财经英语新闻文章

2012年03月22日07:33 AM

捷豹路虎与奇瑞结盟

Jaguar Land Rover?forges China deal 英国《金融时报》约翰?里德伦敦报道

Jaguar Land Rover is to form a joint venture with China’s Chery Automobile in the UK premium carmaking group’s first foray into manufacturing in the world’s largest car market, writes John Reed in London.

捷豹路虎(Jaguar Land Rover)将与中国奇瑞汽车(Chery Automobile)成立合资公司，这是这家英国高端汽车制造集团首次尝试在全球最大的汽车市场从事生产。

Indian-owned JLR and Chery said on Wednesday that they had reached agreement on a proposed joint venture that would build vehicles under the British group’s two brands, as well as those of the joint company itself. The two companies did not disclose financial terms of the deal, which still must be approved by Chinese regulators.

由印度人控股的捷豹路虎与奇瑞周三联合宣布，已就拟议中的合资公司达成协议，合资公司将生产捷豹路虎两个品牌以及合资公司自有品牌的汽车。两家公司没有公布这项交易的财务细节，该交易还有待中国监管当局的审批。

China requires foreign carmakers wishing to build vehicles locally to form joint ventures and recently began requiring them to establish local brands.

中国规定，希望在本地生产汽车的外国汽车制造商必须成立合资公司，最近又开始要求它们成立本地品牌。

JLR and Chery said that they would also establish a research and development facility in China, build engines, and sell vehicles produced by the joint venture together.

捷豹路虎和奇瑞表示，它们还将在中国成立研发部门，生产引擎，同时销售合资公司生产的汽车。

JLR, which makes most of its vehicles at three plants in the UK, is a latecomer to manufacturing in China, where its larger premium competitors, Audi, BMW and Mercedes-Benz, have built cars with local partners for years and are recording record sales.

捷豹路虎的大部分汽车都在位于英国的3家工厂生产，在赴中国从事生产方面属于后来者。其规模更大的高端汽车竞争对手奥迪(Audi)、宝马(BMW)和梅赛德斯-奔驰(Mercedes-Benz)已经与中国本土合作伙伴一起生产汽车多年，并创下了销售纪录。

The two UK brands sold 42,000 cars in China in 2011, a 60 per cent rise on 2010 and equivalent to 17 per cent of the group’s global sales, up from just 1 per cent in 2005. China is JLR’s third-largest market, after the UK and the US.

捷豹路虎的两个英国品牌2011年共在中国销售了4.2万辆汽车，比2010年增长60%，相当于该集团全球销量的17%，而2005年这一比例仅为1%。中国是位列英国和美国之后的捷豹路虎第三大市场。

In a country where large vehicles are popular, Land Rover’s 4x4s are selling particularly well. JLR earlier this month

在流行大型车的中国，捷豹路虎的四驱车尤其畅销。本月早些时候，捷豹路虎宣布其位于利物浦附近哈利伍德(Halewood)的工厂招募1000

began recruiting 1,000 workers for its plant

in Halewood, near Liverpool, which makes

the marque’s Evoque and Freelander 2 small

sport utility vehicles.

名工人，该工厂生产其旗下路虎揽胜极光(Range Rover Evoque)和路虎神行者2代(Land Rover Freelander 2)两款小型SUV 。 JLR already produces the Freelander in

its owner Tata Motors’ home country of

India, and is looking to expand operations

there. Speaking in Geneva earlier this

month, Ralf Speth, JLR’s managing director,

said the carmaker was in discussions with

several parties in Brazil about launching

manufacturing there.

捷豹路虎已经在其母公司塔塔汽车(Tata Motors)的母国印度生产路虎神行者车型，并打算扩大在印度的业务。捷豹路虎首席执行官施韦德(Ralf Speth)本月早些时候在日内瓦表示，该集团正在与多方讨论在巴西生产事宜。

2012年03月23日 07:17 AM 中澳签署310亿美元货币互换协议

China in $31bn currency deal with Australia 英国《金融时报》 欧阳德 香港, 尼尔?休姆 悉尼报道

China has signed a $31bn currency swap agreement with Australia, a step towards boosting the renminbi’s profile in developed markets. 中国与澳大利亚签署了一项价值310亿美元的货币互换协议，朝着在发达市场提升人民币形象的目标迈进了一步。 Beijing has established nearly 20 bilateral swap lines in the past four years, but Australia is the biggest economy yet to sign such a deal, which analysts said could give a shot in the arm to Beijing’s goal of internationalising its currency. 过去四年，中国政府已达成了近20项双边互换协议，但澳大利亚是与之签署此类协议的最大经济体。分析师表示，中澳货币互换协议可能有助于中国实现人民币国际化的目标。

While central banks normally use swaps to provide liquidity to each other in the event of a financial crisis, China has been using them to lay the groundwork for the renminbi’s slow march into global markets. 尽管各国央行通常在遭遇金融危机时使用货币互换手段为彼此提供流动性，但中国却一直利用这一手段为人民币慢慢进入国际市场奠定基础。

In announcing the Rmb200bn/A$30bn deal, the Reserve Bank of Australia said: “The main purposes of the swap agreement are to support trade and investment between Australia and China, particularly in local-currency terms, and to strengthen bilateral financial co-operation.” 在公布这项2000亿元人民币/300亿澳元的协议时，澳大利亚央行(Reserve Bank of Australia)表示：“这项互换协议的主要目的是支持澳中两国间的贸易和投资活动，特别是以本地货币计价的交易，并加强双边金融合作。” It added that there were “increasing opportunities available to settle trade between the two countries in Chinese renminbi and to make renminbi-denominated investments”.

澳大利亚央行补充道，“两国之间有越来越多的机会以人民币进行贸易结算，以及进行以人民币计价的投资”。 China now has more than Rmb1.5tn in swap lines with other central banks, but they have largely been symbolic. Only Hong Kong, the hub of offshore renminbi trading, has had to activate its swap with China, doing so briefly in 2010 目前，中国和其他国家的央行达成了逾1.5万亿元人民币的货币互换协议，但大多数都是象征性的。只有作为离岸人民币交易中心的香港，在面临人民币紧

when it faced a renminbi squeeze. 缺时，不得不在2010年短暂启动了与内

地之间的货币互换。

Nevertheless, the symbolic steps are beginning to add up to something bigger, said Shen Jianguang of Mizuho Securities in Hong Kong. “It’s quite significant. They haven’t had agreements with such advanced economies. This will gain momentum,” he said. 不过，瑞穗证券(Mizuho Securities)

驻香港经济学家沈建光表示，这些象征性的举动正逐渐形成更大的影响力。“中澳货币互换协议的意义非常重大。中国此前还不曾与这等规模的发达经济体签署货币互换协议。这一趋势将得到

更大的发展。”

There has been talk that the Bank of England and the Bank of Japan could soon be in line for currency swaps with China. 市场一度传闻，英国央行(BoE)和日本央行(BoJ)可能很快就会和中国签署货币互换协议。

Building up a global pool of renminbi is proving a challenge for China. The currency is permitted only to flow out of the country through tightly controlled channels, mainly trade. 建立起全球人民币资金池对中国而言是一个挑战。目前，人民币只能通过受到严格控制的渠道——主要是贸易渠道——流出境外。

The settlement of trade deals in renminbi grew swiftly from a low base over the past two years, but it has appeared to run out of steam in recent months and offshore renminbi deposits have declined. 过去两年，以人民币进行贸易结算的情况在较低的基数上迅速增多，但近几个月失去了增长势头，离岸人民币存款也出现下降。

Some economists say that until China takes bolder steps to open its capital account, the project of renminbi internationalisation will not fulfil its promise. 一些经济学家表示，中国只有采取更大胆的步骤开放资本账户，人民币国际化的目标最终才能得以实现。 2012年03月28日 06:20 AM

远期油价走低引发市场猜测

Oil price discount prompts debate

英国《金融时报》 哈维尔?布拉斯 伦敦报道

Oil contracts for delivery in three to five years ’ time are trading at their biggest ever discount to spot prices, prompting a debate about whether the era of triple-digit oil prices will be a short-term

phenomenon.

3至5年后交割的石油合约相对于现货的价格折扣达到有史以来最大程度，由此引发一场辩论：三位数油价的时代是否只是短期现象。

Spot oil prices have rallied nearly $20 since the start of the year and traded above $125 a barrel yesterday, on the back of supply disruptions and geopolitical fears over Iran. Over the same period, oil for delivery in December 2018 has risen by $1 to about $95, opening a record gap of more than $30 between spot and five-year contracts.

今年以来，石油现货价格已经上涨了近20美元，昨日每桶交易价超过125美元，原因是供应中断以及伊朗核问题引发的地缘政治担忧。同期，2018年12月交割的石油价格上升了1美元，至95美元上下，这意味着石油现货与五年期合约出现逾30美元的创纪录价差。

“The market has the perception that oil supply will increase in the future and that is holding back the price of forward contracts,” said Mark Thomas, head of energy futures at commodities brokerage Marex Spectron, citing expectations of higher output in Iraq, Brazil,

the US and Canada.

大宗商品经纪商Marex Spectron能源期货主管马克?托马斯(Mark Thomas)表示：“市场认为，未来石油供应会增加，这种看法拉低了远期合约的价格。”他指出，预期伊拉克、巴西、美国和加拿

大的产量都将提高。

US oil production has surged to a 10-year peak after companies tapped so-called shale reservoirs, using a technique called hydraulic fracturing or “fracking”.

Energy bankers and analysts believe that forward

selling by US companies tapping into the shale

revolution has contributed to low future prices.

美国石油产量已飙升至10年来最高水平，原因是企业利用水力压裂(fracking)技术开采所谓的页岩储层。能源银行家和分析师认为，投入页岩油革命的美国企业的远期销售，压低了石油期货价

格。

But many in the industry remain sceptical about a future supply surge. “In our view, oil prices will be significantly higher in the coming years than those implied by the forward curve,” said Paul Horsnell, head of commodities research at Barclays.

但是业内很多人士依然怀疑未来石油供应会否大幅上升。巴克莱(Barclays)大宗商品研究部门主管保罗?霍斯内尔(Paul Horsnell)表示：“我们认为，未来石油价格将显著高于远期曲线的预期。”

The International Energy Agency, the western countries’ oil watchdog, also warned last year that increased oil production in the US is “unlikely to affect the dynamics of global oil supply

significantly”.

西方国家石油监督机构国际能源署(IEA)去年也警告称，美国石油产量增加“不太可能对全球石油供应格局产生重大影响。”

While the oil price rally partly reflects a tight physical market, the difference between spot and forward prices is bigger than in previous tight markets,

such as 2008 and 2004.

尽管此轮油价上涨在一定程度上反映了实物市场供应紧张，但目前现货和远期的价差大于以往市场供应紧张（如2008年和2004年）时的水平。

2012年03月29日06:12 AM

分析：盈利前景恶化中国股市承压

China: investors turn jittery over profit concerns 英国《金融时报》斯蒂芬?瓦格斯蒂尔报道

It does not take much to knock confidence in the Chinese stock market these days. Yesterday it was a bearish report from Société Générale cutting its 2012 profits growth forecast for greater China to zero,

writes Stefan Wagstyl.

如今不需要很多就能击垮中国股市的信心。昨日，法国兴业银行(Société Générale)发表的一篇将2012年大中华地区企业利润增长预期下调至零的看空报告，就让中国股市大跌。

The Shanghai Composite index fell 2.6 per cent, its largest daily fall since November, as investors added profit concerns to other worries about the coming slowdown in the Chinese economy. Right on cue, Jiangxi

上证综指下滑2.6%，这是自去年11月以来的最大单日跌幅。投资者在担忧中国经济放缓之余，又开始担忧企业利润下滑。凑巧的是，中国最大的铜生产商江西铜业(Jiangxi Copper)报告净利润下

Copper, the country’s biggest producer, posted an 18

per cent drop in net profits, which took 5.5 per cent

off its shares.

降18%，导致其股价重挫5.5%。

SocGen said that Chinese industrial profits (according to official government data) proved “surprisingly weak” for January and February, with a 5.2 per cent decline, compared with the same months in 2011. Profits at state-owned enterprises dropped 10.9

per cent.

法国兴业银行表示，政府数据显示，今年头两个月中国工业企业利润“意外疲弱”，同比下降

5.2%，其中国有企业利润下降10.9%。

This followed a 25.4 per cent rise in industrial profits last year, though the growth rate was already tailing off in the last months of 2011. 去年中国工业企业利润同比增长25.4%，尽管在2011年最后几个月增速已经趋缓。

SocGen did not see a repeat of 2009, when the global crisis brought a 20 per cent plunge in Chinese industrial profits. But the bank did forecast a 5 per cent decline for 2012 in overall industrial profits.

法国兴业银行并未预计2009年的情形会再次上演——当时全球危机导致中国工业企业利润骤降20%。但该行的确预计2012年中国工业企业利润

总额将下降5%。

SocGen said that this could translate into a flat profit performance in the companies making up the Hang Seng China Enterprises index, which tracks Hong Kong-listed mainland companies in which international investors can easily invest. That does not sound too bad until you remember that the consensus is for 11 per cent

profit growth.

法国兴业银行表示，这可能意味着恒生中国企业指数(Hang Seng China Enterprises Index)成分股企业的利润将持平。这听起来还不错，但别忘了，市场共识预测是盈利将增长11%。恒生中国企业指数跟踪在港上市的中国内地企业，国际投资者可以方便地投资于这些企业的股票。

SocGen therefore brought forward its forecast for a drop this year in the HSCEI – saying it could fall

from 10,700 now to 10,200 by the end of April.

因此法国兴业银行预计今年恒生中国企业指数将会下跌，该行表示，到4月底，该指数可能会从目前的10700点跌至10200点。

Like other emerging markets, China has seen a sharp sell-off in March following the new year global equities rally. The Shanghai Composite has dropped 7.1 per cent

继全球股市年初上涨之后，与其他新兴市场一样，中国股市3月大幅走低。与3月2日达到的2012年高点相比，上证综指已下跌7.1%。市场担心，随

from its 2012 high on March 2 amid worries that the economy is stalling as Beijing’s moves to curb property prices and tighten monetary policies hit profits. 着中国政府遏制房价和收紧货币政策的举措影响企业利润，中国经济正陷入停滞。

Premier Wen Jiabao’s announcement on March 5 of an economic growth target of 7.5 per cent for 2012, down from 8 per cent over the past seven years, had been widely expected. So was his call for curbs on the

property market.

中国总理温家宝在3月5日宣布2012年中国经济增长目标为7.5%，低于过去七年8%的目标，这符合人们的普遍预期。他呼吁继续调控房地产市

场也在意料之中。

But Mr Wen’s comments still hurt sentiment. So did his follow-up blast this week, which included a ban on senior officials squandering public funds on cigarettes

and luxury alcohol.

但他的言论仍影响了股市人气。他在本周宣布的严厉政策（包括禁止高官用公款购买香烟和高档

白酒）同样如此。

His words had an immediate impact on shares in Chinese drinks companies, notably Kweichow Moutai, a producer of a liquor often drunk at banquets. Kweichow shares fell 6.5 per cent on Tuesday.

他的话对中国白酒股产生了直接影响，尤其是宴会用酒生产商贵州茅台(Kweichow Moutai)。该

股周二大跌6.5%。

Now SocGen’s profits warning will do nothing to improve investor thirst for Kweichow – or other

Chinese companies.

现在，法国兴业银行的盈利预警，将无助于提升投资者对贵州茅台或其它中国公司的兴趣。

2012年03月30日06:17 AM

金砖国家谋求IMF更大话语权Brics bid for more say in IMF 英国《金融时报》詹姆斯?丰塔内拉-可汗新德里报道

Leaders of the world’s most powerful emerging economies have threatened to withhold additional financing requested by the International Monetary Fund to fight the European sovereign debt crisis unless they gain greater voting power at the Fund.

全球最强大的新兴经济体领导人威胁称，除非他们在国际货币基金组织(IMF)得到更多的投票权，否则他们就不会响应该机构为抗击欧洲主权债务危机而提出的额外资金请求。

Meeting in India yesterday, the heads of state from Brazil, Russia, India, China and South Africa expressed their frustration at the slow pace of reform at the Washington-based multilateral lender, historically dominated by Europe and the US. In a joint statement, the so-called Brics nations said that there was an urgent need to “better reflect economic weights” and to “enhance the voice and representation of emerging market and developing countries” at the IMF.

巴西、俄罗斯、印度、中国和南非的政府首脑昨日在印度开会，表示对IMF这家总部位于华盛顿、传统上由欧洲和美国主导的多边贷款机构改革步伐缓慢感到失望。这些所谓的“金砖国家”在一份联合声明中表示，迫切需要“更好地体现经济权重”，“提高新兴市场和发展中国家在IMF的发言

权和代表性”。

The Fund’s shareholders agreed in 2010 to shift IMF股东在2010年同意将向新兴市场国家转

more of its voting weight towards emerging market

nations. However, the US has not passed enabling

legislation.

移更多的投票权，然而，美国仍未通过相关立法。 The leaders also criticised western countries for

their poor handling of the global economy in the

aftermath of the financial crisis. 金砖国家领导人还批评西方国家在金融危机过后对全球经济处理不当。

Dilma Rousseff, Brazil ’s president, accused western countries of causing a “monetary tsunami ” by adopting aggressive expansionist policies such as low interest rates, which are making emerging economies less competitive globally.

巴西总统迪尔玛?罗塞夫(Dilma Rousseff)指责西方国家通过低利率等激进的扩张性政策引发“货币海啸”，此类政策正导致新兴经济体在全球的竞争力下降。

Despite uniting over reform of the IMF, the Brics failed to coalesce around one of the two non-US candidates seeking the presidency of its sister organisation, the World Bank.

尽管在IMF 改革问题上保持一致，但金砖国家未能就支持角逐世界银行(World Bank)行长职位的两位非美国候选人中的一人统一意见。

Ngozi Okonjo-Iweala, the Nigerian finance minister, and Jos é Antonio Ocampo, the former Colombian finance minister, are both vying for the job, which traditionally goes to an American. 尼日利亚财长恩戈齐?奥孔约-伊维拉(Ngozi Okonjo-Iweala)和哥伦比亚前财长何塞?安东尼奥?奥坎波(Jos é Antonio Ocampo)两人在角逐这一传

统上由美国人担任的职位。

Barack Obama, US president, has nominated Jim Yong Kim, president of Dartmouth College and a former head of the HIV/Aids programme at the World Health Organisation. 美国总统巴拉克?奥巴马(Barack Obama)提名金辰勇(Jim Yong Kim)担任世行行长。金辰勇是达

特茅斯学院(Dartmouth College)院长，曾负责世

界卫生组织(WHO)艾滋病防治项目。

Speaking to the Financial Times, Mr Ocampo said Mr Kim lacked appropriate experience. He said he would be open to talks with Ms Okonjo-Iweala on whether one of them should pull out so the developing world can back one candidate.

奥坎波向英国《金融时报》表示，金辰勇缺乏适当经验。他表示愿意与奥孔约-伊维拉讨论两人中是否应该有一人退出，以便发展中世界可以支持一位候选人。

2012年03月31日 06:16 AM

香港新鸿基市值蒸发49亿美元

Kwok brothers’ arrest sees sell -off

英国《金融时报》 徐晓瑜 香港报道

Sun Hung Kai Properties witnessed the

largest one-day sell-off of its shares by volume since 1998 after Thursday’s arrests of its co-chairmen, Raymond and Thomas Kwok, in connection with a corruption investigation.

新鸿基地产(Sun Hung Kai Properties)股票昨日遭遇1998年以来最大规模单日抛售。周四，该公司联席主席郭炳联(Raymond Kwok)和郭炳江(Thomas Kwok)在一项腐败调查中被捕。

The stock faced added pressure after the 昨日股市收盘后，新鸿基股票面对更大压力，原因

market close when Moody’s and Standard & Poor’s warned that the group’s credit rating could be downgraded.

是穆迪(Moody’s)和标准普尔(Standard &

Poor’s)警告，该集团的信用评级可能遭到调降。 Asia’s largest property developer by market capitalisation opened 15 per cent lower at HK$94 per share, compared with the last closing price of HK$111.1.

这家亚洲市值最大的房地产开发商昨日开盘下跌15%，报每股94港元，而上一个交易日的收盘价为111.1港元。 The stock clawed back some of its losses to

close at HK$96.50, or 13 per cent down, cutting the company’s market value by US$4.9bn in 24 hours.

随后该股收复了一些失地，报收于96.50港元，当日跌幅为13%，令公司市值在一天里缩水49亿美元。 The brothers, who run the Hong Kong

blue-chip, were released on bail early yesterday morning, together with Rafael Hui, formerly the second-most senior official in the government of the

territory.

执掌这家香港蓝筹股企业的郭氏兄弟昨日凌晨获准保释，一同获释的还有香港前第二高官——前政务司司长许仕仁(Rafael Hui)。 The Independent Commission Against

Corruption refused to comment on local media speculation that the allegations were related to financial favours the company was said to have bestowed on Mr Hui when he was a public servant.

香港廉政公署(Independent Commission Against Corruption)拒绝评论当地媒体的猜测，即相关指控涉及在许仕仁担任公职期间该公司据信给予他的财务好处。

Alan Tse, a spokesperson, said the

commission would continue with its inquiries before submitting a report to the deputy public prosecutor, who would have the final say on whether to press charges. There was no legal limit on how long the

investigation could continue, he added.

廉政公署发言人Alan Tse 表示，廉署将继续展开调查，然后向律政司副刑事检控专员提交报告，由其最后决定是否起诉。他补充说，对于调查可以持续多久，法律并无限制。 News of the arrests were likely to have a

big impact on the group’s corporate image and on investors’ confidence in management, said Cusson Leung, head of property research at Credit Suisse. He maintained an “outperform” rating on the stock, however.

瑞信(Credit Suisse)房地产研究主管梁启棠

(Cusson Leung)表示，郭氏兄弟被捕的消息很可能对新鸿基集团的企业形象产生很大冲击，并打击投资者对管理层的信心。不过，他对新鸿基股票维持“跑赢大盘”的评级。

Andrew Lawrence, director of property research at Barclays Capital, downgraded the stock from “equal weight” to “underweight” following news of the arrests. He said in a research note that the development would also add further negative sentiment to the sector, which suffered the biggest losses of all Hang Seng index constituents yesterday.

巴克莱资本(Barclays Capital)房地产研究主管安德鲁?劳伦斯(Andrew Lawrence)在郭氏兄弟被捕的消息传出后，将其对新鸿基股票的评级从“与指数同等权重”(equal weight)调降至“低于指数权重”(underweight)。他在一份研究简报中指出，这一事态还将给整个行业带来进一步的负面情绪。昨日恒生指数(Hang Seng index)中房地产板块的跌幅最大。 Local property shares have been under pressure since home prices slipped from 自楼价从去年夏天的创纪录高水平回落以来，当地房地产类股票本已面临压力。

record high levels last summer.

More than 120m shares were traded in Sun Hung Kai Properties yesterday, the most since the summer of 1998.

昨日，新鸿基地产股票的成交量超过1.2亿股，这是自1998年夏天以来的最大成交量。 Walter Kwok, older brother of Raymond and

Thomas, said through a spokesperson yesterday that he had no comment on the arrests, adding: “We hope that people will stop making meaningless speculation in the absence of any evidence.”

郭炳联和郭炳江的长兄郭炳湘(Walter Kwok)昨日通过一名发言人表示，他对两个弟弟被捕一事无可奉告，并补充说，希望人们不要在没有任何证据的情况下，做出无意义的猜测。