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[阅读小分队] 【每日阅读训练第四期——速度越障12系列】【12-1】经管

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发表于 2012-12-20 14:29:31 | 显示全部楼层 |阅读模式
这几天不舒服,休息地不知道星期几了... 今天的作业,速速补发上来~!!!
实在抱歉昂,我惭愧...  555

不过很开心开启了【12系列】了,哈哈哈~~  要和大家一起继续努力!!!
另外,又要降温了~天冷防寒昂,大家注意别生病~~



【Speed】
Time 1:
                      The fall of the universal bank
                        Exit the rock-star bosses
[attachimg=290,399]111899[/attachimg]

Before the great crash of 2008, the universal banks swaggered around London, Hong Kong and New York. Barclays, Citigroup, Credit Suisse, Deutsche and UBS imagined they could be all things to investors in (almost) all corners of the globe. Five years on, in 2013, such ambitions will seem quaint as the American and European banks find themselves either shrinking further or increasingly marginalised.

Far from competing in every category from asset management to equity derivatives and fixed income, the universal banks will abandon businesses and locations, through forced disposals or severe cost-cutting. From the ruins, a new order will emerge: one with different capital structures, new credit channels and a continued shift in power towards Asian institutions, some of which will be either partly or wholly government-owned.

The decline of the universal bank will pass unlamented. The promise of the cross-selling financial supermarket has long been eclipsed by the destruction of shareholder value after the crash. Sandy Weill, universal banking’s evangelist-in-chief when at the helm of Citigroup, recanted publicly in 2012. In 2013, combining stolid utility banking and bonus-hungry investment banking under one roof will look even more questionable. As one City of London veteran says: “It’s like putting Tesco together with Harrods—it doesn’t work.”

The new banking order in 2013 will not be fashioned by a son-of-Glass Steagall, the Depression-era act which separated commercial lending and investment banking. There will be little appetite for a giant legislative overhaul, coming on top of America’s Dodd-Frank act and Britain’s Vickers commission. Instead, the power of universal banks will be eroded by market forces driven by the new Basel 3 rules on capital ratios as well as a more intangible but vital factor: culture.

(283words)

Time 2:
In 2012 universal bankers and, more importantly, their clients at last realised that financial capitalism had moved too far towards transaction banking at the expense of “relationship banking”. Politicians and regulators won the argument. Bankers came to understand that in a world of lower leverage—using money borrowed on the wholesale markets to invest—the old turbo-charged transaction model no longer worked. The libor rate-fixing scandal was the final straw.

The power of universal banks will be eroded by market forces

In 2013 the rock-star banking CEO typified by Bob Diamond at Barclays will be consigned temporarily to the Hall of Infamy. Power will either be shared (at Deutsche, Anshu Jain, a high-flying Indian investment banker, serves as co-CEO alongside Jürgen Fitschen, an older German) or invested in a low-profile CEO like Antony Jenkins, a sober retail banker who has succeeded the abrasive Mr Diamond at Barclays, or like Michael Corbat, who has succeeded VikramPandit at Citigroup. Expect further moves at the universal banks, with Brady Dougan at Credit Suisse among the vulnerable.

Naturally, some masters of the universe will insist that nothing has changed. Jamie Dimon of JPMorgan Chase, unbowed despite the “London Whale” trading loss of 2012, has invested too much in the universal-banking model to retreat. But Mr Dimon will remain a quintessentially American banker with little desire to expand in emerging markets such as Africa, Latin America or the Middle East. Even HSBC, which touted its “global-local” footprint from every airport billboard, is pulling back under its new CEO, Stuart Gulliver, with the exception being an expansion by the bank in China.

(266words)

Time 3:
Beginning and endings

In 2013 most universal banks will continue to narrow their focus. UBS will concentrate on wealth management. Others will follow RBS and UniCredit in exiting or rebalancing their investment-heavy equities business. Another casualty will be infrastructure lending, which is toxic under the Basel 3 capital rules. As a senior Goldman Sachs executive notes: “Under Basel 1 (in the 1980s) banks were rewarded for being a diversified financial institution; under Basel 3, the reverse is true. You actually get penalised.”

As the investment banks adopt a “capital-lite” model and syndicate risk, new players will grow in size and importance. We will hear a lot more about Asian infrastructure lenders such as the China Development Bank, Japan’s Bank for International Co-operation and South Korea’s Eximbank. Their rise will signal a transfer of power from private-sector actors to state-controlled entities, as well as a geographic shift. The West-to-East shift in financial power in 2013 may prove as significant as any geopolitical moves in, say, the South China Sea.

In 2012, thanks to the euro-zone crisis, burning the junior and senior bondholders went from the unimaginable to the possible to the assumed. In 2013 the sovereign-debt crisis will smoulder on. Banks once assumed to be too big to fail will remain heavily exposed to troubled euro-zone countries’ sovereign debt, whatever the palliative operations of the European Central Bank. In these circumstances, other players will enter the fray. Watch out for GSO, the credit arm of Blackstone, a private-equity firm. With over $50 billion under management it is already the single biggest player in sub-senior debt in Europe (though the cost of capital will rise for these non-banks, with no access to cheap deposits).

For over a decade, starting with the IPO of Goldman Sachs and the end of the partnership, investment banks bossed the City and The Street. In 2013 the money and talent will go elsewhere. To paraphrase Winston Churchill, it will not be the end of the universal bank, but it will most certainly mark the beginning of the end.

(341words)

Time 4:
Proposed Chinatown Walmart Sparks Debate
Following months of controversy and attempted legal injunctions, a Walmart store is scheduled to open soon on the edge of Los Angeles' Chinatown.
[attachimg=493,315]111900[/attachimg]

"This story has so many angles and so many layers, that it's very complex in my opinion," said Philip Young, past president of the Chinese Americans Citizens Alliance, Los Angeles Lodge, and a former resident of Chinatown. "If you ask me, 'Do you think you need a store in that location?,' the answer is definitely yes."

The store is located about 500 meters from the center of Chinatown, and will contain a grocery store and a pharmacy. It is considered a Walmart Neighborhood Market, which is about a quarter the size of the usual store. It is also on the ground floor of a building containing apartments for senior citizens, many of them Chinese Americans.

Walmart spokesman Steven Restivo says the store will fulfill a need.

"When you look at that area of downtown Los Angeles, it's clear that folks don't have enough grocery options close to their neighborhoods, so we think this Walmart Neighborhood Market can really be part of the solution for residents who just want more choices in their own neighborhood," he said.

Los Angeles Mayor Antonio Villaraigosa told the Huffington Post last week said he would not stop Walmart's move to Chinatown, despite protests against the store.

"I am not going to use the city's powers to deny something that they have a right to do with or without us. They would've sued, and they would've won," said Villaraigosa.

Although the LA City Council unanimously approved an emergency ban on chain retail stores in the historic Chinatown area in March, Walmart surprised the Council by obtaining the building permits it needed the night before. The city's issuance of the permits is currently being appealed by unions and some Chinatown business owners and residents.

Some public officials such as California Congresswoman Judy Chu have stepped forward to oppose the new store.

(327 words)

Time 5:

"Chinatown is a tourist destination and people go there because it has a unique characteristic," Chu said. "To think that some cookie cutter [mass-produced] company's going to go in there and take over the functions so that people go and get their 99-cent cake there rather than shop at the local bakery in Chinatown is just too horrendous to contemplate."


Lisa See is the author of many books, including Shanghai Girls and On Gold Mountain, which chronicle Los Angeles' Chinese American community. Her family has historic ties to Chinatown, and she served as Grand Marshal of the 2012 Golden Dragon Parade to celebrate the Chinese New Year. She opposes the plan because she believes the new store could change the nature of the ethnically diverse area.

"I think this is a terrible mistake, just a terrible, terrible mistake," See said. "I think as we look back a year from now, two years from now, 10 years from now, we're going to look back and think this was not a good thing. You can never erase Walmart."

But Philip Young, who emigrated to the U.S. in 1980 from Guangdong Province, China, believes the Walmart store will be a much needed addition to the neighborhood. He said residents have to drive long distances to shop for household products that can't be found in Chinatown stores.

"When I used to live in Chinatown, other than going to the Chinatown commercial area to get the Chinese groceries, and what not, if you want to get anything mainstream, normal, good old U.S.A. things a person would use you would have to drive outside of my neighborhood to shop," Young said.

Walmart says the new store will create about 65 jobs, for which it has received about 2,000 applications, and intends to hire people from the area.

Restivo says Walmarts often improve local economies, and he expects the new store to do the same.

"If you walk around the vicinity of our planned Walmart Neighborhood Market, there are lots of empty store fronts," he said. "I think everyone can agree that a vibrant store front is always better than an empty, dormant building."

But one passerby, who asked to remain anonymous, believes the new Walmart could hurt local businesses, such as a nearby liquor store.

"I grew up right in this area, so I'd rather see that liquor store than a Walmart," he said. "From what I know, all these little stores hired people from the community in this Chinatown area, so I'm pretty sure that Walmart's not going to hire most of us, maybe a couple of us, but I doubt it."

This past summer, The Los Angeles Times endorsed the proposed store, saying Walmart had complied with the city's zoning rules and that the retailer would bring needed jobs and business opportunities to the neighborhood.

(474 words)

【Obstacle】
Free exchange
Heated debate
The costs of climate change can be mitigated if economic activity moves in response

[attachimg=564,295]111901[/attachimg]

WHEN Superstorm Sandy roared ashore in late October and the lights of lower Manhattan went out, New Yorkers were given a stark vision of a possible future. Climate-change science is still a realm of great uncertainty but there is consensus that the planet is warming dangerously and that people are to blame. A recent report commissioned by the World Bank warned that the world is on track to have a global mean temperature that is 4°C above pre-industrial levels by 2100. If so, sea levels could rise by between half a metre and a metre by the end of the century, threatening hundreds of millions of people in coastal cities. Other regions would face the threats of droughts, bigger storms and changing rainfall patterns. That entails not just human costs but economic ones, too.

The question that preoccupies Klaus Desmet of the Universidad Carlos III in Madrid and Esteban Rossi-Hansberg of Princeton University in a new NBER working paper* is whether there are ways to manage the impact of changing weather patterns by moving the location of economic activity. They note that roughly 90% of global production uses just 10% of available land. If that 10% is threatened, activity may at least theoretically shift to bits of the 90% made more hospitable by climate change.

Messrs Desmet and Rossi-Hansberg build a model economy, and then batter it with different
temperature increases to see how it reacts. In their benchmark analysis, they allow people to move around as they like in response to these changes. In extreme scenarios freedom of movement doesn’t make much difference: temperatures reduce global agricultural productivity to near zero, “implying the end of human life on Earth”. But in more moderate scenarios, rising global temperatures improve agricultural productivity in northerly climes. Welfare losses are small because there are big movements of people northward. A relatively small temperature increase (by the model’s standards), of 2°C at the Equator rising to 6°C at the North Pole, causes a shift in the average locations of agricultural and manufacturing activity of about ten degrees of latitude by the end of this century—roughly the distance between Dallas and Chicago, or Frankfurt and Oslo.

Restrictions on movement dramatically increase welfare costs, however. The authors modify the model by introducing a rigid border at the 45th parallel, which runs through the northern United States and across southern Europe, with roughly 1 billion people living above the line and 6 billion below. The model finds that rising temperatures actually benefit the northern section of the globe. Agricultural productivity grows and northern manufacturers enjoy more trade with the throngs that mass just south of the border. Welfare in the south falls, by contrast, by about 5% on average relative to the no-warming case. The model is simplistic, of course, but it suggests that limits on migration have a big effect on the costs of global warming.

Unfettered migration is obviously a lot more likely within countries. But even then, wouldn’t it matter if people left a really productive place for somewhere less dynamic? Real output per person in the New York area is some 70% higher than in Buffalo, for instance; a New Yorker fleeing upstate may suffer a large income loss. Matthew Kahn of the University of California, Los Angeles, reckons that this, too, is manageable. In his book “Climatopolis”, Mr Kahn points out that the productivity of rich places often has little to do with unique geographical advantages. Instead, cities profit as magnets for skilled workers attracted by other skilled workers. New York’s financial wealth stems not from its port but from its brimming community of firms and workers.

Mr Kahn argues that as the climate warms, vulnerable areas like lower Manhattan will become less desirable relative to rival centres: midtown Manhattan, New York’s suburbs, or Chicago. Rational workers and firms should assess the risk of floods or the like and migrate, raising the productivity of the destination locations as they arrive. The move wouldn’t be costless. Investors in lower Manhattan property would suffer large losses, for example. Yet Mr Kahn says there could also be gains, as activity shifts from cities with an out-of-date capital stock (like New York’s ageing infrastructure) to more modern areas. The speed of climate change may also help, reckons Paul Romer of New York University, if broader shifts in habitability occur slowly enough to allow a relatively smooth geographic adjustment. But change may be too quick and unpredictable to allow for easy adaptation.

Over to the policymakers

Governments may hinder the process of adjustment. Subsidies like government-provided flood insurance to those in vulnerable areas may mute price signals that would otherwise encourage people to leave threatened places before they have no choice. “Climate-safe” cities, if any exist, might limit their own development when confronted by flows of migrants from vulnerable areas. That, in turn, could deflect migrants, who might wind up not at the next best alternative to lower Manhattan but the tenth-best option. If those who stand to gain from warming use government to protect their interests, the costs of climate change could soar.

Policymakers can also help. Messrs Desmet and Rossi-Hansberg reckon that a carbon tax would raise the relative incomes of innovative cities that rely more on ideas than natural resources for production, encouraging people to migrate toward more productive places. Mr Kahn also worries about market failures. Areas that lose value as they become riskier may become magnets for poor families seeking affordable housing. That may set the stage for humanitarian disaster. Climate change demands a lot of governments that have done little to justify confidence.

(951 words)

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发表于 2012-12-20 14:39:32 | 显示全部楼层
thx!!
1'24"
1'00"
1'16"
1'31"
2'21"
4'50"
发表于 2012-12-20 15:10:36 | 显示全部楼层
居然有板凳!!吼吼!

*************************作业分割线****************

我来交作业了,很晚。呵呵~

【12-1】
Time1-2'20"
After the 2008 great crisis, universal banks have been trying to get their business recovered through various methods.
Time2-1'43"
The bosses of the banks are trying to get investors from wholesales markets to develop their business.And, some of them
insist that nothing has changed at all.
Time3-2'01"
The main trend of the banks are changing their strategies to narrow their focuses. The Asian banks will grow rapidly in
size and importance.
Time4-1'54"
Walmart will open a new store near the center of Chinatown in LA. The need of the store in the location is abviously in need, but someone will sue Walmart.
Time5-2'30"
A lot of natively grow-up Chinese Americans think Walmart will hurt Chinatown in both culture and economies. But new migrants think conveniences of purchasing are very important for their daily life.

Obstacle-7'39"
Main Idea: Different responses are listed to the costs of climate change, and attention of governments is significant to help people.
Author's attitude: Positive to the 2nd opinion.
Article Structure:
1) Back ground story about climate-change science is studying on how climate change will effect economies. Escpecially in the costal cities, whose economic development rely much on climate (see level, agriculture productivities and transportation...).
2) Opinion #1 (MD & RH):
-- a model economy was built to study on the costs of climate changes. They think the climate change will somehow change the productivities of various locations from north U.S. to South Europe.
-- Adjustment on the model was done for further understanding on the climate-change effection on economies.
3) Opinion #2 (Kahn):
-- People are effected by other skilled workers in the developed areas rather than climate changes.
-- Movements will happen once economic changes exist. People will seek for an adoption to make themselves better.
4) Conclusion: Call for more attention from policymakers. More governments are needed to manage the economic changes caused by climate changes.
发表于 2012-12-20 15:14:12 | 显示全部楼层
占座占座,要注意身体呀,我前几天也一病不起来着,现在又是一条好汉了!

——————————————————————交作业——————————————————————————


Time 1:  2'28"
The universal bank used to successful before 2008, but getting downward during the financial crisis. The new financial order with new structure, new sources and (more close towards
Asian) will be established. And it will be influenced by B rule 3 and culture.
Time 2: 2'16"
The banker reveal that the old model does not work at more.
The power will either be shared or be invested. But some one deny the changes.
Time 3: 2'48"
The bank will narrow the focus--specific functions. Relocated the center from west to east.
The crisis will continue.
Time 4: 2'12"
A new Walmart will open in LA Chinatown. The arguments from all walks of people.
Time 5: 2'50"
The Chinese think the Walmart will change the atmosphere of this historical area.See strongly disagree the idea. Young think it is necessary for the neighborhood and the new store will generate new jobs for the people there.Finally, government endorsed the proposal.


Obstacle: 7'20"
Global warming will harm the life near costal area and also hurt the economy.
Some institution claimed the problem maybe solved by relocate the economy.
Someone set up a model to analysis how temperature change will influence the agriculture and industry in different location; the different influence between north and south; the domestic migration pattern.
What the government can do.
发表于 2012-12-20 15:32:17 | 显示全部楼层
2'23
1'58
3'02
2'24
2'50
9'39
发表于 2012-12-20 15:41:06 | 显示全部楼层
谢谢att~ 多吃大米饭多喝水就能早日康复

速度
2:40, 283
Before the great crash of 2008,... Five years on, in 2013,
ambitions of American&European banks will seem quaint as...
2:24, 266
The power of universal banks will be eroded by market forces.

3:23, 341
懵了。。。
2:28, 327
A newly built Walmart in Chinatown will fulfill a need.
Protests exist against the store.
3:37, 474
Chinatown has its own characteristic.
Walmart will create 65 jobs.
Someone thought that it will strengthen the local business,
but the others disagreed with that opinion.
越障
8:56, 951
Global warming may affect and rise global mean temperature 4 centigrade above preindustrial levels by 2100.
10% of avalible land afford the 90% production of the world.
Economic risks will appear.
Some non-affective areas will confront the flow of migrants.
Government will take the costs of climate change.
发表于 2012-12-20 16:27:35 | 显示全部楼层
占!多休息!身体要紧

——————————————————————迟来的作业分割线————————————————————————

Speed
02'23
01'54
02'26
01'37
02'27
Obstacle
06'35
Brief Main Idea: Economists, recently finished their studies with a model economy, concluded that local economic movements can offset the damage done by climate change since extreme climate curcumstances only affect 10%  place with 90% population. This result has raised a huge debate in the society.
发表于 2012-12-20 16:33:21 | 显示全部楼层
2'23
2'17
2'50
2'21
3'02

9'48
发表于 2012-12-20 18:59:04 | 显示全部楼层
2'28
world bank ranking: over 5 years--the compontents and new order emerge--shareholder ..(没太看懂)--new banking order,rules and culture
2'02
2012 transaction "relationship banking",power--2013 invest power--focus on Asia
2'07
narrow focus examples--investment shows Asian banks voices--2012 euro-zones contributions--money will go anywhere,universal bank
2'41
Walmart in edge LA move to Chinatown, reasons and most defent it but they still move--JC oppose the new store more forward
3'07
reasons why someone fight the move,examples like LS and JC, but still some supporter like Y,and Walmart's holder--their reasons, LA Times supports the move
5'28
climate problem is partly due to economic
A model to test the climate influence in different part of earth, modify the model another result;
influences in different cities to present warmer climate's damage;
policymakers can help but little did anything
发表于 2012-12-20 19:00:45 | 显示全部楼层
3‘11
2’28
3‘17经融危机对银行的影响,这个看的不太明白。
2’24
3‘09中国城开个超市,很多不同意的。
8’31全球变暖的影响,北方比较好,可以去加拿大了。
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