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2017年12月16日 14:56:45 | 作者:百姓信息 | 来源:新华社
Private equity私募股权融资Tax attack税收攻击Leveraged buy-outs face legal scrutiny衡平收购面临法律审查Aug 24th 2013 |From the print editionTAX planners at private-equity firms are having an unusually busy summer. A fiscal ruling in Sweden and a court case in America are threatening to upend the arrangements that buy-out firms use to minimise their tax bills.私募股权公司的税务规划师这个夏天非一般的忙碌。瑞典的金融管制以及美国的一起案件有可能颠覆收购公司用于最小化其税收单的安排。Both cases relate to a tax loophole used by private-equity firms in America and much of Europe. Under “carried interest” rules, buy-out executives pay (relatively low) capital-gains taxes on profits made from buying and selling companies, in the same way investors or entrepreneurs do. This is odd, given that the money wagered on private-equity deals comes overwhelmingly from outside investors, not the executives themselves. It would make more sense for these profits to be taxed like salaries, or bankers’ bonuses, at the (higher) income-tax rate.这两起事件都与一个税收漏洞有关,这个漏洞在美国和欧洲大部分地区的私募股权公司被利用。根据附带权益规则,控制股权收购的主管跟投资者和企业家一样付相对较低的资本利得税,这项税是针对公司买卖获利所征收。鉴于押在私募股权融资交易中的资金大部分来自外部投资者,而不是主管,所以这项规则很奇怪。这些利润应该按照工资税或者家的红利,征收更高的所得税更合理。That is exactly what Sweden’s tax administration has decided. In a ruling on August 20th it demanded SKr647m (m) of back taxes from EQT, a local private-equity fund, and its executives. The amount covers the difference between the 25% capital-gains rate and the 57% income tax for 2007-09, plus interest and penalties. EQT is not alone: dozens of other executives at other firms have been handed multi-million-kronor bills as a result of the tax authorities’ change of heart. The potentially impoverished bosses say they are confident courts will find in their favour on appeal.瑞典的税务局就是这样做的。在8月20日的一起判决中,税务局命令一个当地的私募股权基金EQT及其主管补交税款6.47亿瑞典克郎(9900万美元)。这笔税款包括25%的资本利得税和自2007年到年的57%的所得税加上利息和罚金。不只是EQT一家,其他几十家公司的主管也因为税务局中心的改变而交出了数百万克朗的资金。这些即将变成穷光蛋的老板说他们很有信心法庭能找到有利于他们的请求。The American case, decided on July 24th, chips away at carried interest from another angle. An appeals court in Boston ruled that Sun Capital, a private-equity fund that specialises in turning around distressed companies, is liable for some pension obligations of a firm it bought in 2006, and which subsequently went bust.美国的案子于7月24日作出判决,从另一个角度撤销了附带权益。位于波士顿的一家上诉法院判决私募股权基金太阳资本对其于2006年购买的一家公司的养老金付负有责任,这家公司最终破产。太阳资本专注于使运转不佳的公司好转。The case is limited to pensions (and is being contested by Sun Capital) but the precedent could have a wider tax impact, says Jon Zorn of Ropes amp; Gray, a law firm. The core of the ruling blows away a legal fiction that private-equity funds are passive investors who do not actively control the companies they buy. That premise is also used to justify putting profits into the lower tax bracket.这起案件局限于养老金,并且太阳资本提出了异议。但是格雷律师事务所的Jon Zorn表示,先前的例子对税收更有影响。判决的核心推翻了私募股权基金都是不会主动控制收购公司的消极投资者的法律假想。该假定之前也常常用于将利润划为更低的税率等级征税的辩护。Executives in Sweden and America complain about the uncertainty created by the cases. They have a point. It would be better to make clear that private-equity profits should be taxed as income, and carried interest done away with.瑞典和美国的主管抱怨案件引起的不确定性。他们有一个观点。弄清楚私募股权利润应该按照所得征税,并且废除附带权益,这样更好。 /201308/254358Yael,Were always hearing that the ozone layer is being depleted, and how bad this is because we need it to protect us from the suns harmful ultraviolet rays.雅艾尔,我们常听说臭氧层正在逐渐消失的消息,这可不是件好事。因为臭氧层保护我们人类免受太阳过量的紫外线侵害。But Ive been thinking, and there has to be a more effective way to restore the ozone layer than just by sitting around not releasing any more harmful chemicals into the air so the ozone has a chance to repair itself.但是,我一直在考虑,比起不再释放任何有害化学物质到空气中静观其变而言,我们可以采取有效措施修复破坏的臭氧层。Ok, like what? Well, how hard could it be to make more ozone ?有何高见?制造更多的臭氧层应该不难吧?we must have a plenty of material.我们必须有大量的原料。After all the ozone molecule contains three oxygen atoms-and the oxygen molecules we breathe contain two oxygen atoms, so cant we just use that oxygen to produce a bunch of ozone ourselves and stick it back up in the atmosphere?毕竟,所有的臭氧分子由三个氧原子组成;我们呼吸的氧分子包含两个氧原子。这样,我们可以自己用氧气制造臭氧,以此替代破坏的臭氧层圈。 201311/266577Don: One thing you listeners dont know about me is that I used to weigh an incredible three hundred pounds. Ever since I started the Moment of Science weight loss program, though, Ive been slimming and trimming until Im now in the spectacular shape you see today.唐:关于我,你的听众们有一件事不知道,我曾经胖得惊人,体重曾重达300磅。自从我参加了科学时刻减肥计划,我就一直在瘦身,直到减成你现在看到的这样。Yael: Don . . . you look the same as you always have.雅艾尔:唐...你看起来一直是这个样子。Don: Well, okay. But I do fidget.唐:哦,好吧。但是我感到坐立不安。Yael: You fidget? What does fidgeting have to do with weight?雅艾尔:坐立不安?你坐立不安与体重有什么关系?Don: Maybe a lot! Researchers at the Mayo Clinic in Minnesota did some experiments to try to figure out why some people gain weight more than others do.唐:也许关系很大!位于明尼苏达州的梅奥医疗中心的研究人员做了一些实验,来试图理解为什么有些人比其他人增加更多的体重。Yael: Boy, I can relate to that. Some people can eat whatever they want and they never seem to gain a pound.雅艾尔:孩子,我也有同感。有些人想吃什么就吃什么,而且从来不长一点肉。Don: In this study, volunteers were given a thousand extra calories a day—about two cheeseburgers worth of extra intake.唐:在这项研究中,志愿者每天多摄入1000卡路里,大约相当于2个芝士汉堡所含的热量。Yael: This kind of study Id like to be in!雅艾尔:我想参加这样的实验!Don: Well anyway, they also wore special devices that recorded how much they moved—you know, walking up and down steps and whatnot. Everybody gained weight, but some people gained much less than others. The culprit? Fi—dgeting.唐:不过,不论怎样,他们也会穿上特别的装备来记录他们的运动情况——你也知道,上楼梯、下楼梯以及类似的运动。每人都在增重,但有些人增加的重量比其它人少得多。罪魁祸首是什么?坐立不安。Yael: You mean just drumming your fingers or scratching your neck or something?雅艾尔:你是指敲手指或抓脖子上,还是什么?Don: Any motion takes energy to perform. And little motions like rearranging things on your desk or stretching your back, if you do them all the time, start to add up. We generally only think of large motions, like exercise, as burning calories. But people who have the fidgets may be doing a slow, steady burn all day long.唐:任何运动都需要能量去执行。像整理书桌上的东西或伸展背部这样的小动作,如果你一直做就会累加。我们通常只认为大型运动才会燃烧卡路里,比如锻炼。但那些坐立不安的人们可能会一整天都在缓慢而稳定地燃烧卡路里。原文译文属!201306/243344

Business商业报道Multinationals in emerging markets新兴市场的跨国公司Must try harder要做的还有很多The ambitions of Western firms in emerging markets far exceed their efforts西方跨国公司在新兴市场行动滞后于雄心SPEAK to the boss of a big, rich-world multinational company and he will soon wax lyrical about the attractions of emerging markets.假如跟发达国家跨国公司老总聊天,他肯定会大加赞赏新兴市场的魅力。Even recent wobbles in some of these countries have not curbed vocal enthusiasm for the BRICS and other collections of high-growth markets,即便是新兴市场近期的经济动摇状况也没有削弱跨国公司对金砖四国及其他国家高速增长的市场的夸赞和热情。whose prospects have more than offset a gloomy prognosis for the maturing, growth-starved domestic markets of the developed economies.新兴市场的繁荣不仅仅消除了发达经济体由于自身发展成熟而导致国内增长停滞从而产生的消极预期。So, with the source of future profits so clearly identified, presumably such firms are doing everything possible to succeed in emerging markets?因而,未来利润之源如此显而易见之时,大概这些跨国公司会尽一切可能在新兴市场抢占先机吧?Strangely, it seems they are not.然而奇怪的是,他们似乎并不急于行动。Or so says a new report, Playing to Win in Emerging Markets, by the Boston Consulting Group.据波士顿咨询集团的一篇名为为夺取新兴市场的新闻报道,情况确实如此。The consultancy polled over 150 executives from the world’s biggest multinational companies.该公司针对来自全球最大的跨国公司的150名经理进行调查。So far, those firms have not done badly, earning on average 28% of their revenues in emerging markets.目前,那些公司的运营状况还不错,他们在新兴市场的收益平均达到总收益的28%。Yet nearly four-fifths of them expect to gain market share, which could be trickier.然而80%的跨国公司想获得市场份额,这将会更加难以捉摸。Many multinationals base their entire senior management team at home, where they are too remote to tackle the challenges involved in conquering new territories.许多跨国公司将高级资深管理团队留在国内,这使得他们距新兴市场太过遥远,难以直面新疆域上的挑战。Those firms that have moved at least two of their top 20 executives to the new front line have outperformed their rivals by far, says G.据波士顿咨询集团消息,目前为止,在公司最顶尖的 20个高管中,那些至少派出两位到新兴市场前沿阵地的公司,其经济效益要比竞争对手好很多。Schneider Electric recently relocated several senior people, including the boss, toHong Kong.施耐德电器公司近期进行人事调动,将几名高管包括其老板安排到香港。Global firms are also finding the going increasingly tough against local competitors.跨国公司也意识到与当地的竞争对手之间的胶着越来越激烈。The domestic firm can focus better on its home market, adapt more swiftly to changing conditions and is often prepared to take more risk, says G.波士顿咨询集团称,相较而言,本地公司能更多地集中精力于国内市场,更快地适应变化了的情况并且做好了冒更多险的准备。And nowadays it can tap the global market for the same people, capital and technology deployed by multinationals and attract talented local managers.如今,本地公司也能通过跨国公司带来的人力、资本和技术开拓国际市场吸引才华横溢的本地经理人。What can multinationals do to fight back?跨国公司将如何予以反击?David Michael, one of the authors of the report, reckons they need to treat emerging economies as their new core markets,该报告的作者之一戴维?迈克尔认为他们应该将新兴市场作为新的核心市场。if necessary changing their entire business models to make themselves more nimble and entrepreneurial.如有必要,他们还要转换整个商业模式以使其更加灵活更具创造性。Why are multinational bosses not walking their emerging-market talk?为什么跨国公司的老板不践行他们有关新兴市场的言论?One risk, as discovered last year by the boss of Procter Gamble, is that by devoting too much attention to emerging markets their company will lose focus on the rich countries that still,正如保洁公司老总去年所发现的那样,拓展新兴市场有风险。倘若他们将太多的精力投入到新兴市场,他们的公司将相应地减少对富裕国家的投入,for now, provide the bulk of its profits.而后者却是跨国公司利润的主要来源。 /201309/257860

The economic battleground经济战场Gas and chocolate天然气和巧克力Supporting Ukraines economy will not be easy or cheap持乌克兰的经济怕是既不容易也不廉价THE Ukrainian economy is a mess.乌克兰的经济现在是一片混乱。Its currency, the hryvnia, has lost almost 20% of its value in the past month.过去的一个月,其货币格里夫纳已经贬值将近20%。Foreign-exchange reserves have tumbled to billion, despite the imposition of capital controls.尽管实行资本管制, 外汇储备还是已跌至150亿美元。Bank deposits fell by more than 3% in the first half of February and, since the revolution, the government has imposed limits on further withdrawals.二月上旬,存款下跌超过3%,自革命以来, 政府进一步限制提款。Tax revenues have collapsed and pension payments have been delayed.税收收入已经崩溃, 养老金也被推迟。The country was in poor-enough economic shape before all this: it was one of the reasons why Viktor Yanukovych, the deposed president, chose billion in Russian loans over a deal with the European Union—the decision that led to his downfall.此前,乌克兰的经济就已经很是贫困:这也是被废黜的总统亚努科维奇选择了俄罗斯150亿美元的贷款而不是与欧洲联盟的原因之一,此决定导致了他的垮台。Having propped up the Ukrainian economy, Russia seems to have the power, as energy provider, trading partner and creditor, to cripple it.作为乌克兰的能源供应商, 贸易伙伴和债权人,俄罗斯持过乌克兰的经济, 俄罗斯似乎也有能力削弱它。The most obvious economic attack would be to cut off the Ukraines gas.最明显的经济攻击将是切断乌克兰的天然气。That need not have huge effects either on western customers whose gas comes via Ukraine or on Russian gas earnings.这需要不会对天然气运输途经乌克兰的西方客户或俄罗斯天然气收入产生较大影响。Other Russian pipelines could handle much of the gas.其他俄罗斯管道可以处理大部分的天然气。But it would still be a costly tactic, and one to which the Ukrainians are not as vulnerable as they might seem.但这仍将是一个昂贵的策略, 乌克兰人也没有他们看起来那么脆弱。They have large gas-storage facilities conveniently situated in the west of the country. How much gas the stores contain is unclear, and its ownership is murky—but after a mild winter there is probably a buffer of several months.该国西部地区,他们有大型油气储备设施。天然气存储到底有多少还不清楚, 其所有权也很模糊,冬季之后能撑几个月来缓冲。Moreover, Ukraine should be able to import gas from Slovakia, reversing the flow of a main east-west pipeline.此外, 乌克兰还能从斯洛伐克进口天然气,扭转一条重要的东西方管道的流动。It has twice done this on smaller pipelines during previous disputes with Russia.之前与俄罗斯发生过纠纷,他们两次就修建好了一些较小的管道。Trade is also a weapon which imposes costs on the aggressor, but an easier one to wield with precision.贸易也是一种武器, 把成本强加于侵略者,更容易而且精确行使。A quarter of Ukraines exports head east and Vladimir Putin is not shy about messing with them; Russian restrictions, like those placed on Ukrainian chocolate last year, could cost the country billions, with the losses targeted on particular sectors, even particular oligarchs.乌克兰四分之一的出口是往东方出口,弗拉基米尔普京并不羞于干扰;俄罗斯对其进行限制,去年曾搁置乌克兰出口的巧克力造成了上十亿的损失,损失针对特定的行业,甚至特定的寡头。This week Russia banned pork from Ukraine, saying political instability had undermined safety inspections.本周俄罗斯禁止从乌克兰进口猪肉,声称乌克兰的政治不稳定已经破坏了安全检查。Though Mr Putin says he wants to strengthen trade, instability is unlikely to be in short supply over the coming months.尽管普京先生表示, 他希望加强贸易,在未来的几个月不太可能出现供应不足。As a creditor, Russia has given itself room for mischievous manoeuvre.作为债权人,俄罗斯已经给自己恶意操纵的空间。The way its bail-out to Mr Yanukovych, billion of which was delivered before the revolution, was structured gives Mr Putin leverage that could scupper any attempts to reach agreements with other creditors in advance of forthcoming payments.其对亚努科维奇的纾困,革命之前, 就已给了30亿美元,普京目的是破坏乌克兰与其他债权人事先达成协议。And some fine print stipulates that if Ukraines debt-to-GDP ratio exceeds 60% it would automatically be in default.一些细则规定, 如果乌克兰的债务占国民生产总值的比率超过60%, 俄罗斯可以不履行协议。Russias legal poison pills could make dealing with Ukraines debts harder at a time when they are sure to grow; without loans from the West the government will run out of money.俄罗斯的法律毒丸可以让让乌克兰因此债务交易更加困难; 但没有从西方政府贷款,钱还是会用光。If Ukraine had sensible economic policies such loans would be easily made, since the countrys current debt burden, at 47% of GDP, is not excessive.如果乌克兰有明智的经济政策, 这种贷款会很容易, 因为这个国家目前的债务负担占GDP的47%, 并不过多。But Ukraine has almost never had sensible policies; it has profligate ones, and the investors who used to support that profligacy when Ukraine offered high interest rates and a stable currency are now nowhere to be seen.但乌克兰几乎从来没有明智的政策, 挥霍无度,曾经持 挥霍的投资者们所持乌克兰的高利率和稳定的货币政策现在也不可行了。Time for the IMF, which has ample experience with this kind of balance-of-payments crisis.国际货币基金组织行动的时候了,它有足够的经验处理这种国际收平衡危机。The standard remedy includes tough reforms—in Ukraines case, a large depreciation, slashed energy subsidies and big budget cuts—in return for funds to tide the country over until it can once again borrow from private markets.规范的补救措施包括艰难的改革,对于乌克兰的这种情况, 需要一次货币大贬值, 削减能源补贴和大幅削减财政预算来换取资金,直到这个国家渡过难关, 直到能再一次实行私人市场。Ukraine probably needs billion to billion in budgetary finance to last until after the May election.乌克兰可能需要30亿美元到40亿美元财政预算将持续到5月大选之后。A larger loan of billion would allow it to meet its external financial obligations for the next year.150亿美元更大的贷款, 将可能会让其完成外部金融义务。America is keen for the IMF to negotiate a big package of loans and reforms as soon as possible, arguing that Ukraines transitional government not only needs the support, but also can make progress where others have failed.美国希望国际货币基金组织协商尽快提供大的贷款和改革方案, 认为乌克兰的过渡政府不仅需要持, 也可以在别人失败的地方取得进展。Alexander Turchinov, the interim president, has aly said he would accept all the IMFs terms, including draconian spending cuts.Alexander Turchinov临时总统已经表示, 他将接受所有国际货币基金组织的条件, 包括严厉的削减开。But many of the IMFs technocrats, and its member countries, dislike the idea of America using the fund as a geopolitical tool—worries given a bitter edge by the fact that Americas Congress recently refused to approve an expansion of the funds coffers.但国际货币基金组织的许多技术专家, 和它的成员国,不喜欢美国的想法,把基金作为地缘政治工具-担心最近美国国会拒绝批准扩大基金的资金是给定了一个痛苦的边缘。They would prefer that the IMF chip in billion, with few strings attached, under its Rapid Financing Instrument.货币基金采取快速的融资,给其10亿美元 并附加一些条件。Other short-term help is available.他们更希望国际其他短期帮助也可以。On March 5th the EU offered 1.6 billion in short-term macroeconomic assistance, as well as a lot of development aid in the longer term.3月5日欧盟提供16亿作为短期宏观经济援助, 以及大量的长期发展援助。Add in the billion loan guarantee announced by John Kerry this week and Ukraine can probably stumble along until May, at which point a newly elected government could negotiate a long-term package.约翰克里在本周宣布了10亿美元贷款担保,到5月乌克兰可能会踉跄前行 , 那时新当选的政府可以协商一个长期计划。The politics of the rescue may get harder when it becomes clear where some of the money will end up.我们很清楚,随着钱的用完,救援举措也会变得困难。Using Western taxpayers money to pay off Mr Putin or the hedge funds that bought high-yielding Ukrainian debt is an ugly prospect.用西方纳税人的钱来偿还普京或者高收益债券的对冲基金是一个丑陋的前景。So Ukraine may try to renegotiate terms with its bondholders, which would be where Mr Putins leverage could come into play.所以乌克兰可能尝试与债券持有人重新谈判合同条款, 普京也会利用杠杆作用做文章。But it would also be where a reform plan with solid Western support would yield dividends.这也将是一个西方持的改革计划,会产生红利。If Ukraines economy is being transformed and the IMF is satisfied, Russian bloody-mindedness need not slow the countrys return to the market, even if it forces a form of default.如果乌克兰的经济转变了, 国际货币基金组织对其满意, 需要俄罗斯不找茬阻碍乌克兰重返市场, 即便是它迫使违约。But if Ukraines reform commitment wobbles, Russia has room to cause yet more trouble.但如果乌克兰改革承诺一旦晃动, 俄罗斯会有机会制造更多的麻烦。 201403/283053

Science and technology科学技术Cancer and the microbiome癌症和微生物组A punch in the gut肠道里的元凶How microbes promote liver cancer in the overweight微生物如何诱发胖人的肝癌OBESITY brings problems—notably heart disease, diabetes and cancer.肥胖产生了问题―尤其是心脏病、糖尿病和癌症。It is not hard to understand its connection with heart disease and diabetes: excess fat clogs arteries and messes around with the metabolism.肥胖与心脏病、肥胖与糖尿病的联系不难理解:多余脂肪堵塞血管,使新陈代谢紊乱。Its link with cancer is less intuitive.但是肥胖与癌症的联系凭直觉就不能理解了。Shin Yoshimoto of the Japanese Foundation for Cancer Research, in Tokyo, and his colleagues suspect this is at least partly because researchers have been looking for that link in the wrong place.位于东京的日本癌症研究基金会的Shin Yoshimoto以及他的同事怀疑,这主要是因为研究人员的研究角度错误。Most work in the field is focused on the cells of the human body.此领域的多数工作只是集中在人身细胞的研究。But researchers should, Dr Yoshimoto believes, be at least as interested in the cells of the microbiome, the collection of 100 trillion bacteria that live in the gut.Shin Yoshimoto认为,研究人员应当留心微生物组,这群生活在肠道的100万亿个细菌群。Mostly, the microbiome is beneficial.微生物组中的大多数都是有益的。It helps with digestion and enables people to extract a lot more calories from their food than would otherwise be possible.它们帮助消化,让人体从食物中分离出更多的能量。Research over the past few years, however, has implicated it in diseases from atherosclerosis to asthma to autism.然而,近几年的研究工作认为,微生物组是造成动脉硬化或孤独症等的病因。Dr Yoshimoto and his colleagues would like to add liver cancer to that list.但是,Yoshimoto以及他的同事则认为微生物组也是肝癌的病因。Their paper making this accusation is published in this weeksNature, and it is a careful, step-by-step analysis of the matter.他们的论文指出指控,发表在本周的《自然》杂志上。本篇文章进行了仔细、逐步的分析。They start from the facts that fat animals have different gut bacteria from thin ones; that some bacteria produce inflammatory molecules as part of their metabolism; and that inflammation promotes cancer.文章开始便列举了事实,肥胖动物的肠道细菌与瘦的不同;某些细菌在新陈代谢过程中产生一种能引起炎症的分子;炎症诱发癌症。They began their experiments by feeding laboratory mice a fatty diet, to make them obese.他们通过实验小鼠进行实验,喂养高脂肪食物,让它们长胖。Such mice, they found, are no more likely to develop cancer than those fed an abstemious diet.他们发现,吃了脂肪含量高的小鼠患癌症的机率不高于饮食有度的小鼠。Obesity alone, then, does not seem to cause tumours. But it might still promote them.因此,单独肥胖一项因素不会引起肿瘤,但是仍然会诱发肿瘤。Their next experiment therefore started by giving the mice a carcinogen known to trigger tumour formation throughout the body.因此,他们下一步的实验就是喂养小鼠能在全身形成肿瘤的致癌物质。One group was then fed standard fare while another got the high-fat diet.一组实验小鼠喂养标准食物,另一组喂养高脂肪食物。After 30 weeks, just 5% of the slim group had developed tumours, not in the liver but in the lungs.30个星期后,体形瘦削的那组只有5%患有肿瘤,不是在肝脏,而是在肺部。In the obese group, every animal had developed liver cancer.体形肥胖的那组,每只小鼠都患上了肝癌。To understand how this happened, the researchers began with the tumours and worked backwards.要了解其中的原因,研究人员先从肿瘤入手,采用了反正法。First, they found that the cancerous liver cells in their mice were generally accompanied by cells that had the symptoms of old age.首先,他们发现,实验小鼠中癌化的肝脏细胞周围的细胞出现了老龄化的症状。Such cells also emit chemical signals which promote inflammation, and thus encourage tumours.这些老化细胞会释放出引发炎症的化学信号,并进一步诱发肿瘤。The researchers suspected that these cells were being made senescent by something produced by gut bacteria.研究人员怀疑,细胞出现老化是由肠道细菌产生的某些物质所致。That suspicion was confirmed when they served some of their mice a cocktail of four antibiotics, to prune the animals microbiomes.研究人员混合了四种抗生素,喂养小鼠时,减少小鼠体内的微生物群。This treatment lowered the number of senescent and cancerous cells, suggesting the microbes were indeed to blame for promoting cancer.此时,他们的怀疑得到了实。这种喂养方法减少了老化和癌化细胞的数量,表明微生物确实是诱发癌症的因素。Dr Yoshimoto and his team then started to focus on which bacteria were causing the problem.接下来,Yoshimoto和他和团队开始研究是何种微生物导致问题。First, they discovered they could get the same cancer-suppressing effect using just vancomycin, an antibiotic that kills only “Gram-positive” bacteria.首先,他们发现,用专杀“革兰氏阳性”细菌的抗生素万古霉素进行实验,也能取得相同的抑癌效果。They also observed, as prior research had suggested, that a fatty diet raised levels of a chemical called deoxycholic acid and that antibiotics lowered it.同时,他们发现,高脂肪饮食会提升化学物质脱氧胆酸的水平,万古霉素会使其降低。Previous research had demonstrated too that DCA damages DNA in a way that promotes senescence.先前的研究也发现,DCA会以一种诱发衰老的方式破坏DNA。Dr Yoshimoto showed that lowering DCA levels in mice did indeed reduce the development of liver cancer.Yoshimoto让人们看到,降低实验小鼠体内DCA的水平确实会减少诱发肝癌的机率。Certain types of gut bacteria, including strains of Clostridium, are known to burp out DCA.某些肠道细菌,包括梭状芽胞杆菌菌株,研究人员进行进一步的工作,包括研究小鼠粪便。And further detective work, including examination of the mices faeces, revealed higher levels of a strain of Clostridium called OUT-1105 in the fat mice than in the thin ones.他们研究发现,肥胖的小鼠粪便中OUT-1105这种梭状芽胞杆菌的水平要高于瘦削小鼠。This strain, Dr Yoshimoto thinks, is the most likely culprit.Yoshimoto认为,这种梭菌很有可能就是罪魁祸首。There is, then, a chain of causation leading from the gut to the liver that promotes tumours in obese mice.之后,他们又发现了一连串的因果现象,说明了肥胖小鼠体内从大肠到肝脏诱发肿瘤的成因。And the chances are good that something similar pertains in Homo sapiens.这提供了好机会,因为这个过程与人体内的过程相似,Humans are not mice, of course.虽然人不是老鼠,But the two species microbiomes often do behave in the same way.但两者的运行机制还是相似的。If cancer does end up being added to the growing list of problems which an upset microbiome can cause, that may stimulate research into ways of tweaking it to stop it causing disease.人体内的微生物组令人烦恼,因为它会导致一些问题,而且由它导致的问题还在不断增加。假如由它导致的癌症防止不了,那么这就会刺激研究对微生物组进行调整,地防止产生疾病。It will also, once again, emphasise the microbiomes role, for both good and ill, as an adjunct part of the human body在此需要再一次地强调微生物组的作用,不论好与坏,毕竟它们都是人体的附属部分 /201311/263730

Business商业报道Corporate governance in America美国的企业管治Heating up逐渐升温Shareholders are ever more willing to vote against management股东永远愿意对管理者投反对票TWENTY years ago Bob Monks bought an ad in the Wall Street Journal declaring members of the board of Sears, to which he hoped to be elected,non-performing assets.20年前,鲍勃.蒙克斯在华尔街日报刊登了一则广告,宣称西尔斯百货的董事会成员是不良资产, 在此之前,他渴望被选中的成为其中之一,可惜没有。Nowadays, shareholder activists just create a website.现今,股东维权主义者只需创建一个网站即可。On April 2nd Dan Loeb, a hedge-fund boss, launched valueyahoo.com, which brims with proposals for reviving the struggling web firm.4月2号,一个对冲基金的老板丹·勒布,建立一个valueyahoo.com网站,公布了各种拯救雅虎这不景气网络公司的方案。Mr Loeb is trying to get himself elected to Yahoo!s board against the wishes of its managers—a fight that could be the highlight of the annual corporate proxy season that is getting under way.勒布先生正尝试违背公司管理层的意愿,令自己被选进雅虎的董事会。一场可能成为公司年度股东大会期间的焦点战争正准备打响。He may win the shareholder vote, if Yahoo! does not strike a deal with him first.一旦雅虎没有预先和他达成协议,他可能赢得股东们的选票。Several hedge funds are urging shareholders to give boards a good kicking.几个对冲基金正说股东们给董事会一个下马威。Starboard Value has nominated five candidates to the board of AOL, another ailing web firm.Starboard Value已经给另一间衰落的网络公司—美国在线的董事会里提名了五名候选人。On April 2nd Pershing Square added a seventh candidate to the alternative slate of directors it has nominated to the board of Canadian Pacific Railway.4月2号,波欣广场在已经提命的加拿大太平洋铁路公司董事会候选人中增加第七位候选人作为董事的替代人。Shareholder activism isgetting back to normal after the financial crisis of 2008, says Peter Harkins of D.F. King, a firm that advises participants in proxy contests.股东激进主义在2008年经济危机后现正回归到正常。D.F. King的皮得.哈更斯说,D.F. King是一间为代理权争夺的参与者提供咨询的公司。It is not just hedge funds that are flexing their shareholderly muscles. Pension funds are at it, too.不仅仅是对冲基金显示了他们的股东权力。On March 27th it was reported that Goldman Sachs had made peace with the pension fund of the American Federation of State, County and Municipal Employees,养老基金同样如此。在3月27号,据报道,高盛投资公司与美国养老基金会以及美国工会达成协议,which had proposed a resolution to split the roles of chief executive and chairman, both of which are held by Lloyd Blankfein.工会在为分离首席执行官与董事会提出了解决方案,而此前两个职位都是由贝兰克梵担任的。The bank convinced AFSCME to withdraw its proposal by agreeing to appoint alead director to keep Mr Blankfein in check.高盛同意任命一个首席董事以限制贝兰克梵,以此说美国工会会撤销它的方案。The union has made similar proposals at several firms, including JPMorgan Chase, whose boss AFSCMEs president calls themost dangerous man in America.该联合会在几间公司都采用了类似的方法,包括JP根大通—美国工会主席称他们的老板为美国最危险的男人。Rupert Murdoch, the embattled chairman and chief executive of News Corporation, will face a motion that he surrender his chairmanship to someone independent.鲁伯特.默多克,一个新闻公司备受争议的董事会主席兼首席执行官,将面临一项移交他的主席身份给某个独立人的变动。Two other issues are expected to attract scrutiny from shareholders this year.另外两个问题今年将有望得到股东们的严格审查。One is bosses pay.一个是领导者的工资。Investors will showa little more backbone in curbing it,having rather fluffed it last year,投资者将在处理这一问题上显示更大的决心,去年已经付出了很多,predicts Anne Simpson, who oversees the corporate-governance activities of CalPERS, a giant pension fund for Californias public employees.辛普森组织认为,该组织负责监督加州公务员基金—这一巨型的加利福尼亚公务员的养老基金的管理活动。Many boards struggled to win 70% support for pay packages last year, the first time such votes were required.许多董事会通过抗争,去年在薪酬福利当面赢得了约70%持,第一次被要求进行这样的投票。This year, several could lose the vote unless they have linked pay more explicitly to performance, reckons Paul Hodgson of GMI Ratings, a firm that measures corporate governance.今年,一些董事会可能会失去票数,除非他们把工资与绩效明确地挂钩起来。GMI评级机构的保罗-霍奇森这样指出,GMI是一间评估公司治理的公司。Perhaps the most contentious resolutions will be those demanding that firms be more transparent about their political spending,可能最有争议的解决方案是那些要求公司在关于政治方面的花费更加透明,and requiring boards to ensure that this money is used in the interests of shareholders, not managers.且同时要求董事会确保这些钱被用到符合股东的利益上而不是管理层。This effort is being fiercely resisted.这一方案被强烈地抵制。The US Chamber of Commerce argues that these resolutions, which mostly come from shareholders who are also trade unions or social activists, are not in the best interests of the firms concerned.美国商会认为这些解决方案,大多数是由来自工会或者是社会活动家的股东们提出,方案并不符合公司所关注的最大利益。Jim Copland of the Manhattan Institute, a think-tank, says thatsome of these proposals may serve primarily to chill corporate political speech broadly,一个曼哈顿研究所的智囊团,吉姆.科普兰认为其中的一些建议中的可能主要是为广泛地冻结公司政治性言论,including on issues that most diversified shareholders—as distinguished from the proposals sponsors—might prefer that the corporations views be heard.其中包括关于股东多样化的问题,有别于建议赞助商,这些股东们可能更喜欢公司的意见被听到。Well, maybe. But, as with the other issues on the proxy this year, that is for shareholders to decide.也许是这样。但就像今年董事会中的其他问题一样,这都将由股东们去决定。 /201306/243944

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