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 备战2007考研英语：时文阅读 2006-5-25 11:53:00 | ||
| 作者：自由 // 本版专辑 // 发贴数：191 // 积分：875 // 注册：2006-2-13 | ||
Scramble for super-casino turns into lottery 英国各城市为修建国内唯一一座拉斯维加斯式超级赌场的争夺，正变得扑朔迷离。负责选址工作的机构目前已收到逾40份申请，而该机构负责人表示，他不知该如何从中选择。 The scramble to house the UK’s only Las Vegas-style super casino is turning into a lottery. The body set to up to decide its location has already received more than 40 applications and its head says he does not know how to chose between them. 英国政府赌场顾问小组(Casino Advisory Panel)负责人斯蒂芬·克罗(Stephen Crow)教授表示，在评估这些申请的时候，“公平和严格审查是我们的口号”。但是，当被问及如何选择的时候，他说：“我们怎么下决定？我不知道。” Professor Stephen Crow, head of the government’s Casino Advisory Panel, said “fairness and rigorous examination will be our watchwords” when assessing the applications. But when asked how he would choose, he said: “How are we going to make up our minds? I don’t know.” 由于申请截止日期是3月31日，预计还会有更多城市表示有意让超级赌场落户。在所有申请城市中，布莱克浦提出了一个围绕超级赌场的全城重建计划，成为夺标大热门。 With the deadline for applications not until March 31 more authorities are expected to register interest in having a super casino. Blackpool is the favourite to win the licence, having made a super casino the cornerstone of a city-wide regeneration programme. 然而，伦敦也有希望赢得这张牌照。该市拟在新的温布利体育场(Wembley)和千禧穹顶(Millennium Dome)修建超级赌场。 However, London is also hopeful of winning the licence, with super casinos planned at the new Wembley stadium and next to the Millennium Dome. 英国政府去年通过了颇受争议的新赌博法，仅允许成立一家超级赌场。此外还将发放8张中型赌场和8张大型赌场的牌照。 Under the government’s controversial new gambling laws, which were passed last year, only one super casino will be allowed. An additional eight medium-sized new casinos and eight large ones will also receive licences. 在一次社会市场基金会(Social Market Foundation)的研讨会上，克罗向包括数家美国赌场经营者在内的听众表示，多数地方当局仅对超级赌场感兴趣。他称：“他们对大型或小型赌场的兴趣没有那么大。” Speaking at a Social Market Foundation seminar to an audience that included several US casino operators, Professor Crow said most local authorities were only interested in super casinos. “They are not so interested in the large or small ones,” he said. 英国政府原本打算发放8张超级赌场牌照，但经过去年大选前与保守党的紧张谈判后，政府被迫将超级赌场牌照数量减至一张。 The government originally intended to grant eight super casino licences but was forced to cut the number to one after tense negotiations with the Conservatives in the run-up to the last general election. 英国体育大臣理查德·卡本(Richard Caborn)最近表示，如果能获得地方当局、议会下院议员及公众的足够支持，政府有可能修订相关立法，增加超级赌场牌照的数量。 Richard Caborn, gambling minister, said recently the legislation could be revisited and the number of super casino licences increased – provided there was sufficient support from local authorities, MPs and the public. 2006年1月23日 星期一 戏剧变化中的日本股市 Japanese equities 单粹就戏剧性而言，日本股市上周的表现无出其右。一桩丑闻愈演愈烈，伴之以高调的警方突袭搜查，以及随后骇人听闻的自杀事件，而其影响又让位于东京证券交易所(TSE)的近乎瘫痪。对于投资者而言，这一市场是否像观察人士眼中那么引人瞩目呢？ In terms of sheer drama, the Japanese market’s performance last week was tough to beat. A growing corporate scandal, with a high-profile police raid and a subsequent apparent suicide, was topped with the near-collapse of the Tokyo Stock Exchange. Is the market as compelling for investors as viewers? 支撑日本股市去年回升40%的绝大多数因素仍未改变。经济继续扩张——尽管从普遍数据来看，增长速度较去年略有放缓。通货紧缩的局面实际上已经结束，这为货币政策归于正常奠定了基础。通缩的结束，还应有助于将存放在银行里的7万亿美元家庭资产中的一部分，转化为风险程度更高的资产，并激活地产价格。预计本财政年度，企业净收益将增长9%，为连续第四年实现增长，同时资产负债状况也将较为强劲。 Most of the factors underpinning last year’s 40 per cent rally remain in place. The economy continues to expand – albeit, on consensus numbers, at a slightly slower pace than last year. Deflation is virtually over, setting the stage for a return to normalised monetary policy. Its demise should also help shift some of the $7,000bn of household assets sitting in banks into riskier assets, and perk up property prices. Corporate net earnings are forecast to rise 9 per cent this fiscal year, the fourth consecutive year of growth, and balance sheets are strong. 不过，这些现金中的大部分，可能流向更好的去处。预计在东京证交所上市的公司，本财政年度股息将增长17%，相当于派息总额仅为320亿美元：与微软(Microsoft) 2004年的特别派息额度相同。据Dealogic公司的统计，去年的并购规模飙升至2400亿美元。但其中多为集团公司内部整合或联手交易。 Much of that cash, however, could be put to better use. This year’s expected 17 per cent increase in dividends translates into a total payout of only $32bn by companies listed on the TSE: the same amount as Microsoft’s 2004 special dividend. Mergers and acquisitions surged last year to $240bn according to Dealogic. But the bulk of that is consolidation within group companies or orchestrated deals. 牛市行情面临着一些风险。例如，由于管制的放松，以及竞争将推动价格下降，通缩可能会显得更难以遏制。此外，即使在上周两个交易日的下跌之后，日本股价仍相对较高。从市盈率（P/E）衡量，日本股票的价格较美国高出约20%。不过，资本回报率还是有上升的空间。不久之后，诞生于婴儿潮时代、薪酬颇丰的一代人即将退休，从而降低了工资成本。日本企业在提高资本效率、现金分红及加速增长方面有很大的余地。加之以流动性状况得以持续的预期，日本股市仍是值得买进的机会。当然，理所应当的前提是：东京证交所能正常开市。 There are risks to the bull scenario. Deflation, for example, may prove more stubborn as deregulation and competition unleash further price cuts. Japan remains relatively expensive, even after the two-day slide of last week. On a price/earnings basis, it trades at a premium of roughly 20 per cent to the US. Yet there is room for returns on capital to expand. Well-paid babyboomers will shortly be retiring, cutting payroll costs. Japan Inc has plenty of scope to improve capital efficiency, returning cash to shareholders and gearing up. Add the prospects of continued liquidity, and the market remains a buy. Always assuming, of course, the TSE is open. 2006年1月24日 星期二 活力门总裁崛江贵文被捕 Livedoor chief and 3executives arrested 日本互联网集团活力门(Livedoor)总裁崛江贵文(Takafumi Horie)与其他三位高管昨晚被捕。在一位关键证人此前自杀身亡之后，当局加紧了对该集团涉嫌违反证券法的调查。 Takafumi Horie, the chief executive of the Japanese internet group Livedoor, was arrested along with three other executives last night as the probe into allegations of breaches of security exchange laws gathered pace following the apparent suicide of a key witness. 检察人员当天曾对崛江贵文进行讯问。与崛江贵文一起被捕的还有该集团首席财务官Ryoji Miyauchi，及旗下两个子公司的总裁。这四人被拘留在东京郊外的Kosuge 拘留中心。 Prosecutors who had questioned Mr Horie during the day arrested the Livedoor chief together with Ryoji Miyauchi, the group’s chief financial officer, and the presidents of two subsidiaries. They are being detained at Kosuge Detention Center, some distance from Tokyo. 活力门高管人员涉嫌违反证券法，粉饰集团公司会计账目，并提供虚假信息以操纵市场。 Livedoor executives are suspected of violating the securities exchange law by window-dressing the accounts of group companies and providing false information to manipulate the market. 在昨日逮捕行动之前的一周并不平静。上周一，日本检察厅突击搜查了活力门公司总部。由于紧张不安的投资者争相抛出活力门和其它网络股，导致东京证券交易所(TSE)交易系统上周几近瘫痪。 The move yesterday follows a week of frenetic activity, which began with the Public Prosecutor Office’s raid on Livedoor offices last Monday and led to a near collapse of the Tokyo Stock Exchange during the week, as nervous investors rushed to offload Livedoor and other internet stocks. 据信，在一位关键证人明显死于自杀之后，检察人员加快了行动速度。在活力门总部遭突击搜查后仅两天，这位关键证人被发现已经身亡。崛江贵文被逮捕一事，令人们对这个迅速成长的互联网服务集团及其曾经红级一时的创建者的未来产生了怀疑。崛江贵文周日曾在其个人博客网站中写道，他从未卷入媒体报道指称的任何违法行为。 Prosecutors are believed to have moved faster than usual, following the apparent suicide of a key witness who was found dead just two days after the raid. The arrest of Mr Horie, who on Sunday wrote in his personal blog that he had not been involved in any of the alleged wrongdoing cited in the press, casts doubt over the future of the fast-growing internet services group and its once popular founder. 崛江贵文及其创建的这家互联网服务集团曾经是新一代企业家的代表，不惧挑战现状，具有成为日本的Google或雅虎(Yahoo)的潜力。 Mr Horie and the internet services group he founded had come to symbolise a new generation of entrepreneurs, unafraid to challenge the status quo and with the potential to become the Google or Yahoo of Japan. 崛江贵文的傲慢风格及其对财富的狂热追求，曾遭到比较保守的商界人士的严厉批评。他们将其对市场工具的运用称为“金融炼金术” (financial alchemy)。 His brash style and unabashed pursuit of wealth had unleashed harsh criticism from more conservative members of the business community who described his use of the tools of market capitalism as “financial alchemy”. 东京证交所昨日表示，崛江贵文被捕一事不会自动导致活力门被摘牌。活力门命运如何，将取决于检方指控的性质。 The Tokyo Stock Exchange said yesterday an arrest would not automatically lead to a de-listing of Livedoor, which would depend on the nature of the charges made |
| 续1 2006-5-25 11:54:00 | ||
| 作者：自由 // 本版专辑 // 发贴数：191 // 积分：875 // 注册：2006-2-13 | ||
India sets out its stall for global retailers 锐步(Reebok)、诺基亚(Nokia)、路易威登(Louis Vuitton)和古姿(Gucci)等全球品牌，将首次得以在印度拥有并经营自己的店铺，因为共产党支持的印度政府昨晚批准放宽外国直接投资法规。 Global brands such as Reebok, Nokia, Louis Vuitton and Gucci will for the first time be able to own and operate their own stores in India after the country’s communist-backed government last night approved a liberalisation of foreign direct investment rules. 印度政府同意外资在单一品牌零售企业中占据51%的股权，这是一揽子措施中最为引人注目的一点。这些措施旨在表明，印度政府决心启动停滞的经济改革计划。 Consent to permit 51 per cent foreign investment in single brand retail operations was the most striking among a package of measures aimed at signalling the Indian government’s determination to kick-start a stalled programme of economic reforms. 然而，此次政策的有限放松，并没有将印度的零售业全面开放。全球最强大的一些零售集团一直在私下要求这种全面开放。包括沃尔玛(Wal-Mart)和特易购(Tesco)在内的公司大力游说，试图获准进入印度市场。目前，印度市场上占据支配地位的是900万家“夫妻老婆”店。 However, the limited relaxation fell short of the wholesale opening of India’s retail sector that has been privately demanded by the world's most powerful retail groups. Companies including Wal-Mart and Tesco lobbied hard to be allowed into a market dominated by 9m “mom and pop” corner stores. 尽管如此，在达沃斯世界经济论坛前夕，昨晚的一揽子改革措施将被视为一种强有力的推动。在该论坛上，一个庞大的印度代表团将大力推介印度经济。这个代表团的成员包括印度最大私企信心工业(Reliance Industries)的董事长穆克什·安巴尼(Mukesh Ambani)，以及印度第二大高科技公司信息系统公司(Infosys)的首席执行官南丹·尼勒卡尼(Nandan Nilekani)。 Last night's package of reforms will nonetheless be seen as a notable boost on the eve of the World Economic Forum at Davos, where a large Indian delegation, including Mukesh Ambani, chairman of Reliance Industries, India’s largest private sector company, and Nandan Nilekani, head of Infosys, the country's second biggest technology company, will be cheerleading for the Indian economy. “这是15年来外国直接投资首次得到通盘考虑，以消除反常与前后不一致的情况，”印度工商部长卡迈勒·纳特(Kamal Nath)对《金融时报》表示。“各公司将被允许在单一品牌下，出售在世界各地销售的商品。拥有多个品牌的零售商将不会被允许这么做，即便这些品牌商品是同一家公司生产的，”他补充说。 “This is the first time in 15 years that FDI has been reviewed in an integrated manner to remove anomalies and inconsistencies,” Kamal Nath, India's commerce minister, told the Financial Times. “Companies will be allowed to sell goods sold internationally under a single brand. Retailers of multiple brands, even if they are made by the same company, will not be allowed,” he added. 迄今为止，在印度市场，海外零售商只有与本土伙伴进行合作，通过专卖安排才能经营，这与中国形成了对比。中国已向外国投资者开放零售业。 International retailers have until now been able to operate in India only through franchise arrangements with local partners, in contrast to China, which has thrown open its high streets to foreign investors. 目前，印度商务部还未清楚说明，它将如何实施上述谨慎的新政策。尽管印度产业机构进行了许多努力，以维持零售业在尽可能长的时间里不对外国竞争开放，但政府还是出台了这些新政策。 India’s commerce ministry has yet to spell out how it will apply the cautious new policy, which has emerged despite an intense campaign by Indian industrial houses to keep the retail sector closed to foreign competition for as long as possible. 2006年1月26日 星期四 知名企业拟推“红色”品牌 帮助抗击艾滋 Bono sees Red as way to fight Aids scourge 美国运通(American Express)、匡威(Converse)、Gap和乔治·阿玛尼(Giorgio Armani)公司正与摇滚歌星波诺(Bono)联手，创立一个名为“红色”的新品牌，并推出一系列“红色”商品，其部分营收将用于帮助非洲抗击艾滋病。 American Express, Converse, Gap and Giorgio Armani are joining Bono, the rock star, to sell products under a new brand – “Red” – that would dedicate some of its revenues to the fight against Aids in Africa. 其中，美国运通将推出一种“美国运通红色”(Amex Red)信用卡 ，首发地选在英国。这种信用卡的发行对象是预估数量达150万的“良知消费者”(conscience consumers)，这些人被视为最有可能购买与社会公益相关的产品。 The effort will include the creation of an Amex Red credit card that will be marketed first in the UK, aimed at an estimated 1.5m “conscience consumers” who are seen as more likely to buy products that are associated with a social benefit. 其它将于今年春季上市的“红色”品牌产品，包括由非洲泥布制作的匡威运动鞋，一系列包括红色和其它颜色的经典风格新款Gap T恤衫，以及带有“红色”压纹标识的面罩型Emporio Armani太阳镜。 Other Red products to be sold this spring will include Converse sports shoes made with African mud-cloth, a new line of Gap vintage-style T-shirts – in red and other colours – and wraparound Emporio Armani sun glasses embossed with a Red logo. “红色”品牌的拥有者波诺表示：“‘红色’是一个21世纪的创意。我认为，从事‘红色’事业，做善事，将成为企业的优质业务。” Bono, the owner of the brand, said: “Red is a 21st century idea. I think doing the Red thing, doing good, will turn out to be good business for them.” 有关各方计划今日在瑞士达沃斯世界经济论坛(World Economic Forum)上公布“红色”项目。此举是那些担心电视广告正在失效的大公司发起的一系列激进营销实验中最新的举措。 The venture, scheduled to be announced today at the World Economic Forum in Davos, Switzerland, is the latest in a series of radical marketing experiments by big companies worried that television advertising is losing its punch. 这些大公司采取这些措施，例如宝洁公司(Procter & Gamble)推出Pampers.com信息网站，很多是利用公益事业来吸引顾客关注，这就是一些人所称的“企业社会机遇”(corporate social opportunity)。 Many of these efforts, such as Procter & Gamble’s Pampers.com information web site, are based on the idea of using good works or services to gain consumer attention – a notion some people are calling “corporate social opportunity”. “红色”项目的部分收入将捐给全球基金(Global Fund)。后者作为一家政府、民间社会、私营部门和相关社区的合作联盟，自2002年创建起，已向艾滋病、肺结核和疟疾项目提供了45亿美元的资金。“红色”项目的捐赠，将主要针对为妇女和儿童服务的抗艾滋病项目。 The money from Red will go to the Global Fund, a public-private partnership that has committed $4.5bn for Aids, tuberculosis and malaria programmes since it was creating in 2002. The focus of the Red donations will be on Aids programmes for women and children. 美国运通已同意捐出“红色”信用卡交易额的1%。此外，对于年消费额超过5000英镑的帐户，美国运通还将捐出超额部分的1.25%。 Amex has agreed to contribute 1 per cent of Red card transactions, plus 1.25 per cent of any spending above £5,000 a year. 以“红色”为品牌，是因为这种颜色代表紧急情况。波诺有一句著名的歌词：艾滋病不是事业、而是危机。 Red was picked as the brand name because it is the colour of emergencies, echoing Bono’s well-known refrain that Aids is not a cause, but an emergency. 2006年1月27日 星期五 美国拟改革针对外资的审查程序 US plans reform of scrutiny panel to reassure investors 美国政府将在全球范围发起一轮宣传攻势，说服外国投资者相信：美国一直致力于“开放的投资政策”。而仅在数月前，由于美国国会的巨大政治压力，中国石油公司中海油(CNOOC)被迫放弃了对美国能源集团优尼科(Unocal)接近200亿美元的竞购。优尼科总部位于加利福尼亚州。 The US administration is launching an international campaign to persuade foreign investors that it is committed to an “open investment policy”, just months after intense political pressure in Congress forced CNOOC, the Chinese oil company, to abandon its multi-billion dollar bid for California-based Unocal. 美国财政部副部长罗伯特·金米特(Robert Kimmitt)在今日的《金融时报》上撰文称，政府将对美国外国投资委员会(CFIUS)进行改革。这是一个由美国财政部领导的跨部门小组，行事隐秘。它以国家安全为宗旨，对外国收购美国资产的交易进行审核。改革的目的是提高审查过程的确定性和透明度。 Robert Kimmitt, the deputy Treasury secretary, writes in today’s FT that the administration will implement reforms to the Committee on Foreign Investments in the US, the secretive inter-agency panel chaired by the Treasury department that vets foreign takeovers of assets on national security grounds. The reforms are aimed at bringing greater certainty and transparency to the process. 金米特今天还将在达沃斯召开的世界经济论坛(World Economic Forum)上，就这一问题发表讲话。 Mr Kimmitt will also speak on the issue today at the World Economic Forum in Davos. 尽管美国国会压力是迫使中海油放弃竞购优尼科的主要原因，但此次华盛顿的反华风暴，引发了对于美国外国投资委员会角色的新疑问。该委员会有权阻止其认为可能危及国家安全的外国收购。 Although pressure from Congress was largely responsible for forcing CNOOC to withdraw its bid for Unocal, the anti-China storm in Washington prompted new questions about the role of CFIUS, which has the power to block foreign takeovers deemed a risk to US security. 担心中海油的竞标可能招致美国外国投资委员会的审查，是优尼科决定接受美国石油公司雪佛龙(Chevron)出价的重要原因。 Fears that the CNOOC bid would be tied up in the CFIUS review were a significant factor in Unocal’s decision to accept a competing offer from Chevron, the US oil company. 一位美国财政部高级官员表示，行政方面的改革包括：指派更多资深政策人士监督美国外国投资委员会的审核，增强国会对审核过程的了解程度，并要求相关企业在过程早期，与美国外国投资委员会就拟议中的交易进行非正式接触，以便尽早就潜在问题展开讨论。 A senior Treasury official said the administrative changes involve dedicating more senior policy staff to oversee CFIUS reviews, enhancing transparency to Congress about the process, and asking companies to approach CFIUS informally with their proposed deals earlier in the process in order to begin talks about potential issues as soon as possible. 但这些举措似乎无法限制美国外国投资委员会在审查外国收购方面所拥有的广泛权力，而且在某些方面还有可能扩大这种权利。 But the moves do not appear to curb the broad powers that CFIUS has to review foreign takeovers, and may expand them in some ways. 例如，这位官员表示，美国对涉及外国政府补贴贷款的外国交易进行额外审核是合理的。在优尼科之争中，雪佛龙就提出了这个问题，称中海油存在不公平的竞争优势，因为该公司能够获得国家提供的资金。 The official said, for instance, that it was legitimate for the US to subject foreign deals that involve subsidised loans by a foreign state to extra scrutiny. Chevron raised the issue during the Unocal debate, saying that the CNOOC approach had an unfair advantage because of its access to state financing |
| 续2 2006-5-25 11:56:00 | ||
| 作者：自由 // 本版专辑 // 发贴数：191 // 积分：875 // 注册：2006-2-13 | ||
ECB to avoid giving signals on rates 欧洲央行(European Central Bank)行长让-克劳德·特里谢(Jean-Claude Trichet)昨日表示，该机构不会效仿美联储(US Federal Reserve)，就未来数月利率的可能走向发出信号，而是准备“随时”采取行动。 The European Central Bank will not follow the US Federal Reserve in sending signals about the likely path of interest rates over many months, but stands ready to act “at any time”, Jean-Claude Trichet, ECB president, said yesterday. 特里谢在伦敦的一次演讲中警告称，对利率做出任何“预先承诺”( pre-commitment) 都可能损害欧洲央行的影响力。相反，该行将“保持务实的作风”，并根据“事实和数据”作出反应。 Any “pre-commitment” on interest rates might undermine the influence of the ECB, Mr Trichet warned in a speech in London. Instead, the bank would “remain pragmatic” and react to “facts and figures”. 在欧洲央行开始紧缩货币政策之际，特里谢的言论突显出，该机构采取的方式与美联储不同。美联储预先表明了利率可能稳步上升。美联储上月宣布，自2004年6月以来连续第14次升息。 His comments highlighted the different approach taken by the ECB, as it starts to tighten monetary policy, compared with its US counterpart, which made clear in advance that rates were likely to rise steadily. The Fed last month announced its 14th consecutive increase in rates since June 2004. 特里谢上周暗示，几乎可以肯定欧洲央行将于3月份将其主要利率上调25个基点，至2.5%，与去年12月份的加息幅度相同，而他昨日的讲话似乎强调了这一讯息。但对于今年晚些时候是否将进一步加息，特里谢拒绝提供任何指引。 Mr Trichet signalled last week that the ECB would almost certainly raise its main interest rate by a quarter percentage point to 2.5 per cent in March, after a rise of the same amount in December, and his comments yesterday appeared to reinforce that message. But Mr Trichet has refused to give any guidance about whether further increases would follow later this year. 尽管特里谢对欧元区经济复苏仍相对乐观，但他在暗示下个月之后利率走向方面的谨慎，可能也反映出经济复苏力度的不确定。一些经济学家认为，在欧洲央行3月份加息后，可能需要过一段时间才会采取进一步行动。 Although Mr Trichet remained relatively upbeat about the eurozone’s economic recovery, his wariness about signalling likely interest rate trends beyond next month might also reflect the uncertainty about the strength of the upswing. Some economists believe that after raising borrowing costs in March, it may be some time before the ECB acts again. 特里谢承认，操控货币政策好比驾驶汽车，只是预测“前面的方向要凭借后视镜提供的图像”。 Mr Trichet acknowledged that steering monetary policy was like driving a car but anticipating “the direction ahead relying on the images provided by the rear view mirror”. 他警告称，从上世纪90年代起，欧元区的“潜在”增长率（在此速度下，经济能够在不出现过度通胀的情况下实现增长）明显下降，主要原因是生产率增长放缓。要提升潜在增长率，需要“稳健的财政政策，并适度增强欧元区内部的竞争优势”。 He warned that the eurozone’s “potential” growth rate – the pace at which it can expand without creating excessive inflation – had apparently fallen since the 1990s, largely because of lower productivity growth. Raising potential growth needed “sound fiscal policies and an appropriate improvement in the competitive edge within the euro area”. |
| 续3 2006-5-25 11:57:00 | ||
| 作者：自由 // 本版专辑 // 发贴数：191 // 积分：875 // 注册：2006-2-13 | ||
Buying spree pushes India’s Sensex above 10,000 mark 印度主要股指昨天飚升并首次突破10000点大关，这使人们普遍进一步认为，印度复苏的经济前景将更加光明。 India’s main share-price index yesterday surged beyond the 10,000 mark for the first time, ratcheting up a popular sense of triumphalism surrounding the outlook for the country’s resurgent economy. 目前这种喜气洋洋的情景通常只在印度的许多节日中才出现，但是富有改革精神的财政部长帕拉尼亚潘•齐丹巴南(Palaniappan Chidambaram)敦促人们“明智投资”，因为此前，汹涌的买盘将印度孟买30指数(Sensex)推至10082.28点的高位，收盘上涨1.02%。 But amid jubilant scenes like those usually reserved for India’s many festivals, Palaniappan Chidambaram, the reformist finance minister, urged people “to invest wisely” after a buying spree pushed the Bombay Stock Exchange Sensitive Index of Top 30 shares to a high of 10,082.28, up 1.02 per cent at the close. 他表示，这一里程碑式的高位反映了市场对“经济整体基本面”的信心。政府昨天表示，在截至4月的财政年度里，印度经济将增长8.1%。这一数据修正使市场人气更旺。 He said the milestone reflected confidence “in the broad fundamentals of the economy”, which the government yesterday said would grow 8.1 per cent in the financial year to April, an upward revision that added to the euphoria in markets. 印度央行印度储备银行(Reserve Bank of India)上月将上述财年的增长预测从7.00%至7.5%提高到7.5%至8.0%，但同时警告可能出现资产价格泡沫。 The Reserve Bank of India, the central bank, last month raised its growth forecast for the same 12-month period to 7.5-8.0 per cent, from 7.00-7.5 per cent, but warned of an asset-price bubble. 印度储备银行的警告昨天未被投资者理会，外国投资者继续大肆买进印度股票。包括Capital、富达(Fidelity)和新加坡政府的下属企业在内，许多外国投资者齐聚印度斋浦尔，参加有史以来规模最大的一次投资印度大会。 Yesterday the RBI’s warning was distant as foreign investors – many of whom, including Capital, Fidelity and the government of Singapore’s affiliates gathered in Jaipur for one of the largest-ever India-investor conferences – kept up their buying spree of Indian securities. 资产组合投资者今年已向印度股市输入了约6亿美元，进一步拉升了股价。去年，海外投资者在印度证券市场投入创纪录的108.9亿美元，推动印度孟买30指数上升了42%。 Portfolio investors have now channelled some $600m into Indian equities this year, stretching valuations even further. Last year, overseas investors spent an unmatched $10.89bn on Indian securities, pushing the Sensex up 42 per cent. 去年12月初，印度孟买30指数在花费3个月时间后升至9000点，相比之下，此次股指在不到1个月的时间里就上涨了1000点，达到一个新的里程碑。 The Sensex’s 1,000-point increase to its new milestone took less than a month, compared with a three-month period to achieve the 9,000 mark in early December. 外国流动资金投资强劲，散户投资者再度参与股市，推动了此次股市的大涨。以1月份为例，少数几个共同基金方案吸引了100万小规模投资者认购，募集资金约20亿美元。 The rally has been driven by powerful foreign liquidity and a resurgent participation in equities by small savers. In January, for example, 1m small investors subscribed to a handful of new mutual-fund schemes that raised about $2bn. “散户投资者不仅数量更多，而且来自一些我们以前业务没有覆盖到的城市和乡村，”汇丰资产管理(HSBC Asset Management)驻孟买首席执行官桑贾伊•普拉卡什(Sanjay Prakash)称，“他们都想进入这个蓬勃的股票市场。” “The retail investor is not only more numerous but is emerging from cities and towns that we’ve never reached before,” said Sanjay Prakash, chief executive of HSBC Asset Management in Mumbai. “They all want to access the buoyant equity market.” |
| 续4 2006-5-25 11:58:00 | ||
| 作者：自由 // 本版专辑 // 发贴数：191 // 积分：875 // 注册：2006-2-13 | ||
Investment aim as agency targets China 英国伦敦经济发展署(LDA)计划在北京和上海开设办事处，试图吸引亚洲各主要增长经济体更多的投资和游客。 The London Development Agency plans to open offices in Beijing and Shanghai to try to attract more inward investment and tourism from Asia’s main growth economies. 伦敦经济发展署希望随后在印度也开设办事处。去年，伦敦金融城当局(Corporation of London)和英国工业联合会(CBI)雇主组织在中国建立了立足点，以改善商业关系。 The move, which the LDA hopes will be followed up with representation in India, comes after the Corporation of London and the CBI employers’ organisation established toe-holds in China last year to improve business relations. 中国是英国的第四大投资国。自2000年以来，已有110多家中国企业在欧洲设立业务，其中15%选择了英国，而其中一半来到了英国首都伦敦。伦敦对印度企业的吸引力甚至更大，在118家2000年来已在欧洲开办业务的印度企业中，有48家选择伦敦作为基地。 China is the fourth largest investor in the UK. Of more than 110 Chinese companies that have set up operations in Europe since 2000, 15 per cent have chosen the UK, and half of those have come to the capital. London has been even more of a magnet for Indian companies, with 48 of the 118 that have set up operations in Europe since 2000 choosing London as their base. 伦敦经济发展署引资机构伦敦投资局(Think London)研究经理马克•哈德威克(Marc Hardwick)表示：“伦敦已成为许多大型中国企业进入欧洲的门户。” Marc Hardwick, research manager for Think London, the LDA’s inward investment body, said: “London has become the gateway to Europe for a lot of the big Chinese companies.” 过去，英国投资的强劲增长部分来自美国传统的金融与商业服务产业和技术产业。但印度的软件和信息技术服务企业在伦敦开办业务后，眼下印度制药和制造企业的“第二波”投资浪潮正加入其中。 In part, strong growth in investment had come from the traditional US sectors of financial and business services and technology. But Indian software and information technology services businesses were now being joined in London by “a second wave” of Indian companies in pharmaceuticals and manufacturing. 与此同时，中国的国营企业和一些私营企业开始在伦敦设立10到20人的办事处，其中一些企业的投资规模更大，雇员达数百人。 Meanwhile Chinese state-run companies and some private businesses were setting up offices in London of about 10 to 20 people, with some companies investing more heavily and employing a few hundred staff here. 哈德威克先生称，这些新的办事处将有助于人们消除对伦敦某些过时的印象——“迷雾，圆顶礼帽和刻板的面孔”。 Mr Hardwick said the new offices would help to dispel some outdated perceptions of London – “fog, bowler hats and the stiff upper lip”. 伦敦经济发展署首席执行官曼尼•刘易斯(Manny Lewis)称，伦敦的文化活动，如近期举办并延续到3月底结束的中国文化节，是打造海外资本“品牌”战略的一部分。 Manny Lewis, LDA chief executive, said cultural events in London, such as the current festival of Chinese culture that runs to the end of March, were part of the strategy to “brand” the capital overseas. 调查显示，文化等无形因素对国际性企业的选址和投资决策有着强大的影响。 Surveys have suggested that intangible factors, such as culture, strongly influence the relocation and investment decisions of international businesses. 尽管伦敦的国际游客在截至2005年6月的年度增长了11.9%，游客支出增加了7%，人们还是担心，去年7月7日发生的恐怖袭击可能已减缓甚至破坏国内和国际的旅游业增长。 Although international tourism to London increased by 11.9 per cent in the year to June 2005, with visitor spending up 7 per cent, there are concerns that the terrorist attacks of July 7 last year may have slowed growth and damaged both domestic and international tourism. |
| 续5 2006-5-25 11:59:00 | ||
| 作者：自由 // 本版专辑 // 发贴数：191 // 积分：875 // 注册：2006-2-13 | ||
New way to buy gold fuels price rise 本月黄金价格大幅上涨至25年高点，其中部分上涨动力在于一些投资者买入了一种相对较新的黄金投资产品。这种产品改变了一度复杂的黄金买进方法，使之类似于股票买卖交易。 This month’s surge in gold prices to a 25-year high has been partly fuelled by investors buying a relatively new type of gold investment, which has transformed the once complex way of buying the precious metal into a transaction similar to buying shares. 以黄金担保的交易所交易基金(Gold-backed Exchange Traded Funds)已囤积了429吨黄金，按当前价格计算，其价值已达180亿美元。ETF是一种追踪基本价格的投资基金。 Gold-backed Exchange Traded Funds, tracker funds that follow the underlying price, have accumulated 429 tonnes of gold, worth $18bn at current prices. 上述囤积的黄金中，近三分之二的数量是在过去三个月内新增的，当时金价涨幅已开始以25年来最快的步伐加速。 Almost two-thirds of this was added in the past three months, when the gold price increase has accelerated at its fastest pace in 25 years. |
| 续6 2006-5-25 12:00:00 | ||
| 作者：自由 // 本版专辑 // 发贴数：191 // 积分：875 // 注册：2006-2-13 | ||
Nokia puts priority on dual-mode handset business 全球最大的移动电话制造商诺基亚(Nokia)昨天表示支持互联网电话，此举可能分流移动网络的巨大通话流量，并进一步对移动电话的通话收费形成压力。 Nokia, the world’s biggest maker of mobile handsets, threw its weight behind internet telephony yesterday in a move that could divert large volumes of voice traffic from cellular networks and put further pressure on mobile voice tariffs. 这家芬兰集团的首席执行官约玛•奥利拉(Jorma Ollila)为诺基亚的首款大众市场双模手机（dual-mode handset ）N6136揭幕。这款手机既能连上移动运营商的网络，也能在位于Wifi热点覆盖范围内，切换到固线宽带连接。 Jorma Ollila, chief executive of the Finnish group, unveiled Nokia’s first mass market dual-mode handset, the N6136, which will work on both an operator’s mobile network and switch to a fixed-line broadband connection when it is within range of a Wifi hotspot. |
| 续7 2006-5-25 12:01:00 | ||
| 作者：自由 // 本版专辑 // 发贴数：191 // 积分：875 // 注册：2006-2-13 | ||
Software provides output lift for Brown 英国政府统计人员承认，他们严重低估了软件产业投资（对英国经济）的贡献。 British government statisticians admitted they had seriously understated the contribution of software investment. 对软件产业中商业投资额测算方法进行修正，将会立刻提高英国在经济产出、商业投资和繁荣程度方面的数字，并提高英国在国际经济排名中的位置。 Revisions to the way business investment in software is measured will instantly boost figures for economic output, business investment, and prosperity, lifting Britain’s position in international economic league tables. 上述修正将使英国国内生产总值(GDP)提高1%，这超过去年经济增幅的一半。同时，该国自1992年以来所有年份的年度经济增长率也将向上修正近0.1个百分点。 The changes will raise gross domestic product by 1 per cent — more than half the level of economic growth last year — and revise annual growth rates upwards by close to 0.1 per cent for all years since 1992. 中国最近超过英国成为全球第四大经济体，但历史或许会表明，英国保持其第四大经济体地位的时间可能要比之前设想的要长一点。 China recently overtook the UK as the fourth largest economy in the world, but history may even show the UK held its position a little longer than had been thought. 英国国家统计局(Office for National Statistics)表示，一家公司开发的软件的价值将是原先设想的5倍。该机构称，其对2003年英国软件产业投资的预估值可能要从25亿英镑上调至130亿英镑。 The Office for National Statistics said the value of software developed within a company would be five times higher than had been thought. The ONS said its estimate for such investment in 2003 was likely to rise from £2.5bn to £13bn. 伦敦经济学院(London School of Economics) 经济表现中心(Centre for Economic Performance)的资深专家尼古拉斯•奥尔顿(Nicholas Oulton)称，长期以来，人们对于英国软件投资的低水平数据感到困惑：“英国软件投资有些奇怪，它与电脑购买量数据的联系并不紧密，而两者之间本应存在相互联系。” Nicholas Oulton, a senior fellow at the Centre for Economic Performance and the London School of Economics, said there had long been a puzzle over the UK’s low recorded levels of software investment: “There was something odd about UK software, it didn’t relate well to the recorded purchases of computers, and you would expect the two to be related.” 经济产出数据的提高将在许多方面迅速改善英国经济的面貌。 Higher levels of measured output will give an immediate boost on many fronts to the chancellor. 它将改善英国在全球经济繁荣程度排名中的相对地位；将提高生产率数据；将显示商业投资远远高于想象；将降低国民生产总值中税收负担和公共开支所占比重。 It will improve the UK’s relative position in the league tables for prosperity; boost measured productivity; show business investment to be considerably higher than thought; and lower the recorded burden of tax and public expenditure in GDP. 修订后的结果也将使英国软件总投资处于与其它国家的同等水平，并显示英国软件业占国民生产总值的比重高于美国。英国国家统计局称，鉴于金融服务业在英国经济中占巨大比例，这一结果合情合理。 The results will put the UK’s total software investment on par with other countries and show that UK in-house software development as a share of gross domestic product is higher than that in the US. The ONS said this was a reasonable result given the large share of financial services in the UK economy. |
| 续8 2006-5-25 12:02:00 | ||
| 作者：自由 // 本版专辑 // 发贴数：191 // 积分：875 // 注册：2006-2-13 | ||
Tesco reveals plans for chain of US stores 英国最大的超市集团特易购( Tesco)将在美国开店，每年支出2.5亿英镑在美国西海岸发展便利连锁店。公司预计该业务经营到第2年年底将盈利。 Tesco, the UK’s largest supermarket group（集团）, is setting up shop（固定搭配，开店，写作时能用） in the US, spending £250m a year to develop a chain of convenience stores（便利店，掌握） on the west coast that it expects will be profitable by the end of the second full year of operations. 该集团占领了英国超过30%的国内市场，并计划明年在美国开出第一批店，店面将效仿其Tesco Express便利店的形式。 The group, which has cornered（占领，熟词僻义，不过翻译成席卷，雄霸也许更好） more than 30 per cent of its domestic market, plans to open the first stores there next year in a format（模式） modelled on（固定词组，模仿，掌握） its Tesco Express convenience stores. 特易购目前在包括中国在内的13个国家开展经营，国际业务占其销售和利润的五分之一左右。在英国，该集团的主导地位正受到越来越大的反对。 Tesco, facing growing opposition（反对，翻译的好） to its dominant position in the UK and its expansion in some overseas markets, already operates in 13 countries including China. The group’s international operations account for about a fifth of sales and profits. 通过进入美国市场，特易购将得以进入全球最大的消费经济体和人口第三大的市场。 By entering the US it is gaining access to（重要词组，掌握） the world’s biggest consumer economy and the third largest population. |
| 续9 2006-5-25 12:04:00 | ||
| 作者：自由 // 本版专辑 // 发贴数：191 // 积分：875 // 注册：2006-2-13 | ||
2006年3月21日 星期二 Brown to focus on London’s position 英国财相拟提升伦敦金融中心地位 Gordon Brown, UK chancellor of the exchequer, will tomorrow unveil a new drive to expand London’s position as one of the world’s leading financial centres, conceding that the government must do much more to preserve one of the main pillars of the British economy. 英国财政大臣戈登•布朗(Gordon Brown)将于明日宣布一项新举措，提升伦敦作为全球主要金融中心之一的地位。他将承认英国政府必须采取更多措施，来保护这一英国主要的经济支柱之一。 Announcing a budget that will have the promotion of the UK’s high value added industries as its central theme, the British finance minister looks set to launch his most concerted campaign to woo the City since the left-of-centre Labour party came to power in 1997. 在布朗即将宣布的预算案中，中心议题将是促进英国高附加值产业的发展。这将是中间偏左的工党(Labour party) 自1997年执政以来，这位英国财政大臣为取悦伦敦金融城而准备出台的最全面的措施。 In nearly a decade as chancellor, Mr Brown has sought to protect the City’s status as one of the world’s top financial centres, most notably facing down plans for a European Union withholding tax on bonds. 在布朗担任财政大臣的近10年中，他曾多次寻求保护伦敦金融城作为全球顶级金融中心的地位，其中最著名的是他反对欧盟(EU)对债券征收预扣税的计划。 But Mr Brown has told leading City figures that the government must work far more closely with London’s leading institutions to preserve the capital’s status. He has therefore pledged to listen hard to concerns that London has the right tax and regulatory structures in order to attract business from the growing Chinese and Indian economies. 但布朗已向金融城的大人物们表示，政府必须与伦敦主要金融机构进行更为密切的合作，以维护伦敦的地位。因此，他承诺将认真听取意见，确保伦敦拥有合理的税收和监管结构，以便从不断发展的中国和印度吸引业务。 Mr Brown will announce that he is bringing together a number of leading City institutions – such as the London Stock Exchange, Euronext-Liffe and the London Investment Banking Association –to “develop and support a co-ordinated strategy” for the City. 布朗将宣布，他将与金融城众多领先机构合作，包括伦敦证交所(LSE)、泛欧交易所-伦敦国际金融期货期权交易所(Euronext-Liffe)和伦敦投资银行协会(London Investment Banking Asociation)等，为金融城“制订并支持实施一项协同战略”。 The chancellor will publish a detailed analysis by Treasury officials of the challenges facing London, arguing that the City cannot be complacent. 布朗将就伦敦面临的挑战，发表一份由英国财政部官员编写的详尽分析报告，指出金融城不能满足于现状。 At the heart of this drive will be an overhaul of UK Trade and Investment, the government’s export promotion body, so that it focuses more heavily on trade links with India and China. 布朗新举措的核心内容是对英国贸易及投资署(UK Trade & Investment)进行全面改革，使其更加关注与中国和印度的贸易关系。英国贸易及投资署是英国政府的出口促进机构。 Leading City figures have been concerned by a range of issues, including the Treasury’s 0.5 per cent stamp duty on all share transactions, yielding the government £2bn ($3.5bn, ?2.9bn) a year. 金融城的大人物一直对一系列问题表示担忧，包括财政部对所有股票交易征收0.5%印花税的问题。这项税收每年为政府带来20亿英镑(35亿美元)收入。 注释： chancellor n.长官, 大臣 exchequer n. 财政部 pillar n.[建] 柱子, 栋梁, 重要的支持者 woo v.求爱, 追求, 恳求, 招致 face down v.压倒, 降服 withhold vt.使停止, 拒给, 保留, 抑制 bring together 集合 overhaul n.全面检查，全面修订 “敲打中国”──却敲响美元丧钟？ 2006年3月22日 星期三 “敲打中国”──却敲响美元丧钟？ How China creates American jobs 美国政客们日趋严重的保护主义本能，是否会破坏美元汇率的稳定？ Could the increasingly protectionist instincts of US politicians destabilise the dollar? 在这方面肯定有一些不祥的迹象。首先：阿拉伯联合酋长国决定将10%的外汇储备换成其它货币，以此回应美国抵制迪拜港口世界公司(Dubai Ports World)成为美国港口的潜在所有者。这笔数目在外汇市场微不足道，但如果其它中东国家也开始效仿，情况可能就会有所不同。此外，美国参议员查尔斯·舒默(Charles Schumer)和林塞·格雷厄姆(Lindsey Graham)起草了一项法案，提议对中国进口商品征收27.5%的关税，中国对此会做何反应呢？对于美国这样每月经常账户赤字逾700亿美元的国家，这种做法就像是搬起石头砸自己的脚。 There are certainly some ugly pointers, starting with the United Arab Emirates' decision to switch 10 per cent of its reserves out of the dollar in response to the US rejection of Dubai Ports World as a potential owner of American ports. This is peanuts in the currency markets but, if others in the Middle East followed suit, it could look different. Then there is the question of what China might do in response to the Schumer/ Graham draft bill in the US senate to impose a 27.5 per cent tariff on Chinese imports. Coming from a country with a current account deficit running at more than $70bn (£40bn) a month, this looks a lunatic shot in the foot. 然而，我难以相信美元汇率将会暴跌，也难以相信全球失衡会出现过于突然的调整。产油国必须为自己的盈余寻找去处。它们也许喜欢把欧元变成一种“石油货币”(petrocurrency)的主意，但就流动性而言，欧元和欧元区债券市场都无法与美元市场相提并论。 Yet I find it hard to believe that we are about to see a dollar collapse and an over-abrupt adjustment of global imbalances. Oil producers have to find a home for their surpluses. They may like the idea of turning the euro into a petrocurrency but the euro and eurozone bond market cannot compete on liquidity with dollar markets. 同样道理也适用于亚洲各国的官方储备。除非它们准备采用一种大不相同的经济管理方式和汇率政策，否则就需要美国赤字提供的调节功能——这种调节是欧元区无力提供的。 Much the same point applies to the holders of Asian official reserves. Unless they are prepared to adopt a very different approach to economic management and exchange rate policy, they need the accommodation provided by the US deficit - accommodation that would not be afforded by the eurozone. 这并非美国尽管面临巨额外债，却仍占尽风光的唯一原因。从国际收支平衡资本账户的角度来看，美国是商业银行、私人股本投资者和对冲基金的混合体。 That is not the only sense in which the US is sitting pretty despite its huge external indebtedness. Looked at from a balance of payments capital account perspective, it is a cross between a commercial bank, a private equity investor and a hedge fund. 追溯到20世纪70年代，在石油美元的循环时期，美国主要扮演银行贷方的角色，以本币借入短期借款，并发放长期贷款。20世纪80年代，随着美国从国际债权国变为债务国，它更偏重于投资那些回报率较高的资产，如外国直接投资(FDI)，好像一家私人股本公司。 Back in the 1970s, during the petrodollar recycling episode, the US operated primarily as a bank lender, borrowing short in its own currency and lending long. In the 1980s, as it changed from being an international creditor to a debtor, it invested more heavily in higher return assets such as foreign direct investment, like a private equity house. 近年来，美国投资者遵循对冲基金的思路，大举投资包括新兴市场在内的外国股市。 More recently US investors have invested heavily in foreign equities, including the emerging markets, along hedge fund lines. 其结果是，美国一边从流动性和安全意识较强的欧、亚贷方低成本借入资金，一边加大在收益率较高的外国资产上的投资。同时，美国对外直接投资的所得，要远远高于其它国家在美直接投资的所得。因此，尽管是一个净债务国，美国仍能产生巨额收入盈余。 The result is that, while the US leverages up with low-cost borrowing from liquidity and security-conscious Eurasian lenders, it invests growing amounts in higher yielding foreign assets. It also earns much more on its FDI than foreigners do on FDI in the US. So, despite being a net debtor, the US generates a big income surplus. 在即将发表于《朗伯德街研究》(Lombard Street Research)的一篇论文里，布赖恩·里丁(Brian Reading)主张，美国没有像许多人预料的那样落入债务陷阱之中，因为美国净收入增长速度一直远高于净债务增速。这在一定程度上也可以解释，在美国经常账户赤字迅速扩大的情况下，美元始终没有崩盘。 In a forthcoming paper for Lombard Street Research, Brian Reading argues that the US has not fallen into the widely predicted debt trap largely because its net income has been growing so much faster than net debt. Here is part of the explanation for the dollar's failure to collapse despite the burgeoning current account deficit. 里丁还就中国的8000亿美元外汇储备提出了一个重要观点。美国目前在外国直接投资方面的回报率为10.5%，而在政府借贷上仅支付3.5%的成本。这样，通过再循环中国的外汇储备，美国就能获得7%的回报，总额超过500亿美元，相当于美国国内生产总值(GDP)的0.5%。从实际效应上说，美国在为中国运行一个代理离岸银行系统。中国的在岸银行体系还比较落后。 Mr Reading also makes an important point about China's $800bn foreign exchange reserves. The US currently earns a 10.5 per cent return on its foreign direct investment and pays 3.5 per cent on government borrowing. It is thus making a 7 percentage point turn of more than $50bn, equivalent to half a per cent of US gross domestic product, on recycling Chinese reserves. In effect, it is running a surrogate offshore banking system for China, whose onshore banks are pretty primitive. 在美国制造业萎缩之际，上述状况在美国金融服务业创造了大量工作机会。对此，美国国会的贸易保护主义者应给予注意。 This has created a welter of financial services jobs in the US as manufacturing shrinks. Protectionists on Capitol Hill please note. |
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