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深圳伊斯佑整形光子嫩肤多少钱深圳光子祛斑多少钱Al right.so we have the Haunted Hallway back there.好的 我们在后台有恐怖长廊And weve sent audience members thought it,weve sent some of our guests through it,and ive been talking about this,and Portias constantly saying,I dont know why people get scared.我们让一些观众进去过 也让一些嘉宾进去啦 我经常说起这些 portia不断的说 我不明白为什么人们会被吓到yeah, i mean ive been watching it for the whole month,and i just didnt...I couldnt understand why people would get scared,这一整月我一直都在看 我就是 我不明白为什么人们会被吓到cause you know whats gonna happen,you know that people are gonna jump out,and...lets see how you handled it then. lets have a look.你明明知道会发生什么 你知道有人会突然跳出来然后... 我们来看看你怎么面对的 看一下Ok,now come to it.Oh,scary black curtain.All right. Fine.好的 我要进去了 哦 吓人的黑帘子 好了 还行Youre gonna jump out at me? Nope.Didnt get scared,not once.你要跳出来吓我么 没有 没被吓到 一次都没有I think I made it, I think Im through.Oh,god. Oh.我觉得我做到了 应该是通过了 哦 天呐Are you all right?Yeah, its a good part.你还好吧 还好 这点很不错And then urr...Oh,boy.然后 天呐I hate this place, Im getting out of here.我讨厌这个地方 我要出去Well... pretty great,pretty great.这个 很棒 很棒Kinda scary.有点吓人注:EllenShow中英字幕来源于:艾伦秀字幕组 /201310/261042深圳去胎记一般要多少钱 Most flies dont havethe ability to hear.大多数蝇类其实并没有听觉能力。Certain parasitic flies have a hearing system that is so exact inpinpointing a sounds origin that it rivals the exceptional ears of owls and cats.然而寄生蝇却拥有能够与猫头鹰和猫媲美的听觉系统,可以精确定位声音来源。This flys superb hearing surprised scientists because its tiny body is too small to use the same kindof hearing system that larger animals use.寄生蝇的这种超强听力让科学家十分吃惊,因为它的身躯太小,按常理来说应该无法像较大型动物那样使用同样的听觉系统。And yet they discovered that the fly was using its hearing to locate the chirps of crickets in order to then deposit parasitic larvae onto the cricketsbodies.但是科学家们发现,寄生蝇可以通过自己的听觉定位蟋蟀的叫声,然后将寄生卵注入其体内。What they found was unlike any other known ear structure, this flys eardrums are connected bya bridge of stiff material.科学家们发现寄生蝇的耳朵结构与其他生物不同,它们的耳膜由一种硬质材料链接。Vibrations that travel between the two eardrums enable the fly to pinpointthe origin of a sound as accurately as any other sound system we know of.耳膜间的震动使寄生蝇能够定位声音来源,其效果堪比我们知道的任何其他声音系统那样精确。And whats more, this flys exceptional hearing system is influencing microphone and hearing aidtechnology.不仅如此,寄生蝇超凡的听觉系统对扩音器和助听技术也能产生影响。For instance, it could lead to hearing aids that hide within a persons ear canal and yetare able to gather sound primarily from the direction the listener is facing.比如,科学家可以借此研制出放在人类耳朵的助听设备,使其能够接收听者所面对方向的声音。 /201406/302919Good day. Nice to meet you. Pardon? I guess some people do like to use the word thank you a lot. Another word we like to use often is cheers. That can be quite confusing because we also say cheers when we clink glasses. And in some English speaking cultures, people say cheers instead of goodbye. A shortening for cheerio. Cheers.不错的一天。很高兴与您见面。请原谅?我想喜欢用“thank you”这个词的人应该很多。另一个我们经常用的词是“cheers”。因为人们经常在碰杯的时候说“cheers”,所以这很容易让人困惑。且在有些英语文化中,人们用“cheers”代替“goodbye”。“cheers”是“cheerio”的缩写。Today many go around the streets quarter dressed; people snack when and where they like: walking in the streets, sitting on the Tube or in buses. Ours could not be called a respectful society.如今,大街上人们的穿着越来越暴露,人们随时随地都在吃东西:走在大街上吃,坐在地铁里或公交上吃。我们的社会不再是互相尊重的社会。Some argue that many people in Britain have become disrespectful. And it is especially young people who are disrespectful. So who is to blame? Suzy Hayman runs a charity for parents called Parent Line Plus. This is what she has to say about bad manners in Britain.有些人认为许多英国人变得很无礼,年轻人表现地尤为明显。那么是谁的责任呢?苏西·海曼经营着一家倡导双亲家庭的慈善机构,它被叫做“Parent Line Plus”。以下就是她对英国人的不文明习惯的说法。There isnt that much change from 50 years ago, its just that we now hear about it more. But I think that one thing that is different, of course, is the pressures on a lot of parents about work and about split families. And that there are a lot of parents who are absolutely struggling.这与50年前相比没有太大变化,只不过我们所听到的越来越多。当然,我想有件事是不同的,那就是来自工作和家庭分裂的压力。许多家长正在为此而竭力挣扎。Sue Kirkham is a head teacher of a school. This is what she thinks.苏·柯卡汉姆是学校的校长。以下是他对此的看法:I think young people now are spending more time with children their own age and less time in social settings, whether it be in the family or the community, where youve got mixed age people. And the demise of the family meal, and I think that is an important point, is one aspect of this.我认为现在的人与同龄人在一起时间更多,与社会其它年龄段的人士打交道较少,不论是对于混龄的家庭还是社区来说都是如此。我想家庭聚餐的减少主要因为这一点,这是一方面。原文译文属!201307/246501深圳伊斯佑整形美容医院光子嫩肤多少钱

深圳第二人民医院脱毛手术多少钱深圳宝安鹰钩鼻驼峰鼻翘鼻鞍鼻多少钱 German beer德国啤酒Pure, cheap and a bit dull纯正、实惠、些许沉闷Brash Americans plan to froth up Germanys staid brewing business急性子的美国人正准备让德国古板的啤酒酿造业“冒泡”Quality, quantity but not much variety质量、数量,但没有太多的花样THE dirndl-clad waitress bringing huge mugs to Lederhosen-wearing revellers at Oktoberfest is an image that, like none other, shows how central beer is to German culture. The national brewers association declares Germany “European Champion”. It brewed 94.4m hectolitres last year, beaten only by China, America and Brazil.身穿传统连衣裙的女侍应,正为身穿皮短裤的慕尼黑啤酒节狂欢者们带来了巨型啤酒杯,而这独一无二的景象就像是在告诉大家,对于德国文化来说啤酒有多么地重要。全国酿酒商协会宣布,德国夺得了“欧冠”:去年,德国啤酒厂商共生产了94.4亿升产品,仅次于中国、美国和巴西。But the truth is that Germans are going off their ale. At unification in 1990, annual consumption averaged 148 litres per head; last year it was just 107 litres. Instead, they are turning to wine, which has a higher status. Connoisseurs think there is another reason for falling sales: that so many German beers are bland and indistinguishable. The country has many tiny breweries whose ales can only be had locally. Some, like the smoked beers of Bamberg in Franconia, are distinctive. But many of the small fry competently but predictably turn out a narrow range of flavours.然而,事实上却是德国人正逐渐抛弃自己国产的啤酒。在1990年两德统一之时,德国人均年啤酒消费量为148升;而去年该指标仅为107升。相应地,他们正把目光投向葡萄酒,而后者的地位要比前者高得多。酿酒业的行家们认为令销量下降的原因还有一个:大部分德国啤酒的口味都很平淡,让人无法区分开来。德国国内有许多微型啤酒厂商,产品仅在本地供应。一些像是弗朗克尼亚产区的班贝克烟熏啤酒,则是口味独特的代表。但大部分小型酿造商都只能胜任地生产大家所熟悉了解的,变化不多的口味。Rory Lawton, an Irish beer expert in Berlin, thinks Germanys Reinheitsgebot, or beer-purity law, is discouraging innovation. The 1516 law was intended to make it easier to tax beer, through levies on its permitted ingredients: malted barley, hops, water and, later, yeast. Centuries on, brewers began using the Reinheitsgebot as a marketing tool to promote their products as pure and authentic. If anything else is put into a brew made in Germany it cannot be called Bier, but must be labelled “alcoholic malt drink”.身处柏林的爱尔兰啤酒专家Rory Lawton认为,德国所制订的啤酒酿造《纯净法》(Reinheitsgebot)有碍于行业创新。这部于1516年实施的法案意图让啤酒税的征收变得更加简单,其方法就是针对啤酒原料来征税。该法案明确规定厂商只允许用四种成分来酿造啤酒:麦芽、啤酒花、水,以及后来加入其中的酵母。几百年之后,啤酒厂商开始用《纯净法》作为市场推广的武器,来标榜自己产品的纯正和经典。如果一款在德国境内制造的啤酒加入了另外的原料,那么它不能被称为啤酒,只能贴上一个“酒精麦芽饮料”的标签。Today, the link between quality and the purity law seems strange outside German brewing circles, since the restriction on experimenting with ingredients has meant that the country has largely missed out on the American-led “craft beer” craze. Germanys beer exports have been flat since 2007, whereas imports of more varied foreign beers have climbed. In America, consumption of the watery swill that passes for beer is falling, but the trade body for craft brewers reckons their sales rose by 17.2% in 2013. Two of Germanys small neighbours, Belgium and Denmark, are also turning out exciting new brews.如今,走出德国酿酒产业圈外,我们可以发现啤酒品质与《纯净法》的关联似乎成了件怪事。由于国内行业对原料酿造实验的限制,德国已经很大程度上错过了美国厂商带领下风靡全球的“啤酒工艺”狂热。自2007年开始,德国啤酒出口量一直在下降,然而对各种风味的外国啤酒进口量则节节攀升。2013年,“味淡如水”的啤酒销量在美国处于下跌状态,但“精心酿制”的风味啤酒厂商则取得了17.2%的销售量上涨。德国人的两位邻居,比利时和丹麦,也同样地推出了令人惊讶的新风味啤酒。Heiner Müller of Paulaner, the Munich-based maker of Germanys most popular Hefeweizen, argues that the Reinheitsgebot is needed because German consumers expect it. It need not be an obstacle to diversity: the varieties of hops, malt, yeast and other factors like temperature could produce over a billion beers, he says. But German brewers have largely stuck to a few traditional styles. For instance, it is hard to find porters and stouts, or the hoppy, high-alcohol brews now popular on Americas west coast.来自普拉纳的Heiner Müller,是一位生产德国最受欢迎的小麦啤的厂商,其公司总部位于慕尼黑。他表示,《纯净法》的必要性在于,德国消费者希望喝到纯正的啤酒,而且该法案也不会必然阻碍着多样性:各式各样的啤酒花、麦芽、酵母,以及其他一些因素如温度等,都可以酿造出成千上万种啤酒。然而,一些传统风格很大程度上阻碍了德国厂商的脚步。例如,在德国很难看得到波特啤酒、烈性啤酒,或是“啤酒花苦味啤酒”,一款目前在美国西海岸十分流行的高酒精度啤酒。Greg Koch hopes to change all this. His Stone Brewing is Americas tenth-biggest craft brewer, with sales last year of 7m. On July 19th it said it will invest m in a new brewery and restaurant in Berlin—the first brewery in Europe to be owned and run by an American craft brewer. Can Stone convince German palates to adapt to flavours like its Sublimely Self-Righteous Black IPA? Mr Koch says he did the same amount of market research he had done previously in America: “Zero.” He es Steve Jobs, Apples late boss, to the effect that customers do not know what they want until you show it to them.Greg Koch希望能改变这一切。他所拥有的Stone Brewing是美国排行第十的工艺啤酒厂商,去年的销售额达到了1亿3700万美元。该公司于7月19日表示,它将在柏林投入2500万美元以成立一家新的酿酒厂和新的餐厅,而这是首次在欧洲大陆出现了美国厂商拥有并运行一家酿酒厂。Stone公司能让德国人接受它“彰显自我的印度淡啤”吗?Koch先生说,与开发美国市场的战略相同,他在德国也不会进行任何市场调查,而对此他引用斯蒂夫乔布斯的一句话来解释:消费者们并不知道他们想要什么,直到你把产品呈现在大家眼前。If Stone succeeds, it may be no bad thing for the German brewers. They are under price pressure—beer is often cheaper than bottled water.Innovation could tempt back middle-aged, status-conscious drinkers, and get them to pay more for something new, through a link to fine dining. Many American restaurants, and ones elsewhere in Europe, have as many beers as wines on their s. For Germans to learn lessons about beer from their neighbours and the Americans will be galling. But it might be better than hoping that the Reinheitsgebot, soon to turn 500 years old, will prop up German beer sales forever.如果Stone公司在德国取得成功,那这对于德国啤酒厂商来说并不是什么坏事。目前,德国厂商正面临着价格压力—啤酒往往比瓶装水还便宜。通过与高档餐厅合作,创新或许能让啤酒厂商将那些比较在意自身形象的中年酒友争取回来,并让他们为了新产品而进行更多的消费。许多美国餐厅,以及在欧洲其他国家的餐厅,他们菜单上啤酒的种类就与红酒一样多。要让德国人低头向周边国家以及美国人学习,肯定会显得很丢人。然而,这也许比翘首期盼着那份即将达到“500岁”的《纯净法》要好,它可不会永远撑着德国啤酒业。 /201407/315759深圳中医院打瘦腿针多少钱

深圳哪家医院割双眼皮好Books and Arts; Book Review; New fiction from Japan;文艺;书评;来自日本的新小说;Hey babe, take a walk on the wild side;嗨,去野外散个步吧;A black cat, two moons and a host of nocturnal little people populate Haruki Murakamis new novel. But has he become more conventional?在村上春树的新书里,他将一只黑猫、两轮月亮以及一群夜晚小小人拟人化。但他是否变得更保守点了呢?Haruki Murakami filches from George Orwells “Nineteen Eighty-Four” for the title of his new novel, “1Q84”, making a play on kyu, the Japanese word for nine, by transposing the letter “Q” for the number “9”. Significantly, the action also takes place over the last nine months of 1984. But it would be a mistake to conclude from this that Japans magical postmodernist has spent nearly 1,000 pages writing about a dystopian world where couples make love in an ash glade, hardly daring to speak because of the all-listening microphones in the trees. Mr Murakamis main influence here is not so much Orwell as Philip Pullman; his “1Q84” less a stairway to another world than a heave-ho into a whole new universe.村上春树的新书《1Q84》书名的灵感来自于对乔治·奥威尔( George Orwell)《1984》一书的借鉴(他把“9”改成了“Q;,而在日语里,“9”的发音与Q谐音)。此外,值得注意的是,书里故事发生的时间也是1984年最后的9个月。因此,如果错误地认为这位日本后现代魔幻大师花了近1000页的笔墨,只为描写一个情侣在野外做爱,并由于树上装有所有人都能听到的窃听器而不敢发出丝毫声音的反乌托邦世界,这就错了。但是村上春树在这里的主要影响并不像奥威尔或是菲利普·普尔曼(Philip Pullman)一样,他的《1Q84》一书与其说是通往另一个世界的阶梯,还不如说是完全逃向一个全新的世界。Sitting in a taxi on the gridlocked elevated Metropolitan Expressway in Tokyo, Aomame, the skinny heroine with asymmetric breasts (her name means “green peas”), is catapulted into action when she hears Janaceks “Sinfonietta” on the radio. Her cabbie tells her she can beat the traffic by hopping out of the car and down an emergency staircase at the next exit. He warns her that things will not be the same. But it is only when Aomame notices that the policemen have swapped their holstered revolvers for bulky semi-automatic weapons that she realises she has entered a parallel universe.当身材纤瘦、两个乳房不对称的女主角青豆(Aomame,其意为“绿色的豆子”)坐在一辆出租车里,在堵得水泄不通的东京高速公路上蹒跚前行时,车里广播放着亚纳切克(Aomame)的小交响曲,此时此刻,故事开始了。出租车司机告诉青豆说她可以通过走一条附近出口的紧急通道来绕开堵车,不过,他警告说如果她这么做了,事情将会不一样了。但当青豆注意到警察们的左轮手变成了笨重半自动手时,才意识到自己进入了一个平行宇宙。This gripping beginning ensures the er falls for Aomame, forcing Mr Murakami to work extra hard on her counterpart, Tengo, who appears in alternate chapters in the book. Tengo is an unpublished novelist who keeps to himself, working as a private maths tutor in a prep school. His father was a debt-collector who rounded up licence fees for the NHK television network, dragging his son along with him on Sundays as he called on households door-to-door. Tengos beloved mother died when he was very young, and the boys earliest memory is of hearing his mother having her breasts sucked by a man who was not his father. Tengos flat-pack character fills out as the book evolves, in particular in a long passage when he visits his aged father in his nursing home and tries to talk to him about the past.这一引人入胜的开头保了读者会为青豆而倾倒,这迫使村上春树得花更大的力气去塑造他的另一个人物——天吾(Tengo),在书里,天吾的故事与青豆的故事平行进行。天吾在一所补习学校里担任数学老师,他是个孤僻的业余写手,但他的小说从没发表过。天吾的父亲是NHK公司负责上门收费的收款员,周日的时候会拉着儿子跟他一起到各家各户去收电视有线费。天吾挚爱的母亲在他很小的时候就去世了,而他最早的回忆则是听着一个不是他父亲的男人在吮吸他母亲的乳房。随着小说情节的进展,天吾原本单薄的形象逐渐丰满起来,其中有一大段他的形象特别突出,这一段描写了他去养老院探望年老的父亲,并试图与父亲谈论过去。Tengos life changes when a friend, a grumpy editor named Komatsu, persuades him to clean up a raw manuscript by a teenage girl, Eriko Fukada, called Fuka-Eri throughout. Komatsu believes that the girls autobiographical story, about being raised on a rural commune that changes into a sinister cult involved in mind games and child abuse, has all the makings of a bestseller if its style can be improved enough so that it wins a literary prize. Aomame, as might be expected from a woman who shimmies down from an overhead expressway without much concern for her stockings or her chestnut- coloured Charles Jourdan heels, turns out to be a minx on the make, a charming, ball-breaking, feminist do-gooder who likes nothing better than rounding off a days killing with an all-night bout of bisexual sex. Aomame is really a hired gun, who specialises in quietly offing wife-beaters and child rapists, a manga version of Stieg Larssons Lisbeth Salander.当天吾的朋友——性子暴躁的编辑小松(Komatsu)劝他去修改少女深田绘里子(Eriko Fukada)(文中一直叫做深绘里)小说的初稿时,天吾的生活发生了变化。深绘里这部自传体的小说描写了自己生长的村庄公社被转变成了一个邪恶的新兴宗教团,充满勾心斗角和虐待儿童。小松认为如果小说风格能得到很好修改的话,使其拿下一座文学奖,那就足以让它成为畅销书了。青豆,人们原来也许以为她是一个不顾自己还穿着丝袜和褐色佐丹高跟鞋摇摇晃晃地翻过高空中的公路的女子,事实上却是一个野心勃勃的狐狸精,一个迷人而强势的女权主义者,一个妄图替天行道者,最喜欢每天出去干净利落地杀人,然后晚上来场疯狂的通宵性爱,男女不限。青豆实际上是个职业杀手,精于无声无息地除掉那些虐待妻子或侵犯儿童的男人,简直就是史迪克·拉尔森(Stieg Larsson)笔下丽丝贝·莎兰德(Lisbeth Salander)的日本漫画版。Aomames and Tengos parallel stories begin to rub against one another long before the characters do. They both see a black cat and two moons (one shiny and normal, the other misshapen and moss-coloured); and both know about the little people who emerge periodically from the mouth of a sleeping child and disappear under the childs bed. The two heroes were once at school together and even, briefly, held hands at the age of ten. An unresolved longing to recapture that moment permeates both their lives, and the will-they-wont-they question overshadows the whole book.早在两位主角在这个反乌托邦世界里相遇之前,青豆和天吾这两条平行的故事线就开始交织在一起了。他们都看见了一只黑猫和两轮月亮(一轮形状正常,散发着光芒,另一轮却形状诡异,而且是苔藓一般的颜色);他们也都知道小小人:那些小小人会不时从睡着的小孩口中爬出来,消失在床底下。 两位主角是校友,而且,他们在十岁的时候还有过一次牵手。想要重新拾回那个瞬间的渴望无法满足,渗入了他们两人的生活,而全书充斥着他们最终能在一起吗这个问题。Herein lies the conundrum of “1Q84”. Mr Murakamis reputation as Japans greatest literary surrealist is based on a series of short stories and novels, such as “Hard-boiled Wonderland and the End of the World”, which came out in 1985, and “Norwegian Wood” two years later. His early works were intensely personal fantasies involving unhappy, virtually disembodied men and suffused with references to Western music and literature. “1Q84” is much longer, but also far more conventional.这里有个关于“1Q84”的谜题。村上春树因一系列超现实主义的短文和小小说而被誉为日本最伟大的文学大师,这些文章包括1985年出版的《世界尽头与冷酷仙境》以及1987年出版的《挪威的森林》等。他早期的作品集中于描写郁闷的游魂般的男人的个人幻想,充斥各种西方音乐和文学的参考资料。相比之下,《1Q84》篇幅要长得多,但也保守得多。Like two American writers, Jonathan Franzen and Jeffrey Eugenides, both known for their fizzy inventiveness but whose recent work is more plot-driven, Mr Murakami seems to have made a conscious move towards romantic narrative. Mr Franzens latest book asks whether the married protagonists will stay together; Mr Eugenidess which of the two main heroes will his heroine end up with (if any). It is Mr Murakamis turn, now, to cut in on the boy-girl gavotte. This has certainly proved a popular move. When the first two volumes of “1Q84” were published in Japanese in , more than 1m copies were sold in just a few weeks; the third volume followed to similar acclaim a few months later. Keeping up originality can be hard work. But Mr Murakamis new direction, like that of Mr Franzen and Mr Eugenides, is bringing him thousands of fresh ers. And that is a good thing.和两位均因创造性而闻名(但他们现在的作品更加注重阴谋)的两位美国作家乔纳森·弗兰岑(Jonathan Franzen)和杰弗里·尤金尼德斯(Jeffrey Eugenides)一样,村上春树似乎也有意描写男女之间的爱情故事。弗兰兹的新书怀疑已婚的主角们是否还会在一起;尤金尼德斯则抛出了女主角会跟两位主要男主角中的哪位在一起(如果她要跟一个人在一起的话)的问题。现在,轮到村上春树来决定男女主角之间的关系了,这显然是最近的流行趋势。年当《1Q84》的前两卷在日本出版时,几周之内就卖出了100多万本;几个月之后,第三卷也卖出了同样数目。追求原创性绝非易事,但是就如弗兰兹和尤金尼德斯一样,村上春树的新方向为他带来了成千上万的新读者。 这是件好事。 /201304/236016 Schumpeter熊彼特Love on the rocks恋情告急The romance of a merger of equals rarely lasts long来自对等合并的浪漫很难持久PARIS and champagne. What better way to celebrate an engagement? But that was last July. On May 9th a terse joint statement from their bosses confirmed that Publicis and Omnicom, two advertising giants, would not be getting married after all. Instead, although they “maintain a great respect for one another”, the two companies have “jointly decided to proceed along our independent paths.” The only thing missing was a Gwyneth Paltrow-esque reference to “consciously uncoupling”.巴黎和香槟。还有比这更好的庆祝订婚的方法吗?但是这是去年六月的情况。五月九号,Publicis 和 Omnicom 这两家广告巨头的老板发表简短的联合声明,称两家公司最终不会结合在一起。相反,尽管他们“对另一方保持有相当的尊重”,但两家公司“一致决定沿着各自的方向发展”。唯一欠缺的是格温妮丝·帕特罗式引用的“有意识的分开”。Anyone connected with the two firms should probably count himself lucky that they uncoupled before rings were exchanged. Corporate marriages often go wrong, but mergers of equals—in which two firms of roughly similar size combine, there is neither buyer nor target and typically no cash changes hands—account for a disproportionate share of the most notorious failures. Before making a comeback as the latest merger wave gathered force, they had deservedly gone out of fashion after some disastrous couplings around the turn of the century.两家公司的相关人员都应该庆幸双方没有在交换戒指之后分手。合作婚姻常常步入歧路,但是两个拥有近乎同等规模的公司之间没有买家也没有目标方并以无现金易手为特征的平等合并,在最臭名昭著的失败案例中占据着一个不成比例的份额。还没从积蓄着力量的最大的并购潮中恢复过来,这些公司在经历了世纪之交进行的一些灾难性结合后,理所当然地落伍了。When Travelers and Citibank unveiled their merger of equals in April 1998, Sandy Weill, one co-chief executive of the aspiring financial powerhouse, Citigroup, pledged to share with his co-boss, John Reed, the “lucky” office fireplace he insisted on having built. There was not to be much toasting of marshmallows together. Barely a year later Robert Rubin, a former treasury secretary, was hired to make peace between the feuding couple. In February 2000 Mr Reed quit thisménage à trois. Large chunks of Citigroup have since been offloaded, as if to confirm that the merger should never have been consummated in the first place.当旅行家集团和花旗在1998年4月公布它们的对等合并后,这家有抱负的金融集团—花旗集团的联席执行官Sandy Weil承诺和他的合伙人John Reed 分享他强调已经建好的“幸运”办公室壁炉。蜜月期并未持续多久。仅仅一年,前任财政部长Robert Rubin 被雇来调解这长期不和的一对。2000年1月,Reed先生退出了这一三角家庭。大部分花旗集团资产被转卖,似乎为了实这一并购当初就不该达成。In May 1998 Daimler and Chrysler announced their union, creating a giant German-American carmaker. Two years later Jürgen Schrempp, by now in sole command, having seen off Robert Eaton, the former boss of Chrysler, claimed that the term “merger of equals” had been used only for “psychological reasons”. The marriage struggled on until May 2007, when a divorce was announced. Worst of all was the merger in January 2000 of Time Warner, a media giant with 70,000 staff and revenues of billion, with AOL, an internet firm whose 12,000 employees generated less than billion. To symbolise their devotion to power-sharing, Steve Case, boss of new-economy AOL, wore a tie to the press conference celebrating the deal while Gerald Levin, boss of old-economy Time Warner, turned up without one. Months later the dotcom bubble burst, making a fool of Mr Levin, who announced his retirement in December 2001. In AOL was spun off. Jeff Bewkes, Time Warners current boss, calls the merger the “biggest mistake in corporate history”.1998年五月 戴姆勒和克莱斯勒宣布了它们之间的联合,形成了一个德美汽车制造巨头。两年后,目睹了克莱斯勒前老板罗伯特·伊顿离开的约尔·施伦普现在大权独揽,称“对等合并”条件只适用于“心理原因”。这场婚姻挣扎到了2007年5月,直到被宣判离婚。最糟糕的并购是2000年1月发生在拥有70,000员工、270亿美元资产的传媒巨头时代华纳和拥有12,000员工以及不超过50亿美元资产的互联网公司美国在线之间之间。为了表示它们之间相互扶持的决心,新经济型公司美国在线公司的老板斯蒂芬·凯斯打了一条领带出席了庆祝交易成功的媒体发布会,而老牌经济型公司时代华纳的老板杰拉尔德·莱文则没有打领带。几个月后互联网泡沫破灭,嘲讽了2001年12月退休的莱文先生。年美国在线被踢出局。时代华纳的现任老板杰夫·比克斯称此次并购为“公司史上最大的失误”。Although the deals have since been smaller and fewer, the tales of woe have continued. After failing in 2001 to complete a merger because they could not agree on how to share power, Alcatel, a French telecoms-equipment firm, and Lucent, an American rival, eventually tied the knot in 2006. The combined firms share price has slumped through a series of bosses. Now there is talk of a possible merger with Nokia, a Finnish rival. In February 2012 Glencore and Xstrata, two mining giants with headquarters in Switzerland, agreed on a merger of equals, only for Glencore to change its tune before the deal went through and insist that its boss, Ivan Glasenberg, take sole charge of the combined firm. Duke Energy behaved even more brazenly after completing its merger with Progress Energy in July 2012. As part of the deal, Jim Rogers, Dukes boss, had agreed that William Johnson, Progresss boss, would run the combined firm, and he would be executive chairman. That was honoured for roughly two hours, before the board that had just appointed Mr Williams as chief executive fired him and gave Mr Rogers the job. Lesson for any boss considering a merger of equals: ensure your firm gets at least half of the members of the new companys board.尽管交易变得越来越少、越来越小,悲伤的故事依旧在继续。在2011年因为无法达成如何共享资源而并购失败之后,法国电信设备公司阿尔卡特和美国竞争者朗讯公司最终在2006年喜结连理。联合公司的股价在经历了一系列的老板之后下跌。现在有关于芬兰对手诺基亚公司存在可能的并购者的言论出现。2012年2月两个总部在瑞士的矿业巨头嘉能可和斯特拉塔集团达成了对等合并,只是要求嘉能可在交易进行前改变它的调子并坚持它的老板伊凡·格拉森格独掌联合公司。杜克能源在2012年6月完成了与Progress Energy的并购之后表现得更加无耻。作为交易的一部分,杜克公司的老板吉姆·罗杰斯同意Progress公司的老板威廉·约翰逊运行联合公司,并且他会成为执行主席。这是只有两个小时的荣耀,刚刚任命威廉先生作为首席执行官的董事会开除了他并把这一职务交给罗杰斯先生。每一位考虑对等合并的老板都要考虑一个教训:确保你的公司拥有至少一半的新公司董事会成员。The aggregate data on mergers of equals reinforce the message of these sorry tales. On average, mergers have a mixed record, rewarding sellers shareholders a bit more than they hurt buyers. But equity deals and large deals tend to do worse, notes Steven Kaplan of the University of Chicago: “Mergers of equals are both large and typically done with stock rather than cash.”对等合并的综合数据实了这些令人遗憾的故事。通常,并购者有一个混合记录,损害买方的利益来给予卖方股票持有者更多的好处。但是对等交易和大宗交易更加糟糕,芝加哥大学的斯蒂芬·卡普兰提到:“对等合并方规模都很大,并且典型的是用股票替代现金来交易。”From Omnicom to Omnishambles从宏盟集团到一团糟So why does anyone enter into such a deal? Both firms tend to be big and similar, which holds out the possibility of lots of lucrative cost-saving. Yet their similar size makes it hard for either boss to make a convincing case for taking sole charge. Bosses tend to have planet-sized egos, believing they can make anything work, including the combination of incompatible corporate cultures. That proved a task too far for Omnicom and Publicis. The bosses even convince themselves they can share power—or each believes that, if not, he can see off the other. Yet all too often, merger of equals “effectively translates into rudderless behemoth,” says Peter Clark, one of the authors of “Masterminding the Deal”, a book on how to execute mergers. “Everything has to be checked so many times to ensure that everyone is on board, and competitive speed is lost.”那么为什么人人都想进入这样的交易中呢?双方企业规模都很大并且相似,这就会提供很多可能有利的成本缩减。然而他们相似的规模使得任意一方的老板都很难令人信地获得独控权。老板们的自我意识都很强,相信自己可以使得一切运转自如,包括公司文化矛盾的整合。这对于宏盟集团和阳狮集团来说是一项不可能完成的任务。老板们甚至说自己相信,他们能够分享权力—或者说每个人相信,如果不是的话,他会让别人离开。因而对等并购常常像《策划交易》一书作者之一彼得·克拉克所说的那样—“有效地变成无领导的庞然大物”。“所有的事情都必须要好好检查很多次确保每一个人都在船上,这样竞争速度就丢掉了。”The rare merger of equals that succeeds, such as the creation of Lockheed Martin, a defence firm, in 1994, or of ConocoPhillips, an oil giant, in 2001, tends to have a detailed integration plan agreed in advance, and one boss who is eager to retire as soon as possible. Typically, neither is the case. Their record is so bad that any talk of a merger of equals should set alarm bells ringing. You have been warned, shareholders of Lafarge and Holcim (two European cement firms that agreed such a deal last month). Forget the romance of power-sharing; when it comes to the tricky business of making a merger work, someone must be in charge.少数几个对等并购成功的例子,例如1994年的洛克希德马丁防御武器公司和2001年的石油巨头康菲公司趋向于提前达成一个详细的综合计划,并且其中一个老板迫切的希望尽快退休。典型的,没有一个是这样的例子。他们的记录很糟糕,以至于任何有关于对等并购的话题都会敲响警钟。你已经被警告了,拉法基公司以及霍尔希姆公司的股权人。忘记权力分享的浪漫吧;当涉及到狡猾的使并购进行的事项中时,必须有人来掌控局面。 /201405/300217深圳医学整形美容光子脱毛手术多少钱深圳整形医院做去眼袋手术多少钱



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