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内江美容冠多少钱四川省第四人民医院牙齿正畸镶牙龅牙智牙怎么样好吗Money-market funds货币市场基金Faking the buck伪造面值America sets new rules for a common short-term investment美国针对常见短期投资设定监管新规IT IS a huge investment class: a 2.8 trillion one, to be exact. And it had long been thought of as a mundane one, just a notch more adventurous than a current account. Yet writing new rules for Americas money-market funds, which invest in short-term commercial and government debt, has been “one of the most flawed and controversial” deliberations ever undertaken by the Securities and Exchange Commission, Wall Streets main regulator, according to Luis Aguilar, the only one of the five commissioners in office throughout the process.货币市场基金是一个巨大的投资产业:准确而言,其资产规模达2.8亿美元。它长期以来都被认为无甚特别,只是比活期账户稍具风险性罢了。然而,据美国交会办公室五个委员之中唯一参与整个监管新规制定进程的路易斯阿吉拉尔称,美国券交易委员会目前针对投资于短期商业和政府债务的货币市场基金出台了新规,这份规章是作为华尔街主要监管机构的交会有史以来“最具缺陷的和争议”的商议之一。By a 3-2 vote on July 23rd, the SEC at last approved two big changes. The first allowed funds to impose fees on redemptions or suspend them for up to ten days to prevent runs. The second requires that the most volatile funds, which cater to institutions and invest in corporate debt, disclose the value of a share to a fraction of a penny.7月23日,美国券交易委员会的五名委员以3比2的投票结果批准了两项监管规定的大变革。其一是允许基金在赎回时征收流动性费用或将赎回期暂缓十天,以防止挤兑;其二是要求投资公司债券、面向机构投资者的优质市场基金不再维持每单位1美元的固定股价。The second change is more important than it sounds. By convention, money-market funds are priced at a steady dollar a share; changes in value are reflected only in the interest they pay. Variations in the value of the underlying assets are small because they mature in a matter of days, but they do occur. In the past, that has been hidden by tiny amounts of rounding. Though this ruse will now be banned for some funds, those that cater to individual investors will still be allowed to use it.第二个变革比听起来更加重要。按照惯例,货币市场基金的价格固定为每单位1美元,价值的变动仅仅反映在付的利息上。因为数日后即已到期,其资产价值变动很小,然确实有变化。在过去,资产价值的变动一直被微量的四舍五入所隐藏。虽然现在一些资金已禁止进行此类处理,那些面向个人投资者的基金仍被允许继续使用这种手段。That matters, since the fixed value contributed to the impression that money-market funds offered the safety of bank deposits with higher returns. In September 2008 that notion was punctured when the Reserve Fund, which had a little over 1% of its assets invested in debt issued by Lehman Brothers, was forced by the investment banks collapse to “break the buck”: reveal a decline in the value of its shares to slightly less than 1. That sparked panicked redemptions at it and other funds.这很能说明问题,固定价值给人的印象便是货币市场基金拥有可比拟存款的安全性,且能提供更高收益。然而就在2008年9月,这一概念被撤下神坛。主要储备基金将其略高于1%的资产投资于雷曼兄弟发行的债券,其后,雷曼投行破产,储备基金的单位资产净值“跌破面值”:每单位价格下降至略低于1美元,引发储备基金和其他基金大规模恐慌性赎回。The panic, in turn, crunched credit for firms that relied on short-term debt and fanned fears of a systemic meltdown. In response, the Treasury provided temporary guarantees for money-market funds, now lapsed. In 2010 and again in 2012 the SEC tightened restrictions on the kinds of securities funds could buy. But it rejected a plan to require funds to hold buffers of capital like banks, for fear it would further dent a battered business.这股恐慌情绪反过来影响到依靠短期债务的企业信贷,激起人们对系统性崩溃的担忧。对此,美国财政部不得不对货币市场基金提供临时担保。在2010年与2012年,美国券交易委员会加强了对各类券资金的购买限制。但它否决了一项要求基金如般持有缓冲资本方案,以免其进一步削弱遭受重创的业务。Mary Jo White, the SECs chairwoman, says the new rules will “protect investors and the financial system in a crisis.” But the two dissenting commissioners fear they may do more harm than good. Allowing funds to suspend redemptions may actually spark runs, as investors rush to pre-empt any curbs, argues one of them. The other worries that the changes will divert the gullible to even more misleading investments, notably “stable value” funds. These cater to much the same niche as money-market funds and, despite their name, offer no guarantees. Rather than trying to protect investors from risk, the SEC might do better to ensure that the risks they are running are clearly disclosed.美国券交易委员会的女主席玛丽?乔?怀特说,新规则将“于危机中保护投资者和金融体系。”但是存有异议的两个委员担心此举可能弊大于利。其中一人认为,由于投资者遇到困境时总会匆匆先发制人,基金的暂缓赎回实际上可能激发挤兑风潮。另一人则担心这些变革将轻信的人转至更为误导性投资,尤其是“稳定价值”基金上。略去它们的名称,这类基金与货币市场基金面向大致相同的市场,且未提供担保。比起试图保护投资者使他们免于面临风险,美国券交易委员会最好还是确保对运作中的风险进行明确披露。 /201407/315256广元市第九人民医院口腔美容中心 成都种植牙手术多少钱

武侯区妇幼保健院看牙齿戴牙套多少钱资阳洗牙医院哪家好 The Sinodependency index中国依赖指数Declaration of Chindependence跨国企业对中国市场的“独立宣言”For an American multinational, is exposure to China still a good thing?对于美国的跨国企业来说,把命运寄托在中国市场上的做法还是一种明智的选择吗?Jul 20th 2013 | SYDNEY |From the print editionBEFORE the global financial crisis, emerging economies like China aspired to “decouple” themselves from the rich world, hoping that local demand and regional trade would sustain them even if Western markets faltered. After the crisis, rich economies aspired to couple themselves with China, one of the few sources of growth in a moribund world. Carmakers in Germany, iron-ore miners in Australia and milk-powder makers in New Zealand all benefited enormously from exports to the Middle Kingdom. Every company needed a China story to tell.在全球金融危机前,像中国这样的新兴经济体一直不愿同富国掺和在一起,他们希望拉动内部需求,促进区域内贸易,这样即使在西方市场衰退之际也能保持经济发展。在经济崩溃的大背景下,中国是为数不多依然还能保持经济增长的国家之一。金融危机后,富国都想和中国加强经贸联系。德国的汽车企业,澳大利亚的铁矿石开采公司以及新西兰的奶粉制造商向中国大量出口,都获得丰厚的利润。每个企业的都渴望进驻中国市场。Explore Sinodependency by year and sector with our interactive “tree-map”浏览交互式的树状图了解下每年各行业的“中国依赖指数”But as China slows and America gradually recovers, those stories are becoming less compelling. Some of them are turning into cautionary tales. Exposure to China does not always endear a firm to investors, as GlaxoSmithKline, a British pharmaceutical giant embroiled in a corruption scandal in the country, is now discovering. 但是随着中国经济增速放缓,美国经济逐渐复苏,中国市场也并不那么吸引人了,一些公司在中国的发展境遇还起了警示作用。外资公司和中国虽联系密切,但他们会发现自己并不受欢迎,如卷入行贿门事件的英国制药业巨头葛兰素史克肯定对此深有体会。As a rough gauge of multinational exposure to China, The Economist in 2010 introduced the Sinodependency index, a stockmarket index that weights American multinationals according to their China revenues. The latest version of the index includes all of the members of the Samp;P 500 index that provide a usable geographical breakdown of their revenues. The weight of each of these 133 firms in the index reflects their market capitalisation multiplied by China’s share of their revenues. A company worth 100 billion dollars that derives 10% of its revenues from China has the same weight as one worth 20 billion dollars deriving half of its revenues from China. Where firms report their revenues for Asia-Pacific but not for China, the index assumes that China’s share of regional revenues matches its share of regional GDP.《经济学家》杂志于2010年引入了一种股价指数——“中国依赖指数”作为粗略衡量跨国企业对中国依赖度的标准,该指数是根据这些企业在中国取得的收入将其在中国市场的比重作为权数,对应相应的公司股价,进行加权处理而得出的。最新的“中国依赖指数”覆盖了位于美国标准普尔500指数之列且能提供不同地域收入细目的所有公司。133家企业的各自权数反映了他们的市值与其在中国收入占总收入的比重的乘积。市值为1000亿美元在中国收入占总收入10%的公司,其权数与市值为200亿美元在中国收入占总收入一半的公司的权数一样。对于那些只公布在整个亚太地区收入的公司而不公布在中国的收入,该指数假设这些公司在中国的收入所占份额就是其在这一区域的GDP中所占的份额。The biggest members of the index are Apple, with an 11% weight in 2013, followed by Qualcomm (8.3%) and Intel (7%). Most of the firms in the index are more dependent on China now than they were. China accounted for 11.2% of their revenues on average in 2012, compared with 9.8% in .苹果是“中国依赖指数”最高的企业,2013年的权数为11%,其次为8.3%的高通和7%的英特尔。加入该指数中的大多数企业如今更加依赖中国了。相对于年这些企业在中国的收入占比平均为9.8%,2012年在中国的收入占比已为11.2%了。Although the dependence has risen, the rewards have not (see chart). After handily outperforming the Samp;P 500 benchmark in -11, the Sinodependency index has since struggled to keep pace. So far this year it has risen by 9.6%. That is far better than China’s own stockmarkets, which have fallen by over 9%. But both have been overshadowed by the much stronger performance of the conventional Samp;P 500 index, which is up by 18%. Perhaps the 367 Samp;P 500 companies that are not in our index should loudly proclaim their Sino-independence.不过虽然对中国的依赖程度上升,股票回报率却并未相应上升(如图所示)。在-11年度轻松高出标准普尔500基准指数后,“中国依赖指数”便自此难跟上标普500指数的脚步了。今年到目前为止“中国依赖指数”涨幅为9.6%,表现要比中国的股票市场好得多,中国股市跌幅已超过9%。然而“对中国依赖指数”和中国股市的股指相对于表现强劲的传统标准普尔500指数来说只能望其项背,标普500指数涨幅为18%。也许另外367家不在“中国依赖指数”覆盖范围内的标普500企业能骄傲地声称他们是对中国一点都不依赖。 /201307/249684四川哪里牙齿矫正比较好

锦江区妇幼保健院纯钛烤瓷牙怎么样Business商业报道Japanese firms shop abroad进军海外Armed with a strong yen以强势日元攻破海外市场Why Japan Inc has been going on a foreign spree为何日本企业转而血拼海外MR TICKLE and Mr Bump are leaping into bed with Hello Kitty.奇先生与妙中的挠痒痒先生和莽撞先生癞蛤蟆想吃天鹅肉,蹿上了凯蒂猫的床。Sanrio, the owner of the bow-adorned feline, said on December 6th that it had acquired the Mr Men franchise from Chorion of Britain.三丽欧公司是戴蝴蝶结猫的主人,该公司于12月6日说其已从英国购买了奇先生的特许经销权。The deal, for an estimated 3 billion,brings the Japanese design and licensing firm 86 playful characters who have delighted toddlers in 30 countries and shifted 100m books.这次交易估计价值为30亿日元使得日本这个设计和经销公司拥有了86个曾给30个国家幼儿带去欢乐的幽默好玩的人物。该书在市面上售出上亿本。Corporate Japan is on an overseas shopping spree.日本的公司在海外疯狂地进行兼并扩展。Japanese firms spent a record billion on some 620 foreign companies in 2011, according to Dealogic, a firm that measures such things, exceeding the previous record of 466 deals worth billion in 2008.据专门衡量公司并购的研究机构迪罗基表示,2011年日本公司耗资800亿美元收购了620个左右的外国公司,从而打破了2008年创下的750亿美元购得466企业的历史记录。When Japan Inc went shopping abroad in the 1980s, it was a sign of strength.二十世纪八十年代,日本公司往海外开疆拓土时,那时是国力强盛的标志。Japanese companies were sping their wings because they were growing. This time, it is a symptom of weakness.这次是其国力衰退的征兆。The past year in Japan has been wretched.过去的一年对于日本来说是凄凄惨惨的一年。An earthquake and tsunami in March wrecked factories and disrupted supply chains, creating shortages of all sorts of crucial components. Radiation fears hurt exports.今年3月发生的地震和海啸摧毁了工厂使供应链瘫痪,导致各种关键零部件严重短缺。A strong yen walloped profits.人们对幅射的担忧影响了出口。Floods in Thailand interrupted the distribution of electronics and car parts.坚挺的日元蚕食了利润。泰国的洪水中断了对电子和汽车部件的配送。Corporate-governance scandals cast a black cloud over blue suits nationwide.公司、政府丑闻层出不穷,像乌云黑压压地笼罩在这个岛国上空。The Japanese population is ageing and shrinking.日本的人口在老化缩减。The economy is sluggish. Consumption is lacklustre.经济不景气。消费萎靡不振。So Japanese firms find it nearly impossible to expand domestically.故日本公司在国内几乎找不到可以扩展的地方。At the same time, thanks to crises elsewhere in the rich world, the yen is extraordinarily strong.同时,幸亏其他发达国家的经济危机,日元非常地坚挺。It has appreciated by 45% against the dollar in the past four years.在过去的四年中,日元对美元已升值45%。And having learned thrift during their own banking crisis a decade ago, Japanese firms are flush:日本从其十年前的危机中学到了节约开的教训,日本公司利润丰厚:big listed companies are sitting on a cash pile of ¥60 trillion.大的上市公司坐拥价值60万亿的现金。With all this buying power and few opportunities at home, it is hardly surprising that Japanese firms are snapping up foreign companies, especially in fast-growing emerging economies.随着国内购买力低迷和机会减少,日本到处抢滩海外市场尤其是高速发展的新兴经济体则不足为奇。Unless we grow were not able to stay alive simply by staying in Japan,若国内有市场,我们则仍继续呆在日本求生存。explains Tadashi Yanai, the boss of Uniqlos Fast Retailing, a big clothing firm.装巨头优衣库的老板柳井正解释道。The time is ripe for foreign deals, he chirps.他感叹道向海外进军的时机成熟了。The economic crises in America and Europe have pummelled share prices, making companies cheaper to acquire.美国和欧洲的经济危机使公司股票严重缩水,使得收购公司易于反掌。Back in the 1980s Japanese firms hunted trophies such as golf courses and film studios.回顾二十世纪八十年代,日本公司海外扩张的战利品包括高尔夫球场和电影制片厂。Now they are taking a more pragmatic approach, buying solid firms in fast-growing markets and filling gaps in their product lines.现在他们采取更务实的策略,即从高速增长的市场中购买实体工厂以填补其生产线的空白。For example, Kirin, a big Japanese brewer, is acquiring a majority stake in Schincariol, a Brazilian one, for .6 billion.例如,日本的啤酒制造巨头麒麟啤酒以26亿美元的代价获得了巴西的Schincariol公司的股份控制权。The Japanese beer market is flat; Brazils is growing by 10% a year.日本的啤酒市场非常平淡;巴西的啤酒以年均10%的速度在增长。The biggest deal of the year was when Takeda, a Japanese drug firm, bought Nycomed, a Swiss one, for 1 trillion.今年最大的并购当数日本的医药公司Takeda以1万亿日元将瑞士药厂Nycomed收入旗下。Almost 40% of Nycomeds sales are in emerging markets.新兴市场占据了Nycomed将近40%的销售。Japanese trading houses are hungrily buying energy projects, especially those involving shale gas.日本商行迫不急待出手能源项目尤其是涉及到页岩天然气的项目。This year they spent billion, up from less than billion in 2010.今年他们在这些项目上的投资从2010年的不到30亿美元上升到100亿美元。The pace of such deals accelerated after Japanese nuclear-power plants were suspended following the nuclear accident at Fukushima in March,在今年3月福岛核事故发生后,日本原子能工厂项目被中止,使得许多日本人担心国内能源供应。which made many Japanese worry about their energy supply.故日本加大了收购海外能源的步伐。Toshiba spent .6 billion on Landis+Gyr, which makes smart electricity meters for homes.东芝在制造家用智能电表Landis+Gyr身上投资了16亿美元。Sony paid .4 billion for control of its cellphone venture, Sony Ericsson, a stake in the record label EMI and other stuff.索尼花了84亿美元以控制手机企业索爱,且获得了百代唱片公司和其他公司的股份。This time really is different这次是真的与往昔不同In the past, Japanese firms would parachute in bosses from Tokyo to run the show.在过去,日本公司从东京空降一批高层来接管新兼并的企业,Many were monocultural and mediocre.很多高层人员近亲繁殖,水平一般。Now, Japanese firms wisely rely on local talent.现如今日本公司明智地依赖当地人才。Many of the new generation of Japanese executives have lived and worked abroad,许多新一代的高管们具有在国外生活和工作的经验。notes Shinsuke Tsunoda, the head of mergers and acquisitions in Japan at Nomura, a Japanese securities house.值得留意的有野村券交易所并购的Shinsuke Tsunoda领导。This means they are more comfortable doing deals with foreigners, and they are better at integrating the foreign firms they buy with their new Japanese owners.这意味着这些高层人员与外国人打交道更舒,而且他们能更好地整合所并购的海外企业而非本国企业。The foreign shopping spree is internationalising Japanese industry by the back door.抢滩国外市场使日本企业使通过幕后交易达到国际化目的。Japan Inc is acting like a massive sovereign-wealth fund, placing its money abroad to earn investment income at home.日本公司就像巨大的主权财富基金,将钱投资于国外为本国获得投资收入。When old people retire, they tend to live off their savings.当老人退休后,他们凭储蓄度日。They supply capital to younger, sprightlier, cash-strapped folk, who put it to work and pay dividends or interest to the retirees.并为年轻有为,朝气蓬勃且资金拮据的新一代提供资本用于投资。年轻人则付红利或利息给退休人员。That is, roughly speaking, what Asias ageing archipelago is starting to do.大致说来,这正是这个日益老龄化的亚洲群岛正开始做的事。 /201305/238482 青羊区瓷嵌体去哪里医院好都江堰牙齿修复去哪里医院好



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