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耶路撒冷旧城:世界上唯一被三大宗教——犹太教、回教、基督教(天主教)认定为信仰源流和精神指针的圣地城市3000多年来,它在战火动乱中,不断被破坏,又不断地被修复,哭墙前有着犹太人永远的爱与哀愁 Jerusalem is arguably the world's most revered city. it's the city of king david (1,000 b.c.),the place of christ's last ministry and crucifixion,and the site where the prophet mohammad is believed to have ascended to heaven. over a turbulent 3.000-year history,jerusalem has seen more than its share of sieges,while jews,christians,and muslims have all tried their hand at ruling the city. 可以说,耶路撒冷是世界上最受尊敬的城市这是大卫的王城(00年),是耶稣最后钉死于十字架的地方,先知穆罕默德认为这里是人们通往天堂的地方在动荡的3000年里,耶路撒冷经历了太多的围攻战乱犹太人、基督徒和穆斯林都曾尝试过统治这座城市 63

Cities That Were the New York of Their Time可与纽约媲美的十大古城New York City is a world capital in every sense of the word — it’s a cultural and economic powerhouse, and arguably the most influential city on the planet. But it wasn’t always this way, as the following cities once dominated the world around them.无论以什么标准衡量,用什么眼光来看,纽约城都堪称世界中心她文化深厚,经济实力强盛,说是地球上最具影响力的城市一点也不夸张但从前的纽约并不能高居榜首,因为以下十大古城曾傲视群城1. Djenne-Djenno1.杰内(Djenne-Djenno)In the flood lands of the Niger delta people have been building houses and other structures with clay centuries. The town of Djenne-Djenno is made entirely out of clay. It was inhabited as far back as 50 , and became an important link in the trans-Saharan gold trade. Constructed on hills called “toguere,” the city managed to escape the marshy landscape and annual floods produced by the rainy season. Djenne-Djenno is believed to be one of the earliest settlements in the sub-Saharan region, and is considered by some to be “the typical African City.”几个世纪以来,在尼日尔三角洲的河滩上,人们一直用粘土建设房屋和其他建筑杰内古城就是完全由粘土建成的早在公元前50年,杰内就有人居住了,并成为跨撒哈拉黄金交易的一个重要交通枢纽建在山上的“尔式”房子使得杰内成功摆脱了因雨季而造成的沼泽地形和每年的洪水杰内被认为是撒哈拉以南地区最早的聚居地之一,更有甚者认为它是个“典型的非洲城市”Archeological evidence shows us a continuous human presence in the area up until the th century AD, when people moved to the nearby town of Djenne, founded in the th century. Further evidence points out that even bee the city’s construction, the Bozo people were growing wild rice in the region. In the th century AD, with King Koumboro’s conversion to Islam, its palace transmed into a mosque.考古据显示,居民于世纪(杰内城建成后)搬迁到其附近的城镇,并在这里生活繁衍,一直持续到世纪进一步的据则指出,早在城市建成前若人就已经在此种植野生稻了公元世纪,国王Koumboro皈依伊斯兰教,宫殿也随之被改造成一座清真寺This mosque stood until 1830, but was rebuilt in 19 and is the largest mud-brick building in the world. Because clay is easily washed away during the rainy season, the Grand Mosque needs to be maintained. And so each year at the beginning of April, the people of Djenne gather a local ritual of adding a fresh layer of mud, covering it from top to bottom.这座清真寺一直撑到1830年,19年重建后成为了世界上最大的泥砖建筑粘土在雨季很容易被冲刷掉,大清真寺需要悉心的维护每年四月初,杰内人就会聚集到一起,从上到下给大清真寺加上一层新的粘土保护层 38

Earlier this month, the Cayman Islands Grand Court granted a petition on behalf of three funds managed by Hong Kong-based Maso Capital to have Chinese movie distributor Bona Film liquidated.月,开曼群岛大法院(Cayman Islands Grand Court)批准了一项申诉书,申诉者为香港Maso Capital管理的3家基金,它们要求将中国电影发行集团纳影业(Bona Film)清盘Bona Film is one of a group of previously US-listed Chinese companies locked in bitter legal struggles in the Cayman Islands over the valuation at which they were taken private.纳影业以前曾在美国上市,但在开曼群岛因私有化时的估值陷入激烈的法律争议,类似的公司并非纳一家The buyout of Bona in April last year led by its chairman Yu Yong with several of China’s most powerful investors, including Alibaba and Tencent, valued the company at about 0m. But Maso, which had a stake in the company through its funds, believes Bona should have been worth more than four times that, according to people familiar with the claims.去年月,纳董事长于冬与中国最有实力的几家投资人(包括阿里巴巴(Alibaba)和腾讯(Tencent))发起的私有化,对该公司的估值约为8.80亿美元但据熟悉这桩诉讼的人士称,通过旗下基金持股纳的Maso认为,纳的估值本应是这个数字的倍以上Bona Film is not an isolated example. There are seven other companies facing Caymans lawsuits from hedge funds that believe they have been taken private at levels far below fair value. Funds such as Maso claim that these companies have been bought with the intention to relist them in China at a much higher price and are seeking to use the Cayman Island courts to compel the companies to pay more to mer minority shareholders.纳影业并非个案还有其他几家公司也在开曼遭遇对冲基金的起诉,这些基金认为,这些公司私有化时的估值远远低于公允价值Maso等基金声称,这些公司私有化的目的是要在中国国内以更高价格重新上市,这些基金正试图利用开曼群岛法庭迫使这些公司向以前的少数股东付更多These funds point to companies that have delisted in the US only to re-emerge on Chinese exchanges — including Focus Media, Giant Interactive and Perfect World — at valuations three to five times higher than the price at which they went private.这些基金把矛头指向那些在美国退市、而后以3到5倍于私有化估值的股价在中国国内交所重新上市的公司,包括分众传媒(Focus Media)、巨人网络(Giant Interactive)和完美世界(Perfect World)Maso and its lawyers are seeking a winding up of Bona because they believe it “has made a conscious decision to attempt to put assets out of the reach of the company such that any judgment obtained by petitioners would be worthless”, their petition states. ?Maso及其律师的起诉书上写道,他们试图清算纳的原因是,他们认为,纳“有意做出决定,试图让该公司接触不到资产,这样起诉者获得的任何法庭裁决都将是无意义的”Bona is expected to appeal. “There are a lot of moving parts,” says one person involved in the case. The lawyer from Harneys representing Bona and a lawyer Maso declined to comment.预计纳将提出上诉据一位涉及此案的人士称:“变数很多,很复杂”代表纳的来自衡力斯(Harneys)的律师和代表Maso的一位律师拒绝置评Documents seen by the Financial Times from a Chinese investment group aiming to raise money from investors wishing to join Bona’s take-private were upbeat. They state that “after its shares have been relisted on the A share market, it is highly possible that the market value will increase significantly”, suggesting Bona was likely to be worth as much as six times that 0m.英国《金融时报从一家中国投资集团那里看到的文件则是一副乐观的措辞,该集团试图从希望参与纳私有化的投资者那里筹资文件声称,“纳在中国A股市场重新上市后,市场估值极有可能大幅飙升”,这暗示,纳的估值可能最高达到8.80亿美元的6倍But the proxy Bona filed with the SEC about its decision to go private was far more gloomy. It cited “the substantial uncertainty in the nature of the company’s business and rising costs and increasing competition [as well as] a slowdown of the overall economy and the depreciation of the renminbi [as contributing to] a significant negative effect on the valuation of the company”. By going private, “management can improve results without the pressures exerted by the public market”, the document added.然而,纳向美国交会(SEC)提交的有关其私有化决定的文件要悲观的多这份文件指出“该公司业务具有不确定性巨大的特点、成本上升和竞争加剧(以及)总体经济放缓和人民币贬值(会)对该公司估值产生巨大负面效应”文件补充称,通过私有化,“管理层可以在免受公开市场施加压力的情况下改善业绩”Take-privates are a big market. There were 1 de-listings of Chinese companies in the US with a total deal value of bn in , and another worth .bn in , according to Dealogic. Such cases have done little to give reassurance about corporate governance — and the noise around existing disputes is set to intensify in coming months.私有化是一个巨大的市场根据Dealogic的数据,年,共有1家中国公司从美国退市,总规模达70亿美元;年又有家公司退市,规模为6亿美元这些案例无助于让人们对公司治理放心,同时,围绕现有纠纷的争议预计将在未来几个月升温The list of deals facing challenges in the Caymans — where Chinese companies have preferred to be incorporated because the law there allows controlling shareholders to vote on delisting proposals — includes Qihoo 360 Technology, E-Commerce China, E-House, Homeinns Hotel and Shanda Games. ?在开曼群岛遭遇诉讼的交易名单包括奇虎360科技(Qihoo 360 Technology)、当当(E-Commerce China)、易居(E-House)、如家(Homeinns Hotel)和盛大游戏(Shanda Games)中国公司青睐在开曼群岛注册公司,因为该地的法律允许控股股东就退市提议投票Internet security firm Qihoo 360, example, was taken private at a valuation of about .3bn. Marketing materials from the fundraising “ the privatisation of Qihoo 360 and return of A shares” seen by the FT state that the return to investors assuming an exit in 19 “may be as high as 5 [times]” and contain ambitious estimates of future net income and other permance metrics going out to 19. Minority shareholders, though, say that conversations with Qihoo 360 and its advisers bee privatisation suggested that the company’s prospects were not nearly that bright. A spokesperson Qihoo 360 declined to respond to several email queries.例如,互联网安全公司奇虎360私有化估值大约为93亿美元英国《金融时报看到的“为奇虎360私有化和回归A股”融资的营销资料称,假设19年退市,投资者回报率“可能最高达5倍”,而且对截至19年的未来净利润和其他业绩指标给出了极为乐观的估计然而少数股东表示,在私有化之前与奇虎360及其顾问的谈话传递出来的信息是,该公司的前景远非那么光明奇虎360的发言人拒绝就多次电邮问询做出回应One reason that virtually any company listing in China immediately soars is that money is being ced to stay home, and there are few attractive investment alternatives. But Chinese companies need to have a consistent message investors no matter where they are.几乎所有在中国上市的公司的估值都会立即飙升,其中一个原因是资金被迫留在国内,几乎没有其他颇具吸引力的投资选择但不管身在何处,中国公司都需要向投资者传达一致的信息 55

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