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The Real Estate Institute of Australia (REIA) Home Loan Affordability Report found average loan repayments consumed 31.9 per cent of median weekly family income in the March quarter.
That was down from 32.3 per cent in the December quarter. although it was slightly higher than the 31.4 per cent recorded in the previous March quarter.
The most affordable location was Canberra. with the proportion of family income required to pay the average loan dropping to 18.8 per cent from 19.9 per cent.
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Home loan affordability improved slightly across Australia in the March quarter. but NSW remains the most expensive place to buy a home. a new report shows.
The Real Estate Institute of Australia (REIA) Home Loan Affordability Report released Tuesday found in NSW. 35.4 per cent of family income was required to pay the average loan in the March quarter.
That was down from 32.3 per cent in the December quarter. although it was slightly higher than the 31.4 per cent recorded in the previous March quarter.
"You would hope there would have been a greater improvement in home loan affordability. based on the fact prices in most states have stabilised." he said.
The most affordable location was Canberra. with the proportion of family income required to pay the average loan dropping to 18.8 per cent from 19.9 per cent.
Canberra became the most affordable due to rising house prices in the Northern Territory. where home loans consumed 19.1 per cent of family income in the March quarter. up from 18.6 per cent in the December quarter.
"While this is an improvement on the very low average of 15.1 per cent during the period July 2002 to June 2005. unfortunately the return of first home buyers to the market has been slow."
Real Estate
Course nets 'eco-friendly' brokersby Jason StarrMail Staff WriterAs awareness of alternative building materials and residential energy sources increases among Chaffee County consumers. two local real estate brokers will be ready to meet the market.Terri Dunn of Pi'on Real Estate Group recently completed online certification to become the county's first eco-broker. Kathleen Nelson of United Country Premier Brokers is working to finish the same online curriculum offered at ecobroker.As eco-brokers. they will represent 'green?built with materials such as straw bale and tires ?and energy efficient homes that use solar or other sources for power. They will also help buyers find parcels suited for alternative homes and help connect them with local green builders.For Dunn. it's a lifestyle. She lives in a solar-powered straw bale and tire house in a meadow near Wellsvillve.'Terri lives it daily. owner of Pi'on Real Estate Group. 'This is truly authentic for her.?BR>Nelson said information in the online certification course has already become useful in her job. What she's learned about the toxicity and mitigation of mold. asbestos and radon can be useful to all homebuyers. 'It's really helping me have more expansive knowledge. which can only help me provide better service.Nelson said. 'For homebuyers. it's nice to have this information to help people through the process.?BR>Nelson and Dunn also learned about expanded loan options for energy-efficient homes or to outfit older homes with energy-efficient systems.'We're starting to see consumers getting more savvy and seeking out these types of buildings.Nelson said.Dunn agrees.'There's a huge community of eco-minded people (in Salida).she said. 'A lot more people are wanting to become sustainable and I want to help them.?BR>Helping people live more sustain ably is a start to tackling more global energy issues. Nelson said.'A lot of it is so pertinent to what's going on in our world.she said. 'It firmly resonates with my personal beliefs.?
Real Estate
The Associated Press reported that the National Association of Realtors expects housing prices to rise 0.8 percent in 2006. The story should have specified that the figure refers to prices for new homes. NAR also expects prices for existing homes to rise 5.3 percent for the year.
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Real Estate
the Mortgage Bankers Association (MBA) cited fourth quarter 2004 figures in reporting a decline in the rate of delinquent payments on and pending foreclosures of residential mortgages since both the third quarter of 2004 and the end of 2003.
MBA's 132nd quarterly survey (dating back to1970) covers 38.7 million first mortgages on one-to-four unit residential properties. The survey base itself has increased dramatically. now reviewing the status of 500.000 more loans than in the previous 2004 report and 1.5 million more than in the year-end 2003 survey. It now covers over 80 percent of the approximately 48 million mortgage loans outstanding in this country. and includes more than half of the non-prime mortgage market.
MBA collects information by loan type (prime. fixed rate (FRM) and adjustable (ARM) mortgages.) and by guarantor. (Federal Housing Administration (FHA) and Veterans Administration (VA.)) Fannie and Freddie are included in the prime figures. In other words. the survey is a pretty comprehensive picture of what is going on out there.
Since the fourth quarter of 2003. delinquency rates (gathered in 30 day. and 90 day plus "buckets) fell for all loans types. Prime loans were down from 2.37 percent to 2.22 percent and sub-prime loans from 11.53 percent to 9.88 percent. FHA loans were down two basis points to 12.21 percent. and VA loans dropped 103 basis points to 6.96 percent.
Prime loans decreased both in the last quarter and the last year: fixed rates down 11 basis points since the third quarter and dropping from 2.11 percent to 2.04 percent. seasonally adjusted since 2003. ARMS were down 70 basis points to 2.11 percent for the year; 12 basis points on a quarterly basis.
The real story. is the delinquency rates for sub-prime loans. FMAs in this category were down 143 basis points (to 9.07) and ARMS a dramatic 338 basis points (to 9.52 percent) on an annual basis. Quarterly figures are -60 and -70 basis points respectively. MBA offered no specific explanation for these sub-prime drops.
differ. and so does the time-line for pending foreclosures which can take two or three year to resolve in states utilizing a "judicial foreclosure process. the "foreclosure inventory." those homes that are in active foreclosure. has decreased slightly (6 basis points to 0.49 percent) for prime loans and a rather dramatic 165 basis points for sub-prime.
Actual foreclosures also decreased for sub-prime loans. They were down 2.10 percent to 1.37 percent. Prime loan and VA foreclosures remained virtually unchanged (0.20 percent and 0.48 percent respectively.)
Bucking the trend. were foreclosures of FHA loans. In the fourth quarter of 2004 these set a record high rate of 0.91 percent. since last quarter. the seasonally adjusted percentage of new foreclosures (those just moving from delinquent into the foreclosure inventory category) increased 2 basis points for prime loans. 11 basis points for sub-prime. and 7 basis points for FHA loans while decreasing .03 percent for VA guaranteed loans.
In a telephone press conference following the noon release of data. MBA's chief economist and senior vice president commented on the figures and made a few projections for the future.
Mr. Duncan cited the 4 percent growth in the U.S. economy during the fourth quarter of 2004. and continued low interest rates as major contributors to the improved delinquency rate. On-time mortgage payments. constitute 96 percent of all payments. He predicted that slow but steady economic growth and a commensurate increase in jobs would likely mean continued declines in delinquencies for the next few quarters.
However. Mr. Duncan cited the need to monitor the many "young" portfolios. The rash of new home purchases and refinances. particularly of the cash-out variety. and the continued popularity of ARMs. may present problems in the future. Historically. new loans perform well. but as they age more problems arise. The very young loans that are out there in large numbers may prove vulnerable to problems down the line. Cash-out loans were down .03 percent in the fourth quarter (to 56% of all refinances. and ARMs continue to represent about a third of the mortgage market. ARMs may present a risk if rising rates cause uncomfortable increases in monthly payments once the initial loan period ends and rates adjust.
In response to questions. Mr. Duncan said that the spike in FHA foreclosures is probably a result of declining "good credit" in the FHA loan base. Private markets are producing new products that have eroded FHA market share. computerized underwriting has moved some households out of the FHA customer base into sub-prime or even prime markets. and rapid appreciation of house values has allowed many FHA customers to refinance into conventional loan products. Processing of FHA loans is also more expensive. leading lenders to steer away from FHA loans where other options are available. The result. is a weaker or higher risk portfolio. This. is a problem that must be dealt with and a task force is now studying the problem.
High real estate appreciation areas such as California have been to an extent. immunized against delinquencies and foreclosures. presenting homeowners with a ready market if they must bail out of mortgages because of financial difficulties. As home value escalation slows. regulators should be watching these high cost areas. alert to patterns in the composition of new loans and any weakness in underwriting
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Real Estate
The state's largest real estate association is actively supporting an effort to further limit the growth of property taxes in Rhode Island. arguing that excessively high taxes add to the housing-affordability problem.
Property taxes are a barrier for many young people trying to buy their first house. force some elderly homeowners to sell their houses sooner than they otherwise would. and prompt some baby boomers to leave the state for more tax-friendly havens. according to Susan Arnold. chief executive of the Rhode Island Association of Realtors.
Arnold testified before the House Finance Committee last week in support of a bill sponsored by Rep. Thomas Winfield. that would restrict the growth of state income taxes and local property taxes. Annual increases in property taxes would be limited to 4 percent a year. tightening the current 5.5-percent limit. The bill would also limit the total property tax levy in each city or town to 2.5 percent of the municipality's overall property value. The bill would require a voter-approved constitutional amendment before the spending limits would take effect.
How much do property taxes affect the Rhode Island real estate market? When choosing a community to live in. many factors come into play. such as proximity to the workplace. or the quality of the public schools. for families with children. The property taxes in a particular city or town may not be the deciding factor when choosing a place to live. "it decreases affordability."
Arnold said Rhode Island property taxes are the sixth highest in the country. but the state is only 13th highest in income. "That is not a favorable comparison to our sister states." she said. Connecticut is first in income. and has the eighth-highest property taxes; Massachusetts is number two in income. and has the 17th highest taxes.
"A lot of people don't feel they get the value for their dollars." Arnold said. "The schools. municipal and state services. are not the best in our country. and they should be."
Gretchen Varkonyi. an agent with Keller Williams. said most Rhode Island buyers are "savvy" about the property tax situation and don't express dismay about taxes when they are looking at properties. The tax information on a particular house or condominium is available. online and on printed listing sheets. she said.
For instance. if a bank approves a couple for a purchase of up to $275.000 for a house because they know they'll want to include their property tax payments with their monthly mortgage check. Varkonyi said. And lenders look at the taxes when considering mortgage applications.
In her presentation to legislators. Arnold included a calculation of property taxes as a percentage of monthly mortgage cost for a median-priced house in each of the state's 39 cities and towns (see chart). The house price was based on the median in each community. not the state median.
The town with the smallest property tax bite. according to this calculation. was Little Compton. followed by Barrington at 33.4 percent. The 2005 median house prices in those communities were $260.000 (Barrington).
Why did Little Compton fare so well in this survey? One might point out that house prices are so high in Little Compton that taxes. as a percentage of mortgage cost. would naturally seem lower. But Barrington housing prices are also high. and that town was also rated as a high-tax town. Little Compton Town Council President Robert Mushen says other factors are at play: the town offers few services and has made it a priority to keep spending under control.
"It's a combination of things." Mushen said. There are no municipal water. sewer or trash-pickup services in Little Compton. The town operates only one school. for children in kindergarten through eighth grade. and sends its public high school students to Portsmouth High School.
Also. "we've been quite invested in getting all the town departments together in terms of their needs . . . to try to hold the line on expenses to the extent we can." Mushen said.
"We don't have a large infrastructure to maintain and we try to be very careful in what we spend money on. an elected official. also serves as the town's administrator. meeting a 4-percent cap in annual budget increases would be "a challenge." Mushen said. "I'm an advocate for that as a target." he said. "What I foresee as being the deal-busters are energy costs and health-care costs."
Cranston Finance Director Jerome I. Baron said Cranston's ranking as the highest-tax municipality in Rhode Island means the Realtors association's study is "flawed in the way it's approached" the issue. "They're not comparing it to what you're getting" in services. he said.
In Cranston. a "quality school system. professional public safety and trained emergency response" providers are part of the package. Baron said. There are communities without those services. "but I don't think I want to live there."
Baron said that if the 5.5-percent limit on property tax increases is cut to 4 percent. "we'll cut out education and public safety and reduce taxes. People might not like what is reduced."
Yet. high property taxes "are a problem that needs to be addressed." Baron said. "There is an over-reliance on the property tax throughout New England."
Gary Sasse. executive director of the Rhode Island Public Expenditure Council. a business-backed group. said there are "efficiencies" that can be made on the state and local levels to reduce tax growth. Because education costs are a majority of most municipal budgets. more shared services or regionalization might be explored. he said.
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W? or approximately $385 million in the aggregate. in connectionwith its plan to convert to a real estate investment trust (REIT).
Longview Fibre also announced that it has amended its seniorsecured credit agreement to. among other things. provide for a new$300 million term-loan facility. Loan proceeds from the new facilityhave been applied to retire all of the $215 million principal amountof the company's 10% senior subordinated notes due 2009 and to payrelated fees and expenses. The new term-loan facility. which wasarranged by Banc of America Securities LLC. N.A. andGoldman Sachs Credit Partners. will also be used to finance thecash portion of the special distribution.
"We are pleased to announce that we have completed our refinancingand will shortly complete the special distribution." said Richard H.Wollenberg. Longview Fibre's President. Chief Executive Officer andChairman of the Board. "This represents the last significant milestonein our REIT conversion process."
The special distribution will be payable on August 7. 2006 toshareholders of record at the close of business on June 26. 2006. Thecompany's common stock is expected to begin trading "ex-dividend" forthe special distribution on June 22. 2006.
The aggregate amount of cash payable to shareholders in thespecial distribution. other than cash payable in lieu of fractionalshares. will be limited to $77 million. or approximately 20% of thetotal amount of the special distribution. Subject to the limitation onthe aggregate amount of cash included in the special distribution. foreach share owned at the close of business on the record date for thespecial distribution. shareholders may elect to receive either (1)$7.54 in cash or (2) shares of Longview Fibre's common stock having amarket value of $7.54. determined based on the average closing priceper share of the company's common stock on the New York Stock Exchangeon the first three trading days after the July 26. 2006 electiondeadline. except that the special distribution will be made only incash on any shares that are at the close of business on June 26. 2006(a) registered in the name of a record holder that owned fewer than100 shares of record or (b) owned in any lot of fewer than 100 sharesthrough a bank. broker or other nominee holding those shares in"street name" on behalf of the shares' beneficial owner. If the totalamount of cash to be included in the special distribution. other thancash to be paid in lieu of fractional shares. would otherwise exceed$77 million. then cash payments to shareholders that elect to receivecash will be prorated. If the aggregate number of shares of thecompany's common stock a shareholder would otherwise receive in thespecial distribution consists of a fractional share or a whole numberof shares plus a fractional share. such shareholder will receive. inlieu of that fractional share. an amount of cash equal to the marketvalue of that fractional share determined for purposes of the specialdistribution as described above.
A prospectus and election form for the special distribution willbe mailed to shareholders promptly after June 26. 2006 and willdescribe in more detail the special distribution and the process bywhich eligible shareholders may elect to receive the specialdistribution in the form of cash and/or shares of the company's commonstock. The company expects the special distribution to be a taxabledistribution to its shareholders. without regard to whether aparticular shareholder receives the special distribution in the formof cash. shares of the company's common stock or a combination of cashand shares of the company's common stock.
Shareholders with questions regarding the special distributionshould call Innisfree M&A Incorporated. the company's informationagent for the special distribution. toll-free at 877-750-9499 (banksand brokers may call collect at 212-750-5833). The transfer agent forthe company's common stock is Wells Fargo Shareowner Services. MN 55164-0854. Wells Fargo Shareowner Serviceswill act as the paying agent for the special distribution.
Longview Fibre Company is a diversified timberlands owner andmanager. and a specialty paper and container manufacturer. Usingsustainable forestry methods. the company manages approximately587.000 acres of softwood timberlands predominantly located in westernWashington and Oregon. primarily for the sale of logs to the U.S. andJapanese markets. Longview Fibre's manufacturing facilities include apulp-paper mill at Longview. Washington; a network of convertingplants; and a sawmill in central Washington. The company's productsinclude: logs; corrugated and solid-fiber containers; commodity andspecialty kraft paper; paperboard; and dimension and specialty lumber.Longview Fibre press releases. SEC filings and Annual Reports areavailable at no charge through the company's Web site atlongviewfibre.
Except for historical information. the statements made in thispress release are forward-looking statements made pursuant to thesafe-harbor provisions of the Private Securities Litigation Reform Actof 1995. Forward-looking statements are based on certain assumptionsor estimates. discuss future expectations. describe future plans andstrategies. contain projections of results of operations or offinancial condition or state other forward-looking information. Thecompany's ability to predict results or the actual effect of futureplans or strategies is inherently uncertain. Although the companybelieves that the expectations reflected in such forward-lookingstatements are based on reasonable assumptions. actual results andperformance could differ materially from those set forth in theforward-looking statements. Forward-looking statements in some casescan be identified by the use of words such as "may." "propose" or other similar words or expressions. Theforward-looking statements in this press release include statementsconcerning the special distribution and the financing thereof.Forward-looking statements are based on the company's estimates andprojections on the date they are made. and are subject to a variety ofrisks and uncertainties. Factors which could cause events.circumstances or actual results to differ materially from theforward-looking statements include. but are not limited to: theoccurrence of events that require a change in the timing of thecompany's REIT election; the company's ability to satisfy complextechnical rules in order to qualify for or maintain REIT status and tooperate effectively within the limitations imposed by those rules; andunforeseen developments in the company's business or in financialmarkets that could adversely affect the company's ability to satisfythe conditions for borrowing additional amounts under its creditagreement.
Readers are cautioned not to place undue reliance on any of theforward-looking statements in this press release. which reflect theviews of company management as of the date hereof. The company cannotguarantee future results. levels of activity. performance orachievements. The company does not undertake any obligation to updateany of the forward-looking statements contained in this press release.For additional information about factors that could impact futureresults. see the risk factors in the company's most recent annualreport on Form 10-K on file with the SEC.
The issuer may file a registration statement (including aprospectus) with the SEC for the offering to which this communicationrelates. Before you invest. you should read the prospectus in thatregistration statement and other documents the issuer has filed withthe SEC for more complete information about the issuer and thisoffering. You may get these documents for free by visiting EDGAR onthe SEC Web site at sec.gov. Alternatively. the company willarrange to send you the prospectus after filing if you request it bycalling Innisfree M&A Incorporated. the information agent for thespecial distribution. toll-free 877-750-9499 . You may also accessthese documents through the link to Longview Fibre Company's SECfilings on the investor relations portion of the company's Web site atlongviewfibre.
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June 14 (Bloomberg) -- Mortgage applications in the U.S. rose for the first time in four weeks. suggesting the decline this year in the housing market will be gradual.
The Mortgage Bankers Association's index of applications to buy a home or refinance an existing loan increased 7 percent. the most since the end of April. to 571.9 last week from 534.4. The gauge is still down 34 percent from the same time last year.
Higher borrowing costs are likely to cause sales to fall after five record years. according to forecasts by the National Association of Realtors. Purchases this year may still be the third-highest ever as job gains and income growth keep the market from a more pronounced slowdown. economists said.
``There is still an underlying demand for homes. which should keep the mortgage index from going into freefall.' said Chris Rupkey. senior financial economist at Bank of Tokyo- Mitsubishi UFJ Ltd. in New York. ``The mortgage index has fallen for a few weeks. so it is not surprising to see a bounce in activity this week.'
The mortgage bankers group's refinancing index rose 10.6 percent. the most in a year. home sales are falling off. chief economist at Briefing in Boston. ``It bodes fairly poorly for the housing sector and the economy.'
The real estate market has contributed as much as half the U.S. economy's growth since 2001. according to estimates by Merrill Lynch & Co. economists. Housing will weigh on the economy this year as smaller price gains and higher interest rates curb refinancing. homebuilding and housing-related purchases and services. economists said.
With less cash from refinancing. consumer spending growth may slow to an average annual rate of 3.2 percent for all of 2006. a recent Bloomberg News survey showed.
To help cushion the blow to housing from higher borrowing costs. homebuilders are calling on Federal Reserve policy makers to end a series of 16 straight increases in interest rates that began in June 2004.
``This is the time for the Fed to pause on rate hikes because we have some interest-sensitive housing markets that have become vulnerable.' David Lereah. chief economist at the National Association of Realtors. said in a statement on June 6.
The National Association of Realtors estimates a 6.8 percent drop in sales of previously owned homes in 2006 from last year's record 7.08 million. The Washington-based group also forecasts new home sales to decline 13 percent from the 2005 high of 1.28 million.
The average rate on a 30-year fixed mortgage last week rose to 6.61 percent. close to a four-year high. from 6.6 percent. The rate has increased about 1 percentage point in the last year.
At last week's average 30-year fixed rate. monthly principal and interest costs for each $100. when the average rate was 5.62 percent.
Real Estate
SAN ANTONIO-With funding slated to close today. Titan Industrial Development is prepping to begin demolition work tomorrow on the first phase to the 350-acre East Kelly RailPort. Meanwhile. the developer has firmed up plans for the balance of its initial ground-leased land and is eyeing the takedown of a 30-acre option.
Don Wittschiebe. development director and partner in Titan's San Antonio division. tells GlobeSt that Wachovia Bank is scheduled to close a construction loan for more than $10.5 million. If all goes as planned. the Titan crew will start working the dirt by knocking down four buildings. to carve out a development site alongside the Union Pacific tracks for a 360. which has been half leased to the Houston-based grocer. Fiesta Mart Inc. Four other buildings. will be retooled for Rail Link International Inc. of Laredo. for a transload facility with nearly 2.000 feet of track frontage. It's the first spec space to be built in the inland port. which has direct rail connections to Mexico. Houston and Corpus Christi.
In recent weeks. Rail Link has added another seven acres to its long-term lease. bumping the total to 20 acres to further stoke the industrial redevelopment plan for East Kelly RailPort. formerly KellyUSA. Titan's development. estimated at $35 million. has been on the drawing board nearly 18 months while the Port Authority of San Antonio and Greater Kelly Development Authority have invested 10 years into the redevelopment initiative of the former 1.886-acre US Air Force base.
Wittschiebe says construction will be in full swing within a couple months. adding Rail Link is ticketed to be "up and running by Sept. 1." Fiesta will get its keys in early 2007. The leasing momentum for space quoted at $3.93 per sf triple net has prospects negotiating for the balance of the 360.000 sf of temperature-controlled space.
"Could phase two conceivably be under way before phase one is completed. yes" Wittschiebe says. And. many prospects are looking to lease not only Titan's rail-served space. but get some room in an upcoming air cargo project that dovetails with the authority's 12.000-foot runway extension. The dealmaking climate is such that Titan has opened talks to get more land under its control.
"We are definitely taking a major step in becoming a real player in the inland ports of North America." Wittschiebe says. "We're competing with AllianceTexas and Dallas." And like AllianceTexas. East Kelly RailPort is a foreign trade zone.
The Omaha-based Union Pacific's rail yard is the focal point for now. The Fort Worth-based Burlington Northern Santa Fe. which is in the midst of numerous massive intermodal projects coast to coast. has a separate switch access to the industrial park. The BNSF serves Toyota Corp.'s truck manufacturing plant. "We're hoping both railroads will look at this project as a relief valve so to speak." Wittschiebe says.
The Albuquerque-based Titan had Todd Jarmin with Wachovia Bank in Phoenix arrange the construction financing. Besides Wittschiebe. the San Antonio division includes partners Ron Mills and Barbara Patrick with Dallas-based MacFarlan Real Estate Investment Management at their side as an equity partner.
Real Estate
Despite the welcome release from prison expected today for newspaper director Mohamed Benchicou. critics of Algeria's government continue to risk reprisal in the form of a barrage of defamation suits and. dubious criminal charges. Human Rights Watch said today.
Such prosecutions and other pressures have significantly curbed press freedom in Algeria compared to seven years ago. when President Abdelaziz Bouteflika was first elected.
Director of the Algiers-based French-language daily Le Matin. Benchicou served the full two years in prison to which an Algiers court sentenced him on a currency offense. Before his conviction in June 2004. Benchicou and his newspaper had virulently criticized Bouteflika and other ministers in his government. In February of that year. two months before Bouteflika was elected to a second term. Benchicou published a biography entitled Bouteflika. an Algerian Fraud.
'Authorities claimed that Benchicou violated customs regulations to justify putting him in prison.said Sarah Leah Whitson. executive director of Human Rights Watch's Middle East and North Africa division. 'But his real crime was attacking the president and his associates at a time when they were determined to mute such criticism.?
Benchicou's legal troubles are not over. At least 10 libel complaints against him are making their way through the courts. including some filed by. public officials and institutions for articles published in Le Matin. In two cases. appeals courts have sentenced Benchicou to actual time in prison. sentences he has not been begun serving only because he has appealed the judgments to the country's highest court. the Court of Cassation.
In this respect. Benchicou's plight resembles that of the many other editors and journalists who have been in and out of court responding to defamation complaints against them for articles and political cartoons. In 2001. the government enacted amendments to the penal code stiffening punishments for verbal attacks on public officials. One provision specifically criminalized words or images deemed insulting or defamatory toward the president. punishing offenders with up to 12 months in prison and a fine.
Another provision provides the same penalties for insults and defamation directed at parliament. the justice system. the army or any other state body or public institution. Bachir Larabi. a correspondent in El-Bayodh for the daily El-Khabar. spent a month in prison earlier this year for 'defaming?local officials.
The criminal case for which Benchicou served two years in prison centered on his failure to declare to customs authorities certificates of deposit (bons de caisse) that he was carrying with him when he returned from abroad on August 23. border police at Algiers airport searched Benchicou's baggage in his presence and found certificates issued by a bank in Algeria and valued at 11.7 million Algerian dinars (U.S.$127.000). The agents photocopied and then returned the certificates. They let Benchicou go without informing him that he had broken any laws. or presenting him with a report to sign. or advising him to declare the certificates to customs authorities. Benchicou then proceeded through customs without declaring the certificates.
The following day. the state news agency sent out a news dispatch headlined ?000 dinars discovered in the baggage of the director of Le Matin daily.?The court then opened an investigation and three days later placed Benchicou under 'judicial control.confiscating his passport and preventing him from traveling abroad.
On June 14. the Criminal Court of El-Harrach tried and convicted Benchicou of having violated laws regulating the movement of funds. on the grounds that his certificates of deposit constituted a form of capital that the law required him to declare to customs authorities. The judge sentenced him to two years in prison and a fine of 20 million dinars (U.S.$217.000) and ordered him imprisoned immediately. Higher courts later confirmed the conviction while increasing the amount of the fine.
Benchicou's defense team argued that the law does not specify that certificates of deposit constitute funds that must be declared. nor does it imply as much since the certificates are more a receipt for a loan than they are like currency. and their 'movement?does not entail the movement of the funds behind them. which remain at a bank in Algeria.
The defense asserted that this was the first time ever in Algeria that the non-declaration of certificates of deposit had been prosecuted as a violation of regulations on the flow of funds. Benchicou was unaware that he was violating any law. and even the border police who found the certificates on him did not respond as if he had done so. the defense said.
During his two years in al-Harrach prison. Benchicou has continued to shuttle to court to answer to outstanding defamation charges against him. both for what he himself had written and in his capacity as director of Le Matin. On June 7 he appeared in court to respond to a complaint filed by the minister of energy and mines. over articles in Le Matin linking the minister to questionable real estate deals. The hearing was postponed until July 12.
In another case. Benchicou and colleagues are charged with defaming the defense ministry for an article charging that the agents of the gendarmerie ?a security force under the ministry's authority ?used violence and torture to suppress civil unrest in the eastern town of Tkout. The article. based heavily on victim testimony. ran shortly before Le Matin's closure in 2004.
Benchicou hopes to recover his passport upon his release. It was confiscated in 2003. when the court opened its criminal investigation against him. There would be no legal justification for withholding it now.
Benchicou's wife Fatiha Benchicou said her husband hopes to resume publishing Le Matin. It stopped appearing in July 2004 when the state-owned SIMPRAL press refused to continue printing it until it paid its outstanding bills in full. The preceding month. shortly after Benchicou's conviction. authorities seized the paper's assets. including its building in Algiers. and auctioned them off to pay taxes they said it owed.
Another daily newspaper critical of the government. when state-owned printers demanded payment of all bills within 48 hours. Ahmed Benaoum. the director of er-Ra? spent 11 months in pre-trial detention before an Oran court acquitted him. of trumped-up charges of tax evasion and falsifying official documents.
Access to state-owned printers is one of the indirect subsidies that authorities provide to much of the print media. The Algerian government sometimes denies or cuts such services as a way of pressuring or punishing more critical papers like Le Matin and er-Ra?
'When Mohamed Benchicou walks free today. Algeria will have no more journalists in prison.said Whitson. 'But until courts can ensure fair trials of government critics. and authorities repeal repressive defamation laws. he is unlikely to be the last.?
Gaza City: Israeli Artillery Strike Probably Killed Palestinian Family - Israel should immediately launch an independent. impartial investigation of a June 9 Israeli artillery strike on a beach north of Gaza City. Human Rights Watch said today. Seven Palestinian civilians picnicking on the beach were killed that day and dozens of others were wounded. See... Israel: Investigate Gaza Beach Killings
USA: Independent Investigation Must Be Held Into Deaths Of Three Guant'namo Detainees - Amnesty International today called for a fully independent investigation led by civilians into the deaths of three Guantanamo detainees after apparent suicides. The organisation also called on the US government to give the group of five UN experts immediate and unrestricted access to the Guant'namo detention centre. and in particular allow the experts to talk privately with detainees. See... USA: Investigation must be held. Guant'namo deaths
Weather: Hurricane Season Begins For South-East Coast of USA - The Atlantic Hurricane season for 2006 is expected to be one of the worst ever. Last year's season was in fact the worst ever to date. and will be hard to beat. so far 2006 is shaping up as expected. Nine days into the season what is now Tropical Storm Alberto started to form in the Gulf of Mexico. Four days later 20.000 Florida residents have been ordered to evacuate a section of the Florida coast which is expected to bear the brunt of an 8-10 foot storm surge in advance of the hurricane ?which according to the latest advisory is now not expected to be an actual hurricane on landfall in 18 hours. See... Supercomputer Weather: Hurricane Alberto?
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