2011年下半年商务英语中级阅览(8)

??投行的高兴和烦恼 并非一切当地的投行环境都是那么令人生畏——至少在东方不是。汤姆森金融(Thomson Financial)称，本年到当前中止，亚太区域(日本在外)的生意规划比上一年同期增加

??投行的高兴和烦恼
　　并非一切当地的投行环境都是那么令人生畏——至少在东方不是。汤姆森金融(Thomson Financial)称，本年到当前中止，亚太区域(日本在外)的生意规划比上一年同期增加了40%。商场的复苏令证券生意事务大获其利。第三季度，在全球其它商场局势恰当糟糕的情况下，花旗集团(Citigroup)在亚太区域赚取了11亿美元的净获利，仅略少于2002年全年的奉献。美国银行(Bank of America)持有的我国缔造银行(CCB)股份在第三季度增值达42亿美元。尽管我们感触不到，但这一收益在规划上要远远大于同一季度14.6亿美元的生意丢掉。
　　It’s not all grim in investment banking ? at least not out east. Asia Pacific ex-Japan deal sizes are up 40 per cent year-to-date, according to Thomson Financial. Resurgent markets are benefiting securities trading. In an otherwise ugly third quarter, Citigroup generated net earnings of $1.1bn in the region ? not far short of the entire 2002 contribution. Bank of America’s stake in China Construction Bank was worth an extra $4.2bn over the course of the third quarter. That dwarfs the $1.46bn of trading losses racked up in the same quarter, in magnitude if not perception.
　　即便在全球情况广泛不错的时分，亚洲事务的盈利体现也更胜一筹。以高盛(Goldman Sachs)为例，该银行上一年的税前收益有28%来自亚洲，比较之下只需21%来自欧洲。这一增加有些源自我国规划无量的私有化生意。不过，该行一些最大的客户也来自亚洲：国家撑持的出资机构，如活泼在全球舞台上的新加坡政府出资公司(GIC)和淡马锡(Temasek)。亚洲中产阶层的鼓起，意味着即便那些传统上专心于批发效能的银行也在添加人手。苏格兰皇家银行(Royal Bank of Scotland)方案，到2010年，其收入的10%来自亚洲。
　　Even when times are universally good, Asia punches above its weight in terms of profitability. Take Goldman Sachs, which last year derived 28 per cent of pre-tax earnings from Asia compared with just 21 per cent in Europe. Part of the growth is due to China’s mega-privatisations. But Asia is also home to some of the bank’s biggest-spending clients: state-backed investment agencies such as Singapore’s GIC and Temasek, which are active on the global stage. The emergence of Asian middle classes means even banks traditionally focused on wholesale services are beefing up. Royal Bank of Scotland is targeting 10 per cent of revenues from Asia by 2010.
　　越来越依靠亚洲并非没有风险——在1997至1998年的金融危机和随后的非典危机中见证了商场溃散的人可以证明这一点。我国的股市发行更多的是选择在上海进行，而不是安适翻开的香港——在上海，只需很少几家世界承销商和生意商得到了车牌。亚洲的方针拟定者可以损坏有利可图的事务：例如，印度政贵寓周就宣告捆绑参加凭证(participatory note)的运用。可是，亚洲狂欢年的真实费事在于，奖金池是全球性的。亚洲的IPO从业人员现已初步诉苦，西方机构分得的蛋糕太大了。
　　A growing dependence on Asia is not without risks ? as those who watched markets flounder during the financial crisis of 1997-98 and the subsequent Sars virus could testify. More Chinese equity offerings are taking place in Shanghai, where only a handful of international underwriters and traders are licensed, rather than in free-for-all Hong Kong. Regional policy makers can pull the rug from under lucrative business lines, as seen last week when India restricted the use of participatory notes.
　　But the real downside to a cracking year in Asia is that bonus pools are global. Asian IPO toilers are starting to moanthat too big a share of the spoils ends up in pockets back west.
举荐信息.剑桥商务英语(BEC)中级阅览真题1.BEC商务英语高档范文（02）