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2019年10月21日 00:29:20来源:龙马时讯

Food names食物名称Stressed are the cheesemakers乳酪制造商鸭梨山大Europeans want their food names back. Americans are peeved欧洲人想要回他们的食品名称.这让老美们很不开心。IN 1925 Ron Buholzers family leftSwitzerlandand settled in lush, green, ruralWisconsin. Here, like so many Wisconsinites, his family started to make cheese. Since then four generations of cheesemakers have worked in the family firm. Their most popular product is feta, a crumbly cheese that goes well in Greek salads. Mr Buholzer worries that he may soon be banned from selling it, because the European Union is trying to “claw back” food names that Americans consider generic but which Europeans believe should only apply to products made in specific bits of their continent. That includes feta, Parmesan and maybe even bologna.1925年,Ron Buholzer家族离开了瑞士定居在繁华、富饶的威斯康辛乡间。在这儿,他的家族和很多威斯康辛本地人一样生产乳酪。从那时起,四代乳酪制造商工作在家族企业里。他们最受欢迎的产品是羊乳酪,这是一种脆蹦的乳酪,混着希腊沙拉味道可口。Buholzer担心他可能很快就要被责令不准卖这种商品了,因为欧盟正试图“弥补性回收”食品名称,这些名称在美国人看来算是同类的商品,而在欧洲人看来则应该只应用于专为部分欧洲大陆生产的产品上。这就包括了羊奶酪,帕尔马奶酪可能甚至包括大腊肠。Aly Mr Buholzer is barred from exporting his feta toSouth Koreaif he calls it “feta”. Also, any new feta products sold in Canada that are not from Greece will soon have to be called “like” or in the “style” of feta—and not use Greek symbols. The EU is demanding protection for 145 food names, including feta, asiago, Gorgonzola,munsterand fontina.Buholzer已经不被允许以“羊奶酪”命名的产品出口到南韩。同样,任何售往加拿大的心羊奶酪产品,只要不是从希腊出口的,立马改名为“类似”或“羊奶酪风格”—并且不准用希腊商标。欧盟正要求保护145种食品名称,其中包括羊奶酪,艾斯阿格芝士,戈尔根朱勒干酪,明斯特干酪以及意大利果仁味羊奶干酪。American cheesemakers are unwilling to accept this as a feta accompli. On the contrary, they are preparing for a food fight. A group has sprung up to fight the European threat: the Consortium for Common Food Names. Negotiations over the Transatlantic Trade and Investment Partnership, a proposed free-trade deal between the EU andAmerica, may stumble over the issue. The EU, meanwhile, is leaning on governments everywhere to stamp on foodmakers who purloin European names.美国乳酪制造商不想接受这种事实。相反的是,他们正准备着进行一场食品抗争。他们建立了一个小组来对抗欧盟的威胁:公共食品名称联盟。在跨大西洋贸易及投资伙伴协定框架下进行谈判,欧盟和美国已达成的自由贸易协定可能会在这件事上磕磕碰碰。同时,欧盟正依靠政府部门去禁止偷窃欧洲名称的食品制造商们。Americans are unimpressed. They see all this as an attempt to erect trade barriers and raise prices by reclaiming words that have long since passed into general use. Many members of Congress have urged Barack Obamas administration to resist the Europeans demands. Some will use this as an excuse not to ratify a trade deal unless the EU gives way.美国人民很不开心。他们认为这种行为属于建立贸易壁垒并且利用回收这些早已广泛使用很久的名称趁机提高价格。很多国会成员们已经敦促奥巴马政府拒绝欧洲的提议。一些人希望借助此事为借口禁止一些贸易协定的审批除非欧盟在这件事上让步。Americadoes offer legal protection for foods from geographic regions under trademark law. For example, Parmigiano Reggiano cannot be called that unless it really comes from the right parts ofItaly. Likewise, Americans may call fizzy wine fromCalifornia“champagne”, but that is not what it says on the bottle. There is no easy way to determine which names deserve protection. Are French fries safe? Or Italian dressing? Or even that symbol of American pride, the hamburger?在商标法里,美国确实为地理区域食品名称提供了法律保护。例如,除非帕尔玛干酪真正来自意大利的帕尔玛,否则不能任何叫做这个名字。同样的,美国人们也会称加州的泡沫酒为“香槟”,但是在包装瓶上没这么写。决定哪些名字应该受到保护绝不是件简单事。薯条这个名字很安全吗?意大利调味料呢?甚至是美国人民骄傲的象征,汉堡呢? /201407/314862。

  • Buttonwood梧桐树专栏Sound the retreat鸣金收兵Profits in America may have peaked for this cycle美国公司的利润可能已达到本周期内的最高值ARE corporate profits at last running out of steam? The lead-up to the first-quarter results season on Wall Street was marked by an unusually large number of profit warnings, such as that from Chevron, an oil group. According to Morgan Stanley, an investment bank, earnings estimates for Samp;P 500 companies were revised down by 4.4 percentage points in the first quarter.公司的利润最终失去势头了么?即将到来的华尔街第一季度财报季中,包括石油集团雪福龙在内的异常多的盈利警告成为了显著特征。根据投行根史坦利的说法,第一季度标普500指数成分股公司的盈利预期被调低了4.4个百分点。As is the custom, having lowered the bar, companies will now beat those revised forecasts, allowing Wall Street analysts to proclaim a “successful” results reason. But when one removes the effect of exceptional items, American profits are now falling, not rising, according to data from MSCI.按照惯例,各公司降低了标准后,现在能击败了那些调低的预测值,并使得华尔街分析师们纷纷赞扬这个“成功的”财报季。但根据来自MSCI的数据,一旦排除掉那些例外事项的影响,美国公司的利润现在正在下滑,而非上升。In a sense, this is about time. The recovery in American corporate profits since the recession has been remarkable: they are close to a post-war high as a proportion of GDP. Bulls have a number of arguments why this is a lasting, not cyclical, phenomenon. Economic power has shifted from labour to capital thanks to globalisation, they say; companies can move production to parts of the world where wages are lower. But if that effect is so strong, why aren’t profits as high elsewhere? In Britain the return on corporate capital is below its post-1997 average.从某种意义上讲,现在确实到时候了。自经济衰退以来,美国公司的利润复苏取得了显著进展:其占GDP的比重已接近了二战之后的最高值。对行情持乐观态度的人们有着一大堆的理由来解释为何这是一种持续性现象,而非周期性现象。他们表示,全球化使得经济实力从劳动力转移到了资本;公司可以把生产转移到世界上那些工资更低的地区。但是,如果这种效应如此强烈,为何其他地区公司的利润没有这么高?英国的资本收益率已低于其1997年以后的平均水平。An alternative, but related, line of reasoning is that foreign profits have boosted the earnings of companies in the Samp;P 500, making the relationship with domestic GDP less relevant. America may still be running a trade deficit but its global champions, the argument runs, are raking in the money overseas. Research by Audit Analytics found that the amount of profits held abroad and not repatriated nearly doubled to 2.1 trillion between 2008 and 2013.另一种与此有关联的推测在于,国外利润提升了标普500指数成分股公司的总体收益,使得后者与国内GDP的相关性更低。美国可能仍存在贸易赤字,但是如本观点所说,其国际领军企业在海外赚了不少钱。Audit Analytics研究发现,2008-2013年间,海外获得且尚未汇回的利润数达到了2.1万亿美元,几乎翻了一番。But where will American multinationals make so much money in future? Not in either Europe or Japan, where the economies have barely grown in recent years. Emerging markets might seem more promising, but their economies have been slowing, as companies like Diageo, a drinks producer, and Cisco, a tech-components group, have reported. Several developing economies have seen their currencies fall sharply too. It seems unlikely that American multinationals are going to get a further spurt of profits from this source.但是,将来美国的跨国公司还能从哪儿赚到这么多钱呢?不会是欧洲或是日本,因为近些年它们的经济几乎没有增长。新兴市场可能看上去更有前景,但鉴于诸如饮料生产企业帝亚吉欧和技术元件集团思科等公司已经发布的数据,它们的经济也已放缓。一些发展中经济体也已目睹了本国货币大幅下降。似乎美国的跨国公司不可能再从这个源头得到进一步的井喷式利润增长。In any case, the global data do not bear out the overseas-profit argument. Just as in America, there have been regular disappointments. In 2012, according to Citibank, global profits growth was just 2%, compared with initial forecasts of 11%. At the start of 2013 profits were forecast to rise by 12%; the actual increase was 7%.无论如何,全球的数据并不持“海外利润”理论。正如在美国,也已出现了常见的令人失望的结果。根据花旗结论,2012年全球利润增长率仅为2%,相比之下,初步预测可是到了11%。2013年初,利润预测增长12%,但实际增长仅为7%。The stockmarket has been remarkably resilient in the face of these setbacks. In 2012 global equities rose by 13%; last year they managed 24%. In part, that is due to optimism about the economy’s future trajectory. The euro-zone crisis has disappeared from the headlines while the American economy has been showing signs of returning to healthy growth.面临着这些波折时,股市已表现出极强的弹性。2012年全球股票增长了13%;去年增长了24%。在某种程度上,这要归因于对经济未来发展轨迹的乐观情绪。欧元区金融危机已从新闻头条上消失,同时美国经济也已出现了回归健康增长的迹象。But it is also down to supportive monetary policy. Short-term interest rates have not budged for the past two years (in the developed world) and government-bond yields have been close to historic lows. Investors have accordingly turned to the stockmarket in search of higher returns. Low interest rates have also played their part in keeping profits high, by reducing borrowing costs and by encouraging companies to use their spare cash to buy back stock, thereby increasing earnings per share.但它同样是持性货币政策所起的作用。过去两年短期利率一直没有变化,政府债券收益率也接近了历史最低水平。投资者相应地转向股票市场寻求更高回报。低利率通过降低借款成本、鼓励公司使用闲置资金回购股票,在提升利润方面起到了一定作用,也由此提高了每股收益。However, buying back shares suggests a certain lack of imagination on the part of chief executives, or a lack of profitable projects to back. That remains an odd aspect of the profits boom: in theory, if the return on capital is high, one would expect a lot of capital to be invested. The resulting competition would eventually cause profits to fall. The process acts as a natural check on profits growth, but has yet to occur this cycle.然而,回购股票表明了首席执行官在一定程度上缺乏前景设想,或公司缺少需要持的盈利项目。利润丰厚的现象中仍存在一个奇怪之处:理论上,如果资本收益率很高,人们将期望能拥有大量可供投资的资本,由此导致的竞争将最终导致利润下滑。这一过程是对利润增长率的一种自然而然的检验,但本周期内尚未出现。Instead, chief executives are turning to that old device for boosting sluggish profits: takeovers. According to Thomson Reuters, the global value of mergers and acquisitions in the first quarter was 36% higher than in the same period of 2013. The right takeover can result in cost cuts through economies of scale—although in the long run, the academic evidence in favour of takeovers is mixed.相反地,首席执行官们正在转向“收购”这一陈旧手段来刺激缓慢增长的利润。根据汤森路透的结果,第一季度全球的并购价值比2013年同期高出了36%。适宜的收购能通过规模经济实现成本削减——但是长远来看,持收购的学术据比较混杂。A takeover boom is a classic signal of the final stages of a bull market, a sign that financial engineering has taken over from genuine business expansion. And that is hardly a surprise: the current rally is aly the fourth-largest and the fifth-longest-running since 1928.收购热潮是牛市最后阶段的一个典型信号,这一信号表明,金融运作已经接替了真正的业务扩张。而且这不奇怪:当前这已经是1928年以来第四次最大规模、第五次持续时间最长的反弹了。 /201405/295947。
  • Finance and Economics;New rivers of gold;Remittances from unlikely places are helping poor countries in the downturn;财经;新的资金流向;意外的汇款在经济低迷时帮助贫困国家;In tapachula, a furnace of a city in southern Mexico, people line up inside an air-conditioned branch of Banco Azteca to process their remittances. Last year Mexicans received an estimated billion from friends and family working abroad, mainly in the ed States, with which Mexico forms the worlds busiest remittance corridor (see map). But a closer look at the Tapachulan queue shows how the remittance business is changing. Many are not Mexicans receiving cash from America, but migrant workers sending it back home to Guatemala or Honduras. “Very similar to what happens at the other border,” observes Jorge Luis Valdivieso, the banks regional administrator, referring to Mexicos better-known northern frontier.他伯拉在墨西哥南部一个火炉区域,这里的大部分人阿紫别克的一个有空调的房间内排队处理他们的汇款。去年墨西哥人从海外朋友和家人那里得到大约240亿美元,大部分来自美国,为此墨西哥成了世界上最防盲的汇款渠道(如地图)。但是近距离观察塔帕丘拉的长队发现汇款业务怎么变化。大部分不是墨西哥人从美国得到现金,而是移民工人汇回他们的家乡危地马拉和洪都拉斯。“这与另一边的边境发生的情况很相似,”Jorge Luis Valdivieso说,这个的区域行政长官,指的是墨西哥著名的北部边境地区。The value of remittances to poor countries is enormous. Since 1996 they have been worth more than all overseas-development aid, and for most of the past decade more than private debt and portfolio equity inflows. In 2011 remittances to poor countries totalled 2 billion, according to the World Bank (total remittances, including to the rich world, came to 1 billion). That is not far off the total amount of foreign direct investment that flowed to poor countries. Given that cash is ferried home stuffed into socks as well as by wire transfer, the real total could be 50% higher.这些汇款的价值对于贫穷国家来说是巨大的。自从1996年其价值已经超过了所有的海外发展救助资金,并且对于过去的十年来说其价值超过了私人债券和股票的流入。在2011年汇向贫穷国家的总额已经达到3720亿美元,根据世界的统计(总汇款,包括流向富裕国家的,已经达到5010亿美元)。这与流向贫穷国家的总的外资直接投资相差不远。这些钱可能通过装在袜子里偷渡回家或通过电汇到家,真实总额可能要高出50%。Remittances are not just big, but growing—they have nearly quadrupled since the turn of the millennium—and resilient. In , when economies around the world crashed, remittances to poor countries fell by a modest 5%, and by 2010 had bounced back to record levels. By contrast, foreign direct investment in poor countries fell by a third during the crisis, and portfolio inflows fell by more than half. “The most remarkable thing about remittances today is their continued growth, year after year, despite the global economic crisis,” says Dilip Ratha, head of migration and remittances at the World Bank.这些汇款不仅数量大,而且不断增长并且有弹性,在千禧年左右汇款增加了量增加了四倍。在年,世界经济下滑的时候,汇向贫穷国家的钱稍微下降了5%,并且到了2010年这有反弹到历史水平。相反,在经济危机期间外资直接向贫穷国家的投资下降了三成,券投资流入下贱了一半。“尽管世界经济危机的今天汇款最大的特点就是其数量年复一年的增长,”Dilip Ratha说,世界移民和汇款长官。One reason for this apparent boom is simply that the data are better. Money senders such as Western Union and MoneyGram have improved their reporting to central banks. Oversight has tightened since September 11th 2001. This has led to big jumps in some numbers: Nigeria posted a near-doubling of remittance receipts in 2007. Where governments are sensitive about providing information, economists have used other methods. India, for instance, subjects remittances to Bangladesh to stringent tests. But by examining migration data, the World Bank reckons that some .8 billion probably crosses the border every year.明显增长的一个原因是数据更容易得到了。汇款邮寄公司譬如西部联合公司和速汇金公司已经提高其对中央的上报。自从2001年9月11日起已经加强了监管力度这导致汇款大数量的增加,尼日利亚报告2007年汇款收入将近翻了一番。 那些政府对上报信息敏感的地方,经济学家已经采取了其他的方法。比如印度对于汇向孟加拉国的汇款进行严厉的检查。但是通过检查银民数据,世界预计每年有38亿美元穿越边境线。Partly thanks to these techniques, it is now known that remittances come from a wider variety of countries than was previously thought. This might in turn explain how they have avoided being affected by Wall Streets hiccups. In 1970 46% of recorded remittances were reckoned to originate in America. By 2010 Americas share was just 17%. One big new player is the Gulf, which has sucked in migrant workers since the oil boom. Saudi Arabia is now the worlds biggest sender of remittances after America, posting billion in 2010, mostly to the families of South Asians and Africans who toil on its building sites and clean its homes. More than half of all remittances to South Asia come from the Gulf; worldwide, the region sends almost as many remittances to poor countries as western Europe does.部分归因于这些技术,现在知道汇款比以前认为的来自更多的更大范围的国家。这也可以解释为什么他们能够不受华尔街震荡的影响。在1970年46%有源可查的汇款来自美国。到2010年美国的份额只占了17%。一个新的大玩家来自海湾地区,自从石油经济暴增吸引了大批的移民工人。现在沙特阿拉伯是自美国之后最大的汇款输出国,在2010年寄出了270亿美元,大部人到了南亚和非洲家庭中,他们用这些钱整理房屋清理房间。所有的汇款中超过一半是从海湾地区邮寄到南亚地区的;世界范围内,这些地区向贫穷地区送出的汇款大致与西欧国家持平。Expensive oil has made Russia a big destination for immigrants, too. In 2000 it was only the 17th-biggest remitter in the world—indeed, it was a net receiver. But by 2010 it was the fourth-largest sender, dispatching nearly billion, mostly to Central Asia. Remittances from Russia are worth more than a fifth of Tajikistans economy (see chart).高昂的石油价格也俄罗斯成为一个巨大的移民输入地。在2000年的时候它实际上只是世界第十七位汇款输出国,他是净输入国。到了2010年它是第四大输出国,输送了大概190亿美元,大部分输送到中亚地区。来自俄罗斯的汇款相当于塔吉克斯坦整个经济的六倍(见图表)Though they are less volatile than many types of income, remittances are not immune to fluctuations. Cash flows to Mexico last year were still 12% lower than their pre-crash peak, partly because many Mexican migrants worked in the American construction sector, which is still reeling. The “Arab spring” of 2011 made a dent in remittance receipts in the Middle East and Africa, as migrant workers from the region fled countries such as Libya. An exception was Egypt, where receipts shot up by 14%. One reason may be that exiled Egyptians returned home with their savings; another is that a fall in property prices encouraged émigrés to snap up bargains.尽管并不像大部分类型的收入,汇款并不受经济波动的影响。去年流入墨西哥的现金仍然比以前的最大值少了12%,部分死因为墨西哥裔移民大部分在美国建筑部门工作,这些仍在倒退中。在“阿拉伯之春”的2011年中东和非洲地区外汇收入下降了,因为移民工逃离一些国家例如利比亚。埃及一个例外,其进款猛增了14%。一部分原因是流亡的埃及人带着他们的储蓄回到家乡;另一个原因是物价下降鼓励一民工抢购廉价物品。Currency fluctuations can also skew remittance patterns. American greenbacks and euros are no longer sought after in those African countries where currencies have appreciated sharply in real terms thanks to demand for the commodities they export. “When you send dollars back to a family in Angola, they dont feel as rich as before,” says Marcelo Giugale of the World Bank. Working in Europe for five years no longer buys a house back home.现期的货币波动可能影响汇款模式。美元和欧元再不是非洲国家追逐的对象了。这些地区的货币急剧升值这归因于对他们出口商品需求的增加,“当你送回美元到阿格拉家庭中的时候,他们不会像以前那样感到富有。”来自世界的Marcelo Giugale 说,在欧洲工作5年再也不能在家乡购买一套房子了。The question is whether migrants will react by spending longer in far-flung destinations, or by staying closer to home. Many aly go for the second option: one-tenth of remittances to Africa come from within the continent. South Africa sends most of its .4 billion in remittances to its neighbours, for example.问题是这些移民是否愿意为长远的目标做出反映,或者呆在家里。很多人已经选择第二个选择了:十分之一汇向非洲国家的汇款来自欧洲国家。例如,南非已汇款形式想起邻邦输送1亿美元。In the rich world, many countries have closed their borders to protect home-grown workers. America has made its southern frontier harder to cross, which partly explains the slowdown in immigration from Mexico. Emigration has risen, too, since the economy stalled. But perhaps because they know it will be harder to come back, migrants are staying longer. According to the Pew Hispanic Centre, 27% of Mexicans deported from America in 2010 had been in the country for at least a year, up from 6% in 2005. That may help explain why remittances from America fell by only 5% in , whereas in Britain, which has open borders with some of its biggest senders of immigrants, they fell by 27% (exchange rates played a part, too). Stricter border controls keep migrants in as well as out, and the remittances flowing.在富裕国家,很多国家已经关闭器边境以保护其本土的工人,美国已经使其南部边境线变得更难穿越,这部分说明了墨西哥汇款的降低。自从经济失速以后移民处境也增加了,但是可能因为他们知道回去更困难的,移民呆的时间更长了。根据裔研究中心的报告2010年27%被驱逐出境的墨西哥人至少在美国带了一年,甚至有6%自2005年就在了。那可以帮助解释为什么年来自美国的汇款仅仅下降了5%,然而在柏林,这个与其汇款输送人所在国家开放边境的下降了27%(汇率起了也起了一定的作用),严格的边境控制使得移民进出保持相对不变,和汇款上升。 /201306/243224。
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