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International Business News
Airlines opting to lease aircraft amid financial crisis
Al P, SJrjguporr
lightening credit due to the global financial crisis has led some airlines to lease planes instead of buying them, a Singapore-based leasing firm said Wednesday.
BOC Aviation said that since June, it has placed 19 new aircraft on long-term leases with five airlines around the world, including Air Berlin, Aeroflot, CSA Czech Airlines and Etihad Airways.
All the planes are from the efficient /Xirbus A320 family, it said in a statement.
"Our recent lease placements are an affirmation that there is continuing demand for new and fuel-efficient narrowbody aircraft." said BOC Aviation managing director and chief executive Robert Martin.
"The current challenging financial and market environment have made it much more capital efficient for airlines to lease aircraft."
BOC Aviation, which is wholly owned by the Bank of China and is one of the country's largest lenders, has 80 aircraft flying with airlines worldwide and its planes have an average age of four years.
On Tuesday European aircraft maker Airbus said It had secured an order to make 20 more A320s for BOC Aviation.
Japan economy in lull but further rate cuts risky: BoJ chief
AFP, Tokyo
Japan's top central banker said Wednesday that Asia's largest economy would remain sluggish until well into next year, but warned against excessive interest rate cuts that could do more harm than good.
"It is expected that increased sluggishness in economic activity in Japan will remain over tire next several quarters and that it will take some time for the necessary conditions for Japan' s economic recovery to be satisfied," Bank of Japan governor Masaaki Shirakawa said in a speech.
Japanese economic growth, adjusted for inflation, was likely to be about zero in the current fiscal year to March and 0.5 percent next year, he said.
The Bank of Japan last week joined other world central banks in fighting the global financial crisis with cheaper credit, lowering its key lending rate to 0.3 percent from 0.5 percent previously.
The board was split over the decision, with three members in favour of a larger 25-basis-point cut. Shirakawa, who made the final decision, argued that cutting too much could interfere with the functioning of the money market.
German savings banks could be next to suffer from crisis
AFP, Frankfurt
Several German savings banks which were considered safe from international financial turmoil could suffer from business done with state-owned regional bank WestLB, a press report said onWednesday.
Between 2003-2006, Duesseldorf-based WestLB sold high risk securities to several savings banks in the northwestern state of North Rhine-Westphalia that now face "high asset devaluations" according to the business daily Financial Times Deutschland.
The securities are so-called CDOs, or collateralised debt obligations, which are basically a portfolio of fixed-income assets that were sliced up and sold to investors.
CDOs were the category of investments most affected when the US market for high-risk, or subprime, mortgages collapsed in mid 2007.
Several savings banks have filed complaints against WestLB, charging they were poorly advised by the bank which they say sought to pass on the risky investments to others, the newspaper said.
ECB economist sees long, 'dramatic1 economic pain
AFP, Frankfurt
European Central Bank (ECB) chief economist Juergen Stark warned onWednesday of "dramatic consequences" from the international financial crisis, in comments to the Financial Times Deutschland.
"We cannot compare the current situation with past recessions, it is more serious this time," Starksaid.
"Banking sector problems have dramatic consequences that we will have to confront for years," he added.
"On top of that are problems in key industries, such as automobile manufacturing," the economist said after several European car makers issued profit warnings and said they would suspend production.
"We will have very weak growth for most of 2009," Stark forecast.
The ECB governing council is to meet on Thursday, with analysts expecting it to cut its main lending rate by a half percentage point from the current level of 3.75 percent.