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The Obama administration is asking private investors to help buy up to a trillion dollars of bad assets from the nation's banks. President Obama calls it "one more critical element" in his effort to revive the economy.

Investigators say they are looking into possible overloading on a plane that crashed in Montana, killing all 14 people aboard. The National Transportation Safety Board says the plane was likely designed to carry a total of 11 people, including two pilots.

Lance Armstrong has broken his collarbone in a crash during a five-day-race in Spain. A fellow team member says it was a clean fracture without complications. He added the seven-time Tour de France Champion should make a fast recovery.

And Pandora is a horse unlike most. This five-year-old thoroughbred mare is allergic to grass. Her owner says she has to cover the horse from top to tail in specially designed rugs that protect her skin. But, she says, despite the long face, Pandora appears to be happy and healthy.
    Beijing is encouraging its biggest carmakers – Shanghai Automotive Industry Corp, FAW, Dongfeng and Changan – to lead consolidation of its automobile industry.

   中国政府正在鼓励该国最大的一些汽车制造商——上汽(SAIC)、一汽(FAW)、东风(Dongfeng)和长安(Changan)——引领该国汽车业整合。

Detailing plans announced in January to support the automobile and steel sectors in the face of the global financial crisis, the state council, China's cabinet, pledged to increase the degree of concentration in both industries.
中国国务院对今年1月宣布的扶持汽车业和钢铁业的规划进行了详细说明,誓言提高这两个产业的集中度。这两个产业正面对全球金融危机的挑战。

The move raises expectations that the government could also start spelling out policy targets for the other eight industries it has pledged to support during the past three months.
此举令人预期,政府还可能会开始阐明为其它8个产业设定的政策目标。在过去3个月里,政府承诺对这些产业进行扶持。

The automobile industry plan is likely to attract global attention because the plight of several ailing carmakers in the US and Europe has repeatedly triggered rumours that Chinese carmakers could come to the rescue. Geely, for example, is rumoured to have considered a bid for Ford's Volvo brand. Dongfeng and Changan, which produces Volvo cars in China in a joint venture with Ford, are also thought to have expressed interest in the marque.


这份汽车业规划很可能会引起全球的关注,因为美欧数家不景气的汽车制造商的困境已一再引发传言,称中国汽车制造商可能会前来纾困。例如,吉利(Geely)据传就考虑过收购福特(Ford)旗下的沃尔沃(Volvo)品牌。东风与长安据信也对该品牌表示过兴趣。长安与福特建有合资企业,在中国生产沃尔沃轿车。

While the state council called on carmakers to develop their brands and pledged support for cross-border mergers as one possible means of doing that, the plan's focus is clearly on domestic industry consolidation.
虽然国务院呼吁中国汽车制造商发展自主品牌,并承诺支持跨国并购作为发展自主品牌的一种可能方式,但该规划的重心显然放在国内汽车业整合上。

The cabinet's blueprint said it would seek major progress in restructuring the industry during the next three years and wanted “to create two to three big carmaking groups with output of more than 2m vehicles a year, [and] four to five carmaking groups with output of more than 1m vehicles” by the end of 2011.
国务院这份蓝图表示,它将努力使汽车业重组在未来3年内取得重大进展,并希望到2011年底,“形成2、3家年产销规模超过200万辆的大型汽车企业集团,4、5家年产销规模超过100万辆的汽车企业集团”。

In addition, the number of players that control a combined 90 per cent share of the market should drop from 14 to 10.
此外,合计控制市场份额90%的汽车企业集团数量,也要从目前的14家减少到10家。

The state council also said it wanted Beijing Automotive Industry, Guangzhou Automobile Group, Chery Automobile and China National Heavy Duty Truck to lead regional consolidation.
国务院还表示,希望北汽(Beijing Automotive Industry)、广汽(Guangzhou Automobile Group)、奇瑞汽车(Chery Automobile)和中国重汽集团(China National Heavy Duty Truck)引领区域整合。

Worst Year For Berkshire Hathaway

[不指定 09/03/05 08:28 | by admin ]
     巴菲特旗下公司业绩创历史新低
     Worst Year For Berkshire Hathaway
  
  Warren Buffett conceded that his holding company, Berkshire Hathaway, turned in its worst performance on record as the financial crisis drew the world's economy into a deepening recession, and gave investors little reason to believe a turnround is imminent.

  In his annual letter to Berkshire shareholders, Mr Buffett recounted how frozen credit markets dovetailed with tumbling home and stock prices to imperil many banks and produce "a paralysing fear that engulfed the country".
  在他写给伯克希尔股东的年度信件中,巴菲特详述了陷入冻结的信贷市场如何与暴跌的房价、股价结合在一起,危及众多银行,引发“一种席卷全国的令人瘫痪的恐惧”。
  "By year end," he wrote, "investors of all stripes were bloodied and confused, much as if they were small birds that had strayed into a badminton game."
  “到年底,”他写道,“各类投资者都伤痕累累且困惑不解,仿佛他们是误入一场羽毛球赛的小鸟。”
  The billionaire also urged his legions of followers to remember that the stock market usually rises – the S&P 500 index has produced annual increases in 75 per cent of the past 44 years – and may do so again even if the downturn persists.
  这位亿万富翁也敦促他的大批追随者记住,股市通常都会上涨——标准普尔500指数在过去44年中有75%的年份都有升幅——而且即使衰退继续下去,股市也有可能再次上涨。
  "We're certain, for example, that the economy will be in shambles throughout 2009 – and, for that matter, probably well beyond – but that conclusion does not tell us whether the stock market will rise or fall," he wrote.
  “例如,我们可以肯定的是,整个2009年——还可能在更长时期——经济都将一团糟,但这个结论并没有告诉我们股市将上升还是下降,”他写道。
  Regardless, Mr Buffett wrote, Berkshire will stick with a strategy that has produced an annual compound growth in book value of 20.3 per cent.
  无论如何,巴菲特写道,伯克希尔都将继续坚持其投资战略,这一战略为其帐面价值带来了20.3%的年度复合增长率。
  It would maintain its "Gibraltar-like" financial strength, improve the competitive position of its existing businesses and make new acquisitions that bolster earnings.
  伯克希尔将保持其“直布罗陀般”强大的财务实力,提高现有业务的竞争地位,进行新的、能提高盈利的收购。
  That mindset did not help Berkshire navigate the financial crisis unscathed. Net income dropped 59 per cent in 2008 to $4.99bn, or $3,224 a share, from $12.2bn, or $8,548, a year earlier. Revenue fell 8.8 per cent to $107.8bn from $118.2bn.
  但这种心态未能帮助伯克希尔逃脱金融危机的打击。在2008年,公司净收入下降了59%,至49.9亿美元,即每股3224美元,而上年同期的数字分别为122亿美元、每股8548美元。营业收入减少8.8%,从1182亿美元降至1078亿美元。

世界银行扩大投资额度

[不指定 09/02/16 20:07 | by admin ]
  The World Bank's board of governors has approved a proposal to create an additional seat for developing nations on its executive board. This move, if sealed by the bank's 185 members, will help developing countries to have a majority of seats on the board. It would also help increase the voting power of this bloc to 44 percent.www.examda.com
  The measure comes as a response to the criticism that it (and other international organizations such as the IMF) faced last year for its failure to foresee the global financial crisis.
  At the G20 Summit in Washington last November, some developing nations had pressed for a revision in the representation mechanism in international financial institutions. This, they said, would enable them to have a better say in the workings of these multilateral bodies.
  "Expanding the developing world's voice is central to delivering effective aid and promoting shared prosperity and development within a 21st century economic reality," World Bank Group President Robert Zoellick said in a statement.
  The bank agreed to add a chair for Sub-Saharan Africa in addition to its existing 24 seats on the executive board. This was part of the bank's "first phase of reforms to increase the influence of developing countries". It also pledged to undertake a comprehensive work program to realign bank shareholdings and move toward an equitable voting arrangement between the developed and developing countries.
  Although the latest move comes as an important step to help reform the World Bank's governance structure, experts have warned that bolder reforms are needed going forward.www.examda.com
  "It is an irreversible trend for the developing world to push reforms on the international financial institutions, and the change in the World Bank's representation is but a minor step on the road to making it more representative," Hua Ercheng, chief economist with the China Construction Bank, said.
  The current management mechanism in international financial institutions was out-dated as it largely reflected the political and economic landscape of the early years after World War II, Hua said, pointing out that it was unreasonable to still stick to the old governance model.An official with the U.S. Department of Homeland Security said early Friday there was no indication that terrorism was involved in the plane crash in Buffalo, New York, Thursday night.
  An airliner with 48 people on board crashed in the U.S. State of New York on Tuesday evening, local media reported overnight.
  The crash occurred at around 10:20 p.m. Thursday in suburban Buffalo in northern New York State, as the 50-seat commuter plane crashed into a home, TV networks including CNN reported.
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    据英国媒体报道,当奥巴马1月20日正式就任美国第44任总统时,全球各地预计将会有15亿观众通过电视收看就职典礼实况。奥巴马非常崇拜林肯总统,他就职典礼的许多部分以林肯的就职典礼为模板。奥巴马就职讲演的官方主题将是“自由的新生”,这个词来自林肯在南北战争期间发表的著名的葛底斯堡讲演。
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