BBC新闻2007a006 微软vs欧盟与北岩银行挤兑译文

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流动性风险案例分析北岩银行

流动性风险—案例分析：北岩银行[课程目标]完成本课程后，你将能够：●详细说明北岩银行业务模式的主要风险●描述这场危机、公共干预措施和北岩银行的国有化●充分了解在流动性风险管理和监管方面吸取的教训[预备知识]为了从本课程中获得最大收益，你应该熟悉流动性风险和流动性风险管理的主要特征。

下列课程涉及这些议题：●流动性风险—介绍●压力测试—流动性风险第一节学完本节后，你将能够详细说明北岩银行业务模式的主要风险。

特别是，你会了解：●北岩银行的历史；●北岩银行的迅猛增长战略，该战略改变了该行的融资结构，并使该行越来越容易受到市场崩溃的冲击；●北岩银行的流动性假设和风险管理怎样使它无法应对流动性危机。

北岩银行的历史和发展战略北岩银行在1965年因合并而成立。

它在1997年前是一家建房互助协会，1997年进行股份化改制，成为一家银行。

2006年底，它成为英国第五大按揭贷款银行，在过去十年中，年均增长20%。

在此期间，其资产负债表增长了六倍多，达1010亿英镑。

该行的核心业务是在英国提供住房按揭贷款。

这些资产起初占资产负债表的四分之三以上。

随着时间的推移，该行还开展了风险更高的业务，以便使利润最大化。

2006年，该行风险最高的住房按揭贷款占新贷款的四分之一以上。

在1997-2006年期间，违约和损失较低，这主要是由于经济形势相对良好，房地产价格不断上涨。

该行利润增长，年资本回报率一直在20%左右。

为了继续取得成功，该战略要求在充裕而廉价的资金支持下，对贷款进行激进的定价并增加贷款数量。

这种高增长战略是经过深思熟虑的，但它意味着该行不得不改变融资模式以促进迅速的增长。

北岩银行的融资模式是如何改变的1997年，北岩银行的融资结构是传统的吸收存款机构的融资结构。

零售存款账户构成该行的大部分负债，但其增长率无法满足该行的融资需要。

北岩银行随后开始更多地依赖批发融资，从其他银行大量借款，但这仍不能为该行的增长提供足够融资。

金融时报文章英汉双语对照

9 13德国法院批准欧洲纾困基金German backing for ESM fund lifts stocksRisk assets enjoyed another positive session after Germany’s highest court gave the go-ahead for Europe’s new bailout fund, removing a significant obstacle to efforts to resolve the region’s debt crisis.德国最高法院批准欧洲新纾困基金，消除了解决欧债危机道路上的一大障碍，带动风险资产经历又一个价格上涨的交易日。

But the initial wave of buying that followed the news – which sent European stocks to a 14-month high and the euro to a four-month peak above $1.29 – subsequently showed signs of fizzling out as the grim economic reality facing the region continued to cast a shadow over the markets.但是，由于欧元区严峻的经济现实继续给市场蒙上阴影，上述消息传出后的最初一波买入潮——将欧洲股市推高至14个月高位，亦将欧元汇率推高至1欧元兑1.29美元的四个月高位——随后显示消退迹象。

Nevertheless, there was a palpable sense of relief at the decision by Germany’s constitutional court to reject a petition to prevent the country from signing up to the European Stability Mechanism, the region’s permanent financial rescue fund.然而，对于德国宪法法院驳回有关阻止该国参与欧洲稳定机制(ESM)的请愿的判决，各方明显松了一口气。

Europe From Above《鸟瞰欧洲(2023)》第一季第四集完整中英文对照剧本

Europe From Above《鸟瞰欧洲（2023）》第一季第四集完整中英文对照剧本Episode 4: Europe by Night(夜晚的欧洲)INT. TV STUDIO - DAYA lively TV studio with cameras, lights, and a large wall-sized screen showing different aerial views of Europe. JAMES, the host of the show, is standing in front of the screen, ready to start the episode.JAMES Welcome to another episode of Europe From Above! I’m James, your host, and today we are going to explore the beauty of Europe at night. So, fasten your seatbelts and let’s dive into the magical world of Europe by Night!INT. HELICOPTER - NIGHTThe scene transitions to a helicopter in flight at night. The camera captures stunning aerial shots of European cities lit up like jewels in the darkness. The soothing sound of music accompanies the breathtaking visuals.INT. TV STUDIO - DAYJAMES (Excited) Wow, what a mesmerizing sight! Europe truly transforms into a whole new world at night. In this episode, we will take you on a journey through Europe’s most vibrant and sparkling cities after the sun goes down.INT. HELICOPTER - NIGHTThe helicopter continues to soar through the night sky, showcasing the stunning nighttime landscapes of various cities. The camera focuses on iconic landmarks bathed in colorful lights.INT. TV STUDIO - DAYJAMES (Voiceover) Our first stop is Paris, the City of Lights. This name couldn’t be more fitting as Paris truly comes alive after dark. From the Eiffel Tower to the Louvre Museum, every corner of the city shines brightly, creating an enchanting atmosphere that attracts millions of visitors each year.INT. HELICOPTER - NIGHTThe scene transitions to the aerial view of Paris at night, capturing the glittering lights of the Eiffel Tower and the bustling streets below.INT. TV STUDIO - DAYJAMES (Voiceover) Next, we fly over to Rome, where history meets modernity. Rome’s ancient ruins beautifully blend with its vibrant nightlife. The Colosseum and the Trevi Fountain are among the must-see attractions that become even more captivating under the moonlight.INT. HELICOPTER - NIGHTThe helicopter flies over Rome, showing the illuminated Colosseum and the magnificent Trevi Fountain, surrounded by people throwing coins into the water.INT. TV STUDIO - DAYJAMES (Voiceover) Moving on, we head to Barcelona, known for its remarkable architecture and lively atmosphere. The city’s famous landmarks, such as the Sagrada Familia and Park Güell, glimmer with splendor, offering a breathtaking spectacle to those lucky enough to experience it.INT. HELICOPTER - NIGHTThe aerial shots showcase the illuminated Sagrada Familia and the vibrant colors of Park Güell from above.INT. TV STUDIO - DAYJAMES (Voiceover) Our next destination is Amsterdam, famed for its picturesque canals and vibrant nightlife. The city’s canal netwo rk sparkles under the moonlight, highlighting the charming beauty of its historic buildings and bohemian atmosphere.INT. HELICOPTER - NIGHTThe camera captures the shimmering canals of Amsterdam, lined with beautifully-lit houses and boats gently cruising through the water.INT. TV STUDIO - DAYJAMES(Voiceover) Last but not least, we couldn’t miss London, with its iconic landmarks that become even more majestic at night. From the Tower Bridge to the Big Ben, the city’s skyline is a testament to its rich history and timeless beauty.INT. HELICOPTER - NIGHTThe helicopter flies over London, capturing the illuminated Tower Bridge and the iconic Big Ben, standing tall amidst the city lights.INT. TV STUDIO - DAYJAMES (Energetically) And that concludes our journey through Europe by Night! I hope you are as captivated by these breathtaking aerial views as we are. Join us next time as we continue to explore the enchanting beauty of Europe, from above!The episode ends with a montage of the mesmerizing aerial shots from the different cities visited in the episode. The screen fades to black as the credits roll.Markdown格式剧本生成说明本剧本以Markdown文本格式输出，可在文本编辑器或使用Markdown编辑器打开编辑。

BBC新闻2007a006 微软vs欧盟与北岩银行挤兑

Microsoft vs EU & North Rock Bank Run RUSSELL PADMORE: Welcome to business brief, I’m Russell Padmore. A long running legal battle between Microsoft and the European Union is likely to be settled within hours. Troubled times in one of Britain’s biggest home loans banks, nervous customers have withdrawn nearly $4 billion out of Northern Rock and the bank expects even more to be withdrawn when it opens on Monday, and a key week for the financial markets. Will the U.S. Federal Reserve cut interest rates?DAVID WASTE:I think there is a 99% chance of it cutting rates. I think the only question is whether it’s a quarter point or a half point.RUSSELL PADMORE:More on that and other developments in the next ten minutes. Well the long running dispute between Microsoft and the European Union will finally be decided on Monday. Europe’s second highest court will issue a ruling that observers say could shape the rules for competition within the block for decades to come. The disput e centers on Microsoft’s Window s operating system which is used on 9 out of 10 PCs. Now Europe business reporter Alec Drickson in Brussels explains what the case i s about and why it’s important.ALEC DRICKSON:There’s a battle going on in here. Gently humming shelves of equipment, this is the racks room of the BBC Brussels Bureau. It’s where all the technical stuff that keeps us on the air is kept and these days a lot of that is computer servers; you may have a similar place in your office. And when the computers go wrong, it may not be just bad luck.JONATHAN TODD:The basic question is do we allow a company that has 95% of the market to make choices for us or should consumers and users of computers have the possibility to make their own choices.ALEC DRICKSON:Jonathan Todd of the European commission. In 2004 Microsoft was ordered to pay Europe’s biggest ever fine, almost half a billion Euro for abusing its near monopoly position. But Microsoft’s chief European lawyer, Eric Anderson, says that the commission has misunderstood the motives of Microsoft’s rivals.ERIC ANDERSON: Windows servers work today with servers from IBM, from Sun, from other companies every day in networks across the world. That’s really not a t issue in this case. What’s the issue here is that competitors want access to core technology developed by Microsoft in its Windows server operating systems so that they can use that technology for free in theirproducts.ALEC DRICKSON:But Microsoft’s rivals in the operating system market rej ect any suggestion they’re trying to freeload. They point to Microsoft’s own marketing material which says Microsoft’s products work better together. Thomas Venje is the lawyer for ECIS, the European Committee for Interoperable Systems, a group of technology companies which gave evidence in the case.THOMAS VENJE:Microsoft’s competitors developed their products before Microsoft entered this market. Microsoft’s competitors were the pioneers in this market. They have all of the functionality; they had all of the functionality before Microsoft had it. What Microsoft has done is to cut off the information which they need to be able to achieve interoperability with Microsoft’s monopoly products.ALEC DRICKSON:The other big dispute in the case is over Windows Media Player, the CD and video playing program that automatically installed on computers running Windows. Erick Anderson of Microsoft says that selling Windows without it would be like selling shoes without laces.ERIC ANDERSON:Our position is that this has been very valuable for consumers and today indeed consumers around the world rely upon this technology in Windows.ALEC DRICKSON:But Thomas Vinje from ECIS says Windows Media Player is a completely separate product from Windows and bundling them together has destroyed Microsoft’s competitors.THOMAS VINJE: It’s on virtually every PC in the World. The result is that today Microsoft has effectly monopolized the streaming media player market.ALEC DRICKSON:Both sides in the case have a great deal to lose. Eric Anderson of Microsoft says the implications for all big companies are enormous.ERIC ANDERSON: Leading companies in any country need to have confidence that when they make investments in new products, in new technologies that they will have the ability to recoup the benefit of those.ALEC DRICKSON: And the European Commission has in many ways staked its reputation as an anti-trust regulator on the case. Jonathan Todd again.JONATHAN TODD: We want people to be able to choose for themselveswhich products they use on their computer rather than have it imposed on them by a super-dominant company.ALEC DRICKSON: But whoever wins though, an appeal is almost certain. Alec Drickson, BBC news, Brussels.RUSSELL PADMORE: That decision from the European court will be published in about nine hours. Now to an old fashioned run on the banks, speculation is growing that one of Britain’s greatest mortgage banks is ripe for takeover as nervous customers withdraw billions of dollars in savings. Northern Rock’s become a victim of the global credit crunch. It operates by borrowing money from other banks and lending it at higher rates of interest to home buyers. But after weeks of market turmoil Northern Rock couldn’t get enough loans from banks. The Bank of England was forced to step in, lending enough money to keep Northern Rock solvent. Now the bank fears Monday could see another run on its deposits from worried customers withdrawing money. But Northern Roc k’s chief executive, Adam Applegas said business will continue as normal.ADAM APPLEGAS: Branches are open at 8 o’clock; they’re opening an hour early, they’re open till 6 and knowing our branch staff, they’ll stay open until the customers are looked after. What I say to the customer if they want to join the queue that’s entirely their choice. Thanks to the Bank of England facility, and we have the funds, it’s merely a question of logistics, of organizing them to get them to the customers if they want them. So in terms of business, it is actually business as normal.RUSSELL PADMORE: Adam Applegas, from Northern Rock, the troubled British Bank. Well this is a key week for the financial market. Tuesday we’ll find out if Ameri ca’s central bank, the Federal Reserve is going to react to weeks of market turmoil and the worry of recession by cutting interest rates. The Fed’s been dealing with the credit crunch by pumping billions into the system, offering banks easy access to loans, and replacing a lot of the loans that banks offer each other. A lot of this sort of commercial paper is up for refinancing on Monday as it comes to term. A lot to consider then for market watchers like David Waste, the chief economist at Standard and Poors in New York.DAVID WASTE:Well the Federal Reserve knows this, they’re reacting to it and I think they’ve actually told the banks, “Look, come to us if you’re having any trouble.” They don’t want this to freeze up. Fundamentally what you’re seeing now is a good old fashioned run on the bank, except the bank has been replaced by the virtual bank of the short term capital market. And central banks since 1929 have figured out that when you’ve got a run on the bank you’ve gotta make sure that the run doesn’t succeed.RUSSELL PADMORE:Tuesday brings a key decision for the US Federal Reserve, America’s central bank. Should it cut interest rates? Are you convinced there’s gonna be a cut?DAVID WASTE: I think there is a 99% chance of it cutting rates. I think the only question is whether it’s a quarter point or a half point. I’m still leaning towards a quarter point cut.RUSSELL PADMORE: And if we do see a cut in interest rates from the Federal Reserve Tuesday, the plan of course to calm the markets and stop all this credit crunch, stop all the market turmoil affecting other economies. If a lot of companies see the cost of borrowing falling, do you think that is going to ease any fears about maybe recession in America?DAVID WASTE: Well I hope it will, but I’m not sure if a quarter point cut is going to do it. The turmoil is still going to be there. When you have these kinds of market panics it usually takes 2 to 6 months to work its way through. S o I’m not quite sure we’re over this yet. I think a quarter point cut will ease, certainly it’s better than nothing, but it won’t solve the problem. We’re expecting another quarter point cut in October. That may be it for a couple months, but I don’t think they can just do one quarter point cut.RUSSELL PADMORE:Here in Europe, fears of the fallout from the sub-prime mess which has hit the markets in America has led to a credit crunch across the world. Do you feel this credit crunch has no end to it? There is a worry that it’s just going to go on and on and as banks just kind of sit on their hands, unwilling to lend money to other banks, they take a backseat for just a moment, that means the central banks are playing a much bigger role. Do you think central banks like the Federal Reserve, like the European Central Bank are gonna have to continue making much more money available to the banks.DAVID WASTE: When there’s a run on the banks like this it creates a demand for liquidity, In the short run, you’ve gotta make sure that solvent banks don’t fail just because of the credit crunch, because of the liquidity crisis that’s going on. And that’s the job of the central bank to make sure those funds are available. That will end when the panic eases. Although this is blamed on the sub-prime mortgages, the fact is losses; actual credit losses in the sub-prime market remain minimal. All of this is based on fear, not on any realized losses yet.RUSSELL PADMORE: David Waste, the chief economist at Stand and Poors in New York. We’ll know on Tuesday what the Federal Reserve’s going to do about interest rates. Well that’s where we’ll close this Business Brief. I’ll be。

欧盟涉华内政声明全文翻译

欧盟涉华内政声明全文翻译欧盟涉华内政声明全文翻译如下：一个偌大的欧洲，曾经作为世界文明的中心，如今却心甘情愿做起了美国的狗子，在无法向主人邀功的时候还急了；它真就没人了吗？X月X日，欧盟试图第三次发表包含香港和新疆等谣言的涉华声明，但是和前两次一样，匈牙利一票否决。

对于这次投票，匈牙利政府表示：“欧盟对中国的制裁是毫无意义的、狂妄和有害的”；德国政府急了，外交部国务秘书米格尔·贝尔格表示，匈牙利的做法“实在过分”，他还呼吁欧盟进行改革，取消“一票否决制”，改用“合格多数投票制”。

大概我们会看到，德国提出“取消一票否决制”的提议，被匈牙利一票否决了，话说回来，德国指责匈牙利的决定“太过分”，他就没想过自己这个声明有多过分吗？正如匈牙利政府所言，这是一份对赤裸裸干涉中国内政的声明，没有任何实际意义，却将严重损害欧洲的经济利益。

这份声明仅仅只是为了向美国邀功，只是为了满足自己还能站在道德制高点的虚荣心，匈牙利将其否决，这是在拯救欧洲，避免欧盟犯下更大的错误。

欧洲这份声明，能将谣言变成事实吗？能让中国向欧洲认输吗？能让美国对欧洲好点吗？都不能！那就是一张废纸，还要搭上欧洲未来几十年的发展机遇！德国政府应该私下里给匈牙利政府发出一封感谢信，感谢他为拯救欧洲的前途命运作出的牺牲和努力，没准它还真就如此。

不管这些欧洲政客的真实想法是什么，我们只看到一个偌大的欧洲，5亿人口的欧盟，敢站在正义和公理的立场上仗义执言的，没有几个人。

根据国际货币基金会的最新预测，中国GDP超越美国成为第一大经济体的日子，又被提前了两年，被提前到XXXX年；德国前总理施罗德一直在告诫欧洲人，不要忘记中国市场的能量，“欧洲不应该对中国施加任何的制裁，因为中国作为世界经济发展引擎的重要性毋庸置疑，西方想要孤立中国的企图不可能成功”。

这是百年未有之大变局；欧洲如果能够放下傲慢的心态，以平等的姿态看待崛起中的东方大国，他将会看到一个更加美好的世界和广阔的未来；但是它能做到吗？如果真的能做到，那就不是典型的老欧洲了。

bbc一分钟英语短新闻加中文翻译

bbc一分钟英语短新闻加中文翻译BBC news with David HarperDavid Harper为您播报BBC新闻South Africa has announced a tenfold increase in the number of troops to be deployed in response to widespread violence sparked by the jailing of the former President Jacob Zuma.南非宣布将部署的军队数量增加十倍，这是对前总统雅各布·祖玛被监禁引发的广泛暴力的回应。

隐贺笑Up to 25000 soldiers are to be sent on the streets of KwaZulu-Nataland Gauteng provinces.多达25000名士兵将被派往夸祖鲁－纳塔兰省豪登省的街道。

The leader of South Africa Zulu said 6 days of looting had brought shame on the entire country.南非领导人祖鲁表示，持续6天的抢劫给整个国家带来了耻辱。

The authorities in Ethiopia's Amhara埃塞俄比亚阿姆哈拉当局region said they will go on the offensive against forces from neighboring Tigray,该地区表示，他们将向邻国蒂格雷的军队发起进攻potentially opening up a new phase in8 months of civil war.可能会开启长达8个月的内战的灶含新阶段。

Troops have been rallied to counter the Tigrayans who are advancing on Amhara-held territory.军队已经集结起来对抗向阿姆哈拉占领地区挺进的蒂格雷人。

BBC六分钟英语JamesBond

James Bond詹姆斯•邦德Alice和Rob今天会与大家一起聊聊伊恩•弗莱明著名小说里的间谍英雄——詹姆斯•邦德。

最近有一本名为《空白的纸》的新书上市，但这本小说不是由邦德最有名的作家写的。

本周问题：由伊恩•弗莱明写的第一个詹姆斯•邦德故事的小说名是什么？a) Diamonds Are Forever 《金刚钻》b) From Russia With Love 《来自俄罗斯的爱情》c) Casino Royale 《皇家赌场》让我们一起来听节目，找答案吧。

听力内容：James BondNB: This is not a word for word transcriptAlice: Hello, I'm Alice.Rob: And I'm Rob.Alice: And this is 6 Minute English! I have to say Rob, you’re looking very smart and sophisticated in your dinner jacket and bow tie.Rob: Oh, thanks, Alice. I’m tryi ng to get in to character as James Bond because that's who we're talking about today.Alice: Ah, James Bond, probably one of the most famous fictional spies.Rob: Yes, British agent 007 was the smooth spy and hero of the novels by Ian Fleming.Alice: Well, even though Ian Fleming died in 1964, a new Bond book has just been published. But before I tell you more about it, Rob, here’s our question today. Do you know the title of the first-ever James Bond story that Ian Fleming wrote? Was it:a) Diamonds Are Foreverb) From Russia With Lovec) Casino RoyaleRob: Hmm… they all sound like old titles, but I’ll have a guess at Casino Royale.Alice: OK, well, as usual, I'll tell you the correct answer at the end of the programme. Now let's talk about this new James Bond novel. It's called 'Carte Blanche'.Rob: 'Carte Blanche'. This is the first story about James Bond that's not written by Ian Fleming.Alice: That's right. It has been written by American author, Jeffery Deaver. He normally writes crime novels, but of c ourse he’s a big fan of Ian Fleming and started reading his books when he was eight years old.Rob: Wow! That's quite young to be reading something that’s more suitable for adults!Alice: It is. Let's hear what he has to say about his parents encouraging him to read.Insert 1:Well, my parents had an odd rule in the household: my sister and I could read any book we could get our hands on - books were good. There were some movies that we were not allowed to see, so I picked up the James Bond books and was captivated with them. So Fleming was always part of my life as a reader and when I started writing, which was only a few years later, I modelled my books after his writing.Alice: That was Jeffrey Deaver who said he was captivated by the James Bond books.Rob: Captivated, so he was hooked on reading about him, especially as he wasn't allowed to watch any films – or movies.Alice: And when he started writing he modelled - copied the style of - the books on the writing of Ian Fleming.Rob: So it seems like he’s a good choice for someone to write the next Bond book. And it must have been a huge honour for him.Alice: A huge honour. He got the news by text message but, as he says, he didn't take long to say yes.Insert 2:I remember I was driving down the motorway and my phone buzzed with a text message. And of course I pulled over and I looked at it, and I debated 7, 8 seconds and answered that yes I would. The thrill was unsurpassed - I just can’t describe it.Rob: So he got a text message when he was driving. He pulled over and debated it with himself for 7 or 8 seconds. So he discussed it with himself!Alice: Yeah, and then he said yes! He said the thrill – the excitement – was unsurpassed; it couldn't be any better!Rob: I'm sure. But Alice, I know the world of James Bond is constantly being reinvented and updated, so how different is this new book from the old ones?Alice: Well, as you know, one of the best things about the Bond stories are the gadgets. And as this is the first book to be set in the 21st Century there are some very up-to-date ones, including an app to help eavesdrop on people.Rob: An app – or application – used on a smart phone. That sounds great. Anything else?Alice: Yes. There is a gadget for iris recognition. It can check who you are by looking at your eyes!Insert 3:Spies have always been on the cutting edge of technology and Bond is always outthinking the bad guys - he has to have his gadgets. The trick of if you have to give a message to an agent on the street, and yet you know you’re be ing listened to or observed - you tie your shoelaces in a slightly different pattern and that will convey the message. I love little things like that.Alice: So Jeffrey says that Bond is always out-thinking the bad guys.Rob: So he means he’s trying to thi nk beyond what the villains are thinking?Alice: I think so! That's why he said spies are always on the cutting edge of technology. They need them to catch the bad guys.Rob: Well, there aren't many Bond villians I would like to meet anyway, but they are very good to watch in the Bond films.Alice: They are, and of course the Bond film franchise is hugely successful. I wonder if this new book, Carte Blanche, will ever become a film? Anyway Rob, let's see if you got the correct answer to the question I gave you earlier.Rob: Ah, yes. You asked me what was Ian Fleming's first-ever James Bond book. And I said Casino Royale.Alice: And you were right.Rob: Ah!Alice: Casino Royale, first published in 1953. Well done! And before we go, let’s hear some of the word s and phrases that we’ve used in today’s programme.Rob: sophisticatedfictionalnovelscaptivatedmodelleddebatedunsurpassedeavesdropiris recognitionout-thinkingcutting edgefranchiseAlice: Thanks, Rob. Well, we hope you’ve had fun with us today on 6 Minute English - and that you’ll join us again next time.Both: Bye.词汇学习：1. sophisticated 富有经验的；复杂的2. fictional 虚构的，捏造的3. novels 小说4. captivated 迷住，迷惑5. modeled 模型，样品，模式6. debated 争论，辩论7. unsurpassed 非常卓越的，无比的8. eavesdrop 偷听，窃听9. iris recognition 虹膜识别10. out-thinking 创造性思维，发散性思维11. cutting edge 先锋地位；最前沿12. franchise 特权；公民权。

c06 墨西哥关闭非基础公共场所抗击猪流感英文

Mexico Will Begin A Shutdown of Non Essential Parts of the Economy to Combat Swine FluBBC News with Gaenor Howells.Mexico is beginning a five-day shutdown of non essential parts of the economy to combat the spread of swine flu, amid signs that the number of new cases may have stabilized. The health minister says the number of confirmed death remains at 12. Tests have confirmed another forty cases in Mexico. One resident said it was hard to escape being reminded of the outbreak."All the phone calls that you're receiving from people, from friends, from family, and we're all speaking of the same thing. It's everywhere, on the TV, on the Internet, on the phones and everywhere, everywhere, except in the park. In the park, people are still running without facemasks. But with the exception of the park, you go to a supermarket or whoever you go to the offices and decide that everything is closed. All the restaurants are closed. You can hear the butterfly's fly. "In its latest remarks, the World Health Organization said it saw no reason to raise the alert to the highest level.Labour unions in several countries are expected to use traditional May Day marches to protest against the governments' handling of the global economic crisis. In Berlin, Germany youths clashed with police after a May Day concert. Russian nationalists have called an anti-migrant rally and protests are also being organized by Kurdish groups in Turkey. About 300 rallies are planed across France. From Paris, here's Emma Jane Kirby.This year's traditional Labour Day protest comes against a backdrop of mounting social tension in France with angry workers kidnapping their bosses over redundancy plans and a host of various strikes staged by everyone, from university professors to hospital staff and fishermen. Increasingly, there's a perception here that little is being done to protect the ordinary man's job and wages while executives from banks bailed out by the government continue to enjoy generous pay-offs and bonuses.Iran has rejected a US State Department report which accuses it of continuing to support terrorism despite the efforts of the Obama administration to open a new chapter in relations. In its annual report on global terrorism, the State Department said Iran had planed and financed attacks throughout the Middle East and Central Asia. But speaking during a visit to Cuba, the Iranian ForeignMinister Manouchehr Mottaki accused the US of double standards."Because of everything that the United States has done in Abu Ghraib and Guantanamo, they are not competent nor capable of giving opinions or making accusations in respect to other countries. "World News from the BBC.Another man accused of being a sleeper agent for Al-Qaeda has pleaded guilty in the United States to conspiring to provide material support for terrorism. The man, Ali al-Marri entered the country on a student visa. Jonathan Beale reports.Ali al-Marri entered the United States the day before the attacks on September the 11th, 2001. He came with his family to study at an Illinois university, but two months later, he was arrested on fraud charges. The Pentagon claimed he was a sleeper agent for Al-Qaeda who had been trained at terrorist camps and had met Osama Bin Laden. He was declared to be an "enemy combatant". But Mr al-Marri was never transferred to Guantanamo as illegal US residents. He was held on a US navy prison ship instead.Unemployment in Japan has risen to nearly 5% as the economy continues to suffer in the global downturn. Deflation has also returned for the first time in more than a year. Reporting from Tokyo, here's our correspondent Roland Buerk.The latest figures from Japan's government show the world's second biggest economy is still faltering. The unemployment rate rose to 4.8% in March from 4.4% in February. High soar spending was down. Companies hit by the global downturn have been passing on the pain by cutting jobs and reducing wages. Although exports rose slightly in March, they are still only around half the levels of a year ago.The military leader of Fiji, Commodore Frank Bainimarama, has defied demands for a return to democracy. Pacific nations had set a deadline of midnight on Friday for him to announce a date for elections this year. But he says they'll not be held for five years at the earliest. Commodore Bainimarama overthrew Fiji's elected government in 2006, and Commodore said he wanted to end the perceived discrimination by ethnic Fijians of the island's large ethnic Indian majority.BBC News.。

(完整版)MarkTwain-MirrorofAmerica全文翻译

Most Americans remember Mark Twain as the father of Huck Finn's idyllic cruise through eternal boyhood and Tom Sawyer's endless summer of freedom and adventure. In-deed, this nation's best-loved author was every bit as ad-venturous, patriotic, romantic, and humorous as anyone has ever imagined. I found another Twain as well – one who grew cynical, bitter, saddened by the profound personal tragedies life dealt him, a man who became obsessed with the frailties of the human race, who saw clearly ahead a black wall of night. 在大多数美国人的心目中，马克•吐温是位伟大作家，他描写了哈克•费恩永恒的童年时代中充满诗情画意的旅程和汤姆•索亚在漫长的夏日里自由自在历险探奇的故事。

的确，这位美国最受人喜爱的作家的探索精神、爱国热情、浪漫气质及幽默笔调都达到了登峰造极的程度。

但我发现还有另一个不同的马克•吐温——一个由于深受人生悲剧的打击而变得愤世嫉俗、尖酸刻薄的马克•吐温，一个为人类品质上的弱点而忧心忡忡、明显地看到前途是一片黑暗的人。

Tramp printer, river pilot , Confederate guerrilla, prospector, starry-eyed optimist, acid-tongued cynic: The man who became Mark Twain was born Samuel Langhorne Clemens and he ranged across the nation for more than a third of his life, digesting the new American experience before sharing it with the world as writer and lecturer. He adopted his pen name from the cry heard in his steamboat days, signaling two fathoms (12 feet) of water -- a navigable depth. His popularity is attested by the fact that more than a score of his books remain in print, and translations are still read around the world. 印刷工、领航员、邦联游击队员、淘金者、耽于幻想的乐天派、语言尖刻的讽刺家：马克•吐温原名塞缪尔•朗赫恩•克莱门斯，他一生之中有超过三分之一的时间浪迹美国各地，体验着美国的新生活，尔后便以作家和演说家的身分将他所感受到的这一切介绍给全世界。

欧债危机汉英翻译 yxl

Europe’s Sovereign Debt Crisis欧债危机The Greek debt crisis is spreading. Europe needs a bolder, broader solution—and quickly希腊债务危机正在蔓延。

欧洲急需一个果敢又全面的方针。

There comes a moment in many debt crises when events spiral out of control. As panic sets in, bond yields lurch sickeningly upwards and fear spreads to shares and currencies. In September 2008 the failure of once-stellar Lehman Brothers almost brought down the world’s banking system. A decade earlier, Russia’s chaotic default （违约）on its sovereign debt rocked the credit markets, felling Long Term Capital Management, a hugely profitable American hedge fund. When the unthinkable suddenly becomes the inevitable, without pausing in the realm of the improbable, then you have contagion（接触传染，金融风暴）.很多债务危机都会有局面失控的时候。

随着恐慌产生，公债利息一路猛涨，股市和汇市随即一片恐慌。

2008年9月，美国明星投行雷曼兄弟的丢盔弃甲差点把整个世界的银行系统拖下水。

bbc原文带翻译

bbc原文带翻译BBC News: Australia's bushfires: A visual guide to the deadly crisis。

澳大利亚森林大火，致命危机的视觉指南。

Australia is currently experiencing one of its worst bushfire seasons in history, with fires burning across the country since September 2019. The fires have claimed the lives of at least 25 people, destroyed over 2,000 homes, and killed an estimated one billion animals.自2019年9月以来，澳大利亚全国都在遭受着史上最严重的森林大火季节之一。

这些大火已经夺去了至少25人的生命，摧毁了超过2000座房屋，并造成了约10亿只动物的死亡。

The causes of the fires are complex, but are largely attributed to a combination of drought, high temperatures, and strong winds. Climate change has also been identified as a contributing factor, with Australia experiencing itshottest and driest year on record in 2019.这些大火的原因复杂，但主要归因于干旱、高温和强风的组合。

气候变化也被认为是一个促成因素，因为澳大利亚在2019年经历了有记录以来最热和最干燥的一年。

The fires have had a devastating impact on Australia's wildlife, with many species facing extinction as a resultof habitat loss and the destruction of their food sources. The koala population has been particularly hard hit, withan estimated 30% of their habitat destroyed in the fires.这些大火对澳大利亚的野生动物产生了毁灭性的影响，许多物种因失去栖息地和食物来源而面临灭绝。

欧亨利的双料骗子原文及翻译

A Double-Dyed DeceiverO. HenryIt happened in Laredo(美国城市) in a gambling house. The players were sitting at a poker game when a row(吵架) began over some cards.A young fellow about Ki d’s age pulled out his revolver, but just missed Kid’s right ear. When Kid’s turn came, he shot the young man and ran away.T he young man’s friends overtook him at the station. Kid turned and aimed his revolver at them. He was a good shot. Seeing his revolver they stopped, turned and disappeared.The same afternoon Kid took a train, but at the next station he left it because there were telegraph posts along the line and Kid did not trust electricity. He felt safer on horseback. He knew that the man whom he had shot came from a ranch(大农场) where the people were vengeful(有复仇心的).There was a store near the station and Kid saw a saddled horse among the trees. He took it and galloped on(骑马奔驰). After three days he was on the sea shore. The same day he sailed on a steamer with a cargo of timber and matches.Thacker, the United States consul(领事) at Buenas Tierras(墨西哥城市), was not yet drunk. It was only eleven o’clock in the morning and he was never drunk until the middle of the afternoon. So, when he saw Kid standing at the door of the consulate(领事馆), he was still in a condition to show the hospitality of a representative of a great nation.“I’m sorry,” said Kid. “I was told that people usually called on you before going to see the town. I have just come from Texas.”“Glad to see you Mr. –” said the consul.“Dalton,” said Kid. “But they simply call me Kid in the Rio Grande-country.”“My name’s Thacker,”said the consul. “Take a chair. If you want to buy land or if you are looking for a concession(特许权), I’ll be very glad to help you. Besides, they speak Spanish here and you will need an interpreter.”“I am not buying anything,” said Thacker thoughtfully.He looked at Kid in silence.“You look like a Spaniard(西班牙人), too,” he continued, “and you can’t be more than twenty or twenty-one. Are you brave?”“What do you mean?” asked Kid, suddenly rising and coming up to the consul.“Are you ready to accept any job?” asked Thacker.“I must tell you,” said Kid, “t hat I took part in a little row in Laredo and killed a man. As I was afraid that his friends would avenge(替…报仇) his death, I was obliged to leave the place and come here. So you see that I am ready to take any work.”Thacker got up and closed the door.“Show me your hand,” he said. He took Kid’s left hand and examined the back of it very carefully.“I can do it,” he said, “Your hand will heal(愈合) in a week.”“What do you mean?” asked Kid.Through the window Thacker pointed to a rich white house standing among tropical trees.“In that house,” said Thacker, “an old gentleman and his wife are waiting for you; they will fill your pockets with money. Old Santos Urique lives there. He owns half the gold mines in the country.”“Are you drunk?” asked Kid.“Sit down and I’ll tell you everything.”“Twelve years ago the old gentleman and his wife lost their only son. He was eight years old. Some Americans, who were looking for gold and who often visited the Uriques, told the boy a lot of wonderful things about the States; and a month later the boy disappeared. It was said that he was seen once in Texas. The Uriques looked for him everywhere, they spent a lot of money, but in vain.”“The mother was quite ill. They say she believes that her son will come back and they have never given up hope. On the back of the boy’s left hand was tattooed(纹) a flying eagle.”Kid answered nothing.“I can do it,” continued the consul, “and in a week you will have the eagle tattooed on your hand. I’ll call old Urique and when he sees that you have the tattoo mark, that you speak Spanish and can tell him about Texas, the parents will be happy. The rest of it isvery simple. Old Urique keeps in his house about 100,000 dollars in a safe which a child can open. Get the mo ney, we’l l divide it, take a steamer going to Rio Janeiro(巴西城市) and let the consulate go to pieces. What do you think of it?”“I like your plan,” said Kid.In a few days the tattoo on Kid’s left hand was ready and the hand healed.Then the consul wrote the following note to old Urique:“Dear Sir,I have the pleasure to inform you that I have a guest in my house who arrived from the United states a few days ago. I think that he is your son and that he wanted to return to you, but at the last moment his courage left him because he doesn’t know how you will receive him.I remain, dear Sir,Yours faithfully,Thomson Thacker ”In thirty minutes a landau(四轮马车) drove up to the door of the consulate.A tall man with white hair and a lady dressed in black got out of it. Thacker met them with a bow.They saw a young man with a sunburnt face standing near a desk.Donne Urique glanced at his face and his left hand, and c rying: “Oh, my son!” She folded Kid in her arm.A month later Kid came to the consulate in answer to a message from Thacker. He was very well dressed and a big diamond shone on his finger.“What is the news?” asked Thacker.“Nothing new,” answered Kid.“It’s time to start business. Why don’t you get the money? Everybody knows that Urique’s safe is full of money.”“Oh, there is a lot of money in the house,” said Kid, looking at his diamond. “And my adopted father has shown me where the key of the safe is.”“Well, then, what are you waiting for?” asked Thacker angrily. “Don’t forget that I can tell Don Urique and everybody who you really are.”“Listen,” said Kid. “When you speak to me, address me as Don Francisco Urique. As to my father’s money, let him have it. I don’t want to take it.”“Don’t you want to give me my half then?”“Of course not,” answered Kid, “and I’ll tell you why. The first night I was at Don Urique’s house, just after I had gone to bed, my new mother came in and tucked(掖入) the blanket. ‘My dear boy,’ she said, and tears dropped from her eyes on my face. I have had very little to do with mothers in my life, but I think that this mother must be kept fooled. She stood it once, but she won’t stand it twice. That’s why things must be just as they are. And don’t forget that my name is Don Francisco Urique.”“I’ll tell everybody today who you really are,” cried Thacker, red with anger.Kid took Thacker by the throat with his strong left hand, drew out his revolver with his right hand and aimed the revolver at the consul’s mouth.There came a sound of wheels from outside. Kid put his revolver into his pocket, and holding up his left hand with its back toward the trembling consul said:“There is one more reason why things must remain as they are. The fellow whom I killed in Laredo had an eagle on his left hand.”At that moment the landau of Don Urique stopped at the door of the consulate. “Where are you, dear son?” called Donna Urique.“I am here, dear mother,” answered Kid, or, as Thacker has ever since called him, Don Francisco Urique.双料骗子欧亨利事情发生在拉雷多的一家赌博屋。

【商务翻译素材】英国和欧盟将两败俱伤

The great unknowns of Brexit英国和欧盟将两败俱伤？Gideon Rachman吉迪恩•拉赫曼A friend of mine — long separated from his wife and intent on a new life — told me that his stomach still turned over, when he opened the letter formally starting divorce proceedings. It will feel a bit like that when Britain invokes Article 50 of the Lisbon treaty, by the end of this month. The legal process of divorce from the EU will have begun and Brexit will suddenly feel real.我有一个朋友，他跟妻子已分居很久，也已打定主意开始新生活。

但他告诉我，在拆开正式启动离婚程序的信件那一刻，他的胃仍然猛地抽动了一下。

本月底英国触发《里斯本条约》(Lisbon treaty)第50条时的感觉会跟那有点像。

届时跟欧盟“离婚”的法律程序将正式启动，英国退欧会突然感觉真实起来。

But the sense of certainty created by the triggering of Article 50 will, in many ways, be illusory. Brexit is still shrouded by uncertainty. As one UK official closely involved in the process puts it: “Some days I wake up and think it’s all going to be fine. Other days, it feels like a disaster in the making.”但是，在很多方面，由触发第50条造成的那种确定感是种幻觉。

BBC新闻2007a003 金融市场问题译文

金融市场问题萨利·哈特卡特：欢迎来到《商务简讯》节目，我是主持人萨利·哈特卡特。

欧洲的汽车生产商被警告，如果他们不能减少汽车尾部的废气排放量，就将要面临巨额的罚款。

由21个成员国共同举办的亚太经贸合作组织会议日前在悉尼结束，会议要求对在世界贸易会谈中造成的僵局负责，要认真的解决中间的阻碍，并与金融家谈论了目前金融市场上的不利因素。

欧洲汽车生产商可能要面临巨额罚款，如果他们不能达到新的汽车排气量的限制要求。

这个警告由欧洲环境委员会发出，斯特维拉·斯蒂摩丝在接受报纸采访时反驳了由厂商提出的目标排放量是不现实的抱怨。

欧洲联盟要在明年商讨立法，要求未来五年将汽车二氧化碳的排放量消减四分之一。

汽车制造商要求多给三年的时间来完成这一改革。

法兰克福国际汽车展在周一开幕，我询问了汽车能源预测的阿尔·贝德韦尔——是否我们可能会看到更多的混合电力和汽油驱动的汽车。

阿尔·贝德韦尔：混合动力汽车提供和柴油汽车或是很好的现代柴油汽车相同燃油效率，但它们的成本更多。

对大多数人而言他们是不会选择的，至少目前不能自负盈亏。

萨利·哈特卡特：那么欧洲国家提出的可选择情况是什么样的？阿尔·贝德韦尔：目前，就我们看到的实际情况而言，我认为最紧要的是，对传统的汽油和柴油汽车的全盘改进。

这些都是技术性的改进。

萨利·哈特卡特：但是他们不是太热衷，而且他们也不打算让政府热衷此事，不是吗？阿尔·贝德韦尔：不，制造商正试图通过给他们生态标志而让他们兴奋，如生态遗传或生态伸缩。

所以他们正试图对现有科技做适当的改进，使它更兴奋，这些是通过用更激动人心的言语来表述来实现的，强调目前他们提供的汽车比以前的更省油，例如比一年前的就要更好。

萨利·哈特卡特：这个是阻止政府施加更多压力在控制二氧化碳排放量的上的办法吗？换句话说，他们将会说：“哦，看一看，我们可以做到这一点，我们不能那样做，所以不要试图用法律来针对我们。

the royal exchange课文译文

皇家交易所约瑟夫·艾迪生（1672-1719）（Spectator，NO。

69.）1镇上没有比皇家交易所更我更喜欢的地方了。

看到如此富有的同胞和外国人一起为人类的私事进行磋商，并使这个大都市成为整个地球的商场，这让我感到一种秘密的满足感，并在某种程度上满足了我的虚荣心。

我必须承认，我认为高变化是一个伟大的理事会，所有相当大的国家都有代表。

贸易界的因素是政治界的大使；他们谈判事务，缔结条约，并在那些因海洋而分裂或生活在大陆不同端的富裕社会之间保持良好的通信关系。

我经常很高兴听到日本居民和伦敦市议员之间的争端调整，或者看到大亨的主题与莫斯科沙皇之一结盟。

我无限乐于与这几位商务部长混在一起，因为他们以不同的行各行和不同的语言而闻名：有时我在一群亚美尼亚人中被正义化：有时我在一群犹太人中迷路；有时在一群荷兰人中结交一个。

我是不同时期的丹麦人、瑞典人或法国人；或者更确切地说，像老哲学家一样想象自己，当被问及自己是哪个同胞时，他回答说，他是世界公民。

虽然我经常拜访这群忙碌的人，但那里没有人认识我，除了我的朋友安德鲁爵士，2他经常在人群中看到我熙熙攘攘时对我微笑，但同时宽恕我的存在，没有进一步注意到我。

确实有一位埃及商人，他一眼就认识我，他以前给我寄了一些钱给大开罗；但由于我不精通现代科普特克，我们的会议只不过是鞠躬和鬼脸。

这个宏伟的商业场景给了我无数种扎实而实质性的娱乐。

由于我是一个伟大的人类3爱好者，看到繁荣和幸福的人群，我的心自然充满了喜悦，以至于在许多公共场合，我不忍心用偷走我脸颊的泪水来表达我的喜悦。

因此，我非常高兴地看到这样一群人在自己的私人财富中茁壮成长，同时推广公共股票；换句话说，通过将任何想要的东西带入他们的国家，并执行任何多余的东西，为自己的家庭筹集遗产。

大自然似乎特别注意在世界不同地区传播她的祝福，着眼于人类之间的这种相互交4流和贩运，即全球几个地区的当地人可能相互依赖，并因他们的共同利益而团结在一起。

解析北岩银行挤兑危机

解析北岩银行挤兑危机域外揽胜菇■■iiiiiii-iiiiiiiir……析北岩银行挤兑危机口程实银行挤兑是存款人集中,大量提取存款的行为,是一种突发性,集中性,灾难性的危机.2007年9月14日,15日和17日,英国北岩银行(NorthernRock)发生了挤兑事件,这是白1866年Overend&Gurney银行破产以来英国的银行首次出现挤兑,也是”次级债风波”影响欧洲金融业的标志性事件.以下我们将解析北岩银行挤兑危机的过程,影响,特点和原因,并就此提出对中资银行的几点启示.一北岩银行挤兑危机的过程北岩银行位于英国北部,总部设在纽卡斯尔,其前身是北岩建屋互助会(NorthernRockBuild—ingSociety),成立于1965年6月1日,并于1997年10月在伦敦交易所上市.北岩银行奉行的企业战略是”为消费者和股东创造效率,成长和价值”,其主要业务是在零售和批发市场提供房屋抵押贷款.危机发生前北岩银行是英国第五大按揭银行,英国东北部最大的金融机构,其主要运营效率指标均领先于英国其他房贷提供者.2007年8月美国”次级债风波”爆发后,市场风险迅速在欧美房地产市场,信贷市场,债券市场和股票市场问相互传染.金融机构问信心缺失导致的”信贷紧缩”很快从美国蔓延到欧洲,以银行间同业拆借为主要流动性来源的英国北岩银行由此出现了融资困难.9月14日,英格兰银行和金融服务监管局发布联合声明,认为北岩银行有偿付能力,资本超过规定要求,贷款质量良好,而且表示”向其提供流动性支持”,此举开创了英国央行白1997年获得制定利率政策独立权以来直接援助商业银行的先河.然而,央行注资的消息并没有起到安抚储户的作用,反而引起了北岩银行储户的普遍恐慌,导致了9月14日和15日一连串的挤兑现象.从伦敦到纽卡斯尔,北岩银行各分行门口排起长队,储户争相取款,在纽卡斯尔还出现了排队的混乱场面. 受挤兑事件影响,北岩银行股价从9月13日收盘的639便士跌至9月14日收盘的438便士,一日之内跌幅高达31.5%.英国广上茸;～资每一一域外揽胜播公司9月16日宣称,储户已在两天内提走了接近20亿英镑.北岩银行拥有150万储户,这些储户在银行有大约240亿英镑存款. 《星期日泰晤士报》甚至估计,挤兑风潮如果持续,储户可能从银行提出120亿英镑,占到其存款总数的一半.新闻报道增加了市场担忧,而北岩银行一方面推脱现金运输环节出现问题,另～方面又抱怨银行间缺乏信任,英格兰银行也并未及时做出担当最后贷款人的正式承诺,这使得挤兑事件进一步恶化.9月17日周一,北岩银行各营业网点再现挤兑人群排成的长龙,其股价一开盘就比9月15日的收盘价低26.9%,全天从320便士跌至282.75便士,进一步下滑11.7%.为防止事态失控,英国财政大臣达林当日公开表示,英国政府将为北岩银行提供担保,保障储户在银行的存款安全,英国央行和金融服务监管局也都将合力保证北岩银行的”正常运行”.政府的信用担保增强了市场信心, 在截至9月21日的几天内北岩银行又以7名的惩罚利率从英格兰央行借入近30万英镑的紧急贷款,部分缓解了其流动性紧张,挤兑现象逐渐消失.9月2O日,英国财政部确认了对北岩银行客户存款的担保安排, 担保范围包括:截至9月19日午夜的所有现有账户,现有账户的新入存款,现有账户之间的利息和资金往来,9月13日至9月19 日之间曾要求关闭而后重开的账户.但是,为了公平起见,与所有其他主要银行一样,9月19日之后新开的北岩银行账户将不包括在上述保障条款之内,而是按照原有的存款保障条款给予保障.此种有所保留的担保安排反而加剧了市场担忧,北岩银行股价当日从250便士跌至185.2便士,跌幅达到25.9%.随后北岩银行在危机中依旧向优先股持有者分发近4000万英镑股息的行为遭到了市场批评,并导致了股票市场的更多抛售,其股价在9月25日收于163.1便士的低点.在价值低估的背景下,北岩银行开始成为其他金融机构和私人股权投资公司收购的目标.9月25日,北岩银行在股市收盘后发表的声明中称,目前已有多家机构对其表达了收购意向,其与部分买家进行的初步探讨尚未得到确定结果.北岩银行同时还称,因与潜在买家谈判收购一事,决定取消7月25日宣布的定于1O月26日向股东派发中期股息的计划.此举增强了市场信心,北岩银行股价在9月26日至28日连续三天小幅反弹.1O月1日,英国金融服务监管局针对北岩危机的新存款保障安排正式生效.根据新的担保条款,北岩银行的客户在3.5万英镑以内的存款将得到1OO%的保障. 而此前,金管局的存款保障计划仅对2000英镑以内的存款提供100%保障,对超过2000英镑,3.1 万英镑以内的存款则仅提供90% 的保障,总保障金额最高为3.17万英镑.受此影响,北岩银行当日的开盘价继续较前一交易日上涨. 但此后北岩银行在9月底向英国央行再次借入50亿英镑的内部消息被市场获知,并引起市场对危机恶化的担忧,导致其股价在一天内跌去27.8名,创下挤兑事件发生以来的最低点.随后几日北岩银行向英国央行申请的紧急贷款累计上升至110亿英镑,其股价同期维持低位震荡.10月9日,英国财政部宣布,政府为北岩银行零售客户提供储蓄保障的范围将扩展到2007年9月19日以后的存款,这一举措不仅将帮助”已经开门”的北岩银行吸引新客户,也将使其在潜在收购者眼中变得更有吸引力.此外,可接受的抵押品范围也从国债等最高评级的证券资产延展至所有资产,北岩银行由此可以向央行申请更多的现金支持.北岩银行同时宣布仍在同几方就潜在的交易进行谈判,并证实已聘请花旗以及美林为其顾问,谈判进程将在2008年2月前完成.随后,花旗集团透露正在考虑如何支持北岩银行:一种方案是和其他机构共同为潜在收购者筹集25O亿英镑资金,用于帮助北岩银行摆脱困境;另一个方案是将北岩银行作为独立实体,以更加优惠的商业利率2D08,2Ⅲ…一…..～………………………～…一…....…………一……...…………一……～l上海投资向其提供资金援助.目前最终方案还没有确定,谈判和资产再融资需要花费大量时间,而且谈判也无法绕过英格兰银行,英国金融服务监管局以及财政部.北岩银行将为融资便利和顾问咨询支付费用,预计这将给其2007财年带来4000至5000万英镑的额外开支.标准普尔评级服务公司随后表示,对北岩银行的评级并不受来自英国政府的担保延展以及来自英国央行特殊流动性便利的影响,英国当局对北岩银行的特殊支持已经反映在目前的评级中.受到上述利好消息振奋,一度深跌的北岩银行股价在1O月中旬明显回升.1O月19日,在4名高管接受英国下议院特别工作组的3天听证后,北岩银行董事会主席马特? 瑞德利(MattRidley)正式宣布辞职.=.挤兑危机对北岩银行的影响(一)股价超跌,被收购风险激增北岩银行挤兑危机是”次级债风波”传染至英国的标志性事件,此种特殊含义引起了股票市场的深度担忧.受此影响,北岩银行股价在挤兑发生后一路下跌(见图1),已经不能准确反映其企业价值.1O月1日北岩银行收盘价为132.1便士,创下挤兑事件发生以来的最低点,较2007年2月9 日1251便士的年内最高价下跌了89.44%,跌幅远远大于同期富时综合指数和富时银行指数的变化.超跌一方面减少了并购成本,另一方面增加了股权投资的预期收益,使得北岩银行成为众多潜在收购者的目标,1O月12日,查德? 布兰森控制的英国维珍集团正式宣布组建由维珍集团金融分支VirginMoney,美国AIG保险公司, 美国风险基金公司WLRoss,英国投资公司Toscafund以及香港第一东方投资集团组成的财团,收购英国北岩银行.收购本身不仅给北岩银行长期发展带来了不确定域外揽胜II一一……～iiiiiiiiiiiiiiiiiI…性,而且让北岩银行的股价波动性显着增强(见图2),这种易变性增加了北岩银行危机恢复过程中的风险.(二)评级下调,企业声誉受损突发性的挤兑危机使得北岩银行声誉受到了较大打击,市场不仅对其次级按揭业务产生了极大担忧,并开始怀疑其全部资产的健康状况和整个银行的风险控制能力.这种市场担忧直接反映在其信用评级的整体下调上(现整体评级状况见图3),穆迪对北岩银行金融实力的评价仅为C一,■■域外揽胜图3北岩银行的信用评级穆迪1)短期前景2)外币长期银行存款3)本地货币长期银行存款4)无抵押高级债券s)次级债券6)次低级债券7)优先股8)银行金融实力9)外币短期债务Io)本币短期债务惠誉将北岩次级债券的评级下调为BBB+,DBRS更是将北岩的前景评级降为负面(NEGo声誉受损的北岩银行不仅面临着更大的业务开展困难,并在股票市场上遭到惠誉15)前景评级16)长期发行人预设评级17)无抵押高级债券is)次级债券19)短期20)短期发行人预设评级21)单个评级22)支持度评级DBRS23)前景评级24)短期25)长期发行人评级了市场分析师的普遍冷遇,据Bloomberg的统计,2007年仅有6. 25%的分析师建议”买进”北岩股票,56.25%的分析师建议”持有”,37.50%的分析师则建议”卖出”,考表1市场分析师对投资北岩银行的建议虑到此项统计包含了危机前的信息,实际上危机发生后市场对北岩银行更为不信任.从各大投行和研究机构的最新报告(见表1)来看,北岩银行作为金融机构面临着较为严重的”信用危机”.(三)盈利预期走弱,长期成长受制虽然短期的流动性困境直接导致了北岩银行的挤兑危机,但危机对北岩银行的影响却并不局限于短期.管理层的变动,经营模式的可能转变,市值的大幅缩水,业务重新开展的较大困难和客户的信任缺乏,使得企业的长期稳健发展受到较大负面影响.在MFQIobalSecuritiesLimitedSIMONMAUOHAN中立3802007/9 预期还会继续下滑(见图4).预计2008年北岩银行每股收益将从2007年的0.628继续下降到0.471,每股现金流量也将从2007年的1.502降至1.149,销售额,净资产收益率和总资产回报率也都将有所下降,而2008年的企业价值也将从2007年的84.7继续降至78.5, 下降幅度预计为7.3‰三,北岩银行挤兑危机的特点银行挤兑是信用制度的伴生产物,20世纪70年代以来,世界上有100多个国家和地区的银行曾发生过银行挤兑.作为”次级债风波”之后首次以及英国150年来唯一一次银行挤兑,北岩银行挤兑危机相比以往具有鲜明的特点.(一)事发突然,危机之前北岩银行业绩优良北岩银行在挤兑危机发生之前一直是英国银行业发展速度最快,经营理念最为大胆的银行之一,敢于创新的业务开展风格为其赢得了丰厚的市场回报.2004年北岩银行销售增长率从前几年的10%左右窜升至60%以上,危机发生之前的2006年下半年和2007 年上半年,其销售增长依旧维持在30.1和37.7名的较快速度(见图5).而从ROA,ROE和ROC近几年的表现来看(见图6),北岩银行在危机发生之前则具有强劲而不失稳定的利润创造能力.如此衡量1)调整后每股收益+2)按6MP每股收益3)每股现金流量4)每股股息5)每股帐面价值6)销售额7)息税折旧摊销前利润8)息税前利润9)营业利润1a)税前利润11)调整后净利润+12)净利润GMP13)长期增长14)净资产收益章15)患资产回报率16)净债务译估衡量已调整市盈率价格/销售额市净章12,20070.628O.69315020.3414.615899656865.600546.489654.111 518966 265153 266000115017.906O34612,2007 3304 1.208 0.4504周变化0.014—0.054 0.000—0.026—0.058—11.369 172.I27 —53.667 1.100—40.508 ——3.000 0.000 —0.400 O.OOO 12,2008 4.406 1.317 0.420 弼测* 20(14) 15(10) 2(2)19(19) 11(11) 11(9)2(I)3(2)10(10) 17(IS)9(5)4(2)13(13)5(5)域外揽胜裁■●12,20080.471O.52o1.1490,3554.944825.118 933.660 516.019 664.719 426.051 187.059 236.00013.409O.320译估衡量价格,现金流股息收益企业价佰/EBITDA图4北岩银行的盈利和成长预测4周盎化0.015一O.O啤20.000—0.041—0.189—2.962262,975—60.624—22.698—95.83332.500 2408 O.000 12,2007 1.381 16.434 84.677 弼溯_ 20(12) 15(8)I(I)19(19) 11(11) 11(7)2(1)3(2)9(8)17(14) 14(8)9(4)13(13)12,20081.80171078.50f2口0雕……一直上海投资{●●域外揽胜图7北岩银行的盈利和成长预测FTSEASXBal~k/Index一一～一………一一一一,一一…～一0∞∞H07FEB07MAR07A~R07MAY07JUNO7JUL07O7SEP07OCT07背景之下,”挤兑”这种较为”原始”的银行危机突然爆发在这样一个高成长性银行身上较为出人意料(MartinWolf,2007).(二)适得其反,政策宣告多次加重市场担忧与事实相悖或与预期不同的政策宣告往往会带来适得其反的政策效果(Lucas,1983),北岩银行挤兑危机中英国政策当局旨在救助的政策宣告就几次导致了危机恶化.英国银行家协会首席执行官AngelaKnight表示,英国金融服务监管局,英格兰银行和财政部三家监管机构发布”最后贷款人”信件的方式正好引发了媒体和公众的担忧,”一封本来打算保持稳定的声明却引起媒体和客户的极大恐慌,并迅速被解读为每个人最好尽快从北岩银行取出存款”.9月14日的联合声明一方面声称”北岩银行资质良好”,另一方面又郑重许诺将提供流动性支持,这种政策宣告的内部矛盾很容易引发市场对北岩银行融资困难的过度忧虑.而在挤兑发生后,政策当局起初无意提供大量特殊待遇来拯救北岩银行,市场对此的失望引发了10月9日之前北岩银行股价的深跌.(三)传染有限,北岩危机并未危及英国银行业从以往经验来看,挤兑往往是银行业危机甚至是金融危机和经济危机的导火索(Zv1Bod1e, 1996).商业银行是经营货币信用的特殊企业,它以全社会的利益主体为服务对象建立起以金融机构为核心的庞大而复杂的信用链, 在这个信用链中,银行之间以及银行与全社会各利益主体之间生成密切而复杂的债权债务关系, 使金融风险具有较强的传染性. 如果～家银行发生挤兑,信息不对称往往会造成存款者心理恐慌, “多米诺骨牌”效应可能危及整个金融体系的安全.但北岩银行挤兑危机并没有表现出较强的传染性,股票市场上北岩银行股价变化与富时综合指数和富时银行指数整体趋势差异较大,北岩银行2007年1月31日至9月28日的涨跌幅度和总回报分别为一84.74%和一84.34%,而同期富时银行指数的这两项指标仅为-12.43%$D一8.01%,富时综合指数的相关数据甚至是正值.较低的传染性意味着北岩银行挤兑危机很大程度上与企业个体的经营策略选择高度相关.四,北岩银行挤兑危机的原因(一)”次级债风波”引发市场担忧挤兑本身就是银行和储户博_嚣一叵,弈的劣质均衡,产生这种均衡的深层原因在于信息不对称背景下的信心缺失(TimHarford,2000o北岩银行作为～个资能抵债且发展迅速的金融企业却遭到了挤兑,首要原因在于”次级债风波”波及英国,引发了市场担忧.受美国“次级债风波”传染,英国房地产市场也开始了深度调整,英国HBOS房屋价格指数从2007年7月的646降至8月的643.4,违约率的上升给银行房贷业务带来了较大负面影响.据英国房屋建筑协会统计,2007年8月银行业房贷的本金偿还和计入利息分别下降了4.68%和10.33%.北岩银行是英国第五大抵押贷款机构,其2007年上半年新增抵押贷款额排名英国第～,拥有大约150万储户,向80万购房者提供房贷,业务重心向房贷市场的较大倾斜使得北岩银行被市场普遍认为是受”次级债风波”影响最大的英国金融机构.如此背景之下,北岩银行稍微出现一些问题或困难,就可能引起挤兑的过激反应.(二)”信贷紧缩”加剧流动性不足北岩银行的流动性不足问题在挤兑危机发生前就长期存在, 2002年下半年和2003年上半年其现金流增长都低于一20%(见图8), 2005年下半年这一数字甚至为惊人的一611jl;,2006年全年则为一88%,而2007年上半年则为-43%. 与此同时,2007年上半年营业收域外揽胜-一■—iii■iiiiiiiiiiii一～……图10北岩银行资产负债结构总贷款,总存款总贷敦,总资产存款惯产存款,资金盈利资产,付息负债普通暧,总资产核心存款增长率大宗折旧,盈利资产核心资本比率(1级)总资本上匕率杠扦,有形资产比率有形菜极蒋勰0口6十321908562266028251口38317G无0o08501160无168790l.:{未伽D5+f:,加D阱+. 29724l062850710202862I31433021I3264000I14GO316I237无I无无10口口770I870f230i140D无I无253320I148450入增长率也从此前的20%左右迅速降为一11.11%,充分显示了短期流动性的匮乏.值得注意的是,北岩银行的短期流动性来源较大部分为同业拆借市场的借款,随着“次级债风波”在欧美引发”信贷紧缩”,北岩银行在批发市场上获得资金的难度不断增加,这种融资困难直接成为挤兑危机发生的导火索.(三)风险偏好过强增加了危机发生可能北岩银行近年来的高盈利,快发展建立在风险偏好增强的基础之上.偏爱风险的经营理念体现在资产负债结构和产品设计两150577G27506553印12817361无0009301430无13D9205华几l俺增长率个方面.从资产负债结构看,北岩银行的债务比和产权比率近年来不断增加(见图9),而存款占资产和资金的比率却连续下降,其5 年几何增长率均为一15jl;左右(见图10),总资本比率也从2003年的14.30%降至2006年的l1.60%,高速增长的债务存量以及存款相对的增长缓慢意味着北岩银行的发展并不平衡,存在过度使用风险的倾向.从产品设计看,北岩银行用高风险的优惠按揭产品过度开发市场.其按揭类型相当细化,包括组合按揭,固定利率按揭,可变按揭,终生按揭,出租按揭等等, 并使用激进的低优惠利率和高住∞”洲洲洲盼914545O29;j】资投～海一t。

急速蜗牛中英文 And we

让我们回到印第安纳波利斯And we're back at the final stretch of500英里大赛的角逐现场the Indianapolis 500.世界三大汽车赛事之一简称印第500盖·加涅正在逐步超越Guy Gagnéis gaining on the pack.这位年轻的法裔加拿大人The young French Canadian在印第赛车场的处子秀is making quite an impression就来了个惊艳登场in his debut here at the Motor Speedway.看了这么多年赛车In all my years of racing,我还从未见过如此具有天赋的赛车手I've never seen a driver with this much raw talent.但这是谁But what's this?突然杀出一匹黑马紧逼着加涅Out of nowhere, a dark horse is challenging Gagné.他极速猛冲He's gaining on the pack.抢入了直道And down the front stretch.升到第四第三现在冲到了第二Moving into fourth position... third... Now, second!驶到外圈冲向终点Going to the outside as they cross the bricks!看来最终的冠军是特搏And it looks like the winner is Turbo!太精彩了难以置信Amazing! Unbelievable!即时重放再播一次慢动作Instant replay. Again, in super slo-mo.欢迎回来赛车迷们Welcome back, race fans.我们将要采访的是尹第新秀盖·加涅We're here with Indy's brightest new star, Guy Gagné. 告诉大家盖Tell us, Guy,你为什么会成为一名赛车手what inspired you to become a race driver?你知道的丹You know, Dan,总会有那么一件事让你欢欣鼓舞everybody's got that one thing that makes them happy.对我来说那就是风驰电掣的速度And for me, it's terrifying, terrifying blazing speed.盖Guy!-请一个一个来-西奥- One at a time, please. - Theo!好请后面那位帅哥先说Yes, the handsome fellow in the back.你在做什么What are you doing?老样子全神贯注跑比赛What I've always done. Stay focused, try to run my race.赛车手都这样下一个问题That's all any driver can do. Next question.拜托你能不能回去睡觉Can you please go to sleep?我们明天还得工作呢We've got work tomorrow.睡觉有没有搞错Sleep? Are you kidding me?赢了这么重要的比赛我还激动着呢It takes hours to come down after a big race like this. 是当然好吧Yeah, I bet. Okay.他们是我冲刺的动力They are the fuel that keeps me running!盖当你初出茅庐的时候Guy, when you were just a rookie starting out in the Indy Lights, 是否梦想过有朝一日能登上冠军奖台did you ever dream that you'd be standing here today?当然父亲总是教导我Well, as my dear father always told me,没有遥不可及的梦想小人物也有"No dream is too big, and no dreamer-逐梦的权利-逐梦的权利- "Too small." - Too small.快去睡觉Sleep!起跑线集中精力全神贯注Head in the game. Head in the game.太棒了17分钟新纪录Yes! Seventeen minutes! That's a new record!西奥Theo!早上好Good morning.出发伙计们别落下Let's go, people! Pick it up!特搏准备超车Turbo, ready to make his move.你看到了吗她竟然挡我Did you see that? She cut me off!赛车欢乐多啊The joys of racing.怎么会有人不去欣赏How could anyone not see the appeal of watching a bunch of cars,一堆车绕好几个小时的圈圈呢drive around in circles for hours on end?左转再左转又左转Left turn! Left turn! Left turn!你的愚昧无知真让人悲哀Your ignorance saddens me to no end.左转我还要做些什么呢Left turn! "What do I do here?对了还是左转Oh, no, wait a minute. Left turn!"早上好切特Morning, Chet!最近怎么样莎莉How's it going, Sally?-早上好切特-早上好菲尔- Morning, Chet. - Morning, Phil.真是不幸Well, that's a shame.美好的菜园工作周又开始了And so begins another wonderful work week at the plant.伙计们今天要收获很多西红柿All right, people, we got a lot of tomatoes to harvest today.我们要采摘分类还要吃掉它们We got to pick them, we got to sort them, we got to eat them.但最重要的是我们要保证But most importantly, we got to be安全Safe.没错就爱听这句Yes! Music to my ears.快看她Look at her.曲线优美Nice curves.你这个秀色可餐的女神You are one giant, juicy temptress.大红美Big Red.指日可待Any day now.何年何月Any day now.熟过头的Overripe!熟过头的Overripe!熟过头的Overripe!不Oh, no.来吧Here we go.再试试Bring it on.这次休想Not this time.赛手们已于起跑线准备就绪And the cars are at the starting line.加涅排在首发位置Gagné's in the top pole position,驾驶印有一号标识的烂熟西红柿driving his trademark number one overripe tomato.他旁边的是跃跃欲试的新人特搏Next to him is that feisty young upstart, Turbo.先生们启动引擎Gentlemen, start your engines.加涅领先拐过第一个弯道Gagnérolls into the lead around the first turn特搏紧随其后驶向直道with Turbo hot on his tail into the straightaway.他又开始意淫了Hey, there he goes again.最后冲刺观众们沸腾了And down the homestretch, the crowd goes wild!加油特搏Go, Turbo!他们难分轩轾They're neck and neck!加涅特搏特搏加涅Gagné, Turbo! Turbo, Gagné!-看来冠军是... -特搏特搏特搏- And it looks like the winner is... - Turbo! Turbo! Turbo!好险So close!几乎同时越线It's a photo finish!熟过头的Overripe!好了好了别闹了All right, all right, knock it off.劝劝你弟弟切特要不我来说Talk to your brother, Chet. Or I will.我会去的卡尔I'm on it, Carl.下不为例This will not happen again.以前也这么说Heard that before.好吧Okay.开饭喽That's lunch!#p#分页标题#e#你这是自作自受知道吗You do this to yourself, you know.瞧瞧你I mean, look at you.他们怎么可能不取笑你How could they not make fun of you?你本身就是个笑话It's like you're almost forcing them.如果你不去想那些赛车什么的If you'd just quit it with the speed stuff...我做不到I can't help it.那是我的天性It's in me.不才不是什么天性No. It is not "In" You.谁说的Says who?大自然我们的母亲Nature. Mother Nature.听说过她吧Maybe you've heard of her?她赋予我们的天性不是速度西奥We all have our limitations, Theo.你就是个行动迟缓的悲剧And the sooner you accept the dull,愈早接受这个事实miserable reality of your existence,才会变得更加幸福the happier you'll be.你还真是会说话啊Wow. Aren't you just a little ray of sunshine?当心蜗牛杀手两点钟方向Heads up! Shell crusher, two o'clock!大家注意按照预演的做All right, people, you know the drill.缩壳快滚Tuck and roll!缩不进去我缩不进去Can't tuck. I can't tuck!西奥缩壳快滚Theo, tuck and roll!以前就说过我就不缩壳快滚We've been over this. I don't tuck and roll.你背着壳是有原因的缩进去You have a shell for a reason. Use it.缩你的You use it.拜托他都没看这边I mean, come on, he's not even looking this way.喂喝果汁那个好车啊Hey, Juice Box, nice tricycle!听见我说什么了吗You see what I'm saying?好了躲得好All right, good hustle.大家都躲得很好Good hustle, everybody!除了你Almost everybody.下班时间Quitting time!晚安吉姆晚安莎莉Good night, Jim! Night, Sally!晚安史蒂夫我不知道你叫什么Night, Steve! I don't know your name.我先走了再见I'm out of here! Bye!您现在收看的是《追风竞速》栏目You're watching Fast!由激动饮料赞助播出Sponsored by Adrenalode!激动在犹他和南达科塔州暂不合法Adrenalode, not legal in Utah and South Dakota.请不要在24小时内Do not exceed more than连续饮用超过两灌激动two cans of Adrenalode in a 24-hour period.请将激动远离火水和沙土Do not expose Adrenalode to flame, or to water, or to sand. 没错Yes!口感爽爆了That tastes awesome.欢迎回到"直击印第安纳波利斯"专题报道Welcome back to The Road to Indianapolis.我身边的是印第五连冠I'm here with five-time Indy champ,传奇车手盖·加涅the legendary Guy Gagné!我爱你盖I love you, Guy!告诉大家盖对那些可能Tell us, Guy, do you have any advice在家中电视机前的未来赛车手for the future racers out there你有什么建议呢who might be watching at home right now?天啊说我呢说我呢Oh, my gosh. That's me, that's me.每一场角逐Well, there comes a time in every race都会有这么个关键瞬间when a driver is forced to make that one,车手不得不做出抉择key, split-second decision.是减速退守还是勇往直前Fall behind, or push ahead.勇往直前Push ahead!是铤而走险放手一搏To take a chance and risk it all,还是稳扎稳打甘于失败or play it safe and suffer defeat.放手一搏盖Risk it all, Guy!但真正使冠军区别于普通车手的But what really separates the racers from the champions 快说Yes!唯一一点that one thing that使你卓尔不群的separates the ordinary from the extraordinary是什么What is it?那就是... That one thing is...不No!不别这样No, you didn't!不不不不不No! No! No! No! No!快回来电视Come back to me, TV!-只有做到... -管用了- Only you have your finger on the... - It's working!-早上好鲍勃-早上好莎莉- Morning, Bob. - Morning, Sally.早上好史蒂夫Morning, Steve.早... Morning...其实这是好事You know, this is good.是啊好事Yes, this is good.我觉得这是个重大进展I daresay we've had a breakthrough, here.电视没了你终于可以走出车库With that TV gone, you can finally get out of that garage 忘掉那些关于赛车的鬼话and put all that racing nonsense behind you.然后呢And do what?享受你的真实生活啊Start living your life.我有自己的生活吗I have a life?大红美Big Red?大红美Big Red!缩不进去我缩不进去I can't tuck. I can't tuck!-太棒了-终于熟了- Yes! - Finally!太好了我们可以一饱口福All right, let's chow down!大家慢着Hit the brakes, people.今天是剪草日It's Gardener Day.你们就这样放弃了You're quitting? Just like that?撑死胆大的饿死胆小的Hey, nothing ventured, nothing gained.你们这样是不对的That's a bad thing.每一场角逐"There comes a time in every race都会有这么个关键瞬间when a driver is forced to make that one,车手不得不做出抉择key, split-second decision."他说什么What did he just say?是铤而走险放手一搏"Take a chance and risk it all,还是稳扎稳打甘于失败or play it safe and suffer defeat."好了别疯言疯语了西奥Okay, enough with the crazy talk, Theo.离草坪远点回去工作Just step away from the grass and get back to work.西奥Theo!赛手们已于起跑线准备就绪And the cars are at the starting line.先生们启动引擎Gentlemen, start your engines.特搏凶残割草机又一次特搏处于领先And once again, it's Turbo out front.没有遥不可及的梦想No dream is too big.驶入快车道就在终点线In the high lane! At the stripe!看来冠军是And it looks like the winner is...缩壳快滚西奥缩壳快滚Tuck and roll, Theo! Tuck and roll!#p#分页标题#e#不No!你疯了吗Are you insane?你差点就没命了You could've gotten yourself killed!西奥你到底在想什么Theo, what were you thinking?我以为我能冲过去I thought I could get there.你什么时候才能清醒些When are you gonna wake up?许个愿I wish...我希望我能I wish I was...好险That was close.不Oh, no.太棒了Yeah!不不加油加速No, no, no! Come on! Faster!氧化亚氮不不不No, no, no!又怎么了What happened?干什么滚开Hey, hey, hey! Get out of here!我没死没死Not dead! Not dead!真是熏死我了It reeks in here.简直就像裹着一只臭袜子It's like wearing a hat made out of feet.总算到家了Home.很好All right.我没事I'm okay.有点不对劲That's peculiar.我这是怎么了Okay, what's happening to me?怎么回事是我身上的What? That's me!拜托别响了Come on! Stop it!安静安静Quiet, quiet!别响了别响了别响了Stop it! Stop it! Stop it!欢迎大家出席月度安全大会Welcome, everyone, to this monthly safety meeting.杰里就这么走了Well, there goes Jerry.现在有请切特讲话I'm going to hand things over to Chet, now,他要申明一些重要的安全新措施who has some important new policies to go over.非常感谢卡尔大家下午好Thank you very much, Carl. Good afternoon, everyone.很高兴为大家解读新"错"施I'm happy to "Poli-see" You all here today.好吧我先宣布几条激动人心的消息Okay. I would like to begin with some very exciting news.最新数据已经统计出来了The latest figures are in.意外砸伤事件下降了十五个百分点Accidental smashes were down 15 percent.做得好大家伙Well done, team.着名说唱乐队RUN-DMC的《棘手》摇滚的节奏很棘手It's tricky to rock a rhyme配合正确的时间正确的打奏To rock a rhyme that's right on time非常棘手十分棘手相当棘手It's tricky tricky tricky tricky tricky tricky你现在收听的是调频98.6动感嘻哈Yo, yo! You're listening to 98.6 where hip-hop... beats. 乐坛传奇人物汤姆·琼斯的《风流绅士》总算消停了Finally.怎么搞的What in the...救命啊Help!停下停下停下Stop! Stop, stop!妈妈Mom!棒极了Yeah!不Oh, no!为了准备防范乌鸦宣传周And so, in preparation for Crow Awareness Week,我宣布I'd just like to say...缩壳快滚Tuck and roll!不我没开玩笑缩壳快滚No, I'm not kidding! Tuck and roll!小心Look out!我承认Granted, yes,我承认存货遭到了一点点的破坏I admit that there's been a wee bit of damage to inventory, here,但请你们听我解释but if you'd just let me explain...开除You're fired!息怒卡尔再给他一次机会吧Whoa, okay, Carl, if you just give him one more chance,我保证他再也不... I promise that this will never, ever...没听懂是不你们被开除了You don't understand. You're fired.你们是复数你俩"You," Plural. Youse.你和他两个都是Y'all. Both of you!切特我很抱歉Chet. I'm so sorry.请相信我我不是故意的You have to believe me, I didn't mean for this to...我这一生All my life.我这一生都在护着你罩着你All my life, I've defended you, covered for you,和你坐一条船还替你背黑锅stood up for you, apologized for you,结果落得如此下场and this is what I get in return.被你的破船一起拖下水Dragged down with you on your sinking ship.还附送漂亮又舒适的船上躺椅西奥 A nice, comfy deck chair on the S.S. Theo!真有你的船长Aye-aye, Captain!我真的很抱歉I'm really sorry.你脑子有毛病吗What is wrong with you?我不知道我只记得那天晚上I don't know. All I know is, the other night,我站在101公路天桥上突然阴风四起I'm standing above the 101, and all of a sudden... 没叫你答听不出那是个反问句吗It was a rhetorical question!切特Chet!救命怎么到处都在转动Help! The world is moving!借过Coming through!这一定是在做梦我随时都会醒来的Okay, I'm gonna wake up any minute now.醒醒快醒醒Wake up! Wake up!墨西哥玉米卷零售切特Chet?别激动伙计们不是来真的吧Easy now, fellas. You really don't wanna do this.切特Chet!我死了吗我在天堂吗Am I dead? Is this heaven?天堂应该... I pictured it更干净才对cleaner.快点起来Come on, get up.西奥你也被乌鸦吃掉了Theo. The crows got you, too.什么没有切特What? No, Chet,不是乌鸦而是it wasn't the crows. It was...看看这地方Look at this place.-碎玻璃锈铁钉-深呼吸- Broken glass, rusty nails. - Breathe.-破盐罐子-别紧张- Discarded salt packets! - A few, yeah.这里简直是雷区It's like a minefield out here.不要我得了破伤风破伤风啊Oh, no. I've got tetanus. I've got tetanus.牙关都闭紧了My jaw is locking up.破伤风特征性表现切特冷静点没必要慌张Chet, will you calm down? There is no reason to panic. 一切都在控制中Everything's gonna be just fine.看看是谁来了晚上好小家伙们Well, well, well. Buenas noches, little amigos. 今天真是好运气This must be my lucky day.喂是我提托Hola. It's Tito.告诉大家我会带来的Hey, tell everyone I'm bringing it.哥俩好卷饼店这是什么地方What is this place?哈哈哈Well, well, well.你们最好还是报警吧Somebody better call the cops,#p#分页标题#e#因为我可要大杀四方啦because I'm about to make a killing.大杀什么Killing?他又带来了什么货色What'd he drag in this time?鞭索一定会生吞活剥他们Whiplash is going to eat them up.这会是一场屠杀It's gonna be a slaughter.板上钉俎上肉Mm-hmm, dead meat.我们要死了我们要挂了We're gonna die. We're gonna die.快点动作利索点Come on, come on. Now, hurry up.你离家有点远了吧乡下蜗牛 A little far from home aren't you, garden snail? 我看有人吓得尿裤子了Hey, I think we got a crier here.快点开始吧Let's do this!我赢定了要的就是这感觉I got this one! Oh, I got this one!来吧看我发威Come on! This is me!逃跑时间西奥Time to go, Theo.各就各位Ready预备Set跑Go!看它完了Look. He dead.卷饼哥找了只傻蜗牛Taco Man found dead snail.那是啥What?快闪Run!我的神啊Santa Maria!你刚才说你叫什么来着What did you say your name was again?我的大名是特搏My name is Turbo.我真想改个名字I wish I could rename myself.你在哪儿找到他的Where did you find him?你怎么做到的How did he do that?你从哪儿来的Where did you come from?喂你到底怎么做到的Hey, how'd you do that?西奥借一步说话Theo. A word, please.那个刚才真是Okay, that was帅呆了是吧Amazing, right?我还会更炫的招数看这个If you think that's something, check this out.把它关掉Turn it off!错打了远光灯抱歉Sorry. High beams. Sorry.咦还有这玩意儿That's a new one.没事的放心西奥你要挺住It's okay, it's okay, Theo. Just hang in there.等我们一到家就把你治好As soon as we get home, we're gonna get you fixed.什么我才不需要治疗What? I don't need to be fixed.我又没出什么问题切特There's nothing wrong with me, Chet.没什么问题你已经Nothing wrong with you? Well, you're变成个怪物了You're a freak of nature.我知道那不是很棒吗I know, I know! Isn't it great?西奥Theo!不瞒你说我更喜欢特搏这个名字You know what? I prefer "Turbo."意为涡轮增压机不管你是从哪个实验室逃出来的I don't know what crazy lab you escaped from你可帅呆了小伙伴酷毙了but you're amazing, Little Amigo. Amazing!提托Tito!稍等一下One second, please.看到那商标了吗写的什么Do you see that sign? What does it say?安杰洛Angelo写的是哥俩好卷饼It says, "Dos Bros Tacos."哥俩好提托不是老光棍卷饼"Dos" Bros, Tito. Not "Uno" Bro.你应该在门口兜售卷饼You're supposed to be out there, selling tacos,而不是搞什么蜗牛赛跑not racing snails.我知道但是这小家伙有点特别I know, but this little guy is something special.我告诉你安杰洛I'm telling you, Angelo,客人们会把这里挤得水泄不通the customers are gonna be lining up around the block.我已经预见了I can see it already.蜗牛赛跑趣味多美味卷饼不可少"Come for the snail racing, stay for the chimichangas." 你快点给我醒醒Get your head out of the clouds,提托痴人说梦到此为止Tito. It's enough with your crazy schemes.不要你是个卷饼天才安杰洛No! You're a taco genius, Angelo.而我的使命就是让你的卷饼举世闻名And it is my mission in life to share your gift with the world.没错你要做的第一件事Great. Then first thing in the morning,就是爬进卡车给我卖卷饼get in that truck and go sell some tacos.提托Tito.你确定吃饱了吗累了没You sure you had enough to eat? Are you tired?看这我给你铺好了床Here, I made up your bed.今晚可能有点凉Now, it might get a little chilly tonight.我给你暖了暖被褥So, I warmed up your blanket.好了舒服又温馨There you go. All comfy and cozy.祝你好梦小家伙明天早上见Sweet dreams, Little Amigo. I'll see you in the morning.他刚才是亲亲晚安了吗Did he really just kiss you goodnight?没错嫉妒吗He did. Jealous?问一下你怎么得到超速度的Question. What gives with the super-speed?喂你是机器人吗Hey, hey, you a robot?你有放射性吗老兄Are you radioactive, homie?会传染吗Is it contagious?离这孩子远点Give the kid some space.我是鞭索这是我的团队I'm Whiplash. And this here is my crew.我是滑痕I'm Skidmark!真爽Ah, yeah!我是烈火咝咝咝咝And I'm Burn. Sizzle, sizzle, uh-uh.我叫漂移是这里定基调的懂吗The name is Smoove Move. I set the tone around here, you dig?看好了就是现在Now check this. Right about now,我速度之快I'm moving so fast,让整个世界都陷入慢动作宝贝儿the whole world's going in slow motion, baby.下一秒隆重出场的是Here one second, gone the next.人称白色幻影的我They call me the White Shadow!因为太快你只能看到我的影子Because I'm so fast, all you see is my shadow.我不明白I don't get it.身形轻盈快如魅影I'm fast, like a shadow!但是你的影子明显和快没什么关系Yeah, but shadows, they're not inherently fast.白色幻影White Shadow.还是能看到你I can still see you.听着乡下蜗牛Listen, garden snail,很明显你有两把刷子you clearly got the skills to pay the bills.如果蜗牛也有刷子你的挺大If snails had to pay bills, that is.你有两把大刷子You would be able to pay them.没错刷子Yeah, bills.刷子挺好用孩子Paid in full, son.我来这是邀请你加入我的团队So, I'm here to invite you to join our crew.加入你的团队Join your crew?#p#分页标题#e#我的话很滑稽吗Did I say something humorous?不好意思只是你们大家你懂的I'm sorry. It's just that you guys are, you know,有点慢...吞吞的kind of slow-ish.过分一点都不给面子Really? To our faces?西奥你在干什么Theo, what are you doing?我当你放了个屁虽然我闻到了异味Now, I'm gonna pretend I didn't hear what I clearly just heard.闻到什么我什么都没闻到Heard what? I didn't hear anything.大家还是可以讲道理的是吧西奥Nothing out of order, did you, Theo?我是认真的I meant what I said.你最好别给我吹破牛皮Then you better put your money where your mouth is.蜗牛可吹不动牛的皮Snails don't have money.不然我们都会用刷子了是吧Otherwise, we'd be able to pay the bills. Remember?你打嘴仗还装什么有深度Your trash talk is needlessly complicated.是吗还是你的刷子烂到毛都掉光了Is it? Or is it that your unpaid bills are overdue?说够了吧看看你有什么能耐Enough talk. It's time for action.规则很简单第一个到达流星的It's simple. First one to the top of that shooting star星光广场就是赢家wins.就凭你们要上那里吗很好You guys? Way up there, huh? Awesome.不如我用本年历来帮你计时吧Let me get my calendar so I can time you.挺会说笑菜鸟You got jokes, rookie?尽管笑吧乡巴佬Laugh it up, garden snail.各就各位On your mark预备Get yourself set见识一下白色幻影的厉害Prepare to be White Shadowed!借个道Coming through!他们都疯了Those guys are crazy!他们真有意思Those guys are awesome.那个谁上来玩玩吧Hey, player! The party up here!我要怎么上去How do I get up there?再见Later!也借个道Coming through!谁才是慢吞吞的乡下蜗牛Who's "Slow-ish" Now, garden snail?改变就在今天Today, everything changes!史上最快蜗牛尽在哥俩好卷饼店提托你在做什么Tito, what are you doing?我在策划一个"卷新" Planning a "Taco-volution"!这是我想出来的妙点子It's a little concept that I came up with.当你把那两个词语组合When you combine the words"卷饼"和"创新" 我明白的"Taco" And "Revolution." I get it.但是那对卖卷饼有什么帮助吗But how is that supposed to help us sell tacos?耐心点老兄罗马不是一天建成的Patience, bro. Taco-volutions don't happen in a day. 下一站是洛城大河And next up on our tour is the L.A. River.它赫赫有名因为... Famous for its appearance...走走快走Get! Get out!对不起帕斯能递上来给我吗Sorry, Paz. Can you throw that up here?汽配店看我追上你看我追到你Coming to getcha! I'm coming to getcha!欢乐谷模型店再会Bye.你好Hey!欢乐谷模型店我是鲍比为您效劳Valley Hobby, this is Bobby, how can I help you?你拨错电话了没事No, you got the wrong number. Yeah, okay.看我不追上你That's what I'm talking about!想来个杰克逊五人组式美甲吗You want Jackson Five on your feet?每个脚趾都有One Jackson per toe.天王在故乡印第安纳州的家庭乐队好啊你随意发挥吧Sure, knock yourself out.完美无缺Can't get no better.好吧你的计划是什么Okay. So, what's your plan?和一群疯子蜗牛Stay here in this rundown strip mall?还有一个想用你推销墨西哥小吃的人With a bunch of lunatic snails,在这排破店铺子里混吃等死吗and a nutso taco man who is using you to sell Mexican food? 要是那样奶奶个熊把我弄死算了Because if that's your plan, then whoopty-skippy-do, sign me up!我耳朵根发痒你们是在谈论我吗My ears are burning. I hope you're not talking about me.你俩看起来关系不一般小家伙You two seem to have a special connection, Little Amigo, 这个看起来是小家伙朋友的蜗牛and Snail Who Seems To Be Friends With Little Amigo.她是你母亲吗Is this your mother?还是你姐姐Your sister?不用说了肯定是你女朋友Say no more. It's your girlfriend.她是个可人儿She's a cutie.女汉子Women.我得承认I have to admit,我真希望"卷新"现在就可以开始I was kind of hoping the taco-volution would've started by now.没道理啊It doesn't make sense.我的头脑加上你的速度With my brains and your speed,我们应该大有作为才对是吧we should be destined for greatness, right?我们得大张旗鼓一下小家伙We need to think big, Little Amigo.我是说广告脱口秀和展览会什么的I'm talking commercials, talk shows, county fairs.跳蚤市场不对Flea markets. No,是农贸市场错了是超市farmers' markets. No, supermarkets.总之是各种市就对了We'll cover all the markets.成人礼坚信礼毕业典礼Quinceanera, confirmations, graduations.印第500大奖赛The Indy 500.我想到了我们应该有自己的肥皂剧I got it. We can have our very own telenovela!印第500大奖赛什么才不What? No.就是这个切特This is it, Chet.我知道我们来这是有原因的I knew we ended up here for a reason.你能不能慢一点Will you just slow down for a second?慢开玩笑吗我的字典里没有慢Slow down? Are you kidding? I'm never going slow again!西奥停下Theo, stop.你要表达什么What are you trying to say?我要让他参加大奖赛I wanna enter him in the Indy 500.大奖赛你在胡说什么The Indy 500? What are you talking about?他在说什么What is he talking about?听着也许这听起来有点疯狂Now, look, I know it may sound a little crazy不不不提托这可不疯狂No, no, no, Tito, that doesn't sound crazy.哥俩好卷饼寿司那有点疯狂Dos Bros Tacos and Sushi. That was crazy.怎么会大家都爱寿司What? People love sushi.哥俩好卷饼亲猴乐园那也有点疯狂Dos Bros Tacos and Monkey Petting Zoo. That was crazy.#p#分页标题#e#孩子们很有爱大人们可太刻薄了The babies were cute. The adults were just so mean.卷饼超人和他的小弟油条人Taco Man and his sidekick, the Churro.那是真他娘的疯狂That was off-the-hook crazy!是疯狂到正点Crazy awesome.但这个计划提托But this, Tito?疯狂都只配给它提鞋This is in a category all by itself.安杰洛拜托了Angelo, please.我拜托你切特听我一句劝Come on, Chet. Just hear me out.西奥蜗牛不能参加汽车大奖赛Theo, a snail cannot race in a competition meant for cars. 规矩就是规矩There are rules.事实上我做了很多调查Actually, I've been doing a lot of research,没有规则禁止蜗牛参加比赛and there's nothing in the rules that says a snail can't enter the race.规则也没说海绵不可以参赛There's nothing that says this sponge can't enter the race either,但是那永远不可能发生but that doesn't mean it's ever gonna happen.几百万人都看这比赛Millions of people watch that race.我们会让小镇名扬天下的老兄This could put us on the map, bro.-有人可要忙工作了-拜托安杰洛- Trying to work, here. - Come on, Angelo.我们只需要两万美金的参赛费All we have to do is raise the $20,000 registration fee.什么What?-我在想只要卖了卡车-卖卡车- I figured, once we sell the truck - Sell the...你听听自己在说什么提托Are you even listening to yourself, Tito?你要把我们毕生积蓄花在一只蜗牛身上You want to invest our entire life savings in a snail!我告诉你这只蜗牛背负使命找到我们I'm telling you, this snail crawled into our lives for a reason.我觉得他就是我们的幸运星I think he could be our little shooting star.听到了吗切特那人相信我Did you hear that, Chet? This guy believes in me.那人和你一样都疯了That guy is as crazy as you are.你永远不会被允许参赛They'll never let you into that race.就算你能你连一圈都熬不过去And even if they did, you wouldn't survive one lap.可是安杰洛听我说Yeah, but Angelo, listen...-提托-西奥- Tito! - Theo!不是所有梦想都可以实现Not every dream is meant to come true.他说得没错Yeah, what he said.蜗牛参加印第500 真有你的 A snail in the Indy 500.下一步你又要做什么What will you think of next?别担心小家伙Don't worry, Little Amigo.我们总会筹到参赛费的We'll get that entrance fee somehow.有人觉得两万美金是一大笔钱Now, I know some people may say $20,000 sounds like a lot of money.那就是一大笔钱It is a lot of money.也有人说我肯定疯了And I know some people may say I'm crazy.但是But I say,当一只蜗牛以300公里的时速when a snail crawls into your life闯进你的生活at 200 miles an hour,要是不抓住这千载难逢的机会then you'd have to be crazy not to grab onto that shell,那才是真疯了and take a ride of a lifetime.如果你还没有被说服Now, in case you're still not convinced看看我精心设计的热血海报吧Boom! Check out my well-designed endorsement poster.你想说什么提托What's your point, Tito?我想说我们有机会将生活变得更美好My point is, we got a chance to change our lives for the better.把星光广场变得和梦想中一样美好To make Starlight Plaza the great place we all know it could be.那么现在Now, come on.准备好要赞助下一届大奖赛冠军了吗Who's ready to sponsor the next Indy 500 champion?抱歉提托我还有活儿要干Sorry, Tito, but I've got work to do.不你很闲你们都闲爆了No, you don't. None of you do.我真不明白那海报多牛逼啊I don't get it. That poster was awesome.干得不错你尽力了该回家了西奥Well, good try, you did your best. Time to go home, Theo.我们一定要去印第安纳波利斯切特We're going to Indianapolis, Chet.你就张着那小胖脸看好吧Don't you worry your chubby little face about that.准备好队员们All right, team.蜗动起来Snail up!下一站是洛城大河And next up on our tour is the L.A. River.旅游观光它因为经常在电影中出现而闻名Famous for its appearance in such movies as...白色幻影来也You've just been White Shadowed!。

北岩银行挤兑案例分析

北岩银行挤兑案例分析一、案例内容北岩银行是英国主要的住房按揭银行之一，其业务模式是向客户提供各种各样的贷款，这些贷款可以有抵押，也可以没有抵押。

同时，银行通过吸引存款、同业拆借、抵押资产证券化等方式来融资，并投资于欧洲之外的债券市场，美国次级债也是其重要的投资方式之一。

以住房按揭为主打业务的北岩银行，其按揭类型相当细化，住房抵押比例之高也可谓激进，利率优惠。

以组合按揭为例，假设贷款人的房产价值为10万英镑，那么他可以得到最高9.5万英镑的按揭贷款，另外还可能得到最高3万英镑的不保障贷款，这3万英镑贷款视客户自身需求情况而定，相当于现金储备，利率统一。

北岩银行2006年末向消费者发放的贷款占比为85.498%，加上无形资产、固定资产，全部非流动性资产占比高达85.867%，而流动性资产仅占总资产的14.137%，特别是其中安全性最高的现金及中央银行存款仅占0.946%。

在负债方，北岩银行最主要的两个融资渠道为消费者账户以及发行债务工具，特别是债务工具的发行占比高达63.651%，而北岩银行的资金来源只有5%是存款。

北岩银行的贷款利率低于其他贷款机构的重要原因是北岩银行采取了完全依靠全球的金融批发市场以及流动性的战略，这在三四年前被普遍认为是非常成功的商业模式。

但是美国次级债事件发生后，没有银行愿意向北岩银行提供资金，北岩银行头寸不足，只能向英格兰银行求助，消息传出导致北岩银行的投资者与储户丧失信心，股价在短短几个交易日内下跌近80%，同时出现了英国140年来首次挤提。

二、案例分析——北岩银行发生挤兑的原因1.资产流动性差：北岩银行非流动性资产比重过大，这种资产配置方式在市场环境稳定时可以为股东带来更高的盈利，但是一旦银行融资渠道发生问题，无法以合理价格获取资金，并且现有的流动性储备无法满足流动性需求时，银行很难以合理的价格出售资产以获得流动性，在资产方银行流动性不足。

一：流动性风险是“商业银行最致命的风险”，不确定性强、冲击破坏力大；二：经营管理商业银行实际上就主要是经营管理流动性、经营管理现金流；三；每一家银行行长开门第一件要事就是到计划上了解“今天本行的头寸状况！”）流动性永远是第一重要的，没有它，银行不能开门营业;而有了它，银行可以有足够的时间去解决其它问题。

BBC新闻2007c011 英格兰郡冠军赛译文

英格兰郡冠军赛记者：本赛季英格兰郡冠军赛的赛程已经接近尾声。

兰开夏、苏塞克斯和德汉姆俱乐部都有赢的希望，其中德汉姆俱乐部本赛季收获了最多的惊喜。

两个星期以前我们见证了该队的西印度击球手施弗安·山德保尔的精彩表现，他是德汉姆的一个杀手锏。

该队另一位西印度队员欧提斯·吉布森也是在英格兰郡冠军赛中成名的。

六个星期以前在对德汉姆郡俱乐的单场比赛中，他帮球队拿到了全部10个三柱门的成绩，他的总得分使他成为本年度最佳球员的有力竞争者。

当吉布森与彼得·吉斯交谈时，吉布森显然对他本赛季的表现非常满意。

欧提斯·吉布森：我对自己的表现非常满意。

赛季初我给自己定的目标是得到50个三柱门的成绩，但后来我超越了自己，最终获得了78个三柱门成绩，正如你刚才所说，这应该是很好的成绩了。

此刻在德汉姆俱乐部发生的事能证明一切。

在德汉姆打板球是件美妙的事情，我享受在俱乐部的每一分钟。

彼得·吉斯：自从你加入第一个俱乐部，也就是巴巴多斯俱乐部之后，你就一直梦想着能在板球运动当中崭露头角，是这样吗？能不能告诉我你早期的成长经历以及你走上成功之路的秘诀呢？欧提斯·吉布森：我是在巴巴多斯俱乐部成长起来的。

在七、八十年代，西印度群岛的板球队在镇里已经倍受关注了。

巴巴多斯是当时最大的板球俱乐部。

板球界许多赫赫有名的人物都是从这里走出去的，比如乔登·格兰吉、德斯蒙得·黑尼斯、马砍姆·马绍尔、乔伊·加纳尔和西加里·索柏尔等，他们不仅是巴巴多斯的传说，还是像我这样的年轻人成长过程中的英雄。

当时我很崇拜这些响当当的人物，我希望长大以后成为像马砍姆·马绍尔、巴特利·理查德一样强大的投球手，尽管我没有成为他们那个类型的投球手，我认为自己还是实现了自己的梦想。

在巴巴多斯，板球就是一种信仰。

你上学前要先玩会板球再出发，在学校你和同学们一起玩，放学以后你又会玩板球。