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来源:天涯互动    发布时间:2020年02月17日 12:56:22    编辑:admin         

Since Britain voted to leave the EU, there has been a tendency to be downbeat about the country’s economic and industrial prospects. The decision by the Japanese conglomerate SoftBank to spend £24bn on buying Arm Holdings seems in this light a welcome relief.自从英国公投决定退出欧盟以来,出现了一种对英国经济和工业前景感到悲观的倾向。在这种背景下,日本综合性企业软银(SoftBank)斥资240亿英镑收购ARM控股(Arm Holdings)的决定,似乎提供了一种可喜的安慰。Ministers have hailed the deal as a sign of confidence in the UK as a place to do business. In the words of Philip Hammond, the new chancellor, it “shows that Britain has lost none of its allure to international investors”.英国的大臣们把该交易赞为对英国经商环境有信心的信号。用新任财政大臣菲利普#8226;哈蒙德(Philip Hammond)的话说,这“表明英国丝毫未失去对国际投资者的吸引力”。However, Theresa May’s government has made vague noises about the need for a new industrial policy. In this context, a bid on this scale that captures a star in the tech firmament has implications that deserve wider debate. The deal raises questions about Britain’s corporate culture and governance. Arm is a unique asset in a somewhat thbare UK tech landscape. The decision to sell raises questions about whether boards in general remain too focused on quick returns to shareholders, rather than developing Britain’s few world-class companies for the longer term.然而,特里萨#8226;梅(Theresa May)政府已经含糊地表示过出台新工业政策的必要。在这种背景下,以如此高的价格收购一家科技业明星企业的交易,具有值得广泛讨论的意义。该交易对英国企业文化和治理提出了问题。ARM在英国乏善可陈的科技领域一枝独秀。出售ARM的决定引出了一个问题:总的来说,公司董事会是否仍然过于注重股东的快速回报、而不是长远地发展英国屈指可数的世界级企业。The attraction of Arm for SoftBank is not in doubt. The UK company offers the conglomerate an entrée into the design of sophisticated chips for smartphones and mobile devices. Part of the appeal is to make the Japanese a leading player in a new growing market: the “internet of things”.ARM对软银的吸引力毋庸置疑。这家英国公司给软银提供了一块进入智能手机和移动设备复杂芯片设计领域的敲门砖。部分吸引力在于,ARM可使这家日本企业在“物联网”这块全新的增长市场成为领军企业。Recent foreign bids and takeovers of British companies have been stigmatised as little more than vehicles for stripping assets, tax arbitrage and carrying off intellectual property. While one cannot know how the Arm deal will turn out, SoftBank’s intentions seem a great deal more benign. It intends to create 1,500 new jobs at Arm’s 4,000-strong Cambridge headquarters, which would represent a substantial investment in new capacity.最近外国企业对英国企业的竞标和收购被指责为不过是为了剥离资产、税收套利以及抢走知识产权。尽管人们无法知道ARM交易最终结局如何,但软银的意图似乎善意得多。它打算在ARM的剑桥总部(拥有4000名员工)新增1500个工作岗位,这代表着实质性投资新产能。The deal should face few regulatory obstacles. Any potential objections on competition grounds look surmountable. Although SoftBank owns mobile phone networks in Japan and the US, it has no involvement in the manufacture of phones or devices. There is no overlap between SoftBank and Arm’s business. Nor is there any obvious concern about national security.该交易几乎不会面临监管障碍。任何可能以竞争为由的反对看起来都是可以克的。尽管软银在日本和美国拥有移动电话网络,但它从未涉足手机和移动设备制造。软银和ARM的业务没有重叠。该交易也未明显涉及国家安全。The Japanese group does have heavy debts. After the deal it will have net borrowings of more than 0bn. These could in theory reduce its capacity or willingness to invest.这家日本集团确实背有沉重的债务。在该交易完成后,它的借款净额将超过1000亿美元。从理论上看,这会降低其财力或投资意愿。Ultimately, the concern is less about the identity of the purchaser and more about what motivates a world-beating UK company to surrender voluntarily its independence. Arm will not gain any compelling commercial or industrial benefit from its ownership by SoftBank. There was no sign that its current shareholders were unwilling to finance its expansionary aims. Arm had reportedly spurned earlier approaches.归根结底,真正的关切与买家身份没什么关系,而在于是什么原因促使一家世界一流的英国公司自愿放弃其独立性。ARM不会从变身一家软银旗下公司中得到任何无法抗拒的商业或行业利益。没有迹象表明其目前的股东不愿为其扩张目标出资。据报道,ARM此前拒绝了多次收购要约。This plays into a wider concern that too often in Britain, directors are quick to pursue takeovers rather than sticking to the grind of organic expansion. It reflects the prevailing ideology of shareholder primacy; one that overemphasises the importance of near-term share price performance. Bosses see their job to be about buying and selling assets. Ideally, they should run a business that adds value primarily through the goods and services it provides.这就引出一个更广泛的问题:在英国,太多情况下公司的董事们会很快寻求收购,而非坚持扎扎实实的有机扩张。这反映出了股东至上的普遍观念。该观念过于强调短期内股价表现的重要性。老板认为自己的工作是买卖资产。但在理想情况下,他们经营企业应该主要通过提供商品和务实现增值。For the British government, SoftBank’s decision is a welcome shot in the arm at a time of uncertainty about the UK’s status as a destination for inward investment. But any post-Brexit celebration should be tempered by realism. Britain cannot sell its way to glory. If the economy is to be rebalanced away from financial services, the country must become better at nurturing the strategic businesses it creates.对英国政府而言,在英国作为外来投资目的地的地位充满变数之际,软银的决定是一针受到欢迎的强心剂。但在后退欧时代,任何庆祝都应该从现实出发加以克制。英国不能出售自己通向荣耀的道路。如果英国经济需要重新调整、减少对金融务业的倚重,英国必须变得更善于培养其缔造的战略性企业。 /201607/455315。

Imagine if, over the next 60 days, the European Commission staged a series of press conferences and bombarded journalists with a battery of announcements of pocket-sized investigations into the condition of the continent’s technology industry. 想象一下,如果欧盟委员会(European Commission)在今后60天里召开一系列记者招待会,宣布对欧洲科技行业展开一连串袖珍调查。 One investigation might delve into the rate at which PhDs are granted to students of science, technology, engineering and mathematics subjects at Europe’s 20 leading universities. This might contain an appendix showing the percentage of Nobel Prizes given to people born and resident in Europe over the past 100 years. 一项调查可能是研究欧洲20所领先大学里的科学、技术、工程和数学专业的学生被授予士学位的比例。这可能包括一个附录,显示过去100年出生并居住在欧洲的诺贝尔奖得主百分比。 Another inquiry might examine the state of science education in high schools across the EU and how this compares to countries such as China, Singapore, Israel, India and the US. An appendix of this report might summarise the number of European high school students and college graduates that have elected to study in, or emigrate to, the US. 另一项调查可能是考察整个欧盟的高中的理科教育状况,并在这方面与中国、新加坡、以色列、印度和美国等国进行对比。该报告的附录可能概述选择去美国留学(或者移民美国)的欧盟高中生和大学毕业生的人数。 Other lawyers and social scientists on the vast EU payroll might be dispatched to the patent filing libraries to see how the rate of European invention in critical fields has kept track with what has occurred in China and the US since 1990. Then, assuming there are still lawyers available — not an insurmountable challenge in Brussels — another taxpayer-financed squadron could be sent to examine why the rate of formation of technology companies in Europe trails that in other countries. 欧盟雇用的庞大律师和社会科学家队伍的其他成员,可能被派到专利库,去查看自1990年以来欧洲在关键领域的发明速度与中国和美国相比表现如何。接下来,假如还有律师闲着——在布鲁塞尔这不是一个不可逾越的挑战——另一个纳税人资助的团队可能被派去考察欧洲科技公司的形成速度为何落在其他国家后面。 Instead, the commission has chosen to launch a new investigation into one of its bête-noires — Google. This new witch-hunt, seeking to uncover skulduggery and anti-competitive practices in the way that Google has licensed its Android operating system, is in addition to a separate Commission probe into the company’s search business. Add to this the EU probes into the privacy policies and tax payments of US technology companies, and the chief executives of Amazon, Apple, Facebook, Google, Netflix and Qualcomm — six of the greatest businesses built over the past 30 years — must be thinking that, within Europe, no success goes unpunished. 相反,欧盟委员会偏偏选择对其看不惯的一家企业——谷歌(Google)发起新的调查。最新的“猎巫”行动旨在发现谷歌在授权使用Android操作系统上的欺诈和垄断行为,此前欧盟委员会还对谷歌搜索业务展开调查。除此之外,欧盟还对美国科技公司的隐私政策和纳税行为展开调查,亚马逊(Amazon)、苹果(Apple)、Facebook、谷歌、Netflix和高通(Qualcomm)——过去30年打造起来的最伟大企业中的6家——的首席执行官们必定认为,欧洲是一个惩罚成功的地方。 This same sentiment seems to be sping to European boardrooms. Recently, the founders of Spotify, the Stockholm-based music-streaming service that has been engaged in a tooth-and-nail fight with some of the largest US technology companies, did the unthinkable. They voiced a distinctly American viewpoint by castigating Swedish politicians for the conditions they have to battle in their homeland. These included the acute housing shortage in Stockholm, the manner in which gains from stock options are taxed and the shortcomings of technical education — particularly for girls and young women. Little wonder that they threatened to move much of their company — lock, stock and smoked herring — to more hospitable climes. 这种情绪似乎正蔓延至欧洲企业的董事会。最近,总部位于斯德哥尔的音乐流媒体务公司、一直在全力对抗美国一些大型科技公司Spotify的创始人做了一件不可思议的事情。他们表达了典型的美国式观点:针对他们不得不应对的国内艰难条件指责瑞典政客。这些条件包括斯德哥尔住房严重匮乏,来自股票期权的收益被征税的方式,以及技术教育的不足之处(尤其是对女孩和年轻女性而言)。难怪他们威胁要将公司整个搬到营商环境更好的地区。 The commission might find some solace in an odd place — its own investigation of Microsoft which started in 2000 and extended for more than a decade. The accusations against Microsoft were every bit as pointed as the charges now levelled at Google. Yet consider what’s happened since. The EU filed its charges against the leader of the personal computer industry before Facebook, Instagram, WhatsApp, Snapchat or Skype were even formed and at a time that Google was barely a year old. However, the inventiveness of these companies that had a much greater effect on Microsoft’s apparent ironclad lock on the technology industry than any set of mandarins infusing legal charges with a political marinade. 欧盟委员会可能在一个诡异的地方找到一些慰藉——当年它对微软(Microsoft)展开的调查。那项调查始于2000年,持续了十多年。对微软的指控和现在针对谷歌的指控一样尖锐。然而想想自那以来发生的情况吧。欧盟对这家个人计算机行业的领军企业提出指控的时候,Facebook、Instagram、WhatsApp、Snapchat或Skype甚至还未诞生,谷歌成立仅一年。然而,与带着政治动机提出法律指控的官僚们相比,这些公司的创造力对微软对科技行业貌似稳固的霸主地位产生了大得多的冲击。 The commission should examine one other fact. Over the past five years the eight most valuable technology companies developed in Europe have assembled a combined market value of around bn. That’s not a figure to be sneezed at any more than the admirable young European technology entrepreneurs who, despite all odds, are more inclined to take a risk than members of their parents’ generation. But EU legislators should be wondering why Europe’s eight most valuable companies are only worth about 10 per cent of Facebook or 6 per cent of Google. 欧盟委员会还应反省另一个事实。过去5年里,欧洲发展起来的8家最有价值的科技公司的市值总额达到320亿美元左右。这个数字不容小觑;欧洲许多年轻科技创业家也值得钦佩——尽管面临重重困难,他们仍比父辈中的某些成员更愿意冒险。但欧盟立法者应该纳闷的是,为何欧盟8家最有价值的公司的总市值只有Facebook的10%,或者谷歌的6%。 There’s nothing new about this strain of anti-Americanism running rampant in Brussels. Some of its intellectual roots stretch back 50 years to Jean-Jacques Servan-Schreiber, the French publisher and journalist, who tried to galvanise Europeans into countering the threat from across the Atlantic with the publication, in 1967, of The American Challenge. Its echoes can be heard in this week’s press conferences in Brussels. Forget the fact that American ingenuity and daring has brought to hundreds of millions of Europeans phones cheaper and more powerful than the supercomputers of the 1970s, thousands of films and TV shows that can be streamed at the touch of a button, free text-messaging services, books that are delivered overnight and thousands of comfortable cars that can be summoned at a moment’s notice. 布鲁塞尔反美情绪高涨并不是什么新鲜事。这其中的一些理论渊源可以追溯至50年前的法国出版人和记者让-雅克#8226;塞尔旺-施赖伯(Jean-Jacques Servan-Schreiber),他在1967年出版了《美国的挑战》(The American Challenge),试图激励欧洲人反制大西洋对岸的威胁。该书的回声在布鲁塞尔最近的记者会上可以听到。忘掉如下事实吧:美国人的智慧和胆识让数亿欧洲人的手机比上世纪70年代的超级电脑更便宜更强大、点击一下就可以观看数千部电影和电视剧、免费的文字聊天务、次日就能送上门的图书,以及很快就能叫到的舒适汽车。 Rather than pointing across the Atlantic and seeking scapegoats, the Commissioners who have just launched another fusillade against one of their favourite American bogeymen may want to start a series of investigations into Europe’s own shortcomings. This may be a more fruitful exercise than reigniting the spent flames of the 1960s. 与其指责大西洋对岸和寻找替罪羊,刚刚再次炮轰他们最爱的美国靶子的欧盟委员会,不如对欧洲本身的不足之处展开一系列调查。相比重新点燃上世纪60年代的余烬,这么做可能更有成效。 /201605/440553。

Scores Reported Dead in Nice, France, as Truck Plows Into Bastille Day Crowd法国尼斯发生卡车冲撞人群事件,超70人遇难PARIS — A truck plowed into a large crowd watching the annual Bastille Day fireworks on the promenade in Nice on Thursday night, and witnesses reported hearing gunshots.巴黎——周四晚间,法国南部城市尼斯的滨海步行道举办年度国庆焰火活动,一辆卡车冲进正在观礼的人群,造成严重死伤。目击者表示还听到了声。Christian Estrosi, the deputy mayor of Nice, said that more than 77 people had been killed. “The truck was full of weapons and grenades,” Mr. Estrosi said on French television. It was not clear what motivated the driver to veer into the crowd.尼斯市副市长克里斯蒂安·埃斯科鲁斯(Christian Estrosi)称至少有77人遇害。他在法国电视上说:“那辆卡车装满了武器和手榴弹。”目前尚不清楚是什么原因让司机驾驶卡车冲向了人群。Officials asked people to stay indoors.官方呼吁人们待在室内。Conflicting accounts of the deaths and injuries emerged from multiple sources after the episode, with many reporting high numbers of casualties.事件发生后,不同的消息来源传出了不同的死伤数字,很多数字比较高。The sub-prefect of the Alpes-Maritimes department, Sébastien Humbert, told the French network BFMTV: “There are several dozen dead. The total is very high, thirty dead. Maybe 100 wounded. There was a truck that drove into the crowd, over a very long distance. There were shots. The driver was shot. This is on a big scale.”滨海阿尔卑斯省副省长塞巴斯蒂安·安贝尔(Sebastien Humbert)在法国BFMTV电视台节目中表示:“有数十人丧生。伤亡总数很高,30人死亡。也许有100人受伤。一辆卡车冲进人群,开了很长一段距离。之后发生了战,司机被击毙。这是一次大规模袭击。”Daphne Burandé, 15, who was at a bar near the beach to watch the fireworks, said: “We were enjoying the celebrations when we suddenly saw people running everywhere and tables being pushed down by the movement of panic.”15岁的达芙妮·比朗德(Daphne Burandé)当时在海滩附近的一间酒吧里观赏焰火,她说:“我们正在愉快地参加庆祝活动,突然看见到处的人都在跑,一些桌子在恐慌之中被掀翻。”“No one explained to us what was happening and I heard some gunshots not very far away,” she said. “I waited at the bar for more information because I thought it was a false alert. But then, people were still running.”“没有人向我们解释发生了什么事,我听到不太远的地方传来一阵声,”她说。“我还以为是假警报,就在酒吧里等待进一步的消息。但是之后人群仍然在奔逃。”France has been on alert for a terrorist attack for months, and officials have warned repeatedly that another attack is likely. Last November, attacks in and around Paris killed 130 people.数月来,法国一直处在防备恐怖袭击的警戒状态,官方多次警告很可能再次发生袭击。去年11月,在巴黎及其周围发生的恐怖袭击导致130人丧生。On Twitter, a woman who said her terrace overlooked the promenade where the episode unfolded reported hearing gunfire.一名女子在Twitter上表示,从她家露台上可以看到事发那条滨海步行道,她称自己听到了响。Several witnesses spoke on iTele, a French television station. A man who gave his name as Michel, working at the Voilier Plage restaurant in front of the Promenade des Anglais, said that around 10:30 pm a large white truck drove into a crowd that had gathered near the beach to watch Bastille Day fireworks, apparently killing dozens of people. “A huge number of people started running, then there was a lot of gunfire,” he said. The police arrived on the scene and engaged in a shootout with the two occupants of the truck.好几名目击者接受了法国电视台iTele的采访。一名自称为米歇尔(Michel)的男子在位于盎格鲁街前面的Voilier Plage餐厅工作,他表示在晚上大约10点半左右,一辆大型白色卡车开进了聚集在海滩附近观看国庆焰火的人群,看起来杀死了几十人。“大批人开始奔跑,接着出现了许多声,”他说。警方到达现场之后,与卡车上的两个人发生了战。Another witness who owns a restaurant nearby, whom iTele did not identify, said that when the truck plowed into the crowd, it “crushed everyone in its path.” Then two men got out of the truck “and started shooting into the crowd, about 50 shots,” the witness said.另一名iTele没有公布姓名的目击者是附近一家餐馆的老板,此人表示,当卡车冲进人群时,“一路撞向所有人。”接着两名男子跳出卡车,“开始朝人群射击,大约打了50,”这名目击者说。French television showed footage of a panicked crowd running from the scene. On Twitter, witnesses posted grim photos of bodies lying in a pile on the asphalt.法国电视台播出了惊慌失措的人群从现场跑开的画面。目击者在Twitter上发布了一些悲惨的照片,显示尸体密集地横陈于沥青路面上。The Prefecture of Police in Nice said that the driver had been neutralized.尼斯警察局表示,驾驶那辆卡车的司机已伏法。 /201607/454555。

Asia-Pacific companies are on the hook to repay almost tn of debt over the next four years — more than half of it priced in US dollars — according to Standard amp; Poor’s.标准普尔(Standard amp; Poor’s)称,未来四年期间亚太企业将需要偿还近1万亿美元债务,其中逾半是以美元计价的债务。The rating agency’s report also highlights the rise in repayments due from riskier, junk-rated companies.这家评级机构的报告还突显了风险较高的垃圾级公司的应偿金额上升。The figures come as Before the report investors were aly worrying that the dollar’s strength and slowing economic growth globally would make it tougher for borrowers to coverroll over debts as they came due, particularly companies in emerging markets.这份报告出炉之前,投资者已经在担忧美元强势和全球经济增长放缓将使借款人(尤其是新兴市场的企业)更难滚转到期债务。And higher US interest rates increase the cost of refinancing existing loans.较高的美国利率提高了对现有贷款进行再融资的成本。The report covers the 1.4bn of debt coming due that is rated by Samp;P. More than two-fifths of it must be repaid in the next two years.该报告涵盖了即将到期的、由标普评级的9614亿美元债务,其中五分之二以上必须在未来两年内还清。Increasingly difficult conditions have followed a multiyear credit binge, during which the region’s borrowers took advantage of record-low interest rates and global investors’ search for higher-yielding assets.在当前日益艰难的条件之前,亚太地区经历了持续多年的信贷狂潮,其间该地区借款人受益于创纪录的低利率和全球投资者对高收益率资产的追逐。Bond issuance by Asia’s emerging market companies halved last year. Slightly more than 80 per cent of outstanding bonds from EM borrowers are denominated in dollars, while a further 6 per cent are in euros.亚洲新兴市场公司的债券发行量去年减半。新兴市场借款人的未偿还债券中,略高于80%以美元计价,还有6%以欧元计价。“With the global collapse in commodity prices, slowing growth and falling equities in China, and the appreciation of the US dollar, companies in the Asia-Pacific region could find credit conditions to be less favourable for refunding debt in the coming years,” said Samp;P analysts in the authors of the report.“随着大宗商品价格出现全球性崩溃,中国经济增长放缓和股市下跌,以及美元升值,亚太地区的企业可能发现未来几年的信贷条件不那么有利于债务再融资,”撰写报告的标普分析师们表示。By contrast just 58 per cent of borrowing by developed-market groups that are based in Australia, New Zealand and Japan is denominated in US dollars or euros.相比之下,在总部位于澳大利亚、新西兰和日本的发达市场企业的借款中,只有58%以美元或欧元计价。“While there is exchange rate risk, investment-grade issuers, particularly in the developed markets such as Australia, tend to largely or even fully hedge their positions,” Samp;P said.“虽然有汇率风险,但投资级发行人(尤其是在澳大利亚等发达市场)往往在很大程度上甚至完全对冲自己的敞口,”标准普尔表示。The biggest danger surrounds riskier junk-rated groups, for which repayments are scheduled to rise sharply.最大危险围绕着高风险的垃圾级企业,对它们而言,还款金额势必大幅增加。More than 20 per cent of non-financial institution debt is rated below investment grade, compared with just 4 per cent of the debt of banks and other financial institutions. 非金融机构的债务有20%以上被评为投资级以下,而和其他金融机构的这一比例只有4%。Some .6bn of repayments of junk bonds fall due in 2016, and that almost doubles next year — before doubling again to .9bn by 2019.约有86亿美元的垃圾债券将在2016年到期,需要偿还,这一金额明年将几乎翻倍,而2019年将再次翻倍,达到309亿美元。 /201603/428695。