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湖州吴兴区鼻翼整形多少钱湖州曙光整形美容医院注射玻尿酸好吗湖州曙光医院韩式隆鼻多少钱 A year after it surprised the world by announcing it would turn itself into tech holding company Alphabet, the company formerly known as Google is still working on its transformation.在宣布将转型为科技控股公司Alphabet这个震惊世人的消息一年之后,这家曾叫谷歌(Google)的公司如今仍在致力于转型之事。The job of reshuffling its portfolio of long-shot bets into a handful of more distinct, standalone divisions — and deciding which, if any, to shed — is incomplete. Nor have the financial foundations for such a restructuring been put in place.重组业务的工作尚未完成,它要将那些看似不大可能实现的冒险赌注分别归入几个更清晰、更独立的部门,并决定是否舍弃其中一些项目。这一套重组计划的财务基础也还没有落实。Founders Larry Page and Sergey Brin, along with chairman Eric Schmidt and chief financial officer Ruth Porat, are still trying to work out the business models for some of the bets, and to set financial targets, according to people familiar with the process.知情人士表示,两位创始人拉里#8226;佩奇(Larry Page)和谢尔盖#8226;布林(Sergey Brin)以及董事长艾里克#8226;施密特(Eric Schmidt)和首席财务官露丝#8226;波拉特(Ruth Porat)仍在努力研究其中部分项目的商业模式,并制定财务目标。It is also unclear if or when some of these projects, from driverless cars to a healthcare arm that is trying to slow ageing, will pay off, even though the oldest ones are nearly a decade old. And there is still no external indication of how Alphabet decides where to place its bets or how wide-ranging they will be.此外也不清楚这些林林总总的项目中——从无人驾驶汽车到一个尝试延缓衰老的医疗保健子公司——是否会有几个项目能够成功,如果有的话,什么时候能看到,其中最早的项目至今已经快十年了。Alphabet也丝毫没有流露出打算把赌注下在哪些地方、这些赌注将涉及多广范围的迹象。Mr Page himself has been investing privately in start-ups outside the company, most conspicuously in trying to build flying cars — an idea that is too far-fetched even for the former Google, which always prided itself on taking on the biggest and riskiest ideas.佩奇本人私下里一直在投资外部的创业型企业,最引人注目的是一家尝试制造飞行汽车的公司。改名之前的谷歌,历来对自己敢于尝试最宏伟、最冒险的想法感到自豪,但飞行汽车的构想即使对谷歌而言也显得离谱。But none of that has damped the mood among Alphabet’s investors. Wall Street has been more than willing to indulge Mr Page and Mr Brin; and the company’s shares have risen 45 per cent in the 13 months since the pair first showed signs of bringing tighter management disciplines to their sprawling set of “moonshot” projects.所有这些都没有影响Alphabet投资者的心情。华尔街一直非常愿意纵容佩奇和布林;自从这两人表现出将对那些庞杂的“moonshot”项目(指疯狂的不太可能实现的计划,译者注)施加更严格管理纪律的迹象以来,该公司的股价在13个月里上涨了45%。“The history of the internet is littered with people who didn’t make bets like these and destroyed shareholder value,” said Mark Mahaney, an analyst at R Capital Markets.“在互联网历史上,不下这样的赌注、从而摧毁股东价值的人比比皆是,”加拿大皇家资本市场(R Capital Markets)的分析师马克#8226;马哈尼(Mark Mahaney)说。Yahoo, AOL and eBay are among the companies from the first wave of the internet whose relevance has faded because they failed to think hard enough about their long-term future, he said.他说,雅虎(Yahoo)、美国在线(AOL)和eBay就是第一波互联网浪潮中,由于不认真思考长远未来而逐渐变得无足轻重的公司。Wall Street has another reason to indulge Google’s founders. Its core internet business has surged in recent quarters, unexpectedly boosting revenues and raising profit margins.华尔街还有迁就谷歌创始人的另一个理由。该公司的核心互联网业务在近几个季度以来大幅增长,出人意料地提振了营收,提高了利润率。Insiders say this is partly because of a fresh focus in the Google division under its new head, Sundar Pichai. Leading Google executives are no longer distracted by Mr Page’s personal interests — bordering on obsessions — in long-range ventures that have little connection with the internet advertising business that still generates more than 99 per cent of the company’s revenues.知情人表示,这部分是因为谷歌部门在新老板桑德尔#8226;皮查伊(Sundar Pichai)执掌下有了新的重心,谷歌主要高管不再为佩奇近乎执念的个人兴趣而分心,他那些远大冒险计划与至今仍为公司创造99%以上收入的互联网广告业务毫无关联。Whatever the reason, Alphabet’s money-machine has been re-energised. In the second quarter of this year, Google overtook its old rival Microsoft in revenues for the first time, and Wall Street expects its revenues to surge past 0bn for the first time next year.无论出于何种原因,Alphabet的赚钱机器已恢复了动力。今年第二季度,谷歌第一次在营收上超越了老对手微软(Microsoft),而华尔街预计明年其营收将首次突破1000亿美元。None of this, however, guarantees that its search for a long-term future beyond internet advertising will yield results — or that the roughly 3 per cent of revenues spent on what it calls its “other bets” will not be money poured down the drain.然而,这些并不能保Alphabet在互联网广告之外探索长远未来的行动就会有结果,也不能保投入到“其他赌注”(other bets)上约占营收3%的资金不会打水漂。“The history of these central Ramp;D ventures is not good,” Michael Cusumano, a professor at Massachusetts Institute of Technology, says of the research labs some of the biggest tech companies have run in the past.“这些核心研发(Ramp;D)冒险活动的历史并不理想,”麻省理工学院(MIT)教授迈克尔#8226;库苏马诺(Michael Cusumano)在谈起大型科技企业过去设立的一些研究实验室时表示。The lack of a precedent for the type of tech conglomerate Google’s founders are trying to create, and the vagueness of their aims for Alphabet, could add to the risks of failure.谷歌创始人试图打造的那种类型的科技企业集团并无先例可循,加上他们对于Alphabet的目标也很模糊,可能增加失败的风险。Mr Page has held up Warren Buffett’s Berkshire Hathaway as a model, though Mr Cusumano says “comparisons to Berkshire Hathaway are totally inappropriate. It’s not an investment fund — that’s not what Google is.” To be worth Alphabet’s attention, its non-core activities must at some point relate to its original business, he adds.佩奇把沃伦#8226;巴菲特(Warren Buffett)的伯克希尔哈撒韦公司(Berkshire Hathaway)视为榜样,但库苏马诺说,“与伯克希尔哈撒韦对比根本就不合适。它不是投资基金,那并非谷歌的性质。”他接着说,值得Alphabet注意的是,它的非核心业务需要在某个时候与其老本行产生联系。A year into the experiment, there have been signs that the soaring costs at Alphabet’s non-core businesses have at least been brought under control, though Ms Porat has warned against ing too much into short-term variations in expenses.试验了一年之后,已有迹象表明,Alphabet非核心业务的成本大增局面起码已得到了控制,不过波拉特警告不要对费用的短期变化做太多解读。Inside the businesses, Ms Porat’s more rigorous approach to making investment decisions has had an effect. A mid-ranking employee at one of the divisions credits her with bringing greater certainty to the internal investment process, even if part of her job is to limit some of the spending.在公司内部,波拉特对投资决策实行更严格的方法已产生了一定效果。一个部门的中层管理者称赞她为内部投资流程带来了更大的确定性,尽管她的一部分工作是限制出。But while the new Alphabet structure has brought more financial control, it is still unclear how the group’s divisions will be ultimately be managed as they become more freestanding. Though there are parallels between Alphabet’s investment approach and the Silicon Valley start-up ecosystem, it remains a corporate conglomerate.但是,尽管Alphabet的新架构已带来更多的财务控制,由于集团旗下各个部门变得更加独立,目前仍不清楚其最终将对各部门采取何种管理方式。虽然Alphabet的投资手法跟硅谷创业型企业的生态系统有些类似,但它仍是一家综合性企业集团。The individual ventures do not have their own boards, and Alphabet has not introduced any equity arrangements to tie employees’ rewards to the success of their units — the kind of incentives that are a big attraction in joining a start-up. The company has relied instead on big cash bonuses, paid out when the newer businesses hit significant milestones, though that may not keep talent in the long term. The driverless car division has shed some of its top engineers in recent months after making big payments like these, according to a person familiar with the business.单个冒险项目没有自己的董事会,Alphabet也没有引入任何股权安排、把员工的报酬与他们所在部门的成功挂钩——在吸引人才加入初创企业方面,这样的股权机制是一种具有很大吸引力的激励手段。相反,Alphabet依赖高额奖金,在新业务达到重要里程碑时发放,不过,这或许不利于在长期内留住人才。知情人士表示,无人驾驶汽车部门在发放大手笔奖金之后,近几个月来流失了一些顶级工程师。“This isn’t like being in a start-up — it’s like being in a family business, with mercurial venture-capital backers,” says an employee at one of the businesses.“这不像是在一家创业企业工作,倒像在家族企业,有反复无常的风险资本投资者,”一家Alphabet旗下企业的员工表示。In some cases, the more rigorous analysis of Alphabet’s disparate operations has also exposed the need for different business approaches. The company’s high-speed broadband division, for example, was set up to provide more competition to rival networking companies, and to prod them to invest faster in their own fibre-optic systems, something that would help the core Google internet business.有些情况下,对Alphabet旗下各项迥然不同的业务进行更严谨的分析表明,该公司有必要采取不同的业务模式。比如,该公司成立高速宽带部门,是为了给其他网络设备公司造成更多竞争,促使它们加快投资建设自己的光纤系统,这有利于其核心的谷歌互联网业务。Now, as a freestanding division, the broadband business is searching for ways to reduce its hunger for capital and find new, cheaper technologies than fibre that will make it a profitable business in its own right — a hunt highlighted by its acquisition in June of the wireless internet access company WebPass.如今,作为一个独立的部门,该宽带业务开始想方设法减轻自己对于资金的饥渴,并寻找比光纤更低成本的新技术,以期成为一项独立的盈利业务——今年6月收购无线互联网接入公司WebPass,就凸显了其对技术的追逐。As the search for sustainable business models continues, Alphabet has held back from making any promises about when bets such as this will pay off. That makes it very different from Facebook, which has been far clearer in outlining its long-range plans, says Mr Mahaney. The social networking company has grouped its bets into ones it hopes will pay off in three, five and 10 years’ time.在继续寻找可持续业务模式的同时,Alphabet并未就诸如此类的押注何时可能成功做出任何承诺。马哈尼说,这一点跟Facebook完全不同,后者在概述长期计划时要清晰得多。这家社交网络公司将其赌注分成若干组,希望分别在3年内、5年内和10年内取得成功。Speaking recently at the first shareholder meeting since its formation, Mr Schmidt gave the first indication that Alphabet is also trying to come up with a more rigorous timetable. It should at least be clear within three years which of the portfolio it refers to as its “other bets” will be worth pursuing, he said.不久前在Alphabet组建后的首届股东大会上发言时,施密特首次暗示,Alphabet也在尝试拿出一份更严格的时间表。他说,Alphabet至少要明确,在其统称为“其他赌注”的所有项目中,在3年时间跨度内哪些项目将是值得推行的。But even if the long-term outlines and goals for Alphabet remain unclear, Wall Street is more than happy to stay patient. And if shareholders ever start to feel restless, there is always the huge profitability of the old Google business to reassure them.但是,即便Alphabet的长期发展框架和目标仍不清晰,华尔街也非常乐于保持耐心。如果股东什么时候开始感到不安,旧有谷歌业务的巨大盈利也总会让他们放下心来。 /201608/459860湖州做脱毛手术多少钱

湖州曙光整形美容医院去痘印怎么样湖州无痛祛斑费用 Chinese hedge funds are providing margin finance for leveraged bets on the country’s booming commodity futures market, in an echo of the practices that led to last year#39;s stock market boom and bust.中国的对冲基金正在提供保金融资,使投资者可以对该国火爆的大宗商品市场进行杠杆化押注。这跟去年曾导致股市繁荣与萧条的做法很相似。Futures prices for the so-called ferrous complex of steel, iron ore, coking coal and coke have risen sharply this year as Chinese fiscal and monetary stimulus has produced a revival of construction activity in real estate and infrastructure. 由于中国的财政和货币刺激政策导致了房地产和基础设施建设活动的复苏,所以今年钢材、铁矿石、焦煤和焦炭等铁相关商品的期货价格大幅上涨。Rising commodity prices have in turn fuelled speculation in the futures markets. Turnover for front month coking coal futures traded in Dalian hit Rmb1.2tn in October, the second-largest month on record behind April, when China was first gripped by a commodities mania.这些大宗商品价格上涨反过来刺激了期货市场的投机。10月,大连商品交易所即月焦煤期货成交量达到760万,为今年成交量第三大的月份,排在3月和4月之后。三、四两个月份,中国第一次出现大宗商品热潮。Commodity trading has surged in China as retail investors, rich individuals and wealth managers use the sector as a quick and easy way to place leveraged bets on the domestic economy or government reforms.中国大宗商品交易量发生激增,因为散户投资者、富裕人士和财富管理机构都把该行业作为对国内经济或政府改革进行杠杆化押注的一条快速、简捷的途径。The surge in speculation activity has rattled global commodity markets, causing a sharp run-up in the price of raw materials such as steel and iron ore futures. That has astonished western trading houses and analysts accustomed to following the fundamentals of supply and demand.投机活动激增为全球大宗商品市场带来了波动,造成原材料(如钢铁和铁矿石期货)价格的大幅上涨。这让习惯于追踪供求基本面的西方交易机构和分析师感到震惊。Some hedge funds are also using structured investment products to provide margin loans to investors looking to ride the futures boom. Hedge funds generally buy the senior tranche, which promises a fixed return. Others buy the subordinate tranche, putting up some of their money as margin and borrowing funds from the senior tranche to enlarge the investment. 有些对冲基金也在使用结构化投资产品,为期待从期货繁荣中分一杯羹的投资者提供保金贷款。对冲基金通常购买承诺固定收益的优先级份额。其他人购买劣后份额,使用他们的部分资金作为保金,从优先级份额中借入资金,以扩大投资规模。Providing financing for retail investors also represents a change of tack by Chinese hedge funds which in 2015 roiled global commodity markets directly with several well timed attacks on metals such as copper.为散户投资者提供融资,也体现了中国对冲基金的策略变化。2015年,中国对冲基金对铜等金属发起了几次时机把握得很好的攻击,直接搅动了全球大宗商品市场。A hedge fund manager in Shanghai said: “These are hedge funds looking for fixed returns. They’re not familiar with commodities, so strategy looks good to them. Someone else takes the big risk.” 上海的一名对冲基金经理说:“这些是寻求固定收益的对冲基金。他们不熟悉大宗商品,所以策略看起来很合适他们。让别人去承担巨大的风险。”But this form of margin lending, known in Chinese as peizi, mirrors the type of shadow bank-style margin financing that helped fuel the Chinese stock market boom last year. Once the market turned, margin calls amplified losses as investors were forced to liquidate their holdings to repay loans. 但是这种形式的保金贷款——中文称为“配资”——类似于去年推动中国股市繁荣的那种影子式融资。一旦市场转向,追加保金的要求就放大了投资者的损失,因为投资者被迫平仓以偿还借款。Regulated margin lending through securities brokerages for stock market investment caps leverage at Rmb2 of borrowed funds for every Rmb1 of the investor’s own money. The 21st century Business Herald reported on Wednesday that peizi for commodity futures investment can reach as high as 4:1. 用通过券商获得的合法保金融资来投资股市,最高杠杆为两倍。《21世纪经济报道》(21st Century Business Herald)周三报道称,通过配资渠道投资商品期货的杠杆可能高达4倍。An official at the National Development and Reform Commission, China’s top economic planner, told state media this week that recent increases in coal prices are “irrational”, citing speculation as one explanation. 本周,中国最高经济规划机构国家发改委(NDRC)的一位官员对国有媒体表示,近期煤炭价格的上涨是“非理性的”,并把投机引述为其中一个原因。A trader at a futures brokerage in Shanghai said: “The speculative element in the market is very big right now. End users and those trying to do hedging are getting killed.”上海某期货经纪公司的一名交易员说:“目前市场上的投机色非常重。最终用户和那些试图做套期保值的人被害惨。”Margin finance is not the only reason for the rise in futures prices this year. The government’s campaign of “supply-side reform”, which is focused on shutting down excess capacity in steel, coal and non-ferrous metals, is also playing an important role. Regulators are controlling issuance of structured investment products more tightly given the role of peizi in last year’s stock boom. 保金融资并不是今年期货价格上涨的唯一原因。中国政府的“供给侧改革”举措也发挥了重要作用。此项改革的重点是去除钢铁、煤炭和有色金属的过剩产能。鉴于配资在去年的股票繁荣中所起的作用,监管机构已开始更严格地控制结构化投资产品的发行。Equally important, say analysts, is the wave of money sloshing through the financial system in search of decent returns. The mainland stock market has mostly traded sideways this year following last year’s boom turned bust, with the appeal of equities also undermined by sharp rises in bonds and real estate. 分析师们说,同样重要的是,金融体系中存在的那股正寻找像样回报的资金潮。今年中国内地股市基本都在横向盘整,债券和房地产价格的急剧上涨也削弱了股票的吸引力。Wang Hong Ying, director of the China Financial Derivatives Investment Institute, said: “Interest rates are in a downward cycle. Lots of idle funds can’t fund good investment channels. When this money enters a market where supply and demand are aly out of balance, it will push up prices for ferrous complex futures.”中国金融衍生品投资研究院(China Financial Derivatives Investment Institute)院长王红英表示:“当前利率处于下行周期。大量闲置资金找不到好的投资渠道。随着这些资金进入一个供求原本就已失衡的市场,它将推高铁相关商品的期货合约的价格。” /201611/475965湖州第六医院打瘦腿针多少钱

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