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明星资讯腾讯娱乐2017年10月22日 16:09:48
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Taxing corporate cash税收磨刀霍霍向“猪羊”A tempting target一个诱人的目标South Koreas government tries to get firms to spend their accumulated riches韩国政府试图向企业现金储备征税来充盈国库SINCE becoming South Koreas finance minister in July, Choi Kyung-hwan has been busy. First came a 41 trillion won stimulus package. Now Mr Choi is trying to pep up the economy further by getting South Korean firms to spend more on wages and dividends.自7月担任韩国财政部长一职以来,崔炅焕一直在忙碌中度过。首轮就抛出41万亿韩元的经济刺激计划。现在崔部长正试图通利用韩国企业的收入和利润进一步激励经济。Mr Chois scheme, submitted to South Koreas parliament this week, will tax companies cash piles on the grounds that corporate stinginess is holding the country back. Cash reserves at South Koreas ten biggest chaebol, or conglomerates, have doubled in five years. Together, the countrys non-financial firms hold over 450 trillion won. Though corporate earnings trebled between 2000 and 2012, household income in Korea barely doubled. The pace of salary growth has dropped, from 4.4% a year between 2001 and 2005 to just 0.3% a year since 2011.崔部长在本周将要提交给韩国国会的计划中指出,政府将要向企业的现金储备征税,其原因在于企业不去投资发展而是大量现金储备的行为影响了经济的前行。韩国十大财阀企业集团的现金储备量在五年内翻了一番。与此相对应的,该国的非金融公司持有量超过450万亿韩元。虽然从2000年到2012年,韩国企业的盈利增长了两倍,家庭收入几乎翻了一倍,但是工资增长的速度却在下降,增速从2001年到2005年间的4.4%下降到2011年以来每年的0.3%。If the plan is approved, the 4,000 or so South Korean firms with over 50 billion won in capital will pay a 10% surcharge on their corporate tax rate unless they have spent a certain proportion of their income on dividends, investment and wages. The government has yet to set the threshold, but it is likely to be 60-80%. Firms will also be exempt if they spend 20-40% of income on dividends and wages alone, a nod to the low investment rate of the service sector.如果该议案被批准,那么约有4000家资本超过500亿韩元的企业要将占其收入一定比例的利润用于分红,投资或者职工薪酬,否则就要缴纳其企业所得税10%的附加费。政府尚未设置临界值,但及其可能为60%—80%。如果企业将其公司20%-40%的收入用于股息和工资的发放,那么将获得政府扶持投资的低利率贷款。Companies are stockpiling cash in the face of mounting Chinese competition and slowing domestic demand as South Koreans age. Their bosses also remember the Asian financial crisis of 1997-8, when many firms ran out of cash and were forced to sell assets. They are miserly with dividends. Yields on South Korean equities are among the lowest in the world, at around 1.2%. Payouts dropped by 15% in the first half of this year, to 455 billion won.公司现金储备面临着越来越多来自中国的竞争和国内需求放缓和人口老龄化的考验。企业老板们依稀还记得1997—1998年席卷亚洲的金融危机,当时,许多公司资金耗尽,被迫出售资产。他们削减股息(见图表)。韩国股市的收益率是世界上最低的国家之一,约为1.2%左右。今年上半年出为4550亿韩元,下降了15%。Low dividends are thought to be part of the reason for the “Korea discount”: the relatively low valuations of Korean firms. Daishin Securities, a local broker, estimates that Mr Chois scheme will boost dividend payments by about 3 trillion won a year, a 28% increase.低股利被认为是韩国公司估值相对较低的一部分原因。韩国本土的大信券公司估计,崔部长的计划将使得每年的股息付增加大概3万亿韩元,较之前增加了28%。It is less clear, argues Shaun Cochran of CLSA, another broker, how much the tax will help the economy. Foreigners, who hold a third of the shares of South Koreas 200 biggest companies, will be some of its chief beneficiaries. Forcing companies to spend their cash could lead to unproductive investments. Many will squirrel away their reserves in property. Last week Hyundai, another chaebol, bought a plot of land for new headquarters in central Seoul for a whopping billion. Kim Hak-soo of the Korea Institute of Public Finance, which advises the government, says it ought to be lowering corporate tax rates to achieve higher growth, not raising them.里昂券的经纪人肖恩·科克伦则认为,目前还不太清楚,税收收入的多少将有助于经济。外国投资者持有三分之一的韩国200家最大的公司的股票,将成为此项规定的主要受益者。而该计划也迫使企业拼命花掉现金,导致非生产性投资。许多人会将现金购入资产作为资产储备。上周,另一个财阀——韩国现代气团,在首尔市中心购入价值高达100亿美元的地皮作为新的总部所在地。韩国公共财政研究所的金正日建议政府,应该降低企业所得税税率,以实现更快的经济增长,而不是提高税率。Firms may choose to pay the tax rather than make marginal investments or raise wages . Mr Chois ministry insists that it wants “zero revenue” from the scheme. It, too, may soon find itself with lots of cash on its hands.企业可以选择纳税而不是进行边际投资或提高工资。崔炅焕的发言人坚称,政府希望企业可以更多分红或者涨工资。但是往往事与愿违,那些财阀们宁愿交税也不分红涨工资呢。 /201409/332535

Private universities私立大学A degree of frustration一定程度的沮丧Higher education is embracing private suppliers—but timidly高等教育欢迎私立大学办学者—但是仍显怯懦The first batch of 60 undergraduates at the New College of the Humanities in Bloomsbury, London’s main university quarter, occupy a spacious Georgian house. Opening doors on the way up a grand staircase, your reporter eavesdropped on tutorials on ancient Greece, Romantic poets and economic theory. It feels like a dinky version of an august academic institution. Yet it is a for-profit organisation with a chief executive huddled over spsheets downstairs.在伦敦布鲁斯伯里的大学主城区,第一批进入新人文学院的60名大学生就有了宽敞的教学场所--一栋乔治时代的建筑。走入敞开的大门,扶着一个壮观的楼梯而上,本报的记者悄悄旁听了一会古代希腊、罗马诗歌、经济理论的课程。感觉就像一个极小的庄严的学术学院。然而这是一个盈利学院,一位首席执行官在楼下忙碌地处理一些数据。The college’s founder is Anthony Grayling (shown above), a philosopher who wants to introduce a bit of diversity to a largely state-funded higher education system. A new high-end entrant in the marketplace also helps fill the gap in provision for students with good qualifications who lose out by a grade or two in the brutal race for places in the Russell Group of top universities. Degrees are awarded through the University of London, but at 18,000 pounds (,550) fees are double the maximum that state-subsidized universities can charge. The syllabus is broader and more akin to an American liberal-arts college than a traditional English university.该大学的创办者名为安东尼·格雷林(Anthony Grayling)(见图),这位哲学家希望为大范围的公立为主的高等教育体系引入一些多元化元素。一些优秀学生由于在罗素大学( Russell Group )集团的残酷竞争中相差一二分而落榜,在教育市场上这位高端新入者为这些学生填补了空缺。学位书通过伦敦大学颁发,但是费用高达18000英镑(28550 美元),是国立大学补助最高费用的2倍。与传统的英国大学相比,这个教学大纲更宽广,更类似于美国自由艺术大学。This kind of disruptive innovation earns a mixed reception. The coalition government welcomes it. But Terry Eagleton, an outspoken Marxist academic, describes the venture as “odious” and divisive. Other critics have pointed out that courses at Mr Grayling’s New College closely resemble what is on offer, more cheaply, at the existing London university colleges. Two-thirds of the first intake of students come from private schools and just 22% from state schools (the rest are foreigners and mature students). Mr Grayling hopes to counter the “too posh” charge with outreach initiatives and generous bursaries for poorer students.人们对这种破坏性的创新说法不一。联合政府对此表示欢迎,但一个直言不讳的马克思主义学者Terry Eagleton认为这种风险是“令人讨厌的”,不和谐的。其他批评家指出,相比格雷林的新学院,伦敦大学目前也提供类似且更为经济的课程。第一批学生中三分之二来自私立学校,只有22%来自国立学校( 剩下的国外学生和成年学生)。面对这些‘过于冠冕堂皇’的批评,格雷林希望以积极实践创新以及面向贫困生的丰厚奖学金予以反驳。The newcomer epitomizes a broadening of higher education, aided by a rise in maximum fees to 9,000 pounds that makes students (and their parents) look around for value for money. The government has also eased rules on what qualifies as a university. The newly named University of Law, an outfit with several regional centres, is backed by a private-equity firm and offers two-year degree courses for highly motivated or cash-strapped students. Its hard sell stands out among more conventional university branding: the college’s website touts a graduate legal qualification as if it were a soap powder—“Now with Masters included”.Other institutions such as BPP University College, which bestows professional qualifications from accountancy to chiropractic, were given degree-awarding powers by the last Labour government, but now want full university status.这个新的教学是英国广泛高等教育的缩影,学费普遍上涨,最高达到9,000英镑,让学生们以及家长们考虑这个钱是不是值得。政府同样放宽了对作为合格大学的政策。新被命名的法律大学,包含几个的地区中心,是由私募股权公司赞助的,为积极性高或者资金紧张的学生提供两年的学位课程。这个强行推销学位的大学在其它更加传统的大学中引人注目:学院网站上兜售着合法的研究者书,似乎是广告中的肥皂粉一样,现在有硕士学位书了。其它譬如BPP大学的机构,上届工党政府给予学位奖金的权力,可以授予从审计到脊椎神经学的专业书,但是现在希望获得一个全日制的大学身份。And the line between private and state-funded higher education is blurring in other ways. Established institutions including Imperial College, London and University College are also thriving businesses, cross-subsidising studies and research which do not make money. Oxfordhas initiated a joint Master’s course in law and finance, crammed into nine months and costing a hefty 21,000 pounds.并且私人办学和政府资助的高等教育的界限在其它方面也很模糊。包括帝国理工大学、伦敦大学在内的老牌大学发展得如火如荼,但是交叉补贴的教育与研究却并不赚钱。牛津大学已经开始了一个法律财务的双硕士课程,课程勉勉强强只有有九个月,费用却高达21000英镑。Much has changed since the independent University of Buckingham (a non-profit operator) launched 30 years ago, teaching mainly business and economics. Today it has more British undergraduates than foreign ones and offers a range of subjects, including medicine. But the revolution is unfinished. One anomaly that makes life harder for independent providers is that students can take out government-backed student loans at a favourable rate for only the first 6,000 pounds of their fees. At subsidised top universities, they can borrow the full yearly fee of 9,000 pounds .30年前出现的独立的白金汉宫大学(一位非盈利人运行的)带来了许多改变,主要教授商业和经济。今天,该大学的英国本科生要比外国的多,教授很多学科,包括医学。但是革命还未结束。一个反常的规定让独立经营者十分困难,学生可以以优惠利率申请政府资助的学生贷款,只是他们学费的6000英镑。政府资助的顶级大学,每年可以全额借助9000英镑。The level playing field promised when the coalition came to power in 2010 remains a work in progress. David Willetts, the universities minister, failed in a bid to allow for-profit education firms equal access to state funding. Many senior academics opposed the move, citing “derisory graduation rates, crushing levels of debts and degrees of dubious value” from some for-profit American companies. The issue has been shelved until 2015 at the earliest. When it comes to changing higher education, even small innovations can provoke a noisy backlash.承诺的公平竞争自2010年联合政府上台后仍在进程中。教育大臣戴维·维利斯在允许盈利性的教育公司有平等获得政府资助的投标中失败。许多高级学者反对这个行为, 认为这是由一些以营利为主的美国公司带来的“低得可笑的毕业率,高得离谱的债务和一文不值的学位”。最早到2015年这个问题才会搁置。谈到高等教育改革,即使一些很小的创新也会产生争论不休的强烈反对。翻译:杨芸祯 译文属译生译世 /201609/468644

  What comes to mind when you think of something being ;full of teeth?; For many people, its probably a creepy image, like a sharks mouth or a root canal. But as it turns out, the English word ;toothsome; means the opposite.;Its a good thing,; says University of Michigan English Professor Anne Curzan.To understand why, we may have to rethink our understanding of the word ;tooth.;;In the 14th century, the word tooth came to refer to the things that one likes,; says Curzan. This is where we get expressions like ;sweet tooth,; which, of course, refers to your desire for candy, not sugar-coated dentures.According to Curzan, this is also where the ;tooth; in ;toothsome; comes from, though the meaning has shifted a little. ;It now means something like agreeable or attractive, or it can mean that something has a good flavor.;While toothsome doesnt get a lot of usage today, its probably not surprising where it does show up: in food writing. But after a little searching, Curzan found that, among food writers, its contentious. ;I found some examples, in blogs and other places, of people complaining,; says Curzan, ;and saying stop using this in food writing, its totally overused!;But clichés arent the only problem with ;toothsome.;;The other concern is that it shows up sometimes on lists of words that are misused,; says Curzan, ;because not everybody uses it to mean appealing or attractive.;In a few cases, Curzan explains, writers have taken the word a bit more literally. ;Some people use it to mean toothy, as in a toothsome grin or a toothsome smile.;;It also is sometimes used to mean chewy, that toothsome food is dense or chewy food.;Tooth may expressions may change a bit over time, but they arent going away any time soon. If only the same could be said for actual teeth!201510/405707

  Michigan-raised artist Brenda Goodman is happy. Thats because shes finally getting steady recognition from the art world, after years of rejection. This year Goodman won a lifetime achievement award from the American Academy of Arts and Letters.Goodmans ;Self-Portrait 59;The 72-year-old thinks part of the reason shes becoming more well-known is because people are sharing her artwork on social media sites, which helps her reach new audiences.Goodman was born and raised in Detroit and was part of the Cass Corridor art movement in the 1970s. These days, Goodman lives in upstate New York.Brenda Goodmans paintings are intense.Goodman painted how she felt in ;Self-Portrait 2;Some of her most powerful paintings are self-portraits where ghoulish figures stuff their mouths with food. She painted them at a time when she was struggling with her weight.And she tells Michigan Radios Kyle Norris that they werent even meant to be people, but rather, monsters.;I had no intention of making them actually look like me. I wanted to make them feel like me. Theres a big difference. I felt monstrous like that, ugly like that, angry like that, repulsed like that. And thats all communicated in those paintings.;She says painting helps her survive.;Its my way of resolving whatevers going on in my life. I paint it. Mind you, I had 15 or more years of therapy and was on different spiritual paths throughout my life. So Ive always delved into who I am and not been afraid to look at the darker parts of myself.;Artist Brenda Goodman says art matters because we need it for our souls.She says many artists are afraid to go to those dark places, and instead paint nice, pleasant, and recognizable images. But Goodman says her willingness to dig deep makes her work full and real, and thats the reason it resonates with people.This ones called ;Not a Leg to Stand On;201512/417105。

  On Tuesday a major storm system brought a mix of bad weather to much of the central ed States.星期二,强风暴系统给美国中部地区大部分州带来恶劣天气。There is a possibility of a dangerous tornado in Alabama and heavy snow in the northern Midwest.阿拉巴马州可能会遭遇危险龙卷风,中西部地区有强降雪。Forecaster Connor Baird said all or parts of three counties in Alabama including Tuscaloosa, Pickens and Carroll - were under tornado warnings.天气预报员康纳·贝尔德称,阿拉巴马州塔斯卡卢萨、皮肯斯和卡罗尔全部或部分接到龙卷风警报。Baird highlighted reports of downed trees and building damage from the storm.贝尔德强调风暴造成的树木倒塌和建筑破坏。The National Weather Service reported tornadoes in eastern Mississippi, with roofs blown off, mobile homes flipped, and trees down.美国国家气象局报告称,密西西比州东部的龙卷风造成屋顶被吹走,移动房屋翻转,树木倒塌。译文属。201602/425528

  Turkey and the European Union土耳其和欧盟Media freedom RIP?舆论自由的末日?A fresh round of arrests takes relations with the European Union to a new low新一轮的媒体洗牌让土耳其和欧盟的关系达到了冰点。“WE HAVE no concern about what the EU might say, whether the EU accepts us as members or not.” The latest outburst from Recep Tayyip Erdogan, Turkeys president, sent the lira down by 4% against the dollar amid growing worries over the direction the country is taking.土耳其总统雷杰普·塔伊普·埃尔多安近期极为愤怒地宣称:“土耳其并不关心欧盟会做出怎样的表态,他们接不接受我们成为欧盟的一员都无所谓!”而他的这一举动再次让里拉对美金的汇率降低了3%,这加剧了人们对于这个国家走上不归路的担忧。Mr Erdogan was responding to a rebuke by the European Union over arrests on December 14th of a police chief, journalists and soap-opera screenwriters linked to Fethullah Gulen, a Sunni cleric based in Pennsylvania. The EUs foreign-affairs boss, Federica Mogherini, and enlargement commissioner, Johannes Hahn, warned that Turkeys hopes of becoming a member depended on “full respect for the rule of law and fundamental rights.” They called the arrests “incompatible with the freedom of media, which is a core principle of democracy”. Mr Erdogan said the EU should “mind its own business and keep its opinions to itself”.埃尔多安的愤怒是对欧盟指责的强硬回应——欧盟对于土耳其当局12月14日时逮捕一批和法土拉 ?葛兰(一位定居在美国宾夕法尼亚州的知名逊尼派学者)有关系人士(其中包括一名警察局局长,一些新闻工作者和一些影视编剧)的行为进行了谴责。欧盟外长费代丽卡·莫盖里尼以及扩张委员会专员约翰内斯·哈恩警告土耳其,如果希望加入欧盟,前提条件必须是“尊重法制和基本人权。”在他们看来这次逮捕行为是“严重违背舆论自由原则的,而这恰恰是一个民主国家所必须具备的。”埃尔多安则表示欧盟应该“先收拾好自己的烂摊子并且先想想自身是否做到了这一点。”The arrests mark an escalation in Mr Erdogans unremitting war against Mr Gulen and his followers. He insists they have set up “a parallel state” with the goal of overthrowing his Justice and Development (AK) party government. Until his fall from grace, the preacher was AKs unofficial ally. Critics say Gulenists in the security forces and the judiciary helped to forge evidence against hundreds of Turkish army officers charged with fomenting a coup.这次逮捕行动意味着埃尔多安和葛兰以及他的追随者之间不断的战争正式升级。他坚称葛兰和他的同党们以推翻他的正义与发展党政府为目标,建立了一个“平行政府”。但是在葛兰失去宠信之前,他一直是AK党非官方的盟友。批评家认为潜伏在安全部队和司法机构中的葛兰派人士伪造了大量据去诬陷那些土耳其军官煽动政变。Thousands of them have now been arrested or purged on similar charges. A power struggle between AK and the Gulenists erupted a year ago when a corruption probe implicated Mr Erdogans inner circle. Mr Erdogan quashed the investigation, reassigning the prosecutors and police involved and vowing to destroy the “fake prophet” and his flock. His targets included Bank Asya, an Islamic finance house. Public trading in Asya was suspended three times and government-linked firms withdrew deposits. The banks assets shrank by 40% in the first nine months of 2014. “Anyone who pisses off the president is a potential target,” comments one banker.现在,成千上万的葛兰派人士因相似的罪名遭到逮捕或监禁。这场“权力之争”源于一年之前,一起腐败调查牵涉到埃尔多安的核心集团。埃尔多安当时就叫停了这次调查,并且重新指任了所有涉及的检举人和警方人员,并且立誓要消灭那些“骗子”和他们的党羽。他的众多目标中还包括了一所伊斯兰教金融机构—土耳其。政府三次暂停该的公开交易业务,与政府有关的公司也撤出在其中的资产。2014年的前9个月中该行的资产下滑了40%之多。一位从业者表示“所有惹恼总统的人都可能被盯上。”The case against the journalists, including Ekrem Dumanli, editor of Zaman, Turkeys biggest daily, is hazy. Istanbuls prosecutor, Hadi Salihoglu, said warrants had been issued against 31 people on charges of “establishing a terrorist group”. Turkish newspapers say they are accused of conspiring against a rival Islamic fraternity whose leader was arrested in on charges of belonging to al-Qaeda. Mr Gulens instructions to followers to move against the group were reportedly given in coded language in Zaman and “Tek Turkiye”, a nationalist soap opera aired on Samanyolu, a Gulenist television channel.这次针对记者的逮捕让人非常疑惑,包括土耳其最大的日报——Zaman日报主编Ekrem Dumanli 在内的很多人都被卷入其中。伊斯坦布尔的检察官Hadi Salihoglu表示已经有31人被批准以“建立恐怖组织”的罪名起诉。土耳其的新闻媒体表示他们因筹建一个像之前伊斯兰兄弟会这样组织而被起诉,后者的领导人在年因被指控与基地组织有关系而遭到逮捕。据报道,葛兰在Zaman日报和以萨马为背景的Tek Turkiye(土耳其国民级电视剧)中,通过一些“密语”来给他的追随者们传递指令。Mr Erdogan has become more paranoid since the Gezi Park protests of June 2013. He blamed a global “interest-rate lobby” of Western bankers, foreign spies and media wanting to oust AK. The Gulenists have been added to the lobby; the graft scandal is just another arrow in its quiver. Now the EU, which Turkey supposedly wants to join, seems to be on the list, too.埃尔多安在2013年6月的Gezi广场抗议之后变得更加偏执。他将一切归咎于妄图推翻AK党的西方家,外国间谍和一些媒体的“利率游说团”。葛兰派已经“加入”了这一群体,诬陷只是他箭筒中的另一箭羽而已。而现在,土耳其一度想要加入的欧盟似乎也成为了“猎杀名单”上的又一目标。译者:曾擎禹 校对:胡雅琳 译文属译生译世 /201501/352115Scottish finance苏格兰财政A case of the jitters人心惶惶As the Scottish referendum nears, capital takes fright苏独公投逼进惊扰资金流动BEFORE this week many investors and money managers had dismissed the possibility that Scotland would vote to leave the ed Kingdom on September 18th as too remote to worry about. But then came a poll by YouGov for the Times newspaper showing that support for independence had risen sharply. And so all the well-rehearsed uncertainty over an independent Scotlands economic and financial arrangements is beginning to feel rather less theoretical, and more urgent.在本周之前,许多投资人以及基金经理都排除了在9月18号的独立公投上苏格兰会脱离英国独立的可能性,因为他们认为离这事儿还早无需担心。然而由尤格夫(YouGov)组织并刊登在泰晤士报上的民意调查显示持(苏格兰)独立的人数有显著的上升。此外,所有针对独立后的苏格兰的经济与财政安排的讨论都开始变得越来越具体化,并且愈发的紧迫了。Most jittery are banks, pension funds and other businesses with significant cross-border interests. Polls from the Scottish Chambers of Commerce have shown in the past that 10% of firms have considered moving away from Scotland if the country votes to go it alone, that a further 8% have definite plans to move and that 5% would expand their English operations or set up an English company. More such businesses have spoken openly as the referendum nears. Standard Life, an insurer, has said it has drawn up contingency plans to move south in the event of a “Yes” vote. It has been widely reported that Lloyds Banking Group, which owns Bank of Scotland, would shift its headquarters from Edinburgh to London as well.、养老基金以及其他与跨境利息息息相关的行业因此深感不安。之前苏格兰商会的民意调查显示,如果公投决定独立,有10%的公司将会考虑搬离苏格兰;8%的公司将会有搬离苏格兰的明确计划;另外还有5%的公司表示将会扩张他们的英国分公司或者在英国另设新公司。随着公投的脚步临近,更多公司公开发表此类言论。保险公司标准人寿也曾表示已经起草好了迁往南方的应急方案以备公投赞成独立的结果出现。曾有铺天盖地的报道称,苏格兰的母公司英国劳埃德表示同样也会将其总部从爱丁堡迁至伦敦。Douglas Baillie, a pensions expert, says that clients from south of the border are ringing up, worrying about the future of their pension and life-assurance policies held in the likes of Standard Life, Scottish Widows (owned by Lloyds) and Aegon (formerly Scottish Equitable). All are Edinburgh-based and among the largest pension funds in Britain. English investors want to know whether they would still be paid in pounds, says Mr Baillie. They also worry that they would no longer have any sway through the ballot box over the tax regime governing their pensions. If Scotland votes to leave, warns Mr Baillie, the flow of pension money into the Scottish-based insurance companies from outside Scotland may well dry up. And there would be transfers out, to English-based companies. “They will run for cover, to a safe haven,” he says.养老金专家道格拉斯·贝利称,从边界南部来电咨询的客户络绎不绝,他们十分担忧自己养老金的未来以及人寿保险政策的变化,因为这些都掌握在诸如标准人寿、苏格兰寡妇(属于劳埃德集团)以及全球人寿保险公司(其前身为苏格兰公平公司)之类的金融机构手中。这些机构的总部基本都设在爱丁堡,并且养老基金规模数全国前列。贝利称,英国的投资者们想要知道这些机构是否还能以英镑的形式进行付。他们还担心自己再也不能通过投票箱影响决定着他们养老金多少的税收制度。贝利还警告道,如果苏格兰投票脱离英国,总部位于苏格兰的保险公司将会失去从苏格兰外部涌入的养老金资金流。并且还会有资金从这些公司流出,并流入总部设在英国的公司。“他们只能四处奔走寻求帮助,去寻找一个安全的港湾,”贝利说道。This fear of capital flight is most worrying. The share price of Lloyds slid slightly after YouGovs poll was released. The pound has fallen slightly, too, although this cannot be attributed entirely to worries over the referendum. One senior banker, Bill ONeill of UBS Wealth Management, says that the markets have moved from pricing Scottish independence at a “one in six chance to about one in four”, and that some money has aly been moved out of Scottish bank accounts and assets, mainly by clients with self-invested pensions worried about company stocks exposed to Scotland. But for the time being this is merely “precautionary”, he says. Another wealth manager, Bryan Johnston of Brewin Dophin, says his clients are also seeking advice on precautionary measures in case of a “Yes” vote. Investors are taking out derivatives to hedge against volatility in the pound and equities.资金外流问题是最令人担忧的了。尤格夫(YouGov)的民意调查公布之后,劳埃德的股价有了轻微的下滑。英镑的汇率也有所下跌,尽管这不能完全归咎于民众对公投结果的担忧。一位高级家,来自瑞银财富管理的比尔·奥尼尔(Bill ONeill)称,市场对苏格兰独立可能性的猜测已经从“六分之一上涨至四分之一”,同时还有许多资金以及资产早已从苏格兰的账户中转走,这些资产的持有人大多是自有投资个人养老金的人,他们十分担心公司股票将会完全受控于苏格兰。不过目前这样的行为也仅仅只是“预防措施”而言,他说道。另一位财富经理,来自Brewin Dophin的布莱恩·约翰斯顿(Bill ONeill)称,他的客户同样也在咨询苏格兰独立后的预防措施。投资者纷纷拿出金融衍生工具来规避英镑和资产波动带来的风险。If the prospect of a departure worries bankers and investors, of course, an actual one would cause enormous upheaval. Nationalists have set a date of March 2016 to separate from the ed Kingdom. That is probably too ambitious. However long the negotiations take, they will be tortuous and ill-tempered. Almost everything, from currency to nuclear weapons, would be on the table, making for a fluid, uncertain picture. Expect the jitters to continue.如果说光是对独立前景的预期就愁坏了家和投资者,那么等独立真正到来的一天定是会造成巨大的社会动荡。民族主义者们将2016年的3月设定为苏格兰脱离英国的独立日,这个日期可能太雄心勃勃了点。但是不管协商的过程会持续多久,其道路都会是崎岖的,也许辩论中途还会出现恶语相向。从货币到核武器,几乎所有的事情都将会摆上桌面谈,为了达成一个既不固定也不确定的共识而努力。唯一确定的是,动荡还会继续。译者: 朱大素 校对:徐珍译文属译生译世 /201601/422017

  

  

  Cartel-busting商业组织联合体机制正被打破Boring can still be bad无趣之势依旧呈现糟糕状态Market-rigging in unsexy industries costs consumers a lot. More can be done to detect and deter it.无聊行业在操纵市场方面使得消费者耗资巨大。对此,政府可以施行更多的措施检测和阻止这一现象的发生。MENTION price cartels and many people will think of big, overt ones like the one OPEC runs for oil and the now-extinct one for diamonds. But at least as damaging are the many secret cartels in such unglamorous areas as ball-bearings and cargo rates, which go on unnoticed for years, quietly bumping up the end cost to consumers of all manner of goods and services.提到价格垄断,很多人会想到一些大型和公开明显的垄断企业,如欧佩克石油输出国家组织以及现今已经退出市场的钻石垄断公司。然而,至少在单调乏味的领域,有很多秘密运营的垄断企业,诸如轴承和货运费率领域里也同样具有损害性,这些企业数年未被关注,最近在各大产品和务方面,迅速增长其对客户的所需产品和务的首尾成本。Collusion among producers to rig prices and carve up markets is thriving, with the cartels growing ever more intricate and global in scope. Competition authorities have uncovered several whopping conspiracies in recent years, including one in which more than 20 airlines worldwide had fixed prices on perhaps 20 billion of freight shipments. They were fined a total of 3 billion; and so far the compensation claims from ripped-off customers comfortably exceed 1 billion. One academic study found that the typical cartel raised the price of the goods or services in question by 20%. Another suggested that cartels were robbing poor countriesconsumers of tens of billions of dollars a year: if so, negating all the aid that rich countriesgovernments send them.随着卡特尔垄断更为复杂地增长并且呈全球范围扩展的趋势,生产者共同谋求操纵以及划分市场的现象正逐渐兴盛起来。竞争当局发现近年来存在一些巨大的阴谋,包括超过二十多条的国际航线之一的一家公司,私定200亿元的货物装运价格。他们因此被处以30亿元的罚款;并且到目前为止那些确定为敲消费者竹杠的公司被处以的赔偿金超出了10亿元。一个学术研究表明典型的卡特尔垄断使得有疑问的商品和务增长了20%。另一个研究表明卡特尔垄断是从贫困国家的消费者中剥夺了他们平均一年上百亿美元的钱财:如果正如这样所说,否定所有富有国家政府对他们施行的援助是有道理的。Investigators are still unravelling a huge global network of cartels among suppliers of a wide range of car parts. Makers of seat belts, radiators and foam seat-stuffing have had hefty fines slapped on them. Earlier this month the European Commission fined five makers of automotive bearings a total of 953m (1.32 billion). This week its investigators raided a bunch of makers of car exhausts. Also in recent days, Brazilian prosecutors have charged executives from a dozen foreign train-makers accused of rigging bids for rail and subway contracts in the countrys main cities. Price-fixing has infected high finance, too. Some of bankings biggest names stand accused of fiddling interest-rate and foreign-exchange benchmarks.研究调查者仍然在试图解决一项关于大量汽车零部件供应商的巨大国际垄断网络问题。汽车座位安全带、散热器和泡沫座位填充物的生产者,已经被处以了巨额的罚款。这个月早些时候,欧洲委员会对汽车轴承的制造商处以了总计13.2亿元的罚款。这个星期,调查者们突袭了一群汽车尾气的制造商。并且在最近几天,巴西的告发者起诉了十几个国外火车制造商的高管,缘由是他们在国家主要的城市垄断铁轨和地铁合同的竞标。操纵价格也已经同样影响到了巨额的投资。的大腕们也面临着人们对其摆弄利率和基准的指责。The good news is that enforcement has got tougher, smarter and more co-ordinated. Gone are the days when price-fixers got a slap on the wrist. Firms can expect swingeing fines, and bosses can go to jail. Since many cartels now operate across borders, so do investigators: American and Japanese trustbusters joined forces to flush out the car-parts cartels. And incentives for whistleblowers have also increased: around 50 countries now offer immunity or reduced penalties for snitches.好消息是,执法方面变得更为严格,更加智能,也更为协调。价格固定器被撞到腰的日子一去不复返了。企业可以预期被处以巨额的罚款,老板可能会进监狱。由于许多卡特尔垄断组织从事跨国经营,调查者们也同样是跨国合作的:美国和日本的反托拉斯者联手改变汽车零部件垄断现象。并使举报人的奖励也得以增加:约50个国家现在规定提供豁免权或对打小报告减少处罚。That is all for the better, but the penalties for price-fixing remain too mild. The best study of the issue so far concluded that, given the still-low risk of detection, collusion pays. Yet beyond a certain point—which the fines now imposed by American and European regulators have probably reached—fines inflict so much damage on guilty companies that they undermine competition instead of enhancing it. The answer is stiffer prison sentences, particularly for senior executives. American courts, only too y to lock up other types of miscreants for a long time, have rarely jailed egregious price-fixers for anything like the maximum of ten years that the law allows. Other countries have even more scope to increase sentences.这是为了能够使得情况有所好转,但是对于操纵价格的处罚仍然过于温和。这个问题的最好的研究,就是到目前为止的结论是,鉴于检测仍低风险,共谋会付出代价。然而,除这点之外,现在由美国和欧洲监管机构处以的罚款可能已经达到——罚款对于有罪责的公司所造成的破坏,相比提升其竞争力而言,反而削弱了该公司的竞争力。就是严厉的监狱刑,特别是对于高级管理人员的处罚。美国法院很愿意关押其他类型的歹徒达更长的时间,他们很少对过分的价格制定者实行监禁,比如法律所允许的最长可达十年的监禁期。其他国家拥有更多的增加刑罚的范围权限。Buy some geeks购买一些技术型极客More can be done to aid detection, too. Statistical tests to “screen” markets for unusual pricing patterns helped uncover the interest-rate and foreign-exchange scandals. Potential conspirators may think twice if they suspect their market is being screened. European and Latin American trustbusters are making good use of the technique; their American counterparts should do so, too. Deploying such cutting-edge technology is costly; and increased funding is a big ask at a time of public-sector parsimony. But cartel authorities in Europe and America generally bring in far more than they cost to run, so extra money pushed in their direction is likely to be well spent.同样也有更多可以帮助检测的办法。统计测试表明屏蔽市场不寻常的定价模式有助于揭开利率和外汇丑闻。如果潜在的阴谋者他们怀疑自己的市场被屏蔽,可能会三思而后行。欧洲和拉丁美洲的反托拉斯人员正利用该技术;他们的美国同行们应该也这样做。部署这种先进的技术是昂贵的;而增加的资金对公共部门而言,每次都是一个很大的要求。但在欧洲和美国卡特尔当局通常会远远超过他们的成本运行,因此多余的钱促使他们朝着自己的方向,用得其所。Another way to discourage the formation of cartels is to factor the increased risk of collusion into scrutiny of proposed mergers. Price-fixing is likelier, and easier to sustain, with fewer players. This could never be the primary determinant in competition decisions, but it should be in the mix. Blocking a few more mergers—whose benefits anyway tend to be over-egged—might both save companies from themselves and spare their customers the costs of collusion.另一种方法来阻止卡特尔的形成,是官商勾结因素的危险性增加,被作为合并建议的审查考虑在内。操纵价格是更有可能的,并且更容易维持,只需要较少的参与者。这不可能是竞争决策的主要决定因素,但它应加以进行混合调整。阻止少数几个兼并者——这种行动所带来的收益往往是在过度怂恿之下促成的—这样既为企业节省了他们自己的开,也使得企业对客户活动追踪的成本得以减少。译者:肖登怡 译文属译生译世 /201506/381629。

  Healthy snacks in Japan日本健康零食The joy of soy黄豆欢歌Defying Western food imperialism小黄豆不畏西餐帝国主义If you want to learn how to live longer, look at the people of Okinawa, a string of islands in south-western Japan. Raised on a diet of fish and soyabeans, their life expectancy is among the highest on Earth. There is a natural control group; many Okinawans fled to Brazil and Hawaii after the second world war, where they switched to a meatier diet of steaks and burgers. All have been studied regularly by Japanese researchers over the past three decades to prove that a soya-rich diet can prolong life. Now it is time for the taste test: can a healthy bag of soya nibbles sweep the fatty potato snack off the table?想知道延缓衰老的秘籍,不妨学学冲绳岛的原住民。冲绳岛群岛位于日本西南部,岛上居民自古以鱼和大豆为食,平均期望寿命居全球之首。二战结束后,许多冲绳人逃亡至巴西和夏威夷,饮食习惯也入乡随俗,改为以牛排和汉堡为主的肉食;这些冲绳人便成了天然的对照组。日本研究学家为明富含黄豆的饮食能延缓衰老,在过去的30年里一直对两组人群做定期研究。如今到了测试口味的时候:健康小黄豆是否能取代高脂土豆零食,成为桌上新宠?Kaoru Yamada, a young food specialist at Otsuka Pharmaecutical, a Japanese drug company, has risen to the challenge. She dislikes the taste of soya, so she invented a lightly baked soya pastry that tastes of cheese, is crispy, has soyabeans rattling inside it and can sit on a desk—or even on a bar—for months without going soggy. Called SoyCarat, her creation went on sale in Japan this month. Otsuka, which also produces a big-selling health drink called Pocari Sweat, sees it as part of a counter-offensive against Western snacks that are making Asians fatter.日本大塚制药株式会社的青年食物专家山田薰已着手应战。山田因为不喜欢黄豆的味道,故特意研发出了一款奶酪味黄豆酥。这款名为SoyCarat的黄豆酥经低温烘焙而成,内含嘎吱黄豆,口感松脆。在台面或柜台上存放数月也不会受潮变软。山田的新发明将于本月在日本上市。亚洲人在西式零食的影响下日趋肥胖,生产热销运动饮料宝矿力的大塚制药则将SoyCarat视作西式零食大反攻行动的一部分。The science is compelling: research, albeit part-sponsored by Otsuka, suggests that eating soya protein quickly lowers blood pressure, reducing the risk of cardiovascular disease. The company notes that the average American eats less soya in a year than the average Japanese eats in a day. Otsuka is not alone in Japan in trying to use science to sell consumer products: for instance, Uniqlo, a clothes retailer, sells hi-tech underwear that it says makes sweat dry quicker.科学研究显示,摄入大豆蛋白能迅速降低血压、减少心血管疾病发病率。虽然大塚制药是该研究发起人之一,但科学研究总能令人信。公司指出,日本人日均大豆食用量高于美国人年均摄入量。在日本,利用科学研究推销产品的公司大有人在,大塚制药绝非独家——装零售商优衣库就在推销一款号称能超速吸汗的高科技内衣。But the marketing may be a problem. Sophisticated diners insist that soya is scrumptious, but others vehemently disagree. Gary Larson, a cartoonist, once drew three disgusted lionesses spitting out the wobbly flesh of “a tofudebeest—one of the Serengeti’s obnoxious health antelopes”. It struck a chord.然而,将新产品推向市场或将不会一帆风顺。精明的食客们坚称豆制品美味至极,但其他人却强烈反对。漫画家加里.拉尔森(Gary Larson)画过这样一幅漫画:三头母狮们厌恶的相继吐出口中摇晃着的块块鲜肉,因为它们捕到的是“塞伦盖蒂最令人作呕的健康羚羊——豆腐羚”。该漫画引发了公众的强烈共鸣。SoyCarat’s brand name is tricky: whatever the spelling, it evokes the idea of two things children shun and adults munch only reluctantly. Perhaps it should be portrayed as something laid back and Okinawan instead, like a bar snack. After all, what could be better than a life-enhancing glass of Orion beer in one hand, and a life-extending bag of soya snacks in the other?SoyCarat这个品牌名本身就很复杂——无论soy和carat怎样组合,总会让人想起“黄豆”和“克拉”这两种小孩避而远之,大人勉强食之的东西。或许应该将它描述成具有冲绳风情,在酒吧吃的那种休闲小零食。毕竟,还有什么能比一杯增加生命宽度的Orion啤酒,一袋增加生命长度的黄豆小食更惬意的呢? 翻译:王葭苇译文属译生译世 /201606/451253

  Scottish engineering苏格兰的工程From ships to satellites从轮船到卫星的发展How high-end engineering escaped industrial meltdown高端工程如何在崩溃的产业中逃过一劫Box me up Scotty把我组装成箱,苏格兰人SCOTLAND may not have broken off from Britain last year, but at least it got into space. Overshadowed by the ballyhoo over the referendum, the first satellite built in Scotland, UKube-1 (pictured below), was launched. The same dimensions as a boxed bottle of whisky, it was assembled on the banks of the river Clyde in central Glasgow by the countrys first satellite manufacturer, Clyde Space. It is but one example of Scotlands surprisingly healthy engineering industry.苏格兰去年未脱离英国,但至少进了太空。它大肆宣扬全民公决独立与否一事,声势之大,盖过其制造的第一颗卫星UKuble一号发射太空。该卫星大小与威士忌装盒相同,由英国首位卫星制造商克莱德航天公司在格拉斯哥中部的克莱德河河岸上组装而成,是苏格兰唯一健康发展的工程。The clean room where Clyde Space makes its satellites affords an excellent view of Govan, once a centre of world shipbuilding and now a reminder of how quickly huge industries can collapse. Rather than trying to build everything, therefore, as the Clyde shipyards used to, Craig Clark, the founder of Clyde Space, is trying to master one small, but growing, niche of his industry. He builds only the smallest satellites, often costing as little as ,000 (33,000) each, and also makes parts for bigger ones. The company was the first such to sell its products online. Mr Clarks firm, which employs 45 people, turned over 3m this year, and expects to double that next year.克莱德航天公司制造卫星的地方宽敞明亮,可以欣赏到高湾的美景。高湾曾是世界轮船制造中心,而如今只是庞大工业迅速崩溃的受害者。因此,克莱德航天公司创始人克雷格·克拉克努力掌握航天业中不断发展的小众业务。他仅制造微小型卫星,每颗的花费通常只有5万美元(3.3万英镑),同时还制作稍大卫星的零部件。该公司是同行中首个在网上销售产品的公司。克拉克的公司共有45名职工人员,今年的营业额为300万英镑,预计明年营业额翻一番。A few big engineering firms remain in Scotland, such as Babcock Marine and Thales, both of which supply defence equipment. But most of the countrys 7,500 engineering companies belong to a long, thin tail. Often family-owned and generations old, the best of them combine technological savvy with a strong entrepreneurial spirit. Often, they are niche manufacturers to the world.苏格兰仍有柏布考克海事集团(Babcock Marine)、泰利斯(Thales)等一些大型工程企业,这两家企业皆销售国防设备。然而,在英的7500家工程企业中,大部分都不成气候。而其中的精英往往是世代相传的家族企业,它们将技术方面的悟性与强烈的企业精神进行结合,往往是世界上精准定位的制造商。One such is Castle Precision Engineering, in south-west Glasgow. It started out in 1951 making machines for the giant local Singer sewing-machine factory, then moved into car parts, medical equipment and aerospace—now its biggest market. On March 9th it created the fastest wheels ever made, for the “Bloodhound” car that will try to set a new land speed record next year. The wheels are strong enough to take a driver to 1,000mph in 55 seconds, rotating 177 times a second.格拉斯哥西南部的城堡精密工程公司即为其一。该公司始创于1951年,为当地胜家牌大型缝纫机厂生产设备,之后转向汽车零部件、医疗设备以及现在最大的市场——航空航天产品的生产。3月9日,该公司为“寻血猎犬”汽车制造出史上最快车轮,该车明年将倾力创造陆地行驶速度的新纪录。车轮功能强大,汽车完全可以在55秒内达到1000英里的时速,且车轮每秒旋转177次。In one respect, these firms are exceptions to the British rule. In a kingdom with a balance-of-trade deficit in goods amounting to fully 10 billion a month, they are fierce exporters. Castle sends about one-third of its wares abroad. Another niche firm, Clark Tracks, which makes caterpillar tracks for forestry vehicles, sells 90% of its products to Europe. Overall, engineering and technology companies account for over one-quarter of Scotlands exports.一方面,这些企业不符合英国的规则。英国的商品贸易逆差每月高达100亿英镑,而这些企业的出口量极大。城堡公司三分之一的商品出口国外,另一家小型公司Clark Tracks(克拉克履带公司)生产林用车履带,其中90%的产品销往欧洲。总体而言,工程技术公司占有苏格兰出口量的四分之一。But in another way they illustrate a familiar weakness in British industry. The countrys firms tend to remain small or medium-sized—smaller than the German Mittelstand of export-orientated businesses. Even before the financial crisis Scotlands small engineering companies found it hard to raise money locally to expand. Some looked overseas instead. Clark Tracks was bought in 2007 by a Swedish company. The defence giant Thales acquired the illustrious old Glaswegian firm of Barr and Stroud in 2000. Its factory, now employing about 700 people, still specialises in submarine periscopes and optronics for the military.但另一方面,这些企业自身具有英国工业的普遍缺陷。英国企业往往保持中小型规模,但小于德国中小型出口企业。金融危机爆发之前,苏格兰的小型工程企业发现难以在当地筹集用于扩大规模的资金。有些企业将目光转向海外。2000年,国防设备生产大户泰利斯买下格拉斯哥著名老牌公司斯特劳德,其工厂现有700名工人,继续从事军用潜艇潜望镜和光电产品的专项生产。2007年,瑞典一家企业收购Clark Tracks。Now change is coming to Scottish engineering, via the North Sea. The oil and gas industry is both a blessing and a curse for engineers. It is a big market for their products, but it also competes fiercely for labour. Glasgow-based companies complain about the shortage of skilled workers even more than do firms elsewhere in Britain. Yan Tiefenbrun, the boss of Castle, got involved in the Bloodhound project to create publicity, hoping talent would be drawn to his apprenticeship scheme. The current woes of Aberdeens offshore industry, facing tumbling oil prices and squeezed margins, could be a boon for the countrys other engineers.但是,苏格兰工程即将借助北海迎来转机。油气工业对工程商来说是福亦是祸。这一巨大市场可用来销售其产品,但对于劳动力的竞争也很激烈。在格拉斯哥,投诉技术工人无法胜任工作的企业数量居全国之首。城堡公司老板Yan Tiefenbrun为了提高企业知名度,参与了“寻血猎犬”工程,同时希望为其学徒计划招揽人才。亚伯丁海上石油开采业当前面临油价下跌、收益缩水,它们的祸可能是英国其他工程商的福。翻译:石海霞 校对:周雨晴 译文属译生译世 /201503/366029

  

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