting these destinations on bicycles would make it difficult to have conversations. The Segway seemed like the ideal solution. Hoping to use the Segway as a way to help revitalize forgotten regional sightseeing destinations, SGI Japan in May last year started training tour instructors and officially endorsing courses that meet certain standards. The first tour to obtain such an endorsement was one for Tokachi Millennium Forest, roughly 400 hectares of land in Hokkaido where guided hiking tours and other activities are offered. The Segway tour attracted 1,500 participants in the first 18 months, and it was fully booked even on weekdays this past August.
"Back when we only had walking tours, we had a hard time attracting people," said the president of the operator of Tokachi Millennium Forest. "But the electric vehicle has made it easy to complete a tour that would take nearly three hours on foot." He noted that the tour is growing popular among couples in their 40s and 50s. Huis Ten Bosch, a Dutch theme park in Nagasaki Prefecture, launched Segway tours last December, followed a month later by Kanucha Bay Hotel & Villas, a luxury resort in Okinawa. The Segway is gradually boosting its presence beyond the outdoor scene. At this summer's Group of Eight meeting in Japan and at the Beijing Olympics, the eco-friendly two-wheeler was used for patrolling and venue management. Further, Toyota Motor Corp. (7203) on Aug. 1 announced its entry into the personal transporter business by unveiling the Winglet. Toyota envisions the vehicle -- smaller than the Segway and about two-thirds lighter -- being used at shopping centers and other facilities. Field trials will begin this autumn at Central Japan International Airport in Aichi Prefecture. At the airport, Segway tours were also launched by travel agency JTB Chubu Corp. in mid-September. The Ministry of Transport began trial Segway patrols at a national park in Ibaraki Prefecture in May as well. -- Translated from an article written by Nikkei staff writer Yuji Takahashi (The Nikkei Marketing Journal Wednesday edition) FT.com / In depth - Bail-out talks regain momentum
www.ft.com/cms/s/0/a5d9e89e-8bd9-11dd-8a4c-0000779... Nancy Pelosi, Speaker of the House of Representatives, said talks were back on track after sharp disagreements a day before, adding she was confident that a deal could be reached by Sunday.
Candidates Clash on Economy and Iraq - NYTimes.com
www.nytimes.com/2008/09/27/us/politics/27debate.ht... Mr. Obama seemed calm and in control and seemed to hold his own on foreign policy, the subject on which Mr. McCain was assumed to hold a natural advantage.
2008/09/24 19:14 - PROFILE: Nakagawa Has Close Ties With Aso
www.nni.nikkei.co.jp/AC/TNKS/Nni20080924D24JF759.h... PROFILE: Nakagawa Has Close Ties With Aso
TOKYO (Kyodo)--Shoichi Nakagawa, new finance minister, has close ties with new Prime Minister Taro Aso, both of whom share a hawkish political credo. After the death of his father, a former farm minister, Nakagawa, 55, was first elected to the House of Representatives in 1983 from a constituency in Hokkaido and has held prominent posts in the Cabinet and the party. Regarded as a future prime ministerial candidate, Nakagawa, who doubles as minister in charge of financial affairs, promoted talks for free trade agreements as trade minister. The banker-turned-lawmaker, who is currently serving his eighth term in the lower house, likes reading, playing tennis and gardening. scarier than aso... nice to know he likes gardening? 2008/09/24 16:11 - Aso Formally Named New Prime Minister
www.nni.nikkei.co.jp/AC/TNKS/Nni20080924D24JF737.h... On Monday, Aso, 68, will make a policy speech to the Japanese parliament.
older than I thought Wall St. Fallout: WSJ: Goldman, Morgan Scrap Wall Street Model, Become Banks to Ride Out Crisis
www.nni.nikkei.co.jp/AC/FEAT/WallStFallout/WallStF... Monday, September 22, 2008
WSJ: Goldman, Morgan Scrap Wall Street Model, Become Banks to Ride Out Crisis End of Traditional Investment Banking, as Storied Firms Face Closer Supervision and Stringent New Capital Requirements By JON HILSENRATH, DAMIAN PALETTA and AARON LUCCHETTI The Federal Reserve, in an attempt to prevent the crisis on Wall Street from infecting its two premier institutions, took the extraordinary measure on Sunday night of agreeing to convert investment banks Morgan Stanley and Goldman Sachs Group Inc. into traditional bank holding companies. With the move, Wall Street as it has long been known -- a coterie of independent brokerage firms that buy and sell securities, advise clients and are less regulated than old-fashioned banks -- will cease to exist. Wall Street's two most prestigious institutions will come under the close supervision of national bank regulators, subjecting them to new capital requirements, additional oversight, and far less profitability than they have historically enjoyed. Already, the biggest rivals of Goldman Sachs and Morgan Stanley -- Merrill Lynch & Co., Lehman Brothers and Bear Stearns Cos. -- have merged into larger banks or sought bankruptcy protection. "This fundamentally alters the landscape," a Goldman Sachs spokesman said Sunday night. "By becoming a bank holding company and being regulated by the Federal Reserve, we have directly addressed issues that have become of mounting concern to market participants in recent weeks." The rapid pace of change in recent weeks highlights the severity of the financial crisis, and suggests it is deeper than many on Wall Street were willing to admit. Some investors may view the move as a negative signal, for it suggests that Goldman and Morgan Stanley, two institutions who were once considered rock solid, may have been facing greater liquidity issues than was apparent. Becoming a bank holding company can help both Morgan Stanley and Goldman organize their assets, and puts both in a much better position to be acquired, to merge or to acquire smaller companies with insured deposits. It also may allow Goldman and Morgan Stanley to avoid using of mark-to-market accounting -- which forces companies to value their assets based on the current market price. Instead, these firm may be able to classify assets as "held for investment," as many banks do. The huge banking firms that have so far survived the credit-market turmoil -- Citigroup Inc., Bank of America Corp., J.P. Morgan Chase & Co., Wachovia Corp. and Wells Fargo & Co. -- each have bank holding companies overseen by the Fed, and national bank charters supervised by the Treasury Department's Office of the Comptroller of the Currency. They can count on their huge deposit bases to serve as an alternative source of funding to other, more unpredictable, liquidity sources. "The Fed wanted to send a strong statement that they would not allow Goldman and Morgan Stanley to be 'Lehman-ized,'" said a person familiar with the discussions, referring to the bankruptcy of Lehman. In the short term, the agreement with federal regulators is likely to place on hold Morgan Stanley's talks to merge with Wachovia Corp., the Charlotte, N.C.-based banking powerhouse. As a bank-holding company, Goldman Sachs would become the fourth-largest such company in the U.S., behind Bank of America, J.P. Morgan Chase & Co. and Citigroup. Morgan Stanley officials have been talking about this option internally for several months, and Fed officials have been stationed at the bank since the crisis intensified earlier this year. After last week's market crisis, Morgan Stanley officials asked the Fed to speed up its review and grant the bank designation sooner. "It became clear that the world had changed," said Morgan Stanley spokeswoman Jeanmarie McFadden. She said that the firm would reduce its leverage ratios -- a measure of a firm's risk in relation to the equity on its balance sheet -- over the next few years from current levels to something more in line with that at commercial banks. Investment bank ratios now stand above 20, with commercial banks closer to 10. The Fed said it would also extend additional lending to the broker-dealer arms of the two firms, as well as to that of Merrill Lynch, as they make the transition. The steps effectively mark the end of Wall Street as it's been known for decades. It also formalizes a quid-pro-quo that regulators have warned about in the months after Bear Stearns's near collapse -- that in return for access to the Fed's emergency lending facilities, the firms would need to subject themselves to more oversight. The conversions of Goldman Sachs and Morgan Stanley to bank holding companies could deal a blow to Treasury Secretary Henry Paulson, who had tried to preserve the existing structure of financial institutions over the past several weeks. Now, the parent companies of almost all major U.S. financial institutions will be overseen by the Federal Reserve. Sunday night's development also further expedites the ascendancy of the Fed as universal supervisor, as it now has even more direct authority over nearly all big financial companies in the country. These actions "constitute a powerful statement by the Federal Reserve as to its views on the safety and soundness of these institutions," said H. Rodgin Cohen, chairman of the Sullivan & Cromwell law firm and a top adviser to financial institutions. Instead of being overseen just by the Securities and Exchange Commission, Goldman Sachs and Morgan Stanley will now face much stricter oversight from numerous federal agencies. The Federal Reserve will regulate the parent companies, the Comptroller of the Currency will oversee the national bank charters, and the Federal Deposit Insurance Corp. will likely play a bigger role because the companies are expected to seek much higher volumes of federally backed deposits. It had become increasingly clear to Fed officials in recent days that the investment-banking model couldn't function in these markets. Investment banks depend on short-term money markets to fund themselves, but that had become increasingly difficult, particularly in the wake of the collapse of Lehman Brothers. As bank holding companies, Morgan Stanley and Goldman Sachs will be allowed to take customer deposits, potentially a more stable source of funding. Officials held a series of talks with Morgan Stanley and Goldman Sachs executives over the weekend. While Fed Chairman Ben Bernanke stayed in Washington for meetings on Capitol Hill about the government's plan to buy hundreds of billions of dollars of distressed assets, Timothy Geithner, president of the Federal Reserve Bank of New York, and Kevin Warsh, a Fed governor and former Morgan Stanley executive, worked in New York to sort out the details with Goldman and Morgan Stanley. Officials had become more alarmed about the positions of both firms as their share prices continued to fall in recent days. One person involved in the talks said last week's bankruptcy filing by Lehman Brothers, and Merrill Lynch's agreement to be sold to Bank of America Corp., served as a wakeup call to the two investment banks. One person involved in the talks said the two firms had been flirting with the idea of becoming bank holding companies for some time, and that took on a new urgency in recent weeks. Morgan Stanley Chief Executive John Mack engaged in serious discussions with Wachovia Corp., whose new CEO, Robert Steel, recently left a top post at the Treasury Department to take the reins of the regional banking powerhouse. Goldman -- and to a lesser extent, Morgan Stanley -- has maneuvered through the credit crisis better than other investment banks. But its business model, which relies on short-term funding, is under attack. Some stockholders worry that its strategy of making big investments with borrowed money will go wrong someday, which would make it more difficult for the firm to get favorable borrowing terms. Such problems could also prompt the firm's clients, including big hedge funds, to move their assets to other banks, including larger commercial players. To many analysts and investors, Morgan Stanley and Goldman still depend too much on leverage, or the use of borrowed money, and don't set aside enough cash against the bets they make on everything from commercial mortgages to non-U.S. stocks. "They've been so close to a near-death experience, something needs to change," says Glenn Schorr, a brokerage-industry analyst at UBS. Surviving as independent companies is possible only if their business models become less risky, he adds. Lots of commercial banks also blundered on risky mortgages, including Citigroup, UBS AG and Wachovia. Their salvation has been their size and their ho-hum source of reliable funding -- bank deposits. Goldman has expressed wariness about joining up with a big commercial bank. When asked about the idea on a conference call Tuesday, the firm's chief financial officer, David Viniar, downplayed the attractiveness of the idea. "It is not the business model, it is the performance that matters," he said. The most fundamental problem is how to generate profit growth in a world that no longer tolerates high leverage. At Merrill Lynch, the leverage ratio soared to 28 last year, from 15 in 2003, according to UBS. Morgan Stanley's leverage ratio climbed to 33, while Goldman's hit 28. When markets were booming, borrowed money fueled record earnings. Investors showed few signs of concern. The ugly flip side of leverage is now obvious, and massive write-downs have shattered confidence in Wall Street's risk-management machinery. Morgan Stanley and Goldman have been taking steps to reduce their leverage, but that hasn't been easy in a market where prices are dropping for many assets. It has proved difficult to find buyers for many distressed real-estate assets. In contrast, Bank of America and Wachovia had leverage ratios of 11 as of the second quarter, less than half the average of the four big investment banks. The profit upside isn't as high as it is on Wall Street, but the downside isn't as steep. If a bank loses $1 billion on a loan, it has twice the capital an investment bank might have to absorb it. The ascendancy of commercial banks largely reflects their use of customer deposits to fund much of their business. Retail depositors tend not to yank their money out, even in turbulent times, thanks to backing by federal deposit insurance. Even at Washington Mutual Inc., a Seattle thrift-holding company battered by mortgage losses, deposit levels are basically unchanged so far this year. Still, plain-vanilla banking isn't a cure-all for what ails Wall Street. Commercial banks also run securities units that are highly leveraged and that have little to do with bank deposits. Also, the track record of so-called financial supermarkets such as Citigroup is so-so. "It's not obvious that there's a clear economic benefit" to investment banks merging with commercial banks, says Campbell Harvey, a finance professor at Duke University. Op-Ed Columnist - Bering Straight Talk - Op-Ed - NYTimes.com
www.nytimes.com/2008/09/14/opinion/14dowd.html?_r=... The really scary part of the Palin interview was how much she seemed like W. in 2000, and not just the way she pronounced nu-cue-lar. She had the same flimsy but tenacious adeptness at saying nothing, the same generalities and platitudes, the same restrained resentment at being pressed to be specific, as though specific is the province of silly eggheads, not people who clear brush at the ranch or shoot moose on the tundra.
Once Elected, Palin Hired Friends and Lashed Foes - NYTimes.com
www.nytimes.com/2008/09/14/us/politics/14palin.htm... when there was a vacancy at the top of the State Division of Agriculture, she appointed a high school classmate, Franci Havemeister, to the $95,000-a-year directorship. A former real estate agent, Ms. Havemeister cited her childhood love of cows as a qualification for running the roughly $2 million agency.
Op-Ed Columnist - The Power of De - Op-Ed - NYTimes.com
www.nytimes.com/2008/09/08/opinion/08krugman.html?... The current U.S. financial crisis bears a strong resemblance to the crisis that hit Japan at the end of the 1980s, and led to a decade-long slump that worried many American economists, including both Mr. Bernanke and yours truly. We wondered whether the same thing could take place here — and economists at the Fed devised strategies that were supposed to prevent that from happening. Above all, the response to a Japan-type financial crisis was supposed to involve a very aggressive combination of interest-rate cuts and fiscal stimulus, designed to prevent the crisis from spilling over into a major slump in the real economy. When the current crisis hit, Mr. Bernanke was indeed very aggressive about cutting interest rates and pushing funds into the private sector. But despite his cuts, credit became tighter, not easier. And the fiscal stimulus was both too small and poorly targeted, largely because the Bush administration refused to consider any measure that couldn’t be labeled a tax cut. PIMCO - Global Central Bank Focus - July 2008 "The Paradox of Deleveraging"
www.pimco.com/LeftNav/Featured+Market+Commentary/F... the paradox of thrift. For those of you who might not recall, the paradox of thrift posits that if we all individually cut our spending in an attempt to increase individual savings, then our collective savings will paradoxically fall because one person’s spending is another’s income – the fountain from which savings flow.
This principle is part of a whole range of macroeconomic concepts under the label of the paradox of aggregation: what holds for the individual doesn’t necessarily hold for the community of individuals. Understanding this paradox is absolutely vital to understanding macroeconomics and even more so to understanding what is presently unfolding in global financial markets.
Double Bubbles Bust Once the double bubbles in housing valuation and housing debt burst a little over a year ago, everybody, and in particular, every levered financial institution – banks and shadow banks alike – decided individually that it was time to delever their balance sheets. At the individual level, that made perfect sense.
At the collective level, however, it has given us the paradox of deleveraging: when we all try to do it at the same time, we actually do less of it, because we collectively create deflation in the assets from which leverage is being removed. Put differently, not all levered lenders can shed assets and the associated debt at the same time without driving down asset prices, which has the paradoxical impact of increasing leverage by driving down lenders’ net worth. Japan firms not among Lehman investors -sources | Markets | Markets News | Reuters
www.reuters.com/article/marketsNews/idUST307021200... Japanese financial firms will not
be named among the potential investors in Lehman Brothers (LEH.N: Quote, Profile, Research, Stock Buzz)
when the subprime-hit U.S. investment bank announces its recovery
strategy later on Wednesday, people familiar with the matter
said.
Barclays Plc, the U.K.'s third- biggest bank, moved closer to making a bid for Lehman Brothers Holdings Inc. as the U.S. government raced to find a solution for the faltering investment bank, two people familiar with the situation said. Barclays's takeover approach depends on whether losses from Lehman's mortgage-related holdings can be sealed off, said the people, who declined to be identified because no formal offer has been made. Bank of America Corp., the biggest U.S. consumer bank, also is among the potential bidders for New York-based Lehman, which has lost 94 percent of its market value this year after record losses from investments tied to mortgages. Japan's ruling coalition has
discussed holding general elections on Oct. 26, earlier than
previously reported, according to the Yomiuri newspaper.
Raw Deal: The incredible shrinking cereal box - Sep. 10, 2008
money.cnn.com/2008/09/09/pf/food_downsizing/index.... Consumers are starting to notice a few less snaps, crackles and pops in their Cocoa Krispies lately. That's because cereal boxes - and the amount of cereal inside - are shrinking along with most food packages in the grocery store. As manufacturers cope with the rising cost of raw ingredients and fuel, downsizing their package sizes is one increasingly popular way to pass along a price increase without drawing too much attention. Happening in Japan, too -- note smaller chip bags 2008/09/14 03:12 - WSJ: Lehman Deal Could Come Tonight As High-Level Talks Continue
www.nni.nikkei.co.jp/AC/TNKS/Nni20080913D13JF994.h... At an emergency meeting Friday night called by the Federal Reserve Bank of New York, New York Fed President Timothy Geithner, described two potential scenarios: either a liquidation of Lehman or an industry-driven solution in which Wall Street firms would possibly providing financing to remove some of Lehman's real estate assets, one person briefed on the matter said. Most of the Wall Street executives present at the meeting listened and asked questions, "but didn't show their hands" as to what they thought, this person said. In addition to Mr. Geithner, government officials in attendance included Treasury Secretary Henry Paulson and Securities and Exchange Commission Chairman Christopher Cox. The Wall Street executives included Morgan Stanley Chief Executive John Mack, Merrill Lynch Chief Executive John Thain, J.P. Morgan Chase CEO Jamie Dimon, Goldman Sachs Group CEO Lloyd Blankfein, Citigroup Inc. head Vikram Pandit and representatives from the Royal Bank of Scotland Group PLC and Bank of New York Mellon Corp. Other industry leaders that attended were Credit Suisse CEO Brady Dougan, Morgan Stanley Chief Financial Officer Colm Kelleher, Citigroup Chief Financial Officer Gary Crittenden, UBS AG Chief Risk Officer Thomas Daula, J.P. Morgan investment bank co-head Steve Black and Goldman Sachs Co-president Gary Cohn, according to a person familiar with the matter. 2008/08/27 14:33 - Small Banks Face Real Estate Wrecking Ball
www.nni.nikkei.co.jp/AC/TNKS/Nni20080827DNJ0302A.h... As the economy slows and materials costs surge, many of the country's corporations are feeling the squeeze: Japan's corporate bankruptcy rate has risen to its highest level in almost five years, according to private research firm, Tokyo Shoko Research. The malaise covers a range of sectors, and has shown up in earnings reports for banks of all sizes. But it's in the real estate and construction sectors, primarily served by some of the country'smore than 100 small, regional lenders, that problems have snowballed asland and real estate buyers evaporated as the government cracked down on building regulations. 2008/08/28 04:49 - Securities Assn To Begin Discussions Toward Rebuilding Jasdaq
www.nni.nikkei.co.jp/AC/TNKS/Nni20080827D27JFA22.h... The panel will be chaired by Nomura Research Institute Ltd. (4307) senior researcher Sadakazu Osaki and include JSDA senior executives, academics and Jasdaq representatives. OSE representatives are expected to join the committee after the talks are over. The panel will discuss ways to enhance the quality of Jasdaq, such as improving disclosure and preventing improper fundraising activities. A Few Speculators Dominate Vast Market for Oil Trading - washingtonpost.com
www.washingtonpost.com/wp-dyn/content/article/2008... CFTC data showed that a significant amount of trading activity was concentrated in the hands of just a few speculators.
A Few Speculators Dominate Vast Market for Oil Trading - washingtonpost.com
www.washingtonpost.com/wp-dyn/content/article/2008... A Few Speculators Dominate Vast Market for Oil Trading
By David Cho
Washington Post Staff Writer
Thursday, August 21, 2008; Page A01
Regulators had long classified a private Swiss energy conglomerate called Vitol as a trader that primarily helped industrial firms that needed oil to run their businesses. But when the Commodity Futures Trading Commission examined Vitol's books last month, it found that the firm was in fact more of a speculator, holding oil contracts as a profit-making investment rather than a means of lining up the actual delivery of fuel. Even more surprising to the commodities markets was the massive size of Vitol's portfolio -- at one point in July, the firm held 11 percent of all the oil contracts on the regulated New York Mercantile Exchange. The discovery revealed how an individual financial player had gained enormous sway over the oil market without the knowledge of regulators. Other CFTC data showed that a significant amount of trading activity was concentrated in the hands of just a few speculators. The CFTC, which learned about the nature of Vitol's activities only after making an unusual request for data from the firm, now reports that financial firms speculating for their clients or for themselves account for about 81 percent of the oil contracts on NYMEX, a far bigger share than had previously been stated by the agency. That figure may rise in coming weeks as the CFTC checks the status of other big traders. John Mark Reynolds: What Evangelicals Want - On Faith at washingtonpost.com
newsweek.washingtonpost.com/onfaith/john_mark_reyn... In my experience, most evangelicals, like most Americans, want four things from a candidate. First, they want a person with good character and the competence to govern well. Second, they long for a candidate who will defend traditional American ideas about faith and politics. Third, they want a compassionate man, but one who does not propose policies whose good intentions are swallowed up by bad consequences. Finally, they want a candidate who will defend the most fundamental God-given right: the right to life.
Wall Street professionals are trying new careers, and fetching smaller salaries, amid the elimination of 76,670 investment jobs in the Americas following the global credit crunch that started a year ago, according to data compiled by Bloomberg. Bankers are ``buying businesses for themselves, moving west or to Europe, including Russia, or to Dubai,'' said Jeanne Branthover, managing director of Boyden Global Executive Search in New York. ``They're also moving totally outside what they do, buying a retail store or a ranch.'' About 33,300 finance jobs in New York City, or 7.1 percent of the 2007 peak, will be cut by June 2009, the Independent Budget Office, a non-partisan monitor of city finances, estimated in a May report. The global economy | Rebalancing act | Economist.com
www.economist.com/finance/displaystory.cfm?story_i... 2008/08/16 01:30 - Mutual Funds With Monthly Payouts Gaining Popularity
www.nni.nikkei.co.jp/AC/TNKS/Nni20080815D15JFF05.h... TOKYO (Nikkei)--Investment trusts that pay out monthly continue to win favor among retail investors seeking to pad their incomes. These funds accounted for 55.7% of publicly offered mutual funds as of July 31, hitting an all-time high for a second consecutive month. They held a total of 32.91 trillion yen in assets, up about 3% on the year, according to the Investment Trusts Association, Japan. At the same time, the value of assets held by open-ended investment trusts shrank by roughly 6% from a year earlier due to a strong yen and falling share prices. 2008/08/16 01:30 - Mutual Funds With Monthly Payouts Gaining Popularity
www.nni.nikkei.co.jp/AC/TNKS/Nni20080815D15JFF05.h... monthly payout funds boast relatively low cancellation rates.
福岡県警が摘発したヤミ金融グループが、ダミーの貸金業の会社をつくり福岡、愛知両県知事の登録を取得、登録番号を記した広告を電話帳に掲載し正規業者と誤解させて客を勧誘していたことが１５日、分かった。県警は、新たな手口として注意を呼びかけている。
Radical immigration plan under discussion | The Japan Times Online
search.japantimes.co.jp/cgi-bin/nn20080619f1.html While establishing an environment to encourage women to continue to work while rearing children is important to counter the expected labor shortage, bringing in foreign workers is the best solution for immediate effect, said the plan's mastermind, Hidenori Sakanaka, director general of the private think tank Japan Immigration Policy Institute. "We will train immigrants and make sure they get jobs and their families have decent lives," Sakanaka said in explaining the major difference between the new plan and current immigration policy. Sakanaka Hidenori: The Future of Japan's Immigration Policy: a battle diary -
www.japanfocus.org/_Sakanaka_Hidenori-The_Future_o... To implement The Big Option, the country would need to accept over 20 million immigrants during the next 50 years. Before welcoming such an unprecedented influx, Japan would need to build a national consensus that new arrivals should be welcomed as "friends" and contributors to Japanese society. Japan would have to transform itself into a land of opportunity, building an open, fair society which guaranteed equal opportunity, judged people on their merits, and allowed everyone to improve their social status regardless of origin or ethnicity. ... An immediate requirement would be the maximization of available labor through the reorganization of Japanese industry to redistribute personnel. Urgent action would also be required to expand employment opportunities for elderly people and women. If all of these efforts fail to secure the required labor, then the government could choose to make exceptions to the strict immigration policies of "Small Japan" and permit the entry of the minimum number of immigrants required to maintain Japan's basic infrastructure. Fewer Chain Restaurants, Less Lettuce: The Impact of Japan's Demographic Crisis
www.prospect.org/csnc/blogs/beat_the_press_archive... The New York Times finally put some meat on the bones of the repeated claims that Japan will face a labor shortage due to its declining population. The NYT reported how Chinese workers are being brought in to fill jobs for which Japanese workers cannot be found. The focus of the article is a village where Chinese workers are brought in to pick lettuce. Presumably, farmers would have to pay much higher wages to get Japanese workers to pick their lettuce. This could make lettuce growing unprofitable in Japan. The result would be that the land would be used to grow other crops, or it could even be left available for other uses. Since most farming is heavily subsidized in Japan, if land was pulled out of agricultural production, it could mean substantial savings to the government. One of the other potential problem mentioned in this article is that a chain restaurant may be forced to cut back on its plan to triple its number of stores because it can't get enough workers. These are useful examples for showing why a declining population does not pose an economic problem. Japan has no special interest in maintaining its lettuce production, if it proves not to be an economically viable sector. If farmers cannot make a profit paying the prevailing wage to grow lettuce, then there is no obvious loss to the country if the lettuce industry is allowed to disappear. Similarly, Japan has no special interest in seeing this restaurant chain triple in size if the market conditions will not support this growth. 2008/08/15 17:37 - JTB's New Taiwan Tour Includes Lee Teng-Hui Lecture
www.nni.nikkei.co.jp/AC/TNKS/Nni20080815D15HH019.h... TOKYO (Nikkei)--JTB Corp. began selling a Taiwan package tour on Thursday that lets people learn about local history and culture through various experiences. The tour is targeted at middle-aged and older people and includes a lecture by former Taiwanese President Lee Teng-hui. The first overseas version of the firm's Senior College educational package tour series includes 10 seminars, to be given over five days in Japanese by National Taiwan University professors and others. One of them, about the Japanese spirit and "Bushido," will be delivered by Lee. 2008/08/14 02:02 - FSA To Furnish Financial Institutions With More Detailed Appraisals
www.nni.nikkei.co.jp/AC/TNKS/Nni20080813D13JFA04.h... TOKYO (Nikkei)--The Financial Services Agency is to provide financial institutions with more detailed evaluations of their internal controls, including their level of progress and areas for improvement. Since July 2007, the FSA has been attempting to lift the quality of financial services by prompting financial institutions to make voluntary improvements, and this latest move is part of such a stance. In manuals for its auditors, the financial watchdog has added areas that must be given particular attention. It also has requested inspectors to make specific and readily understandable evaluation comments. The new manuals will be used for evaluations for the operating year that started in July. Asia.view | Myanmar's sad anniversary | Economist.com
www.economist.com/daily/columns/asiaview/displaySt... the reason the revolution failed was simple: the army was prepared to kill as many people as it took to thwart it. This seems obvious. But in fact it is often forgotten. China’s Tiananmen protests in 1989—Asia’s other great failed people-power rebellion—were similarly fruitless for the same reason: that in the end troops were willing to shoot their fellow citizens. Yet it is quite commonly argued that they failed because the Chinese Communist Party, unlike its Soviet and East European counterparts, had got the economy right. It may have done. But guns, not butter, saved it.
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Similarly, the Burmese junta’s survival is often ascribed to the weakness or bad policies of its opponents, or the lack of a concerted international approach, or even sometimes to the argument that poor Asian countries need dictatorship to thrive (a ludicrous claim in this case, given the junta’s role in impoverishing one of the best-endowed countries in the region). The sad truth is that the junta will survive as long as it and Myanmar’s people are confident that the army will do whatever it takes to protect its rule. Change is therefore more likely to stem from a split in the ranks of the army and junta than from the futile heroism of the huddled masses yearning to be free. 2008/08/13 02:55 - Japanese Megabanks Finding Opportunity In Subprime Mess
www.nni.nikkei.co.jp/AC/TNKS/Nni20080812D12JFA10.h... Mitsubishi UFJ Financial Group Inc. (8306) said Tuesday that it will launch a tender offer for UnionBanCal Corp., with the goal of turning the major U.S. regional bank into a wholly owned unit.
2008/08/13 19:06 - Fukuda Asks Financial Minister To Spur Stock Trading Via Tax Reform
www.nni.nikkei.co.jp/AC/TNKS/Nni20080813D13JF917.h... Wednesday, August 13, 2008
TOKYO (Kyodo)--Prime Minister Yasuo Fukuda instructed Financial Services Minister Toshimitsu Motegi on Wednesday to consider tax reform to boost stock trading as part of efforts to stimulate the sagging economy, Motegi said. 2008/08/09 03:33 - Subprime Mess Trims Prices Of 85% Of Investment Trusts
www.nni.nikkei.co.jp/AC/TNKS/Nni20080808D08JFA10.h... Saturday, August 9, 2008
TOKYO (Nikkei)--The unit price of about 85% of investment trusts fell in the year following the emergence of the subprime mortgage debacle on the global stage. Fukuda's Gambit: NEW CABINET: Motegi To Lead Efforts To Strengthen Tokyo Market
www.nni.nikkei.co.jp/AC/FEAT/FukudasGambit/Fukudas... NEW CABINET: Motegi To Lead Efforts To Strengthen Tokyo Market
TOKYO (Nikkei)--Toshimitsu Motegi joined the cabinet Friday as Minister of State for Financial Services with a mandate to beef up Tokyo's competitiveness as a global financial hub. "Prime Minister Yasuo Fukuda instructed me to work toward turning Tokyo into a financial market that rivals London and New York," Motegi told a news conference Friday. He is expected to urge relevant government agencies to quickly coordinate rules and regulations to accommodate the revised Financial Instruments and Exchange Law, which was enacted in June. Motegi is also expected to spearhead government responses to the global financial market woes stemming from the U.S. subprime mortgage meltdown. "I'll follow the activities at financial institutions by maintaining high levels of vigilance," Motegi said, indicating his intention to more closely monitor financial institutions and ensure that the borrowing needs of small and midsize businesses are met smoothly. (The Nikkei Saturday morning edition) 2008/08/01 20:51 - PROFILE: Financial Services Minister Motegi Boasts Broad Career Background
www.nni.nikkei.co.jp/AC/TNKS/Search/Nni20080801D01... Friday, August 1, 2008
TOKYO (Kyodo)--Toshimitsu Motegi, who gained his second Cabinet post as the new state minister in charge of financial services, is known for his broad career background and personal connections. Motegi, a 52-year-old graduate of the University of Tokyo, was once a trader with Marubeni Corp., a political reporter for the Yomiuri Shimbun and a consultant with McKinsey & Co. He won his first seat in the House of Representatives in 1993 and is currently serving his fifth term. Motegi once served as state minister in charge of Okinawa and Northern Territories affairs as well as science and technology. Harold Meyerson - Obama's Pitch to Hit - washingtonpost.com
www.washingtonpost.com/wp-dyn/content/article/2008... In a speech on the economy Friday in St. Petersburg, Fla., he talked about investing in infrastructure projects and green jobs without contrasting his stances with those of McCain, or of George W. Bush, whose economic policies are essentially indistinguishable from McCain's. Essentially, Obama is declining to swing at hanging curve balls. That's not a strategy for victory. John Holmes - Disaster Lessons - washingtonpost.com
www.washingtonpost.com/wp-dyn/content/article/2008... we must stay focused on the goal: assisting people in crisis. From the first, the aid operation in Myanmar -- as is true everywhere we work -- had to be about helping vulnerable people in need, not about politics. In this post-Iraq age, I am concerned that humanitarians are often pressured to choose between the hammer of forced intervention and the anvil of perceived inaction. Was there a realistic alternative to the approach of persistent negotiation and dialogue that we pursued? I do not believe so. Nor have I met anyone engaged in the operations who believes that a different approach would have brought more aid to more people more quickly. This is not to say that there can never be a role for humanitarian intervention, even in natural disasters. But it must be the last resort, when all else has been tried and the only alternative is death and suffering on a mass scale. asahi.com（朝日新聞社）：EDITORIAL: New Komeito steps up - English
www.asahi.com/english/Herald-asahi/TKY200808010069... Junya Yano, who once served as chairman of Komeito, New Komeito's predecessor, sued Soka Gakkai, claiming it forced him to stop speaking publicly as a political commentator. Yano appears set to testify in the Diet. There is also speculation that New Komeito is reluctant to hold an extended Diet session because it wants to avoid such a situation. BBC NEWS | South Asia | India-Japan baby in legal wrangle
news.bbc.co.uk/2/hi/south_asia/7544430.stm The future of a Japanese baby born to a surrogate Indian mother is uncertain after her parents divorced. Both the infant's natural and surrogate mothers say they do not want to take custody of her. Her father does, but he is not entitled to under Indian law. Ikufumi Yamada, 45, and his then-wife Yuki Yamada, 41, signed a surrogacy agreement in November. The baby was born on 25 July in the western state of Gujarat and is now in a hospital in Jaipur, in Rajasthan. According to reports, Yuki Yamada no longer wants to adopt the baby. And Indian laws prohibit single men from adopting children. Commercial surrogacy has been legal in India since 2002 but the child born of such an agreement has to be legally adopted by its biological parents. 'Major hassle' After her mother refused to adopt the baby, the surrogate mother has also left the infant who is admitted to a hospital in Jaipur. "Doctor Yamada got divorced around mid-June and after his divorce he came alone to claim the custody of the child," news agency Reuters quoted Dr Sanjay Arya, who is looking after the baby, as saying. "But, according to Indian laws, a single father cannot adopt a girl child. This is the major legal hassle arising in this case. Aug. 6 (Bloomberg) -- Toshimitsu Motegi, who became Japan's Financial Services Minister on Aug. 2, said he will consider lowering corporate taxes to attract more foreign investment and boost Tokyo's competitiveness as a financial center. Lower taxes and office rents would help businesses in Japan make the most of the $14 trillion of financial assets held by individuals, Motegi, 52, told reporters today. A corporate tax rate of 40.7 percent makes Japan less attractive for investments than the U.K., which charges 28 percent. The share of Japan's gross domestic product accounted for by foreign firms was 2.5 percent in 2006, compared with 47.8 percent in the U.K. Op-Ed Columnist - McCain’s Green-Eyed Monster - Op-Ed - NYTimes.com
www.nytimes.com/2008/08/06/opinion/06dowd.html?hp John McCain is pea-green with envy. That’s the only explanation for why a man who prides himself on honor, a man who vowed not to take the low road in the campaign, having been mugged by W. and Rove in South Carolina in 2000, is engaging in a festival of juvenilia.
2008/08/06 18:52 - Bank Minister Eyes Fair Treatment Of Foreign Investors
www.nni.nikkei.co.jp/AC/TNKS/Nni20080806D06JF432.h... ''Since one of the government's priorities is promoting inward investment and strengthening our capital and financial markets, the basic policy is not discriminating against investors based on their nationalities,'' Motegi said in an interview with Kyodo News and other news organizations. Motegi also stressed the importance of ''securing and enhancing the predictability of rules'' regarding investment in Japan.
''It would be troublesome if rules suddenly change or if it is uncertain until you ask an umpire whether a game will end with three outs or four outs,'' Motegi said, comparing the situation to a baseball game. He said the outstanding balance of foreign direct investment in Japan is ''dramatically low'' compared with other major countries. 2008/08/05 04:16 - Nikko Ends Brokerage Tie-Up With Lawson On Weak Demand
www.nni.nikkei.co.jp/AC/TNKS/Nni20080804D04JFA04.h... Nikko Cordial Securities Inc. at the end of June severed its partnership with Lawson Inc. (2651) that let customers trade stocks and government bonds at Lawson convenience stores across the country.
2008/07/31 17:19 - Fukuda To Reshuffle Cabinet As Early As Friday
www.nni.nikkei.co.jp/AC/TNKS/Nni20080731D3ZJF926.h... Fukuda To Reshuffle Cabinet As Early As Friday
No more Hatoyama? General Securities Representative Exam - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/General_Securities_Represent... July 31 (Bloomberg) -- China announced emergency measures to further restrict traffic and shutter industrial production in case of ``extreme'' pollution during next month's Olympic Games. Private cars won't be allowed on the road if their license- plate numbers end with the same digit as the day's date, according to a Ministry of Environmental Protection statement. Half of all vehicles are already banned each day, depending on whether the date ends with an odd or even number. Beijing's pollution index, which measures dirt and dust particles in the air, climbed above 100 from July 24 to 27, more than double the World Health Organization recommended maximum level of 50, despite traffic limits starting July 20. Buses, which make up 1 percent of the city's total vehicles, accounted for 7 percent of the pollution, according to the Beijing Public Transportation Co. Du Shaozhong, deputy director of the city's environmental bureau, has blamed worsening air quality on ``extreme weather'' and pinned the haze enveloping the capital on high humidity. This was a mistake... Economy Grew at 1.9% Pace in Quarter, Lifted by Stimulus - NYTimes.com
www.nytimes.com/2008/08/01/business/01econ.html?_r... The economy grew less than expected from April to June, the government said on Thursday, and it shrank in the final months of 2007, dimming the outlook for a quick recovery.
日本人「勤勉続くと思わない」６１％…読売調査
日本の発展を支えてきた「日本人の勤勉さ」について、これからも続くと思う人は３５％にとどまり、そうは思わない人が６１％に上ることが、読売新聞社の年間連続調査でわかった。(読売新聞) Foreign businesses operating in Burma give the regime millions of dollars everyday. Without this money Burma’s brutal regime wouldn’t be able to finance the military machine that keeps it in power. This money doesn’t help the ordinary people of Burma; it props up a regime that rules through fear and spends nearly half of the country’s annual budget on the military even though the country has no external enemies. Burma’s military isn’t used to help cyclone victims or defend the country. It’s used to entrench military rule; persecuting, torturing and repressing ordinary civilians. In September 2007 the world caught a rare glimpse of the regime’s brutality as soldiers shot and killed peaceful protestors who dared to call for change.
Dear Stumped: Does McSame have to smile every time he thinks he has made a point? He looks like a fool. Japan’s pension pot | Capital thinking | Economist.com
www.economist.com/finance/displayStory.cfm?source=... To improve the fund’s performance, a group of politicians from the ruling Liberal Democratic Party (LDP) has called for a sliver of the pension purse, ¥10 trillion, to be set aside to create a sovereign-wealth fund. It would be run by professional managers, not necessarily from Japan, rewarded with performance-based salaries. The fund would be independent of bureaucratic and political meddling. Its working language would be English.
To overcome this resistance, the proposed fund would maintain the same allocation to JGBs as the current one. If it can produce better returns from the portion of its capital that is actively invested, it may sway public opinion in favour of increasing its size and changing its allocation away from safe-but-sorrowful JGBs, explains Kotaro Tamura, an LDP legislator. The plan is a Petri dish for a potentially much bigger investment pool. FSA Policy 'Missteps' Blamed For Economic Downturn
www.nni.nikkei.co.jp/FR/TNKS/Nni20080722D22VS228.h... evidence? Op-Ed Columnist - How Obama Became Acting President - Op-Ed - NYTimes.com
www.nytimes.com/2008/07/27/opinion/27rich.html?em&... The growing Obama clout derives not from national polls, where his lead is modest. Nor is it a gift from the press, which still gives free passes to its old bus mate John McCain. It was laughable to watch journalists stamp their feet last week to try to push Mr. Obama into saying he was “wrong” about the surge. More than five years and 4,100 American fatalities later, they’re still not demanding that Mr. McCain admit he was wrong when he assured us that our adventure in Iraq would be fast, produce little American “bloodletting” and “be paid for by the Iraqis.” Never mind. This election remains about the present and the future, where Iraq’s $10 billion a month drain on American pocketbooks and military readiness is just one moving part in a matrix of national crises stretching from the gas pump to Pakistan. That’s the high-rolling political casino where Mr. Obama amassed the chips he cashed in last week. The “change” that he can at times wield like a glib marketing gimmick is increasingly becoming a substantive reality — sometimes through Mr. Obama’s instigation, sometimes by luck. Obama-branded change is snowballing, whether it’s change you happen to believe in or not. Op-Ed Columnist - How Obama Became Acting President - Op-Ed - NYTimes.com
www.nytimes.com/2008/07/27/opinion/27rich.html?em&... What was most striking about the Obama speech in Berlin was not
anything he said so much as the alternative reality it fostered: many
American children have never before seen huge crowds turn out abroad to wave American flags instead of burn them.
Op-Ed Columnist - Can Obama Run the Offense? - Op-Ed - NYTimes.com
www.nytimes.com/2008/07/29/opinion/29herbert.html?... “He has very serious policies, not sound bites, for addressing the long-term and short-term issues that are having such a dramatic effect on people who are working and trying to make ends meet,” she said. Translating those ideas into a compelling economic narrative for his campaign — something Mr. Obama has not yet done — is the key to defeating John McCain. 2008/07/29 02:00 - TBS To Enter Retail Business As TV Ad Sales Sag
www.nni.nikkei.co.jp/AC/TNKS/Nni20080728D28JFF04.h... Worth a look? 2008/07/26 21:06 - Japan Set To Include Taiwan In Working Holiday Program
www.nni.nikkei.co.jp/AC/TNKS/Nni20080726D26JFF01.h... Saturday, July 26, 2008
TOKYO (Nikkei)--Japan is likely to form a working holiday youth-exchange partnership with Taiwan as part of efforts to expand such visa accords to more destinations, after signing similar pacts with Ireland and Denmark last year, it has been learned. The government is also examining the possibility of forming such alliances with China and Botswana in response to requests by these countries. BBC NEWS | Asia-Pacific | Polls open in Cambodian election
news.bbc.co.uk/2/hi/asia-pacific/7527325.stm
Cyber-nationalism | The brave new world of e-hatred | Economist.com
www.economist.com/world/international/displayStory... The small size of these online communities does not mean they are unimportant. The power of a nationalist message can be amplified with blogs, online maps and text messaging; and as a campaign migrates from medium to medium, fresh layers of falsehood can be created. During the crisis that engulfed Kenya earlier this year, for example, it was often blog posts and mobile-phone messages that gave the signal for fresh attacks. Participants in recent anti-American marches in South Korea were mobilised by online petitions, forums and blogs, some of which promoted a crazy theory about Koreans having a genetic vulnerability to mad-cow disease. In Russia, a nationalist blogger published names and contact details of students from the Caucasus attending Russia’s top universities, attaching a video-clip of dark-skinned teenagers beating up ethnic Russians. Russian nationalist blogs reposted the story—creating a nightmare for the students who were targeted. Spreading hatred on the web has become far easier since the sharp drop in the cost of producing, storing and distributing digital content. High-quality propaganda used to require good cartoonists; now anyone can make and disseminate slick images. Whether it’s a Hungarian group organising an anti-Roma poster competition, a Russian anti-immigrant lobby publishing the location of minority neighbourhoods, or Slovak nationalists displaying a map of Europe without Hungary, the web makes it simple to spread fear and loathing. 2008/07/25 04:40 - Japan Firms Fear Post-Olympics Doldrums In China
www.nni.nikkei.co.jp/AC/TNKS/Nni20080724D24JFA20.h... Preliminary trade figures released Thursday by the Ministry of Finance show that Japanese exports to China rose 5.1% on the year to 1.18 trillion yen in June. While this was a record for a single month, the growth rate sank below 10% for the first time in three months. This slower export growth was led by a decline in demand for producer goods. Japanese machine tool makers saw orders from China decrease 0.3% on the year in the January-June period, according to the Japan Machine Tool Builders' Association. This marks the first year-on-year drop in three years and stands in sharp contrast to the 65% growth of all of 2007.
Amid monetary tightening by China to stem inflation, "an increasing number of Chinese companies are finding themselves unable to purchase machines because they no longer pass banks' loan application screenings," a Star Micronics Co. (7718) official says. Because Chinese consumer electronics manufacturers' exports to the U.S. are not growing as fast as before, "their desire for capital investments is waning," a Makino Milling Machine Co. (6135) official notes. Demand for materials is also weakening in China, as some local manufacturers appear to be lowering production levels. No excuses for uptick in nation's murder rate : Editorial : DAILY YOMIURI ONLINE (The Daily Yomiuri)
www.yomiuri.co.jp/dy/editorial/20080724TDY04304.ht... The Supreme Court on July 11 sentenced to death a man who killed five and injured 10 at JR Shimonoseki Station in 1999, saying there could be no room for leniency toward the defendant because his act was extremely malignant in that he indiscriminately assaulted passersby with whom no fault was found. To protect and ensure the peace of people's lives, it is necessary to be firm against crimes. Doing so also would offer some solace to victims' families. There were 649 murder cases in the first half of this year, a 10 percent increase from the same period last year. The number of murder cases had been on the decrease for four consecutive years, making the latest figure a concern. New York, July 24, 2008 (Jiji Press) - After years of unprofitability in the United States, culminating in last year's multi-billion-dollar losses on subprime mortgage investments, Nomura Holdings Inc. <8604>, Japan's largest brokerage group, recently launched moves to turn around its U.S. operations.
First, in June, Nomura formed a strategic partnership with the Japan Fund, a Boston-based mutual fund. Making clear that it sees its future on its home turf of Asia, Nomura said it plans to "invest significant resources to support marketing and distribution of the Fund." The Asia-centered strategy appears to be going down well with investors. One portfolio manager at a Greenwich, Connecticut-based hedge fund said she hopes to use Nomura as a "gateway" to investments in Asia. "Small players like us do not have capacity to work with numerous brokerage firms," she said, adding that her fund wants to use its existing relationship with Nomura to move into other parts of the region.
2008/07/22 12:22 - FSA Strives To Stabilize Banking Market Amid Global Upheaval
www.nni.nikkei.co.jp/AC/TNKS/Nni20080722D22VS226.h... While revival and investment funds are eager to cheaply acquire regional banks with strong customer bases, the FSA sees them more as being "white knights" to rescue struggling lenders. Financial industry watchers wonder whether the funds and the FSA can find common ground. At a New Year party held by the Second Association of Regional Banks in January 2007, then Financial Services Minister Yuji Yamamoto surprised participants by urging them to manage their banks "with a sense of tension," saying, "I just talked with Mr. (Charles) Prince of Citigroup. He said he wanted to buy a Japanese bank." Charles Prince, then chairman and CEO of Citigroup Inc., was in Japan at that time and asked Yamamoto about the U.S. financial giant's possible acquisition of the financial group led by Resona Holdings Inc. (8308). FSA officials expected the consolidation of regional banks to accelerate, with the Resona group accepting troubled lenders. But Citigroup incurred huge losses following the collapse of the speculative bubble in the U.S. housing market, and Prince resigned to take the blame. The plan to acquire the Resona group faded away. Burmese Junta Signs Asean Charter
The Burmese junta signed the new Asean Charter on Monday, which includes a regional human rights body.
“Accepting the charter seems to be a way for the ruling junta to rebuild its credibility,” said Han Thar Myint. “Burma had signed the Universal Declaration of Human Rights in the past, but we all have witnessed what is going on in the country.” ＜モカ＞消えるかも 輸入ストップ、在庫わずか7月20日2時31分配信 毎日新聞
2008/07/21 01:38 - Japan Earning More From Direct Investment Abroad
www.nni.nikkei.co.jp/AC/TNKS/Nni20080720D20JFF04.h... Japan Earning More From Direct Investment Abroad
TOKYO (Nikkei)--Japanese corporations are earning record profits from direct investment in their overseas operations, according to balance-of-payment data compiled by the Bank of Japan and the Ministry of Finance. Dividends and interest paid by foreign units as well as their internal reserves grew 32.9% to a record 5.55 trillion yen in fiscal 2007, more than triple the fiscal 2002 figure. This is also nearly 10% of the 57 trillion in pretax profit the MOF estimates to have been earned by Japanese companies in fiscal 2007. 2008/07/21 00:42 - Hedge Fund Investment In Japan Down 10% Over Past 6 Months
www.nni.nikkei.co.jp/AC/TNKS/Nni20080720D20JFF01.h... Monday, July 21, 2008
TOKYO (Nikkei)--Hedge fund investment in Japan is on the decline, with their assets in that nation falling to about 22 billion dollars, or 2.3 trillion yen, as of June 30, a drop of about 10% from the end of 2007, according to data from market researcher Eurekahedge Pte.
Positives of cross ownership:
Cross ownership of shares is criticized for:
A major factor in perpetuating cross ownership of shares is a high capital gains tax rate. A company has less incentive to sell cross owned shares if taxes are high because of the immediate reduction in the value of the assets. For example, a company owns $1000 of stock in another company that was originally purchased for $200. If the capital gains tax rate is 50% (like Germany) and the company sells the stock, the company has $600 which is 40 percent less than before it sold the stock. Long term cross ownership of shares combined with a high capital tax rate greatly increases periods of asset deflation both in time and in severity. How to Say Nothing in 500 Words (A Lesson on Writing)
www.doshdosh.com/how-to-say-nothing-in-500-words/ Uncomfortable Answers to Questions on the Economy - NYTimes.com
www.nytimes.com/2008/07/19/business/economy/19econ... After roughly doubling in value from 2000 to 2005, home prices have fallen about 17 percent — and more like 25 percent in inflation-adjusted terms — according to the widely watched Case-Shiller index. Even so, most economists think house prices must fall an additional 10 to 15 percent to get back to reality. One useful measure is the relationship between the costs of buying and renting a home. From 1985 to 2002, the average American home sold for about 14 times the annual rent for a similar home, according to Moody’s Economy.com. By early 2006, home prices ballooned to 25 times rental prices. Since then, the ratio has dipped back to about 20 — still far above the historical norm. With mortgages now hard to obtain and speculation no longer attractive, arithmetic has replaced momentum as the guiding force for housing prices. The fundamental equation points down: Even as construction grinds down, there are still many more houses on the market than there are people to buy them, and more on the way as more homeowners slip into foreclosure. By the reckoning of Economy.com, enough houses are on the market to satisfy demand for the next two-and-a-half years without building a single new one. ... When will banks revive? So far, they have written off more than $300 billion in loans. Many experts now predict the toll will rise to $1 trillion or more — a staggering sum that could cripple many institutions for years. Back when home prices were multiplying, banks poured oceans of borrowed money into real estate loans. Unlike the dot-com companies at the heart of the last speculative investment bubble, the new gold rush was centered on something that seemed unimpeachably solid — the American home. But the whole thing worked only as long as housing prices rose. Falling prices landed like a bomb. Homeowners fell behind on their loans and could not qualify for new ones: There was no value left in their house to borrow against. As millions of people defaulted, the banks confronted enormous losses in a bloody period of reckoning. In March, the Federal Reserve helped engineer a deal for JPMorgan Chase to buy troubled investment bank Bear Stearns. Many assumed the worst was over. But, this month, the open distress of Fannie Mae and Freddie Mac — two huge, government sponsored institutions that together own or guarantee nearly half of the nation’s $12 trillion in outstanding mortgages — sent a signal that more ugly surprises may lie in wait. To calm markets, the government last weekend hurriedly put together a rescue package for Fannie and Freddie that, if used, could cost as much as $300 billion. The urgent need for a rescue — together with another round of billion-dollar write-offs on Wall Street — has unnerved economists and investors. ... Through the years of the housing boom, many Americans came to treat their homes like automated teller machines that never required a deposit. They harvested cash through sales, second mortgages and home equity lines of credit — an artery of finance that reached $840 billion a year from 2004 to 2006, according to work by the economists James Kennedy and Alan Greenspan, the former Federal Reserve chairman. That allowed Americans to live far in excess of what they brought home from work. But by the first three months of this year, that flow had constricted to an annual rate of about $200 billion. Average household debt has swelled to 120 percent of annual income, up from 60 percent in 1984, according to the Federal Reserve. And now the banks are turning off the credit taps. Quake Off East Coast of Japan Shakes Tokyo Buildings (Update2)
By Stuart Biggs July 19 (Bloomberg) -- A magnitude-7.0 earthquake struck off Japan's eastern coast, the U.S. Geological Survey said on its Web site. There were no reports of injuries or damage, public broadcaster NHK said. ``All things considered, it was a decent quarter,'' Goldman Sachs analyst William Tanona, who has a ``sell'' rating on the shares, wrote in a note today. ``The consumer businesses continued to show deterioration in credit statistics, as expected. However, results were not as bad as investors had expected.'' Writedowns for subprime-related assets, leveraged loans and bond insurance contracts totaled $7.2 billion, down from about $12 billion in the first quarter and $18 billion in the fourth quarter of 2007. The bank's costs for loan write-offs and higher credit reserves increased $4.5 billion from the second quarter of last year, mainly because of rising delinquencies in North America and the company's credit-card business. Writedown Estimate Credit Suisse Group analyst Susan Roth Katzke predicted in a June 24 note that the company would have as much as $10 billion of writedowns. Op-Ed Columnist - L-ish Economic Prospects - Op-Ed - NYTimes.com
www.nytimes.com/2008/07/18/opinion/18krugman.html?... If the current housing slump runs on the same schedule, we won’t be seeing a recovery until 2011 or later.
2008/07/16 02:00 - Citigroup To Unload Noncore Investment Firm In Japan
www.nni.nikkei.co.jp/AC/TNKS/Nni20080715D15JFF05.h... considering selling off shares in Nikko Asset Management Co. by taking the promising subsidiary public.
BBC NEWS | Asia-Pacific | Thai troops 'cross into Cambodia'
news.bbc.co.uk/2/hi/asia-pacific/7506872.stm
2008/07/14 13:28 - TSE Pushes Global Marketing Drive To Avoid Ending Up Local
www.nni.nikkei.co.jp/AC/TNKS/Nni20080714D14HH690.h... On June 11, Masaki Shizuka, a TSE executive officer, was in Tianjin, China, making a sales pitch to executives of some 100 local startups. Shizuka stressed the benefits of listing stocks on the principal stock exchange in Japan, which has some 1,500 trillion yen of private savings.
2008/07/14 16:30 - Nikkei Average, Nikkei 500 Change Constituent Stocks
www.nni.nikkei.co.jp/AC/TNKS/Nni20080714D14JF786.h... 2008/07/11 01:30 - Credit Suisse To Court Japan's Super-Rich
www.nni.nikkei.co.jp/AC/TNKS/Nni20080710D10JFF02.h... Friday, July 11, 2008
TOKYO (Nikkei)--Credit Suisse plans to start offering financial services for the moneyed classes in Japan, rolling out by the end of the year private banking services for those who own 1 billion yen or more in financial assets. As earnings from investment banking operations have dropped in the wake of the U.S. subprime mortgage problem, foreign financial institutions are putting more efforts into private banking operations, which deliver stable commission revenues. They face intensifying competition with Japanese rivals, which are also foraying into this growing field. Credit Suisse's private banking services will target the nation's billionaires and offer not only stocks, bonds, real estate and other investment products, but will also dispense advice on business succession and handing down family assets. According to Nomura Research Institute Ltd. (4307), 865,000 households own 100 million yen or more in financial assets in Japan. The number comes to 52,000 for those with financial assets worth at least 500 million yen. The private banking business is a key part of the Swiss firm's global operations, serving roughly 2.5 million customers and managing assets totaling around 100 trillion yen worldwide. In Japan, it will provide private banking services via its Tokyo branch and Credit Suisse Securities (Japan) Ltd. as soon as registrations with the Financial Services Agency are completed. In the future, it will consider offering the services in locations outside Tokyo. Hongkong and Shanghai Banking Corp. helped pioneer private banking services in Japan, entering into the business in 1996. Now targeting people with 300 million yen or more in financial assets, the firm hopes to be managing 1 trillion yen or so in assets for its private banking customers by the end of 2010. UBS AG offers private banking services to those worth at least 200 million yen in Tokyo as well as in Osaka and Nagoya. Among Japanese megabanks, Mizuho Financial Group Inc. (8411) provides private banking services through subsidiary Mizuho Private Wealth Management Co. Mitsubishi UFJ Financial Group Inc. (8306) serves customers with 100 million yen or more financial assets via Mitsubishi UFJ Merrill Lynch PB Securities Co., a joint venture with Merrill Lynch & Co. (8675) of the U.S. In addition, Nomura Holdings Inc. (8604) and Daiwa Securities Group Inc. (8601) offer services and products for wealthy people through their brokerage units. (The Nikkei Friday morning edition) 木村拓哉さん（ＣＨＡＮＧＥ） : インタビュー : Ｙ＆Ｙテレビ : エンタメ : YOMIURI ONLINE（読売新聞）
www.yomiuri.co.jp/entertainment/yy/interview/20080... 木村拓哉さん（ＣＨＡＮＧＥ）皆さんと近いものに・・・・・「全く興味がないというより、流れてくる情報があまり心地よくなかったので、ちょっと自分から目線を外しがちだった」 これまで政治に対して感じてきたイメージを淡々と語る。今回演じる啓太も最初はそんな姿勢だった。 ただ、啓太は敬遠していた政治の世界に飛び込み、総理大臣にまで上りつめる。“永田町の論理”が支配する政界で、普通の人の視点で政治に取り組む。「知識も経験もないから、政治のベテランたちとは温度や視点が全く違う。でも、抱く思いや疑問は皆さんと近い」と話す。 「変化」を意味するタイトルの今回のドラマが、視聴者と作り手とをつなぐ、「キャッチボールのボールになれたら」と思う。 「テレビの前にいる人たちと、テレビとの関係性が希薄になっていると感じているんです。それをもう一度、近いものに変えていきたい」 熱気に満ちた視線とともに紡がれる力強い言葉。視聴者の中で、本当に何かが変わるような気さえしてくるから不思議だ。 文・川村律文 Ｑ いつもやる験担ぎはありますか？（茨城県・今シーズンは中島Ｊｒ．だ！さん） Ａ 験担ぎではないですが、クセで靴は右からはきます。 Ｑ 子どものころは、どんな男の子でしたか？（東京都・母さん） Ａ よく外で遊んでました。一通りの遊びはしましたね。 Ｑ ストレス解消法は？（埼玉県・Ｎ子さん） Ａ あまりたまらないので、現場で解消しています。でも一番は海です。サーフィンしているときは最高ですね。 Ｑ 演じてみたい役はありますか？（千葉県・舞美さん） Ａ ちゃんと理解していないとできない役もあるので、色々なものに興味を持ちたいと思います。 ＣＨＡＮＧＥ（１２日からフジテレビ系 月曜後９．００)長野の小学校教師である啓太（木村拓哉）は、父と兄の急死で、急きょ衆議院選に出ることになった。秘書の理香（深津絵里）や、選挙プランナー・韮沢（阿部寛）らに助けられながら奮闘する。
2008/06/10 19:18 - OPINION: Shareholder Rights Should Be Accompanied By Obligations
www.nni.nikkei.co.jp/AC/TNKS/Nni20080610D10HH376.h... Tuesday, June 10, 2008
TOKYO (Nikkei)--Something unusual happened last month. Shareholders of Aderans Holdings Co. (8170) rejected the reappointment of seven directors to its board, leaving the wig and hairpiece maker with only two endorsed board members, falling short of the three required by the corporate law. The vacancy was created because leading stockholder Steel Partners, which spearheaded the opposition, did not submit a shareholder proposal for its selection of new board members. Such a situation -- a shortfall in the number of directors -- could never happen in the U.S., even though shareholders there are generally believed to enjoy strong rights.
In the U.S., the appointment of board directors does not require a majority vote by shareholders. Stockholders can submit their candidate proposals, but firms are not required to include those recommendations on the shareholder meeting agendas sent to investors, making it difficult for shareholder proposals to be widely known. Under the former commercial code, which was replaced by the corporate law in 2006, companies had to obtain shareholder approval for a range of things. That prompted firms to effectively restrict shareholder rights by allocating a significant portion of their stock to be held by friendly parties under cross-holding arrangements. The decline in the cross-holding practice and the arrival of the new law made Japan a rare country where shareholders are given the right to govern the company, both in name and in deed. However, it is not a universal truth that shareholders are the owners of the company. It would be more accurate to say that "shareholders are the owners of the capital of the company, not the company itself," in the words of Yasuzaemon Matsunaga, an electric power tycoon of the early 20th century. The history of stock companies dates back to the East India Companies founded more than 400 years ago. The British East India Company had shareholders meetings from the start, while the Dutch East India Company did not have such gatherings. The stockholders of the Dutch firm had the right to receive dividends but no opportunities to exercise their voting rights. So the company did not care who its shareholders were, and anonymous stockholders were acceptable. Today, however, it does matter who shareholders are when they are granted the right to choose the members of the board of directors and can exercise this right. In the U.K., companies have the right to know who their shareholders are as well as the obligation to find out who they really are -- not only who they appear to be on a registered list. With the rise of fund capitalism in recent years, privately offered investment funds ought to be required to disclose their investors when they exercise voting rights, though it would not be realistic to demand the same of pension funds or publicly offered funds. A shareholders meeting is a place where the company's management is required to squarely face stockholders, and stockholders are also duty-bound to do the same. It is true that many corporate managers still lack a sense of tension -- probably due to the aftereffects of the cross-holding era -- but a company does not exist for the sake of shareholders. If they are to take part in governing the company, shareholders have obligations as well as rights. Is it democracy for funds whose real nature is hidden in anonymity to be granted the right to decide on important affairs at a stock company? Corporate managers who wish to enhance their readiness for hostile takeover attempts should start with requesting funds to disclose their investors and making such disclosure obligatory. If funds argue that disclosing such data would scare their investors and lead to a decline in the stock price, Japanese firms could simply answer that such an outcome would be OK with this country. -- Translated from an article written by special senior Nikkei staff writer Atsushi Suemura (The Nikkei Tuesday morning edition) 2008/05/27 23:11 - 81 NHK Employees Found Involved In Stock Trading While On Duty
www.nni.nikkei.co.jp/AC/TNKS/Nni20080527D27JF500.h... 81 NHK Employees Found Involved In Stock Trading While On Duty
2008/05/20 02:00 - Japan Post Bank Tapping Foreign Firms To Manage Assets
www.nni.nikkei.co.jp/AC/TNKS/Search/Nni20080519D19... Tuesday, May 20, 2008
TOKYO (Nikkei)--Japan Post Bank, an arm of Japan Post Group, will step up its investment overseas by tapping foreign companies to manage a portion of the roughly 180 trillion yen in assets it oversees. Major U.S. asset management firm BlackRock Inc. is believed to be among the candidates. The bank is expected to invest in U.S. and European corporate bonds, including securitized products -- a departure from its practice of allocating nearly 90% of its assets to government and other domestic bonds. Even though Japan Post would not divulge the size of such overseas investment, it is expected to put at least 1 trillion yen in foreign instruments in fiscal 2008 alone. At a time when its balance of savings deposits continues to decline, the bank aims to boost earnings to better prepare for its fiscal 2010 initial public offering.
Japan Post Bank was created through the postal privatization process that began last October. Given that the government still holds a 100% stake in the bank, some are calling for caution about the bank's move into overseas investment. Uncertainty is lingering over the financial markets overseas following the subprime mortgage crisis in the U.S. But Japan Post Bank believes that many corporate bonds are undervalued. While it will invest in highly rated bonds on its own, it will call on foreign firms to manage riskier bonds on its behalf. (The Nikkei Tuesday morning edition) 2008/05/23 16:35 - New Laws Crimp Earnings At Major Japan Banks
www.nni.nikkei.co.jp/AC/TNKS/Nni20080523D23HH200.h... New Laws Crimp Earnings At Major Japan Banks
TOKYO (Nikkei)--The implementation of three finance-related laws, including the Financial Instruments and Exchange Law, hurt major Japanese banks' investment trust sales and other commission-based businesses in the fiscal year ended March 31, throwing a monkey wrench into their retail banking operations. Mitsubishi Fuso markets improved model of double-decker bus for expressways:J-CAST Business News
en.j-cast.com/2008/04/09018788.html Mitsubishi Fuso markets improved model of double-decker bus for expressways4, 09. 2008 Mitsubishi Fuso Truck and Bus Corp. began selling on April 2, 2008 the revised model of the double-decker bus "Aero King Highway Liner." The old model was withdrawn from the market in 2005 mainly because of the stricter control over the gas emission. The bus was revived after three years after it was improved to meet stricter environmental and economic requirements. Priced at 72.66 million yen, the new model is designed to run on expressways connecting big cities. 2008/04/08 16:10 - Kikkoman Leads Ranking Of Firms Dependent On N America For Profits
www.nni.nikkei.co.jp/AC/TNKS/Nni20080408D08VS366.h...
2008/04/02 17:24 - Japan Influence Starts To Ebb In Southeast Asia
www.nni.nikkei.co.jp/AC/TNKS/Nni20080402D02HH987.h... Wednesday, April 2, 2008
SINGAPORE (Nikkei)--Effectively demonstrating Japan's waning presence in Southeast Asia, the country's direct investment in Singapore's manufacturing sector fell for the second straight year in 2007 to roughly 1 billion Singapore dollars, or some 76 billion yen, according to a report published in late January by the Singapore government. In contrast, the report shows that U.S. and European investment in the city-state's manufacturers has been expanding steadily in recent years. Novartis AG and ExxonMobil Corp. are among the many Western firms cited for making new investments in the sector last year, but only two Japanese companies -- Sony Corp. (6758) and Mitsui & Co. (8031) -- are mentioned in the report. The same trend is seen in Vietnam, the country posting the highest growth rate in the region and one which many Japanese firms view with a great deal of interest. The Southeast Asian nation attracted 20.3 billion dollars in direct foreign investment last year, up roughly 69%, but Japan trailed South Korea, Singapore, Taiwan and Malaysia in the amount invested there. Last year, Japan ranked first in the number of applications made to start investment projects in Thailand, where many Japanese auto and home electronics manufacturers operate, but finished second to Europe in terms of project value. In a speech delivered in February, Singapore Minister Mentor Lee Kuan Yew predicted that Southeast Asian countries will not slip into recession even in the face of the U.S. economic slowdown, explaining that the economies of China and India will drive the growth of Asia as a whole. He never even mentioned Japan, the world's second-largest economy, which used to be the engine of growth in the region. Roger Ebert: I'll Be Back Reviewing Movies Soon
www.editorandpublisher.com/eandp/news/article_disp... CHICAGO In a letter to Chicago Sun-Times readers Tuesday, film critic Roger Ebert said he will be returning full time to movie reviewing soon after his upcoming annual film festival.
Ebert has been plagued by repeated health problems since he was first diagnosed with thyroid cancer in 2002. He underwent several surgeries for cancer of the salivary gland, and in 2006 was hospitalized when an artery burst. He had a tracheotomy that year, and lost his voice. He underwent surgery again this January. "I am at last returning to the movie beat," Ebert wrote. "After my current stay at the Rehabilitation Institute of Chicago, I'm looking forward to opening night of my annual film festival at the University of Illinois on April 23, and I will resume writing movie reviews shortly thereafter." Ebert reported that there were again complications following the January surgery, and "I am sorry to say that my ability to speak was not restored." That, he said, would require another surgery. "I am still cancer-free, and not ready to think about more surgery at this time," he added. 2008/03/30 01:08 - Temporary Fall In Road Tax Not Seen Harming Economy
www.nni.nikkei.co.jp/AC/TNKS/Nni20080329D29JFF04.h... Sunday, March 30, 2008
TOKYO (Nikkei)--If the rates on the gasoline and other road-related taxes are lowered from April, Japan's economic growth may suffer, but the impact would be limited if lower rates are in place for only a few months, according to an estimate by Nikkei Digital Media Inc. However, reduced taxes for a full year could cause economic growth to decline by up to 0.3 percentage point due to a cutback in road construction. 2008/03/25 04:15 - MARKET SCRAMBLE: Odd Lot Citigroup Shareholders In Japan Slighted
www.nni.nikkei.co.jp/AC/TNKS/Nni20080324D24JKN04.h... MARKET SCRAMBLE: Odd Lot Citigroup Shareholders In Japan Slighted
TOKYO (Nikkei)--Shareholders in the former Nikko Cordial Corp. received stock in Citigroup Inc. (8710) when the U.S. financial services giant took over the Japanese brokerage through its local unit, but those who owned less than the round lot are facing problems. Citigroup will pay dividends to its shareholders from Friday through early April. But according to Mitsubishi UFJ Trust and Banking Corp., which is the transfer agent, only about half of the Nikko Cordial shareholders that became Citigroup shareholders have foreign-stock trading accounts at brokerages. Investors holding such accounts can receive Citigroup payouts in yen and buy and sell Citigroup shares on the Tokyo Stock Exchange. But the remaining investors do not actually own Citigroup stock listed on the TSE. Their names are on a record of shareholders in the U.S., where the firm is based. Many of these investors held less than the round lot in Nikko Cordial shares. In Japan, those holding less than the basic unit of trading can receive dividends but have no voting rights. The round lot for Nikko Cordial was 500 shares, so the names of those owning less than 500 shares were automatically transferred to the U.S. To address the needs of these shareholders, Mitsubishi UFJ Trust started this month a service it says is probably the first of its kind. It began offering translations of the English earnings-related documents that are sent to these investors, in addition to paying dividends in yen instead of dollars. On the Democratic side, it’s somewhat disappointing that Barack Obama, whose campaign has understandably made a point of contrasting his early opposition to the Iraq war with Hillary Clinton’s initial support, has tried to score a twofer by suggesting that the war, in addition to all its other costs, is responsible for our economic troubles. The war is indeed a grotesque waste of resources, which will place huge long-run burdens on the American public. But it’s just wrong to blame the war for our current economic mess: in the short run, wartime spending actually stimulates the economy. Remember, the lowest unemployment rate America has experienced over the last half-century came at the height of the Vietnam War.
Osaka researchers misused public funds : National : DAILY YOMIURI ONLINE (The Daily Yomiuri)
www.yomiuri.co.jp/dy/national/20080324TDY02302.htm Osaka researchers misused public fundsThe Yomiuri Shimbun OSAKA--Researchers at a public research and inspection institute in Tennoji Ward, Osaka, misappropriated 2.74 million yen in official development assistance for covering the expenses of a project involving overseas trainee engineers, The Yomiuri Shimbun has learned. The Osaka City Institute of Public Health and Environment Sciences purchased goods not related to the project using the expense fund. The institute was also found to have given only strict verbal warnings to the 19 researchers involved in the misappropriation after it was discovered in September 2004 during an in-house investigation. The institute did not ask the researchers to return the misappropriated money. A firm operated by a former researcher at the institute issued falsified bills to help the institute misappropriate the money from the fund. The Japan International Cooperation Agency in Tokyo, which indirectly commissioned the institution to carry out the training project, said it would consider action against the institute after receiving a report from it. The agency will consider asking the institute to return the money if the irregularities are confirmed. Each year, JICA commissions a 7 million yen training project for foreign engineers to study air pollution measures at the Global Environment Center Foundation, an affiliate of the Osaka municipal government based in Tsurumi Ward. As part of the project, the research institute conducts several programs, including a training program for analyzing exhaust gases. The institute purchased 30 items worth 2.74 million yen over four years from fiscal 2000 to fiscal 2003 by falsely claiming the equipment was necessary for project-related research, such as reagents and flasks, claiming expenses from the fund. === 3 mil. yen gratuities not returned
Twenty-four researchers of the Osaka City Institute were also found to have received a total of 3 million yen in gratuities in return for giving lectures to foreign engineer trainees as part of projects using ODA funds, it was learned Sunday. The Osaka municipal government bans its workers from accepting gratuities for work conducted as part of their official duties, saying they should not get money for work covered by their regular salary. The institute gave strict verbal warnings to the researchers concerned, but did not order them to return the gratuities when the cases came to light during an in-house investigation in September 2004. (Mar. 24, 2008) Hope for Burmese reconciliation | The Japan Times Online
search.japantimes.co.jp/mail/fb20080316a1.html Last September, the SPDC discovered just how unhappy the people are with 45 years of military misrule. Clearly, the people want more and still pin their tattered hopes on Suu Kyi. She may not have all the answers, but Wintle concludes that she offers the best chance at national reconciliation and an escape from the cycles of violence that cost Burma so much.
Gmail - Glimpses of Japan vol.182（外国人から見た日本） - adamukun@gmail.com
mail.google.com/mail/#label/Mailing+Lists/118ac676... I never thought that I'd remember ex-Governor Suzuki with any positive
feeling, but compared with the current governor, in hindsight he wasn't so bad. Sure, he had the huge (and in my opinion stunningly ugly) Metropolitan Government Building built at enormous expense and with doubtful necessity. Sure, he used to be called the Emperor of Tokyo, and his detractors pointed out that his office had a marble shower and bathroom while he himself claimed that the building was "not extravagant and not luxurious". Sure, he's the one whose response to calls for "more green in Tokyo" was to have all the (metal) *guardrails* painted green. But he didn't promote a naively planned bank, sink huge amounts of tax money into it, get his cronies appointed to its executive positions, blithely ignore the danger signs of directors abandoning it like rats from a sinking ship, fail to question (or read, probably) the obviously suspicious reports, and then have the incredible effrontery to demand a huge further injection of taxpayer money into an already failed enterprise. 2008/03/11 23:58 - Citigroup To Set Up Holding Company To Revamp Japanese Ops
www.nni.nikkei.co.jp/AC/TNKS/Nni20080311D11JFN01.h... Plans remain on track for Nikko Asset Management Co. to go public, and Citigroup is considering the sale of its consumer finance segment.
2008/03/10 18:30 - Performance Of Corp Pension Funds Faces Greater Scrutiny
www.nni.nikkei.co.jp/AC/TNKS/Nni20080310D10HH376.h... Monday, March 10, 2008
TOKYO (Nikkei)--Corporate pension plans are expected to incur a negative investment return in fiscal 2007 for the first time in five years due largely to falling stock prices and the yen's appreciation in the wake of the U.S. subprime loan crisis. "We feel scared because we don't know when the drop in investment yields will come to a halt," said an official at the pension fund of Matsushita Electric Industrial Co. (6752). With 1.2 trillion yen under management, it is one of the largest corporate pension funds in Japan. The yield on investment by the Matsushita fund came to a negative 6% in the first 10 months of fiscal 2007, and its performance is showing no signs of improving amid the continuation of the strong yen and weak stocks. Pension fund managers at the consumer electronics giant, best known for its Panasonic brand, initially expected returns of around 4% for the current fiscal year, based on the assumption that economic activity would be solid worldwide. But the fund has seen its investment performance deteriorate in the face of global financial unrest triggered by the subprime turmoil. The investment yield plunged into negative territory at the end of last year, falling short of the target by 120 billion yen as of January. Pension programs of other companies are in a similar state. The fund at Sumitomo Electric Industries Ltd. (5802) had a negative yield of about 5% in the 10 months through January, while the Oji Paper Co. (3861) fund is likely to book a negative return of more than 5% for fiscal 2007. According to Rating and Investment Information Inc., some 130 corporate pension programs suffered negative returns averaging 6.39% in the April-January period. The dismal performance is a direct result of stock price falls worldwide and the yen's appreciation. The Nikkei Stock Average has plunged 24% since last April, while the MSCI World Index, which tracks global stock trends, has dropped 5%. Long-term interest rates are showing downward trends in Japan and elsewhere. Corporate pension funds have invested primarily in domestic stocks and bonds, and the recent market environment makes it difficult for them to earn stable returns. The pension fund of Secom Co. (9735) has thus responded to the situation by cutting the ratio of Japanese stocks to total assets under management and pouring more money into stocks and bonds issued in China and other emerging economies. "Japanese stocks are risky as they tend to be affected by foreign exchange rates," said Hirokazu Yagi, managing director of the Secom pension fund. "High growth can be expected in stocks and bonds of emerging economies in the long run, though they may fluctuate in the near term." The Secom fund has secured positive investment yields through schemes such as flexibly changing the exchange hedge ratio to cope with the yen's appreciation against the dollar. The pension fund for KDDI Corp. (9433) workers will lower the ratio of investment in Japanese stocks to 12.5% in April from the current 29% and raise that of alternative investments to 16% from around 12%. It will also consider investing in unlisted stocks and privately placed real estate investment funds as well as asset-backed securities whose values have plunged as a result of the subprime mess. Investment in undervalued financial products could turn out to be a smart move because "profits can be expected when their prices return to normal levels," a KDDI fund official said. But alternative investments do not necessarily ensure high returns, with Lion Corp. (4912) and many other funds saying that their experience with real estate investment trusts has proved disappointing. The selection of asset management companies and investment products is extremely important. According to a survey conducted by The Nikkei, only 40% of pension funds at major Japanese companies have full-time employees responsible for asset management. Experts on financial affairs and professional fund managers are a minority of staff running corporate pension funds, while many funds are run by retired officials who used to be in charge of personnel and labor affairs at their companies. Many corporate pension funds have yet to understand that they cannot fulfill their fiduciary duties as long as they totally rely on asset management companies, especially in light of growing uncertainties such as a possible recession in the U.S. "There will be a greater gap between funds over the selection of investment products," said Konosuke Kita, executive consultant at Russell Investment (The Nikkei Friday morning edition) Pachinko parlor pinch puts pressure on industry - Mainichi Daily News
mdn.mainichi.jp/national/news/20080310p2a00m0na026... Pachinko parlor pinch puts pressure on industry
Men play pachinko. (Mainichi)
Pachinko and pachinko slot machines, once known as the kings of entertainment for the general public in Japan, have started to show signs of decline amid tightened regulations on gambling. While the overall number of pachinko addicts may have declined as a result, figures show other unexpected problems have started to emerge. A white paper on leisure complied by the Japan Productivity Center for Socioeconomic Development showed that in 2006, Japan's pachinko-playing population stood at 16.6 million people, a drop of 11 million people compared to 10 years earlier. Profits have also fallen. In 1995, the gross turnover for the pachinko industry reached 31 trillion yen, but in 2006 the figure shrank to 27 trillion yen. This has hit many pachinko parlors hard, with 144 pachinko parlor operators going bust in 2007, 40 percent more than during the previous year. It was the worst figure for bankruptcies in the past decade. Nobuo Tomoda, head of the information management department at credit research firm Tokyo Shoko Research, suggests pachinko parlors' focus on gambling is behind the bankruptcies. "It's probably because the gambling factor is too high, and pachinko parlors no longer remain places for regular salarymen to enjoy light entertainment," he said. Since the 1980s, pachinko parlors have increasingly brought in machines focused on gambling. "When the payout in each case was bigger, pachinko fanatics who dreamed of a jackpot would feed large amounts of money into the machines, which boosted sales," explains an executive from a pachinko parlor operator. In the early 2000s, a pachinko slot machine titled "Million God," which was said to offer wins as big as 1 million yen per day, was developed, and customers flocked to parlors that had the machine. However, side effects have emerged alongside the big jackpots. Firstly, novices have become more self-conscious about visiting pachinko stores, thereby reducing the overall population of pachinko players. But the serious problem of pachinko addictions and players with large debts remains. Across Japan, there has been a spate of problems caused by pachinko addictions, including cases in which pachinko-playing parents left their babies in cars in summer while they played pachinko, causing the infants to die from heat exhaustion. The problems associated with pachinko prompted the National Police Agency to tighten regulations and by September 2007, most of the pachinko machines that focused largely on gambling were cleared out. The Financial Services Agency also introduced restrictions, banning the placement of unmanned loan-dispensing machines near pachinko parlors. 2008/03/06 16:34 - DISPATCHES: FSA Hard-line Policy Troubles Financial Sector
www.nni.nikkei.co.jp/AC/TNKS/Nni20080306D06YYMM1.h... Thursday, March 6, 2008
TOKYO (Nikkei)--In late February, the Financial Services Agency released a document that, unintentionally, shed an interesting light on how the agency's hard-line policy is making life harder for financial institutions. The document is a booklet designed to answer questions about the law on sales of financial products, which came into effect in September. The legislation, which introduces tougher rules for financial businesses so as to better protect investors, has proved to be a huge drag on the sector. Banks and brokers complain that the tighter regulations have made it much harder to sell financial products, depressing monthly sales of investment trusts by half. The agency hopes the booklet will clear up misunderstandings about the legislation that might be causing unnecessary confusion among investors and financial institutions. The booklet's questions themselves paint a fairly clear picture of what is happening at branches of banks and brokerages: "Is it true that the law prohibits financial institutions from selling or recommending high-risk financial products to old people?" and "Is it true that the law requires financial institutions to grasp the state of assets of their customers before each transaction with them?" The blame for this mess does not totally rest with financial institutions and their possibly poor understanding of the law. The agency's tough, punitive stance in dealing with banks and other financial firms has also contributed to creating the confusion. Fearing that they will face harsh punishment for any violation, financial institutions have understandably overreacted to the new legal requirements. It is indeed a difficult challenge to strike a good balance between protecting investors and savers and promoting the financial markets and businesses. The agency's policy now appears to be tilted toward protecting consumers. It has, for instance, enacted legislation to impose lower interest rate caps on consumer loans as a step to protect borrowers, putting small nonbank lenders in financing straits. However, the agency is showing, or feigning, calm indifference to the dire state of ShinGinko Tokyo, a bank created by the Tokyo metropolitan government mainly for cash-strapped small businesses but which itself is stuck with massive bad loans. The agency would say the bank is a public lender supported by the metropolitan government and should be treated differently from private institutions. But the financial prospects of the bank, which manages 400 billion yen in private savings, are unclear, with a plan for recapitalizing it facing opposition from the metropolitan assembly. There are many good reasons for the agency to take action to prevent the bank's woes from causing any disruption to the banking system as a whole. The inconsistency in the agency's behavior appears to reflect the lack of a clear consensus on the role of the banking regulator in normal times. (The Nikkei Tuesday morning edition) 2008/03/05 11:58 - Firms Scramble To Attract Retail Investors To Stay On TSE 1st Section
www.nni.nikkei.co.jp/AC/TNKS/Nni20080305DA5J3051.h... Wednesday, March 5, 2008
TOKYO (Nikkei)--Facing a steady fall in the number of shareholders, a growing number of companies listed on the first section of the Tokyo Stock Exchange are offering special rewards and other enticements to attract more individual investors. Japanese stocks have fallen sharply since the U.S. subprime crisis erupted last summer, and retail investors have been steadily fleeing the depressed stock market. Under TSE listing rules, companies traded on the first section are required to have at least 2,000 shareholders. If the number dips below that level at a firm's annual book-closing, the company is given a one-year grace period. If it fails to boost the number above the minimum threshold within a year, the stock will be transferred to the TSE's second section. Seven of the firms that are traded on the first section and close their books in March had less than 2,000 shareholders at the end of September 2007. Thirty-eight of them had less than 2,500, and 99 firms had fewer than 3,000. Seven of these companies, including TOC Co. (8841) and JSP Corp. (7942), have since instituted systems that give special treatment to their shareholders, in a bid to hold onto them. For example, Roland DG Corp. (6789), a Shizuoka Prefecture-based manufacturer of electronic music instruments, has instituted a system under which its shareholders are rewarded with free prefectural specialties. Through this measure, "we hope to expand the base of investors who will hold our stock over the medium and long terms," a company official said. Sumitomo Pipe & Tube Co. (5457) in February lowered its minimum trading unit from 1,000 shares to 100 to make it easier for retail investors to buy its stock. Individuals accounted for nearly 40% of the trading value on the TSE's first section two years ago. However, the ratio was as low as 17.5% in January. (The Nikkei Wednesday evening edition) asahi.com : EDITORIAL: 'Democracy' in Myanmar - ENGLISH
www.asahi.com/english/Herald-asahi/TKY200802260070... no matter what kind of civilian transition the military junta comes up with, any plan is meaningless as long as opposition leader Aung San Suu Kyi is kept under house arrest and her National League for Democracy (NLD) is prevented from political activities.
Gmail - ASIAN MARKETS: Regional Indexes Finish Higher - adamukun@gmail.com
mail.google.com/mail/?account_id=adamukun%40gmail.... __________________________________
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www.nni.nikkei.co.jp/AC/TNKS/Nni20080226D26HH622.h... Tuesday, February 26, 2008
TOKYO (Nikkei)--Tokyo's Harajuku district, long a trendsetter in youth culture and street fashion, has become a magnet for foreign visitors to Japan. And to capitalize on this trend, a local business association is offering limited-time guided tours of popular shops in the area. The tours, which began last year, are conducted only around the Chinese New Year holidays -- a high travel season among Chinese. Tourists from overseas have become an important customer segment for many Harajuku stores -- some of which generate 40% of their sales from non-Japanese customers. A recent tour had just five participants -- travelers from Hong Kong, France and South Korea -- about half the average. One of the tour participants was a 28-year-old woman from Hong Kong donning Gothic lolita fashion -- a subset of Japanese youth fashion -- that she said she bought on a visit to the area last year. Making her sixth trip to Japan, Harajuku has become a favorite of hers and she has visited many times. Nevertheless, she explained she wanted to go on the fashion tour because she thought it would show her a side of Harajuku that she had yet to discover.
Visitors from mainland China, Hong Kong and Taiwan account for more than 30% of all foreign tourists to Japan. These Asian travelers have a "strong appetite for shopping," according to the chairman of the local business association that is the main planner of the tours. With this year's Chinese New Year holidays falling on Feb. 6-12, a total of 11 Harajuku fashion tours -- aimed in part to spread the latest fashion trends to other countries via word-of-mouth -- were offered from Feb. 7-22. The 90-minute tours, led by three volunteer interpreters speaking in English, Chinese and Korean, took participants to about a dozen shops located not only on main streets but also on the back streets known as Ura Harajuku. A 33-year-old French flight attendant said this was his first time visiting Harajuku. An avid reader of articles about Japanese animation and fashion, he said he wanted to see with his own eyes what he had read. While his perception of the Japanese was serious and hard-working, he saw many teenagers and twenty-somethings in eccentric fashion during the tour and commented that Harajuku is packed with young people who want to rebel against society. Another tour participant was a 26-year-old South Korean student. A big fan of Japanese casual fashion, this was her third visit here. "Magazines in South Korea often have special articles about Harajuku," she said, adding that whenever she comes to Japan, she makes sure to check out the shops that she has read about. Likewise, a visitor from Hong Kong also said she always checks Harajuku's latest information back home. One of the stops on the tour is X-girl, a street fashion store for teenage girls and women in their 20s. At this shop, purchases by foreign customers account for 20-30% of sales. Chinese shoppers are particularly big spenders, usually buying 100,000 yen worth of items, said a store employee, adding that purchases exceeding 200,000 yen are not uncommon. According to research firm Nielsen Co., Chinese travelers spend an average 170,000 yen on shopping per overseas trip. Chinese shoppers are so enthusiastic about X-girl that when premier products like sneakers and watches developed jointly with other brands go on sale, they even line up before the store opens, according to an X-girl store employee. Because people from mainland China face travel restrictions, these shoppers are presumably from Hong Kong and Taiwan. "They must be checking the latest information on our Web site and come to Japan in time for the release dates," said a sales and promotion officer at B's International, the operator of X-girl stores.
At the Harajuku location of toy and interior goods retailer Kiddy Land, foreign customers were responsible for more than 40% of sales last fall. The shop was already popular among Westerners residing in Japan, but it recently started attracting Chinese visitors as well. "The ratio of foreign customers only keeps rising," said the manager of the store, which started making advertisement signs in English, Chinese and Korean a year ago. It also makes sure its event news is sent to the media in China and South Korea to improve its name recognition abroad. Casual clothing shop Aeropostale Original Dept. also generates more than 20% of its sales from foreign customers, and thus extended its winter sale to the Chinese New Year holidays. According to an estimate by the Japan National Tourist Organization, 9.8% of all overseas visitors to Japan go to Harajuku. This means that, given an estimated 8.3 million non-Japanese tourists last year, about 800,000 foreigners visit Harajuku every year. Harajuku's foreign visitor ratio is still a far cry from top destination Shinjuku's 26.7%, but it beats the 8.6% for Akihabara, the electronics shopping district. Said the head of Harajuku's local business association: "The numbers show that the foreign perception of what Japan is known for is shifting from electronics to fashion." --Translated from an article written by Nikkei staff writer Keisuke Nakano (The Nikkei Marketing Journal Wednesday edition) 2008/02/24 01:30 - BOJ To Start Releasing E-Money Stats By Year-End
www.nni.nikkei.co.jp/AC/TNKS/Nni20080223D23JFF04.h... Sunday, February 24, 2008
TOKYO (Nikkei)--The Bank of Japan will by the end of the year start publishing data on prepaid electronic money services, such as Edy and Suica, covering the amount of settlements made as well as the outstanding balance and issuance figures for IC cards, it was learned Saturday. The BOJ wants to have accurate information on the use of these smart cards, as it expects the spread of e-money to have a greater impact on the supply/demand status and circulation of coins. The bank has noted that the circulation of small-value coins has been declining since the introduction of e-money services. Japan's pain | Why Japan keeps failing | Economist.com
www.economist.com/displayStory.cfm?story_id=107234... A more serious episode still started last summer, when a system for vetting new buildings was introduced in reaction to the faking of earthquake-proofing data—itself a reaction to hasty new regulation brought in a few years back. The housing ministry was unable to get new software for the new system running in time. New-building approvals ground to a halt, and new construction fell by 40%. Slowly, matters are righting themselves—new construction in December was just one-fifth below levels a year earlier. But the extraordinary effect of a single bureaucratic bungle has been to knock 0.6 percentage points off Japan's growth. The building-standards fiasco was one reason for the reduction in the government's growth forecast for the fiscal year to the end of March, from 2.1% to 1.3%. asahi.com : Internet surpasses magazines for ad spending - ENGLISH
www.asahi.com/english/Herald-asahi/TKY200802220066... Internet surpasses magazines for ad spending02/22/2008 THE ASAHI SHIMBUN The Internet surpassed magazines in terms of advertising expenditures in Japan in 2007, and now trails only television and newspapers as the media choice for ads, according to a report. The report, compiled by advertising giant Dentsu Inc., said Wednesday that Internet ad expenditures soared 24.4 percent from 2006 to 600.3 billion yen, while the total expenditures edged up 1.1 percent to 7.0191 trillion yen. The total for the four other major media--television, newspapers, magazines and radio--fell 2.6 percent to 3.5699 trillion yen in 2007. Newspapers marked the largest drop, 5.2 percent, while television lost 0.9 percent, both due to decreases in advertisements from the financial, insurance and automobile industries. Magazine ads fell 4.0 percent, and ads for radio dropped 4.2 percent, according to the report. FT.com / Asia-Pacific / India - Bangladesh bank offers loans to US poor
www.ft.com/cms/s/0/a612164c-dbf8-11dc-bc82-0000779... Bangladesh bank offers loans to US poorBy Daniel Pimlott in New York Published: February 15 2008 19:09 | Last updated: February 15 2008 23:17 Bangladesh’s Grameen Bank has made its first loans in New York in an attempt to bring its pioneering microfinance techniques to the tens of millions of people in the world’s richest country who have no bank account. The bank’s entry into the US, its first in a developed market, comes as mainstream banks’ credibility has been hit by the mortgage meltdown and many people are turning to fringe financial institutions offering loans at exorbitant interest rates. EDITOR’S CHOICEYunus takes microfinance to New York - Feb-15Interview transcript: Muhammad Yunus - Feb-15“Now is a good time because of . . . the subprime crisis and that highlights the issue that the financial system is not perfect,” Muhammad Yunus, the bank’s Nobel Prize-winning founder, told the Financial Times. 2008/02/15 18:34 - Women's Locks Hold Key To Forecasting Economic Outlook
www.nni.nikkei.co.jp/AC/TNKS/Nni20080215D15HH903.h... How has the length of women's hair, assuming a linkage with the health of the economy, influenced related businesses? The market for hairstyling products, such as hairsprays and gels, are estimated to have peaked in 1994 at 102.5 billion yen in terms of shipments. Then it showed year-on-year decreases for a while, along with falling per capita spending on styling products. Although about 80% of women continued to use those products, they used them less frequently, switching sometimes to products like waxes for the tips of the hair. The market hit bottom in 2004 at 59 billion yen, ending a "lost decade" for hairstyling products. Though the longest economic expansion since the end of World War II has continued, the consumer confidence index fell for 10 months running to hit a record low for six years and one month in January, according to the Cabinet Office's Economy Watchers survey released on Feb. 8. With many observers talking about a downturn, Kao's data suggest that women's hair will likely get shorter again. "Women's hair may get shorter, but shorter hairstyles will not dominate," said Kotaro Nuriya, brand manager at Kao's Premium Hair Care/Hair Make Group. He bases his view on the fact that a growing number of women are pulling their hair together in the back or up, as in the chignon style. Kao began including the chignon in its survey in November 2002, and its use has risen 10% to about 30% among women in their 20s recently. 2008/02/15 15:38 - Top 10 Kyoto Sightseeing Spots: City Offers Much More Than Just Temples, Shrines
www.nni.nikkei.co.jp/AC/TNKS/Nni20080215D07HH454.h... Friday, February 15, 2008
TOKYO (Nikkei)-- The ancient capital has many interesting spots to visit in addition to the famous temples and shrines that are its main attractions. Nikkei Plus 1 recently asked people who have visited Kyoto more than five times to recommend the best places to see in the city. According to people of all ages and both sexes, the top spot is "Tetsugaku no Michi (The Philosopher's Walk)." "I recommend it when you want to have a quiet time away from the hustle and bustle of a large city. Take a stroll down the narrow path and you'll find something new about Kyoto," said a woman in her 50s. "It soothes frayed nerves," said a man in his 50s. As these comments indicate, the place's calm and relaxing atmosphere appeals to many visitors. Many people said the passage changes its personality according to the season. In autumn, when the leaves change colors, "strolling through the tunnel of brilliantly colored overhanging leaves is quite enjoyable," said a woman in her 20s. Many others prefer to go there in spring, saying the cherry trees that run along the stream are simply enchanting when in full bloom. In second place is Arashiyama Park. Managed by the Kyoto prefectural government, the park has three main sections, including Nakanoshima, which lies adjacent to the Katsura River with the Togetsukyo Bridge in the center. The park is favored mainly by people in their 20s to 40s, especially men in their 40s. A well-known place for viewing cherry blossoms and the turning leaves, the park is recommended predominantly for its natural beauty. Many people go there more than once because they say the park looks radically different from season to season. "It's a nice place for a leisurely walk, but I recommend early mornings to avoid the tourist crowds," said a woman in her 20s.
Ranked third and fourth are places that offer leisure opportunities combined with the varying appearance of Hozugawa Ravine at different times of the year. The Sagano tram, finishing third, is recommended for its ride down the ravine. "Even the tram itself is interesting to look at," said a man in his 40s. Another said that even small children can enjoy the ride. Fourth-place Hozugawa Kudari offers the experience of rafting down the Hozu River, rather than the quiet enjoyment of Kyoto, thus widening the scope of the city's tourism, said a woman in her 20s. The fifth-ranked spot, Kamo Riverside, is recommended by a woman in her 20s for the slow passage of time that one enjoys while sitting along the banks of the river. Others point out the pleasure of eating traditional Kyoto cuisine on the balconies set on top of the Kamo riverside in summer while watching the river run by. People generally agree that it is relaxing to enjoy the natural surroundings and interesting old structures unique to Kyoto, with no skyscrapers in sight. The atmosphere of the city appeals to many, as indicated by the selection of such places as Shijo-dori, the main street of Kyoto, and Ponto-cho, home to many traditional Japanese-style bars, even though they are outside the top 10. Kyoto is home to many venerable stores that sell everyday items. The survey asked people to recommend souvenirs to buy other than Japanese sweets and pickles. Aburatori-shi, or cleaning pads for faces, were the first choice by far, followed by folding fans, incense and scentbags. Souvenir shopping increases the fun of traveling. "Budget permitting, I recommend buying a kitchen knife from Aritsugu, a well-known store stocked with high-quality cooking utensils," said the chief editor of the travel magazine Mook, published by Lmagazine Co. He also suggests getting chopsticks, especially those sold at Ichihara Heibei Shoten, as they appeal to both men and women. The same reviewer went on to recommend a pair of jeans available only at a Kyoto outlet of Osaka's Shins. Sold under the Denime brand, the jeans, called the Kyoto model, sell for 19,950 yen per pair with the name KYOTO printed on the label. The store offers the jeans in 79 combinations of waist sizes and leg lengths, so buyers do not have to alter them. << Survey Method >> Nikkei Plus 1 conducted an Internet survey via research firm Macromill Inc. in early September last year that asked adult men and women who had visited Kyoto at least five times in the past to choose the best places, structures and neighborhoods to visit in the city from a total of 89 possibilities, with several travel magazines commonly available at bookstores used as reference materials. The following were excluded from the survey: 1) Temples and shrines, including annexes and gardens; 2) Spots open to the pubic for less than one month each year, such as the Kyoto Imperial Palace, which allows visitors only in spring and autumn; and 3) Restaurants and general merchandise stores. The respondents were first asked to pick their five favorite spots, and then to choose the one they liked best and the reasons for selecting it. The best spots were then ranked. Respondents consisted of 129 men and 129 women who were at least 20 years old.
(The Nikkei Plus 1 Sept. 22 edition) 2008/02/04 02:00 - Rethinking Financial Regulation, FSA Eyes Code Of Conduct
www.nni.nikkei.co.jp/AC/TNKS/Nni20080203D03JFF03.h... Monday, February 4, 2008
TOKYO (Nikkei)--In an attempt to depart from current rules-based financial regulation, the Financial Services Agency has drawn up a new set of operational guidelines that will serve as a code of conduct for banks, insurers, brokerages and other institutions, The Nikkei learned Sunday. The move represents the FSA's effort to shift toward a principles-based regulation system, under which financial institutions will follow a code of conduct, such as providing fair and accurate information to customers and maintaining solid financial bases. With the shift, the FSA hopes banks, brokerages and insurers will voluntarily end business dealings with entities that fail to abide by the guidelines. The FSA has been working with the financial sector to compile basic business principles since December of last year. It will unveil on Monday a code of conduct consisting of 14 basic principles to be followed by private financial institutions. After a period of industry comment, the FSA will finalize the content as early as March. The FSA's decision stems from its thinking that the current rules-based regulatory approach prevents financial institutions from acting flexibly to serve customers and prevent fraud. Upon the September 2007 enactment of the Financial Instruments and Exchange Law, for example, banks set up intricate rules for providing information to customers, leading to lengthy, often unnecessary product explanation sessions lasting for more than 2 hours. By prodding the banks to abide by a code of conduct instead of a set of rules, they will focus on providing only necessary information to customers, the FSA's thinking goes. Additionally, with financial transactions becoming increasingly complex, it has become difficult for the FSA to come up with rules that cover all the loopholes. By switching to principles-based supervision, the FSA hopes financial institutions will voluntarily refrain from actions that may not be illegal but are deemed inappropriate. (The Nikkei Monday morning edition) People keep their eyes on the TV screen — well, at least one eye | The Japan Times Online
search.japantimes.co.jp/mail/fd20080120pb.html Sunday, Jan. 20, 2008 MEDIA MIX
People keep their eyes on the TV screen — well, at least one eye
When home-appliance manufacturer Matsushita Electric Industrial Co. announced earlier this month that it was renaming itself Panasonic Corp., the company said it was doing so in order to unify its various brand names, which, in addition to Panasonic, included Matsushita and National. This strategy would help the company's image abroad as it refocuses on foreign consumers, most of whom have never heard of Matsushita or National. In Japan the two brand names have nostalgic connotations, and discarding both while retaining Panasonic seems to be a way of letting go of the past. In December the company announced that it would soon be marketing a new television set with a built-in YouTube capability, meaning there would be a button on the remote that enables viewers to directly call up the YouTube Web site on their sets and watch the hundreds of thousands of videos posted there.
The age of Internet-ready television is already upon us, further eroding the traditional broadcast model, which itself seems stuck in the past. Every year around this time, the media scrutinizes the ratings of NHK's New Year's Eve song contest, "Kohaku Utagassen," which is still the most-viewed program on Japanese television. The ratings, however, have dropped significantly since the 1980s, a development usually cited as evidence that the show, and NHK by association, is losing relevance. 2007/12/28 05:10 - Citigroup Loses Mkt Cap Crown; Japan Banks Shut Out Of Top 10
www.nni.nikkei.co.jp/AC/TNKS/Nni20071228D27JFA10.h... Friday, December 28, 2007
TOKYO (Nikkei)--U.S. firm Citigroup Inc. (8710), taking a hit from the subprime mortgage meltdown, plunged from first place to fourth in The Nikkei global ranking of financial institutions' market capitalization. Britain's Hongkong and Shanghai Banking Corp. claimed the No. 1 spot, boasting a net market value of 22.89 trillion yen, jumping from third place in 2006. China Construction Bank climbed from sixth to No. 2, with 22.88 trillion yen in market capitalization. The ranking was based on Thomson Datastream's figures as of Tuesday. None of the Japanese megabanks made the top 10. Mitsubishi UFJ Financial Group Inc. (8306) fell from seventh to 11th at 11.73 trillion yen. Sumitomo Mitsui Financial Group Inc. (8316) receded from 27th spot to 34th at 6.72 trillion yen. And Mizuho Financial Group Inc. (8411), at 6.34 trillion yen, plunged from 23rd to 40th. asahi.com : Japan's ODA rank expected to slide to 6th - ENGLISH
www.asahi.com/english/Herald-asahi/TKY200712200104... Japan's ODA rank expected to slide to 6th12/20/2007 THE ASAHI SHIMBUN Japan, once the world's No. 1 provider of official development assistance, will likely drop to sixth place in 2010, which may force the government to review its strategy of using the funds as a diplomatic tool. Japan's expected fall in the rankings stems from its reduction in ODA as well as a surge in spending by European countries, particularly after the 9/11 terrorist attacks in the United States. The Development Assistance Committee (DAC) at the Organization for Economic Cooperation and Development (OECD) predicted Japan would rank sixth in ODA spending by 2010, falling behind the United States, Germany, Britain, France and Italy. In 2006, Japan ranked third behind the United States and Britain. The DAC's estimate was based on past ODA figures for each of the 22 OECD member countries, their numerical targets for increased spending, and other factors. Japan's ODA is expected to stand at $10.09 billion in 2010, down by $1.1 billion from 2006. "(European countries) have been increasing official development assistance since the terrorist attacks on the United States on Sept. 11, 2001, because of a growing awareness that poverty, a hotbed for terrorism, should be addressed," said an official with the Foreign Ministry's International Cooperation Bureau. In contrast, Japan has been pushing for big cuts in its economic aid because of financial difficulties at home. Since fiscal 2001, the government has trimmed ODA by 3 to 10.3 percent from the preceding fiscal year. For 10 straight years from 1991, Japan was the world's No. 1 provider of ODA. But Japan dropped to third in 2006. 釈放の守屋容疑者妻－東京拘置所
前防衛事務次官守屋武昌容疑者の妻が処分保留のまま釈放され、東京拘置所の通用門を報道陣のカメラから隠す関係者ら。妻は車で拘置所を後にしたが窓には目隠しがされ、表情などはうかがえなかった（１８日、東京都） 【時事通信社】
「英語学びたい」が１位…外国語習得事情
ネットリサーチ・マイボイスコムの調査（有効回答数１万５０４件）によると、一番学びたい外国語は「英語」が５６．２％で２位「中国語」４．９％、３位「韓国語」４．０％を大きく引き離している。
学ぶ目的は、「旅行先での会話」「映画や音楽の聴き取り」「日本における外国人との日常会話」「ビジネス会話」など。学習方法は、「テレビの語学番組」が２１．３％でもっとも多く、「ラジオの語学番組」１２．１％、「カセット・ＣＤ教材を使った通信講座」１１．８％、「インターネットサイトのコンテンツ・メールマガジン」１１．３％が続く。“お金をかけずにマイペース”がポイントか。
ZAKZAK 2007/12/19 2007/12/19 06:07 - Nikko Cordial To Seal Citigroup Deal At Shareholders Meeting
www.nni.nikkei.co.jp/AC/TNKS/Nni20071219D18JFA16.h... Wednesday, December 19, 2007
TOKYO (Nikkei)--Nikko Cordial Corp. (8603) is to hold an extraordinary shareholders meeting Wednesday to formalize its acceptance of a bid launched by Citigroup Inc. (8710). Once approved, the first triangle merger in Japan will proceed, with each Nikko Cordial share exchanged for 1,700 yen worth of Citigroup shares at the end of January. A motion to change Nikko Cordial's book-closing from March 31 to Dec. 31 will also be put to a vote. Because Citigroup already controls more than two-thirds of the voting rights, both the acceptance of the bid and the change of the financial year-end are expected to be carried. Consequently, attention will likely focus on how many shareholders vote against the stock swap deal, rather than the actual voting results. 復活「野村」 総会屋事件から１０年2007年12月17日 野村証券（現・野村ホールディングス）による総会屋への利益供与事件が発覚して１０年。信用が失墜し、出直しを迫られた野村は「資産管理業」にカジを切って、復活した。ただ、米国で巨額損失を出すなど、海外市場では苦戦続き。「世界のノムラ」への脱皮は果たしていない。
「ラストチャンスです」。９７年５月に社長に就任した野村証券の氏家純一氏＝現野村ホールディングス（ＨＤ）会長＝は社内放送で、危機感を持つよう訴えた。 ２カ月前、野村は総会屋の親族企業への利益供与に役員が関与していたことなどを認めていた。事件は前経営陣の逮捕劇にも発展。野村は創業以来の危機を迎えた。 それから１０年。証券業界は様変わりした。 大和証券（現大和証券グループ本社）と住友銀行（現三井住友フィナンシャルグループ）は合弁会社をつくり、関係を強化。日興コーディアルグループは０８年１月、米シティグループの完全子会社になる予定だ。山一証券は破綻（はたん）しており、「大手では野村だけが完全独立を保った」（松井道夫・松井証券社長）。 独立路線を突き進む野村は、０６年３月期決算で過去最高益を計上。９７年の混乱から完全復活を果たした。 復活のカギは国内営業の方針転換だ。氏家氏が社長に就任した半年後の９７年秋、他社に先駆けて、株式の売買手数料に依存する営業体質から脱却。資産相談を通じて、投資信託などの金融商品への長期投資をすすめる営業に転換した。９９年から株式売買の委託手数料が完全自由化されるのをにらんでの戦略転換だ。 業績を押し上げたのは投資信託。国内営業部門の０７年３月期における投信関連の手数料収入は１２４７億円に達し、株式売買の手数料収入９８３億円を大きく上回った。 悩みの種は海外事業だ。今年は、米国の低所得者向け（サブプライム）住宅ローン問題でつまずいた。米サブプライム関連などの証券化事業で出した損失額は１４５０億円（１～９月）。同事業からの撤退などで、米国の人員を約１３００人から約９００人に縮小する。 野村は、会社設立から２年後の１９２７年、ニューヨークに出張所を開設した。伝統的に米国事業には力を入れてきたが、８０年の経験を積んでもなお、収益の柱に育っていない。 ■顧客要望つかみサービス産業化 古賀信行・野村ＨＤ社長 ――事件から１０年。何が変わりましたか。 「現場のコンプライアンス意識だ。ただ、企業は時間とともに、人が入れ替わる。１０年たつと心の隅に油断が芽生えがちだ。かつての教訓を地道に継承するしかない」 ――国内営業は好調です。 「金融業はサービス産業化しないといけない。コンビニエンスストアのように、顧客の要望を絶えずモニターして、方針を柔軟に変える」 ――今後の米国事業をどうしますか。 「規模拡大だけを目指しても発展は難しい。当面は日本株やアジア株の販売や資産運用業務などに絞り込む。選択と集中を進めた後、新しい事業を加えることが必要な場面になるだろう」 ――再編に取り残されたとの指摘もあります。 「そんな意識はない。銀行と証券が一緒になると高度なサービスが提供できるようになり、国際競争力がつくとの議論もあるが、本当だろうか。顧客の利便性が高まるとも思えない」 ――有望な分野は。 「商社的な（資源などへの）投資の領域でも、何かできるのではないかと思うことはある。何か決まったわけではないが」 Obit Accurate, Except for the Part About Being Dead
www.editorandpublisher.com/eandp/news/article_disp... Obit Accurate, Except for the Part About Being Dead
 Published: December 17, 2007 7:45 AM ET
BANDOR, Me. -- A funeral home paperwork mix-up has led to the wrong person being declared dead in a newspaper obituary. Consider when buying new pc For N. Koreans, China Imports Open Window To the World - washingtonpost.com
www.washingtonpost.com/wp-dyn/content/article/2007... For N. Koreans, China Imports Open Window To the WorldStreet Markets Flourish As State Economy Crumbles
Washington Post Foreign Service
SEOUL -- Cheap Chinese television sets and video players, together with pirated videotapes and DVDs, are lifting the lid on information reaching the North Korean people, according to defectors and experts on Kim Jong Il's dictatorship. The unsealing process -- underway for nearly a decade and accelerating this year -- coincides with the crumbling of North Korea's centralized economy and the rise of street markets.
In those markets, doing business daily nearly everywhere in the North, are cut-rate electronics and knockoff videos that have acquainted a sizable number of North Koreans with the wealth and razzmatazz of the capitalist world. Watching South Korean soap operas and Hollywood movies inside North Korea, defectors say, is scary, exhilarating and depressing. "We closed the drapes and turned the volume down low whenever we watched the James Bond videos," said a North Korean woman, who two years ago fled her fishing town in a boat with her husband and son. 東京新聞:「吐き気のする社会だ」。十五年ほど前、米国フロリダ州では一…:社説・コラム(TOKYO Web)
www.tokyo-np.co.jp/article/column/hissen/CK2007121... 【コラム】筆洗2007年12月16日 「吐き気のする社会だ」。十五年ほど前、米国フロリダ州では一年間で九人の外国人観光客が射殺されている。この事態をとらえ、やはり銃で撃たれ重体になった女性の父親が米国をこう評した。でもこの発言を、深刻に受け止める人は少なかったらしい。銃による殺人は日常茶飯事だからだ。丸田隆著『銃社会アメリカのディレンマ』に出てくる話である▼米国は今も銃社会で、乱射事件が起きると日本人は心のどこかで、「日本社会は違うぞ」という自負心を持ったと思う。長崎県佐世保市での銃乱射事件で、もうそうはいかない。二人の命が奪われ、六人がけがを負った▼犯行に使われたのは散弾銃で、昨年末には全国で約二十六万四千丁が所持を許可されている。ライフル銃も約四万千丁に上る。とうに銃社会になっていたのかもしれない。容疑者も二〇〇二年から今年九月にかけ、散弾銃三丁と空気銃一丁の所持許可を得ている▼ほぼ同時期、大音量で音楽をかけたり、銃を手に漫然と出歩いたりと、奇行のような行動があったという。「なぜ、あんな人に銃を」という住民の切実な思いは、歯止めにならなかった▼五月の宇都宮地裁での判決が頭に浮かぶ。無職の男が散弾銃で隣人の主婦ら二人を殺傷した事件で、銃の所持を許可した警察の判断を違法としたのだ。住民から事情を聴いていないことも、過失と指摘している。警鐘が今回、生かされたとは言えまい▼これ以上、かけがえのない命を失う前に、銃社会の現状を深刻に受け止めたい。改めていくには、まだ遅くない。 Image:Irian Barat Statue.JPG - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Image:Irian_Barat_Statue.JPG creepy statue 街並みは立派だが人がいない セカンドライフ「過疎化」進む日本企業のインターネット上の「仮想空間」サービス参入が相次いでいる。しかし、国内でも大きな注目を浴びた米リンデン・ラボ社が運営する3次元仮想空間「セカンドライフ（Second Life）」では、今仮想空間内にユーザーが見当たらない「過疎状態」が目立ってきている。これから「仮想空間サービス」はどうなってしまうのか？ 日本人ユーザーの人気スポット「NAGAYA」もさびれるJapan MalaiseJapan’s much anticipated ad recovery has been delayed to 2008. The latest earnings for the country’s leading commercial broadcasters are weak with ad sales especially soft. Spot advertising revenues were up only 1% in the Sept. 2007 quarter and have since declined by 8% in October and by 5% in November so far. Demand and spend has been noticeably weak from the IT & communications and auto sectors while higher oil and commodity prices have also contributed to overall sluggish trends in ad demand. “We’re off to a slightly rough start,” says Kou Toyoda, President at leading broadcaster Fuji TV. “There has been a backlash against the telecommunication industry which increased ad placements due to mobile number portability that began last year in October. Ad placements of the automobile industry are also sluggish.” Results at leading ad agencies are also weak. Leading ad agency Dentsu suffered a 5% year-on-year decline in sales for the Sept. 2007 quarter Sales related to the four main mass media declined by 6.4% from the beverage sector, by 5.8% from automobiles sector, and by 6.1% from IT. Hakuhodo’s sales have been more robust due to strong advertising in sectors in which the company focuses its efforts on, including beverages, real estate, and political campaigns and postal privatization. Dentsu and other agencies hopeful of a sustained recovery in advertising demand from the Tokyo Motor Show at the end of this year and the Beijing Olympics in 2008. 2007/11/19 16:43 - Convenience Stores Boost Foreign Hires To Aid Expansion, Fight Labor Squeeze
www.nni.nikkei.co.jp/AC/TNKS/Nni20071119D19HH572.h... Monday, November 19, 2007
TOKYO (Nikkei)--The falling birthrate and overseas expansion plans are spurring major convenience stores to increasingly hire foreigners for full- and part-time positions. Lawson Inc. (2651) has already accepted nine Chinese and one Vietnamese for full-time positions starting in April next year. It is the first time for the company to hire foreign workers on a full-time basis. The foreign hires will account for about 10% of all new employees accepted for full-time positions starting in April. The company plans to increase the number to 30, or about 30% of the total new workforce to be hired for jobs starting in April 2009. This fall, Lawson created a work manual for Chinese part-timers as part of its efforts to increase its ratio of foreign employees amid the falling birthrate. With the number of foreign customers at its outlets also growing, Lawson felt it necessary to hire foreign staff on a regular basis to supervise non-Japanese part-timers. The presence of these employees in supervisory positions will also help the company in its future efforts to open overseas outlets. FamilyMart Co. (8028) stepped up the hiring of foreigners starting in April 2007, accepting three Chinese and one Taiwanese for full-time positions. It plans to hire six more foreigners, including Chinese and South Koreans, for jobs starting in April 2008. These new employees will mainly be engaged in work related to overseas outlets. Ministop Co. (9946) hired three foreigners for full-time jobs starting in April 2007 and plans to hire two more in April 2008. (The Nikkei Saturday morning edition) Hungry Nova teachers teach for food | The Japan Times Online
search.japantimes.co.jp/mail/nb20071118a3.html Sunday, Nov. 18, 2007 Hungry Nova teachers teach for food
Kyodo News
A labor union representing former teachers at failed Nova Corp. launched a program Saturday that enables students to pay for language lessons by buying them meals instead of paying tuition fees. Nova has closed its schools nationwide, depriving nearly 300,000 students of classes and keeping the teachers out of work and pinched for money. At a Tokyo park Saturday afternoon, teacher Kristen Moon, 23, gave a lesson lasting about an hour based on topics in an English-language magazine to 32-year-old Yasuhiro Kawatani. They then went to a nearby restaurant afterward. Asia.view Japan's media donNov 14th 2007 The most powerful publisher you’ve never heard ofFOR its Tokyo bureau The Economist rents a room in the headquarters of the conservative Yomiuri Shimbun, Japan’s most popular newspaper that also happens to own the country’s best-known baseball team. Or is it the other way around? Either way, the building brings to mind nothing commercial or sporting, but a vast government ministry in some bygone socialist country. The floors are linoleum and the corridors endless, with way stations every 50 metres for smokers. The fourth floor boasts a proper newsroom; otherwise, with its fusty offices and featureless hallways, the place exudes the atmosphere of a massive, shabby bureaucracy. 2007/11/09 16:22 - NOVA FAILURE (2): Big Blow to Already Declining Industry
www.nni.nikkei.co.jp/AC/TNKS/Nni20071109D09HH871.h... Many industry officials foresee a fairly large percentage of Nova students giving up on English lessons altogether. The market for language classes began shrinking well before Nova went belly-up. Statistics from the Ministry of Economy, Trade and Industry show the combined revenue of language schools in September plunged more than 40% year on year. "To be honest, operating an English conversation school is no longer a juicy business," an executive of a leading chain said. Nova's business model, part of which emphasized small class sizes and low tuition fees, helped the chain grab an overwhelming share of the market and made it difficult for competitors to carve out a profitable niche. Some schools adopted the "if you can't beat 'em, join 'em" strategy, eschewing classes of up to 20 students in favor of classes of several students. As more teachers were needed, labor expenses moved upward, the executive explained. These schools also had to lower their tuition fees to bring them in line with Nova's. 2007/11/09 15:51 - INSIDE VIEW: Dollar Faces Crisis As Nations Embrace Euro
www.nni.nikkei.co.jp/AC/TNKS/Nni20071109D09HH875.h... Friday, November 9, 2007
TOKYO (Nikkei)--The dollar is dangerously weakening. It traded at 1.47 against the euro Wednesday, an all-time low and down a whopping 65% since the start of 2002. "We prefer a strong currency to a weak currency," Sheng Siwei, vice chairman of the Standing Committee of the National People's Congress in China, said at a press conference Wednesday. China has foreign currency reserves worth 1.43 trillion dollars, a large part of which are in the U.S. currency. The reserves will shrink unless measures to cope with the dollar's depreciation are taken. Speaking at the press conference along with Sheng, a senior official of the People's Bank of China went as far as to say that the dollar is starting to "lose its status as an international currency." China, the world's second-largest holder of U.S. government bonds after Japan, began reducing the balance of holdings in May as a step to deal with the weak dollar. At the end of August, the balance stood at 400.2 billion dollars, down 5% from six months earlier. As there have been steady moves to cut dollar holdings worldwide, the greenback now accounts for 64% of foreign currency reserves in the world, down from 72% in 2001 when the U.S. administration of President George W. Bush came into power.
The recent trend stems from the U.S. policy of leaving the dollar's moderate weakness as it is. Many countries, other than Japan, have quietly rebelled against the policy. The dollar's real effective exchange rate stands at 86.1 as of November (March 1973 = 100), down from 112.8 in February 2002. The presence of the euro is also behind the trend. Before the launch of the euro as an accounting currency in 1999 and as physical coins and bank notes in 2002, there was no international currency alternative to the dollar despite America's runaway fiscal deficit. But as the euro now serves as the alternative, China and Russia are rapidly shifting their reserves from the dollar to that currency. The U.S. subprime loan crisis is fueling the dollar unrest. Even if countries diversify their reserves by dumping their dollar holdings, the U.S. is able to finance its current-account deficit as long as an inflow of private funds continues. But the mechanism to lure private funds to the U.S. is being shaken. scary 2007/10/30 02:06 - Japan Copyright Group Allows For Uploading Music On YouTube
www.nni.nikkei.co.jp/AC/TNKS/Nni20071029D29JFF01.h... Tuesday, October 30, 2007
TOKYO (Nikkei)--Copyrighted Japanese songs are expected to hit YouTube, the popular video-sharing Web site, legally for the first time as early as this week following Google Inc.'s decision to accept conditions from the Japanese Society for Rights of Authors, Composers and Publishers (JASRAC), The Nikkei learned Monday. JASRAC, the group responsible for collecting and distributing royalties for most of the copyrighted songs in Japan, has to date not officially permitted the use of copyrighted music on YouTube. It had previously demanded that Google delete content including copyrighted Japanese songs from the Web site and also that it address copyright violation problems stemming from the unauthorized posting of copyrighted content by individuals. Specifically, the group insisted that Google develop a safeguard to prevent copyright violations on YouTube. With Google accepting the group's demand in principle, JASRAC agreed last week to commence discussion on conditions for the posting of copyrighted songs on the YouTube Web site. This led to JASRAC's decision to provisionally allow copyright holders, such as record companies, to place copyrighted music on the world's leading free video-sharing site. As early as this week, major record company EMI Music Japan Inc. and others are expected to begin showing promotion videos and other content that features copyrighted Japanese songs on YouTube. For Web site operators and other businesses and organizations that use copyrighted songs frequently, JASRAC often issues bulk usage licenses and collects royalties based on actual usage. With YouTube, JASRAC plans to collect fees retroactively once it reaches an agreement with Google. Because the bulk copyright usage licensing arrangement is unlikely to work with individuals, who upload most of the content on YouTube, JASRAC and copyright holders aim to negotiate with Google to develop a mechanism that can protect the interest of rights holders without stifling individual contributions to the site. (The Nikkei Tuesday morning edition) 2007/10/13 02:57 - Investment Trust Inflows Slow In Sept Ahead Of Stricter Rules
www.nni.nikkei.co.jp/AC/TNKS/Nni20071012D12JFA14.h... Saturday, October 13, 2007
TOKYO (Nikkei)--Financial institutions scrambled last month to comply with looming regulations on the sales of investment trusts, triggering a sharp drop in the number of new products offered and in the amount of money flowing into the mutual fund market. The Financial Instruments and Exchange Law, which went into effect at the end of September, requires financial institutions to explain the risks of investment trusts to prospective customers, in addition to other steps. During September, financial institutions held training sessions for sales personnel and took such measures as rewriting marketing materials. "So, even though we usually see growth in September because it is sales promotion month, this year we had to focus on other things," said an official at a major asset management company. MORAL LEADERSHIP
A role for Japan in Myanmar
Special to The Japan Times
HONG KONG — If any good is to come from the murder of cameraman Kenji Nagai on the streets of Yangon, it must be that Japan recovers its moral voice. So far there has been a small stirring of conscience and murmurs that aid may be cut as a mark of dissatisfaction with the murderous Myanmarese military regime. This is a start, but is not sufficient. As a country with a strong Buddhist culture that understands the savagery that military rule can bring and has suffered mass killings from fire-bombings and nuclear weapons, Japan has a unique standing. As a country that then renounced war and eschewed military might to show great economic enterprise and recover from the ashes of war, Japan is singularly placed to offer moral leadership. This could be a prelude to discovering its own 21st century role in the world.
Having said that, it will require a leap of imagination that Prime Minister Yasuo Fukuda, opposition leader Ichiro Ozawa and the bureaucrats of all the relevant ministries have been lacking. Perhaps Sadako Ogata, as the head of Japan's aid organization, a former professor at a Christian university and a leading United Nations official, can remind the politicians to think of Japan's global role as the first Asian power to join the industrialized world. 2007/10/10 14:03 - Prices Of Used Paper, Steel Scrap Soar On Strong China, S Korea Demand
www.nni.nikkei.co.jp/AC/TNKS/Nni20071010DA0JX102.h... Wednesday, October 10, 2007
TOKYO (Nikkei)--Prices of recycled materials are rising at home and abroad as Chinese and South Korean companies actively snap up waste paper and steel scrap to meet growing demand for paper and steel products. The trend is placing upward pressure on domestic prices of such items as cardboard, household paper made from recycled materials, and steel products. Prices for October shipments of newspaper, corrugated cardboard and magazines bound for China are 20-50% higher than at the beginning of the year. An association of waste paper dealers for the Kanto region around Tokyo said the October benchmark price for newspaper climbed 0.61 yen from the previous month to 20.27 yen per kilogram, surpassing the 20 yen mark for the first time. The price for cardboard rose 1 yen to 19.43 yen. Chinese companies purchase recycled paper from Japan mainly for manufacturing linerboard and corrugating medium. According to a trading firm dealing in used paper, Nine Dragons Paper (Holdings) Ltd. and other major paperboard manufacturers in China plan to expand their combined capacity to produce linerboard and corrugating medium by 9 million tons in the two years through 2008. The scheduled increase is almost equal to Japan's total production in 2006, indicating that the Chinese firms are making heavy capital investment in anticipation of strong domestic economic growth. The robust Chinese demand has caused a scarcity of recycled paper in Japan, forcing Oji Paper Co. (3861) and other major paper manufacturers to pay more for used materials. The export price of steel scrap, which is used to make reinforcing bars and H-shaped steel, is also rising. The benchmark price in the Kanto region climbed about 40% from a year earlier to 37,928 yen per ton in September, hitting a record high for the second straight month. Demand is especially strong from South Korean steel companies, with the volume of Japanese steel scrap exports to the neighboring country jumping 7.7% on the year in August. Paper companies and steel product manufacturers are seeking to pass the higher materials costs on to their clients. For example, cardboard makers that use waste paper are trying to get their customers to agree to a price hike of more than 20% in a bid to improve profitability. (The Nikkei Wednesday evening edition) 2007/10/08 02:24 - Govt Mulls Certifying Foreign Workers' Skills, Qualifications
www.nni.nikkei.co.jp/AC/TNKS/Nni20071007D07JFF03.h... Monday, October 8, 2007
TOKYO (Nikkei)--The Cabinet Office is considering issuing foreign job seekers documentation certifying their employment histories, their qualifications and other information, The Nikkei learned Sunday. This move is aimed at encouraging Japanese companies to tap talented foreign workers and boosting their economic competitiveness at a time when securing qualified employees is becoming increasingly difficulty due to population declines. Much like a government-approved resume, the paperwork would be designed to help prospective employers accurately evaluate a foreign candidate's experience and track record. Such a system is under consideration for foreigners who have educations up to the equivalent of a Japanese junior college, who have undertaken training at a Japanese company, and who can also understand the Japanese language. Interested foreigners would be able to apply at publicly run job centers and would have to submit their degrees and other types of certification. Many Japanese firms are hesitant about hiring foreigners, because cultural and other issues often prevent their assimilation within the company. The Cabinet Office believes that if the documentation is given to those foreigners with high levels of skills and knowledge, companies will find it easier to employ foreign workers. (The Nikkei Monday edition) Japan bureaucrats chided for shirking work, editing Wikipedia - Mainichi Daily News
mdn.mainichi.jp/national/news/20071005p2a00m0na029... Japan bureaucrats chided for shirking work, editing WikipediaTOKYO (AP) -- Japan's Agriculture Ministry reprimanded six bureaucrats for shirking their duties after an internal probe found they spent work hours contributing to Wikipedia -- including 260 entries about cartoon robots. The six civil servants together made 408 entries -- on issues unrelated to farm issues -- on the popular Web site encyclopedia from ministry computers since 2003, an official said Friday. One of the six focused solely on Gundam -- the popular, long-running animated series about giant robots -- to which he contributed 260 times. The series has spun off intricate toy robots popular among schoolchildren as well as adults known as "otaku" nerds. "The Agriculture Ministry is not in charge of Gundam," said ministry official Tsutomu Shimomura. The other five bureaucrats mostly focused their contributions on movies, typographical mistakes on billboard signs and local politics, Shimomura said. The ministry's internal probe followed recent media allegations that a growing number of Japanese public servants were contributing to the Web encyclopedia, which anyone can edit, often to reflect their views. The ministry verbally reprimanded each of the six officials, and slapped a ministry-wide order to prohibit access to Wikipedia at work, while disabling access to the site from the ministry, Shimomura said. The ministry, however, did not object to their limited contributions on the World Trade Organization and free trade agreements. An Imperial Household Agency official was reprimanded last month for using an agency computer to delete references on Wikipedia that criticized imperial tombs. 2007/10/02 18:03 - Citigroup To Make Nikko Cordial 100% Unit Via Triangle Merger
www.nni.nikkei.co.jp/AC/TNKS/Nni20071002D02JF408.h... Tuesday, October 2, 2007
TOKYO (Nikkei)--Citigroup Inc. will acquire all the shares in Nikko Cordial Inc. (8603) it does not own to make the Japanese brokerage a wholly owned subsidiary, sources close to the deal said Tuesday. The U.S. group currently has a 68.23% holding in Nikko, the bulk of which it acquired in a tender offer after the Japanese company became embroiled in an accounting scandal at the end of 2006. It plans to obtain the remaining shares of the Japanese subsidiary through a triangular merger. The plan comes at a time when Citigroup is seeking to list on the Tokyo Stock Exchange. If the plan is realized, Citigroup will become the first foreign firm to use the merger method in Japan since the practice became legal in May. 2007/10/01 23:46 - Nikkei, Asahi, Yomiuri Newspapers To Forge Online Alliance
www.nni.nikkei.co.jp/AC/TNKS/Nni20071001D01JFN01.h... Monday, October 1, 2007
TOKYO (Nikkei)--Nikkei Inc., Asahi Shimbun Co. and Yomiuri Shimbun Holdings announced an agreement Monday to offer their online content on a site to be created by the three national newspaper publishers. The initiative aims to heighten the exposure of each paper's news articles, commentary and editorials. While the details have yet to be hammered out, a proposal under consideration would enable readers to directly compare key articles and editorial content. With an eye toward launching services early next year, the companies will establish a general partnership. The initial investment is estimated at several hundred million yen, equally split among the three. This marks the first operational tie-up between Nikkei, Asahi and Yomiuri. The online service is expected to be free, with the site supported by ad revenue. The firms' current Internet sites will continue to operate independently, but will provide links to the new service. The newspaper publishers will also team up in distribution efforts, with Asahi and Yomiuri sharing routes in rural areas. They will select regions for cooperation and gradually expand the initiative. Nikkei will continue to maintain ties with the national, regional and local newspaper sales outlets with which it has distribution agreements. A partnership with Asahi and Yomiuri may eventually be considered on a regional or other basis. Despite bolstering their cooperation in the online segment and distribution, the publishers do not intend to exclude other newspaper companies or other media. In addition, Nikkei, Asahi and Yomiuri are crafting a mutual assistance agreement in the event of an earthquake, computer system failure or other disruption. The pact calls for helping each other produce, print and transport their papers. Once specific terms are finalized, an official agreement is expected by the end of March 2008. (The Nikkei Tuesday morning edition) 2007/10/01 09:33 - List Of Facts On Japan's Postal Privatization
www.nni.nikkei.co.jp/AC/TNKS/Nni20071001D01JF196.h... Monday, October 1, 2007
TOKYO (Kyodo)--The following are facts about Japan's post privatization process that began Monday. -- There are some 24,000 post offices operated by Japan Post nationwide. 240,000 employees at the state-backed postal services body to lose their status as public servants. -- Japan Post spins off its services into four business companies under a holding company. The four firms engage respectively in mail delivery, banking, life insurance and over-the-counter services.
-- The holding company, Japan Post Holdings Co., is 100 percent owned by the government. -- Japan Post Holdings will reduce its stakes in Japan Post Bank and Japan Post Insurance Co. during a period up to 2017 with an eye on their stock listings in fiscal 2009 at the earliest. The holding company plans to unload all its shares in the two although it can buy back them through market trading. -- The privatization means unleashing over 300 trillion yen in Japanese individual financial assets kept by Japan Post, the world's biggest financial institution, in the form of ''Yucho'' postal savings and ''Kampo'' life insurance contracts. -- The government will weaken its full control over Japan Post Holdings during the 10-year period to 2017 with the stake likely to fall to as low as nearly a third of the current level. -- Japan Post Holdings will keep a 100 percent stake each in mail-delivery unit Japan Post Service Co. and Japan Post Network Co., a counter service arm, in order to maintain what the government calls the ''universal service'' by the post office throughout the country even after privatization. -- Key concern remains that the services by the new companies may not be received homogeneously nationwide as they are feared to withdraw from the business in unprofitable, less-populated rural areas. The following are details of five companies created Monday as the first step of Japan's 10-year postal privatization process. -- Japan Post Holdings Co. is a holding company of four business firms spun off from public corporation Japan Post. It will remain 100 percent owned by the government for the time being. Yoshifumi Nishikawa, a seasoned banker and president of Japan Post, takes the helm of the giant group. It employs more than 240,000 people and has 338 trillion yen in total asset, expecting a group net profit of 508 billion yen in the year through March 2021. -- Japan Post Bank Co., or ''Yucho Bank,'' named after ''yubin chokin,'' which means postal savings in English, is the world's biggest financial institution with 188 trillion yen in deposits. Nearly 80 percent of the funds have been invested in Japanese government bonds. The new bank's pressing task is to diversify the portfolio, given interest rate risks stemming from the concentration of investment in the bonds. Seeking to enter the mortgage and credit card markets, the bank has to find partners with expertise it that it lacks. -- Japan Post Insurance Co. takes over Japan Post's ''Kampo'' life insurance business. Like the bank, it needs to find partners for a tie-up to launch new businesses. While planning to offer its own products in the areas of whole-life, endowment and school tuition insurance policies, the company will seek partnerships to tap into other areas such as cancer and medical care insurance policies. It has 113 trillion yen worth of insurance contracts. -- Japan Post Service Co. succeeds Japan Post's mail-delivery business. It is legally obliged to maintain the ''universal service'' of delivering letters to any point in the country. But it no longer needs to offer similar services in parcel-delivery. There has been criticism that its likely entrance into the international package delivery business would disturb fair competition as the government remains involved in the company through shareholdings. -- Japan Post Network Co. provides a range of services with a huge network of 24,000 post offices across the country. Three other business firms entrust it with their over-the-counter services. There is a plan to rebuild post offices at good locations in large cities like Tokyo and Osaka in high-rise buildings and begin an office leasing business. Japan Post Holdings will establish a fund to maintain the post office network even in unprofitable rural areas. 2007/10/01 16:50 - EDITORIAL: Healthy Competition Key For Successful Postal Privatization
www.nni.nikkei.co.jp/AC/TNKS/Nni20071001D01HH327.h... What is vital for the success of this reform is ensuring fair competition between the postal financial firms and their private-sector rivals. The government committee to supervise the privatization process bears heavy responsibility for this along with the regulatory organizations involved, including the Financial Services Agency and the Bank of Japan. Investors both at home and abroad will be closely following how the two postal financial companies will manage their assets. The postal savings system was long used as a main source of funds to purchase bonds issued by the government. Japan Post Bank should diversify its investment portfolio for profitable asset management while gradually decreasing the amount of savings in its deposits. The mission of the Japan Post group management, led by Yoshifumi Nishikawa, is to make the postal businesses efficient and competitive enough for eventual full privatization. 2007/10/01 18:21 - ANALYSIS: Ruling-Opposition Party Spat May Leave BOJ Without Leader
www.nni.nikkei.co.jp/AC/TNKS/Nni20071001D01HH206.h... If the terms of the BOJ governor and deputy governors expire while a confrontation between the ruling and opposition parties keeps their appointments on hold, there is concern that the governor's post will remain vacant. In such an emergency case, the six other policy board members should hold a discussion at a monetary policy-setting panel, while the central bank's executive directors assume the governor's duties. The worst-case scenario suggests that the legal provisions aimed at preventing the absence of a BOJ leader remain underdeveloped compared with the U.S. law governing the Federal Reserve Board (FRB), which was established based on the assumption of a possible reversal of power between the ruling and opposition parties. Market participants have already begun talking about the "risk of a vacancy in the BOJ leadership posts." Alarmed by the possible dangers posed by an empty control tower at the central back, Ryutaro Kono, chief economist at BNP Paribas Securities (Japan) Ltd., said, "The market may lose stability on widespread speculation about factors unforeseen by the BOJ, such as that a decline in the number of policy board members to six from nine will help lend more strength to the voices of the bank's hawkish members in policymaking debate." 2007/10/01 17:02 - Japan Starts 10-Year Postal Privatization Process
www.nni.nikkei.co.jp/AC/TNKS/Nni20071001D01JF315.h... Monday, October 1, 2007
TOKYO (Kyodo)--After years of intense debate and political upheavals, Japan began the process of privatizing state-run postal services Monday, leaving concerns among private-sector companies that a newly created giant group may ransack their markets under the remaining influence of the government. In the first step of the 10-year process, state-backed postal service entity Japan Post was reorganized into four business firms under a holding company. The four provides banking, insurance, mail-delivery and over-the-counter services respectively. However, the government initially remains involved in the group, owning a 100 percent stake in Japan Post Holdings Co., which means the holding firm's four units are under indirect control of the government.
Former Prime Minister Junichiro Koizumi, who adhered to privatizing Japan's postal system during his tenure, attended a ceremony held at the headquarters of Japan Post Holdings, saying the privatization came as a result of ''people's support.'' ''Before I became prime minister, all political parties opposed postal privatization or said it was not necessary,'' said Koizumi, also a former posts and telecommunications minister. He had pressed for the privatization plan as part of his initiative to make a smaller government through fiscal discipline. In order to enact related laws, the reform-minded premier even dissolved parliament and called a general election in 2005, saying he would seek people's judgment over the postal privatization plan after the upper house rejected the legislation following the approval by the lower house. His ruling Liberal Democratic Party scored a landslide victory in the election and the Diet passed postal privatization bills later in 2005. Prime Minister Yasuo Fukuda also attended the ceremony and said that with the privatization, the post office must ''improve the efficiency of its management and fully utilize its network, which is a valuable asset to the Japanese people.'' But private companies in related industries are concerned about the possible entry into their markets of the new postal companies by wielding what they call de facto ''state assurances.'' They argue the new postal group should not be allowed to launch new businesses while the government holds a stake in it. The privatization of some 24,000 post offices across the nation is the largest of its kind in Japanese history. About 240,000 Japan Post employees lost their status as public servants, with most of them being reemployed by the new group. During the 10-year process to 2017, Japan Post Holdings plans to entirely unload its stakes in Japan Post Bank and Japan Post Insurance Co., eyeing the listing of the two companies on the stock market possibly in the year through March 2010. The government will loosen its grip over the holding firm during the same period, with its stake expected to fall to over a third of the current level. Japan Post Holdings aims to list itself. The holding firm, meanwhile, will keep a 100 percent stake each in mail-delivery unit Japan Post Service Co. and counter-service arm Japan Post Network Co. One of the focuses of the postal privatization is whether the new group will be able to maintain the ''universal service'' offered by Japan Post throughout the country, even in the face of the need to pursue profitability amid strong competition in the private sector. The postal privatization plan has drawn opposition especially from people in less-populated rural areas and lawmakers depending on their votes. Japan Post Holdings has said it will establish a fund to maintain the post office network even in unprofitable rural areas. Among the four newly created firms, Japan Post Bank serves as the world's biggest banks with 188 trillion yen ($1.64 trillion) in postal savings. Combined with 113 trillion yen worth of insurance contracts at Japan Post Insurance, financial assets at the new group top 300 trillion yen. Masayuki Oku, chairman of the Japanese Bankers Association, expressed caution, saying in a statement that the privatization should not be the start of new business but the start of ''right-sizing'' of a public entity that had ballooned in its business size under the protection of government. ''We hope (the new group) will do business on the premise of ensuring conditions for fair competition and make possible its smooth and appropriate integration into the market,'' said Oku, also chairman of Sumitomo Mitsui Financial Group, one of Japan's three mega banking groups. Despite opposition from the banking industry, however, Japan Post Bank is seeking to launch mortgage and credit card businesses. The new bank also faces the need to diversify its investment portfolio, given interest rate risks stemming from the concentration of investment in Japanese government bonds. About 80 percent of postal savings has been invested in the bonds. Lacking experience in the retail banking business and investment in financial products like derivatives, Japan Post Bank is expected to seek business alliance with rival banks. It is in talks with Suruga Bank for a tie-up in the home loan market. Japan Post Insurance has been facing similar problems, seeking to find partners in order to tap into new areas such as cancer and medical care insurance policies. ''I don't want the privatized post office to pursue only profit,'' said Minoru Shimono, who was lined up at a post office in Iwate Prefecture to buy commemorative postage stamps. The post office ''must not be inconvenient to its customers.'' Private-sector wages continue to fall | The Japan Times Online
search.japantimes.co.jp/mail/nb20070930a2.html Sunday, Sept. 30, 2007 Private-sector wages continue to fall
Kyodo News
The average annual wage in Japan's private sector in 2006 fell 0.4 percent from the previous year to ¥4.35 million for the ninth straight year of decline, according to the National Tax Administration Agency. But total income tax withheld from wages in the year increased 10.4 percent to ¥9.89 trillion on a cut in income tax credit, the tax agency said.
While corporate earnings have risen, employees have failed to feel any economic recovery, analysts said. The average annual wage for males rose 0.1 percent to ¥5.39 million for the first increase in nine years. For females, however, the average dropped 0.7 percent to ¥2.71 million. 電通関西支社、関西人の生活意識・消費行動意識レポートを発表:ニュース - CNET Japan
japan.cnet.com/news/biz/story/0,2000056020,2035753... 調査結果では、関西、関東とも「思いやり」「やさしさ」「人間関係」が大切という結果が出ている。10代男女の比較では、関西の10代女性では「最新のものや流行のものを買いがち」であり、同男性では「情熱」のスコアが低かった。関西、関東ともに「買い物は楽しい、好き」のスコアが高かったが、値引き特売の利用や少しでも安い店を選ぶ傾向は関西の方が低い傾向となった。 関西人の買い物行動では、一年以内の百貨店、商業施設ともに「キタエリア」の利用が最も高かった。またインターネット通販においては、男女とも「書籍・雑誌」の購入割合が高く、男性では「音楽CD・DVD・ビデオソフト」など趣味のものが多く、女性では「婦人服」「スキンケア商品」など身の回り商品が多かった。 2007/09/29 00:30 - Employers Grapple With Foreign-Worker Reporting Requirements
www.nni.nikkei.co.jp/AC/TNKS/Nni20070928D28JFF04.h... Saturday, September 29, 2007
TOKYO (Nikkei)--Major restaurant operators and retailers are busy preparing for a new legal mandate taking effect Monday that requires them to report information on their foreign workers to the government. Under the new law, employers must report such data as name, date of birth, and nationality as well as visa information to public employment offices. Tokyo-area restaurants and stores are expected to be particularly affected, because they have increased hiring of non-Japanese residents as part-timers to cope with labor shortages. McDonald's Co. (Japan) began educating this month 300 or so of its personnel, including in-house consultants who provide advice to store managers, on the new requirement and how to deal with it. At the McDonald's Holdings Co. (Japan) (2702) unit, data on foreign employees will be passed on from store managers to the headquarters' human resources division, which will report the information to the authorities. The firm's directly run restaurants alone employ about 100,000 part-timers, with foreigners accounting for roughly 3,000 of them. Tokyu Store Chain Co. (8197) on Tuesday e-mailed a form for recording information on foreign workers to each of its supermarkets. Completed forms will be sent back to the headquarters for centralized reporting. But franchise operators will be legally required to report data independently. In the convenience store chain industry, FamilyMart Co. (8028) has sent out letters reminding franchise store operators of the new requirement. Lawson Inc. (2651), aiming to keep franchises from becoming reluctant to hire non-Japanese workers, has produced a Chinese-language work manual covering such topics as how to operate cash registers. Seven & i Holdings Co. (3382) unit Seven-Eleven Japan Co. plans to introduce an information system enabling headquarters to access foreign workers' personal data input by chain stores. (The Nikkei Saturday morning edition) Justice Minister Hatoyama questions time frame for carrying out death sentences - MSN-Mainichi Daily
mdn.mainichi-msn.co.jp/national/news/20070925p2a00... Justice Minister Hatoyama questions time frame for carrying out death sentences
Justice Minister Kunio Hatoyama raised questions about the current death penalty system as Prime Minister Shinzo Abe and his Cabinet resigned en masse on Tuesday, saying death sentences were not being carried out in the time frame set by law. In a news conference following the Cabinet's resignation, Hatoyama said, "The stipulation in the law that death sentences should be carried out within half a year after the court's ruling is fixed is not being followed. Isn't there a way for the sentences to proceed automatically and objectively, even if the justice minister is not involved?" Hatoyama's comments appeared to question the current system under which the justice minister's beliefs and religion play a part in deciding whether to carry out the death penalty. "I'm not saying we should avoid our work responsibility (of signing death warrants), but I don't think discussing, 'Who is it going to be carried out on next?' is good," Hatoyama said. "I don't know whether they should be carried out in order or based on a random table, but if they proceeded automatically, there would be no question of 'Who's next?'" Speaking on the Justice Ministry's stance of not disclosing the identities of those who are executed, Hatoyama said the feelings of the bereaved family and other death row inmates needed to be taken into consideration. (Mainichi) NOVA looks to shut down schools amid financial crisis - MSN-Mainichi Daily News
mdn.mainichi-msn.co.jp/national/news/20070920p2a00... NOVA looks to shut down schools amid financial crisis
Major English language teaching chain NOVA is considering shutting down a large number of schools, it emerged on Thursday. NOVA's income from lesson fees has decreased since the Ministry of Economy, Trade and Industry issued the language school a partial business suspension order over its practices. Because of this, the school is apparently pushing for a turnaround, hoping to cut costs by trimming and merging unprofitable schools. NOVA currently operates more than 900 schools, but problems with efficiency have emerged. Officials close to the group said NOVA has already been trimming and merging schools, focusing on unprofitable schools with low student numbers, but in the future the chain will also apply the move to major schools in cities where rents are high and there is more than one school in the same area. As many as 100 schools could be affected. The language school will reportedly make considerations for students, allowing them to take lessons at other nearby schools. (Mainichi) 2007/09/11 13:29 - ON THE RADAR: Aug Data To Show If Subprime Mess Hit Mutual Funds
www.nni.nikkei.co.jp/AC/TNKS/Nni20070911DA1J9111.h... Tuesday, September 11, 2007
TOKYO (Nikkei)--The market is keenly awaiting Thursday's release of data on investment trust assets for August, hoping to find clues to whether the decline in stocks and rise of the yen over the past month have prompted individuals to shift away from mutual funds, which would further depress stock prices. The monthly report, compiled by the Investment Trusts Association, Japan, covers mutual fund management companies and shows such data as net assets and fund inflows. The balance of publicly offered stock investment trusts -- the most common type of mutual fund and which include products that stipulate in contracts that they may invest in equities but in practice do not -- totaled 65.23 trillion yen at the end of July to mark the first decrease in 14 months. Also, the net fund inflow in July fell below 80 billion yen to hit the lowest level in three years and four months. AlterNet: The World's Fourth-Largest City Outlaws Billboards, Calls It 'Visual Pollution'
www.alternet.org/story/60084/ In 2007, the world's fourth-largest metropolis and Brazil's most important city, São Paulo, became the first city outside of the communist world to put into effect a radical, near-complete ban on outdoor advertising. Known on one hand for being the country's slick commercial capital and on the other for its extreme gang violence and crushing poverty, São Paulo's "Lei Cidade Limpa" or Clean City Law was an unexpected success, owing largely to the singular determination of the city's conservative mayor, Gilberto Kassab. As the driving force behind the measure, mayor Kassab quelled the rebellion from the advertising industry with the help of key allies amongst the city's elite. On many occasions, Kassab made the point that he has nothing against advertising in and of itself, but rather with its excess. He explained, "The Clean City Law came from a necessity to combat pollution ... pollution of water, sound, air, and the visual. We decided that we should start combating pollution with the most conspicuous sector -- visual pollution." Since then, billboards, outdoor video screens and ads on buses have been eliminated at breakneck speed. Even pamphleteering in public spaces has been made illegal, and strict new regulations have drastically reduced the allowable size of storefront signage. Nearly $8 million in fines were issued to cleanse São Paulo of the blight on its landscape. 2007/08/22 05:47 - Japan's Twentysomethings Losing Interest In Cars, Down On Drinking
www.nni.nikkei.co.jp/AC/TNKS/Nni20070822D21JFA15.h... Wednesday, August 22, 2007
TOKYO (Nikkei)--Young Japanese adults in their 20s are living modestly and stably, with many not buying cars or drinking but spending weekends at home, with a strong motivation to save money, according to a Nikkei survey. A major change was seen in interest in cars. Just 13% of the 20-something respondents in the Tokyo area said they own a car, down from 23.6% in a 2000 survey. Those wanting a car precipitously fell from 48.2% to 25.3%. And 34.4% of respondents said they drink less than once a month or not at all, a figure 6.8 percentage points higher than those in their 30s. Asked why they do not drink, with multiple responses allowed, 29.6% of those in their 20s said it is a "waste of money" -- more than 10 points higher than those in their 30s saying so. The average disposable income for twentysomethings was 64,400 yen per month, up about 4,000 yen from the 2000 survey. But asked what use they put this money to, with multiple responses allowed, 36% of those in their 20s said savings, up 8.2 percentage points from seven years earlier. And 43.1% of those in their 20s said they spend most of their weekends at home. Asked what they do on weekends, with multiple responses allowed, 43.7% said chores like laundry and cleaning, up 7.9 percentage points from 2000. The 2007 survey was conducted online from late June to early July on 1,207 men and women in their 20s and 530 men and women in their 30s. (The Nikkei Wednesday morning edition) 2007/08/17 02:00 - Nintendo To Offer Downloads Of New Wii Games Next Year
www.nni.nikkei.co.jp/AC/TNKS/Nni20070816D16JFF03.h... Friday, August 17, 2007
OSAKA (Nikkei)--Nintendo Co. (7974) will make available from the start of 2008 new software titles for users to download online, The Nikkei learned Thursday. These products will be accessible via Nintendo's latest console, the Wii, which can connect to the Internet. The initial round of offerings will focus on puzzle games and educational software priced at no more than 1,000 yen apiece. The lineup will be expanded to such genres as action games, featuring titles developed both in-house and by smaller software developers. Nintendo joins rivals Microsoft Corp. and Sony Computer Entertainment Inc. in online distribution of new software. Microsoft was first out of the gate when it began offering downloads of new games for its Xbox 360 console in 2005, with cumulative global sales of 45 million copies. Sony began offering downloadable software for its PlayStation 3 console late last year. The 10 or so new titles are priced at 315 yen to 2,000 yen. Most of the downloadable titles offered by Nintendo and Sony are expected to remain under 2,000 yen, compared with the 3,000 yen to 7,000 yen for the disc-based titles at stores. (The Nikkei Friday morning edition) asahi.com : U.S. to share data with Diet - ENGLISH
www.asahi.com/english/Herald-asahi/TKY200708140104... U.S. to share data with Diet08/14/2007 BY TSUTOMU ISHIAI, THE ASAHI SHIMBUN U.S. Ambassador Thomas Schieffer said the United States would offer classified information to Diet members, probably in September, to help them make an informed decision on whether to pass legislation this fall to extend Maritime Self-Defense Force operations in the Indian Ocean.
Schieffer added that if opposition Minshuto (Democratic Party of Japan) uses its new strength in the Upper House to defeat the legislation to extend the anti-terrorism special measures law beyond its Nov. 1 deadline, the action "would certainly have a negative impact" on Japan-U.S. relations. The MSDF operations provide logistical support to U.S.-led operations in Afghanistan. "We plan on organizing a series of classified briefings here at the embassy, probably in September, that would be available to all members of the Diet who are interested," Schieffer said Monday in an interview with The Asahi Shimbun. "The United States stands ready to provide whatever information we can to help people decide," he said. In a meeting last week with Schieffer, Minshuto leader Ichiro Ozawa repeated his party's opposition to extending the special measures law on the grounds that the war in Afghanistan was started without an international consensus. Schieffer declined to say what effect any amendment to the special measures law would have on the Indian Ocean operations. "It's for the Japanese government and the Japanese opposition parties to determine what the law is about," he said. "What we hope will happen is that a law will be passed that will allow Japan to continue to contribute to this very important operation and hopefully the two parties can get together and reach some sort of compromise to allow that to happen." 2007/08/06 - Japan facing season of fundamental political upheaval
www.nni.nikkei.co.jp/AC/TNW/Search/Nni20070806OP7T... LDP leadership concluded, without much thought, that if the party openly criticized civil servants for their perceived sins in those areas, then the electorate would take the view the ruling party was indeed successfully taking over the baton of reform from the Koizumi. However, the electorate must realize that the new LDP leadership is an entirely different team from the one led by Koizumi and it was not something that could be easily grafted on Koizumi's legacy of reform. What it all boils down to is that the LDP already suffers from reform fatigue, and the need for a party that can replace the LDP has become imperative.
Use in report As competitiveness increasingly comes from manufacturing efficiency and more intellectual property is applied to the production process, it makes sense to keep operations at home. Besides, sophisticated manufacturing tends to be less labour-intensive, reducing the appeal of low-wage countries. And regional governments are offering generous incentives for firms to open new factories in Japan. Ricoh, an office-equipment company, makes low-tech parts in China but keeps advanced technology in Japan. This month Canon said it would build a $450m optical-sensor factory in Japan. Sharp's sophisticated LCD flat-panel televisions are made at two factories in central Japan, and the company will announce plans for a new factory in Japan this summer. As for carmakers, Toyota, Honda and Nissan have built big factories in Guangzhou to build vehicles for Chinese customers. But because of the weak yen, which makes exports cheaper, car firms are building more vehicles at home. Honda is even opening a new factory in Japan, its first in almost 30 years, despite falling domestic sales. Likewise, Toyota says it plans to build more cars in Japan for export.
Even for Japanese firms that are investing overseas, surveys show a shift away from China in favour of other Asian countries. In 2004 around 86% of Japanese firms planned to expand in China; last year the figure dropped to 77%, and 2% said they were actually scaling back their Chinese operations. In another survey, which asked Japanese firms to rate which countries they regarded as the best places to invest in the next three years, the proportion opting for China dropped from 91% in 2004 to 77% last year, while the appeal of Vietnam and India rose substantially (see chart). This is partly because China has become expensive compared with elsewhere in Asia. There is also concern over anti-Japanese sentiment. Yet part of the problem for Japanese firms is that their business practices do not work well in China. Managers are invariably Japanese and are promoted on the basis of seniority rather than merit, so prospects for local staff are poor. (Chinese executives joke that if you want to learn about communism, work for a Japanese firm.) Worse, Japanese companies are used to dealing with a few long-standing partners. Mori's Yoshimitsu Isoi says his firm found it hard to put everything into a written contract in China, rather than relying on verbal agreements as in Japan. As for the Shanghai building itself, a giant circular opening at the top had to be changed to a rectangle in 2005 after the Chinese public objected that it looked like the rising sun of Japan's imperial flag. The reality, however, is that Japanese firms are starting to look elsewhere. http://kikko.cocolog-nifty.com/kikko/2007/07/post_4883.html
Komeito's secret strategy against the LDP Aflac Profit Rises 1.7%; Japan Sales Decline Slows (Update3)
By Hugh Son July 24 (Bloomberg) -- Aflac Inc., the world's largest seller of supplemental health insurance, said second-quarter profit rose 1.7 percent as the company paid out less per premium dollar in Japan, its biggest market. A smaller-than-expected decline in sales there sent shares higher in after-hours trading. Net income increased to $415 million, or 84 cents a share, from $408 million, or 81 cents, a year earlier, the Columbus, Georgia-based company said in a statement today. Profit before investment gains rose 8.4 percent to $407 million, or 82 cents. The estimate of 16 analysts compiled by Bloomberg was 81 cents. Aflac gets three-quarters of its revenue from Japan, where shorter hospital stays are boosting profit margins, said Jeffrey Schuman, an analyst at Keefe, Bruyette & Woods Inc. in Hartford, Connecticut. At the same time, sales there fell at the slowest pace in five quarters, a sign that Aflac may be able to overcome weakening demand for its medical products. ``The Japan sales decline was certainly smaller than we had feared,'' Schuman said in an interview. ``It bodes very well for the turnaround there.'' asahi.com : EDITORIAL: Postal privatization - ENGLISH
www.asahi.com/english/Herald-asahi/TKY200707140084... EDITORIAL: Postal privatization07/14/2007 Less than three months remain until the official privatization of postal services in October. We'd like to think that spirits are high on the front lines as workers eagerly prepare to embark on a new voyage, but worrisome news about organizational laxness has emerged. With campaigning for the July 29 Upper House election in full swing, postmasters of the nation's special post offices are also going into action. While these special post offices were once automatic vote-gathering bases for the ruling Liberal Democratic Party, they now support those candidates who opposed to postal privatization, regardless of party affiliation. These local postmasters have also reportedly started attending other kinds of meetings in their districts, aside from election campaign events. With postmasters constantly absent from their offices and relegating the work to staffers, we wonder if these small post offices can weather the storms of privatization. Close to 80 percent of the nation's more than 24,000 post offices are of this special type. Postal services will be split into four companies upon privatization, with the firm to take on postal delivery work to have a staff of 120,000, about half the current total. The post offices will thus exert a heavy influence over the outcome of the privatization plan. Post offices will also provide service windows dealing with Yucho postal savings accounts and Kampo post office life insurance products. If the workers at these windows can accurately gauge customer needs, the financial product-planning prowess of these privatized services will improve, allowing them to begin to approach the service capability usually found in the private sector. On the other hand, if privatized post offices fail to offer competitive services, both the postal savings and life insurance services companies may feel free to withdraw from post offices and explore alternative and independent marketing routes. If that comes to pass, many small post offices would soon find themselves out of business. Another source of uneasiness lies in the lackluster performance of Yoshifumi Nishikawa, who is president of both the Japan Post public corporation and privatized Japan Post Co. The public corporation, with over 250,000 workers, has failed to project any sign of the vigorous drive usually seen in a competitive private sector company. In fact, it was a compromise by Nishikawa with the special post office postmasters' organization that has allowed them to attend as many local meetings as they please. Another symbolic problem is that Nishikawa continues to serve as an outside executive at six other companies. He is a director for four companies and auditor for the other two firms--all holdovers from when he was president of a bank. We seriously question whether a chief executive officer holding such heavy responsibility as running a large company can possibly have the time to take on so many outside duties. This seems particularly true in the case of Nishikawa, who is the commander and chief charged with steering a mammoth public corporation into privatization. In fact, since taking the helm in April, he has been often absent from the board meetings of all six of those other private companies he is linked with. The October shift was decided a year and a half ago, when Nishikawa was appointed president of Japan Post Co. His terms as outside director at the four companies were to expire at the firms' general shareholders' meetings this year, but he was reappointed at all four. He also plans to complete his four-year terms as auditor at the other two companies. Questioned at a press conference on this point in late June, Nishikawa was reluctant to reply. "After privatization, I would like to leave the posts from which it is possible to step down," he hedged. It was difficult to understand this point of view, given that he is head of the nation's privatized postal services. Nishikawa must immediately jettison any outside jobs. His continued absences from board meetings are also a slap in the face for the companies that have entrusted him with outside posts. Workers at the post office companies are keenly aware of their leader's shaky behavior. We are very concerned about Nishikawa's ability to handle the privatization of national postal services. --The Asahi Shimbun, July 13(IHT/Asahi: July 14,2007) 2007/07/10 15:41 - Citigroup Will Boost Japan Sites To 200: CEO Prince
www.nni.nikkei.co.jp/AC/TNKS/Nni20070710D09JFA06.h... As for market rumors that Citigroup will sell Nikko Asset Management Co. and Nikko Principal Investments Japan Ltd., Prince said the company has made "no decision at this point."
Myanmar to get 468 million yen aid | The Japan Times Online
search.japantimes.co.jp/mail/nn20070701b3.html Sunday, July 1, 2007 Myanmar to get 468 million yen aid
YANGON (Kyodo) Japan will provide Myanmar with 468 million yen in grants-in-aid for use in human resource development and afforestation projects, the Japanese Embassy said. In a statement released Friday, the Japanese government said the assistance for the human resource scholarship program, which started in 2002, will be used to train promising Myanmar youths at Japanese universities. New Bush Adviser Has Vast Lobbying Ties - Forbes.com
www.forbes.com/feeds/ap/2007/06/13/ap3819168.html Associated Press
New Bush Adviser Has Vast Lobbying Ties By DIBYA SARKAR 06.13.07, 5:20 PM ET The line between lobbying the federal government and running it just got blurrier. A new high-ranking adviser to President Bush will enter the White House with lobbying ties to dozens of companies seeking the federal government's help on everything from proposed acquisitions to patent disputes. Ed Gillespie, named Wednesday as the next White House counselor, is a partner in Quinn Gillespie & Associates LLC, a lobbying firm whose clients include: Sirius Satellite Radio, which needs antitrust approval to acquire a rival; Qualcomm, which wants Bush to veto a federal agency's ban on imported cell phones made with its chips; and the Pharmaceutical Research and Manufacturers of America, a trade group trying to limit drug industry regulation. Adam Richards reveals gardening secrets for all climates
asahi.com : FAST FOOD: Burger King returns to Japan - ENGLISH
www.asahi.com/english/Herald-asahi/TKY200706080145... FAST FOOD: Burger King returns to Japan06/08/2007 THE ASAHI SHIMBUN Six years after pulling out of Japan, Burger King is giving the market a second shot. The U.S. hamburger chain will open a restaurant in Tokyo's Shinjuku Ward today and a second one in Toshima Ward on June 22. The Whopper, its hallmark extra-large burger featuring flame-broiled beef, will sell for a tax-inclusive 370 yen. The chain will also introduce a Japan-only teriyaki burger. Burger King Japan Co. plans to increase the number of restaurants to 50 in three years. The U.S. chain operated more than 20 restaurants, mainly in the Tokyo metropolitan area, between 1993 and 2001.(IHT/Asahi: June 8,2007) 2007/06/12 13:30 - Citigroup Boosts Stake In Nikko Cordial To 68%, Eyes Complete Takeover
www.nni.nikkei.co.jp/AC/TNKS/Nni20070612DA2J6127.h... Tuesday, June 12, 2007
TOKYO (Nikkei)--Citigroup Inc. has raised its ownership interest in Nikko Cordial Corp. (8603) to 68% from 61%, according to documents submitted to the Kanto Local Finance Bureau on Tuesday, indicating the possibility that it will turn Japan's third-largest brokerage into a wholly owned subsidiary. Cover Story: Last legs06/12/2007 BY KEIICHI KANEKO, THE ASAHI SHIMBUN OSAKA--The nation's reinforced concrete expressways are built to last 60 years.
By that yardstick, arteries such as the Meishin Expressway should be enjoying "middle age." In actual fact, sections of these highways are in such a poor state, they more closely resemble "senior citizens." In terms of durability the Meishin, Hanshin and Chugoku expressways, servicing much of the western part of Honshu, are well past their prime, officials say. Under normal conditions, the reinforced concrete structures should last 60 years and expressway construction firms have been servicing the roads based on that assumption. So it came as a shock to learn that the life of an expressway can be surprisingly short, depending on its use. A survey by West Nippon Expressway Co. found expressways become increasingly vulnerable to damage like potholes after 30 years of use. The incidence of damage per kilometer for roads less than 30 years old stands at 0.5. But for roads built 30 years or more ago, the figure jumps to 2.5. After the 40-year mark, the incidence of damage jumps to 7 for a 1-kilometer stretch. Some experts blame road conditions that are peculiar to Japan such as trucks that are heavily overloaded. The rumbling of over-laden heavy trucks and rainwater are key reasons for deterioration of expressways, according to road structure expert Shigeyuki Matsui, a professor at the Osaka Institute of Technology. Research shows that just one large truck carrying twice the legal weight limit adds an amount of stress equivalent to the passage of 5,000 trucks. Drivers' perceptions of what constitutes overloading differ significantly in Japan and the West. European and U.S. drivers load cargo at an average of 120 percent of the legal limit while Japanese truckers load at an average of 200-300 percent. asahi.com : EDITORIAL: Economic policy power - ENGLISH
www.asahi.com/english/Herald-asahi/TKY200706120062... EDITORIAL: Economic policy power06/12/2007 The gravity center of the country's economic policy-making is beginning to shift ever so quietly. During the Junichiro Koizumi days, the decision-making power was definitely in the hands of the former prime minister. But now, it is gradually returning to the bureaucrats. This is because Prime Minister Shinzo Abe is so caught up in his policy agenda of moving out of the "postwar regime" that he spends little energy on "structural reform," which is crucial in dislodging the bedrock of collusion between politics, bureaucracy and business. Last week, the Council on Economic and Fiscal Policy, the reform command center of the previous government, issued the draft paper for its basic policy for economic and fiscal management and structural reform (Big-boned policy) 2007. This is the first basic economic-financial policy paper for the Abe Cabinet. The draft is full of material. Council members put forth numerical targets for improving labor productivity. They talk about "raising the bottom," including an increase in the minimum wage. They also mentioned the possibility of implementing daylight saving time. But the draft seems too varied. The policy lacks a clear focus, like the previous government's agenda for postal privatization, and it is not clear what the main reform agenda is. The most pressing issue is apparent: How the country, with its shrinking population, support the huge weight of social security required by our aging society? Tom Shales - Who's Really The Boss? David Chase Calls the Shots - washingtonpost.com
www.washingtonpost.com/wp-dyn/content/article/2007... What began quietly in the mind of writer David Chase as a movie about "a mob boss in therapy whose mother was his enemy" became instead the most successful series in the history of American cable TV. Seven seasons stretched over nearly a decade -- a run that ends tomorrow night at 9 when the final one-hour chapter airs -- and "The Sopranos" brought new viewers and new attention to Home Box Office, Time Warner's pioneer premium-cable network.
The intense, richly detailed and shockingly violent vision of one man, the show's continuing story of mob conflict in New Jersey achieved a status usually reserved for literary, cinematic or theatrical milestones -- a "Death of a Salesman," "Streetcar Named Desire" or "The Godfather." Investment management - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Asset_management#Size_of_the... 10 largest asset management firmsGlobal Investor’s 2005 top 10 asset managers by assets under management. (Source: BGI)
Nikko AM IPO on track, says CEO - Business Moves - www.AsianInvestor.net - The network for Asian inv
www.asianinvestor.net/article.aspx?CIaNID=53798 “The post office channel brings Nikko $10 million each day,” McCarthy says. He professes amazement at the quality of people at the post office. “In America, you know what it means to ‘go postal’. But in Japan, they have some very good reps, some very enthusiastic people. In many communities, the post office is a good job with decent pay, and post office areas compete with each other a lot.”
In Murdoch's Career, A Hand on the News - WSJ.com
online.wsj.com/article/SB118100557923424501.html?m...
CALLING THE SHOTS
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Thomas Schieffer
(Tsutomu Yamatani/ The Asahi Shimbun)
Three major expressways converge in an aerial shot of Suita, Osaka. The Meishin Expressway can be seen in the distance.(YOSHIHISA AOYAMA/ THE ASAHI SHIMBUN)
