2019年10月22日 23:21:04|来源:国际在线|编辑:58活动
Business商业报道Ad space for equity为股票做广告Air for shares股票时间Could an unusual venture-capital model be taking off?一项不同寻常的风险投资模式能够起飞吗?IN AMERICA, venture capital is plentiful.美国风险资金十分丰富,Not so elsewhere.但是并非所有地方都是这样。In Europe, a handful of companies are helping struggling start-ups with an unusual model:在欧洲,一些公司正以非同寻常的模式帮助那些挣扎的新成立的公司:investing advertising space in them instead of money.投资广告版面而非直接投钱。Start-ups usually get their initial seed funding—a few tens or hundreds of thousands of dollars—from family or friends.新成立的公司通常从家人或朋友那里获得初始的种子资金,通常是数万或数十万美元。A venture-capital firm wont step in until the firm is y to raise maybe ten times that amount.只有公司筹集到了数百万的资金时,风险投资才会介入。In America, intermediate sums tend to come from informal angel investors,在美国,过渡的资金通常来自于非正式的天使投资者,typically entrepreneurs who have made a decent bit of money from their own start-ups and want to invest some in projects they like.特别是由新成立的公司发家且希望投资一些中意项目的企业家。But outside Americas technology hubs, such people are rare.但是在美国科技中心之外,这样的人少之又少。However, start-ups of that size are often making their first baby steps into the market and need publicity.然而,这样规模的新成立的公司通常会迈着婴儿步进入市场并需要广告宣传。Aggregate Media Funds, a Swedish firm started in 2002,2002年成立的瑞典媒体公司媒体公基金集合了15家瑞典媒体提供的广告版面,pools excess advertising space provided by 15 Swedish media companies that are shareholders in the fund,并且以交换股权的形式给予新成立的公司。and gives it to start-ups in return for an equity stake.这15家媒体都是该基金的股东。If the firms do well, they buy back the equity in cash, which goes to the shareholders, with a cut for the fund.如果公司运作良好,他们就会用现金买回股权给予股东,并给基金一份利润。Patrik Rosen, Aggregates boss, says it has made some 120 investments—in both start-ups and established firms that want to advertise a new product or a stock offering—and completed around 80 exits,公基金的老板帕特里克·罗森表示给公司已经做大约120笔投资,都是投在需要为新产品或发行股票的新成立的公司或已成型的公司,并完成了大概80个公司的退市,though he wont disclose how much money has been made.但是他并不会透露赚了多少钱。Similar models have taken hold in Germany.德国也兴起了同样的模式。ProSiebenSat.1, a television company, has been offering other firms advertising in return for equity or revenue shares since , and reported making more than 40m in the past year.德国卫星电视频道ProSieben卫星一台在年就开始以交换股权或股份的形式为公司提供广告,去年盈利超过4千万欧元。A newer fund, German Media Pool, founded a year ago, combines a range of shareholders,成立于一年前的德国媒体基金像媒体公基金一样联合了一批股东。as Aggregate does, so it can offer its start-ups ads anywhere from billboards to TV.从广告牌到电视的任何地方,它都能够为新成立的公司投放广告。基金创始人尼科·华思车的目标是使投资者的钱翻倍。So why is the model not more widesp?为什么这个模式并没有更广泛的应用呢?It may have a bad reputation.可能是这个模式名声不好。Media firms that negotiate barter deals directly dont always do well:协商直接易货交易的媒体公司通常盈利状况不佳:they tend to lack the expertise to invest in start-ups, and the deals may not be transparent.他们通常缺乏投资新成立的公司的专业知识,并且协议可能不透明。Indias largest media firm, the Times Group, which publishes papers such as the Times of India, also owns a media-for-equity firm called Brand Capital, with stakes in around 400 companies.印度最大媒体公司时代集团在发行诸如印度时报之类的报纸的同时也拥有一家媒体换股权的公司,名叫品牌资金,该公司拥有大概400家公司的股份。In , under the name Times Private Treatie s, it got embroiled in controversy after Indias stockmarket regulator censured a group of people for conspiring to bump up the share price of one of its portfolio companies, and a Times Group journalist for midwifing media coverage.年,该公司以时代财产转让契约的名义卷入了一场争议。这场争议源于印度股票市场管理机构严厉指责一帮人串通抬高其中一家成员企业的股价和一位时代集团记者为媒体报道推波助澜。Critics say it is still hard to tell when Indian papers have financial links to firms they write about.批评者称目前仍然很难确定事情根底,因为印度报纸和其报道的公司有经济联系。Hence, Mr Rosen argues, the need for independent, diversified media funds to act as middlemen.所以罗森先生主张独立多样的媒体基金作为中间人。Even then, not all start-ups need ads—some are happy with social media—and many others would rather have cash instead.即使是那是也不是所有新成立的公司都需要广告,有些公司乐意使用社交媒体,而许多公司宁愿获得资金。Still, for some it is just what they need.然而对于一些公司来说这正是他们所需要的。And for the media firms, since the ads would otherwise go unfilled, any return is pure profit.对于一些媒体公司来说,若不投给新成立的公司,一些广告版面也会空白,所以一切收益都是纯利润。 /201306/243323Soviet history苏联旧事Stalin and his cursed cause斯大林和他可憎的事业High five for communism为共产主义击掌Stalins Curse: Battling for Communism in War and Cold War. By Robert Gellately.《斯大林的诅咒》:热冷战期间为共产主义而战斗。罗伯特盖拉特莱著。FIRST and foremost, Stalin was a communist, who believed that the sacred cause justified the most extreme measures: what non-believers would call unparalleled barbarity. This central message in Robert Gellatelys masterly new book is an uncomfortable one for those who believe that Stalinism was an aberration, or a reaction to mistakes made by the West. It is facile to say Stalin was simply a psychopath, that he believed in terror for terrors sake, or that the Red Tsars personality cult replaced ideology. A Leninist to his core, he was conspiratorial, lethal, cynical and utterly convinced of his own rightness.首先,斯大林是一个共产主义者。他相信只要是为了神圣的事业,采取最极端措施也是可以的。而不相信的人称之为空前的暴行。盖拉特莱最新的作品堪称大师之作。文中表达的中心思想会让一些人感到不安。那些人认为斯大林主义不合常规,或者是对西方所犯的错误作出的回应。人们可以轻率地说,斯大林就是一个精神病,他为引起恐慌而信仰恐怖活动。或者说他用对“红色沙皇”的个人狂热崇拜取代意识形态。斯大林是彻头彻尾的列宁主义者,他爱耍阴谋,心狠手辣,生性多疑,却坚信自己事业的正义性。“Stalins Curse” draws mainly on German and Russian archives, plus numerous first-hand accounts, and the authors formidable interpretative skills. Unlike other biographies that have focused on the most sensational episodes in the dictators life, it sets Stalin firmly in the historical context: the rise (and eventual fall) of what the author calls the “Red Empire”.除了运用大量第一手记述资料之外,《斯大林的诅咒》主要参考了德国和俄国档案。书中作者对史料的解读展现出高超的技巧。与其他传记聚焦这个独裁者一生中最轰动的轶事不同,本书牢牢地将斯大林置身于在历史大背景(作者称之为“红色帝国”的崛起,最终失败了)Mr Gellatelys latest work has a good claim to be the best single-volume account of the darkest period in Russian history. It is part of a crop of excellent new accounts of the era. It sits well with Timothy Snyders 2010 book, “Bloodlands” (about mass killings) and Anne Applebaums “Iron Curtain” (which deals with eastern Europe after 1944 and which came out last year). It is also a worthy successor to his “Lenin, Stalin, Hitler: The Age of Social Catastrophe” (2008), which compared and contrasted the three monsters.要说讲述俄国最黑暗时期的单册历史书描述中最优秀的,盖拉特莱的新书当之无愧。它是记录那个时代的诸多新杰作之一。这本书和蒂莫西 斯奈德2010年的新书《血色土地》(讲述数起大屠杀)和安妮 阿普勒鲍姆“《铁幕》(此书讲述1944年之后的东欧历史,去年出版)相得益彰。此书算得上盖拉特莱的《列宁,斯大林,希特勒:灾难的年代》的出色姊篇。后者比较了三个残酷的领导人。Stalins supposed strategic genius gets short shrift, along with his generalship. Because communist doctrine said all imperialists were equal, Stalin failed to see that the Western powers were not the same as Nazi Germany, and might even be useful allies against it. For all his paranoia and cynicism, the Soviet leader was determinedly friendly to Adolf Hitler, apparently believing that close ties with the Soviet Union made a Nazi attack less likely. But Hitler saw it the other way round: relying on Soviet imports endangered his long-term goal of destroying communism.人类们认为斯大林满腹韬略和将才的天赋,本书作者却不以为然。因为社会主义教条宣称帝国主义者都是一样的。斯大林没能看到西方政权与纳粹德国并非完全相同,甚至与西方政权联盟可能对反纳粹德国最有效。尽管偏执又多疑,这位苏维埃领导人却坚定地对阿道夫希特勒表示友好,显然是认为德国和苏联关系紧密,可以减少纳粹进攻的可能性。但希特勒却从另一方面看待此事:依赖苏联进口威胁了他摧毁社会主义的长远目标。Where Stalin excelled, again and again, was in ruthlessness and attention to detail. He paid minute attention to extending Soviet rule in places conquered at the wars end. He took great interest in details of science and cultural policy, fearing even the faintest breach in communist omniscience. The results might be disastrous: but they were in accordance with communist theory, which was what mattered.斯大林次次出众的是残暴以及对细节的关注。在这场战争尾声,他对苏联统治在被攻克地区的扩张给予了密切关注。他对科学和文化政策的细枝末节十分感兴趣,甚至担心自己的模糊会对社会主义者无所不知的形象造成破坏。其结果可能是灾难性的,但再这些政策都与社会主义理论相符合 ,这是最关键的。Mr Gellately, a professor in Florida, has a deft touch with detail. For all the havoc he wreaked on the countryside, Stalin knew next to nothing about it (he seems to have visited farms only once, in 1928). During their furious conquest of Germany, the Red Army soldiers avenged their homelands suffering in an orgy of destruction. An eyewitness describes their taking “axes to armchairs, sofas, tables and stools, even baby carriages”. Individual stories are recounted with understated sympathy. But the scope of the suffering is inconceivable. An all but forgotten post-war famine in the Soviet Union killed 1m-2m people. Communism probably killed around 25m: roughly the same toll of death and destruction as that wrought by the Nazis.盖拉特莱,是一名佛罗里达的教授,善于挖掘细节。尽管斯大林在农村造成了破坏,本人却几乎毫不知情(貌似他只在1928年参观了农场一次)。在猛攻德国期间,红军通过一系列肆意摧毁来为祖国曾遭受的苦难复仇。一个目击者形容他们“用斧头劈扶手椅,沙发,桌子,凳子甚至婴儿车”。个体的故事只是带着轻描淡写的同情色叙述着。但苦难的波及之广是难以想象的。 一场快被遗忘的苏联战后饥荒饿死了10到20万人。共产主义可能导致了25万人死亡:和纳粹造成的死亡、损失数字大致持平。Aside from the chief villain, Western leaders too come in for quiet but deserved scorn. Both Franklin Roosevelt and Harry Truman failed to grasp their counterparts malevolence. Winston Churchill made casual deals that consigned millions of people to slavery and torment. The foreigners thought Stalin was a curmudgeonly ally to be coaxed and cajoled. He treated them as enemies to be outwitted. Far from provoking Stalin into unnecessary hostility, the Western powers were not nearly tough enough.除首要的反面人物外,西方领导人也受到虽克制的但应得的蔑视。富兰克林罗斯福和哈里S杜鲁门都没能洞悉与他们的对手斯大林的恶毒。邱吉尔随意就达成了协议:导致数以百万计的人遭受奴役和折磨。这个外国人认为斯大林是个易被哄骗和劝诱的,脾气暴躁的同盟者。他对他们就像瞒骗敌人。西方列强不愿挑起斯大林的不必要敌意,更谈不上对他采取强硬态度。Some of the strongest passages of the book concern Stalins final years: the sharpening contrast between his obsessive paranoia and his analytical powers; the looming anti-Semitism, and the beginnings of a massive new arms build-up. Little of that came to fruition, sparing the world untold new horrors. But what Stalin did achieve was quite bad enough.书中涉及斯大林最后日子的段落是高潮:他的强迫性偏执和超强的分析能力形成鲜明对比;骨子里的反亲犹太人主义,一种大规模新式军备逐步增强的开端。这些只有少部分实现了,使世界免于数不清的新恐慌。但已实现了的那些,却是够坏的了。 /201405/297470

Thank you,John!谢谢你,约翰!So now we can breathe out,and start to relax.所以现在我们可以呼吸,开始放松。Youre in the Wolhuter wilderness area.你在沃尔特荒野区域。No one is allowed to go out this road and no one is allowed to walk in this area while we are here!没有人被允许从这条路走出,没有人被允许踏足这一领域,但现在我们就在这里!So,for the next three days,basically the whole 62,000 acre is yours.所以,在接下来的3天时间里,基本上这整个62000亩都归你所有。I like it!我喜欢这样!The exclusivity of this walk is truly exciting.这一舍我其谁的行走真正激动人心。The seven small group of walkers dotted around the Kruger,and the only members of the public regularly allowed into the National Parks designated wilderness areas.7个小组的步行者点缀了克鲁格周围,而唯一的公众们只能被允许进入国家公园的指定荒野地区。Just setting out on this walk feels like a privilege.开始后这感觉像是一种特权。So here we are.所以我们到了。Home,sweet home.到家了,美妙的家。This is a good wilderness camp.这是一个很好的野外营地。Look at that!看那!Hope for the next couple of days!希望接下来的几天也是这样!Deep in the heart of the wilderness, a 45 minute drive for BurgenDul,lies the Wolhuter trail camp. 在旷野深处, 45分钟行程后,才是沃尔特的原始营地。Tiny and basic, it provides wooden huts to sleeping and some slight protection from what lives all around.小小的而且基本的,它提供了木制的小屋以供睡眠及一些周围的保护措施。This site was chosen in 1978,the very first trail camp in the Kruger.这一地点在1978年被选定作为最初的克鲁格营地。And fittingly my walked was named after the legendary Harry Wolhuter.而之后被传奇人物哈利·沃尔特命名。A century ago,he was one of the Krugers earliest game rangers.一个世纪以前,他是最早的克鲁格的赛事游骑兵。Today merely stepping out of the four by four is enough to give you a taste of his world.今天只是走出这个4X4的大格子就足以让你感受下他的世界。201306/245844

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