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Hopes rise for fast GM bankruptcy exit



A committee of bondholders said on Thursday that “when contrasted with the alternative – uncertain and costly bankruptcy court litigation – it represents the best alternative for bondholders in the current difficult and dire situation”.

Berlin accused GM and the US Treasury of an “ambush” after a last-minute revelation that Germany would be asked to come up with an extra $415m that Berlin had understood would be coming from Washington.

“I would have liked to see a more serious and conciliatory approach from the American side,” Mr zu Guttenberg said. “What happened overnight borders on the absurd.”

Officials in Berlin were also offended that the US Treasury had not dispatched a senior representative, saying that the group had to interrupt proceedings to talk to more senior officials via videoconference facilities.

litigation 訴訟

ambush 待ち伏せ

revelation 意外な新事実

absurd 不合理な

dispatch 〈軍隊・特使などを〉〔…へ〕急派する,特派する

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JPMorgan warns on credit card woes



At the end of the first quarter, 12.63 per cent of the WaMu credit card loans were deemed uncollectable by JPMorgan.

Mr Dimon gave an upbeat view of the bank’s earnings power, noting that reduced leverage would be more than offset by increased spreads in the markets, giving JPMorgan the ability to aspire to an 18 to 20 per cent return on equity.

Mr Dimon reiterated his desire to repay troubled asset relief programme funds as soon as regulators reveal the ground rules for repayment.

deem 《文語》〈…を〉〈…だと〉思う.

aspire 〔…を〕熱望する,〔…に〕抱負をもつ

reiterate 〈…を〉何度も何度も繰り返す

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Chill wind blows for triple A nations



“The world is a different place now. We have seen Spain and Ireland lose their triple A status this year, and the UK could be next if the government doesn’t fundamentally address the underlying situation with increased fiscal rigour.”

S&P’s decision on the UK was based on concerns that government debt could grow to unsustainable levels and have ramifications for the country’s economy.

rigor 厳しさ,厳格

ramification 分岐点

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Obama unveils fuel efficiency alliance



After decades of discord over improving environmental standards, executives from companies including Toyota, Honda, BMW and Nissan joined President Barack Obama at the White House to support the scheme.

“Right now the rules governing fuel economy in this country are inadequate, uncertain and in flux,” said Mr Obama as he set out the plan, which he said would save 1.8bn barrels of oil over the five-year lifetime of the programme, cutting dependence on foreign-sourced oil.

discord 不一致

flux 流動,流れ

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Toyota buoyed by orders for new Prius



Toyota dealers in Japan received 80,000 orders for the latest version of the carmaker’s Prius petrol-electric hybrid ahead of its official launch on Monday, a much higher volume than expected as the company had cut prices to fend off a challenge from its emerging green-car rival Honda.

The enthusiastic response to the third-generation Prius, which Toyota will begin selling outside Japan in a few weeks, appeared likely to propel it to the top of the domestic sales rankings – a feat achieved for the first time by a hybrid last month, when Honda’s revived Insight became Japan’s best-selling full-size car.

fend off かわす

propel 〈…を〉推進する,進ませる

feat 偉業

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Hatoyama to lead Japan opposition


Japan’s leading opposition party on Saturday chose as its new president Yukio Hatoyama, a blue-blooded former leader who was backed by his scandal-hit predecessor, Ichiro Ozawa.

In an election restricted to the Democratic party of Japan’s 221 sitting members of parliament, fourth-generation politician Mr Hatoyama beat rival Katsuya Okada by 124 votes to 95 to win the chance to lead the DPJ into a potentially pivotal general election expected to be held by autumn at the latest.

Supporters of Mr Hatoyama, who was the DPJ’s president from 1999 to 2002 and its second most powerful official when a fund-raising scandal forced Mr Ozawa’s resignation this month, say he is a safe pair of hands well prepared to maintain unity in the often fractious party.

Opinion polls show that rival Mr Okada, a 55-year old policy expert with a “Mr Clean” reputation, is considerably more popular among voters and ordinary DPJ members, while the LDP will be keen to portray Mr Hatoyama, 62, as no more than a puppet for his predecessor.

predecessor 前任者

pivotal 中枢の,重要な

fractious 気難しい,すねた

a safe pair of hands 「ミスがない人」「やることにそつがない人」

portray 〔…として〕描く

keen 〈感情・興味が〉強い、鋭い

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Carlyle pays $20m to end pension fund investigation



The code bans the use of placement agents or other third parties in soliciting investments from public pensions.

“Our code of conduct will help eliminate the conflicts of interest and corruption inherent in a system that allows people to buy access to those holding the pension fund purse-strings,” Mr Cuomo said.

“By banning campaign contributions to those who have sway over pension funds and eliminating the third-party intermediaries that have become dens of corruption, we will ensure reform.”

Carlyle won $730m in investment commitments from the New York State Common Retirement Fund after it hired Hank Morris as a placement agent. Mr Morris was the chief political aide at that time to the New York state comptroller, Alan Hevesi, sole trustee of the fund.

solicite 〔…を〕懇願する 〈客を〉誘う,声をかける

purse-strings 財政上の権限

den (不法な活動の場としての)隠れ家

aide 助力者

comptroller (会計・銀行の)検査官

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Brussels fines Intel record $1.4bn



“There are no doubt some nervous large technology companies out there at the moment – and that won’t be helped by recent pronouncements [by] the new head of the US antitrust watchdog that suggest the US will be joining the EU’s crusade,” said Mark Tricker at Norton Rose.

pronouncement 宣言

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France to crack down on internet piracy



France is set to introduce the world’s most draconian laws against internet piracy, after parliamentarians voted on Tuesday to give the government powers to cut off offenders’ internet access.

Lawyers say France’s move to cut the courts out of the issue of internet access may contravene the European Convention of Human Rights and could spark conflict with Brussels.

Jérémie Zimmermann, director of La Quadrature du Net, a French internet advocacy group, said: “This is very harmful to the neutrality of the net.

draconian 〈法律など〉(きわめて)厳しい

offender (法律上の)犯罪者

contravene 〈慣習・法律などに〉違反[違背]する

advocacy 弁護,支持

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Crossfire shatters civilian life in Swat



Sadaqat Jan, a civilian displaced from Swat, appeared deeply uncertain on Sunday when asked to name the enemy in his war-torn northern valley, even as Pakistan’s army ordered civilians out of the area in preparation for a bigger battle.

The army briefly lifted a curfew yesterday and ordered civilians out of four districts to clear the way for attacks on the militants. Thousands of families left their homes, heading to other parts of North-West Frontier province (NWFP) and farther afield, to the province of Punjab and the capital, Islamabad. Many of the refugees rode buses, trucks, cars and donkey carts out of the valley, while others simply set out on foot to flee the embattled region.

“The government has already woken up too late. This is not a sudden earthquake or a natural calamity for which they couldn’t prepare.

A senior western diplomat said: “If you are fighting on enemy turf, your own public will broadly support you, especially if there is victory.

shatter 損なう

displace 立ち退かす 〔from〕

war-torn 戦争で荒廃[疲弊]した

curfew 門限時間,夜間外出禁止時間

far afield はるかに遠くへ

rode 乗り物に〕(乗客として)乗る,乗っていく

embattled 戦備を整えた,布陣した

calamity 惨事

turf 〈人・ものを〉追い払う

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Painful lessons for lenders in Chrysler debacle



Mr Schultze is one of a group of dissident Chrysler creditors who was rebuked by the US president and other lawmakers for tipping the company into bankruptcy.

They also argue that the deal was orchestrated by the US government, which held sway over the majority of the other lenders, namely a group of banks, following widespread bail-outs.

Already, the verdict on Wall Street and in the conference rooms of investment firms round the country is that, at the very least, the situation raises questions about the solidity of time-honoured lending principles and parts of the bankruptcy code.

These rules dictate the pecking order for claims to be repaid when a company files for Chapter 11.

Worries about the sanctity of contracts and claims in the US could become a more widespread issue that makes less credit available and raises borrowing costs for companies in general.

“Many lenders make loans by being investors in US financial markets where contract law has been sacrosanct, and deviation from that could have far-reaching implications to the US economy.”

The situation exacerbates the unease that has held some investors back from participating in government schemes such as the term asset-backed securities loan facility and the public-private investment programme, which are aimed at boosting the availability of credit and removing toxic assets from banks’ books.

In the Chrysler case, the senior debtholders say they are taking losses while other unsecured creditors, such as the United Autoworkers Union, are getting paid even though the senior debt has a first lien on the company’s assets.

“People are pretty comfortable with the bankruptcy rules. What they are trying to do in the Chrysler situation is unprecedented,” says Jeff Manning, a managing director specialising in bankruptcy and restructuring at Trenwith Securities, the investment bank.

debacle 瓦解(がかい), 崩壊; (市場の)暴落; (突然の)失敗

rebuke 〈人を〉〔…のことで〕譴責(けんせき)する,非難する 〔for〕

sway 支配,統治

verdict 裁断,判断,意見

pecking order 序列

sanctity 高潔,敬虔

continue ...

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US newspapers to launch Kindle tie-up



Likewise, newspaper proprietors are still struggling to find ways to make consumers pay for online content as digital advertising sales have slumped.

News Corp’s Rupert Murdoch has also convened a team of top executives including Jonathan Miller, a former AOL chief executive, to examine the possibility of investing in an electronic reader for its portfolio of newspapers that includes the Wall Street Journal, Times of London and the New York Post, according to a person familiar with News Corp’s plan.

proprieter 経営者,事業主

conven 〈会議・人々を〉召集する; 召喚する

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First CDS insider trading case launched



In a civil complaint filed in New York, the SEC alleged that a bond salesman for Deutsche Bank, which was working on a high-yield bond issue for VNU, tipped off a portfolio manager at Millennium Partners about changes in the Dutch publishing company’s debt offering in July 2006

tip off 〔…について〕〈人に〉こっそり教える 〔about〕

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15歳未満の子ども数、28年連続で減少-総務省調べ - IBTimes(アイビータイムズ)





15歳未満の子ども数、28年連続で減少-総務省調べ - IBTimes(アイビータイムズ)























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Fiat setback in plans for European group



Fiat said on Monday that a decision on a future headquarters for the merged group would be “premature”, but added: “Opel is a German company, so it needs a headquarters in Germany.”

Alongside Fiat, up to six other suitors remain in the running for a stake in Opel/Vauxhall and the rest of GM Europe, two people close to GM said on Monday.

fiat 許可,認可

setback (進歩などの)妨げ

premature 時期尚早

suitor (男性の)求婚者

in the running 競走に加わって; 勝算があって

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憲法記念日、与野党幹部の発言相次ぐ…各地で集会 : 政治 : YOMIURI ONLINE(読売新聞)








憲法記念日、与野党幹部の発言相次ぐ…各地で集会 : 政治 : YOMIURI ONLINE(読売新聞)



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Chrysler in doomsday jobs warning



Chrysler began its stint in bankruptcy court on Friday with a plea for haste and a doomsday warning that, if it could not execute its proposed restructuring within two months, hundreds of thousands of jobs could be lost.

Outside the Manhattan courtroom, the row over the Chapter 11 filing rumbled on with creditors crying foul and an Obama administration official accusing them of “red herring” arguments.

“We have to hit it in high gear,” Corinne Ball of Jones Day, representing Chrysler, told the packed court in the first hearing on the carmaker’s petition.

“These hedge funds that didn’t agree – they’ve got a darn good case because they’re secured,” said one bankruptcy attorney who is not advising the funds. “We’ve got a constitution in this country.”

It planned to file motions later in the day to secure approval of a $4.5bn government debtor-in-possession loan and to establish procedures for the sale of most of its assets to Fiat, which dissident debtholders are expected to contest.

stint 割り当て仕事; 一定期間の労働

plea 申し立て,嘆願

haste 急ぎ,急速 《★【比較】 hurry より形式ばった語》

rumble 〈人が〉だらだらといつまでも話す; 〈話・議論などが〉だらだらといつまでも続く 〈on〉

petition 請願,嘆願

darn = damn すごく,ひどく

dissident 意見を異にする; 反体制の

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プレミアム付き商品券 山口市で販売始まる : 山口 : 地域 : YOMIURI ONLINE(読売新聞)



プレミアム付き商品券 山口市で販売始まる : 山口 : 地域 : YOMIURI ONLINE(読売新聞)





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