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2017年12月18日 16:38:22 | 作者:安心问答 | 来源:新华社
IT IS “one of the few bright spots in the Chinese economy,” says Zeng Ming. He is talking about e-commerce. Mr Zeng, the chief strategy officer for Alibaba, a giant Chinese internet firm, predicts that digital transactions on his firm’s platforms will top 1 trillion yuan (9 billion) this year—more than Amazon’s and eBay’s combined. That is a bold claim; but consider what happened on Singles Sunday.中国互联网巨头——阿里巴巴集团【注1】的总参谋长曾鸣【注2】将电子商务称为“中国经济少有的亮点之一”。他预测,今年阿里巴巴各平台的数字交易额将突破10000亿元人民币(约合1590亿美元),超过亚马逊和 eBay 的交易额总和。曾鸣此言大胆无畏;看看上周日光棍节那天的情况就可想而知了。Invented a few years ago by students and seized upon by digital marketers, this festival for lonely hearts falls annually on the 11th day of the 11th month (since 1 is the loneliest number). It is like St Valentine’s Day, only worse. Singletons shower each other with tender gifts: a barrage of pearls; a storm of sweets.几年前,一些学生把每年的11月11日定为单身者的节日——“光棍节”【注3】(因为“1”是最为“孤独”的数字)。随后,数字营销者抓住了这个商业机 遇。光棍节和情人节有些类似,只不过没有情人节那么美好。在这一天,单身人士会彼此交换很多贴心的礼物:比如大包的珠宝首饰、大把的糖果。This November 11th they spent a staggering 19 billion yuan on Alibaba’s online platforms—a fourfold increase on a year ago, and more than double what Americans spent online last Cyber Monday (the Monday after Thanksgiving, when retailers urge Americans to shop online). More than 100m purchases were logged, accounting for 80% of the packages shipped that day. Couriers were buried in parcels.今年11月11日,阿里巴巴各个网络平台的销售额达到了惊人的190亿元人民币,比一年前翻了两番,也是去年“网络星期一”当天美国网购交易额的两倍以上 (“网络星期一”是感恩节之后的周一,美国零售商鼓励人们在这一天在线购物)。根据记录,今年11月11日有一亿份以上的网购订单生效,占当天总发货量的 80%。运送包裹的快递员忙得不可开交。So life is good for China’s etailers, then? Not exactly. The number of digital marketers is increasing and online sales are booming (see chart). Consumers are enjoying lower prices, better service and more variety. The problem? The pressure on margins in Chinese e-commerce is worse than in America, reckons Elinor Leung of CLSA, a broker. “Almost no one makes money,” she says.那么,想必中国电商【注4】的日子过得很滋润吧?不尽然。数字营销者的队伍越来越庞大,网络销售也是红红火火(见图表)。消费者享受着更低的价格、更好的务和更大的选择范围。可问题在哪?里昂券经纪人 Elinor Leung 认为,中国电子商务的利润压力比美国还大,“几乎没什么人在赚钱”。The fiercest battles are being fought between online retailers and their bricks-and-mortar rivals. Dangdang, a firm that resembles Amazon, and 360buy, another online retailer, have cut prices ferociously. Tencent, a cash-rich online giant known for its instant-messaging software, is splashing out to win market share. 360buy has also just raised 0m from investors to do the same. But it is unclear how much longer such firms can burn through capital.传统实体企业是网络零售商的竞争对手,二者正在打着几场最为惨烈的商战。当当网和京东商城展开了一 场血拼价格战(前者是类似亚马逊的公司,后者是另一家网络零售商)。以即时通讯软件而闻名的腾讯公司是一家财大气粗的网络巨头,它也为占据市场份额花费了 大笔资金。前不久,京东商城还进行了四亿美元的融资,同样是为了提高其市场占有率。但这些公司的“烧钱”行为还能撑多久?不得而知。That is especially so since physical retailers are fighting back. Walmart has increased its stake in Yihaodian, a local e-commerce firm. Jeff Walters of G, a consultancy, argues that in a good year a retailer like Walmart could open 40-50 physical stores, just a sliver of the Chinese market, “which is why e-commerce is so important for them here”. Many Western rivals have flopped in China with the big-box strategy; including, most recently, Best Buy (an electronics chain) and Home Depot (a do-it-yourself shop).这种情况尤为明显,因为实体零售商已经发起了反攻。沃尔玛增加了自己在中国本土电子商务公司——“1号店”【注5】所持有的股份。来自咨询公司 G 的 Jeff Walters 认为:在效益好的年份里,像沃尔玛这样的零售商可以开设四五十家实体店,而这个数目在中国市场上只是九牛一毛—— “所以电子商务对这些公司来说非常重要”。很多在中国推行仓储直营模式的西方竞争者都栽了跟头,比如最近的百思买(一家电子产品连锁企业)和家得宝(一家 自助式家居建材用品零售商)【注6】。Suning and Gome, big Chinese high-street electronics stores, are putting an expanded range of products on their websites. Alan Lau of McKinsey amp; Co, a consultancy, says they are also pushing manufacturers to stop offering etailers such big discounts. He estimates that in 2011 computers and handsets sold online were 12% cheaper than in stores; this year they are only 7% cheaper. As the gap gets smaller, so do nearly everyone’s margins.中国两家大型连锁家电销售企业——苏宁电器和国美电器都在各自网站上扩大了产品门类。麦肯锡咨询公司的 Alan Lau 认为,两家企业此举也在向制造商施压,促使其减小对电商的打折力度。他估计,2011年网上销售的电脑和手机比实体店便宜12%,而今年只比实体店便宜7%。随着价格差距的缩小,几乎所有企业的利润都受到了影响。The great exception is Alibaba, which handles nearly three-quarters of China’s e-commerce. Because its Taobao (consumer-to-consumer) and Tmall (business-to-consumer) platforms connect buyers and sellers, the firm does not carry the cost of logistics or inventory. It makes none of the products it sells. (American officials have branded it a “notorious” counterfeit market, a charge Alibaba deems unfair.) It makes money chiefly through advertisements, not user fees, a model that works thanks to its dominant position.阿里巴巴是个大大的例外——它控制了中国电子商务将近75%的市场份额。由于阿里巴巴旗下拥有“客对客”的淘宝网和“商对客”的天猫商城等平台【注7】来 让买卖双方联系起来,该公司无需承担物流或是仓储方面的成本。它销售的产品也并非由自己生产(美国官员将阿里巴巴斥为一块“臭名昭著”的假货市场,而该公 司认为这种指责有失公允)。阿里巴巴主要通过广告来盈利,而不依靠用户缴纳的费用。由于它在市场上占据了主导地位,这种模式行之有效。Privately held Alibaba does not discuss its finances, but Yahoo! owns a stake (which it is winding down). The American internet firm’s disclosures this month reveal that Alibaba’s revenues nearly doubled year-on-year, to .9 billion for the three quarters ending in June. Its profits tripled to 0m over that period.阿里巴巴是私人控股公司,并不会公开其财务状况。但雅虎公司拥有阿里巴巴的股份(雅虎正在逐步减少其份额)。根据这家美国互联网公司本月披露的数据显示, 阿里巴巴的收入与上年同期相比几乎翻了一番,在截至今年六月的三个季度中达到了29亿美元;同期利润也增长了两倍,达到了7.3亿美元。Alibaba is bullish. In China e-commerce aly accounts for nearly 5% of total retail sales, roughly the same as in America. But its potential is greater, argues the firm. In America, physical retailers are aly efficient and everywhere. In China, they are highly fragmented, inefficient and barely visible outside big cities. So etailers could leapfrog them.阿里巴巴对前景感到乐观。该公司认为:中国的电子商务已经占了零售销售额总量的近5%,和美国的比例大致相同;但该行业的潜力尚未得到充分挖掘。在美国, 实体零售商无处不在,已经有了不错的效率。而在中国,实体零售产业高度分化、效率较低,而且在大城市之外鲜有涉足。因此,电商可以迎头赶上,抢占市场。Mr Zeng notes that legions of Chinese have yet to go online. As they do so, Alibaba will be watching, recording and analysing their shopping habits. The firm is devising a “big data” strategy. It hopes to help vendors harness customer information quickly and share insights among themselves. This could allow them to accelerate product-design cycles.曾鸣指出,中国目前还有大批民众尚未开始网络购物。随着他们走上这条道路,阿里巴巴将观察、记录并分析其购物习惯。该公司正在设计一种“大数据”战略,希望帮助各销售商高效地利用客户信息并彼此分享商业经验。此举可以让他们缩短产品设计周期。The firm’s lofty ambition is to help China move towards “mass customisation” and “user-generated innovation”—turning trendy jargon into reality. “The entire supply chain will sit on e-commerce,” insists Mr Zeng. “It will be not just a tool, but the heart of the entire economy.”阿里巴巴有着宏图壮志:帮助中国走向“大规模定制”和“用户创新”——把这些时髦的行业术语变成现实。曾鸣坚称:“整个供应链将以电子商务为依托。电子商务将不仅仅是一种工具,更是整体经济的核心。” /201211/211368Slowing growth in China is taking a brutal toll on Appalachian coal mines and coal towns. 中国经济增速放缓沉重打击了美国阿巴拉契亚地区的煤矿和煤城。 Appalachia has one of the world#39;s richest deposits of high-grade coal used to make steel. Thanks to Chinese demand, the price for premium metallurgical coal, whose low-ash and low-sulfur content makes it ideal for steelmaking, hit a record 0 a metric ton in early 2011. 下岗矿工鲍威尔(左)与家人在西弗吉尼亚州的霍顿市。阿巴拉契亚地区炼钢用高等级煤炭的储藏量位居世界前列。由于中国的需求,优质焦煤价格在2011年年初创下了每吨330美元的纪录。焦煤烟尘少、硫含量低,是炼钢的理想之选。 Now, the Chinese economy is slowing and so is its steel industry. That has sent the price of coal used for steelmaking down nearly 50% to 0 a metric ton. Those coal producers who counted on Chinese sales are reeling. 现在中国经济在放缓,钢铁行业也在减速,这导致炼钢用煤炭价格跌到每吨170美元,几乎下跌了一半。寄望于中国市场的煤炭生产商受到了沉重的打击。 #39;When someone had coal to move, China was your big box store,#39; said Ernie Thrasher, chief executive of XCoal Energy amp; Resources, a major U.S. marketer of such coal to Asia. This year, #39;the switch went off.#39; XCoal Energy amp; Resources是美国向亚洲出口焦煤的重要贸易商,该公司首席执行长思拉舍(Ernie Thrasher)说,当有人有煤炭要卖的时候,中国就是一个大卖场,但今年一切都停顿了下来。 While many have blamed the downturn in the U.S. coal industry on cheap natural gas supplanting coal and tougher environmental regulations, the slide in metallurgical coal demand has been equally devastating. Coal companies were caught flat-footed after ramping up production last year with the expectation that steep prices would cover their rising costs, despite coal#39;s past cyclicality. Instead, demand in China began to falter just as Australian metallurgical coal production-interrupted by floods last year-surged back into the market. 很多人将美国煤炭产业的不景气归咎于廉价的天然气取代了煤炭,以及环保监管越来越严格。然而焦煤需求下滑带来的打击也同样沉重。去年煤炭企业不顾以往本行业的周期性特征,仍指望价格的大幅上涨盖过成本的上升,所以扩大生产。结果中国的需求慢了下来,同时受去年洪灾破坏的澳大利亚焦煤生产迅速恢复供应,让他们措手不及。 In July, Patriot Coal Corp. of St. Louis filed for bankruptcy protection, shortly after it lost a contract for coal bound for an Asian steelmaker. Patriot#39;s stock slid 18% the day after it announced that news, taking other coal stocks down with it. Earlier this month, Patriot said it would temporarily idle metallurgical coal operations at three mining complexes in southern West Virginia and lay off 250 miners, in addition to 1,000 layoffs earlier this year. On top of that, Patriot has said it will need to reduce #39;unsustainable#39; pension and health benefits to 2,000 miners and some 20,000 retirees and surviving spouses. 今年7月,圣路易斯的Patriot Coal Corp.申请破产保护。之前不久,该公司丢掉了一份向亚洲一家钢铁企业供应煤炭的合同。公布消息之后的第二天,Patriot股价下跌18%,拖累煤炭股跟着走低。该公司本月早些时候表示,将暂停西弗吉尼亚州南部三个矿区的焦煤生产,并在今年早些时候裁员1,000人的基础上再裁掉250名矿工。除此以外,Patriot还曾表示将需要削减2,000名矿工、约20,000名退休人员及未亡配偶“不可持续”的养老和医疗福利。 China#39;s metallurgical coal imports dropped to 2.6 million metric tons in August, from an average of 4.5 million metric tons per month through July. Now coal mines are closing throughout Appalachia. Earlier this month, Alpha Natural Resources Inc., of Bristol, Va., which derives a large share of its profits from metallurgical coal, said it was cutting 1,200 jobs, or 9.2% of its workforce. Earlier this year, Alpha laid off more than 700 miners and trimmed production at more than 20 mines. Consol Energy Inc. of Pittsburgh, which sells more coal into China than any other U.S. producer, earlier this month idled the nation#39;s biggest metallurgical coal mine, which employs 620 miners. Arch Coal Inc. trimmed its metallurgical coal production estimate by 21% this year. 今年1月至7月,中国平均每月进口焦煤450万吨,8月份降至260万吨。现在整个阿巴拉契亚地区的煤矿纷纷关闭。弗吉尼亚布里斯托尔的Alpha Natural Resources Inc.有很大一部分利润来自焦煤业务。该公司本月早些时候表示将裁员1,200人,相当于员工总数的9.2%。今年早些时候它已经裁掉700多名矿工,并减少了20多座煤矿的产量。皮兹堡的Consol Energy Inc.向中国出口的煤炭比其他任何美国生产商都多。本月早些时候,该公司让雇用矿工620人的全美最大焦煤矿停产。Arch Coal Inc.将自己今年焦煤产量的预期下调了21%。 Miners like Phillip Powell, 38 years old, of Wharton, have been swept up by the collapse. #39;A lot of guys that I worked with are scared of losing everything they own,#39; said Mr. Powell, who was laid off in March from a section foreman job at a Patriot metallurgical coal mine. Mr. Powell said he sees no chance of finding another job that would come anywhere close to paying the 8,000 he earned last year. After 17 years in mining, he plans to go back to college to get certified to teach physical education. 来自西弗吉尼亚州霍顿市(Wharton)的38岁矿工鲍威尔(Phillip Powell)是减产潮的受害者之一。他说,很多跟我一块工作的人都害怕失去自己拥有的一切。鲍威尔原来在Patriot公司的一座焦煤矿当领工,今年3月份被裁。他觉得自己再也找不到一份接近去年10.8万美元收入的工作了。在采矿业干了17年之后,他打算回大学拿一份教体育的文凭。 Appalachian coal industry executives had been counting on metallurgical or #39;met#39; coal─which is sold at a premium to steelmakers-to offset the dwindling market for lower-grade thermal coal used by power plants. The thermal coal market has been weakening because utilities are buying cleaner-burning natural gas instead. Natural-gas prices have plummeted as energy companies used hydraulic fracturing to extract gas from vast shale formations. 过去,阿巴拉契亚地区的煤矿业管理人员依靠焦煤来弥补不断缩小的动力煤市场,动力煤等级较低,用于发电厂发电,而焦煤则可以更高的价格卖给钢铁厂商。由于公用事业公司开始转而购买燃烧起来更清洁的天然气,动力煤市场一直在走软。随着能源公司利用水力压裂法从巨大的页岩层中提取天然气,天然气价格大幅下跌。 In April, natural gas and coal each fueled 32% of the nation#39;s electricity, achieving parity for the first time in the decades that the Energy Information Administration has tracked the data. For decades, coal powered about 50% of the electricity to the nation#39;s businesses and homes. 今年4月,天然气和煤炭发电量各占美国发电总量的32%,在美国能源情报署(Energy Information Administration)有数据记载的这几十年里首次达到相同占比。此前的几十年,美国企业和家庭用电量的约50%都来自煤炭发电。 Metallurgical coal exports were supposed to fill the gap. Only a year ago Patriot was posting record revenue and operating earnings and embarking on a plan called the #39;Met Built-Out#39; to open new metallurgical mines and hire up to 200 new miners. 焦煤出口原本应该弥补国内需求的疲软。仅一年前,Patriot还录得了创纪录的营收和运营利润,并正在启动一项“焦煤增产”计划,以开采新的焦煤煤矿,增聘最多200名矿工。 Other coal companies were buying rivals to strengthen their metallurgical coal operations and reserves. Four publicly traded U.S. coal companies made acquisitions in North America totaling billion in 2011, the largest being Alpha#39;s .1 billion purchase of troubled Massey Energy. 其他煤炭公司当时也在收购竞争对手,以便扩大其焦煤业务和储量。2011年,四家美国上市煤企在北美地区进行了规模总计140亿美元的收购,其中最大一桩是阿尔法公司(Alpha)斥资71亿美元收购陷入困境的梅西能源公司(Massey Energy)。 Alpha now has 1.5 billion tons of metallurgical coal reserves, and the ability to export up to 30 million tons a year. It is hoping to weather the weak market by being the low-cost producer of premium met coal. #39;While it#39;s a bit soft now, we have a very valuable metallurgical coal franchise, and we#39;re hitching our wagon to it,#39; said Alpha Chief Executive Kevin Crutchfield. 阿尔法如今有15亿吨焦煤储量,焦煤年出口能力最高可达3,000万吨。该公司希望凭借低成本生产优质焦煤而度过市场疲弱不振的难关。该公司首席执行长克拉奇菲尔德(Kevin Crutchfield)说,尽管眼下市场有些疲软,我们有着非常有价值的焦煤业务,我们正寄希望于此。 The cost to pull a ton of coal out of the ground varies widely from mine to mine based on geologic conditions and the degree of automation. In Appalachia, average mining costs are about to per ton. A ton of thermal coal is currently selling for a ton on the spot market, making it impossible to operate some mines at a profit. 依地质条件和自动化程度不同,各煤矿从地下开采一吨煤的成本相差很大。在阿巴拉契亚地区,平均开采成本约为每吨65美元至75美元。现货市场上动力煤的售价目前为每吨52美元,这就使得一些煤矿的运营不可能盈利。 Before the China steel market took off, metallurgical coal was valued much like thermal coal and was often sold to power plants where it was burned like lower-grade coals. #39;It was like using an expensive bottle of red wine to make spaghetti sauce,#39; said Paul Forward, an analyst with Stifel, Nicolaus amp; Co. 在中国钢铁市场升温之前,焦煤和动力煤一样不受重视,焦煤常常被销售给发电厂,和等级更低的煤一样烧来发电。经纪公司Stifel, Nicolaus amp; Co.的分析师福沃德(Paul Forward)说,就像是用一瓶非常昂贵的红酒做意大利面面酱一样。 That changed with China#39;s industrial boom. Up until 2004, the price for metallurgical coal stayed below a ton in the U.S. Prices hit an all time record of 0 a metric ton in the second quarter of 2011 after flooding in Queensland, Australia, disrupted coal supplies headed for China. 随着中国工业的快速发展,情况发生了改变。2004年之前,美国焦煤价格一直在每吨40美元以下。2011年二季度,澳大利亚昆士兰州发生洪灾,输往中国的煤炭供应中断后,焦煤价格达到每吨330美元,创历史新高。 China couldn#39;t seem to get enough metallurgical coal to feed its steelmaking industry. In 2009, U.S. met coal exports to China grew nearly six-fold, and grew by the same rate in 2010, linking Appalachia more closely to the global steel trade.为给钢铁制造业提供动力,中国对焦煤似乎永不厌足。2009年,美国对中国焦煤出口增长了近五倍,2010年增速与上年相仿,将阿巴拉契亚地区与全球钢铁贸易更紧密地联系在一起。 Now the China spigot is closing. The Chinese steel industry-which consumes half of all metallurgical coal mined each year-faces the possibility it could operate at a loss in 2012 for the first time as a result of overcapacity and weak steel prices, according to the China Iron amp; Steel Association. That would mean tougher times in West Virginia, where rail, barge, trucking and other jobs depend on coal.如今中国的需求开始下滑。据中国钢铁工业协会说,由于产能过剩和钢材价格低迷,2012年中国钢铁业可能将首次面临亏损的局面。中国钢铁行业的焦煤消费量占每年全球总消费量的一半。这将意味着西弗吉尼亚州日子会更加困难,在那里,铁路、货船、货车运输和其他工作岗位都要依靠煤炭行业。 /201210/202456Hounded by loan sharks, the once-highflying real-estate king of Baotou, a boom city of about two million people in Inner Mongolia, finally reached his breaking point. Last month, Wei Gang checked into a hotel and hanged himself, according to local police. 由于被高利贷者逼得走投无路,曾经风光无限的包头市房地产大王最终再也承受不住巨大的压力。当地警方说,上个月,魏刚入住一家酒店,在那里上吊自杀。 Mr. Wei#39;s suicide comes as China#39;s smaller property developers face mounting financial distress after two years of tightening credit, an effort by the government to squeeze out speculators and make homes more affordable. 魏刚自杀事件发生之前,中国的信贷收紧政策已经持续两年,中国的小型房地产开发商的融资压力正与日俱增。中国政府收紧信贷的目的是打击房地产市场的投机活动,让房价趋于合理水平。 Standard amp; Poor#39;s Ratings Services says China#39;s more than 80,000 developers could face a battle for survival as a wave of short-term property loans fall due this year. The risk is that these businesses could become so desperate they will either default, leaving behind half-finished projects at a time economic growth aly is slowing, or start offering steep discounts, triggering a price war. 标准普尔评级务公司(Standard amp; Poor#39;s Ratings Services)说,由于一批短期房地产贷款将在今年到期,中国超过8万家房地产开发商可能面临一场生死存亡的考验。这些企业有可能会孤注一掷地违约,在中国经济已经开始放缓的情况下留下一堆烂尾楼,或是开始大幅降价,引发价格战。 Some developers, like Mr. Wei, turned to loan sharks who illegally charge interest rates of up to 5% a month. 一些开发商与魏刚一样,向放高利贷的人求助。高利贷的利息最高可达每月5%,这是违反中国法律规定的。 But the greater problem lies with developers who rely for funding on trust companies, a type of wealth-management firm that took over as the main source of legal new lending to the property sector after Beijing reined in banks last year. In recent months, China#39;s banking regulator has all but stopped trust companies from rolling over loans to developers. 但是靠信托公司获得融资的房地产开发商的问题更大。信托公司是一种财富管理公司,在中国政府去年加紧了对放贷的限制之后,信托公司已经成为房地产行业新的合法贷款的主要来源。最近几个月,中国的业监管机构几乎已经禁止信托公司给开发商贷款续期。 Securities brokerage China International Capital Corp. estimates that about 223 billion yuan ( billion) of trust loans are due to mature this year, almost half of which reach maturity between July and September, with a further 282 billion yuan due next year. Combined, that represents almost 75% of all outstanding trust financing to the property sector at the end of 2011. 券经纪商中国国际金融有限公司(China International Capital Corp.)估计,今年将有人民币2,230亿元的信托贷款到期,其中大约一半将在7月到9月之间到期,另外有2,820亿元的信托贷款将在明年到期。加在一起,这相当于房地产行业2011年末所有未偿信托贷款的75%。 Traditionally, Chinese banks have been reluctant to force anyone into bankruptcy. But China#39;s trust companies are different, demanding that developers back loans with big amounts of collateral, sometimes up to three times the actual value of the loan, as insurance against default. Still, trusts prefer the developers to make repayments on time, despite the potential windfall default would bring, as they need to deliver a return to investors promptly at the maturity of the loans. 中资传统上一直不愿强迫贷款者进入破产程序。但是中国的信托公司则不同,它们要求开发商申请贷款时提供大量担保,有时,担保的价值甚至高达实际贷款额的三倍,以防止开发商违约。尽管违约可能会让信托公司获得意外之财,但信托公司还是希望开发商能够及时还款,因为它们需要在贷款到期时立刻向投资者进行付。 In recent months, some of China#39;s better-financed developers, those with better access to bank loans and bond markets, have waded back into the land market to replenish low inventories and take advantage of prices that are well off their 2010 peaks. But with property sales between January and May down 9% from a year earlier, many developers don#39;t have the income to repay maturing trust loans and are looking for cash elsewhere. 最近几个月,中国一些财务状况较好的开发商(更容易通过贷款和债券市场获得融资的开发商)回到了土地市场,利用目前远低于2010年峰值的价格补充库存。但是由于1月到5月的房屋销量同比下降了9%,许多开发商没有足够的收入用以付到期的信托贷款,他们正在寻找其他资金来源。 Developers are seeking financing from a crop of newly formed real-estate investment funds, as well as the asset-management corporations, also known as ;bad banks,; that originally were set up more than a decade ago to dispose of nonperforming loans at China#39;s banks. 开发商们正在寻求从一些新成立的房地产投资基金以及资产管理公司那里融资。资产管理公司也被称为“坏账”。十几年前设立资产管理公司的初衷就是为了清理中资的坏账。 ;We#39;re drinking from a fire hose. We can#39;t handle the volume,; said Greg Peng, president of property investment fund AT Investment Management, about the number of developers that have approached him for capital. 房地产投资基金安泰盘实股权投资管理有限公司(AT Investment Management)董事长蓬钢说,希望从他那里获得融资的开发商数量太多了,我们根本无力提供这么多资金。 Mr. Peng, who used to run Merrill Lynch#39;s property investments in China, closed the first part of his fund in the third quarter of last year, raising one billion yuan from domestic investors, and plans to have invested three billion yuan by the middle of next year. His fund expects to return investors at least 25% annually, significantly higher than trusts, which typically range between 10% and 20%. The fund targets projects near completion and demands developers put up large amounts of collateral to ensure the fund a hefty return even if property values fall sharply. 蓬钢曾经掌管美林公司(Merrill Lynch)在中国的房地产投资。他在去年第三季度完成了基金的第一轮资金募集,从国内投资者手中融资人民币10亿元,并计划在明年年中以前完成30亿元的投资。安泰盘实基金的预期年回报率至少为25%,远高于一般信托基金10%到20%的回报率。该基金以接近完工的项目为目标,要求开发商提供大量担保,以确保基金在房价大幅下降的情况下仍有高额回报。 /201207/189469

Two brave - or should that be foolhardy - male presenters volunteered to experience labour pains for a skit on their TV show - and found it harder to stomach than they realised.两名勇敢的(也可以说是蛮干的)电视男主持自愿参与了模拟分娩阵痛实验并拍下过程在节目中播出。但两人最终发现阵痛难以忍受,以求饶收场。Dutch presenting duo Dennis Storm and Valerio Zena were hooked up to electrodes that replicated the contractions women are forced to undergo - but the men only lasted two hours before they begged for the electrodes to be taken off.荷兰电视节目男主持丹尼斯-斯托纳和瓦莱里奥-泽纳被贴上电极,以反复体验女性分娩时经历的宫缩疼痛,但两人仅在两小时后就哀求护士取下电极。The faux labour was filmed and screened during an episode of the pair#39;s hit TV show, Proefkonijnen (Guinea Pigs).此次分娩阵痛实验被拍摄下来,并在两人主持的热门电视节目《豚鼠》中播出。But the labour challenge proved too much for the hosts, who writhed in agony as the electrodes kicked in.但事实明,两人难以忍受阵痛的折磨,电极开始工作后痛苦地扭动。Speaking ahead of the simulated labour, Storm and Zena revealed they wanted to experience the pain of childbirth because they#39;d heard that #39;giving birth is the worst pain there is#39;.在模拟阵痛实验前,斯托纳和泽纳透露他们想体验女性分娩的痛苦,因为他们听说“生孩子是最疼痛的事情”。Strapped up to the electrodes and with the stunt seconds from starting, Zena asks of a nurse: #39;Do you think the pain will make us scream?#39;.当护士将电极绑贴在两人腹部并启动时,泽纳问护士:“你觉得我们会痛得大叫吗?”Bluntly, she replies: #39;Yes, it definitely will.#39;护士毫不客气地答道:“当然,一定会。”And the nurse#39;s prediction proved entirely accurate as the pair are left doubled up in pain within moments of the fake contractions kicking in.事实明护士的推测完全正确,假性宫缩开始没多久,两人就疼痛难忍。Although they make a brave attempt to laugh and joke their way through the experience, the misery on their faces gives the game away.尽管两人做出勇敢尝试,以聊天说笑分散注意力,但两人脸上的痛苦表情让他们露了马脚。So bad is the pain, Zena is left questioning whether he even wants children as his wife would be forced to go through an experience he describes as #39;torture#39;.两人疼痛难忍,泽纳开始考虑是否要生育,否则妻子将承受如“酷刑般的”痛苦。Torture or not, Zena and Storm aren#39;t the first men to volunteer for fake childbirth.不管是不是酷刑,泽纳和斯托纳并非首次尝试分娩痛苦的男性。In 2009, Dr Andrew Rochford went through a similar experience for Australian TV show.在2009年,安德鲁-罗奇福德 士进行了相似的体验,并在澳大利亚的一档电视节目中播出。Two hours later, Rochford was turning the air blue as he struggled to deal with the pain, adding afterwards that he could now #39;understand why women swear#39;.两小时后,罗奇福德疼痛难忍,破口大骂,他随后补充说现在终于可以“理解为什么女性分娩时会骂人”。Storm and Zena are no strangers to painful stunts. In 2011, the pair cooked and ate each others#39; flesh, which was shown on live TV.斯托纳和泽纳并非首次挑战疼痛体验。2001年,他们在直播节目中互相割下对方的一小片肉,并烹调进食。 /201301/221786

Germany is the most positively viewed nation in the world in this year#39;s annual Country Ratings Poll for the B World Service.英国广播公司(B)的全球民意调查显示,德国成为全世界最受好评的国家。More than 26,000 people were surveyed internationally for the poll. They were asked to rate 16 countries and the European Union on whether their influence in the world was ;mainly positive; or ;mainly negative;. Germany came out top with 59% rating it positively. Iran was once again the most negatively viewed.这次调查接触了世界各地2.6万多名调查对象,请他们对16个国家和欧盟品头论足,品评它们对世界的影响主要是积极还是消极。德国脱颖而出,有59%的人评价其具有积极影响,居各国之首。与之相反,伊朗再次成为最被消极看待的国家。Global views of Europe#39;s biggest country have improved significantly in 2013, according to the poll. It was conducted for the B by GlobeScan and PIPA, who conducted face-to-face and telephone interviews with randomly selected people, mainly in urban centres, in 25 countries around the globe.B的这次调查是通过“环球扫描”和PIPA公司开展的,在全球25个国家(主要在城市中心)随机选择受访者,通过面对面采访和电话访谈的方式进行调查。View of India deterioratesA three-point increase in Germany#39;s average rating returned it to the top of the B list, displacing Japan, which saw its positive ratings drop from 58% to 51%, and fell from first to fourth place overall.作为去年榜首的日本,其好评已经从58%降到了 51%,总体地位从第一名降到第四名。The UK saw a bigger increase in positive ratings than any other country and climbed to third place in the table, in the wake of its hosting of the 2012 Olympics.英国本次获得的积极评价上升幅度最大,已经攀升到榜单的第三位,这要归功于英国主办2012年奥运会的成绩。The poll also indicates that positive views of China and India have fallen sharply around the world over the last year. After improving for several years, views of China have sunk to their lowest level since polling began in 2005, putting it in ninth position.India is ranked 12th, with negative views (35%) slightly outnumbering positive ones (34%) for the first time.与去年相比,印度获得的积极评价也大幅减少,排名第12位,对该国的消极评价(35%)首次略高于积极评价(34%)。中国排名第九位。Risers and fallersMore positively viewed than in 2012 - UK, Canada, FranceMore negatively viewed than in 2012 - China, USA, RussiaBut Germany, whose economy has done better than almost every other in Europe in recent years, scored well across the world in the poll.最近几年,德国经济好于其他欧洲各国,它在本次调查中也获得全世界的好评。它取代日本,重新回到B排行榜首位。In Ghana, 84% of people polled said Germany#39;s influence was mainly positive, while 81% in neighbouring France and 76% in Australia felt the same. The big exception to the trend was in recession-hit Greece, where a majority of people polled gave Germany negative ratings.在加纳,84%的调查对象认为,德国的影响主要是积极的,81%的法国被调查中持有同样的看法。在澳大利亚,对德国持积极看法的人也占到76%。但在遭衰退重创的希腊,多数被调查者对德国评价消极。Positive views of the EU dropped to their lowest level last year but have stabilised this year, rising one point to 49% on average.欧盟在去年得到的好评降至最低,今年渐趋稳定,平均分上升一个点,为49%。But this figure masks significant changes. There has been a sharp drop in positive ratings by Germans, down 14 points to 59%. Canadians and Americans both give significantly lower ratings to the EU. In the UK, positive views of the EU continue to fall steadily and, for the first time this year, more Britons rate it negatively (47%) than positively (42%).但这一数字背后仍然有重大变化。德国人对欧盟的积极评价下降了14个点,目前为59%。加拿大人和美国人给欧盟也都打了低分。在英国,对欧盟的积极看法也在减少,英国人今年对欧盟的负面评价(47%)第一次高出了正面好评(42%)。Israel, North Korea, Pakistan and Iran came out worst in terms of how they are viewed globally. Only 15% of respondents said they saw Iran as having a mainly positive influence.以色列、朝鲜、巴基斯坦和伊朗在全球评价中居于末位。只有15%的调查对象认为,伊朗的影响主要是积极的。 /201305/241513

The First FIFA World CupThe 1930 FIFA World Cup was the first FIFA World Cup, the world championship for international football teams. It was played in Uruguay from 13 July to 30 July. FIFA chose Uruguay as hosts at the Barcelona conference on 18 May 1929, as the country would be celebrating the centenary of its independence and the Uruguay national football team had successfully retained their football title at the 1928 Summer Olympics.Thirteen teams participated; nine from the Americas and four from Europe. Few European teams chose to participate due to the duration and cost of travel. The first two World Cup matches took place simultaneously, and were won by France and the USA, who beat Mexico 4-1 and Belgium 3-0, respectively. The first goal in World Cup history was scored by Lucien Laurent of France. In the final, hosts and pre-tournament favourites Uruguay defeated Argentina 4-2 in front of a crowd of 93,000 people, and became the first nation to win a World Cup.1930年7月13日至7月30日在乌拉圭举办的世界杯足球赛是史上第一次世界杯。由于乌拉圭即将迎来百年华诞并且获得了1928年奥运会足球项目的冠军,国际足联在1929年5月18日的巴塞罗那会议上宣布由乌拉圭举办此次比赛。首届杯赛共有13个队伍参加; 9来自美洲和4个来自欧洲。由于长途旅行需要耗费大量的时间和金钱,只有很少欧洲球队参加了此次比赛。在第一比赛日两场同时进行比赛中,法国和美国分别以4-1和3-0的比分击败了墨西哥和比利时。法国的Lucien Laurent打进了世界杯历史上的第一个进球。在决赛中,93000名观众见了夺冠呼声最高的东道主乌拉圭以4-2的比分击败了阿根廷成为第一个世界冠军。 /200907/77449

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