中國特使質疑烏克蘭主權後，巴黎、基輔、波羅的海國家感到驚愕

Recently Yahoo News on-line reported the following:

Paris, Kyiv, Baltic states dismayed after China envoy questions Ukraine sovereignty

Sun, April 23, 2023 at 12:46 a.m. PDT

PARIS (Reuters) -France, Ukraine and the Baltic states of Estonia, Latvia and Lithuania expressed dismay after China's ambassador in Paris questioned the sovereignty of former Soviet countries like Ukraine.

Asked about his position on whether Crimea is part of Ukraine or not, Chinese ambassador Lu Shaye said in an interview aired on French television on Friday that historically it was part of Russia and had been offered to Ukraine by former Soviet leader Nikita Khrushchev.

"These ex-USSR countries don't have actual status in international law because there is no international agreement to materialize their sovereign status," Shaye added.

France responded on Sunday by stating its "full solidarity" with all the allied countries affected, which it said had acquired their independence "after decades of oppression".

"On Ukraine specifically, it was internationally recognized within borders including Crimea in 1991 by the entire international community, including China," a foreign ministry spokesperson said.

The spokesperson added that China will have to clarify whether these comments reflect its position or not.

The three Baltic states and Ukraine, all formerly part of the Soviet Union, reacted along the same lines as France.

"It is strange to hear an absurd version of the 'history of Crimea' from a representative of a country that is scrupulous about its thousand-year history," Mykhailo Podolyak, a senior Ukrainian presidential aide, wrote on Twitter.

"If you want to be a major political player, do not parrot the propaganda of Russian outsiders."

China's foreign ministry did not immediately respond to a Reuters request for comment.

(Reporting by John Irish and Ryan Woo, Writing by Juliette Jabkhiro, Editing by Hugh Lawson)

Translation

巴黎（路透社）- 法國、烏克蘭和波羅的海國家愛沙尼亞、拉脫維亞和立陶宛對中國駐巴黎大使質疑烏克蘭等前蘇聯國家的主權表示驚愕。

當被問及他對克里米亞是否是烏克蘭的一部分的立場時，中國大使盧沙野在周五在法國電視台播出的一次採訪中說，歷史上它是俄羅斯的一部分，前蘇聯領導人赫魯曉夫將其贈送給烏克蘭。

盧沙野補充道“這些前蘇聯國家在國際法中沒有實際地位，因為沒有國際協議來實現它們的主權地位”。

法國周日回應稱，它“全力聲援”所有受影響的盟國，稱這些國家“在幾十年的壓迫之後”獲得了獨立。

法外交部發言人說： “特別是在烏克蘭，包括中國在內的整個國際社會在 1991 年在包括克里米亞在內的邊界內得到了國際承認。”

發言人補充說，中國要澄清這些評論是否反映了其立場。

前蘇聯的三個波羅的海國家和烏克蘭的反應與法國相同。

烏克蘭總統高級助理 Mykhailo Podolyak 在推特上寫道： “從一個對其千年曆史不含糊的國家的代表那裡聽到荒謬的 ‘克里米亞歷史’，真是出奇。”

“如果你想成為主要的政治參與者，就不要重複俄羅斯局外人的宣傳。”

中國外交部沒有立即回應路透社的置評請求。

       So, in the mind of mainland China, ex-USSR countries do not have actual status in international law because there is no international agreement to support their sovereign status. It is common knowledge that China is having a world view different from western countries. I am wondering if this is part of the cultural differences between China and the West, and causing tensions in the South-China Sea now.

Hong Kong woman studying in Japan arrested on suspicion of violating national security law when she returned to Hong Kong

Recently NHK News on-line reported the following:

日本留学中の香港女性 戻った際 国家安全維持法違反疑いで逮捕

2023年4月21日 14時45分

日本に留学している23歳の香港の女性が、先月、香港に一時戻った際に、国の分裂をあおったとして、香港国家安全維持法に違反した疑いで逮捕されました。女性は日本滞在中にインターネットに香港独立に関する投稿をしたということで、海外での行為も取り締まりの対象としているこの法律が日本での活動に適用されたのは初めてとみられます。

香港の警察は先月8日、23歳の女性がインターネットに香港の独立を扇動するメッセージを投稿し、国の分裂をあおったとして、香港国家安全維持法に違反した疑いで逮捕したと発表しました。

関係者によりますと、女性は日本の大学に留学中で、日本滞在中の2019年からおととしにかけて香港の独立に関するメッセージをSNSに投稿していたということです。

女性は先月、香港に一時戻った際に逮捕され、その後、保釈されましたが、パスポートの提出を求められ、日本に戻れなくなっています。

3年前に施行された香港国家安全維持法は、国の分裂や政権の転覆、外国の勢力と結託して国家の安全に危害を加える行為などを取り締まるもので、海外での活動や外国人も取り締まりの対象としています。

中国や香港の問題に詳しい東京大学大学院の阿古智子教授は、日本での活動に適用されたのは初めてとみられるとしたうえで、「言論空間を萎縮させるこの法律が香港域外にも適用される恐ろしさを、日本にいる私たちも深刻にとらえるべきだ」と話しています。

Translation

A 23-year-old Hong Kong woman studying in Japan was arrested last month, when temporarily returned to Hong Kong, on suspicion of violating the Hong Kong National Security Law and accused of stirring up division in the country. The woman posted a post about Hong Kong's independence on the Internet during her stay in Japan, so it seemed that by this law overseas behaviour were also subject to crackdown, and this was applied to activities in Japan for the first time.

Hong Kong police announced on the 8th of last month that a 23-year-old woman had been arrested on suspicion of violating Hong Kong's national security law in posting a message provoking Hong Kong's independence on the Internet and stirring up division in the country.

According to the people involved, the woman was studying at a Japanese university and posted messages about Hong Kong's independence on SNS from 2019 to the year before last year when her stayed in Japan.

She was arrested last month when she temporarily returned to Hong Kong, and although she had since been released on bail, she was asked to submit her passport and thus was unable to return to Japan.

The Hong Kong National Security Law, which came into force three years ago, cracked down on the division of the country, the overthrow of the government, and the acts of collusion with foreign powers that could endanger national security. Overseas activities and foreigners were also subject to crackdowns.

Tomoko Ako (阿古智子), a professor at the University of Tokyo Graduate School who was familiar with China and Hong Kong issues, said that it was believed to be the first time that it had been applied to activities in Japan, and said, ``This law which shrinks the space of speech will also be applied outside Hong Kong, we in Japan should also take the horror seriously."

              So, the Hong Kong National Security Law is applicable globally and to all people staying in Hong Kong.

World's largest banks continue to invest heavily in fossil fuels

Recently CNN.co.jp reported the following:

世界最大手の銀行各社、化石燃料への巨額投資を継続

2023.04.21 Fri posted at 13:35 JST

ニューヨーク（ＣＮＮ） 世界最大手クラスの銀行各社はかねて地球環境のための取り組みを約束しながら、昨年は化石燃料生産の能力拡大に巨額の資金をつぎ込んでいた。化石燃料の使用は気候変動危機に拍車をかける。

気候問題と金融部門の関係を巡って複数の非営利団体が作成した年次報告書によると、銀行各社が化石燃料業界に昨年提供した資金は６７３０億ドル（約９０兆円）。この中で石油・ガス会社は４兆ドルの利益を計上した。

資金の内訳をみるとカナダの金融機関の割合が増加したものの、依然として支配的なのは米国の金融機関で、化石燃料への出資全体の２８％を占めたと報告書は指摘する。

全金融機関のトップに立ったＪＰモルガン・チェースは、地球温暖化対策の国際的な枠組み「パリ協定」が調印された２０１６年以降の累計で化石燃料への出資額が最大だという。このほかシティ、ウェルズ・ファーゴ、バンク・オブ・アメリカも化石燃料投資の上位５行に名を連ねる。

自然保護団体シエラクラブで化石燃料に反対するキャンペーンに幹部として携わるアデル・シュライマン氏は声明で「大手米銀は温室効果ガスの排出を実質ゼロにするという自分たちの計画を停止し、より強力で断固とした金融規制を当該企業に適用することができなかった。これらの企業は持続不可能な化石燃料の拡大を推進している」と指摘した。

一方、石油・ガス各社の業績はここへ来てうなぎ上りだ。ロシアによるウクライナ侵攻でエネルギー危機が起こる中、物価は高騰。人々の生活の質や財政の安定性には困難が生じている。

国際エネルギー機関（ＩＥＡ）の２月の発表によれば、 世界の石油・ガス産業の２２年の利益は４兆ドルに跳ね上がった。ここ数年の平均は１兆５０００億ドルだった。こうした増益は各社の株主にも多大な収入をもたらしている。

報告によると、世界の大手民間銀行６０行が化石燃料に対して提供した資金の過去７年の総額は、５兆５０００億ドルに上る。

ＪＰモルガン・チェース、シティ、ウェルズ・ファーゴ、バンク・オブ・アメリカの各行はいずれも国連の「ネットゼロ・バンキング・アライアンス」のメンバー。このグループに加入する銀行は、自社業務での温室効果ガス排出量ゼロを意味する「カーボンニュートラル」を５０年までに達成すると約束している。

米連邦議会上院予算委員会のシェルドン・ホワイトハウス委員長は声明で「気候問題に関する自分たちの約束に背を向け、化石燃料業界への支援を強化することで、ウォールストリートの銀行各社は経済に対する体系的なリスクが生じる可能性を拡大させている。そこには沿岸地域の不動産価格の暴落や、カーボンバブル（化石燃料資産の価値の過大評価）の崩壊、保険市場の混乱が含まれる」と述べた。

ネットゼロ・バンキング・アライアンスの広報担当者は以前、ＣＮＮの取材に答え、包括的な出資の移行を計画、実行するには数年を要すると説明。化石燃料から資金を直ちに引き上げれば「市場に極度の衝撃」を与えることとなり、「世界の最も脆弱（ぜいじゃく）な人々に大きな影響」が及びかねないとの見方を示していた。

Translation

New York (CNN) The world class largest banks, long pledging to do better for the planet, last year spent a huge amount of money on expanding fossil fuel production capacity.  The use of fossil fuels was accelerating the climate change crisis.

According to an annual report by several non-profits organizations on the link between climate issues and the financial sector, banks provided $673 billion to the fossil fuel industry last year. Of this, oil and gas companies posted $4 trillion profits.

Although Canadian financial institutions had increased their share of funding, the report said that U.S. financial institutions still in domination, accounting for 28% of total fossil fuel investment,

It was said that JPMorgan Chase & Co., the top of all financial institutions, had the largest cumulative investment in fossil fuels since 2016 when the Paris Agreement was signed as an international framework to combat global warming. Citi, Wells Fargo, and Bank of America were also among the top five fossil fuel investors.

Adele Schleimann, an executive of a nature preservation group Sierra Club that was against fossil fuels said in a statement that, “Big U.S. banks have halted their plans to reach net zero greenhouse gas emissions and have become stronger, we have been unable to apply forcefully more resolute financial regulations on these companies in question. These companies are driving an unsustainable expansion of fossil fuels."

Meanwhile, here oil and gas companies' earnings had soared. Prices soared amid the energy crisis caused by Russia's invasion of Ukraine. People's quality of life and financial stability were becoming difficult.

According to an announcement of the International Energy Agency (IEA) in February, profits for the global oil and gas industry soared to $4 trillion in 2022. The average for the last few years was $1.5 trillion. These earnings gains also brought significant income to the shareholders of individual companies.

According to the report, the world's 60 largest commercial banks had contributed $5.5 trillion to fossil fuels over the past seven years,

JPMorgan Chase & Co., Citi, Wells Fargo, and Bank of America were all members of the United Nations' NetZero Banking Alliance. Banks that joined the group had previously committed to achieving "Carbon neutral" by 2050, meaning that their operations would emit zero greenhouse gases.

Sheldon Whitehouse, chairman of the US Senate Budget Committee, said in a statement that "By turning back on their climate promises and stepping up their support for the fossil fuel industry, Wall Street banks are increasing the likelihood of systemic risks to the economy, including coastal property price crashes, the bursting of the carbon bubble (overvaluation of fossil fuel assets) and turmoil in insurance markets."

A spokeswoman for NetZero Banking Alliance previously told CNN that it would take years to plan and execute a comprehensive investment transition, and expressed a view that an immediate withdrawal of money from fossil fuels might have an "extreme shock to markets" and could have "a huge impact on the world's most vulnerable people".

              So, some big U.S. banks have halted their plans to reach net zero greenhouse gas emissions, and as such more resolute financial regulations may be needed to apply on these companies. Yet any sudden change may increase the likelihood of systemic risks to the economy, including coastal property price crashes, the bursting of the carbon bubble, and turmoil in insurance markets. The situation should be handled very carefully.

Note:

The Sierra Club is an American environmental organization with chapters in all 50 U.S. states, Washington D.C., and Puerto Rico. The Club was founded on May 28, 1892, in San Francisco, California, by Scottish-American preservationist John Muir.

中國外長：台海兩岸都是中國的

Recently Yahoo News on-line reported the following:

China's foreign minister: Both sides of the Taiwan Strait belong to China

Thu, April 20, 2023 at 6:55 p.m. PDT

SHANGHAI (Reuters) -China's Foreign Minister Qin Gang said on Friday that both sides of the Taiwan Strait belong to China, and that it is right and proper for China to uphold its sovereignty.

Qin made the remarks at the Lanting Forum in Shanghai, where he discussed a wide range of topics from debt, the global economy, and Taiwan.

"Recently there has been absurd rhetoric accusing China of upending the status quo, disrupting peace and stability across the Taiwan Strait," Qin said. "The logic is absurd and the conclusion dangerous."

He added that "fair-minded people can see who is engaged in hegemonic bullying and high-minded practices."

"It is not the Chinese mainland, but the Taiwan independence separatist forces and a handful of countries attempting to disrupt the status quo," Qin said. "Those who play with fire on Taiwan will eventually get themselves burned."

China recently held military exercises around the self-ruled island after Taiwan's president, Tsai Ing-wen, returned to Taipei following a meeting in Los Angeles with U.S. House of Representatives Speaker Kevin McCarthy.

Beijing views democratically governed Taiwan as its own territory, a claim the government in Taipei strongly rejects, and routinely denounces high-level meetings between Taiwanese and foreign leaders and officials.

(Reporting by Casey Hall; Writing by Bernard Orr; Editing by Muralikumar Anantharaman and Gerry Doyle)

Translation

上海（路透社）- 中國外交部長秦剛週五表示，台灣海峽兩岸均屬於中國，中國維護自己的主權是正當和適當的。

秦在上海蘭亭論壇上發表上述言論，他在會上討論了債務、全球經濟和台灣等廣泛話題。

秦說： “最近出現了指責中國顛覆現狀、破壞台海和平穩定的荒謬言論”;  “邏輯荒謬，結論危險。”

他補充說: “公正的人可以看到誰在從事霸權欺凌和高尚的做法。”

秦說： “不是中國大陸，而是台獨分裂勢力和極少數國家企圖破壞現狀”; “在台灣玩火者，終將自焚。”

在台灣總統蔡英文在洛杉磯與美國眾議院議長凱文麥卡錫會面後返回台北後，中國最近在自治島嶼周圍舉行了軍事演習。

北京將民主治理的台灣視為自己的領土，台北政府強烈反對這一說法，北京並經常譴責台灣與外國領導人和官員之間的高層會晤。

So, Beijing views the democratically governed Taiwan as its own territory, a claim the government in Taipei strongly rejects, and routinely denounces high-level meetings between Taiwanese and foreign leaders and officials. As China becomes more powerful economically and militarily, the chance of a military conflict over Taiwan is increasing.

Last year's wind and solar power generation hit a record high, fossil fuel ``beginning of the end'' - UK analysis

Recently CNN.co.jp reported the following:

昨年の風力・太陽光発電は過去最多、化石燃料の「終わりの始まり」　英分析

2023.04.13 Thu posted at 10:47 JST

 （ＣＮＮ） 風力・太陽光発電のブームを受け、再生可能エネルギーによる発電量が過去最高の水準に達したことが、英シンクタンク「エンバー」の分析から明らかになった。

１２日に発表された報告書によると、発電目的での石炭や石油、ガスの使用は２０２３年に減少に転じる見通し。世界的な景気後退やパンデミック（感染症の世界的大流行）の期間を除き、化石燃料による発電が減少する年は初めてとなる。

報告書では、化石燃料発電による地球温暖化汚染の水準はすでにピークに達した可能性があると指摘している。

報告書の筆頭著者を務めたマウゴジャータ・ウィアトロス・モティカ氏は声明で、研究結果は世界が「化石燃料の時代の終わりの始まり」に到達したことを示していると説明。「私たちはクリーンパワーの時代に入りつつある」と付け加えた。

エンバーは今回、年次報告書「世界電力レビュー」の第４版のために、世界の電力消費量の９３％を占める７８カ国のデータを分析した。

報告書によると、現在、世界の電気の４割近くは再生可能エネルギーや原子力によって発電されており、過去最高の水準にあるという。

２２年の世界のエネルギー発電量に占める風力や太陽光の割合は１２％と、前年から１０％増大した。

太陽光エネルギーは前年から２４％増え、１８年連続で最も成長ペースが速い電力源となった。風力発電は１７％増えた。

化石燃料は依然として支配的だ。石炭電力が２２年の世界の発電に占める割合は３６％と、電力源としては依然最も大きかった。ただ、エンバーの予測では、発電による地球温暖化汚染の水準は２２年が「ピーク」になる見通しで、化石燃料の発電量が増える年はこれが最後になりそうだ。

Translation

(CNN) A boom in wind and solar power had pushed renewable energy production to record levels, according to an analysis by British think tank Ember.

According to a report released on Thursday, the use of coal, oil and gas for power generation was expected to decline in 2023. It would be the first year, other than during a global recession or pandemic, when fossil fuel power generation declined.

The report noted that levels of global warming pollution from fossil fuel power generation might have already reached the peak.

In a statement, lead author of the report, Malgorzata Wiatros-Motyka, said the findings showed the world had reached "the beginning of the end of the fossil fuel era". She added that "We are entering an era of clean power".

For this fourth edition of its annual report, the Global Electricity Review, Ember analyzed data from 78 countries that accounted for 93% of the world's electricity consumption.

According to the report, nearly 40% of the world's electricity was currently generated by renewable energy and nuclear power, which was the highest level ever.

In 2022, wind and solar power accounted for 12% of the world's energy output, up 10% from the previous year.

Solar energy was the fastest-growing electricity source for the 18th consecutive year, up 24% from the previous year. Wind power increased by 17%.

Fossil fuels still in domination. Coal power accounted for 36% of global power generation in 2022, still the largest source of electricity. But Ember predicted that 2022 could be the last year that fossil-fuel power generation would rise, as the level of global warming pollution from power generation would peak in 2022.

              So, some experts say that the world has reached "the beginning of the end of the fossil fuel era"; and that "We are entering an era of clean power". Although I am skeptical about the prediction, this is good news for us.

Note:

1. Ember, formerly Sandbag or Sandbag Climate Campaign, is an environmental non-profit think tank, campaigning to reduce the use of coal. Based in the UK, the organization was launched in 2008 by Bryony Worthington and was the first (and founding) member of The Guardian's Environment Network. (Wikipedia)

2. Malgorzata Wiatros-Motyka joined Ember in August 2022 to lead its analysis of the global electricity transition. Maggie was previously with the IEA Clean Coal Centre (now the ICSC), where she was integral to several international projects, including country-sectoral analyses for the CIAB and the USDOS. She has authored various policy-relevant reports on energy. (https://ember-climate.org/about/people/malgorzata-wiatros-motyka/)

垃圾債券市場在利率上升的新時代中萎縮

Recently Yahoo News on-line reported the following:

The Junk Bond Market Is Shrinking in a New Era of Rising Rates

Giulia Morpurgo and Olivia Raimonde

Thu, April 13, 2023 at 7:47 a.m. PDT

(Bloomberg) -- From New York to London, a key part of the credit market is shrinking.

The amount of US junk bonds fell 11% from its peak in October 2021 to $1.41 trillion, according to a Bloomberg index tracking corporate high-yield debt. A similar European gauge has fallen 15% from its highest level.

That marks the end of years of growth — including a record for issuance in 2021 as borrowers sought to lock in ultra-low yields in the wake of the pandemic. It comes as chief financial officers face refinancing costs at almost three times the price they would have paid at the start of 2022 — leading some to look at alternative funding options — or even to pay down debt.

“The biggest driver is the impact of the leveraged loan and private credit market which has seen a lot of volume,” said Colleen Cunniffe, head of global taxable credit research at Vanguard Group Inc.

As interest rate hikes got underway last year, borrowers picked leveraged loans over junk bonds to finance many deals because their floating rate nature and typically shorter maturities were seen as more attractive to investors. At the same time, many buyouts — including multi-billion deals like Zendesk Inc. — were funded by private credit firms offering rates below those available in the volatility-lashed public markets.

Other companies are skipping the bond market altogether, opting instead to pay down debt while interest rates are elevated. Cruiseline operator Carnival Corp. plans to use its available liquidity to pay down the roughly $4.5 billion in debt it has coming due later this year and next instead of coming to the high-yield market.

Carnival CFO Plans to Skip Bond Market as Rates Soar

Credit upgrades to investment grade — so-called rising stars like Nokia Oyj — has also been a reason for the shrinking high-yield market.

A smaller universe means less supply to go around to investors that are eager to put money to work in high-yield debt. Funds that invest in US corporate bonds saw additions of $5.6 billion in the week ended April 5, including the largest inflow into high-yield funds in nearly six months, according to Refinitiv Lipper data.

Drive Down Yields

For companies that continue to issue junk bonds, a smaller market could eventually reduce the cost of the debt.

“You have the same amount of capital chasing the same assets, so they will bid up the price” and drive down yields, Citigroup Inc. analyst Michael Anderson said.

To be sure, the high yield market is still much bigger then it was before more than a decade of easy money flooded markets with cheap debt. And, if the drivers of new bond issuance pick up again, the shrinking trend could slow down or even reverse.

“I think the worst of it has passed,” Citi’s Anderson said, referring to the dwindling market. “In part because mergers and acquisitions and leverage buyout pipelines will eventually reopen, bringing more supply back.”

Others see the trend as a new era that will persist. “A smaller, nimbler market was always the ‘end game’ for credit after a decade of hubris,” Bank of America Corp. strategists including Barnaby Martin and Ioannis Angelakis wrote in a recent note to clients.

Translation

（彭博社）— 從紐約到倫敦，信貸市場的一個關鍵部分正在萎縮。

根據追踪企業高收益債券的彭博指數，美國垃圾債券的數量從 2021 年 10 月的峰值下降了 11% 至 1.41 萬億美元。 一個類似的歐洲指標已經從最高水平下跌了 15%。

這標誌著多年增長的結束 - 包括 2021 年的發行量創紀錄，因為病毒大流行引發借款人尋求鎖定超低收益率。 與此同時，首席財務官面臨的再融資成本幾乎是他們在 2022 年初支付的價格的三倍- 導致一些人考慮其他融資方案 - 甚至以償還去減債。

Vanguard Group Inc. 全球應稅信貸研究主管 Colleen Cunniffe 表示： “最大的推動因素是槓桿貸款和私人信貸市場的影響，這些市場的交易量很大。”

隨著去年加息的進行，借款人選擇了槓桿貸款而不是垃圾債券來為許多交易融資，因為它們的浮動利率性質和通常較短的期限,被認為對投資者更具吸引力。 與此同時，許多收購 - 包括像 Zendesk Inc. 這樣價值數十億美元的交易 - 都是由私人信貸公司提供資金的，它們提供的利率低於波動劇烈的公開市場上的利率。

其他公司正在完全跳過債券市場，而是選擇在利率升高時償還債務。 遊輪運營商Carnival Corp.計劃利用其可用流動資金償還今年晚些時候和明年到期的約 45 億美元債務，而不是進入高收益市場。

隨著利率飆升，Carnival首席財務官計劃跳過債券市場

提升信貸至投資級別 -  Nokia Oyj 等所謂的後起之秀 - 也是高收益市場萎縮的一個原因。

較小的活動空間範圍, 意味著可供投資者急於去投資的高收益債券的供應量減少。 根據 Refinitiv Lipper 的數據，截至 4 月 5 日當週，投資於美國企業債券的基金增加了 56 億美元，其中流入高收益基金的資金是近六個月來最多的。

降低收益率

對於繼續發行垃圾債券的公司而言，較小的市場最終可能會降低債務成本。

花旗集團分析師 Michael Anderson表示， “你有相同數量的資本追逐相同的資產，因此他們會抬高價格”並壓低收益率。

可以肯定的是，高收益市場仍然比十多年來寬鬆貨幣充斥低息債務市場之前要大得多。 而且，如果驅動發新債券的因素重拾升軌，收縮趨勢可能會放緩甚至逆轉。

花旗的 Anderson 在談到市場萎縮時表示: “我認為最糟糕的時期已經過去”; “部分原因是併購和槓桿收購管道最終將重新開放，從而帶回更多供應。”

其他人則將這種趨勢視為一個將持續存在的新時代。美國銀行策略師包括 Barnaby Martin 和 Ioannis Angelakis 在內在最近給客戶的一份報告中寫道: “經過十年的過份自信，一個更小、更靈活的市場,總會是信貸的‘最終階段’” 。

              So, as interest rate hikes got underway last year, borrowers picked leveraged loans over junk bonds to finance many deals because their floating rate nature and typically shorter maturities were found more attractive to investors. Other companies are skipping the bond market altogether, opting instead to reduce debt while interest rates are increasing. We are facing a new kind of borrowing market.

Russia imports 100-billion-yen US semiconductors - a hole in sanction, 70% via China (2/2)

Recently NHK News on-line reported the following:

ロシアが米半導体輸入1000億円　制裁に穴、中国経由7割 (2/2)

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新興企業などが取引に関与

別の調査会社のデータによると、22年4月設立の香港企業は9〜12月にロシア企業と計1874万ドル分の取引をしていた。1個1万ドル超の製品も扱っていた。12月までに少なくとも13回にわたり計1万個以上の米半導体を輸出した別の香港企業はロシア人が設立。取引相手はロシアの富豪が所有する企業だった。

インテルや米アドバンスト・マイクロ・デバイス（AMD）のマイクロプロセッサー、米ザイリンクスのFPGA（書き換え可能な集積回路）などが高額取引の対象だった。防衛技術に詳しい未来工学研究所の西山淳一研究参与は「ミサイルなどの制御には演算処理能力の高い半導体が大量に必要となる」と話す。

インテルは日経の取材に「ロシアの顧客への出荷はすべて停止している。当社は輸出規制と制裁を順守し、人権侵害に使われることは容認しない」と答えた。ザイリンクスの親会社でもあるAMDは「正規販売業者には世界のすべての輸出規制の順守を求めている。（日経が挙げた企業はいずれも）正規販売代理店ではない」とした。

米半導体メーカー「不正に転売」「容認せず」

米アナログ・デバイセズ、米テキサス・インスツルメンツ（TI）の半導体も流入していた。アナログ・デバイセズは「（ロシアへの出荷は）当社のポリシーに対する直接的な違反で不正に転売または転用されたものだ」と指摘。TIは「当社製品が設計外の用途で使用されることは容認しない。（不正販売や転売は）半導体業界全体が直面する課題だ」とコメントを寄せた。 

米国はロシアの侵攻を受け、香港の電子部品商社シノエレクトロニクスなどに「ロシア軍を支援した」などとして制裁を科した。ただ、日経調査で米半導体の取引が判明した企業のほとんどは米国の制裁リストに入っていない。米商務省は日経に対し「すでに500社以上を制裁しており、他国と連携して今後も監視を続ける」と述べた。

米国は中国への半導体輸出規制も強化しているが、輸出管理に詳しいベルギーのフランドル平和研究所のディデリック・コップス主任研究員は「サプライチェーン（供給網）が世界中に広がる半導体の最終的な行き先を把握するのは難しく、十分に監督できていない」と指摘する。

半導体の入手に苦労するロシアは「兵器にも汎用の半導体を使っている」（台湾の安全保障アナリスト）。汎用品は転売市場に流れやすく監視が効きにくい。元米通商代表部職員で香港の弁護士のベンジャミン・コスジェバ氏は「香港などの小さな商社は制裁を受けても新しい名前の会社をつくって事業を続ける」と言う。

抜け穴をふさぐのは容易ではないが「官民連携で輸出先企業の調査を徹底し、その情報がグローバルで共有されなければならない」とコップス氏は強調する。軍事向けに転用される可能性の高い半導体を追跡できるようにするなど技術面での対応も重要となる。

 （長尾里穂、野元翔平、小西雄介、関優子、香港=シシー・チョウ、ロンドン=鄭婷方、台北=黎子荷）

Translation

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Emerging companies, etc. involved in transactions

According to data from another research firm, Hong Kong companies established in April 2022 had a total of $18.74 million in transactions with Russian companies between September and December. They also handled products over $10,000 each. Another Hong Kong company that exported more than 10,000 each US semiconductors at least 13 times up to December was founded by a Russian. The counterparty was a company owned by a Russian billionaire.

Microprocessors from Intel and Advanced Micro Devices (AMD), and US Xilinx's FPGA (programmable integrated circuit) etc. were targets of high-value transactions. Junichi Nishiyama (西山淳一), a research advisor at the Institute of Future Engineering who was familiar with defense technology said, "In the controlling of missiles and others, a large number of semiconductors with high processing power will be needed."

In an interview with Nikkei, Intel said, "We have suspended all shipments to Russian customers. We will comply with export controls and sanctions, and will not tolerate being used to violate human rights." AMD, which was also Xilinx's parent company, supposed that "We require authorized distributors to comply with all export regulations in the world. (None of the companies listed out by Nikkei) are authorized distributors."

US semiconductor maker "Illegal resale" "Not acceptable"

Semiconductors from Analog Devices and Texas Instruments (TI) also entered the market. Analog Devices pointed out that "[Shipping to Russia] was illegally resold or diverted and was in a direct violation of our policy". TI sent out in a comment saying that "We do not tolerate the use of our products for purposes other than those designed. [Unauthorized sales and resale] are challenges facing the entire semiconductor industry."

In response to Russia's invasion, the United States imposed sanctions on Hong Kong-based electronic parts trading company Sino Electronics and others for "supporting the Russian military." However, most of the companies found to have traded in US semiconductors in the Nikkei survey were not on the US sanctions list. The U.S. Department of Commerce told Nikkei, "We have already imposed sanctions on more than 500 companies, and we will continue to monitor them in cooperation with other countries."

The United States was also tightening export controls on semiconductors to China, but Diederik Kops, senior researcher at the Flemish Peace Institute in Belgium who was familiar with export controls pointed out that, " It is difficult to grasp the final destination of semiconductors that is spreading all over the world, and we're not doing enough monitoring."

Russia, which had difficulty in obtaining semiconductors, "uses general-purpose semiconductors for weapons," according to a Taiwanese security analyst. General-purpose products tended to flow into the resale market and were difficult to monitor. Benjamin Kostrzewa, a former U.S. Trade Representative official and a Hong Kong lawyer, said, "Small trading companies in Hong Kong and elsewhere, even if there are sanctions imposed on them, will continue to operate under new names."

While closing the loopholes would not be easy, Mr. Kops emphasized that, "Public-private partnerships must thoroughly investigate exporting companies, and that information must be shared globally." It will also be important to take measures on the technical side, such as making it possible to trace semiconductors that were likely to be diverted for military purposes.

              So, semiconductors made by US manufacturers are circumventing US sanctions and flowing to Russia. Three-quarters of the exportation were sent out from China, including Hong Kong. It is obvious that semiconductor export controls are a key measure to put a brake on Russia's arms productions to reduce its military capabilities.

Note:

1. Xilinx, Inc. (/ˈzaɪlɪŋks/ ZY-links) is an American technology and semiconductor company that primarily supplies programmable logic devices. The company is known for inventing the first commercially viable field-programmable gate array (FPGA) and creating the first fabless manufacturing model. Xilinx is co-founded by Ross Freeman, Bernard Vonderschmitt, and James V Barnett II in 1984 and the company went public on the NASDAQ in 1990. AMD announced its acquisition of Xilinx in October 2020 and the deal was completed on February 14, 2022. (Wikipedia)