【www.junered.com--经典美文】

  Never far from bearish minds is the 1987 crash,which saw the Dow Jones Industrial Average Plunge 508 points on Black Monday.

  熊市人士的心中,殷鉴不远的是1987年的大崩盘:道琼斯工业指数在黑色星期一惨跌508点。

  That 508-point plunge on Black Monday was worsened by so-called portfolio insurance,

  黑色星期一508点的狂跌,被所谓“证券保险”火上加油。

  which is computerized programs designed to bail investors out of stocks in a downturn by selling stock futures.

  这种电脑程序设计的目的,就是要在股票下跌时大卖股票期货,以助投资人杀出股市。

  blue chip

  绩优股

  And while other blue-chip firms such as Sears,IBM and General Motors,floundered in the 1980s,

  1980年代,当其他绩优股如西尔斯百货、IBM和通用汽车在挣扎时,

  most GE units surged ahead and consistently hit Welch's target of being No.1or No.2 in every market.

  奇异集团大多数的机构却都能大幅上涨,并且如Welch所愿,在各该领域中都能维持第一或第二的成绩。

  Like their American counterparts,Japanese executives cheerfully overpaid for their late-80s acquisitions.

  日本企业主管也和他们的美国同侪一样,在1980年代末期高高兴兴地花冤枉钱进行一堆购并案。

  But the Japanese made another fundamental miscalculation,

  但日本人犯了另一个基本的错误。

  says Gray Saxonhouse,an economics professor at the University of Michigan:

  密歇根大学经济学教授Gray Saxonhouse指出:

  "They had a faith in American landmarks a faith in American blue-chip names."

  “他们对美国的陆标太有信心,对美国的名牌企业也同样太有信心。”

  bull market

  牛市、多头市场

  Some analysts,dwelling on the fundamentals rather than superstition,

  一些坚守基本观念而不盲从的分析家认为,

  think the epic bull market that began in 1982 has finally entered a long season of bearishness

  自1982年来持久不衰的牛市,终于进入了长期的熊市,

  because of the likelihood of very show economic growth in the 1990s.

  因为1990年代的经济增长似乎会非常缓慢。

  Share prices in the relentlessly upbeat stock market now stand at skyhigh levels by historical standards,

  在这毫不犹豫向前冲的股市中,现在的股价指数站在历史新高点,

  and dividend yields have fallen to near record lows-

  但股利却几乎掉到创纪录的低档——

  classic signals that the bull market that began 2 1/2 years ago has got dangerously long in the tooth.

  这是很典型的警讯:两年半前开始的牛市已经持续太久到摇摇欲坠的地步了。

  corporate bond

  公司债券

  The average aggressive-growth fund has risen 29% in the past 12 months.Corporate-bond funds gained 13% overall.

  高增长基金在过去12个月平均涨幅为29%,而公司债券基金涨幅为13%。

  As a graduate business student at Pennsylvania's Wharton School,Milken made junk bonds a focus of his scholarship.

  垃圾债券大王米尔肯还在宾州大学华顿商学院念研究生时,他就以研究垃圾债券得到奖学金。

  Despite their reputation for high risk,he found that the securities showed a history of few defaults.

  他发现虽然垃圾债券风险有名的高,但是在过去却很少出现问题。

  Milken believed the securities' relatively high yields,typically 3% to 5% more than any investment-grade corporate bond,were more than enough compensation for that slightly increased risk.

  Milken相信这种证券在利润上比任何的投资级公司债券都要高3%至5%的情形下,远可以弥补稍微偏高的风险所可能带来的损失。

  default

  违约

  Greenspan's strong hint last week that the Federal Reserve will continue to push up interest rates

  上周Greenspan强烈暗示联邦储备银行将持续调高利率,

  heightened worries that more governments with over-leveraged portfolios heavily based on interest rate bets could be forced to default.

  如此一来,更多的政府就更要担心他们主要靠赌利率才能维持的一个以债养债的局面即将崩溃,使他们被迫违约。

  |||

  Poorer parents,meanwhile,may be tempted to borrow more than they ever expect to repay:

  同时,比较贫困的家长可能受到诱惑,去借些自己根本没打算还的钱。

  the default rate on government-backed loans is roughly 22% and bound to rise.

  政府提供的贷款中,违约不还的比例是22%,而且一定会再升高。

  dividend

  股利

  But sales rose even faster,and Ford Motor raised its dividend 12.5%,

  但是营业额增长得更快,而且福特汽车的股利增长了12.5%,

  the first increase since 1989.

  是自1989年来的首次增长。

  Dow-Jones Industrial Average

  道琼斯工业指数

  The Dow Jones Industrial Average closed this week at 2,909,1.

  道琼斯工业指数本周收盘时是2909.1点,

  up 6.3% in the past four weeks and up 544 points,or 23%,since its October low.

  在过去四周来上涨了6.3%,比起去年10月的低点,涨了23%,即544点。

  The stock market gave the flagging recovery an apparent vote of noconfidence last week when the Dow Jones Industrial Average plunged 120 points on Friday.

  股市上周对于虚弱的景气复苏明显投下了不信任票,以致周五时道琼斯工业指数大跌120点。

  Argentina's stock market rose 53% in 1993,for example,

  例如阿根廷股市在1993年增长53%,

  while Brazil's more than doubled in value.

  而巴西股市的价值增长超过一倍。

  institutional investor

  机构投资者

  Another source of fear is institutional investor.

  另一个值得畏惧的团体是机构投资者。

  While unseating corporate directors is even more difficult than dislodging political incumbents,

  因为要把企业主管拉下台比罢免现任政府官员还要困难,

  big investors are using their vast holdings to put pressure on board members.

  所以大股东乃利用庞大的持股来向董事会施压。

  investment bank

  投资银行

  Thanks to record sales of everything from derivatives to new stock and bond issues to merger financing,

  由于所有业务的营业额都创新高,包括衍生性金融商品、新股与债券发行,还有并购融资,

  the pretax profits of U.S.brokers and investment banks zoomed to an unprecedented $$8.9 billion last year.

  美国证券经纪商与投资银行在去年的税前盈余增加到史无前倒的89亿美元。

  junk bond

  垃圾债券

  When junk-bond king Michael Milken copped a plea last April,

  当垃圾债券大王Michael Milken去年4月认罪之时,

  he disappointed everyone who had been hoping to see the white-collar trial of the decade.

  他让所有期待观看一场1980年代白领犯罪大审判的人失望了。

  NASDAQ

  美国场外交易市场自动报价系统

  That kind of talk worries officials at the New York Stock Exchange:

  这种谈话使纽约股市的人员担心。

  trading technology is advancing so rapidly that the Big Board could be bypassed by such new high-tech systems as the Arizona Stock Exchange,the NASDAQ and now Globex.

  撮合交易的科技进步神速,纽约股市的大看板可能被下列高科技的系统所取代:亚利桑那证券交易所、美国场外交易市场自动报价系统以及现在的全球交易所。

  Nikkei Stock Average

  日经股价指数

  When the volatile Nikkei stock index plunged 3.9% last Monday,

  当上周反复无常地日经股价指数大跌3.9%后,

  many shell-shocked Tokyo investors feared that the entire economy was heading toward the abyss.

  许多被吓坏的东京投资者害怕整个经济又将跌入深渊。

  Even more frightening was the more recent,and more devastating,collapse of the Japanese stock market

  更恐怖的是:更接近现在、更惨烈的日本股市崩盘,

  that began in 1990,when the bloated Nikkei average plummeted from nearly 39,000 to less than 15,000 in 2 1/2 years.

  高涨的日经平均指数在两年半内从将近39000点跌到15000点以下。

  public offering

  公开发行

  Falcon Cable TV,a Los Angeles-based company with 1.1 million cable subscribers,

  位于洛杉矶,拥有110万用户的Falcon Cable TV

  last week halted plans for a $$125 million public offering in the wake of the FCC order.

  |||

  上周因为FCC的命令,而停止了一项1.25亿美元的公开发行计划。

  S&P 500

  标准普尔500股价指数

  The S&P 500 gained even more than the Dow during 1991,rising 26%,

  标准普尔500股价指数在1991年上涨26%,

  and NASDAQ,the most popular measure for small stocks,surged a record 57%.

  超过道琼斯指数,而小型股的最流行指标NASDAQ则飙涨57%。

  In Chicago the Mercantile Exchange twice halted trading in S&P 500 futures contracts,which represent the stocks in the Standard & Poor's 500 index.

  在芝加哥的商品交易所,两次中止代表标准普尔500股价指数的标准普尔500期货交易。

  SEC

  证券与交易委员会

  Under new SEC rules,companies must provide,in their annual report to shareholders,some value for the stock options granted to executives.

  根据证券与交易委员会的规则。企业在提供给股东的年度报告中,一定要披露提供给公司高级主管的认股权的部分价值。

  Boom,Boom,Ka-boom!

  涨,涨,爆掉!!

  1.The day was star-crossed:

  这一天是命运多舛的:

  Friday the 13th in the month of October,on the eve of the second anniversary of a devastating market crash.

  10月的13号星期五,正好是一场股市崩盘灾难的两周年前夕。

  "I'm telling you,psychology is really funny.People get crazy in situations like that,"said portfolio strategist Elaine Garzarelli.

  投资组合策略专家Elaine Garzarelli说:“我跟你说,心理是奇怪的东西。在那种情况下人们真的疯掉了。”

  Last week Friday the 13th lived up to its frightful reputation.

  上周的13号星期五并没有辜负它恐怖的名声。

  After drifting lower at a sleepy pace for most of the day,the Dow Jones industrial average abruptly lurched into a hair-raising sky dive in the final hour of trading.

  在大半天之内以令人打瞌睡的速度往下游移的道琼斯工业指数,突然在最后一小时爆出令人发指的长黑行情,

  By the time the 4 p.m. closing bell halted the rout,the index had dropped a nightmarish 190.58 points,

  当4点整的收盘铃声响起,止住这一败涂地的狂泻时,指数已经暴跌了恶梦般的190.58点,

  or nearly 7%,to close at 2569.26.

  将近7%跌幅,而以2569.26点作收。

  2.The sell-off was the sharpest since the market plunged 508 points on Oct.19,1987.

  这次是自1987年10月19日股市崩盘508点以来的最大跌幅。

  In terms of points,it was the second largest loss in Wall Street history;

  以点数来说,是华尔街有史以来第二大的损失;

  in percentage,the day ranked twelfth worst.

  以百分比来说,是排名第12高跌幅。

  "It's total emotional and psychological chaos,"said Eugene Peroni,an analyst with Janney Montgomery Scott,a Philadelphia brokerage firm.

  Eugene Peroni是费城的证券公司Janney Montgomery Scott的分析师,他说:“这是情绪与心理双重的大混乱。

  "People are dumping everything.A great deal of money is being lost."

  大家什么都卖。大把的钞票就这么没了。”

  3.The drop invited instant comparison with the month's two historic calamities:

  这次重挫很快引来与历史上发生在10月的另两次大祸的比较:

  the 1987 collapse on Oct.19 and the 1929 debacle on Oct.29.

  1987年10月19日的崩盘与1929年10月29日的长黑。

  Particularly gnawing was the memory that 1987's Black Monday was preceded by a Friday plunge of 108.35 points.

  特别令投资人心生恐惧的是1987年的“黑色星期一”之前的那个星期五交易日,也是大跌108.35点。

  Last week's drop-off rekindled fears

  上周的暴跌重新挑起人们的害怕:

  that an era of heedless borrowing by corporations and the Federal Government might finally be coming to grief.

  企业与联邦政府不加思索就拼命借贷的时代可能终于到了悲哀的一刻。

  At the very least,the rout reminded investors that the stock market is a volatile place where fortunes can vanish at the touch of a computer key.

  这次溃败至少证明股市仍是一个变化多端的所在,财产可以在弹指之间消失无踪。

  After one frantic hour of selling conducted to a large extent by program trades,nearly $$200 billion of stock values were wiped out last week.

  |||

  在上周,只要疯狂的一个钟点,大部分通过电脑进行的杀出动作就使股市损失了将近2000亿美元。

  4.The Bush Administration moved swiftly to avert any sense of crisis after the market closed.

  布什么政府在收市后迅速行动,消除人民心中的危机感。

  Declared Treasury Secretary Nicholas Brady:

  财政部长Nicholas Brady宣称:

  "It's important to recognize that today's stock market decline doesn't signal any fundamental change in the condition of the economy.

  “我们必须了解,今天的股市长黑并不意味经济状况有任何根本的改变。

  The economy remains well balanced,and the outlook is for continued moderate growth."

  国内经济相当稳定,而展望未来,仍可继续有温和的增长。”

  But Massachusetts Democrat Edward Markey,who chairs a House subcommittee on telecommunications and finance,vowed to hold hearings this week on the stock market slide.

  但是麻州民主党众议员Edward Markey,目前主掌众院的一个通讯与财政小组委员会,他坚称要本周针对股市大跌举行听证会。

  Said he:"This is the second heart attack.

  他说:“这是第二次心脏病发作了。

  My hope is that before we have the inevitable third heart attack,we pay attention to these problems."

  我希望在不可避免的第三次发作来到之前,我们应该注意这些问题。”

  5.Experts found no shortage of culprits to blame for the latest debacle.

  对于最近的这次暴跌,专家不愁找不到理由来怪罪。

  A series of downbeat realizations converged on Friday,

  在星期五,一堆悲观的事全凑在一块儿,

  ranging from signs of a new burst of inflation to sagging corporate profits to troubles in the junk-bond market that has fueled major takeovers.

  包括通货膨胀爆发的新迹象,企业低落的利润,以及促成大型购并案的垃圾债券市场出毛病。

  The singular event that shook investors was the faltering of a $$6.75 billion labor-management buyout of UAL,the parent company of United Airlines,the second largest U.S.carrier.

  至于攻溃股市人心的单一事件,则是美国第二大的联合航空公司一桩未谈拢的购并案。联航母公司UAL的劳资双方合作欲以67.5亿美元买下UAL,但是没有谈成。

  "That's when all hell broke loose,"said Robert Newman,a floor trader for Equitrade Partners.

  Equitrade Partners公司的交易员Robert Newman说:“时至于此,一切都完了。

  "It was very reminiscent of something I do not care to think about."

  这次事件,跟我想都不愿想的一件往事实在太类似了。”

  6.On one point most thoughtful Wall Streeters agreed:

  有头脑的华尔街人士都同意一点:

  the market had reached such dizzying heights that a correction of some sort seemed almost inevitable.

  股市指数冲到令人“往下看会头晕”的高点时,某种“回档整理”似乎是无可避免的。

  Propelled by favorable economic news and a wave of multibillion-dollar takeovers,stocks had soared more than 1,000 points since the 1987 crash.

  受到经济好消息及一波波数十亿元的购并案激励,股市自1987年崩盘以来已经上涨超过1000点。

  But by last August some Wall streeters were clearly worried.

  可是到了8月,有些人就明显开始担心。

  Noted Donald Stone,a floor specialist for Lasker,Stone & Stern:

  Lasker,Stone & Stern的交易专员Donald Stone说:

  "I've been on the trading floor for 39 years,and I've never seen the market go up so fast for so long without a major break."

  “我在交易场39年了,从来没有看过市场上涨这么快,而且这么久没有遇到一次重大的挫败。”

  Yet the bulls kept on running.

  但是牛市持续着。

  Just last Monday the market closed at a historic peak of 2791.41,

  上周一的收盘指数是历史新高的2791.41点,

  its fifth record high in as many sessions.

  也是之前连续五个交易日迭创新高以来的最顶点。

  7.The looming anniversary of 1987's crash had prompted many on Wall Street to search for comparisons between 1987's boom and this year's.

  在1987年崩盘日的周年即将来到之际,不由得华尔街不比较一下当年与今年的牛市盛况。

  |||

  In an investor newsletter dated Oct.1,Shearson Lehman Hutton cited twelve ways in which this year's rally seemed more likely to last.

  Shearson Lehman Hutton在10月1日发出的投资人通讯中,举出12例说明今年的涨势比较可能持续。

  Among them:

  其中三项:

  -Interest rates were rising then,while they are stable or falling now.

  ——彼时利率在上升,而此时是稳定或下降。

  -The economy was growing unsustainably in 1987,but more gradually this year.

  ——1987年的经济增长太快,无支撑力道,而此时较缓和。

  -Investor sentiment was wildly bullish then,and far more cautious now.

  ——彼时牛市心理极为强大,此时则谨慎多多。

  8.Yet this year's rally has rested on some shaky foundations.

  但是今年的涨势其实也是站在不稳的基础之上。

  Chief among them is the relentless pace of corporate takeovers,

  究其大者,应是马不停蹄的企业购并。

  which enriched everyone on Wall Street,from stockholders to investment bankers.

  华尔街的投资客到投资银行都发了财。

  But the buyouts have been fueled by financing from a junk-bond market that was severely weakened last month

  但是供给购并资金的垃圾债券市场在上个月受到重创,

  when Canadian developer Robert Campeau nearly defaulted on $$1.27 billion of debt payments on loans that he had used to acquire Allied Stores and Federated Department Stores.

  因为加拿大资本家Robert Campeau有了大麻烦。他收购Allied Stores与Federated百货公司的贷款中,有12.7亿美元的到期债务差点付不出来。

  In the wake of Campeau's problems,the money for new takeovers has begun to dry up.

  Campeau的麻烦影响所及,新的购并案已失去最大金主。

  9.Meanwhile,the Government's chief early-warning gauge of inflation indicated last week that the U.S.economy may be headed for trouble.

  在此同时,政府最主要的通货膨胀早期预警系统上周指出美国经济可能既然出问题。

  The Labor Department said its Producer Price Index rose 0.9% in September,

  劳工部的9月批发物价指数较8月上涨0.9%,

  or about 10% on an annual basis,to break a three-month string of declining wholesale prices.

  较去年同期则上涨10%,打破连续三个月的指数下降走势。

  Earlier in the week,Federal Reserve Chairman Alan Greenspan suggested that the Fed remains wary of inflation

  上星期初,联邦主席艾伦•格林斯潘暗示联邦储备委员会仍旧注意到通彭的可能性,

  and therefore would be averse to easing interest rates.

  因为将避免调降利率。

  That was not what Wall Street wanted to hear.

  这可不是华尔街愿意听到的。

  10.The heaviest blow to the market came Friday afternoon.

  最致命的一击发生在星期五下午。

  n a three-paragraph statement.

  在简短三段话的声明中,

  UAL said a labor-management group headed by Chairman Stephen Wolf had failed to get enough financing to acquire United.

  UAL说由董事长斯蒂芬•沃尔夫领导的劳资集团无法凑足购并联航的资金。

  Several banks had apparently balked at the deal,which was to be partly financed through junk bonds.

  部分由垃圾债券供给资金的交易显然让银行却步。

  The takeover group said it would submit a revised bid "in the near term,"

  收购集团说它“在近期内”将会修正并重新出价,

  but the announcement stunned investors who had come to view the United deal as the latest sure thing in the 1980s buyout binge.

  可是UAL的声明已经吓坏了投资人,因为他们以为联航购并案的交易应该是1980年代购并狂潮中,绝对没问题的一宗买卖。

  Said John Downey,a trader at the Chicago Board Options Exchange:

  芝加哥选择权交易所的交易员John Downey说:

  "The airline stocks have looked like attractive takeover targets.

  “航空公司股票向来是很诱人的购并目标。

  But with the United deal in trouble,everyone started to wonder what other deals might not go through."

  但是假如连联航购并案都会出问题,大家即开始猜疑还有多少交易能够过关。”

  商务英语:商业

  bar code

  商品条码

  If President George Bush was amazed by the bar code scanners he saw last month at the National Grocers Association convention in Orlando,

  假如布什总统上个月在奥兰多的全国超市协会年会中,曾为条码扫描机大惊小怪的话,

  he would be truly astounded by some of the technology found in state-of-the-art supermarkets like the Food Emporium.

  那他到了像Food Emporium这种科技已臻化境的超市,才真的会大吃一惊了。

  Each ScanFone unit,which can funciton as a regular telephone,

  每一具ScanFone都可当普通电话使用,

  features a magnetic-stripe credit card reader and a light pen to scan bar codes.

  但它还有两项特色:可读磁条式信用卡的读卡机与扫描条码的光笔。

  blockbuster

  大轰动

  But without the limitless pots of cash that the now shrunken junk-bond market once provided,

  但是已经萎缩的垃圾债券市场,不能再像以前一样无限制地提供现金,

  the investment bankers can on longer arrange the sort of blockbuster buyouts that produced breathtaking profits for Wall Street in the past decade.

  投资银行也无法再像过去十年一样,安排轰动武林的收购行动,然后替华尔街赚进令人目瞪口呆的利润。

  A film out of nowhere,with a nobody star,can send people out happy-and make the producers of Home Alone rich.

  一部用了无名小卒主演的默默无闻电影,可以让观众心满意足地走出电影院,也让《小鬼当家》的制作人发了大财。

  Conversely,a blockbuster wannabe like Redford's Havana grossed less in the U.S.than,say,the Italian import Cinema Paradise.

  相反的,罗伯特•雷德福理应轰动的电影《哈瓦那》,在美国的票房还比不上来自意大利的《天堂影院》。

  business cycle

  景气循环

  "Reagan was a goner,right?"says a Clinton adviser."But then the business cycle took an upturn,and he won big a year later,

  克林顿的一个顾问说:“里根已经完了,对不对?可是景气循环回升,于是他第二又大败竞选对手。

  Reagan's ups and downs remind us to take the long view,

  里根的起伏提醒我们要看长远。

  Bill Clinton won't be dead until he's laid out with his sax."

  在克林顿萨克斯风吹到昏倒以前,他还死不了。”

  A recession is a standard contraction of the business cycle.

  不景气是景气循环中标准的萎缩过程。

  Things heat up;the Fed throttles back to restrain inflation.A depression,by contrast,has to do with debt.

  因为经济过热,联邦储备银行董事会就会踩刹车以避免通货膨胀。相对的,萧条是跟债务有关。

  cartel

  卡特尔

  Bootlegged stones from Angola and Russia are cutting out the De Beers cartel

  自安哥拉与俄罗斯走私出来的钻石对De Beers钻石卡特尔损伤极大,

  and threatening to subvert the value of the most precious of gems.

  也对这种最珍贵的宝石的价位造成威胁。

  cash cow

  摇钱树

  That would place the pension burden mainly on ACF Industries,

  这会将挪用退休基金的压力,加诸ACF工业。

  the Missouri-based railcar leasing company that Icahn uses as his cash cow to fund outside investment activities.

  这家密苏里州的轨道车辆租凭公司是Icahn的摇钱树,专门用来资助他其他的投资事业。

  These,and a great gut for pop culture,served him well as chairman of Paramount Picutres from 1974 to '84 when it produced goldencalf movies

  这些以及他对大众文化精准的直觉,使得他在派拉蒙的1974至1984十年任内创造了轰动的电影

  (Grease,Flashdance)and cash cow TV series.(TAXI,Cheers).

  《油脂》、《闪舞》以及捞进大把银子的电视剧《出租车》、《欢乐酒店》。

  cashless society

  无现金社会

  Says Keith Kendrick,senior vice president of marketing for Master Card:

  万事达卡资深行销副总裁Keith Kendrick说:

  "Though people have talked for a long time about the cashless society,

  “虽然我们已经高谈无现金社会很久了,

  we are by no means all the way there."

  但是我们离那个地步还很远呢!”

  |||

  Since the early 1960s,when assorted gurus proclaimed the imminent arrival of the Information Age,

  1960年代前期,各行各业的领导人物宣称资讯时代既然到来,

  businesses and consumers have been eagerly awaiting its coming-

  所以企业与消费者都在热切期待着,

  and with it,the "paperless" office and the "cashless society."

  同时也寄望着“无纸张”办公室与“无现金社会”的降临。

  CBT

  芝加哥交易所

  Four years and $$70 million in the making,

  花了四年的时间与7000万美元的经费,

  the Globex system is a bid by the Chicago Mercantile Exchange and the Chicago Board of Trade

  Globex系统的建立是芝加哥商品交易所与芝加哥交易所的希望所寄:

  to keep from losing yet another homegrown industry:futures trading.

  保住在美国发展出来的期货交易市场。

  Clear explanations of how dishoest brokers and floor traders operate should add to the damage-control problems at the Chicago Board of Trade and the Chicago Exchange.

  芝加哥交易所与芝加哥商品交易所应该在损失防治的诸多问题中,加上一条清楚解释不肖经纪商与营业员如何运作的问题。

  chain store

  连锁店

  Wal-Mart,the discount chain store,created more jobs in the first 30 months of the recovery than any other company in the country,

  平价连锁商店Wal-Mart在景气复苏开始的前30个月中创造了全国最多的工作机会,

  but they generally pay only about $$5 to $$9 an hour.

  但是这些工作的时薪只有大约5至9美元。

  In partnership with Cablevision Systems Corp.,

  与Cablevision Systems Corp.联手后,

  the department chain store hopes,rather optimistically,to reach 20 million subscribers 24 hours a day,seven days a week.

  这家百货连锁店蛮乐观地希望达到一天24小时,一星期7天的播出时间,会有2千万订户来收看。

  cut-throat competition

  割喉式竞争

  But Bernard Attali,chairman of the board of Air France,

  但是法航董事长Bernard Attali警告说,

  warned that the "suicidal" consequences of cut-throat competition will be massive layoffs and fewer flights to small cities.

  这种割喉式竞争造成的“自杀式”后果就是大规模裁员以及对小城市减少航班。

  The shift of sentiment toward NRA(National Reconvery Administration),

  对“国家经济复兴署”观感的转变,

  was brought about in part by industry's realization that the days of cut-throat competition and laissez faire are over.

  部分是由于产业界了解割喉式竞争与放任经济政策的时代已经过去了。

  durable goods

  耐用商品

  These latest cutbacks underline Clinton's challenge as he prepares to revive the economy,

  这些最新的裁员行动增加了对克林顿振兴经济的挑战。

  While GDP grew 3.8% in the fourth quarter

  虽然第四季的国内生产总值增长3.8%,

  and orders for durable goods rose more than 9% in December,

  对耐用商品的订单也于12月增长超过9%,

  continued job woes could choke off recovery.

  但是就业市场持续的坏消息可能扼杀经济复苏的力量。

  Strong increases were registered by consumer spending,business investment,orders for durable goods,sales of existing houses and consumer confidence,

  消费支出、企业投资、耐用商品订单、房屋销售以及消费信心都显著增长,

  while new claims for unemployment compensation have been showing consistent decline.

  而新的失业救济金申请案则持续降低。

  installment payment

  分期付款

  But I'd like to see the tax deduction for installment loans on automobiles come back as an allowable deduction.

  “但我希望汽车分期贷款的支出被重新认定是所得税的扣除额。”

  Hunter calls his proposal "the Democracy Fund" and fixes the initial installment at $$10 billion.

  Hunter将自己的提案称作“民主基金”,并把最初的分期贷款设定在100亿美元。

  "It could be the greatest bargain in history,"he says.

  他说:“这可能是历史上最划算的生意。”

  IPR

  知识产权

  Bush refused to join other industrialized nations in a biodiversity pact to protect plant and animal life from possible extinction.

  |||

  美国总统布什拒绝签署其他工业国家发起的一项保护生物计划,理由是,

  He argued that the treaty failed to protect intellectual property rights in biotechnology and imposed unnecessary obstacles for researchers.他辩称该条约无法保护生物工程学上的知识产权,而且对研究工作施加不必要的阻碍。

  The information highway promises multiple collisions between intellectual property rights and the free-expression rights of those who would use the data they find there.

  信息高速公路的来临,预告了知道产权与使用网络信息人员的言论自由即将产生多方面的冲突。

  niche

  利基

  Boasts CEO and co-founder Herb Kelleher:

  总裁与联合创始人Herb Kelleher自夸:

  "We're created a solid niche-

  “我们创造了一个稳固的利基市场——

  our main competition is the automobile.

  我们的主要敌人是汽车。

  We're taking people away from Toyota and Ford."

  我们让人们不开丰田或福特车而来坐飞机。”

  Although Apple eventually solved most of the computer's problems,

  虽然苹果电脑公司终究是解决了它电脑所发生的问题,

  IBM compatibles still dominate the personal-computer business.

  IBM兼容电脑仍然霸占个人电脑的江山。

  The Macintosh today remains stuck in a niche,

  麦金托什电脑至今仍困坐一隅,

  with a market share that hovers around 10%.

  只有大约10%上下的市场占有率。

  no-frills

  阳春

  Introducing a perfume is very expensive-

  引介一种新香水上市的成本是极高的——

  commonly around $$10 million to $$15 million for the first year of a no-frills national launch.

  通常在作全国性推广的第一年,最节省的开销也要1000至1500万美元。

  Nadezhda earns 3,000 rubles styling men's hair 39 hours a week in a no-frills state shop

  Nadezhda每周工作39小时替男人做发型设计,一个月赚3000卢布。

  that serves as one of the neighborhood's social centers.

  这家不花俏的国营商店也是邻里的社交中心之一。

  own brand

  自有品牌

  He won a Tony nomination for his Broadway acting debut in Metamorphsis

  他在百老汇初次演出《变形记》就赢得托尼奖提名,

  and last week introduced his own brand of women's perfume,called-

  而在上周他发表了自有品牌的女性香水,叫作——

  what else?-Misha.

  还能叫什么呢?——当然是Misha。

  trademark

  商标

  Macedonia is the birthplace of Alexander the Great

  马其顿是亚历山大大帝的出生地,

  and the name of Greece's northern province.

  也是希腊北部的一个省名,

  Therefore Athens thinks it has a 2,400-year-old trademark on the word.

  所以雅典方面觉得自己对这个字拥有2400年的“商标权”。

  Frank Sinatra collapsed on a Richmond,Virginia,stage while performing his trademark My Way,Complaining of the heat,

  弗兰克•西纳特拉正在弗吉尼亚洲Richmond表演他的注册商标歌曲《夺标》时,当场昏倒在舞台上。这位歌手抱怨气温太高,

  the singer fell to the floor "like a sack of stones," recalled a concert-goer.

  而一个演唱会观众回忆说西纳特拉好像“一袋石头”般跌倒在台上。

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