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    January 29

    29JAN08 Florida's primary

    以下翻译仅为本人休闲练习英语之用,文章版权归The Economist所有

    THE final skirmish before the big battle that is Super Tuesday will be played out in Florida on Tuesday January 29th. The main story will almost certainly revolve around Rudy Giuliani, the former mayor of New York who has run what the history books will surely describe as one of the oddest primary campaigns in recent presidential history.

    “超级星期二”大战之前的最后一场竞选大战在1月29日星期二于佛罗里达州结束。这场竞选大战当然主要围绕朱利安尼(Rudy Giuliani)展开,这位曾经缔造历史的前纽约市长将以其最大胆的总统竞选策略而被载入当代总统竞选史。

    Mr Giuliani long ago took the odd decision to ignore the contests in Iowa, Wyoming, New Hampshire, Michigan, Nevada and South Carolina, and instead stake everything on a big win in Florida which would, he hoped spring-board him to crushing victory in the Super Tuesday states on February 5th. Those include large states like California, New York and New Jersey, where he expected to dominate. But it hasn't worked out quite like that. The early primaries have given vast amounts of free publicity to his rivals, John McCain, Mike Huckabee and Mitt Romney, and have allowed Mr McCain to supplant him as front-runner in the national polls. Now Mr Giuliani finds himself a poor third in the Florida polls, and behind to Mr McCain even in his home state of New York. Some national polls show him coming fourth overall, a remarkable come-down after months of leading the pack.

    朱利安尼之前所作的大胆决定是,放弃爱荷华,怀俄明,新罕布什尔,密西根,内华达和南卡这几个州的竞选,全力以赴经营其在佛州竞选,从而希望获得在2月5日进行的“超级星期二”的压倒性胜利。同时还包括之前像加州,纽约和新泽西州这样大洲的竞选,然而事与愿违,他希望能获得主导得票率的愿望都落空了。这美国总统大选共和党候选人提名初选的结果却是使朱利安尼的对手们,麦凯恩(John McCain), Mike Huckabee和罗姆尼(Mitt Romney)获得大量的选票,尤其是麦凯恩成为这场全国初选的领先者。现在朱利安尼在佛州的得票率仅仅是第三,落后于麦凯恩,这种情况甚至在他之前从政的纽约市也如出一辙。有些大选得票率显示他在总体上排名第四,这是在其领先数月后明显的支持率下降。

    A miracle could, of course happen: the pollsters' record in these primaries has been pretty dismal, notably in New Hampshire where to a man they predicted a win for Barack Obama over Hillary Clinton. More likely, though, is that Florida will mark the death-knell for Mr Giuliani, prior to a black Tuesday that will in effect put him out of the race.

    然而奇迹是可能发生的:比如民意调查的结果是前途不明朗的,尤其是在新罕布什尔州的调查显示人们希望奥巴马(Barack Obama)能够赢过希拉里(Hillary Clinton)。然而无需置疑的是,佛州提名初选的结果给朱利安尼出线“超级星期二”提前敲起丧钟。也许对于他来说,“超级星期二”将变成“黑色星期二”。

    Who will win in Florida, and what effect will that have? The polls, for what they are worth, are tight, showing Mr McCain in a tie with Mr Romney. But Mr McCain has a couple of big things going for him: over the weekend he secured the endorsement of the state's governor, Charlie Crist (who boasts a remarkable approval rating of 60% or more) and of Mel Martinez, Florida's Republican senator. As a Cuban-American, Mr Martinez's endorsement could help swing a powerful block of Republican voters Mr McCain's way.

    谁将赢得佛州,而这又会带来怎样的后果?民意调查,也是其价值该得到体现的时候,显示麦凯恩是罗姆尼的主要竞争对手。然而对麦凯恩获胜至关重要的是:上个周末他获得了佛州州长查理·克里斯特(Charlie Crist)(为麦凯恩获取60%支持率甚至更多的重要源泉)和佛州共和党议员马丁尼兹(Mel Martinez)的支持。作为具有古巴血源的美国人,马丁尼兹的支持将会为麦凯恩带来强有保障的共和党支持票。

    Mr McCain and Mr Romney are running campaigns that are mirror images of each other: Mr McCain stressing his impeccable credentials on security issues, and Mr Romney relying on his command of economic issues. Voters generally now put the economy at the head of their list of concerns, which ought to favour Mr Romney—as, too, should the fact that Florida's is a closed primary. Mr McCain has so far won only in states (New Hampshire and South Carolina) where independents are allowed to chose which primary to compete in, allowing him to pick up a good number of centrists.

    麦凯恩和罗姆尼目前展开的激烈竞争也是其各自代表执政政策的竞争:麦凯恩重点放在其构造更加无暇的安全体系,而罗姆尼则重点放在经济政策的改革。大多数选民现在更加关注经济方面的政策,这无疑为罗姆尼增添了几分胜算——刚刚结束的佛州初选也多多少少证实了这一点。麦凯恩至今只是在那些容许自由人参加初选的州(新罕布什尔和南卡)中获胜,这样的政策是他获得较多的票数的基础。

    And what of the Democrats? Officially, the candidates have agreed not to campaign in Florida—although that did not stop Mrs Clinton appearing there on Sunday, ostensibly on a fund-raising trip during which she was conveniently photographed by some palm trees. The self-imposed ban comes because the state, by moving its primary up ahead of Super Tuesday, has fallen foul of the national party authorities, who have declared that Florida's delegates will not be seated at the party convention in August. In practice, though, the result will be keenly watched. Florida is too big and important a state for the result even of a straw poll there to be ignored.

    那么民主党的情形呢?官方来说,候选者放弃了佛州的竞选——尽管这样仍然不能阻挡希拉里于星期天出现在佛州,这是一次表面上为了基金赞助而进行的旅程然后就像惯例一样留下她在棕榈树旁的倩影。佛州不参与民主党选举的禁令提出是因为“超级星期二”的到来是对国家政党的权威性挑战,佛州立委会已经声称不参加八月的民主党传统例会。然而实际的结果将被高度关注。佛州是一个非常重要的竞选州以至于每一个选票都不能忽略。

    背景:美国民主党全国委员会和佛州的尴尬境遇

    And because winning Florida is so crucial to Democratic hopes for the presidential election in November, many observers reckon that the party will find a way to avoid alienating Democratic-leaning Floridians by seating the delegates after all.

    由于佛州竞选的胜利对于民主党赢得十一月的大选具有重要意义,很多观察家预计民主党会通过与立委会达成共识来找到避开分化佛州民主党力量的方法。

    All the polls favour a win for Mrs Clinton, especially after she scored so highly among Hispanics in Nevada (Cuban-origin Hispanics tend to vote in the Republican primary, but there is a fast-growing number of other Hispanics in Florida who are quite likely to show up for the Democrats). That would enable her to claim an advantage in the early states as America heads into February 5th, when 22 states are to vote.

    那些支持希拉里的选民们,尤其是那些为她在内华达西班牙人中获得高选票的支持者(具有最初古巴血缘的西班牙人趋于支持共和党,然而在佛州快速增长的其他西班牙人群却趋于支持民主党)。这些将对她在22州同时选举的日子的2月5日获取领先地位具有重要意义。

    January 28

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    28JAN08 The Week Ahead

    以下翻译仅为本人休闲练习英语之用,文章版权归The Economist所有

    GEORGE BUSH delivers his final state-of-the-union address on Monday January 28th. However, most eyes will be on the state of the Republican race to select a candidate to replace him. Florida holds its big primary election on Tuesday: Rudy Giuliani is hoping that the Sunshine State will throw a ray of light on to his flagging campaign. Polls suggest that Florida's Republicans are at least as hot for John McCain and Mitt Romney as they are for New York's former mayor.

    乔治布什将在1月28日星期一面向全国发表演说。然而,人们更加关注的是谁将是下一届替换布什的民主党的候选人。在即将到来的在佛罗里达州的初选中:朱利亚尼(Rudy Giuliani)希望这个称做“阳光之州”的人们会给他所带领的阵营带来一些希望。民意调查显示佛罗里达的民主党至少是支持罗姆尼(Mitt Romney)和麦凯恩(John McCain)就像他们也支持纽约前市长一样(指朱利亚尼)。  

    AFTER last week's surprise rate cut of three-quarters of a percentage point by the Federal Reserve, it is unclear how the Fed will act at its scheduled meeting to discuss monetary policy on Tuesday January 29th and Wednesday January 30th. Some expect a further rate cut to be announced.

    于上周美国联邦储蓄令人意外的下调三个季度的利率后,将于1月29日星期二和1月30日星期三召开的货币政策讨论会会带来怎样的制度调整尚不清楚。有些人期望宣布进一步的利率下调。

    AFRICA'S heads of state gather in Ethiopia's capital, Addis Ababa, for their annual summit. The three-day meeting opens on January 31st and will be addressed by the UN secretary-general, Ban Ki-moon. Attention is likely to be directed to the post-electoral violence in neighbouring Kenya and the ongoing killings in Darfur, a part of neighbouring Sudan.

    非洲首脑聚集埃塞俄比亚(Ethiopia)首都亚的斯亚贝巴(Addis Ababa)召开一年一度的非洲首脑会议。为期3天的会议将于1月31日开始,联合国秘书长潘基文(Ban Ki-moon)将会宣布开始。会议将在邻邦肯尼亚(Kenya)大选后暴力事件和又一邻邦苏丹(Sudan)达尔福尔(Darfur)发生的流血冲突事件氛围中开始。

    SERBIANS are set to choose a new president in a run-off election on Sunday February 3rd. Tomislav Nikolic, a pro-Russian nationalist got some 39% of votes in the first round. His opponent, Boris Tadic, the current president, came second with 35%. Mr Tadic is strongly pro-Western and wants Serbia to join the European Union. The winner is likely to face a declaration of independence by the province of Kosovo soon.

    塞尔维亚人民已经准备好了在2月3日星期三的最后一轮大选中选举出一名新总统。Tomislav Nikolic,这位亲俄派在第一轮大选中获得了39%的选票。他的对手,现任总统Boris Tadic,紧随其后获得了35%的选票。Tadic是一位强硬的亲西派并且鼓励塞尔维亚加入欧盟。在不久的将来大选的获胜方将宣布科索沃(Kosovo)的独立。

    January 27

    凡事总得有个开始

    最近突然觉得英语水平还是非常重要的一件事情。
    也觉得能把自己理解的用合适的语言表达出来也是一件非常重要的事情。
    可惜自己对于两方面的把握都还不够好,所以决定从今天开始这个小小的尝试:部分翻译The Economist的每日头条新闻。
    对于经济理论非常不熟悉的我,这是一个很大的挑战,从刚才翻译的文章来看,难度确实很大。
    但是如果这个尝试本身可以继续下去,对于我自己,也是一件意义非常的事情。

    27JAN08 Ker-ching

    以下翻译仅为本人休闲练习英语之用,文章版权归The Economist所有

    THE annual bonus round is galling enough when times are good; when times are bad, and the banks are largely to blame, the bile rises even faster. Investment banks had a large hand in starting the rot that has sent the American economy stumbling towards recession, yet total compensation for employees at Wall Street’s big five securities firms rose in 2007, to $66 billion from $60 billion in 2006. The average bonus at these banks stood at more than $210,000 last year, some four times more than America’s average household income. “I get bankers coming to me and asking: ‘I got an £800,000 ($1.57m) bonus. Should I be happy?’” says one disbelieving headhunter in London.

    当时运好时,年终的分红是件令人感到兴奋的事情;然而当时运不好时,就轮到银行遭受责骂,且怨声益增。投资银行很大程度上是美国经济增长停滞甚至后退的导火索,然而华尔街5大安全公司的员工赔偿仍然从2006年的$60上升至2007年的$66。去年平均下来这些银行的分红多于$210,000,这几乎是美国家庭主妇平均收入的4倍。以为来自伦敦的猎头公司人员说:“ 有个银行职员向我反映并且资讯,我得到了£800,000 ($1.57m)的分红,我是否应该感到满足?”

    Press luminaries and academics have lined up to criticise a compensation system that apparently creates incentives for risk-taking but fails to penalise bankers when bets turn sour. “It’s ‘heads I win, tails you lose’”, says Raghuram Rajan of the University of Chicago’s business school. He would like to see a “clawback” system that would hold onto portions of bankers’ bonuses in an escrow account until the risks associated with their positions had become clearer. The tone is less measured in the blogosphere. “Bankers are the worst class of ‘business’ people out there,” posts one blogger. “Commies coming out of the woodwork here,” blasts back another.

    舆论和学院权威人士已经开始评批这种赔偿体系,因为这种体系虽然提高了刺激风险投资但是却又可能在局面不好时招致处罚。来自芝加哥大学商学院的Raghuram Rajan描述道:“这就像是一场正面我赢,反面你输的赌博”。他同时指出这种“爪收”体系只有在银行体系责权关系明确的基础上才成立。然而网民就没有这么客气的语气了。有网友这样说:“银行家是这世界上最糟糕的商人。”“Commies coming out of the woodwork here,” blasts back another.(这句话不会翻译,出自最近的the wall street journal)

    The asymmetry certainly looks awful. A crisis that started with people taking on too much debt at the bottom of the housing ladder now has bonus-laden bankers viewing townhouses and weekend retreats at its top. (Rumours about scatological protests by bank traders disgruntled at the size of their pay-outs do nothing for the industry’s soiled image.) But the reality is more nuanced.

    这种不对称当然是可怕的。这种由于太多从底层房产租借者的债务已经转移到城镇房产。(Rumours about scatological protests by bank traders disgruntled at the size of their pay-outs do nothing for the industry’s soiled image.)(牵扯到经济理论,不太懂)。但是这还是和事实有所差别的。

    Start with those big bonus pots at the five Wall Street firms. Banks ended the year in a sea of red, with some notable exceptions, but the first half of 2007 was thumpingly good (2008, by contrast, looks likely to be consistently miserable). Staff numbers surged as a result. When last year’s totals are divided by numbers of employees, bonuses dipped year on year on average.

    从这些5大华尔街公司的巨大红利开始。银行今年以大亏损结束,这是令人意外的,因为至少2007年前半年看起来前景是很好的(2008年,相反,市场情形不容乐观)。员工人数增长作为一个结果。当年终的利润除以这庞大的员工数是,总体来说分红是亏损的。