明星资讯腾讯娱乐2018年10月23日 02:43:49


  HIV and mothers’ milk艾滋病病毒与母乳As luck would have it真不巧One of the proteins in milk protects infants against HIV infection母乳中的一种蛋白质可保护婴儿免受艾滋病病毒感染Oct 26th 2013 |From the print editionBAD though it has been, the AIDS epidemic would have been a great deal worse but for a strange and unexplained quirk. Infected mothers, it was feared, would transmit HIV, the AIDS-causing virus, to their children when suckling them. Mothers’ milk carries the virus, and suckling may last two years—which is plenty of time for transmission to happen. And indeed it does, but not nearly as often as was originally suspected. Less than 10% of infants suckled by untreated infected mothers (those not on antiretroviral drugs, which suppress the virus’s reproduction) pick up HIV.尽管情况很糟糕了,但是由于一种奇怪的无法解释的现象,艾滋病的流行程度没有更糟。很多人担心受感染的母亲会在哺乳时将艾滋病病毒传播给自己的孩子。母乳携带有艾滋病病毒,哺乳期可能达到两年,这给传染提供了足够长的时间。而事实上传染也发生了,但是跟最初所怀疑的有出入。只有不到10%的婴儿会从未接受治疗的母亲那里感染艾滋病(未接受治疗是指没有使用抑制病毒繁殖的抗逆转录药物)。Why that should be has remained mysterious. But Genevieve Fouda of Duke University, in North Carolina, and her colleagues think they have the answer. If they are right, many children have been spared AIDS by a fluke—but a fluke that could be used to develop a new weapon to attack it.上述问题一直是未解之谜。但是北卡罗来纳州杜克大学的吉纳维夫·富达和她的同事认为他们找到了。如果他们是正确的,这意味着许多儿童侥幸逃过艾滋病,这种侥幸能用来开发一种对抗艾滋病的新武器。Clearly, something in milk disables HIV. Previous experiments had identified proteins that do this to a certain extent, but nowhere near enough to explain all the data. Those earlier searches must therefore have missed something crucial. Dr Fouda, as she describes in the Proceedings of the National Academy of Sciences, set out to find what it was.很明显,母乳中的某种物质会阻止艾滋病病毒。先前的实验确定了蛋白质能在一定程度上阻止艾滋病病毒,但是不足以解释所有的数据。那么,先前的研究肯定错过了一些关键的东西。富达士在美国国家科学院院刊上表示她试图发现错过的东西。Milk is a complex mixture of chemicals, so her problem was how to isolate one of them without knowing in advance which was responsible. That meant running raw milk through a series of processes, each of which divided it into smaller and smaller fractions, and testing each fraction for its HIV-neutralising quality on the way. That quality, it turns out, is concentrated in a single protein called tenascin-C. Further experiments showed that this protein disables HIV by locking onto a protein on the virus’s surface, and that it is as effective at doing so as antibodies generated by the immune system for that specific purpose.牛奶是一种复杂的混合物,因此问题在于在事先不知道的情况下如何找出它们中起作用的那种物质。这意味着将生牛奶通过一系列过程,每次将生牛奶分成更小的成分,测试每个成分对艾滋病病毒的作用。使艾滋病病毒无效的特性属于一种被称作黏蛋白C的蛋白质。更进一步的实验表明这种蛋白质通过附着在病毒表面的一种蛋白质上而阻止艾滋病病毒,效果跟免疫系统产生的抗体一样。This was a surprise, because tenascin-C is not an antibody, nor had it been suspected of having any antiviral function. Its known jobs are to help the development of the fetal brain and to assist in wound healing. That it is also the right shape to attach itself to HIV’s envelope protein seems a complete coincidence—which, indeed, it must be because AIDS is such a recent disease that evolution could not have had time to throw up a novel (and also ubiquitous) anti-HIV protein of this sort.这很意外,因为黏蛋白C既不是抗体,也没有任何抗病毒功能。已知的功能是帮助胎儿大脑的发育和伤口愈合。黏蛋白C与艾滋病病毒的信使蛋白相吻合也纯属巧合,肯定是这样的,因为艾滋病是最近才出现的疾病,进化没有足够的时间产生这种新型(无处不在的)抗艾滋病蛋白。Whether tenascin-C, or something derived from it, can be deployed against HIV by doctors, rather than just by nature, remains to be seen. As far as possible, infected mothers are now given antiretroviral drugs—both for their own health and for the health of their suckling infants—so Dr Fouda’s discovery will probably not affect them directly.黏蛋白C,或者它的衍生物,排除其原始性质,能否被医生用于对抗艾滋病仍需要进一步研究。最可能的是,受感染的母亲们现在接受抗逆转录药物,为了她们自己以及孩子的健康,因此富达士的发现可能不会对她们产生直接影响。For the wider campaign against AIDS, however, it could be of great importance. The generals running that campaign are now shifting their approach from defence to attack, and are talking of ways to bring about an AIDS-free world. For them, a natural human protein that neutralises the virus will be interesting indeed.然而,对防治艾滋病运动来说,这个发现可能至关重要。运动的领导者们现在改变方法,从防守变为进攻,正在讨论消灭艾滋病。对他们来说,一种人类天生具有的对抗艾滋病病毒的蛋白质真的很有趣。 /201311/263609。


  Books and Arts; Book Review;Hamas and social services;Food not bombs文艺;书评;哈马斯和社会务; 食物不是炸弹;Hamas and Civil Society in Gaza: Engaging the Islamist Social Sector. By Sara Roy.加沙的伊斯兰抵抗运动与公民社会:参与伊斯兰主义社会事业。萨拉·罗伊著。Few would expect an Islamic charity to offer workshops on sexuality and ways for disabled people to improve their sex lives. But the al-Wafa hospital in Gaza has been providing this service for years, and it is hardly atypical. Many assume that Islamic charities are “merely a guise for promoting terrorism”, writes Sara Roy, a Middle East scholar at Harvard. In her new book about social services in Gaza, based on trips to the strip over the past 15 years, she argues that the reality is more complex.几乎没有人意想到伊斯兰教慈善团体会向残疾人士提供关于性方面的讲习班以及改善性生活的方法。但是在加沙的以色列的医院已经提供此项务很多年了,所以这已成为司空见惯的事请了。很多人认为伊斯兰教的慈善团体“只不过是促进恐怖主义的伪装”,也正如一个在哈佛的中东学者萨拉罗伊所写那样。在关于加沙社会福利事业的新书中,基于她过去15年去加沙地带的出行,她认为现实情况更复杂。Palestinians are pragmatic when it comes to social care. Many go from one organisation to the next—both Islamic and secular—to scavenge as much support as they can, regardless of politics or ideology. Parents often choose religious schools and hospitals because the services are better there than those provided by secular NGOs or the feeble Palestinian state. Palestinians of all social classes, including the secular and the wealthy, send their children to Islamic schools, just like many agnostic London parents send their children to church schools renowned for their discipline and education.一提到社会福利,巴勒斯坦人就很现实。无论哪种政治还是意识形态,许多人从一个组织转向下一个组织(包括伊斯兰教和非宗教的组织)尽可能搜寻到较多的持者。父母通常会选择宗教学校和医院,因为其务比民间的非政府组织或低效率的的巴勒斯坦政府所提供的好。各个阶层的巴基斯坦人,包括平民和富人,都把他们的孩子送去伊斯兰学校,正如很多伦敦的不可知论者把他们的孩子送去以严格的纪律和良好的教育著称的教会学校一样。Some employees of Islamic NGOs sound equally sanguine about the role of religion. One director of an organisation that distributes money, clothing and food to the poor tells Ms Roy that beyond appropriate dress and “respectful behaviour” (admittedly a worryingly vague term), he was not concerned with the religious purity of those he served. He is happy to help anyone in need: “if we discriminate we become fanatics.”一些伊斯兰非政府组织的从业人员对宗教的地位的看法听起来同样也很乐观。一个给穷人分配钱、衣和食物的组织理事告诉罗伊女士,除了合适的衣和“恭敬的行为”(公认是一个含糊的术语),他并不在乎他务的人的宗教虔诚度。他很高兴可以帮助任何有需要的人:“如果我们歧视他们,我们就会成为盲信者。”The social work that Hamas does has certainly empowered the organisation. But Ms Roy argues that this indirect appeal for votes “is very different from mobilising people into collective action in support of an activist Islamist agenda”. It is not as if Hamas uses its social institutions to launch political or military activities, she adds.哈马斯所提供的社会务肯定已经给这个组织授予了权力。但是罗伊女士认为这种间接的请求选举的行为与动员人们参加集体行动来持伊斯兰激进主义分子的基础的意识方案不同。她还说这不像伊斯兰抵抗派利用其社会制度来开展政治或军事活动。When Ms Roy began conducting research in Gaza 25 years ago, she found little popular support for a political agenda built on Islam. A determined secular streak runs through Palestinian society, she maintains. Rather than Palestinians becoming more Islamist, “Hamas has had to broaden its definition of Islam and ‘Muslimness in order to claim and maintain as large a number of adherents as possible.” As a movement that is political at heart, not religious, Hamas has been forced to “de-ideologise” Islam and appeal to more practical needs to ensure its political survival.罗伊女士25年前开始在加沙进行研究,她发现很少人持基于伊斯兰教的政治议程。她认为一个坚定的世俗倾向贯穿于整个巴勒斯坦社会。伊斯兰抵抗运动不得不扩大伊斯兰教和“伊斯兰人”的定义,目的在于拥有和保持尽可能多的信徒,而不是使巴勒斯坦人成为伊斯兰教主义者。作为一个本质上是政治而非宗教的运动,哈马斯被迫减少伊斯兰教的思想意识并且要求更多的实质需要来确保其政治生存。But Hamass hegemony is now under threat. Gazas radical Muslim Salafists accuse the group of political and religious treason, claiming that by engaging in elections and in governing Gaza, Hamas has undermined both its nationalist and Islamic credentials. Desperate to contain the Salafists and remain the sole agent of political and social Islam in Palestine, Hamas “has encouraged, albeit carefully and cautiously, the greater Islamisation of Gazan society”. This is done largely through its social arm, by enforcing conservative dresscodes in schools, banning alcohol and warning against dating.但是哈马斯的领导权现在受到威胁。加沙激进的穆斯林萨拉斯菲特者指控这个组织政治和宗教的不忠,声称他们通过参加选举和统治加沙,暗地里伤害其民族主义者和伊斯兰的信心。哈马斯不顾一切地牵制萨拉斯菲特人并且保持伊斯兰在巴勒斯坦的政治和社会独家代理的地位。即使哈马斯很小心和谨慎,但是他们仍然鼓励加沙社会变得更伊斯兰化。这一举动绝大部分地通过社会武装,例如在学校实施保守的装规则,禁止喝酒和警告不准约会。Ms Roy strives not to speak for Palestinians, but to let their voices reverberate. One woman tells her, “This is what you must teach others. That we are no different than you.” These are the books most powerful moments, and one of its great strengths. Palestinians appear not simply as victims but as ordinary human beings with typical needs and concerns amid extraordinary circumstances. Ms Roys work is one of academic scholarship, rigorous and precise, and not designed for the speedy turn of pages. But this is an important book, which challenges lazy views about the Palestinians and highlights how they go about securing basic services.罗伊女士并非要设法为巴勒斯坦人说话,她只是努力让他们的声音产生广泛的影响。一位妇女告诉她,“这就是你必须教别人的东西。我们和你没什么不同。”这些就是这本书最强有力的片段了,也是它主要的优势。巴勒斯坦人不仅仅是受害者,而是在这特别的环境下有着常人的需求和忧虑的平凡人。罗伊女士的作品是一门严谨精确的学术学问,而不是用来快速浏览的书籍。但这是一本重要的书,它不仅向关于巴勒斯坦人未经深思熟虑的观点挑战,而且强调他们如何继续保卫基本社会福利事业。 /201306/243924Obituary逝者Aaron Swartz艾伦·施瓦茨Aaron Swartz, computer programmer and activist, committed suicide on January 11th, aged 26艾伦·施瓦茨,计算机程序员、活动家,1月11日自杀身亡,享年26岁SMALL, dark, cluttered places were important in the life of Aaron Swartz. His days were spent hunched in his bedroom over his MacBook Pro, his short-sighted eyes nearly grazing the screen, in a litter of snaking cables and hard drives. In the heady days of 2005 when he was developing Reddit, now the webs most popular bulletin board, he and his three co-founders shared a house in Somerville, Massachusetts, where he slept in a cupboard. And it was in a cupboard—an unlocked wiring cupboard, where a homeless man kept stuff—that in November 2010 he surreptitiously placed a laptop, hidden under a box, and plugged it directly into the computer network at the Massachusetts Institute of Technology.狭小、幽暗、凌乱的空间,在艾伦·施瓦茨的生命中担当着重要角色。他会成天抱着自己的高端苹果笔记本猫在卧室里,身边全是缠杂的线缆和散乱的硬盘。由于近视,他的眼睛几乎快要贴到屏幕上,于是他曾问自己:笔记本的屏幕为何不与眼睛在同一水平线?2005年是让他沉醉的日子:现在网上最热门的公告板Reddit,就是他和其他三位创始人一道在那年开发的。那时,他们在麻省的萨默维尔市合住一套房子,而施瓦茨就睡在一个板柜里。2010年10月,同样也是在一个板柜里,他偷偷地在一个盒子下面藏了一台笔记本:那是一个没有上锁的配线柜,被一名流浪者当作了储物间;从这里,施瓦茨的笔记本径直接入了麻省理工大学的电脑网络。His aim was to download as many pages as possible from an archive of academic journals called JSTOR, which was available by paid subscription only to libraries and institutions. That was morally wrong, he thought; the knowledge contained in it had to be made available, free, to everyone. And it was absurdly simple to do that. He aly had access to the library network; no need to hack into the system. He just ran a script, called keepgrabbing.py, which liberated 4.8m articles at almost dangerous speed. MIT tried to block him, but time after time he outwitted them; and then, as a last resort, he plugged in the laptop in the cupboard.他的目的,是要从学术期刊存储系统JSTOR上尽量多下载些内容。JSTOR只对付费图书馆和院校机构开放,而这在他看来有违道义:毕竟其中的知识往往都是公共资助的成果,所以必须向所有人免费开放。而且,开放这些信息的方法简单得离谱:他已能进入图书馆的网络,因此没有必要使用黑客手段;所以他只是调用了一个名为“keepgrabbing.py”的脚本,就让480万篇文章脱离了JSTOR的禁锢,如此骇人的速度令该系统几近崩溃。麻省理工曾试图阻止他,却被他一次次地智胜。随后,他将藏在柜中的笔记本接入了网络,以此作为最后一着。He had form on this; lots of form. In 2006 he got hold of the book cataloguing data kept by the Library of Congress, usually steeply charged for, and posted them free in the Open Library. In he wormed his way into a free-access trial of the PACER system, which contains all electronic federal court records, in certain public libraries; he downloaded 19.9m pages of it, then uploaded them to the cloud, before anyone could stop him. Again, it was easy: using a small, elegant language called perl, the documents fell into his hands.他在这方面有过“前科”,而且次数不少。2006年,他拿到了国会图书馆的书目数据;这些信息往往需要高额费用方可获取,但却被他免费放到了“公共图书馆”上。年,他又在几家公立图书馆中,设法进入了PACER系统的免费试用务;该系统存有所有电子版的联邦法庭记录,他下载了其中的1990万页,并在有人可以阻止之前,上传到了云网络。这次行动同样易如反掌:他只用了精巧的Perl语言,就将文档拿到了手。He seemed to have been doing this for ever, writing programs to liberate information. At 12 or 13—a plump, bookish boy with a computer-company executive for a father and a very early Mac in the den—he set up theinfo.org, a sort of Wikipedia before the fact, which was going to contain all the worlds knowledge on one website. A mere year or so later he was working with Tim Berners-Lee, creator of the world wide web, to launch the Semantic Web to improve data-sharing, and developing RSS 1.0 to distribute s and news stories. He helped set up Creative Commons, too, which made copyright licensing simpler.编写程序,以让信息自由——这似乎就是他一直从事的工作。十二三岁时,施瓦茨还是个胖乎乎的小书虫,有个在电脑公司当老总的父亲,还有小屋里的一台古董苹果机。那时,包罗世间知识的维基百科还未问世,他就已经创建了一个同类网站:theinfo.org。仅约一年之后,他又联手互联网之父蒂姆·伯纳斯·李,发起了“语义网”项目来促进数据共享;同时,他还开发了用于视频和新闻传播的RSS 1.0规则。此外,他还协助创立了“知识共享”,这一项目同样简化了版权的授权。All this could have made him a fortune, but he had no interest in that. He wanted a world that was better, freer and more progressive. He dropped out of high school, then out of Stanford, educating himself instead by ing prodigious numbers of books, mostly philosophy. He made friends and fell loudly out with them because they couldnt be as perfectionist as he was. At gatherings he would turn up messy-haired and half-shaven, the shy nerds look, but with the intense dark gaze and sudden, confident grin of a young man out to turn society on its head.这一切原本可以让他发笔大财,但施瓦茨对此并无兴趣。他想要的是一个更加美好、更加自由、更加进步的世界。他没有念完中学,此后又从斯坦福辍学。他的自学途径是阅读大量的书籍,多半是哲学书。他结交了一些朋友,又和他们吵得面红耳赤,因为他们无法像他一样追求完美。他会带着乱蓬蓬的头发和没刮净的胡子出现在聚会上,看上去像个痴迷技术的书呆子;但深邃的目光,以及突然绽放、充满自信的笑容,却正是一个试图倒转乾坤的青年所有。A lot of money came his way when Reddit was sold to Condé Nast in 2006, but relocation to an office made him miserable. Google offered him jobs, but he turned them down as unexciting. Political campaigning became his passion. He wanted to see everything available online, free, with nothing held back by elites or big money, and nothing censored. Information was power, as he proclaimed in his Guerrilla Open Access Manifesto of 2008, and war was needed “by stealth”, “in the dark”, “underground”, for the freedom to connect. In 2011 there was no fiercer voice against the Stop Online Piracy Act, and in 2012 no one prouder to proclaim it dead.2006年,Reddit被康泰纳仕集团收购,施瓦茨从中获利颇丰。不过,搬到办公室后的生活让他苦闷不已。谷歌邀请他加盟,但他以工作乏味为由拒绝。政治运动成了他的热爱:他希望看到,所有信息都可以在网上免费获取,没有什么能被上流人士或企业财阀阻隔,也没有什么会遭到审查。正如他2008年的《开放存取的游击宣言》一文所言,信息即是权力,网络互联的自由需要“暗地里秘密的地下”斗争。他的声音,在2011年抵制《禁止网络盗版法案》的运动中最为激烈,而在2012年宣布该法案“倒毙”时也最为自豪。The JSTOR business, however, got him into deep trouble. When he went back to the cupboard for his laptop, police arrested him. He was charged on 13 counts, including wire fraud and theft of information, and was to go on trial in the spring, facing up to 35 years of jail. The charges, brought by a federal prosecutor, were hugely disproportionate to what he had done; MIT and JSTOR had both settled with him, and JSTOR, as if chastened by him, had even opened some of its public-domain archive. But theft was theft, said the prosecution.然而JSTOR一事,却让他深陷困境。在回去取配线柜中的笔记本时,他被警方拘捕。一位联邦检察官对他提起13项指控,其中包括电信欺诈和信息窃取。此案原本定于今年春天开庭,届时他将面临最高35年的牢狱。但与他的行为相比,这些指控实在过重。况且,麻省理工和JSTOR都已同他和解,而JSTOR甚至开放了部分公共领域的内容。然而检方表示,盗窃毕竟是盗窃。Darkness to light从黑暗通向光明All this added to a weight that had oppressed him for many years. “Look up, not down,” he urged ers of his weblog; “Embrace your failings.” “Lean into the pain.” It was hard to take that advice himself. He kept getting ill, several illnesses at once. Migraines sliced into his scalp; his body burned. And he was sad most of the time, a sadness like streaks of pain running through him. Books, friends, philosophy, even blogs didnt help. He just wanted to lie in bed and keep the lights off.因为这一切,本已抑郁多年的施瓦茨更是不堪负重。虽然他曾恳请自己客的读者要“振作起来,不要灰心”、要“拥抱失败”、要“不畏痛苦”,但自己却很难接受同样的建议。他不断地生病,同时饱受着几种病痛的折磨:偏头痛有如刀割,身体也像着了火。而且他大多数时候都很忧伤,这忧伤就如阵阵病痛,侵蚀着他的全身。书籍、朋友、哲学甚至客都无济于事;他只想躺在床上,关上所有的灯光。In 2002 he posted instructions for after his death. To be in a grave would be all right, as long as he had access to oxygen and no dirt on top of him; and as long as all the contents of his hard drives were made publicly available, nothing deleted, nothing withheld, nothing secret, nothing charged for; all information out in the light of day, as everything should be.2002年时,施瓦茨就在网上为自己安排了身后事。在他看来,寄身墓室没什么大不了,只要可以接触氧气,只要没有污泥覆顶,只要自己硬盘上所有的内容都向公众开放—没有丝毫删节,没有丝毫保留,没有任何秘密,也没有任何资费。所有信息都坦露于天光之下,一如世间万物应有之态。 /201406/304438


  Business商业报道German business德国商业Screwdrivers drawn拉锯战A shareholder stand-off in the Black Forest黑森林里的股东对峙IF YOU have ever struggled to assemble a flat-pack wardrobe, the chances are that its wooden pieces were cut, drilled and finished on machines made by Homag.你若曾奋力想组装起一个平板式包装的衣橱,那么该衣橱的木质组件很可能是由豪迈公司生产的机器切割、打孔、抛光而成的。Founded in 1960 in Schopfloch, in the Black Forest, Homag is one of those little-known world champions that are the backbone of the German economy.1960年,豪迈公司在黑森林深处的Schopfloch小镇成立。一些德国经济的柱企业是业内的世界领跑者,却很少为人所知,豪迈公司便是其中之一。But not all is well in Schopfloch. Gerhard Schuler,然而位于Schopfloch的豪迈公司的情况并非一切如意。one of its founders,now a sprightly 85, is at war with Deutsche Beteiligungs , a private-equity firm that was once his dream partner.公司创始人之一,现年85岁高龄,精神矍铄的舒勒正与他曾经的梦中情人—德意志参股上市公司闹不和。After buying into the company in 1997 DB built up a stake of 60%.私募股权公司DB于1997年入股豪迈公司,而后持有豪迈60%的股份。When Homag was floated on the stockmarket in 2007 it kept 33% and Mr Schuler stayed on as honorary chairman with a small stake.当豪迈公司2007年在券市场上市时,DB保留了33%的股份,舒勒先生则手持小额股份,以名誉总裁的身份留任。But business dipped in 2008 and the shares plunged.然而,2008年豪迈公司生意惨淡,股票跳水。Mr Schuler and his supporters, worried about the direction the company was taking, started buying.They built a blocking minority of 25.01%舒勒先生与众持者对公司的走向倍感堪忧,继而纷纷入股,他们买下25.0%的股权,成立了有否决权的少数股权。That did not stop DB kicking Mr Schulers three appointees off Homags supervisory board two years ago and replacing them with people who were more internationally minded.DB却对此置之不理,反而在两年前将舒勒任命的三名委员踢出豪迈的监事会,用两位更具国际化眼光的成员替代之。Since then, the two sides have been at screwdrivers drawn.自那时起,两方便进入拉锯相持阶段。At a stormy shareholders meeting last month things came to a head.在上个月硝烟四起的股东大会上,两方争斗达到了高潮。Mr Schuler and his allies accused DB of being a locust interested only inshort-term profit, and of selling out to a foreign buyer.舒勒及其盟友指责DB只关注眼前利益,向外国买家兜售的做法如蝗虫般贪婪。 地方员工希望长期担任豪迈公司技术总监的高斯先生恢复原职。Local staff want Achim Gauss, Homags long-standing technical director, who resigned abruptly for personal reasons on May 23rd, to be reinstated.今年5月23日,高斯先生突然以个人原因为由,辞去总监一职。高斯先生的离职同样引起了豪迈公司大客户,IKEA, a Swedish furniture chain and Homags biggest customer, also expressed concern at Mr Gausss departure.瑞典家具连锁公司宜家的堪忧。DB, one of Germanys oldest private-equity firms, is not obviously locust-like.DB是德国资历最老的私募股权企业之一,显然与蝗虫无半点相像之处。Its executives insist it is there for the long term. However, Homag is DBs biggest investment and its shares have not performed well.DB的主管们坚称,公司在为豪迈的长远利益着想。Half of DBs stake is owned by two of its investment funds, one of which is scheduled to wind up this year.不管怎样,豪迈是DB最大的一笔投资,而豪迈的股票的表现并不良好。DB所持的股份中,一半由其旗下两只投资基金操控,So a partial exit would be logical.而其中一只计划于今年停止运作。There is no reason for a forced sale,says a DB source:因而DB部分退出的做法合情合理。that would weaken DBs influence. Meanwhile, Mr Schulers crowd are looking for a white knight.DB的线人称,公司没道理强制抛股,这样做会削弱DB的影响力。与此同时,舒勒先生的团队正另寻救星。More happily, Homags business is on the rebound.更庆幸的是,豪迈的生意正开始反弹。Last years turnover of 800m was near the pre-crisis peak, and the closing of three German subsidiaries should cut costs.去年豪迈的营业额为8亿英镑,接近危机前的最高额,德国境内三家子公司的关闭应该能降低成本。Gordon Schonell of Bankhaus Lampe, a private bank, says that the managers are doing the right things.私人Bankhaus Lampe的舒奈尔说,管理层现今所做的是对的。But for Mr Schuler the shift from family firm to shareholder capitalism has gone too far.但是对于舒勒先生,从家族企业向股东资本主义转变的有点离谱了。 /201307/247187

  Leaders领导人们Investment management投资管理The rise of BlackRock贝莱德来了In 25 years, BlackRock has become the worlds biggest investor. Is its dominance a problem?贝莱德二十五年间成为世界上最大资产管理公司,一家独大会出问题吗?ASK conspiracy theorists who they think really runs the world, and they will probably point to global banks, such as Citigroup, Bank of America and JPMorgan Chase.问问阴谋论者到底是谁主宰着世界,他们很可能会将矛头指向跨国,比如花旗、美国、根大通,Oil giants such as Exxon Mobil and Shell may also earn a mention.石油巨头埃克森美孚、壳牌可能也会躺。Or perhaps they would focus on the consumer-goods firms that hold billions in their thrall: Apple, McDonalds or Nestlé.或许,还会有人揪着几家资产亿万的消费品公司不放:苹果、麦当劳、雀氏,诸如此类。One firm unlikely to feature on their list is BlackRock, an investment manager whose name rings few bells outside financial circles.有一家公司不大可能会入其法眼,那就是贝莱德集团,这家投资管理公司出了金融界可谓是知之者甚少。Yet it is the single biggest shareholder in all the companies listed above.然而,贝莱德却是上述所有上市公司中最大的一家。It owns a stake in almost every listed company not just in Americabut globally.贝莱德持有几乎所有上市公司的股票,不仅仅持有美国公司的股票,而是世界各国上市公司的股票。Its reach extends further: to corporate bonds, sovereign debt, commodities, hedge funds and beyond.贝莱德涉猎领域远不止这些:企业债券、债权债务、商品期货、对冲基金等其他投资项目都可以看到他的身影。It is easily the biggest investor in the world, with .1 trillion of directly controlled assets and another trillion it oversees through its trading platform, Aladdin.贝莱德直接管理的资产总值为4.1万亿美元,还通过Aladdin交易网络监管着11万亿美元的投资,这就使得贝莱德毫不费力便可登上全球最大投资公司的宝座。Established in 1988 by a group of Wall Streeters led by Larry Fink, BlackRock succeeded in part by offering passive investment products, such as exchange-traded funds, which aim to track indices such as the Samp;P 500.1988年,拉里芬克带着一帮华尔街精英成立了贝莱德集团,公司的成功在一定程度上要归功于推出诸如交易所交易基金的被动投资产品,该产品以同标普500这样的基础指数保持联动关系为目的。These are cheap alternatives to traditional mutual funds, which often do more to enrich money managers than clients.同传统的共同基金相比,该基金成本更低,通常投资公司会比客户收益更高。The sector continues to grow fast, and BlackRock, partly through its iShares brand, is the largest competitor in an industry where scale brings benefits.并且,交易所交易基金的业务增长迅速,在一个规模化才能产生效益的行业中,贝莱德成为了佼佼者。Its clients, ranging from Arab sovereign-wealth funds to mom-and-pop investors, save billions in fees as a result.贝莱德的客户,从阿拉伯的主权财富基金持有者到小投资者却因此省下了数以亿计的费用。The other reason for its success is its management of risk in its actively managed portfolio.贝莱德成功的另一原因在于对投资组合的风险的积极管理。Early on, for instance, it was a leader in mortgage-backed securities.比如,公司在其曾是按揭券行业的领跑者,But because it analysed their riskiness zipcode by zipcode, it not only avoided a bail-out in the chaos that followed the collapse of Lehman, but also advised the American government and others on how to keep the financial system ticking in the darkest days of 2008,通过一步步分析发现风险,不仅规避了雷曼兄弟破产后混乱的救市局面,还在2008年金融市场最黑暗的时候谏言美国政府及其他投资者,如何让市场继续运转下去。and picked up profitable money-management units from struggling financial institutions in the aftermath of the crisis.与此同时,在危机对金融机构带来的冲击余波未息之际,贝莱德自谋出路,甄选可盈利的资金管理项目。Other peoples money借鸡生蛋Compared with the many banks which are flourishing only thanks to state largesse, BlackRocks success—based on providing value to customers and paying attention to detail—is well-deserved.同许多依靠政府援手才能风光无限的相比,贝莱德的成功—基于让客户实现盈利及注重细节—实至名归。Yet when taxpayers have spent billions rescuing financial institutions deemed too big to fail, a 25-year-old company that has grown so vast so quickly sets nerves jangling.然而,当纳税人投入数以亿计的资金拯救一家被视作太大而不可能破产的金融机构时,这家成立仅25年却以惊人的速度发展壮大的公司不免会让人捏一把汗。American regulators are therefore thinking about designating BlackRock and some of its rivals as systemically important. The tag might land them with hefty regulatory requirements.因此,美国监管机构正考虑将贝莱德及其竞争对手定义为极为重要,或许这一标签会让监管部门背上强权机构的恶名。If the regulators concern is to avoid a repeat of the last crisis, they are barking up the wrong tree.如果监管部门想避免上次金融危机重演,那么他们就找错对象了。Unlike banks, whose loans and deposits go on their balance-sheets as assets and liabilities, BlackRock is a mere manager of other peoples money.同借、贷款都会以资产与负债形式计入资产负债表的不同,贝莱德更多只是客户资产管理者的身份。It has control over investments it holds on behalf of others—which gives it great influence—but it neither keeps the profits nor suffers the losses on them.他只是代表客户管理投资—这也让其影响力巨大—却不以投资的盈亏而赚钱或赔本。Whereas banks tumble if their assets lose even a fraction of their value, BlackRock can pass on any shortfalls to its clients, and withstand far greater shocks.只要出现一丁点亏损,便会牵一发而动全身;而无论客户出现任何损失,贝莱德都可以相安无事,即便再大的冲击都是如此。In fact, by being on hand to pick up assets cheaply from distressed sellers, an unleveraged asset manager arguably stabilises markets rather than disrupting them.事实上,通过低价收购亏损方出售的资产,毫无疑问一家独大的投资管理公司能够为市场带来稳定,而非混乱。But for regulators that want not merely to prevent a repeat of the last blow-up but also to identify the sources of future systemic perils, BlackRock raises another, subtler issue, concerning not the ownership of assets but the way buying and selling decisions are made.要不是监管机构不仅希望避免上次金融危机重演,还想确认未来体系风险的来源,贝莱德还会引发另一微妙的问题,不是资产的所有权,而是买入或卖出的决策方式。The trillion of assets managed on its Aladdin platform amount to around 7% of all the shares, bonds and loans in the world.Aladdin交易平台上监管的股票、债券、贷款占世界交易的7%左右,涉及资金总额为15万亿美元。As a result, those who oversee many of the worlds biggest pools of money are looking at the financial world, at least in part, through a lens crafted by BlackRock.正是如此,那些监管世界上最大金库的人在一定程度上是通过贝莱德精心打磨的镜头审视金融界;Some 17,000 traders in banks, insurance companies, sovereign-wealth funds and others rely in part on BlackRocks analytical models to guide their investing.近1.7万来自、保险公司、主权财产基金或其他机构的交易员都会关注贝莱德提供的分析模型,进而指导自己的投资。Aladdins geniusAladdin的高明之处That is a tribute to BlackRocks elaborate risk-management models, but it is also discomfiting.上述成就皆源于贝莱德精心设计风险管理模式的馈赠,但问题也随之而来。A principle of healthy markets is that a cacophony of diverse actors come to different conclusions on the price of things, based on their own idiosyncratic analyses.健康市场的一大原则便是不同的参与者会就价格得出不同的结论,任何资产的价值都是不同意见相互妥协而得出最终价格。The value of any asset is discovered by melding all these different opinions into a single price.不论是从政治角度、还是自然角度、亦或是市场角度来讲,一个有单一思维主宰的生态系统是不健康的。An ecosystem which is dominated by a single line of thinking is not healthy, in politics, in nature or in markets. Such groupthink in finance is a recipe for booms.在金融领域,集思广益是市场繁荣、或是萧条的秘诀。Though Aladdin advises clients on investment decisions rather than making them, it inevitably frames how they think of market risk.Aladdin交易网络向客户提供投资决策的建议,而非强迫客户投资,这必然会让客户对市场风险的分析陷入思维定势。The last crisis had many causes.导致2008年金融危机的原因有很多,One of them, which perhaps lay behind all the others, was that investors stopped thinking critically about what they were buying.其根本原因或许是投资者缺乏批判思维,只知道一味的投资却不思考。Too many decided to trust credit-rating agencies, which assured them, for example, that packages of American subprime mortgages were extremely unlikely to default.太多投资者选择了相信信用评级机构,比如,这些机构向他们保美国次级房贷是最不可能违约的贷款项目。BlackRocks models are no doubt better than the clunkers put out by Moodys or Standard amp; Poors up to 2008:毫无疑问,贝莱德模式要比穆迪、标普在2008年前发布的信用评级信息准确的多:the firms relative recent success has proved that.近期贝莱德的成功便是明。But too many investors relying on a single model sps an unhealthy orthodoxy and is likely to make the markets more volatile than they otherwise would be.但是,过多投资者依赖单一模式会造成一个恶性的正统体系,而这很可能会让市场比起多种模式时更加脆弱。That is probably not a serious systemic risk, for it will be self-limiting: the more money follows BlackRock, the more money there is to be made betting against it.或许,这并不是什么严重的系统风险,因为市场会发挥其自身调节作用:贝莱德监管的资金越多,便会有更多资金。The real danger is for investors.真正危险的是投资者,The more they rely on BlackRocks analysis, the smaller the upside when it gets things right and the greater the downside when it gets things wrong—as, one day, it eventually will.他们越是依赖贝莱德的风险分析,当分析结果正确的时候,股价上扬时利润越小,而当分析错误的时候,股价下跌时赔的越多。终有一天,上述情景便会成为现实。Until then BlackRocks single-minded focus on mastering risk is to be commended.到那时,贝莱德一心致力于风险控制的做法将会受到表彰。If its peers in the financial world had taken the same approach in the run-up to 2008, much of the chaos of the past five years would have been averted.如果金融界的同仁在08年金融危机初始阶段采取了同样的措施,过去五年的混乱局面本可规避。 201401/271826。

  Business商业报道Mining in Indonesia印尼矿业Smeltdown熔炉决定生存The government risks an export slump to boost the metals-processing industry政府为了刺激金属加工业发展不惜冒着削减出口量的危险INDONESIAS government concedes that it will cause short-term damage; but on January 12th it went ahead and banned exports of mineral ores, at last implementing a law passed in .印尼政府承认了金属加工产业将蒙受短期亏损;但是在1月12号,印尼政府坚持09年的立法,继续禁止出口矿石。Officials say that forcing mining firms to export only processed minerals will attract investment in smelters and refineries.官方称,强令矿业公司只出口加工过的矿石将吸引投资,主要针对熔炼和精炼产业。After a year or so this will start to add value to the countrys exports, they say.在一年左右的时间后,这举措会增加印尼出口的价值。But it is quite a gamble.但这是一个相当大的。Indonesiahas few smelters, and earns 5 billion a year by exporting unprocessed minerals such as copper concentrate, nickel ores and bauxite.印尼有一些熔炉产业,而且每年可以从出口天然矿产里,例如铜精矿石、镍矿石、矾土,获利50亿美元。The mining ministry had admitted that an outright ban on ore shipments would cut exports by 4 billion this year and 2.5 billion next.矿业部承认,今年完全禁止矿石海运出口会减少40亿的出口额,明年预计减少25亿。With the countrys current-account deficit last year hitting 3.5% of GDP, its worst since 1986, and its currency falling steeply, this is a bad time to be forgoing foreign earnings.在印尼往来账户赤字占有GDP总额3.5%的情况下,这不是一个放弃国外盈利好时期。这是自1986年来最坏的情形,并且它的货币贬值很厉害。This may explain why the president, Susilo Bambang Yudhoyono, relaxed the moratorium at the last moment to let big copper producers keep exporting concentrate.这就解释了为什么苏西洛总统最后最后时刻放宽了出口政策转而让大型制铜商们继续出口精矿石。FreeportIndonesia, an American-owned miner, had warned of a 60% cut in production at its Grasberg mine in Papua, the worlds fifth-largest copper mine, if the ban had been imposed in its original form.如果禁令实施保持不变,美国控股的印尼自由港矿业公司警告它将减少了它在巴布亚岛Grasberg矿的60%产量。Freeportsmelts about 40% of its output at Gresik in eastern Java, the countrys sole copper smelter, but it exports the rest as concentrate.这座矿同时也是世界第五大铜矿。自由港冶炼了在Java东部Gresik大约40%的矿石产出,是这个国家唯一的铜矿冶炼公司,但是它出口剩下没炼的矿石,例如铜精矿。Concentrating minds以提炼矿石为中心Another reason for waiving the restriction on copper is that, in contrast to some other metals, mining and concentrating it produces most of its final value:放弃限制铜矿出口政策的另一个原因就是,与某些金属对比,采铜和精炼就可以占有最大一部分的最终价值:Nathan Associates, a consultancy in Washington, DC, says only 4-6% is added by smelting.南森联合公司是华盛顿的一家咨询公司,宣称只有4%-6%的价值是通过熔炼加上去的。So the potential upside from insisting that only refined copper be exported is slight relative to the downside of losing 2.5 billion a year of concentrate exports.因此,与丧失一年25亿美元铜精矿出口额相比,潜在的升值空间就来自于坚持出口精炼铜矿出口。However, there are significant gains to be made by processing other metal ores.然而,有一些可观的收入就可能来自于其他金属矿石加工。About 94% of aluminiums final value comes from the refining and smelting stages, for example.大约94%的铝矿最终价值来自提炼和熔炼程序,例如,熔炼增加了镍矿石的价值。Smelting adds a lot of value to nickel ore, too.但是,只要大量新的熔炉实际建成,印尼就会实现这些收入。But Indonesia will achieve these gains only if plenty of new smelters are actually built.这些投入很昂贵,需要大量配套基础设施,Such plants are expensive, and require a lot of supporting infrastructure, such as power plants, ports and roads:Indonesiais terrible at building these.如电力,港口,道路:印尼很不擅长建造这些设施。Moreover, world mineral prices are depressed and smelting margins are low.世界矿产价格持续低迷,熔炼利润持续走低。Nevertheless, the government says that many new smelters are in the works.不过,政府部门称,很多熔炉都已投入使用。China Hongqiao, that countrys biggest privately owned aluminium producer, is building a 1 billion smelter in Borneo.中国虹桥公司,作为印尼最大的私有铝矿生产者,正在Borneo建造一个价值十亿美元的熔炉。The Indonesian government says another big Chinese firm, Shandong Nanshan Aluminium, is investing 5 billion in a smelter, power plant and port on Bintan island.印尼政府说另一个大型中国公司,山东南山铝业,正投资50亿美元在Bintan岛建造熔炉,电力系统,港口。As for nickel, when President Xi Jinping visited Indonesia last October he witnessed the signing of several agreements by Chinese firms to build smelters to produce the metal, used in making stainless steel.至于镍矿,去年十月份习近平主席拜访印尼时,见了中国公司建熔炉生产金属制作不锈钢的协议签订。This was a reminder of how dependentChinais on Indonesian nickel supplies, and a hint that it may be more interested in securing those supplies than in whether its companies make profits from the new smelting plants.这是一个对中国的提醒,对印尼镍矿提供有多么依赖,也是一个暗示,中国可能会对保护这些供给矿源产生更大的兴趣,而不是在乎是否这些公司真正从这些新熔炉制造中盈利。So although export bans are generally not a good idea, and using protectionism to foster “infant industries” is a policy that has produced more failures than successes, it is not impossible thatIndonesiawill achieve its hopes of moving its natural-resources industries up the value chain.因此,尽管出口禁令总体上不算个好点子,而且使用贸易保护主义来培育“新生产业”的政策往往带来更多失败而不是成功,但印尼也有可能实现它的期望,那就是将依赖自然资源的工业绑上盈利产业链。But at what cost in the meantime?但是这样做的同时需要付出什么代价呢?A little bit of resource nationalism may win Mr Yudhoyonos allies a few votes in the parliamentary elections scheduled for April and the presidential one in July.一年资源国家主义可能会为尤多约诺总统在四月份的议会选举和7月份的总统大选里赢得一些选票。But it may lose a lot more if many smaller miners, who cannot afford to invest in smelters, close down and cut large numbers of jobs.但是也有可能失去更多的小型矿主,他们无力投资熔炉,导致倒闭和大量裁员。If the short-term loss of export income exacerbates worries aboutIndonesias current account, the consequences could be worse still.如果短期出口盈利损失使印尼货币贬值加剧,结局仍可能是更糟。 /201401/273890

  Henry and Elizabeth were lucky. 亨利和伊丽莎白是幸运的。They would have more children, including another son. 他们会有更多的孩子,包括另一个儿子。Henry was building a myth that he and his family were the true and rightful royal blood of England, 亨利创造的是一个神话,他和他的家人是真正合法的英国皇室血统,but there were those who just didnt buy it. 但有些人就是对此不买账。In fact, they would do their own rewriting of history to expose Henry for the usurper he was.事实上,他们会重写历史揭露亨利的篡位者身份。What we have here is a logical roll. 我们有这里有一本历史书卷。These family trees are owned by kings and noble men to describe and sometimes invent their glorious ancestries. 这些家谱属于国王和贵族人士,有时用作炫耀他们的光荣的祖先。And it is this part that we are interested in in particular and which tells us why Henry was so very afraid and what he was afraid of. 而这部分,我们特别感兴趣的是告诉我们为什么亨利非常害怕,他自己害怕的原因。We start here with Edward III, the Plantagenet king, from whom both Yorkers and Lancastrians trace their lines of descent. 我们从在这里的爱德华三世开始,金雀花王朝国王,从尤科斯和兰卡斯特两人追寻他们的血统后裔。We can see here the Lancastrian line coming down through Henry IV, Henry V, Victorian call and Henry VI, 我们可以看到这里的兰开斯特线下降到亨利四世,亨利五世,亨利六世,维多利亚和亨利四世,and then it stops, because the Lancastrians are exterminated. 然后它就停止了,因为兰卡斯特被灭绝。And this secret line is what this roll believes to be the main line of royal descent and it goes to the Yorks king, to Edward IV and his wife Elizabeth Woddfield. 而此卷认为这条秘密线是主要王室后裔,而且它经尤科斯王,爱德华四世和他的妻子伊丽莎白。The main line of descent carries on to Richard III, but as we can see, the line runs out. 下降的主要线路,通过理查三世,但正如我们所见,线就断了。Its actually unfinished. 它实际上是未完成的。Henry is notably absent. 其中就是不见亨利踪影。201311/263935


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