ツイッター paper.li Vol.6

All the below links are in English.

弊社ツイッターアカウントの一つ @WSjp_insight のRTによる paper.li 掲載記事5件を貼っておきます。

@RBAInfo Bulletin June Quarter 2016 | @WSjp_insight

A new trade commission has warned the UK to treat China with “kid gloves”, and focus on attempts to secure deals with countries with “similar values” | @MkSands @CityAM

Spain’s Northern Coast by Private Rail | @ffdunlop @NatGeo

LifeSciences grant: 2016 Laureates #iGEM | @FranceScience

Franz Ferdinand, Whose Assassination Sparked a World War | @DSlotnik @nytimesworld

U.K. イギリス Vol.9(Brexit Vol.8: Japan’s Message to UK & EU 日本要望書)

(The below two links are in English, and the last one in Japanese.)

さて、当サイトでも今後、随時、Brexit につき情報をアップして参ります。
本日は、@ChathamHouse 関係の記事 Japan Lays Out a Guide to Brexit (6 September 2016) | Sir David Warren @CHAsiaProg(’日本がイギリスEU離脱の手引きを示す’)本文と抄訳をご紹介します。

– Britain would do well to embrace Tokyo’s constructive criticism as it prepares for life outside the EU.(EU域外での生き方を準備している日本の建設的な批判を、イギリスは包み込んで受け容れてうまくやっていける)

The Japanese government paper on the implications of Brexit released on 2 September has been described in the UK media as an ‘unprecedented’ and ‘dire’ warning, a ‘stark’ threat, and dismissed as ‘doom-mongering’. In reality, it is a carefully-argued and very detailed analysis of the areas of Brexit-related concern to the thousands of Japanese companies in the UK, and those aspects of the current business environment that they want to preserve in the forthcoming negotiations. Setting out the Japanese stall in this way risks annoying British negotiators with the responsibility of finding their way through the minefield of agreeing the terms of Britain’s divorce from Europe. But the Japanese analysis, used constructively, is an important guide to what really matters in ensuring that a post-Brexit UK is not only ‘open for business’, but a country that the world’s major investors want to do business with.
(9月2日に公表されたイギリスEU離脱に係る日本政府の要望書(下記参考英文)は、’前代未聞’で’切迫した’警告であり’正真正銘’の脅しであるとイギリスのメディアでは伝えられており、’恐怖を利用した’と切り捨てられている。しかし、日本の要望書は、イギリスEU離脱に係るイギリス国内の千単位の日本企業にとっての懸念について、また、今後の離脱交渉において日本企業にとって維持されたい現在の企業活動環境について、注意深く議論されまた非常に詳細に分析したものである。… 建設的に使えば、離脱後のイギリスが’企業活動にとって動き易い’のみならず世界の主な投資者が企業活動をしたい国であることを確保するのに真に問題となる事柄についての重要な手引きである。)

The paper is couched in terms of cooperation and partnership. Japanese inward investment into the UK has been one of the major industrial success stories of the last 40 years, with the 1984 decision of Nissan to build its car plant at Sunderland the turning point. The Japanese government and Japanese companies want to preserve this post-Brexit. But that means keeping radical changes to the current environment that might emerge from the Brexit talks to a minimum. Specifically, the Japanese want, among other things, to maintain current tariff rates and customs procedures, access to skills (including from within the EU), the current provision of financial services (50 per cent of the value of British manufactured goods is accounted for by services), the current arrangements for information protection and data exchange, unified intellectual property protection, harmonized standards and regulations, and access to the EU R&D budget and joint programmes. These requests are aimed at EU negotiators as well as at the UK. A 10-page annex goes into even more detail, sector by sector.
(… とりわけ日本が望むのは、関税率、税関手続き、EU域内も含めた人材へのアクセス、金融サービス条項、情報保護及び… →下記参考(日本語PDF3頁等)をご覧ください

The context of these requests is not just concern about Brexit. The paper makes clear that leading the free-trade system remains a responsibility shared by Japan, the UK and the EU. The Japanese government are nervously watching the US presidential election, with Donald Trump openly adopting a protectionist line and Hillary Clinton now opposed to the Trans-Pacific Partnership (TPP) trade deal; they will also have been concerned at suggestions from European politicians that the US−EU Transatlantic Trade and Investment Partnership (TTIP) may fail. Hence their statement – echoed by President Obama at the G20 in Hangzhou in his remarks on TTIP – that the priority must be to finalize the EU−Japan Economic Partnership Agreement this year. A post-Brexit UK−EU relationship that erects protectionist walls would, in Japan’s view, be a disaster for everyone.  The arguments in the paper are about preserving the health of the global economy.
(要望書はイギリスEU離脱への懸念を示しているだけではない。引き続き自由貿易をリードしていくことが日英欧において共有される責任であることが明確にされている。日本政府はアメリカ大統領選挙を神経質に見守っている。…)

And Japan calls for early clarity and transparency on the difficult issues.  The paper argues that uncertainty causes volatility, and warns against the negotiating process producing ‘unpleasant surprises’. This advice may be unwelcome to UK politicians and negotiators who have to work out how to trade off being part of the single market with the need to restrict freedom of movement.   This is a political dilemma that needs to be unravelled slowly; Britain’s economic partners’ need for early clarity runs directly counter to the politics which Prime Minister Theresa May and her cabinet have to manage over the coming months.
(そして日本は、難しい案件につき早期の明確化及び透明性を求めている。不確実性が市場の急激な変動を引き起こすと述べ、また、交渉過程が’嬉しくないサプライズ’をもたらすことを警告している。このアドバイスは、単一市場の一部であることと移動の自由を制限することの折り合いをいかに付けるかに尽力せねばならない政治家や交渉者からは、歓迎されないものかもしれない。これは、ゆっくりほどけて行かざるを得ない政治的ジレンマなのであるから。…)

The paper observes that ‘Japan respects the will of the British people as demonstrated in the referendum’ and express confidence that ‘the UK and the EU will overcome . . . difficulties and lay the foundations for the creation of a new Europe’. Nonetheless, the menu of requests is challenging and almost certainly impossible to fulfil in its entirety, if, as the prime minister has said, ‘Brexit means Brexit’. But it is a guide to what foreign businesses, attracted to the UK by successive governments with the promise of being inside the single market in an EU member state committed to further trade liberalization, want from the new arrangements. 
(要望書では、’日本はイギリス国民の投票の意思を尊重する’と述べられ、また … にもかかわらず … しかし、これは、外国企業がイギリスの今後の交渉過程において整えてもらいたいことに係る手引きなのである。…)

In that sense, it should also lift the level of current discussion on trade and investment relations away from the zero-sum political arguments during the referendum campaign – ‘being part of Europe’ versus ‘free trade agreements with the rest of the world’.  Japan is saying, very clearly, that it is not an either/or choice. If the UK is to remain one of the world’s largest and most powerful economies – which, however much it is talked down in Britain, it still is – it is going to have to have a relationship with the EU that attracts foreign investors. After all, as the paper also makes clear, they have a choice where to invest. It does not have to be the UK.
(この意味では、この要望書は、国民投票キャンペーンで展開されたゼロサムの政治的議論ー’欧州の一部’か’欧州以外の世界各国との自由貿易’かーから、貿易や投資の関係に係る議論のレベルを高めるものである。日本は、非常にはっきりと、どちらかを選ぶ選択ではない、と言っている。もしイギリスが世界で最大最強の経済の一つであり続けるならば、外国投資家を惹き付けるイギリスとEUとの関係を持っているであろう。結局、要望書がこれまた明確にしているように、どこに投資するかの選択の自由があるということである。イギリスへ投資しなければならない、ということではない。)

参考
Japan’s Message to the United Kingdom and the European Union (PDF)
英国及びEUへの日本からのメッセージ(PDF、日本語)

ツイッター paper.li Vol.5

All the below links are in English.

弊社ツイッターアカウントの一つ @WSjp_insight のRTによる paper.li 掲載記事5件を貼っておきます。

Why You Should Go Glamping in Slovenia | @voguemagazine @jenrunsworld

Adidas will open an automated, robot-staffed factory next year | @BI_RetailNews

25 Power Words to Drive More Engagement With Your Social Campaigns | @jeffbullas @andrewraso1

Agri is the backbone of NZ economy – over 95% is exported. | @NZTEnews

Irish economic growth of 7.8% tops euro zone again | @RTEbusiness

Ireland アイルランド Vol.4

アイルランド中央銀行の2016年第1四半期レポート Quarterly Financial Accounts Q1 2016 (18 August 2016): Irish households become the fourth most indebted in Europe | @centralbank_ie 概要・抜粋(abstract/excerpts) です。

[概要abstract]
1. Irish households fell from being the third most indebted in the European Union to the fourth most indebted during Q1 2016. This was largely due to the continued reduction in Irish household debt, as well as, further increases in Irish disposable income.
(アイルランド国民の家計は、2016年第1四半期には、EU加盟国中借金が多い3番目から4番目へとなった。可処分所得が一層増えたことと、家計負債が引き続き減ったことが大きい。)
2.Household debt as a proportion of disposable income now stands at 149.4 per cent. That is its lowest level since end-2004.
(可処分所得に対する家計負債は、今、149.4%である。2004年末以来の最低レベルである。)
3. Households net worth increased by 0.3 per cent to reach €628.7bn, or €132,141 per capita. The increase in net worth was largely driven by a rise in housing asset values (€1.7bn), as well as a further decline in household liabilities (€0.9bn).
(家計の純資産は、0.3%増の6287億ユーロ、国民一人あたり132141ユーロに達した。家計負債の更なる9億ドルの減少と、住宅財産価値の17億ドルの上昇による。)
4. NFC debt to GDP declined by 9.8 percentage point over the quarter, falling to €257.3bn. Irish NFC debt has been extremely volatile in recent quarters due to the impact of domiciled MNCs on debt and GDP.
(non-financial corporations 非金融法人の総負債は第1四半期に2573億ユーロとなり、対GDP比率は9.8%減った。アイルランド国内に本社を置く multinational corporations 多国籍企業が総負債やGDPへの影響を持つため、最近のいくつかの四半期において非金融法人の総負債は極端に揺れ動いている。)
Household Debt Cross Country Comparison

[補足・抜粋excerpts]
1. Net Lending/Borrowing of All Sectors (Chart 1.1 関連)
The domestic economy continued to be a net lender to the rest of the world during Q1 2016, as the net borrowing of government and financial corporations was exceeded by deleveraging by households and non-financial corporations…

Net LendingBorrowing Private Sector Debt to GDP

2. Private Sector Debt (Chart 2.1 関連)
… CSO revisions to the National Accounts and International Investment Position… redomiciling of some corporations and corporate restructuring… contributed to significant increases in GDP and NFC debt from 2014 onwards. Private sector debt as a percentage of GDP peaked in Q1 2015 at 400.7 per cent, and has since declined substantially to 315.2 per cent in Q1 2016. … primarily by growth in annualised GDP over the period, but is also reflective of falling private sector debt, which has contracted by 3.7 per cent since Q1 2015. …

3. Household Sector
Household Net Worth Debt Indicators

Chart 3.1 関連
… This was partially offset by a decline in households’ holdings of financial assets (€0.5bm). Compared to a post-crisis low of €454.1bn in Q2 2012, household net worth has risen by 38.5 per cent. However, it is still 12.4 per cent lower than its pre-crisis peak of €718bn in Q2 2007.

Chart 3.2 関連
Household debt continued to decrease during Q1 2016, falling by €1.1bn, or 0.7 per cent, to €148.5bn. This represented a household debt per capita of €31,216. Household debt is at its lowest level since Q1 2006. …

Chart 3.3 関連
Indicators of household debt sustainability continued to improve during Q1 2016. Debt as a proportion of disposable income fell over the quarter, from 152.7 per cent to 149.4 per cent, reflecting both the decline in household debt, as well as strong growth in annualised disposable income. …

Comparison Transactions in Financial Assets Deposit Transactions with MFIsGovernment

Chart 3.4 関連
… Over the year Danish household debt fell significantly more than any other country examined, declining by 23.2 percentage points. In contrast to this, Swedish households saw a 4 percentage point increase over the same period as they climbed to become the third most indebted in the European Union, with a household debt level of 153.5 per cent of disposable income.

Chart 3.5 関連
… The reduction in financial assets over the quarter largely reflected a fall in transactions of insurance technical reserves. … The majority of households’ financial investments over the quarter were in the form of currency & deposits, while shares & other equity experienced positive transactions for the first time since Q4 2013.

Chart 3.6 関連
… This marked the first time since Q4 2013 that household deposit transactions with MFIs (monetary financial institutions) had declined. In contrast, households increased lodgements with government deposit accounts for the first time since Q1 2013.

Chart 3.7 関連
… Over recent quarters net lending has become increasingly driven by higher investment in financial assets, as opposed to deleveraging.

Household Net LendingBorrowing NFC Debt

4. Non-Financial Corporation Sector
Irish NFCs are significantly impacted by the activities of large MNCs. These latest NFC results incorporate the recent annual revisions to the CSO’s International Investment Position (IIP). The revisions include large MNCs which redomiciled to Ireland or moved significant parts of their balance sheets to Ireland during 2014 and 2015. These entities also contributed towards some of the very substantial increase in Irish GDP for 2015.

Chart 4.1 関連
… The decline in debt over the past year largely reflected exchange rate movements. Debt as a percentage of GDP fell from 327.5 per cent in Q1 2015 to 257.3 per cent in Q1 2016. This reflected both falling NFC debt, as well as, substantial GDP growth during 2015.

NFC Debt Comparison Loans AssetsLiabilities

Chart 4.2 関連
… Luxembourg, which also has a lot of large MNCs relative to the size of its economy, had the highest debt at 349 per cent of GDP. … how volatile Irish NFC debt to GDP has been in recent years compared to other euro area countries.

Chart 4.3 関連
… The substantial increase in debt held by non-residents reflects this corporate activity and explains why exchange rate movements have had a significant impact on NFC debt in some quarters. …debt held by Irish residents has been on a downward trend in recent years. …partly reflected NFC deleveraging with Irish MFIs.

Chart 4.4 関連
…largely reflected MNC activities. Net financial assets (financial assets minus liabilities) became even more negative since Q1 2015. This is because some MNCs had large non-financial assets or relocated substantial non-financial assets to Ireland.

ツイッター paper.li Vol.4

All the below links are in English.

弊社ツイッターアカウントの一つ @WSjp_insight のRTによる paper.li 掲載記事7件を貼っておきます。

Irish economic growth | @RTEbusiness

Ireland’s national accounts | @ucddublin @Aidan_Regan

Soon Your Smart Car Will Also Be an Amazon Locker | @BloombergCA @ElisBehrmann @rweiss5

2016 @BSAnews GLOBAL CLOUD COMPUTING SCORECARD (pdf) | @invest_canada

IMF Backs More BOJ Easing If Coupled With Comprehensive Reforms | @business @RichMiller28

Nagasaki, 1945: “The world did not need your experiment” | @jricole

Rio 2016: What Olympic sports taught 8 leaders about successfully running a business | @Inc @JustinJBariso

ツイッター paper.li Vol.3

All the below links are in English.

弊社ツイッターアカウントの一つ @WSjp_insight のRTによるpaper.li掲載記事5件を貼っておきます。

Brexit is already proving to be a huge victory for global free trade | @LSolomonTweets

A chocolate bar from Canada won 1st prize | @RCInet

About Renewable Energy | @NRCan

This year, Oscar speaks with an Irish accent | @BarryODowd_Irl

San Diego to become largest U.S. city to run on 100% renewable energy | @envirojourno @inhabitat

Ireland アイルランド Vol.3

日本・アイルランド間の貿易・投資関連概観です。

1. 日・アイルランド外交関係樹立60周年(2017年)記念の Partnership for Innovation and Growth: Joint Declaration by the Prime Minister of Japan and the Taoiseach of Ireland(「イノベーションと成長のためのパートナーシップ」首脳による共同宣言)[PDF] p.2-4において、
・ 農業・食料、金融サービス、ICT、生命科学、クリーンテクノロジー(agri-food, financial services, ICT, life sciences, clean technologies)などの主要経済分野における投資・貿易を両国相互に増やせる大きな可能性
・ 新しい医療機器・技術(new medical devices and technologies)、再生エネルギーやスマートシティ(renewable energy and ‘smart’ cities)、ICTの高齢者への活用、における両国間の一層緊密な協力
につき述べられています。

ほか参考:
安倍総理大臣のアイルランド訪問(概要と評価) 平成25年6月20日
ケニー・アイルランド首相の訪日 平成25年11月27日
アイルランド(Ireland) 基礎データ 平成28年6月15日
アイルランド概況 [PDF] | JETRO
アイルランド [PDF] | 国際金融情報センター

2. Facts about Ireland Autumn 2015 [PDF] | @IDAIRELAND
p.2に、輸出主要分野(PHARMA & CHEMICALS 28%, COMPUTER SERVICES 22%, BUSINESS SERVICES 12%, FINANCIAL SERVICES 10%, MEDICAL DEVICES 6%, MACHINERY & TRANSPORT 6%, FOOD & BEVERAGE 5%)、
p.8に、調査研究重点分野
が掲載されています。

3. 進出日本企業 2011 [PDF] | JETRO p.7-10 には、
【製薬】アステラス製薬、武田薬品工業、第一三共、小林製薬
【金融】野村ホールディングス、大和証券
【メーカー】アルプス電気、ネリキ、ブラザー工業、日立工機、富士通、レクザム
【その他】ガーラ(オンラインゲーム)
が挙げられています。

4. なお、北アイルランドにつき、あくまで参考:
安倍総理大臣の北アイルランド日系企業関係者等との交流 平成25年6月18日
ノーザンアイルランド 2016年3月 [PDF有] | @InvestNI

ツイッター paper.li Vol.2

All the below links are in English.

弊社ツイッターアカウントの一つ @WSjp_insight のRTによるpaper.li掲載記事5件を貼っておきます。

Canada can transition to renewable energy in just a few decades, says Stanford University professor @mzjacobson | @monique_muise

Irish ANZACS database at @UNSW | @IrelandSydney

@CharlieFlanagan addressed the diplomatic corps on Brexit and the Day of Commemoration | @IrelandEmbUSA

Kenny in hot water for backing Scotland – Scottish Tories angry at Irish intervention | @1johnmacdonald; @CormacMcQuinn @KevDoyle_Indo

Vancouver company @SewageSHARC turns sewage into heat | @CanCGChicago; @jackiewattles

Ireland アイルランド Vol.2

記事3件をご紹介します。

1. With Brexit, Ireland can’t keep up with flood of U.K. passport applications | @Quantanamo @MarketWatch では、Brexitを受けてイギリス国民からのアイルランドのパスポートに関する問い合わせ等がアイルランドの郵便局等関係各所に殺到している旨書かれています。
 理由は、第一に、EU域内での労働の自由と域外を含めた172ヵ国へのビザ無し又はアライバルビザ取得による旅行の権利(Holders of an Irish passport would have the freedom to work anywhere within the 28-member union and have the right to “visa-free or visa-on-arrival” travel to 172 countries around the world…)、第二に、アイルランド国民は国内在住でなければアイルランドには所得税を納めなくても良いという制度(Irish citizens are only liable for Irish income tax if they are resident there — as opposed to the U.S. citizen who is responsible for U.S. income tax regardless of their residence…)、とのことです。
 実際、イギリス国民の四分の一にはアイルランドの血が混じっており、関係のあるイギリス国民はアイルランド国民になるのは制度上少し易しいようです(If you were born outside Ireland to an Irish citizen who was born outside Ireland, you are entitled to become an Irish citizen, even if your parent derived Irish citizenship through marriage, adoption or naturalization and he/she was an Irish citizen at the time of your birth. If one of your grandparents is an Irish citizen who was born in Ireland, you may also become an Irish citizen, the Irish government said. If you were born on the island of Ireland…)。
 また、アイルランドと北アイルランドの “open borders” も維持されるよう努めるとも言われました(Ireland will do its utmost to protect the open borders between the British province of Northern Ireland and the Republic of Ireland after the 1998 Good Friday Agreement, which ended three decades of sectarian violence between Protestants and Catholics in Northern Ireland known as The Troubles…)。
 尤も、短中期的にはBrexitがアイルランド経済にネガティブな影響を与えると言われるなど、アイルランド経済は不透明でもあります(While economists debate whether London-based financial firms will move thousands of jobs overseas, the future of Ireland’s still-fragile economy is also uncertain…)。

2. ‘A skilled and flexible workforce’ | Brian O’Gorman @IrishTimes では、アイルランドの労働力の質及び移動可能性や英米法体系などがアメリカからアイルランドへの投資を呼び込む旨書かれています。

3. IDA Ireland Reports Strong First Half to 2016 #WhyIreland (w PDFs) | @IDAIRELAND (アイルランド政府産業開発庁) では、昨日発表された2016年上半期のアイルランドへの対内直接投資のレポートにつきツイートされています。アイルランド史上最高レベルだった2015年上半期と同レベルとのことです。PDFの一部の図表も以下添付しておきます。
Across Country
Origin of Supported Companies
Economic Impact
Across Industries
Employment

なお、ライアンChairmanからは、添付PDF一つ目の4頁目にあるとおり、2015-19年の目標として「80,000 New Jobs; 900 Investments; A 30–40% increase in investments into regional locations; €3bn in R&D expenditure」と挙げられています。
また、シャナハンCEOからは、同5ー6頁目にあるとおり、具体的実績につき、
雇用については、「2015年にはIDAの顧客たる投資者(会社)が19,000弱の雇用を産み出した。雇用純増12,000弱で2014年の7,000強と比較すると66%増である。(The ability of Ireland to grow its FDI portfolio was clearly in evidence in 2015 – IDA client companies created just under 19,000 (18,983) jobs on the ground during the year across a range of sectors, with every region of Ireland posting net gains in jobs. Net jobs were 11,833 compared to 7,131 in the same time period last year – representing a year-on-year rise of 66%. Losses as a percentage of the overall employment portfolio were at their lowest level ever.」
顧客については、「投資件数は、2014年の197から2015年には213に増えた。新たに投資を始めた会社の数は、同88から同94となった。大口の投資をしている会社としては、アップル、セージ、ユーバー、プラメリカ、ノーザントラスト、エアビーアンドビー、リンクトイン、GEヘルスケア、メドトロニック、エスエーエス、ファイザー、ワークデイ、アムニールがある。(The number of investments won during the year rose to 213 from 197 in the previous year. The number of new name investments went to 94 from 88 in the previous year. The strong net job creation performance was the result of a very strong pipeline of new investments which materialised in 2015 and lower job losses within the employment portfolio. Among the client companies making significant investments during 2015 were Apple, Sage, Uber, Pramerica, Northern Trust, Air Bnb, LinkedIn, Slack, GE Healthcare, Medtronic, SAS, Pfizer, Workday and Amneal.)」
地域については、「IDA顧客の投資により新規雇用が産み出された地域は、2014年には49%であったが、2015年には53%となった。そして、その雇用数の59%がダブリンの外である。大きな地域プロジェクトとしては、ゴールウェイ州オランモアのジマー社、コーク州ファーモイのエイベック社、ティペラリー州カッシェルのアムニール社などがある。(Particularly noticeable in the 2015 project wins, were investments going into regional locations, with all regions of Ireland showing net employment gains in the year. The percentage of new jobs going to regions in 2015 was 53%. This had increased from 49% in 2014. 59% of IDA’s client company employment is now outside of Dublin. Outstanding regional projects in 2015, included Zimmer expanding its manufacturing hub in Oranmore, Galway, ABEC Inc in Fermoy, Co Cork building an engineering base and Amneal moving into Cashel, Co Tipperary.)」
とされています。

“The Creation and Destruction of Value” 価値の創造と破壊 Vol.7

(All the below links are in English.)

Vol.7 2008年世界金融危機(第3章-3)

 第三に人の流れの減少の面である。
 2008-09年の急速な貿易の収縮においては、グローバルな相互の繋がりを縮小させることが政策として選択されたのでは決してなかったが、外国人の求職に反対する国民が英独では過半数を超えるなど国民感情の転換はあった。
 また、2008年には自国に移民が押し寄せ労働市場が崩壊し得るグローバリゼーションの時代になっており、新興国が自国のみで破綻していた1990年代よりも先進国の不安は遥かに大きく、先進国は新興国にカネ・モノ・労働力の市場において徹底した対策を要求していたが本来効果のある対策も徐々に効果的でなくなった。

(あくまで参考:The Rise and Fall of Pyramid Schemes in Albania | Christopher JervisThe Free Movement of Workers in an Enlarged European Union: Institutional Underpinnings of Economic Adjustment | IZAFact Sheets on the European Union | European Parliament