明星资讯腾讯娱乐2017年12月16日 03:51:58
China;Chinas economy;Not with a bang;中国;中国经济;不咋地;Chinas property prices and its local-government debt have started rising again. That may be a good thing中国的房地产价格和地方政府债务又开始上升了,这或许是件好事FangZhuang, a high-rise neighbourhood tucked inside Beijings third ring road, was one of Chinas first commercial housing projects. Its four divisions share a park, schools, a courthouse and a Carrefour supermarket. Characters in the divisions four names combine to mean “stars of the ancient world”. Back in 1990 Fangzhuang flats sold for about 1,500 yuan (234 Dollar at todays rate) per square metre, according to Credit Suisse, a bank. Since then, prices have reached for the stars of the modern world, exceeding 30,000 yuan in that part of Beijing.挤在北京三环内的高层住宅区——方庄,曾是中国第一个商业住宅项目。它的四个小区共用一个公园、学校、一个法院和一个福超市。将这四个小区名字中间的汉字连起来就是“古城群星”。根据瑞士信贷——一家(的消息),早在1990年,方庄公寓大概卖1500元(按今天的汇率合234美元)一平米。从那以后,价格就成了当世巨星,北京那一块的价格超过了3万元。Chinas unruly property market was once dubbed, with excusable hyperbole, the “most important sector in the entire global economy” by Jonathan Anderson, then at UBS, another Swiss bank. It remains the biggest fear hanging over the worlds second-biggest economy. Home prices began falling about a year ago. The declines have depressed investment and curtailed economic growth, which slowed to 7.6% in the second quarter, its slowest rate since .中国不规范的房地产市场曾被当时在瑞银信贷——另一家瑞士——的乔纳森安德森封为“整个全球经济中最重要的部分”,(这里)运用了适当的夸张。它还是悬在世界第二大经济体之上的最大担忧。住宅价格约一年前开始下跌。该下跌抑制了投资,还缩减了经济增长,二季度经济增长减缓至7.6%——年以来最慢的增长率。The only economic anxiety to rival property is local-government debt. Estimated at 10.7 trillion yuan at the end of 2010 by official auditors (and a lot higher by unofficial ones), much of it was held at one remove by so-called local-government financing vehicles. When one such, Yunnan Highway Development and Investment, told creditors in 2011 that it would not repay the principal on their loans, it was described (with equal hyperbole) as the “default heard around the world” by Business Insider, a news website.唯一能与房地产匹敌的经济上的忧虑就是地方政府债务了。2010年底官方审计部门估计有1.7万亿元(然而非官方估计要高出很多),其中很多(丛政府)隔离出来让所谓的地方政府融资平台持有。当这样的一家公司——云南高速公路开发投资公司,在2011年告诉债权人将不会归还他们贷款的本金时,这被一家新闻网站——《商业内幕》——形容(运用适当夸张)为“地球人都知道的违约”。Both worries have roots in the stimulus spree on which China embarked in November 2008. State-owned enterprises began bidding enthusiastically in land auctions, and local governments let their pet projects run wild. Ever since, the two problems have preoccupied Chinas central government. In April 2010 it put curbs on speculative homebuying and spent much of last year tidying up local finances. This spring, Wen Jiabao, the prime minister, boasted that local-government debt had grown by a mere 300m yuan in 2011.这些忧虑都源于中国2008年11月着手的经济刺激计划。国有企业开始在土地拍卖中狂热地竞标,而地方政府让他猛宠爱的项目撒野了。从此,这两个问题就困扰中国的中央政府了。在2010年4月,它开始限制投资性住房的买入,还用了去年大部分时间清理地方融资问题。今年春季,总理温家宝自豪地说,2011年地方政府债务只增长了3个亿。Signs, however, are growing that both property prices and local-government borrowing are rising again. Chinas National Bureau of Statistics (NBS) reports that new home prices rose in June in 25 of 70 cities it tracks. They fell in only 21. Sales volumes also strengthened. Prices are still lower, on average, than a year ago. But according to our weighted average of the (new and existing) home prices reported by the NBS, the pace of decline appears to be bottoming out (see chart). By next month (thanks to a lower base), prices may be rising again, year-on-year.不过,房地产价格和地方政府借款又再增加的迹象开始浮现了。中国国家统计局报告称,六月份它所追踪的70座城市中有25座的新房价格增长了。只有21座城市的下跌了,成交量也增加了。平均价格仍比一年以前便宜。不过,根据我们对统计局报告中(新房及二手)房屋价格的加权平均,下降的步伐貌似要见底回升了(见图)。到下个月(幸亏有个更低的垫底),与去年同期相比,价格可能又要涨了。Local governments meanwhile have been given leave from their debtors prison. Reports suggest that Chinas banking regulator has told banks to increase lending to “better qualified” financing vehicles. These vehicles have also increased their bond sales, issuing over 420 billion yuan-worth of paper aly this year.同时,地方政府也被放出了借款者的牢笼。报告称,中国也监管机构已经让各家对“更有资格”的融资平台增加贷款。这些融资平台也早就增发他们的债券,今年就已经发行了价值超过4200亿元的纸张了。These twin turnarounds might be good news—a sign that property prices have stabilised and local governments have restored their creditworthiness. But they could also be signs of desperation, evidence that the central government has lost its nerve in the face of falling growth.这一对转变可能是个好消息——标志着房地场价格已趋于平稳,而且地方政府也已重铸其贷款信誉。但这也可能是绝境的信号,明中央政府已经在下降的经济增长面前失去了勇气。The rise in local-government borrowing is something in between: a defensible response to a worrying slowdown. Chinas economy does need help, and its government has ample scope to provide it. Some local governments took on more debt than they could handle. But their liabilities never endangered the fiscal position of the country as a whole. The combined debts of Chinas central and local governments add up to about 50% of the countrys GDP (including bonds issued by the Ministry of Railways and Chinas policy banks, intended for state-directed lending). Even if local debts are understated, China has fiscal room for error. Local governments will also borrow less and invest better than they did in the previous stimulus effort, argues Peng Wensheng of China International Capital Corporation, a Chinese investment bank. “The pressure for policy easing is much less now than it was in November 2008,” he says.地方政府借款的增长介于两者之间:是对令人忧愁的增长减速的防御性反应。中国经济确实需要帮助,而且政府也有足够的能力提供帮助。一些地方政府承担的债务大到自己无法处理,但它们的债务还无法危及整个国家的财政状况。中国中央和地方政府的债务总合加起来差不多到国家GDP的50% (包括铁道部和国家政策性用作国家直接借款而发行的债券)。就算地方政府的债务被低估了,中国也有容纳误差的财政空间。地方政府也会少借点,并且比他们在以前努力刺激时期投资得好一些,中金公司的彭文生反驳道,中金公司是一家中国的投行。他说,“目前进行政策宽松的压力要比2008年11月时的小很多”。The rebound in the property market is harder to interpret. It may also reflect a mising of government policy. Some local governments have eased property curbs surreptitiously, hoping to revive construction jobs and land sales (and thus their revenues). The central government is also keen to encourage first-time homebuyers. But it insists that it will still strictly enforce existing curbs on people, especially out-of-towners, buying more than one home. This week the State Council, Chinas cabinet, said it would send inspectors to 16 cities and provinces to curb backsliding.房地产市场的回弹则更难解释。它也可能反应出了对政府政策的误读。有些地方政府希望复苏建筑业的就业和土地出让(这就是他们的收入来源),已经偷偷放松了房地产的限制。中央政府也期望能够鼓励初次购房者。但它也坚持仍将严格实施目前的限制,尤其是对外地人和购买多套住房者。本周,中国的议会——国务院声明它将派出巡视员到16个省市去控制倒行逆施。Yet in most cities, says Jinsong Du of Credit Suisse, it is ever easier to circumvent the rules. He cites one high-profile launch in Shanghai where the flats went for 3m Dollar each. Even the estate agents on site admitted that most buyers aly owned several other properties.瑞士信贷的杜劲松说,但在大多数城市,很容易绕开这些规定。他以上海举了个印象深刻的例子,上海公寓达到了300万美元一套。就连房产中介都承认很多购买者已经拥有了好几处别的房地产。But surely if Chinas property market was a burst bubble, even a forthright relaxation of controls would not reflate it? After Americas property prices began falling in earnest, policymakers tried in vain for years to revive them. Japan has been trying to perk up prices for more than 20 years.不过毫无疑问,如果中国房地产市场是破裂的泡沫,就算是直接放松管制也不会让它再膨胀的。美国房地产价格开始下跌之后,政策制定者们试了好几年来重振它们都于事无补。日本试着恢复价格都已经试了20多年了。Chinas property dynamics may differ, however. In many asset bubbles, prices are pushed up by greedy investors, who borrow heavily to buy. When their creditors get nervous, they default or dump their assets. These fire sales quickly feed on themselves. But Chinas property-buyers are often wealthy firms and individuals looking for somewhere to park their savings. Certainly, they see property as an investment. But they do not necessarily expect prices to go through the roof. Give them any prospect of beating inflation in the long run, and they will buy. China, after all, offers few other options.不过,中国房地产动态可能不同。在很多资产泡沫中,价格被贪婪的投资者推高,他们借了很多去买的。当他们的债权人变得焦急时,他们就会违约或者倾售其资产。这些减价销售很快相互刺激恶化。但中国的房地产购买者常常是一些寻求存放其储蓄之处的富有公司和个人。当然,他们把房地产视为一种投资。不过他们当然没有预料到房价会飞涨。(只要)给他们任何预期能够在长期跑赢通胀的,他们都会买的。毕竟,中国没有提供别的(投资)选择。 /201302/227303


  Business Thomson Reuters Screen test商业 汤姆森路透 荧屏上的考验The information company, in danger of losing its top spot, gets a new boss为了防止失去榜首,新上司上位。IN SEVEN years as head of Reuters, Tom Glocer brought the British-based news agency from the verge of bankruptcy to a state of rude health.汤姆?葛洛瑟在路透社高层工作了7年。在这7年间,他把路透社,这家总部设在英国濒临破产的新闻社重新走上了正轨。But he has done less well as chief executive of Thomson Reuters, the company created when Thomson, a Canadian purveyor of professional information for lawyers, accountants and others, bought Reuters in 2008.汤姆森是加拿大一家为律师,会计等提供信息务的公司,在2008年收购了路透社。汤姆森路透信息公司也随之成立。然而在收购之后,公司首席执行官汤姆?葛洛瑟的表现却不甚理想。Bloomberg, the firms American rival, has almost wiped out its once-clear lead (see chart).彭,路透在北美的竞争对手,缩小与路透社曾经的巨大差距,现已与路透的市场份额非常接近。(见图表)On December 1st Mr Glocer said he would step down at the end of the year. His replacement, James Smith, the chief operating officer, is a former Thomson man.葛洛瑟说他会在今年年底辞职。他的继任者詹姆?史密斯,新的首席执行官,曾经也是汤姆森的员工。The revenues of the professional division of Thomson Reuters grew by 10% in the year to the third quarter, but those of the markets division—which provides financial data and services, and accounts for more than half of total sales—managed only 1%.汤姆森路透其专业部(1)今年三季度收入增长率为10%。市场部负责提供金融数据务,占据公司总销售额超过一半,然而其增长率仅为1%。Last year that division launched a new information platform, Eikon, to compete with the terminals offered by Bloomberg, but just 8,000 customers have taken it up.去年,市场部发布了一个新的信息平台Eikon,以此与彭的终端产品竞争,可是使用平台顾客只有8,000人。The company has 400,000 financial-data subscribers in all.公司金融数据订购者的人数为400,000。Thomson Reuters and Bloomberg are the big fish in the professional-publishing pond, at least eight times larger than their nearest competitor.汤姆?葛洛瑟和彭都是专业出版界的巨头。即使是最接近的同类竞争者,汤姆?葛洛瑟和彭的规模至少也是他们的八倍多。Bloomberg, besides expanding its terminals business, which has over 300,000 customers (at about ,000 a pop), is pushing into government-related news and data.彭的顾客数量为300,000,除了继续扩展他的终端业务,彭也正在进军与政府相关的新闻和数据。In 2010 it launched Bloomberg Government, which competes with Congressional Quarterly, a sister company of The Economist.2010年,彭发布了;彭 政府;。它的竞争对手将是经济学人的兄弟企业;国会季刊;。In September it made its biggest purchase ever, spending 0m on BNA, a legal- and tax-information firm.在九月,彭将花费9.9亿美元完成它最大一次的收购,被收购的公司是BNA,一家有关法律税收的企业。So what happened to Mr Glocers winning streak?那么葛洛瑟如何延续他的连胜态势?His allies say his departure was always just a matter of time: once a firm buys another, it completes the takeover by putting its own people in charge.其助手认为他的离开只是个时间问题:一旦企业收购一家公司,企业就会让自己的人员来取代之前的公司员工。The Thomson family still owns 55% of the company, and some think the generous price Mr Glocer secured from Thomson for Reuters made him all the more vulnerable.汤姆森家族一共拥有路透的55%。与此同时,葛洛瑟从汤姆森那里获得慷慨的报价,一些人还认为这也会使他备受诟病。But he might have stayed longer were it not for a mix of bad luck and overconfidence.葛洛瑟也可以选择继续高职就位。然而如果是这样,这对自命不凡的葛洛瑟来说,厄运也就将至。Eikon, intended to replace Reuters grab bag of services with a single offering, was designed to be more user-friendly than Bloombergs devices,Eikon,意在取代提公司唯一的综合务供商—路透社,原计划设计成比彭更加用户友好的平台。but it was launched hastily and with flaws.但是Eikon发布仓促,平台也有一定的缺点。With hindsight, a more gradual upgrade might have been more prudent.不过有事后之名,因而选择逐渐升级Eikon会比较稳妥。This summer, under pressure from the Thomson family, Mr Glocer fired Devin Wenig, a close ally he had put in charge of creating Eikon, and took it over himself—tying his prospects even more closely to Eikons.今年夏天,葛洛瑟在汤姆森家族的压力下,解雇了他之前任命的负责创始Eikon的德温?维尼希。德温?维尼希也是葛洛瑟的一位心腹。葛洛瑟将亲自运营Eikon,把自己的未来前途和Eikon结合的更紧密。Perhaps Mr Smith can do better.也许史密斯会做的更好。He will almost certainly have a freer hand, and some upgrades to Eikon are planned for next year.他肯定会给让路透拥有更大自由空间。他也着手对于Eikon明年进行升级。But these are still stormy seas.然而排在他面前的仍有许多困难。According to Claudio Aspesi, an analyst at Sanford C. Bernstein, an investment bank, it took most professional-publishing firms three to four years to recover from the 2001 recession.克劳迪奥-埃斯皮西 ,投资Sanford C. Bernstein的一个分析师,说在2001年出版业萧条期间,Sanford C. Bernstein挽救了许多出版业企业。This time, Bernstein predicts, revenue growth at Thomson Reuters will not reach pre-crash levels until at least 2015.这次,Bernstein预测,汤姆森路透的收入增长直至2015年才能保有防冲击水平。One area of potential growth, though, is trading services.交易务是潜在的增长点。Changes in financial regulation in America and Europe will force a lot of trading in derivatives from the murky world of private ;over-the-counter; deals onto exchanges, where contracts will be standardised and prices ed.在美国和欧洲的金融法令的变化也使得金融衍生品的交易从;单方面;的销售扩展成互相交易。This presents both Thomson Reuters and Bloomberg with an opportunity to gather and sell data on these markets and perhaps to capture a share of the trade by linking banks and their clients through their own electronic trading platforms.在这些法令下,合同交更加规范并且要引报价。这也给汤姆森路透和彭机会来收集市场上的数据并进行销售。之后他们也有可能通过自身的电子商务平台连接与客户,从而在交易中占有一定份额。The market for these derivatives is gigantic.金融衍生品的市场无疑是巨大的。A competitive edge there could make a big difference to both companies fortunes.对于两家公司来说,拥有竞争优势会让他们公司的财富状况截然不同。 /201212/211789。


  Books and Arts; Book Review;Japanese history;文艺;书评;日本历史;Selective memory;选择性记忆;Ways of Forgetting, Ways of Remembering: Japan in the Modern World. By John Dower.《淡忘之道,铭记之途:现代日本》,约翰·道尔著。As the ghosts of the Pacific war judder back to life in Asia, it seems appropriate to consider how nation states remember, and misremember, the past. Japans current tiffs with its neighbours, China and South Korea, are rooted in the march to war and its undigested aftermath, more than 75 years ago. They are inflamed, however, by different narratives of history, and by national media coverage that is often parochial and amnesiac.近日,太平洋地区发生战争的阴霾再次笼罩着亚洲。现在来思考民族国家是如何铭记及误记历史的,似乎正是时候。日本最近和中韩两个邻国之间起了种种争执,这都源于75年多以前发动的那场战争和它所带来的尚未平复的创伤。然而,各国对历史的记述不同,国家媒体的报道也往往狭隘而有所回避。因此,这些争执被激化了。Conflict and memory are the themes that animate this new collection of essays by John Dower, author of the Pulitzer prize-winning “Embracing Defeat” (1999), which looked at Japan after the second world war. Mr Dower is particularly interested in Japans sanitisation of its military past, but also the way history in general is often a tool used by the powerful.冲突和回忆这两种主题为约翰·道尔这本新散文集赋予了生命。他另著有《拥抱战败》(1999),该书研究了二战后的日本,获得了普利策奖。道尔对于日本粉饰其军国主义历史的行为特别感兴趣,但他也同样关注当权者通常是如何利用历史的。Mr Dower discusses his surprise at hearing his own work cited after 9/11, when American officials evoked the post-war occupation of Japan as a model for post-invasion Iraq. President George W. Bush should have seen that Japan provided “no model” for occupying Mesopotamia, Mr Dower wrote in a strikingly prescient 2002 New York Times op-ed, reproduced here. “To rush to war without seriously imagining all its consequences, including its aftermath, is not realism but a terrible hubris.”在9.11事件之后,美国官员援引了道尔的作品,要求以战后占领日本的模式在入侵伊拉克之后占领该国。道尔表示他听到这一消息以后有些错愕。他在2002年《纽约时报》的社论专栏里极有先见之明地写道:乔治·W·布什总统应该认识到,日本不能为攻占美索不达米亚“提供模式”。“不认真考虑战争的后果、包括可能带来的创伤就匆匆发动战争,这不是现实主义,而是一种可怕的傲慢狂妄。”He returns to the terrain of “Embracing Defeat”, marvelling at how the vicious racial hatreds of the Pacific war dissipated so quickly, as though “turned off like a spigot”. The lesson for Mr Dower is not only that reluctant civilians must be mobilised by propaganda to fight and die, but also that new realities force new biases.回到《拥抱战败》 的主题上,道尔惊叹于太平洋战争深刻的种族仇视竟然平息得如此之快,就像“水龙头一样关掉了”。道尔得到了一个教训:问题不仅仅在于不情愿的平民被政府宣传所鼓动才去拼死一战;还在于新的现实形成了新的偏见。No side, he argues, launched a more sophisticated propaganda blitz than the Japanese, who saw their “mongrel” enemies as biologically inferior. But they were hardly alone. During the war Americans viewed their Asian rivals as “monkeys” or “rats”, but with the start of the occupation, Japan became an ally. The popular racism in the American media more or less stopped, and stayed buried until the 1970s, when Japan emerged as an economic superpower. This resurrected Japanese stereotypes of “predatory economic animals” in Western suits who were launching a new “financial Pearl Harbor”. The spigot of racial hatred had been turned back on.道尔指出,日本人最善于在短时间内对人民进行宣传鼓吹,他们认为那些“杂种”敌人天生就低他们一等。但这种现象并不只出现在日本人身上。战时,美国人把亚洲对手视为“猴子”、“老鼠”;但侵占开始以后,日本就成了他们的盟友。后来,美国媒体中盛行的种族歧视或多或少有所收敛,归于沉寂。直到20世纪70年代,日本以经济超级大国的姿态登上世界舞台,于是西方又老调重弹,把日本视为“穿着西装、掠夺成性的经济野兽”,认为日本正准备发动一场新的“金融珍珠港”之战。种族仇视的水龙头再次拧开了。When the fighting is finished, history is written, inevitably by those in power, observes Mr Dower. The standard American view of the struggle against Japan is that it was just and moral. But this grants little space for the ghastly side of victory, which included the airborne destruction of 66 cities and the incineration of more than half a million civilians. China and Koreas political elites have found it endlessly useful to bang the nationalist drum to unite potentially fractious populations against their old enemy. Japanese conservatives have made it easy for them, whitewashing the past and attempting to pass off Imperial Japans rampage across Asia as a “holy war” against Western colonialism.道尔做出了这样的:当战争结束后,历史将不可避免地由当权者写下。美国人普遍认为对日战争是公正的、合乎道德的。但这份胜利仍然有着极为惨烈的一面——其中日本66座城市遭到空袭破坏,50多万平民灰飞烟灭。中国和韩国的政治精英发现,想要把内心愤怒的民族联合起来对抗其共同的宿敌,敲响民族主义这面大鼓最为有效。日本的保守派粉饰历史,试图将日本帝国在全亚洲的暴行伪装成对西方殖民主义的“圣战”——这给中韩两国的政治精英提供了有利机会。Selective memory is often a harmful feature of childrens education. Japanese high-school textbooks devote impressively little space to the war, reflecting official attempts to “downplay the dark aspects of Japans modern history,” writes Mr Dower. For its part, Chinas government relies on its struggle against Japanese aggression for its historical legitimacy, so memories of wartime atrocities are kept fresh in schools. This helps to explain the strikingly different public reactions to the current island disputes. While the Chinese angrily take to the streets, the Japanese stay at home and watch it on TV.选择性记忆往往不利于对下一代的教育。道尔写道,日本的中学教科书对战争描述极少,反映了官方试图“淡化日本近代史的阴暗面”。在中国这一方面,政府依靠抗日战争来突出其历史合理性,因此学校教育不断提及日本在战时的暴行。这可以解释为什么对于当下的岛屿纠纷两国的公众反应截然不同。中国人愤怒地走上街头抗议,而日本人却待在家里看电视,电视里正是中国人抗议的镜头。For a solution, Mr Dower looks to the 20th-century views of E.H. Norman, a Japan expert and Marxist historian. Like Norman, he feels that most countries need a “revolution from below” against any system that “represses freedom, sacrifices life, and retards the creation of true self-government”. All citizens should be able to challenge the narratives held by elites. At a tense time of toxic nationalism in Asia, this book is a timely reminder of the uses and abuses of history.为了寻求解决方案,道尔研究了日本专家、马克思主义史学家 E.H. 诺曼在20世纪提出的观点。和诺曼一样,道尔认为大多数国家需要一次“自下而上的改革”,推翻所有“压抑自由、牺牲生命、阻碍真正实现自治”的体制。所有公民都应当能够质疑社会精英所持的观点。民族主义正在毒害亚洲国家。在这紧张时刻,道尔的这本书及时地提醒了人们历史是如何被利用和滥用的。 /201208/197408Business.商业。African entrepreneurs.非洲企业家。Parallel players.同舞者。Why many of Africas budding businessfolk are jacks-of-all-trades.为何许多非洲的新兴企业家杂而不精。ONE of the many terms Silicon Valley has bequeathed to the business world is ;serial entrepreneur;, a label for those restless souls who start one business after another. Perhaps Africa can now contribute another expression: the ;parallel entrepreneur;. More than in any other part of the developing world, the continents budding business folk create networks of several firms across a number of different sectors of the economy, according to research by IMANI, a think-tank based in Ghana. The 189 successful entrepreneurs it surveyed in Ghana, Nigeria and Kenya own, on average, six businesses each. One boasted more than 60. What explains this entrepreneurial hyperactivity?硅谷留给商界的众多术语之一是;连续企业家;,指的是那些接连创业的不安分的人。也许非洲正在提供另一种表述;并行企业家;。根据加纳智库IMANI的研究,与世界任何发展中的地区相比,更多非洲大陆的新兴企业家创造了横跨不同经济领域的系列公司网络。在参与调查的加纳,尼日尔和肯尼亚的189个成功企业家中,他们人均拥有6家企业,其中一位拥有超过60家企业。如何解释这种企业家的极度活跃现象?One reason for it is simply the wealth of opportunity, says Cyril Allen II, a well-connected businessman in Liberias capital, Monrovia. He and his family farm cocoa and coffee, run a cleaning business, lease out property and manage logistics for international companies. ;The civil war here ended less than a decade ago.;利比里亚首都蒙罗维亚一家实力雄厚的家族式企业家,Cyril Allen 二世表示,大量的机会是造成这种现象的原因之一。他和他的家族种植可可树和咖啡树,经营一家清洁公司,财产租赁以及为跨国公司提供物流管理务。他还表示;内战已经结束将近十年了;。Once a firm has established a degree of trust among its customers, that can in turn spawn new businesses, particularly when many other firms are unreliable. ;We work based on relationships, so if I have a good relationship with a client, they might ask for another service,; explains Njeri Rionge, an entrepreneur in Kenya whose interests extend from an internet provider to a management consultancy.公司一旦在客户群中建立了一定的信用度,这就可以育出新的公司,尤其是在其他企业没有信用的情况下。肯尼亚企业家Njeri Rionge的业务涉及网络接入到管理咨询务等领域,他解释说:;我们的工作基于关系网,这样如果我与客户维系一个良好的关系,客户就有可能会要求提供其他务;。Necessity can also give rise to the creation of more than one company. UT Holdings, in Ghana, started out in 1997 granting loans. But Prince Kofi Amoabeng, its founder, soon discovered that he needed to provide additional services to make the loans business work. He first added a debt-collection company, then security firms. ;We found existing companies wanting,; says Mr Amoabeng. He keeps expanding his business portfolio, which now includes a life-insurance firm.需求会导致更多公司的创建。位于加纳的UT Holdings创建于1997年,提供贷款务。但创建者Kofi Amoabeng王子很快发现他需要提供额外的务来维持贷款业务的运行。他首先创立一家债务收缴公司,然后是劵公司。他说:;我们发现已有公司的需求;。他不断的扩展公司的业务组合,目前还包括了一家人寿保险公司。Certain characteristics of African economies also make it more profitable to keep starting new firms rather than build a single big one. Key resources are scarce. Mid-level managers are in sufficient supply, but few are capable of running large businesses, which is why they often apply their talents in several firms simultaneously. Financing is hard to come by (in many countries loans are granted for as little as 20 months); entrepreneurs find it easier to get several small loans for each business rather than a large chunk of money.非洲经济的特性同样使得创建新企业比建立一个大型企业更加有利可图。关键资源非常稀少,中型企业的管理者可以获得充足的供应,但很少人有能力运行一家大型企业,这也是他们使人才同时从事不同企业的原因。融资非常困难(在很多国家需要20个月才能拿到贷款),而企业家发现为几个企业单独申请小额贷款比一宗大笔贷款更加容易。But the most crucial factor may be bureaucracy. Its unpredictability deters businessmen from putting all their resources into one basket-out of fear that the market could be the target of onerous regulation. Separate companies are often used to lower tax payments, says Bright Simons, an entrepreneur in Accra, Ghanas capital, who also works as a business analyst. A second firm might be formed to supply materials to the first, he explains, allowing the owner to adjust the prices and profits. And once an entrepreneur has learned how to navigate the red tape, why not apply this valuable skill to other undertakings?但是最关键的因素应该是政府。它们不可预知的阻碍商人将所有资源集中到一起——由于担心市场会被麻烦的监管条例所限制。Bright Simons是加纳首都阿克拉的企业家,同时也是一名商业分析师。他解释说,单独的公司通常缴纳较低的税金,而第二个公司为第一个提供原材料,这使得企业家可以调整产品的价格和利润。如果一个企业家学会了如何驾驭这些政府的繁杂手续,为何不将这种有价值的技术应用于其他的企业中呢?Critics of Africas parallel entrepreneurs worry that jacks-of-all-trades cannot become masters of any. And some investors are wary of putting money into African firms because of their often labyrinthine ownership structures. But multitasking has its good sides, argues Ms Rionge, who in one of her parallel activities mentors young entrepreneurs. ;It makes African business leaders agile and adaptable—both good skills that are absent in many developed economies.;针对非洲;并行企业家;的批评家担心,这种杂而不精的方式会使企业变得没有专长。一些投资者由于非洲企业错综复杂的所有权结构而采取非常谨慎的投资行为。但在自己的并行企业中培训青年企业家的Rionge女士认为,这种多企业的并行方式有着自身的优点,它培养了非洲企业领导人的灵活性和适应性,而这两种优秀技巧正是许多发达经济体中所欠缺的。 /201209/200062

  Woman: Good afternoon, Mr Carlson. Thank you very much for taking the time to speak with me.女士:早上好,卡尔松先生。感谢您百忙中抽空与我交谈。Man: I always make time for my best workers, Clorial. Please have a seat. What can I do for you today?男士:我总是有时间会见我最好的员工,克罗瑞尔。请坐。今天有什么需要我帮忙的吗?Woman: Well, as you know, I have been working here for about 15 years now. I really like this company. My job is interesting and the working conditions are generally pretty good.女士:嗯,你也知道,我在这里工作有15年了。我真的很喜欢这家公司。我从事的工作也很有趣,工作环境总体来说也很不错。Man: Im glad you feel that way. Whatever we can do to make our workers happy is important to us.男士:很高兴你这样想。任何能让员工高兴的事,对我们来说都很重要。Woman: Well, now that you mention it, there is one thing that will make my life a little easier.女士:好吧,既然您提出来了,我就说出一个能让我过得舒点的请求。Man: Yes?男士:是吗?Woman: I havent had a raise that more than 4 years and with inflection it is really getting tough to make a meet.女士:我有四年多没涨工资了,通货膨胀使我只能勉强维持生活。Man: 4 years, you say? Emmm....男士:你是说有四年了?嗯...Woman: Yes. And in that time, I have had at least 3 performances with you that Ive all been excellent. You said Im doing a great job here. And I think my good work should be rewarded.女士:是的。在此期间,我至少有三次表现很优秀。您说我一直做得很棒,所以我认为我的出色工作应该被奖赏。原文译文属!201303/228115And for the record, thats faster than the speed of light. But wait. Doesnt that break one of the Laws of Physics?Even school children know that you e: you cant go faster than the speed of light.But actually there is a loophole there. You see nothing can go faster than light, nothing being empty space.记录显示那比光速更快。但是且慢。那会打破其中一条物理学定律吗?就连学校的学生都知道的那条定律:世界上最快的是光速。但实际上,这句话有漏洞。没有什么快于光速,而你所说的没什么是指空无一物的空间。 Dont worry. This idea gives even the best minds in science a headache. But its critical to understanding the early universe. Scientists think it took less than a millionth of a millionth of a millionth of a millionth of a second for the universe to expand from the size of an atom to a baseball.That may not sound like much, but its like a golf ball expanding to the size of the earth in the same amount of time.别担心,就算是最聪明的科学家也会对此感到头疼。然而了解早期的宇宙确实至关重要。科学家们认为如原子般大的宇宙膨胀到棒球大小需要的时间不超过万万万万亿分之一。也许听起来不是很形象,但这相当于花同样的时间由高尔夫球膨胀到地球样大小。That means it was expanding faster than the speed of light. Thats fast. So many things were happening so fast in the early universe. Because everything was so close together that we needed a new unit of time to describe things.这就意味着宇宙膨胀速度快于光速。那非常快。在早期的宇宙,许多事件发生得太快。因为每事件紧挨着发生,所以需要一个新的时间单位来描述物质的运动。Its called Planck Time. To understand just how short of Planck Time is, consider this, therere more units of Planck Time in one second than all the seconds since the Big Bang. The math is mind-blowing. Therere more than 31 million seconds in a year and its been 14 billion years since the Big Bang. So multiply 31,556,926 by 14 billion and what you get. Its a really big number.新的时间单位就是“普朗克时间”。要明白普朗克时间有多短,先要知道普朗克时间每秒包括的单位比大爆炸以来所有秒包括的单位都要多。计算起来很费脑筋。每年有3千多万秒,自大爆炸已经有140亿年了。140亿乘以31,556,926等于多少。一个巨大的数字。Its a time scale thats so small that all human intuition goes out (of) the window. If we look at our watches and measure one second, we can ask how many Planck Times is that. Well, it is a billion billion billion billion billion Planck Times.普朗克时间的时间段太小,超出了人类洞察力范畴。如果看表估量一秒钟,我们可以问这一秒钟的普朗克时间是多少。这么说吧,这一秒等于10的36次方普朗克时间。So, now the Big Bang is only a few Planck Times old in exploding mass of pure energy expanding faster than the speed of light. In the next few Planck Times, the universe as we know it will be born.因此,大爆炸开始的一瞬大量纯能量以快于光速的速率爆发膨胀,这个过程所用的普朗时间很短。接下来,在又一段很短的普朗克时间内宇宙就诞生了。201205/182472

  Books and Arts; Opera Review; Damon Albarn’s new opera;文艺;歌剧;戴蒙·亚邦的新音乐剧;Star light, star bright;A meditation on England;星光灿烂;英格兰的冥想;In 1572 a new star blazed through the sky. It was a cataclysmic event for scholars, who believed at the time that the universe was unchanging. From his home in Mortlake, now in the London borough of Richmond upon Thames, John Dee gazed up through the still untainted night as his certainties slipped away.1572年天空中出现了一颗闪烁的新星。这对于当时那些认为宇宙是永恒不变的学者来说是一场灾难性的事情。约翰迪伊过去住在特雷克,现在住在泰晤士河畔里士满区。无论他住在哪里,都会举首凝望那仍然纯净无暇的夜空,而他所确信的观点也渐渐有所动摇。 Cartographer, cryptographer, mathematician, astronomer, astrologer and imperialist (he came up with the idea of a “British empire”), Dee was a trusted adviser to Queen Elizabeth I, even setting the date for her coronation. The appearance of the star was a pivotal moment in his life. It is also the turning point in “Dr Dee”, a new opera composed by Damon Albarn, frontman of the British pop bands Blur and Gorillaz. Dee’s desire to “know what was knowable in the world”, spurred by that star, leads him to occultism and, ultimately, to his downfall. Science was not so far from magic.约翰迪伊是一位地图绘制者、密码破解者、数学家、天文学家、占星学家、帝国主义者(“大英帝国”一词就是他提出的),他还是深受女王伊丽莎白一世信赖的顾问,连她加冕的日期都是他挑选的。这颗星星的出现是他人生中关键的时刻,也是“迪伊士”中的转折点。“迪伊士”是一部由英国摇滚乐队布勒和街头霸王的主唱戴蒙亚邦推出的新音乐剧。迪伊的愿望是“通晓世界上一切可知的事物”,正是那颗星星促使并引领他走向神秘学的道路不过最终也导致他的垮台。科学和魔法仅仅一步之遥。“Dr Dee” was commissioned by the Manchester International Festival, where it had its première last year, as well as the English National Opera, where it runs until July 7th, and the London 2012 Festival, of which it is part. First “cooked up” over eight weeks, “Dr Dee” has been polished since. The result is a spectacular production that combines Mr Albarn’s haunting music with dramatic staging and mesmerising .“迪伊士”这部音乐剧去年在曼彻斯特国际音乐节上进行了首次公演,并在英国国家剧院一直上演到七月七日,还是伦敦2012年文化节的组成部分。其首次“计划公演期”超过八周,“迪伊士”也因此而大放异。结果产生了一部精的作品,它把亚邦先生那萦绕心头的音乐与激动人心的演出风格以及令人着迷的视觉效果融合在了一起。The notion of Englishness, and what has become of it, is at the heart of “Dr Dee”. The opera looks almost longingly at an age before England had reached its peak. The production sees a magnificent Queen Elizabeth I float above her realm (pictured). A great fleet flying the flag of St George sails across the stage. But “Dr Dee” does not dwell on these days of glory. Instead, it considers Dee from a 21st-century perspective. Mr Albarn and his troupe of musicians sit suspended above the proceedings, observing everything from the vantage of what Rufus Norris, the director, calls “a nation in decline”. This fine opera is both a celebration of England and a lament for a nation whose star is on the wane.英伦风的概念,以及其演变过程正是“迪伊士”的核心所在。在英格兰到达鼎盛时期之前,这部歌剧看起来几乎令人无比神往。从作品中可以看到衣着华贵的女王伊丽莎白一世漂浮在她的领土之上(见图)。挂着圣乔治旗帜的庞大舰队横渡舞台。不过“迪伊士”音乐剧并没有局限于这些荣耀的年代。相反,它是从21世纪的眼光角度审视迪伊这个人。亚邦先生和他的音乐剧团俯视整个进程并且从导演鲁夫斯诺里斯称作“正在衰败的民族”的角度来看待每一件事。这部精的音乐剧既是英国的歌颂,又是对一个国家的星光逐渐黯淡的挽歌。201207/189166



  And then, in 1610, all Moors were expelled from Spain, whether they had converted to Catholicism or not.然后,在1610年,所有尔人被逐出西班牙,他们亦或者已经皈依了天主教。As so often, the victors in this epic struggle re-wrote history to suit their own militant ideology.情况往往是这样的,这场史诗般的斗争中的胜利者对于历史的重写才能符合他们自己的激进意识形态。For centuries afterwards, the whole rich history of Arab Spain was destined to be remembered as no more than the nations long journey through a dark tunnel, at the end of which shone the light of the Christian Reconquista.几个世纪之后, 阿拉伯西班牙的整个丰富历史注定被人们铭记,因为没有一个国家的长途旅行是好似穿过一个黑暗的隧道,最后被基督教的神圣光芒照亮。And the Arabs themselves were remembered as no more than villains in a great story of Christian triumph.而且阿拉伯人自己也都记得不是在伟大基督教的胜利故事中的恶棍们。Today, in festivals all over Spain, the Moors are still portrayed as pantomime villains.时至今日,在西班牙的节日中,尔人仍被描绘成童话中的坏蛋。Ive come to the small town of Quentar, just outside Granada, to watch the local Moors and Christians festival.我来到拉纳达外的小镇奎恩塔,看看当地的尔和基督教节日。201303/227870

  Books and Arts; Book Review;New fiction;The City dark;文艺;书评;新小说;城市的黑暗;Capital. By John Lanchester.《首府》;约翰·兰彻斯特著;Any neighbourhood in London might merit its own novel. But John Lanchester, author of the bestselling “Fragrant Harbour”, chose the fictional Pepys Road as the setting for “Capital”, his new state-of-the-nation story. Like many streets in London, Pepys Road was smartened up by the glory days before the financial crisis. And like others elsewhere, the tenants of this street lived on rather shaky ground.任何伦敦附近的街区都可能成就自己的小说。但是,畅销书《芬芳海港》的作者约翰·兰彻斯特为《首府》一书选择了虚构的佩皮斯路作为背景,讲述他的新国情故事。就象伦敦的许多街道一样,佩皮斯路在金融危机前有过辉煌的岁月。同时也象其它地方的其他人一样,这条街上的房客住得有点儿摇摇欲坠。The novel begins in December 2007 and ends a year later, after the unwieldy collapse of Lehman Brothers. This is a London of swagger and hubris, and the story is cluttered with more characters than Roger Yount, the banker protagonist, knows ways to spend money. Each character lives on Pepys Road or orbits it, and their stories are fraught with a sense of impending loss.这本小说的故事开始于2007年12月,一年后结束在雷曼兄弟公司棘手的倒闭之后。这本书讲的是伦敦的狂妄自大与傲慢,书中除了擅长花钱的主角罗杰·扬特外,还挤满了其它众多的人物。每个人物都住在佩皮斯路,或是围绕着佩皮斯路而存在,他们的故事都充满了即将失去的感觉。At the outset residents receive eerie postcards that say “We want what you have.” Petunia Howe, the only tenant born on Pepys Road, wonders how anyone could envy her. Her struggle with a brain tumour is the books most emotionally resonant subplot. There are countless others, including a City banker and his self-obsessed wife, a Polish construction worker, a Senegalese footballer and Pakistani shopkeepers. What binds these stories together is a growing awareness of how quickly fortunes can change and how easily perception diverges from reality.一开始,居民都收到令人毛骨悚然的明信片,上面写着“我们想要你拥有的东西”。唯一出生在佩皮斯路的房客皮丢尼雅·豪怀疑怎么会有人羡慕她。她与脑瘤的抗争是本书最感人肺腑的陪衬情节。本书还有其他无数的人,包括市家和他自恋的妻子、波兰的建筑工人、塞内加尔的足球运动员以及巴基斯坦的店主。这些故事交织在一起,让人越发清醒地意识到命运可以改变得有多么迅速,以及感知偏离现实又有多么轻易。Mr Lanchester is not the first post-crisis novelist to consider Londoners and their money. There was Justin Cartwrights very funny “Other Peoples Money” and Sebastian Faulkss “A Week in December”. “Capital” manages to be both less entertaining and shallower than these books, while also running quite a bit longer. Flabby and repetitive writing explains some of this heft. There is also plenty of lazy imagery, which compares one characters breakdown to “an iceberg cracking or a huge sheet of glass shattering into fragments”.兰彻斯特并不是第一位思考伦敦人及其金钱的后危机小说家。这类书还有贾斯廷·卡特赖特的《别人的钱》,写得非常有趣,以及塞巴斯蒂安·福克斯的《12月的一个星期》。《首府》试图比这些书少些性和肤浅,同时也写得篇幅长些。松散而重复的写作手法让本书的篇幅过长。书中还有很多懒惰的比喻,把一个人物的崩溃比做“冰山开裂或一大块玻璃碎成片片”。This might be forgiven if Mr Lanchesters characters could carry the weight of his book. But there are so many of them, and they are so lightly sketched that only ten pages before the end of the book he feels the need to remind ers about the identity of a central figure. In this way “Capital” is like the city he is trying to evoke: so crowded with people that they pass each other impersonally. No one needs to so many pages to recreate that experience.这可以得到原谅,只要兰彻斯特的角色都可以在他的书中占有份量。但有许多人物只被轻轻勾上几笔,以致在本书结束前十页,他才觉得有必要提醒读者主要人物的身份。因此《首府》一书就象他正试图唤醒的城市一样,挤满了互不关己的人。没有人需要读这么多页来得到这一经验。 /201212/215216

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