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明星资讯腾讯娱乐2019年07月17日 10:27:01
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Finance and Economics;Indian banking;Kotak moment;财经;印度;Kotak的时代At last, a bank that didnt fall victim to Goldman envy;一家最终没有沦为“嫉妒高盛”的受害者的;In 1993 two Goldman Sachs partners, Jon Corzine and Hank Paulson, who both later ran the bank, were hosting a dinner in Hong Kong and needed a guest who could talk about India. They invited a relative unknown, Uday Kotak, whose firm financed cars and discounted bills there. Three years later the two firms formed an Indian investment-banking joint venture.1993年,高盛的两大合作者乔恩·科尔津和汉克·鲍尔森在香港举办了一场餐会,来应宴者须有能力探讨印度的情况。举办餐会的二人后来都开了。彼时他们邀请来了当时相对没名气的Uday Kotak。后者的公司在印度为轿车和折扣订单提供资助。三年后,两家公司合资成立了印度投资。In March of this year Goldmans board met in India for the first time. Invited to the shindig were the big beasts of India Inc. Among them was Mr Kotak, now boss of a leading bank and a multibillionaire. “My objective is to build something sustainable that lasts 100 years,” says Mr Kotak, who is upbeat without being hyperbolic, not a trick all Indian tycoons manage.今年三月,高盛的董事会在印度首次会面。受邀来到舞会的都是印企中的弄潮儿,其中就包括目前身家几十亿,掌管印度顶尖的Kotak先生。Kotak先生的说法虽然乐观但并不夸夸其谈:“我的目标是创立的东西能够长存百年”,这个目标可不是每个印度大亨都能做到的。Kotak Mahindra Groups rise mirrors that of India. The bank was born in 1985, and although it thrived in the insular India of that time it was quick to seek foreign expertise as the economy opened up after 1991. As well as befriending Goldman, it also struck a car-financing pact with Ford. Kotak bought out the partners in both these ventures in 2005-06 as the India boom took off. By that point its investment bank had become a powerhouse capable of taking on the bulge-bracket firms (indeed, Goldman has never hit its stride in India since the venture ended). By March 2007, before the global crisis struck, investment banking made up 60% of earnings.Kotak Mahindra的企业成长反映出了印度国家实力的增强。1985年成立以来该企业不仅在封闭的印度中繁荣发展,更在1991年经济开放后迅速搜寻外国的专家,与高盛交好、与福特签订汽车资助协议。在印度开始高速增长以后,Kotak买下了高盛两个合伙人的全部股权。完成收购后的Kotak投资有实力将全球知名企业的股份收入囊中。(事实上,合资企业终结后,高盛就再也没能很好的在印度发展)。截止到2007年3月全球金融危机爆发前,该行利润的60%都来自投资业务。There has been a startling change of colours since then. Kotak correctly judged that Indias investment-banking scene would slump as too many firms chased a smallish and shrinking revenue pot. And it chose not to go global. Although some emerging-market firms, such as BTG Pactual of Brazil, harbour such ambitions, Kotak lacked muscle and in any case, says Mr Kotak, “the jury is still out” on the Anglo-Saxon style of capital-markets-led banking. Instead Kotak focused on India and on lending. In the year to March 2012, four-fifths of pre-tax profits came from lending. Profits have more than tripled since 2007.此后的形式发生了惊人的变化。Kotak正确判断出大量的公司会将正在缩水的小型业务发展为收入柱,进而印度投行业务将会下滑。他决定避免全球化经营。尽管巴西百达等新兴市场的企业怀揣这种宏图大志,但Kotak公司尚且实力不足,Kotak先生说:无论如何,在盎格鲁-撒克逊式资本市场主导下的中,“此事还需再议”。相反,Kotak公司将重点放在了印度境内业务和放贷业务上。2012年3月,放贷业务利润高达税前总利润的五分之四,总利润额比07年高出三倍还多。The shift was not all luck, the bank says. Its roots are in small-ticket lending to middle India, not supping with too-big-to-fail types. The firms co-managing directors, C. Jayaram and Dipak Gupta, have both spent two decades at the bank and predate the investment-banking adventure. Retail loans are mainly collateralised, and used to finance purchases of cars and houses. Wholesale loans are aimed at semi-rural bits of India and skewed towards purchases of vehicles and equipment. Kotak has shied away from the big infrastructure projects that are hurting other banks. Gross bad debts and restructured loans are a low 1.2% of the total, despite fast growth.提到也不是每次环境变化都是有利的。公司的根基建立在向印度的中产阶级提供小额贷款上,那些大而不倒的客户可不是它的菜。企业的联席董事C. Jayaram和Dipak Gupta在运营投资之前都已做了二十年的业务。零售类贷款业务大部分是有抵押的,并且被用来买车买房。批发型贷款的目标是半城镇化的印度居民,用途也是买机车和设备。Kotak公司避免了让其他公司受害的大型基建性项目。尽管高速增长,但净坏账和重组贷款占总贷款比率处于低水平的1.2%。As well as a weak economy, there are potential sources of disruption. New banking licences may be awarded to politically connected industrialists. And Indian banking is due for a bout of consolidation. Both events may be a year or two away, but will still probably come under the watch of Mr Kotak, who owns 41% of the firm. At 53 he has no plans to retire, and wants his family to retain a chunky stake in the long term. That may be no bad thing. Continuity is part of the magic formula. And, unlike some well-known Wall Street firms, there is little sign of hubris. “All of us have middle-class values,” says Mr Kotak. “We never wanted to be grandiose.”除经济疲软意外,还有其他的潜在不利因素。比如有政治背景的企业家或将更容易得到新的协议,而印度也将掀起一阵合并潮。这两大事件很可能在一、二年后发生,但也可能发生在控制公司41%股权的Kotak先生眼皮底下。现年53岁的他不仅当下没有任何理由退休,更在长期希望他的家庭能够保留相当的股份。这也许不是坏事。魔法配方中就有一个环节叫做“持续性”。并且,不同于华尔街知名企业的是,这里没有狂妄自大的苗头。Kotak先生说:“我们所有人都有中产阶级价值,而且从没想过自吹自擂。” /201304/234296

Look at various parts of the sky on a clear day and you will see that it is not a uniform blue.抬头仰望天空,你会发现在晴朗的日子里,天空并不会呈现出统一的蓝色。Even if the sky is deep blue when you look straight up, near the horizon it is lighter.即使你头顶上正对的这片天是深蓝色的,靠近地平线处的也会相对较浅一些。This is partly due to pollution, but even in the cleanest air the sky is lighter near the horizon due to the effect of earths atmosphere on sunlight.部分原因要归咎于污染,但是就算是在最干净的空气中,贴近地平线处的天空颜色也会比较浅,这是由于地球大气层对阳光的影响。When the rays of sunlight enter the atmosphere,the atmosphere tends to deflect the light from its straight-line path from the sun to the earth, and sp it around the sky, a process that is called scattering.当太阳光线进入到大气层时,大气层会使阳光直行进入的路线产生偏离,并使光线散布于天空中,这个过程就叫做散射。If all the colors were sp equally the sky would look white, since all of the colors of light combined make white light.如果所有颜色的光线都均匀分散开来,那么天空看上去就会是白色的,因为所有颜色的光线组合起来就是白光。But the atmosphere does not sp all colors equally in all parts of the sky, and that is why the sky is not a uniform color.但是大气层不会把所有颜色的光线均匀分布在整个天空中,这就是为什么天空看上去不是统一的颜色的原因。The color that is most ily sp is blue.最容易发生散射的是蓝色的光。So when we look up on a clear day we see blue sky,since the sunlight has had to pass through the least atmosphere, and fewer of the other colors of light have been sp.由于阳光能够穿透最薄的大气层,并且只有少量颜色的光会发生散射,因此在晴朗的天气里,我们看到天空呈现出的就是蓝色。However, closer to the horizon the sunlight must pass through more of the atmosphere before it reaches our eyes.然而,在越靠近地平线的地方,阳光在进入我们的视野之前必须要穿过的大气层也就越厚。This gives the rays of other colors of light a chance to be sp so that the light reaching our eyes is more a mixture of all the colors and therefore appears lighter.这就为其他颜色的光发生散射提供了机会。这样一来,进入我们视线的阳光就更像是所有颜色的光的混合体,因此会看上去会比较浅一些。201404/289238

  

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  Business商业报道Opening a business in Brazil在巴西做生意Why make it simple?何等简单Setting up shop has just got easier. But not much开店变得简单。却没有很多BRAZIL is not an easy place to start a business.巴西并不是开店的好地方。The World Bank ranks it 120th out of 183 countries—worse than Burkina Faso or Nigeria.世界将其在183个国家中列为第120位—比布基纳法索及尼日利亚还糟糕。Take one small example.试举一例,Until recently, you needed at least two partners to form a limited-liability company.至今,仍需三人才能成立一家有限责任公司。Sole traders had to find a 1% sócio—an employee, friend or family member willing to lend his name to the articles of association, or a shell company set up solely to hold a tiny share.一人投资者必须寻求一名1% 合作伙伴—雇员、朋友或家庭成员同意将他们的姓名列入公司章程或令其占有极少股份而成立的空壳公司中。Things may have just got a little easier.要求可能放宽了些。A new law, which supposedly came into effect on January 9th, allows a lone business-owner to set up an Empresa Individual de Responsabilidade Limitada:据说一部新法将于1月生效,a single-holder limited-liability firm.其中允许一人设立有限责任公司。The main requirement is capital of 62,200 reais.主要的规定是资产额为62,200雷亚尔。This is a big deal. Alas, it may not happen as planned.此举意义重大,唉,或许会事与愿违。In December the federal body that oversees state business registries told them to turn away firms trying to register Eirelis, as well as foreigners without permanent right of residence.12月监管公司注册的联邦机构回避关于试图注册一人有限责任公司,以及不具有永久居留身份的外国人所提出的申请。No reason was given.对此并未公布相关的理由。Later, lawyers were briefed that the laws aim was to let Brazilian sole traders protect their personal goods against lawsuits or bankruptcy—not to make life easier for big business or foreigners.随后,律师被简要告知律师事务所意在保护巴西个体经营者免受诉讼或破产之灾—并不是保障大公司或外国投资者。Since the restrictions have no basis in the law, challenges are inevitable. Husam Abboud of Establish Brazil, a company-formation specialist, is thinking of Brazilian-style direct action: simply trying to register an Eireli for a firm or a foreigner, and seeing what happens.由于这些限制在法律上没有渊源,因此不可避免地存在质疑。来自Establish Brazil的Husam Abboud ,是一位公司设立的专家,其指出巴西风格的直接效果:只是试图为公司或外国人注册一人有限公司,之后坐观成败。We wont be trying just once, but many times, he says cheerfully.我们并非仅尝试一次,而是多次, 他语带兴奋地称。In Brazil, it always depends whos on the desk on the day.在巴西,总是彼时处在台上的人左右决定。A few speedy locals have aly set up Eirelis.一些敏锐的本国人已开始设立Eirelis。It was quick and easy, because I didnt have to hunt for a partner, says Taise Litholdo, an architect.这样简单快捷,而无需寻找合伙人,建筑师 Taise Litholdo说道。Sebastiao Lino da Silva, an accountant in Sao Paulo, is helping a medical-research firm, which recently lost a partner, to convert into an Eireli.圣保罗的会计师Sebastiao Lino da Silva正协助一家失去合伙人的医药研发公司转为一人有限公司。The remaining owner would otherwise have to find a new partner or close.该公司目前的所有人希望寻找新的合伙人或以类似的模式延续公司。Joao Marcelo Pacheco of Pinheiro Neto Advogados, one of Brazils largest law firms, says that some wealthy clients will use Eirelis to make their lives simpler.来自巴西最大律所之一Joao Marcelo Pacheco的Pinheiro Neto Advogados称,某些重要客户打算运用Eirelis以令生意更顺遂。All this amounts to a tweak, not a revolution.所有这些构成扭转,而非改革。By January 18th only 14 Eirelis had been registered with Sao Paulos board of trade, Brazils biggest.直至1月18日仅有14家Eirelis成功在巴西最大的圣保罗商业局得以注册。The truth is Eirelis are not really suitable for most small businesses, says Mr Abboud. Few hot-dog vendors and hairdressers have enough spare cash to satisfy the capital requirement, he points out.他称事实上Eirelis并非适用所有小型企业,并指出一些卖热的商人和美发师手头上就有满足资本限额的闲钱。That is an argument for scrapping the capital requirement.放弃资本限额引起一番争论。The Socialist Peoples Party, an opposition group, has asked the Supreme Court to rule it unconstitutional for discriminating against micro-traders.反对党—巴西社会人民党已请求最高法院规范歧视微型贸易者的违宪行为。Even if foreigners are allowed to set up Eirelis, breaking into Brazil will remain tough.即使外国投资者被允许设立Eirelis,他们融入巴西仍成问题。The biggest hurdle—finding a permanent resident willing to hold power of attorney for foreign owners—will remain.最大的阻碍—寻找一位永久居留者愿意作为外国所有人的代理人—始终存在。Establish Brazil and its rivals will do this for foreign clients,及其对手将以同样方式对待其外国客户,but only until a local manager has been appointed, or an expatriate has arrived on a permanent business visa.但仅需指定一位本地管理人或一位取得永久居留的移民。The snag is that acting for a foreign firm leaves agents vulnerable to Brazils capricious tax authorities and labour courts, which tend to ignore limited liability and pursue individual owners.代理外国公司的中介因容易被巴西反复无常的税收机构及劳动法庭追查而受到牵绊,他们更倾向个人所有者而非有限责任。They want to be able to freeze someones bank account if problems arise, explains Stephen OSullivan of Mattos Filho Advogados, another big Sao Paulo law firm.发生问题时他们希望冻结某人的账户,另一家律所Mattos Filho Advogados的Stephen OSullivan称。And if theyre the only people in the country, theyll go after the local managers, or even the lawyers.若这个国家仅剩下他们,则他们将追寻本地管理人,甚至本地律师。Unsurprisingly, Mattos Filho is willing to fulfil this role only for old and valued clients.不出意外,Mattos Filho 期待在务已有的尊贵客户的同时能够为更多的公司扮演同样的角色。Eirelis may eventually make it easier to set up shop in Brazil.在巴西做生意可能因Eirelis 而变得简单。But only a little.但仅仅是一点点。 /201305/240047

  German politics德国政治The Alternatives astonishing ascent新选项党的崛起As the large centrist parties become more alike, the radical fringe gets stronger大部分中立派议员趋同,激进派边缘增强SINCE reunification in 1990, Saxony has been the former East Germanys biggest success story. As one of Germanys 16 federal states since then, it has been governed continuously by the centre-right Christian Democrats (CDU). Its education system is considered Germanys best. Its economy is thriving, with world-class regional clusters in high-tech and carmaking. So there was never any question that Stanislaw Tillich, the states understated and popular CDU premier, would stay in power after Saxonys election on August 31st. His party won more votes than the three leftist parties combined. With 39.4% of votes, Mr Tillich claimed victory.自从1990年德国重新统一以后,萨克森州已经变成了前东德地区最成功的故事。自那时开始,作为联邦十六州之一的萨克森一直处在中右派的基督民主党统治之下。它的教育制度被认为是德国最好的,高科技与汽车制造业的地域集聚也使得它的经济情况日趋繁荣。毋庸置疑,低调行事且广受赞誉的基民党州长斯塔尼斯拉夫·提里希将在8月31日的大选后继续执政。基民党获得了超过三个左翼政党联盟的持率,34.9%的得票率宣告了提里希的胜利。And yet that result was the CDUs worst ever in Saxony, causing worries as the party approaches elections on September 14th in Thuringia and Brandenburg, also in former East Germany. The left-leaning Social Democrats (SPD) and ecology-minded Greens have reason to fret, too. They all did worse than they had hoped, largely because they lost votes to a populist party to the right of the CDU: the Alternative for Germany, led by Frauke Petry.但这是基民党在萨克森选举历史上最糟糕的结果,导致了他们对同样归属前东德地区的图林根州与勃兰登堡在9月14日政党换届大选的担忧。而左翼党派德国社会民主党与生态主义绿党也有同样的烦恼。他们比预期中做的更糟,很大程度上因为他们票选输给了一个比基民党作风更为保守的民粹新政党—由弗劳克·佩特里领导的新选项党。Founded last year, the Alternative began with only one policy: a call for the orderly unravelling of the euro as a currency zone. To this it has since added other conservative positions, such as opposition to public deficits and gay marriage. In some ways it resembles Americas Tea Party. In Saxony, where it is strongest, it has increasingly emphasised tougher controls on immigration and border crime, often with xenophobic innuendo.去年开始,新选项党遵循的唯一政策:呼吁有序解散欧元经济区。为此,党内开始增加其他保守立场,例如反对财政赤字与同性婚姻。在某种程度上它类似美国的茶党。在新选项党势力最强的萨克森州,它加强了对外来移民与边境犯罪的严格管控,并经常伴有排外情绪。Though still chaotic in its party organisation and evolving in its views—for example, the party is squabbling over whether to criticise Vladimir Putin or coddle him—the Alternative has been rising stunningly fast. It came close to entering the federal parliament last September and succeeded in entering the European one in May. With 9.7% of the vote in Saxony, it now enters its first state parliament. It hopes to do so in Thuringia and Brandenburg, too.即使政党内部观点开展的混乱不堪——比如为了要批评还是要优待普京而争吵——新选项党的依然在迅速成长。在去年九月它尝试进入联邦议院,并在五月份成功进入欧盟接替了一个席位。凭借在萨克森州9.7%的持率,它首次进入州议院并希望在图林根州与勃兰登堡市也能取得同样的结果。The new partys success is causing upheaval in the German political landscape, accelerating the implosion of its only liberal party, the Free Democrats (FDP). With just 3.8% of votes in Saxony, the FDP failed to clear the 5% threshold to enter parliament and was ejected, as it has been from seven other state parliaments since 2011 and the Bundestag last year. For the first time since 1946, the FDP does not participate in any state or federal government. This eliminates the liberals as the CDUs coalition partner, perhaps permanently.新政党的成功引起了德国政坛格局的转变,也加速了德国唯一一个自由党派—自由民主党的分裂。自2011年起它已经相继被其他7个州议院与去年的联邦议会大选“除名”,而今年萨克森选举中,3.8%的得票率让自民党又一次在议院5%持率的门槛前止步。这也是自1946年以来自民党首次未能进入任何州立或联邦政府,这种情况对于基民党的盟友—自民党的消除也许是永久性的。A more positive side-effect of the Alternatives ascent is its cannibalisation of the NPD, a neo-Nazi party.About 13,000 of its voters migrated to the Alternative, causing the NPD to fall 809 votes short of re-entering the Saxon parliament. After that loss, it has seats in only one other state and could fade away, with or without a ban.新选项党的成长带来的积极作用是与民粹政党—德国国家民主党的同类相残。约有1.3万名该党的持者转向了新选项党,缺少809个持票也直接导致了民主党无法重回议会。失败以后,无论同类相残是否被禁止,它在另一个州保留的仅有席位也可能消失。The CDU so far refuses to contemplate a coalition with the Alternative. Led nationally by the chancellor, Angela Merkel, the CDU is pro-European and pro-euro, and so moderate as to be increasingly indistinguishable to many voters from the SPD, with which it governs in a “grand coalition” in the Bundestag. On September 1st Mrs Merkel, Mr Tillich and the CDU leaders in Thuringia and Brandenburg said again that discussions with the Alternative are taboo. Mr Tillich will try to form a coalition with the SPD or the Greens.基民党至今拒绝考虑与新选项党联盟。在德国总理默克尔领导下的基民党是亲欧盟亲欧元的,如此温和的作风让人们越来越难以区分基民党与社民党,同时基民党还在西德联邦议会中掌管着大联盟。9月1日,默克尔、提里希和基民党其他领导人在图林根州与勃兰登堡市再一次表示,与新选项党讨论是被禁止的。提里希将会尝试与社民党或绿党建立联盟。Ignoring the Alternative will not remove it as a problem for the CDU. In effect, the Alternative has in one year become on the far right what The Left is on the left. Descended from East Germanys Communist Party and unreconciled to Germanys capitalist system and its Western alliances, The Left remains strong in the eastern states. In Saxony it came in second with 18.9% of the vote. The comparatively moderate SPD has so far ruled out The Left as a partner in the Bundestag. But their competition splits the left vote and often leads to unproductive ideological bidding wars.基民党的联盟问题不会因为忽视新选项党而解决。事实上,新选项党已经在一年以内成为了极右派,如同左派党是左翼倾向。起源于东德共产党的新选项党,虽然没有与德国资本主义系统以及西部联盟达成一致,但在东部各州实力依然强大。它在萨克森州公投中以18.9%的持率位居第二。相对温和的社民党已经排除了基民党在西联邦议院的左党伙伴。但是他们的竞争使得左派选票分裂,并且经常带来无意义的竞投战。The Alternative will increasingly play the same role on the right vis-a-vis the CDU. On September 1st, Mrs Merkel suggested that, short of negotiating with the Alternative, the CDU must begin dealing with the concerns, rational or not, of its supporters. These range from fears about crime in the regions along the borders with the Czech Republic and Poland, to hysteria about “welfare tourism” by foreigners. The Alternative will be at its shrillest and strongest every time the euro crisis returns to the headlines. This will restrict Mrs Merkels leeway to agree to new rescue packages, or even to ease her austerity drive.新选项党将逐渐与基民党扮演同样重要的角色。九月一日,默克尔建议,由于缺少与新选项党磋商,基民党必须开始解决来自它的持者们关心的问题,无论问题合理与否。持者们关心的范围从对捷克和波兰接壤的边境地区犯罪的担忧,到对外国人“公益旅行”的歇斯底里。新选项党在欧元危机重回一线的每时每刻都表现出尖利强硬的一面。这将限制默克尔的回旋余地,被迫同意新计划,甚至缓和她的紧缩计划 /201409/327426Business this week本周经济要闻In its biggest acquisition yet, Apple agreed to pay billion for Beats Electronics, a specialist in pricey headphones and music-streaming. The growth of streaming services has posed a threat to music sales on Apples iTunes. As part of the deal the co-founders of Beats, Jimmy Iovine and Dr Dre, will join Apple.在迄今最大的一笔收购中,苹果公司斥资30亿美元收购了一家专门经营昂贵的耳机和音乐流媒体务的专业公司——Beats Electronics。流媒体务的增长已经威胁到苹果旗下Itunes的音乐销量。作为收购协议的一部分,Beats联合创始人吉米·艾尔文和安德烈·罗米尔·扬也会加入苹果公司。Pfizer, an American drugs company, has conceded defeat, at least for now, in its pursuit of AstraZeneca, a British competitor. The proposed 70 billion takeover would have created the worlds biggest drugs firm. The deal was opposed by some politicians on both sides of theAtlantic. British MPs voiced worries over potential job losses in research centres, while inAmerica the concern was Pfizer avoiding taxes. AstraZenecas board rejected the offer, saying it undervalued the company. Under British takeover rules, Pfizer must wait six months before it can make another approach.美国制药公司辉瑞已经承认,至少目前还未能成功收购英国制药商阿斯利康。这笔打算以700亿英镑成交的收购原本将创造世界最大的药品公司。但是大西洋两岸的一些政治家们却极力反对这笔收购。英国的下院议员们表示他们担心这可能会造成各研究中心出现失业情况,而在美国人民担心辉瑞公司会借此逃税。阿斯利康的董事会拒绝辉瑞的报价,认为其市价被低估。而根据英国的收购法规,辉瑞公司只有等到6个月后才能实施其他方案。Google unveiled its latest driverless car. It plans to build 100 prototypes from scratch, rather than modifying others vehicles as it has done in the past. The car has no steering wheel or pedals, only a “stop” and a “go” button. The two-seater electric vehicle can travel up to25mph and the firm hopes to pilot it on Californian roads within two years. However, there remain significant regulatory and legal barriers to its sp.近日谷歌发布了最新款的无人驾驶汽车。谷歌计划从零开始,生产100原型车,而非像以往那样改造其他车型。这款车没有方向盘和脚踏板,仅仅只有“停止”按钮和“启动”按钮。这款双座电动汽车时速可达25英里,谷歌希望在两年内在加州的公路上进行试驾。然而,该车的推广还会面临巨大的规章和法律的障碍。A delicate truth脆弱的真相The Financial Times says it has found flaws in the data used in “Capital in the Twenty-First Century”, the bestselling analysis of inequality by Thomas Piketty. The paper said it had uncovered transcription errors and flawed formulae in spsheets and that some of the data appeared to be cherry-picked. Mr Piketty responded that the FT was wrong to suggest that this casts doubts on his conclusion that inequality is becoming more entrenched.《金融时报》称其发现了托马斯·皮克提的《21世纪资本论》中用于销售分析的数据有漏洞。报道称书中的报表有录入谬误并运用了错误的公式,此外的一些数据似乎是刻意挑选的。皮克提则回应称,《金融时报》错误地质疑了自己“世界变得越来越不平等”的结论。GlaxoSmithKline, a British drugmaker, is being investigated by the UKs Serious Fraud Office. The exact nature of the investigation is not known, but two weeks ago China charged three of the firms executives with corruption, alleging that GSK had bribed doctors to prescribe its medicines. The firm said it intended to co-operate fully with the SFO.英国制药公司葛兰素史克正受到英国反严重诈骗办公室的调查。虽然此番调查的具体性质尚不明晰,但是两周前,中国已经指控该公司的三位高管的腐败行为,称该公司贿赂中国医生在处方中使用其药品。该公司则称将全力配合SFO的调查。The battle for control of Club Méditerranée, a French holiday firm, continues. Last year, Fosun, a Chinese conglomerate, and Ardian, a French private-equity firm, launched a joint bid to take Club Med private. Some shareholders took the matter to the French courts, arguing the bid was too low and lacked transparency. Now it seems a rival bidder, the Bonomi family from Italy, may attempt a takeover of its own. Club Med has been successful at attracting Asian tourists to its all-inclusive resorts.争夺法国度假酒店集团——地中海俱乐部的战斗仍在继续。去年,一家中国企业集团复星国际和一家法国私募股权公司阿迪安联手竞标,欲将地中海俱乐部收入囊中。一些股东将此事告到了法国法院,认为这个竞标价格太低且缺乏透明度。如今,另一家竞标者——来自意大利的诺米家族可能会成功完成收购。地中海俱乐部一贯以全方位务的度假村成功吸引亚洲游客。Coming in from the cold摆脱孤立BP signed a deal with Rosneft, a state-owned Russian oil company in which it owns a 20% stake, to explore for hard-to-reach shale oil in the country. The agreement comes despite American sanctions against Igor Sechin, Rosnefts boss, relating to Russias intervention in Ukraine. The deal was signed at the St Petersburg International Economic Forum, Russias answer to Davos, which many Western firms boycotted.英国石油公司与俄政府旗下的俄罗斯石油公司签署协议,将持有后者20%的股票,并开采该国的深层油页岩。尽管美国因俄罗斯干涉乌克兰而对俄罗斯石油公司的掌门人伊戈尔·谢钦进行了制裁,但是该协议仍顺利达成。协议在圣彼得堡国际经济论坛上签署。Mario Draghi, the president of the European Central Bank, provided some hints on how it intends to tackle the threat of deflation when its governing council meets in June. In a speech he suggested that, along with interest-rate cuts, there will be an attempt to boost credit in southern Europe by providing long-term funding to banks on the condition that they deploy it to expand business loans.欧洲央行行长马里奥·德拉吉透露了些许消息,即理事会在6月份碰头时将如何应对通缩带来的威胁。他在最近发表的一次讲话中表示,除了要削减利率以外,还会通过向提供长期融资以刺激南欧的信贷,条件是南欧国家将这笔资金用于扩大商业借贷规模。Christine Lagarde, the head of the International Monetary Fund, said that banks have been too slow to reform themselves following the financial crisis. Ms Lagarde said that some banks are still too big to fail and would pose a systemic risk if they got into trouble. In a subsequent speech, Mark Carney, the governor of the Bank of England, said that growing inequality was undermining trust in capitalism.国际货币基金组织主席克里斯蒂娜·拉加德表示,在金融危机爆发后,各大进行改革的节奏太慢。她还表示有些尾大不掉,一旦陷入困境,将会给体系带来风险。在接下来的讲话中,英格兰行长马克·卡尼称越发严重的不平等现象正在破坏人们对资本主义的信任。Rio Tinto agreed on a billion deal with the government ofGuinea to mine iron ore. The Simandou project had seen a decade of wrangling over who owns the concession to mine the site. The firm will also build a650km (400 mile) railway and a deepwater port to service the mine.力拓矿业集团与几内亚政府达成价值200亿美元的协议以开采铁矿石。十年来,关于西芒杜开采项目特许权拥有者的问题一直纷争不断。此外,力拓还将修建650千米的铁路和一个深水港来务该开采项目。Soldier, spy士兵,间谍Unconfirmed reports suggested that China has told state-owned companies to stop working with American consulting and technology firms, for fear of industrial espionage. It has also reportedly told some banks to stop using IBM servers. The tit-for-tat move, if true, comes afterAmerica indicted five Chinese army officers of cyber-spying on American companies, including Alcoa and US Steel.未经实的消息报道称,中国已经通告国企中断与美国咨询和技术公司的合作以防范行业间谍活动。据称,部分中国还被告知停止使用IBM的务器。此前,美国起诉5名中国军官通过网络监视包括美国铝业公司和美国钢铁公司在内的美国企业;如果报道属实,中方此举就是在报复美方的指控。 201407/309315

  

  

  

  

  Trading the yuan人民币交易Yuawn“元”之崛起?Buzz about the rise of Chinas currency has run far ahead of sedate reality人民币升值的呼声远远超于稳定的现实环境IF HEADLINES translated into trading volumes, the yuan would be well on its way to dominating the worlds currency markets. It once again graced front pages this week after moves to lift its status in London, the worlds biggest foreign-exchange market. This was the latest instalment of a five-year-long public-relations campaign. Since , when China first declared its intention to promote the yuan internationally, a string of announcements and milestones has cast the Chinese currency as a putative rival to the dollar.如果本文的标题翻译为“交易量”的话,那么它确实能够很好地引出这样一个事实:人民币正走向货币交易市场的霸主之位。本周在伦敦这一全球最大的外汇交易市场里,几个利好因素再次让人民币成为瞩目的焦点。人民币的公关推广活动已历时五年,而以上利好消息正是中国政府近期努力的最新成果。自年中国首次宣布推动人民币国际化的意图以来,一系列的政策公告和重大事件都使得中国货币成为了美元的假想敌。The hype rests on several seemingly impressive numbers. Yuan deposits beyond Chinas borders have increased tenfold in the past five years. The “dim sum” bond market for yuan-denominated debt issued outside China has gone from non-existence to a dozen issuances a month. And the yuan is the second-most-used currency in the world for trade finance.本次掀起的人民币热潮有赖于几个看似惊人的指标。人民币的境外储备量在过去的五年里上升了十倍。过去不曾存在的,在境外以人民币计价的“点心债券”,目前每月都有十数次的发行量。与此同时,人民币已经成为了全球第二常用的贸易金融货币。Adding to the impression that something big is afoot is the competition between cities around the world to establish themselves as yuan-trading hubs. London puffed up its chest this week after the Chinese government designated China Construction Bank as the official clearing bank for yuan-denominated transactions in Britain and agreed to launch direct trading between the pound and the yuan in China. These announcements were made to coincide with a trip to London by Li Keqiang, Chinas prime minister.更令人震撼的是,全球各大城市之间都在争先建设成为人民币交易的中心。而本周,伦敦则先下一城:中国政府决定授权中国建设有限公司担任伦敦人民币业务清算行,并且同意在间外汇市场开展人民币对英镑直接交易。上述决议的公告是与中国国务院总理李克强的访英之旅做出配合。The designation of a clearing bank creates a channel for yuan held in Britain to flow into Chinese capital markets, boosting Londons appeal as a trading centre for the currency. Other cities such as Frankfurt and Singapore have also been awarded clearing banks, but London aly controls nearly 60% of yuan-denominated trade payments between Asia and Europe, and this weeks agreement will shore up its position.此次清算的授权使得英国能够拥有一条人民币回流中国资本市场的通道,从而增加了伦敦作为全球货币结算中心的吸引力。虽然其他一些城市,例如法兰克福和新加坡,都被授予了清算的权限,但伦敦在欧亚间人民币计价交易清算的市场份额早已接近60%,而本周的协议更进一步巩固其优势地位。Londons currency traders, however, will not be hyperventilating. The rapid growth in the use of the yuan outside China, whether for trade settlement or investment, has been from a minuscule base. The yuan is the seventh-most-used currency in international payments, according to SWIFT, a global transfer system. That is up from 20th place at the start of 2012. However, the Chinese currency still accounts for a mere 1.4% of global payments, compared with the dollars 42.5%. Given that many of those deals just shuffle cash between Chinese companies and their subsidiaries in Hong Kong, there is much less than meets the eye to the yuans stature as a trade-settlement currency.然而,伦敦的货币交易员并不会因此对人民币感到兴奋不已。无论是在国际贸易清算还是投资往来方面,撑着中国境外人民币使用量急速增长的基础极为薄弱。环球金融电信协会指出,目前人民币在国际付领域常用货币的排名里,从2012年初的第二十位上升到了第七位。但即便如此,中国货币在国际付领域的份额也仅有1.4%,相比之下美元则为42.5%。考虑到涉及人民币的许多交易都只是中国公司与其在香港分机构的资金流动,以人民币作为国际贸易结算货币的情况远比我们看到的要少。Even more telling is the yuans standing as an investment currency. The dollars biggest selling point as a global reserve currency is the deep, liquid pool of American assets open to international buyers. Despite the barrage of reports in recent years about the dim-sum bond market, Chinas offerings are much sparser. Jonathan Anderson of Emerging Advisors Group calculates that global investors have access to 56 trillion of American assets, including bonds and stocks. They can also get their hands on 29 trillion of euro-denominated assets and 17 trillion of Japanese ones. But when it comes to Chinese assets, just 0.3 trillion or so are open to foreign investors. This puts the yuan on a par with the Philippine peso and a bit above the Peruvian nuevo sol, Mr Anderson notes.更能说明人民币真实情况的是其作为投资货币的地位。美元作为国际储备货币的最大卖点就在于,具有市场深度和流动性的美国资产在撑着它,并且这些资产还对全球的投资者开放。除了近期铺天盖地宣传报告的“点心债券”之外,中国能给予人民币的撑则少之又少。根据瑞银股份有限公司北京首席新兴市场经济学家乔纳森·安德森的估算,全球投资者可以购买的包括债券和股票在内的美国资产总值达到了56万亿美元。与此同时,市场可以购买到的欧元区资产达到了29万亿美元,日本资产方面则达到了17万亿美元。但对于中国资产来说,外国投资者能够接触的资产总值仅为0.3万亿美元。安德森先生指出,中国开放资产的程度使得人民币的地位与菲律宾比索相当,仅仅比秘鲁索尔高一点点。What is holding the yuan back? The answer is China itself—both by circumstance and, more importantly, by design. For a currency to go global, there has to be a path for it to leave its country of origin. The easiest route is via a trade deficit. For example, since the ed States imports more than it exports, it in effect adds to global holdings of dollars on a daily basis. That does not work for China, which almost always runs a large trade surplus. It has tried to solve this problem by offering to pay for imports in yuan, while still accepting dollars for its exports.是什么在阻碍着人民币发展?就是中国自身。不仅仅是中国的现实环境所造成的,更重要的是中国制度设计上的原因。如果一种货币要走向全球,那么必须存在一个通道能让其离开它的本国,而简单的方法莫过于“贸易逆差”。比方说,由于美国进口产品的总值要大于其出口,因而实际上每天都有美元流到国际市场当中。但这对于中国来说是行不通的,因为它几乎总处于贸易顺差的情况。中国已经尝试通过在对出口商品收取美元的同时,对进口商品付人民币的方法来解决问题。Yet this approach can go only so far, because of the design of the Chinese system. Foreigners paid in yuan cannot do much with the currency and thus look askance at it. China could change this at a stroke by flinging open its capital account. There is speculation that it might do just that as debate about financial reform intensifies in Beijing. But Yu Yongding, a former adviser to the central bank, predicts that caution will prevail, with the government slowly lowering its wall of capital controls rather than demolishing it. That would be far better for Chinas financial stability. But it also means that the chasm between the hype about the yuan and the mundane reality is likely to widen.然而,由于中国货币系统设计的因素,导致了上述方法的作用十分有限。即便外国人在贸易过程中接受人民币也改变不了宏观现实,并且他们会因此产生对此种清算方式的厌恶情绪。目前,有人预测人民币将进行大刀阔斧的激进改革,而这引起的波澜将如同北京新一轮的经济改革所引起的争论一样。但前央行货币委员会委员(顾问)余永定预计,稳健依旧会是中国政府的主要方针。他表示中国政府会缓慢降低资本管制的标准,而不是一蹴而就地开放资本市场。诚然,这样的做法更有利于中国经济的稳定性。与此同时,这也意味着人民币热潮所鼓吹的愿景,很可能将与现实渐行渐远。 /201406/307634

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