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1、-作者xxxx-日期xxxxeconomist(经济学人)精品文章中英对照【精品文档】Whopper to go至尊汉堡,打包带走Will Burger King be gobbled up by private equity? 汉堡王是否会被私人股本吞并?Sep 2nd 2010 | NEW YORK SHARES in Burger King (BK) soared on September 1st on reports that the fast-food company was talking to several private-equity firms interested in
2、buying it. How much beef was behind these stories was unclear. But lately the company famous for the slogan “Have It Your Way” has certainly not been having it its own way. There may be arguments about whether BK or McDonalds serves the best fries, but there is no doubt which is more popular with st
3、ockmarket investors: the maker of the Big Mac has supersized its lead in the past two years.有报道披露,快餐企业汉堡王(BK)正在与数个有收购意向的私人股本接洽,9月1日,汉堡王的股值随之飙升。这些报道究竟有多少真材实料不得而知。汉堡王的著名口号是“我选我味”,但如今显然它身不由己,心中五味杂陈。汉堡王和麦当劳哪家薯条最好吃,食客们一直争论不休,但股票投资人更喜欢哪家股票,却一目了然:过去两年里,巨无霸麦当劳一直在扩大自己的优势。Recession has favoured McDonalds over
4、 BK, whose share price has fallen by half since the economy was flame-grilled in the summer of 2008. Shares in McDonalds have risen, reaching an all-time high in August. Same-store sales at BK have fallen for five successive quarters.金融危机却更青睐汉堡王,自2008年经济低迷以来,其股票价格跌至原来的一半。而麦当劳的股票不跌反涨,在8月又创下了历史新高。汉堡王的
5、同店销售额连续五个季度下跌。Why has McDonalds been eating BKs lunch? Among other things, BK has always had a higher proportion of sales to young men, who have been hit especially hard by the recession. McDonalds, by contrast, has for several years wooed women and older people with relatively healthy salads and dr
6、inkable coffee. BK has struggled to follow suit. At the same time, it has had to contend with angry shareholders, as the rising cost of beef and other ingredients has clobbered its profits. BK may also have cannibalised its existing sales by offering value meals that were a bit too irresistible.为何麦当
7、劳在与汉堡王的竞争中占得先机?别的不谈,汉堡王的顾客更多的是年轻人,而年轻人受金融危机打击尤其严重。相对地,麦当劳近年来一直以相对健康的沙拉和可口的咖啡,吸引女性和中老年人。汉堡王一直难以模仿。与此同时,随着牛肉等原材料的成本上涨,利润一跌再跌,汉堡王又不得不去对付那些愤怒的股东。 汉堡王的套餐太过诱人,可能也影响了其他产品的销量。BK is used to changes in ownership. It went from being part of Pillsbury, a food company, to Grand Metropolitan, a British conglomera
8、te, then to Diageo, a drinks giant. In 2002 it was sold to a group of private-equity investors: TPG, Bain Capital and Goldman Sachs. They did a fair job, improving sales with better marketing. They also helped turn around the most troubled of the franchisees who operate most BK restaurants. In 2006
9、BK floated its shares again. Its bosses may hope that going private once more will protect them from short-term stockmarket pressures while they ponder how to beat McDonalds.汉堡王此前多次易主,已经习以为常了。它曾是皮尔斯百利食品公司的一部分,后转入英国大都会集团,继而转投饮品巨头帝亚吉欧。2002年又被转手卖给一批私人股本投资者:德克萨斯太平洋集团(TPG),贝恩资本和高盛。他们经营良好,利用优秀市场策略增加了销售。大部
10、分汉堡王餐厅的运营商当时经营不善,他们还助其扭亏为盈。2006年汉堡王再度上市。其老板可能希望再度私有化以规避短期股市压力,为其争取时间定策击败麦当劳。If BK does go private, it may be part of a trend in the private-equity industrynow that some of the bigger firms have rediscovered their appetite for dealsof gobbling up the companies they had taken public during the bubble
11、years but which are now trading cheaply. TPG, Bain Capital and Goldman Sachs still own a sizeable stake in BK, despite listing it on the New York Stock Exchange in 2006. However, it seems that other private-equity firms are interested in buying it. If that happens, no doubt BK servers will appreciat
12、e the irony: the act of passing a company from one private-equity firm to another is known in the business as “flipping”. 私人股本行业如今一些大公司重新对收购有了兴趣吞并那些他们在经济泡沫时代卖掉,现在十分廉价的公司,俨然已成一股大潮,如果汉堡王真的私有化,就将融入这股大潮之中。德克萨斯太平洋集团(TPG),贝恩资本和高盛虽然2006年在纽约证券交易所已经兜售了汉堡王,但他们仍握有可观的股份。然而,其他私人股本公司似乎也有意收购。要是真被他们收购,无疑汉堡王的服务生都能领会
13、其中的讽刺:在私人股本公司中被倒卖,在做汉堡这行叫“翻面”。 本主题由 shiyi18 于 2010-11-12 13:16 移动评分 收藏2 分享0 0 0 Down the slipway下水“Quantitative easing” is unloved and unappreciatedbut it is working “量化宽松”不受待见,但是有效Nov 4th 2010 | Washington, dc EVEN before the Federal Reserve unveiled its second round of quantitative easing (QE) on
14、November 3rd, critics had already denounced it as ineffectual or an invitation to inflation. It cannot be both and it may not be either. 美联储的第二轮量化宽松政策在11月3日公布之前便已受到了各方抨击,有人说它不会起效,也有人说这样会导致通胀。这两者根本不可能同时发生,甚至一个都不会发生。The announcement of “QE2” was hardly breathtaking. The Fed said it will buy $600 billi
15、on of Treasuries between now and next June, at about $75 billion a month, although it also said it could adjust the amount and timing if need be. That was about what markets expected but far less than the $1.75 trillion of debt it bought between early 2009 and early 2010 in its first round of QE. Ye
16、t QE2 seems already to have exceeded the low expectations it has aroused. Since Ben Bernanke, chairman of the Fed, hinted at it at Jackson Hole on August 27th, markets have all done exactly what they should (see chart). 第二轮量化宽松并没有惊人之处。美联储称,从现在起到明年6月,它将购买6 000亿美元美国国债,相当于每月购买750亿美元,但具体数字可能随情况进行调整。这一规模
17、与市场预期相当,远低于2009年初至2010年初第一轮量化宽松(总共购买债务1.75万亿美元)。但第二轮量化宽松似乎已经超过了它所引起的低预期。自美联储主席本?伯南克于8月27日在杰克森霍尔(Jackson Hole)暗示这一计划以来,市场对此已有了充分的反映(见图)。Under QE the Fed buys long-term bonds with newly created money. This lowers long-term yields and chases investors into riskier, alternative investments. The real yie
18、ld on ten-year, inflation-indexed Treasury bonds has fallen from 1.05% to 0.5%, a result of relatively flat nominal yields and a rise in expected inflation. The yield on their five-year cousins is negative (see Buttonwood). Share prices are up by 14% in the same period. Lower yields make the dollar
19、less appealing: it has duly fallen by 5% against the Japanese yen, by 9% against the euro and by 5% on a trade-weighted basis. “You can declare QE to be a success already,” says one hedge-fund economist. “Whether this translates into real activity remains a question-mark. But the question of whether
20、 the mechanism would work has been answered.”在量化宽松计划中,美联储将通过发行新钞买入长期债券。这压低了后者的收益率,使投资者转向风险更高的替代投资品。在名义收益率相对较平和预期通胀的双重作用下,10年期通胀指数化美国国债真实收益率从1.05%下降至0.5%。五年期品种则已呈现负利率(见本期Bottonwood)。同期,股票市场上涨了14%。收益率的下降使美元失去了吸引力:美元对日元下跌了5%,对欧元下跌了9%,从贸易加权角度看,则下跌了5%。一位对冲基金经济学家说:“可以说,量化宽松已经获得了成功。它能不能转化为实际行动还不好说。但其机制是否起作
21、用已经毋庸置疑了。”With a bit of a lag, these easier financial conditions are supposed to boost growth through three channels. First, lower real yields spur borrowing and investment. This channel is bunged up: many households cannot borrow because their homes have fallen in value and because banks are less w
22、illing to lend. But the remaining two channels remain open. Higher share prices have raised household wealth by some $1.4 trillion, which will spur some spending. And the lower dollar should help trade. American factory purchasing managers reported a sharp jump in export orders in October and a drop
23、 in imports. 一般认为,宽松的金融环境将通过三个渠道提振经济增长(可能存在时滞)。第一,真实收益率下降能够刺激借贷与投资。这一渠道目前已经失去了作用:许多家庭因为房价下跌和银行不愿意借贷而无法得到贷款。但剩下的两个渠道仍然畅通。股价上涨已使家庭财富增加了1.4万亿美元,这将刺激支出。美元下跌则应该有利于贸易。美国工厂采购经理报告显示,10月份出口订单出现了大幅增长,进口则有所下降。Macroeconomic Advisers, a consulting firm, reckons that the Fed will eventually buy $1.5 trillion of d
24、ebt under QE2, and that this will raise growth next year to 3.6% from 3.3% without QE. Thats not exactly overwhelming: the firm thinks the Fed would have to buy $5.25 trillion of bonds to achieve the equivalent of a 4% federal-funds rate, which is what the economy needs. The Fed will not do that for
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