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南昌检查不育要多少钱南昌治免疫性不孕要多少钱南昌输卵管粘连检查比较好的医院 You can’t take the Warner out of Time Warner TWX -2.94% , but apparently you can kick Time to the curb. And get paid in the process.你不能将“华纳”从“时代华纳”(Time Warner, TWX-2.94%)中剔除,但显然可以将“时代”扫地出门,而且还能从中赚一笔。Time Inc., the venerable magazine publisher whose titles include Fortune, this morning was spun out into an independent company by Time Warner and has begun trading on the New York Stock Exchange under ticker symbol TIME -0.77% . Not only do shareholders in the former parent get new Time Inc. stock, but Time Warner also received 0 million via a one-time dividend paid out of Time Inc.’s .3 billion in recently-issued debt.周一上午,时代公司(Time Inc.,旗下杂志包括《财富》)这家备受尊崇的杂志发行商从时代华纳分拆出来,开始在纽交所上市,交易代码为TIME(TIME-0.77%)。不仅原先母公司的股东获得了这家新公司的股票,而且时代华纳也到手6亿美元的一次性分红,资金从时代公司近期通过债务融资募集的13亿美元中付。Here’s the bull case for Time Inc: For years, the company had basically served as a piggy-bank for Time Warner, generating hundreds of millions of dollars in profit that it rarely got to reinvest in its own business. Why rock the boat with new digital initiatives when the paper mags provided steady, if declining, treasure? Now Time Inc. gets to chart its own course with new management, and aly has begun bulking up its Web properties (including this site, which launched just last week with more than a dozen new staffers). In short, innovation will no longer be stifled. Time Inc. aly has plenty of brand equity, and now it actually gets to evolve the brands to meet the current market.看涨时代公司的观点是:多年来,这家公司基本上就是在充当时代华纳的摇钱树,催生数亿美元的利润,而又极少得以再投资于自身业务——印刷版杂志带来的财源虽然日益萎缩,但好歹也算稳定。既然如此,何苦大兴数字改革撼动现状?而如今,依靠新的管理层,时代得以规划自己的道路,而且已经开始壮大自己的网络财产(包括上周刚刚上线、聘请了十几名新员工的全新Fortune网站)。简言之,创新将不再受到遏制。时代业已拥有足够庞大的品牌资产,如今又得以发展品牌以满足当前的市场需求。Here’s the bear case: Time Inc. may not actually know how to innovate, or at least not how to do it at scale. After all, it’s pretty tough to flip the switch when those mental muscles have been atrophied after more than a decade of being told “No, don’t spend money on that.” The up-and-coming digital talent wants pre-IPO stock at places like Buzzfeed, not options in a maxed-out Time Inc. Plus, there is all that new debt. It’s not completely unwieldy, but certainly makes Time Inc. less nimble than a rival like News Corp., which received billion in cash and zero debt when it was spun off NWSA -0.17% last year.看跌时代公司的观点是:时代也许并不知道该如何创新,或者至少不知道如何大规模创新。毕竟,听了十多年“别在这上面花钱”的忠告,这方面的思维肌肉都已经萎缩,再要扳上开关就颇为困难。那些崭露头角的数字人才要的是像Buzzfeed等公司首次公开募股前的股份,而不是几近被榨干油水的时代公司的一笔期权。况且还有那笔新债务。虽算不上负债累累,但时代的确已在灵活性上不及新闻集团(News Corp., NWSA -0.17%)这样的对手,后者在去年分拆时不但没有债务,而且还到手20亿美元现金。Here’s the pragmatic case: There have been concerns that Time Inc. shares would sink like a stone in the early days. After all, Time Warner shareholders have been told for years that Time Inc. is a drag on earnings, so wouldn’t they want to dump fast when given the new shares? Short-seller paradise. But Time Inc. stock actually climbed in pre-market trading, suggesting two factors in play: (1) Shorts may be holding off, out of fear that they’d get squeezed if Time Inc. manages to sell off a crown jewel or two. (2) Time Inc. still does have much better financials than its reputation indicates, and even skeptics may be a bit curious to see a quarter or two of independent performance.比较务实的观点是:一些人担忧时代股价会在上市初期一落千丈。毕竟多年以来,时代华纳股东都被告知,时代拖了集团盈利的后腿。一旦新股票到手,他们难道不会立刻抛售?这样,它就成了做空者的天堂。但时代股票在盘前交易中不跌反涨,意味着有两个因素在起作用:(1)空方暂且按兵不动,害怕假如时代成功抛售掉旗下一两个最有价值资产,他们就会惨遭轧空。(2)时代公司的财务状况仍然比传说中好得多,就连抱着怀疑态度的人也想先观察它独立后前一两个季度的业绩,然后再说。This is where it’s worth emphasizing that I don’t come to this as an unbiased reporter. Instead, I’m on the inside looking out. My colleagues and I seem to share a sense of time-constrained optimism. It’s a sprint for the privilege of running the longer race. Consider Time Inc. a startup of sorts, or at least a leveraged reboot with an extraordinary amount of brand equity. Like most startups, there is a high probability of failure. But it is hardly predetermined.写到这里有必要强调一下,在这个话题上,笔者的视角不能算客观。这些都是内部观察的结果。我和我的同事们似乎都只在一定时间内持乐观态度。这是一场为争夺长跑竞赛资格而展开的短跑冲刺。不妨将时代视为某种类型的初创企业,或至少是一场携巨额品牌资产进行的杠杆重启。跟大多数初创企业一样,失败的几率很高,但并非一定如此。 /201406/305475景德镇市妇幼保健院做腹腔镜手术多少钱

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南昌治不孕不育三甲医院Thirty years ago it took eight hours to drive the 150km from Beijing to Tianjin, China’s fourth city. A decade or so ago, motorway investment had cut the time to two hours. Today, by bullet train, the journey is barely 30 minutes.北京到天津的距离是150公里,30年前,如果驱车的话需要8个小时。大约十年前,高速公路的投资让这一时间缩短至两个小时。如今,如果乘坐高铁的话,时间仅为30分钟。When infrastructure investment is made in developing economies, the gains are dramatic and obvious. But Gerry Grimstone, the chairman of Standard Life, the UK insurer whose Chinese headquarters sits in Tianjin, is convinced that Britain and other developed nations can learn the lessons, too.在发展中经济体进行基础设施投资,将会取得巨大而明显的收益。但英国保险公司标准人寿(Standard Life)的董事长格里#8226;格里姆斯通(Gerry Grimstone)确信,英国和其他发达国家也可以从中学习经验。标准人寿在中国的总部位于天津。He is not alone. Legal amp; General has aly made a big push into the area. In January, it announced a commitment to put #163;1.5bn into a projected #163;15bn scheme to promote housing and infrastructure regeneration. Nigel Wilson, Lamp;G’s CEO, who has led a shift in investment allocation towards such assets, has been a vocal campaigner.有这种想法的并非他一人。英国法通保险集团(Legal amp; General)已经大举进军这一领域。今年1月,该公司承诺将为一个拟投资150亿英镑的住房和基础设施重建项目出资15亿英镑。法通保险首席执行官纳杰尔#8226;威尔逊(Nigel Wilson)一直大力呼吁投资于基础设施项目,他也率先将投资配置转向此类资产。Prudential and Aviva, the UK’s other leading insurers, have been lower key, but they, too, have been supportive.英国其他主要保险商保诚集团(Prudential)和英杰华(Aviva)较为低调,但他们也持这种投资。The dynamic is simple enough. Central banks have held interest rates at ultra-low levels, trimming the yields available from safe sovereign bonds close to zero in many cases. At the same time, insurers and pension funds need investments that promise reliable long-term returns.这种投资背后的动机非常简单。各国央行将利率保持在超低水平,让许多国家的安全主权债券的收益率降至零。与此同时,保险公司和养老基金需要有望带来长期可靠回报的投资。Infrastructure investment, whether in emerging markets or in the west, is an obvious match. Lengthy projects to build roads, railways, airports and energy installations often have the right kind of steady returns, with a duration that lines up well with commitments to pay out life assurance or pension policies 10, 20 or 30 years hence.无论是在新兴市场还是在西方,基础设施投资显然都符合这一条件。建设公路、铁路、机场和能源装置的长期项目通常拥有合适的稳定回报,时间周期也与人寿保险或养老保险金的10年、20年或30年的偿付承诺相匹配。At the same time, there is a financing gap. One legacy of the financial crisis has been banks’ retreat from project finance of this kind. Few lenders these days will take long-term investments on to their balance sheets. Even as counterparties who structure a deal and underpin it with short-term bridge finance, banks are in short supply. This is partly a result of a shrunken risk appetite across banking. It is also thanks to tougher capital charges on such assets, imposed by global regulators.与此同时,基础设施建设存在资金上的缺口。金融危机的一个后遗症是不再为此类项目提供融资。现在很少有愿意为长期投资融资。即便是作为安排交易并提供短期过桥资金持的对手方,也多有不愿。这在一定程度上是整个业风险偏好下降的结果,同时也缘于全球监管机构收紧了对此类资产的资本要求。The need is vast. In a report published just as the financial crisis hit, the OECD predicted a need for tn of global infrastructure funding by 2030. How to reconcile these record investment demands with the scant supply evident in the traditional financing landscape?需求是巨大的。经合组织(OECD)在金融危机爆发之际发布的一份报告中预测,到2030年全球基础设施融资需求将达到50万亿美元。如何协调这些创纪录的投资需求与传统金融领域明显的供应匮乏?The answer often has been to turn to parts of the world that have investment surpluses — the sovereign wealth funds of the Middle East and Asia, as well as the pension fund systems of Canada and Australia.往往是求助于投资资金过剩的某些国家——中东地区和亚洲的主权财富基金——以及加拿大和澳大利亚的养老金体系。For a while it worked well. Multibillion-dollar SWFs could deal direct with government to finance whole projects, reducing the need for complex structuring. Yet finding funds abroad has sometimes proved problematic. Investment in the #163;24.5bn Hinkley point nuclear expansion project in southwest England, run by France’s EDF, has been held up because of wrangling between the energy group and potential Chinese investors.这种做法一度很有效。拥有数十亿美元的主权财富基金可以直接与各国政府接触来为整个项目融资,从而不必进行复杂的结构性安排。然而事实明,寻找海外资金有时也会有麻烦。由于运营方法国电力集团(EDF)和潜在的中国投资者的角力,位于英格兰西南部的造价245亿英镑的欣克利角(Hinkley Point)核电站扩建项目的投资被搁置。Where is the UK money? To date, Lamp;G has done the most in this area, investing #163;5.7bn across a swath of property and infrastructure projects. But that is still barely 1 per cent of assets under management. Even its ambitious #163;15bn new scheme, which has yet to draw in the necessary partners, would not compete for the really large-scale national projects, focusing instead on #163;300-500m investments.英国的资金哪里去了?截至目前,法通保险在这个领域中的动作最大,它拿出57亿英镑投资于众多房地产和基础设施项目。但这只是其管理资产的1%。甚至其雄心勃勃、迄今仍在寻找必要合作者的150亿英镑新投资计划,也不会竞争真正大规模的国家项目,而是聚焦于3亿英镑至5亿英镑的投资。For the #163;1bn or #163;5bn-plus projects, single insurers or pension funds need to team up. Someone just needs to co-ordinate the effort. Bank investors used to do that, as did old-style merchant banks. There are few individuals pioneering the mission from the public sector side either. It is not a coincidence that the UK’s most ambitious project — London’s Crossrail west-to-east train link — has been shepherded by Boris Johnson who even critics would admit has been an unusually energetic force for change in the capital.对10亿英镑或50亿英镑以上的项目来说,单个的保险公司或养老基金需要合作。需要有人协调这种努力。投资者曾经充当过协调人,就像旧式的商业那样。如今在公共部门中也很少有人愿意成为承担这一使命的先锋。英国最为雄心勃勃的项目——伦敦横贯铁路(Crossrail)——一直由鲍里斯#8226;约翰逊(Boris Johnson)负责,这并非巧合,即便是批评者也承认,对于推动伦敦的改变,约翰逊是一股精力异常旺盛的力量。The plan for an Infrastructure Commission from the opposition Labour party sounds encouraging. It is pledging an aggressive agenda of investment in energy, flood defences and transport, and sounds more substantive than the Treasury’s largely administrative arm, Infrastructure UK.反对党工党提出的设立基础设施委员会(Infrastructure Commission)的计划听起来令人振奋。它承诺大举投资于能源、防洪和交通基础设施,听起来比英国财政部下属主要负责行政的Infrastructure UK更着眼实际。This week’s Budget from chancellor George Osborne will give the current government a last chance to inject some urgency into UK infrastructure investment. Done right, the spoils should be rich — both for investors and those who long for a country as joined up as modern China.英国财政大臣乔治#8226;奥斯本(George Osborne)将会在本周宣布预算案,这将是现任政府提高英国基础设施投资紧迫性的最后机会。运作得当的话,好处是巨大的,无论是对投资者,还是对那些渴望英国像现代化的中国那样交通发达的人来说,均是如此。 /201503/364989 China’s two dominant manufacturers of railway equipment were on a roll at the end of October.中国两家最大的铁路设备制造商从10月底开始就频传捷报。China CNR won a contract to supply more than 280 subway cars to Boston’s transit system in the first successful US bid by a Chinese rolling stock company. A few weeks later a consortium including CNR’s main domestic rival, CSR Corp, secured the country’s first ever overseas contract for a high-speed rail project, awarded by the Mexican government.中国北车(CNR)赢得了一份向波士顿交通系统供应280多辆地铁车辆的合同,这是中国轨道车辆制造企业首次在美国成功中标。不久后,一个包括中国北车的主要国内竞争对手中国南车(CSR)的财团获得了墨西哥政府授予的、中国首个海外高铁项目合同。By early November, however, the Mexico contract had been cancelled and CNR and CSR both suspended trading in their shares ahead of a possible government-mandated merger that could reshape the global rail industry. The two companies aly rank as the world’s largest manufacturers of rolling stock, with annual sales of about bn each.但是,墨西哥的高铁合同在11月初即被取消。而在中国北车和中国南车在中国政府主导下的可能合并之前,两家公司的股票双双停牌。这一合并将重塑全球铁路行业格局。两公司已位居世界最大的轨道车辆制造商前列,每家年销售额都约在160亿美元。A decade after splitting CNR and CSR off from the same state-owned parent to promote competition in the domestic rail sector, the Chinese government now thinks the strategy has been too successful. It wants to recombine the two to prevent them from undercutting each other abroad.当年为了促进国内轨道行业竞争,中国北车和中国南车从同一家国有母公司分拆成立。10年后,中国政府现在认为这一战略成功得过了头,因此想重新合并两家公司,防止他们在竞标海外项目时相互掣肘。“They should have merged earlier,” says Zhao Jian, a transport expert at Beijing Jiaotong University. “We have to avoid situations in which they are at each other’s throats. Only the foreign fisherman benefits when Chinese sandpipers and oysters fight.” CNR and CSR, Mr Zhao adds, both invest about 2 per cent of revenue in research and development, much of it duplicated, compared with reinvestment of 5 per cent for international rivals such as Siemens.“他们早就应该合并,”北京交通大学运输问题专家赵坚说。“我们必须避免两家公司相互卡住对方喉咙的情况。中国鹬蚌相争,只会外国渔翁得利。”赵坚补充说,中国北车和中国南车在研发方面的投入都只占收入的约2%,且其中大部分是重复的,而像西门子(Siemens)这样的国际竞争对手,再投入的比例为5%。Chinese press reports have cited multiple examples of self-defeating competition between the two companies, including a Turkish locomotive tender for which CNR bid below cost and another in Argentina where CSR submitted a bid almost 50 per cent cheaper than its domestic rival. CNR and CSR declined interview requests.中国媒体的报道列举了多起两家公司之间恶性竞争的案例。一起是在土耳其的一个机车项目招标中,中国北车以低于成本价投标;另一起是在阿根廷,中国南车提交的竞标价格比中国北车低了近乎一半。两家公司均拒绝接受采访。The Boston contract, awarded in October, illustrated how divergent the two companies’ performances can be. While the Massachusetts Department of Transportation was effusive in its praise of CNR’s bid — which came in at 0m compared with a bn proposal from Bombardier of Canada — it disqualified CSR. Massachusetts officials said CSR’s bid was considered “unacceptable” in three categories including technology, manufacturing and quality assurance.中国北车10月份赢得的波士顿项目合同可以说明这两家公司的表现还是有很大差别的。马萨诸塞州运输部(Massachusetts Department of Transportation)对中国北车的标书大加赞赏——报价为5.7亿美元,而加拿大庞巴迪(Bombardier)报价10亿美元——但它取消了中国南车的竞标资格。该州官员说,中国南车标书被认为在技术、制造和质量保三方面“不可接受”。CNR’s bid also included a novel m investment in a final assembly facility in western Massachusetts that will create 250 jobs.中国北车的标书中还包括了一项特别的6000万美元的投资,用于在马萨诸塞州西部地区建立一家总装配厂,并创造250个就业机会。“The Boston deal shows that Chinese railway companies can compete against foreign brands,” says Robin Xu, a Shanghai-based transport analyst with UBS Securities. “We’re going to see more orders in future.”瑞银券(UBS Securities)驻上海的运输业分析师Robin Xu说:“这份波士顿合同表明,中国铁路设备公司能够与外国品牌竞争。今后,我们将看到更多订单。”According to Mr Xu, the final assembly facility was unusual as CNR and CSR typically bolt their trains together in China, where economies of scale allow them to offer prices 50 per cent lower than their international competition.Robin Xu认为,在美国建总装配厂是不寻常的,因为中国北车和中国南车通常都在国内组装车辆,这里的规模经济能够使他们的报价比国际竞争对手低一半。Rebounding from its failure in Boston, CSR’s participation in the Mexico contract was a much bigger prize. It represented the first overseas export order for high-speed rail technology from China, which has built the world’s largest high-speed train network in just five years. But CSR was not able to enjoy its coup for long. Within days the contract was rescinded after objections from Mexican legislators, who said it had been issued too hastily.从波士顿的失败中恢复过来,中国南车参与到墨西哥的合同是一个更大的胜利。墨西哥高铁合同是中国高铁技术首个海外出口订单,中国仅用5年时间就建起了世界最大的高速铁路网。但中国南车没能将胜利的喜悦品尝多久。几天内,这一合同就被取消,原因是遭到了墨西哥议员的反对,他们认为合同授予过于匆忙。Partly because of the hurried tender process, the Chinese consortium was the only bidder. It also emerged that a Mexican member of the Chinese group had built a mansion for Mexico’s first lady, who has vehemently denied any wrongdoing. State-owned China Railway Construction Corp, which led the consortium, has vowed to bid again for the project when it is retendered.部分由于仓促的招标过程,中国财团成为唯一的竞标者。还有消息称,中国竞标财团中的一家墨西哥公司为墨西哥第一夫人建了一处豪宅。她断然否认有任何不当行为。财团的牵头者、国有的中国铁建(China Railway Construction Corp)已宣告要在重新招标时再次竞标该项目。CSR and CNR could participate in the consortium’s second bid as either a merged entity or through a new joint venture focused on overseas markets. After denying merger reports in September, both companies’ shares have been suspended from trading since October 27 pending an announcement regarding a “significant event”.中国北车和中国南车可能以合并后的实体或通过成立一家新的专注海外市场的合资公司,参与该财团的第二次投标。在9月份否认合并的消息后,两家公司的股票从10月27日就已经双双停牌,原因是“重大事项”有待公告。A full-blown merger of the two would be a victory for China’s State-owned Assets Supervision and Administration Commission, which prioritises the efficiency and returns of national industrial champions over the wishes of the National Development and Reform Commission, which is more concerned about domestic competition and prices.对于中国国有资产监督管理委员会来说,中国北车和中国南车的彻底合并意味着一场胜利,因为它优先考虑的是民族工业领军企业的效率和收益,而非国家发展和改革委员会的期望,后者更关注国内竞争和价格。 /201412/351168南昌复通输精管大概多少钱南昌市治疗不孕不育去哪家医院



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