而其他通过银行发出的信用卡则只有1577美元。

　　Robinson's triumph lasted just four days,

　　Robinson的胜利只维持了四天，

　　during which Amex stock dropped 13%.

　　在此期间美国运通卡的股票跌了13%。

　　AT&T

　　美国电话电报公司

　　For the go-getters at MCI Communications,

　　对于MCI通讯公司那些虎视眈眈的人来说，

　　the contest was their big chance

　　这场竞赛是他们的大好机会，

　　to prove that they could whip their nemesis,American Telephone & Telegraph,at its own game.

　　以证明他们可以在死敌美国电话电报公司自己所布的棋局里面，来将它击败。

　　What excites AT&T,however,is not NCR's market share

　　但令美国电话电报公司兴奋的不是NCR的市场占有率，

　　but the potential for linking its own long-distance telephone system to NCR's world network of cash registers and ATMs.

　　而是AT&T可以将本身的长途电话系统连上NCR遍布全世界的收银机与ATMs网络。

　　Big Blue

　　蓝色巨人

　　Both Intel,the world's largest supplier of computer chips,and Microsoft,the world's largest supplier of computer software,

　　世界最大的电脑芯片与软件供应商“英特尔”与“微软”

　　have assumed the role long played by Big Blue as the industry's pacesetters.

　　已经接替了蓝色巨人长久以来扮演的角色，也就是电脑产业世代要替的领导者。

　　Some industry observers suggested that IBM may have had ulterior motives for knocking Intel's quality,

　　有些产业观察家暗示IBM可能有暗藏的目的，才会抨击英特尔产品品质，

　　since Big Blue will begin selling the competing Power PC microprocessor next spring,

　　因为蓝色巨人自己将在明年春天开始贩售竞争产品“威力芯片”。

　　but the computer maker insisted it was only trying to protect its customers.

　　但是IBM坚称它只是想保障顾客权益。

　　Big Three

　　三巨头

　　Next month the chiefs of the Big Three U.S.automakers will accompany President Bush on a trip to East Asia,

　　下个月美国三大汽车厂的首脑将伴随布什总统去一趟东亚，

　　where they are expected to urge Japan to buy more U.S.-made autos to reduce the trade deficit.

　　希望能够劝日本多买些美国造汽车以降低贸易赤字。

　　Japan's setback provides a moment of respite for America's Big Three,

　　日本经济不景气给美国的三大带来一丝喘息的机会，

　　which have problems of their own.

　　但他们也有自己的问题。

　　Exxon

　　艾克森石油

　　Says Robert Spies,chief scientist for the Exxon Valdez Oil Spill Trustee Council:

　　艾克森瓦第兹漏油事件管理人委员会的首席科学研究员Robert Spies指出：

　　"There is ample evidence that overzealous cleanup can be harmful."

　　|||

　　“充分证据显示，过度急切的清除行动可能造成伤害。”

　　The chemical detergents,high-pressure sprays and brushes used to clean beaches and rocks after a spill destroy microorganisms

　　化学清洁剂、高压水柱以及刷子在漏油后被拿来清洗海滩与石块，

　　that are an important part of the seaside's ecology.

　　却会杀死海岸生态中重要一环的微生物。

　　A battle is raging over how best to spend the settement money from the Exxon Valdez disaster.

　　对于如何最佳利用艾克森瓦第兹灾难事件的补偿款项，一场激烈的争辩正在进行着。

　　Lloyd's of London

　　劳埃德

　　Members of Lloyd's of London,the insurer that has lost billion in the past three years,

　　劳埃德保险集团过去3年亏损80亿美元。

　　voted to profoundly revamp the way business is done at the 300-year-old institution.

　　它的会员投票决定大幅改进这家300年老店处理生意的方法。

　　Lloyd's of London has always been synonymous with insurance-underwriting expertise and the sober assessment of risk.

　　劳埃德一向是专业保险承保与精确评估风险的同义词。

　　Merrill Lynch

　　美林证券

　　Soon financial giants such as Merrill Lynch and John Hancock,

　　很快的，像美林证券与John Hancock这类的金融巨人，

　　as well as smaller finance companies like Access Capital,

　　以及小型融资公司Access Capital等等，

　　went after the bank's last domain of business borrowers.

　　都开始进军银行的最后一块领土——中小企业贷款。

　　Morgan Stanley

　　摩根斯坦利

　　Rising interest rates by definition mean lower bond prices.

　　在定义上，提高利率代表债券价格下跌。

　　And falling bond prices pull down stock prices too.

　　而下跌的债券会把股价也拉下水。

　　"The economy is doing well,and the market is doing terribly,"

　　“经济表现好，股市就完蛋。”

　　sums up Byron Wein,chief U.S.market strategist for the investment firm Morgan Stanley.

　　Byron Wein是摩根斯坦利投资公司美国投资策略的首席分析师，他归纳说。

　　The Finanical Times

　　《金融时报》

　　London,the world's third largest stock market,is still lagging behind Tokyo and New York,despite a 28% gain for the year on the 100-stock Finanical Times index,better known as Footsie.

　　虽然包含100种股票的金融时报股价指数在今年已上涨28%，但是伦敦这个世界第三大股市仍落在东京与纽约之后。

　　All told,the Maxwell companies probably carry debts of .9 billion,

　　当一切明朗化后，Maxwell家庭的企业可能已欠下39亿美元的债务，

　　according to Lodon's Finanical Times,That figure was about 50% higher than many investors had assumed.

　　这是伦敦《金融时报》的预测。这个数字比许多投资人推测的要高50%。

　　A Car?A Watch?A Swatchmobile!

　　车乎?表乎?斯沃琪车!

　　1.Most Americans think of the Swatch as a trendy timepiece

　　大多数美国人会将Swatch视为一种时髦的手表，

　　that was embraced by everyone from K Mart shoppers to the owners of SoHo galleries.

　　从K Mart平价百货到苏活区的美术馆都受到人们的欢迎。

　　But in its country of origin,Switzerland,

　　但在它的原产地瑞士，

　　the Swatch represents nothing less than an amazing instrument of industrial rejuvenation.

　　Swatch则为象征产业重生的一种奇迹产品。

　　Before it came along,

　　在Swatch问世前，

　　the Japanese had more or less usurped the Swiss as the heavyweight champions of the watch business by substituting their cheap and reliable digital technology for Switzerland's legendary craftsmanship.

　　日本以便宜可靠的数位科技取代了瑞士的传奇手艺，而或多或少自瑞士手中抢下了钟表业龙头的地位。

　　The question now is whether that industrial formula can work for-of all things-automobiles.

　　现在的问题是Swatch的产业策略是否对“汽车制造”也同样有效?

　　2.Make way for the Swatchmobile,a sassy two-seater

　　让路给Swatchmobile!这是一部俏丽的二人座小车，

　　that looks like a cross between a Volkswagen Beetle and a Rambler.

　　|||

　　长得有点像福斯金龟车与Rambler的混血儿。

　　In fact,it is the product of an odd corporate marriage sealed last week

　　其实，它是上星期定案的一桩不寻常企业合作的产品。

　　between Mercedes-Benz,the maker of luxury cars,and Nicolas Hayek,

　　一方是豪华制造车厂奔驰;另一方是Nicolas Hayek，

　　the man who put almost 150 million Swatches on wrists all over the world.

　　那个在全世界卖掉几乎1.5亿只Swatch表的人。

　　So far,the two companies have worked on separate prototypes,

　　目前两家公司分别在发展原形车，

　　which they plan to merge into a single model produced by a joint company(Hayek's stake is 49%,Mercedes'51%)for the 1997 market.

　　然后在一家合资企业融合成单一的模型，准备在1997年上市。

　　3.The car still exists mostly in the minds of several dozen young engineers

　　这辆车大部分还只是在数十名年轻工程师的构想之中。

　　in jeans and sweatshirts who have spent three years working around the clock inside a secret garage in the Jura Mountain town of Biel.

　　这些穿着运动衫、牛仔裤的年轻人已经花了三年时间，不眠不休地在Jura山的山城Biel中一个秘密的车厂里工作。

　　f the team realizes its vision,

　　如果他们能实现这个梦想，

　　the Swatchmobile will combine the crash resistance of a Mercedes with the spunkiness of the famous wristwatch.

　　Swatchmobile将混合奔驰车的耐冲撞性与这著名手表的冲劲。

　　Plans call for the Swatchmobile to be 20% smaller than a typical subcompact,

　　计划中Swatchmobile比标准的超小型汽车还要小20%，

　　able to wheel into a parking space sideways,

　　能横向驶入停车位，

　　cost about ,000 and reach 90 miles an hour.

　　价格约在1万美元上下，并能跑到每小时90英里。

　　The car's designers hope it will travel at least 80 miles on a gallon of fuel,

　　设计得希望它每加仑燃烧至少可跑80英里，

　　thanks to an engine one-tenth the weight of any existing engine with equal power.

　　这得归功于一个只有任何现存引擎1/10重量的小引擎，但却拥有同样的动力。

　　Models will run on gasoline,electric power or a combination of both.

　　不同的车型可使用汽油、电力或混合使用。

　　4.For Mercedes and Hayek's company,the Swiss Corp.for Microelectronics and Watchmaking Industries(SMH),

　　对奔驰及Hayek的“瑞士微电子制表工业公司”来说，

　　the project is not just a technological challenge but also a huge marketing risk.

　　此计划不仅是科技的挑战，也冒了极大的行销风险。

　　After all,business-school casebooks are full of stories about fashionable companies that,in search of diversification,stretched their brand names past the breaking point.

　　毕竟在商学院的个案搜集资料中，有诸多的案例证明时髦的企业在寻求多角化的过程中，把自己的品牌延伸过了头。

　　Swatch tried to extend its name to telephones,pager watches and sunglasses

　　Swatch曾尝试延伸品牌至电话、呼叫器手表和太阳眼镜，

　　without great success.

　　却不甚成功。

　　But Mercedes,whose sales have fallen 11% in the past three years,

　　但奔驰在过去三年销售滑落11%的情况下，

　　is eager to reach out to buyers who cannnot afford its traditional cars.

　　极须去接触那些买不起它传统车型的消费者。

　　Already the company has unveiled plans to produce in 1997 the compact four-seat Vision A with a sale price of about ,000.

　　奔驰已经公布了在1997年制造的小型、四人座Vision A车种，只卖1.8万美元。

　　5.Hayek may overestimate his reach-"I am the creator of products,kingdoms and empires,"he says-

　　“我制造产品、王国、甚至帝国”，口出狂言的Hayek也许高估了自己的能力范围，

　　but he does have expertise at taking a luxury product downscale while preserving its cachet.

　　但他的确有其专业本领，将昂贵的商品变便宜但仍保存其高贵血统。

　　It was he who came up with the strategy that saved the prestigious Swiss watchmaking industry

　　他想出来的策略，拯救了瑞士名震遐迩的制表业，

　　from succumbing to the Japanese hegemony in the quartz-watch business.

　　|||

　　免于在石英表业中向日本的霸权屈服。

　　In 1983,when he was approached for advice by a group of Swiss banks,

　　1983年，一群瑞士银行家来找他咨询。

　　the country had seen its share of the global watch market drop from 43% in 1974 to less than 15%.

　　当时瑞士在世界手表市场占有率已自1974年的43%跌落至15%以下。

　　More than half the Swiss manufacturers had gone under,

　　超过一半的表厂已倒闭，

　　and creditor banks had taken over the country's two largest watchmaking groups.

　　而握有债权的银行接收了国内最大的两个制表集团。

　　"They were ready to colse them down and sell the brand names off to the Japanese,"Hayek recalls.

　　Hayek回忆说：“它们准备把厂关了，然后将品牌卖给日本。

　　"I proved to the banks that we could revive the industry,

　　我向银行证明我们可以让产业起死回生，

　　then I went on national television and told to Swiss people,

　　然后我上全国电视网向瑞士民众说

　　‘We can be No.1 again,’Nobody dared believe it."

　　我们可以重拾第一。没有人敢相信我。”

　　6.Hayek put up 2 million-mostly his own money-

　　Hayek筹足1.02亿美元，

　　and led a group of investors in buying the two companies from the banks.

　　然后带领一群投资人自银行手中买下那两家公司。

　　He then merged them,effetively taking control of one-third of the Swiss watch industry,

　　接着他将两者合并，有效控制了瑞士1/3的制表工业，

　　including such famous brands as Omega,Longines,Blancpain,Tissot,Rado and Hamilton.

　　包括如欧米茄、浪琴、Blancpain、天梭、雷达与汉密尔敦等名牌。

　　But his big coup was figuring out that a product invented before his arrival could be the high-quality,low-price,plastic quartz watch

　　但是他最大的收获，在于看出来他收购公司前发展出来的某一型手表，可以成为高品质、低单价的塑料质石英表，

　　that would challenge the Japanese at the lower end of the market.

　　在低价市场挑战日本。

　　The -to- Swatch,which reduced by half the usual number of parts by building them directly into the casing on automated assembly lines,was an instant success,

　　在自动化的装配线上把一半的零件直接植入表壳中、一支只卖35-40美元的Swatch一夕成名。

　　enabling the Swiss watchmaking industry to command 53% of the world market.

　　它使得瑞士制表业重新斩获53%的世界市场。

　　The company has kept demand for the watches high by staying on the cutting edge of new designs,turning out some 140 new models each year plus limited-edition designer collections.

　　Swatch每年出品140种新款式及限量制造的设计师收藏表，以新设计保持竞争优势与高市场需求。

　　7.But the neatest trick is the company's ability to keep labor costs low in one of the world's most high-priced countries-

　　但是最厉害的一招，是该公司跻身全球最高生活水准国家之中，却能保持低人工成本的本领。

　　proving that moving the factory to cheap markets abroad is not always the best cost-saving solution.

　　这证明将工厂外移到人工低廉的市场并非绝对的节流妙方。

　　Thanks to an extremely high degree of automation,

　　归功于极高度的自动化，

　　SMH keeps direct labor charges under 10% of total manufacturing expenses,

　　SMH让直接人工成本保持低于生产总成本的10%，

　　in contrast to about 30% for most watchmaking operations.

　　而一般制表业的比例在30%左右。

　　8.So far,SMH has sunk about .9 million into the project,

　　到目前为止，SMH对此合作案已投下了1890万美元，

　　betting that advanced microtechnologies developed in the watch industry can be translated into innovative designs for a car's propulsion and electrical systems.

　　并看好制表业发展的先进微科技可以转换应用在汽车的推进与电子系统的创新设计中。

　　"We're not trying to build some little gadget here,"Hayek said on a private tour of the garage last December.

　　Hayek在去年12月的一次私人参观车厂活动中说明：“我们可不是在这里弄一些小发明。

　　"We want to have a consumer product that you can produce and use in the millions."

　　|||

　　我们要制造一种消费性产品，可以大量制造并拥有大量的顾客。”

　　9.Although Hayek has landed a blue-chip partner,

　　虽然Hayek找到了一流的合作伙伴，

　　he continues to inspire skepticism.

　　但他仍引起许多人怀疑。

　　A short-lived joint venture with Volkswagen broke down last year.

　　他与福斯集团短命的合资计划在去年泡汤。

　　"I have trouble believing in this project,"says Paris-based market analyst Antoine Nodet.

　　巴黎的市场分析家Antoine Nodet说：“我无法信任这个计划，

　　"Jumping from watches to cars lacks credibility."

　　从手表跳到汽车业实在欠缺可靠性。”

　　Jean-Marc Buchet,who follows the auto industry for the French brokerage firm Leven,

　　Jean-Marc Buchet是法国Leven证券公司的汽车产业分析师，

　　says that:"there is clearly a market for a small city car,"

　　他说：“小型城市车的市场的确存在”，

　　but wonders if people will pay ,000 for "a two-seater with no trunk space."

　　但是他怀疑人们会愿意花1万美元来买“一辆二人座且没有行李厢的车”。

　　10.Others are more sanguine.

　　其他人则比较乐观。

　　General Motors president Jack Smith,

　　通用汽车总裁Jack Smith

　　who had lunch with Hayek in Biel in December,calls the Swatchmobile "interesting" and says of Hayek:

　　在12月与Hayek在Biel吃过午饭，他称Swatchmobile“有意思”，而且以此形容Hayek：

　　"He's for real."

　　“他是来真的。”

　　Roland Leutenegger,an analyst at the Zurich-based Bank Julius Maer,argues that Mercedes' automaking know-how and Hayek's marketing genius will make a winning combination.

　　苏黎世Julius Maer银行的分析师Roland Leutenegger说奔驰的造车技术与Hayek的行销天才是梦幻组合。

　　The right partners have found each other,"he says.

　　他说：“最恰当的伙伴终于结合了。”

　　For Hayek,predictably,the future of the Swatchmobile is assured.

　　可预料的是Hayek对Swatchmobile的未来充满自信。

　　"I'm not a dreamer.

　　“我不是梦想家。

　　I've proved all my life that I'm a down-to-earth guy.

　　我的一生就证明了我是个务实的人。

　　We can make this car.Believe me."

　　我们可以做出这部车。相信我。”

　　Some people apparently do:he has already received 35,000 orders.

　　某些人很明显相信他：他已经得到3.5万份的订单了。

　　商业英语：企业管理

　　]CEO

　　总裁

　　Alexander Trotman,a Briton who had been head of worldwide auto operations,

　　英国籍的Alexander Trotman曾经主掌全球的汽车业务。

　　was named the new chairman and CEO of the Ford Motor Co.,replacing Harold Poling,who is retiring.

　　他被任命为福特汽车公司新的董事长兼总裁，取代即将退休的Harold Poling。

　　A typical CEO of a FORTUNE 500 company

　　一位典型的《财星》500大企业总裁，

　　will have two to three gut-wrenching decisions a week to make.

　　一个星期中大概要作二至三个令人极度为难的决策。

　　downsizing

　　缩减开支

　　Joseph Jannota,chairman of Jannota,Bray,a Chicago-based outplacement firm,

　　芝加哥一家就业辅导机构Jannota，Bray的董事长Joseph Jannot估计，

　　estimates that fewer than 25% of U.S.companies have completed the task of downsizing their work forces.

　　已经完成裁判人员工作的美国公司，尚不到订有订有裁员计划公司总数的25%。

　　In an era of massive and painful corporate downsizing,

　　在企业大规模且痛苦的缩减开支时代，

　　richly paid executives are out of step with the times.

　　坐拥高薪的经理人是不合时代的产物。

　　Then buyouts and corporate downsizing in the 1980s created a huge exodus of workers from high-paying manufacturing jobs to less lucrative serivce-sector work.

　　然后，80年代的公司购并与企业缩减开支行动，促使大规模的劳动人口自高薪的制造业转到较低薪的服务业。

　　entrepreneur

　　企业家

　　To the north in Beijing,every block has its own office tower and luxury hotel under construction,

　　在北京城北，每条街道上都正在兴建摩天办公大楼与豪华饭店，

　　and everybody is an entrepreneur.

　　而每个人都成了企业家。

　　golden parachute

　　金降落伞

　　Robert Morgado,former chairman of Warner Music Group,made million to million annually,

　　华纳音乐集团的前任董事长Robert Morgado，一年薪水就在700-800万美元左右。

　　and when he was fired last May he was given a platinum parachute that by some estimates was worth million.

　　当他去年5月被开除时，还拿到据估计有6000万美元的遣散费。

　　Kravis landed the company for .4 billion more than Johnson had initially offered,

　　Kravis拿到公司，但是比Johnson自己出的价多付了74亿美元，

　　and Johnson got to open a million golden parachute and take a hike.

　　而Johnson则张开了价值5300万美元的金降落伞卷铺盖走路。

　　holding company

　　控股公司

　　They acted when nervous depositors withdrew 0 million from the holding company's three major banks,including the flagship Bank of New England,

　　紧张的投资者自这家控股公司的三间主要银行——包括旗舰机构新英格兰银行——中提走8亿美元，而主管机关开始展开抢救行动，

　　after the firm predicted a loss of up to 0 million for the fourth quarter of 1990.

　　这家公司预测1990年第四季将亏损4.5亿美元之后。

　　hostile takeover

　　恶意接收

　　To celebrate his victory in the hostile takeover battle for Trans World Airlines in August 1985,

　　为了庆祝在1985年8月恶意接收环球航空的战争中获得胜利，

　　corporate raider Carl Icahn donned a pilot's cap and uniform jacket

　　企业突击者Carl Icahn穿戴上飞行员的帽子与制服外套，

　　and paraded triumphantly around his Manhattan office.

　　在他的曼哈顿办公室外得意洋洋地游行。

　　joint venture

　　合资企业

　　The four Russians were interested in a joint venture with their guest of honor,a foreign businessman,

　　这四个俄国人很有兴趣与他们的贵宾——一名外国商人——组一个合资企业，

　　but had little desire to meet anywhere they could be seen by KGB types.

　　可是不想在任何克格勃之类的特务会看到他们的地方谈生意。

　　leveraged buyout

　　杠杆收购

　　Many firms were driven out by the 1990 collapse of the proposed leveraged buyout of United Airlines,

　　1990年，当计划中的杠杆收购联合航空公司的行动瓦解之后，

　　|||

　　which left arbitragers with more than 0 million in overpriced stock and no buyers.

　　很多套利者被套牢的高价股票达到1.5亿美元，很多公司因此倒闭。

　　The drivers took a 22% pay cut in 1987 when Greyhound officers acquired the company in a leveraged buyout and slashed costs to restore profits.

　　1987年，当灰狗现在的老板以杠杆收购公司时，对司机减薪22%，并且撙节开支，以求恢复获利。

　　reorganization

　　重组

　　Macy is in bankruptcy,

　　梅西百货公司已经破产，

　　and Federated hopes to convert the debt holdings into control of Macy by crafting a yet undisclosed reorganization plan.

　　而Federated希望借由正在策划但尚未公布的重组计划，将负债的持股转变成对梅西的控制权。

　　As part of a reorganization plan that should enable the battered carrier to emerge from Chapter 11 bankruptcy protection early next year,Icahn agreed to provide 5 million in cash,loans and pension-fund guarantees.

　　Icahn同意提供6.15亿美元现金、贷款及退休保证金，作为重组这家饱受打击的航空公司的计划中的一部分，让它能自明年起脱离第11章的破产保护。

　　stock option

　　认股权

　　To hear Silicon Graphics president Edward McCracken tell it,taking away the executive's most prized form of compensation-stock option-

　　依照硅图公司总经理Edward McCracken的说法，取消高级主管最丰厚的俸禄——认股权——

　　would be nothing less than a disaster for American business.

　　对美国企业而言将会是一场大灾难。

　　Pepsi Co.now offers a special stock option plan to all its 100,000 full-time employees,

　　百事可乐公司目前对它10万名全职员工提供一个特别的认股权计划。

　　from senior managers to Frito-Lay truck drivers and Taco Bell chefs.

　　从资深经理到Frito-Lay土豆片的卡车司机，和Taco Bell墨西哥速食的大厨师，都可以享有认股权。

　　tender offer

　　投标报价

　　Within three hours of the decision,Time carried out its tender offer to pay a share for 100 million of the more than 180 million Warner shares outstanding.

　　在决策完成后3小时之内，时代就执行它的投标报价工作，买下华纳超过1.8亿在外流通股票中的1亿股，每股价格70美元。

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