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包头白云鄂博矿区人民医院不孕不育价格包头哪家治疗淋病的医院好达尔罕茂明安联合旗做产检多少钱 The asset-quality review资产质量审查Gentlemen, start your audits先生们,开始审计吧Close scrutiny of Europe’s banks may turn up unexpected shortfalls对欧洲的密切关注可能会变成意外的资金短缺Oct 5th 2013 |From the print editionTHE ink on the agreements that will hand supervision of the euro area’s biggest banks to the European Central Bank (ECB) is barely dry. Yet the ECB is aly enmeshed in squabbles with national banking supervisors over the extent of its powers and the rigour with which it will undertake its first big task, a warts-and-all review of the balance-sheets of the banks it will take charge of in a year’s time.欧元区刚刚敲定将欧元区的监管权交给欧洲最大的欧洲中央的协议。然而,欧洲央行已经卷入与国家监管机构的争吵之中,争吵围绕其权利范围以及其承担第一大任务之严格。其将会在一年时间里审查所有的资产负债表。Details over how the ECB will conduct this asset-quality review (AQR) will probably be released in the second half of October, but the outlines are aly beginning to emerge. The main aim of the review is to ensure that the ECB is not embarrassed by the revelation of holes in the balance-sheets of its new charges. Fresh in its mind is the example of the European Banking Authority (EBA), a young European regulator that lost much of its credibility after the collapse of banks that had passed its stress tests only months earlier.虽然关于欧洲央行如何进行资产质量审查的详细细节可能会在十月下半月公布,但是大体状况已经开始初现端倪了。这次审查的主要目的是确保欧洲央行新接管的这些的资产负债表的缺口不会让其尴尬。欧洲的例子还让人记忆犹新,这个年轻的欧洲监管机构由于通过其压力测试的纷纷崩溃而在几个月前失去了公信力。To avoid that danger the ECB is emphasising that the AQR is not a stress test, which would simulate the effect of various economic scenarios on banks’ balance-sheets. Instead it is doing a preliminary examination to ensure that it understands what is on banks’ books in the first place. National regulators fret that they will be embarrassed by what it finds. This has prompted some to push back hard to limit the scope of the ECB’s inquiries.为了避免上述危险,欧洲央行强调资产质量审查不是一次压力测试,模拟各种经济情况对资产负债表的影响。取而代之的是,它会做一次初步检查确保其会在第一时间了解的状况。国家监管机构担心他们会对央行的发现感到尴尬。这已经促使一些人强硬地限制了欧洲央行查询范围。Surprisingly, this resistance is not coming from countries on Europe’s periphery such as Spain (see article), which have much to gain from the imprimatur of ECB supervision. Rather it is coming from core countries such as France and, to a lesser extent, Germany, where seemingly well-capitalised banks may come out of the asset review looking thbare.令人惊讶的是,这种阻力不是来自诸如西班牙的欧洲国家,西班牙很需要欧洲央行监管的首肯。相反,这种阻力是来自法国等核心国家,还有德国的反对,只不过程度稍轻。这些国家看似资金充裕的可能会出现难看的资产审查结果。One issue is the “risk weighting” of assets, a process by which banks adjust the size of their capital buffer to account for the riskiness of their lending. Studies by both the Basel Committee, a club of central bankers and supervisors, and the EBA have found wide and unjustifiable variations in the way banks risk-weight their assets, even when asked to do so for identical hypothetical portfolios. The consequences of such variations can be significant. If the euro area’s biggest banks were forced to abandon their internal risk-weighting models and instead apply cruder standardised models, many would see their core-capital ratios decline by several percentage points (see chart). The ECB is likely to push for greater consistency in risk weighting, which could force banks in France, Germany and elsewhere to raise capital.其中一个问题是资产的风险加权,通过风险加权,可以调整资本缓冲规模冲抵其贷款风险。央行行长和监事俱乐部巴塞尔委员会和欧洲的研究发现中广泛存在各种不合理的资产风险权重方式,甚至是为了相同的假设投资组合。这些方式的后果是严重的。如果欧元区最大的被迫放弃他们内部的风险权重模型,许多会发现它们的核心资本比率下降几个百分点(见表)。欧洲央行很可能会推行更大规模统一的风险权重,会迫使法国德国以及欧洲其他地方的筹集资金。Informed observers also expect the ECB to find evidence of “regulatory forbearance” in these markets, whereby supervisors have allowed banks to fudge the level of non-performing loans on their books, restructuring loans and easing repayment terms instead of taking write-downs. Adjusting for this could also open up capital holes. A process devised by Germany and France to shore up confidence in weak banks on Europe’s periphery may end up hitting a quite unexpected target.消息灵通的观察家同时预计欧洲央行将找到在这些市场“监管纵容”的据,在这些市场,监管机构允许在资产负债表上对不良贷款程度作假,重组贷款,延长还款期,而不是采取减记。对此作出调整可能会导致资金缺口。由法国德国设计的提振欧洲国家信心的方法可能会以击中一个意想不到的目标而告终。 /201310/259548包头怀孕三个月做人流有危险吗

包头市治疗梅毒最好的医院Neuroscientists opinions about the brains of birds have changed.神经系统科学家关于鸟类大脑的传统观念发生了转变。In humans and other mammals,the roof of the forebrain has evolved into the cerebral cortex, a structure responsible for flexiblelearning and reasoning.人类和其他哺乳动物的前脑顶层已经进化为大脑皮层,这一结构主管弹性学习和推理能力。Early neuroanatomists thought that the forebrain roof was small and simple in birds, with itsforebrain instead being dominated by structures in its base, called the basal ganglia.早期的神经系统科学家认为鸟类的前脑顶层在大脑中面积小,构造简单,且并非由大脑基底部名为基底神经节的结构组成。Without anelaborate forebrain roof, it seemed that birds couldnt be very smart.因此,鸟类并不拥有复杂精妙的前脑顶层,这似乎决定了鸟类智商有限。Recent research shows that birds are a lot smarter than scientists once thought.最近的研究表明鸟类要比科学家想象的聪明得多。To give just afew examples, the New Caledonian crow can manufacture and use tools.例如,新喀里多尼亚乌鸦会制作和使用工具。The African grey parrotcan learn to classify objects into categories, and the Florida scrub jay stores food in dozens ofcaches and can remember their locations for future use.非洲灰鹦鹉能学会对东西进行分类,佛罗里达灌丛鸦会将食物存储在不同的地方,并且能记住位置,以备将来之需。It turns out that neuroanatomists had it all wrong about bird forebrains.结果是神经解剖学家 对鸟类前脑的研究完全错误。During more than 300 million years of separate evolution, the forebrain roofs of birds and of mammals each grew largerand more elaborate, but in different ways.在3亿多年各自的进化过程中,鸟类和哺乳动物的前脑顶层分别以不同的方式变大变精。The roof of a birds forebrain is so different from thecerebral cortex of a mammal that the neuroanatomists had confused most of it with enlargedbasal ganglia.鸟类的大脑顶层与哺乳动物的大脑皮层差别如此之大以至于神经解剖学家 将其与增大的基底神经节基本都弄混了。201408/322222包头中心医院男科 Corporate political donations Lighten our darkness公司政治献金拨云见日There are big differences in what firms reveal about their political donations政治献金信息披露因公司而异IT IS not just the incestuous make-up of News Corporations board that annoys its shareholders.不仅仅是新闻集团董事会排外的组织结构让其股东感到懊恼,Activist investors such as the Nathan Cummings Foundation also complain about the firms lack of transparency about its political donations.就连诸如内森·卡明斯基基金会这样的投资积极分子也抱怨该公司在其政治献金项目上缺乏透明度。Although News Corp opened up a bit this year,尽管,今年新闻集团对该项目透露了稍许信息,it is still more opaque than its peers in the Samp;P 100, as a new index of corporate political disclosure shows.但是根据一项新的旨在披露公司政治捐赠行为的指数显示,新闻集团较其在标准普尔500指数上市的同行们显得更加不透明。The index, launched by the Robert Zicklin Centre for Corporate Integrity at Baruch College on September 15th,9月15日,由纽约市立大学巴鲁克学院的罗伯特金科林企业诚信中心发布了该指数。does not argue that corporate political donations are good or bad.该指数并未表明赞同抑或否定公司政治捐赠行为的意见。But its compilers believe that the public and shareholders have a right to know what firms are up to.但是该指数的众多编者相信公众和股东有权利知道公司做出捐赠决议的理由。It looks at 57 measures of transparency, including how many clicks it takes to get from the firms website to information about political donations and how detailed that information is.指数考察了57项透明度指标,其中包括为获得公司政治捐赠信息而产生的公司网页点击量及信息的详细程度。News Corp is one of 28 companies rated “opaque”,新闻集团是28家被评为不透明的公司之一,along with popular bogeymen such as Halliburton and Walmart—and fashionable firms such as Amazon, Berkshire Hathaway, Google, Nike and Walt Disney.这些公司还包括诸如哈利伯顿和沃尔玛这样受人欢迎的怪物公司,以及亚马逊、伯克希尔·哈撒韦公司、谷歌、耐克和迪斯尼这样的新贵公司。Only a handful of firms were deemed “transparent”, including Colgate-Palmolive, IBM, Pfizer and Goldman Sachs.仅有部分公司被该指数认为是透明的,这包括高露洁、国际商业机器有限公司,瑞辉制药有限公司和高盛。Finance is, surprisingly, the third-most-transparent industry, behind drugs and oil.令人惊奇的是,金融业位列透明度第三的产业,居于制药业和石油行业之后。Mining, manufacturing and utilities are the most opaque.采矿业、制造业及公用事业是最不透明的行业。As firms donate more to politicians, they tend to disclose more.鉴于公司对政客的捐赠行为越来越多,他们倾向于披露更多的信息。Yet the very biggest donors are not the most transparent,作为该指数创始人之一唐纳德·施皮尔斯说,尽管最大的献主是那些最不透明的公司,says Donald Schepers, one of the creators of the index, which they aim to expand next year to cover the entire Samp;P 500.但他们打算明年将该指数拓展到囊括所有的标准普尔500公司。That said, several firms have “made big improvements in their disclosure since we wrote to tell them that we were doing the index,” says Mr Schepers. That alone suggests that measuring transparency is worthwhile.施皮尔斯说,由于被告知他们正在编排该指数,一些公司改善了政治捐赠项目的信息披露状况。仅此就表明对透明度的衡量是值得的。 点击此处下载本期经济学人讲解PDF与音频字幕 /201304/234081鄂尔多斯市第三人民医院在那儿

包头青山区割痔疮多少钱Business商业报道Ad space for equity为股票做广告Air for shares股票时间Could an unusual venture-capital model be taking off?一项不同寻常的风险投资模式能够起飞吗?IN AMERICA, venture capital is plentiful.美国风险资金十分丰富,Not so elsewhere.但是并非所有地方都是这样。In Europe, a handful of companies are helping struggling start-ups with an unusual model:在欧洲,一些公司正以非同寻常的模式帮助那些挣扎的新成立的公司:investing advertising space in them instead of money.投资广告版面而非直接投钱。Start-ups usually get their initial seed funding—a few tens or hundreds of thousands of dollars—from family or friends.新成立的公司通常从家人或朋友那里获得初始的种子资金,通常是数万或数十万美元。A venture-capital firm wont step in until the firm is y to raise maybe ten times that amount.只有公司筹集到了数百万的资金时,风险投资才会介入。In America, intermediate sums tend to come from informal angel investors,在美国,过渡的资金通常来自于非正式的天使投资者,typically entrepreneurs who have made a decent bit of money from their own start-ups and want to invest some in projects they like.特别是由新成立的公司发家且希望投资一些中意项目的企业家。But outside Americas technology hubs, such people are rare.但是在美国科技中心之外,这样的人少之又少。However, start-ups of that size are often making their first baby steps into the market and need publicity.然而,这样规模的新成立的公司通常会迈着婴儿步进入市场并需要广告宣传。Aggregate Media Funds, a Swedish firm started in 2002,2002年成立的瑞典媒体公司媒体公基金集合了15家瑞典媒体提供的广告版面,pools excess advertising space provided by 15 Swedish media companies that are shareholders in the fund,并且以交换股权的形式给予新成立的公司。and gives it to start-ups in return for an equity stake.这15家媒体都是该基金的股东。If the firms do well, they buy back the equity in cash, which goes to the shareholders, with a cut for the fund.如果公司运作良好,他们就会用现金买回股权给予股东,并给基金一份利润。Patrik Rosen, Aggregates boss, says it has made some 120 investments—in both start-ups and established firms that want to advertise a new product or a stock offering—and completed around 80 exits,公基金的老板帕特里克·罗森表示给公司已经做大约120笔投资,都是投在需要为新产品或发行股票的新成立的公司或已成型的公司,并完成了大概80个公司的退市,though he wont disclose how much money has been made.但是他并不会透露赚了多少钱。Similar models have taken hold in Germany.德国也兴起了同样的模式。ProSiebenSat.1, a television company, has been offering other firms advertising in return for equity or revenue shares since , and reported making more than 40m in the past year.德国卫星电视频道ProSieben卫星一台在年就开始以交换股权或股份的形式为公司提供广告,去年盈利超过4千万欧元。A newer fund, German Media Pool, founded a year ago, combines a range of shareholders,成立于一年前的德国媒体基金像媒体公基金一样联合了一批股东。as Aggregate does, so it can offer its start-ups ads anywhere from billboards to TV.从广告牌到电视的任何地方,它都能够为新成立的公司投放广告。基金创始人尼科·华思车的目标是使投资者的钱翻倍。So why is the model not more widesp?为什么这个模式并没有更广泛的应用呢?It may have a bad reputation.可能是这个模式名声不好。Media firms that negotiate barter deals directly dont always do well:协商直接易货交易的媒体公司通常盈利状况不佳:they tend to lack the expertise to invest in start-ups, and the deals may not be transparent.他们通常缺乏投资新成立的公司的专业知识,并且协议可能不透明。Indias largest media firm, the Times Group, which publishes papers such as the Times of India, also owns a media-for-equity firm called Brand Capital, with stakes in around 400 companies.印度最大媒体公司时代集团在发行诸如印度时报之类的报纸的同时也拥有一家媒体换股权的公司,名叫品牌资金,该公司拥有大概400家公司的股份。In , under the name Times Private Treatie s, it got embroiled in controversy after Indias stockmarket regulator censured a group of people for conspiring to bump up the share price of one of its portfolio companies, and a Times Group journalist for midwifing media coverage.年,该公司以时代财产转让契约的名义卷入了一场争议。这场争议源于印度股票市场管理机构严厉指责一帮人串通抬高其中一家成员企业的股价和一位时代集团记者为媒体报道推波助澜。Critics say it is still hard to tell when Indian papers have financial links to firms they write about.批评者称目前仍然很难确定事情根底,因为印度报纸和其报道的公司有经济联系。Hence, Mr Rosen argues, the need for independent, diversified media funds to act as middlemen.所以罗森先生主张独立多样的媒体基金作为中间人。Even then, not all start-ups need ads—some are happy with social media—and many others would rather have cash instead.即使是那是也不是所有新成立的公司都需要广告,有些公司乐意使用社交媒体,而许多公司宁愿获得资金。Still, for some it is just what they need.然而对于一些公司来说这正是他们所需要的。And for the media firms, since the ads would otherwise go unfilled, any return is pure profit.对于一些媒体公司来说,若不投给新成立的公司,一些广告版面也会空白,所以一切收益都是纯利润。 /201306/243323 包头第一人民医院做孕检价格包头哪里治疗生殖器疱疹比较好

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