Then there's "leakage"—India's euphemism for rampant corruption. Nearly all sectors of officialdom are riddled with graft, from neighborhood cops to district bureaucrats to state ministers. Indian truckers pay about $5 billion a year in bribes, according to the watchdog group Transparency International. Corruption delays infrastructure projects and raises costs for those that move ahead.
然後有一個"漏洞" - 印度對於蔓延的腐敗的婉轉說法.  幾乎所有的部門的官員充斥著使用不正當的方式謀取錢財, 從鄰里的警察到行政區的官僚到政府首長.  印度的卡車司機一年支付近50億元於行賄, 依據監控集團"國際透明組織(Transparency International)"的報告.  腐敗延遲了基礎建設計畫而且提成了進步的成本.

Fortunately, after decades of underinvestment and political inertia, India's political leadership has awakened to the magnitude of the infrastructure crisis. A handful of major projects have been completed; others are moving forward. Work on the Golden Quadrilateral—a $12 billion initiative spanning more than 3,000 miles of four- and six-lane expressways connecting Mumbai, Delhi, Kolkata, and Chennai—is due to be completed this year. The first phase of a new subway in New Delhi finished in late 2005 on budget and ahead of schedule. And new airports are under construction in Bangalore and Hyderabad, with more planned elsewhere. "We have to improve the quality of our infrastructure," Prime Minister Manmohan Singh told a gathering of tech industry leaders in Mumbai on Feb. 9. "It's a priority of our government."
幸運地, 在數十年的地下投資和政策遲頓之後, 印度的政黨領導關係已意識到基礎建設危機的重要. 少數的計劃已經完成; 其他的正在繼續下去.  黃金四角(Golden Quadrilateral)的工作- 一項花費120億提議,橫跨多達3000英哩的四線及六線快速道路, 連接孟買, 德里, 加爾各答及清奈-預定將在今年完成.  新德里的新地下鐵在2005年末在預算範圍內和超前排程下完成第一階段.  而新的機場正邦加羅和海得拉巴(Hyderabad)建造中, 在別處還有更多的計劃.  "我們必需改善我們基礎建設的品質," 首相Manmohan Singh 於2/9在孟買的一個科技產業領導人的聚會上講述.

Singh, in fact, is promising a Marshall Plan-scale effort. The government estimates public and private organizations will chip in $330 billion to $500 billion over the next five years for highways, power generation, ports, and airports. In addition, leading conglomerates have pledged to overhaul the retailing sector. That will require infrastructure upgrades along the entire food distribution chain, from farm fields to store shelves.
Singh, 事實上, 正承諾一項馬歇爾計劃等級的成果. 印度政府估計在接下來五年內公有和私有組織將捐助3300億到5000億元給高速公路, 電力發電, 港口和機場.  除此之外, 主要的企業已保証要徹底整修零售產業。這將需要基礎建設伴隨整個食物分配鏈的昇級, 從農場到商店擺設架.

Envisioning a brand-new India is the easy part; paying for it is another matter. By necessity, since the country's public debt stands at 82% of GDP, the 11th-worst ranking in the world, much of the money for these new projects will have to come from private sources. Yet India captured only $8 billion in foreign direct investment last year, compared with China's $63 billion. "Having grandiose plans isn't enough," says Yale University economics professor T.N. Srinivasan.
展望一個全新的印度是相當容易的部分; 為此付出的代價則是另一回事. 必然性, 既然這個國家的公共負債達GDP 的82%, 全世界排名最差的第11名, 大部分這些計劃的資金將需要由私人來源提供.  雖然印度去年在國外直接投資只有獲得80億, 相較於中國的630億.  "有宏大的計劃是不夠的, " 耶魯大學經濟學教授 T.N. Srinivasan. 說道

Just about every foreign company operating in India has a horror story of the hardships of doing business there. Nokia Corp. (NOK ) saw thousands of its cellular phones ruined last October when a shipment from its factory in Chennai was soaked by rain because there was no room to warehouse the crates of handsets at the local airport. Japan's Maruti Suzuki says trucking its cars 900 miles from its factory in Gurgaon to the port in Mumbai can take up to 10 days. That's partly due to delays at the three state borders along the way, where drivers are stalled as officials check their papers. But it's also because big rigs are barred from India's congested cities during the day, when they might bring dense traffic to a standstill. Once at the port, the Japanese company's autos can wait weeks for the next outbound ship because there's not enough dock space for cargo carriers to load and unload.
只是關於每家外商公司在印度的運作上都擁有做生意上的艱困的極槽故事.  諾基亞看到數千個其手機在去年十月被搞毀, 當從其在Chennai 的工廠裝載的貨物因雨水而濕透了, 只因為在當地機場沒有空間可把數箱手機置入倉庫.  日本的 Maruti Suzuki (日印合資) 說用卡車運送其車輛, 由Gurgaon 工廠到Mubai 港口, 900英里要花掉10天.  這部分是因為沿路上3個州際關卡所擔擱, 也就是司機因官員檢查他們的文件而延遲了的地方. 但也是因為在白天印度擁室的城市已被大型的設備堵塞住, 這些大型設備可能提高交通密度倒致交通停滯.  一但到了港口, 這家日本公司的汽車為了下一次出口航班可能要等上數星期, 因為沒有足夠的船塢空間給貨運業者上貨卸貨.

India's summer monsoons wreak havoc, too. Even relatively light rains can choke sewers, flood streets, and paralyze a city, while downpours are devastating. Two years ago, Florida-based contract manufacturer Jabil Circuit Inc. saw shipments of computers and networking gear from its plant near Mumbai delayed for five days after an epic storm. "In our business, five days is a really long time," says William D. Muir Jr., who oversees Jabil's Asian operations.
印度的夏季雨季也會造成大破壞.  即使相對地較輕微的雨都可能塞住下水管, 淹沒街道和癱瘓城市, 傾盆大雨來臨時更是破壞性極大.  二年前, 總部位於佛羅里達的承包製造廠 Jabil Circuit Inc. 看著電腦和網路設備的貨運從其靠近孟買的工廠在一場大風雨後延遲達5天之.  "在我們的生意裡, 5天真的是蠻久的時間," 管理Jabli 亞州營運處的William D. Muir Jr. 說道.

Companies often have no choice but to make the best of a bad situation. Cisco Systems Inc. (CSCO ), the American networking equipment giant, has had a research and development office in India since 1999 and already has 2,000 engineers in the country. To supply the country's fast-growing telecommunications industry, Cisco decided last year to try its hand at making some parts locally. In December it contracted with another company to build Internet phones in the southeastern city of Chennai. Although Cisco says the quality of the workmanship is up to snuff, it has to fly parts in because the ports are so slow—and getting them to the factory right when they're needed is proving nettlesome. "We believe in manufacturing in India, but we don't believe in logistics in India—yet," says Wim Elfrink, Cisco's chief globalization officer. Elfrink adds that unless the Chennai operation demonstrates it can run as efficiently as Cisco setups elsewhere, it won't go into full production as planned this summer.
公司常沒有選擇餘地要在最壞的情況下做的最好.  思科(CSCO), 美國的網路設備巨人, 自1999年來在印度已設立了研發辦公室, 且在這個國家已有2000名工程師.  為了供應這個國家快速成長的電信產業, 思科去年決定試著著手在當地製造一些零件.  在12月, 它和另一家公司訂立合約以便在Chennai 的東南方建立網際網路電話.  即使思科說這個製品的品質狀況良好, 它仍需空運零件進來, 因為港口(運輸)實在太慢了 - 而且當需要時把零件直接運到工廠証明結果是令人生氣的.  "我們相信印度的製造業, 但是我們不相信印度的物流, " 思科的首席全球長 Wim Elfrink 說道.  Elfrink 補充道, 除非Chennai 的運作証明它能夠和思科別處的組織執行是一樣有效率, 思科將不會進入全面(在印度)量產, 如思科在今夏的計劃.

Even the world's largest maker of infrastructure equipment is constrained by India's feeble underpinnings. General Electric Co. (GE ) last year sold $1.2 billion worth of gear such as power generators and locomotives in India, more than double what it billed in 2005. To meet that surging demand, it is scrambling to find a location where it can manufacture locomotives in partnership with India Railways. But when GE dispatched three employees to survey a potential site the railway favored in the northern state of Bihar, the trio returned discouraged. It took five hours to drive the 50 miles from the airport to the site, and when they got there they found...nothing. "No roads, no power, no schools, no water, no hospitals, no housing," says Pratyush Kumar, president of GE Infrastructure in India. "We'd have to create everything from scratch," including many miles of railroad tracks to get the locomotives out to the main lines.
即使世界上最大的基礎設備製造商仍受限於印度微弱的基礎.  奇異電子(GE) 去年在印度賣了價值12億的設備, 如電力發動機和火車頭, 是比其2005年帳上的兩倍還要更多. 為了符合激增的需求, 它正在爭搶找到一個地點, 此地點能和其合夥公司印度鐵路公司一起製造火車頭. 但當奇異派了3名員工考察一個鐵路公司偏好在Bihar省南方的潛在地點, 這三個人洩氣的回來了.  他們花了5小時開了50英里從機場到那個地方, 當他們到達那裡他們發現......什麼都沒有.  "沒有路, 沒有電, 沒有學校, 沒有水, 沒有醫院, 也沒有住宅." 印度的GE基礎建設總裁 Pratyush Kumar 說道. "我們必需要用錢創造出所有的事物, " 包含許多哩的鐵路軌道以便取得主要幹線的火車頭.

But there is a silver lining for GE and other international giants: India's infrastructure deficit could yield huge opportunities. American executives who traveled to India last November on the largest U.S. trade mission ever were tantalized by the possibilities. Jennifer Thompson, director of international planning at Oshkosh Truck Corp. (OSK ), viewed construction projects where swarms of workers carried wet concrete in buckets to be poured. That told her there's great potential in India for selling Oshkosh's mixer trucks. "There are infrastructure challenges, but we see a lot of opportunities to help them meet those challenges," she says.
但對GE 以及其他國際巨人有一條銀內襯:  印度的基礎建設赤字可能產出大量機會.  去年11月到印度旅遊的有使以來最大的美國貿易使節團的美國高級官員們被這機會所誘惑著.  Oshkosh Truck Corp. 的國際規劃總監Jennifer Thompson, 看過了數項建設專案, 在那裡有大量的勞工揹著在籃子裡準備灌注的塑性混凝土(wet concrete). 這告訴她, 在印度有很大的潛力可以賣出Oshkosh 的水泥攪拌車.  "有很多的基礎建設的挑戰, 但是我們看到了大量的機會可以幫助他們應付那些挑戰, " 她說道.

That explains why so many multinationals are flocking to India. Take hotel construction: In a country with only 25,000 tourist-class hotel rooms (compared with more than 140,000 in Las Vegas alone), companies including Hilton (HLT ), Wyndham (WYN ), and Ramada have plans for 75,000 rooms on their drawing boards. Or consider telecom. Because of deregulation and ferocious demand, India boasts the fastest growth in cell-phone service anywhere, with companies adding some 6 million new customers a month. No wonder Britain's Vodafone Group PLC (VOD ) just ponied up $11 billion for a controlling interest in Hutchison Essar, India's No. 4 mobile carrier. U.S. private equity outfits also want in on the action. On Feb. 15, Blackstone Group and Citigroup announced they are teaming up with the Indian government and the Infrastructure Development Finance Corp. to set up a $5 billion fund for infrastructure investments in India.
這解釋了為什麼有這麼多跨國公司聚在印度. 以飯店建設為例: 在某個國家只有2萬5千名旅客等級的飯店客房(單和拉斯維加斯的超過140000間相比), 包括希爾頓, Wyndham, 及Ramada 等公司都已計劃75000間客房在其規劃階段.或是想想電信業.  因為撤銷管制規定及驚人的需求, 印度引以為榮的最快速成長是隨處可得的手機服務, 這些公司一個月可新增6百萬名新客戶.  不用懷疑英國的Vodafone 集團為了控制印度第四大的行動電話業者Hutchison Essar 的股權才剛付了110億.  美國私募基金公司也想要加入這場活動.  在2/15, Balckstone 集團和花旗集團宣布他們正和印度政府和基礎建設發展財務公司合作, 以便設立50億的資金用於印度的基礎建設投資.

But while the laws of supply and demand would argue that India's infrastructure gap can be filled, that logic ignores the corrosive effect of the country's politics. To gain the favor of voters, Indian politicians have long subsidized electricity and water for farmers, a policy that has discouraged private investment in those areas. That's what wrecked the now-infamous Dabhol Power plant. In the late 1990s, Enron, GE, and Bechtel spent a total of $2.8 billion building a huge complex near Mumbai capable of producing more than 2,000 megawatts of electricity. But a government power authority set prices so low that it was uneconomical for Dabhol to operate, and the whole deal fell apart. (The plant, taken over by an Indian organization, now runs only fitfully.) A 2001 law was supposed to create a framework to support private investment in power generation. But according to American construction company executives, it's not working well. "Everybody knows what needs to be done, but they have great difficulty doing it," says one of the Americans. "If the party in opposition offers subsidized power, the party in power has to give subsidized power to get reelected."
但當供需法則可能主張印度的基礎建設的缺口可能被填滿, 邏輯上忽略了國家政策的腐蝕效果.  為了獲得選民喜愛, 印度的政客已長期補貼電力和用水給農民, 這政策令這個領域內的私人投資很沮喪.  這也就是會毀滅了現在聲名狼藉的Dabhol 電力工廠的原因. 在1990年代晚期, 恩隆, 奇異, 和Bechtel 花費了總共28億在孟買附近打造一個巨大的聯合企業能產出2000百萬瓦特的電力.  但是政府電力機關設定的價格太低, 以致於它不夠經濟規模可使Dabhol 運作, 現在整個交易結果是失敗了. (這個工廠, 由一家印度組織接管, 現在只斷續地運作.)  一項2001年的法律應該創造出一個框架可用於支持私人投資在電力發電.  但是依據美國建築公司的高階人員說法, 這運作的並不好.  "每個人知道有什麼需要被完成, 但是他們有很大的困難完成它."  其中一名美國人說道.  "如果反對黨提供補貼電力, 執政黨在電力政策上必需要補貼電力才能獲得再次勝選"

Word: 1311

When foreigners say Bangalore is India's version of Silicon Valley, the high-tech office park called Electronics City is what they're often thinking of. But however much Californians might hate traffic-clogged Route 101, the main drag though the Valley, it has nothing on Hosur Road. This potholed, four-lane stretch of gritty pavement—the primary access to Electronics City—is pure chaos. Cars, trucks, buses, motorcycles, taxis, rickshaws, cows, donkeys, and dogs jostle for every inch of the roadway as horns blare and brakes squeal. Drivers run red lights and jam their vehicles into any available space, paying no mind to pedestrians clustered desperately on median strips like shipwrecked sailors.
當外國人說邦加羅(Bangalore) 是印度版的矽谷, 他們所想到的就是這個叫做Electronics City 的高科技辦公室園區.  但是, 不管多少加州人可能討厭交通阻塞的 Route 101, 到這個(矽)谷的主要道路, 這和Housur Road 比起來實在沒什麼.  這些坑坑洞洞的, 4線道的砂礫人行道的延伸 - 到這個電子城(Electronics City)的主要入口 -真是完全混亂.  車子, 卡車, 巴士, 摩托車, 計程車, 中力車, 牛, 驢子和狗在競爭每一吋的道路時伴隨著是喇叭發出的嘟嘟聲音和剎車的長而刺耳的聲音.  駕駛人穿越紅燈, 且把他們的車子塞入任一個可用的空間, 完全不注意那些極度聚集成群擠在長條分隔島上猶如遭受海難的水手一般的行人.

Pass through the six-foot-mhigh concrete walls into Electronics City, though, and the loudest sounds you hear are the chirping of birds and the whirr of electric carts that whisk visitors from one steel-and-glass building to the next. Young men and women stroll the manicured pathways that wend their way through the leafy 80-acre spread or coast quietly on bicycles along the smooth asphalt roads.
穿過六英尺高的水泥牆後的電子城, 然後,  你聽到的最大的聲音是小鳥們的嘁嘁喳喳聲和迅速帶走訪客由一棟鋼鐵玻璃的建築物到另一棟的電子貨車的呼呼作響聲.  年青男女靜靜地騎著腳踏車沿著平順的柏油路, 漫遊在修剪整齊的通往枝葉茂密佔80英畝的廣大區域或是海岸的的小徑上.

With virtually no mass transit in Bangalore, Indian technology firm Infosys Technologies Ltd. spends $5 million a year on buses, minivans, and taxis to transport its 18,000 employees to and from Electronics City. And traffic jams mean workers can spend upwards of four hours commuting each day. "India has underinvested in infrastructure for 60 years, and we're behind what we need by 10 to 12 years," says T.V. Mohandas Pai, director of human resources for Infosys.
實際上沒有大量的公共運輸系統在邦加羅, 印度的科技公司Infosys 每年花了5百萬在巴士, 小卡車以及計程車上以運送其1萬8千名員工來往電子城.  而交通阻塞表示員工可能花費每天4小時以上的通勤時間.  "印度對於基礎建設低於該有投資達60年, 而且我們落後所需要要的達10到12年," Infosys 的人力資源總監 T.V. Mohandas Pai 說道.

India's high-tech services industry has set the country's economic flywheel spinning. Growth is running at 9%-plus this year. The likes of Wal-Mart (WMT ), Vodafone (VOD ), and Citigroup (C ) are placing multibillion-dollar bets on the country, lured by its 300 million-strong middle class. In spite of a recent drop, the Bombay stock exchange's benchmark Sensex index is still up more than 40% since June. Real estate has shot through the roof, with some prices doubling in the past year.
印度的高科技服務產業已令國家經濟飛輪轉動.  今年正持續向上的成長達9%以上. 像Wal-Mart(WMT),Vodafone (VOD ), 及花旗集團這一類(企業) 正放置數十億美元的籌碼到這個國家, 他們受到這個國家其3億名強力的中產階級所吸引.  不管最近的下滑, 孟買的股市交易的基準指標 Sensex 指數自六月以來仍然上漲超過40%.  房地產是充斥著高點, 某些價格是去年的兩倍.

But this economic boom is being built on the shakiest of foundations. Highways, modern bridges, world-class airports, reliable power, and clean water are in desperately short supply. And what's already there is literally crumbling under the weight of progress. In December, a bridge in eastern India collapsed, killing 34 passengers in a train rumbling underneath. Economic losses from congestion and poor roads alone are as high as $6 billion a year, says Gajendra Haldea, an adviser to the federal Planning Commission.
但是經濟繁榮是建立在最不穩定的基礎上.  高速公路, 現代化的橋樑, 世界級的機場, 可靠的電力, 以及乾淨的水源都正極度短缺中. 而現已在那裡的簡直是正要破壞進步的重要性. 在12月, 一座在東印度的橋倒塌了,  使得行駛在橋下的火車內的34名乘客死亡.  單由擁塞及不良的道路所引起的經濟損失達每年60億元那麼高, 聯邦計劃委員會的顧問 Gajendra Haldea 說道.
*literally: used to emphasize a strong expression or word that is not being used in its real or original meaning. Some people consider this use to be incorrect.

For all its importance, the tech services sector employs just 1.6 million people, and it doesn't rely on good roads and bridges to get its work done. India needs manufacturing to boom if it is to boost exports and create jobs for the 10 million young people who enter the workforce each year. Suddenly, good infrastructure matters a lot more. Yet industry is hobbled by overcrowded highways where speeds average just 20 miles per hour. Some ports rely on armies of laborers to unload cargo from trucks and lug it onto ships. Across the state of Maharashtra, major cities lose power one day a week to relieve pressure on the grid. In Pune, a city of 4.5 million, it's lights out every Thursday—forcing factories to maintain expensive backup generators. Government officials were shocked last year when Intel Corp. (INTC ) chose Vietnam over India as the site for a new chip assembly plant. Although Intel declined to comment, industry insiders say the reason was largely the lack of reliable power and water in India.
對其而言最重要的, 科技產業只雇用160萬人, 而且它不仰賴好的道路及橋樑使其運作順暢.  印度需要製造業興盛如果它要提高出口及創造工作機會給1千萬名每年進入成為勞動力青年人口.  意外地, 良好的基礎建設變得更加重要. 然而, 產業就像是被平均速度只有每小時20哩這個過於擁擠的高速公路所綁住.  某些港口依賴一大群的勞工以便從卡車卸載貨物及把貨物運上貨船.  橫跨Maharashtra 州, 數個主要城市每星期有一天要停電以便舒緩電力網柵的壓力.  在Pune, 有著450萬人口的都市, 它每週二要停電-強迫工廠維護昂貴的備用發電機.  政府官員去年很震驚, 當Intel 選擇越而非印度做為其新的晶片組裝工廠的所在地.  雖然Intel 謝絕評論, 產業消息人士說原因在於印度大大的缺乏可靠的電力和用水.

Add up this litany of woes and you understand why India's exports total less than 1% of global trade, compared with 7% for China. Says Infosys Chairman N.R. Narayana Murthy: "If our infrastructure gets delayed, our economic development, job creation, and foreign investment get delayed. Our economic agenda gets delayed—if not derailed."
總和這數項困境的列舉, 你了解了為何印度的出口總數佔了不到全球貿易的1%, 相比於中國大陸的7%. Infosys 的董事長N.R. Narayana Murthy 說道: "如果我們的基礎建設一直延緩, 我們的經濟發展, 工作機會創造, 以及國外投資將被延緩.  我們的經濟項目將被延緩 - 如果沒有出軌"
*agenda: a list of problems or subjects that a government, organization etc is planning to deal with

The infrastructure deficit is so critical that it could prevent India from achieving the prosperity that finally seems to be within its grasp. Without reliable power and water and a modern transportation network, the chasm between India's moneyed elite and its 800 million poor will continue to widen, potentially destabilizing the country. Jagdish N. Bhagwati, a professor at Columbia University, figures gross domestic product growth would run two percentage points higher if the country had decent roads, railways, and power. "We're bursting at the seams," says Kamal Nath, India's Commerce & Industry Minister. Without better infrastructure, "we can't continue with the growth rates we have had."
基礎建設赤字是如此重要, 它可能阻止印度達到最後似乎將到手的繁榮.  沒有了可靠的供電及用水, 以及現代化的運輸網路, 印度有錢的精英和其8億名窮人們兩者間的缺口將持續擴大, 可能會使其國家不穩家.  哥倫比亞大學的教授Jagdish N. Bhagwati , 計算國內生產毛額的成長將達2個百分比以上, 如果這個國家有像樣一點的道路, 鐵路, 以及電力.  "我們幾乎要脹破接縫處," 印度的商業及產業部長 Kamal Nath 說道.  沒有好一點的基礎建設, "我們就不能繼續我們已有的成長率."

The problems are even contributing to overheating in the economy. Inflation spiked in the first week of February to a two-year high of 6.7%, due in part to bottlenecks caused by the country's lousy transport network. Up to 40% of farm produce is lost because it rots in the fields or spoils en route to consumers, which contributes to rising prices for staples such as lentils and onions.
這些問題甚致促成經濟過熱.  通膨在二月的第一週快速增加達二年來的新高6.7%, 某部分是因為這個國家令人討厭的運輸網路所引起的瓶頸.  農產品達40%的損失, 因為其農地腐壞及運送至消費者時的損壞, 促使其日常必需品如扁豆和洋蔥價格的上漲.
*spike:if the number or rate of something spikes, it increases quickly and by a large amount.

India today is about where China was a decade ago. Back then, China's economy was shifting into overdrive, but its roads and power grid weren't up to the task. So Beijing launched a massive upgrade initiative, building more than 25,000 miles of expressways that now crisscross the country and are as good as the best roads in the U.S. or Europe. India, by contrast, has just 3,700 miles of such highways. It's no wonder that when foreign companies weigh putting new plants in China vs. India to produce global exports, China more often wins out.
今日印度就像是10年前的中國.  回到那時, 中國的經濟正移轉到過度發展, 但是其道路及電力網沒有忙於這些工作.  所以北京發動了一項大規模的昇級行動, 建設多達25000哩的快速道路, 現在是十字交差於全國, 而且和美國或歐洲最好的道路是一樣的好.  印度, 相對的, 像這類的高速公路只有3700哩.  不用懷疑當外國公司權衡要把用以製造全球出口貨物的新工廠放在中國或是印度時, 中國通常有較多可能勝出.

China's lead in infrastructure is likely to grow, too. Beijing plows about 9% of its GDP into public works, compared with New Delhi's 4%. And because of its authoritarian government, China gets faster results. "If you have to build a road in China, just a handful of people need to make a decision," says Daniel Vasella, chief executive of pharmaceutical giant Novartis (NVS ). "If you want to build a road in India, it'll take 10 years of discussion before you get a decision."
中國的領導在基礎建設上也是有可能繼續成長的.  北京用了約9%的國內生產毛額(GDP) 在公共事務上, 相比新德里的4%. 而且因為其權力主義的政府, 中國可加速成果.  "如果你必須要在中國建一條路, 只有少數人需要作出決定, "  製藥界巨人諾華 的總裁Daniel Vasella 說道.  "如果你想要在印度建一條路, 在你得到一個結論前大概要花10年時間討論"

Blame it partly on India's revolving-door democracy. Political parties typically hold power for just one five-year term before disgruntled voters, swayed by populist promises from the opposition, kick them out of office. In elections last year in the state of Tamil Nadu, for instance, a new government was voted in after it pledged to give free color TVs to poor families. "In a sanely organized society you can get a lot done. Not here," says Jayaprakash Narayan, head of Lok Satta, or People Power, a national reform party.
某部分可歸因於印度流動性極大的民主制度.  政黨典型上在使選民不高興前只有一次5年任期的權力, 反對黨的民粹派承諾搖動選民, 選民就把他們提出政府機關(office). 舉例來說, 去年在Tamil Nadu 的選舉中, 一個新的政府被投票選出, 在它保証給予窮人家庭們免費的彩色電視機.  "在一個心智健全的組織社會中, 你可以做好很多事. 但不是在這裡,"  Lok Satta 首長, 或是國家改革黨 People Power 的Jayaprakash Narayan 說道.

Word:1079

The son of a Flushing (N.Y.) dry cleaning service owner, Pearlman has raised red flags with his business dealings before. Both the Backstreet Boys and *NSYNC sued him in the late 1990s, claiming he misappropriated money. Those suits were settled. Last year pop star Justin Timberlake, the former lead singer of *NSYNC, told a British newspaper that he had "been monetarily raped by a Svengali," referring to Pearlman. Timberlake's publicist did not respond to a request for comment.
這位 Flushing 乾洗服務老闆的兒子, Pearlman 在他之前的生意買賣就已舉起過紅旗.  新好男孩及超級男孩兩者在1900年代末期控告過他, 宣稱他侵佔金錢.  這些訴訟已和解.  去年流星巨星Justin Timberlake, 超級男孩的前任領隊歌手, 告訴British 新聞報, 他已"被騙子(Svengali) 洗劫財務," 當論及Pearlman 時.  Timberlake 的宣傳人員沒有回應評論要求.

The allegations go beyond Pearlman's inner circle. Recently inaugurated Florida Governor Charles Crist Jr. was named as a defendant in a Mar. 5 investor suit filed against Pearlman by Tampa attorney James Lowy. The suit claims that when Crist was Florida's attorney general, he didn't pursue complaints about Pearlman's business dealings because Pearlman had held a fund-raiser for him and Pearlman-related entities had contributed $10,000 to his gubernatorial campaign; it also claims that Crist made use of a Pearlman-owned plane and skybox. A Crist spokesperson says the governor hadn't seen a copy of the suit yet and would not comment.
這些不法的陳述還扯到Pearlman 的核心人士.  最近就職的佛州州長Charles Crist Jr. 在一件3/5 的投資者訴訟案中就被提出為被告, 由Tampa 市的律師James Lowy 控告Pearlman.  這件訴訟案宣稱當Crist 曾任佛州的首席檢察官時, 他沒有追查關於Pearlman 生意交易的控訴, 因為Pearlman 握有他的募款人員, 而且Crist 利用Pearlman 所有的飛機和Skybox.  一名Crist 的發言人說州長未曾看過這件訴訟案的複本而且也不予置評.
*allegation:a statement that someone has done something wrong or illegal, but that has not been proved
*attorney general：首席檢察官、檢察總長，大寫則為美國的司法部長
*skybox 應是指空中表演隊吧 !!

Family Ties
家庭牽絆
For Don Seligman, the leasing agent for Church Street Station, the first warning that something was amiss came last November, when Frank Vasquez, a vice-president of operations at Pearlman's company, asphyxiated himself in his garage. Vasquez grew up with Pearlman in the same working-class Queens apartment complex. "He was 45, a good-looking guy," Seligman says about Vasquez. "I think that was the precursor. He knew what was coming."
對Don Seligman 而言, Church Street Station 的租賃代理商, 第一次的警告,關於某些事情不太對勁, 是在去年11月, 當Pearlman公司的營運副總Frank Vasquez, 自己悶死在他家車庫. Vasquez 和Pearlman 在同一楝勞動階級的公寓建築物Queens 中一起長大.  "他才45歲, 是一個長得不錯的傢伙," Seligman 談及Vasquez.  "我想這是一個前兆.  他知道有什麼事要來到."

For Manhattan dentist Steven Sarin, the ties go back almost as far. Sarin's parents first invested with Pearlman in 1985, after hearing about good returns from another resident of their Florida retirement community. Sarin says his entire family invested much of their life savings with Pearlman and frequently met with him in New York and Florida. He adds that Pearlman always called his parents on their birthdays and invited everyone backstage at concerts featuring his acts. In December, over corned-beef sandwiches at a deli in Queens, Sarin and his brother asked Pearlman about their investments. "He said, 'Everything's fine,'" Sarin recalls. "'We're moving right along, bands are doing well. The business is doing phenomenally.'"
就曼哈頓的牙醫Steven Sarin 而言, 這牽絆回溯到更早之前.  Sarin 的兩親在1985年首先投資Pearlman, 在(他們)從佛州退休社區的其他居民那聽到有不錯的報酬之後.  Sarin 說他整個家族投資大部分他們的壽險給Pearlman, 而且常常在紐約和佛州遇到他.  他補充道, Pearlman 總是在他雙親生日時致電, 而且邀請每一位音樂會的幕後的人演出他的戲.  在12月, 在Queens 的一家賣鹹牛肉的熟食店樓上, Sarin 和他兄弟詢問Pearlman 關於他們的投資.  "他說, '一切都很好,'" Sarrin 回憶著. "'我們正沿著正確的路走, 我們這幫人都幹得不錯.  生意做得相當好."
*phenomenally: very great or impressive

Now Sarin says his mother can't stop crying, and Sarin himself had to be rushed to the hospital on Feb. 27 due to complications from the stress. "People get blinded by the entertainment field," Sarin says. "You see celebrity; it diverts your mind away from an analytical business sense." Sarin says he wishes Pearlman would come home and return all the money his family has invested.
現在Sarin 說他的母親禁不住要哭泣, 而Sarin 自身得趕緊在2/27日去醫院, 因為壓力導致併發症.  "人們會因娛樂產業而變得盲目," Sarin 說道.  "你看到明星; 它使你分析生意的理智分了心."  Sarin 說他希望Pearlman 能快點回家而且歸還他家族所投資的全部金額.

Right now, however, there's little hope of that. Gerard McHale Jr. was appointed to oversee Pearlman's businesses when a Florida judge put them into receivership in early February. McHale says he's recovered $50,000 so far. "I don't know how I'm going to get paid," he says.
現在, 然而, 對於這事幾乎沒啥希望.  Gerard McHale Jr. 被指派監看Pearlman 的事業, 當一名佛州法官在二月稍早把他們判為受破產管理狀態.  McHale 說他至目前為止只取得50000美金的所有權.  "我不知我要如何取得債務償還, " 他說道

Palmeri is a senior correspondent in BusinessWeek's Los Angeles bureau.

Word:474

Lou Pearlman—better known as the man behind *NSYNC and the Backstreet Boys—faces an FBI investigation and lawsuits over a possible Ponzi-like scheme
Lou Pearlman - 以超級男孩(*NSYNC) 及新好男孩(Backstreet Boys)幕後推手為人所知 - 面臨了FBI 的調查和一件可能是非法吸金的(Ponzi-like scheme) 訴訟案
by Christopher Palmeri
(*Svengli 就是騙子~ Ponzi 也是 )

Louis Pearlman seemed to have it all. He lived in a $12 million, Italianate mansion in the same Orlando neighborhood as basketball great Shaquille O'Neal. He was chauffeured around in a powder-blue Rolls-Royce. His office, in a sprawling downtown entertainment complex that he owned, was lined with the gold and platinum records he earned as the creator of 1990s pop music sensations *NSYNC and the Backstreet Boys. All of that may soon come crashing down.
Louis Pearlman 似乎已擁有一切.  他住在和籃球巨星俠客歐尼爾在同一個奧蘭多鄰近地區的一間1200萬, 意大利風格的大廈.  他有一量淺藍色的勞斯萊斯的私人汽車接送.  他的辦公室, 在他所擁有位在蔓延鬧區的娛樂建築物中, 陳列著金色和白銀色的獎項, 這些獎項是他做為1900年代流行音樂轟動的歌手超級男孩(*NSYNC) 及新好男孩(Backstreet Boys)的創造者時所獲得的.

Pearlman, 52, has been accused by the Florida Office of Financial Regulation of orchestrating a massive Ponzi-like scheme that may have duped some 1,800 investors out of $317 million. The FBI has raided his home and office. Banks have begun seizing assets. Dozens of investors have launched civil suits. And, tragically, one of Pearlman's top lieutenants has committed suicide. Pearlman couldn't be reached for comment; in a Feb. 2 letter to the Orlando Sentinel, he said he was in Germany promoting his latest musical act, US5.
Pearlman, 52歲, 已因佛羅里達財務監管辦公室的精心安排大量的非法吸金而被起訴, 這可能詐騙1800投資者超過3億1700萬元.  FBI 已對其住家和辦公室進行搜補.  銀行已開始扣押資產.  許多的投資者已提起民事訟訴. 而且, 很悲慘地, Pearlman 頂尖助手之一已自殺.  無法連繫上Pearlman 取得意見; 在一封 2/2 給奧蘭多前哨報的信件, 他說他當時在德國宣傳他最新的音樂節目, US5.

"Worse and Worse"
"越來越槽"
According to Florida regulators and a number of investor suits, Pearlman's main company, Trans Continental Airlines, a charter airline, sold money market-like investments at interest rates a little above what investors could get at their local bank. Pearlman called his product an Employee Investment Savings Account and suggested it was like a credit union for his company that could offer better rates because it was so successful. "The promised rate of return was not truly a red light," says Robert Rosenau, chief of investigations at the Florida financial regulator's office. "It wasn't a blatant bad deal."
依據佛州監管當局和許多投資者的訴訟, Pearlman 的主要公司, Trans Continental Airlines, 一家包機航空公司, 以稍微高於投資者在他們當地銀行取得的利率 推銷像是財富市場的投資案 .  Pearlman 把他的產品叫做員工投資存款帳戶並提議它就像是銀行存款工會, 以他的公司而言他能提供較好的利率, 因為他的公司是如此成功. "承諾的回報率不真的是紅燈," 佛羅里達財務監管辦公室的調查主任Robert Rosenau 說道. "這不是筆公然的壞交易."

Pearlman printed brochures for his Employee Investment Savings Accounts that hyped coverage from the Federal Deposit Insurance Corp. and said additional insurance was being provided by American International Group (AIG) and Lloyd's of London, according to the Florida complaint. Regulators say none of that was true. Pearlman also sent out financial statements ostensibly audited by an accounting firm named Cohen & Siegel. Regulators say the firm's phone number was an answering service and its mail was forwarded to Pearlman's home.
Pearlman 為他用來欺騙了涵蓋聯邦存款保險公司員工投資存款帳戶印了宣傳手冊, 並且宣稱額外的保險是由美國國際集團(AIG) 和倫敦勞依茲保險集團所提供, 依據佛州控訴書.  監管當局說沒有一項是真的.  Pearlman 也發出財務聲明表面上由名為Cohen & Siegel的會計公司所稽核.  監管當局說這家會計公司的電話號碼是語音服務, 而其郵件則轉往Pearlman家裡.

Investors, many of them Florida retirees, came in through networks of independent financial consultants, insurance salesmen, and tax preparers, according to securities lawyer Robert Persante, who represents eight investors suing Pearlman. At least one of the firms, Churchill Financial Group of Clearwater, Fla., took out newspaper ads advertising above-average rates. Churchill did not return calls seeking comment. Persante says one of his clients entrusted her $180,000 life savings to a Pearlman-affiliated agent to qualify for Medicaid. "This thing has gotten worse and worse," Persante says. "Until we find more avenues [of recovery], we're not going to take on more cases."
投資者中許多是佛州退休人員, 透過獨立的財務顧問, 保險推銷員, 以及稅務規劃者的網路而加入的, 依據證券業律師Robert Persante, 他代表八位投資者控告Pearlman.  至少有一間公司, 佛州的 Churchill Financial Group of Clearwater, 拿掉了報紙上的廣告刊登高於平均的利率. Churchill 沒有回應尋求評論的電話.  Persante 說, 他的一名客戶委託她的180000元壽險給Pearman 相關的代理商以便取得醫療補助的資格.  "這件事越變越槽," Persante 說道.  "直到我們找到更多[通往復原的]路, 我們將不再承接更多的案子"

More Money, More Problems
錢越多, 問題越多
The investment plan fiasco has only magnified Pearlman's other recent troubles. Washington Mutual won a judgment against him last year after the music impresario defaulted on a $7 million loan. The bank and Pearlman settled earlier this year, according to Pearlman's attorney at the time Daniel O'Malley. Bank of America (BAC) had a $25 million mortgage on Pearlman's Church Street Station, the entertainment complex in downtown Orlando that Pearlman put into bankruptcy Feb. 22. Elizabeth Green, an attorney who represents the Pearlman-related company that owns the complex, confirms that the court has a $40 million offer for the property from a local developer. She says she hasn't spoken to Pearlman since December and doesn't know how to reach him.
這件投資計劃完全失敗只是放大Pearlman其他的麻煩事. 華盛頓互惠銀行去年和他(的訟訴)贏得判決, 在這位音樂經理人缺席了這個7百萬的貸款案件.  銀行和Pearlman 在今年稍早結束此糾紛, 依據那時Pearlman 的律師Daniel O'Malley 所說的.  美國銀行(BAC) 有Pearlman 的Church Street Station 所借的2500萬元的貸款, 這個在奧蘭多市鬧區的娛樂建築物使Pearlman 在2/22 進入破產(的狀態).  Elizabeth Green, 代表擁有集團建築物的Peralman 相關公司的律師, 確認法庭從當地開發者那得知這項財產值4千萬元的報價.  她說自從12月至今她並沒有向Pearlman 提及, 而且她也不知如何和他聯繫.

Words:597

Over the years there have been far bigger market drops in percentage terms. In 1987 the S&P 500 plunged 21% in a single day; it dropped just 3.5% this time. And the U.S. market is still far from an official correction, much less bear market territory: Through Wednesday, the S&P 500 was down just 4% from its recent high. A full-fledged correction is defined as a 10% slide; a bear market, a 20% drop.
在過去這幾年裡市場的下跌有著較大的百分比幅度.  在1987年 標準普爾500單日下跌了21%; 這次(股災)它只跌了3.5%.  而且美國市場仍然和官方修正量有一定距離, 少於空頭市場領域:  直到星期三, 標準普爾500 和它最近的高峰交易量只有下跌4%.  一個完整的修正量被定義為10%的下滑; 一個空頭市場則是20%的下跌.
*full-fledged：completely developed, trained, or established  開發完整的

Nevertheless, Tuesday's rout shook investors from a cocoon of complacency. It ended the longest stretch in 107 years that the Dow had not declined by 2% or more in a single day. The last time the market fell 2% was May 19, 2003, two months after the U.S. went to war in Iraq. The pullback had investors contemplating their appetite for global risk and weighing hazards at a time of unprecedented and, some would argue, untested financial interconnectedness.
不過, 星期二的潰敗震驚了在自信的繭裡頭的投資者.  它結束了最長的時期, 在107年道瓊從未在單日下跌2%以上.  最後一次市場下跌2% 是在2003/5/19, 在美國出兵伊拉克後的兩個月.  這個下跌使得投資者思考他們對於全球風險的偏好(承受能力)和每次空前, 有些人會爭論, 且未經考驗的財務相關性的危機權衡

*stretch (of): a continuous period of time
*pullback:a reduction in the value, amount, or level of something

The R-Word
R字(應是指Recession)
In some ways, China's one-day descent wasn't so worrisome. Its market is still up 9% this year. Dissecting investor sentiment in Shanghai is a bit like psychoanalyzing a roulette wheel. A return to some semblance of normalcy was very much in order. "People were talking about a bubble, so the government was quite worried before this correction," says Chun Chang, professor of finance at China Europe International Business School. "[The sell-off] was pretty big, but we needed it."
就某些角度, 中國一天的下跌不需如此令人煩惱.  它的市場今年仍有9%的成長.  仔細分析上海的投資者的觀點有點像是在做精神分析一個俄羅斯輪盤法.  回歸到正常狀態是相相適當的.  "人們談論關於泡沬化, 所以政府在這個修正前是相當憂心的, " 中歐國際工商學院的財務教授張春(Chun Chang)說道.  "[這個拋售]是相當大的, 但是我們需要它"

Much more troubling for the bears was Greenspan's speech. The R-word isn't thrown around lightly in market circles; coming from Greenspan (even in retirement) it sounds thunderous. Now the idea that the U.S. is about to fall into recession—its first in six years—is gaining traction. Stockbroker Peter D. Schiff, author of the just-released book Crash Proof: How To Profit From The Coming Economic Collapse and coveter of precious metals, dispenses with euphemism altogether: "We've been like heroin addicts; a recession will be cleansing."
對這些空頭業者更麻煩的是Greenspan的演說.  R字 並不被輕輕的丟入到市場循環中; 來自Greenspan (即使他已退休), 這聽起來像是巨雷聲般.  現在美國將要陷入經濟衰退的這個想法 - 在六年來的第一次 - 將有磨擦.  剛剛發行的新書 Crash Proof:How To Profit From The Coming Economic Collapse and coveter of precious metals, dispenses with euphemism altogether的作者, 股票經紀人 Peter D. Schiff:"我們至今仍是海洛因上癮; 一場衰退將會清化."

There's no doubt, for example, that the multiyear U.S. housing boom is over. Stock prices certainly seem to augur trouble. Shares of subprime lenders such as New Century Financial and NovaStar have crashed in the past month. Higher up on the lending food chain, British-based banking giant HSBC Holdings (HSBS) recently admitted it's feeling pain. And many major U.S. banks are quietly increasing their loan-loss reserves. Wall Street analysts and economists have emptied boxes of toner cartridge in recent weeks opining on what might lie beneath the balance sheets of banks and brokerage houses. There's growing fear that the subprime rot will spread.
毫無疑問, 舉例來說, 多年的美國房市繁景已過.  股價確實似乎預兆著有麻煩.  次級房貸借款公司如New Century Financial 及Novastar 等公司的股價在過去這個月慘跌.  挺立在借貸食物鏈之上, 總部在英國銀行業巨人匯豐控股(HSBC Holdings)最近承認這令人感到痛苦. 許多重要的美國銀行正悄悄的增加他們的借款損失準備金.  華爾街分析師和經濟學家在最近幾週已清空它們炭粉匣的盒子, 表達在有些事可能在銀行和證券公司的資產負債表和之下. 有一股害怕次級房貸借款公司腐壞將會蔓延的情緒正在滋長.
*subprime lender: 此類型公司常屬於大型金控公司的子公司，為了特殊市場所成立，因為在英國有一部份的國民因個人條件之不適合或有瑕疵，而無法向一般銀行借到房貸，所以必須向此類型公司借得較高利率的房貸，才能購買房屋。 外國人也因沒有與銀行的交易往來記錄，以致無法獲得一般房貸，而必須向此類型之公司借得金錢，此主攻公司的風險並不會因外國人而增加，反而因利率之差額，而獲得高收益。

Even if you don't subscribe to this systemic worry, market fundamentalists stand next in line to warn of an earnings slowdown. Corporate profits have increased by double-digit percentages for 19 consecutive quarters. But Deutsche Bank (DB) points out that first- and second-quarter earnings for U.S. companies are expected to grow by less than 5%, year-over-year. And according to Trend Macrolytics, forward earnings growth could clock in at less than 4%. The last time that kind of decline happened was April, 2000, a month after the start of the bear market and 11 months before the economy fell into recession.
雖然你不同意這類組織(崩壞)的事, 市場基本分析師們排排站警告收益會趨緩.  公司利潤已連續19季增加達2位數百分比.  但是德意志銀行(DB) 指出對美國公司而言第一和第二季的盈餘被預料成長少於5%, 每年多過每年的.  而且依據Trend Macrolytics, 提前到來的盈餘可能會少於4%. 上一次這類的下跌發生在2000年4月, 在空頭市場開始的一個月後和經濟陷入緩慢期之前的11 個月.
*clock in=punch in

What's more, this bull market is getting long in the tooth. The 48 months it has gone without a 10% correction is the second longest in at least 78 years, according to Stack. Bearish hedge fund manager Doug Kass notes that four-year bull markets that follow deep bear markets, like the one from 2000 to 2002, "often morph into disaster." He points to the 1937, 1962, and 1987 crashes, and the fact that the sixth or seventh year of every decade in the 20th century experienced a crash or steep pullback.
而且, 這個多頭市場也撐得太久了. 它已撐了48個月沒有10%修正, 至少78年來第二長的, 依據Stack的報告.  看跌的對術基金經理人Doug Kass 記錄著, 4年的空頭市場接踵而來的是深深的空頭市場, 就像是從2002年到2002年那次一樣, "常常會變成是場災難."  他指出1937,1962和1987的股災, 事實上在20世紀, 每十年的第6或第7年會遭遇到股災或是股票大跌.
*long in the tooth: too old - used humorously
*morph into: to develop a new appearance or change into something else, or to make something do this

Still, the bulls are hardly ready to repent—and apparently with good reason. Expect a two-front war in the coming months. In the U.S. it'll be a contest between recession-spooked worriers and stockpickers with visions of high-priced buyouts. A parallel fight will pit the freewheeling global markets against the safety of the U.S. Indeed, the events of this week just might spark a resurgence in U.S. shares. "Tuesday could be the shot across the bow for the end of the flow of funds to overseas markets and back to the U.S.," says Bernie Schaeffer of Schaeffer's Investment Research. One market-agnostic growth fund manager says he just got those very marching orders from his supervising investment committee: "We're in the process, even if it doesn't necessarily finalize next week or next month."
然而, 多頭市場幾乎不準備後悔 - 而且明顯地有好的理由.  預計接下來的月份會有兩個前哨戰.  在美國, 鬼魅般衰退的戰士和高價買斷願景的股票挑選者間的競賽一直存在者.  平行的爭鬥將使自由滑行的全球市場和安全的美國股市相對抗.  說實在的, 本週的這場事件恰好可能是在美國股市激起一個復甦.  "星期二可能是跨越船頭的一幕場景, 對於這條流向海外且回歸到美國的資金流的末端" Schaeffer's Investment Research 的Bernie Schaeffer 說道.  一位市場不可知論的成長基金管理人說, 他只從他所監督的投資委會那得到許多行軍令: "我們正在處理, 即使在下星期或下個月這不必然會有結論."

And that would show that the world might not be so flat after all.
而終究這可能顯示這個世界可能不是那麼的平.

With Mara Der Hovanesian in New York, Chris Palmeri in Los Angeles, Dexter Roberts in Beijing, and Frederik Balfour in Hong Kong.

Words:777

At the same time activist hedge funds are helping to reduce the supply of shares available to investors by "engaging" companies with lengthy lists of demands that usually include buybacks. They've helped compel 29 of the 30 members of the Dow Jones industrial average to repurchase shares in recent years. According to Thomson Financial, last year's $370 billion in buybacks was more than four times the total of 2003. All told, Strategas calculates that a record $600 billion in U.S. shares were removed from the public market just in the first nine months of 2006. Scarcity bolsters the value of the shares that remain.
同時間, 活躍的對沖基金正協助縮減提供給投資客的股票供給, 藉由和公司"交手"由一長串有需求的名單, 此名單通常包含了股票回購.  近來來他們已協助強制道瓊工業指數中的30名成員中的29名再次購回股票.  依據Thomson Financial 的報告, 去年有3700億元的股票回購是2003年總數的4倍還要多一些.  上面種種都在訴說, Strategas 所計算的在美國股票一項記錄 6000億元曾經從公開市場被移動, 正好在2006年的前9個月.  罕見性支持了股票所存殘的價值.
*buyback: 股票回購

Different Distribution
不同的干擾
There's another important reason why the bulls aren't sanding down their horns: Mom-and-pop enthusiasm for the U.S. stock market has been anything but overwhelming, sparing the market from retail-driven froth. While the so-called smart money is gorging, ordinary investors are only nibbling. Consider an anecdote by way of Michael A. Dubis, a Madison (Wis.) financial planner. After sending clients an e-mail to reassure them following Tuesday's market slump, he reports, "I haven't gotten a single call." Citigroup equity strategist Tobias Levkovich notes that his proprietary blend of indicators had investors in "panic" mode well before Tuesday's plunge; many still haven't gotten over the 2000 bear market.
另一個重要的理由是為什麼多頭業者不磨光他們的角: 小型的熱情對於美國股市根本是不重要, 從零售導向的空談可以略過這個市場.  當一般稱為聰明的錢正在狼吞虎嚥, 一般的投資客只會一小塊的吃著.  考慮到一件趣聞由Michael A. Dubis, 一位 Madison 財務規劃師.  在寄給客戶一封電子郵件以便再次使他們確信下個星期二市場會下跌, 他的報告寫到, "我至目前為止尚未接到一通電話." 花旗資產策略師 Tobias Levkovich 記錄著他的所有權混雜著指標已令投資客處在"驚慌"的心態, 就在星期二的下跌之前; 很多人仍未從2000年的利空市場中恢復過來.
*mom-and-pop:a mom-and-pop business is owned and managed by a family or a husband and wife
*overwhelming:very large or greater, more important etc than any other
*Smart money是指那些有經驗的投資商或善於賭博的人經管投資的錢

Meanwhile, individual investors are sitting on mounting cash. Year-end Federal Reserve data showed just under $5 trillion is stockpiled in savings and money market accounts and retail certificates of deposit, a record stash. Contrast that with China, India, and other emerging markets where the equity culture is spreading like locusts. Day trading, a distant memory in the U.S., is surging in exotic locales.
同時間, 私人投資客正擱置著已上架的現金.  年底的聯邦準備資料顯示只有在5兆以下是儲備給存款和資金市場帳戶以及零售存單, 此為藏匿記錄.  對比於中國, 印度和其他新興市場, 在這些國家其資產文化散布就是像是蟬一樣.  白天交易, 在美國的遙遠記憶, 正激增於國外市場.
*certificates of deposit存單

To the extent that U.S. mutual fund investors are interested in stocks at all, they're interested in foreign ones. According to fund-flow tracker TrimTabs Investment Research, last year saw U.S. funds draw just $20 billion in inflows, compared with nearly $150 billion dedicated to hot foreign investments. If there are excesses in global markets, they're far more pronounced overseas than they are in the U.S. And if history is a guide, the U.S. market is where investors will run if and when emerging markets get choppier.
就範圍而言美國成熟基金投資者對股票真的有興趣, 他們對於國外股票有興趣.  依照資金流向追蹤機構TrimTabs Investment Research 的報告, 去年所看到美國基金吸引到僅200億元流入, 相較於奉獻給熱門的國際投資的有近1500億元.  如果在全球市場有超額的量, 那麼超額的資金量在海外的會比於在美國國內的還要遠超過許多.  如果歷史是一本指南, 那麼美國市場就是投資客將操作的地方, 當有新興市場變得更有起伏時.

"A Wake-up Call"
"一記警訊"
There's also a good old-fashioned valuation argument to be made for the U.S. Stocks are trading at 17 times earnings—roughly what they changed hands for in 1995. This is another floor under the market explains Stuart T. Freeman, chief equity strategist at A.G. Edwards & Sons. "It tells you that there are reasons why value investors will step in on rough days at these levels."
也有一個舊式的評估參數可用來決定美國股市(的價值), 也就是交易價格17倍收益 - 大概來就是他們在1995年換手時. 這是在市場之下的另一個地板Stuart T.Freeman 解釋道, 他是A.G. Edwards & Sons 的首席資產策略師.  "這告訴你, 有很多理由為什麼有價值的投資者將在這個艱困的時期以這個等級介入"
*不太確定這裡所指的是不是本益比法Valuation Rations(Price/Eearnings)

That's not to say Feb. 27 wasn't frightening. Chinese regulators jarred investors by raising concerns over the ease with which investors were borrowing money to buy stocks. And former Federal Reserve Chairman Alan Greenspan warned of excessive risk-taking and hinted at the possibility that the U.S. economy might slip into recession by the end of 2007—a prediction bolstered by fresh economic data. Those twin events sent all of emerging marketdom plunging. European stocks slid by 2.6% in sympathy. The Dow's one-day plunge of 416 points was its steepest point loss since the market opened after September 11.
這更不消說2/27並不令人害怕.  中國大陸的調節者震動著投資客, 他們藉由提高利害關係緩和投資者借錢去買股票的情況.前任聯邦準備銀行董事 Alan Grennspan 警告過度的風險承擔及暗示 美國經濟可能在2007年底陷入衰退的可能性 - 這項預測已由新的經濟資料所支持.  這雙胞胎事件迫使所有的新興市場猛烈下跌.  歐洲股市下滑2.6%.  道瓊一日下跌416點是其最大跌幅損失, 這是自從在9/11 之後這個市場開放以來.
*jar:(v)to make someone feel annoyed or shocked

The bears, emboldened by $583 billion in evaporated U.S. market wealth—which wiped out gains for the year—came out of a prolonged hibernation to growl a chorus of I-told-you-so's. "It was a wake-up call from the complacency of a mature economic expansion," says James B. Stack, president of InvesTech Research, an investment advisory service based in Whitefish, Mont. "When you have a market that basically goes up and up over what has been a four-year period, investors tend to lose the perspective that stocks are not riskless."
空頭市場, 由5830億元所給予的勇氣在蒸發美國市場的財富 - 這些財富徹底摧毀這一年來的收益 - 出現了一個延遲的冬眠情況以便於可以和眾人同時大聲咆哮"我跟你說過了."  "這是來自於成熟經濟體擴張的過於自滿的一記警訊(wake-up call)," 位於Whitefish, Mont.的投顧服務公司 InvesTech Research 的總裁James B. Stack 說道.  "當你有一個市場, 而這個市場基本上上揚且上漲超過他這四年的期間所應有的情況, 投資客有失去股票是沒有風險的觀點的傾向"
*a chorus of : something that a lot of people all say at the same time.
*wake-up call: an experience or event that shocks you and makes you realize that you must do something to change a situation:

Words: 616 

After Feb. 27, volatility rules. Yet global capital also looks likely to flee riskier emerging markets and return to the relative safety of U.S. stocks
2/27 之後, 市場波動主導著.  雖然全球資金看起來也有可能逃離較危險的新興市場且回到相對安全的美國股市.
by Roben Farzad and David Henry

In the parlance of Thomas Friedman, the world never looked flatter than it did this week. A 9% stock market sell-off in China on Feb. 27 prompted sharp drops almost everywhere else around the globe. Suddenly, money managers and traders, lulled into a trance by seven months of steadily rising share prices, felt like they'd been hit over the head with a best-selling hardcover. With one big thwack, they were reminded that stocks are risky and that emerging markets are riskier.
以Thomas Friedman 的調調來說, 這個世界從未看起來是較平的相較於它本週所做的.  2/27在中國大陸, 9%股市拋售引起幾乎是全球的急劇下跌.  突然地, 資金管理人和交易者, 在藉由7個月的穩定地提高股價哄騙進入一個催眠狀態, 感受到像是他們被熱賣的精裝本打在腦袋上.  在這重重一擊, 他們被點醒了股票是有風險的且新興市場是有較高風險的.
*sell-off: 拋售

In hindsight, no one should have been surprised. China surged an amazing 130% last year and 13% in the week ahead of the plunge, as millions of newbie day traders punched in buy orders on rumors about shares they'd never heard of. Stocks zoomed in other overseas markets for half a year; U.S. shares, which have lagged the rest of the world since 2000, rose steadily and with little volatility. Something had to give.
事後諸葛, 沒有人應覺得意外.  中國大陸去年成長達令人訝異的130%及下跌之前還有13%的成長, 當數百萬的新手交易者下單在謠傳中的股票, 而這些股票是他們從未聽過. 股票放大了其他的海外市場近半年的時間; 美國股票, 從2000年至今和全世界其餘的市場相比成長滯緩, 成長穩定且只有些微的波動性.  該有某些東西要給出來.
*punch 打孔; buy orders 下單

The question is what happens next. This latest episode of jitters could be the opening shock-and-awe campaign of something more lasting. The U.S. economy is suddenly looking weaker than it has in a long time. Fears are mounting that troubles in the mortgage market could spread to other sectors. And profit growth seems to be slowing markedly—a troublesome sign, to be sure.
問題是接下來會發生什麼事.  緊張不安狀態的最新一章可能是某些會持續較久的事情的開始(使人)驚訝和敬畏的活動.美國經濟突然看衰相較於長時間以來它曾有的(榮景). 恐懼正在上揚, 以致於在抵押市場的騷動可能會散佈到其他行業.  而利潤成長似乎變得明顯地緩慢 - 可以確定是個麻煩的徵兆

But a stronger case can be made that Feb. 27 will turn out to be more of a tremor than an earthquake. Notably, U.S. indexes gained on Feb. 28. That's in part because powerful forces are undergirding stocks now in a way they weren't in earlier bear markets. The last bear came on the heels of a long bull market that included the biggest five-year run-up since the 1920s. Share prices are only now beginning to revisit their 2000 levels. The amount of cash sitting on the sidelines is at a record. Individual investors haven't jumped into the market en masse.
但是一個有力案例的成立, 也就是在2/27 証明了這是一場小震動而非一場大地震.  特別是, 美國指數在2/28已獲利.  這有一部分是因為強力的力量正由底層加強股市, 現在正透過一種他們從未在早期的空頭市場使用過的方式.  最近的空頭市場緊追著長期利多市場的後腳跟而來, 此利多市場包含了從1920年來最長的5年期運作時間.  股價現在只是開始再回到它們在2000年的等級.  現金總額擱置在(股票市)場外的正是一項記錄.  單一投資者尚未一起躍入市場
*run-up:(a) the period of time just before an important event.
(b)the act of running, or the distance that you run, before you kick a ball, jump over a pole etc
*en masse: (adv)if people do something en masse, they do it together:
*2/27 是中國上海和深圳股市27日暴跌9%, 導致美股狂瀉400多點, 也就是全球股災

What's more, private equity is now a major factor. Buyout firms have raised billions in the past two years. Furious dealmaking is keeping asset prices buoyant and also cutting the supply of shares available to investors. That squeeze is being magnified by activist hedge funds, which are badgering companies into stock repurchases like never before. With the inventory of equities down and so much money already on the sidelines, the market appears to have a steady floor underfoot.
而且, 私募基金現在是主要因素.  買斷的這些公司在過去這兩年至今已成長數百億元.  猛烈的交易正維持著資產價格上漲而且也切掉了能提供投資客的股票供給.  這擠壓藉由激進份子對沖基金正在擴大, 對沖基金正糾纏著公司們到股市重新買回(其股票) 就像之前從未有過.  藉由資產投資的下跌和這麼多的錢已在場方, 這個市場顯然有了一個穩定的地板在腳下.

American Advantage
美國的優勢
One thing is for sure: Volatility is back. Bulls and bears will battle it out over the next few weeks and months, not only in the U.S. but also abroad. That could actually be good news for U.S. stocks, at least relatively speaking. As fund managers and traders recalibrate their risk appetites, U.S. stocks stand to look more attractive than their overseas counterparts. In fact, the riskier those markets, the safer the U.S. will seem. In short, the world could seem a lot less flat—in a hurry.
有件事可肯定: 市場波動回來了.  多頭和空頭業者將在接下來的幾週和幾個月內摶鬥, 不只在美國也會在海外.  這對美國股市實際上可能是好消息, 至少相關地言論(指出).  當資金管理人和交易者重新調校他們的風險偏好(風險承受能力), 美國股市上揚使得其看起來更吸引人, 相較於他們海外的對應市場.  事實上, 那些市場的風險越高, 則美國市場則似乎更安全.  短言之, 這個世界似乎可能有許多不平坦 - 很快的.

The biggest support for the U.S. market has been, and will likely remain, private equity firms and hedge funds. The $45 billion privatization of utility TXU announced on Monday—the biggest of all time—was the second record-setting deal in three months. Eight of the top 10 LBOs in history have been inked since June; in 2006 alone some $420 billion in leveraged buyouts took place, a record. And yet private equity firms still wield as much as $2 trillion in combined buying power, enough to take out fully a 10th of the entire U.S. stock market.
美國市場至今最大的支援, 也可能將持續下去, 是私幕基金公司和對沖基金.  在星期一宣布的450億元公營事業TXU的私有化 - 任何時間都是最大的 -是第二次打破記錄的交易, 在這三個月內.  從六月以來史上前十大融資合併案的八件已被簽署; 單在2006年, 就有4200億元是發生在融資合併案中, 這是一個記錄.  而私募基金公司在結合買方的力量後仍然擁有多於2兆以上的資金, 足以取出全部美國股市的1/10.
*LBO: leveraged buyout  融資合併
*wield: to hold a weapon or tool that you are going to use ;

The fuel for all the buying—low long-term interest rates—remains in the tank. In fact rates have been falling in the past few weeks and fell even more Tuesday, making the debt, or leverage, that private equity firms wield even cheaper. "The difference between cost of capital and return on equity is so enormous that if you're a leveraged player you just have to buy," says market watcher Jason D. Trennert of Strategas Research Partners. He goes so far as to suggest that the Standard & Poor's 500-stock index itself, if it could be packaged into a single entity, would be a screaming LBO candidate. Hence what veteran market strategist Edward E. Yardeni has taken to calling the "private equity put"—for put option, a floor price under a security. In this case it's under the whole market.
對於所有購買的刺激因素(燃料) - 低的長期利率 - 仍然在一個槽中. 事實上, 從過去幾週利率一直下跌至今, 且在星期二跌得更多, 使得債務或是財務槓桿, 也就是私募基金公司所使用的工具變得廉價許多.  "資金花費和資產回報兩者的不同處是如此的巨大, 如果你是一名財務槓桿玩家, 你只需要買下來, " Strategas Research Partners的市場觀察家Jason D. Trennert 說道.  他儘建議標準普爾 500 的股票指數, 如果它能夠被包裝成一個主體(entity), 這將是一個令人尖叫的融資合併候選案.  因此這就是為什麼有經驗的市場策略家Edward E. Yardeni 已開始打電話給"私募基金賣掉" - 為了賣出期權, 在債券最低價.  在這個案例中, 它是在整個市場之下.
*wield: to hold a weapon or tool that you are going to use
*put option: 賣出期權; call option: 買權;  floor price: 最低價

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"If that's the case, it's not clear there will be any revenue upside for the new version," he says.
"如果事情是如此, 那還不太清楚新版本是否會有獲利的一面, " 他說道.

Microsoft acknowledges that independent software vendors face a higher, more costly certification bar on Vista. In part, it's to discourage what the company sees as sloppy programming practices that were making the previous version, Windows XP, less secure, says Dave Wascha, a director in Microsoft's Windows client platform group. "The ecosystem for Windows is vast, and there are some great applications out there, but there are also things that run poorly, give me a poor experience, or are malware," he says.
微軟承認獨立軟體協力商面對了較高的, 更多的花費認証障礙在Vista 上.  某部分來說, 它不允許把這家公司視為肥大的程式實踐, 也就是這些肥大的程式製造出先前的版本, Windows XP, 是較沒有安全性, 微軟的視窗客戶端平台群組的總監 Dave Wascha 說道. "這個給Windows 的生態系統是巨大的, 而且的確是有某些很棒的軟體, 但是那裡也有些運作效能很差的, 給了我很差的體驗, 甚致是惡意軟體, " 他說道.
*out there: in a place that could be anywhere except here.

Indeed some software vendors are unclear whether or how soon they'll see a sales boost. "I'm not sure for our customers whether Vista will be a positive or negative net," says Intuit Chief Executive Steve Bennett. Intuit's QuickBooks 2007 line of accounting software, released in September, is specially designed to run on Vista, and the company worked with Microsoft to create a miniprogram that can sit on Vista's "Sidebar," a collection of handy desktop apps, to help users track time spent on projects they manage with QuickBooks. But many of Intuit's small-business customers have older PCs and are probably not "dying to run out and buy" Vista, Bennett says. The Society for Information Management, a trade group of business tech buyers, polled its members in October and found that 58% hadn't decided when they'll roll out Vista. Another 27% plan to do so in 2008 and beyond (see BusinessWeek.com, 11/30/06, "Microsoft Vista: Companies Can Wait").
說真的, 某些軟體廠商不清楚或是不知多久他們將會看到銷售量提高.  "我不確定對我們的顧客而言是否Vista將會是一個正面或負面的淨利," Intuit 首席執行長Steve Bennett 說道.  Intuit的QuickBooks 2007 一系列的會計軟體, 在9月份釋出, 是特別設計可在Vista 上執行, 而且這家公司和微軟合作創造了一個迷你小程式可以置於Vista 的"資訊看版," 一堆便利的桌面軟體, 用來幫助使用者追蹤所花費在他們設法處理QuickBooks的專案上的時間, 但是許多Intuit 的小型企業客戶所擁有的是舊的PC, 而且可能不會"渴望快點用壞然後去買"Vista, Bennett 說道.  資訊管理協會, 一個企業科技買家的交易團體, 在10月投票選出其會員且發現58%尚已決定何時他們要佈署Vista.  另外的27%計劃在2008年或之後佈署Vista .
(02.55) (50:54)
*line of: a row of people, cars etc that are waiting one behind the other
*manage with: to succeed in dealing with problems, living in a difficult situation etc
*roll out: to make a new product available for people to buy or use (=launch)

Two-Fold Challenge
兩種挑戰
Michael Cherry, an analyst at market researcher Directions on Microsoft, even advises vendors not to create new software that's too dependent on Vista, so as to broaden their market while the transition's underway. His prime example: Microsoft's own Office 2007 suite, most of whose features don't need Vista. "My advice to the ISV (independent software vendor) would be to take your cue from Office," he says.
Michael Cherry, 一位微軟的市場研究方向分析師, 甚致建議廠商不要創造太依賴Vista 的新軟體, 為了拓展他們的市場, 當這個變革時期發生時.  他的第一個例子: 微軟自身的Office 2007, 其大部分的功能都不需要Vista.  "我對這些ISV(獨立軟體廠商) 的建議將是把你們的線索放在Office 上, " 他說道.

For others, dodging bullets from features Microsoft has packaged in Vista is top of mind. Symantec has made acquisitions outside its core area of antivirus software in an effort to stay ahead of Microsoft's entry into the security market; Vista includes antispyware and firewall software, and Microsoft has been promoting a package of antivirus and other security software called Windows Live OneCare (see BusinessWeek.com, 1/31/07, "Getting the Skinny on Vista Security"). "We know the history of Microsoft," says Symantec CEO John Thompson. "They are relentless." Also in harm's way could be Adobe, maker of Acrobat and Flash software, which competes with technologies included in Vista. The companies face a two-fold challenge: ensuring their products work with Vista while continuing to compete with Microsoft.
對於其他的軟體商, 閃躲來自微軟已包裝在Vista 內的特殊功能的子彈是首要想法.  Symantec 已從外面併購其防毒軟體的核心領域, 為了要維持微軟進入資安市場的領先地位; Vista 包含了反間碟軟體和防火牆軟體, 而微軟已開始推銷防毒軟體套件和其他的資安軟體名為Windows Live OneCare.  "我們了解微軟的歷史, " Symantec CEO John Thompson 說道.  "他們是殘酷的."  也可能遭受損害的Adobe, Acrobat 和Flash 軟體的製造商, 這些軟體和Vista 所內含的技術互相競爭. 這些公司所面臨兩種的挑戰: 確保他們的產品在Vista 上可運行, 同時也要和微軟競爭.
*-fold:(adj) of a particular number of kinds:

No Pain, No Gain?
吃得苦中苦, 方為人上人?
How much benefit—or detriment—Vista poses for other software makers is of course contingent on its own sales. The system hasn't exactly shot out of the gate: During its first week on the market in late January and early February, U.S. retailers sold 59% fewer copies of Windows Vista than they did of Windows XP during its first week of sales in 2001, according to market researcher NPD Group. Dollar sales were down 32% compared with XP. In New York on Feb. 15, Microsoft CEO Steve Ballmer told financial analysts to temper their revenue forecasts from Vista during the company's 2008 fiscal year, which begins July 1, calling them "over-optimistic" (see BusinessWeek.com, 2/16/07, "Microsoft Slips After CEO Talks Down Some Vista Estimates").
對其他軟體廠商而言Vista 所提出的有多少好處 - 或是損傷- , 當然是要視其銷售量而定.  這個系統並未正確的命中球門: 在其一月份稍晚及二月稍早第一週上市時, 美國的零售業者賣出少於59%Windows Vista, 比他們在2001年Windows XP 第一週銷售時所賣的還要少, 依據市場究機構NPD Group的報告.  美金銷售額和XP 相比下跌了32%.  在2/15 的紐約市, 微軟CEO Steve Ballmer 告訴財務分析師調整他們在公司2008財務年度對Vista 的獲利預期, 也就是在7/1日開始的財務年度, 他認為他們"過度樂觀"

Credit Suisse analyst Jason Maynard said in a Feb. 15 research note that Ballmer came off too bearish. "Ballmer did a poor job of communicating realistic expectations about Vista growth," he said. Maynard expects revenue from desktop Windows to grow 8.5%, to $16 billion, during Microsoft's next fiscal year, and hasn't modified his forecast. At a Feb. 20 press conference in Ottawa, Canada, Microsoft Chairman Bill Gates also dismissed suggestions that the company is cautious about Vista sales. "Vista's had an incredible reception," he said, according to Reuters. "People who sell PCs have seen a very nice lift in their sales."
瑞士信貸分析師Jason Maynard 在2/15 的研究記錄中假定, Ballmer 表現的太看跌自家股票了.  "Ballmer 在溝通實際上的預測關於Vista成長上做了很差的事," 他說道.  Maynard 期望收益會從桌上型Windows 成長8.5%, 到達160億元, 在微軟的下一個財務年度, 而且他沒有修改他的預測.  在2/20 的在加拿大的安大略的新聞評論會議上, 微軟董事長Bill Gates 也不理會公司要小心Vista 銷售量的建議. "Vista 已有一個難以置信的接受度, " 他說道, 依據路透社報導.  "販賣電腦的人們在他們的銷售額中已看到一個非常不錯的上昇."

Makers of compatible software are hoping that before long, the same may be said of them—that is, once they've tuned their products for Vista. Corel (CREL) has been working for nearly a year on getting products, including its WordPerfect and CorelDraw graphics suite, certified for Vista, says Richard Carriere, general manager for office productivity. But the company's engineers have been bogged down by technical problems and slow answers from Microsoft. "It's not painless, dealing with Microsoft on this issue," says Carriere. "Thank God they don't change their operating system too often nowadays."
相容軟體的製造商正希望在不久之後, 或許他們會說出相同的話- 也就是, 一旦他們已為Vista 而調整了他們的產品.  Corel 已運作了近一年在改良他們的產品, 包含了它的WordPerfect, CorelDraw 繪圖套裝軟體, 以通過Vista 認證, 辦公室生產力部門的總經理Richard Carriere 說道.  但是這家公司工程師已因技術問題和微軟的緩慢回覆而動彈不得.  "這不是容易的, 和微軟處理這問題," Carriere 說道.  "感謝上帝, 現在他們沒有太常變更他們的作業系統."

Ricadela is a writer for BusinessWeek.com in Silicon Valley.

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The technique takes advantage of built-in Vista technology and could help Autodesk reach new customers by putting computer-aided design files in front of more people, says Amar Hanspal, Autodesk's vice-president for platform and geospatial solutions. "Microsoft has a huge role to play," he says.
這項技術利用Vista 內建的技術而且能幫助Autodesk 藉由把電腦輔助設計檔案帶到更多人的面前爭取新的客戶, Autodeks的平台暨地理空間解決方案的副總裁 Amar Hanspal 說道.  "微軟有個大角色足以來玩(這個市場)," 他說道.

Spinoff Applications
附屬的應用軟體
(Spin Off)
Though it's early days for Vista—the consumer version's been on the market for three weeks, and a business version debuted Nov. 30—software companies developing products for the system are already lining up in at least three camps: those angling for an early slice of the pie; those that need to wait and see; and developers simultaneously vying for Vista compatibility while competing against Microsoft.
儘管對Vista 而言現在還算在初期 -消費者版本已出現在市場至今3星期, 而商業版本在11/30 登場 - 軟體公司為系統所開發的產品已列隊在至少3個陣營中: 那些想謀取這塊餅的早期(市場)切片的公司; 那些需要等待和觀望的公司; 以及同時和Vista 相容性競爭同時也和微軟競爭的開發廠商

The first group includes companies that can exploit some of Vista's most noticeable new technologies, among them new tools for generating graphics. Vista includes DirectX 10, new multimedia software that offloads more work from a computer's central processing unit to dedicated graphics chips, speeding performance of 3-D graphics and video playback. PC games should get a big sales boost as a result.
第一個群組包含了這些公司, 他們可以利用某些某些Vista 最引人注意的新科技, 在這些新科技中用來產生圖形的新工具.  Vista 包含了DirectX 10, 新的多媒體軟體可以幫中央處理器從用在繪圖晶片, 加速3D圖片的效能和視訊播放之中卸下更多工作負載.  PC遊戲應可如預期獲得大量銷售提高.

Accruent makes software that helps retailers choose the most profitable locations for new stores. Its customers include Starbucks (SBUX), McDonald's (MCD), and Target (TGT). In April, Accruent plans to announce a new product that takes advantage of Vista's graphics technology. The software, which the company has been testing with customers and demonstrating at trade shows, can generate 3-D maps that use colored bars and virtual push-pins to show which blocks most closely match a retailer's target demographic and the location of competitors' stores. Making the information simpler to view could result in more chief executives and chief financial officers becoming part of Accruent's customer base, says CEO Mark Friedman. "Business users get excited about new functionality and things that make their life easier," he says. "If it takes Vista for them to have it, then they decide they need Vista."
Accruent 製造的軟體可幫助零售商選擇拓點時最有賺頭的位置.  他的客戶包含了Starbuck, 麥當勞和Target.  在4月份, Accruent 計劃公布一項新產品可利用Vista的圖形科技.  這個軟體, 也就是這家公司已開始和客戶測且已在貿易展上展示, 能產生3D地圖, 此3D地圖使用彩色條狀(bar)以及虛擬的定位點(pushpins)用以顯示那些區域(block) 最接近符合零售商的目標人口統計數和競爭者商店的位置.  令這些資訊更易於檢視的可能結果是更多的首席執行長們及首席財務長們變成Accruent 客戶群的一部分, CEO Mark Friedman 說道.  "商業用戶對於新功能和可令他們生活更容易的事物感到興奮," 他說道.  "如果需要Vista 才能使他們擁有這(功能), 那麼他們會決定他們需要Vista"
*pushpin: The API shows how to hook the mouse over of a push pin. It shows an alert with the x, y of where your mouse is. Unfourtunatly this isn't what I want to do. 可自行找MSDN

Video downloads could also get a shot in the arm. Microsoft has bundled into higher-priced editions of Vista its Media Center software for viewing on a TV screen movies and photos that are stored on a PC. Liberty Media (LCAPA) subsidiary Starz Entertainment on Jan. 30 introduced software that lets consumers who run some versions of Vista download movies from its Vongo service to a PC and watch them using a TV remote. News Corp. (NWS) unit Fox Sports Interactive on Jan. 30 launched its Fox Sports Lounge, an interactive Internet service that can serve up live game broadcasts, stats, and news articles to Vista users. "When people watch sports, it's increasingly becoming a multiscreen experience," says Fox Sports Senior Vice-President and General Manager Brian Grey.
視訊下載也可能得到鼓勵.  微軟已在Vista 的較高價格的版本中隨機銷售置入了可用來觀看 那些存放在PC 在電視螢幕上播放的電影和相片 的Media Center 軟體.  Liberty Media 子公司 Starz Entertainment 在1/30 介紹的軟體, 可用來讓 跑某些Vista版本的消費者 從其Vongo Service 下載電影到PC上, 而且可以使用TV 搖控器觀看它們. News Corp. 分支 Fox Sports Interactive 在1/30發表他的Fox Sports Lounge, 一個互動式網路服務可提供現場運動競賽轉播, 統計, 和新聞文章給Vista 用戶. "當人們觀看運動活動時, 它漸漸變成一種多重螢幕(multiscreen)的體驗," Fox Sports 的資深副總裁暨總經理Brain Grey 說道.

Some third-party vendors are also readying products to fill a void in versions of Vista that lack fax capabilities (see BusinessWeek.com, 2/22/07, "Finding Vista's Fax Flaws"). RKS Software is preparing a Vista version of its $19.95 MightyFax, and NeTcFax plans to release a Vista-ready version on Feb. 25.
某些第三方廠商也準備好產品要填補在Vista 版本中的一個空缺, 此空缺為缺少傳真功能.  RKS 軟體公司正在準備其$19.95 元 MightyFax 的 Vista 版本, 而NeTcFax 計畫在2/25釋出一個可在Vista 上運作(Vista-ready)的版本

Higher Bar
較高的障礙
But making products Vista-friendly isn't cheap or easy. In addition to new software for generating graphics, routing documents, and handling Web services, Vista also introduces big changes in the way programs install files on a PC's hard drive, log users in, and handle security functions. That could cost software companies lots of engineering time and support calls—and sap profits, says Simon Heap, a partner at consultancy Bain & Co., which advises makers of business software.
但製作 有Vista 親和力 (Vista-Friendly) 的產品 並不是那麼便宜或容易.  除了可用於產生圖形, 文件流程控管, 和控制Web Service 的新軟體外, Vista 也介紹幾項大的改變妨礙了程式在安裝軟體到PC硬碟中, 使用者登入, 和控管安全性功能. 這可能會花費軟體公司許多設計時間和支援電話通數-而且會消耗利潤, Simon Heap 說道, 經銷商顧問公司Bain & Co., 一家建議商業軟體製造商的公司.

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The arrival of Microsoft's new upgrade is having a ripple effect on the industry, as software companies scramble to capitalize on new opportunities
微軟新升級的到來對這個產業有著漣漪效應, 因為這家公司試著快速供給大量資金在新的機會上.
*ripple effect: a spreading, pervasive, and usually unintentional effect or influence
*shake up: to make changes to an organization in order to make it more effective.
*scramble to: to try to do something difficult very quickly
by Aaron Ricadela

A host of software vendors aim to cash in on demand for Microsoft's new operating system; some may be waiting a long while.
許多軟體協力商打算利用對於微軟新的作業系統的需求; 其他的廠商或許會等一陣子.

Trend Micro (TMIC) has been on a roll: The antivirus software maker captured 11% of retail revenue in the security software market last year, leaving it second only to leader Symantec (SYMC). Trend Micro's share surged from 3% in 2005. It is benefiting from a pact with Best Buy's (BBY) white-coated "Geek Squad" tech support crew and an arrangement whereby Dell (DELL) installs Trend Micro software on new personal computers and laptops.
趨勢科技已在此役上成功了:  這家防毒軟體廠商去年在安全軟體市場中獲得11%的零售盈餘, 僅次於市場領導者賽門鐵克.  趨勢科技的股票在2005年漲了3%.  這是受惠於和Best Buy 的白衣 "Geek Squad" 技術支援小組的一項條約，以及藉由和 Dell 在新個人電腦和筆記型電腦上安裝趨勢軟體的協定.
*be on a roll: to be having a lot of success with what you are trying to do.
*Geek Squad: Best Buy 買下的PC 維修公司, 參考here.

To keep the sales engine humming, Lane Bess, Trend Micro's president of North American operations, is counting on Windows Vista, the computer operating system that Microsoft (MSFT) uncorked for consumers Jan. 30. Vista's been called complicated, late, and the last gasp of a big-software era whose best days may be past.
為了保持銷售引擎嗡嗡不斷, 趨勢科技的北美營運處總裁Lane Bess, 正指望Windows Vista, 這個微軟在1/30 發售給消費者的電腦作業系統. Vista已被稱為複雜, 上市延遲以及最美的日子或許已過去了的大型軟體世代的最後一個喘息機會.

Creative Disruption
具有創造性的瓦解
But for Trend Micro and a swath of other software makers, its arrival could usher in a new phase of growth at a time when software profits are getting squeezed. "Since I am the underdog and have the smaller market share, any time the consumer is considering changing their operating system, that's an opportunity for me to grab share," says Bess.
但是就趨勢科技和一排的其他軟體廠商, 每次它的到來能引導一個新的成長階段, 當軟體利潤正開始被擠壓. "因為我是落水狗, 而且有著較少的市佔率, 任何時候消費只正考試改變他們的作業系統, 對我而言就是個機會取得市佔率," Bess 說道.

When consumers upgrade to Vista—and for most, it's a question of when, not if—they might also reconsider the programs they use to ward off hackers. That could help Trend Micro capture sales from its larger competitors Symantec and McAfee (MFE), Bess bets. "The switch of operating system is a new decision point for the consumer," he says. "It's a clear opportunity to replace software that exists."
當消費者昇級到Vista- 對大多數的人而言, 這個問題是何時(要換), 不是如果(要換) - 他們可能也要重新考慮他們習慣用於避開駭客這些程式.  這能幫助趨勢科技從最大的競爭對手賽門鐵克和Mcfee獲取銷售量, Bess 賭上了.  "改換作業系統對消費者而言是一個全新的決策考量點, " 他說道.  "這是個明顯的機會可用來取代現存的軟體."

The release of any new version of Windows is disruptive for the computer industry. PC, chip, and other hardware makers need to get products working with the new system's technologies. Corporate IT departments must verify that their favorite programs still work. Perhaps the toughest job, however, faces the thousands of independent software vendors, including household names like Photoshop maker Adobe Systems (ADBE), TurboTax publisher Intuit (INTU), and Norton Antivirus maker Symantec, whose livelihoods depend on turning out products that work with Windows.
任何新版本的Windows的發行對於電腦產業都是分裂.PC, 晶片, 以及其他硬體廠商需要讓產品可以在新的系統技術運行.  公司的IT部門一定要確保他們最愛的程式仍能運作.  或許最難的工作, 然而, 面對數千個獨立軟體協力商, 包含家喻戶曉的廠商如Photoshop製造商Adobe Systems, TurboTax 出版商Intuit, 以及Norton Antivirus 製造商賽門鐵克, 他們的生計依靠改變其產品可以在Windows 運行.

Big Role
大角色
Develop a product that exploits Windows' best features and secure the right marketing support from Redmond and the outcome could be a home run. Incur too many expenses or fall down on tech support and your product could fall flat. There's a lot at stake: A Microsoft-commissioned report released in December estimates that during its life Vista could catalyze a $70 billion market for companies that sell the software, hardware, and services that support it. And the shift to Vista could be especially crucial for software makers since it's been so long since the last upgrade (Windows XP came out in October, 2001)—and because there's no clear road map for what comes next (see BusinessWeek.com, 1/30/07, "Bill Gates' Vision for Vista").
開發一個利用Windows 最佳功能的產品, 以及保護來自Redmond的適當的市場支援和結局, 都可能是一隻全壘打.  惹來太多的花費或是在技術和你的產品上的失敗, 都可能會徹底失敗.  現在是很緊急的關頭: 一份在12月釋出的微軟委任的報告中估計, 在其生命週期 Vista 能使為販賣軟體, 硬體和支援其服務的這些公司,催化一個700億的市場.  而對於軟體廠商而言更換到Vista 可能是特別地重要, 自從上次的更新以來至今已相當長的時間 - 因為沒有明白的產品布局圖關於之後會有什麼發表.
*a lot: if someone or something is a lot better, faster, easier etc, they are much better, faster etc [= much], adv.
*Develop (a product that exploits Windows' best features )
and secure (the right marketing support from Redmond and the outcome) could be a home run

Autodesk (ADSK) is among those hoping to ride the Vista wave. The maker of design software for engineers and architects in November introduced the ability for Vista users to view and print files created with its AutoCAD product right from their desktops, without downloading special software.
Autodesk 也是那些希望搭上Vista這一波的廠商.  這家給工程師和建築師用的設計軟體廠商, 在11月介紹了給Vista 用戶的一項功能, 可直接在他們的桌上型電腦檢視和列印以AutoCA產品所建立的檔案, 不需下載特殊軟體.

Word:555     R:05.33     T:01.55.47

A scarcity of young, college-educated engineers has turned recruitment in India's fast-growing tech sector into a free-for-all
缺乏年青, 受過大學教育的工程師至今已使在印度快速成長的科技業中的人力招募變成人人免費
by Nandini Lakshman

A few years ago, it would have been unheard of for job recruiters to pay a visit to India's Government Engineering College in Ujjain. The college, in the central state of Madhya Pradesh, isn't anywhere near the top of the nation's technical school rankings, and it's not part of the traditional circuit during the job-hunting season. But these days, corporate types are swarming the Government Engineering College campus, and they're starting to pop up in surprising locales at lesser-known schools.
數年前, 從未聽聞有工作招募人員要參觀在Ujjain 的印度政治工程學院.  這間學院, 在Madhya Pradesh 的中央省, 並不是一所接近國內技術學校排名顛峰, 而且也不是在工作獵職季節傳統巡迴路線的一部分.  但在這些日子, 公司的標誌擠滿了政治工程學院的校園, 而且他們開始令人訝異地的在較不知名的學校場合蹦出.

Consider Shreyans Mehta, who joined Tata Consultancy Services (TCS) last August. The 23-year-old GEC grad had his pick from some of the big names in India's technology sector, including Infosys Technologies (INFY) and Wipro (WIT), but decided to go with TCS, India's largest tech company. "It's a dream come true for me," he says, beaming.
考慮一下Shreyans Mehta, 他在去年八月加入了Tata 顧問服務公司.  23歲的政治工程學院(GEC)畢業生已從 某些印度科技業有名的公司之中擇選他要去的公司, 這些科技業包含了Infosys 及Wipro, 但他選擇伴隨TCS, 印度最大的科技公司. "對我而言這是夢想成真, " 他笑容滿面的說道.

Boom Times
繁榮時刻
It's certainly a good time to be a young, college-educated techie in India. The country now accounts for 28% of information-technology and outsourcing jobs among 28 developing countries, according to a recent Nasscom-McKinsey report. And it's adding new jobs fast as India builds itself into a global technology-outsourcing hub. 
在印度做為一名年輕, 受過大學教育的高科技者而言這確實是好時機.  這個國家現在28個已開發國家中佔有28%的資訊科技及委外的工作, 依據最近的Nasscom-McKinsey 研究報告.  而且它正在快速增加新的工作機會, 當印度把自身打造成全球科技委外中心.
*account for: to form a particular amount or part of something

The result: Businesses are whipping themselves into a hiring frenzy. India's Big Three—TCS, Infosys and Wipro—are looking to add a combined 100,000 to their workforce globally. Similarly hungry for talent are giant multinationals such as Cisco Systems (CSCO), Accenture (ACN) and IBM (IBM), which have been beefing up their India-based software development and services.
結果: 企業急忙把他們自己走入到一個雇用狂潮中.  印度3家大公司- TCS, Infosys 和Wipro- 期待增加聯合起來10萬(名人員)到他們全球的工作人力中.  類似地渴望人才的是跨國巨人, 如思科, Accenture, 和IBM, 這些跨國公司正強化他們位於印度的軟體開發及服務.

Cisco aims to staff its Globalization Center in Bangalore with 4,000 new hires. IBM has announced plans for 100,000 new jobs by 2010, while consulting firm Accenture will add another 8,000 to its head count of 27,000 in the next six months. Electronic Data Systems (EDS), which acquired Indian company MphasiS BFL in June 2006, is expected to double its staff of 17,000 software engineers and outsourcing jobs in the next two years. "If you have a business growing 40% year-on-year, boosting manpower is only a given," says Alok Shende, vice-president at research firm Frost and Sullivan.
思科打算要配給4000名新員工給其在Bangalore的全球中心.   IBM 已宣布計劃到2010年要有10萬個新的工作機會, 同時間顧問公司Accenture 在未來六個月內將加入額外的8000名到其2萬7千名總員工數中.  在2006年6月併購了印度公司MphasiS BFL的電資系統(EDS), 期望在未來兩年內雙倍成長其1萬7千名軟體工程師和委外工作機會.  "如果你有一間生意每年成長40%, 增加人力是唯一一個已知的事實," Frost and Sullivan 研究機構的副總裁 Alok Shende 說道.

Hiring Hunt
獵才
The competition has become fierce as companies fight over the most qualified college grads. "It has been tough to get people," admits Amitabh Ray, IBM India's vice-president for global delivery application services and consulting.
這個競爭已變得熾熱, 當這些公司吵著要最有資格的大學畢業生. "獲得人才變得費勁," 印度IBM的全球軟體服務和顧問部門的副總裁Amitabh Ray 承認.

Corporate recruiters say the process used to be a simple matter of flying to the top colleges and meeting with grads who had the best grade-point averages. Not anymore. "Now we travel by train and rickety three-wheelers to way-out destinations to unearth talent," says a human resource manager at an IT company.
企業招募人員說, 這(招募)流程曾經是飛到頂尖大學然後和這些有最好學業平均成績的畢業生面談的簡單之事.  但不在如此.  "現在我們要搭火車和搖晃的三輪車旅行, 到大馬路之外的目的地才能發掘人才, " 一間IT公司的人力資源經理說道.

You would think that finding talent in the world's second-most populous nation wouldn't be too hard. An estimated 7 million Indians enter the workforce every year. (In China, it's more than double that, at 18 million.) But there are few engineers among them. That's partly because fewer than 8 million of the country's 200 million students make it through high school, and even fewer finish college. At the nation's 1,200 technical colleges, just 400,000 engineers graduate each year, estimates the National Association of Software & Services Companies, an industry trade body. Among those, only a fourth have the skills to immediately start work at a multinational or major Indian IT firm. Contrast that to 35% of engineers in Malaysia and 50% in Poland and Hungary who can perform the offshore IT jobs that are now migrating to countries where labor costs are low.
你可能會認為在這個世界上第2大人口稠密國中找到人才不會太困難.  一項估計數字每年有 700萬印度人進入勞力市場(在中國大陸, 是多於這項數字的2倍, 是1千8百萬.)  但是在這之中的工程師幾乎沒有.  某種程度上是因為在這個國家2億的學生中只有少於800萬的學生能完成高中學業, 而完成大學學業的更少.  在全國的1200所技術學院, 每年只有40萬名工程師畢業, 由一個產業交易組織, 軟體及服務公司國家協會所估計.  在這之中, 只有1/4 的人擁有技術能馬上在跨國或是印度主要的IT公司開始工作.  對比於在馬來西亞35%的工程師及波蘭及匈牙利50%的工程師能執行委外的IT工作, 這些IT工作現在正移植到這些勞工成本低廉的國家. 

Outreach Efforts
拓廣(尋找人才)範圍的努力
Some companies are starting their recruiting efforts early, interviewing college students a year or two before they get a degree. Asha Bhat, 23, who attended Bangalore's Ramayya Engineering College, says that while still in her third year, she went to hear the presentations of visitors from Dell (DELL), IBM, EDS, Accenture and i-Flex Solutions before finally choosing IBM.
某些公司正儘早開始他們在招募人力上的努力, 和大學學生得到學位前一,二年面試.  Asha Bhat, 23歲, 先前在Bangalore的 Ramayya 工程學院就讀, 說當她還在 大三時, 在她最後決定選擇IBM前, 她去聽了從Dell, IBM, EDS, Accenture及i-Flex Solutions 來的訪客所做的介紹說明會

Other companies are sending managers as guest lecturers or to help educators improve curricula. For instance, Infosys has begun sharing its training manual with some colleges, while TCS sponsors a masters program at IIT Kharagpur in the eastern state of West Bengal. The wealth of new programs has made it an exciting time to be a human resources chief in India. "It's a bit like changing your car wheels when the car is in motion," says Prathik Kumar, executive vice-president of human resources at Wipro Technologies, India's third-largest software exporter.
其他公司也派遣經理者做為客座講師或是幫助教育者改善課程.  舉例來說, Infosys 已開始和某些學院分享其訓練教材, 當TCS 贊助在西孟加拉的東邊省份一家IIT Kharagpur學校的一項學士計劃.  大量的新計劃使得能在印度當人力資源首長是令人興奮的時刻.  "這有點像是更換你的車輪當你的車子還在行進間," 印度的第三大軟體輸出公司 Wipro Technologies的人力資源執行副總裁 Prathik Kumar 說道.

Even Kumar's boss, Chairman Azim Premji, has been pitching in. Premji says he's been extending his search to more campuses overseas. Premji travels to colleges in the U.S., Japan and Europe, and plans to add Australia to his itinerary soon. "Now it's a huge thing to have the India stint on your resumé," he says.
即使是Kumar的老闆, 董事 Azim Premji, 目前也正在協助此活動.  Premji 說他已延伸他的搜尋(觸角)到更多的海外校園.  Premji 週遊於位在美國,日本和歐洲的大學, 且計劃很快的要把澳洲加入到他的旅遊計劃中.  "現在, 令印度吝於使用你的履歷表可是件大事." 他說道.
*pitch in: to join others and help with an activity
*stint on: to provide or use too little of something

Application Overload
申請表超載
The downside to such aggressive recruiting is the deluge of job applications. Last year Infosys received 1.3 million, but picked just 26,000, or 2%. "It's a tough task to filter" through all the applications, says Infosys CEO S. Gopalakrishnan.
這類積極的人力招募有下降趨勢是由於如洪水般之多的工作申請.  去年Infosys 收到了130萬(個申請), 但只選擇了2萬6千個, 或者是2%.  "這是個困難的工作, 去過濾(求職者)" 藉由所有的申請表, Infosys CEO S. Gopalakrishnan 說道.

And even as companies continue to ramp up their recruitment, they will have to find ways to retain talent. "It's a universal management challenge," says Jerry Rao, EDS vice-president. At many companies that will mean training programs, work opportunities overseas and the fast track for the best and brightest. Says TCS Executive Vice-President S. Padmanabhan: "Everyone here has a new role in 10 to 12 months."
而正當公司持續增加他們的招募活動, 他們將必需找到更多方式以便留住人才.  "這是一個全世界的管理的挑戰," EDS副總裁 Jerry Rao 說道. 在許多公司, 這將意味著受訓計劃, 海外工作機會以及朝著最好及最光明的快速路線. TCS的執行副總裁S. Padmanabhan 說道: "在這裡的每個人都將在10-12個月內有一個新的角色."
*ramp up:if a company ramps up an activity, it increases it:

Lakshman covers India business for BusinessWeek.
Words:908     R:11.16     T: 02.36.00

Under CEO Mark Hurd, Hewlett-Packard further distinguished itself from its main rival and exceeded analysts' first-quarter expectations
在CEO Mark Hurd 管理之下, 惠普更進一步區別出自身和它主要對手的不同, 並且超越分析師第一季的期望.
by Louise Lee

Hewlett-Packard reported first-quarter results that reflect companywide strength and continued market-share gains against rival computer maker Dell.
惠普報告第一季的結果, 反應出全公司的強勁以及持續從對手電腦製造商戴爾處取得市佔率.

On Feb. 20, HP announced first-quarter results that exceeded Wall Street estimates. "We had a good start to the year," said Mark Hurd, Chief Executive of Palo Alto (Calif.)-based HP. He cited increases in sales, market share, and profit margins in core businesses such as printers and personal computers. Indeed, HP (HPQ) is currently the largest PC seller in the world, as measured by market share, having toppled Dell (DELL) from that position late last year.
在2/20, HP 公布了第一季的結果, 遠超出華爾街的估計.  "就今年而言我們已有了一個好的開始," Mark Hurd 說道, 以Palo Alto為總部的HP總裁. 他引用了在核心事業, 如印表機和個人電腦, 之中的銷售量, 市場佔有率以及利潤率的成長.  說實在的, HP 是目前世上最大的PC 販賣者, 由市佔率的評估, 已在去年推翻Dell 的位置.
*topple:to take power away from a leader or government, especially by force

Unlike Dell, which depends largely on the desktop and corporate markets for sales, HP is cashing in on high-growth areas, including emerging markets, the consumer area, and laptops. In HP's key PC business, revenue jumped 17%, including a 40% rise in notebook revenue, while operating margin rose to 4.7% of revenue from 3.9% a year ago. And in HP's printer unit, revenue grew 7% to $7 billion and operating margin increased to 15.3% of revenue, up from 14.9% a year earlier. "You should expect us to continue to balance revenue growth and profitability by managing our costs, investing in market opportunities, and levering our strength in notebooks, consumer, and emerging markets," Hurd said in a conference call with analysts after the earnings release.
不像Dell, Dell 大量依靠桌上型電腦和企業市場為銷售主力, HP 利月高成長的區域, 包含了新興市場, 消費者區域和筆記型電腦.  在HP主要的PC 生意, 收益成長了17%, 包含了在筆記型電腦收益成長了40%, 當營業利潤從一年前的3.9%成長到4.7%的利潤.  而在HP的印表機部門, 收益成長了7%到達70億元, 而營業利潤增加了15.3%的利潤, 從一年前14.9%上昇. "你應該期待我們繼續平衡利潤成長和獲利能力,藉由控制我們的成本, 市場機會的投資, 以及槓桿操作我們在筆記型電腦, 消費者和新興市場的優勢," Hurd 收益公布後和分析師們的一場電話會議中說道

Overall, revenue for the quarter ended Jan. 31 was $25.1 billion, up 11% from a year ago, and exceeded analysts' projection of $24.3 billion. Excluding certain one-time items, HP had net income of $1.8 billion, or 65¢ a share, from $1.4 billion a year ago and beating the consensus estimate of 62¢. Analysts agreed that HP's performance reflected healthy sales growth in the company's main businesses, coupled with aggressive cost cutting. "Overall, it was a very solid quarter," said Shaw Wu, analyst at American Technology Research.
整體來說, 在1/31結束的這一季的利潤為251億元, 從一年前上昇了11%, 超過分析師預深的243億元.  不包括確定的單次項目, HP 有18億的淨收入, 或是每股65分, 從一年前14億以及勝過輿論估計的62分.  分析師同意HP的績效反應了在公司主要生意上的健全的銷售成長, 配合了積極的成本縮減.  "整體來說, 它是非常穩固的一季," American Technology Research的分析師Shaw Wu 說道.

Room for Improvement
改善的空間
Still, the generally rosy results included a few rough spots. Revenue in HP's storage business, which accounts for about 4% of sales, grew a scant 3% from a year ago. "We need to drive stronger top-line results in this business," said Hurd, adding that he plans to boost sales staff in that area.
這個大體來說樂觀的結果仍然包含了幾個粗糙的污點.  在HP儲存事業的利潤, 佔了約4%的銷售量, 只比一年前的3% 成長了一點點.  "我們需要在這個事業中趨使較強力的頂尖路線的結果" Hurd 說道, 他補充他計劃增加此領域的銷售人員.

And HP-owned inventory rose $600 million to $8.3 billion, another issue that caught analysts' attention. "Component pricing has been favorable," said analyst Wu. "Why load up on inventory?" Hurd in the conference call conceded that "we need to do a better job in inventory management, and you should expect us to work on reducing inventory levels going forward.…We're all over this thing."
而HP擁有的存貨從6億成長到83億, 是另一個問題捉住了分析師的注意.  "元件價格至目前為止還算合適," 分析師Wu 說道.  "為什麼還要有大量的存量確保足量?" Hurd 在電話會議中勉強承認"我們需要在存貨管理上做得更好, 而你們也當期望我們能夠在減少存貨程度的工作上更進一步....我們正在傾全力這件事上"
*load up on:to get a lot of something so that you are sure you will have enough

HP appears unscathed by the scandal that erupted last fall over the company's investigation of board leaks. Neither the company nor analysts participating on the conference call mentioned the imbroglio that led to the departure of Chairwoman Patricia Dunn and other executives accused of using illegal means to uncover the source of leaked information.
HP 顯然未受去年秋天爆發的遍及公司的董事會洩密案調查的醜聞所傷害.  參加這場電話會議的不管是公司方面或分析師沒有人提及這件糾紛, 此糾紛導致董事長Patricia Dunn 的離開以及其他高層指控使用非法手段用以揭露情報洩密的來源.

Smart Moves
精明的移動
The results also highlight HP's differences with Dell, which in January ousted CEO Kevin Rollins after multiple earnings disappointments (see BusinessWeek.com, 2/2/07, "Dell's Not on Easy Street Yet"). By contrast, HP raised its financial estimate for the current quarter, which ends in April. HP said it expects revenue to be at $24.5 billion, representing about an 8.4% growth rate. It expects earnings per share, excluding one-time costs or gains, to be 63¢ to 64¢, compared with earnings of 54¢ a year earlier.
這個結果也強調出HP和Dell 的不同, Dell 在數次的令人失望的收益之後在一月間解雇CEO Kevin Rollings .  相比之下, HP 提高了其目前這一季的財務預估, 也就在四月結束的這一季.  HP 說它期望獲利可達245億元, 代表了約8.4%的成長率.  它期望每股盈餘, 除了單次成本或獲利, 可達到63-64分, 相較於一年前的54分盈餘.

Hurd said that HP continues to reduce costs by consolidating data centers and making better use of real estate, among other moves. The company is also planning to stop contributing to its defined-benefit pension plan on Jan. 1, 2008, realizing a $500 million gain, which it expects to offset charges related to a voluntary early-retirement program. Although jobs vacated through that program won't necessarily be eliminated, HP may refill those jobs at lower pay. The company said workers who opt not to participate in the early-retirement program will receive greater company contributions to their 401(k) retirement accounts. Indeed, Hurd stressed several times that HP's efforts to cut costs are far from done: "We are transforming and are not transformed," he said.
Hurd 說HP 持續減少成本, 藉由鞏固資料中心和更妥善應用不動產, 在其他的行動間.  這家公司也計劃將在2008/1/1停止提撥確定提撥退休金計劃, 變賣獲利為5億, 這筆獲利期望可抵銷和自願提早退休計劃(優退計劃)相關的索費.  雖然透過這項計劃而空出的工作不一定會被削減, 但HP 或許可以以較低工資重新填滿這些職缺.  這家公司說, 選擇不參加這個優退計劃的員工將收到一大筆公司提撥到他們401(k)計劃的退休帳戶.  說真的, Hurd 強調過好幾次, HP 在降低成本的努力上離完成目標還很遠: "我們在自我改造, 而不是被動的被改造," 他說道
*401(k)計劃:美國的個人退休帳戶制度, 由雇主協助建立

Lee is a correspondent in BusinessWeek's Silicon Valley bureau
Word: 708     R: 09.47     T: 01.49.19

Searching for a CFO
尋找財務長
Indeed, Prince appears to have the support of the board, at least for now. "There have been a lot more judgments placed on superficial impressions than on the facts," says Mulcahy. But she also acknowledges "a level of impatience" among investors. Former board member and current Traveler's CEO Jay Fishman says: "To the extent [Prince] can get the organic engine growing, the opportunities are enormous."
說真的, Prince 似乎擁有董事會的支持, 至少在現階段.  "至今已有一大堆評論是放在膚淺的觀感像比事實真相還要多." Mulcahy 說道.  但是她也承認" 某種程度的不耐煩" 已充斥在投資者間.  前任董事會成員和現任Traveler的CEO Jay Fishman 說道: " 某種範圍內[Prince] 能獲得組織引擎的成長, 這機會是龐大的"

With doubts about Prince's stewardship swirling, his choice of a CFO is critical. Citi's third financial chief in three years will have to bring stability to the operation immediately. "Hiring a visible, high-quality CFO who actually has some power to reevaluate if all these pieces belong together" would help, says Marc D. Stern, chief investment officer of Bessemer Trust, which has $46 billion under management.
懷疑繞著Prince 的管理職責打轉, 他對於CFO的選擇將是很重要.  花旗的第三任財務長在三年內將必須立刻使其處於穩定營運狀態. "雇用一名令人注目, 高品質的CFO, 此CFO實際上擁有某些權力以便重新評估是否所有這些碎片是屬於一塊" 將很有助益, Bessemer Trust(擁有460億元在其下管理)的首席投資長 Marc D. Stern 說道.

Says director Mulcahy: "It's a moment of truth for bringing in additional talent." The names in circulation include Alvaro G. de Molina, the former CFO and head of the investment bank at Bank of America Corp. (BAC), and Goldman Sachs Group (GS) partner and Chief Financial Officer David A. Viniar. De Molina didn't return calls seeking comment; Viniar declined to comment.
董事 Mulcahy 說道:"現在是引入額外人才的關鍵時刻." 流通中的名字包含Alvaro G. de Molina, 美國銀行的前任CFO 兼投資銀行首長, 以及高盛集團合夥人兼財務長 David A. Viniar.  De Molina 對於尋求評論的電話沒有回電; Viniar 拒絕發表意見.

Lingering Ugliness
緩緩消失的醜聞
Ultimately, Prince will be judged on his ability to create value for shareholders. Thus far he has been unsuccessful. Since January, 2004, Citi's shares have gained just 10%, much less than rival Bank of America's 32% and JPMorgan Chase & Co.'s (JPM) 37%. The comparisons with investment banking giants like Goldman and Morgan Stanley (MS) are less kind: Goldman is up 115%, Morgan Stanley, 40%.
最後, Prince 將依他能為股東創造價值的能而被評判.  至目前為止他尚末成功.  從2004年1月, 花旗的股票只獲利10%, 比對手美國銀行的32%和摩根大通的37%還要少.  和投資銀行巨人如高盛和摩根史坦利的比較則更不仁慈了: 高盛成長了115%, 摩根史坦利是40%.

At some point soon the Thomson scandal will die down. The bank will appoint a new CFO. But the current ugliness won't be forgotten.
很快的在某個時間點 Thomson 醜聞將很快逐漸消失.  這家銀行將指定一位新的CFO.  但是現在這件醜聞將不會被遺忘.

Der Hovanesian is Banking editor for BusinessWeek in New York.

And the source says the cost to remodel Thomson's office was modest compared with what some other Citi executives have spent. Thomson's defiance of Prince's edict was the final breach, the executive maintains. Citi director Anne Mulcahy, the CEO of Xerox, says: "Chuck made the appropriate call."
消息來漂說, 改造Thomson 辦公室的費用還算適中, 相較於某些花旗高層已花費的.  Thomson 蔑視Prince 的命令才是最終鬧翻(的理由), 這位執行階層斷言.  花旗董事 Anne Mulcahy, 全錄的CEO, 說道:"Chuck 做了適當的判決"

Slicing the Budget
削減預算
Whatever the cause of the firings—and the source of the leaks—the PR fiasco has hurt Prince's image among some shareholders, analysts, and employees.
不管這個解僱的起因為何-以及消息洩漏的來源為何 - 公關完全的失敗已傷害Prince 在某些股東, 分析師和職員間的形象.

In some ways, Prince, 57, has been his own worst enemy. He has promised since 2004 that revenue growth would exceed expense growth, but it hasn't happened. By contrast, from 1999 to 2004, the company boosted revenues by $22 billion, while expenses increased by $8 billion. Last year, earnings fell by 8.7%, well off the double-digit growth during the Weill era.
就某些方面, 57歲的Prince 已變成自己最槽的敵人.  他在2004年承諾, 營收成長要超過花費成長, 但這曾未發生.  相對的, 從1999到2004年, 這家公司增加的營收達220億, 同時間花費支出增加了80億. 去年, 利潤下跌達8.7%, 恰巧扣除了Weill 時期的二位數成長.

In December, Prince cut his promised $1 billion investment budget in half. He says credit worries are one reason to hang on to the purse strings a little tighter now. "A responsible manager spends the money when you have it and pulls in a little bit when you don't have it," he told BusinessWeek in January. "That's the right way to run the railroad."
在12月, Prince 砍掉了他承諾10億元投資預算的一半, 他說令人擔憂的帳面是一個理由以致於現在有一點要緊握住財務支出.  "一位負責任的經理人當你有資金時會花費, 而當你沒錢時會吸收一些資金進來,"  他在一月份告訴BusinessWeek.  "這是正確的方式以便運行鐵路"
*the purse strings: used to refer to the control of spending in a family, company, country etc

But Prince's about-faces make it difficult for analysts and investors to know which way the trains are moving. "The problem is that the company has not kept its promises," says analyst Joseph Dickerson of Atlantic Equities in London.
但是Prince 的變掛使得分析師和投資者很難知道那一條路是火車移動方向. "問題是這家公司至今尚未保持他的承諾, " 倫敦的Atlantic Equities 分析師Joseph Dickerson 說道.

The Clock Is Ticking
時鐘滴答滴答響
Prince has made some progress. In the last year, he has built 1,165 retail bank branches globally, one of the biggest expansions in the history of banking. That will allow Citi to draw more funds from deposits and rely less on the markets, lowering its cost of capital. He has reduced the number of data centers from 52 to 42, allowing for savings of up to $2 billion by 2009. And by the end of the first quarter, COO Druskin will present a plan for a major overhaul to wring still more savings out of Citi's bureaucracy.
Prince 已有了某些進展.  去年, 他在全球建立了1165家零售銀行分公司, 是銀行界歷史中數筆最大的擴張中的一筆.  這令花旗從銀行存款取得更多資金, 而且較不需要仰賴市場, 降低其資金成本.  他縮減了資料中心的數目, 從52變成42家, 考慮到在2009年會上升到20億元的存款.  在第一季末, 營運長(COO) Druskin 將展示一項計劃, 為了一項主要的詳細檢查以便從花旗的繁文褥節中擠出更多的存款.

But the clock is ticking. Given the poor track record and growing disarray, some Wall Street veterans think Prince himself will be out by the end of the year if conditions don't improve significantly. Others give him until his five-year anniversary in October, 2008. "Something's got to give," says a Wall Street veteran. "The status quo is untenable."
但是時鐘滴答滴答響.  考量到貧乏的記錄和漸漸變得失序, 某些華爾街的老手認為 Prince 自己將在年底被解僱, 如果情況沒有重大改善.  其他的人則給予他(時間)直到2008年10月 他上任5週年.  "某些事還是要給出來的, " 一位華爾街老手說道.  "現況是站不住腳"

Such negative sentiment is not universal. If it were, Prince would be gone by now. "I'm very nervous about talking about the end of Chuck Prince," says Howard K. Mason, senior analyst at Sanford C. Bernstein & Co., a blue-chip research firm in New York. "I don't think the groundswell of resentment and disappointment is enough to shift the board."
像這類的負面觀點並不普遍.  如果很普遍, Prince 可能現在就要走人.  "我對於談論Chuck Prince的末日非常緊張" 在紐約市一家傑出的研究機構Sanford C. Bernstein & Co. 的資深分析師Howard K. Mason 說道.  "我不認為憤怒及失望的情緒高漲足以替換董事會"

The burning question on the Street is whether the alleged scandal was intentionally leaked to divert attention away from performance problems at Citi. The bank's fourth-quarter expenses shot up by 23%, while revenues increased just 15%. Full-year profits fell 12% from 2005. The operational successes during Prince's tenure—he took over for the legendary dealmaker Weill in October, 2003—have mostly been minor.
在華爾街的熱門問題就是, 是否這項被稱之為醜聞是有意謀地洩漏出去以便從花旗的績效問題上轉移注意力.  這家銀行第四季的花費迅速上昇達23%, 同時間收益只增加了15%.  從2005年全年度利潤下降了12%.  在Prince的任期內營運的成功- 他在2003年10月接管了傳奇的交易人Weill 的位置(花旗CEO之位) - 至目前為止大部分是微不足道.

"Amateur Hour"
業餘者時刻
All of which has been reflected in Citi's share price. The stock soared 78% between the time Citicorp merged with Weill's Travelers Group in 1998 and the time he left, but it has gained only 14% during Prince's term. During that same period, the Standard & Poor's bank-stock index has risen 43%.
這所有的事目前已反應到花旗的股價.  在1998年花旗集團併購Weill的 Travelers 集團和Weill 離開之間的時間點這隻股票上漲了78%, 但花旗的獲利在Prince 的任期內只有14%.  同時間, 標準普爾的銀行股票指數已上揚了43%.

High-level sources within Citi categorically deny the notion that someone in the bank was responsible for the story's sensational details. Other observers aren't so sure. Says William B. Smith, senior portfolio manager of New York money management firm SAM Advisors and a Citi investor, who has been calling for Prince's head since last summer: "Thomson was a beautiful scapegoat. I think Citigroup leaked everything…to take the spotlight away from what is really going on. It's amateur hour over there."
花旗內部高層的消息來源明白地拒絕這種想法, 也就是銀行內的某人要為這個報導轟動的細節負責任的. 其他的觀察家也不敢如此肯定.  William B. Smith 說道, 他是紐約資金管理公司SAM Advisors 的資深投資組合經理兼花旗投資者, 他從去年夏天始要求Prince的才智: "Thomsan 是隻漂亮的代罪羔羊. 我想花旗集團漏露了所有的事.....以便把聚光燈從實際上在發生的事情上移轉走.  現在在那裡是業餘者時間."

Other sources inside and outside the bank attribute the Thomson ouster to Prince's desire to consolidate power. Thomson, who served as chief financial officer under Weill, once had been considered a contender for the CEO slot before Prince was named.
其他在銀行內外部的消息來源把Thomson 的資遣歸因於Prince 想要鞏固其權力.  Thomson, 在Weill 時代任職為財務長, 在Prince 被任命前曾一度被視為CEO職缺的競爭者.

Says Richard Bove, an analyst at investment bank Punk, Ziegel & Co.: "He got rid of an irritant—and the last viable candidate for his job. I'm in the camp of believing that he is solidifying his position at the top and eliminating progressively each one of the people who might take over for him. There is no longer any obvious candidate to take his position." Hedge-fund manager Tom Brown, a longtime critic, says the scandal is a sideshow: "The operative word is desperate. Prince is devoid of a long-term strategy and…it will lead to his demise."
一位在投資銀行 Punk, Ziegel &Co. 的分析師Richard Bove 說道: "他除去了刺激物 - 而且是他的職位的最後一位可行的候選者.  我是站那一方, 相信他在鞏固他高層的位置並積極消滅每一位可能接指他的人選.  再也沒有任何一位明顯的候選人可以接替他的位置."  對沖基金cultivate管理人 Tom Brown, 一位長期批論家, 他說這個醜聞只是餘興節目: "關鍵字是鋌而走險的   . Prince 缺乏長期策略和........這將導致他的滅亡"

Tension at the Top
高層的緊張情勢
Despite the recent allegations of profligacy, Thomson cultivated an image of fiscal restraint while he was CFO from 2000 to 2004. At a conference in 2004, Thomson said Citigroup had "a real cost discipline around the place. That's something that I believe exists here perhaps like no other financial company. Roll up your sleeves, keep your costs in line, focus on it every day, every week, every month."
不管最近的浪費傳聞, Thomson 在2000-2004年間擔任財務長時, 耕耘了財政限制的影像.  在2004年的一場會議, Thomson 說花旗集團有"在這裡有一項真實成本紀律.  這是我相信這裡有的, 而或許其他金融公司沒有的.  捲起你的袖子, 保持控制你的成本, 每天, 每週, 每月都要對其集中焦點, "
*in line 有許多意義，但最常用的意思是服從、不越軌或按次序（obey, control or in the order）：

After being moved to the wealth-management group, however, Thomson alienated senior executives. He was at times openly defiant of Prince and sparred with him on decisions about investments and strategy, according to people who worked with both of them closely and declined to be named. Thomson is considered by current and former insiders to be "extremely smart," but also "arrogant" and "full of himself." He was combative with Krawcheck, herself viewed as a possible Prince successor. And Thomson didn't have a good rapport with Smith Barney brokers, many of whom bolted the bank.
在轉到財富管理群, 然而, Thomson 疏離資深經營階層, 他有時候公然違抗及忽略Prince 在關於投資和策略上的決策, 依據曾和他們兩位密切工作過的並拒絕透露姓名的人們所言.  Thomson 被現任及前任的內部員工認為是"極端聰明", 但也"很驕傲"以及"只想著他自己."  他與自認為Prince 可能的接班者的Krawcheck 戰鬥. Thomson 也沒有對Smith Barney 經紀人們做好關係, 他們之間許多人是從銀行退下來的.

A source familiar with Citi says Thomson was warned to curtail his contact with Bartiromo months before the Asia trip last fall. The use of corporate resources in connection with that relationship was the sole reason Thomson was asked to leave, this source maintains. Prince was happy with the performance of the wealth-management group, whose revenues were up 21% in the fourth quarter, one of the better-performing units within Citi.
熟知花旗的消息來源說, Thomson 曾被警告減少他和Bartiromo 的接觸, 就在去年秋季的亞洲之旅前的數月.  公司資源的使用和其風流韻事有關是Thomson 被要求離開唯一的理由,這個消息來源主張. Prince 對於財富管理群的績效很滿意, 財富管理群的收益在第四季上昇了21%, 是花旗內部幾個績效良好的部門之一.

Is it using a high-level ouster and tabloid-style rumors to obscure the disarray and dismal returns of Chuck Prince's reign?
它是想利用趨逐高階和八掛報式的謠言用以混淆Chuck Prince 無秩序及令人沮喪的回歸後的統治嗎 ?
by Mara Der Hovanesian

Did a fireplace, a fishtank, and a friendship with a business journalist really end Todd S. Thomson's tenure as head of global wealth management at Citigroup (C)? Or did other factors, just out of view, drive the ouster?
是一個壁爐, 魚缸, 或是和商業記者的友誼真的結束了Todd S. Thomson 擔任全球財富管理Citigroup 首長的任期 ? 又或是其他因素, 剛好在公司視野之外,  趨使這項趨逐行動 ?

The question looms large as Citi struggles under the weight of poor financial performance and a disappointing stock price, and as CEO Charles O. Prince comes under increasing pressure to turn things around. Partly because of Citi's woes, many on Wall Street aren't taking the often-salacious press reports at face value. BusinessWeek has found that, indeed, some of the details don't stand up to scrutiny. And people familiar with the matter say that some Citi insiders bear responsibility for spreading inaccuracies.
這個問題漸漸成型擴大, 當花旗與不佳的財務績效壓力和令人失望的股價奮戰時, CEO Charles O. Prince 遭遇逐漸而來的壓力要求事情改善.  某種程度上因為花旗的災難,  許多的華爾街分析師不以許多有色的報導做為面值.  BusinessWeek 已發現這點, 說實在的, 某些細節並未勇敢的面對監督.  人們所熟知的這件事指出某些花旗內部員工負有散佈不棈確消息的責任.

To recap: On Jan. 22, Citigroup announced that Thomson, 45, and a onetime rival of Chief Executive Prince, was out. Chief Financial Officer Sallie L. Krawcheck, 42, would step in once a replacement CFO was found.
扼要重述: 在1/22, 花旗集團公布45歲的Thomson 及曾一度是敵手的CEO Prince 被裁員.  42歲的財務長 Sallie L. Krawcheck 將繼任, 一旦CFO替換人選找到.
*step in:one of a series of things that you do in order to deal with a problem or to succeed

Nondescript Tank
難以描述的魚缸
Over the next several days, press reports citing unnamed sources offered details of Thomson's allegedly lavish spending. In particular, they described a luxurious office insiders called the "Todd Mahal," and as examples of his extravagance, they said he had installed a fish tank and a wood-burning fireplace. They also referred to a relationship between Thomson and CNBC anchor and BusinessWeek columnist Maria Bartiromo that seemed to go beyond the merely professional, citing a trip the two took from China to the U.S. aboard a company jet.
接下來的數天內, 新聞輿論報告引用無名來源所提供的Thomson傳聞中揮霍花費的細節.  尤其是, 他們描寫了一個豪華的辦公室被內部員工稱之為"Todd Mahal"(反諷取自泰姬馬哈陵Taj Mahal), 以及他奢侈的例子, 他們說他裝了一個魚缸和用木柴燃燒的壁爐.  他們也談到Thomson 和CNBC 主播兼BusinessWeek 專欄作家Maria Bartiromo 兩個人的關係似乎已超過不單是專業部分, 引用佐證的新聞是他們兩人搭一架公司飛機從中國到美國的旅程.

But how much of it was true? Some of the descriptions of Thomson's spending were provided anonymously by people in the upper ranks of Citi's management. Yet other sources close to Thomson have confirmed that while Thomson's office had a fireplace, there were several other fireplaces within Citi—including one in the conference room next to the office of Robert Druskin, the bank's chief operating officer and cost-cutting czar.
但有幾分真實性?  某些描述Thomson的花費是由花旗管理階層的高階人員中以匿名提供.  雖然親近Thomson的其他消息來源已確認Thomson的辦公室有壁爐, 但花旗內部有好幾座其他的壁爐-包括了在這家銀行的首席營運長及掌握成本削減權力者 Robert Duskin 隔壁的會議室就有一座.

Moreover, Thomson's, like the others, was gas-burning (not wood-burning), and the connections for it were in place when Thomson moved in. The fish tank was nondescript and held goldfish—eight red and one black, a symbol of prosperity in Asian cultures and a cheap way to impress clients.
除此之外, Thomson的壁爐, 和其他人一樣, 是使用瓦斯燃燒(而非木柴燃燒), 而且在Thomson 搬進來前壁爐已在那個地方.  魚缸則是難以描述而且裡面有金魚-8隻紅的1隻黑的, 在亞洲文化是繁榮的象徵, 而且是個便宜的方法可令客戶印像深刻.

"Smear Campaign"
"中傷活動"
In general, say some Citi sources, the accusations seemed amped up. Other employees used Thomson's office to schmooze clients and even to host a recent book party for former Citi CEO Sanford I. Weill. "When you are in the high-net-worth business, you have to have people who relate to people worth $1 billion," says Peter E. "Tony" Guernsey Jr., president of Wilmington Trust FSB, a New York bank.
大體來說, 某些花旗的消息來源所說的, 這些指控似乎被放大了.  其他的職員使用Thomson的辦公室和客戶閒聊, 甚至幫前任花旗CEO Sanford I. Weill 所主辦一個近期的簽書會.  "當你在這個高淨利財富產業中, 你必須要有價值十億元的人才, 這些人了解人們的問題想法"  一家紐約的銀行, Wilmington Trust FSB 的總裁, Peter E. "Tony" Guernsey Jr. 說道.
*relate to: to feel that you understand someone's problem, situation etc

Thomson, who is negotiating a severance package, hasn't spoken publicly about the matter. He told BusinessWeek that he has "no comment on the smear campaign I've been reading in the media" and is proud of his accomplishments at Citi. "I think my record speaks for itself, and for now, I'm going to let it go at that." Citigroup declined to comment on the record, citing its press policy on personnel matters. Bartiromo has never spoken publicly about the issue. But sources say she has privately told friends and colleagues that everything she has done was completely proper and CNBC business.
Thomson, 目前正在談離職條件, 尚未公開說明這件事情.  他告訴BusinessWeek "對於我在媒體上閱讀到的此中傷活動不予置評" ,而且對於他在花旗的成就感到驕傲.  "我認為我的記錄自己會說話, 到目前為止, 我將讓這件事過去."  花旗集團拒絕評論這項記錄, 引用其私人事件的新聞報導原則.  Bartiromo 至目前從未公開說明關於這個議題.  但是消息來源說她已私底下告訴朋友及同事以及CNBC 企業, 她所做的每一件事完全適當.

Compared with its Asian rivals, India has been slow to make design a priority. But a new national policy commits to doing business with style
和其亞洲勁敵們相比, 印度已太慢令設計工業為優先考慮的事.  但是一項新的國家政策承諾用時髦風格做生意.
by Nandini Lakshman

In India, design has never been a part of the business lexicon. Now, New Delhi wants to change that. This month, 40 years after setting up the National Institute of Design in Ahmedabad in the western state of Gujarat, the Indian government finally ratified a design policy to make the discipline a national priority.
在印度, 設計工業至今從未是商業詞彙的一部分.  現在, 新德里想要改變這情況.  這個月, 在Gujarat 省西部 Ahmedabad 的國立設計學院(NID)成立40年後, 印度政府終於正試批準一項設計政策令這門學科為國家優先發展項目.

To achieve this, the new policy envisages a "platform for creative design development, design promotion and partnerships across many sectors, states, and regions for integrating design with traditional and technological resources."
為了達到這目的, 新政策可想像為一個"橫跨許多部門, 州以及區域, 致力於使用傳統的和技術性資源的整合設計,  以創意設計發展, 設計推廣和(產業)合作關係為目地的平台."

Not only has the NID been deemed a university, the government wants to set up four more NIDs and make design a part of the curriculum in engineering and other educational pursuits. Finer details are still scarce, but with education as the key issue, it will bank on public-private partnerships to foster design.
NID 不只被視為一所大學, 政府想要設立四所或更多的NIDs 並且令設計成為工程學其他教育事務課程的一部分.  更細微的細節資料仍然很少,  但是教育為關鍵問題, 它將指望公私協力培育設計工業.
*public-private partnerships : 公(政府) 私(企業) 做良好的合夥關係

Design Latecomer
設計工業的後來者
So far, India has only a dozen design programs, compared with 241 in China. There are 300 design colleges in Korea, in contrast to India's 10. While China churns out 30,000 design students annually, India produces just one-third of that number. And while Asia is increasingly becoming the hotbed of design, India is nowhere on the scene.
至今為止, 印度只有一打設計計劃, 相較於中國大陸有241個.  韓國有300個設計學院, 和印度的10個成對比.  當中國大陸每年大量產出3萬個設計學院學生, 印度只產出其1/3.  當亞洲漸漸變成設計工業的溫床時, 印度在這個舞台正毫無名氣.
*churn out: to produce large quantities of something, especially without caring about quality

This policy is the first sign that the government wants to rectify that. It comes at a time when both China and India—with their roaring economies—are among the most happening destinations globally. Says Sridhar Marri, head of the communication design group at Infosys Technologies, "The design-led economic transformation that we have always dreamed of in India can now be visualized on the horizon."
這項政策是第一項訊號, 政府想要批準之.  它第一次來的時機就是當中國大陸和印度兩者(以其呼嘯的經濟)在全球最可能發生的事情的地點.  Infosys 科技的溝通設計組首長 Sridhar Marri 說道.  "在印度我們一直夢想的設計導向的經濟轉變, 現在在水平線上可以看到了"

This initiative would put an emphasis on innovation at all levels. Even as Japanese and Korean brands consistently give their western counterparts a run for their money, Indian brands continue to dominate only in their home market. But with Indian companies increasingly displaying global aspirations, the realization that only innovation and design can set them apart from the crowd is dawning.
首先要做的是在各層級強調創新.  即使當日本和韓國品牌一直是給他們西方辦公室資金運轉, 印度品牌繼續只控制他們國內市場.  但是印度公司漸漸顯示對全球市場的渴望, 這個領悟開始為人所明白, 就是只有創新和設計能令他們脫離這個擁擠的市場.

Crucial Differentiator
重要的區別者
"This is a great move from the government of India to express and indicate support for India's design and innovation capabilities in the global arena," says Niti Bhan, a San Francisco-based emerging-markets strategist. "If India takes a leaf from the other Asian nations' books, they have a chance to be catapulted onto the world stage."
這是印度政府相當大的一步的表態以及指出在全球競技場上支持印度的設計和創新能力."  位於舊金山新興市場策略師的Niti Bhan 說道.  "如果印度從其他亞洲國家的書中取得一頁(*取得一席之地), 他們就有機會向世界舞台投石(*向世界舞台躍進)"

Until now design has never been a big concern, but more an incidental function in Indian business. But today, with stiff competition and scores of foreign brands and services invading India, design and product offerings are being touted as the only differentiators in the clutter. "The policy has the power to create an innovation ecosystem in the country," adds Marri.
直到現在設計工業還不是最大考量, 但是在印度商業中已超過除附帶性功能.  但是今日, 強烈的競爭和許多外國品牌以及服務已大批進入印度, 設計和產品供給以他們是混亂市場中的區別者招徠客戶.  "這個政策已有力量可以在這個國家建立一個創新的生態系統"  Marri 補充道.

Driving this system are hordes of small and midsize enterprises that are using design to make their presence felt. Drawing on the vastness of India, with all its cultural diversity, marketers are using design to make a global foray.
趨使這個系統的是一群中小企業, 他們使用設計以便使他們的存在可被感覺到. 利用印度的廣大, 和其文化的多元化, 市場商人用設計達到對全世界突襲的目的.

Making It Click
讓它發出聲響
Take the case of the Lexi pen, made by a small manufacturer. It has a cap that makes a satisfying click sound when it's shut. With the click denoting the preservation of the object, the pen has been a roaring success in India. Manoj Kothari, founder of Pune-based Onio Design, which designed the product, claims his client is set to launch this product overseas, with certain tweaks. But he adds, "Most of our design has been reactionary rather than preemptive."
以Lexi 的筆為例, 由小型製造商所製造.  他有個筆帽當被關起來可以發出令人滿意的卡嗒聲. 因為這個卡嗒聲表示這個物體已保護好了, 這隻筆在印度非常成功.  位於Pune 的Onio Design 的創辦者Manoj Kothari , 也就是設計這個產品的公司, 宣稱他的客戶要在全世界發行這個產品, 藉時會有些某些部分的改造.  但他補充, "我們設計的大部分已被反對使用而非我們原先售於他們的"
*roaring success :to be extremely successful

And such instances are few and far between, as India is struggling to develop its own Samsungs and LGs. Kothari also points out flaws in the policy—a lack of practical application pointers, for one. "The generic vision statement has a Utopian bonanza built into it. What's missing is a sustained and integrated plan for design and innovation," he says. He compares it to a patchwork of swatches from different world baskets that have been sewn together. "We are using design as a noun, but it should be also a verb for systematic innovation."
當印度奮力發展其自身的三星或LG 時, 類似的案例都在幾乎沒有或距離尚遠之間.  Kothari 也指出這政策的缺點 - 缺乏實際的應用指標, 至少要有一個.  "一般的願景陳述都有一個烏托邦(理想的)的財富架構在其中. 這裡缺乏的為設計及創新所做的一個可長久運行且整合好的計畫" 他說道.  他把這個計劃比作樣本的湊合物, 從不同的世界籃子取來已被編織在一起. "我們把設計當名詞使用, 但是就系統上的創新而言它應該是一個動詞."

At the very least, the policy is an indication that design and innovation are topics at the tables of the nation's leaders.
至少, 政策是一項指標代表了設計和創新是國家領導者台面上的話題.

Lakshman covers India business for BusinessWeek.