Harsh Environment Awaits Banking Survivors

未來(lái)銀行生存環(huán)境嚴(yán)峻

Less risky, less profitable, and probably a lot smaller - that is the prognosis for the world's banks as they attempt to rebound from the worst financial crisis of the postwar era. This epochal shift in the financial climate means that even those institutions that come through the downturn intact will face a struggle to adapt to the new environment.

風(fēng)險(xiǎn)降低，利潤(rùn)下降，規(guī)?？s小——這是對(duì)全世界銀行前景的預(yù)測(cè)，而現(xiàn)在它們正試圖從戰(zhàn)后最嚴(yán)重的金融危機(jī)中復(fù)蘇。金融環(huán)境的這種劃時(shí)代轉(zhuǎn)變意味著，即使是安然無(wú)恙度過(guò)衰退期的銀行也得竭力適應(yīng)新的環(huán)境。

Amid the turmoil, it might seem futile to sketch out the future banking landscape. Most banks are struggling to forecast their performance over the next three months, let alone the coming five years. Bad loan charges are still rising. Even though the world's banks had raised more than $900bn in fresh capital by the end of 2008, capital ratios have improved only slightly and further equity injections from governments and outside investors are likely.

在金融風(fēng)暴之中，描繪銀行業(yè)的前景似乎是徒勞的。大多數(shù)銀行都很難預(yù)測(cè)其今后三個(gè)月的表現(xiàn)，更別提未來(lái)五年了。壞賬損失仍在增多。盡管世界各國(guó)銀行截至2008年年底新募集了 9000多億美元的資金，但資本充足率也只是小幅上升，政府和外部投資者可能還得注入更多資本。

The regulatory framework is also uncertain. Regulators are drawing up plans to force banks to hold greater levels of capital and stronger buffers of liquidity, though it remains far from clear how these will work in practice. Some central bankers and policymakers, especially in the US, are advocating a complete separation of investment banking from retail banking. Even if this is avoided, global banks could face stricter constraints in some countries that will make cross-border operations less attractive. Fundamentally, the banking sector is entering an era in which its performance will be linked to the underlying economic growth of the economies in which it operates. Some may produce better results because they are better run. But as long as investors and regulators can remember the crisis, any bank that consistently generates above-average returns is likely to be seen as a target for suspicion, rather than praise.

管理框架也不確定。監(jiān)管人員正制定相應(yīng)計(jì)劃，強(qiáng)制銀行提高資本充足率，增強(qiáng)流動(dòng)性緩沖，不過(guò)實(shí)際效果如何仍不明朗。有些央行行長(zhǎng)和政策制定者，尤其是在美國(guó)，倡導(dǎo)將投資銀行從零售銀行中完全剝離出來(lái)。即使這實(shí)現(xiàn)不了，全球銀行也將在一些國(guó)家面臨更嚴(yán)格的限制，使跨界業(yè)務(wù)的吸引力降低。從根本上來(lái)說(shuō)，銀行業(yè)正進(jìn)入一個(gè)新時(shí)代，屆時(shí)其表現(xiàn)將同所在地基礎(chǔ)的經(jīng)濟(jì)增長(zhǎng)掛鉤。一些銀行可能由于管理得法，效益更好。但只要投資者和管理者記得這次危機(jī)，任何收益總是高于平均水平的銀行就有可能成為懷疑的對(duì)象，而非表?yè)P(yáng)的對(duì)象。

《金融時(shí)報(bào)》

Colleges Open Doors Wider

美私立大學(xué)放寬大門

Many American private colleges have admitted more students than usual this year, hedging their bets as they wait to find out whether families find higher tuitions difficult to manage in the recession.

由于不確定民眾在經(jīng)濟(jì)危機(jī)之中是否負(fù)擔(dān)得起較高的學(xué)費(fèi)，美國(guó)許多私立大學(xué)今年都進(jìn)行了擴(kuò)招，以確保能招來(lái)足夠的學(xué)生。

After years of increasing selectivity driven by bumper crops of strong applicants, many private college officials are concerned that more students will turn to public universities, which are less expensive. Many schools have sent out more acceptance letters and e-mails, built bigger waiting lists and pumped more money into financial aid to lure students to their campuses.

近年來(lái)，由于申請(qǐng)者眾多，私立大學(xué)有越來(lái)越多選擇的余地，但現(xiàn)在私立大學(xué)的主管擔(dān)心更多學(xué)生會(huì)轉(zhuǎn)讀學(xué)費(fèi)低得多的公立大學(xué)。許多學(xué)校都發(fā)出了更多的錄取通知書和電子郵件，擴(kuò)充了候選人名單，提高助學(xué)金額度，以吸引學(xué)生前來(lái)就讀。

The bottom line: It will be slightly easier to gain admission to some private colleges this year, officials said. The private schools' concerns are part of a confusing overall admissions picture for the high school Class of 2009, the largest ever at 3 million students. Many public universities have experienced increases in applications, but it is unclear whether that has made admission more difficult across the board. And some elite universities such as Harvard and Dartmouth are even more competitive than usual this year, in part because they have assured low-income students that they won't have to borrow money to pay their costs.

說(shuō)到底：這些主管稱，今年一些私立大學(xué)的準(zhǔn)入門檻稍降。私立大學(xué)的擔(dān)憂反映了2009年大學(xué)整體招生情況的復(fù)雜，今年有300萬(wàn)名高中生畢業(yè)生，為歷年之最。許多公立大學(xué)的申請(qǐng)者都有所增加，但這是否令上大學(xué)更難，尚不得而知。一些精英大學(xué)，如哈佛大學(xué)和達(dá)特茅斯學(xué)院，比以往更加有競(jìng)爭(zhēng)力，原因之一是他們確保低收入學(xué)生不需要貸款來(lái)交學(xué)費(fèi)。

Families will be weighing their options, comparing financial aid packages and trying to predict their economic futures. More than 90 percent of the students surveyed by Royall & Co., a higher education marketing and research firm, said they were changing their college plans because of the economy.

家庭將權(quán)衡他們的選擇，比較各個(gè)學(xué)校的助學(xué)金，并試圖預(yù)測(cè)他們的收入前景。根據(jù)Royall & Co.（一家高等教育銷售與研究公司）所做的調(diào)查，逾九成的學(xué)生表示，鑒于經(jīng)濟(jì)情況，他們將改變其上大學(xué)的計(jì)劃。

《華盛頓郵報(bào)》

No Small Achievement: The Tata Nano

Tata Nano：成就斐然

The cacophonous capillaries of India's infrastructure may be about to get a lot more clogged. By the end of 2010 there could be as many as 300,000 Tata Nanos on India's roads. Well before its launch, the tiny car had become an object of loathing for environmentalists. But for potential buyers, what matters is whether it is any good.

印度熙攘嘈雜的大街小巷可能將變得更加堵塞。到2010年底，印度街頭可能會(huì)有多達(dá)30萬(wàn)輛的Tata Nano汽車。早在推出之前，這輛小車就已是環(huán)保人士的眼中釘。但對(duì)于潛在的買家來(lái)說(shuō)，它是否是一輛好車才最重要。

Despite the Nano's size its interior is surprisingly spacious. The Nano is optimised for the 95th percentile of American men. In South Asia, this makes the car downright cavernous. When it comes to performance, the Nano goes from zero to 100kph in a languid 30 seconds, but it is surprisingly enjoyable to drive. And with a petrol consumption of 67mpg, few cars can match its fuel-efficiency.

Nano雖小，內(nèi)部空間卻異常寬敞。它適于95%的美國(guó)人。南亞人在車?yán)锞拖裰蒙碛谝粋€(gè)大洞穴。說(shuō)起表現(xiàn)，Nano從0加速到100千米/小時(shí)要花上30秒，但開起來(lái)卻挺爽。百公里油耗6.7升，很少有車比它更省油。

But the Nano's real beauty lies in its design. Putting the engine at the back means the car's footprint is 8% smaller but provides 21% more interior space than that of the Maruti 800, the next cheapest car on the Indian market, which costs twice as much.

但Nano真正的優(yōu)勢(shì)在其設(shè)計(jì)。由于發(fā)動(dòng)機(jī)后置，該車同印度市場(chǎng)上第二便宜的汽車Maruti 800相比，占地面積小8%，內(nèi)部空間卻大21%，而價(jià)格只有后者的一半。

The Nano has its flaws. When left open, the doors do not remain ajar, and the rear hatch does not open at all. There is no radio or glove compartment. The interior is made of cheap grey plastic chosen more for its durability than its aesthetic or tactile appeal. And the engine sounds like a lawnmower.

Nano也有瑕疵。車門打開后，無(wú)法保持半開狀態(tài)，而且后備箱根本無(wú)法開啟。沒有收音機(jī)，中控臺(tái)也格外簡(jiǎn)陋。內(nèi)飾材料為廉價(jià)的灰色塑料，考慮的是耐用性，而非美感和觸感。發(fā)動(dòng)機(jī)響起來(lái)像割草機(jī)。

But the Nano does not shake as it approaches its top speed of 105kph, and feels reassuringly stable. There is a crumple zone at the front, and a bar across the car, on which the front seats are mounted, improves rigidity in the event of a side impact. To balance the car and save money, they put the battery under the driver's seat - an example of the smart but ascetic engineering that can produce an impressive car for $2,000.

但Nano接近105千米/小時(shí)的極限速度時(shí)卻并不震動(dòng)，其穩(wěn)定讓人放心。前端設(shè)有撞擊緩沖區(qū)，還有一根橫杠，前排座椅固定其上，這提高了側(cè)面受撞擊情況時(shí)的穩(wěn)定。為了平衡車身和省錢，設(shè)計(jì)者將蓄電池置于司機(jī)座椅下方——工程設(shè)計(jì)之智慧與節(jié)制的典范，造就了這臺(tái)2000美元的好車。

《經(jīng)濟(jì)學(xué)人》

Fifa Promises No Tragedies at World Cup

球賽誠(chéng)精彩，生命價(jià)更高

The organisers of next year's World Cup finals in South Africa have pledged that there will be no repeat during the tournament of the crush that killed at least 22 people at a match in Ivory Coast on 30 Mar, the latest in a series of tragedies at African stadiums. Fifa has demanded a full report into the disaster in Abidjan, which left 132 injured.

明年南非世界杯的組織者承諾，3月30日在科特迪瓦一場(chǎng)比賽中造成至少22人死亡的踩踏事故不會(huì)在世界杯期間重演，而之前非洲球場(chǎng)已發(fā)生多起悲劇。國(guó)際足聯(lián)要求有關(guān)方面就此次阿比讓災(zāi)難出具詳細(xì)的報(bào)告，另有132人在事故中受傷。

Football's world governing body was already conscious of the relaxed match-going culture in Africa, in which many fans turn up to games at the last minute and without tickets, and is likely to step up efforts to raise awareness among South Africans that seats for the finals must be purchased well in advance and that there will be no possibility of even approaching the stadium without a ticket.

國(guó)際足聯(lián)早知非洲比賽文化的散漫，球迷往往最后時(shí)刻才到場(chǎng)，還沒有門票，因此很可能會(huì)盡力提高南非人民的意識(shí)，讓民眾知道應(yīng)該提前購(gòu)買世界杯門票，沒有票可能連接近球場(chǎng)的機(jī)會(huì)都沒有。

In any case, Fifa is confident that tight security around host stadiums will prevent any echo of Sunday's events. Ticketless fans tried to force their way into the stadium before kick-off, police were overwhelmed by the crowds and a stampede broke out.

無(wú)論如何，國(guó)際足聯(lián)確信，世界杯球場(chǎng)周圍嚴(yán)密的安全措施能避免周日的事件重演。沒有門票的球迷試圖在開賽前強(qiáng)行進(jìn)入球場(chǎng)，警察面對(duì)人潮一籌莫展，踩踏事故就此發(fā)生。

'Those things will not occur in the Confederations Cup [in South Africa in June] or the World Cup,' Danny Jordaan, the chief executive of the World Cup organising committee, said. He added that the impatience of crowds without tickets 'triggers a stampede that leads to disaster.' At Ellis Park in Johannesburg in 2001, 43 died and 155 were injured as fans forced their way into an overcrowded stadium.

“這些事不會(huì)在聯(lián)合會(huì)杯（今年六月在南非舉行）和世界杯上發(fā)生，”世界杯組委會(huì)主席丹尼?約達(dá)安說(shuō)。他表示，無(wú)票人群的急躁“引發(fā)了踩踏，并釀成災(zāi)難?！?001年，約翰內(nèi)斯堡埃利斯公園，球迷強(qiáng)行進(jìn)入一個(gè)擁擠不堪的球場(chǎng)，造成43人死亡，155人受傷。

At least 238 fans have been killed and hundreds more injured at African stadiums in the past 13 years. The nature of Sunday's tragedy may also stir memories in Britain of the Hillsborough disaster, where, twenty years ago, ninety-six people were crushed to death.

過(guò)去13年來(lái)，非洲體育場(chǎng)上至少已有238名球迷遇難，數(shù)百人受傷。周日的悲劇可能也會(huì)使人記起20年前英國(guó)的希爾斯堡慘案，當(dāng)時(shí)96人被壓死。

《泰晤士報(bào)》