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2019年10月14日 17:43:08

How money works钱是如何运作的Gold rush淘金热A good guide to the stuff in our pockets一本关于我们囊中物的优秀指南Money: The Unauthorised Biography. By Felix Martin.《金钱:非授权自传》。作者:Felix Martin。ONE story in this surprisingly entertaining book on the nature of money is about the Irish banking crisis. The countrys bank system ground to a complete stop, with branches closed, the clearing system suspended and customers unable to withdraw or deposit money. As cash ran out, people had to find a way of paying their regular bills, or even just stumping up for a pint of stout in a pub. What actually happened was that businesses started accepting IOUs or cheques for everything, even though there was no telling when the cash would be forthcoming. It helped that a lot of Irish life is lived locally: builders, greengrocers, mechanics and barmen all turned out to be dab hands at personal credit profiling.这本关于金钱性质的书出乎意料地有趣,其中一个故事与爱尔兰危机有关。爱尔兰的系统完全瘫痪,各分行全部关闭,清算系统被暂停,顾客无法存取款。在现金用完后,人们不得不想办法付日常账单,就连在酒吧为一品脱烈性黑啤埋单也是如此。结果商家开始接受欠条或票,虽然没人知道现金何时会来。还好爱尔兰人的生活起居很大程度上都可以在当地解决:建筑工、零售店主、机械师和酒保摇身变成了个人信用建档的行家 。In short, Ireland developed a new class of money. Its currency was not backed by any central bank, but based solely on informal if surprisingly accurate credit scoring. And the currency was transferable: if certain people said the bond was good, then the bond was good.总之,爱尔兰发展出一种新的钱种类。其货币不被任何央行持,仅仅基于非正式却出奇准确的信用记录。并且这种货币是可流通的,如果某些人说债券有效,那么债券就有效。This particular Irish banking crisis might seem vaguely familiar, but only vaguely. It took place more than 40 years ago, when the Irish financial sector came to a seven-month halt as a result of a national labour dispute. The point of the story is that it supports two of the authors main contentions—first that money is not currency and that sovereign support for currency is not particularly important, and second that financial crises are endemic. No sooner has the last one been put to bed than the next is waking up.这个奇特的爱尔兰危机听起来可能隐约有些熟悉,但也只是隐约而已。那次危机发生在40多年前,当时爱尔兰金融业因全国劳动争议瘫痪了七个月。讲这个故事是因为它持了作者的两点主张——第一,钱不是货币,并且主权对货币的持并非特别重要;第二,金融危机是普遍的,刚刚解决一个危机,另一个危机又出现了。For some people, money is merely something underwritten by the state and designed to enhance a basic barter economy. Felix Martin, an economist and fund manager, goes further. Early societies, such as the Babylonians and the ancient Egyptians, were static, with a fixed hierarchy of social obligations. They had no need of money or currency. Money was the instrument through which later societies unshackled themselves from preordained social orders and became individualistic.对于一些人来说,金钱仅仅是国家担保的东西,用于增强基本的物物交换。经济学家、基金经理Felix Martin对金钱的理解更进了一步。早期社会,例如巴比伦和古埃及,是静止的,每个阶层承担的社会责任固定不变。这些社会不需要金钱或货币。金钱将之后的社会从上天安排的社会制度中解放出来,变为个人主义。With money came speculation, bringing in turn those endemic financial crises. To ensure greater stability, Mr Martin would like to see the introduction of an ultra-simple version of “limited-purpose banking”. Money must be “shorn of its specious promise” he says; let the state underwrite a tiny core of deposit-taking banks. Everything else—from interest-rate derivatives to collateralised debt obligations should carry on unregulated and uninsured. If you lose your dough, tough. You knew the risks. It is a solution that will attract anyone seeking a clean, clear, fair way of managing financial markets. Until they lose their money, of course.有金钱就有投机,有投机就有普遍的金融危机。为确保稳定性,Martin希望引入超简版的“限制用途”。他说,必须“去除”金钱“似是而非的承诺”;让国家为储蓄极少的核心业务担保。其他业务—从利率衍生工具到债务抵押债券—应继续不受监管,不受保护。如果你输了钱,糟糕。不过你本来就知道风险的。这个解决方法会吸引寻求以干净、清楚、公正的方式管理金融市场的人。当然在他们自己输钱以前。 /201405/294177成都市龙泉驿区第一人民医院打胎一般要花多少钱Business商业报道Taj Hotels and Orient-Express泰姬陵酒店和Orient-Express酒店Disorientation迷途羔羊Two luxury hotel chains will not be checking in together两家奢侈连锁酒店将无法一同腾飞INDIA and Orient-Express have never rubbed along.印度和Orient-Express酒店一直很融洽。The luxury hotel firms buccaneering founder, James Sherwood, visited the country in the early 1990s and had a nightmare.James Sherwood在20世纪90年代早期游玩过印度,投机性地建立了这家奢侈酒店,也经历了一场噩梦。His private jet was delayed for an age in Mumbai while officials checked that the bottles in its on-board bar were sealed correctly.当时地方官员检查他私人飞机上酒吧的酒瓶是否正确密封花了很长时间,导致航班在孟买延误了很久。He signed a deal to run the Lake Palace Hotel in Rajasthan, owned by local royalty.在此期间,他签了一份经营碧河皇宫酒店的协议,这家酒店位于拉贾斯坦邦,所有权归当地贵族。The deal collapsed when lawyers discovered that Mr Sherwoods interlocutor was not the real Maharana of Udaipur, but his brother.但协议很快终止了,律师发现Sherwood的合作者不是真正的乌代浦尔的王公贵族,他的哥哥才是。TheLakePalacewas run then, and still is, by Taj Hotels.随后,泰姬陵酒店将碧河皇宫酒店一直运营到现在。It is part of Tata Sons,Indias biggest conglomerate.它现在是印度最大的企业塔塔之子旗下的产业。For the past half-decade Taj has fantasised about swallowing its American-listed rival.过去五年里,泰姬陵酒店一直幻想着吞并这位美国的竞争对手。In 2007 it took a stake in Orient; it owns 6.9% today.2007年,它入股Orient酒店,现在已经有6.9%的股份了。In 2012 it made a takeover bid valuing Orients equity at 1.3 billion.2012年,泰姬陵酒店采取了收购行动,想以13亿美元购买Orient酒店的资产。Orient dismissed this as one of its guests might a bell hop, arguing it was too low. On November 8th the Indian firm abandoned its pursuit.Orient酒店就像一位客人拒绝门童那样拒绝了这次收购,宣称价格太低。11月8号,这家印度企业终止了收购行动。Orient has 45 trophy properties including the Hotel Cipriani inVeniceand theCopacabanaPalaceinRio de Janeiro.Orient酒店有45家著名产业,其中包括西普利亚尼宾馆和里约热内卢科帕卡巴纳沙滩酒店。Most were acquired after years of negotiation by Mr Sherwood, who retired as chairman in 2007.大部分产业都是Sherwood花费了数年时间谈判获得的,他也于2007年从主席位置退休。A glorious symbol of extravagance, the firm entered the global financial crisis with too much debt.Orient铺张浪费的光荣象征导致它带着巨大债务卷入了全球金融危机里。As profits collapsed it barely survived and its market capitalisation dropped to 144m at the low point.随着盈利巨跌,它只能勉强维持经营,市场资本也跌至1.44亿美元的低位。Since then it has been groping its way back to financial health.从那以后,它就一直探索让它恢复金融常态的方法。The Taj bid speeded that process.泰姬陵酒店对它的收购加快了这一进程。Days after it was made in October 2012, Orient appointed a new boss, John Scott.仅在泰姬陵酒店2012年10月份做出收购决定的几天后,Orient认命了一位新总裁,John Scott。The firm has cut costs and sold assets.随后公司削减开,变卖资产。Its market capitalisation has recovered smartly to 1.5 billion—above the Taj bid, although some way off the 2.7 billion valuation it enjoyed at the peak.市场资本漂亮地恢复到15亿美元,尽管离它27亿美元的顶峰时期价值还有一段距离,但还是高于泰姬陵酒店的提价。For Taj life has got harder.泰姬陵酒店的生意也不好做。It is now the smaller of the two firms, with a market cap of only 600m, from a peak of 2.6 billion.现在它是两家企业中较弱的一方,市场资本只有6亿美元,远逊于顶峰26亿。It is losing money and is almost as leveraged as Orient was at its nadir, measured by net debt relative to gross operating profits.通过计算与总营业额相关的净资产判断,泰姬陵酒店一直在亏损财力,和Orient处于低谷时期几乎一样受到杠杆作用影响。The boom inIndiahas faded.印度的繁荣已经衰落。Intense competition from global chains has lowered room rates.全球连锁酒店业激烈的竞争降低了房间价格。Tajs adventures inAmerica—it owns The Pierre inNew York, for example—have also strained its finances.以纽约的皮埃尔酒店为例子—它是泰姬陵酒店在美国投资的公司,也在缩小规模。Taj could not have made the 2012 bid without help from its parent group.2012年的那项收购计划,没有背后主公司的帮助,泰姬陵酒店是无法提出的。It also roped in a minority partner, a fund linked to Luca di Montezemolo, the chairman of Ferrari.它也游说到了一个少数派合作伙伴给它供应资金——法拉利公司的主席卢卡·迪·蒙特泽莫罗。Perhaps Tatas new boss, Cyrus Mistry, who took over from the patriarch Ratan Tata at the end of 2012, has taken a tougher stance.在2012年年底从元老Ratan Tata那接手塔塔之子集团,成为了新老板的Cyrus Mistry可能已经采取了更加强硬地立场。About two-thirds of the capital employed in the wider Tata group is making a post-tax return on capital of 10% or less, according to calculations by The Economist.根据经济学人的计算,塔塔之子集团内2/3的资本在税后的资本返还率为10%或者更少。Taj hotels is a small part of this underperformance but Mr Mistry may have insisted that it gets its own house in order before it does any more empire-building.泰姬陵酒店只是塔塔集团弱势股的一小部分,在Mistry进行构建更大的商业帝国前,他可能还会坚持让它管理好它自己的房产。Just as Tajs problem may in part have been a forgiving controlling shareholder, Orient has also been insulated from shareholders wrath.正如泰姬陵酒店出现的问题一部分是出自宽容的有控制权的股东身上,Orient酒店却和股东的怒火不沾边。Its B shares act as a poison-pill structure that puts voting control in the hands of the firm, not its owners.它的B级股票就像一片毒药,把投票权给公司,而不是给拥有者。As both firms have battled the business climate and each other, they have missed a half-decade of change in the industry.两家公司都在和商业环境作斗争,互相之间也在做斗争,它们很盼望像工业五年变革的一场改变。Global hoteliers such as Starwood and InterContinental have performed far better.像Starwood和InterContinental这样的全球酒店运营商的经营就远远好于它们。They have asset light business models, in which they merely manage hotels rather than owning them.运营商们有一套轻资产上阵的商业模式,这样运营商只用管理酒店而不是拥有它们。They have multiple brands aimed at different kinds of customers.针对不同的消费者们,他们也有多种品牌策略。Taj has experimented with this approach but has been timid, and Orient-Express is still an old-school affair.泰姬陵酒店也尝试过这种方法,但是尺度很小,Orient-Express却还是一副老学究作态。Both hotel groups specialise in historic buildings that are lovingly maintained.两家酒店集团专门经营被小心保存的历史建筑。Both need to do more to avoid becoming ancient monuments themselves.但是两家酒店都需要做的更多,避免像这些历史建筑一样成为远古遗迹。 /201311/265145四川人民医院割包皮手术价格Business商业报道The music industry音乐产业Beliebing in streaming高举丁日的旗帜Record bosses now hope that online streaming could become a big enough business to arrest their industrys long decline唱片公司老板们正希望线上流媒体能成为一盘足够大的生意,以阻止他们产业的长期衰退AT THE headquarters of Pandora, an online-radio firm, in Oakland,位于奥克兰市的Pandora总部中,about a dozen headphone-clad analysts fill in a long questionnaire as they listen.约有12名头戴耳机的分析员听着歌曲信息,完成着一份很长的调查清单。They rank whether a songs mood is joyful or hostile, the vocalist breathy or gravelly.他们会将一首歌的基调做出分类,如欢快或狂暴;同时也会对歌唱家进行分类,如气息流派或声线沙哑型。They note whether they can hear electric guitars, lutes or bagpipes.他们会记录一首歌曲当中是否有电吉他、琉特琴或风笛等等的乐器演奏。Their ratings help to shape algorithms that push music to the services 76m users.他们的分类评级,是构成一款拥有760万名用户音乐务的关键程序之一。Pandora is in the vanguard of a revolution in which ever more consumers are streaming music over the internet to their smartphones or computers,如今Pandora正是这样一场革命的先锋,消费者们正以前所未有的数量进入到音乐流媒体的世界当中,通过互联网这一渠道,他们不再收藏音乐,instead of owning collections of songs.而是直接通过自己的智能手机和电脑收听音乐。For the first time since Apple popularised the paid download in 2003,这是自2003年苹果公司普及付费下载模式以来,the record business is changing key again.唱片行业的又一次巨变。From wax cylinders via vinyl, cassettes and CDs to MP3s,从乙烯树脂制成的黑胶唱片,发展到了卡带和CD唱片,再到了MP3,it is undergoing another format shift—maybe,此行业又将面临一次音乐制式转换。some in the business muse, its last.而有些人沉思道,或许这是唱片行业的最后一次变革。Streaming services give music-lovers access to millions of songs,流媒体务能够让音乐爱好者们接触成千上万的歌曲,but the services are not all alike.但这些务类型都不尽相同。Online-radio versions, including Pandora and Apples iTunes Radio, choose what consumers hear,包括Pandora和苹果音乐电台在内的线上电台模式,能够为消费者们提供他们想听的音乐,and the firms make their revenues through advertising.并且务商将通过广告业务实现盈利。Others, such as Spotify and Deezer, let customers select songs from a catalogue of 20m-30m, charging premium subscribers a monthly fee.另一方面,如声破天和Deezer的务商,则让消费者们从200万至300万的曲目中挑选歌曲,并对高级会员收取月费。Free services that stream music s, such as YouTube, also get plenty of play.一些免费的音乐录影带流媒体务,如YouTube公司,也在市场中分到了一杯羹。All the variants pay the record labels some fraction of a penny each time someone clicks on a song.以上各类的音乐务的每一次点播,都意味着需要给予唱片公司一定的报酬。Streamings rise makes music bosses as giddy as a bunch of teenage Beliebers queuing to see Justin Bieber.流媒体业务的迅猛发展,让唱片公司老板们都处于轻佻浮躁的状态当中,就像一群排队等着见丁日的丁日粉一样。Yet at first glance a report on March 18th by IFPI, a record-industry group, suggests that things are still getting worse.然而,在最初看到唱片业组织IFPI在3月18日发布的报告之时,形势不容乐观。Music labels worldwide revenues fell by 4% last year to 15 billion, a reversal of 2012s slight rise.与2012年的轻微上升截然相反,去年唱片公司全球收入为150亿美元,较往年下降了4%。But much of the fall was due to Japanese consumers finally giving up on CDs, as much as the rest of the world had aly done.但这很大程度上要归因于日本消费者的转变。他们终于放弃了对光碟产品的购买,跟上了世界其余国家早已达到了的市场态势。A closer look shows that streaming services are starting to bring the business back into profit in countries that have suffered steady declines, such as Italy.而进一步细究可知,在一些音乐产业持续衰退的国家,比方说意大利,流媒体务已经开始将这一行重新带入盈利当中。Streaming now has around 28m paying subscribers, and several times as many who use free versions.如今,流媒体务的付费用户约为280万人,免费用户则是前者的数倍之多。Last year subscription-based versions like Spotify had combined revenues of more than 1 billion, up more than 50% from 2012.就像Spotify之类的以付费订阅为基础的务商们,去年获得了超过10亿美元的总收入,与2012年相比业绩上涨超过了50%。That figure does not include online-radio firms, which last year had revenues of 590m in America alone,这一数字并不包括线上电台模式的公司。仅以美国当地来计算,去年线上电台模式的公司获得了5亿9千万美元的收入,a rise of 28% from the year before.较往年相比涨幅为28%。In America, the largest music market, 21% of the industrys 2013 revenues came from streaming, whose growth more than offset declines in CD sales.在全球最大的音乐消费市场美国,2013年唱片行业21%的收入来源于流媒体,而该项业务的增长效益超过了相抵之下光碟销售的下滑。Streaming services have taken off thanks to wider smartphone adoption, faster internet connections and the sp of cheap online cloud storage for music files.流媒体务的成功发展归功于以下几点原因:更广泛的智能手机应用,更快的网络连接,以及音乐文件的廉价线上云储存务。Even so, only 4-5% of music consumers in America and Britain have so far signed up for subscription streaming,即便在这样的市场环境下,目前美国和英国的音乐消费者当中,仅4-5%订购了流媒体务。says Mark Mulligan of MIDiA Consulting.MIDiA咨询公司的马克·穆里根表示。But if just 10% of the people in rich countries were to subscribe, the industrys fortunes would be transformed,但只要富裕国家中有10%的人选择订购,那么整个唱片行业的命运将会转变。says Claudio Aspesi of Sanford C. Bernstein, another research outfit.伯恩斯坦分析师克劳迪奥·阿斯佩西这样认为。YouTube, Googles popular online service,谷歌公司旗下最热门的线上视频网站YouTube,is expected to launch a paid-for music-streaming service in the coming months, which should help boost the numbers.有望在未来数月中实施对音乐流媒体务的收费,而这将令付费的用户数量激增。So might bundling music with a mobile-phone subscription, as ATamp;T is doing with Beats,将音乐与手机务捆绑销售也能达到同样的促进效果,而这正是美国电话电报与魔音的合作项目。a seller of headphones that has branched into subscription music.魔音公司是一家跻身进入付费音乐领域的耳机销售商。Arms around the world着眼全球Having previously fought losing battles against technological change, record executives have been quicker to embrace streamings surge.在输掉了前面几场科学技术战役后,唱片公司的老总们正迫不及待地依靠流媒体业务的快速增长打一个翻身仗。Until recently Apples iTunes was the sole king reigning over the digital-music realm;直到最近为止,苹果音乐一直是唯一一位统治着数字音乐世界的霸者;now there are dozens of princelings.而如今,则进入到了群雄并立的时期。This gives more negotiating power to the surviving three major record labels, down from six 15 years ago.这能让仅存的唱片巨头从15年前的6家缩减至目前的3家,拥有更多的谈判优势。I see myself as an arms dealer selling to everyone who will buy, says a gleeful record executive.一位心情愉悦的唱片公司老总说:我把自己当成一位军火商,只要有人买,我就卖。Streaming is also good news for independent labels, some of which are enjoying double the market share they had on CDs.流媒体的发展对于独立唱片公司来说,也是个极好的消息,其中一些公司将市场份额扩大到了光碟时期的两倍。It is also making it easier for music to travel beyond national boundaries.与此同时,跨国界的音乐传播也因此变得更为便利。We are getting revenue from markets where we never had a presence in the physical world, such as Brazil,现在,我们正从以前没有进入过的实体唱片市场当中取得收入。says Fredrik Ekander, the boss of Cosmos, a Swedish label.瑞典唱片公司Cosmos的老板Fredrik Ekander表示。Charles Caldas of Merlin, a licensing agency for independent labels, says streaming also helps monetise the nostalgia market.查尔斯·卡尔达斯是全球性版权许可机构Merlin的CEO,而他认为流媒体同样能让怀旧之情转换成利润流入。In the physical world more than two-thirds of sales are for new releases;在实体唱片市场当中,超过三分之二的音乐销售额是由新发行的歌曲构成的;on Deezer only a third of songs streamed are new.而在Deezer,只有三分之一的流媒体点播是新歌。To distinguish themselves from rivals and help users navigate their vast catalogues, streaming firms are offering curated playlists,为了胜过同行的务以及为了更好地帮助用户管理曲目,流媒体公司们提供了精选的播放列表,compiled by algorithms, celebrities and consumers themselves.而这份列表是由系统算法、歌手和消费者自身共同编制而成的。Users can also see what their friends on social networks are playing, and share tracks and playlists,用户们不仅仅可以看到他们在社交网站上的朋友所听的歌曲,还能对外分享歌曲和播放列表,which helps new acts take off.同时这也促进了新歌手的成长。Avicii, a Swedish DJ, has become the most streamed artist on Spotify.在声破天网站上,一位瑞典DJ艾维奇成为了最多点播量的艺人。Streaming is forcing a creative but undisciplined industry to pay more attention to data.流媒体的发展令一个从前具有创造性但管理模式混乱的行业,变得更加注重数据处理。In early March Spotify reportedly paid 200m for Echo Nest,在三月初据报道称,流媒体音乐务Spotify宣布它已经收购了音乐智能技术公司Echo Nest,which analyses data for music services and helps shape playlist algorithms.后者为诸多流媒体公司提供数据分析,以及构建播放列表等务提供持。Beats soon followed by purchasing TopSpin Media, which collects data to help artists connect with their fans.魔音公司随即收购了TopSpin Media,而这是一家能够通过采集信息去帮助艺术家们与粉丝联系的公司。Warner Music Group recently launched a new label in partnership with Shazam, a music-recognition app.华纳音乐集团近期与音乐雷达合作成立了一家新的唱片公司。Together they will trawl Shazams listener data to identify rising artists to sign up.他们将一起收集分析Shazam的听音数据,以寻找并签下冉冉升起的新星。Providing the streaming services can be persuaded to share their data,提供流媒体务的商家,也能够与唱片公司们分享自己的数据。record labels will be able to see the response to new songs immediately,而在这样的情况下,唱片公司们能够马上得知一首新歌的反响,and put marketing dollars behind those that strike a chord.并能从中挑选出扣人心弦的歌曲,从而投入市场推广资金。Performers will get a better idea where their fans live, to optimise their tour schedules.与此同时,音乐表演者们也能够对他们自己粉丝的居住地有较好的了解,从而优化他们的巡回演出计划。The economics of streaming look quite different from those of earlier music formats.流媒体的盈利模式与先前的音乐格式相比显得十分不同。On-demand streaming services pay a record label about three-tenths of a cent each time one of its songs is played,以需求量为标准的流媒体务商在每首歌点播之时,会给予唱片公司的3/10美分,and online-radio services even less.而网络电台务商则付得更少。But music fans may play a favourite tune dozens, maybe hundreds of times,但一些粉丝或许会连续播放一首自己喜欢的曲子数十遍,甚至上百遍,so those fractions of pennies can add up.因此这些零零碎碎的加总能得到一个很高的数字。Streaming subscribers pay around 120 a year,流媒体的付费订阅者每年大约要付120美元,which is more than double what the average American music consumer spends.而这一数字大约是平均美国音乐消费者花费的两倍。Yet some performers are unconvinced.然而,一些歌手却对此表示怀疑。Thom Yorke, the lead singer of Radiohead, has called Spotify the last desperate fart of a dying corpse.Radiohead乐队的主场汤姆·约克将Spotify称为一个垂死之人所放的绝望的最后一个屁。Music services have responded by being more open about how artists are paid,而务商们对此的回应是,让歌手们的收入方式更为自由,and arguing that their cheques will grow larger as more people sign up, as has happened in Sweden.并表示歌手们的收入会随着付费订阅人群的增加而增加,就像瑞典的案例一样。It is more complicated in countries with a well-established download market,音乐市场状况在一些早已建立起了下载规范的国家来说显得更为复杂,such as America and Britain, where industry executives worry that streaming may cannibalise downloads.比如美国和英国,这些国家的老板们担心流媒体务或许会催生出将音像资料分割开来的非法下载。However, the bigger issue for artists is that so few people overall pay for music, says Will Page, an economist at Spotify:然而,Spotify的经济顾问威尔·佩吉表示,对于歌手来说更大的问题是只有很少一部分人为音乐务付费。Half the population in the West spends nothing on music.他说:目前西方国家当中的半数人口享受着免费音乐,You cant cannibalise zero.对此你可以不必担心所谓的分割下载能够损害唱片行业利益。For years music has been a toxic place to invest.多年以来,唱片行业都不是一个投资的好领域。But the internet is at last bringing sexy back, as Justin Timberlake, a pop star turned actor and entrepreneur, might say.但最终随着网络发展,唱片行业或许最终能像贾斯汀·汀布莱克所说的一样,实现强势回归。Since investors have poured more than 1 billion into digital-music services in private transactions.自年以来,私人交易领域中投资者们已经对数字音乐务投入了超过100亿美元。Speculation is mounting that Spotify, which was reportedly valued last year at more than 5 billion, will soon go public.针对Spotify公司近期上市的传闻越来越多,而据报道称去年这家公司的估值已经超过了50亿美元。Shares in Pandora, aly listed, have nearly tripled in the past year.上市公司Pandora的股价在去年几乎增长至原先三倍的水平。Its market capitalisation is now almost 7 billion.目前,该公司的市场价值约为70亿美元。Such valuations assume that the services popularity will continue to grow,从这样的估价我们可以推断出,流媒体市场的热度将会持续上涨,and that subscription-based ones will persuade a sufficient proportion of those using their free versions to upgrade to paid varieties.并且付费订阅的务商也会令足够大的一部分使用免费务的用户,升级进入到付费市场当中来。Worryingly, churn tends to be high: around 46% of users of subscription services have either switched or say they plan to, according to Mr Mulligan of MIDiA.令人担忧的是,此行业的客户流失率也很高:来自MIDiA机构的穆里根先生所提供的资料显示,约有46%的付费订阅用户已经改变自己的音乐消费或者正打算改变。Nevertheless, people in the record industry are talking about another golden age.尽管如此,唱片行业的人都讨论着新一轮黄金时代。There is bound eventually to be a shake-out among the many new streaming services.在这为数众多的新进入市场的流媒体务商当中,最终肯定会进行一次洗牌。But for the music labels, it now seems clear that, once the physical CD has eventually gone the way of the wax cylinder,但目前对于唱片公司来说,如果实体光碟最终像黑胶唱片一样逐渐消亡,they will still have a profitable way to exploit their catalogues,那么他们也能找到另外一条有钱赚的路子,以继续歌曲创作事业。based on music fans being offered instant access to a near-limitless online jukebox.而这条路,便是持续地为音乐爱好者们提供一个几乎毫无限制的线上点播务。 /201403/281871新都区妇幼保健医院无痛人流好吗

成都第五医院是不是公立医院绵竹市人民医院有人工授精吗Most of us are familiar with calluses.对于“老茧”,我们都很熟悉。These extra-tough patches of skin are generally quite useful-wemight even say handy-because they act like a kind of natural armor, protecting areas of skin thatget an unusual amount of wear and tear.这些皮肤上突出的硬皮是很有用的,也可以说是方便,因为他们扮演着保护常磨损皮肤的天然盔甲的角色。Have you ever wondered exactly what a callus is, or howit forms on your skin?你是否思考过什么是老茧?他又是怎样形成的?Callus formation is triggered by pressure or abrasion.老茧是由压力和擦而形成。The heel of your foot as it rubs inside yourshoe, or the palm of your hand if youre doing a lot of manual labor are good examples of this.脚后跟的茧是由其在鞋里擦而形成,正如手茧是在大量的劳动过程中形成。While it might feel like a callus is something extra, added to your skin, its actually just a build-up ofwhats aly there.尽管看起来似乎是皮肤上多出的部分,然而事实是已经存在的皮肤角质的累积。Your skin has a number of layers of different types of cells.皮肤是由若干层不同类型的皮肤构成。The outermost is a layer of hardened, dead cells.表层是一些坏死的硬细胞,This top layer is usually about twenty-five cellsthick, and it constantly replaces itself as the outermost cells flake off to be replaced by new hardened, dead cells underneath.通常有25个细胞那么厚,表层细胞不断的脱落,取而代之的是下层硬的坏死细胞,由此而完成自我更替过程。If your skin is subject to an unusual amount of friction, this layer of dead cells increases.假如皮肤受到不寻常量的擦,这层坏死细胞将会增加,New deadcells are added faster than the old ones slough away.新的坏死细胞增长速度比旧细胞脱落的速度快,This can build up the outer layer fromtwenty-five cells thick to over a hundred cells thick.这就致使皮肤表层的厚度增加到100个细胞那么厚,Youve grown a callus.由此,老茧便形成。While calluses are generally useful, if the process continues unchecked a callus can thicken into acone-shaped structure called a corn.虽然一般来讲,茧是有益的,但如不控制其过程,老茧厚度就会增加到被称作鸡眼的锥形结构,These super calluses can be quite painful, and may require the attention of a doctor.那样就会很疼,甚至需要去看医生。 201407/312308温江区妇幼保健院打胎有风险么?成都省妇女儿童医院住院部电话

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