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即墨做无痛人流去哪家即墨做人流哪个医院最好The plan will require two transformations, one micro and one macro. The first is an unruly, subsidy-fed explosion of wind, solar and biomass power, a “strange mixture of idealism and greed,” as one energy boss calls it. The second is the effort to pull this into a system providing reliable and affordable electricity. Protagonists of the micro version see themselves as democratising economic and political power. The renewable-energy law entitles anybody who puts in a solar panel or a windmill to sell surplus power to the grid, receiving a generous “feed-in tariff” guaranteed over 20 years. This gives renewable electricity priority over conventional power. Not surprisingly, renewables grew ten times faster than the OECD average from 1990 to 2010 and now account for 20% of electricity output (see chart). The government’s target is 35% by 2020. Germany gets more electricity from renewable sources than any other big country.能源转型计划将需要从微观和宏观两个层面进行转化。第一个是依靠政府的补贴,大力开发风能、太阳能以及生物能源,某能源老总称之为一个“理想主义和贪婪主义奇怪的混杂物”。第二个指为把开发出的能源转入一个能够提供可靠且可负担的电流体制所做的努力。微观版的持者视自己为民主化经济和政治力量。每位通过太阳能板或风车向电网出售剩余电力的公民,都可凭借《可再生能源法》赋予的权利,在未来20多年内享受“上网电价补贴政策”。这使人们在可再生能源与传统能源二者中,优先考虑前者。1990年至2000年间,德国的可再生能源增幅比世界经合组织(OECD)的平均值快十倍自然也不足为奇,如今可再生能源占德国发电量的20%。德国政府的目标是,在2020年将该比率扩大至35%。德国利用可再生能源产电量为所有大型国家之首。The return on capital can top 20% a year in the best spots. But do not confuse harvesters of sun and wind with electricity plutocrats. “One important goal is to break the monopoly” of the four big power companies that dominate the market, says Hermann Albers, president of the Federal Wind Energy Association. Municipal utility companies plan to boost their share of electricity production from a tenth to at least a fifth by 2020. More than 100 municipalities want to be “100% renewable”.最佳地点的年资本回报率最多为20%。可您甭想用电力财阀们来唬弄太阳能和风能的收获者们。联邦风能协会会长Hermann Albers说,“重要目标之一是打破四大电力公司主导市场的垄断”。市政公用事业公司计划在2020年前,将自己在电力生产中占得比率从10%,至少提高至20%。逾100个直辖市希望实现“100%利用可再生能源”。The number of “energy co-operatives” has risen sixfold since 2007, to 586 last year. Solar parks have migrated from farms and family houses to apartment blocks. “Roof exchanges” match owners with investors. Niebull allows only wind farms in which residents can buy stakes, lest landowners become local fat cats and others rebel against the project. In 2010 over 50% of renewable-energy capacity was in the hands of individuals or farmers, according to trend:research, a consultancy. The big four had just 6.5%.去年 “能源合作项目”数目为586个,是2007年的六倍。太阳能电场也从田间地头、独立住宅迁到了公寓大楼。电场主通过“屋顶交换”项目找到匹配的投资者。尼必尔市仅容许风力农场居民购买股份,以免地主摇身变成地方“肥猫”,使其他人反对该项目。据资讯公司trend-research称,2010年可再生能源产能的一半以上都落入个体或农民手中。四大电力公司仅占6.5%。This is perking up sleepy regions. Farmers are likelier to remain on the land. Services, from consultants who guide investors through the subsidy jungle to specialist windmill repairmen, have taken root in towns. The taxes paid by Niebull’s wind park are one of the town’s main sources of revenue; in smaller settlements they may be almost the only local source.这也使那些尚未采取行动的地区开始跃跃欲试。农民们更愿意留在农村。各项务已在城镇扎根:从在堆积如山的补助里为投资者引路的顾问,到专业风车维修工。尼必尔风力电厂纳的税费成了城市主要税收之一,而在一些小地方,风场也许几乎是地方税收的唯一来源。The micro-level works almost too well. Schleswig-Holstein plans to generate three times as much renewable energy as it consumes and to export the surplus south and west. Southern states are keen to produce their own renewable power, too. Bavaria talks of self-sufficiency. The states’ windpower targets add up to double the federal government’s goal of 36 gigawatts by 2020.微观层面的似乎运作的太一帆风顺了。席勒斯威格-霍尔斯坦计划生产的可再生能源是原来需求量的三倍,并计划将剩余电量出口至德国南部、西部的城市。南方各州也热切期望能自己生产可再生电力。巴伐利亚州提出要自给自足。截至2020年,各州的风能目标合计为联邦政府36千瓦兆目标的两倍。Solar power, which consumes half the total subsidy but provides just a fifth of renewable electricity, is racing ahead of target. The Energiewende raises costs, unsettles supply and provokes resistance at grass-roots level. The system coped with the first influx of renewable energy, says Rainer Baake, who heads a lobby group called Agora Energiewende. But the next 20% will require a transformation.太阳能的发展超出目标, 它只耗费总补助额的二分之一,却提供了可再生电力的五分之一。能源转型抬高了成本,搅乱了供给,还激起草根阶层的反抗情绪。游说组织“能源转型集会”的领导人Rainer Baake说,现有体制应对了首批可再生能源的涌入,然而接下来的20%就需要转变。One fight is over who will pay. The most energy-intensive consumers are shielded from the feed-in tariff, leaving ordinary folk, including pensioners and the unemployed, to foot the bill. The nuclear shutdown pushed up industry’s electricity bills relative to its competitors, argues Annette Loske of VIK, which represents big consumers. The political assault on their exemption undermines the confidence they need to invest. An even bigger worry is supply interruptions, which can disrupt factories even if they last for fractions of a second. VIK says they have risen 30% in the past three years. The odds of outright power cuts have jumped.第一阶段的战役已结束,谁来为之埋单?能源消耗量最大的用户受上网电价的保护,留下平民百姓,领养老金的老人已经失业人员负担费用。来自大客户代理商VIK的Annette Loske辩解道,与竞争对手相比,核电站的关闭抬高了工业的电费。大客户本需要树立信心,而针对大客户免税的政治攻击却渐渐削弱了这份信心。断电则是另一份更大的烦恼,供电哪怕只中断几分之一秒都会扰乱工厂作业。VIK称,在过去三年里断电频率已上升至30%。突然停电的几率猛增。 翻译:王葭苇译文属译生译世 /201607/453697即墨市人民医院专家 HS: London v Hong Kong汇丰:伦敦VS香港East is Eden东方伊甸园Bankings longest, and most successful, identity crisis业历时最久,最为著名的身份认知危机HS—one of the two most pivotal banks in the global financial system, according to regulators, alongside JPMorgan Chase—exudes permanence. Its buildings are guarded by lions cast in bronze which passers-by touch for luck. HS has never been bailed out, nationalised or bought, a claim no other mega-bank can make. It has not made a yearly loss since its foundation in 1865. While its peers took emergency loans from central banks in the crisis of 2008-10, HS, long on cash, supplied liquidity to the financial system.在监管机构眼中,汇丰与根大通并列是全球金融体系中的两大中枢,汇丰的行业地位坚不可摧。青铜雄狮像守卫着汇丰的办公大楼,路人经过时会抚摸青铜像,沾点运气。汇丰从未需要获取资金援助以摆脱困境,也不曾被收归国有或被收购,这是其它大所无法做到的。自1865年成立以来,汇丰就未曾有过年度亏损。在2008年至2010年的金融危机中,同行均向中央申请紧急贷款,而现金充足的汇丰则为整个金融体系提供了流动资产。Yet behind that invincible aura lurks an insecurity: where is home? When Western and Indian merchants founded the bank in Asia in 1865, they considered basing it in Shanghai before settling on Hong Kong. Faced with wars, revolutions and the threat of nationalisation, the bank has chosen or been compelled to move its headquarters, or debated it, in 1941, 1946, 1981, 1986, 1990, 1993, 2008 and .然而,无敌光环背后却潜藏着不安因素:何处是家?1865年,西方及印度商人在亚洲创立汇丰,他们一开始是打算将总部设在上海的,后来才在香港扎根。面对战争、革命及国有化浪潮的威胁,汇丰曾在1941年、1946年、1981年、1986年、1990年、1993年、2008年及年选择搬迁或被迫搬迁总部地址,又或就此进行讨论。HS believes its itinerancy explains its survival. Countries and regimes come and go. The bank endures. Now its decision time again. The results of a ten-month review of its domicile are likely to be announced on February 22nd. The main choice is between staying in London—where HS shifted its holding company in 1990-93, in anticipation of the return of Hong Kong to Chinese sovereignty in 1997—or going back to its place of birth.汇丰相信,总部地址的巡回变迁阐述了其生存之道。家和政权兴衰变迁,汇丰屹立不倒。如今又到了做决定的时候。在经过长达10个月的总部地址回顾历程之后,汇丰很可能会于2月22日宣布其最终决定。最佳选址有两个:要么是伦敦——汇丰曾在1990年至1993年期间其母公司转移至此,要么是回到香港——1997年回归,汇丰最初成立的地方。The decision is partly about technicalities: tax, regulation and other costs. But it also reflects big themes: Londons status as a financial centre, the dominance of the dollar and Hong Kongs financial, legal and political autonomy from mainland China, which is supposedly protected until 2047 under the pledge of “one country, two systems”. HSs most recent move, from Hong Kong, was announced on the radio by Chinas premier of the day, Li Peng. Its return would be news too, a coup for China when its economic credibility is low. For Britain, the departure of its largest firm would be an embarrassment.该决定部分涉及到技术性细则:税收、监管及其他成本。但同时也反映了核心主旨:伦敦作为金融中心、美元的主导城市,而香港独立于中国大陆拥有的金融、法律和政治自治权。在“一国两制”体系下,该自治权将得到合法保障,直至2047年为止。原国务院总理李鹏曾在广播中宣布汇丰搬离香港的最新举措。同样地,它的回归也会是一大新闻,这是中国在经济信用低迷情况下的转折。对英国人而言,其最大公司的离开,也将会是一件尴尬事儿。That HS is considering moving at this moment may seem astonishing; it is knee-deep in a restructuring. Since taking the helm in 2011 Stuart Gulliver has reversed the empire-building that took place in the 2000s to refocus the bank on financing trade. He has sold 78 businesses and almost halved the banks exposure to America. Vast sums have been spent on compliance systems after the bank was fined for money-laundering in Mexico.汇丰此时考虑改址的举动令人感到惊讶,因为它目前正深陷重组风波。欧智华自2011年开始掌控汇丰以来,修正了汇丰在21世纪初的金融帝国打造途径,以重新将重心转回金融务贸易。他已经出售了78项业务,并将对美业务规模收缩近50%。汇丰在涉嫌墨西哥洗黑钱而被罚款事件发生后,已斥巨资完善合规体系。The groups return on equity hovers at 8-11%—poor by its standards but on a par with JPMorgan Chase. Outside Asia, returns are about 5%. To raise them, Mr Gulliver is inflicting a new dose of austerity, with big cuts at its investment bank. Retreat from the Western hemisphere has freed resources for Asia, where risk-weighted assets have soared by half since 2010.汇丰的净资产收益率在8%~11%之间徘徊,并未达到其设定的标准,但与根大通水平相当。在亚洲地区之外,回报率均在5%左右。为了提高回报率,欧智华先生正实行一系列紧缩措施,大力削减投行业务规模。汇丰从西半球撤退,为在亚洲发展释放了资源。自2010年以来,亚洲地区的风险加权资产已激增了一半。HSs seesawing skew towards Asia is one of four factors that explain its 151-year quandary over where it should be based. The others are the ethnicity of its managers, Britains love-hate relationship with finance and the status of Hong Kong.汇丰总部应落地何处,这一难题困扰了151年之久。汇丰对亚洲摇摆不定的态度是造成这一现象的四大原因之一,还有就是:管理层的种族、英国与金融之间爱恨交织的关系、还有香港的地位。In the 1980s all four pointed to London. The bank was diversifying into America and Europe (by 2004 Asia yielded just a third of profits). London felt natural to the cadre of expatriate Brits that ran it. Britain was welcoming, particularly after HS bought Midland, a local lender. And HS was cushioned from the danger that China would rip up the agreement over Hong Kong. “As night follows day...we would become a Chinese bank,” the banks chairman at the time said about keeping its domicile in the territory after 1997.在20世纪八十年代,这些原因都直指伦敦。当时汇丰正向美国及欧洲拓展多样化业务(到2004年为止,汇丰在亚洲地区利润仅占全球利润的三分之一)。伦敦对于运行业务的英国侨民中的骨干精英,感到天然亲近。同时,英国也欢迎这一类人,尤其是在汇丰收购当地的米特兰后。汇丰也得以缓解中国有可能撕毁就香港问题而起草的协议所带来的冲击。“当夜幕降临,我们会成为一个属于中国的,”汇丰主席当时,关于在1997年之后继续将汇丰的总部设定在此领土上如是说道。Three of the four factors now point back towards Asia. Asia yields 60% of profits. This could rise to 75%. Mr Gulliver plans a big push in the Cantonese-speaking Pearl River delta. Rising interest rates would boost lending margins most in Asia, which has a surplus of deposits, which need not be repriced as quickly as debt. HS is far more Asian than its Western rivals (see chart). Not even a hard landing in China, a banking crisis there or a devaluation of the yuan would alter that.四个因素中就有三个是指回亚洲的。亚洲的盈利额占比60%,还可能继续涨到75%。欧智华先生在珠三角粤语区制定了极大力度的推进计划。提高利率将会促进亚洲的借贷边际,而亚洲的储蓄过度,这些存款无需像债务一样要很快地进行重新定价。与西方的一些竞争对手相比,汇丰更加亚洲化(见图表)。危机或者人民币贬值都会改变这种状况,更不用说是在中国硬着陆了。HSs management is now multi-national, although its board has too few Asians on it. (Simon Robertson, its deputy chairman, is also a director of The Economist Group.) AIA, an insurance firm, moved to Hong Kong after it was spun out of American International Group in 2010. It shows it is possible to domicile a big finance firm there that is not Chinese-run.尽管汇丰的董事会中的亚洲成员很少,管理层也是由多国成员组成。(汇丰副主席西蒙·罗伯逊兼任经济学人集团理事一职。)自2010年被美国国际集团分拆之后,友邦保险公司就转移到了香港。这表明大型金融公司不由中国人管理,也有在香港定址的可能性。And Britain has got hostile. Briefly after the crisis public and elite opinion distinguished between the British banks that blew up and those that did not. Having a bank so plugged into emerging markets was seen as strategically helpful. But now HS (cumulative profits of 1 billion since 2007) is often lumped in with the likes of Royal Bank of Scotland (cumulative losses of billion), a target of attacks from foaming parliamentary committees and a hatchet-wielding media. Critics worry that British depositors and taxpayers subsidise the bank by funding its foreign operations and implicitly guaranteeing its liabilities. This is the rationale behind Britains levy on banks global balance-sheets, which costs HS .5 billion a year, or about a tenth of profits. It also underpins the requirement that banks ring-fence their British retail arms, which will cost HS billion.而且英国也产生了敌意。在这次危机之后,大众和精英阶层将那些言过其实和名副其实的英国进行了划分。从战略上看,一个能够在新兴市场上立足是非常有帮助的。但是现在汇丰(自2007年以来累计收益为1010亿美元)经常与苏格兰皇家(累计亏损为800亿美元)这类归并同类,而苏格兰皇家则是那些夸夸其谈的议会议员和唇舌剑的媒体攻击的对象。批评者担心那些英国的储户和纳税人会通过资助其海外行动或暗中担保其负债以资助该行。这是英国应对全球资产负债表的理论基础,为此汇丰每年花费15亿美元,相当于利润的十分之一。这也撑了英国的零售业务的专款需求,为此花费汇丰20亿美元。Yet these policies duplicate others designed to tackle the same problem, including capital surcharges, stress tests, living wills and a push to “bail in” bondholders when disaster strikes. And they ignore HSs safety-first structure. It has more cash than it owes in debt (bonds and loans from other banks). It is aly run in self-reliant geographic silos. And 68% of its deposits are raised outside Britain. Arguably the subsidy flows in the other direction, from Asian savers who are providing cheap funds to Britains financial system.然而这些政策也只是复制其他用来解决同样问题的策略,包括资本附加费、压力测试、“生前遗嘱”制度以及应对危机的自救性债券。而且这些政策也忽略了汇丰安全第一的体系。相对于负债,其拥有的资金更多(其他的债券和贷款)。汇丰已经在其自主的领域独立运行,而且68%的存款来源于英国以外的地区。然而对于从提供廉价基金的亚洲储户流入英国的金融体系补贴资金流向另外的方向,仍有所争议。George Osborne, Britains chancellor, has belatedly turned on the charm. In July he tweaked the levy and the tax regime—although not by enough to make much difference to HS over the next five years. The financial watchdog has been shaken up, and Mark Carney, the boss of the Bank of England, which has ultimate responsibility for the banks, has hinted that they have enough capital.英国财政大臣乔治·奥斯本最近小露一手,虽然迟了一点儿。七月份他稍微调整了征税体系,尽管这样的小动作不足以在五年内对汇丰造成足够的影响。但金融监察体系已经得到整顿,而且对各承担最终责任的英格兰行长马克·卡尼也暗示他们已经拥有足够的资金。But unless the government concedes that the size of HSs global balance-sheet is not a gauge of its risk to Britain, HS will worry that its size is capped. Asia will grow faster than Britain, and thus so will the banks assets. If the bank is too big for Britain today, with assets equivalent to 89% of GDP, what will it look like in 2030? A British exit from the European Union would complicate things further, requiring HS to beef up operations in France or Germany (although it would have to do this whether based in London or Hong Kong).但是除非政府认同汇丰的全球资产负债表的规模并非是衡量其带给英国风险大小的标准,汇丰还是会担心其规模达到上限。亚洲的发展速度将会超过英国,的资产也将是一样。如果对于现在的英国来说,拥有相当于国民生产总值89%的资产的汇丰规模太大了,那么到2030年又会是什么样呢?英国退出欧盟会使情况变得更加复杂,这就要求汇丰增强在法国或德国的运营(即使无论是定址于伦敦还是香港汇丰都需要这样做)。What about the fourth factor, Hong Kong? It has changed a lot since Mr Gulliver first lived there in the 1980s. The skyscrapers of Chinas opaque lenders, Bank of China and IC, now loom over HSs building, beneath which pro-democracy protesters camped during the Occupy Central movement in 2012.那么第四个因素——香港呢?自欧智华先生于上世纪八十年代在香港定居时起,已经诸多变化。中国的不透明、中国和工商的天大楼已经盖过了汇丰的建筑——楼下也就是2012年要求民主的占中运动抗议者安营扎寨的地方。Hong Kongs government would welcome the bank back, as would its regulator, the Hong Kong Monetary Authority (HKMA). Moving to Hong Kong would probably cut HSs tax bill and capital requirements a bit and the degree of regulatory and political friction a lot. It might also help HSs ambitions on the mainland, although it aly has a privileged spot there—the largest presence of any foreign bank. Like Hong Kong, HS wants to be close to China but not integrated with it. Head-to-head competition with the coddled mainland banks would be suicidal.香港政府会向汇丰张开双臂,香港金融 (HKMA)态度也是如此。迁址香港,汇丰得到的税款减免和资本要求方面得到的好处不多,但面临的监管和政治压力却比在英国小得多。同时,总部设在香港能帮助汇丰实现拓展大陆业务的雄心,尽管汇丰目前已经成为内地市场占有率最大的外国。和香港对大陆的态度一样,汇丰想要接轨内地市场,但不要融入其中。与受到万千宠爱的内地硬碰硬的竞争无异于自杀。The logistics of a move would be less daunting than you might think. Half of HSs business aly sits in a subsidiary in Hong Kong that the HKMA regulates. HSs shares are listed in Hong Kong as well as London.迁址产生的变动不会过于令人生畏。汇丰本来就有一半的业务在香港分公司进行,接受HKMA的监管。汇丰的股票也同时在香港和伦敦两地挂牌。But how could the territory safely host a bank nine times as big as its GDP? Hong Kong officials say there are three lines of defence. First, they set more store than Britain on HSs innate strength: its culture, capital and vast pot of surplus cash. Second, they believe that in a crisis its geographical silos would get assistance from the local central bank: the Bank of England would help the British arm, the Federal Reserve the American one, and so on.但是,香港如何安全接纳相当于其GDP九倍的汇丰?香港官员回应称,三道防线可做保障。第一,依靠汇丰的强大企业文化,资本和现金盈余等自有实力,可在香港设立更多,超过英国本土数量;第二,他们相信,如果遭遇金融危机,汇丰各分部均能得到所在国家央行的救助,比如在英格兰的会出手援助英国分行,美联储援助美国分行,以此类推。Last, there are the HKMAs foreign reserves of 0 billion. They exist to protect the currency peg with the American dollar and “the stability and integrity” of its financial system. Were HS ever to cock up as badly as, say, Citigroup has, it might take billion to re-capitalise it—within Hong Kongs capacity. A liquidity run so bad that it drained even HSs cash pile could be harder for the HKMA to manage. It runs a currency board so cannot print Hong Kong dollars in unlimited quantities. HS largely operates in American dollars, which the HKMA cannot create, and unlike the Bank of England, the HKMA does not have a dollar swap line from the Fed.最后一道防线,是香港金融的3600亿美金外汇储备。这项储备能够持港币与美元挂钩的机制,以及保持香港金融系统的“完整与稳定”。如果汇丰面临危机(比如,陷入花旗一样的境地),香港可以完全依靠自主能力,拿出500亿美金为其注资。但极差的流动性甚至可能耗尽汇丰的现金储备,这会让HKMA更加难以应对。香港采取货币发行局制度, 港币不能无限量发行量。汇丰大规模采取美元结算制度,而HKMA无权发行美元,和英格兰不同,HKMA 没有和美联储达成货币互换额度。Wrinkles like this mean that HS would ultimately rely on the unspoken backing of mainland China, with its vast financial resources. Speaking anonymously in August, a mainland official formerly in charge of financial matters said Chinese regulators would expect to have a say over HS. China desperately wants a global bank to represent its interests. Mainland officials might be tempted to meddle.这些问题都意味着汇丰最终还需大陆方面的潜在持,依靠后者大量强大财政资源。匿名人士在八月透露,一位之前掌控金融财政的内地官员说中国监管者希望在汇丰有话语权。中国迫切希望一家跨国代表中国利益。大陆官员希望能插手汇丰的事务。That might annoy American officials, who have become chauvinistic about access to their financial system since the 9/11 attacks and the 2007-08 crisis. HS manages about 10% of the worlds cross-border dollar payments. Its ability to do so is essential to the banks operations. In the event, say, of a military skirmish between America and China, it is not impossible there would be a backlash from Congress and New Yorks populist regulator against a “Chinese” bank having such a privileged role in the dollar system. In 2014 regulators briefly prevented BNP Paribas, a French bank, from clearing dollar transactions.这可能会招致美国方面的不满,9/11恐怖袭击事件和 2007-08金融危机之后,美国官员开始带有沙文主义色地严格管制美国的金融市场准入。汇丰处理世界10%的跨境美元结算,而美元结算资格对汇丰业务运营至关重要。假如,中美之间发生军事擦,可能会引起美国国会和华尔街民粹主义监管者的激烈反应,,抵制一家“中国”在美元系统的特权地位。2014年法国巴黎事件中,美国就直接取消了该的美元交易能力。A move to Hong Kong is thus a risk for HS. It is a bet that China will grow, but that its legal and financial systems will remain backward enough that Hong Kong will still have a vital role as the mainlands first-world entrepot. It is a bet that even as they meddle in Hong Kongs politics and on occasion break its laws, mainland officials will ultimately respect the principle of “one country, two systems”. It is a gamble that America will resist its worst urges. In Hong Kong HS would be a catastrophic mistake away from losing its independence—but then the bank has never made a catastrophic mistake. Viewed from an insular Britain, Hong Kong is dangerous and alluring, just as it was 151 years ago.因此,汇丰迁址香港会面临风险。汇丰需要赌一把—中国经济将继续增长,但其司法和金融系统依然落后,这样香港就仍然能保持作为中国和发达国家交易的贸易中转站。还要赌一把,尽管中国政府仍然干涉香港政治,偶尔在法律上越线,但最终还是会遵照“一国两制”政策。最后还得赌,美国抑制其最坏的冲动。总部设在香港,汇丰若失去自主权,便会走上灾难性的自毁之路;但汇丰从来没犯过重大决策失误。从孤立的英国角度来看,香港就像151年前一样, 充满危险,却让人蠢蠢欲动。翻译:李晶晶amp;许佳amp;王坤 校对:赵容 译文属译生译世 /201602/426931即墨做妇科检查要多少钱

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即墨市哪家医院做打胎Apple苹果公司iThrone霸业已成Apple reigns supreme when it comes to making money, but now faces even greater expectations说到企业的赚钱能力方面,苹果公司无疑是全球的霸主,但现在他们却面临着更高的期望NEVER before has so much money been made by a single firm in such a short period of time. On January 27th Tim Cook, the boss of Apple, announced that it had made billion in its latest fiscal quarter, which ran almost to the end of December 2014. That beats the previous record of .9 billion reported by ExxonMobil, an oil company, in 2012, according to Samp;P Dow Jones Indices.单单一家公司,在这么短的时间内赚了这么多钱,历史上从未有过。1月27日当天,苹果公司CEO蒂姆·库克(Tim Cook)宣布,在最新的财务季度当中(接近于2014年12月底结束)公司获得了180亿美元的净利润。而根据标普道琼斯指数公司(Samp;P Dow Jones Indices)的资料显示,这一数据打破了先前由石油公司埃克森美孚(ExxonMobil)于2012年所创下单季度159亿美元的记录。Apples telephone-number-sized profit stemmed largely from sales of its hugely popular iPhone, which accounted for over two-thirds of its .6 billion revenue. Chief executives rarely admit to being dumbfounded by their companies performance, but Mr Cook said it was “hard to comprehend” the extent of the interest in Apples products. He noted that, on average, 34,000 iPhones were bought every hour of every day during the latest quarter. That added up to 74.5m phones, way more than market-watchers had expected.苹果的巨额利润中很大部分来源于它旗下十分受欢迎的产品iPhone,在公司746亿美元的季度营业收入,iPhone占了三分之二。一般而言,首席执行官很少承认自己会被公司的表现吓呆,但库克先生却表示“难以理解”市场对苹果产品的着迷程度。他还提到,在最新的财务季度期间内,平均每天的每小时都要售出34000台iPhone手机,而最终的季度总销量则为7450万台,远超市场分析师预期。Apple is the worlds largest company by market capitalisation as well as its most profitable. Strikingly, it has risen to greatness using a rather old-fashioned business model: selling highly desirable objects at fat gross margins, which hit almost 40% in the latest quarter. The tech industry has spawned numerous software-based firms, such as Google and Facebook, that dont have to worry about shifting goods around, yet they make much less than the Colossus of Cupertino. Amazon handles lots of physical goods, but loses money.无论是从总市值还是从盈利能力方面来看,苹果都是全球最大的公司。然而,令人惊讶的地方却是苹果取得这一成绩的方法。它所用的是一个相当传统的商业模型:在高毛利率的情况下(最新一季中约为40%),大卖抢手货。科技产业育出了无数以软件为基础的公司,如谷歌(Google)和脸谱(Facebook),他们也不需要进行真实的货物流通,但他们赚的钱较“库比蒂诺的巨无霸”(Cupertino,苹果公司总部,位于美国旧金山)要少得多。亚马逊公司(Amazon)的主营业务为处理大量的实体商品,但该公司却处于亏损状态。Another thing that sets Apple apart from the tech pack is its success in conquering China. While rivals have been frustrated there, Apple has just become the largest force in Chinas smartphone market measured by units shipped, according to Canalys, a market-research firm. Apples revenue from the Greater China region, which includes Taiwan and Hong Kong, soared 70%, to just over billion.另一个使得苹果公司在同行中脱颖而出的因素,在于其对中国市场的成功占领。它的对手们纷纷在中国折戟沉沙之时,苹果公司却成为了中国智能手机市场的霸主。根据市场研究机构易观国际(Canalys)所提供的资料显示,苹果手机的出货量为中国第一。苹果在大中华区(包括台湾和香港)的产品销售收入增长了70%,其数额略高于160亿美元。Any setback in China could hurt Apple. The companys overall dependence on the iPhone is another risk. But these are early days for the iPhone 6, Apples latest device, whose bigger screen takes the firm into the “phablet” category of larger phones that are wildly popular with customers. Some iBulls also point out that Apples share of the smartphone market is small compared with devices using Googles Android operating system (see chart). So it has plenty of room to grow.在中国市场的任何挫折,都可能使苹果公司遭受沉重打击。而苹果对旗下产品iPhone的全面依赖性,无疑是另一个风险。但这部分担忧对于iPhone 6来说还言之尚早。作为苹果公司的最新产品,iPhone 6拥有比以往更大的屏幕,引领公司进入到了“平板手机”的竞争领域,而目前消费者们正是对大屏幕手机青睐有加。一部分“资深果粉”还指出,与谷歌的安卓操作系统相比,苹果的智能手机市场占有率还是算小的(如上图所示)。因此,苹果手机还有充足的增长空间。If it is still to reduce its dependence on iPhones, Apple will need new money-spinning gizmos. Mr Cook said this week that its much-ballyhooed smartwatch will go on sale in April. Tim Bajarin of Creative Strategies, a consulting firm, thinks Apple could sell 22m-24m in the first 12 months after the launch, producing billions of dollars of new revenue. Sanford C. Bernstein, a research firm, reckons the watches will have a higher-than-average gross margin, which bodes well for profits.如果苹果公司仍旧要降低其对iPhone系列的依赖性,那么就需要有新的盈利产品。本周,库克先生表示万众期待的智能手表将会在4月正式发售。创意策略咨询公司(Creative Strategies)顾问蒂姆·巴加林(Tim Bajarin)认为,苹果能够在该产品首发的12个月内卖出2200万至2400万个,获得数十亿的新营收。斯坦福·伯恩斯坦公司(Sanford C. Bernstein)则估计,苹果手表能够拥有高于平均水平的销售毛利率,而这便预示着可观的利润。Apple should be able to make more money from software and services, too. The firms online store of software apps had its busiest-ever day on January 1st and the introduction of a smart watch will lead to another app feeding frenzy. Apple profits by taking a chunk of the money developers make from app sales and in-app purchases. By binding customers into its “ecosystem” of hardware and software plus services such as Apple Pay, a contactless-payment system, the firm also makes it more likely they will stay with it when they upgrade their gadgets.与此同时,苹果公司也应该能在软件和务方面赚取更多的钱。本年的1月1日,苹果的线上应用商城迎来了有史以来业务最繁忙的一天,而智能手表的推广也会引发另一场应用抢购狂潮。苹果公司的盈利点在于,从软件开发者的应用软件销售额和应用内的产品务销售额两部分当中,抽取大量的提成。通过将消费者与苹果的硬件、软件和务(如非接触式付系统 Apple Pay)三者紧密结合的方式,苹果公司构建出了自己的“生态系统”,这也令消费者们在对自己的设备更新换代之时,更有可能继续购买苹果的产品。This still leaves the company with a headache other firms would die to have: its Croesus-like mountain of cash, which now stands at 8 billion—a figure that is greater than the market capitalisations of information-technology giants such as Intel and IBM. Apple, which has aly spent billions of dollars on share buy-backs, will revisit its plans to return money to shareholders and discuss them in April. Mr Cook can expect plenty of calls from activist investors before then, no doubt from their shiny new iPhones.苹果公司所头疼的问题,正是其他公司拼了命都想得到东西:堆积如山的现金。目前,苹果所拥有的现金为1780亿美元,这个数字比信息技术巨头英特尔(Intel)和IBM公司的市值还要高。苹果公司早已花费了数十亿美金用以股份回购,而它将会重新制定其对股东们现金返还计划,并将在今年4月对此进行商讨。在那之前,库克先生就可以预想到大量活跃市场人士的来电。毫无疑问,这些人当然是用他们纤薄的新版iPhone打过来的。译者:颜士竣 校对:周鼎烨 译文属译生译世 /201502/358606 As an attempt to discourage young people from becoming smokers, 为试图阻止年轻人成为烟民,it was decided to raise the legal age to buy cigarettes and other tobacco products from 18 to 21 in San Francisco. 旧金山决定提高购买香烟和其它烟草产品的法定年龄从18岁到21岁。San Francisco’s Board of Supervisors voted on Tuesday to raise the legal age to buy tobacco products, 旧金山监事会周二投票决定提高购买烟草产品的法定年龄,joining New York City, Boston and Hawaii in increasing the minimum age. 联合纽约市、波士顿和夏威夷提高最低年龄。San Francisco becomes the second-largest to raise the minimum age to buy tobacco products, including e-cigarettes. The ordinance goes into effect 1 June.旧金山成为第二大提高最低年龄,购买烟草产品包括电子香烟的城市。该条例于6月1日生效。译文属。201603/429122华山灵山段泊岚刘家庄移风店七级蓝村南泉普东大信做人流哪家医院最好的即墨哪个医院治疗不孕不育




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