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English to Chinese: Barclays Global Investors General field: Bus/Financial Detailed field: Investment / Securities
Source text - English Barclays Global Investors, N.A., a national banking association operating as a limited purpose trust company, manages the separate client account (“Account”) and Fund products and services referred to in this presentation and provides fiduciary and custody services to various institutional investors. Funds and Accounts custodied with BGI are not insured by the Federal Deposit Insurance Corporation and are not guaranteed by BGI or its affiliates. BGI is an affiliate of Barclays Bank PLC.
None of the Index Providers nor any other party involved in or related to compiling, computing or creating the index data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof) and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall Index Providers, any of their affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the index data is permitted without Index Provider’s express written consent. The index data may only be used for your internal use and may not be used to create any financial instruments or products (including funds and derivative instruments) or any indices.
Translation - Chinese Barclays Global Investors, N.A.係一家國家銀行協會，為有限目的之信託公司，管理本文所述之獨立客戶帳戶（「帳戶」）與基金產品及服務，並向多家機構投資人提供信託與代管服務。BGI代管之基金及帳戶不受美國聯邦存款保險公司（Federal Deposit Insurance Corporation）保險之保障，亦不獲BGI或其聯屬公司提供擔保。BGI係Barclays Bank PLC之聯屬公司。
English to Chinese: STANDARD & POOR’S CORE EARNINGS ANALYSIS General field: Bus/Financial Detailed field: Investment / Securities
Source text - English INVESTMENT THESIS
This week’s Focus Stock of the Week is Movado Group, Inc. (MOV:
$19.52), which carries Standard & Poor’s highest investment
recommendation of 5-STARS, or Strong Buy. We believe MOV shares are
undervalued at current levels, given our view of the company’s
positioning in a growing luxury goods market; limited exposure to
the challenging lower end of the U.S. fashion watch market;
licensing partnerships with what we consider to be high-growth
premium fashion brands; and well-controlled multi-channel
distribution. Our 12-month target price is $24, based on our
discounted cash flow model.
STANDARD & POOR’S CORE EARNINGS ANALYSIS
Based on our proprietary Standard & Poor’s Core Earnings
methodology, we see FY 06 S&P Core EPS of $1.17. This 8% divergence
from our FY 06 operating EPS estimate of $1.27 reflects projected
option expense of $0.10. Movado Group will start to expense stock
options at the start of FY 07 under Statement of Financial
Accounting Standards (SFAS) No. 123R. As a result, we project both
operating and S&P Core EPS of $1.43 for FY 07.
English to Chinese: Hong Kong Stock Market General field: Bus/Financial Detailed field: Finance (general)
Source text - English The local market finished sharply lower on Wednesday, reversing early gains as investors stepped back from their initial optimism about Wall Street`s advance overnight and headed for the exit door. Mainland A-shares went into consolidation, which ended up breaking the benchmark CSI 300 Index`s two-session rising streak, inevitably causing jitters in the local bourse. Moreover, the impressive market upswing since the Christmas holidays gave punters a strong incentive to take profit. The HSI dipped into negative territory shortly after a higher opening, while an outbreak of selling pressure in afternoon trading exacerbated its early loss and closed the market barometer near its day low. Overall, the blue-chips index failed to hold its ground above 15,000 since regaining that psychological support on the first trading day of 2009, finishing at 14,987 for a loss of 522 points (3.4%). The setback represented the gauge’s steepest one-session decline in more than three weeks. China Mobile (0941.HK, $78.45, BUY), which continued to be punished by sell-on-the-news reaction to the issuance of 3G licenses on the mainland, stayed the top HSI dragger for a second day; its rivals China Telecom (0728.HK, $3.03, BUY) and China Unicom (0762.HK, $9.19, BUY) alongside the recently high-flying telecom service and equipment vendors also suffered heavy losses. China Construction Bank (0939.HK, $4.06, BUY) came in second, losing more than 8% to close at a fresh one-month low after Bank of America offloaded some 13% of its 19.1% stake in the mainland lender at $3.92 a share. All of its compatriots in the China banking sector were under selling attack as well. It was reported after the market closed that Magnitico Holdings, an entity under billionaire Li Ka-shing`s charity, is offering 2b H-shares in Bank of China (3988.HK, $2.14, BUY) to institutional investors at $1.98-$2.03 each. With the sale further heightening worries over equity sell-downs by strategic investors, China banks may see more downside near term. Led by the heavy pullbacks in CCB and ICBC (1398.HK, $3.96, BUY), the HSCEI tumbled by 400 points (4.6%) to a close of 8,245 on Wednesday, underperforming the HSI for a second straight session.
Translation - Chinese 受投资者对周二美股上升的乐观情绪减退而出货所拖累，周三港股扭转早段的升势以显著跌幅收市。内地A股出现整固导致沪深300指数结束两个交易日的升势，无疑为港股增添紧张气氛。此外，大市在圣诞节假期后累积的显著升幅亦吸引获利回吐活动。恒指高开后迅即下跌，而午市沽盘增强则扩大其早段跌幅。该指数最终下跌522点(3.4%)，是逾3周的最大单日跌幅，并以接近全日最低位14,987点收市。这是恒指自2009年首个交易日重上15,000心理关口后首次未能在该水平以上收市。中国移动(0941.HK,$78.45,买入)因内地发放3G(0728.HK,$3.03,买入)及中国联通(0762.HK,$9.19,买入)连同近日大涨的电讯服务及设备营运股亦遭重创。受美国银行以每股3.92元减持其19.1%建设银行(0939.HK,$4.06,买入)股权中约13%所拖累，建设银行下跌逾8%，并以一个月新低收市，是拖累恒指下挫的第二大动力。其他内银股亦全面受挫。收市后有报导指李嘉诚慈善基金旗下的附属公司Magnitico Holdings正以每股1.98-2.03元向机构投资者出售20亿股中国银行(3988.HK,$2.14,买入)H股。有关沽货行动将令市场对策略投资者继续减持股份的忧虑加剧，而中资银行股短期内的表现或会偏淡。受建设银行及工商银行(1398.HK,$3.96,买入)的跌势所拖累，H股指数下挫400点(4.6%)，收报8,245点，连续第二个交易日跑输恒指。
English to Chinese: IPO General field: Bus/Financial Detailed field: Finance (general)
Source text - English 1. RISK FACTORS
There are certain risks and considerations relating to an investment in our Shares. These can be categorized into: (i) risks relating to our loan portfolio; (ii) risks relating to our business; (iii) risks relating to the PRC banking industry; (iv) risks relating to the PRC; and (v) risks relating to the Global Offering. These risk factors and considerations are further described in ""Risk Factors’’ and are summarized below.
2. “THAT conditional upon the Listing Committee of The Stock Exchange of Hong Kong Limited granting listing of and permission to deal in the shares of the Company to be issued upon the exercise of options under the share option scheme adopted by the Company on 2nd May, 2003 (the “Share Option Scheme”), the existing scheme mandate limit in respect of the granting of options to subscribe for shares of the Company under the Share Option Scheme be refreshed and renewed provided that the total number of Shares which may be allotted and issued pursuant to the grant or exercise of the options under the Share Option Scheme (excluding options previously granted, outstanding, cancelled, lapsed or exercised under the Share Option Scheme, shall not exceed 10% of the shares of the Company in issue as at the date of passing this resolution (the “Refreshed Limit”) and that the Directors of the Company be and are hereby authorised, subject to compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, to grant options under the Share Option Scheme up to the Refreshed Limit and to exercise all the powers of the Company to allot, issue and deal with shares of the Company pursuant to the exercise of such options.”
Translation - Chinese 1. 风险因素
English to Chinese: Wallstreet Insight General field: Bus/Financial Detailed field: Finance (general)
Source text - English 11/29/08 3:00 pm EST... MID-WEEK TECHNICAL NOTES:
Volatility of the major indexes has picked up over the last month, indicating that the rally may be coming to an end, in our view. Bond yields may be close to bottoming while crude oil prices are attempting to breakout from a 2-month base.
Since the end of October, we have seen two very quick pullbacks in the S&P 500, as price volatility began to pickup. From mid-August until the end of October, prices were very stable as they rose in a very narrow channel. Intermediate-term market tops are many times preceded by very jagged action as supply and demand start to even out. In addition, there has been a negative momentum divergence on the daily charts, and this is often a sign that a pullback/correction is coming.
Bond yields on the 10-year treasury are trying to bottom out near the 4.5% area, in our view. There is major, long-term trendline resistance just below the 4.5% level. In addition, treasuries are oversold on both a daily and weekly basis. We will need to see a reversal back above the 4.8% level to confirm that abottom is in.
Crude oil has rallied back to the $62/barrel area and we believe prices are close to breaking out after drifting sideways for the last two months. There have been multiple positive divergences on the daily chart over the last two months and the weekly momentum indicators are finally starting to turn higher. A break above the $63 level would complete an intermediate-term reversal pattern, and confirm that prices have finally bottomed.
Translation - Chinese 11/29/08 美东时间下午3:00 周中技术评论：
English to Chinese: Global Think Tank Summit 全球智库峰会 General field: Bus/Financial Detailed field: Finance (general)
Source text - English Key UNCTAD Ideas
Dr. Supachai Panitchpakdi
Secretary-General of UNCTAD
Global Think Tank Summit
The China Centre for International Economic Exchanges
• Ultimately, however, we have to recognize that only a more multilateral approach to global monetary and financial regulation has the potential to end the persistent recurrence of crises. In the absence of a rules-based multilateral financial system, speculative capital flows will continue to trigger considerable overvaluation of certain currencies, thereby seriously impairing the international competitiveness of producers in these countries. Such overvaluation has often occurred in countries running large and increasing trade deficits, whereas the currencies of economies with large and increasing trade surpluses have often been subject to devaluation. This means that the international monetary and financial system in its present form allows for financial transactions that severely distort international trade in a similar way as do tariffs and other barriers to trade.
• The problem is that in the developed world, financial crises are fairly rare events, and this leads to a regulatory cycle, with overshooting in both directions. After a crisis there is widespread political support for regulation, and this may lead to overregulation. After a long period of stability, characterized by small non-systemic crisis, policymakers begin to forget the lessons of the previous crisis. This is when the deregulatory process starts. However, the costs of excessive deregulation can easily exceed the cost of excessive regulation. A possible solution to this regulatory cycle would be to follow the example of air safety regulators, who, besides learning from relatively rare airplane crashes, also put a great deal of attention into near-misses. For instance, there was much to be learned from the LTCM collapse of 1998. A proper regulatory response then might have played a positive role in limiting the consequences of the current crisis. Whatever monitoring mechanism we devise, must truly reflect the state of the world economy, including trends in developing countries.
Chinese to English: Sina 新浪 《小康•财智》 General field: Marketing Detailed field: Advertising / Public Relations
Source text - Chinese 第一视频日后的发展也一再验证了张的前瞻性。2006年7月，第一视频借壳益安国际(0082.HK)成功登陆香港主板市场。此时尚无优良盈利记(0.67,0.00,0.00%)录的第一视频之所以能够打动投资者，重要的原因就在于其具有互联网、通信、传媒领域几乎所有的经营牌照，完备的经营资质从根本上消除了并购后经营上可能出现的政策风险。也正是由于牌照优势，第一视频得以实现增发，顺利募集了数十亿人民币的现金。同时，完备的内容制作与经营资质也使第一视频日后建设这三大领域的交叉经营模式成为可能，通过与内容提供商的合作整合内容资源，并通过与电信、网络通道商的合作在多种平台上销售这些内容，在3C融合的背景下，这种交叉经营模式具有广阔的想像空间。
Translation - English Once again, Zhang’s vision had been certified by the later development of VODone. Repeatedly verifies Zhang’s forward looking. In July 2006, VODone was backdoor listed on the Main Board of HKEX by way of the shell of Yanion International (0082.HK). VODone, which had not yet recorded any solid profitable track record (0.67, 0.00, 0.00%) then, could attract investors mainly due to its possession of almost all licenses necessary for engaging in the Internet, telecommunications and media businesses. Basically, a complete set of required licenses and qualifications for operation fundamentally eliminates any potential policy risks which may arise in the course of business after merger and acquisition. In addition, VODone had capitalized on advantages of the edge of its complete qualifications set of licenses and to raised billions of RMB in cash by way of placing. Moreover, all-round contents production and the aforesaid edge of complete set of required licenses and qualifications for operation also laid the sound foundation for VODone to establish a cross-operation model covering the above three business areas in the future. Through the respective collaboration cooperation with certain contents providers to consolidate the integrate contents’ resources and with telecommunication and network access providers to sell these contents via various platforms, such a cross-operation model has enormous upside potentials against the backdrop of 3C integration.
English to Chinese: 北京某房地产公司推广广告 General field: Other Detailed field: Advertising / Public Relations
Source text - English Headline: The Gateway to Success
Sub: Proudly owned by [ RREEF CCT Logo]
Gateway Plaza presents an unprecedented opportunity for multinational businesses to establish themselves in Premium Grade A commercial premises that are well located, professionally managed and designed to an excellent specification.
The building enjoys an enviable location in the prime Lufthansa district – a vibrant commercial hub in proximity to the Beijing Capital International Airport, the embassy district and the high-end Chaoyang residential precinct.
The management standards are best-in-class, with a robust preventative maintenance policy and proactive tenant relations programme.
The column-free design epitomises spatial efficiency and flexibility – typical floor plates span 2,300 sq m, and can be subdivided into office suites starting from 200 sq m or combined into multiple floors of duplex and triplex units.
Esteemed international businesses, such as BMW and Sony, have established themselves in Gateway Plaza because they too see the business opportunities afforded by these prestigious commercial premises.
“We chose to house our headquarters and main showroom here because both the building specifications and location are excellent.” – BMW
“It’s rare to find an international Grade A office in such a convenient location.” – Sony
Being a professional financial translator with 7 years of English-Chinese translation experience, I pay high attention to each single word I deal with, because I fully understand what quality means to my clients and also what it means to me with regard to a long-term collaboration.
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