[FT(金融时报)中英双语阅读].FinancialTimes_4

2010/8/23
Intel looks to secure McAfee takeover
Intel yesterday unveiled[ˌʌnˈveil] (vt.揭露)a $7.7bn acquisition of McAfee, the US
security software company, in a move prompted by the rising threat from viruses as the internet spreads to more mobile devices and everyday appliances.
英特尔(Intel)昨日宣布，将斥资77亿美元收购美国安全软件公司McAfee。

随着越来越多的移动设备和日用家电接入互联网，电脑病毒造成的威胁正日益加大，英特尔此举便意在应对这一威胁。

The purchase is set to turn the world’s largest chipmaker into one of the leaders in security extending Intel’s reach into internet-connected devices from tablet computers and handsets to televisions and fridges.
这宗收购将把全球最大的芯片制造商打造为安全领域的领先企业之一，让英特尔能够把触角延伸到各类连接至互联网的设备——从平板电脑、手机到电视和冰箱。

However, coming on the heels of(adv. 紧跟) an antitrust(adj. 反托拉斯的, 反垄断的)settlement with US regulators, the
deal raised fresh concerns about Intel’s ability to dominate part of the tech world by “baking” security into its chips, which are used in most personal computers.
然而，这宗在英特尔与美国监管部门达成反垄断和解后不久宣布的交易，再次引发了人们的担心——他们担心英特尔能够通过把安全软件嵌入其芯片，来垄断科技业的部分领域。

大多数个人电脑都使用
英特尔的芯片。

The deal, the largest in the chipmaker’s history, also represents a risky and
unconventional ['ʌnkən'venʃənəl](adj.非常规的；非传统的)bet by Intel following a
这宗交易是英特尔历史上规模最大的交易，也是该公司做出的一次高风险、非常规的押注。

此前，英特尔曾进行过一系列多元化尝试，试图把业务拓展到其核心的个人电脑市场之外，但都以失败告终。

过去十年里，英特尔曾进军通信市场和消
series of failed attempts to
diversify[daiˈvə:sifai]（v.(使)不同，(使)
变得多样化） away from its core PC market
in the past. Intel has made unsuccessful
foray s[ˈfɔrei]（v.& n.突袭，偷袭） into
communications and consumer electronics
markets over the past decade before
retreating.
费电子市场，但未获成功，后来只得撤出。

Intel said the acquisition would boost its strategy in mobile wireless, where it is beginning to produce chips for smartphones. It also sees security becoming a key requirement as billions of new devices are connected to the internet over the next few years.
英特尔表示，这宗收购将加强其在移动无线领域的战略。

而该公司现已开始生产用于智能手机的芯片。

它还认为，由于未来几年里会有数十亿新设备接入互联网，因此安全将成为一项关键要求。

“Security has now become the third
pillar[ˈpilə]（n.柱，支柱；台柱，栋梁）
of computing, joining energy-efficient performance and internet connectivity in importance,”said Paul Otellini, chief executive of Intel.
英特尔首席执行官欧德宁(Paul Otellini)表示：“安全现已成为计算机业的第三大支柱，与能效表现和互联网连通
性同等重要。

”
Asked on an analyst conference call whether Intel’s recent run-ins（n. 口角） with the Federal Trade Commission
over alleged abuse of its market
dominance might mean stronger regulatory scrutiny, Mr Otellini said: “I don’t know that we’re looking at bundling [McAfee software with Intel hardware] ... we intend to continue to work with other security vendors.”
在一个分析师电话会议上，当有人问
他，英特尔近期与联邦贸易委员会(Federal Trade Commission)围绕其涉嫌滥用市场主导地位产生的争执，是否意味着其将面临更严格的监管审查时，欧德宁表示：“我不认为我们在考虑把[McAfee的软件与英特尔的硬件]绑在一起……我们仍打算继续与其它安全供应商开展业务。

”
Volvo plans China luxury push
Volvo Car Corp’s new chief executive said he planned to push the Swedish
brand’s vehicles upmarket['ʌp.ma:kit]（adj. 高档的, 质优价高的, 高级的adv. 高档地, 高级地） and make China its biggest market within five years.
沃尔沃汽车公司(Volvo Car Corp)新首席执行官表示，计划在5年内将该瑞典品牌汽车升级为高档品牌，并将中国打造
成自己最大市场。

While Germany’s luxury brands are reporting rising sales and deriving [di ˈraiv](v. 得自, 起源, 引申于) a large
portion of their profits from China, Volvo sold just 22,000 cars last year in the world’s largest vehicle market and aims to sell about 30,000 there in 2010.
在德国各豪华品牌汽车报告在华销售额不断增长，并贡献相当大一部分利润时，沃尔沃去年在这个全球第一大汽车市场仅售出2.2万辆汽车，2010年销售目标约为
3万辆。

Volvo plans to bolster[ˈbəulstə]( n. 长枕, 靠垫vt. 支持, 鼓励,巩固)its
position with the help of Geely, the Chinese carmaker whose parent
company(母公司, 总公司) completed its
purchase of Volvo from Ford Motor for $1.5bn earlier this month. “We are latecomers,”Stefan Jacoby, the carmaker’s chief executive, told the Financial Times. “In five years it [China] might be the strongest market globally.”
沃尔沃计划借吉利汽车(Geely)之力提升自己的地位——本月早些时候，母公司吉列完成了以15亿美元对福特汽车(Ford Motor)旗下品牌沃尔沃的收购。

“我们是后来者，”沃尔沃新首席执行官斯特凡•雅各比(Stefan Jacoby)对英国《金融时报》表示。

“5年内，（中国）或许会成为全球最强劲的市场。

”
Volvo’s biggest market is the US, 在沃尔沃第一大市场美国，该品牌的
where the brand has failed to match the strong growth of its competitors, BMW, Mercedes-Benz and Audi, in part because it builds no cars there. 增长表现不及宝马(BMW)、梅塞德斯-奔驰(Mercedes-Benz)和奥迪(Audi)等竞争对手强劲，部分原因在于沃尔沃在美国没有
生产基地。

Volvo sold just under 335,000 vehicles worldwide last year, fewer than any of the German luxury brands and 11 per cent fewer than in 2008.
去年，沃尔沃在全球售出不到33.5万辆汽车，较2008年销量下降11%，比德国任何一个奢侈品牌都少。

In China, Volvo makes its S40 executive compact car and a long-wheelbase(轴距) version of its S80 saloon[səˈlu:n](n.酒馆，酒吧；箱式小客车；(特殊用的)厅), at Ford and Mazda’s joint venture(合资企业) with Chang’an, based at Chongqing.
It plans to continue building both models there for their current production generation.
在中国，沃尔沃在福特和马自达(Mazda)与长安汽车在重庆成立的合资工厂，生产其S40小型公务车和轴距加长版S80轿车。

沃尔沃计划，将继续在该工厂生
产上述两种车型。

China requires foreign carmakers that want to assemble vehicles in the country to form joint ventures with Chinese carmakers. Geely’s purchase, which had the support of the Chinese government, makes Volvo the industry’s first Chinese-owned luxury car brand. Geely plans to build at least two car plants and an engine plant to make Volvos
in the country.
中国规定，希望在华装配汽车的外国汽车制造商必须与中国制造商成立合资企业。

吉利收购沃尔沃得到了中国政府的支持，让沃尔沃成为汽车业首个由中国拥有的豪华汽车品牌。

吉利计划在中国至少再建两家汽车工厂和一家发动机工厂生产沃
尔沃。

“Having a Chinese partner and shareholder(n.股东) like Geely offers a lot of opportunities to do things more
曾任大众汽车(Volkswagen)美国业务负责人的雅各比表示：“拥有吉利这样的中国合作伙伴和股东，为我们提供了许多机会，比其它公司通过合资企业做事情更
pragmatically [præg'mætikəli](adv. 实
用地, 务实地)than maybe other companies
are doing through joint ventures,” said
Mr Jacoby, formerly Volkswagen’s head
of US operations.
务实。

”
This month, Li Shufu, chairman of Geely and Volvo, told the Financial Times he wanted Volvo to build a large saloon like BMW’s 7 Series and the S-class of Mercedes-Benz, and make all the brand’s vehicles more luxurious.
本月，吉利和沃尔沃董事长李书福对英国《金融时报》表示，他希望沃尔沃能制造像宝马7系和梅塞德斯S级那样的大型豪华轿车，让沃尔沃的各个车型都更加
奢华。

2010/8/24
Japan and its growing pains
Japan has given up its crown with barely
a whimper [ˈwimpə]( v.悲嗥，鸣咽). On the
day that China strengthened its claim to be the world's second-biggest economy,
Japan released second-quarter(adj. 第二季度) figures showing growth of a measly ['mi:zli](adj. 患麻疹的, 微不足道的) 0.1 per cent. Yet the crown passes
to a partner as much as a rival: trade ties the two economies together. China is now Japan's largest export market and its main source of imports. Chinese
日本几乎是一声不吭地交出了位置。

在中国更有底气宣称成为世界第二大经济体当日，日本公布了区区0.1%的第二季度增长数据。

但中国既是竞争对手，也是合作伙伴：贸易将两个经济体连接在了一起。

目前，中国是日本最大的出口市场和主要的进口来源。

中国的增长令日本经济受惠。

growth is a boon(n. 恩惠)for Japan's economy.
Japan's problems are of its own making. The economy is meant to be shifting towards consumption after years of export-addiction. But domestic demand made a negative contribution to growth in the second quarter. That has left exporters, struggling with a strong
yen, doing all the heavy lifting(n. 困
难或甚吃力的工作).
日本的问题是它自己造成的。

在沉溺于出口多年后，日本经济理应转向消费。

但在第二季度，国内需求对增长的贡献为负。

这就让重担压在了正为日元走强而苦苦挣扎的出口企业身上。

The government has very few options. The fiscal[ˈfiskəl]( a.国库的，(政府)财政的) side, if anything, is liable(adj. 有责任的, 有义务的, 易...的, 有...倾向的) to
worsen. Generous incentives aimed at getting consumers to buy white goods are about to run out. The government is committed to cutt ing spending and is only now walking away from a proposal to double sales tax to 10 per cent. That
makes another fiscal stimulus[ˈstimjul əs](n. 刺激, 激励, 刺激品)very unlikely. Even in the event of(万一，倘若) another stimulus, with Japan's finances in such a mess, many may save
日本政府的选择极其有限。

如果说会有任何变化，财政方面的局面很可能变得更糟。

旨在促使消费者购买大型家电的慷慨的刺激计划即将到期。

政府承诺将削减支出，且刚刚放弃将销售税提高一倍至10%的提议。

这意味着政府不太可能出台另一项财政刺激计划。

即使真的出台了，鉴于日本的财政状况如此一团糟，许多人会把国家发的钱存起来，准备应对预期中的加
税。

any handout s(n.散发的文字材料;救济品)
on the expectation of higher taxes to come.
Exporters are starting to worry about the yen, which has been treated as a safe haven currency despite Japan's economic woes. That has pushed the value to ¥85 to the dollar. With European (especially German) competitors benefiting from a weak euro, this hurts. But international concerns tell against currency
intervention [ˌintəˈvenʃən]( n.介入，干涉，干预), so Japan is unlikely to take steps beyond(prep. 超出, 远于, 除... 之外) talking down the yen.
出口企业现在开始担心日元——近期日元被当作一个安全港，尽管日本经济困难重重。

这已经将日元兑美元汇率推高至85日元兑1美元。

随着欧洲（尤其是德国）竞争对手从欧元走弱中受惠，这对日本经济造成了伤害。

但由于国际上的关注使政府不便干预汇市，日本除了发表言论试图压低日元汇率外，不太可能采取实际步骤。

This leaves monetary policy. At 0.1 per cent, interest rates are already as low
as practicable(a.可行的，适用的). But given the risks pose d（v. 摆姿势, 造成, 提出） by worsening deflation(n. 通货紧缩)[inflation:通货膨胀] policy is still too tight. Japan's best bet is a vigorous ['vigərəs]( a.有力的，用力的；精力充沛的)embrace of unconventional
monetary policies. Proper anti-deflationary action could have the
side-effect(n. 副作用) of weakening the
这就只剩下货币政策了。

0.1%的利率已低至极限。

但鉴于逐渐恶化的通缩所带来的风险，政策仍然太紧缩了。

对日本来说，最好的办法是积极拥抱非传统的货币政策。

适当的反通缩行动可能会带来日元贬值的副作用，为日本出口企业提供急需的刺激。

从短期看，这是日本所能期待的
最好结果。

yen, giving Japanese exporters a much-needed (急需的)shot in the arm(兴奋剂,刺激物). In the short term, this is the best Japan can hope for.
A long-term solution will have to address the frugality [fru:'gæliti]( n.节俭) of Japan's corporations. Annual dividend ['dividend]( n.红利，股息；回报，效益；被除数)payments are worth just 3.5
per cent of national output. In Germany, where operating(1.运行的; 操作的; 工作的2.关于业务的; 营业上的3.关于收支的4.外科手术的) profits are similar, the
figure is 14 per cent. Returning more to shareholders could boost private consumption. This will be key. China's rise has kept Japanese exporters afloat; but it is domestic demand that will save Japan from drowning.(强调句)
长期的解决办法将不得不改变日本企业的节俭天性。

日本企业年派息总额仅占国民产出的3.5%。

而在企业营运利润相仿的德国，这一数字是14%。

向股东返还更多，有望促进私人消费。

这将是关键出路。

中国的崛起让日本出口企业得以维持，但只有国内需求才会让日本经济免于崩盘。

India sets deadline for e-mail crackdown（n. 压迫, 镇压, 痛击）
India warned yesterday it will block BlackBerry encrypt ed[inˈkript]（vt.译成密码, 编码）corporate e-mail and
印度昨日警告，黑莓(BlackBerry)如果到本月底还不让印度安全部门访问加密企业电子邮件和即时消息服务，将封堵此
类服务。

messaging services if local security agencies are not given access to them by the end of this month.
The government's public threat against BlackBerry is running in parallel with an as yet unannounced decision to pursue similar concerns with Google, Skype and other communications services, according to a government document seen by the Financial Times.
根据英国《金融时报》看到的一份政府文件，印度政府除了向黑莓发出公开威胁外，也决定着手处理与谷歌(Google)、Skype及其它通讯服务相关的类似问题，只是后面这项决定尚未对外宣布。

The proposal was discussed at a July meeting between the government and telecoms and internet operator
associations.
印度政府与一些电信及互联网运营商协会上月举行会议，讨论了相关提议。

The minutes of a meeting between the Department of Telecommunications (Security Wing) and operator
associations on July 12 was convene d[k ənˈvi:n](vi.开会，集合vt.召集) to look at(考虑，研究) a “possible solution”for interception [ˌintəˈsepʃən]( n.拦截；截击；截取；截住，截断；窃听)and monitoring
of encrypted communications by security agencies.
根据会议纪要，印度电信部（安全司）和运营商协会于7月12日召开会议，针对安全部门如何拦截和监视加密通信，商讨
“可能的解决方案”。

“There was consensus [kənˈsensəs]( n.(意见等)一致，一致同意)that there [is] more
than one type of service for which solutions are to be explored. Some of them are BlackBerry, Skype, Google etc,”according to the department's
纪要显示，“与会者达成共识，认为不止一种服务需要探讨解决方案，其中包括黑莓、Skype和谷歌等。

……会议决定，首先解决黑莓的问题，然后处理其它服
务。

”
minutes([ pl.](复数)会议记录). “It was decided first to undertake(vt.承担，着手做；同意，答应，保证) the issue of BlackBerry and then the other services.”
Department officials could not be reached for comment but representatives from two of the operator associations present confirmed the details of the
meeting.
记者联系不到电信部官员请求置评，但两个运营商协会的与会代表证实了此次
开会的具体内容。

The Indian measures will ratchet ['rætʃit]( v. （使）渐进) up the pressure on Research in Motion(加拿大动态研究公司), the Canadian company
that makes BlackBerry devices, and other communications providers.
印度此举将加大Research in Motion 及其它通讯服务商所承受的压力。

RIM是生产黑莓设备的加拿大公司。

RIM is already grappling [ˈgræpəl]( vi.扭打)with a similar threat from the United
Arab Emirates if it does not open its services to scrutiny by October 11.
阿联酋已向RIM发出了类似威胁，要求其各项服务在10月11日前开始接受审
查。

Like other governments, Indian authorities want access to BlackBerry's encrypted corporate e-mail service and its tightly controlled messaging function amid fears these could be used
by terrorists.
与其他国家的政府一样，由于担心相关服务被恐怖分子利用，印度当局也希望能够访问黑莓的加密企业电子邮件服务及其严密控制的即时消息服务。

RIM declined to comment. Skype did not respond to an e-mail request for comment. Google said it could not
RIM拒绝置评。

Skype没有回复请求置评的电子邮件。

谷歌表示无可奉告，因为该公司“并没有收到政府有关这一问题的
comment because it had “not received any
communication from the government on the
issue”.
任何信息”。

Equities[ˈekwiti](n.公平，公正, 证券[复数])fall as markets shun[ʃʌn]( vt.避开，回避，避免) risk
Global equity markets fell sharply yesterday and investors sought the safety of government bonds as a
deteriorat ing[diˈtiəriəreit]（vi.恶化，变坏）outlook（n.观点，见解；展望，前景） for economic growth, led by the US, fan ned（vt. 扇, 煽动, 激起）an aversion[əˈvə:ʃən](n. 嫌恶, 憎恨) for holding risky assets.
全球股市昨日大幅下跌，投资者涌入国债市场避险。

经济增长前景恶化，美国尤为严重，使投资者不愿持有高风险资产。

Bond yield s[ji:ld](vi.屈服；倒塌 vt.产生；让出n.产量) in Germany and the US
touched record lows. Sliding commodity[kəˈmɔditi](n.商品，货物) prices helped propel[prəˈpel](vt.推进，推动；激励，驱使) the largest one-day
rise in the dollar versus the euro since the “flash crash” of May 6, while the yen rose to its strongest level in 15 years.
德国和美国国债收益率双双创下历史新低。

大宗商品价格下跌，推动美元对欧元汇率创下5月6日“闪电崩盘”以来最大单日升幅，日元则涨至15年来最高位。

“Developed and emerging markets showed investor concern about slowing economic growth and increased fears of the
advent[ˈædvent]( n.出现，到来) of some kind of dip [dip]( vt.浸，蘸vi.落下，下降n.浸), if not a double dip,” said John
Stoltzfus, strategist at Ticonderoga Securities.(其官网：/)
“不管是在发达市场还是在新兴市场，投资者都在担心经济增长放缓。

人们更加担心，经济即使不会陷入双底衰退，也可能出现某种滑坡，”Ticonderoga证券公司的策略师约翰•斯托尔茨福斯(John
Stoltzfus)表示。

The mood of risk aversion gathered pace after reports yesterday that Chinese industrial output had grown at its slowest rate for 11 months. Weaker reports followed in Japan and Europe. Data for June yesterday showed the US trade gap(贸易逆差) at a 21-month high of $49.9bn, indicating that the world's largest economy cannot rely on foreign
trade（对外贸易, 国际贸易） to offset
slowing activity.
昨日中国公布工业生产增速为11个月来最低后，市场避险心态变得更加浓厚。

日本和欧洲随后公布了更为疲弱的数据。

昨日出炉的数据还显示，美国6月份贸易逆差创21个月新高，达499亿美元，显示全球最大经济体无法依靠外贸来弥补国内
经济活动的放缓。

The US Federal Reserve lowered its outlook for the economy following its policy meeting on Tuesday and said it would start buying Treasury debt in order to maintain the size of its massive $2,300bn balance sheet.
美联储(Fed)周二结束政策会议后，宣布下调对经济前景的预测，并表示将开始买进国债，以维持其庞大资产负债表的规模（2.3万亿美元）。

The Fed's extension of its easy monetary policy was expected to boost the appetite for risky assets. Yesterday's
weaker global data unnerve d [ˌʌnˈnə:v]（vt.使失去镇定） investors, however, amid
人们本来预料，美联储进一步放松货币政策，将增强投资者对风险资产的胃口。

但昨日全球各地抛出的经济数据让投资者失去了信心。

目前的不确定性在于，倘若今年晚些时候经济进一步放缓，美联储是否必须展开更大规模的国债购买行动？
uncertainty as to whether the central bank will have to embark on（从事,着手,开始工作） much larger bond purchases
later this year should the economy falter further.
“Having the Fed cut its forecasts again is too tough for the equity market to take,” said David Rosenberg, *chief economist at Gluskin Sheff. “If you're
bullish[ˈbuliʃ]（a.(股票行情)看涨的，物价上涨的）, you're now sweating. The economy is slowing and there may have to be a reappraisal [.ri:ə'preizəl]（n. 再评价, 重新评价）of corporate earnings streams.”
“美联储再次下调经济预测，令股市难以承受，”Gluskin Sheff首席经济学家戴维•罗森伯格(David Rosenberg)表示。

“假如你是做多的，你现在就该着急了。

经济正在放缓，而且可能有必要重估企业
盈利预测。

”
At midday in New York, the S&P 500 was down 2.5 per cent and following sharp falls in Europe and Asia the FTSE All World index was down 2.6 per cent, its
largest one-day decline[diˈklain] (n.下降vi.下降；衰退；谢绝vt.谢绝) since late June.
纽约午盘时分，标普500指数下跌2.5%。

欧洲和亚洲股市均大幅下跌。

富时环球指数下跌2.6%，为6月末以来最大单
日跌幅。

In Japan, industrial orders for July that were sharply weaker than forecast helped push the Nikkei(即日经指数，拼写来源于日语中“日経”的平假名罗马字) 225 average down by 2.7 per
cent.
日本市场上，受7月份工业订单远逊预期的影响，日经225指数下跌2.7%。

The dollar surge d[sə:dʒ](vi./ n.蜂拥而出；洋溢；汹涌；猛增)2.4 per cent to
$1.2867 against the euro, which was left at its lowest level since the day of the release of European bank stress tests.
美元对欧元汇率大涨2.4%，至1欧元兑1.2867美元。

欧元目前处于自欧洲公布银行压力测试结果以来的最低位。

注释1：贸易逆差：一国在一定时期内（如一年、半年、一个季度、一个月等）出口贸易总
值小于进口贸易总值，即贸易逆差。

又称“入超”、“贸易赤字”。

反映的是国与国之间的商品贸易状况，也是判断宏观经济运行状况的重要指标。

详细请参照百度百科：/view/30835.htm?fr=ala0_1_1
注释2：S&P 500，即Stardand & Poor’s 500, 标普500，标普500(SPY500)是以全美
市值最大500家企业股票编制而成的指数。

详细请参照百度百科：/view/1622506.html。