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商務(wù)英語BEC考前加分訓(xùn)練題
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對(duì)于投資銀行業(yè)而言,2007年是它們亞洲業(yè)務(wù)利潤(rùn)最為豐厚的一年,但今年卻開局不利。
Investment banks have suffered a poor start to the year in Asia after their most profitable year in the region in 2007.
因敢于在市場(chǎng)動(dòng)蕩情況下上市的公司數(shù)量減少,投行的股票資本市場(chǎng)收入大幅下降。
Revenues from equity capital markets have fallen sharply as fewer companies have braved turbulent market conditions to go public.
數(shù)據(jù)提供商湯姆森金融(Thomson Financial)的數(shù)據(jù)顯示,今年截至上周五,在不包括日本在內(nèi)的亞洲地區(qū),瑞銀(UBS)、瑞士信貸(Credit Suisse)、摩根士丹利(Morgan Stanley)和高盛(Goldman Sachs)的傭金收入分別下降了44.1%至70.9%。
UBS, Credit Suisse, Morgan Stanley and Goldman Sachs saw fees fall between 44.1 per cent and 70.9 per cent in Asia excluding Japan this year up until last Friday, according to Thomson Financial, the data provider.
由于許多公司推遲或取消了首次公開發(fā)行(IPO)計(jì)劃,寧愿等待更好的上市時(shí)機(jī),投行今年在亞洲面臨的市況非常艱難。作為亞洲地區(qū)股市表現(xiàn)的衡量指標(biāo),摩根士丹利資本國(guó)際不包括日本的亞太指數(shù)(MSCI Asia Pacific ex-Japan index)今年已下跌約18%。
The region has been a tough market for banks after a large number of companies postponed or cancelled initial public offerings, preferring to wait for better opportunities to sell shares. The MSCI Asia excluding Japan index, a barometer of the region’s stock markets, has fallen about 18 per cent this year.
來自股票和債券資本市場(chǎng)的傭金收入分別下降了15.9%和52.3%。但收購(gòu)活動(dòng)仍在繼續(xù),亞洲并購(gòu)交易傭金收入為此增長(zhǎng)了3.6%,達(dá)到13.8億美元。
Fees earned from equity and debt capital markets fell 15.9 per cent and 52.3 per cent respectively. But continued takeover activity saw fees from Asian mergers and acquisitions increase 3.6 per cent to $1.38bn.
在亞洲傭金總收入排行榜上,包括中國(guó)鐵建(China Railway Construction Corp) 54.4億美元IPO在內(nèi)的幾筆大交易,推動(dòng)中國(guó)中信證券(Citic Securities)的排名從去年的第13位上升至第三位。
China’s Citic Securities rose to third in the league table of overall fee revenues in the region, up from number 13 in 2007, thanks to several large deals including the $5.44bn IPO by China Railway Construction Corp.
瑞銀在排行榜上名列榜首,盡管該行今年以來的收入下降了53.3%,從去年的1.71億美元降至8000萬美元。這家瑞士銀行近80%的收入來自并購(gòu)交易傭金。排名第二和第三的分別是花旗集團(tuán)(Citigroup)和中信證券。名列前五的還有美林(Merrill Lynch)和JP摩根(JPMorgan)。
UBS topped the league table in spite of a 53.3 per cent plunge in revenues from $171m last year to $80m so far this year. The Swiss bank, which derived nearly 80 per cent of fees from M&A, is followed by Citigroup and Citic. Merrill Lynch and JPMorgan took the other top five places.
中信證券收入飆升425.1%,至5590萬美元。在中國(guó)鐵建本月在香港和上海的IPO中,中信證券都是保薦人。
Citic, which sponsored both the Hong Kong and Shanghai portions of CRCC’s IPO this month, saw revenues surge 425.1 per cent to $55.9m.
行業(yè)咨詢公司奧緯咨詢(Oliver Wyman)的另一份報(bào)告顯示,作為中國(guó)最大的券商之一,中信證券取得成功的背景是:本地公司繼續(xù)主導(dǎo)著亞洲的承銷市場(chǎng),特別是首次公開發(fā)行市場(chǎng)。
The success of Citic, one of China’s largest brokerages, comes as local firms continue to dominate the underwriting market in Asia, especially in primary offerings, according to a separate report by Oliver Wyman, an industry consultant.
除了香港和新加坡(國(guó)際投行在此仍然控制著市場(chǎng)),其他國(guó)家的多數(shù)交易往往都由本地券商安排。奧緯咨詢稱,中國(guó)的三大承銷商分別是中信證券、中金公司(CICC)和國(guó)泰君安(Guotai Junan)。臺(tái)灣5家最大的承銷商都是本地公司。
Apart from Hong Kong and Singapore, where international investment banks still control the market, local brokerages tend to arrange most deals in other countries. China’s top three underwriters are Citic, CICC and Guotai Junan, said Oliver Wyman. All of the five largest players in Taiwan are local firms.
在湯姆森金融排行榜的前十名中,高盛的傭金收入降幅最大,達(dá)到70.9%,從9730萬美元降至2830萬美元。投行業(yè)務(wù)傭金總收入較上年同期下降5.4%,從22.2億美元降至21億美元。
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