> International
Serbia denies genocide as World Court case opens
Reuters: [2008-05-26 13:15:00]
THE HAGUE, May 26 (Reuters) - Serbia denied it was guilty of genocide during the 1992-1995 war in Bosnia on Monday, opening its defence before the U.N.'s highest court against Croatian allegations of ethnic cleansing.
Croatia is seeking reparations from Serbia and Montenegro at the International Court of Justice in The Hague for the murder and torture of its citizens, as well as destruction of property, during the war in which at least 100,000 people were killed.
Presenting their opening arguments, Serbia's lawyers said the court had no jurisdiction in the case, because the country was not a member of the United Nations at the time the suit was filed and was not subject to the genocide convention.
They also denied that genocide had taken place.
"This is a case in which there was no genocide," said Tibor Varady, representing Serbia.
Croatia's opening arguments will begin on Tuesday in public hearings scheduled to last until Friday.
Two years ago, the court heard a similar case brought by Bosnia, which relied heavily on the argument that the massacre of 8,000 Muslims by Bosnian Serbs in the U.N. safe zone of Srebrenica amounted to genocide by Serbia.
The court cleared Serbia last year, saying the massacre was genocide but Serbia was guilty only of failing to prevent it and punish perpetrators.
Three-quarters of those killed during the war where Muslims and Croats. Bosnian Serbs, backed by Serbia, swept swaths of land clean of non-Serbs, culminating in the Srebrenica massacre.
Croatia, which filed the suit in 1999, argues that Serbia and Montenegro should be held liable for ethnic cleansing, murder, torture and destruction of property.
"All of these actions were specifically and purposefully undertaken with the intent to destroy, in whole or in part, national, ethnic, or racial group," Croatia argued in its suit.
Croatia broke away from Yugoslavia in a process that began in 1991, and tried to quell the rebelling Serb minority. The rebel Serbs, later backed by the Yugoslav army, tried to conquer as much of the country as it could to redraw its borders.
The hearings at the court, set up after World War Two to mediate in disputes between states, are due to run until May 30 and a judgment is expected later in the year. (Reporting by Reed Stevenson; editing by Andrew Dobbie) ((reed.stevenson@thomsonreuters.com; +31 20 504 5002; Reuters Messaging: reed.stevenson.reuters.com@reuters.net))
Keywords: CROATIA SERBIA/
DIARY - Latin America - to June 4
Reuters: [2008-05-26 13:15:00]
This diary is updated daily. All dates and times are provisional.
The inclusion of diary items does not necessarily mean that Reuters
will file a story based on the event.
__________________________________________________________________
DATE GMT/LOCAL INDICATOR PERIOD F/CAST PREVIOUS
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MAY26 1330/1030 BR current account Apr -$4.4 bln
MAY26 1900/1600 AR trade balance Apr $801 mln
MAY28 1200/0900 BR mid-month inflation May 0.59 pct
MAY28 1330/1030 BR budget surplus (reais) Apr 15.4 bln
MAY29 1100/0800 BR IGP-M inflation May 0.69 pct
MAY29 1300/0900 CL Unemployment Apr 7.6 pct
MAY29 1300/0900 CL Industrial production Apr -1.0 pct
MAY29 1300/0900 CL Copper production Apr -8.4 pct
MAY29 1930/1430 MX economic activ (IGAE) Mar 3.15 pct 5.8 pct
MAY30 1930/1430 MX fiscal balance (pesos) Apr 50.7 bln
JUN 3 1200/0900 BR industrial output Apr 0.40 pct
JUN 4 1000/0700 BR FIPE inflation index May 0.54 pct
JUN 4 2200/1900 BR Selic interest rate Jun 11.75 pct
JUN 4 1930/1430 MX consumer confidence May 97.8 pct
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EVENTS
TUESDAY, MAY 27
MEXICO CITY - Central bank announces results of weekly T-bill
auction 1130 (1630 GMT)
FRIDAY, MAY 30
MEXICO CITY - Mexico releases March metals production data 1430
(1930 GMT)
TUESDAY, JUNE 3
BRASILIA - The central bank's monetary policy committee, or
Copom, begins two-day meeting on interest rates.
WEDNESDAY, JUNE 4
BRASILIA - The central bank's monetary policy committee, or
Copom, announces decision on interest rates after the market
closes.
((Page editor: Inae Riveras, Sao Paulo newsroom, +55 11
5644-7728))
Top U.S. seller gears up for Asia's largest wine auction
Reuters: [2008-05-26 13:14:00]
HONG KONG, May 26 (Reuters) - America's top wine seller will host Asia's largest ever auction of fine wines in Hong Kong this week, betting on Chinese consumers developing a finer nose for the beverage as the territory aspires to become a global industry hub.
Acker Merrall & Condit's inaugural auction of fine and rare wines in Hong Kong comes months after the city abolished duties on the drink in a bid to uncork some $500 million of new business, particularly with the city poised to tap the potential of the huge China market as a flood of newly minted consumers there chase Western lifestyle trends.
"We really made an effort to cull some of the best wines from the best sellers that we know," said John Kapon, the President and Auction Director of Acker Merrall & Condit.
"Hopefully China will become a little more wine friendly and follow the lead of the Hong Kong government ... perhaps make it easier for some of the mainlanders to acquire (and) import their wines back to mainland China," Kapon told reporters in Hong Kong.
The estimated $6 million sale will feature top vintages including a case of 1990 Domaine de la Romanee-Conti, often considered the world's most expensive wine, which could fetch up to $240,000. Other top lots include a case of 1945 Chateau Mouton Rothschild which could sell for $160,000 and a single large Jeroboam (4.5 litres) of 1961 Chateau Latour estimated at up to $50,000.
Most of the over 200 registered buyers at the sale hail from Hong Kong, Macau and mainland China.
Over the years, a small clique of affluent so called "super-collectors" in Hong Kong has established a reputation for seemingly limitless spending on some of the best vintages coming onto the market each year, outbidding other global connoisseurs.
Top American wine critic James Suckling, who writes for the respected Wine Spectator magazine, has described bacchanalian jaunts with such Hong Kong collectors including tycoons and the territory's number two official, Henry Tang.
"The profile of our Asian customers so far and their purchasing habit have been very top end ... the best of the best of the best," said Kapon.
Bonhams hosted a small but symbolic auction in Hong Kong last month worth $1.5 million, the first in the city in over a decade and the first since wine duties were abolished. Global auction houses Christie's and Sotheby's are also reported to be considering getting in on the act.
Industry representatives say the slashing of Hong Kong's 40 percent duty on wine will give it an edge over rivals such as Tokyo and Singapore.
(Reporting by James Pomfret; Editing by David Fox) ((james.pomfret@thomsonreuters.com; +852 2843 6390; Reuters Messaging: james.pomfret.reuters.com@reuters.net))
Keywords: HONGKONG WINE/
Top U.S. seller gears up for Asia's largest wine auction
Reuters: [2008-05-26 13:14:00]
HONG KONG, May 26 (Reuters) - America's top wine seller will host Asia's largest ever auction of fine wines in Hong Kong this week, betting on Chinese consumers developing a finer nose for the beverage as the territory aspires to become a global industry hub.
Acker Merrall & Condit's inaugural auction of fine and rare wines in Hong Kong comes months after the city abolished duties on the drink in a bid to uncork some $500 million of new business, particularly with the city poised to tap the potential of the huge China market as a flood of newly minted consumers there chase Western lifestyle trends.
"We really made an effort to cull some of the best wines from the best sellers that we know," said John Kapon, the President and Auction Director of Acker Merrall & Condit.
"Hopefully China will become a little more wine friendly and follow the lead of the Hong Kong government ... perhaps make it easier for some of the mainlanders to acquire (and) import their wines back to mainland China," Kapon told reporters in Hong Kong.
The estimated $6 million sale will feature top vintages including a case of 1990 Domaine de la Romanee-Conti, often considered the world's most expensive wine, which could fetch up to $240,000. Other top lots include a case of 1945 Chateau Mouton Rothschild which could sell for $160,000 and a single large Jeroboam (4.5 litres) of 1961 Chateau Latour estimated at up to $50,000.
Most of the over 200 registered buyers at the sale hail from Hong Kong, Macau and mainland China.
Over the years, a small clique of affluent so called "super-collectors" in Hong Kong has established a reputation for seemingly limitless spending on some of the best vintages coming onto the market each year, outbidding other global connoisseurs.
Top American wine critic James Suckling, who writes for the respected Wine Spectator magazine, has described bacchanalian jaunts with such Hong Kong collectors including tycoons and the territory's number two official, Henry Tang.
"The profile of our Asian customers so far and their purchasing habit have been very top end ... the best of the best of the best," said Kapon.
Bonhams hosted a small but symbolic auction in Hong Kong last month worth $1.5 million, the first in the city in over a decade and the first since wine duties were abolished. Global auction houses Christie's and Sotheby's are also reported to be considering getting in on the act.
Industry representatives say the slashing of Hong Kong's 40 percent duty on wine will give it an edge over rivals such as Tokyo and Singapore.
(Reporting by James Pomfret; Editing by David Fox) ((james.pomfret@thomsonreuters.com; +852 2843 6390; Reuters Messaging: james.pomfret.reuters.com@reuters.net))
Keywords: HONGKONG WINE/
UPDATE 2-Russia c.bank raises bank reserve requirements
Reuters: [2008-05-26 13:12:00]
(Adds analyst comments)
By Gleb Bryanski
MOSCOW, May 26 (Reuters) - The Russian central bank, worried about galloping inflation and fast lending growth, said on Monday it will aggressively raise bank reserve requirements from July 1 in order to curb inflation.
The central bank said the requirements on banks' liabilities in foreign currency would rise to 7.0 percent from 5.5 percent, requirements on retail deposits to 5.0 percent from 4.5 percent and on other liabilities to 5.5 percent from 5.0 percent.
It will also set an averaging ratio, which allows banks to spread their reserves over time and even out periods of excess and scarce liquidity, at 0.5 percent compared with 0.4 percent before.
"It was a timely decision. The rise is significant, I think there will be an impact," said Natalya Orlova from Alfa Bank. The central bank said the rise of the averaging ratio will smooth the impact of the measure.
Annualised inflation is threatening to exceed 15 percent in May, well above the government's target of 10 percent. Mandatory reserve requirements are the money the banks should set aside and a rise in requirements slows lending growth.
Orlova expects the measure to bring down the annual inflation rate by 0.3 percentage points and said it was equivalent to slowing expected 48 percent corporate lending growth in 2008 by about 2 percentage points.
Corporate lending grew by 70 percent in the first quarter and the central bank's deputy chairman Gennady Melikyan said last week he was worried about Russian banks growing too fast and lending too much despite the global economic slowdown.
Russia's top banks Sberbank <SBER03.MM> and VTB <VTBR.MM> reported healthy results for 2007 but warned of an imminent slowdown later this year. Both banks lobby for access to cheap government cash.
NO SLOWDOWN
The rise in reserve requirements came as the largest Russian banks and corporations have returned to capital markets after a pause caused by the global credit crunch with banks like VTB <VTBR.MM> issuing a $2 billion Eurobond last week.
The Russian banks have made a lucrative business of borrowing cash at low interest rates abroad and lending it at home at effective interest rates which have in the past reached as much as 50-70 percent per year.
The requirements are the central bank's second most powerful anti-inflation monetary policy tool after the rouble exchange rate but the central bank has so far been reluctant to revalue the rouble due to speculative capital inflow fears.
A number of large Western investment banks advised their clients to go long on the rouble in anticipation of a revaluation after the inauguration of President Dmitry Medvedev to bring inflation in line with the governments' forecasts.
The central bank, which runs a managed float of the rouble against the dollar/euro basket, dismissed the recommendations as talk of irrational investors and moved to introduce greater volatility in the forex market to confuse speculators.
Medvedev's new Prime Minister and former President Vladimir Putin this month said his government was prepared to tolerate double-digit inflation for some years, squashing revaluation rumours.
Russia lifted capital controls in 2006 exposing its economy to volatile capital flows but left the fixed exchange rate regime in place, which made guessing about the timing of the revaluation a favourite game among investors.
"This move, unlike the interest rates rise or the revaluation of the rouble, will not bring speculative capital and may tie up excess liquidity," said Yaroslav Lissovolik from Deutsche Bank.
The move, although viewed as significant, still leaves the Russian reserve requirements well below China's level of 16.5 percent for big banks and analysts say there is room for more hikes in the future.
"If banks will start borrowing on international capital markets, we are likely to see more rises of mandatory reserve requirements," said Orlova. (Additional reporting by Dmitry Sergeyev) (Reporting by Gleb Bryanski) ((gleb.bryanski@reuters.com ; +7 495 775 1242; Reuters Messaging: gleb.bryanski.reuters.com@reuters.net;editing by Ian Jones))
Keywords: RUSSIA CBANK/
Next: UPDATE 2-Russia c.bank raises bank reserve requirements