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2019年11月13日 23:15:21 | 作者:放心新闻 | 来源:新华社
Sit on a swing, let someone push you, and away you go.坐上秋千,身后一人使劲一推,你便飞了出去,翱翔半空。But what happens if the person who pushed you walks away, and you want to swing faster and higher.但要是再身后推你的人走开了,而你仍想秋千荡得更高更快,那该如何?If youve ever been in the second grade, you know the solution to that.这个问题,只要你上了二年级,就知道该怎么做。Just startpumping your legs-stretching them forward then drawing them up underneath you-and youcan make yourself swing higher.首先用以摇晃双腿,再向前伸展开来,最后将腿滑向身体之下,秋千就能荡得更高。Have you ever wondered why this is?但你是否想过这是什么原理?Swings work by converting potential energy into kinetic energy, then kinetic energy back intopotential energy, over and over again.秋千的工作原理是将势能转化为动能,然后又将动能再转化为势能,一遍遍的重复这个过程。The kinetic energy is the fast part of swinging; its the speed you have as you rush back and forth.动能是秋千快的一部分能量,表现为来回运动时的速度。Potential energy is the high part of swinging.势能存在于秋千荡的的高度之中。The higher you go on the swing, the more potential energy you have.秋千荡得越高,所获得的势能也就越大。Even though youre not moving at the very top of each swing, you can think of your height asyour potential for speed.即使在秋千的顶点你并没有运动,但你仍然可以将你的高度认为是潜在的速度。A physicist would say that your kinetic energy-that is, your speed-is“stored” as potential energy at the top of each swing.物理学家会告诉你,动能,也就是速度,储存在每次摆动顶端的势能里。More height is more speed, just waiting to happen.这就意味着,荡得越高,速度也就越快。You can increase the energy of your swing in two separate ways.以下两种方式都可以增加摇摆的能量。If someone pushes you, that increases your kinetic energy.要是有人在身后推你,那将增加动能。By pumping your legs, you can increase your potential energy.摇晃双腿的方式,增加的是势能。By raising your legs at the top ofeach swing, you can raise the overall center of mass of your body, effectively raising the height ofyour swing.当双腿达到每次摇摆的顶部,身体重心也提高,这就有效的提升了秋千高度。Pump after pump, the energy you burn in your legs increases your swings potential energy.不断的摇晃,双腿产生的能量将增加势能。That extra height will add up, giving you a wilder swing ride.由此,秋千会荡得更高,更精。 201407/311127Mike: Amanda, Im dying to see that new Jim Carrey film that came out on Friday. I hear its one of his best performances ever.迈克:阿曼达,我真想去看电影,金·凯利新拍的电影周五就上映了。我听说那是他演艺生涯最精的一次表演。Amanda: Mike, you know Im not a fan of slapstick. If I were, Id watch Tom and Jerry cartoons instead. Can we go see something else, like a nice romantic comedy or even a thriller?阿曼达:迈克,你知道我对喜剧不感冒。如果我喜欢,我宁愿看卡通片汤姆猫和杰瑞鼠。要不我们去看其他电影,比如浪漫喜剧或者惊悚片?Mike: Jim Carrey is hilarious! Hes one of the most talented comedians alive today. Gosh Amanda, wheres your sense of humor?迈克:金·凯利太搞笑了!他是我这辈子见过的最有天赋的喜剧演员。哎呀,阿曼达,你的幽默感哪去了?Amanda: I honestly cant stand his manic acting and the silly faces he makes. Id rather stay at home and watch sitcoms on TV, or I could just pop in a DVD from my ;Friends; box set.阿曼达:说实话,我不能忍受他的演技和愚蠢的表情。我宁愿呆在家里看电视,或者我会去看爆笑的《老友记》。Mike: Oh, can I come over to your place? We can watch it together. ;Friends; is one of my favorite shows, too. Ive seen nearly every episode from all ten seasons. I think its the best show ever aired.迈克:哦,那我能来你的住处吗?我们可以一起看。《老友记》也是我最喜爱的一部电视剧。我已经把十季全部看完了。我觉得那是播出的最棒的电视剧。Amanda: Me too! My favorite character is Chandler—his one-liners always make me crack up. Actually, now that I think about it, you remind me of him sometimes.阿曼达:我也是!我最喜欢的角色是钱德勒——他的俏皮话总让人忍俊不禁。事实上,我想起来了,有时你会让我会想到他。Mike: Funny, I was about to say you remind me of Monica from ;Friends;—youre a neat freak just like her, and you love cooking!迈克:真有趣,我正要说你让我想起《老友记》里的莫妮卡——你和她一样干事井井有条,而且都喜欢做饭!原文译文属!201305/239648Finance and Economics;Spanish banks; False summit;财经;西班牙;远未结束;Mark down loans, raise capital, repeat;减少贷款,提高资金,重复此道;Like exhausted climbers nearing the summit only to find a higher peak beyond, Spains flagging banks face another push for the top. In February the Spanish government hoped at last to put an end to worries about lenders health when it asked them to set aside billions in provisions and to raise more capital. It also pushed for mergers to reduce capacity and improve margins in an overcrowded market.正如精疲力竭的攀登者接近峰顶时才发现前方还有座更高的山峰一样,西班牙疲弱的们面临着又一个困难。2月,西班牙政府要求按规定预留数十亿并筹集更多的资金,希望以此最终消除有关健康的担忧。政府还促使并购者们在过度拥挤的市场中减小规模,提高利润。These measures provide some comfort. Spains central bank says that since the middle of 2008, banks have set aside 112 billion Euro(148 billion Dollar) against loan losses. This year it asked them to set aside another 54 billion Euro in provisions and new capital (although this double-counted some write-downs that had aly taken place). With these plump cushions, Spains banks can shrug off losses amounting to about half of their loans to property developers. The IMF now reckons that Spains largest banks have enough capital to withstand most shocks, although its smaller and weaker ones remain vulnerable.这些举措带来了一些安慰。西班牙央行声称自从2008年中期以来,们已经预留了1120亿英镑(1480亿美元)来应对贷款损失。今年央行要求们再预留540亿英镑以及新的资金(尽管这样重复计算了有些已经发生的减记金额)。有了这些充足的缓冲,即使贷款损失高达房产开发商贷款总额的一半,西班牙的们也不屑一顾。现在国际货币基金组织认为西班牙的大们有足够的资金来抵御大部分冲击,尽管其较小较弱的依旧脆弱。European economy欧洲经济As a result of the write-downs, regulators have achieved one objective. Few investors now fret about property-development loans blowing up Spanish banks. The worry now is about all the other loans on banks balance-sheets, against which there are almost no provisions (see chart). Take residential mortgages, which have so far held up remarkably well. Less than 3% of residential mortgages have started to wobble, a surprise in a country where unemployment is close to 25%.监管者已通过减记达到了一个目标。现在很少有投资者担忧房产开发贷款会弄垮西班牙。现在的担忧是资产负债表上的其它贷款,而这些几乎没有预留资金。(见图表)。以目前为止表现还不错的住房按揭贷款为例,在一个失业率接近25% 的国家,只有不到3%的住房按揭贷款开始出现问题,这令人惊讶。Spanish officials argue that mortgage losses are so low because the loans were mostly issued to creditworthy borrowers with low loan-to-value ratios and no incentive to walk away from their debts. There was almost no subprime lending and little buy-to-let activity. Affordability has been helped by low interest rates.西班牙官员声称抵押贷款损失之所以如此之低是因为贷款大多发放给信誉良好的借款人,他们贷款价值比率较低,没有逃离其债务的动机。西班牙几乎没有次级贷款和随意贷款的行为。低利率也有助于确保付能力。Investors will take some convincing. “People just do not believe the numbers,” says one analyst. “There has been a lot of ‘extending and pretending or renegotiation of mortgages.” One mechanism by which banks are holding down bad loans is by encouraging struggling customers to switch from normal mortgages to ones where they repay only the interest. The latest data show that terms are being modified on some 26,000 mortgages a month.投资者们将会有些信。“人们只是不相信这些数字,”一位分析员这么说道。“有很多关于“扩大和假装”或是重新就抵押贷款进行谈判的说法”。阻止坏账上升的机制之一,就是鼓励那些苦苦挣扎的客户们从常规抵押贷款转向那种他们只需付利息的模式。最新的数据显示一个月之内就有26000份抵押贷款条约做了修改。The proportion of wobbly mortgages in Spain looks low when compared with those in Ireland. There the central bank and BlackRock, an asset manager, reckoned that actual lifetime losses on residential mortgages would range from 7% to 12% (meaning that rates of non-performing loans, some of which may in time start to perform again, could be higher still). Even if losses in Spain are far below those in Ireland, banks are still likely to need a lot more capital.与爱尔兰相比,西班牙的抵押贷款坏账比例看上去较低。爱尔兰央行以及某资金管理机构BlackRock认为,住房抵押贷款的实际寿命损失在7%至12%之间(意味着不良贷款率可能会更高)。即使西班牙的贷款损失远低于爱尔兰,们仍然可能需要更多的资金。Some investors reckon 60 billion-80 billion Euro is required to restore confidence. The IMF is coy about giving a number, but it too thinks more capital is needed, perhaps in asset-management companies set up to look after dud loans. But attracting private capital will be tough. That would pass the problem to the Spanish government, whose finances are under scrutiny, or to Europes bail-out funds, whose firepower is more limited than advertised.有些投资者认为重塑信心需要600-800亿英镑。对此谨慎的国际货币基金组织未给出具体数字,但它也认为需要更多的资金,也许正是那些用来监管不良贷款的资产管理公司需要更多的资金。但是吸引私人资本将会很难。这将会把问题转嫁给已接受财政审查的西班牙政府,或是火力比宣传的更为有限的欧洲纾困基金。 /201305/240003Sri Lankas Muslims斯里兰卡穆斯林Buddhist power佛教武装Another minority is under threat又一个少数群体遭受威胁Living in fear活在恐惧中FIVE years after the end of a bloody civil war that pitted Sri Lankas ethnic-Sinhala-dominated government against members of its Tamil minority, fears are growing about mounting violence along another of the countrys fault-lines—religion. On June 15th Sinhala Buddhist mobs rampaged through three towns on the southern coast, burning and attacking Muslim businesses and homes. Families cowered in marshes and took refuge in mosques as crowds banged on doors, baying for Muslims to come out. Some carried clubs, others flung petrol bombs.五年之前,主要民族僧伽罗人控制的政府军和泰米尔少数民族之间的血腥内战让斯里兰卡变得遍地弹坑。如今,对于该国不同宗教间不断增加的暴力冲突的担忧也越来越多。6月15日,僧伽罗佛教暴徒在南部沿海的三个城镇实施暴行,焚烧和袭击了穆斯林商店和居住地。大群暴徒敲打着穆斯林的家门,叫嚣着让他们滚出去。这些暴徒拿着木棒,挥舞着汽油炸弹,所以居民们只能退缩到沼泽或到清真寺里去寻求保护。The violence sputtered for nearly two days. Four people, three of them Muslims, were killed, and about 80 were injured. Calm was restored only when the army stepped in on June 17th. Outnumbered, the police and their special forces had struggled to beat back the mobs. Angry Muslims say many stood by and did nothing.暴行持续了两天,造成4人死亡,80人受伤。直到17日,军队进入事发地区后才恢复了平静。这之前,寡不敌众的警方和特殊武装一直在勉强对抗暴徒。愤怒的穆斯林表示很多军人只是在围观,而没有采取任何行为。The mobs were incited by an inflammatory speech from a Buddhist monk named Galagoda Aththe Gnanasara. A rabble-rouser like the Burmese monk, Wirathu, whom he recently visited, Mr Gnanasara leads an organisation called Bodu Bala Sena (BBS), or Buddhist Power Force, that supports militancy against minorities to preserve the dominance of the Buddhist majority. Muslims have been particular targets. Although just 10% of the population, they are making headway in business and finance. Most shops attacked this week were run by Muslims. Some were razed to the ground.这些暴徒是受到了佛教僧侣Galagoda Aththe Gnanasara讲话的煽动。Gnanasara是一个和缅甸僧侣维拉图一样的煽动者,他最近还拜访了后者。Gnanasara领导着一名为Bodu Bala Sena的组织,该组织持用武装力量打击少数教派来保住多数人信奉的佛教的统治地位。穆斯林被列为主要的打击对象。只占10%的人口的穆斯林在贸易和财政行业表现出色。本周受到袭击的店铺大多为穆斯林经营的。但其中不少被夷为了平地。The BBS organised a rally in the town of Aluthgama at which Mr Gnanasara raged that any “marakkalaya”who laid a finger on a Sinhalese was doomed. His timing was pointed. Three days earlier hundreds of angry people had surrounded the Aluthgama police station after a Muslim man assaulted the driver of a Buddhist monk following a traffic dispute. The monk claimed that he too had been wounded. The government was blamed for allowing the BBS meeting to take place so soon after the incident. The inspector-general of police said he had thought the rally would end peacefully. Muslim parliamentarians countered that they had tried hard to stop it from going ahead. Mr Gnanasaras hate speech clearly violates the law. Nor is this the first time he has incited violence against Muslims. He has not yet been arrested for his latest speech, though on June 17th the police got a court order to stop another BBS rally. They have been authorised to shoot violators.“佛教武装力量”曾组织在Aluthgama镇发起了一次集会,集会上Gnanasara愤怒地表示任何一个动了僧伽罗人的“marakkalaya”都完蛋了。他刻意选择了这个时机。3天前,因为一名穆斯林男子在一次交通纠纷后袭击了佛教徒司机,数百民愤怒的民众包围了Aluthgama警察局。这个佛教徒司机称自己也受了伤。在事故发生后这么短的时间内居然让“佛教武装力量”举行了集会,政府因此饱受指摘。警察总长表示,他本以为集会和平结束。穆斯林议员们也反驳说,他们已经为阻止集会发生做了很多努力。Gnanasara充满恶意的演讲明显违反了法律,而且这已经不是他第一次煽动对于穆斯林的仇恨。目前,Gnanasara还没有因为最近的这次演讲而被逮捕,但警方在6月17号接到了阻止“佛教武装力量”集会的法庭命令。他们也被允许对反抗者开。The local press has largely ignored or played down the rioting. As it was under way President Mahinda Rajapaksa was in Bolivia at the G77 summit, tweeting breezily about climate change. After being criticised for his apparent insouciance, he did take to Twitter again to pledge to “bring to book” those responsible. He has promised an investigation and has said the government will rebuild destroyed houses and shops. But his government will find it hard to portray itself as a staunch defender of its Muslim minority.大部分地方媒体忽视或是淡化了这次暴动。正在玻利维亚参加77国集团峰会的马欣达·拉贾帕克萨总统也是如此,他轻描淡写地发布着关于气候变化的推特。被批评为漠不关心后,总统又再发推特,保会“谴责”这些不负责任的人。他还承诺会展开调查,并表示政府将修复被摧毁的房屋和店面。但是拉贾帕克萨政府很难让人相信他们会成为为穆斯林少数群体坚定的保护者。 /201407/309314

Business商业报道Business and geopolitics商业与地缘政治学Enter the G20走进G20Business hopes to be heard at next weeks G20 summit商界希望下周的G20峰会能倾听到自己的心声WHEN the G20, a group of governments from the worlds biggest economies,本月晚些时候,世界上最大的20个经济体组成的集团,meets in Los Cabos, Mexico, later this month, business will have a seat at the table.G20将在墨西哥的洛斯卡沃斯召开会议,这一次,商界将也要出席这次会议。The bosses of more than 300 large companies will be at the same beach resort for the fourth summit of the B20, a group that tries to persuade governments to be more business-friendly.超过300个大公司的总裁将会在同一个海滩度假胜地迎来第四次B20峰会。B20这个集团组织的宗旨是游说政府对对商业更加友好。For the first time, B20 leaders will be invited to address the assembled politicians.这是B20的领导第一次受邀在政治家云集的峰会上演讲。They will give advice on matters ranging from infrastructure to jobs,这些商界领袖将会针对从基础设施到就业等重大问题,向大会献计献策。but the B20s most useful role may be as a watchdog.不过B20最有益的作用或许是充当监督者。The politicians at these powwows have a reputation for saying one thing and doing another when they return home.众所周知,参加这类会议的政客回国后,常常说一套做一套,甚至光说不做。To hold them to account, the B20s chairman, Alejandro Ramírez, touts a new performance dashboard.为了让他们说到做到,B20主席亚利桑德罗·拉米雷兹竭力推荐实施一种全新的绩效榜机制。This dashboard, prepared with input from the International Chamber of Commerce, the McKinsey Global Institute and the University of Toronto, will track each G20 countrys progress in keeping promises made at each years summit.这个绩效榜上待评价的指标是由国际商会、麦肯锡全球研究所和多伦多大学共同编写的。每年G20 国家都会在峰会上做出承诺,绩效榜将跟踪每个G20 国家在实现承诺的进展情况。Initially, the dashboard will focus only on commitments directly relevant to business.最初,绩效榜将关注与商业直接相关的承诺。The Economist has seen a draft dashboard, minus the country names.《经济学人》杂志同僚曾经见到过绩效榜的草稿,略去了国家的名称。It tracks progress made between the 2010 and 2011 G20 summits on 13 categories of pledge.它跟踪调查了2010年G20峰会和2011年峰会间,13类承诺的实现情况。They include improving the financial system, fighting climate change, promoting free trade and curbing corruption.这些承诺包括:改善财政体系,积极应对气候变化,促进自由贸易并整治腐败。It makes dismal ing, in places.绩效榜上有些国家的表现十分低迷。On trade, only four of the G20 did what they said they would.在贸易方面,只有4个国家信守了承诺。Five made no progress at all, or regressed.5个国家没有实现任何进展,甚至有所倒退。Pledges to fight corruption, manage exchange rates sensibly and price fossil fuels to reflect their carbon emissions were also widely breached.包括打击腐败,合理控制汇率,对矿物燃料定价使其能够反映其碳排放多少等在内的许诺大部分都没有兑现。The dashboard ought to embarrass people who deserve to be embarrassed.绩效榜应该然让那些理应蒙羞的人感到难堪。But although it has been shown to the G20 governments, the B20 is dithering about whether to publish it.但是,尽管G20各国政府都看到了这个绩效榜,但B20却对是否发表这个榜单犹豫不决。Fans of good government will be disappointed. What use is a watchdog that does not bark?有信誉的政府的持者可能会感到失望。但是,要是看门不叫的话,要它何用?For now Mr Ramírez, whose day job is boss of Cinépolis, a Mexican cinema chain, will say only that Australia has performed best, making progress on every pledge, whereas Argentina has performed poorly.作为B20主席,拉米雷兹的日常工作是担任一家名为辛普利的墨西哥影院连锁的总裁。仅就目前而言,拉米雷兹只能说澳大利亚的表现是最好的,在每一个承诺上都做出了成绩,相反,阿根廷表现很差。No surprises there.这点不足为奇,Australia has grown rich selling food and minerals to China, and is rolling out the welcome mat for foreign talent.澳大利亚通过向中国出售食品和矿产而大发横财,并展开怀抱,积极引进外国人才。Argentina, in contrast, cannot even keep honest inflation statistics, and has a nasty habit of nationalising foreign companies.相反,阿根廷甚至在通胀数据上都不能诚实一点,并有个恶劣的习惯——将外国企业收归国有。Following a disappointing B20 last year in Cannes, when the politicians lectured the bosses but did not listen,去年在戛纳召开的B20峰会令人不快,因为政治家们批评了商界总裁,但却没有听取他们的意见。Mr Ramírez has been doing all sorts of sensible things to make the B20 seem more than just a club of rich grumblers.自此之后,拉米雷兹采取各种各样的明智的手段,以使B20看上去不仅仅是个爱发牢骚的富人的俱乐部。He has invited NGOs and other outsiders to join its deliberations.他邀请了许多非政府组织和旁观者参与到自己的讨论中来。Barbara Stocking, the head of Oxfam UK, is on the B20s food-security task force. John Evans, a veteran trade-union official, is on its employment task force.英国乐施会的负责人芭芭拉·斯托金已经加入到B20的食品安全特别小组。资深工会领导人,约翰·埃文斯已成为其就业特别小组成员。But a pressure group is measured by results, not intentions.压力集团是否起作用靠的是结果而非意图。The B20 has yet to prove itself.这一点上,B20有待明自己。 点击此处下载本期经济学人讲解PDF与音频字幕 /201307/246742

Corporate governance企业管治Nasty medicine一剂苦药The return of the poison-pill defence毒丸防御重出江湖POISON pills are again being dispensed by corporate America with all the enthusiasm of an exterminator in a rat-infested basement. The metaphorical rodents nowadays are not just hostile bidders—the pests that the poison-pill defence was designed to exterminate, back in the 1980s—but in some cases shareholders simply trying to change the way companies are run.在束手无策的鼠患下,美国公司再次祭出了“毒丸”这项的杀招。在上世纪80年代,“老鼠”仅表示资本市场上的恶意收购者,而这也是毒丸防御系统最初的针对目标。但在如今的某些情况下,“毒丸”所对付的对象也转向了一些试图改变公司营运方针的股东。In a typical poison-pill scheme, the board of a company makes a rule that if anyone buys more than a certain percentage of its shares, it will issue lots of stock to all other shareholders, dramatically reducing the first investors stake. In Britain, which has long taken a more positive view of hostile bids, poison pills are all but banned. In America, the courts have repeatedly held them to be legal. But they had become scarcer in recent years, as takeovers dried up and shareholders got some schemes dismantled. Now, Mamp;A is booming, activist investors are back on the warpath and defences are being rebuilt.在一般的情况下,实施毒丸防御的公司,由公司董事会事先通过一项股权摊薄条款,一旦出现收购者收购公司一定比例的股份,即触发该条款生效,使公司原有股东可以较低的价格获得公司大量股份,从而稀释收购方的股份。在英国,人们对待恶意收购的行为是比较积极的,因此毒丸防御成为了明令禁止的条款。而在美国,法院则三番五次地站出来为毒丸防御的合法性背书。但由于近年来收购案的减少以及公司股东们对阴谋的沉着应对,使用“毒丸”的情况也愈发罕见。如今,随着企业并购案的迅猛增长,活跃的投资者重返战场,这也意味着股东们的防御计划也得随之重启。On June 28th the board of American Apparel, a clothing retailer, enacted a poison-pill scheme. It is seeking to avert a less-than-friendly takeover by its former boss, Dov Charney, whom the board had removed ten days earlier over some as-yet unspecified allegations of misconduct. Mr Charney has sealed a partnership with Standard General, a hedge fund, with the help of which he now controls a 43% stake.6月28日,装零售商美国饰的董事层实施了毒丸防御计划。美国饰正极力避免一场不太友好的收购,而其收购方正是该公司的前任老板多夫·查尼。正是在十天前,多夫·查尼由于一些至今仍未指明的不当行为被公司逐出了管理层。查尼先生已与基金公司Standard General达成了合作协议,而目前在后者的帮助下,他已经控制了美国饰43%的股权。The previous day a lawsuit over the poison pill adopted by Allergan, best known for its Botox anti-wrinkle treatment, was settled out of court. It had been brought by Pershing Square, a fund run by one of the most prominent shareholder activists, Bill Ackman. He won an agreement from Allergan that its defences would not be triggered by his collaboration with other shareholders to call a special meeting to elect new board members.先前的一宗与肉毒素生厂商美国爱力根(Allergan)有关的毒丸防御案件当中,矛盾最终在庭外得到了解决。由活跃投资人威廉·阿克曼执掌的资产管理公司潘兴广场对冲基金正是本案中的收购方。在与爱力根股东会面的特别会议中,阿克曼与其他股东的意见达成了一致,通过该会议选举出了新任的董事会成员,从而避免了一场毒丸防御战。Pershing Square, which has just less than the 10% stake at which the poison pill is triggered, has teamed up with Valeant, another medical company, to bid for Allergan. Its defences may prevent them from pursuing their bid in the conventional way, by continuing to buy shares. But the out-of-court agreement opens the way for them to achieve their objective by putting new people on the board who would be more open to a takeover.在潘兴广场的持股比例快到10%之际,爱力根的董事层便实施了毒药防御计划,而前者则随即与另一家医疗公司威朗合作,对后者进行收购。通过定向增发股份的传统方法或许能够阻止他们常规手段的收购,但对于利用庭外协议往董事会中插入新成员的方法,使得收购方能够在更开放的董事持下达成控制的目标。Earlier last month Family Dollar, a discount retailer, created a poison pill after Carl Icahn, another activist, bought just under 10% of its shares amid speculation that he was planning to engineer a merger with Dollar General, a competitor. And News Corporation renewed its poison-pill scheme, allowing Rupert Murdoch and his family, with their 39.4% stake, to fend off any attempt to take over the company now it has been split from 21st Century Fox, its former entertainment arm.在上月的早些时候,折扣零售商家庭美元在投资商卡尔·伊坎购入不到10%的股权的情况下,便实施了毒丸防御计划。据猜测,伊坎正准备推动家庭美元与另一家竞争对手达乐公司进行合并。与此同时,和21世纪福克斯公司正式分家了的新闻集团正通过改变自身的毒丸防御计划,允许鲁伯特·默多克和他的家族成员以合计39.4%的股份,与外来收购方进行对抗。But these days some activists do not want to take over a firm, just to create a sort of “loyal opposition” to the board, leaving it largely intact while pressing it to change strategy. Earlier this year Sothebys, an auction house listed in New York, adopted a poison pill to fend off attempts by Dan Loeb, another activist, to win representation on the board and shake up the firm.但最近部分投资者并没有想要去控制一家公司,只是在董事会当中创造一种“少数反对”的因子,在保持管理层完整的情况下迫使公司改变自身的经营战略。而在今年的早些时候,纽约苏富比拍卖行接受了一项毒丸防御条款,以阻止激进投资者丹·罗卜赢得董事会的席位,从而动摇公司的根基。Mr Loebs fund, Third Point, went to court seeking a ruling that it was exempt from the 10% trigger, so it could buy more shares. In May a judge in Delaware rejected its request, arguing that a bigger stake would give the fund “negative control” over Sothebys, whatever that may mean, even though he acknowledged it would “not have an explicit veto power”. Nevertheless, Sothebys later agreed to give board seats to Mr Loeb and two colleagues.罗卜领军的避险基金第三点,向法院提起了诉讼,要求自身豁免10%的毒丸防御,进而购入更多的股份。在五月,一位特拉华州的法官回绝了该项请求。虽然法官明白罗卜并没有得到“明确的否决权”,但他认为更大份额的股权会令罗卜有能力对苏富比实施“负面影响的控制”,且不论这种控制的具体方式。尽管如此,罗卜最终还是为自己以及他的两位同事拿下了三个董事席位。Despite this and Mr Ackmans success in the Allergan legal settlement, the ruling over Sothebys suggests that poison pills may be used to hinder not just full takeovers but attempts by activists to force a change in strategy. Lucian Bebchuk, a Harvard law professor and campaigner for corporate-governance reforms, calls this “pernicious”: the board would be seeking to stifle legitimate debate among the owners of the company by making it hard to build a majority for change. Mr Bebchuk was an author of a study that examined the roughly 2,000 activist interventions at companies between 1994 and 2007, which found that they typically led to an improvement in the companies operating performance in the following five years.除了上述案例以及阿克曼先生成功在爱力根公司达成的合法协议外,股东们对苏富比公司的控制表明,毒丸防御不仅仅在对抗全面收购的收购方,同时也在阻碍着投资方对公司经营战略的影响。哈佛法学院教授卢西恩·拜伯切克,同时也是一位公司治理改革运动的倡导者,认为这样的情况是“有害的”:董事会通过对形成赞成改革群体的限制,从而扼杀了合法的公司内部改革争论。在拜伯切克先生之前的研究里,粗略地对大约2000位投资者在1994年至2007年间的公司事务干预进行统计,结果发现这些投资者显然都能带领公司在接下来的五年内实现运营表现的提升。No doubt delighted that the poison pill has made a comeback, Wachtell, Lipton, Rosen amp; Katz, the law firm that invented it, has also been seeking to make things harder still for activists by proposing a rule that anyone building a stake of 5% or more in a firm must disclose it within one day, not ten as now. So far the Securities and Exchange Commission is showing little interest. Indeed, its chairman, Mary Jo White, has argued that activists attempts to jog boards are not always a bad thing.毫无疑问地,毒丸防御强势回归,而发明了这一条款的Wachtell, Lipton, Rosen amp; Katz律师事务所也在持续地对外来投资者进行限制,该公司规定任何投资者只要持有股份达5%或者更多,那么这位投资者必须在一天内披露自己的身份,远比目前10%的行业标准要低。到目前为止,美国券交易委员会对这样条款反应冷淡。实际上,委员会主席玛丽·乔·怀特早已强调投资者积极想要跻身董事会的情况,并不总是一件坏事。 /201407/310874

Business this week 一周商业要闻Jul 6th 2013 2013.07.06 A slew of data suggested that the British economy is recovering more robustly than had been thought. Indices of activity in manufacturing and services increased by the fastest rate in two years; a measure of business confidence was at its highest level since 2007; and a survey of credit conditions found a rise in demand for mortgages. Those figures gave Mark Carney a boost in his first week as governor of the Bank of England. Sober heads say the recovery is fragile, and point to the lack of investment.大量数据显示,英国经济复苏势头强劲,超过预期。制造业和务业PMI指数两年来均保持最快速率增长(见图)。商业信心测算值达07年以来最高水平。市场抵押需求增大,信贷条件水涨船高。前景乐观,令适才上任一周的英格兰行长马克·卡奈幸得喘气之机。清醒人士提醒,复苏表面势头虽强,本质仍显脆弱;缺少投资的现实亦如鲠在喉。Add Basel to the mix 加上巴塞尔The Federal Reserve issued rules that will compel American banks to follow the Basel 3 accords requiring them to hold more and higher-quality capital. The Fed also said it was planning even tougher requirements for eight systemically important banks, which may include a higher leverage ratio, a way of measuring how much equity banks have as a proportion of total assets.美国联邦储备局出台措施,强制美国遵守巴塞尔协议三的条款要求,持有更多且更优质的资本。美联储还表示,将对八个具有系统重要性的采取更严厉的整顿计划,可能要求提高资本充足率,即要求增大其资产净值占总资产的比重。The European Parliament voted narrowly against a measure to extend a cap on bankers’ bonuses to fund managers. Opponents of the plan argued that it would increase fixed costs on an industry that bore no responsibility for the financial crisis.欧洲议会投票决议,否决了增大投资家分红比例的提案。投反对票人士表示,金融危机到来时,投行往往推卸责任;若增大分红比例,会导致投行固定资产增加,投资风险增大。Zynga’s founder, Mark Pincus, stepped down as chief executive after a turbulent period at the online-gaming company, which is struggling to repeat the success of its desktop games on mobile devices. His replacement is Don Mattrick, who runs Microsoft’s Xbox unit and so may have learned a thing or two from the troubled launch of Xbox One.星佳都市线上游戏公司创始人马克·平克斯经历公司动乱期后辞去CEO职务,他曾试图将其在移动设备桌面游戏所创造的的辉煌复制到线上游戏,无奈未能成功。接任者是曾经担任微软Xbox部门主负责人的唐·马特里克,也许他能借鉴Xbox的经验教训,令星佳都市再创辉煌。Investors generally welcomed Nokia’s decision to buy Siemens’s share of the pair’s mobile-network equipment venture. The 1.7 billion euros(2.2 billion dollars) deal gives the Finnish company full control of Nokia Siemens Networks, which is a profitable business, in contrast to Nokia’s floundering mobile-phone division.诺基亚决定收购其与西门子的合资公司——诺基亚西门子通信公司的移动网络设备股份,投资者们喜闻乐见。17亿欧元(22亿美元)的收购金额将使这个总部位于芬兰的公司全权掌控诺基亚西门子网络。相对于老诺基亚风雨飘摇的移动电话产业,新诺西无疑是有利可图的。BlackBerry’s share price slumped by a third after it published disappointing quarterly earnings and revealed an 84m dollars loss. The smartphone-maker has revamped its range with touchscreen devices, but the 6.8m phones it shipped in the three months to June was below the 7.45m that had been forecast.继惨淡的季度收入表和一份8400万的亏损额公布后,黑莓公司股价下跌了三分之一。虽竭力完善触屏设备业务范围,然而其第二季度所售智能手机业务量只有680万,未达到预期的745万销售量。Stay of execution? 缓期执行?In a second vote the European Parliament decided to delay issuing more industrial permits to emit carbon. A glut of permits issued by Europe’s emissions-trading scheme has caused the price to sink, thus reducing the incentive for firms to cut carbon. But some argue that limiting the supply of permits will raise costs for businesses during the euro zone’s worst economic crisis. In April the parliament voted against the plan, bringing the ETS close to collapse.第二轮投票中,欧洲议会决定暂缓发放新的CO2工业排放许可。欧盟的“碳排放交易计划”发布许可供过于求,已导致许可价格降低,同时降低的还有相关企业降低碳排的积极性。有人表示,当下欧元危机深重,减少许可发放量会引起公司成本上升。该项决议在四月份表决通过,“碳排计划”由此形同虚设。Louis Freeh, the director of the FBI between 1993 and 2001, was asked to head an investigation into allegations of improper payments in the office that is processing claims against BP for the Deepwater Horizon oil spill. Last month BP ran newspaper advertisements stating its commitment to fork out for “legitimate claims”, but insisting that some losses were “inflated”.就英国石油公司深水地平线原油漏油事件不合理索赔核算问题,前美国联邦调查局(1993-2001)局长路易斯·弗里已受命展开独立调查。上个月,英国石油公司登报表示,同意付法律索赔金,但坚持表示有些索赔请求略显“夸大”。A former chairman of Olympus, Tsuyoshi Kikukawa, and two other executives were given suspended prison sentences for trying to hide losses at the Japanese optical-devices company. The scandal came to light in 2011 when Michael Woodford, Olympus’s chief executive at the time, blew the whistle. Suspended sentences are often handed down in Japan for white-collar crime.光学设备公司奥林巴斯总裁兼董事长菊川刚及另外两名高管因掩盖巨额投资亏损被判处缓期徒刑。2011年该丑闻被当时英国籍的CEO迈克尔·伍德福德曝出。在日本,缓期徒刑通常宣称为白领犯罪。The chairman of CJ Group, a South Korean chaebol, was charged with embezzlement. Lee Jay-hyun is a grandson of Samsung’s founder. The government in Korea has promised to crack down on alleged mismanagement at the country’s powerful conglomerates.韩国财阀希杰集团总裁李在贤被指控挪用公款。李在贤为三星创始人之孙。韩国政府表示,针对本国实力雄厚的的大企业的问题上处理不当,承诺将进行整顿制裁。America’s Commodity Futures Trading Commission indicted Jon Corzine on civil charges in relation to the 2011 bankruptcy of MF Global, a derivatives broker at which he was chief executive. The CFTC is charging Mr Corzine with a “failure to supervise diligently” when customer funds were misused to cover bets on debt. He says the allegations have no merit.美国商品期货交易委员会对乔恩·科尔津提出民事指控,认为他与2011年全球曼氏金融破产案有关。全球曼氏金融算是一个微型投行,乔恩是其前任CEO。委员会对乔恩的指控中说,科尔津“未能尽职监管”客户资金流向,使其被挪作他用,填补债务空缺。乔恩则表示该控告为空穴来风。Steinway Musical Instruments agreed to be bought by Kohlberg amp; Company in a private-equity deal valued to the tune of 438m dollars. Steinway was founded in Manhattan by a German immigrant in 1853 and soon became the world’s most famous maker of pianos. It has factories in Queens in New York and in Hamburg.一场私募股权交易当中,斯坦威乐器公司同意以4亿3千8百万的价格被科尔伯格公司收购。斯坦威公司创于1853年,创始者为一个曼哈顿的德国移民。建立后不久它就成为了世界上最著名的钢琴制造商。它在纽约皇后区和德国汉堡都有制造工厂。Brothers who can spare a dime 穿一条裤子的兄弟Cameron and Tyler Winklevoss, entrepreneurial twins linked to the early days of Facebook, submitted a plan to regulators to set up an exchange-traded fund in Bitcoins. The virtual currency hit the headlines in April when prices soared and plunged. It is thought unlikely that regulators will approve the Winklevoss Bitcoin Trust.卡梅隆和泰勒·温科勒伍——早前在Facebook的创业兄弟向监管部门提交了一份计划,申请建立比特币交易所交易基金。四月份的各种头版头条都被这个虚拟货币的波动情况给占满了。不过,要让监管部门通过这项建立温科勒伍比特币基金计划,希望并不大。201307/247739

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