英国城市争当“拉斯维加斯”
Scramble for super-casino turns into lottery
英国各城市为修建国内唯一一座拉斯维加斯式超级赌场的争夺，正变得扑朔迷离。负责选址工作的机构目前已收到逾40份申请，而该机构负责人表示，他不知该如何从中选择。
The scramble to house the UK’s only Las Vegas-style super casino is turning into a lottery. The body set to up to decide its location has already received more than 40 applications and its head says he does not know how to chose between them.
英国政府赌场顾问小组(Casino Advisory Panel)负责人斯蒂芬·克罗(Stephen Crow)教授表示，在评估这些申请的时候，“公平和严格审查是我们的口号”。但是，当被问及如何选择的时候，他说：“我们怎么下决定？我不知道。”【您现在阅读的文章来自“中国学习考试网”，请记住我们的永久域名：www.stu88.com 】
Professor Stephen Crow, head of the government’s Casino Advisory Panel, said “fairness and rigorous examination will be our watchwords” when assessing the applications. But when asked how he would choose, he said: “How are we going to make up our minds? I don’t know.”
由于申请截止日期是3月31日，预计还会有更多城市表示有意让超级赌场落户。在所有申请城市中，布莱克浦提出了一个围绕超级赌场的全城重建计划，成为夺标大热门。
With the deadline for applications not until March 31 more authorities are expected to register interest in having a super casino. Blackpool is the favourite to win the licence, having made a super casino the cornerstone of a city-wide regeneration programme.
然而，伦敦也有希望赢得这张牌照。该市拟在新的温布利体育场(Wembley)和千禧穹顶(Millennium Dome)修建超级赌场。
However, London is also hopeful of winning the licence, with super casinos planned at the new Wembley stadium and next to the Millennium Dome.
英国政府去年通过了颇受争议的新赌博法，仅允许成立一家超级赌场。此外还将发放8张中型赌场和8张大型赌场的牌照。
Under the government’s controversial new gambling laws, which were passed last year, only one super casino will be allowed. An additional eight medium-sized new casinos and eight large ones will also receive licences.
在一次社会市场基金会(Social Market Foundation)的研讨会上，克罗向包括数家美国赌场经营者在内的听众表示，多数地方当局仅对超级赌场感兴趣。他称：“他们对大型或小型赌场的兴趣没有那么大。”
Speaking at a Social Market Foundation seminar to an audience that included several US casino operators, Professor Crow said most local authorities were only interested in super casinos. “They are not so interested in the large or small ones,” he said.
英国政府原本打算发放8张超级赌场牌照，但经过去年大选前与保守党的紧张谈判后，政府被迫将超级赌场牌照数量减至一张。
The government originally intended to grant eight super casino licences but was forced to cut the number to one after tense negotiations with the Conservatives in the run-up to the last general election.
英国体育大臣理查德·卡本(Richard Caborn)最近表示，如果能获得地方当局、议会下院议员及公众的足够支持，政府有可能修订相关立法，增加超级赌场牌照的数量。
Richard Caborn, gambling minister, said recently the legislation could be revisited and the number of super casino licences increased – provided there was sufficient support from local authorities, MPs and the public.
2006年1月23日 星期一
戏剧变化中的日本股市
Japanese equities
单粹就戏剧性而言，日本股市上周的表现无出其右。一桩丑闻愈演愈烈，伴之以高调的警方突袭搜查，以及随后骇人听闻的自杀事件，而其影响又让位于东京证券交易所(TSE)的近乎瘫痪。对于投资者而言，这一市场是否像观察人士眼中那么引人瞩目呢？
In terms of sheer drama, the Japanese market’s performance last week was tough to beat. A growing corporate scandal, with a high-profile police raid and a subsequent apparent suicide, was topped with the near-collapse of the Tokyo Stock Exchange. Is the market as compelling for investors as viewers?
支撑日本股市去年回升40%的绝大多数因素仍未改变。经济继续扩张——尽管从普遍数据来看，增长速度较去年略有放缓。通货紧缩的局面实际上已经结束，这为货币政策归于正常奠定了基础。通缩的结束，还应有助于将存放在银行里的7万亿美元家庭资产中的一部分，转化为风险程度更高的资产，并激活地产价格。预计本财政年度，企业净收益将增长9%，为连续第四年实现增长，同时资产负债状况也将较为强劲。
Most of the factors underpinning last year’s 40 per cent rally remain in place. The economy continues to expand – albeit, on consensus numbers, at a slightly slower pace than last year. Deflation is virtually over, setting the stage for a return to normalised monetary policy. Its demise should also help shift some of the $7,000bn of household assets sitting in banks into riskier assets, and perk up property prices. Corporate net earnings are forecast to rise 9 per cent this fiscal year, the fourth consecutive year of growth, and balance sheets are strong.
不过，这些现金中的大部分，可能流向更好的去处。预计在东京证交所上市的公司，本财政年度股息将增长17%，相当于派息总额仅为320亿美元：与微软(Microsoft) 2004年的特别派息额度相同。据Dealogic公司的统计，去年的并购规模飙升至2400亿美元。但其中多为集团公司内部整合或联手交易。
Much of that cash, however, could be put to better use. This year’s expected 17 per cent increase in dividends translates into a total payout of only $32bn by companies listed on the TSE: the same amount as Microsoft’s 2004 special dividend. Mergers and acquisitions surged last year to $240bn according to Dealogic. But the bulk of that is consolidation within group companies or orchestrated deals.
牛市行情面临着一些风险。例如，由于管制的放松，以及竞争将推动价格下降，通缩可能会显得更难以遏制。此外，即使在上周两个交易日的下跌之后，日本股价仍相对较高。从市盈率（P/E）衡量，日本股票的价格较美国高出约20%。不过，资本回报率还是有上升的空间。不久之后，诞生于婴儿潮时代、薪酬颇丰的一代人即将退休，从而降低了工资成本。日本企业在提高资本效率、现金分红及加速增长方面有很大的余地。加之以流动性状况得以持续的预期，日本股市仍是值得买进的机会。当然，理所应当的前提是：东京证交所能正常开市。
There are risks to the bull scenario. Deflation, for example, may prove more stubborn as deregulation and competition unleash further price cuts. Japan remains relatively expensive, even after the two-day slide of last week. On a price/earnings basis, it trades at a premium of roughly 20 per cent to the US. Yet there is room for returns on capital to expand. Well-paid babyboomers will shortly be retiring, cutting payroll costs. Japan Inc has plenty of scope to improve capital efficiency, returning cash to shareholders and gearing up. Add the prospects of continued liquidity, and the market remains a buy. Always assuming, of course, the TSE is open.
2006年1月24日 星期二
活力门总裁崛江贵文被捕
Livedoor chief and 3executives arrested
日本互联网集团活力门(Livedoor)总裁崛江贵文(Takafumi Horie)与其他三位高管昨晚被捕。在一位关键证人此前自杀身亡之后，当局加紧了对该集团涉嫌违反证券法的调查。
Takafumi Horie, the chief executive of the Japanese internet group Livedoor, was arrested along with three other executives last night as the probe into allegations of breaches of security exchange laws gathered pace following the apparent suicide of a key witness.
检察人员当天曾对崛江贵文进行讯问。与崛江贵文一起被捕的还有该集团首席财务官Ryoji Miyauchi，及旗下两个子公司的总裁。这四人被拘留在东京郊外的Kosuge 拘留中心。
Prosecutors who had questioned Mr Horie during the day arrested the Livedoor chief together with Ryoji Miyauchi, the group’s chief financial officer, and the presidents of two subsidiaries. They are being detained at Kosuge Detention Center, some distance from Tokyo.
活力门高管人员涉嫌违反证券法，粉饰集团公司会计账目，并提供虚假信息以操纵市场。
Livedoor executives are suspected of violating the securities exchange law by window-dressing the accounts of group companies and providing false information to manipulate the market.
在昨日逮捕行动之前的一周并不平静。上周一，日本检察厅突击搜查了活力门公司总部。由于紧张不安的投资者争相抛出活力门和其它网络股，导致东京证券交易所(TSE)交易系统上周几近瘫痪。
The move yesterday follows a week of frenetic activity, which began with the Public Prosecutor Office’s raid on Livedoor offices last Monday and led to a near collapse of the Tokyo Stock Exchange during the week, as nervous investors rushed to offload Livedoor and other internet stocks.
据信，在一位关键证人明显死于自杀之后，检察人员加快了行动速度。在活力门总部遭突击搜查后仅两天，这位关键证人被发现已经身亡。崛江贵文被逮捕一事，令人们对这个迅速成长的互联网服务集团及其曾经红级一时的创建者的未来产生了怀疑。崛江贵文周日曾在其个人博客网站中写道，他从未卷入媒体报道指称的任何违法行为。
Prosecutors are believed to have moved faster than usual, following the apparent suicide of a key witness who was found dead just two days after the raid. The arrest of Mr Horie, who on Sunday wrote in his personal blog that he had not been involved in any of the alleged wrongdoing cited in the press, casts doubt over the future of the fast-growing internet services group and its once popular founder.
崛江贵文及其创建的这家互联网服务集团曾经是新一代企业家的代表，不惧挑战现状，具有成为日本的Google或雅虎(Yahoo)的潜力。
Mr Horie and the internet services group he founded had come to symbolise a new generation of entrepreneurs, unafraid to challenge the status quo and with the potential to become the Google or Yahoo of Japan.
崛江贵文的傲慢风格及其对财富的狂热追求，曾遭到比较保守的商界人士的严厉批评。他们将其对市场工具的运用称为“金融炼金术” (financial alchemy)。
His brash style and unabashed pursuit of wealth had unleashed harsh criticism from more conservative members of the business community who described his use of the tools of market capitalism as “financial alchemy”.
东京证交所昨日表示，崛江贵文被捕一事不会自动导致活力门被摘牌。活力门命运如何，将取决于检方指控的性质。
The Tokyo Stock Exchange said yesterday an arrest would not automatically lead to a de-listing of Livedoor, which would depend on the nature of the charges made.
下一篇：备战2007考研英语：时文阅读(5)
