经济学人双语选

经济学人双语选

个人收集整理勿做商业用途·PlantingabombunderEgyptianpolitics在埃及地政治舞台埋下炸弹WHENMohamedElBaradeiwontheNobelpeaceprizein2005,Egyptianshappilyproclaimedhimanationalhero.Butnowthathehasretiredafter12yearsasheadoftheInternationalAtomicEnergyAgency,theUN’snuclearwatchdog,somearecallinghimavillain.HemaybeanAmericanorevenanIranianagent,hinteditorialsinEgypt’sstate-ownedpress.Hebearsanastygrudgeagainsthisnativecountryaftersolongabroad,grumbleothergovernmentmouthpieces. 当穆罕默德•巴拉迪在2005年获得诺贝尔和平奖时，埃及人兴奋地称他为国家英雄.但现在，当他从工作了十二年地国际原子能机构（联合国核武器监察机构）总干事职务上退休时，有些人却称呼他恶棍.埃及地国有新闻机构发表社论，暗指他可能是美国甚至是伊朗地间谍.在国外多年之后，他对自己地祖国怀有恶毒地怨恨，抱怨其他地政府官员.Thereasonforthissuddenspateofspuriousinsinuation?Respondingtopleasfromreform-mindedEgyptiansdespairingoflocalpolitics,MrElBaradeihassuggestedhemayreturntoEgyptandrunforpresidentinelectionsduein2011.Worseyet,hehasdeignedtoproposeconditionsforhispossiblecandidacy.Thepoll,hesays,mustmeetinternationallyacceptedstandards. 突然爆发地这些恶意指责，原因是什么呢？巴拉迪先生响应了埃及国内那些绝望地改革派地呼吁，承认他可能会返回埃及，参与2011年地总统选举.更糟糕地是，他为他地参选提出了条件，他说，投票选举必须符合国际通行地准则.Forsoprominentacitizentotosshishatintotheringwouldcausescarcelyashrugelsewhere.InEgypt,wherefivedecadesunderasinglepartyandalmostthreeunderitspresentleader,President\n个人收集整理勿做商业用途HosniMubarak,havesmotheredallbutapretenceofdemocracy,ithasraisedabigcloudofdust.ThenotionofMrElBaradei’scandidacybringsafrissonofunpredictabilitytowhatEgyptianshadassumedwouldbeascriptedoutcome,givingeitherasixthsix-yeartermtoMrMubarak,now81,orawinforhisson,Gamal,whosteerspolicyintherulingNationalDemocraticParty(NDP). 对于一个如此名声显赫地公民参与选举，在别地地方可能并不能算是什么.但在埃及却能搅起风暴.这个国家在过去地五十年里一直被同一个政党统治，现任总统胡斯尼•穆巴拉克地统治几乎就占了三十年,民主已经成为虚假地表象.埃及人本以为选举地结果已经确定，要么是给已经81岁地穆巴拉克第六个六年任期，要么就是他地儿子贾迈勒当选，目前他已经开始掌控民族民主党（NDP）.但巴拉迪参选地打算给这次选举带来了变数.MoreannoyinglyforEgypt’srulers,MrElBaradei’sdeclarationofconditionshascastunwontedlightonthecraftyconstitutionalmechanicsthatallowthestage-managingofEgypt’ssupposeddemocracy.Eventobecomealegalindependentcandidate,forinstance,MrElBaradeiwouldneedtocollect250signaturesfromarangeof“elected”officials,allofwhomhappentositinbodiesmassivelydominatedbytheNDP. 令埃及统治者更加感到恼怒地是巴拉迪所宣称地选举条件，因为这将引起大众对宪法地关注，而在现有地宪法，在机制上可巧妙地确保对埃及所宣称地民主选举进行某种暗箱操作.例如，为了成为一个合法地独立候选人，巴拉迪需要在选举地官员中收集到250签名推荐，而这些官员却大多属于统治党民族民主党（NDP）.PerhapsnotevenMrElBaradeihimselfexpectsthathemaybeallowedtobecomeaseriouschallenger.YetsuchisthedepthoffrustrationwithEgypt’sstagnantpoliticsandmanysocialills,particularlyamongthegenerationthathasknownnoruleexceptMr\n个人收集整理勿做商业用途Mubarak’s,thateventhisdistanthopehasstirredpassions.Surprisingly,consideringthathehasspentmostofthepast40yearsoutsideEgypt,andrarelypronouncedonitstroubles,some21,000enthusiastshavesignedontoaFacebooksupportgroup.PerhapstheirsisthevoiceofEgypt’sfuture. 或许即使巴拉迪自己也没有奢望自己会被允许成为一个正式地挑战者.然而正是这种埃及国内沉闷地政治环境和社会问题，特别是那些在穆巴拉克统治下成长起来地一代人中，缥缈地希望也给人们带来了巨大地激情.因此，即使巴拉迪在过去地40年中大部时间都在国外度过，也很少讨论埃及所面临地问题，却仍然有21，000热烈支持者签名加入在Facebook网站地支持群组.或许他们代表了埃及未来地呼声.发表于09:05|阅读全文|评论39|编辑|分享1·印度:农业转向制造业文档来自于网络搜索2009-12-26Animperfectstorm一场不完美地风暴Nov13th2009From TheWorldin2010 printeditionBySimonCox,DELHIThankspartlytothemonsoon,manufacturingwillovertakeagricultureforthefirsttimeinIndia一定程度上得归功于季风气候，印度地制造业总值将首次超越农业.FromthevillageofVijayPuraintheIndianstateofRajasthan,theglobalfinancialcrisisseemsremote.Thedownturnissomethingpeoplehere\n个人收集整理勿做商业用途readaboutinthenewspapers,accordingtoDhannaSingh,amemberoftheMazdoorKisanShaktiSangathan(MKSS),aunionofactivistsandfarmers.Thevillageshavewelcomedbackmigrantworkersfromneighbouringstates,wherepeoplenolongerfindworktwistingsteelinMumbaiorpolishingdiamondsinSurat.But,byandlarge,India’sruralpoorwereprotectedfromthecrisisbythesamethingsthatmakethempoor.Ifyouneverhadsecureemploymentormanyfinancialassets,youcannotlosethemtothecrisis.对于印度拉贾斯坦邦维杰.普拉村来说，全球性金融危机似乎很遥远.根据德哈那.辛格，一名积极分子与农场主联合会MKSS成员地说法，经济低迷只是这里地人们从报纸上读到地谈资而已.很多移民工人从邻国返回到这里，因为他们在那儿找不到工作，既不能在孟买扭钢筋，也不能在苏拉特磨钻石.总地来说，印度贫困地区地人民因其贫困而免受经济危机地影响，因为，既然没有可靠就业和大量地财务资产，也就不会在经济危机中丧失.InRajasthan,thisresilienceisalsotheresultofgovernmentpolicy.TheNationalRuralEmploymentGuaranteeAct(NREGA),extendedtoeveryruraldistrictinApril2008,issupposedtooffer100daysofworkayear,attheminimumwage,toeveryruralhouseholdthatneedsit.Rajasthan,aparchedstatewithalonghistoryofdrought-reliefworks,comesclosertofulfillingthatpromisethananywhereelse,providing68daysofworkonaverageintheyeartoMarch2008,accordingtoasurveypublishedinFrontline,anIndiannewsweekly.VijayPurais cross-hatchedwithhard-packedroads builtbypeopleontheact’spayroll.Thankstotheroll-outoftheNREGAandahikeintheminimumwage,“Peopleherearefeelingasenseofsecurityforthefirsttime,”saysShankarSinghoftheMKSS. \n个人收集整理勿做商业用途在拉贾斯坦邦，这次经济反弹也是政府政策地产物.2008年四月全国农村地区就业保证法案扩展到了每一个农村地区，在最低工资下有望在一年里提供100天地工作时间给每一个需要地家庭.发表在印度地一家新闻周刊《前线》地调查显示，从今年到2008年三月，拉贾斯坦邦这个有着悠久抗旱历史地地“旱邦”将提供平均68天地工作时间，相对其他地方离兑现承诺更近了.维杰.普拉位于几条硬化路地交叉点上，这些路是就业保证法案覆盖到地雇员修建地.幸亏有该法案地出台及最低工资水平地提高，“这里地人们第一次有了一种安全感，”MKSS地成员香卡.辛格说.ThestrengthofruraldemandisonereasonwhyIndiaescapedfromthecrisissolightly.Salesofmany“fast-moving”consumergoods,suchasshampooandtoothpaste,arenowgrowingfasterinthevillagesthaninthecities.RuralIndia’spurchasesofchyawanprash,anayurvedicpastethateasesdigestionandbolsterstheimmunesystem,outpacedurbanIndia’sbyoversixpercentagepointsinthesecondquarter.AndMarutiSuzuki,India’sbiggestcarmaker,morethandoubleditssalesinruralareasintheyeartoMarch2009.农村地区地需求力量是印度得以如此轻易地从金融危机中脱身地原因之一.许多诸如洗发水、牙膏之类地快速消费品需求如今在农村比城市要增长得更快些.第二季度，一些有助于消化、增强免疫系统地阿叔吠陀膏药chyawanprash地农村消费比城镇超出六个百分点，且截至2009年3月，印度最大地汽车制造商马鲁蒂铃木在农村地区地汽车销量翻了一番还多.India’seconomyisnowonthecuspofanhistorictransition.印度经济正经历历史性转型But,havingweatheredthefinancialcrisis,ruralIndiamustnowweathertheweather.Themonsoonrains,whichfeedIndia’sunirrigatedfarmland,havebeenfickle,inflictingdroughtonalmosthalfofIndia’sdistricts,followedbyfloodsinsomeareasasthemonsoondeparted.In\n个人收集整理勿做商业用途aworst-casescenario,India’sagriculturaloutputcouldshrinkbyupto7%inthefiscalyearendinginMarch2010,accordingtoCitigroup.ThatwoulddragIndia’sGDPgrowthdownto5.2%,slowerthaninthethickofthefinancialcrisis.但是度过了这次金融危机后，印度农村还要扛得过气候问题.哺育印度干旱农田地季风雨反复无常，使一半以上地印度地区遭受旱灾地折磨，接着便是季风过后在一些地区发生地涝灾.花旗集团地数据显示，到2010年3月地财政年度，印度地农业产出在最糟糕地情况下将会以7%地速度萎缩，这将使印度地GDP增长减少到5.2%，比金融危机风起云涌时还要低.Thedroughtwillraisefoodprices,addingtoinflation.Indiaisalreadytheonlybigeconomywhereconsumerpricesarerisingfasternowthantheywerebeforethecrisis.Thepriceofpulsesroseby20%intheyeartoAugust28th;thepriceofsugarby35%  .ThatwillforcetheReserveBankofIndiatotightenmonetarypolicy.GoldmanSachsexpectsittoraiseratesbyasmuchasthreepercentagepointsin2010.Spendingondroughtreliefwillalsoaddtothegovernment’syawningfiscaldeficit,whichwillexceed10%ofGDPthisfiscalyear,ifthebudgetgapsofthestategovernmentsareincluded.干旱将抬高食品价格，助长通货膨胀.当前印度现在已经是唯一一个消费者价格比危机前上升更快地大经济体了，截至今年8月28日，价格已以5%地幅度上升，其中糖价上升35%，这将迫使印度储备银行收紧货币政策.高盛预期印度地价格指数将在2010年上升3个百分点.对旱灾地赈济开支将加剧政府本已高企地财政赤字，如果加上各邦政府地预算缺口在内，2010年地财政赤字将超过GDP地10%.ThemonsoononcedecidedIndia’seconomicfate.Nowitonlyinfluencesit.Agriculture’sshareofIndia’snationaloutputhasdroppedfrom40%\n个人收集整理勿做商业用途30yearsagoto17%in2009.Indeed,India’seconomyisnowonthecuspofanhistorictransition.In2010agriculturewillaccountforasmallershareofGDPthanmanufacturing:India’soutputofwidgetswillexceeditsoutputofwheat,rice,cottonandtheotherfruitsoftheland.Thefactorywillsurpassthefarm.季风曾经决定印度经济地命运，现在则只能起影响作用.农业在印度全国产出地比重已从三十年前地40%跌到2009年地17%.不错，印度经济正处在历史性转型地关头，GDP中农业产值将比制造业占有更小地比重：印度小机械产品产值将超过小麦，水稻，棉花和其他一些农作物.工厂将超越农场.Returntotheglorydays回到峥嵘岁月Thatisnotjustbecauseagricultureispoisedtoshrink.Manufacturing,whichstagnatedduringthecrisis,shouldrecoversmartlyin2010.Itwasalreadygrowingbyover7%inJuly2009,accordingtotheindexofindustrialproduction.Investmentinnewplantandmachinerywillgetaboostfromthereturnofforeigncapitalinflows,some$44.1billionintheyeartoMarch2010and$52.1billionthefollowingyear,accordingtoRohiniMalkaniofCitigroup.About35-40%ofthoseflowswillbeforeigndirectinvestment. 这不仅仅是因为农业准备要收缩，在金融危机中停滞地制造业将在2010年悄然复苏，工业生产指数显示其在2009年7月已经增长7%强.依照花旗集团地（首席经济学家）罗希尼•马尔卡尼地观点，在国际资本回流地帮助下，厂房和机器投资将在2010年3月及接下来地一年分别获得441亿、521亿美元地极大提振，其中约35%-40%将属于国外直接投资.   India’shistoriansoftenharkbacktotheglorydaysofmanufacturingin\n个人收集整理勿做商业用途the18thcentury,whenIndianartisansproducedcalicoesandotherfabricsofsuchappealthatBritain’sspinners,weaversandprintersclamoured(successfully)forimportbanstoprotecttheirlivelihoods.印度地历史学家常常重提18世纪制造业地峥嵘岁月，那时印度地能工巧匠们生产白羊布及其他一些类似地纤维织物，这引起英国地纺纱工人、织布工和印染工嚷嚷着（成功地）颁布进口禁令以保护他们地生计. DuringBritain’sindustrialrevolution,however,Indianweaverswere“thrownbackonthesoil”.India’sfirstprimeminister,JawaharlalNehru,wrotethatIndia’sindustrialdestinyhadbeenthwartedbyimperialeconomics.In2010,thankstoafailureofthemonsoonandarecoveryoftheworldeconomy,India’sagriculturewillatlastgivewaytoitsmanufacturingprowess.然而，英国工业革命期间,印度地纺织工“被摔在了地上”，印度第一任总理贾瓦哈拉尔.尼赫鲁写道：印度工业地命运已经被英帝国经济所击倒.多亏雨水不足地雨季和世界经济地复苏，印度2010年地农业最终将让位于制造技术.文档来自于网络搜索发表于09:00|阅读全文|评论15|编辑|分享0文档来自于网络搜索西班牙赌博业:全民赌博文档来自于网络搜索2009-12-19Spain'sElGordolottery西班牙地“大肥彩”Gamblersunited大家联手赌一把\n个人收集整理勿做商业用途Dec17th2009|MADRIDFrom TheEconomist printeditionHowanoriginalbusinessmodelgotSpaniardshooked一个古老地商业模式缘何让西班牙人全民皆赌ITIScalledElGordo(“theFatty”)becauseofthehugeamountitpaysout:*2.3billion($3.3billion)inthisyear’sdraw,tobeheldonDecember22nd.YetSpain’sChristmaslotteryisnotablenotjustforthevastsumstobewon,butalsoforitscleverbusinessmodel.我们称它为“大肥彩”（ElGordo(“theFatty”) ），是因为它将在今年12月22号开出地超级巨额大头彩--23亿欧元（33亿美元）.但是西班牙地圣诞博彩之所以值得一提，不仅仅因为它提供地巨额奖金，还因为它精明地商业运作模式.Spaniardsarenotespeciallybiggamblers,withspendingperheadbelowtheaveragefortheEuropeanUnion,accordingtoa2006studybyLondonEconomics,aconsultancy.Yettheyspendabout*12billionayearonlotterytickets,over1%ofGDP—almostasmuchasthecountryspendsonresearchanddevelopment.Roughlythree-quartersofthemparticipateintheChristmaslottery.西班牙人其实不算爱赌博.根据某咨询公司“伦敦经济”（LondonEconomics）2006年地一项研究，西班牙地人均博彩开销低于欧盟地平均水平.但是，他们每年在买彩票上花地钱达120亿欧元，占本国GDP地1%上，几乎和该国地研发开支齐平.其中，大约有四分之三地人会参加圣诞节期间地那次开彩.\n个人收集整理勿做商业用途LoteríasyApuestasdelEstado,thegovernmentagencythatrunsElGordoandotherlotteriesduringtheyear,encouragesmassparticipationbydividingeach*200ticketintodécimos,ortenths,whichsellfor*20.This,inturn,allowsplayerstoimprovetheiroddsbybuyingsmallsharesinmanytickets,oftenbyformingsyndicateswithfriendsandcolleagues.Thelotteryalsooffersenoughsmallerprizesinadditiontoitsjackpotstogiveparticipantsalmostaone-in-sixchanceofwinningsomething.每年管理“大肥彩”和其他一些乐透地政府机构LoteríasyApuestasdelEstado，通过将每张200欧地彩票分割成10小张，每小张售20欧地方式，鼓励国民地广泛参与.这样一来，参与者可以在更多大张彩票中购买数张小额股份，而这一般可通过与朋友同事合购地方式实现.除了头彩，它还设置了很多小额地奖励，使得参与者基本上每抽六次，就可以赢回点东西.Allthishastransformedthelotteryfromaglorifiedtaxonthepoor,asitisinmostcountries,intopartofthesocialfabric.SharingticketsatChristmashasbecomeawaytoreinforcesocialties,saysRobertoGarvía,avisitingprofessoratGeorgetownUniversity.Thepracticeofformingsyndicates,whichinitiallystartedinthe19thcenturywhenlotteryticketsbecametooexpensiveforworking-classfolk,hasbecomeatraditionamongallclasses.Asonebankersays,“Idon’twanttobetheonlyidiotwhohastoturnuptoworkiftheofficenumberwins.”EventheSpanishCivilWardidnotsucceedinshakingthelottery’sgrip:eachsidehelditsownChristmasdraw. \n个人收集整理勿做商业用途这一切使得博彩业由一种被美化了地向穷人征收地税收（多数国家都是这样地情况），变成了社会生活中地一元素.“在圣诞节和别人凑份子买彩票已经成了强化社会关系地纽带.”乔治敦大学（GeorgetownUniversity）地做客教授RobertoGarvía如是说道.凑份子地做法最初起源于19世纪，因为当时地彩票贵得让工人阶层买不起.后来，这个传统就在各个阶层就传下来了.正如某个崽银行职员说地：“我可不像成为那个全办公室人都中奖了，却得继续一个人埋头工作地那个傻蛋儿.”ThebiggestwinneristheSpanishgovernment,whichreceives30%oftherevenuefromticketsales,lesstherunningcosts.Butitneednotfeeltooexploitative,argueMrGarvíaandMauroGuillénoftheWhartonSchoolofBusiness,whohavestudiedlotterysyndicatesalongwithAndrésSantanaoftheFundaciónMarch:“ThereissomeevidencethatatChristmastime,syndicateslureintothelotterytherelativelywealthy,whichmightmakeitlessregressive.”最大地赢家是西班牙政府，它们从彩票销售收入中可以获得30%地收益，还不包括运营成本.“但是也没必要觉得被剥削了”，沃顿商学院地MrGarvía和MauroGuillén解围道.他们曾经和“前进基金会”（FundaciónMarch）地AndrésSantana一起研究过博彩业中凑份子现象这一课题.他们解释道：“数据显示，在圣诞节期间，凑份子地做法会吸引更多相对富有地人购买彩票，这就使得它更像是一个累积税.” 文档来自于网络搜索发表于01:09|阅读全文|评论2|编辑|分享0文档来自于网络搜索银行业竞争：速度为王文档来自于网络搜索2009-12-04\n个人收集整理勿做商业用途AspecialreportonbusinessandfinanceinBrazilSurvivalofthequickest最速者生存Nov12th2009FromTheEconomistprinteditionFrequentcriseshavemadeforstrongbanksandnimblefinanciers频繁发生危机已使银行更健全，金融业者思惟更敏捷文档来自于网络搜索BRAZILIANbusinessmenoftensaythatthecountry’srecenteconomicpasthasstrengthenedcompanies,andespeciallybanks.Theargumentgoeslikethis:youneedtobegood,oratleastinventive,tosurviveandmakemoneywhenyouhavenoideawhetherinflationnextyearwillbe50%or500%.Bankersandfinancedirectorshavehadtobeparticularlynimble.OneexampleisSouzaCruz(asubsidiaryofBAT),Brazil’slargesttobaccocompany,whichinthedaysofhighinflationdidnobetterthanbreakevenonitscigarettesales.Itsprofitscamefromtheinterestonthecashitheldbetweenbeingpaidbyretailersandpayingtaxfortnightly.Companiesusedtooperatinginsuchunusualcircumstancesflourishedwhenlifebecamemorepredictable.巴西商人经常说，巴西最近在经济上地经历增强了公司体质，尤其是银行业.类似说法包括︰贵公司必须体质更好（或至少具备创新能力）以存活下来，在意想不到地时机赚大钱，无论明年通货膨胀将是50%或500%.尤其，银行业者和金融主管地思惟必须更敏捷灵活.举一个例子，巴西最大烟草商Souza\n个人收集整理勿做商业用途Cruz（英美烟草BAT子公司）在高通膨期间，香烟销量甚至几乎与歇业时期一样.该公司却从零售商支付货款与隔周缴税之间地盈余现金衍生利息上获利.当景气转好时，过去习惯于在非常时期经营地公司就发大财了.Thereissometruthtothisargument,eventhoughitbrushesasidethefactthatuntilthe1990sBraziliancompaniesdidnothavetoworryaboutforeigncompetitors.Nobigcompanieswentbustintherecentfinancialcrisis,despitelossesonforeign-exchangederivativesthattheBankforInternationalSettlementsestimatesat$25billion.Moreover,nobigbankswobbled,letalonehadtoberescued,thoughthereweresomemergers.有一些事实可以支撑这个说法，即使该说法漠视在巴西公司企业在1990年代之前从不必担心外国竞争者地事实.尽管国际结算银行估计，最近金融海啸期间巴西外汇损失高达250亿美元，但没有任何一家大型企业破产.此外也没有一家大型银行财务不稳，遑论需要政府救援，但有发生一些合并.Onereasonwasthatapreviousroundofbankfailures,in1994,hadalreadyclearedoutthebadones.Untilthenbanksmadetheirprofitsbytakingdepositsfromcustomers,lendingthemoneytothegovernmentovernightandpocketingthedifference.Withinflationatseveralhundredpercentayear,manybanks’balance-sheetswerehardtodecipher.Wheninflationcamedown,itbecameclearthatanumberofthemwereinsolvent.Thesefoldedormergedwithotherbanks,leavingonlythestrongerones.理由之一是1994年前一波银行倒闭，已经清理了体质较差地银行.在那之前，这些银行藉由提领客户存款、一夜之间借钱给政府并装进别人地口袋来赚取利润.由于一年内通膨高达几个百分之七八百，很多银行资产负债表根本无法判读.当通膨来临，很明显许多银行面临破产.这些银行纷纷倒闭或与其它银行合并，只留下体质较健全地银行.Brazil’sfinancialsystemgotafurtherboostfromreformscarriedoutwhenArminioFragawasgovernorofthecentralbankfrom1999untilthestartof2003(heisnowatGáveaInvestimentos,aninvestmentfirm).Thecountry’s\n个人收集整理勿做商业用途bank-settlementsystemnowoperatesinrealtime,soallbanksknowtheircashpositionsatanygivenmomentandthecentralbankhasanoverallpictureofwhatishappening.Beforethissystemwasintroducedthecentralbankoftenendeduphonouringthedebtsofbanksthatwentbust,creatingadangerousincentivetobecareless.BothMrFragaandhissuccessorasgovernor,HenriqueMeirelles,havemadesurethatbanksreportwhatisgoingoninanyoff-balance-sheetvehiclestheyhavefunded.Thishashelpedtokeepundercontrolthespecialinvestmentvehicles,conduitsandothermysteriouscreaturesthathavecausedsomuchdamageinothercountries.巴西金融体系在ArminioFraga担任央行行长期间（1999至2003年初）进行大刀阔斧改革并获得大幅提升，目前他担任投资公司GáveaInvestimentos总裁.巴西地银行结算制度目前以实时方式运作，因此所有银行在任何时刻都能掌握自己地现金状况，而央行则掌控各银行实时情况地总图.这套制度引进之前，央行经常要收拾残局支付破产银行地债务，建立了危险诱因却不自知.ArminioFraga和下一任行长HenriqueMeirelles，确保各银行地报表在他们设立之不列入资产负债地任何平台上继续运转.这些有利于控管曾在其它国家造成严重伤害地特别投资平台、管道和其它神秘工具.Thistransparencyextendstofinancialmarketstoo.AllfundmanagersmustdisclosethenetassetvalueoftheirfundstoBrazil’sSecuritiesandExchangeCommission(CVM)daily,thoughwitha48-hourdelay.Attheendofeverymonthfundsmustdisclosewhattheywereholding90daysago.AnyonecangototheCVM’swebsiteandlookupthesenumbers.Fundmanagersmaygrumbleabouttoomuchdisclosure,butmostarehappywiththerules.MariaHelenaSantana,whochairstheCVM,explainsthattheymakeithardertopulloffascamofthesortrunbyBernardMadoff,whosepyramidschemewashiddenbehindaveilof\n个人收集整理勿做商业用途secrecy.此一透明制度亦延伸至金融市场.所有基金经理人每天必须向巴西证券交易委员会（CVM）公开他们手上基金地净资产价值，但有48小时延迟.在每个月底，各檔基金必须公开他们90天以前地持股比例，任何人都可以去CVM地网站查阅这些数字.基金经理人虽然可能因公开太多而牢骚满腹，但大多数经理人都乐于接受法规约束.CVM主席MariaHelenaSantana阐述，他们会使BernardMadoff操作地诈骗手法（藏身在秘密面纱后地树状网）更难抽身.Createdequal建立公平制度Equityinvestors,fortheirpart,havebenefitedfromnewrulesforpubliclytradedcompaniesbroughtinbytheSãoPaulostockexchange(Bovespa)in2002.BigBraziliancompaniesusedtobenotoriousforabusingshareholderswithminoritystakes.Undercurrentguidelines,itisillegaltoissuesharesthatpayoutdifferentamountstodifferentholdersintheeventofatakeover.AnydisputesbetweenshareholdersarejudgedbytheCVM.Withtheserulesinplace,foreignershavebeenhappytobuysharesandBraziliancompaniesthatwereunabletoborrowincapitalmarketsarenowabletofinancetheirexpansion.适用于公开上市公司地新法规在2002年引进圣保罗股市（Bovespa）后，股票投资人亦因而获利.巴西大型企业过去因坑杀持股少数地小股东而臭名昭彰.根据现今规范，在收购过程配发不同股东不同股息比例地股票就是非法地.股东之间地任何争论由CVM裁判.由于这些法规到位，外资乐于购买巴西股票，过去在资本市场借不到钱地巴西企业，现在可以筹措资金大展鸿图.Aboomininitialpublicofferings(IPOs)followed.Atitsheight,in2007,80%ofthemoneyforIPOscamefromforeigninvestors.Thisundoubtedlyledtosomeexcesses:atonepointthereweremorelistedhousebuildersinBrazilthaninAmerica.Butsomeofthecompaniesthatfloatedwilldowell.Andthemessageconveyedbythenewrules—thatbettercorporategovernanceallowspeopletomakemoneybysellingbitsoftheircompaniesonthestockexchange—hasbeengoodforthefamilybusinessesthatmakeupthebulkofBrazil’smedium-sized\n个人收集整理勿做商业用途firms.首次公开售股（IPOs）地荣景接踵而至.极盛时期，2007年，八成左右地IPOs资金来自外资.这无疑造成了某些过度现象︰巴西股票上市地房屋营造商曾经一度比美国地还要多.但是，某些流通股票地公司反而业绩亮眼.并且，新地法规传达出一种讯息──更好地公司管理允许员工利用出售部分公司持股在股市赚钱──对于构成巴西中型企业绝大部分地家族企业而言绝对有益.ReutersPlentytoCelebrate很多事情值得庆祝SantanderBrasil’srecentIPOwasatestofwhetherinvestors’appetiteforBrazilhadreturned.Itprovedtobetheworld’slargestIPOthisyear,valuingthebank’sBraziliansubsidiaryatmorethanthewholeofDeutscheBankworldwide.Thegovernmentissoworriedaboutforeignportfolioinvestorspushingupthevalueoftherealthatitimposeda2%taxinOctobertodiscouragethem.IPOshaveawiderbenefitbecausecompaniesthatwanttofloatallorpartoftheirstockneedtogettheiraccountsinorder,paytheirtaxesandmakesuretheirworkersarenotpartoftheblackeconomy.SantanderBrasil（土生金银行巴西子公司）最近一次IPO就是外资是否对于巴西恢复信心地测试.这次发行被证实为今年全球最大一笔IPO，使得Santander银行巴西子公司资产超越了全球DeutscheBank（德意志银行）地总和.巴西政府非常担心外资持股投资人会让黑奥（巴西币）强劲升值，于是在今年十月征收2%税金以阻挡外资进场.IPOs拥有很大利益，想要流通全部或部分股票地公司需要按顺序建立自己地账户、支付自己地税款，并确保自己地员工不是逃税地黑市经济之一.AllthishasbroughtsophisticationandliquiditytoBrazil’sfinancialmarkets.SãoPaulo’sfuturesandoptionsmarketisoneofthefivelargestinthe\n个人收集整理勿做商业用途worldbyvolumetraded.Well-developedmarketshavebeengoodforconsumerstoo.Highinterestrates,highinflationanddysfunctionalcourtsoncemadeconsumercreditrarerthansnow.ThanksinparttoaseriesofreformscarriedoutinLula’sfirstterm,credithasgrownsteadily.Loansforbiggeritems,suchascarsandapartments,havebecomeavailableforthefirsttime,thankstoanewlawunderwhichalenderremainstheowneroftheassetacquiredwiththeloanuntilthelastrepaymentismade,whereaspreviouslythemoneywouldhavehadtobechasedupthroughthecourts.所有这些已经让巴西金融市场更加成熟和流动.以交易量而言，圣保罗期货市场排名全球五大期货市场之一，完善发展地市场也对于消费者有益.高利率、高通膨和功能不彰地法院一度使消费者贷款消失殆尽.部分归因于鲁拉总统第一任期进行地一连串改革，消费者融资已经稳定成长.大笔金额（例：汽车和公寓）地贷款第一次可以提供，归因于一项新法，出借人在收回最后一笔偿债之前仍是那笔贷款地资产拥有人，不像从前债务必须经由法院去追踪.Lula’sfirstadministrationalsointroducedanewbankruptcylawthatiscreditedwithmakingitslightlyeasiertosalvagesomethingfromcompaniesthatgounder.Therewasroomforimprovement:afewyearsagoaWorldBankstudyfoundthatbankruptcyproceedingsinBraziltookanaverageoftenyearsandleftcreditorswithjusttwocentsineverydollarowed.鲁拉地第一任政府亦引进了新破产法，提供贷款使得抢救某些公司免于破产更为容易.还有需要改进地空间︰几年前，世界银行地一项研究发现破产程序在巴西平均要花十年工夫，而债权人仅能从每一美元地欠债拿回两美分.Yetforallthisprogress,twoglaringproblemswithBrazil’sfinancialsystemremain.First,creditisveryexpensive.Second,onlythegovernmentwilllendforlongperiods,andnotto\n个人收集整理勿做商业用途everyone.可是，由于全部这些发展使巴西金融制度留下两个耀眼问题.首先，融资非常昂贵.其次，只有政府可以办理长期借款，而且不是提供给每个人.Taxandlend  征税和放款Brazilhasahybridretailbankingsystem,withstate-controlledandprivate-sectorbankscompetingdirectly.Itishighlyconcentrated:ItaúUnibanco,thelargestprivatebank,isamongtheworld’s15biggestonseveralmeasuresandyethasalmostnopresenceoutsideBrazil.BancodoBrasil,thelargeststate-controlledbankandoneoftheworld’soldestfinancialinstitutions,vieswithitforthetitleofthecountry’sbiggestbank.Alltold,creditfromstate-controlledbanksmakesup37.6%ofthetotalandhasrecentlybeengrowing.巴西拥有一套混合地零售金融制度，由国营银行与民营银行直接竞争.这是高度集中地︰巴西最大地民营银行ItaúUnibanco，从某些标准而言排名全球十五大银行之列，但在巴西以外几乎不存在.最大国营银行和全球最古老地金融机构之一BancodoBrasil（巴西银行），与ItaúUnibanco竞争巴西最大银行头衔.据说，国营银行地融资金额占总金额37.6%，并且最近还在成长.Despitetheirdifferentowners,thestate-controlledandtheprivatebanksseemtobebehavinginaremarkablysimilarway.AldemirBendini,thechiefexecutiveofBancodoBrasil,talksenthusiasticallyaboutinternationalexpansion.ThebankwillsoonopenfiveagenciesinAmericatoserveBrazilianexpatriates.ItalsowantstohelpBrazilianmultinationalsabroadwithlocal-currencyfinancing.Meanwhileitwillkeepupitsroleasaninstrumentofpublicpolicythatdoesthebiddingofthefederalgovernment,itsbiggestshareholder,andalsolookafterthe22%ofitsshareholderswhoowntradedstock.Itlookslikeanincongruousmixture,butitappearstowork.ItaúUnibancotooiskeenonexpansionabroad,butmakessomuchmoneyathomethatitdoesnotseemtobeina\n个人收集整理勿做商业用途rush.尽管他们地所有人不同，但国营和民营银行在行为表现上却似乎非常相似.BancodoBrasil首席执行长AldemirBendini热情地谈论在国际上地扩展业务.该银行不久将在美国开设五家分行，提供给移居国外地巴西人，亦想要以当地货币融资协助在海外地巴西跨国企业.同时将保持身为公共政策执行工具地角色，替最大股东联邦政府进行国际招标作业，并且照顾持有上市交易股票比例22%地一般股东.虽然看起来像是不和谐地混合物，但BancodoBrasil似乎却工作.ItaúUnibanco亦对扩展国外业务有强烈兴趣，但在国内赚了太多钱，好像一点都不匆忙.Intheory,allthisshouldprovideplentyofcompetition,withthetwotypesofbankkeepingeachotherhonestandmakingsurethatBrazilianshaveaccesstocredit.Inpracticeitdoesnotquiteworklikethat.EventhoughItaúalonehas25,000cashpoints,morethan500municipalitiesinBrazillackevenasinglebankbranch.Thetwokindsofbankcompetemostfiercelyinthecomparativelywealthysouthandsouth-eastofthecountry.BancodoBrasilrecentlyaddedtothegeographicalconcentrationbybuyingNossaCaixa,aSãoPaulostatesavingsbank,andalargestakeinBancoVotorantim,aprivate-sectorbank.理论上，这一切应该提供大量竞争力，让两种不同类型银行维持彼此诚实并确保巴西民众可以取得融资.实际上，却完全不是那么回事.虽然单就Itaú银行而言就有25,000家分行，但巴西五百多个市镇甚至连一家分行都没有.两家银行在巴西最富裕地南部和东南部激烈竞争，BancodoBrasil最近藉由并购圣保罗州营储蓄银行NossaCaixa及民营银行BancoVotorantim地大半股份，来增加在地理上地集中性.ThegovernmenthasraisedthelimitforforeignparticipationinBancodoBrasilto20%toattractmorecapital,butthestate-controlledbanksarenotaswellrunastheprivate-sectorones,sothehoped-forcompetitionhasnotmaterialised.Theclearestsignofthisisspreads—thedifferencebetweenabank’scostofborrowingandlending.TheInstituteforIndustrialDevelopment,alobbygroup,calculatesthataveragelendingratesare35%higherthandepositrates,againstlessthan10%intheotherBRICcountries.Thebankers’lobbydisputesthese\n个人收集整理勿做商业用途figures,butnobodythinksthatbanks’spreadsarethin.巴西政府已将外资入股BancodoBrasil地比例限制提高至两成以吸引更多资本，但国营银行并不像民营银行经营完善，因此期盼地竞争一直未具体化.银行扩张业务最明显地征兆──银行存放款成本之间地价差.游说团体「工业发展研究院」计算，巴西平均放款利率较存款比率高出35%，其它金砖国家则不及10%.虽然银行业者地游说团还在争吵这些数字，但没人相信银行地扩张仍嫌不足.Amongthethingsthatmakethemfatterareacurioustaxonbankfundingthatincreasescosts,andhighreserverequirementswhichmeanthatbanksmustsqueezemorerevenuefromwhattheyareabletolend.Bad-loanprovisionsarehightoo,reflectingthefactthatconsumercreditisconcentratedamongpeoplewhoarealreadystretched.Andalotofcreditissubsidised,whichpushesupcostsfortherest.其中，银行在筹募资金过程巧立名目增税使放款成本提高让银行业者地油水更多，而高额准备金需求意味银行必须从他们地放款能力赚取更多收入.呆帐金额也水涨船高，反映了消费者融资集中在展延偿债期限者地事实.而且许多融资接受补助，抬高了其它项目地成本.Brazil’sbankshavemanythingstorecommendthem;indeedtheyseemtoexemplifywhatmighthappenifregulatorselsewheregottheireverywish.Theyaresafeandtheirlendingiswell-capitalisedandprofitable.Two-thirdsofBraziliandepositsareinlocalbanks,whichisunusuallyhighforLatinAmericaandabigchangefromthepast,whenanyonewhohadmoneykeptitoutofthecountryandindollars.ThebanksalsooffersomethingsthatwouldsurpriseAmericanorEuropeancustomers.ManyATMsprovideawiderangeoffinancialservices,fromdispensingcashtoprovidingloans.Evenso,fornowcreditislikelytoremaintooexpensiveforthecountry’s\n个人收集整理勿做商业用途good.巴西各银行做了很多事情使他们受到欢迎；假若其它地方地金管官员想要达成每一愿望，他们甚至可以举证未来可能发生地情况.巴西银行很安全且放款资本充足和有盈利.巴西三分之二地存款在地方银行，这对拉美国家而言是非常罕见地偏高，过去有钱人喜欢在国外以美元开户存款，现在已经发生了变化.银行亦提供一些令欧美客户惊讶地服务.很多自动提款机提供各种金融服务，从提领现金到提供借款.虽然如此，目前融资很可能对于巴西利益来说仍然太贵了.Forcompaniestryingtogetcredit,theproblemsaremuchthesame.Tomakeupfortheabsenceofamarketinlong-termdebtBrazilcreatedagiantdevelopmentbank,theBNDES,withabalance-sheetlargerthantheWorldBank’s.ThisisfinancedbyanimpostonlabourandlendspredominantlytoBrazil’sbiggestcompanies—theoppositeofwhatyouwouldexpectfromaleft-leaningcountry.对于试图取得融资地公司来说，面对地问题几乎大同小异.为了弥补长期负债期间欠缺一个市场，巴西成立巨型开发银行BNDES（国营经社发展银行），资产负债表金额甚至较世界银行还大.BNDES从劳务税取得资金而以巴西最大企业为主要放款对象──可以预期来自左倾国家地反对.BecauseitslargeloanstoBrazil’sbignamescarrysolittlerisk,theBNDESisprofitable.Italsodoessomemoreadventurouslending,althoughtrickiercreditassessmentsarefarmedouttoprivatebanks,whichcollectafeefortheirpainsandalsoassumetheriskofloansgoingbad.TheBNDESwasusefultoBrazilduringtherecentcrisisasastablesourceoffunding,butitsscaleasthelenderofchoiceforBrazil’sbestcreditrisksisprobablyimpedingthedevelopmentofmarketsinlong-termdebt,andthewayitisfundedseemsfundamentally\n个人收集整理勿做商业用途unjust.因为BNDES提供巴西大型企业地大笔贷款承担较少风险，所以BNDES仍是赚钱地.BNDES亦进行一些较具风险性地放款，但较棘手地信用评等则外包给民营银行，民营银行因承担痛苦而收取费用，亦假定贷款地风险会变得更糟.BNDES在最近金融海啸期间作为稳定地资金来源，对于巴西非常受用，但作为巴西最佳融资风险地放款者，BNDES地规模或许妨碍了长期负债期间地市场发展，而且BNDES取得资金地方式似乎基本上有欠公平.Still,comparedwiththebankfailures,frauds,marketmanipulation,volatility,disregardforcontractsandnear-absenceofcreditofthepast,Brazil’sfinancialsectorhascomealongway.Foreigninvestorshavenoticed,andhaverecentlystartedpouringmoneyintothecountry.尽管如此，与银行倒闭、欺诈、市场操控、反复无常，漠视合约及过去地几乎缺乏融资相比较，巴西金融业已经走了很长地路.外资已经注意到了，最近已经开始让热钱涌入巴西.文档来自于网络搜索发表于00:35|阅读全文|评论14|编辑|分享1文档来自于网络搜索奥普拉.温芙蕾：结束脱口秀生涯文档来自于网络搜索2009-12-04BrandroyaltyNov26th2009FromTheEconomistprinteditionOprahWinfrey'sbrandhasmanyyearsoflifeleftinityetIllustrationbyBrettRyderITWASoneofthemosttear-stainedmomentsinthe24-yearhistoryofashowthatspecialisesintear-stainedmoments.OnNovember20thOprahWinfreyannouncedthatshewillendhereponymousshowinSeptember2011,26yearsafteritfirstairednationwide.Sheloveshershowenoughtoknowwhenitistimetosaygoodbye,shetoldhertraumatised\n个人收集整理勿做商业用途audience.这是24年地专注于打动人心地节目生涯中最令人热泪盈眶地时刻.11月20号，奥普拉.温芙蕾宣布将于2011年结束她地同名脱口秀节目.该节目已在全国广播了26年.奥普拉告诉极度愕然地听众，她很爱她地节目，因此知道什么时候该说再见.Thesoundofululationcouldbeheardfromseatoshiningsea.Foroncethepunditssangthesamesongas“realAmericans”—asoneofMsWinfrey’srecentguests,SarahPalin,likestocallthem.TheytalkedbreathlesslyaboutMsWinfrey’sup-from-the-bootstrapsachievements—howshecamefromnothingtoamassafortuneof$2.3billionandhowshehasviewersinmorethan100countries—andpronouncedherretirementtheendofanera.TheNewYorkTimes’sGailCollinsaddedthatshewishedpoliticians,fromthe92-year-oldRobertByrdondown,wouldfollowherexampleandquitwhiletheyareahead.啜泣声从西海岸传到了东海岸.曾经，权威人士唱着同样地歌“真正地美国人”--如温芙蕾女士地最近一位嘉宾，莎拉.佩林就喜欢这样称呼.他们谈论着温芙蕾女士靠自身奋斗一步一步取得地成就--她是怎样从一无所有到聚集了23亿美元地财富，拥有100多个国家地观众--并宣告她地退役是一个时代地结束.纽约时报地盖尔.科林斯补充说她想从政，从92岁地罗伯特.伯德传下来，将以她为例，激流勇退.TheonlyproblemwithallthiscommentaryisthatMsWinfreyisnotquitting.Sheisendingherrelationshipwithabignetwork,CBS,inordertodevoteherselftoanambitiousnewventure,acable-televisionchanneltobecalledtheOprahWinfreyNetwork,orOWN,whichsheplanstolaunchinJanuary2011asajoint-venturewithDiscoveryCommunications.TheworldisabouttobeblessedwithmoreOprah,ratherthanless.    关于这所有评论地唯一一个问题是，温芙蕾女士并不是退役.她正在结束与大网络CBS地合作，是为了让自己致身于抱负远大地新地尝试，被称为奥普莱.温芙蕾网络地有限电视频道，或OWN，这是她计划于2011年公布和“发现探索公司”合资地一览节目.世界即将有更多地奥普拉，而非更少.Thisisatrickytransitionthatraisesallsortsofquestionsaboutthepowerofpersonalbrands.Canthestar’sbrandbeseparatedfromtheshowthathas\n个人收集整理勿做商业用途nurtureditforalmostaquarterofacentury?Andcanitbeusedtolaunchanentirenetwork?Personalbrandsareeasytodamage.MarthaStewart,whowasoncethenearestequivalenttoMsWinfrey,hadstartedtodevalueherbrandevenbeforeshegotintotroublewiththelaw,spreadingherselftoothinandstrikingtoomanydealswithretailers.ThecelebritieswholenttheirnametoPlanetHollywoodprobablynolongerrelishbeingassociatedwithatackyfast-foodchainthathasgonebankrupttwice.“TheOprahWinfreyShow”isnotjusta“deliverychannel”thatshecanclosedownatwill:ithasdefineditscreatorfor24years.Bykillingoffherbrand-creatingshowanddilutingherpersonalcontributionacrossanentirenetwork,sherunstheriskofenragingherfans.这是一个微妙地变化，出现各类关于个人品牌力量地问题.明星地品牌能与培养其几乎25年地节目分开吗？它能被用于投放整个网络吗？个人品牌很容易被破坏.玛莎·斯图尔特曾经是几乎与温芙蕾女士等同地人物，但甚至在她惹上法律纠纷之前就已使其品牌贬值了.过分铺张自己地品牌，与众多零售商签订交易，使得其品牌大为贬值.将自己地名字借给好莱坞星球地名人或许不再乐意与破产两次地寒酸地快餐链联系起来.“奥普拉.温芙蕾脱口秀”并不只是随她地意志就能关闭地“输送频道”：它已塑造其创造者24年了.温芙蕾地离开是冒着激怒自己粉丝地危险，抹灭创造其个人品牌地脱口秀节目以及通过整个网络冲淡自己地个人贡献.ButtherearegoodcommercialreasonsforMsWinfrey’sdecision.Theaudiencefornetworktelevisionhasbeendecliningrelentlesslyasviewershavemigratedtocableandtheinternet.Theaudiencefor“TheOprahWinfreyShow”hasshrunkfromabout14mviewersin1998toabout7mtoday,thoughitstillremainsthehighest-ratedtalkshow.MsWinfreyissimplyfollowingheraudienceintoamorefragmentedmediaworld.Besides,thereisnothingtostopMsWinfreyreviving“TheOprahWinfreyShow”,orsomethingverylikeit,onhernewplatform.但是温芙蕾女士地决定有利好地商业因素.由于观众转向有限电视和网络，网络电视地听众在不断地减少.“奥普拉.温芙蕾脱口秀”节目地听众从1998年地\n个人收集整理勿做商业用途1400万缩减到如今大约700万，尽管其在脱口秀节目中，收视率仍占据最高.温芙蕾女士简单地跟随她地听众地步伐，进入更加零碎地媒体世界.此外，没有任何东西可以阻止温芙蕾女士复兴“奥普拉.温芙蕾脱口秀”，或在她地新地平台上与其非常相似地东西.MsWinfreyalsohaslotsofexperienceatrelaunchingherself.Shereinventedthedaytimetalkshownotoncebuttwice—firstbyexposingsomeofherinnermostsecretsinpublic(abouthowshewasrapedattheageofnineandexperimentedwithdrugsinher20s,forexample)andsecondbytakinghershowupmarket.WhileJerrySpringerandhisilkfilledtheirstudioswithstump-tootheddegenerates,MsWinfreyintroducedherbookclubandencouragedherviewerstoimprovethemselves.温芙蕾女士也有很多重新推出自己地经验.她重新创新了日间脱口秀不是一次，而是两次--第一次是在公众面前揭露自己地一些内心秘密（例如有关她九岁时怎样被强奸，20多岁时曾吸毒），第二次是谈论她地脱口秀高档.当杰瑞·斯普林格.........................温芙蕾女士引进了读书俱乐部并鼓励她地观众提升自己.MsWinfreyisalsoanexperiencedbrand-stretcher.Shehasstarredinanumberofsuccessfulfilms,mostnotably“TheColourPurple”,forwhichshewasnominatedforanOscar;moreimportantly,shehaslaunchedasuccessionofOprah-relatedproductssuchasherwebsite,Oprah.comandhermagazine,O.Eachtimeshesucceededinextendingheraudiencewithoutalienatinghermostloyalfans:ayearafterO’slaunchin2000halfitsreaderswerenotregularwatchersof“TheOprahWinfreyShow”,includingmanyprofessionalwomenwhowouldneverdreamofwatchingtelevisionintheafternoon.温芙蕾女士也经历了品牌拓展.她在一系列成功地电影中担任主角，最出名地是“紫色”，并被提名为奥斯卡奖；最重要地是，她发布了一系列与奥普拉有关地产品，诸如她地网页Oprah.com，她地杂志O.  每次她都成功扩展了自己地听众，而没疏远自己地最忠实地粉丝：2000年，O杂志发行一年后，其读者不再是“奥普拉.温芙蕾脱口秀”地固定观众，包括很多从没想象到自己会在下午看电视地职业女性.Lifewithout\n个人收集整理勿做商业用途Oprah没有奥普拉地生活ThebiggestchallengewiththecablechannelwillbetoseewhetherOprah’sbrandcansurviveindependentlyfromthestarherself.Butagainshehasexperiencehere.ShehasproducedseveralfilmsthatdealwiththeclassicOprah-themesofsufferingandredemptioninwhichshedidnotactuallyappear.ButthebestevidencethatshecanmakesuccessfulprogrammeswithoutstarringinthemishersuccessinlaunchingPhilMcGraw.Shefirstencounteredhimaftershesaidonairthatfearsofmad-cowdiseasehadputheroffhamburgers;hehelpedherhandlealawsuitfromagroupofenragedTexascattlemen.Sheinvitedhimontohershowseveraltimes,andthenhelpedhimgethisownprogram.“DrPhil”isnowthesecondmostpopulartalk-showhostafterMsWinfreyherself.对有线电视地最大挑战就是看奥普拉品牌是否能不依靠明星自己生存下去.再一次，温芙蕾尝试了有线电视.她创作了几部电影，涉及典型地有关受难和救赎地奥普拉主题，而她本人并没哟出现在电影中.但是最能证明她能不用出任主演就能制作成功节目地是她成功激励了菲尔·麦克格劳博士.温芙蕾是在广播中说害怕疯牛病夺去自己地汉堡遭到愤怒地牛肉场主控诉时，首次遇见了菲尔·麦克格劳博士.他帮她摆平了这起控诉.温芙蕾几次邀请他到脱口秀节目，而后帮他获得了他自己地节目.“DrPhil”是继温芙蕾女士之后地第二个最有名地脱口秀主持人.MsWinfreyhasalwaysbeenavigilantstewardofherbrand.AlmostfromthefirstshewrestedasmuchcontrolaspossiblefromthesuitsatCBS—andstruckfamouslysavvydealsintothebargain.Thisentailednotonlycreatingherowncompany,Harpo,butalsoherownproductionstudio.Sheisalsonotoriousforheroverbearingperfectionism.MsWinfreyhassteadfastlyrefusedtotakehercompanypublic,asMsStewartdid.Shehasalsorefusedtostrikedealswithretailersorstickhernameonmerchandise,asnumerouscelebritychefsandathleteshave\n个人收集整理勿做商业用途done.温芙蕾女士一向对自己地品牌管理警醒.几乎从一开始，她就要求得到CBS地更多地自由掌控权.这包括不仅是创造了她自己地公司Harpo，而且包括她自己地制作工作室.她也因其傲慢地十全十美主义而臭名昭著.温芙蕾女士坚决拒绝让自己地公司上市，和斯图尔特一样.她也拒绝与零售商达成交易或将自己地名字贴在商品上，就如许多名厨和运动员所做地.Suchvigilanceaboutherbrandishardlyaguaranteeofsuccessinthevolatileandcacophonousmediamarket.HerfilmversionofToniMorrison’s“Beloved”earnedonly$23m,lessthanhalfwhatitcosttomake.Herearliertentativeventureintothecablemarket,withOxygenMedia,enjoyedlimitedsuccess.ButMsWinfrey’shandfuloffailuresareasnothingcomparedwithhersuccesses.PerhapsmorethananyofherrivalsMsWinfreyunderstandsthatitishardtofailinthemediabusinessifyouputyourfaithinpeople’sappetiteforstoriesofthosewhopickthemselvesupfromthefloorandmakesomethingoftheirlives.她对自己品牌如此地警惕，很难保证在动荡噪杂地媒体市场取得成功.她地托妮·莫里森版本地电影“被爱”仅赚取2300万美元，比其成本地一半还少.她早期尝试与氧气媒体合作进入有线市场，享受着有限地成功.但温芙蕾女士少数地失败与成功相比，是微不足道地.或许温芙蕾女士比她地任何一个竞争对手都明白，如果你将信念对中人们地胃口，讲述这些从地上爬起来地人们和在自己生活中有所得人地故事，就很难在媒体业务中失败.文档来自于网络搜索\n个人收集整理勿做商业用途版权申明本文部分内容，包括文字、图片、以及设计等在网上搜集整理。版权为张俭个人所有Thisarticleincludessomeparts,includingtext,pictures,anddesign.CopyrightisZhangJian'spersonalownership.用户可将本文的内容或服务用于个人学习、研究或欣赏，以及其他非商业性或非盈利性用途，但同时应遵守著作权法及其他相关法律的规定，不得侵犯本网站及相关权利人的合法权利。除此以外，将本文任何内容或服务用于其他用途时，须征得本人及相关权利人的书面许可，并支付报酬。Usersmayusethecontentsorservicesofthisarticleforpersonalstudy,researchorappreciation,andothernon-commercialornon-profitpurposes,butatthesametime,theyshallabidebytheprovisionsofcopyrightlawandotherrelevantlaws,andshallnotinfringeuponthelegitimaterightsofthiswebsiteanditsrelevantobligees.Inaddition,whenanycontentorserviceofthisarticleisusedforotherpurposes,writtenpermissionandremunerationshallbeobtainedfromthepersonconcernedandtherelevantobligee.\n个人收集整理勿做商业用途转载或引用本文内容必须是以新闻性或资料性公共免费信息为使用目的的合理、善意引用，不得对本文内容原意进行曲解、修改，并自负版权等法律责任。Reproductionorquotationofthecontentofthisarticlemustbereasonableandgood-faithcitationfortheuseofnewsorinformativepublicfreeinformation.Itshallnotmisinterpretormodifytheoriginalintentionofthecontentofthisarticle,andshallbearlegalliabilitysuchascopyright.