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后压码直通车时期的练习策略

级别: 管理员
只看该作者 20 发表于: 2006-01-23
To Shed Idled Workers, Ford Offers to Foot Bill for College


Idled union workers at Ford Motor Co. might have an all-expenses-paid college education in their future. The quid pro quo: They have to leave the company.

Confronted with laid-off workers collecting paychecks for no work, Ford last week began offering the free education -- plus half of their usual hourly salary plus full medical benefits -- to United Auto Workers union members laid off at its Edison, N.J., truck plant.

"It could be a typical four-year institution or community college or getting a commercial-vehicle license," company spokeswoman Marcey Evans said yesterday. She added: "Anything that leads to a license, degree or something like that."

Ford will soon also offer this "Educational Opportunity Program" to laid-off workers at its Lorain, Ohio, assembly plant, which closed in December. That plant, which had about 1,500 UAW workers, is moving some of them to an assembly plant in Avon Lake, Ohio, Ms. Evans said. She didn't know whether any UAW workers had accepted the tuition-assistance offer yet.


A UAW spokesman declined to comment on the Ford plan yesterday.

Under Ford's current agreement with the UAW, union members idled for an extended period of time due to new technologies or restructuring are entitled to collect full pay and benefits even if they have no work to do. But that program, known as the JOBS Bank, doesn't offer a direct re-education benefit, and could be at risk when Ford, General Motors Corp. and DaimlerChrysler AG's Chrysler Group renegotiate their UAW contracts in 2007.

"This tuition program is different than anything we've offered in the past. We think this can help an employee a lot, help them go into a new career or field," Ms. Evans said. She added that the program also has the benefit of helping the company manage its pool of laid-off workers.

The JOBS Bank has long been a sore spot among Detroit auto executives. But the costs of the program, begun in the early 1980s, have escalated sharply in the last two years as increasing numbers of traditional Detroit Big Three plants have shut down.

Analysts estimate that the JOBS Bank is costing Detroit's auto makers and Delphi Corp., the big former GM unit, more than $1 billion annually -- at $130,000 in wages and benefits per worker per year.

GM has 5,000 to 6,000 workers in its JOBS Bank, analysts estimate. The company hasn't disclosed a figure. Chrysler has about 2,500 union workers in the program, and Ford says it has about 1,100.

The JOBS Bank toll at GM and Ford could rise substantially in the next two years as the auto makers launch restructuring programs designed to cut excess capacity in North America. Auto analysts say the JOBS Bank also hurts the Detroit auto makers by encouraging them to keep building slow-selling products rather than shut down plants and lay off workers who will keep getting paid.

Even UAW leaders are concerned that the pay-for-no-work image of the JOBS Bank has become a negative for the union. Detroit's auto makers have signaled they will push in the 2007 UAW national contract talks to reduce or eliminate the program.

The challenge for both UAW leaders and the auto makers is to develop substitutes for the JOBS Bank that can ease the transition to new jobs outside the auto industry.

Under its new program, Ford will pay as much as $15,000 a year for tuition to UAW workers who go to school full time to achieve a degree or certificate or license. The half-salary benefit amounts to about $27,000 a year.

Workers must maintain at least a C average and a full load of classes. They must have had at least one year with Ford.

Though they are severing ties with Ford, the workers would still receive any pension they accumulated but wouldn't receive retiree health care unless they retired from the auto maker.

These workers will get preferential treatment to be rehired if they apply for job openings at Ford, said Ms. Evans.

The challenge for Ford is whether its unemployed UAW workers will take the offer when they could choose to stay in the JOBS Bank, receive full pay and benefits, and to go to school on their own.

Workers in the JOBS Bank must report to the plant for 40 hours a week, where they may or may not be given work. Some work in the community on volunteer programs or charitable efforts. Ford has about 82,000 UAW members on its payroll.

Ford already has four other buyout programs in place for its UAW members, according to Ms. Evans.

She said those plans are: a "special retirement incentive" in which workers with 30 years or more receive $35,000 to leave and get full retiree benefits; a "special early retirement" offer for workers 55 years or older with at least 10 years on the job who can leave and get lifetime retiree benefits; a "pre-retirement leave" program for workers with 28 years of service but not yet 30 years, who can leave and get 85% of their pay until they reach 30 years; and finally a "special termination" plan in which workers can get $100,000 up front to leave the company and walk away from their Ford pensions and health care.
闲人太多,福特不惜请君入学

福特汽车公司(Ford Motor Co.)工会中的闲散工人可能会得到一项免费接受大学教育的待遇,代价则是:离开福特。

福特汽车在新泽西州Edison的卡车厂裁减了一批员工,但全美汽车工人联合会(United Auto Workers)的成员虽然不必再来上班,却仍会定期到公司领薪水。不胜其烦的福特汽车上周终于下定决心,向他们提供免费教育机会──外加他们平常时薪的一半和全部医疗福利。

“可以是普通的四年制大学,或者社区大学,也可以去学一张商业性驾照,”公司发言人伊文思(Marcey Evans)周二称,“任何学制,只要能最终获得一份执照、一个学位或者等同结果的,都行。”

福特很快也会向俄亥俄州Lorain装配厂被裁减的员工提供这个“教育机会项目”。该厂已于去年12月关闭,约有1,500名UAW会员。伊文思说,该厂部分员工将被转往俄亥俄州Avon Lake装配厂。她表示,目前还不知道有没有UAW会员接受学费赞助计划。

周二,UAW发言人拒绝就福特的这项计划发表评论。

根据福特与UAW的现行协议,由于公司采用新技术或进行业务重组而被裁减的工会会员,即使无工可作,也可以在一段时间内继续享受全薪和相应福利。但是,这个被称为JOBS Bank的项目并不直接提供再教育福利。而且,2007年福特汽车、通用汽车(General Motors Corp.)和戴姆勒克莱斯勒(DaimlerChrysler AG)旗下的克莱斯勒集团(Chrysler Group)与UAW再度展开劳资谈判时,这个项目难保不被取消。

“这个学费资助项目与以往我们提供的任何项目都不一样,我们认为这能给员工提供更大帮助,帮助他们走上一条新的职业发展道路,或者进入一个新行业,”伊文思说。她还说,这个项目也能帮助公司管理大量被裁减的员工。

很长时间以来,底特律汽车行业高管们一提JOBS Bank就头痛不已。早在80年代初期签下的这项内容成本日渐高涨,尤其是这两年三大汽车公司不断关闭工厂、裁减员工,这项成本的增长就愈加惊人。

分析师们估计,底特律三大汽车公司及德尔福公司(Delphi Corp.)每年在JOBS Bank项目上的开支就超过10亿美元──每年向每位工人支付的工资及福利高达13万美元。

据分析师估计,通用汽车JOBS Bank项目的员工约为5,000至6,000人。通用汽车没有披露具体数据。克莱斯勒约有2,500人,福特汽车自称约有1,100人。

通用汽车和福特汽车纳入JOBS Banks的人数这两年可能还会急剧增加,因为两家公司都在著手削减北美业务的过剩产能。汽车行业的分析师认为,JOBS Bank鼓励制造商继续生产滞销产品,而不是关闭工厂、裁减员工并继续付薪,从这个角度讲,JOBS Bank也损害了汽车生产商的发展。

甚至UAW的领导人也在担心JOBS Bank“不工作也领薪”的形象对工会不利。底特律的汽车制造商已经表示,将在2007年的全国工会谈判中压低这个项目的规模,甚至取消。

UAW领导人和汽车公司高管们都面临著一道难题:怎样设计出一套JOBS Bank的替代项目,减轻下岗工人到汽车生产行业以外寻找工作的难度?

根据福特汽车的新规划,UAW会员为获得学位、证书或执照参加全日制学习,就可获得一年最高15,000美元的学费补助。半薪福利每年能达到27,000美元左右。

学员们必须拿到最低平均分C,必须全勤出席,而且此前在福特工作至少一年。

虽然这意味著工人将切断与福特的关系,但他们还是可以领取累积的退休金。不过,除非他们从福特汽车退休,否则就不能享受福特的退休医疗保健福利。

伊文思说,如果他们申请福特汽车的空缺职位,将享受优先录取待遇。

福特面临的问题是,这些员工是否会接受福特提出的新计划。他们完全可以选择继续按照JOBS Bank的安排,领取全薪和福利,然后自行就学。

JOBS Bank项目涵盖的员工每周必须为工厂工作40小时,有些是自愿或慈善的社区工作。福特汽车领取薪资的UAW员工约有82,000人。

伊文思说,福特已经为UAW员工制定了另外四项买断计划。

它们是:“特殊退休激励计划”──工龄在30年及以上的工人可领取35,000美元的离职费并享受全部退休福利;“特殊提前退休计划”──55岁及以上、工龄至少10年的员工可以提前退休,并在有生之年享受退休福利;“预退休离职”──工龄达到28年、但尚不满30年的员工可以选择离职并领取85%的工资,直到工龄满30年为止;“特殊终止计划”──员工可一次性领取10万美元的离职金,完全放弃福特的退休金和医疗保健福利。

(back)The iMac Gets a Brain Transplant

Just a couple of months ago, in this column, we proclaimed that Apple Computer's iMac G5, then the company's flagship Macintosh desktop computer for consumers, was the best consumer desktop PC on the market. In fact, we called it the "gold standard" of desktop PCs and said no desktop from the major makers of Windows-based computers could match it.

Last week, in a surprise move, Apple gave the iMac a brain transplant. It chose the iMac as the first Macintosh model to be converted to work on the same Intel processors used by makers of Windows PCs, rather than the PowerPC processors from IBM that have powered Macs for many years. This was serious surgery to perform on the company's star product and launched the planned transition to Intel much sooner than originally expected.


Apple's new Intel-powered iMac.


Apple says it changed chips because Intel's latest processors are faster and run cooler, and allow for more flexible and creative computer designs in the future. It says the new iMac is two to three times as fast as the old one, mainly because the Intel Core Duo chip it uses packs in the equivalent of two processors.

But there's a downside. Nearly all existing third-party software for the Mac, including major programs like Microsoft Office, will have to be rewritten to run on the Intel processor -- a process that is under way but will take months to complete. Apple had to build into the new model special, invisible, translator software that allows the older programs to run on the new chip in the meantime. This translator software, however, doesn't work with every program and can slow down the ones it does work with.

So, how did the brain transplant go? Is the new Intel iMac as good as its predecessor? Does the machine's raw power offset the translation slowdown?

To find out, we've been testing an Intel-based iMac against an iMac G5 only about a month old. The two machines look identical and sport nearly identical features. The major differences are hidden under the hood.

For days, we ran a wide variety of software on the two iMacs, and performed all of the common tasks mainstream consumers do -- surfing the Web, emailing, instant messaging, word processing, using spreadsheets, editing photos, playing music, managing personal finances, playing simple games.



Our verdict: The brain transplant was a success. The two machines behaved almost identically in our tests. Compatibility is excellent. The new model easily handled all the major consumer software we threw at it. We never noticed the translator software, called Rosetta, and any slowdowns it imposed were so slight as to be indiscernible.

The new model was actually a little faster at a few of the tasks we tried, but nothing like the two to three times as fast that Apple claims. A mainstream user who didn't know what was under the hood couldn't tell the difference between them, even after using them for hours. It appears that the faster chip roughly balances out the translation effect.

So, if the new model works only about as well as the old one, what's the advantage for consumers? Well, the slight, scattered, speed gains we saw should grow greater over time, as Apple and third-party software makers tweak their applications to take full advantage of the dual-core Intel chip. A year from now, an Intel iMac purchased today will likely be notably faster, if you update your software to newer versions.

But, even now, this is a terrific computer. It's still the best consumer desktop on the market. It still runs crisply, still is free of viruses and spyware, still has the best operating system and the best built-in software of any desktop we've tested. Given how smoothly the new machine works, and how likely it is to get even better, we would prefer it today over the iMac G5, which Apple is still selling for the same price until inventories are gone. The G5 is still a fine machine, but the Intel model has a brighter future, and, based on our tests, it seems ready to go today.

There are a couple of caveats about our results. We tested only common consumer software and tasks, not heavy-duty or professional applications, like Adobe Photoshop, or professional music and video programs, which tend to stress the processor. Some of these nonconsumer products won't work right until they are rewritten.

Also, there are two drawbacks to the Intel-based iMac that we judged relatively unimportant to most users, but which could be crucial to some. It can't run old, pre-2001 Mac programs that were written for the old Mac operating system, called "Classic." And, even though it now uses the same processors that Windows machines do, the new iMac can't run Virtual PC, the Microsoft program that allows Macs to run Windows software. Microsoft is rewriting Virtual PC for the new Macs but won't be done until 2007. Some other company may bring out a way to run Windows stuff on the new Mac sooner than that. But, for now, it can't run Windows programs.

On the other hand, the new iMac has a few advantages. It has a faster video card than the old model and a digital video connector rather than an analog connector.


Doom 3, a non-Apple program, ran well on the new iMac.


From the outside, the two machines are twins. Apple was careful to keep the same physical design, a beautiful white flat-panel monitor with the entire guts of the computer stashed behind the screen in an amazingly thin space. Both have a built-in camera and microphone. The user interface and software features are also identical. Both models run the same excellent Mac OS X operating system. And both also include Front Row, the special interface that allows you to view photos and videos, and play music, from across a room using a small, included remote control.

Even the price of the new model is the same -- $1,299 for a version with a 17-inch screen and $1,699 for one with a 20-inch screen.

For our tests, we copied all the third-party software and files from our iMac G5 to the Intel iMac, so the machines were configured comparably. Both had the same amount of memory, the same DVD drives and the same Internet connections.

We ran a mix of Apple and third-party software. We weren't surprised that all the Apple programs, like iTunes and iPhoto and the Safari Web browser, ran perfectly and swiftly. Apple has already rewritten them for the Intel chip.

But we were pleasantly surprised by the performance of non-Apple programs. We tested Microsoft Office, Adobe Reader, the Firefox Web browser, Skype, Google Earth, Quicken, the Eudora email program, Doom 3, Kodak EasyShare and others -- none of which had been rewritten. All launched quickly and ran smoothly and well.

We did find one program that wouldn't run at all on the Intel iMac: AOL for Mac OSX. But AOL's main features can all now be accessed from its Web site, so you don't need this software in most cases.

Web pages loaded swiftly on the new iMac, though not markedly faster than on the old model. We changed the font on a thousand-word document in Microsoft Word and saw no lag at all. We created a chart in Microsoft Excel, and it appeared almost instantly. Email worked indistinguishably well.

This column was written in Word on the Intel iMac, and there were no glitches or hitches or hang-ups of any kind.

On four of our test tasks, the new model outperformed the old one significantly -- all in Apple software that had been rewritten for the new chip. It was 15% faster at importing music from a CD, using iTunes. It was 42% faster at converting a video clip from one format to another, using Apple's QuickTime program. It was 44% faster at importing nine large digital photos into iPhoto. And it was 24% faster at duplicating a huge folder filled with more than 27,000 files occupying more than 12 gigabytes of space.

Why didn't our results support Apple's claim of a two to three times speed gain? Like most computer companies, Apple bases such claims on special, complicated benchmark software that doesn't necessarily match up with the kinds of mainstream consumer tasks we tested.

The bottom line: Apple's iMac, with its new Intel processor, is still the gold standard of consumer desktop PCs. And it stands to get better over time.
苹果iMac电脑大换心

就在几个月前,我们在这个专栏里曾说过,苹果电脑公司(Apple Computer)面向普通消费者的旗舰型台式电脑产品iMac G5是市场上最好的台式个人电脑。事实上,我们把它称为台式电脑的“黄金标准”,并说Windows操作系统的台式电脑无法与之相比。

上周,苹果公司做出一个出人意料的举动,给iMac做了换心手术。公司将其选为首个将英特尔(Intel)处理器用于苹果电脑的型号,让iMac使用和Windows电脑一样的心脏,而非IBM生产的长期为苹果电脑服役的PowerPC处理器。这项对旗舰产品所做的大手术拉开了苹果公司向英特尔处理器转换的序幕,其速度之快大大超出人们的预期。

苹果公司说更换芯片是因为英特尔最新的处理器运行速度更快,更不容易发热,并能使公司在未来开发出更为灵活多变和富有创意的电脑。公司表示,换心后的iMac要比老型号的运行速度提高两至三倍,这主要是因为公司使用英特尔双核心芯片(Intel Core Duo),其相当于两个处理器的能力。

不过有利也有弊,几乎所有现在针对Mac电脑的第三方软件,包括Microsoft Office这样的主流程序,都不得不重新编写以便在英特尔处理器上运行--这项工作正在进行中,但需要几个月时间才能完成。苹果公司必须在新电脑中加入特殊、隐形的转换软件,让原有程序能同时在新处理器上运行。不过,这种转换软件无法兼容所有程序,并会降低电脑的运行速度。

那么,心脏移植手术的效果如何?使用英特尔处理器的iMac能否百尺竿头更进一步?新机器的运行能力能否抵消转换软件带来的速度降低?

为寻找答案,我们对一台使用英特尔处理器的iMac和一台仅用了一个月的老款iMac G5进行测试。两台机器的外型一模一样,功能模块也相差无几,主要的区别隐藏在机器内部。

几天来,我们在两台iMac上运行多种软件,执行了一般消费者会做的各种任务─如上网浏览、收发电子邮件、即时聊天、文字处理、编制表格、编辑图片、播放音乐、管理个人财务、玩小游戏等。

我们的结论是:换心手术是成功的。两台电脑在测试中的表现几乎一致,兼容性非常出色,新型号能轻松运行所有主流的消费类软件,我们感觉不到转换软件Rosetta的存在,其所带来的速度降低如此之小,完全可以忽略不计。

新型号在执行某些任务时速度会更快一点,但无法达到苹果公司所称的两到三倍的速度。缺乏电脑知识的一般用户根本说不出两款机器的不同之处,就算使用过数小时后也依然如此。看起来,芯片的速度优势已被转换软件的影响所抵消。

如果新型号和老型号差不多,那这种变化对消费者有什么好处呢?可以想见,随著苹果公司和第三方软件开发商调整其软件以充份利用英特尔双核心处理器,目前新iMac较小的速度优势会日益扩大。对于现在购买新iMac的用户来说,如果一年后你对软件进行升级,就可能明显感觉到运行速度的提高。

不过,就算在现在,新iMac依然出类拔萃,仍是市场上最好的台式个人电脑。它的运行速度飞快,没有病毒和间谍软件侵扰,拥有我们测试过的电脑中最好的操作系统和内置软件。从目前其流畅运行状态和未来的潜力来看,我们认为它比iMac G5更值得拥有。现在苹果公司仍在销售iMac G5,直到库存清空为止。iMac G5也很不错,但使用英特尔芯片的新机型前景更为光明;根据我们的测试,苹果公司现在推出新机型可谓胜券在握。

不过也有几点需要指出。我们只测试了一般的消费类软件,而非像Adobe Photoshop这样的大型程序或专业软件;我们也没测试专业音乐和视频播放软件,其一般都会对处理器造成较大压力;而且一些非消费类软件在重新编写前不能在新机型上运行。

此外,使用英特尔处理器的新iMac有两大不足,我们觉得这些不足对大多数用户来说关系不大,但对有些人来说至关重要。首先,新机器无法运行2001年以前的苹果电脑软件,因为它们都是为名叫“Classic”的老版操作系统编写的。其次,虽然新机器使用与Windows电脑同一品牌的处理器,但它无法运行能让苹果电脑执行Windows类软件的Virtual PC程序。微软正在为新Mac重新编写Virtual PC程序,预计要到2007年才能完成。在此之前,也许其他一些公司能找出让新iMac运行Windows类软件的方法,但到目前为止,Windows类软件仍与新机器无缘。

从另一方面来讲,新iMac也有几个优势。它配备的显卡比老型号更快,还配有数字视频接口,而非模拟接口。

从外观来看,两款机器仿佛孪生兄弟。苹果公司有意保持外观设计的一致性,即整体是一个美丽的白色平面显示器,所有硬件都被放置在屏幕后的狭小空间内,令人叹为观止。两者都有内置摄像头和麦克,用户界面和软件功能也都一样,都运行优秀的Mac OS X操作系统,都有特殊的Front Row界面,以便用户用一个附赠的小遥控器轻松观看照片、影像并播放音乐等。

甚至两者的价格都一模一样─17英寸显示器的售价1299美元,20英寸显示器的售价1699美元。

为测试需要,我们将iMac G5机器上的所有第三方软件拷贝到新iMac上,因此两台机器的配置具有可比性。两款机器内存大小一致、都有DVD光驱和相同的互联网接口。

我们运行了苹果公司和第三方的多种软件。所有苹果公司的软件,如iTunes、iPhoto 和Safari网络浏览器,在两台机器上都能完美快速地运行。这很正常,因为苹果公司为英特尔处理器重新编写了这些软件。

令我们惊喜的是新机器对非苹果公司软件的出色兼容性。我们测试了Microsoft Office、Adobe Reader、Firefox网络浏览器,、Skype、Google Earth、Quicken、Eudora电子邮件收发软件、Doom 3和Kodak EasyShare等--它们都未被重新编写过,但全部都能快速顺畅地运行。

我们确实发现一个无法在新iMac上运行的程序: 针对Mac OSX操作系统的AOL软件,好在AOL的主要功能可以通过其网站实现,因此用户基本上不需要安装该软件。

新机器上的网页浏览速度很快,不过老型号的速度也不慢。我们在微软的Word里对一个千字文档进行字体转换,没有丝毫延迟;我们创建一个Excel表格,表格几乎马上出现;电子邮件一样运行良好;这篇专栏也是在新iMac上用Word软件写的,从头到尾没有出现任何毛病。

在我们的四项测试中,新机型的表现大大优于老机型--这都出现在那些苹果公司为英特尔芯片重新编写的软件上。用iTunes将CD上的音乐复制到硬盘上时,速度提高15%;用QuickTime软件转换视频文件的格式时,速度提高42%;将9张大容量照片复制到iPhoto时,速度提高44%;拷贝一个容纳27,000个文件、容量高达12G的大文件夹时,速度提高24%。

我们的测试结果为何与苹果公司所称的速度提高两至三倍不符?和大多数电脑公司一样,苹果公司是依据一个特殊而复杂的基准软件做出上述结论的,而这与我们测试执行的主流任务不一定具有可比性。

不过有一点可以肯定:苹果公司配备英特尔处理器的新iMac仍是台式个人电脑市场上的“黄金标准”,而且随著时间推移,其表现将更为出色。

(back)Traders Clog Tokyo Exchange


TOKYO -- For a look at the new trading culture that helped humble the Tokyo Stock Exchange on Wednesday, meet Toshio Ino.

Last August, the 47-year-old florist opened an account with an online broker and made his first stock investment, buying shares in a small electronic wholesaler. After a few profitable months, he was hooked. Soon, Mr. Ino was scrutinizing the business pages of his morning paper, peeking at stock charts in between wrapping bouquets and making deliveries, sometimes executing as many as 10 trades a day.

Goldman Sachs International Vice Chairman Robert Hormats on Japan's market selloff, citing possible "overconfidence" following 40% growth in 2005. Plus, Medley Global Advisors CEO Sassan Ghahramani talks about whether the selloff was overdone."It's so easy to trade even for a layman like me," says Mr. Ino, who made nearly $3,000 on his investment of $20,000 or so in four months, investing in firms ranging from a steel company to a chip maker. "I was doing quite well."

Until recently, people like Mr. Ino were at the margins of Japan's staid equity culture. But the market is changing rapidly. In addition to the emergence of a new group of traders, shareholders are demanding greater returns and mergers and acquisitions are becoming more frequent.

This has sent trading volume surging, causing several disruptions on Japan's exchanges in recent months and culminating Wednesday in the TSE's early shutdown -- the first in its 57-year history -- as it tried to prevent a flood of sell orders from overwhelming its computer systems.

The benchmark Nikkei 225 Average snapped back Thursday, rising 2.3%, or 355.10 points, to 15696.28, after sagging 5.7% during the previous two days. But high volume nearly forced the exchange to again halt trading.


At the center of the storm this week has been Takafumi Horie, a hero of the new trading culture and the founder of Internet portal Livedoor Co., which also provides online-trading services. Mr. Horie has shaken Japanese business practices with his unconventional style and bold buyout attempts.

But Monday, Livedoor's offices were raided by police in a probe of possible securities-law violations. The Tokyo District Prosecutors office said it and the Securities and Exchange Surveillance Commission were investigating Livedoor for possibly spreading false information related to shares in a subsidiary.

The turmoil surrounding Livedoor increased Thursday when Hideaki Noguchi, an investment banker at H.S. Securities, which helped take Livedoor public, was found dead in an apparent suicide.

These events have served to highlight the structural weaknesses of the TSE, the world's second-largest stock exchange by capitalization. They have also shone a light on the new entrepreneurial class that is engineering these changes.

Prominent among that class is Mr. Horie, 33 years old, who dropped out of the University of Tokyo to set up a Web-design firm in 1996. Renaming the firm Livedoor, he began a rapid build-out of the company into fields ranging from Internet connections to online financial services.

Since May 2002, the company has been involved in more than 50 acquisitions, according to data tracker Thomson Financial. Those deals mean that, even after the recent selloff, Livedoor commands a $3.8 billion market capitalization, bigger than well-known companies such as timepiece maker Citizen Watch Co.


Mr. Horie helped create a boom in online trading by issuing new shares through stock splits. Stock splits work by increasing the number of outstanding shares, but reducing the price of each. Since it went public in April 2000, Livedoor has split its shares four times. One of those was an eye-catching 100-for-1 split on Christmas Day 2003.

Stock splits, which attract small, retail investors and support a company's overall market value, have encouraged the rise in trading volume on the TSE.

That increase in volume wasn't a problem in a normal day's trading. But Tuesday, after Monday night's raid on Livedoor's Tokyo offices, Livedoor shares plunged 14% and the volume of orders reached a record high, forcing the TSE to close early.

The trouble, according to TSE spokesman Mitsuo Miwa, was simply the system's capacity, as the growth in trading during the 2005 bull market took the exchange by surprise. The TSE now plans to appoint a chief information officer -- something it hasn't had. "We were thinking in a long-term way about the future," he said. "But we didn't expect such a sudden, rapid change."

Thursday, Livedoor released the results of an internal investigation into the alleged problems at its subsidiary that led to the Monday raid. The company stood by its actions and pledged to continue examining its record, "to insure that the reality of the situation is brought to light," it said in a prepared statement.

Once the furor surrounding Livedoor dies down, other forces may still buffet Japan. Like other markets round the world, Tokyo is being shaken up by the growing presence of hedge funds, lightly regulated investment pools for institutions and wealthy individuals, which are prone to dart in and out of the market when it moves suddenly.


The Tokyo market also has a growing number of volatile Internet-related stocks, which are popular among online investors. According to the Net Securities Association, the trade group of big online brokers, four of the top five stocks traded by their customers last week were Internet companies. The market capitalization of Yahoo Japan Corp. is now bigger than those of Hitachi Ltd. and Toshiba Corp. combined.

A growing percentage of buyers of these stocks are young, active investors who trade online through online brokerage firms such as E*Trade Securities Co. and Matsui Securities Co. Mobile-phone-based trading has added many new investors in their 20s and 30s and now accounts for 10% to 20% of volume at some online brokers.

The Net Securities Association says the number of customer accounts nearly doubled in 2005 to 2.2 million, and these customers' total trading value surged to 1.09 trillion yen ($9.46 billion) in December, more than triple the amount traded in December of 2004.

Mr. Ino, the florist, has been unnerved by the market's zigzag this week. He saw half his profit disappear during the turmoil and decided to sell off his entire portfolio. "For the first time, I learned that investing can be very scary," he said.

But Thursday, seeing the market rise again, Mr. Ino decided he couldn't stay away. He bought back much of what he had sold.

Other Market Activity

Most Asian stock markets bounced back along with Japan. Overall, the Dow Jones World Stock Index, excluding the U.S., rose 1.4%, or 2.82 points, to 204.34.

In LONDON, the FTSE 100 Index increased 0.5% to 5693.20, after two days of sharp losses as drug company Shire and mining stocks rose. Shire gained 3.3% after it said a federal court in the U.S. had stayed its patent-infringement lawsuit against Impax Laboratories Inc. pending settlement negotiations.

In SHANGHAI, shares were buoyed for a third straight session on hopes that market overhauls later in the year will benefit foreign investors. The benchmark Shanghai Composite Index rose 1.5% to 1251.58 after rises of 2.1% and 0.5% in the two previous sessions.

In SAO PAULO, Brazilian stocks surged to a record high. The benchmark Bovespa index closed up 2.9%, or 1,053 points, at 36858.19, breaking the index's previous record close.
活力门风波席卷股市东京证交所倍感压力

想了解本周东京股市热闹的交易情况,不妨和Toshio Ino聊一聊。

这位47岁的花卉经销商去年8月在一个网上券商处开了一个帐户,进行了第一笔股票投资,当时他投资的是一家家用电器批发公司的股票。在连续盈利几个月后,他被牢牢地吸引住了。Ino说,如今他每天都会对企业新闻和股票走势图仔细进行研判。有时,他一天会进行10笔交易。

Ino说,交易很简单,即使对门外汉来说也是这样。4个月来他投资的2万美元盈利了近3,000美元。

直到不久前,像Ino这样的个人网上交易者在日本的股市中还是个别现象,但如今已有越来越多的个人交易者涌入这个更加开放的市场。本周,他们的涌入让东京证交所感到难以为继,交易所周三和周四连续两天缩短了交易时间,原因是担心交易所陈旧的电脑系统可能无法处理突如其来的大量交易指令。

虽然技术问题依然没有得到解决,但周四日本股市仍出现了反弹。日经指数涨355.10点,收于15696.28点,涨幅2.3%,此前两天该指数曾出现类似幅度的下跌,日下跌点数均超过460点。周五,日经指数午盘再涨95.57点。

出于本周交易风暴中心的是一位年轻的管理人士堀江贵文(Takafumi Horie)。他曾推动日本网上交易热潮的兴起,也正是其公司引发了本周的抛盘。

33岁的堀江贵文1996年从东京大学(University of Tokyo)退学,成立了一家网页设计公司。将公司更名为活力门(Livedoor)后,堀江贵文带领公司进入了多个领域,从网络连接到包括股票交易的网上金融服务等等。

自从2002年5月以来,该公司参与了50多宗收购,市值38亿美元,大大高于手表制造商Citizen Watch等知名企业。2000年4月活力门的股票上市以来,堀江贵文以四次分股推动网络交易热潮,包括2003年圣诞日的1股分100股。此类的分股增加了流通股数量,降低了每股价值,使得它们吸引来更多的投资者,增加交易量。

总市值仅次于纽约证交所(New York Stock Exchange)的东京证交所一般情况下能够处理这样的交易量。在检察机构突然搜查了活力门在东京某摩天大楼内的办公室、寻找其可能发布误导性的经营信息的证据后,大批持有该股的股民纷纷抛售。活力门股价跌了14%,抛售之风蔓延。周四,活力门的股价跌16%,收于416日圆(合3.61美元),周三该股停牌。

周三创纪录的交易量迫使具有57年历史的东京证交所提前闭市;作为预防措施,周四,东京股市后市推迟了30分钟开盘。东京证交所发言人Mitsuo Miwa表示,系统根本就没有足够的处理能力。2005年日本股市上涨期间整个市场交易量的迅速增长让交易所官员措不及防。东京证交所计划任命一位首席信息长,著手解决此类问题。

“我们是从长期的角度来考虑未来,”他说,“但我们没有料到如此迅速的改变。”

活力门事件周四出现了新情况。当初帮助活力门上市的券商H.S. Securities的投资银行家野口英昭(Hideaki Noguchi)被发现在日本冲绳县死亡,看上去明显是自杀。活力门也公布了对所指问题进行内部调查的结果。该公司坚称自己无罪,并在声明中承诺会继续帐簿调查、将事实真相大白天下。

一旦活力门引起的交易热潮减退,日本股市还会继续受到其他因素的冲击。和全球其他市场一样,东京证交所也开始受到行业规模越来越大的对冲基金的冲击,对冲基金可以突然出手,迅速进退股市。东京股市中波动较大的网络类股日益增多,这些股票往往受到网上交易者的青睐。如雅虎日本(Yahoo Japan)的市值要高于日立(Hitachi)和东芝(Toshiba)的市值总和。

许多网络股票的买家都是年轻活跃的投资者,通过E*Trade Securities、Matsui Securities等网上券商进行交易。手机交易也吸引了很多二、三十岁的新投资者,其交易额占一些网上券商总交易额的10%-20%。

行业协会Net Securities Association表示,2005年个人交易帐户数基本增长了一倍,达到了220万,12月份这些帐户的交易总额迅速增至1.09万亿日圆(合94.6亿美元)较上年同期增长了两倍多。

本周东京股市的震荡让Ino感到害怕。他看到自己的投资利润有一半都消失了后,决定将所有股票都抛出,“我第一次知道投资也会让人害怕,”。但周四看到股市再度上涨后,Ino决定自己不能置身事外。他又买回了许多自己抛出的股票。

 
级别: 管理员
只看该作者 21 发表于: 2006-01-23
In Threat to Internet's Clout, Some Are Starting Alternatives


More than a decade after the Internet became available for commercial use, other countries and organizations are erecting rivals to it -- raising fears that global interconnectivity will be diminished.

German computer engineers are building an alternative to the Internet to make a political statement. A Dutch company has built one to make money. China has created three suffixes in Chinese characters substituting for .com and the like, resulting in Web sites and email addresses inaccessible to users outside of China. The 22-nation Arab League has begun a similar system using Arabic suffixes.


"The Internet is no longer the kind of thing where only six guys in the world can build it," says Paul Vixie, 42 years old, a key architect of the U.S.-supported Internet. "Now, you can write a couple of checks and get one of your own." To bring attention to the deepening fault lines, Mr. Vixie recently joined the German group's effort.

Alternatives to the Internet have been around since its beginning but none gained much traction. Developing nations such as China didn't have the infrastructure or know-how to build their own networks and users generally didn't see any benefit from leaving the network that everyone else was on.

Now that is changing. As people come online in developing nations that don't use Roman letters -- especially China with its 1.3 billion people -- alternatives can build critical mass. Unease with the U.S. government's influence over a global resource, and in some cases antipathy toward the Bush administration, also lie behind the trend.

"You've had some breakaway factions over the years, but they've had no relevance," says Rodney Joffe, the chairman of UltraDNS, a Brisbane, Calif., company that provides Internet equipment and services for companies. "But what's happened over the past year or so is the beginning of the balkanization of the Internet."

The Internet, developed by U.S. government agencies beginning in the 1960s, uses a so-called domain-name system, also called the "root," that consists of 264 suffixes. These include .com, .net, .org and country codes such as .jp for Japan. The root is coordinated by a private, nonprofit group in Marina del Rey, Calif., called the Internet Corporation for Assigned Names and Numbers or Icann. This body works under the auspices of the U.S. Department of Commerce, which set up the organization in 1998.

Question of the Day: Does the U.S. government have too much control over the way the Internet is run?Having a single root is central to the universality of the Internet and critical to its power and appeal. Key servers that are part of the root system determine whether the suffix of an Internet domain name is on the official list. If so, the message is directed within milliseconds to the administrator of each suffix for further routing. In the case of .com, that administrator is Verisign Inc.

A single root helps ensure that when people type in a Web address such as www.amazon.com, they all end up at the site of the Internet retailer no matter where in the world they are or which Internet service provider they use. All addresses must use one of the 264 domain names. Any changes must be approved by Icann and ultimately by the Commerce Department. Alternative roots form the basis for rivals to the Internet.

As the Internet's role grows around the world, some are uneasy with the notion that a U.S.-based body overseen by the U.S. government has sole power over what domain names are used and who controls each name. Other countries such as China also say Icann is too slow in forming domain names in non-Roman languages, hindering the development of an Internet culture in those countries.

Concern about U.S. oversight increased last summer when the Commerce Department persuaded Icann to postpone the approval of a new domain-name suffix to be used for pornographic Web sites, .xxx. The department said it had received letters of complaint from Christian groups. While other countries also opposed the name, critics cited the incident as evidence of Washington's influence.

The matter of control came to a head last November at a United Nations summit in Tunis, where the U.S. delegation fought off demands from more than 170 countries to give up unilateral oversight of Icann.

More than half of the Internet's users today are outside the U.S. Governments increasingly are interested in how the Internet works. Brazil, for instance, collects much of its tax revenue online. "The Internet has become a critical part of our lives," says Abdullah Al-Darrab, Saudi Arabia's deputy governor for technical affairs. "These policies should not be left to a single country or entity."

U.S. officials counter that the Internet is too valuable to tinker with or place under an international body like the U.N. "What's at risk is the bureaucratization of the Internet and innovation," says Michael Gallagher, the Department of Commerce official who administers the government's tie to Icann. Mr. Gallagher and other backers of Icann also say that the countries loudest in demanding more international input -- China, Libya, Syria, Cuba -- have nondemocratic governments. Allowing these nations to have influence over how the Internet works could hinder freedom of speech, they say.


Others argue that a fragmented Internet is a natural result of its global growth and shouldn't be terribly harmful. Governments already control what their citizens see on the Internet by blocking some sites, making surfing a less-than-universal experience, notes Paul Mockapetris, who invented the Internet's domain-name system in the early 1980s.

Icann's master database of domain names is preserved in 13 "mirrors" -- servers that automatically copy any changes made to the original database. The duplication makes the system robust in cases of attack or failure. Ten of the 13 mirrors are in the U.S.; the others are in Amsterdam, Stockholm and Tokyo.

Operating the 'F Root'

A nonprofit organization headed by Mr. Vixie operates one mirror called the "F root." Working without pay or contract from Icann, he runs his mirror from the basement of an old telegraph office in a brown stucco building with a red, Spanish-tiled roof in Palo Alto, Calif.

Located between a Walgreen's drugstore and an art gallery, the F root building looks unimpressive, but it plays a critical role in the flow of Internet traffic. Powerful servers inside a locked, metal cage translate Internet domain names into a series of numbers, called Internet protocol addresses, helping users find Web sites and send and receive email. Mr. Vixie's center handles about 4,000 queries a second from several continents.

Mr. Vixie, a high-school dropout, was a precocious programmer, helping while still in his mid-20s write the domain-name software now used on most servers. He now runs a company that services the software. He helped build the F root in 1994 when he was 30 and helped foil an attack by hackers in 2002 that hampered all the mirrors except his and one other. Later he came up with a way to bolster the system by replicating the function of the 13 mirrors at other servers.

Now Mr. Vixie is turning his attention to what he feels is an even greater threat to how the Internet works: fragmentation.

Last June, Mr. Vixie emailed Markus Grundmann, a 35-year-old security technician in Hannover, Germany. Mr. Vixie was seeking information about the Open Root Server Network, or ORSN, which Mr. Grundmann founded.

Mr. Grundmann at first thought the email was fake. He was surprised that a pillar of the U.S.-led system would want anything to do with him. He explained to Mr. Vixie that he set up ORSN in February 2002 because of his distrust of the Bush administration and its foreign policy. Mr. Grundmann fears that Washington could easily "turn off" the domain name of a country it wanted to attack, crippling the Internet communications of that country's military and government.

Mr. Vixie says he has no interest in making political statements but he agreed last September to work with Mr. Grundmann by operating one of ORSN's 13 mirrors. Mr. Vixie has also placed a link to the once-obscure German group on his personal Web site.

The moves roiled the Internet community of programmers and techies of which he is a prominent member. Vinton Cerf, one of the founders of the Internet, says he asked Mr. Vixie on the phone, "What were you thinking?" Says Mr. Cerf: "I don't think it's helpful to give visibility to a group that is fragmenting the Internet."

Mr. Vixie says he sees the European effort as a check of sorts on the Icann system. The U.S.-backed group will be more likely to act in the global interest if it knows that users have an alternative, he says.

Twelve other computer scientists -- mostly in Germany, Austria and Switzerland -- have agreed to help run the new root. Close to 50 Internet service providers in a half-dozen European countries now use ORSN.


For the moment, that is merely a symbolic step. The domain names in ORSN's directory are identical to those in Icann's. Users of ORSN get routed in the same direction as they would have if they were in the Icann system and can communicate with the same Web sites. ORSN doesn't create or sell its own domain names. If it did, Mr. Vixie says he would quit immediately. But if ORSN disagrees with a move taken by Icann, it could refuse to follow suit.

"The Internet is a child of the U.S. government," says Mr. Grundmann. "But now the child has grown up and can't stay at home forever."

Choosing a Suffix

A company called UnifiedRoot, based in Amsterdam, has taken things a step further than ORSN. In late November, the company began offering customers the right to register any suffix of their choosing, such as replacing .com with the name of their company. The price is $1,000 to register and an additional $250 each year thereafter.

The company has established its own root and signed up Amsterdam's Schiphol Airport, among other companies, according to Erik Seeboldt, UnifiedRoot's managing director. These companies can use their own brand name as a domain name to create addresses such as arrivals.schiphol, he says. Users of UnifiedRoot can also access all sites using Icann-approved domain names such as .com, but Icann users couldn't go to a .schiphol address, he says.

"We want to bring freedom and innovation back to the Internet," says Mr. Seeboldt. The Internet service provider Tiscali SpA, which has five million subscribers in Europe, and some of Turkey's largest service providers use UnifiedRoot's naming system.

Some countries with non-Roman alphabets are also taking matters into their own hands. China has created three domain names in Chinese characters -- .zhongguo, .gongsi and .wangluo -- and made them available for public and commercial use inside China only.


Similarly, Arab countries have in the past 18 months experimented with country code domain names in Arabic, distinct from the Icann system, says Khaled Fattal of Surrey, England. Mr. Fattal is head of Minc.org, a nonprofit organization dedicated to making the Internet multilingual.

"There is no such thing as a global Internet today," says Mr. Fattal. "You have only an English-language Internet that is deployed internationally. How is that empowering millions of Chinese or Arab citizens?"

Icann is responding to the criticism. At its last meeting in December it took steps to enhance the role of foreign governments in its decision making and accelerated the development of non-English domain names.

Paul Twomey, the chief executive officer of Icann, says the divisions reflect cultural differences between nations that operate under a strong government hand and those, including the U.S., that put more trust in the private sector. "We are more comfortable with messy outcomes that work," says Mr. Twomey, who is Australian. "But we need to integrate other values and languages into the Internet and make sure that it still works as one Internet."

That's not enough for some. "We would like the process to speed up," says Li Guanghao, the head of international affairs for the China Internet Network Information Center, in an email interview. The center allocates Internet-protocol addresses in China in conjunction with the Icann system but is also developing the non-Icann Chinese character suffixes.

Mr. Vixie says he joined ORSN to make clear his view that such efforts will continue unless Icann becomes more inclusive. "I realize that this could help unleash the hordes of hell," he says. "But I hope it will make people wonder: 'What if there are more of these?'
互联网域名系统权威地位面临挑战

在互联网投入商业应用10多年之后,一些国家和组织正在著手建立与之竞争的系统,对此人们不禁担忧,有朝一日,全球网络间的相互联通性或许将不复存在。

德国电脑工程师出于政治立场考虑正在开发互联网的替代品。荷兰一家公司这样做则是为了营利目的。中国推出了三种汉字后缀以代替.com等后缀,这使中国之外的用户无法进入此类网站和电子信箱。拥有22个成员国的阿拉伯国家联盟(Arab League)也开始用阿拉伯语后缀推出了类似的系统。

以美国为基础建立的互联网其主要架构者保罗?维克西(Paul Vixie)说,互联网不再是只有少数人才能建立的东西。现在只要投入一点资金,任何人都能实现。为了引起人们对愈演愈烈的错误路线的关注,维克西最近加入了那个德国组织的活动。

互联网的替代品从一开始就有,但一直未成气候。中国等发展中国家没有建设自己网络的基础设施及技术能力,用户一般也感受不到离开现有的网络会获得什么好处。

但现在这种情况正在改变。随著不使用罗马字符的发展中国家上网人数越来越多──尤其是有13亿人口的中国──互联网替代品的影响力也变得不容小视。对美国政府垄断全球资源的不满──有时还有对布什政府的不满──也是导致这一趋势的原因之一。

UltraDNS的董事长罗德尼?约菲(Rodney Joffe)说,这些年来要另立门户的事时有发生,不过都没有什么结果。但过去一年来,互联网真正开始分崩离析了。UltraDNS主要为企业提供互联网设备和服务。

美国政府部门上世纪60年代开始开发的互联网使用所谓的域名系统,或称“根”,其下共有264个后缀。其中括.com、.net、.org还有国家代码,比如.jp代表日本。这个域名系统是由位于加州的一家叫做互联网名称与数字地址分配机构(The Internet Corporation for Assigned Names and Numbers)的私有非营利组织负责协调。该机构1998年成立,在美国商务部(Department of Commerce)资助下运作,并接受美国商务部的监督。

具有单一的一个域名系统是互联网世界的核心所在,这对其影响力和吸引力至关重要。作为域名系统组成部分的主服务器会对互联网域名的后缀进行解析,判断是否在正式清单中。如果结果是肯定的,这一信息就会迅速被传输至具体后缀的管理者,进行下一步处理。对.com而言,这个管理者是Verisign Inc.。

采用单一的域名系统有助于确保网址的唯一性,比如当人们键入“www.amazon.com”时,无论他在地球的哪个角落、也无论他使用的是哪个网络运营商的服务,进入的都应该是网络零售商亚马逊公司(Amazon.com Inc.)的网站。所有的域名都必须使用这264个后缀中的一个,任何改动都必须征得ICANN的同意,并最终由美国商务部批准。而采用其他的域名系统为挑战互联网提供了基础。

随著互联网在全球各地的影响越来越大,让一些国家感到不快的一点是,域名的管理大权被一个美国政府监管下的机构所独揽,只有它才能决定什么样的域名可以使用以及由谁来控制某个域名等。中国等其他国家还抱怨说,在发展非罗马文域名方面,ICANN的进展过于缓慢,阻碍了使用非罗马文字国家网络文化的发展。

去年夏季,美国商务部说服ICANN推迟批准一个用于色情网站的域名后缀“.xxx”,称它收到了基督教团体发来的大量反对信件。这一举动使得外界更加担心美国对互联网的控制。虽然其他国家也反对采用这样的后缀,但批评人士以此作为华盛顿对互联网施加影响的一个例证。

互联网控制权之争在去年11月份激化到了顶点,当时联合国(United Nations)在突尼斯召开峰会,170多个国家都要求美国放弃对ICANN的独家监管,但遭到美国代表的拒绝。

如今,超过半数的互联网用户都分布在美国以外的其他地区。各国政府对于互联网的运作方式也越来越感兴趣。比如,巴西的税收大部分就是通过网络征收的。“互联网已经成为我们生活里的一个重要部分,”沙特阿拉伯负责技术事务的官员Abdullah Al-Darrab说,“这些监管工作不应由某个国家或某个机构独揽。”

美国官员则反驳称,互联网非常宝贵,不能随意处置,也不宜置于像联合国这样的国际机构控制之下。“那样有可能给互联网带来官僚主义负担,并扼杀其特有的创造性,”美国商务部官员、负责政府与ICANN联络的官员麦克尔?加拉查(Michael Gallagher)说。加拉查和其他支持ICANN的人士还表示,在要求扩大国际社会对ICANN影响的国家中,呼声最大的几个国家如中国、利比亚、叙利亚和古巴等都不是民主国家。他们说,让这些国家获得对互联网的控制权可能会有碍言论自由。

其他人则认为,互联网在向全球发展的过程中自然会发生分化,这应该不会有太大的坏处。上世纪80年代初发明了互联网域名系统的保罗?莫卡派乔斯(Paul Mockapetris)就指出,一些政府实际上已经控制了人们对互联网的浏览,采取的方式就是封锁某些网站,让上网冲浪不再那么无拘无束。

ICANN域名的主数据库保存在13个“镜像”上,即13个能自动复制原始数据库任何变动的服务器。这样的备份方式让整个系统在遭遇攻击或发生故障时依然坚固无比。这13个镜像中有10个在美国,另外3个分别放在了阿姆斯特丹、斯德哥尔摩和东京。

维克西领导的一个非营利组织负责其中一个名为“F根”的镜像。ICANN没有给他任何报酬,也没有与他签订任何的合同。他维护的这个镜像安置在加州帕洛阿尔托一幢棕色大楼里的一间旧电报房的地下室里。

“F根”所在的建筑位于一家Walgreen便利店和一家画廊之间,看起来很不起眼,不过它对于保证互联网通讯的畅通却至关重要。放置在一个带锁金属箱里的服务器功能强大,它能将互联网域名转换为被称作“互联网协定位址”的一连串数字,帮助用户查找网页和收发电子邮件。维克西的中心每秒要处理来自世界各地的约4,000条指令。

高中时辍学的维克西是位很有天赋的程序设计师,20多岁时他帮助开发了现在应用于大多数服务器上的域名软件。现在他经营一家软件服务公司。1994年,30岁的维克西协助建立了“F根”,2002年他参与了对一次几乎造成所有镜像瘫痪的黑客攻击进行的打击行动,当时只有他负责的“F根”和另一个镜像幸免。后来他想出了一个强化系统的方法,就是将13个镜像的数据备份到其他服务器上。

如今维克西将注意力转移到了他认为对互联网发展威胁更大的领域:这就是互联网的分化。

去年6月,维克西给居住在德国汉诺威的马库斯?格伦德曼(Markus Grundmann)发了封邮件,35岁的格伦德曼是位网络安全技术员。维克西希望了解有关开放域名系统服务器网络(Open Root Server Network)的信息,这个网络正是格伦德曼创立的。

格伦德曼起初还以为邮件是冒名写的。他不敢相信互联网系统的中坚人物维克西要和他合作。他对维克西说,因为不信任布什政府及其外交政策,所以2002年2月他建立了ORSN。格伦德曼担心如果美国想要袭击一个国家,它可以不费吹灰之力地“关闭”这个国家的域名系统,其军队和政府的互联网通讯就会瘫痪。

维克西说他对政治问题并不感兴趣,但是去年9月他同意和格伦德曼一起运作ORSN 13个镜像中的一个。维克西还将这个以前不为人知的德国组织的网站链接放在了他的个人网页上。

这激怒了互联网程序设计师和技术人员社团,维克西本人也是其中的重要一员。互联网创始人之一文顿?瑟夫(Vinton Cerf)在电话里质问维克西,“你脑子里在想什么?你让大家关注一个分化互联网的组织有什么好处?”

维克西说,他认为欧洲这些互联网组织可以让ICANN意识到实际存在的各种问题。如果美国监管的ICANN意识到用户有了别的选择,在行动时就有可能更重视全球利益。

另外12位电脑科学家──他们大多数来自德国、奥地利和瑞士──同意帮助这个新的域名系统运作。有6个欧洲国家近50个互联网服务提供商现在都使用ORSN。

现在这样做只有象征意义,因为ORSN的域名目录和ICANN完全相同,ORSN的用户使用的路径也和ICANN系统相同,都连接至同一个网页上。不过ORSN并不创建或出售自己的域名。维克西说,如果ORSN这么做,他会马上退出这个组织。不过如果ORSN不同意ICANN的某个决定,它可以拒绝执行。

格伦德曼说,“互联网是美国政府的孩子,但现在孩子长大了,不能永远呆在家里。”

阿姆斯特丹一家名为UnifiedRoot的公司比ORSN走得更远。去年11月底,这家公司开始提供注册后缀的服务,后缀任由顾客选择,比如可以将.com的后缀换作公司自己的名称。注册后缀的价格为1,000美元,以后每年还需交纳250美元。

UnifiedRoot总经理埃里克?西伯特(Erik Seeboldt)表示,公司已经建立了自己的域名系统,并与包括阿姆斯特丹Schiphol Airport在内的一些公司达成了交易。这些公司可以将自己的品牌用作域名,拥有arrivals.schiphol这类地址。UnifiedRoot用户可以进入使用ICANN许可的所有域名的网址,而ICANN用户则不能进入类似.schiphol的网址。

西伯特说,“我们希望让自由和创新精神重新回到互联网世界。”互联网服务提供商Tiscali SpA在欧洲拥有500万注册用户,它也是土耳其使用UnifiedRoot域名系统规模最大的服务提供商之一。

一些不使用罗马字母的国家也开始动手筹划自己的互联网域名系统。中国用中文创立了三个域名──.中国、.公司、.网络,公众和公司可以在中国境内使用。

Minc.org负责人哈立德?法塔勒(Khaled Fattal)说,阿拉伯国家在过去一年半时间里也开始测试阿拉伯文的国家域名,这和ICANN系统的域名截然不同。Minc.org是一个致力于发展多种网络语言的非营利组织。

法塔勒表示,“如今并不存在一个全球的互联网,我们现在拥有的只是一个通行全球的英语互联网,这如何能满足成百上千万中国人和阿拉伯人的需要呢?”

ICANN对这些批评作出了回应。ICANN在12月举行的会议上决定让外国政府更多地参与决策,并加快了非英语域名的研发。

ICANN首席执行长保罗?图米(Paul Twomey)表示,分化反映出不同国家间的文化差异,比如有些国家习惯于政府的强硬管理,而包括美国在内的一些国家则更信任私人机构。图米表示,“我们还是更看重互联网的效能,不过我们也要将其他价值观和其他语言融入网络,而且还要保证互联网是一个整体。”

对有些人来说,这些措施还远远不够。中国互联网络信息中心(China Internet Network Information Center)负责国际事务的李广浩(音)表示,“我们希望ICANN能加快行动。”这个中心依据ICANN系统的标准在中国分配互联网协议地址,不过它也开发不受ICANN控制的中文后缀。

维克西表示他加入ORSN是为了表明自己的观点:那就是除非ICANN能更加包罗万象,否则,开发新域名系统的努力还将继续。他说,“我意识到这有可能会打开地狱之门,但我也希望这能引发人们的思考,'如果有更多种域名又会怎样呢?'”

(back)Davos Weighs New Forum To Boost China's Presence


ZURICH
级别: 管理员
只看该作者 22 发表于: 2006-01-23
GE, Hitachi Join To Make a Play For Westinghouse

General Electric Co. has paired with Japan's Hitachi Ltd. to make a bid for nuclear-technology company Westinghouse Electric Co., according to people familiar with the matter.

The Fairfield, Conn., conglomerate also garnered support from Commerce Secretary Carlos Gutierrez as it races into the final days of an auction for Westinghouse.

GE already is a leader in the business of designing and servicing nuclear power plants. Hitachi is a strong player in Japan and expected to control about 40% of a joint bid, people familiar with the matter said. Acquiring Westinghouse could help GE and Hitachi gain ground in the Chinese market, where surging electricity demand is attracting a flow of outside companies and capital.

Westinghouse, which is owned by the British government subsidiary British Nuclear Fuels PLC, has built the majority of nuclear reactors in the U.S. The sale price could come in above $3.5 billion, people familiar with the matter said. The Monroeville, Pa., company has annual sales of about $1.8 billion and employs 8,500.

As the auction proceeds across three continents, it has caught the attention of Mr. Gutierrez, who sent a letter to his counterpart in England asking for "your personal support" in ensuring that GE is given "every appropriate consideration."

The Jan. 12 letter was written to Alan Johnson, the United Kingdom's secretary of state for trade and industry. It notes that "the Bush Administration supports General Electric's bid," and adds that "a successful GE bid could promote the ongoing global development and introduction of new U.S. technology for nuclear energy and would increase GE's presence in the United Kingdom." Mr. Gutierrez signed off with a handwritten note to Mr. Johnson, "hope you are well!"

Such government advocacy is common when large contracts or construction projects are up for grabs. The request is a sensitive one for the British government, which itself is the beneficiary of the auction proceeds.

Commerce spokeswoman Christine Gunderson wouldn't comment about the letter but said that generally, the government offers support because foreign governments' advocacy efforts put U.S. businesses at a disadvantage.

General Electric had $152.87 billion in revenue and earnings of $16.82 billion for the year ended Dec. 31, 2004. Hitachi had $8.44 billion in revenue and profit of $486.4 million for the year ended March 31, 2005. Westinghouse had $1.78 billion in revenue and earnings of $153 million for the year ended March 31, 2005.

The GE-Hitachi partnership means that the winning bidder is nearly certain to contain Japanese involvement. GE still is believed to be trailing two other Japanese companies in the bidding, Mitsubishi Heavy Industries Ltd. and Toshiba Corp.

All of the bidders face their own political and legal sensitivities. GE already is a major player in the nuclear business and could come up against antitrust concerns if it wins the auction for Westinghouse. It is unclear whether Mr. Gutierrez's letter reflects an administration view on antitrust matters, but it is unlikely given that the Justice Department and Federal Trade Commission have jurisdiction over such issues.

Congress has shown concern about foreign buyers of U.S. technology and natural resources. Given that the company already is owned by a foreign government -- and foreign buyers may purchase it -- lawmakers may have little grounds to block a sale.

Hitachi has built nuclear reactors in Japan and has said it hoped to team up with GE to build reactors in China, manufacturing GE's newest nuclear reactor design, which is considered simpler to operate and less expensive to construct. GE has submitted the design to the Nuclear Regulatory Commission for approval.

GE is looking at both China and India as big markets for nuclear reactors in the short term. The first new nuclear plant in the U.S. isn't expected to break ground for at least five years, if electric utilities and manufacturers can pass state and federal regulatory muster and get financial backing. Nuclear power has gained favor again in the U.S. because of high oil and natural-gas prices and concerns over global warming.

There are 440 nuclear reactors operating world-wide, according to the World Nuclear Association. China has at least 28 new reactors in the works either planned or proposed, according to the group; India has 24 proposed and eight under construction.

A British Nuclear Fuels spokeswoman didn't return requests for comment. Westinghouse couldn't be reached for comment. Hitachi declined to comment. A General Electric spokesman declined to comment.
通用电气和日立联手竞购Westinghouse



据知情人士透露,通用电气公司(General Electric Co.)已与日本日立公司(Hitachi Ltd.)联手竞购核技术公司Westinghouse Electric Co.。

总部位于康涅狄格州费尔菲尔德的通用电气在竞购Westinghouse的最后阶段,还获得了美国商务部长卡洛斯?古铁雷斯(Carlos Gutierrez)的支持。

通用电气在核电站的设计和维护方面早已是佼佼者。知情人士称,若收购成功,预计日立公司将在Westinghouse中持有约40%的股权。对Westinghouse的收购可能有助于通用电气和日立公司在中国市场获得一席之地。中国电力需求激增,正在吸引许多海外公司和资金。

Westinghouse由英国政府下属公司British Nuclear Fuels PLC所有,美国的核反应堆大多由其建造。知情人士指出,该公司的出售价格可能高于35亿美元。

British Nuclear Fuels的发言人没有回复记者的置评要求。记者也未能联系到Westinghouse的有关人员对此发表评论。通用电气发言人拒绝对此置评。

(back)Nasdaq Explores Offer for LSE


Nasdaq Stock Market Inc., the second-largest U.S. stock market, is exploring the possibility of making a bid for London Stock Exchange PLC, people familiar with the matter said.

While a deal is far from happening, Nasdaq's interest shows the company has greater ambitions than being home to big and fast-expanding U.S. technology stocks. Nasdaq executives have discussed a possible combination between the two companies with bankers, though the two haven't held talks, people familiar with the exchanges said.

A deal is a long shot because it would have to clear regulatory hurdles in both the U.S. and London. Talks between the two exchanges in 2002 foundered amid concern about how a combined exchange would be regulated. Shareholders also would have to come around to the idea, a result that has proved difficult in other European exchange deals proposed recently.

But a Nasdaq-London combination would be huge and gaudy, uniting two of the world's largest exchanges. A combined exchange also would be an international listings powerhouse to rival the New York Stock Exchange, the world's largest. Nasdaq also has roughly the same market value as the LSE, which might make a deal more likely because it could be structured more as a merger of equals, as opposed to an acquisition.

A Nasdaq spokeswoman, Bethany Sherman, said that as a public company, Nasdaq "looks at all opportunities." She added that Nasdaq executives were "keeping a close eye on what is happening in Europe." An LSE spokesman declined to comment. Word of Nasdaq's interest was reported yesterday on CNBC.

Suitors have been looking at the London Stock Exchange at various times since 2000. Most recently, Australian investment bank Macquarie Bank Ltd. stood by its £1.5 billion ($2.6 billion) offer for the LSE, which had said the bid underestimated the exchange's value. The bid is less than the LSE's current market value of approximately $3 billion.

Macquarie said its bid "remains the only offer available to LSE shareholders and is attractive, certain and deliverable." The LSE, which also has received unwanted overtures from Euronext NV and Deutsche Borse AG, has rejected Macquarie's approach repeatedly.

In an official document, the LSE said Macquarie's bid disregards its strategic global position. Macquarie said the document shows LSE's business model relies heavily on external factors, including cyclical equity-market expansion.
那斯达克考虑出价收购伦敦证交所



知情人士透露,美国第二大股票市场那斯达克市场(Nasdaq Stock Market Inc.)正在研究出价收购伦敦证券交易所(London Stock Exchange PLC)的可行性。

尽管距达成交易还很遥远,但那斯达克有意收购伦敦证交所表明了其不甘于仅仅充当美国科技股市场的雄心。知情人士称,那斯达克管理层已经与银行家们就可能竞购伦敦证交所一事进行了讨论。

那斯达克发言人Bethany Sherman称,作为一家上市公司,那斯达克关注于所有的发展机会。她补充说,公司管理层正密切关注欧洲的最新进展。伦敦证交所的一位发言人拒绝对此发表评论。CNBC电视频道昨天报导了那斯达克有意收购伦敦证交所的消息。

(back)Motorola's Profit Rises 86%, Driven By Handset Sales


Motorola Inc. reported an 86% increase in earnings for the fourth quarter, fueled by the popularity of its thin handsets and recovery of more than half a billion dollars in debt outstanding from a Turkish wireless operator.

The Schaumburg, Ill., telecom-equipment maker also said it expects strong handset sales to help its first-quarter results. It expects earnings of 27 cents to 29 cents a share, excluding stock-option expenses of about two cents a share, on sales of between $9.3 billion and $9.5 billion. In the year-earlier period, Motorola reported net income of 28 cents a share, including a gain.

The handset division has driven the turnaround of Motorola amid rising shipments to emerging markets. Still, analysts say lower selling prices there are expected to put pressure on industry margins.

Motorola announced its earnings after the market closed Thursday. Shares fell $1.86, or 7.6%, to $22.49 at 4 p.m. Friday on the New York Stock Exchange.

Motorola CEO Ed Zander discusses fourth-quarter earnings, supply constraints and the Razr's success.The company said its net income for the fourth quarter jumped to $1.2 billion, or 47 cents a share, compared with earnings of $647 million, or 26 cents a share, in the year-earlier quarter. Sales increased 18%, to $10.43 billion.

Motorola said its share of the global market for mobile phones in the quarter had increased to 19%, up three percentage points from the year-before quarter and up half a percentage point from the third quarter of 2005.

Nokia Corp. of Finland has the largest share, with about 33% of the market in the third quarter, according to Gartner Inc., a technology-research firm based in Stamford, Conn. Nokia reports its fourth-quarter earnings next week. In third place is Samsung Electronics Co. of South Korea with a share of about 13%.

Motorola said it was unable to meet all demand for its cellphones during the holiday season, the key season for cellphone sales. Chief Executive Ed Zander noted that the company couldn't meet demand in the market because of "supply constraints."

"We do not anticipate these problems going forward," he added.

"The results are broadly in line with expectations and show solid handset revenue growth and share gains," said Tim Luke, telecom analyst at Lehman Brothers. "Despite some delays on new products, we expect further share gains going forward."

For the year, net income was $4.58 billion, or $1.81 a share, up from $1.53 billion, or 64 cents a share, the year before. The collection of half a billion from Turkish wireless operator Telsim Mobil Telekomunikasyon, or Telsim, made during the fourth quarter, accounted for earnings of 13 cents a share. Motorola reported revenue of $36.84 billion, an 18% increase from sales of $31.32 billion in 2004.

The figures were driven by strong sales in the mobile-devices division, which accounted for about 58% of its total revenue for 2005, up from 55% the year before. Motorola shipped 44.7 million handsets in the fourth quarter compared with 31.8 million in the last quarter of 2004, and 146 million for the year, a 40% increase from the year earlier.

Its new products included versions of the smooth-shaped PEBL clamshell phone and the ultra-slim SLVR to meet demand for candy-bar or nonfoldable phones, which are more popular around the world.

Among the company's other divisions, its networks business showed sales of $1.5 billion, down 4% from the year-earlier quarter. Its government and enterprise-mobility segment showed sales of $1.8 billion, up 8%.
摩托罗拉利润攀升,因手机需求强劲




摩托罗拉(Motorola Inc.)第四财政季度净利润增长86%,主要得益于其超薄手机广受欢迎,且从土耳其无线运营商Telsim处收回超过5亿美元的未清偿债务。

这家电信设备制造商表示,第四财政季度净利润增至12亿美元,每股收益47美分,上年同期净利润6.47亿美元,每股收益26美分。销售额增至104.3亿美元,较上年同期的88.4亿美元增长18%。

摩托罗拉称,其在全球手机市场的占有率攀升至19%,较上年同期增加3%,较2005年第三季度增长半个百分点。

据科技研究公司Gartner Inc.的数据,芬兰的诺基亚(Nokia Corp.)市场占有率最大,第三季度约为33%。诺基亚将于下周早些时候公布第四季度业绩。韩国的三星电子(Samsung Electronics Co.)以12.5%的占有率处于第三位。

摩托罗拉表示,在手机销售旺季的假日季节未能满足所有的手机需求。首席执行长爱德华?詹德(Ed Zander)指出,无法满足需求是因为“供给紧张”造成的。詹德称,这并不是长期问题,预计不久就会解决。

2005年全年,摩托罗拉实现收入368亿美元,较2004年的313亿美元增长18%。净利润为46亿美元、合每股收益1.81美元,上年同期分别为15亿美元和64美分。从Telsim处收回的5.19亿美元债务为第四季度每股收益贡献了13美分。

摩托罗拉的业绩受到移动设备业务销售状况强劲的推动,2005年,移动设备业务占总收入的比例约为58%,高于上年的55%。第四季度期间,摩托罗拉的手机发货量达到4,470万部,2004年同期为3,180万部;全年手机发货量为1.46亿部,较上年增长40%。

其他业务方面,网络设备子宫的销售额较上年同期下降4%至15亿美元。詹德表示,网络销售没有达到公司目标,但今年有望超过预期。

(back)Is Inequality Over Wages Worsening?


A distinguishing feature of the U.S. economy of the past quarter-century is a sharp increase in economic inequality. No matter how you slice the data, very well-paid folks have done better than the rest.

But what changed the U.S. economy around 1980? Do those forces persist? Can or should government resist? Is computer technology the culprit? Is better education the answer?

Start with a couple of facts:

About 11% of income (and that's not counting capital gains) went to the best-off ?% of Americans in 2002; 25 years earlier, they got 5.25%, according to Internal Revenue Service data crunched by University of California at Berkeley economist Emmanuel Saez.

Workers at the 90th percentile (those who earn more than 90% of all workers) earned 4.5 times as much as those in the 10th percentile in 2004; 25 years earlier, they were earning 3.5 times as much, according to Bureau of Labor Statistics data crunched by Harvard economist Lawrence Katz.

Clearly, something continues to favor the fortunate: Although economic growth in the past few years has been robust and productivity has surged, wages of typical workers in the middle aren't rising. Where's the money going?

The big story isn't that capital and profits are squeezing labor and wages, say Northwestern University economists Robert Gordon and Ian Dew-Becker. Labor's share has been shrinking lately, yes, but its slice of the pie hasn't changed much in the past 20 years. The money is going in wages paid to executives and professionals at the top. For the past 40 years, they conclude, "only the top 10% of the income distribution enjoyed a growth rate of real wage and salary income equal to or above the average rate of economy-wide productivity growth."

There's more than one puzzle here.

One is at the very top, where CEOs, rap stars and ballplayers work. Why do team owners and companies pay so much? Would Indianapolis Colts quarterback Peyton Manning have tried harder in the playoffs if he were earning more than $14 million a year? Not likely. Rather, superstars make more than ever because, as a result of technology and globalization, they play on a larger stage, and the value of employing No. 1 or No. 2, instead of No. 25 or No. 30, has soared.

But few Americans are in that economic stratosphere. Roughly 90% of full-time workers earn less than $90,000 a year. What about them? In the 1980s, wages of $90,000-a-year workers (measured in today's dollars) pulled away from workers at the middle, and wages of those in the middle pulled away from workers at the bottom. The consensus diagnosis: Computer technology changed the workplace and made employers prize and pay more for skill and education.

The 1990s were different. Nearly all workers did better than they did in the 1980s -- even those at the bottom, the ones who notice when the minimum wage goes up. And inequality wasn't as simple to diagnose. The $90,000-a-year crowd continued to do better than men and women in the middle, but the gap between the middle and the bottom didn't keep widening.

Looking at all that, the best minds in labor economics differ on whether the 1990s and early 2000s are best seen as a continuation of the 1980s inequality trend (Harvard's Mr. Katz) or an end to it (Berkeley's David Card.)

The answer matters. Mr. Card and like-minded scholars say: The superstars are still big winners. But in the rest of the labor market, the widening of inequality in the 1980s reflected a one-time change in attitudes and rules, and isn't going to get wider. Don't blame technology; it was at least as pervasive in the 1990s.

If their analysis is right, the only way to restrain inequality is to tamper with the market by raising the minimum wage or lifting taxes at the top (which isn't to say all these scholars advocate either).

Mr. Katz and his crowd counter by refining their earlier story. In the 1980s, technology whacked employment and wages of those at the bottom whose jobs were easily automated or shipped overseas. And it helped those who leveraged computers to be more productive. In the 1990s, though, those whose work was made more valuable by computers saw wages and job prospects grow. But the same goes for many low-wage workers who work for those at the top -- janitors, waiters, gardeners, home-health aides and massage therapists. The losers are in the middle, those whose jobs and wages are threatened by the increasing sophistication of computers and workers overseas.

If these scholars are right, then the answer is to restructure American schools so they prepare workers for jobs for which technology is either a wage booster or irrelevant -- and teach them to avoid jobs most vulnerable to technology or outsourcing.
美国人收入不均日益严重?

过去25年来美国经济的一个明显特征就是,美国经济的不平等性大为增强。不管你如何分析经济数据,最后得出的结论全都是超高薪人士的收入增幅要高于其他人。

是什么使美国经济在上世纪八十年代前后开始出现这一特征呢?产生这一特征的诱发因素会长久持续下去吗?政府能够或者应该采取反制措施吗?电脑技术是引发这一问题的罪魁祸首吗?这个问题能否通过改善教育来解决?

先来看看几个事实:

加州大学伯克利分校的经济学家以马利?萨伊斯(Emmanuel Saez)分析美国国税局的数据后得出的结论是,2002年,0.5%的美国人获得了美国全部非投资性收入的约11%;而这类人25年前所获收入的比例是5.25%。

哈佛大学经济学家劳伦斯?卡兹(Lawrence Katz)分析美国劳工统计局数据后得出的结论是,2004年,挣去美国全部工资性收入90%以上的那部分人,其收入4.5倍于挣取剩余那10%工资性收入美国人;而25年前这一倍数是3.5倍。

显然,那些对富有者有利的因素仍然存在:虽然过去几年中美国经济增长强劲,劳动生产率大幅攀升,但在收入榜上居中游的普通美国人的工资却没有随之上扬。钱都到哪里去了?

西北大学(Northwestern University)的经济学家罗伯特?戈登(Robert Gordon)和伊恩?杜贝克(Ian Dew-Becker)认为,工人工资并不是企业资本支出和利润的牺牲品。诚然,近年来工资与企业收入的比值不断下降,但过去20年中这一比值并未显著变化。企业的工资支出正日益向高层管理人士和高层专业人士倾斜。这两位经济学家总结说,过去40年中,“在实际工资和工资性收入增长率方面,只有收入居前10%的那部分人能达到或超过美国劳动生产率的平均增长水平。”

令人吃惊的还不止这一点。

企业的首席执行长、流行歌星和球星的工资增长最快。球队老板和企业为什么愿意向他们支付这么多工资?如果小马队(Indianapolis Colts)的四分卫佩顿?曼宁(Peyton Manning)年收入超过1,400万美元,他就会在决赛中打得更卖力吗?未必。超级明星们如今挣得比以往任何时候都要多的原因是科技进步和全球化,这使他们有了更大的表演舞台,因此聘用排名第一、第二的人比聘用排名25或30的人要有价值得多。

但能跻身这一高收入阶层的美国人太少了。大约90%的全职就业人员年收入不足9万美元。他们的情况又怎样呢?在上世纪八十年代,年收入9万美元以上的人(按美元现价计算)与中等收入者的工资差距不断扩大,而中等收入的人与低收入者的工资差距也不断扩大。人们对此的普遍解释是:电脑技术改变了美国人的工作环境,并使雇主在工资方面向高技能和高教育背景的人倾斜。

九十年代的情况就不同了。人们的收入普遍较八十年代有了改善,即使是低收入人群也不例外,美国的最低工资水平亦有提高。这时要解释经济不平等的原因就不那么容易了。虽然年收入9万美元以上的人与中等收入者的工资差距继续扩大,但中等收入者和低收入者的收入差距却不再扩大。

研究劳动力问题的经济学家们在解释这一现象时出现了意见分歧。有人认为,上世纪九十年代和本世纪初仍然延续了八十年代时的经济不平等趋势,这种观点的代表人物是哈佛大学的卡兹,但加州大学伯克利分校的大卫?卡德(David Card)等人则认为这一趋势已经戛然而止了。

观点不同引申出的结论也就大相径庭。卡德和与他持同样观点的学者们认为,超级明星们的工资上涨最快诚然不假,但其他收入群体间经济不平等性不断加大的趋势却仅是八十年代所特有的情况,这一趋势不会继续加重。不必指责科技进步,它的负面影响至少不比九十年代时大。

如果他们的分析是正确的,抑制经济不平等性进一步扩大的唯一方式就是采取一些可弥补市场缺失的措施,如上调最低工资和增加对高收入者的征税等(当然并不是持此观点的学者都认为这两种做法必取其一)。

卡兹等人则通过进一步发展了他们较早时提出的理论驳斥了这一观点。上世纪八十年代,在就业和工资方面受科技进步打击最大的是低收入者,他们的工作很容易实现自动化或被转移至海外。正是这种改变使那些可以借助电脑的工作提高了生产率。但到了九十年代,那些可以借助电脑而使自己的工作价值进一步加大的人仍然有著良好的工资和就业前景,而看门人、侍者、园丁、家庭看护和按摩师等为高收入阶层服务的人也开始成为科技进步的受益者了。倒霉的是那些收入居中的人,电脑技术的日益发达以及海外同行业务能力的不断增强使他们的就业和工资受到了威胁。

如果这批学者的看法是正确的,那解决之道就是改革美国的学校教育,以便教育出的人要么能使自己的工资随科技进步一道水涨船高,要么能够从事可以不受科技进步影响的工作,学校需要教育学生避免从事那些容易受到科技进步和业务外包打击的工作。

(back)China Issues Homegrown 3G Mobile Phone Standard


BEIJING -- China issued specifications for its third-generation mobile phone technology, TD-SCDMA, to foster the "timely" standardization of infrastructure based on the homegrown system, the Ministry of Information Industry said Friday in a statement on its Web site.

Industry watchers expect China to give out 3G licenses this year.

In December, the vice minister of the Ministry of Information Industry, Xi Guohua, said it was time the government made a decision on issuing third-generation telecommunications licenses, according to the official Xinhua News Agency.

Locally developed TD-SCDMA, or Time Division Synchronous Code Division Multiple Access, is one of three 3G standards.

The other two are WCDMA, which builds on the Global System for Mobile Communications, or GSM, and CDMA2000, which is based on Code Division Multiple Access technology.


(back)2nd UPDATE:Taiwan Lunar New Yr Flight Arrives In Shanghai


SHANGHAI (AP)--A Taiwanese airliner arrived in Shanghai on Friday in the third annual installment of lunar New Year direct charter flights, bringing with it for the first time students and tour groups.

The China Airlines plane with 315 Taiwanese on board arrived at Shanghai's Pudong International Airport around 0200 GMT, about three hours after leaving Taiwan.

The airline, Taiwan's biggest, is among six Taiwanese and six Chinese airlines that will provide 72 round-trip charter flights through Feb. 7 in a temporary lifting of Taiwan's 57-year-old ban on direct transport links with the mainland.

Among the arrivals was 55-year-old businessman Wu Youyuan, who said he'd come to visit friends ahead of the lunar New Year, which this year falls on Jan. 29.

"It's really a great time saver," said Wu. "It would be great if we didn't have to go via Hong Kong."

Taiwan's ban on direct links requires travelers to pass through a third point, usually Hong Kong, a process that adds hours to most journeys. The sides divided amid civil war in 1949, but have established thriving economic links over the past decade.

Previous New Year's charters in 2003 and 2005 were limited to Taiwanese residents of China, but have been expanded this time to any Taiwanese possessing a mainland travel permit.

China's Shanghai Airlines will begin charter flights to Taipei next Tuesday.
级别: 管理员
只看该作者 23 发表于: 2006-01-23
Standard Chartered Launches Overseas Travel Card In China


SHANGHAI -- Standard Chartered PLC (STAN.LN) in cooperation with Visa International (VSA.XX) and Travelex PLC launched a card Friday that Chinese can use abroad in the place of cash.

The Easigo card, which the companies called "an electronic traveler's check," is the first of its kind to be issued by a foreign bank in China, where foreign banks aren't yet allowed to issue debit or credit cards, or even cash-cards to their account holders.

Local Chinese can pick up the card, which bears Standard Chartered Bank's name and the Visa logo, at Standard Chartered branches and put up to $5,000 worth of funds on it for each trip abroad. The holder can then use the card overseas to pay for goods and services through Visa's network, or to get cash from automatic teller machines.

"This isn't a debit card. You can't use it in China," said Christine Ip, Standard Chartered Bank's China consumer banking country head. "Initially we really wanted to have the shape of a check. But when we think about practicality, and we think about putting it in an ATM,...we have no choice but to make it exactly like a card."

Visa has already launched similar products, called prepaid cards, in China with local Chinese banks. But foreign banks are still not authorized to issue those, said Richard Chang, General Manager of Visa Greater China.

"It's certainly an interim product," said Chang, when ask if the Easigo card was a step toward foreign banks issuing debit or credit cards.

However, foreign banks have been issuing credit cards in China for several years through partner banks.

The involvement of foreign exchange specialist Travelex, which is a major traveler's check issuer, was instrumental in the Easigo card gaining central bank and regulatory approval, said Ip, adding the regulators were fully aware the card was just a form of traveler's check.


(back)China Wen: Land Rows, Unstable Prices Threat To Stability-

SHANGHAI (AP)--Land conflicts, unstable prices and backward conditions in China's farm sector are threatening the country's stability and its food supply, Premier Wen Jiabao said in unusually blunt remarks published Friday.

Sustainable development and national stability depend on resolving such problems, Wen said in the text of a speech carried in major state-run newspapers.

His comments underscore rising concern over lagging economic growth in the countryside, home to at least two of every three Chinese. Stagnating rural incomes have created an underclass of impoverished farmers lacking affordable access to basic public services such as healthcare and education.

One of the greatest threats to stability stems from seizures of farmland for property development and other construction projects, said Wen, No. 3 in the Communist Party hierarchy.

"In some areas, illegal seizures of farmland without reasonable compensation and resettlement have provoked uprisings; this is still a key source of instability in rural areas and even the whole society," Wen said.

Such seizures are draining the supply of farmland in a country where even with bumper harvests, grain output is failing to keep pace with rising demand.

Just as significantly, seizures have provoked thousands of protests among farmers outraged over the loss of what they viewed as their most fundamental asset - the means to make a living.

Such protests have grown increasingly widespread and violent in recent years, despite the central government's demand for local officials to end abuses and resolve conflicts peacefully.

Even the abolition of centuries-old farm taxes, ostensibly a huge relief for farmers barely getting by, could fail if local authorities boost so-called "arbitrary fees," Wen warned.

Incomes in rural areas average about $300 a year, compared with urban incomes averaging about $1,000. Most rural residents also lack access to affordable schooling and healthcare.

Since taking power three years ago, China's leaders have stressed their commitment to bettering incomes and living conditions for the rural population who helped bring the Communists to power in 1949.

But it is unclear how much progress has been made, given rampant corruption and vested interests at the local level, where officials often can reap huge profits from lucrative property deals.

Wen warned that such issues also influence China's ability to feed its 1.3 billion people, despite bumper harvests that raised grain production to an estimated record 484 million tons last year.

"In 2006, grain production will encounter adverse circumstances such as unstable grain prices, arable land shrinkage and an unpredictable climate," Wen said.

Wen called for keeping grain prices steady, while curbing "excessive" increases in the prices of farming inputs.

He said the government will focus in coming years on improving living and working conditions in rural areas, boosting spending and doing more to protect migrant workers who face unsafe and unstable working conditions and are often denied fair wages.

Rural public schools, hospitals and cultural facilities must also be improved, Wen said.

"In the final analysis, we must protect the democratic rights and provide material benefits to rural citizens," he said. "Improving rural quality of life and ensuring social fairness and justice are extremely important and urgent tasks."


(back)InBev invests in brewer in China, lifting its stake


Belgian brewing company InBev SA said it will invest an additional 124.9 million yuan ($15.5 million) in Zhujiang Beer, a brewer in southern China.

The investment, part of a capital expansion for Zhujiang Beer, raises InBev's stake to 25.31% from 24%.

InBev was one of six founding shareholders and the sole foreign strategic investor in Zhujiang Beer when it restructured into a joint stockholding entity in 2002. Zhujiang Beer is based in Guangzhou, the capital of Guangdong province.

InBev, whose brands include Stella Artois and Beck's, has been active in China since 1984. China is the world's largest beer market, where foreign breweries are eager to expand their presence.


(back)China Welfare Funds 2005 Revenue Nearly CNY700B


SHANGHAI -- China's social welfare funds posted revenue of nearly CNY700 billion ($86.77 billion) last year and paid out more than CNY540 billion, the Ministry ofLabour and Social Security said in a notice on its Web site late Thursday.

The social welfare funds comprise pension, unemployment, medical, maternity, and workplace injury funds.

The Pension fund posted revenue of CNY1.86 trillion for the past five years, an increase of CNY1.04 trillion from the previous five-year period, the labor ministry said.

The unemployment fund's revenue was CNY33.3 billion last year, more than double that of 2000, according to the ministry.

Revenue at the medical fund was CNY137.8 billion in 2005, more than seven times higher than 2000, while the maternity fund's revenue nearly tripled to CNY4.2 billion.

In 2005, the fund for workplace injuries posted revenue of CNY8.7 billion, a 2.5 times rise from 2000.

The labor ministry didn't provide 2004 figures for comparison.

China traditionally maps out five-year plans for its economic development and evaluates the work of government bureaus at the end of that period.

The welfare funds have played an important role in facilitating the country's economic development in recent years, the ministry said.

With contributions from employers and workers as well as government subsidies, the country has built up a CNY190 billion strategic reserve for welfare use, according to the ministry.

China has been moving gradually away from a cradle-to-grave welfare system through the adoption of contribution schemes


(back)China FAW Exports Record 14,256 Vehicles In 2005; Up 40%

BEIJING -- China First Auto Works Group, or FAW, exported a record 14,256 vehicles last year, up 40% from the previous year, the official Xinhua News Agency reported Friday.

The report said FAW's total vehicle exports exceeded 10,000 units in 2004, without giving a specific figure.

FAW's vehicle and auto parts exports rose 63% in 2005 to US$150 million, while its imports totaled US$1 billion, the report said, without providing comparison figures for 2004.

FAW is China's largest auto group by sales. It has 30 wholly owned units and 17 part-owned units, including Shenzhen-listed FAW Car Co. (000800.SZ). It has joint ventures in China with Japan's Toyota Motor Corp. (TM) and German carmaker Volkswagen AG (VOW.XE).

China's auto makers have been increasing their exports in recent years partly because of overcapacity in the local industry.


(back)HK China Mobile Adds 3.96M Subscribers Dec Vs Nov 3.92M

HONG KONG -- China Mobile (Hong Kong) Ltd. (0941.HK), the Hong Kong-listed arm of the world's largest mobile operator by subscribers, said Friday it added 3.96 million new customers in December, its biggest monthly increase in 2005.

December's figure was slightly higher than the 3.92 million new subscribers reported for November. It raised the carrier's total number of new customers in 2005 to 42.36 million, an 11% rise from the 38.17 million added in 2004.

China Mobile recorded its smallest monthly gain of 2005 in February, when it added 3.09 million subscribers.

The carrier said 3.84 million of its new customers in December were prepaid subscribers while 116,000 were contract customers.


(back)China Premier Wen: Sees Unstable Grain Prices '06 -Xinhua

SHANGHAI -- China's grain production will encounter "adverse circumstances" in 2006, including unstable grain prices, the official Xinhua news agency late Thursday quoted China Premier Wen Jiabao as saying.

"In 2006, grain production will encounter adverse circumstances such as unstable grain prices, arable land shrinkage and an unpredictable climate," Wen said in a recent speech on rural issues released Thursday by the State Council, China's cabinet.

Wen stressed the need to maintain stable grain prices, while curbing "excessive" increases in the prices of products needed for farming, according to Xinhua.

China's central government - anxious to ensure the country's basic self-sufficiency in staple foods - has begun abolishing farm taxes and enacting other measures to encourage farmers to continue growing grain.

Rising prices for agricultural inputs such as fertilizer have hurt profitability in grain planting, damping interest in farming. Losses of arable land to widespread erosion and construction have also diminished the sector's outlook.

Xinhua previously reported that some 4.4 million farmers leave their fields each year to find other work, and put the rural migrant population at 108 million in 2005.

Premier Wen said the government's acquisition of local land for construction projects must be a strictly controlled process, urging local authorities to pay careful attention to economic compensation and to focus on the issue of alternative employment for farmers.

Despite the rise in grain output over the past two years, production has still failed to meet demand, and it will get increasingly hard to boost output due to China's growing population, a water shortage, and the decrease in farm lands, Wen said.

State-run newspaper China Daily reported late last month that the country's total grain harvest for 2005 is expected to reach a record 484 million metric tons, largely due to improved farm technology.

Increasingly China must rely on technology, rather than expanding cultivating, to boost harvests: though its 1.3 billion people form about a quarter of the world's population, the country only has 6% of the world's arable land.

Wen said China should rely on domestic production for its basic supply of grain and also ensure a balanced supply and demand situation, by strengthening its grain reserve system and improving its management of grain imports and exports.


(back)China Southern Airlines: May Post Loss For 2005

SHANGHAI -- China Southern Airlines Co. (ZNH) warned Friday it may post a loss for 2005 due to surging fuel costs and intensifying competition from domestic rivals.

"Crude prices were hovering at high levels in 2005. That pushed up the prices of jet fuels and our operational cost," the company said in a statement posted on the official China Securities Journal.

"Fiercer competition from domestic carriers also capped our profitability," it added.

The company offered no details on its financial performance over the past year.

Under current regulations, listed companies in China have to disclose their 2005 financial results by the end of April.


(back)China Unicom Adds 1.25 Million Subscribers In December

HONG KONG -- Mobile-phone services operator China Unicom Ltd. (CHU) said Thursday it added 1.25 million subscribers in December, bringing its total customers to 127.79 million.

During the month, China Unicom added 949,000 subscribers to its global system for mobile service, or GSM, to a total of 95.07 million.

Customers for the company's code division multiple access service, or CDMA network, rose 305,000 to 32.72 million.


(back)China Sees 6.6% Rise In Number Of Public Disorder Cases

BEIJING (AP)--The number of cases of public disorder in China jumped to 87,000 last year, the Ministry of Public Security said Thursday, highlighting the country's continuing battle to curb growing social instability.

"The crime of disturbing public order has increased, including obstruction of justice, the gathering of mobs and fighting and making trouble," the ministry said in a press release.

The figure represents a 6.6% rise from 2004, the ministry said. It did not give any details on individual cases or say how many people have been arrested or charged.

Anger has been building - especially in China's poor countryside - over land seizures, official corruption and pollution. Clashes between villagers and authorities have been on the rise and become increasingly violent.

The disputes are a key concern for communist leaders, who worry about possible unrest among the 800 million rural Chinese, many of whom have been left behind by the country's 25-year-old economic boom.


(back)Mercedes China 2005 Sales up 39% At 16,128 Cars

SHANGHAI -- DaimlerChrysler AG (DCX) sold 16,128 Mercedes sedans in China last year, up 39% on the previous year, the company said in a statement Thursday.

It didn't give a 2004 sales figure for comparison.

The growth rate and total sales volume is still behind rival German luxury carmaker BMW AG (BMW.XE) which sold 23,595 vehicles in China in 2005, up 52% from 2004. This figure includes sales of BMW Brilliance Automobile Ltd., a 50-50 joint venture between BMW and Brilliance China Automotive Holding Ltd. (CBA), as well as imported cars.

DaimlerChrysler has a 50% stake in its Chinese auto joint venture, Beijing Benz DaimlerChrysler Automotive. The Chinese partner, Beijing Automotive Industry Holding Co. (BJA.YY), holds the other 50%.

DaimlerChrysler's Mercedes sales data includes a "small number" of Mercedes E class sedans manufactured by Beijing Benz DaimlerChrysler in the Chinese capital, according to Trevor Hale, a spokesman for DaimlerChrysler in Beijing. He declined to give an exact figure.

Hale said local production of Mercedes began in December, and production volume would be ramped up in 2006 according to demand. The Beijing plant is designed to produce 25,000 units a year when it is operating on two work shifts.

Meanwhile, DaimlerChrysler said the Chrysler Group, a division which sells the Chrysler brand cars, including the Beijing Jeep, sold 30,394 vehicles in China, in 2005, up 5% from the previous year.


(back)China Sec. Regulator Drafts Rules To Ease QFII Limits

SHANGHAI -- China's securities regulator has circulated draft rules to financial institutions and stock exchanges that would ease restrictions on qualified foreign investors in China, according to a notice seen by Dow Jones Newswires Thursday.

The China Securities Regulatory Commission's new rules for the Qualified Foreign Institutional Investor program would lower the capital requirement for new investors under the plan, and give more foreign institutions access to the QFII program, the CSRC notice said.

China's regulators launched the QFII program in 2003, under which select foreign institutions were allowed to invest in yuan-denominated bonds and class A shares listed domestically.

The CSRC issued the notice to financial institutions to solicit their opinions on the draft rules. It is unclear when the rules would take effect.

A manager who works at a QFII said Thursday China's regulators may also soon shorten the program's lockup period for repatriating investments, though the CSRC notice didn't mention this.

Under current regulations, most QFIIs aren't allowed to repatriate their funds for a period of one year. After that, these QFIIs can only remit up to 20% of the total principal every three months.

"Of all QFIIs, regulators will very likely cut the capital lockup period for mutual funds to three months and that for insurers and brokerages to six months," said the QFII manager in Shanghai, who declined to be named.

According to the notice, the CSRC will expand the QFII program by granting licenses to foreign pension and charity funds, foreign trust companies, as well as foreign government-run investment management companies. The QFII program is currently open to funds, insurance companies, brokerages and commercial banks.

The notice also said QFIIs will be eligible to open more than one account for securities trading as long as they deposit in each account a minimum yuan amount equivalent to $10 million. Under existing rules, each QFII can only open one account for securities trading.

Analysts said that with more accounts, QFIIs may have a better chance to secure subscriptions for initial public offerings on domestic bourses.

The draft rules cut the minimum capital requirement for mutual funds and insurance companies applying for QFII licenses to $5 billion of securities under management in the latest fiscal year from $10 billion, according to the notice.

The CSRC also said in the notice it plans to cut the minimum period that applicants from the insurance sector must have been in operation to five years from 30 years.


(back)China Vice Premier Wu: 2005 Retail Sales Exceeded CNY6.2T


BEIJING -- China's retail sales in 2005 exceeded CNY6.2 trillion, reflecting the steady development of the domestic market, Vice Premier Wu Yi said in a statement Thursday.

The figure implies retail sales in the country grew at least 15% from the CNY5.40 trillion recorded for full-year 2004.

China will actively expand domestic demand this year, Wu said in a statement posted on the Web site of the Ministry of Commerce.

The government has yet to release December and full-year 2005 retail sales data.

Wu said China would continue to maintain steady growth in foreign trade this year, and promote a "basic balance" between imports and exports.

Last year, China's trade surplus more than tripled to $101.88 billion from a revised $32.09 billion in 2004.

The surplus was the result of exports rising 28.4% in 2005 from a year earlier to $762 billion, against a 17.6% growth in imports to $660.12 billion.


(back)CDC Software To Buy Privately Held JRG Software >CHINA

CDC Corp.'s (CHINA) CDC Software unit agreed to buy all of the business assets of privately held JRG Software Inc., which makes on-demand supply chain planning products. A spokesman wasn't immediately available to disclose the value of the deal. On Friday, enterprise resource planning software maker CDC Software said it expects the transaction will be 'highly' accretive to earnings and will close by the end of the month. With the acquisition of JRG, CDC Software will expand its enterprise software business and will provide JRD's 'One Plan' on-demand products used for factory planning and scheduling. CDC Software said JRG is one of several acquisition targets it is actively evaluating. Hong Kong-based CDC, the parent company of CDC Software and China.com Inc., offered last month to buy a majority stake in Onyx Software Corp. (ONXS) in order to combine CDC Software with the Bellevue, Wash. customer-process management systems maker. On Jan. 5, Onyx rejected CDC's unsolicited $50 million bid and said it isn't seeking to sell the company. Class A shares of CDC closed Thursday at $4.16, up 26 cents, or 6.7%, in Nasdaq composite trading.
CDC Software将收购私人控股的JRG Software >CHINA

中华网公司(CDC Corp., CHINA)旗下的CDC Software达成收购JRG Software Inc.全部商业资产的协议。后者是一家制造随需应变的供应链计划产品的私人控股公司。 记者未能与公司发言人取得联系以了解交易价值。 企业资源计划软件开发商CDC Software周五表示,预计这笔将在本月底前完成的交易会使收益大幅增加。

(back)TABLE: China Green 1H Net CNY106.4M Vs CNY62.1M

China Green (Holdings) Ltd. - China (0904.HK or 0904) 6 Months Ended Oct. 31: 2005 2004 Revenue CNY262,475,000 CNY177,898,000 Net Profit 106,425,000 62,083,000 Per Share Earnings 0.150 0.100 Half-Yr Div 0.038 0.028
中国绿色食品上半年净利润人民币1.064亿元,去年同期为6210万元

单位:人民币元 中国绿色食品(控股)有限公司(简称:中国绿色食品)(China Green (holdings) Ltd.) - 中国 (0904.HK or 0904) 截至10月31日的6个月: 2005年 2004年收入 262,475,000 177,898,000 净利润 106,425,000 62,083,000 每股 收益 0.150 0.100 中期派息 0.038 0.028

(back)China Govt Bonds End Flat Despite PBOC's Record Injection-2-

China's government bond prices ended flat Friday, unmoved by the central bank making a record injection of funds into the system this week because it has already posted solid gains recently. The Shanghai Stock Exchange treasury bond index nudged down 0.01 to 110.13 from 110.14. The most recently issued seven-year bond fell to 102.18 from 102.20, and yielded 2.66%, up from 2.65%. On the interbank market, the benchmark cross-listed seven-year bond was at 100.35 at GMT 0715, down from 100.36, and yielded 2.95%, flat from the previous close. The benchmark seven-day repurchase agreement rate increased to 5.490% from 4.555%. The benchmark seven-day repo rate on the interbank market was 1.46% at 0715 GMT, down from 1.53%. 'The last couple of days have seen a slight adjustment, but there is still space for the market to climb,' said Zeng Zhi, a trader at Great Wall Securities. The Shanghai Stock Exchange treasury bond index ended down 0.07% at 110.14 Thursday after closing at 110.22 Wednesday. Zeng said the market remained flat despite the record injection, owing to the strength of the market's gains in recent weeks. The treasury bond index has risen 1.06% since the beginning of this year. He added that interest in the market is down in the lead-up to Chinese New Year, or Spring Festival. The central bank injected a net CNY105 billion into the money market through its regular open-market operations Tuesday and Thursday. Last week, the central bank drained CNY41 billion from the market. Next week, CNY90 billion worth of bills and repos mature, much less than the CNY185 billion that matured this week and CNY169 billion a week earlier. A trader at a local brokerage said there was nothing surprising in the dropoff in debt falling due. 'In the lead-up to the Spring Festival the central bank has injected a lot of liquidity. It's likely it will inject somewhat less next week,' he said. Traders said the central bank injects funds into the market at this time of year to ensure there is sufficient liquidity to meet consumers' increased spending needs over the holiday period. China's stock exchange will be closed from Jan. 26 to Feb. 5 and the interbank market will be closed from Jan. 29 to Feb. 4.
中国国债收盘持平,未受到央行创纪录的资金注入影响-2-

长城证券(Great Wall Securities)交易员曾贽表示,债市在最近几个交易日已出现小幅调整,但未来仍有进一步上升空间。 上海证交所国债价格指数周四下跌0.7%,收于110.14点,略低于周叁的110.22点。曾贽表示,尽管央行这次资金投放规模创下纪录最高水平,但由于大盘近几周涨势已较为强劲,故本交易日债市依旧持平。 该国债价格指数自今年年初以来已累积上涨1.06%。 曾贽还表示,随着春节的日渐临近,投资者的入市兴趣已开始减弱。 央行本周在例行公开市场操作中向市场净投放人民币1,050亿元。央行上周从市场回落资金规模为人民币410亿元。 下周将有人民币900亿元的票据和回购协议到期,数量远低于本周的人民币1,850亿元和前一周的人民币1,690亿元。 本地某券商的一名交易员表示,这种情况并不令人感到奇怪,事实上央行已在春节前向市场注入了大量流动资金,因此下周央行的资金投放规模很可能将略有下降。 交易员们表示,央行之所以在现在这个时候向市场投放大量资金,目的就是要确保市场的充足流动性,以满足人们在假期内增长的消费需求。 中国证交所将在1月26日至2月5日期间休市,银行间市场休市期为1月29日至2月4日。

(back)China Govt Bonds End Flat Despite PBOC's Record Injection

China's government bond prices ended flat Friday, unmoved by the central bank making a record injection of funds into the system this week because it has already posted solid gains recently. The Shanghai Stock Exchange treasury bond index nudged down 0.01 to 110.13 from 110.14. The most recently issued seven-year bond fell to 102.18 from 102.20, and yielded 2.66%, up from 2.65%. On the interbank market, the benchmark cross-listed seven-year bond was at 100.35 at GMT 0715, down from 100.36, and yielded 2.95%, flat from the previous close. The benchmark seven-day repurchase agreement rate increased to 5.490% from 4.555%. The benchmark seven-day repo rate on the interbank market was 1.46% at 0715 GMT, down from 1.53%. 'The last couple of days have seen a slight adjustment, but there is still space for the market to climb,' said Zeng Zhi, a trader at Great Wall Securities. The Shanghai Stock Exchange treasury bond index ended down 0.07% at 110.14 Thursday after closing at 110.22 Wednesday. Zeng said the market remained flat despite the record injection, owing to the strength of the market's gains in recent weeks. The treasury bond index has risen 1.06% since the beginning of this year. He added that interest in the market is down in the lead-up to Chinese New Year, or Spring Festival. The central bank injected a net CNY105 billion into the money market through its regular open-market operations Tuesday and Thursday. Last week, the central bank drained CNY41 billion from the market. Next week, CNY90 billion worth of bills and repos mature, much less than the CNY185 billion that matured this week and CNY169 billion a week earlier. A trader at a local brokerage said there was nothing surprising in the dropoff in debt falling due. 'In the lead-up to the Spring Festival the central bank has injected a lot of liquidity. It's likely it will inject somewhat less next week,' he said. Traders said the central bank injects funds into the market at this time of year to ensure there is sufficient liquidity to meet consumers' increased spending needs over the holiday period. China's stock exchange will be closed from Jan. 26 to Feb. 5 and the interbank market will be closed from Jan. 29 to Feb. 4.
中国国债收盘持平,未受到央行创纪录的资金注入影响

中国国债周五收盘持平,未受到本周央行向市场投放创纪录的资金影响,原因是债市近期已实现大幅上扬。 上海证交所国债价格指数周四收盘微跌0.01,至110.13,该指数周四收于110.14。 最新发行的7年期国债跌至102.18,周四为102.20,收益率为2.66%,高于周四的2.65%。银行间市场上,格林威治时间0715,跨市场交易的基准7年期国债报100.35,低于周四的100.36,收益率持平于前交易日的2.95%。 基准7天期回购协议利率升至5.490% ,周四为4.555%。格林威治时间0715,银行间市场基准7天期回购协议利率为1.46%,低于周四的1.53%。

 
级别: 管理员
只看该作者 24 发表于: 2006-01-23
Huaneng Group Eyes Coal Mine Stakes In N China - Report

Huaneng Group, China's largest independent power producer by capacity, plans to acquire more stakes in coal mines in North China to secure its fuel supplies, the official China Daily reported Friday. Huaneng's plan to secure more coal assets came after domestic power producers recently failed to reach a consensus on contract pricing with coal suppliers at an annual industry get-together. According to China Daily, Huaneng Group, the parent of listed Huaneng Power International Inc. (HNP), plans to secure 30 million metric tons of coal through its stakes in domestic mines next year, and 80 million tons by 2010. The bulk of Huaneng's power plants are coal-fired. Last year, the power producer consumed 100 million tons of coal to fire up 75 plants across 23 provinces and regions in China. But only a small proportion of that came from mines in which Huaneng has a stake, China Daily said. 'We will greatly increase investment in sectors like coal production, and port and rail construction, to secure coal supplies,' Huaneng Group President Li Xiaopeng told the company's annual conference in Beijing Thursday, according to the newspaper. He didn't disclose the amount of investment that would be involved. In the works is a slew of joint venture coal projects in North China's Shanxi and Shaanxi provinces, as well as in the Inner Mongolia Autonomous Region. These projects are expected to yield coal within a couple of years, China Daily cited company sources as saying. Huaneng's move is also in line with the power producer's target to increase its generation capacity in the near term, the China Daily report said. It aims to boost capacity to 80 gigawatts within the next five years, from last year's 43.2 GW. That would account for more than 10% of the country's total expected power generation capacity of 700-800 GW by 2010, according to the report.
中国华能集团计划在华北收购更多煤矿股权 - 报导

中国华能集团(China Huaneng Group)计划在华北地区收购更多煤矿股权,以确保其燃料供应,官方报纸《中国日报》(China Daily)周五报导。按产能衡量,该集团为中国最大的独立电力公司。 此前,国内电力公司与煤炭供应商在年度煤炭订货会议上未能就煤炭合同价格达成一致。 报导称,上市公司华能国际电力股份有限公司(Huaneng Power International Inc., HNP)母公司华能集团计划透过收购国内煤矿股权于明年获得3,000万吨煤炭,在2010年之前进一步提高至8,000万吨。 华能集团旗下的发电厂主要为煤炭发电厂。 去年该集团在中国23个省份和地区的75个发电厂共消耗煤炭1亿吨。 《中国日报》报导,其中仅有一小部分煤炭来自该集团持股的煤矿。 该报报导,该集团总经理李小鹏周四在北京召开的公司年度会议上表示,该公司将加大对煤炭生产、港口和铁路建设等行业的投资,以确保煤炭供应。 但他并未披露公司的投资金额。 华能集团将在中国北部的山西、陕西以及内蒙古合资经营一些煤炭项目。 《中国日报》援引公司消息人士的话报导,预计上述煤炭项目将于一两年内投产。 报导称,此举也与该集团在短期内提高发电产能的目标相一致。 华能集团计划在未来5年内将发电产能从去年的432亿瓦提高至800亿瓦。 报导称,这一目标将超过预计的2010年之前中国电力总产能7,000-8,000亿瓦的十分之一。

(back)China HSFO Rises Further; Apr Hits New High

China fuel oil futures extend gains, with Apr contract hitting fresh record high of CNY3,338/MT, in line with stronger crude futures. Apr contract ends morning session at CNY3,331/MT, up CNY55. If Nymex crude holds above $66/bbl next week, Apr fuel oil likely to head toward $3,500/MT, says Jin Shan, analyst with Shenzhen Star Futures.
中国燃油期货进一步上涨,四月合约创新高

中国燃油期货进一步上涨,四月合约触及人民币3,338元的创纪录高点,追随原油期货的强劲走势。四月合约前市收盘报人民币3,331元/吨,上涨人民币55元。深圳实达期货的分析师金山称,如果纽约商交所原油下周守在每桶66美元之上,四月燃油期货可能指向3,500美元。

(back)Hutch, China Life Hit Resistance - Fulbright

Sudden pullback in HK market due to key stocks in this week's rally hitting resistance levels, says Francis Lun of Fulbright Securities; China Life (2628.HK) down 1.3% to HK$7.65 after soaring to record high HK$7.90 in early trade, just short of HK$8 psychological level; Hutchison (0013.HK) down 0.6% to HK$78.90 but hit HK$80 psychological level in early trade, both stocks' trading volumes in line with yesterday. Lun believes any pullback likely only brief interlude in roaring bull market driven by hot money inflows. But investors should buy carefully, look for quality laggard plays. For example, China Life chart could intimidate some buyers, +34% since November, looking vulnerable to hefty correction. HSI last +0.1% to 15,681.20, clawing back to positive territory.
和记黄埔和中国人寿触及了阻力位水平 - 富昌证券

香港股市突然回调是由于主要股票在本周的升势中达到了阻力位水平,这是富昌证券蔺常念的观点;中国人寿(2628.HK)下挫1.3%至7.65港元,早盘曾创下7.90港元的历史新高,只略低于8港元的心理位;和记黄埔(0013.HK)下滑0.6%至78.90港元,但早盘触及了80港元的心理位,两只股票的成交量与昨日相当。蔺常念认为,在热钱流入下,股价出现任何回落走势都只是牛市中的短暂停顿。但投资者应谨慎买入,寻找那些落后的优质股。例如,自去年11月份已高涨了34%的中国人寿从技术面上看就令一些买家望而却步,看上去很容易出现大幅回调。恒生指数最新上涨0.1%至15,681.20点,回升至前收盘点位之上。

(back)China Unicom Adds 1.25 Million Subscribers In December

Mobile-phone services operator China Unicom Ltd. (CHU) said Thursday it added 1.25 million subscribers in December, bringing its total customers to 127.79 million. During the month, China Unicom added 949,000 subscribers to its global system for mobile service, or GSM, to a total of 95.07 million. Customers for the company's code division multiple access service, or CDMA network, rose 305,000 to 32.72 million. China Unicom is the nation's second-largest mobile phone operator by subscribers, after China Mobile (Hong Kong) Ltd. (CHL).
中国联通12月份手机用户增加125万户>CHU

移动电话服务运营商中国联通股份有限公司(China Unicom Ltd., CHU, 简称:中国联通)周四公布,12月份增加用户125万户,用户总数增至1.278亿户。 12月份,中国联通GSM用户增加949,000户,总数达到9,507万户。 同期公司CDMA用户增加305,000户,至3,272万户。 按用户计,中国联通是中国第二大移动电话运营商,位于中国移动(香港)有限公司(China Mobile (Hong Kong) Ltd., CHL, 简称:中国移动)之后

   
   
(back)China Yuan Ends At Record High; Short-Term Rates Rise -2-

While Friday's daily drop was the biggest one-day fall since July's revaluation, technical analysis suggests it didn't necessarily indicate any change in foreign exchange policy. The dollar/yuan rate remains inside the shallow downtrend channel in which the central bank has guided the market since the revaluation took place. The bottom of the channel is at 8.0590, with the top at 8.0710, and it is falling about 0.0017 per week. If the People's Bank of China wants to maintain a relatively stable forex market, it is unlikely to let the bottom of the channel break, as any break would trigger uncertainty and heavy speculative pressure on the yuan. Immediate, minor underlying technical resistance for dollar/yuan is now at the early January low of 8.0630. While traders were surprised by the sudden drop in the rate, some said more falls could come next week as cash demand rises to celebrate the Chinese New Year holiday. 'Prices are likely to be pretty volatile next week, and it's totally possible that the rate falls to 8.0550,' said a trader for a Japanese bank in Shanghai. Another trader for a European bank in Shanghai was less certain about a further drop in the near term. 'It depends on whether the PBOC thinks the yuan is rising too fast or not. So it's hard to say if the 8.06 level will be breached next week,' he said. Offshore dollar/yuan nondeliverable forwards also fell in line with the onshore rate, traders said. The one-year NDF fell to 7.7200/7.7250 late in the afternoon from 7.7380/7.7400 Thursday afternoon. A trader in Hong Kong said he expects the onshore dollar/yuan rate to break below 8.06 next week. 'The one-year could test 7.678, which was the lowest level last year,' he said. In other spot trading pairs, the Hong Kong dollar ended down at CNY1.0394 from CNY1.0403; the Japanese yen ended down at CNY6.9600 per 100 yen from CNY6.9950; and the euro ended down at CNY9.7450 from CNY9.7915. In the over-the-counter market, which closes two hours later, the dollar ended at CNY8.0643, down from CNY8.0665 Thursday, but much higher than an intraday peak of CNY8.0610
人民币收于历史新高,因短期利率上升-2-

尽管美元/人民币周五创7月份人民币汇率重估以来最大单日跌幅,但技术分析显示这未必表明中国外汇政策发生改变。 美元/人民币仍旧在人民币升值以来央行指导汇率狭窄的下降通道内运行。美元/人民币汇率下降通道底部位于人民币8.0590元,顶部位于人民币8.0710元,目前正在以每周约人民币0.0017元的速度下滑。 中国央行(People's Bank of China)如果希望维持外汇市场相对稳定,则不可能允许通道底部被跌破,因为跌破底线将引发不确定性,使人民币面临巨大的投机压力。美元/人民币第一转换技术阻力位目前位于1月初低点人民币8.0630元。 在交易员对美元/人民币汇率突然下滑感到诧异的同时,一些人表示,随着用来庆祝中国农历新年的现金需求增加,美元/人民币汇率下周可能进一步下挫。 一家日本银行驻上海的交易员说,美元/人民币汇率下周可能呈现剧烈振汤行情,有望跌至人民币8.0550元。 而一家欧洲银行驻上海的交易员则对美元/人民币汇率近期是否继续走低持不确定态度。 他表示,美元/人民币汇率走势将取决于中国央行是否认为人民币上涨过快。所以,目前很难预计人民币8.06元水平下周是否会被跌破。 交易员说,离岸市场,美元兑人民币不可交割远期跌幅与国内市场一致。1年期美元/人民币不可交割远期的买入/卖出价后市尾盘报人民币7.7200/7.7250元,低于周四的7.7380/7.7400元。 一位驻香港的交易员说,他预计国内市场美元/人民币汇率下周将跌破人民币8.06元。 他说,一年期美元/人民币不可交割远期可能会下探去年最低水平人民币7.678元。 现汇市场其他币种方面,港元收盘下跌至人民币1.0394元,低于前一交易日的人民币1.0403元;日圆由每100日圆兑人民币6.9950元跌至人民币6.9600元;欧元从人民币9.7915元跌至人民币9.7450元。 询价交易系统,美元兑人民币8.0643元,低于周四的人民币8.0665元,但远远高于盘中低点人民币8.0610元
级别: 管理员
只看该作者 25 发表于: 2006-01-23
China Yuan Ends At Record High As Short-Term Rates Rise

China's yuan Friday made its biggest daily gain against the dollar since being revalued and closed at its strongest level so far, signaling more volatility to come in the country's foreign exchange market. Rising short-term interest rates in China encouraged traders to sell dollars for yuan and the central bank didn't stand in the way of the fall, some traders said. Others said the large daily move will become more commonplace as banks trade the currency more actively and carry out more proprietary trading. '(The volatile moves) should have happened earlier, but it's just happening now,' said one trader. The sharp yuan rise is likely due to the jump in the short-term yuan interest rate, he said. On the stock exchange market, the seven-day repurchase agreement rate, a benchmark for short-term rates, ended at 5.495%, sharply higher than 4.555% Thursday. China's cash demand tends to rise ahead of the weeklong Chinese New Year holiday. Chinese New Year this year falls on Jan. 29. The U.S. dollar closed at CNY8.0601 on the automatic price-matching system, after trading in a range of CNY8.0639 to CNY8.0601, according to traders. On Thursday it closed at CNY8.0673. On the over-the-counter market, the dollar was trading at CNY8.0610 around 0730 GMT, down from Thursday's CNY8.0665 close.
人民币收于历史新高,因短期利率上升

人民币/美元周五创汇率重估以来最大单日涨幅,收于历史新高,预示着今后中国外汇市场还将出现更大波动。 部分交易员表示,中国短期利率上升,促使投资者抛售美元/人民币,央行也未采取措施遏制美元下跌。 其他交易员认为,随着银行更加积极地进行人民币交易,并增加自营交易规模,人民币/美元单日大幅波动将变得更加寻常。 一名交易员表示,人民币/美元大幅上涨的局面本应早些出现。 他指出,人民币大幅升值可能是由于短期利率上升所致。 证交所市场,7天期回购协议利率收于5.495%,远远高于周四的4.555%。 中国市场对现金的需求通常在为期一周的春节假日前夕上升。今年春节为1月29日。 交易员们表示,美元在自动撮合交易系统收于人民币8.0601元,盘中区间为人民币8.0639-8.0601元。美元周四收于人民币8.0673元。 格林威治时间0730前后,询价交易系统,美元兑人民币8.0610元,低于周四收盘价人民币8.0665元。

(back)China CITIC Bank End-2005 Capital Adequacy Ratio 8.18%

BEIJING -- Mid-sized Chinese lender CITIC Bank had a capital adequacy ratio of 8.18% at the end of 2005, the official Financial News reported Friday.

The bank, formerly known as CITIC Industrial Bank, had an operating profit of CNY6.33 billion ($785 million) in 2005, up 27.19% from the previous year, the report said.

It didn't provide comparison figures.

China CITIC Bank had a capital adequacy ratio of 6.05% at the end of 2004 and posted net profit for 2004 of CNY318 million, according to its annual report.

The China Banking Regulatory Commission has set an 8% capital adequacy ratio requirement for domestic banks.

The Financial News report said the bank's parent company made a capital injection of CNY8.6 billion into China CITIC Bank last year to improve its capital adequacy ratio. The bank is wholly owned by CITIC Holdings.

China CITIC Bank's deposits in 2005 rose 18.41% to CNY530.92 billion and its loans increased 20.95% to CNY370.68 billion, the Financial News reported.

At the end of 2005, China CITIC Bank had total assets of CNY616.55 billion, the report said. According to its annual report, it had CNY514.82 billion in assets at the end of 2004.


(back)China Devt Bk: End-2005 NPL Ratio 0.87% Vs End-Sep 0.93%

BEIJING -- China Development Bank, one of the country's three policy banks, had a nonperforming loan ratio of 0.87% at the end of 2005, down from 0.93% at the end of September, state media reported Friday.

The report, carried in several official papers Friday, said China Development Bank's total bad loans also fell at the end of the year, without elaborating.

China Development Bank, the country's second-largest issuer of bonds after the Ministry of Finance, issued CNY365 billion ($45 billion) worth of bonds last year, the report said.

The bank's capital adequacy ratio was 10.32% at the end of the first quarter, it said in a previous statement.

China's policy banks are mainly responsible for financing large-scale domestic infrastructure investments.


(back)China Ping An Insurance Life Premiums Rise 7.2% In 2005

Ping An Insurance (Group) Co. of China (2318.HK) said premium revenue from its core life insurance business rose 7.2% in 2005, matching the rate of expansion of its bigger rival. Premium income at its life insurance unit rose to CNY58.85 billion in 2005 from CNY54.88 billion, while premium income at its smaller nonlife business rose 19% to CNY12.68 billion from CNY10.64 billion. Ping An, based in the southern city of Shenzhen, disclosed the 2005 figures to the Hong Kong stock exchange Friday, but didn't offer any comment on them. Ping An's life insurance premiums rose at roughly the same rate as market leader China Life Insurance Co. (LFC), whose premiums rose 7.3%. Gains in Ping An's nonlife premiums far outpaced bigger rival PICC Property & Casualty Co. (2328.HK), whose premium revenue was basically flat for 2005. China's insurance companies report their premium income on a monthly basis to regulators. Those figures are based on Chinese accounting standards, and so aren't directly comparable with figures prepared according to international accounting standards that Ping An publishes with its formal financial results.
中国平安保险2005年寿险业务保费收入上升7.2%

中国平安保险(集团)股份有限公司(Ping An Insurance (Group) Co. of China, 2318.HK)公布,2005年核心的人寿保险业务保费收入增长7.2%,增速与规模较大的竞争者相当。 2005年该公司人寿保险业务保费收入增至人民币588.5亿元,高于2004年的人民币548.8亿元;该公司规模较小的非人寿保险业务保费收入为人民币126.8亿元,较2004年的人民币106.4亿元增长了19%。 平安保险公司总部设在中国南方城市深圳,该公司上周五在香港证交所(Hong Kong stock exchange)披露了2005年业绩,但并未对此置评。 平安保险公司的寿险保费收入增幅大致与人寿保险市场领头羊中国人寿保险股份有限公司(China Life Insurance Co., LFC)的增幅相当,后者保费增长7.3%。平安保险公司非人寿保险业务的保费收入增速远远快于规模较大的竞争对手中国人民财产保险股份有限公司(PICC Property & Casualty Co., 2328.HK),该公司2005年的保费收入基本与上年持平。 中国的保险公司每月向监管机构披露保费收入。这些数据均依据中国会计准则编制,因此无法与平安保险公司根据国际会计准则公布的正式财务结果进行直接比较。

(back)CNY "Indeed Undervalued" - Govt Think Tank

CNY "indeed undervalued" as China GDP expected up 8.8%, trade surplus likely to remain high at $100 billion in 2006, says chief economist Zhu Baoliang with government-backed State Information Center. Also expects forex reserves to rise $150 billion to $950 billion, M2 up 17%, M1 up 15% this year. Market widely expects CNY to rise further this year, but no clear signals yet from central bank on how gradual CNY rise could be.
人民币确实被低估了 - 国家信息中心

人民币确实被低估了,因为2006年中国国内生产总值预计增长8.8%,贸易顺差料保持高位,达到1,000亿美元,有政府背景的中国国家信息中心首席经济学家祝宝良表示。还预计今年外汇储备将增长1,500亿美元至9,500亿美元,预计广义货币供应量M2增17%,预计狭义货币供应量M1增15%。市场广泛预计今年人民币将进一步升值,但尚无来自央行的明确迹象显示人民币逐步升值幅度可能任何。

(back)China State Media Eye Gradual CNY Rise '06

CNY expected to rise gradually in 2006, say all chief or vice chief editors at China's 16 major state media in survey among themselves; media include official Xinhua News Agency, Communist Party mouthpiece People's Daily; none expect CNY to rise significantly in 2006 or remain unchanged from 2005. Survey result to some extent represents market consensus CNY will continue to rise in small steps, especially after 2005 trade surplus soared to record high $101.88 billion
中国官方媒体预计人民币在2006年将逐渐升值

中国16家官方媒体的主编或副主编在接受调查时表示,预计人民币在2006年将逐渐升值;这些媒体包括新华社和人民日报;没有人预计人民币在2006年会大幅升值或者与2005年持平。调查结果在某种程度上代表了市场对人民币汇率的普遍看法,即认为人民币将继续小幅升值,尤其是在2005年贸易顺差扩大到创纪录高点1018.8亿美之后

(back)China Merchant Bk Plans HK$10B IPO - Report

IPO WATCH: China Merchants Bank (600036.SH), which seeking to become 1st mainland bank to be listed both at home, overseas, plans to raise more than HK$10 billion via HK IPO, possibly before June, reports The Standard, citing market sources. Adds, China Merchants, which many acknowledge as among best-managed companies in mainland, may be preferred to its gigantic sister banks, Bank of China and ICBC, because its smaller size makes it more nimble company; also may win investors' favor based on its record of growth in rapidly expanding consumer market. NPLs at CNY11.8 billion at end-September, 2.6% of CNY454 billion total loans; net profit +48% in 1st 9 months of 2005 to CNY3.2 billion, says The Standard; IPO will be arranged by Merrill Lynch.
招商银行拟通过在香港IPO筹集逾100亿港元-报导

新股预告:据《英文虎报》原因市场消息人士的话报导,招商银行(600036.SH)试图成为中国大陆第一家既在国内上市又在海外上市的银行,计划通过在香港首次公开募股筹集逾100亿港元资金,报导还称,许多人认为招商银行是中国大陆管理水平最佳的公司之一,可能比规模庞大的姊妹银行(如中国银行和中国工商银行)更受青睐,因为较小的规模使其成为行动更灵敏的公司;而且,该行在快速扩张的消费者市场的增长记录可能使其赢得投资者的喜爱。据《英文虎报》报导,该行截至去年9月底的不良贷款为人民币118亿元,占贷款总额(人民币4,540亿元)的2.6%;2005年前9个月的纯利增长48%,至人民币32亿元;首次公开募股的安排人为美林

(back)China Yuan Official Central Parity Rates For Friday


The China Foreign Exchange Trade System published the following official central parity rates for major currencies against the yuan Friday:

Friday Thursday
USD/CNY 8.0648 8.0687
HKD/CNY 1.0399 1.0406
JPY/CNY (per 100 yen) 6.9807 6.9919
EUR/CNY 9.7483 9.7590
The People's Bank of China sets the daily central parity rate for the yuan versus the U.S. dollar by calculating a weighted average of the prices given by market makers. The highest and lowest offers are excluded from the calculation.

In each daily trading session, the central bank allows the dollar-yuan rate to move no more than 0.3% above or below the central parity rate. Other currency pairs are allowed to move as much as 3% above or below the central parity rate.





(back)China shares pile on gains

SHANGHAI -- Shares in China were buoyed for a third straight session on hopes that market overhauls later in the year will benefit foreign investors.

The benchmark Shanghai Composite Index added 1.5% Thursday to finish at 1251.58 after rises of 2.1% and 0.5% in the two previous trading sessions.

Supporting the market were signs that the government is planning changes this year that could benefit foreign investors. One move under consideration would start including a broader range of firms in China's qualified foreign institutional investor, or QFII, program. That system, launched in mid-2003, allows selected overseas investors to buy shares in some companies that used to be limited only to domestic investors.

The biggest winners this week have been China's Class B shares, a class of stock created 15 years ago specifically for foreigners and denominated in foreign currency. Investors have been buying them on reports that the government might merge them into Class A shares, traditionally reserved for domestic investors, which have higher valuations than B shares.

However, government officials Thursday said that a report this week about plans for a pilot overhaul to phase out B shares was speculative.

Still, in Shanghai, B shares bounded an additional 9.3% Thursday after surging 9.1% the previous session. B shares in Shenzhen jumped 3.7% after rising 7.6% the previous session. Although B shares constitute just 2% of China's $430 billion stock-market capitalization, those gains helped push up the broader indexes.

Overall, foreign investors have remained bullish on China stocks, even as the market has remained weak. The Shanghai Composite Index is down 0.8% so far this year after a fourth straight annual decline in 2005.

Efforts in China since last May to do away with "state shares," a class of nontradable shares the government owns in almost all listed Chinese companies, have encouraged foreign fund managers that Beijing is intent on fixing its markets.

The chance to participate in a further appreciation of China's yuan also has been a bullish factor for investors. Indeed, since the government revalued the currency slightly last July, the benchmark Shanghai index has posted a 23% gain.

Despite the interest from foreigners, Beijing has moved more slowly than expected in expanding its QFII program. QFII quotas now total just $5.65 billion, despite Beijing's pledge last year to allow $10 billion in investment.

Since early 2005, UBS AG has waited for an increase in its $800 million QFII quota and can't satisfy the "overwhelming demand from our investors, left, right and center" to buy Chinese stocks, according to Nicole Yuen, the company's head of China equities.

The draft rules to overhaul the QFII system show smaller and newer firms, as well as a broader range of companies, will gain access to the program. Beijing also could reduce a one-year limit on remittances of investment, according to one fund manager familiar with the possible changes.
中国股市连续三个交易日上涨




中国股市连续第三个交易日表现强劲,原因是投资者希望今年晚些时候进行的大规模股市改革将使境外投资者受益。

基准的上证综合指数周四上涨了1.5%,收于1251.58点,此前两个交易日该指数分别上涨了2.1%和0.5%。

有迹象显示,中国政府正计划今年进行一些能给境外投资者带来益处的改革,这支持了股市的上涨。其中一项正考虑采取的措施是使更多类型的公司获得合格境外机构投资者(QFII)资格。QFII制度于2003年中期推出,它使得一批经过挑选的境外投资者得以购买在中国大陆上市的A股,而这类股票以前只限于境内投资者购买。

本周最大的赢家是中国的B股,这类15年前创设的股票以外币计价,专供境外投资者交易。由于有报导说中国政府可能会将B股并入A股,因此投资者一直在购买这类股票。传统上只供境内投资者交易的A股市盈率要高于B股。

但政府官员周四表示,本周关于政府计划逐步取消B股的报导完全是猜测。

尽管如此,上海的B股指数继周三大涨了9.1%后周四还是又上涨了9.3%。深圳B股指数周三、周四的涨幅分别为7.6%和3.7%。虽然B股的市值只占中国股市4,300亿美元总市值的2%,但B股的上涨还是推动了大盘的整体上扬。

总体而言,境外投资者依然看好中国股市,即使中国股市目前仍处于疲弱状态。上证综合指数今年迄今为止已下跌了0.8%,此前该指数已连续四年下跌。

从去年5月起,中国政府开始著手取消“国有股”,政府在中国几乎所有上市公司中都拥有一批这类不可交易的股票。此举使境外的基金经理们感到鼓舞,他们认为这表明中国政府有意进行股市改革。

投资者看好股市的另一个因素是,这给他们提供了一个从人民币进一步升值中获利的机会。事实上,自从中国政府去年7月小幅重估人民币币值以来,基准的上证综合指数已经上涨了23%。

尽管境外人士有兴趣投资中国股市,但中国政府在扩大QFII规模方面的进展却一直慢于人们的预期。虽然中国政府去年保证在QFII项目下将允许有100亿美元外资投资中国,但政府目前批准的QFII投资额度只有56.5亿美元。

瑞士银行(UBS AG)中国证券部主管袁淑琴(Nicole Yuen)说,自2005年初以来,该行一直在等待中国政府增加其目前仅为8亿美元的QFII投资额度,目前的这一额度无法满足该行各类投资者投资中国大陆的强烈需求。

中国改革QFII制度的草案显示,那些规模较小、成立年头较短的公司也可获得QFII资格,此外QFII的涵盖范围还有望扩大到更多类型的公司。据一位熟悉这方面情况的基金经理说,QFII制度目前有关获得投资收益一年以后才可将收益汇出境外的期限也有望缩短。

(back)China Shares End Slightly Higher, Led By Metal Companies


SHANGHAI -- China's shares ended slightly higher Friday, led by metals companies, but some B shares gave back gains posted in the previous two sessions on hopes they would be converted to yuan-denominated stock.

The benchmark Shanghai Composite Index, which tracks both A and B shares, ended up 0.3% at 1255.31. The Shenzhen Composite Index rose 0.1% to 305.32.

"Metals shares were a hot spot of the market," said Zhou Lin, an analyst at Huatai Securities. "Their basic quality is good and metals prices on the international market are high."

Gold and aluminum have recently hit some record highs. London Metal Exchange aluminum rose to fresh 18-year highs of $2,430/ton Thursday. Also Thursday, gold surged $14.70 to $558.40 an ounce, a new 25-year New York high.

Shandong Gold-Mining rose 5.5% to CNY17.20, while Zhongjin Gold gained 3.5% to CNY10.73. Yunnan Aluminium rose 9.8% to CNY5.60, and Lanzhou Aluminium gained 2.8% to CNY5.98.

B shares were mixed Friday after their recent surge, with analysts continuing to dismiss as speculation a report that B shares could eventually be phased out. The Shanghai B Share Index rose 0.8% to 85.46, while the Shenzhen B Share Index fell 0.8% to 248.29.

The Shanghai B Share Index jumped nearly 20% in the previous two sessions on speculation the foreign currency-denominated stock could eventually merge with yuan-denominated A-shares.

A number of B shares trade at a discount to A shares, and analysts have said some investors expect they may eventually pocket a premium for giving up their B shares.

"This is just a rumor," said Yu Yang, an analyst at Guotai Junan Securities. There have been no policies announced about such a merger of A shares and B shares, he said.

Shares of airlines fell broadly following China Southern Airlines, one the country's three major air carriers, saying Friday it may post a loss for 2005 because of surging fuel costs and intensifying competition from domestic rivals.

Analysts said the news from China Southern was within expectations, as oil prices remained at a high level in the last months of 2005. The Guangzhou-based airline posted a net profit of CNY9 million in the January-September period, compared with CNY541 million in the same period a year earlier.

China Eastern Airlines, another of the country's three major airlines, issued a notice earlier in the week saying its 2005 net income would fall by more than 50%, though the airline didn't mention reasons for the decline.

China Southern Airlines fell 5.6% to CNY2.68, while China Eastern declined 2.0% to CNY2.49, and Hainan Airlines fell 3.4% to CNY2.54.

Zhang Qi, an analyst with Haitong Securities, said the market's recent rally may taper off in the three trading days next week before the Chinese New Year. Wednesday is the last day of trading before the holiday.

"In the sessions before (Chinese New Year), investors may sell stocks and wait until after the holiday to see" the market's situation, Zhang said.

The Shanghai Composite Index has gained about 14% from the beginning of December through Friday.

Turnover on the Shanghai Composite Index rose to CNY16.47 billion from CNY15.73 billion Thursday.
级别: 管理员
只看该作者 26 发表于: 2006-01-23
HK Shares End Slightly Dn; China-Related Cos Still Active-2-

Hong Kong shares ended slightly lower Friday on profit-taking in heavyweights HSBC and Hutchison Whampoa, though China-related shares continued to be active. The blue-chip Hang Seng Index slipped 8.34 points, or 0.1%, to 15,662.08 after trading between 15,565.51 and 15,788.07 during the session. Turnover totaled HK$33.53 billion, up from HK$32.01 billion Thursday. 'There is some resistance at the 15,800 level. It is likely we are going to see some deeper correction next week,' said Castor Pang, a strategist at Sun Hung Kai Research Ltd. Pang said he expects the benchmark index to trade between 15,370 and 15,700 next week. HSBC fell 0.2% to HK$129.9, while Hutchison Whampoa dropped 1% to close at HK$78.6. HSBC has risen 4.3% since the start of this year, while Hutchison has gained 6.4%. China Mobile rose 0.4% to HK$38.1 after its parent said Friday it added 3.96 million new customers in December, its biggest monthly increase in 2005. Property stocks were mixed. Cheung Kong rose 0.2% to HK$83.6 and Hang Lung Properties ended 2.2% higher at HK$13.95. New World Development, however, fell 2.2% to HK$11.05 and Sun Hung Kai Properties closed down 0.7% at HK$80.25. 'Property stocks continue to be affected by interest rate hike worries; new apartment sales still aren't looking very good,' Pang said. Though investors believe the rate-hike cycle is nearing an end, rate hikes have raised mortgage repayments to a level that is deterring apartment purchases. The independent shareholders of Henderson Investment Friday rejected a revived HK$11.7 billion buyout offer by its parent, Henderson Land. Both stocks were suspended from trading. 'Henderson Land might be under selling pressure when it resumes trading on Monday,' said Eric Yuen, head of research at Dao Heng Securities. Hong Kong & China Gas, a 37.15%-owned affiliate of Henderson Investment, fell 2.9% to HK$16.85. Some analysts said earlier it could be the Henderson group's next buyout target. Lenovo ended 3.5% higher at HK$3.7 to be the biggest blue-chip gainer of the day. Strong demand for personal computers in Europe and Asia helped boost worldwide PC shipments by 16% to 17% in the fourth quarter, according to estimates by market research firm International Data Corp. Among China-related shares, Sinopec and PetroChina hit new highs on strong international crude prices and good operational results. Sinopec rose 2.9% to HK$4.5 and PetroChina gained 0.7% to HK$7.5. Blue chip CNOOC rose 1.6% to HK$6.3. Commodities firms also advanced. Yanzhou Coal was up 5.4% at HK$5.85, Angang New Steel rose 3.2% to HK$4.88 and Anhui Conch Cement finished 3.2% higher at HK$9.8. 'I don't see any sign of inflows of funds (into the market) slowing; turnover is still pretty high,' said Kingston Lin, associate director of Prudential Brokerage Ltd. 'Corporate earnings will be the next booster of Hong Kong stocks,' Lin said. Analysts said there more be some positive 2005 earnings surprises because of strength in the Hong Kong and China economies. Bank of East Asia will become the first blue chip to report its 2005 earnings result on Feb. 10. Friday Previous Change Hang Seng Index 15662.08 15670.42 -8.34 HS Fin Sub-Index 27680.03 27763.39 -83.36 HS Utils Sub-Index 31466.41 31754.05 -287.64 HS Prop Sub-Index 19273.23 19281.33 -8.10 HS Comm&Indus-Index 7623.58 7603.86 +19.72 HS Composite Index 2073.82 2074.65 -0.83 S&P HKEx GEM Index 1142.60 1143.09 -0.49 S&P/HKEx LargeCap Index 18170.17 18171.09 -0.92 HS (Red Chip Index) 2085.73 2072.92 +12.81 HS (H Shr Index) 6097.34 6103.43 -6.09
香港股市收盘微幅走低,但与中国大陆有关的股票依然活跃 -2-

新鸿基资料研究有限公司(Sun Hung Kai Research Ltd.)的策略师彭伟新(Castor Pang)认为,恒指在15,800点处仍存在一定的阻力,下周可能会出现幅度更深的回调。 彭伟新表示,他个人预计基准指数下周将在15,370-15,700点之间波动。 汇丰跌0.2%,收于129.9港元,和黄下跌1%,收于78.6港元。自今年初以来汇丰已经上涨了4.3%,而和黄也已上涨了6.4%。 中国移动(China Mobile)涨0.4%,至38.1港元,此前其母公司于周五表示,12月新增了396万名客户,这是2005年单月新增客户最多的一个月。 地产股涨跌互见。长江实业(Cheung Kong)涨0.2%,收于83.6港元,恒隆地产(Hang Lung Properties)收盘涨2.2%,至13.95港元。但新世界发展(New World Development)跌2.2%,收于11.05港元;新鸿基地产(Sun Hung Kai Properties)跌0.7%,至80.25港元。 彭伟新称,地产股仍受到加息忧虑的不利影响,新住宅销售前景仍不乐观。 尽管投资者相信,加息周期已经接近结束,但加息已导致按揭贷款的还款额增加,吓退了购房者。 恒基发展(Henderson Investment)的独立股东周五拒绝了母公司恒基地产(Henderson Land)重新提出的以117亿港元全面收购该公司的要约。两家公司的股票均停牌。 道亨证券(Dao Heng Securities)研究部门的主管Eric Yuen指出,恒基地产下周一复牌后可能面临抛压。 由恒基发展持股37.15%的关联公司香港中华煤气(Hong Kong & China Gas)跌2.9%,至16.85港元。一些分析师早些时候表示,该公司可能成为恒基集团的下一个收购目标。 联想集团(Lenovo)收盘涨3.5%,至3.7港元,是本交易日蓝筹股中涨幅最大的股票。据研究公司国际数据公司(International Data Corp.)的估计,欧洲和亚洲地区对个人电脑的强劲需求推动该公司第四财政季度在全球的个人电脑发货量增加了16%-17%。 中国大陆相关的股票中,中国石化(Sinopec)和中国石油(PetroChina)均创下新高,原因是国际原油价格居高不下,同时公司运营业绩良好。 中国石化涨2.9%,至4.5港元,中国石油涨0.7%,至7.5港元。蓝筹股中海石油(CNOOC)涨1.6%,至6.3港元。 大宗商品公司的股票也有所上涨。兖州煤业(Yanzhou Coal)涨5.4%,至5.85港元;鞍钢新轧钢(Angang New Steel)涨3.2%,至4.88港元;安徽海螺水泥(Anhui Conch Cement)涨3.2%,至9.8港元。 信诚证券有限公司(Prudential Brokerage Ltd.)联席董事连敬涵(Kingston Lin)称,他个人并未发现资金流入有任何放慢的迹象。 连敬涵表示,公司收益将是推高香港股市的下一个因素。 分析师们认为,由于香港和中国大陆经济的良好势头,可能会有更多的公司公布令人意外的2005年收益报告。 东亚银行(Bank of East Asia)将成为第一个公布2005年业绩的蓝筹股公司,该公司将于2月10日公布业绩。

(back)HK Shares End Slightly Dn; China-Related Cos Still Active

Hong Kong shares ended slightly lower Friday on profit-taking in heavyweights HSBC and Hutchison Whampoa, though China-related shares continued to be active.

The blue-chip Hang Seng Index slipped 8.34 points, or 0.1%, to 15,662.08 after trading between 15,565.51 and 15,788.07 during the session.

Turnover totaled HK$33.53 billion, up from HK$32.01 billion Thursday.

"There is some resistance at the 15,800 level. It is likely we are going to see some deeper correction next week," said Castor Pang, a strategist at Sun Hung Kai Research Ltd.

Pang said he expects the benchmark index to trade between 15,370 and 15,700 next week.

HSBC fell 0.2% to HK$129.9, while Hutchison Whampoa dropped 1% to close at HK$78.6. HSBC has risen 4.3% since the start of this year, while Hutchison has gained 6.4%.

China Mobile rose 0.4% to HK$38.1 after its parent said Friday it added 3.96 million new customers in December, its biggest monthly increase in 2005.

Property stocks were mixed. Cheung Kong rose 0.2% to HK$83.6 and Hang Lung Properties ended 2.2% higher at HK$13.95. New World Development, however, fell 2.2% to HK$11.05 and Sun Hung Kai Properties closed down 0.7% at HK$80.25.

"Property stocks continue to be affected by interest rate hike worries; new apartment sales still aren't looking very good," Pang said.

Though investors believe the rate-hike cycle is nearing an end, rate hikes have raised mortgage repayments to a level that is deterring apartment purchases.

The independent shareholders of Henderson Investment Friday rejected a revived HK$11.7 billion buyout offer by its parent, Henderson Land. Both stocks were suspended from trading.

"Henderson Land might be under selling pressure when it resumes trading on Monday," said Eric Yuen, head of research at Dao Heng Securities.

Hong Kong & China Gas, a 37.15%-owned affiliate of Henderson Investment, fell 2.9% to HK$16.85. Some analysts said earlier it could be the Henderson group's next buyout target.

Lenovo ended 3.5% higher at HK$3.7 to be the biggest blue-chip gainer of the day. Strong demand for personal computers in Europe and Asia helped boost worldwide PC shipments by 16% to 17% in the fourth quarter, according to estimates by market research firm International Data Corp.

Among China-related shares, Sinopec and PetroChina hit new highs on strong international crude prices and good operational results.

Sinopec rose 2.9% to HK$4.5 and PetroChina gained 0.7% to HK$7.5. Blue chip CNOOC rose 1.6% to HK$6.3.

Commodities firms also advanced. Yanzhou Coal was up 5.4% at HK$5.85, Angang New Steel rose 3.2% to HK$4.88 and Anhui Conch Cement finished 3.2% higher at HK$9.8.

"I don't see any sign of inflows of funds (into the market) slowing; turnover is still pretty high," said Kingston Lin, associate director of Prudential Brokerage Ltd.

"Corporate earnings will be the next booster of Hong Kong stocks," Lin said.

Analysts said there more be some positive 2005 earnings surprises because of strength in the Hong Kong and China economies.

Bank of East Asia will become the first blue chip to report its 2005 earnings result on Feb. 10.

Friday Previous Change
Hang Seng Index 15662.08 15670.42 -8.34
HS Fin Sub-Index 27680.03 27763.39 -83.36
HS Utils Sub-Index 31466.41 31754.05 -287.64
HS Prop Sub-Index 19273.23 19281.33 -8.10
HS Comm&Indus-Index 7623.58 7603.86 +19.72
HS Composite Index 2073.82 2074.65 -0.83
S&P HKEx GEM Index 1142.60 1143.09 -0.49
S&P/HKEx LargeCap Index 18170.17 18171.09 -0.92
HS (Red Chip Index) 2085.73 2072.92 +12.81
HS (H Shr Index) 6097.34 6103.43 -6.09








(back)9 Trapped As 2 Coal Mines Flood In China -Xinhua

BEIJING (AP)--A flood in two connecting coal mines in southwest China left nine people trapped, state media said Saturday.

The accident happened Thursday evening in a mine shaft used by the Gutaibai and Anleixing coal mines in southwestern Guizhou province, the official Xinhua News Agency said.

Gutaibai miners accidentally tunneled through into a waterlogged area, which causing flooding in both mines, Xinhua said.

The report did not say how many workers were underground at the time of the accident. Neither of the mines had a license to operate, Xinhua said.

China has the world's deadliest mines, with thousands killed every year in floods, explosions, fires and cave-ins.

Most accidents are blamed on negligent managers who ignore safety rules or fail to install adequate ventilation.


(back)UPDATE:Collision On New Rail Line To Tibet Kills 1 -China

SHANGHAI (AP)--Two locomotives collided at a work site on China's new railway to Tibet, killing one person and injuring eight others, the government said Saturday.

The accident occurred Friday evening at a railway station about 130 kilometers from the Tibetan capital, Lhasa, the official Xinhua News Agency reported.

Xinhua said one of the locomotives was traveling at about 30-40 kilometers an hour, but because of a mechanical failure gathered speed instead of slowing down as it approached the site.

It crashed into a locomotive parked on the railway for repairs, Xinhua said.

Although the 1,950-kilometer railway between Lhasa and the city of Xining, in Qinghai province, was completed in October, test runs for commercial operations are not due to begin until next summer.

The line is the only railway link to the Himalayan region


(back)Rights Grp: Chinese Activist Forced Into Mental Hospital

A Chinese activist was bound and gagged and forcibly sent to a psychiatric hospital in Shanghai as she attempted to petition the government over forced land seizures, a New York-based rights group said Saturday.

Liu Xinjuan was one of several people detained Jan. 16 in China's biggest city of Shanghai as they prepared to take their grievances to the local legislature, Human Rights in China said.

Liu is a longtime activist who has petitioned the government on several occasions over home demolitions, in which residents say they were never consulted or properly compensated.

China's legal system offers little recourse in such cases, prompting many to take petitions directly to central or local authorities as permitted by law.

However, rights groups frequently report that Chinese authorities try to block such complaints by preventing disgruntled people from traveling or detaining them when they arrive.

Liu was gathering with several other petitioners in Shanghai's Jing'an park when police arrived, bundling her into a car and taking her to a police station in Qibao town, HRIC said, citing sources.

Later that night, Liu was taken bound and gagged to Beiqiao psychiatric hospital, HRIC said.

According to Liu's son, Feng Liangxi, who visited his mother at the hospital, her body and face were covered with bruises. She was also unable to move her left hand due to an injury, HRIC quoted Feng as saying.

A woman reached by phone at the psychiatric hospital confirmed Liu had been brought in on Jan. 16. She refused to give her name, and hung up when asked to comment further.

An official who answered the phone at the police station in Qibao refused to comment.

Liu had also been sent for psychiatric treatment in March and June of 2003, as well as being held in criminal detention, HRIC said.
级别: 管理员
只看该作者 27 发表于: 2006-01-23
Indonesia To Up Tangguh LNG Price To Fujian To +$25/Bbl

Indonesia will adjust its price for liquefied natural gas to be sold to China's Fujian province from BP PLC's (BP) Tangguh project to above $25 a barrel from the current $23/bbl, a senior government official said Friday.

"Fujian has agreed to the adjustment in the ceiling price from Tangguh," Kardaya Warnika, chairman of BP Migas Upstream Oil and Gas Regulatory Agency, told reporters, without elaborating.

Indonesia, the world's sixth largest natural gas producer, in July 2004 signed an agreement to sell 2.6 million metric tons of LNG annually from 2008 to Fujian province for 15 years from the Tangguh project, located in Indonesia's West Papua province.

Analysts say Indonesia is trying to increase its sales of gas and gas products due to perceptions that recent contracts don't provide adequate revenues to support the development of various projects.

Indonesia is also trying to sell its LNG to new markets, including the U.S. West Coast and Mexico.


(back)China Journalist Who Backed Graft Crusader Goes On Trial

SHANGHAI (AP)--A journalist who backed an imprisoned anti-corruption crusader has gone on trial in eastern China in what his lawyer on Friday called a possible attempt to punish him for his activism.

Former newspaper editor Li Changqing is charged with "deliberately fabricating and spreading false and alarmist information" over reports of dengue fever outbreaks that appeared on an overseas news Web site.

However, lawyer Mo Shaoping said those charges were brought only after prosecutors failed to make stick subversion accusations. The earlier charges were brought as part of an investigation of Huang Jingao, a career bureaucrat who gained national notoriety for publicizing his graft-busting efforts in an open letter to the Communist Party's People's Daily newspaper.

Huang was sentenced in November to life in prison on bribery and embezzlement charges that supporters said were trumped up by officials fearing exposure.

"On the surface, there is no relationship between these two different cases. But it is really hard to say," Mo told The Associated Press.

No verdict has been announced following Thursday's hearing at the Gulou District Court in the eastern city of Fuzhou, Mo said.

Li has been in detention since February 2005. If found guilty, he will likely receive a sentence of less than five years, Mo said.

Li had been deputy news director of the Fuzhou Daily, a newspaper in the eastern province of Fujian where Huang was a county party secretary.

Authorities believed that Li actually authored Huang's letter to the People's Daily, in which Huang described having to wear a bulletproof vest after receiving death threats, according to the New York-based Committee to Protect Journalists. Li also wrote numerous news articles promoting Huang and his work, the group said.

While the ruling Communist Party says corruption is the biggest threat to its existence, it requires such investigations to be handled internally and secretly. Media coverage is usually banned.

Wary of independent whistle blowers who might challenge its absolute authority, the party routinely locks up journalists, low-level bureaucrats and private citizens who complain too loudly about official abuses


(back)Interrogations of suspects in work crimes to be taped


CHINA will start taping interrogations of suspects involved in work-related crimes to prevent confessions being extracted through torture, state media reported.

Sound recording will start in March, and video recording in October 2007, the official Xinhua news agency said.

Wang Zhenchuan, China's vice procurator-general, said the recordings will help prevent legal violations during interrogation, help ensure the accuracy of key evidence and prevent criminal suspects from revoking confessions or bringing false charges against interrogators. He added that recordings should be live and unedited.


(back)Japan Foreign Min: Welcomes China's Econ, Political Rise

Japan welcomes China's economic and political rise, Foreign Minister Taro Aso said Friday.

Aso, who triggered criticism from Beijing recently by calling China a threat, also called on Japanese to show understanding toward China.

"Japan welcomes China's increased global responsibilities in both the political and economic fields," Aso said.


(back)China Deploys Police To Quash Protests In Shenzhen -Media

SHANGHAI (AP)--Authorities in the southern Chinese city of Shenzhen deployed thousands of armed police to quash a protest by more than 3,000 people over a crackdown on massage parlors and discos that left many out of work, media reports said Friday.

The protests occurred outside city government offices Thursday after police shut down dozens of entertainment and massage joints in a cleanup campaign, the Hong Kong newspaper Ming Po and other reports said.

"We can neither confirm nor comment on it. We are not authorized to say anything on this," said an official at the city police headquarters, who gave his surname as Liu.

The city government's spokesman was said to be in a meeting and not available for comment.

The reported protest coincided with a report by the Ministry of Public Security of a rise in the number of public disturbances - highlighting China's struggle to contain simmering social instability amid mounting protests over corruption, pollution and other problems.

The number of cases of public disorder in China jumped to 87,000 last year, it said, up 6.6% from 81,600 the year before.

The Ming Po report said police accused organized criminal gangs, often involved in operating entertainment venues and massage parlors that are customarily fronts for brothels, of inciting the disturbance.

The reports put the number of protesters at between 3,000 and 5,000, and the number of police at between 5,000 and 7,000. Hong Kong's South China Morning Post said nearby roads were closed as the two sides faced off.

According to Ming Po, 1,000 people were loaded onto buses and taken to police stations for questioning before being released. Among them, 25 were formally arrested.

Shenzhen, a boomtown on China's border with Hong Kong, has long been notorious for its high crime rate and thriving sex industry - a reputation jarringly at odds with the government's efforts to portray it as a showcase of the country's high-tech industry.

Police, fire department staff, and "cultural management" officials closed down more than 100 discos and nightclubs in the city's Shazuicun district Wednesday, accusing them of lacking licenses or failing to comply with fire codes, the reports said.

Corrected Jan. 20, 2006 4:08 ET (0908 GMT)

The number of cases of public disorder in China jumped to 87,000 last year, it said, up 6.6% from 81,600 the year before.


(back)Heavy Snow In China Leaves 160,000 Stranded - Report

BEIJING (AP)--Heavy snow in central China left at least 160,000 people stranded at three train stations including in the capital Beijing, causing chaos during one of the busiest travel periods of the year, state media said Friday.

About 100,000 people - many of them trying to get home for the Lunar New Year holiday - were left waiting at Beijing's Western train station on Thursday as snowfall disrupted services on a key north-south route, the official Xinhua News Agency said.

Up to 20 trains were delayed by several hours from leaving the capital due to snow in Zhengzhou, a key transport hub on the Beijing-Guangzhou route, it said.

Photos carried in state media showed thousands of passengers packed into Beijing's western station, with many more kept outside in the freezing cold by armed police and railway guards.

In Zhengzhou, capital of central China's Henan province, another 60,000 people were reportedly held up as they waited to board trains out of the city, Xinhua said.

In the northwestern city of Xi'an, snowfall left about 3,000-4,000 people stranded at the train station, state-run China Central Television said Friday.

By noon Friday, the last batch of a few thousand people boarded trains in Beijing, it said.

The Lunar New Year - or Spring Festival holiday - is a key travel period for China when millions of migrant workers and students traditionally return home for the weeklong break. Train and long-distance bus tickets can be sold out well in advance, and many people are forced to stand up during their long trips.








(back)Scramble for super-casino turns into lottery

Stephen Crow, head of the government's Casino Advisory Panel, said "fairness and rigorous examination will be our watchwords" when assessing the applications. But when asked how he would choose, he said: "How are we going to make up our minds? I don't know."

With the deadline for applications not until March 31, more authorities are expected to register interest in having a super-casino. Blackpool is the favourite to win the licence, having made a super-casino the cornerstone of a city-wide regeneration programme.

However, London is also hopeful of winning the licence, with super-casinos planned at the new Wembley Stadium and next to the Millennium Dome.

Under the government's controversial new gambling laws, which were passed last year, only one super-casino will be allowed. An additional eight medium-sized casinos and eight large ones will also receive licences.

Speaking at a Social Market Foundation seminar to an audience that included several US casino operators, Prof Crow said most local authorities were only interested in super-casinos. "They are not so interested in the large or small ones," he said.

The government originally intended to grant eight super-casino licences but was forced to cut the number to one after tense negotiations with the Conservatives in the run-up to the last general election.

Richard Caborn, gambling minister, said recently the legislation could be revisited and the number of super-casino licences increased - provided there was sufficient support from local authorities, MPs and the public.

The Conservatives indicated yesterday they would support licensing more super-casinos. Malcolm Moss, shadow minister for gambling, blamed Labour backbenchers for the government's failure to increase the number.

Mr Moss said the Tories would back an increase provided there were other changes in the Gambling Act, such as the granting of more rights to incumbent UK operators. "We would revisit [the Act] on a number of issues, not just...regional casinos," he said.

Birmingham, Glasgow, Manchester, Leeds, Newcastle and London all hope to win a super-casino licence, with authorities striking deals with operators including MGM Mirage, Kerzner International and Harrah's Entertainment.

The Greater London Authority spoke out in favour of more licences. "We favour two pilot casino projects," said Andrew Barry-Pursell, from the economic and business policy unit of the mayor's office.
英国城市争当“拉斯维加斯”



英国各城市为修建国内唯一一座拉斯维加斯式超级赌场的争夺,正变得扑朔迷离。负责选址工作的机构目前已收到逾40份申请,而该机构负责人表示,他不知该如何从中选择。

英国政府赌场顾问小组(Casino Advisory Panel)负责人斯蒂芬?克罗(Stephen Crow)教授表示,在评估这些申请的时候,“公平和严格审查是我们的口号”。但是,当被问及如何选择的时候,他说:“我们怎么下决定?我不知道。”


由于申请截止日期是3月31日,预计还会有更多城市表示有意让超级赌场落户。在所有申请城市中,布莱克浦提出了一个围绕超级赌场的全城重建计划,成为夺标大热门。

然而,伦敦也有希望赢得这张牌照。该市拟在新的温布利体育场(Wembley)和千禧穹顶(Millennium Dome)修建超级赌场。

英国政府去年通过了颇受争议的新赌博法,仅允许成立一家超级赌场。此外还将发放8张中型赌场和8张大型赌场的牌照。

在一次社会市场基金会(Social Market Foundation)的研讨会上,克罗向包括数家美国赌场经营者在内的听众表示,多数地方当局仅对超级赌场感兴趣。他称:“他们对大型或小型赌场的兴趣没有那么大。”

英国政府原本打算发放8张超级赌场牌照,但经过去年大选前与保守党的紧张谈判后,政府被迫将超级赌场牌照数量减至一张。


英国体育大臣理查德?卡本(Richard Caborn)最近表示,如果能获得地方当局、议会下院议员及公众的足够支持,政府有可能修订相关立法,增加超级赌场牌照的数量。

 
级别: 管理员
只看该作者 28 发表于: 2006-01-23
Jack---Straight from the Gut

Contents
Author’s Note

PROLOGUE

SECTIONⅠ--------- EARLY YEARS

1 Building Self-Confidence

2 Getting Out of the Pile

3 Blowing the Roof Off

4 Flying Below the Radar

5 Getting Colser to the Big Leagues

6 Swimming in a Bigger Pond

SECTIONⅡ--------- BUILDING A PHILOSOPHY

7 Dealing with Reality and “Superficial Congeniality”

8 The Vision Thing

9 The Neutron Years

10 The RCA Deal

11 The People Factory

12 Remaking Crotonville Remake GE

13 Boundaryless:Taking Ideas to the Bottom Line

14 Deep Dives

SECTIONⅢ --------- UPS AND DOWNS

15 Too Full of Myself

16 GE Capital: The Growth Engine

17 Mixing NBC with Light Bulbs

18 When to Fight, When to Fold

SECTION Ⅳ --------- GAME CHANGERS

19 Globalization

20 Growing Services

21 Six Sigma and Beyond

22 E-Business

SECTION Ⅴ--------- LOOKING BACK, LOOKING FORWARD

23 “Go Home ,Mr. Welch”

24 What This CEO Thing Is All About

25 A Short Reflection on Golf

26 “New Guy”

EPILOGUE

ACKNOWLEDGMENTS

APPENDIXES

INDEX
通用电气CEO杰克韦尔奇传

目 录

第一部分 早年岁月

第一章   建立自信

第二章   脱颖而出

第三章   掀掉屋顶

第四章   在雷达下飞行

第五章   逼近大联盟

第六章   海阔凭鱼跃

第二部分 建立哲学观

第七章   面对现实与“阳奉阴违”

第八章   远见

第九章   “中子弹”岁月

第十章   RCA交易

第十一章 人的企业

第十二章 再造克罗顿维尔,再造GE

第十三章 无边界:将理念进行到底

第十四章 深潜

第三部分 商海沉浮

第十五章 唯我独尊

第十六章 GE金融服务集团:增长机器

第十七章 NEC和电灯泡的结合

第十八章 能屈能伸

第四部分 改变游戏规则

第十九章 全球化

第二十章 持续增长的服务业

第二十一章 六西格玛的里里外外

第二十二章 电子商务

第五部分 回顾与展望

第二十三章 “回家吧,韦尔奇先生”

第二十四章 CEO到底是干什么的

第二十五章 来自高尔夫的启迪

第二十六章 “新人”





鸣谢

附录A 经济萧条中的快速民展

附录B 2001年C类会议日程安排

附录C 韦尔奇致杰夫?伊梅尔特信

附录D 业务经理会议日程安排

Execution―The Discipline of Getting Things Done

CONTENTS

Introduction

PartⅠ WHY EXECUTION IS NEEDED

1:The Gap Nobody Knows

2:The Execution Difference

PartⅡ THE BUILDING BLOCKS OF EXECUTION

3: Building Block One: The Leader's Seven Essential Behaviors

4: Building Block Two: Creating the Framework for Cultural Change

5: Building Block Three: The Job No Leader Should Delegate--Having the Right People in the Right Place

PartⅢ: THE THREE CORE PROCESSES OF EXECUTION

6: The People Process: Making the Link with Strategy and Operations

7: The Strategy Process: Making the Link with People and Operations

8: How to Conduct a Strategy Review

9:The Operations Process: Making the Link with Strategy and People

Conclusion: Letter to a New Leader
执行―如何完成任务的学问:
2002年亚马逊商业图书销量第一

目   录

导言

第一部分 为什么需要执行

第1章 不为人知的鸿沟

第2章 执行文化所带来的区别

第二部分 执行的要素

第3章 要素一:领导者的七条基本行为

第4章 要素二:建立文化变革的框架

第5章 要素三:绝对不能托付他人的工作――人员的配置

第三部分 执行的三个核心流程

第6章 人员流程:在战略和运营之间建立联系

  第7章 战略流程:将人员与运营结合起来

第8章 如何进行战略评估

第9章 运营流程:在战略和人员之间建立联系

结语:致新领导的信

How to Pick Stocks like Warren Buffett

CONTENTS

PART 1 BECOMING A BILLIONAIRE                            

1       How Warren Buffett Amassed His Fortune

The Stuff that Billionaires Come From

From $100 to $30,000,000,000

Warren the Hustler

2       Amassing a Fortune, Part Ⅱ

Building Book Value

What Led to Berkshire’s Fabulous Stock Performance?

PART 2 DEVELOPING A MATHEMATICAL MIND                    

3       Buffett Math 101

The Power of Compounding

The Links between Price and Value in the Market

Price and Value Compound Together

Ignore Wall Street’s Predictions of Performance

What Does Mathematics Tell Us about the Market’s Future?

4       Buffett Math 201

Step1: The Miraculous Advantage of Buying Low

Step2: Keep It Concentrated

Step3: Stay Mindful of Costs

5       Understanding Opportunity Costs

Can I Interest You in a $20 Million Automobile?

Buffett the Rational Saver

6       Maximizing Gains with a Buy-and-Hold Strategy

Holding Period Determines Likelihood of Gain

The Punishing Cost to Society of Turnover

7       Avoiding the Chain Link of Errors

The Chain Rule―What an Assembly Line Has in Common with Stock Picking

8       Hitting for a High Average

A 30-Year Plate Appearance

Put Your Favorite Stock in Inventory

PART 3 ANALYZING COMPANIES LIKE BUFFETT                    

9       Valuing a Business

Estimating Earnings

Discounting Earnings for Risk

10   Book Value

How to Grow Book Value

Book Value Paints a Better Picture than Earnings

Those Disgraceful Accounting Charges

11   Understanding Return on Equity

Calculating Return on Equity

Use ROE to Predict Future Performance

12   Buffett’s Magic ”15 Percent Rule”

Rate-of
级别: 管理员
只看该作者 29 发表于: 2006-01-23
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The Millionaire Next Door《邻居是百万富翁》

CONTENTS

Introduction

1: Meet the Millionaire Next Door

2: Frugal Frugal Frugal

3: Time, Energy, and Money

4: You Aren’t What You Drive

5: Economic Outpatient Care

6: Affirmative Action, Family Style

7: Find Your Niche

8: Jobs: Millionaires versus Heirs



Acknowledgments

Appendix 1

Appendix 2

Appendix 3
 
The New Buffettology 巴菲特学
 

CONTENTS

Disclaimer

Foreword: A Few Personal Things About a Very Private Billionaire

Introduction: How Warren Buffett Turned $105,000 into $30 Billion

1.     The Answer to Why Warren Doesn’t Play the Stock Market―and How Not Doing So Has Made Him America’s Number One Investor

2.     How Warren Makes Good Profits Out of Bad News About a Company

3.     How Warren Exploits the Market’s Shortsightedness

4.     How Companies Make Investors Rich: The Interplay Between Profit Margins and Inventory Turnover and How Warren Uses It to His Advantage

5.     The Hidden Danger: The Type of Business Warren Fears and Avoids

6.     The Kind of Business Warren Loves: How He Identifies and Isolates the Best Companies to Invest In

7.     Using Warren’s Investment Methods to Avoid the Next High-Tech Massacre

8.     Interest Rates and Stock Prices---How Warren Capitalizes on What Others Miss

9.     Solving the Puzzle of the Bear/Bull Market Cycle and How Warren Uses to His Advantage

10.   How Warren Discerns Buying Opportunities Others Miss

11.   Where Warren Discovers Companies with Hidden Wealth

12.   Financial Information: Warren’s Secrets for Using the Internet to Beat Wall Street

13.   Warren’s Checklist for Potential Investments: His Ten Points of Light

14.   How to Determine When a Privately Held Business Can Be a Bonanza

15.   Warren’s Secret Formula for Getting Out at the Market Top

16.   Where Warren Buffett Is Investing Now!

17.   Stock Arbitrage: Warren’s Best-Kept Secret for Building Wealth

18.   For the Hard-Core Buffettologist: Warren Buffett’s Mathematical Equations for Uncovering Great Businesses

19.   Thinking the Way Warren Does: The Case Studies of His Most Recent Investments

20.   Putting Buffettology to Work for You

  index
 

Overseas markets

888888

1.股市概况――什么是股票以及股票如何定价?

  Stock Market Basics――What Is Stock And How Is Stock Valued?

2. 共同(互助)基金 ―― 什么是共同基金?

  Mutual Funds ―― What Is Mutual Fund?

3.选择股票的心理――逆势见解

The Psychology of Picking Stocks: The Contrarian Opinion

4.技术分析 Technical Analysis

  什么是技术分析? What Is Technical Analysis?

5.基本面分析 Fundamental Analysis

  如何阅读年度报表 How To Read An Annual Report

6.股票与选择权交易是正经生意

  Trading Stock & Options Is A Serious Business!

7.股票选择权 Stock Options

888888

1.做个聪明的投资人 Invest Wisely  

  美国证券交易委员会 By U.S.Securities and Exchange Commission

2.投资心理――一个优秀的股票交易者是如何变差的?

  Psychology of Investing――How Good Stock Traders Turn Bad?

3.股票市场基础――纽约证券交易所是如何运作的?

  Stock Market Basics――How Does the New York Exchange Operate?

4.股票期权――购买看涨期权

  Stock Options――Buying a Call Option

5.基本面分析――如何分析资产负债表(上)

  Fundamental Analysis――How to Analyze the Balance Sheet (Part Ⅰ)

6.共同基金――短期基金的投资

  Mutual Funds――Investing Your Short-term Funds

7.技术分析――交易量的重要性(上)

  Technical Analysis――The Importance of Volume(Ⅰ)

888888

1.投资者须知

  What Every Investor Should Know

2.成为成功交易者的八个阶段(一)

  The 8 Stages to Becoming a Successful Trader (Ⅰ)

3.共同基金――长期资金投资共同基金的策略(上)

  Mutual Funds――Strategies for Long-term Money in Mutual Funds (Ⅰ)

4.基本面分析――如何分析资产负债表(下)

  Fundamental Analysis――How to Analyze the Balance Sheet (Ⅱ)

5.技术分析――交易量的重要性(下)

  Technical Analysis――The Importance of Volume(Ⅱ)

6.股票市场基础――纳斯达克交易所是如何操作的

  Stock Market Basics――How Does the NASDQ Exchange Operate

7.股票期权――如何购买看跌期权

  Stock Options――How to Buy a Put Option

888888

1.如何获取有关公司的资讯

  Getting Info about Companies

2.基本面分析――如何分析损益表(上)

  Fundamental Analysis――How to Analyze an Income Statement (PartⅠ)

3.股票市场基础――道琼斯工业平均指数究竟是什么?

  Stock Market Basics――What, Exchange, Is the Dow Jones Industrial Average?

4.技术分析――怎样为支撑位和阻力位画趋势线

  Technical Analysis――How to Draw Trendlines for Support and Resistance

5.共同基金――长期资金投资共同基金的策略(下)

  Mutual Funds――Strategies for Long-term Money in Mutual Funds (Ⅱ)

6.成为成功交易者的八个阶段(二)――控制好你的情绪

The 8 Stages to Becoming a Successful Trader (2 Stage) ――Mastering Your Emotions

7.股票期权――将所拥有的股票出租并赚钱

  Stock Options――Making Money Renting out the Stock You Own

888888

1.股票期权――如何卖出股票看跌期权

  Stock Options――Stock Options How to Sell Put Options

2.技术分析――使用移动均线

  Technical Analysis――USING MOVING AVERAGES

3.   网络投资窍门――快速运作市场上的交易须知

Tips for Online Investing――What You Need to Know about Trading In Fast-Moving Market

4.基本面分析――如何分析损益表(下)

  Fundamental Analysis――How to Analyze an Income Statement(PartⅡ)

5.共同基金――如何阅读理解共同基金说明书

 Mutual Funds――How to Read and Understand a Mutual Fund Prospectus

6.投资心理――做好家庭作业

  Psychology of Investing――Doing Your Homework

7.股票市场基础――如何阅读理解纳斯达克综合指数

 Stock Market Basics――How to Read and Understand the NASDAQ Composite

888888

1.抵押金――借钱买股票

  Margin――Borrowing Money To Pay for Stocks

2.共同基金――选择正确的部门购买共同基金

  Mutual Funds――Picking The Right Sector to Buy A Mutual Fund

3.股票期权――什么叫长期股权预期证券(LEAPS)及如何对其进行交易

  Stock Options――What are LEAPS and How to Trade Them?

4.技术分析――如何利用包络通道弄清何时买、卖股票

 Technical Analysis――Buy and Sell Opportunities Using Envelope Channels

5.基本面分析――如何分析现金流转报表

  Fundamental Analysis――How To Analyze the Cash Flow Statement

6.股票市场基础――如何阅读理解(斯坦普耳500)指数

  Stock Market Basics――How to Read and Understand the S & P 500

7.投资心理――分散、分散、再分散

   Psychology of Investing――Diversify, Diversify. DIVERSIFY

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1.多提问题

  Ask Questions

2.基本面分析――债权人与投资人应该知道的各种重要比率(上)

  Fundamental Analysis――Important Ratios For Creditors & Investors(Ⅰ)

3.     共同基金―― 如何避免错买共同基金

  Mutual Funds――How to Stay Away from the Wrong Mutual Fund

4.     管理好你的钱财

Managing Your Money

5.     技术分析――如何利用布林格交易频带帮助自己做出交易决定

  Technical Analysis――How to Use Bollinger Bands to Help You make Trading Decisions

6.     约翰?布林格谈布林格交易频带――基本规则

Bollinger Bands from John Bollinger――The Basic Rules

7. 股市基础知识――ENC电子交易网

  Stock Market Basics――The ENC Electronic Communications Network: The Archipelago EECN

8.股票期权――垂直价差:牛市看跌价差策略

  Stock Options――Vertical Spreads: The Bull Put Spread Strategy

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1.冷不防电话推销

  Cold Calls

2.基本面分析――债权人与投资人应该知道的各种重要比率(下)

  Fundamental Analysis――Important Ratios For Creditors & Investors(Ⅱ)

3.相对强弱指数如何帮助你选择股票?

  How Relative Strength Can Help You Pick Stocks

4.   如何做一个成功的投资人:决定购买什么股票

How to be a Great Investor: Deciding What Stock To Buy

5.   好公司购买自己的股票

Good Companies Buy Their Own Stock

6.   如何投资于不同的资产类别

How to Invest in Different Asset Classes

7.   牛市看涨期权价差策略

The Bull Call Spread Strategy
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