经济学人读译Business and the Olympics奥运与商业Victors and spoils胜利者与战利品

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商务英语阅读Chapter2-A-Changed-Global-Reality-世界经济格局新变化

Chapter2 A Changed Global Reality 世界经济格局新变化Say this for the young century: we live in interesting times. Not quite 2 1⁄2 years ago, the world economy tipped into the most severe downturn since the Great Depression in the 1930s. World trade slowed sharply. Unemployment lines grew longer, especially in the old industrial economies. Financial institutions that had seemed as solid as granite disappeared as if they were no more substantial than a bunch of flowers in the hands of an old-style magician. 对于新世纪，我们得这样说：我们生活在一个有趣的时代。

差不多两年半之前，世界经济陷入了20世纪30年代经济大萧条时期以来最惨重的低迷状态。

世界贸易进程大幅放缓。

失业队伍也越来越快，这在旧工业经济体系表现尤为突出。

原来坚如磐石的金融机构也消失了，似乎还不如老套的魔术师变的花束看起来真实。

Given that the scale of the downturn was so epochal, it should not be surprising that the nature of the recovery would likewise be the stuff of history. And it has been. As they make their way to Davos for the annual meeting of the World Economic Forum (WEF) by helicopter, bus, car or train (which is the right way to do it), the members of the global economic and political elite will find themselves coming to terms with something they have never known before. 考虑到经济衰退幅度如此的跨时代，经济复苏进程会很慢也是理所当然的，对此我们不应该感到吃惊。

经济学人文章(四六级雅思精读素材)2020-08-27

The Economist August 29th 2020 Business 55Depending on whom you ask, Califor-nia is a leader in clean energy or a cau-tionary tale. Power outages in August prompted stern critiques from Republi-cans. “In California”, D onald Trump tweeted, “D emocrats have intentionally implemented rolling blackouts—forcing Americans in the dark.” In addition to pro-voking outrage and derision, however, the episode is also likely to inspire investment.The Golden State has long been Ameri-ca’s main testing ground for green compa-nies. Californians buy half of all electric cars sold in America. Theirs is the country’s largest solar market. As California deals with heat waves, ﬁres and a goal of carbon-free electricity by 2045, the need for a reli-able grid is becoming ever more obvious.For years ﬁrms competed to generate clean power in California. Now a growing num-ber are vying to store and manage it, too. August’s blackouts have many causes,including poor planning, an unexpected lack of capacity and sweltering heat in not just California but nearby states from which it sometimes imports power. Long before the outages, however, electricity op-erators were anxious about capacity. Cali-fornia’s solar panels become less useful in the evening, when demand peaks. In No-vember state regulators mandated that utilities procure an additional 3.3 gigawatts (gw ) of capacity, including giant batteries that charge when energy is abundant and can sell electricity back to the grid.Too few such projects have come online to cope with the surge in demand for air-conditioning in the scorching summer. But more are sprouting across the state. On Au-gust 19th ls Power, an electricity ﬁrm backed by private equity, unveiled a 250-megawatt (mw ) storage project in San Die-go, the largest of its kind in America. In July the county of Monterey said Vistra Energy,a Texan power company, could build as much as 1.2gw of storage.The rooftop solar industry stands to beneﬁt from a new Californian mandate that requires new homes to install panels on their roofs from this year. Sunrun, the market leader, is increasingly pairing such residential installations with batteries. In July, for instance, the company said it had won contracts with energy suppliers in the Bay Area to install 13mw of residential solar and batteries. These could supply power to residents in a blackout or feed power into the grid to help meet peak demand. Sunrunis so conﬁdent in its future that it has bid $3.2bn for Vivint Solar,its main rival.Another way to stave oﬀoutages is to curb demand.Enel,a European power company,has contracts with local utilities to work with large commercial and indus-trial clients.When demand rises,Enel pays customers to reduce energy consumption,easing demand on the grid.A company called OhmConnect oﬀers something sim-ilar for homeowners.Even as such oﬀerings scale up,the need for reliability means that fossil fuels will not disappear just yet.On September 1st California’s regulators will vote on whether to delay the retirement of four natural-gas plants in light of the outages.The state remains intent on decarbonising its power system over the next 25years.But progress may not move in a straight line.7NEW YO RKBusinesses compete to battle California’s blackoutsEnergy utilitiesLitMany big companies may be struggling with depressed sales, but these are busy times for bribery-busters. Mexico is abuzz over allegations by an ex-boss of Pe-mex, the state oil giant, that several senior politicians received bungs from compa-nies including Odebrecht, a Brazilian con-struction ﬁrm (see Americas section). The scandal is the latest in a string of graft cases to make headlines this year, starting with Airbus’s record $4bn settlement in January over accusations of corruption for making illegal payments in various countries.Corporate bribery is hardly new. In sur-veys, between a third and a half of compa-nies typically claim to have lost business to rivals who won contracts by paying kick-backs. But such perceptions-based re-search has obvious limitations. A new study takes a more rigorous approach, and draws some striking conclusions.Raghavendra Rau of Judge Business School at the University of Cambridge, Yan-Leung Cheung of the Education University of Hong Kong and Aris Stouraitis of Hong Kong Baptist University examined nearly 200 prominent bribery cases in 60 coun-tries between 1975 and 2015. For the ﬁrms doing the bribing, they found, the short-term gains were juicy: every dollar of bribe translated into a $6-9 increase in excess re-turns, relative to the overall stockmarket. That, however, does not take account of the chances of getting caught. These have risen as enforcement of America’s 43-year-old anti-bribery law, the Foreign Corrupt Practices Act (fcpa ), has been stepped up and other countries have passed similar laws. The number of fcpa cases is up sharply since the ﬁnancial crisis of 2007-09, according to Stanford Law School (see chart). It has dipped a bit under Presi-dent Donald Trump, who has criticised the fcpa for hobbling American ﬁrms over-seas, but remains well above historic lev-els. Total ﬁnes for fcpa violations were $14bn in 2016-19, 48 times as much as in the four years to 2007.The authors also tested 11hypotheses that emerged from past studies of bribery.They found support for some, for instance that ﬁrms pay larger bribes when they ex-pect to receive larger beneﬁts, and that the net beneﬁts of bribing are smaller in places with more public disclosure of politicians’sources of income.But they punctured other bits of re-ceived wisdom. Most striking, they found no link between democracy and graft. This challenges the “Tullock paradox”, which holds that ﬁrms can get away with smaller bribes in democracies because politicians and oﬃcials have less of a lock on the sys-tem than those in autocratic countries, and so cannot extract as much rent. Such ﬁnd-ings will doubtless be of interest to corrup-tion investigators and unscrupulous exec-utives alike. 7Bribery pays—if you don’t get caughtBriberyA closer look at greasy palmsBrown envelopes, big chequesUnited States,Foreign Corrupt Practices ActSources:Stanford Law School;Sullivan &Cromwell*Investigations and enforcement actions †To August6543210605040302010020†10152000059095851977Enforcement actionsSanctions, $bnUtilitiesTransport Communications Basic materials Financial services Consumer goods Aerospace & defence TechnologyIndustrials Health care Oil &gas 100806040200Number of cases* by selected industry1977-2020†。

经济学人读译Business and the Olympics奥运与商业Victors and spoils胜利者与战利品

【导读】四年一度的奥运会即将如期揭幕，一场没有硝烟的商战再次打响。

商界纷繁复杂的程度不亚于赛场，在这场金钱与体育的碰撞交响中又有几人称王，几人落寇?Business and the Olympics奥运与商业Victors and spoils胜利者与战利品The Olympic games are big business. Who wins, and who loses?奥运会是一大商机。

谁是赢家，谁又是输家？012 Briefing - Business and the Olympics.mp3(5.81 MB, 下载次数: 276)Jul 21st 2012 | LONDON | from the print editionIN ANCIENT GREECE it was impossible to stitch a sponsor’s logo to an Olympic athlete’s singlet or shorts, because the competitors were all naked. In today’s London it is still impossible. Though clothing is now allowed at the Olympics—indeed it is compulsory—so is a veneer of amateurism. No advertisements are allowed in the stadium; no logos may be emblazoned on the athletes’ kit (except at the Paralympics: see article).在古希腊，人们不可能把赞助商的商标缝在一位奥运运动员的背心或是短裤上，因为当时选手们都是裸体参赛的。

在今天的伦敦，也仍然不可能。

现在的奥运会允许穿衣服——实际上，必须穿衣服——但人们必须以同样的方式对业余性加以掩饰。

国际商务英语阅读教程(第四版)

Unit 1~2 Mercantilism重商主义Trade surplus 贸易顺差Quota and tariff配额和关税Zero-sum game零和博弈Positive-sum game常和博弈The theory of absolute advantage绝对优势理论The theory of comparative advantage 比较优势理论Factor endowments要素禀赋理论Product life cycle 产品生命周期Economies of scale 规模经济First mover advantage先占优势Barrier to entry进入(市场)壁垒Porter’s diamond theory波特的钻石理论National competitive advantage国家竞争优势The department of commerce 商务部Letter of credit信用证Draft /bill of exchange 汇票bill of lading B/L 提单Sight draft即期汇票Time draft 远期汇票Banker ‘s acceptance 银行承兑Trade acceptance商业承兑汇票Countertrade 对等贸易Barter 易货贸易Switch trading 转手贸易Offset 抵消Counter purchase 互购贸易Compensation trade 补偿贸易1.波特钻石理论的主要内容①Factor endowments ②Firm strategy, structure, and rivalry③ Demand conditions ④Relating and supporting industries2.对等贸易的主要类型和优缺点①Types of countertradeCountertrade has evolved into a diverse set of activities that can be categorized as five distinct types of trading arrangements: barter, counter purchase, offset, switch trading, and compensation or buyback②The pros and cons of countertrade优：① The main attraction of countertrade is that it can give a firm a way to finance an export deal when other means are not available.② Thus if a firm is unwilling to enter into a countertrade agreement, it may lose an export opportunity to a competitor that is willing to make a countertrade agreement.缺：① Countertrade contracts may involve the exchange of unusable or poor-quality goods that the firm cannot dispose of profitably② In addition, even if the goods it receives are of high quality, the firm still needs to dispose of them profitably.Unit 3Strategic alliance 战略联盟Licensing 许可证Joint venture 合资经营Contracting 承包经营Partnership 合资人Return on investment 投资回报率Franchising 特许经营Contract manufacturing 生产承包Management contracting 管理承包1.许可贸易的优缺点优：①The basic advantage in licensing as contrasted to other approaches is theease and low cost of entering a foreign market.②Licensing is also advantageous in that it can be used to test a foreignmarket without the risk of capital loss should the market not be receptive to the manufacturer’s product.缺：①The greatest disadvantages to the licensor are that a potential competitoris set up.②There is a lack of control over production and marketing.③There may be incomplete market exploration.Unit 4Foreign direct investment 外国直接投资Small and medium-sized firms 中小企业Horizontal FDI 横向外国直接投资Vertical FDI 纵向外国直接投资Product life cycle 产品生命周期Backward vertical FDI 后移纵向外国直接投资Forward vertical FDI 前移纵向外国直接投资Transportation costs 运输成本Market impediments 市场阻碍Market power 市场力量Oligopoly 寡头垄断Specialized assets 特殊资产1.影响横向对外投资的因素①Transportation costs ②Market imperfections④Following competitors ④The product life cycle2.What are the impediments to the sale of know-how?①Licensing may result in a firm’s giving away its technological know-how to a potential foreign competitor.②Licensing does not give a firm the tight control over manufacturing, marketing, and strategy in a foreign country that may be required to profitably exploit tis advantage in know-how.③A firm’s know-how may not be amenable to licensing.Unit 5Bretton Woods System 布雷顿森林体系Fixed exchange rate 固定汇率制OPEC 石油输出国组织Organization of the Petroleum Exporting Countries Floating exchange rate regime 浮动汇率制Plaza Accord 和平广场协议Louvre Accord 卢浮宫协议Foreign exchange market 外汇市场European Monetary System 欧洲货币体系EMSExchange Rate Mechanism 汇率机制ERMEuropean Currency Unit欧元 ECUTrade deficit贸易赤字Real interest 实际利息Balance of payment 收支平衡表Forward market 期货市场Swaps 掉期交易1. 布雷顿森林体系/固定汇率制瓦解的主要原因As the only currency that could be converted into gold, and as the currency that served as the reference point for all others①It was financed by an increase in the money supply, which, in turn, led to a rise in price inflation from less than 4percent in 1966 to dose to 9 percent by 1968②The rise in government spending had stimulated the economy③Gave rise to speculation in the foreign exchange market that the dollar would be devalued④Weakening dollars lose its credibility.2. What are the reasons for the unexpected rise in the dollar between 1980 and 1985, and what are the reasons for the rapid fall of the US dollar between 1985 and 1987?The reasons for the unexpected rise in the value of the dollar between 1980 and 1985:①Strong economic growth in the US attracted heavy inflows of capital from foreign investors seeking high returns on capital assets.②High real interest rate attracted foreign investors seeking high vellums on financial assets③Political turmoil in other parts of the world.The reasons for 1985 and 1987：The fall in the value of the dollar between 1985 and 198 was caused by a combination of government intervention and market forces.Unit 6Common law 普通法Code civil law 成文法Roman law 罗马法Industrial property right 工业产权Act of god 不可抗力Element forces of nature 天灾自然因素Arbitration 仲裁Conciliation 调节Litigation 诉讼World court at the Hague 海牙国际法庭Tribunals for arbitration 仲裁庭U.N. convention on the Recognition and Enforcement of ForeignArbitral/Awards 联合国承认和执行外国仲裁裁决公约International Chamber of commerce 国际商会1. What are the differences between two legal systems in solving commercial disputes?①Under common law, commercial disputes are subject to laws which may be applied to either civil or commercial disputes since there is no specific recognition of commercial problems as such.②Code law differs in that there is a separate code specifically designed for business2. What are the procedures used by formal arbitration organizations? The usual arbitration procedure is for the parties involved to select a disinterested and informed party or parties as referee to determine the merits of the case and make a judgment that both parties agree to honor.Unit 7Intellectual property rights 知识产权Trade mark copyright, patents, trade secrets 商标权，版权，专利权，商业秘密Intangible assets, tangible assets 无形资产，有形资产Trademark registration 商标注册Generic terms 通称Infringement 侵权GATT 关贸总协定General Agreement on Tariffs and Trade1. What does intellectual property right consist of?①It consists of the products of individual’s minds—products that result from intellectual, creative processes.②Trademarks, copyrights and patents are all forms of intellectual propertyUnit 8The TRIPS agreement 与贸易有关的知识产权协议Need Hierarchy 需求层次理论Self-reference criterion 自我参考标准The adoption process 接纳过程理论High-context cultures 高背景文化Low-context cultures 低背景文化Poly-chromic time 多元化时间观Mono-chromic time 单一性时间观Perception 观念1. What are the characteristics of culture?①It is not innate, but learned②The various facts of culture are interrelated-touch a culture in one place andeverything else is affected.③It is shared by the members of a group and defines the boundaries betweendifferent groups.2. What are the main contents of Need Hierarchy theory?①Self-actualization ②Esteem ③Social ④Safety ⑤Physiological3. What is the concept of adoption process? How many stages will a person undergo before he can finally purchase a new product?Adoption process─through which an individual passes from the time of his or her first knowledge of an innovation to the time of adopting or purchase of the innovation.These stages are as follows: ①awareness ②interest ③evaluation④trial ⑤adoption4. What are the adopter categories? What is the feature for early adopter?Adopter categories are classifications of individuals within a market on the basis of their innovativeness. They include innovators、early adopters, the early majority, the late majority and laggards.The future for early adopter: They tend to be younger, have higher social status and in a more favorable financial position than later adopter. They must be responsive to mass-media information sources and must learn about innovation form these sourcesbecause they cannot simply copy the behavior of earlier adopters.Unit 9Organizational behavior组织行为学Multinational Corporation 跨国公司Maquiladoras 马基拉朵拉工厂Parochialism 地方主义NAFTA 北美自由贸易协定North American Free Trade AgreementKluckhohn-Strudtbeck framework 克拉克洪─斯托特柏克构架Hofstede framework 霍夫斯诺德构架BRICS 金砖五国巴西俄罗斯印度中国南非APEC 亚太经合组织Asia-Pacific Economic Cooperation1. Identify the sic cultural dimensions in the Kluckhohn-strodtbeck framework.①Relationship to the environment ②time orientation③nature of people ④Activity orientation⑤focus of responsibility ⑥conception of space2. Explain the dimensions of national culture in Hofstede framework.①Individualism versus collectivism②power distance③uncertainty avoidance④masculinity versus femininity。

经济学人读译The silent majority沉的大多数

The silent majority沉默的大多数A rare look inside a Chinese village中国乡村一瞥Apr 7th 2005 | BEIHE VILLAGE, SHANDONG | from the print edition2005年4月7日|山东北河村|打印版IN A country where 800m people, about 60% of the population, live in the countryside on an average income of less than a dollar a day, rural backwardness weighs heavily on the minds of China's leaders as they dream of joining the ranks of the world's leading economies. And in a country whose Communist Party came to power on the back of a peasant rebellion, distant memories of the vehemence of rural discontent arouse fears that unless something is done to make peasants happier, China will be plunged into turmoil. To assess China's future, it is crucial to understand the countryside. But it is not easy.中国总人口的60%，即8亿人口，生活在农村，日收入不足一美元。

中国的领导人希望跻身世界发达国家的行列，农村的落后问题是他们的一大心病。

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NOKIA 科技以人为本！联想人类失去联想，世界将会怎样！李宁一切皆有可能安踏我选择，我喜欢雀巢咖啡，味道好极了钻石恒久远，一颗永流传。

（De Beers钻石）we do , we said世事无绝对，惟有真情趣。

（轩妮诗）Good to the last drop．滴滴香浓，意犹未尽。

（麦斯威尔咖啡）Obey your thirst．服从你的渴望。

（雪碧）The new digital era．数码新时代。

（索尼影碟机）s l~--------------------------------------------------------------------------------Iz&gWe lead． Others copy．我们领先，他人仿效。

（理光复印机）we do , we saidImpossible made possible．使不可能变为可能。

（佳能打印机）Take time to indulge．尽情享受吧！（雀巢冰激凌）The relentless pursuit of perfection．不懈追求完美。

（凌志轿车）Just do it. 只管去做。

（耐克运动鞋）Poetry in motion， dancing close to me．动态的诗，向我舞近。

（丰田汽车）we do , we saidCome to where the flavors is． Marlboro Country．光临风韵之境——万宝路世界。

（万宝路香烟）me， the past is black and white， but the future is always color．对我而言，过去平礯无奇；而未来，却是绚烂缤纷。

（轩尼诗酒）Ask for more. 渴望无限。

（百事流行鞋）The taste is great. 味道好极了。

（雀巢咖啡）Feel the new space. 感受新境界。

《The Economist》《经济学人》中文版2009年12月

全国气候：政治搭台，科学唱戏Climate change 气候变化heated debate 激辩Nov 26th 2009From The Economist print editionWhy political orthodoxy must not silence scientific argument为何有了政治说法，还应有科学的辩论？Illustration by Claudio Munoz“WHAT is truth?” That was Pontius Pilate’s answer to Jesus’s assertion that “Everyone that is of the truth heareth my voice.” It sounds suspiciously like the modern argument over climate change.“真理是什么？”耶稣说完“相信真理的人都能听到我”之后，彼拉多随即如此问道。

听起来耳熟？在当代，气候变化引起的争辩就与此有相似之处。

A majority of the world’s climate sc ientists have convinced themselves, and also a lot of laymen, some of whom have political power, that the Earth’s climate is changing; that the change, from humanity’s point of view, is for the worse; and that the cause is human activity, in the form of excessive emissions of greenhouse gases such as carbon dioxide.国际上，大多数气候科学家不但说服了自己，也说服了很多门外汉（其中包括一些有政治影响力的人）--地球的气候正在改变；这种改变，从人道主义角度来看，是消极的；这种改变的始作俑者是人类，是他们通过排放超量的诸如二氧化碳的温室气体而造成的。

经济学人读译Over the cliff

【导读】财政悬崖面前，美国需要通过达成财务协议来实现“急刹车”America's economy美国经济Over the cliff?跌落悬崖？Barack Obama must do more than avoid an economic abyss. He has a chance to fix America’s finances对奥巴马来说，仅仅避免国家陷入经济深渊并不够；他有机会去整顿美国的财务状况Dec 15th 2012 | from the print editionBEN BERNANKE, the chairman of the Federal Reserve, is not known for his turns of phrase. But “fiscal cliff”—the term he coined to describe the tax increases and spending cuts that will hit America’s economy at the start of 2013 unless politicians agree to avert them—has inspired songs (“The fiscal cliff is a danger zone/It’s where grown men go when budgets are blown,”croons Merle Hazard, a satirical singer) and television comedy (Jon Stewart’s “The Daily Show” calls it “Cliffpocalypsemageddonacaust”).“财政悬崖”是美联储主席本•伯南克所创造的术语，指2013年初美国经济将面临增税和开支削减的打击（除非政界就如何规避达成协议，否则这种打击无可避免）。

【财务知识】经济学人读译Thesilentmajority沉的大多数

【财务知识】经济学人读译Thesilentmajority沉的大多数The silent majority沉默的大多数A rare look inside a Chinese village中国乡村一瞥Apr 7th 2005 | BEIHE VILLAGE, SHANDONG | from the print edition2005年4月7日|山东北河村|打印版IN A country where 800m people, about 60% of the population, live in the countryside on an average income of less than a dollar a day, rural backwardness weighs heavily on the mindsof China's leaders as they dream of joining the ranks of the world's leading economies. And in a country whose Communist Party came to power on the back of a peasant rebellion, distant memories of the vehemence of rural discontent arouse fears that unless something is done to make peasants happier, China will be plunged into turmoil. To assess China's future, it is crucial to understand the countryside. But it is not easy.中国总人口的60%，即8亿人口，生活在农村，日收入不足一美元。

目的论指导下软新闻汉译翻译策略——以《经济学人》为例

目的论指导下软新闻汉译翻译策略——以《经济学人》为例摘要：本文在对德国功能翻译理论进行简要梳理的基础上，探讨目的论在软新闻翻译中的运用。

结合软新闻这一文体，选取《经济学人》作为材料，通过实例探讨目的论在解决软新闻翻译过程中存在的问题以及为解决这些问题而采取的相应翻译策略。

关键词：目的论；软新闻；翻译策略；经济学人一、引言当前，国际形势仍存在很多不稳定性及不确定性因素，各国意识形态冲突加剧，而新闻是实现国家之间信息交流、文化传递的最直接手段。

在此过程中，新闻翻译的作用尤为重要。

与题材较为严肃的硬新闻不同，软新闻更加贴近大众的生活，激发人们的阅读兴趣。

因此，在中外文化交流过程中处于更为重要的地位。

在分析了软新闻研究及其自身特点之后，笔者认为汉斯·弗米尔的目的论能够较好的指导软新闻翻译。

目的论强调翻译中的最高法则是“目的性原则”，翻译的目的决定了翻译的策略和方法，这与软新闻吸引读者同时传播信息的宗旨一致。

二、目的论概述目的论最早是由功能主义翻译理论家维米尔提出的。

Vermeer认为“目标文本由其Skopos决定，必须内部连贯，与源文本一致”。

后来经过Nord等人的进一步发展，形成了一个理论体系。

目的论的首要原则是使目的语接受者，即读者理解目的语的意义，并在目的语文化和交际环境中产生意义。

根据维米尔的理论，目的论有三个原则：(1)目的原则。

这是首要规则。

这一原则认为，翻译是由翻译所要达到的目标决定的。

(2)连贯原则。

它意味着译文必须为读者所理解，并且在读者的文化和所使用的交流环境中有意义。

(3)忠实原则。

它是指译者对原文的忠实，这种忠实取决于原文和译者对原文的理解。

“在此基础上，Nord提出了忠实原则，即原文的目的与作者的意图相一致。

当目的原则和所要求的交际目的与译文不一致时，应遵循目的原则，违反忠实原则。

三、软新闻翻译及其特点（一）软新闻的定义软新闻是指富有人情味、纯知识、纯趣味的新闻。

它和人们的切身利益并无直接关系；向受众提供娱乐，使其开阔眼界，增长见识，陶冶情操，如社会新闻、体育新闻等等。

商务英语综合教程3课文翻译

Unit1 欧洲制造除了顶级奢侈品牌外几乎所有的时尚品牌都已经在亚洲生产，或者正在考虑这么做。

美国的皮革商品制造商蔻驰（Coach）就是一个经典的例子。

在过去的五年中，它通过仅在低成本市场生产来提升毛利率。

在2002年的3月，它关闭了在波多黎各拉雷斯的最后一间公司所属工厂，将所有产品全部外包。

巴宝莉（Burberry）在亚洲持有许多许可授权安排。

2000年它决定给日本三洋公司的特许授权延长十年。

这意味着按零售价计算巴宝莉几乎一半的销售额将是亚洲授权生产的。

但是同时，日本的消费者却偏好于该集团在欧洲生产的产品。

为了应对这种对巴宝莉在亚洲工厂所生产产品的需求，三洋公司在东京银座开设旗舰店，出售从欧洲进口的巴宝莉产品。

在《金融时报》的采访中，许多企业高管表示，顶级奢侈品牌将在亚洲越来越多地出现，就像在欧洲一样。

古驰（Gucci）的多米尼克·德索尔说，无论是真是假，亚洲消费者只相信：奢侈品来自欧洲，而且一定是要在那儿生产的才是最好的。

古琦的控股公司（Pinault Printemps Redoute）的首席执行官塞格·温伯格说，公司不会将古琦的生产线移到海外。

然而一些业内人士认识到，就算对顶级奢侈品牌而言，这种变化也将来临。

普拉达（Prada）的首席执行官帕特里齐奥·艾特里说：“‘意大利制造’的标签很重要，但我们真正要提供的是一种风格，而风格是一种文化的展示。

因此，他认识到高品质的时尚产品并非总是要在意大利生产。

欧洲工商管理学院的市场营销系的Amitava Chattopadhyay教授说：“品牌就是消费者脑海中的一系列联想，其中之一就是原产地。

对于奢侈品来说，品牌的作用是至关重要的。

破坏它是一种弥天大罪，没有哪个品牌经理愿意将产地和品牌形象之间的关系搞错。

”Unit2 空中的交通暴怒航空公司与长期遭罪的客户们都在提及急剧攀升的空中冲突事件。

有些事件的发生显然是由许多常客所熟悉的问题造成的。

economist(经济学人)精品文章中英对照

Whopper to go至尊汉堡，打包带走Will Burger King be gobbled up by private equity?汉堡王是否会被私人股本吞并？Sep 2nd 2010 | NEW YORKSHARES in Burger King (BK) soared on September 1st on reports that the fast-food company was talking to several private-equity firms interested in buying it. How much beef was behind these stories was unclear. But lately the company famous for the slogan “Have It Your Way” has certainly not been having it its own way. There may be arguments about whether BK or McDonald’s serves the best fries, but there is no doubt which is more popular with stockmarket investors: the maker of the Big Mac has supersized its lead in the past two years.有报道披露，快餐企业汉堡王（BK）正在与数个有收购意向的私人股本接洽，9月1日，汉堡王的股值随之飙升。

这些报道究竟有多少真材实料不得而知。

汉堡王的著名口号是“我选我味”，但如今显然它身不由己，心中五味杂陈。

汉堡王和麦当劳哪家薯条最好吃，食客们一直争论不休，但股票投资人更喜欢哪家股票，却一目了然：过去两年里，巨无霸麦当劳一直在扩大自己的优势。

经济学人读译Farewell, Tim Geithner

Farewell, Tim Geithner再见，蒂莫西•盖特纳Lessons learnt经验教训The outgoing treasury secretary sits down with The Economist one last time 即将离职的财政部长最后一次受访《经济学人》杂志Jan 19th 2013 | WASHINGTON, DC |From the print edition2013年1月19日| 华盛顿| 打印版Almost free 快解脱了。

IF THE Republicans do not raise the ceiling on America’s government debt, Barack Obama said on January 14th, the markets will go “haywire” and the country will plunge back into crisis. Tim Geithner, his treasury secretary, noted on the same day that this could happen in as little as a month from now.1月14日，奥巴马总统表示，如果共和党不提高美国债务上限，那么美国市场将失控，整个国家将再次深陷危机。

奥巴马政府的财政部长蒂莫西•盖特纳也在同日表示，这样的情况或许在最快不到一月之内就会发生。

But if all goes according to plan, Mr Geithner will not be around by then; he will have handed the reins to Jack Lew, currently the White House chief of staff. That could be a pity. Thousands of people have studied financial crises, but it would be hard to name anyone who has actually grappled with as many as Mr Geithner (see chart). While working in the 1990s for Robert Rubin and Larry Summers, Bill Clinton’s treasury secretaries, he dealt with currency and banking crises throughout the emerging world. When the global financial crisis erupted in 2007, he was president of the Federal Reserve Bank of New York; this gave him a key role in the Fed’s response, including the bail-outs of Bear Stearns and AIG, an insurance company, and the decision to let Lehman Brothers fail. As Mr Obama’s treasury secretary, he designed and carried out the stress tests and capital injections that stabilised the banking system, as well as multiple mortgage schemes that ultimately did little to curb an avalanche of foreclosures.但是按照原计划，现财政部长盖特纳在那时已经卸任，现任白宫幕僚长杰克•卢将接过财政部长一职。

王关富商务英语阅读第二版参考译文chapter10

U10The alchemists of finance金融魔法点石成金May 17th 2007From The Economist print edition（本文由ECO论坛dtchengxc翻译，原文版权归经济学人集团（The Economist Newspaper Limited）所有，译文版权归译者所有，未经授权，不得转载，谢谢合作！）漫画作者玛丽亚•吉夫斯（Maria Jeeves）Global investment banks are taking ever more risk, and are devising ever more sophisticated ways of spreading it, says Henry Tricks. Is that reassuring or worrying?亨利•特里克斯(Henry Tricks)说：“全球的投资银行正承受着越来越大的风险，也在设计着越来越复杂的分散风险的方法。

”这究竟是会让人放心还是让人担心？AT LEAST since 1823, when Byron's Don Juan described “Jew Rothschild, and his fellow Christian Baring” as the “true Lords of Europe”, investment bankers have inspired awe, envy and, rightly or wrongly, a measure of disdain. Exactly 100 years ago the undisputed patriarch of the modern industry, J. Pierpont Morgan, stemmed the Panic of 1907, a financial crisis caused by unregulated trusts (the hedge funds of their day). Acting, in effect, as lender of last resort from his Wall Street office, he was briefly feted before Americans realised the danger of having such power vested in one man. Cartoonists then mercilessly mocked him. After his death in 1913 the Federal Reserve was set up.不晚于1823年——那时拜伦（Byron）在《唐璜》（Don Juan）中将“犹太人罗思柴尔德（Rothschild）和他的同伙基督徒巴林（Baring）”称为“欧洲真正的主宰”，投资银行家们博得了敬畏、羡慕以及一定程度的蔑视——不管这正确与否。

商务英语阅读课文译文

高级商务英‎语阅读课文译文第1 课新长征―中国制造‖这个标记很‎久以前就不‎新鲜了，它贴在鞋子‎上、玩具上、服装上，以及为跨国‎公司制造的‎其他商品上‎，世界各地到‎处可见。

现在真正新‎鲜的是以中‎国品牌出售‎的中国制造‎的商品。

目前中国只‎有为数不多‎的几家公司‎拥有足够的‎财力和管理‎知识来打造‎国际名牌；其余的绝大多‎数公司还在‎为在国内获‎得知名度而‎努力奋斗着‎。

但是正在海‎外市场上试‎水的各大先锋公司，很有可能把‎事情做大。

一些人认为‎，在创业精神‎饱满的本地‎管理层的协‎助下，或者在一些‎想在其产品‎系列里添加‎新产品的外国‎公司的协助‎下，中国商品在‎极具竞争力‎的价格的基‎础上，若把卖点放‎在产品质量‎和异国情调‎上，那末10 年之内，中国品牌将‎一个一个地‎走向全球。

总部在香港‎的广告公司‎中国精信（Grey China‎）的执行董事‎陈一木丹（Vivec‎a Chan）说：―如果世界上‎只有一个国‎家具备创立‎全球品牌的‎潜力，那么这个国‎家就是中国‎。

‖‎短期之内，中国商品最‎有希望打入‎国际市场的‎当属中草药‎和特色食品‎，当然也包括‎那些体现中国浪漫并‎具有异国情‎调的产品，例如化妆品‎、时装和音乐‎作品。

中国总部设‎在上海的泰‎勒·娜尔森·索福瑞（Taylo‎r Nelso‎n Sofre‎s）市场调研公‎司的中国区‎总经理Ke‎v in Tan 说：―与中国相联系‎的神秘色彩‎还有许多。

化妆品是种‎靠形象推销‎的产品，假如你要做‎化妆品，你会一下子就发‎现，中国化妆品‎来头不小。

‖努力走向世‎界的中国品‎牌还有一些‎领导时尚潮‎头的饮料和啤酒‎品牌，也包括家用‎电器等具有‎品牌潜力的‎产品，它们都能以‎竞争性的价‎格提供高品质的产品‎。

这些中国品‎牌中的一部‎分，最终将会通‎过合资、兼并和收购‎的途径走向‎国际市场。

而对于合资双方中的‎外国投资者‎来说，这些品牌则‎将成为他们‎更快地进入‎中国消费市‎场和销售渠‎道的载体，同时这些中‎国品牌也能‎进一步充实‎国外投资者‎在国际市场‎上已经确立‎的优质品牌‎的阵营。

《经济学人》杂志原版英文(整理完整版)之欧阳历创编

Digest Of The. Economist. 2006(6-7)Hard to digestA wealth of genetic information is to be found in the human gutBACTERIA, like people, can be divided into friend and foe. Inspired by evidence that the friendly sort may help with a range of ailments, many people consume bacteria in the form of yogurts and dietary supplements. Such a smattering of artificial additions, however, represents but a drop in the ocean. There are at least 800 types of bacteria living in the human gut. And research by Steven Gill of the Institute for Genomic Researchin Rockville, Maryland, and his colleagues, published in this week's Science, suggests that the collective genome of these organisms is so large that it contains 100 times as many genes as the human genome itself.Dr Gill and his team were able to come to this conclusion by extracting bacterial DNA from the faeces of two volunteers. Because of the complexity of the samples, they were not able to reconstruct the entire genomes of each of the gut bacteria,just the individual genes. But that allowed them to make an estimate of numbers.What all these bacteria are doing is tricky to identify—the bacteria themselves are difficult to cultivate. So the researchers guessed at what they might be up to by comparing the genes they discovered with published databases of genes whose functions are already known.This comparison helped Dr Gill identify for the first time the probable enzymatic processes by which bacteria help humans to digest the complex carbohydrates in plants. The bacteria also contain a plentiful supply of genes involved in the synthesis of chemicals essential to human life—including two B vitamins and certain essential amino acids—although the team merely showed that these metabolic pathways exist rather than provingthat they are used. Nevertheless, the pathways they found leave humans looking more like ruminants: animals such as goats and sheep that use bacteria to break down otherwise indigestible matter in the plants they eat.The broader conclusion Dr Gill draws is that people are superorganisms whose metabolism represents an amalgamation of human and microbial attributes. The notion of a superorganism has emerged before, as researchers in other fields have come to view humans as having a diverse internal ecosystem. This, suggest some, will be crucial to the success of personalised medicine, as different people will have different responses to drugs, depending on their microbial flora. Accordingly, the next step, says Dr Gill, is to see how microbial populations vary between people of different ages, backgrounds and diets.Another area of research is the process by which these helpful bacteria first colonise the digestive tract. Babies acquire their gut flora as they pass down the birth canal and take a gene-filled gulp of their mother's vaginal and faecal flora. It might not be the most delicious of first meals, but it could well be an important one.Zapping the bluesThe rebirth of electric-shock treatmentELECTRICITY has long been used to treat medical disorders. As early as the second century AD, Galen, a Greek physician, recommended the use of electric eels for treating headaches and facial pain. In the 1930s Ugo Cerletti and Lucio Bini, two Italian psychiatrists, used electroconvulsive therapy totreat schizophrenia. These days, such rigorous techniques are practised less widely. Butresearchers are still investigating how a gentler electric therapy appears to treat depression.Vagus-nerve stimulation, to give it its proper name, was originally developed to treat severe epilepsy. It requires a pacemaker-like device to be implanted in a patient's chest and wires from it threaded up to the vagus nerve on the left side of his neck. In the normal course of events, this provides an electrical pulse to the vagus nerve for30 seconds every five minutes.This treatment does not always work, but in some cases where it failed (the number of epileptic seizures experienced by a patient remaining the same), that patient nevertheless reported feeling much better after receiving the implant. This secondary effect led to trials for treating depression and, in 2005, America's Food and Drug Administration approved the therapy for depression that fails to respond to all conventional treatments, including drugs and psychotherapy.Not only does the treatment work, but its effects appear to be long lasting. A study led by Charles Conway of Saint Louis University in Missouri, and presented to a recent meeting of the American Psychiatric Association, has found that 70% of patients who are better after one year stay better after two years as well.The technique builds on a procedure called deep-brain stimulation, in which electrodes are implanted deep into the white matter of patients' brains and used to “reboot” faulty neural circuitry.Such an operation is a big undertaking, requiring a full day of surgery and carrying a risk of thepatient suffering a stroke. Only a small number of people have been treated this way. In contrast, the device that stimulates the vagus nerve can be implanted in 45 minutes without a stay in hospital.The trouble is that vagus-nerve stimulation can take a long time to produce its full beneficial effect. According to Dr Conway, scans taken using a technique called positron-emission tomography show significant changes in brain activity startingthree months after treatment begins. The changesare similar to the improvements seen in patientswho undergo other forms of antidepression treatment. The brain continues to change over the following 21 months. Dr Conway says that patients should be told that the antidepressant effects could be slow in coming.However, Richard Selway of King's College Hospital, London, found that his patients' moods improved just weeks after the implant. Althoughbrain scans are useful in determining the longevityof the treatment, Mr Selway notes that visible changes in the brain do not necessarily correlate perfectly with changes in mood.Nobody knows why stimulating the vagus nerve improves the mood of depressed patients, but Mr Selway has a theory. He believes that theelectrical stimulation causes a region in the brain stem called the locus caeruleus (Latin, ironically, for “blue place”) to flood the brain with norepinephrine, a neurotransmitter implicated in alertness, concentration and motivation—that is, the mood states missing in depressed patients. Whatever the mechanism, for the depressed a therapy that is relatively safe and long lasting is rare cause for cheer.The shape of things to comeHow tomorrow's nuclear power stations will differ from today'sTHE agency in charge of promoting nuclear power in America describes a new generation of reactors that will be “highly economical” with “enhanced safety”, that “minimise wastes” and will prove“proliferation resistant”. No doubt they will bake a mean apple pie, too.Unfortunately, in the world of nuclear energy, fine words are not enough. America got away lightly with its nuclear accident. When the Three Mile Island plant in Pennsylvania overheated in 1979 very little radiation leaked, and there were no injuries. Europe was not so lucky. The accident at Chernobyl in Ukraine in 1986 killed dozens immediately and has affected (sometimes fatally) the health of tens of thousands at the least. Even discounting the association of nuclear power with nuclear weaponry, people have good reason to be suspicious of claims that reactors are safe.Yet political interest in nuclear power is reviving across the world, thanks in part to concerns about global warming and energy security. Already, some 441 commercial reactors operate in 31 countries and provide 17% of the planet's electricity, according to America's Department of Energy. Until recently, the talk was of how to retire these reactors gracefully. Now it is of howto extend their lives. In addition, another 32 reactors are being built, mostly in India, Chinaand their neighbours. These new power stationsbelong to what has been called the third generation of reactors, designs that have been informed by experience and that are considered by theircreators to be advanced. But will these newstations really be safer than their predecessors?Clearly, modern designs need to be lessaccident prone. The most important feature of asafe design is that it “fails safe”. For a reactor, this means that if its control systems stop workingit shuts down automatically, safely dissipates the heat produced by the reactions in its core, andstops both the fuel and the radioactive waste produced by nuclear reactions from escaping by keeping them within some sort of containment vessel. Reactors that follow such rules are called “passive”. Most modern designs are passive to some extent and some newer ones are truly so. However, some of the genuinely passive reactors are also likely to be more expensive to run.Nuclear energy is produced by atomic fission. A large atom (usually uranium or plutonium) breaks into two smaller ones, releasing energy and neutrons. The neutrons then trigger further break-ups. And so on. If this “chain reaction” can be controlled, the energy released can be used to boil water, produce steam and drive a turbine that generates electricity. If it runs away, the result is a meltdown and an accident (or, in extreme circumstances, a nuclear explosion—though circumstances are never that extreme in a reactor because the fuel is less fissile than the material in a bomb). In many new designs the neutrons, and thus the chain reaction, are kept under control by passing them through water to slow them down. (Slow neutrons trigger more break ups than fast ones.) This water is exposed to a pressure of about 150 atmospheres—a pressure that means it remains liquid even at high temperatures. When nuclear reactions warm the water, its density drops, and the neutrons passing through it are no longer slowed enough to trigger further reactions. That negative feedbackstabilises the reaction rate.Can business be cool?Why a growing number of firms are taking global warming seriouslyRUPERT MURDOCH is no green activist. But in Pebble Beach later this summer, the annualgathering of executivesof Mr Murdoch's News Corporation—which last year led to a dramatic shift in the media conglomerate's attitude tothe internet—will be addressed by several leading environmentalists, including a vice-presidentturned climatechangemovie star. Last month BSkyB, a British satellite-television company chaired by Mr Murdoch and run by hisson, James, declared itself “carbon-neutral”, having taken various steps to cut or offset its discharges of carboninto the atmosphere.The army of corporate greens is growing fast. Late last year HSBC became the first big bank to announce that itwas carbon-neutral, joining other financial institutions, including Swiss Re, a reinsurer, and Goldman Sachs, aninvestment bank, inwaging war on climate-warming gases (of whichcarbon dioxide is the main culprit). Last yearGeneral Electric (GE), an industrial powerhouse, launched its “Ecomagination” strategy, aiming to cut its output ofgreenhouse gases and to invest heavily in clean (ie, carbon-free) technologies. In October Wal-Mart announced aseries of environmental schemes, including doubling the fuel-efficiency of its fleet of vehicles within a decade.Tesco and Sainsbury,two of Britain's biggest retailers, are competing fiercely to be the greenest. And on June 7thsome leading British bosses lobbied Tony Blair for amore ambitious policy on climate change, even ifthat involvesharsher regulation.The greening of business is by no means universal, however. Money from Exxon Mobil, Fordand General Motorshelped pay for television advertisements aired recently in America by the Competitive Enterprise Institute, with thedaftslogan “Carbon dioxide: they call it pollution; we call it life”. Besides, environmentalist critics say, some firmsare engaged in superficial “greenwash” toboost the image of essentially climate-hurting businesses. Take BP, themost prominent corporate advocate of action on climate change, with its “Beyond Petroleum” ad campaign, highprofileinvestments in green energy, and even a “carbon calculator” on its website that helps consumers measuretheir personal “carbon footprint”, or overall emissions of carbon. Yet, critics complain, BP's recent record profits arelargely thanks to sales of huge amounts of carbon-packed oil and gas.On the other hand, some free-market thinkers see the support of firms for regulation of carbon as the latestattempt at “regulatory capture”, by those who stand to profit from new rules. Max Schulz of the ManhattanInstitute, a conservative think tank, notes darkly that “Enron was into pushing the idea of climate change, becauseit was good for its business”.Others argue that climate change has no more place in corporate boardrooms than do discussions of other partisanpolitical issues, such as Darfuror gay marriage. That criticism, at least, issurely wrong. Most of the corporateconverts saythey are acting not out of some vague sense ofsocial responsibility, or even personal angst, butbecause climate change creates real businessrisks and opportunities—from regulatory complianceto insuringclients on flood plains. And although these concerns vary hugely from one company to the next, few firms can besure of remaining unaffected. Testing timesResearchers are working on ways to reduce the needfor animal experiments, but new laws mayincrease the number of experiments neededIN AN ideal world, people would not perform experiments on animals. For the people, they are expensive. For theanimals, they are stressful and often painful.That ideal world, sadly, is still some way away. People need new drugs and vaccines. They want protection fromthe toxicity of chemicals. Thesearch for basic scientific answers goes on. Indeed, the European Commission isforging ahead withproposals that will increase the number of animal experiments carried out in the EuropeanUnion, by requiring toxicity tests on every chemical approved for use within the union's borders in the past25years.Already, the commission has identified 140,000 chemicals that have not yet been tested. It wants 30,000 of theseto be examined right away, and plans to spend between €4 billion-8 billion ($5 billion-10 billion) doing so. Thenumber of animals used for toxicity testing in Europe will thus, experts reckon, quintuple from just over 1m a yearto about 5m, unless they are saved by some dramatic advances in non-animal testing technology. At themoment,roughly 10% of European animal tests are for general toxicity, 35% for basic research, 45% for drugs andvaccines, and the remaining 10% a variety of uses such as diagnosing diseases.Animal experimentation will therefore be around for some time yet. But the hunt for substitutes continues, and lastweekend the Middle European Society for Alternative Methods to Animal Testingmet in Linz, Austria, to reviewprogress.A good place to start finding alternatives for toxicity tests is the liver—the organ responsible for breaking toxicchemicals down into safer molecules that can then be excreted. Two firms, one large and one small, told themeeting how they were using human liver cells removed incidentally during surgery to test various substances forlong-term toxic effects.PrimeCyte, the small firm, grows its cells in cultures over a few weeks and doses them regularly with the substanceunder investigation. The characteristics of the cells are carefully monitored, to look for changes in theirmicroanatomy.Pfizer, the big firm, also doses its cultures regularly, but rather than studying individual cells in detail, it counts cellnumbers. If the number of cells in a culture changes after a sample is added, that suggests the chemical inquestion is bad for the liver.In principle, these techniques could be applied to any chemical. In practice, drugs (and, in thecase of PrimeCyte,food supplements) are top of the list. But that might change if the commission hasits way: those 140,000screenings look like alucrative market, although nobody knows whether the new tests will be ready for use by2009, when the commission proposes that testing should start.Other tissues, too, can be tested independently of animals. Epithelix, a small firm in Geneva, has developed anartificial version of the lining of the lungs. According to Huang Song, one of Epithelix's researchers, the firm'scultured cells have similar microanatomy to those found in natural lung linings, and respond in the same way tovarious chemical messengers. Dr Huang says that they could be usedin long-term toxicity tests of airbornechemicalsand could also help identify treatments for lung diseases.The immune system can be mimicked and tested, too. ProBioGen, a company based in Berlin, is developing anartificial human lymph node which, it reckons, could have prevented the near-disastrous consequences of a drugtrial held in Britain threemonths ago, in which (despite the drug having passed animal tests) six men sufferedmultiple organ failure and nearly died. The drug the men were given made their immune systems hyperactive.Such a response would, the firm's scientists reckon, have been identified by their lymph node, which is made fromcells that provoke the immune system into a response. ProBioGen's lymph node could thus work better than animaltesting.Another way of cutting the number of animal experiments would be tochange the way that vaccines are tested, according to CoenraadHendriksen of the Netherlands Vaccine Institute. At the moment, allbatches of vaccine are subject to the same battery of tests. DrHendriksen argues that this is over-rigorous. When new vaccine culturesare made, belt-and-braces tests obviously need to be applied. But if abatch of vaccine is derived from anexisting culture, he suggests that itneed be tested only to make sure it is identical to the batch from which itis derived. That would require fewer test animals.All this suggests that though there isstill some way to go before drugs,vaccines andother substances can be tested routinely on cells ratherthan live animals, useful progress is being made. What is harder to see ishow the use ofanimals might be banished from fundamental research. Anger managementTo one emotion, men are more sensitive than women MEN are notoriously insensitive to theemotional world around them. At least, that is the stereotype peddled by athousand women's magazines. And a study by two researchers at the University of Melbourne, in Australia,confirms that men are, indeed, less sensitive to emotion than women, with one important and suggestiveexception. Men are acutely sensitive to the anger of other men.Mark Williams and Jason Mattingley, whose study has just been published in Current Biology, looked at the way aperson's sex affects his or her response to emotionally charged facial expressions. People from all cultures agreeon what six basic expressions of emotion look like. Whether the face before you is expressing anger, disgust, fear,joy,sadness or surprise seems to be recognised universally—which suggests that the expressions involved areinnate, rather than learned.Dr Williams and Dr Mattingley showed the participants in their study photographs of these emotional expressions inmixed sets of either fouror eight. They asked the participants to look for a particular sort of expression, andmeasured the amount of time it took them to find it. The researchers found, in agreement with previous studies,that both men and women identified angry expressions most quickly. But they also found that anger was morequickly identified on a male facethan a female one.Moreover, most participants could find an angry face just as quickly when it was mixed in a groupof eightphotographs as when it was part of a groupof four. That was in stark contrast to the otherfive sorts of expression,which took more time tofind when they had to be sorted from a larger group. This suggests that something in thebrain is attuned to picking out angry expressions, and that it isespecially concerned about angry men. Also, thishighly tuned ability seems more important to males than females, since the two researchers found that men pickedout the angry expressions fasterthan women did, even though women were usually quicker than men to recognizeevery other sort of facial expression.Dr Williams and Dr Mattingley suspect the reason for this is that being able to spot an angry individual quickly hasa survival advantage—and, since anger is more likely to turn into lethal violence in men than in women, the abilityto spot angry males quickly is particularly valuable.As to why men are more sensitive to anger than women, it is presumably because they are far more likely to getkilled by it. Most murders involve men killing other men—even today the context of homicide is usually aspontaneous dispute over status or sex.The ability to spot quickly that an alpha male is in a foul mood would thus have great survival value. It would allowthe sharp-witted time to choose appeasement, defence or possibly even pre-emptive attack. And, if it is right, thisstudy also confirms a lesson learned by generations of bar-room tough guys and schoolyard bullies: if you wantattention, get angry.The shareholders' revoltA turning point in relations between company owners and bosses?SOMETHING strange has been happening this year at company annual meetings in America:shareholders have been voting decisively against the recommendations of managers. Until now, mostshareholders have, like so many sheep,routinely voted in accordance with the advice of the people theyemploy to run the company. This year managers have already been defeated at some 32 companies,including household names such as Boeing, ExxonMobil and General Motors.This shareholders' revolt has focused entirely on one issue: the method by which members of the boardof directors are elected. Shareholder resolutions on other subjects have mostly been defeated, as usual.The successful resolutionscalled for directors to be elected by majority voting, instead of by thetraditional method of “plurality”—which in practice meant that only votes cast in favour were counted,and that a single vote for a candidate would be enough to get him elected.Several companies, led by Pfizer, a drug giant, saw defeat looming and pre-emptively adopted a formalmajority-voting policy that was weaker than in the shareholder resolution. This required any director whofailed to secure a majority of votes to tender his resignation to the board, which would then be free todecide whether or not to accept it. Under the shareholder resolution, any candidate failing to secure amajority of the votes cast simply would not be elected. Intriguingly, the shareholder resolution wasdefeated at four-fifths of the firms that adopted a Pfizer-style majority voting rule, whereas it succeedednearly nine times out of ten at firms retaining the plurality rule.Unfortunately for shareholders, their victories may prove illusory, as the successful resolutions were all“precatory”—meaning that they merely advisedmanagement on the course of action preferred byshareholders, but did not force managers to do anything. Several resolutions that tried to imposemajority voting on firms by changing their bylaws failed this year.Even so, wise managers should voluntarily adopt majority voting, according to Wachtell, Lipton, Rosen &Katz, a Wall Street law firm that has generally helped managers resist increases in shareholder power butnow expects majority voting eventually to “become universal”. It advises that, at the very least,managers should adopt the Pfizer model, if only to avoid becoming the subject of even greater scrutinyfrom corporate-governance activists. Some firms might choose to go further, as Dell and Intel have donethis year, and adopt bylaws requiring majority voting.Shareholders may have been radicalised by the success last year of a lobbying effort by managersagainst a proposal from regulators to make it easier for shareholders to put up candidates in boardelections. It remains to be seen if they willbe back for more in 2007. Certainly, some of the activistshareholders behind this year's resolutions have big plans. Where new voting rules are in place, they plancampaigns to vote out the chairman of the compensation committee at any firm that they think overpaysthe boss. If the 2006 annual meeting was unpleasant for managers, next year's could be far worse.Intangible opportunitiesCompanies are borrowing against their copyrights, trademarks and patentsNOT long ago, the value of companies resided mostly in things you could see and touch. Today it liesincreasingly in intangible assets such as the McDonald's name, the patent for Viagra and therights toSpiderman. Baruch Lev, a finance professor at New York University's Stern School of Business, puts theimplied value of intangibles on American companies' balance sheets at about $6 trillion, or two-thirds ofthe total. Much of this consists of intellectual property, the collective name for copyrights, trademarksand patents. Increasingly,companies and their clever bankers are using these assets to raise cash.The method of choice is securitisation, the issuing of bonds based on the various revenues thrown off byintellectual property. Late last month Dunkin' Brands, owner of Dunkin' Donuts, a snack-bar chain, raised$1.7 billion by selling bonds backed by, among other things, the royalties itwill receive from itsfranchisees. The threeprivate-equity firms that acquired Dunkin' Brands a few months ago have used thecash to repay the money they borrowed to buy the chain. This is the biggest intellectual-propertysecuritisation by far, says Jordan Yarett of Paul, Weiss, Rifkind, Wharton & Garrison, a law firm that hasworked on many such deals.Securitisations of intellectual property can be based on revenues from copyrights, trademarks (such aslogos) or patents. The best-known copyright deal was the issue in 1997 of $55m-worth of “Bowie Bonds”supported by the future sales of music by David Bowie, a British rock star. Bonds based onthe films ofDreamWorks, Marvel comic books and the stories of John Steinbeck have also been sold. As well asDunkin' Brands, several restaurant chains and fashion firms have issued bonds backed by logos andbrands.Intellectual-property deals belong to a class known as operating-asset securitisations. These differ fromstandard securitisations of future revenues, such as bonds backed by the payments on a 30-yearmortgage or a car loan, in that the borrower has to make his asset work. If investors are to recoup theirmoney, the assets being securitised must be “actively exploited”, says Mr Yarett: DreamWorks mustcontinue to churn out box-office hits.The market for such securitisations is still small. Jay Eisbruck, of Moody's, a rating agency, reckons thataround $10 billion-worth of bonds are outstanding. But there is “big potential,” he says, pointing out thatlicensing patented technology generates $100 billion a year and involves thousands of companies.Raising money this way can make sense not only for clever private-equity firms, but also for companieswith low (or no) credit ratings that cannot easily tap the capital markets or with few tangible assets ascollateral for bank loans. Some universities have joined in, too. Yale built a new medical complex withsome of the roughly $100m it raised securitising patent royalties from Zerit, an anti-HIV drug.It may be harder for investors to decide whether such deals are worth their while. They are, after all,highly complex and riskier than standard securitisations. The most obvious risk is that the investorscannot be sure that the assets will yield what borrowers promise: technology moves on, fashions changeand the demand for sugary snacks may collapse. Valuing intellectual property—an exercise based onforecasting the timing and amount of future cashflows—is more art than science.So far, says Mr Eisbruck, these bonds have generally matched investors' hopes. But regulators say thatonly institutional investors, such as。

经济学人读译Three meetings, many partings

China’s economy中国经济Three meetings, many partings夫妻本是同林鸟，“三会”到来各自飞Fresh property curbs prompt couples to divorce新的房产限制措施促使夫妻离异Mar 9th 2013 | HONG KONG |From the print editionTHEIR tea hot and fragrant, their pencils sharp and red, delegates assembled in Beijing this week for China’s lianghui or “two meetings”, the annual gathering of the country’s rubber-stamp parliament (the National People’s Congress) and its political advisory body (the Chinese People’s Political Consultative Conference). There they heard the outgoing prime minister, Wen Jiabao, declare the government’s economic targets and aspirations for the year ahead, including 7.5% growth.热乎乎的茶沁出芳香，红色的铅笔削尖待用。

本周，代表们齐聚北京，参加中国的“两会”，也就是每年一聚的、只盖章不审核的中国版国会（全国人名代表大会）及该国的政治顾问机构（中国人民政治协商会议）。

在那儿，他们聆听了即将离职的总理温家宝报告政府来年的经济目标和宏伟蓝图，包括7.5%的经济增长率。

But the deliberations at these events were upstaged by an earlier, more arresting announcement. On March 1st the State Council, China’s cabinet, spelled out fresh curbs on property speculation, sending the housing market, the stockmarket and even the marriage market into a tizzy.但在，一则在这之前发布的更加令人不安的公告却在风头上盖过了这些事项中的审议议题。

经济学人读译Emerging markets新兴市场The great slowdown大衰退

Emerging markets新兴市场The great slowdown大衰退A sticky spell for the emerging world carries warnings for its long-term growth 新兴世界面临的困难时期为其长期发展敲响了警钟①006 Leaders - Emerging markets.mp3(2.37 MB, 下载次数: 391)Jul 21st 2012 | from the print editionIN THE past decade emerging markets have established themselves as the world’s best sprinters. As serial crises tripped up America and then Europe, China barely broke stride. Other big developing nations paused for breath only briefly. Investors bet heavily that rapid growth in emerging markets was the new normal, while leaders from Beijing to Brasília lectured the world on the virtues of their state-centric economic models.在过去十年中，新兴市场作为全世界发展最快的经济体这一地位已经确立。

美国、欧洲相继深陷系列危机泥潭，踉踉跄跄；而中国却阵脚不乱。

其它发展中大国也只是在经济长跑中稍作喘息。

投资者认为新兴市场的快速增长是一种新常态，下注豪赌；中国和巴西的领导人则在世界各地发表演讲，宣传以国家为中心的经济模式的种种优点。

奥运会是亏钱还是赚钱的英文作文

奥运会是亏钱还是赚钱的英文作文The Olympics, a prestigious international sporting event that brings together athletes from all over the world to compete in a variety of sports, has long been a topic of debate when it comes to its financial implications. Some argue that hosting the Olympics can be a profitable venture, while others believe that it is a money-losing endeavor. In this essay, we will explore both sides of the argument to determine whether the Olympics is a money-making or money-losing event.Those who believe that the Olympics is a profitable event point to the economic benefits that hosting the games can bring to a country. Hosting the Olympics can boost tourism, increase consumer spending, create jobs, facilitate infrastructure development, and enhance the country's international reputation. For example, the 2008 Beijing Olympics reportedly generated $3.6 billion in revenue, while the 2012 London Olympics brought in over $3.5 billion in revenue.On the other hand, critics of the Olympics argue that the costs of hosting the games far outweigh the economic benefits. Hosting the Olympics requires significant investment in infrastructure, security, transportation, and marketing. These costs can run into the billions of dollars and have the potential tocreate a burden on the host country's economy. For instance, the 2016 Rio Olympics reportedly cost over $13 billion to host, with some estimates putting the total cost at over $20 billion.In addition to the monetary costs, hosting the Olympics can also have social and environmental costs. The construction of Olympic venues and infrastructure can lead to displacement of local communities, environmental degradation, and human rights abuses. For example, the 2014 Sochi Olympics in Russia faced criticism for displacing residents, damaging protected habitats, and violating human rights during the construction process.Overall, while the Olympics can bring economic benefits to a host country, it is important to carefully weigh the costs and benefits of hosting the games. The decision to host the Olympics should be based on a thorough assessment of the potential economic, social, and environmental impacts, as well as a clear understanding of the long-term benefits and risks. Only by taking a comprehensive approach to hosting the Olympics can a country ensure that it is making a sound investment in its future.。

商业化对体育运动的影响英语作文

商业化对体育运动的影响英语作文English: The commercialization of sports has had both positive and negative impacts. On the positive side, it has significantly increased the financial resources available to athletes, teams, and sporting organizations. This has led to improved training facilities, better technology, and higher salaries for athletes. Commercialization has also expanded the reach of sports, allowing them to be broadcasted to a global audience, increasing their popularity and providing more opportunities for athletes to gain recognition and sponsorship deals. However, the increasing focus on profits has also led to negative consequences. The pressure to win and make a profit has led to scandals such as doping, match-fixing, and corruption. Additionally, commercialization has led to the prioritization of certain sports over others, resulting in the neglect of less popular sports.Translated content: 体育的商业化对运动产生了积极和消极的影响。

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