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固原韩式包皮手术要多少钱谷歌指南

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固原协和泌尿系统在线咨询固原激光割包皮泾源县妇幼保健男科预约 All right yesterday was superbowl Sunday that means today is classical joke Monday那么昨天是超级碗星期天 这就意味着今天是经典笑话星期一Oh,its popular.Its catching on哦 好流行啊 好赶时髦啊So todays joke is sport theme,are you y everybody?所以今天的笑话是运动主题 大家准备好了吗Why cant you play sports in the jungle,why为什么你不能在丛林做运动 为什么Because some of the animals are cheaters,you are welcome因为有一些动物是骗子 不用谢了哈Dont ow me you when you know you gonna be told later别吆喝我 当你知道我会马上揭晓 So valentines day is next week and I know what you thinking那么下个周就是情人节了 我知道你们想什么呢What can I get love one to show how much I care给我爱的人买点什么能明我的爱and there is only one answer,something from the Ellen shop那么只有一个 就是Ellen商店的东西So we selling some Valentines day theme items我们卖一些情人节主题的东西This is a shirt that we selling,that I really like a whole lot这有个我们卖的上衣 我真的很爱Its a love T-shirt which is just dress and cool looking这是一个;爱;的T恤 穿上看起来很酷and we also have red and black Ellen underwear that were selling我们还有红黑的Ellen内裤 正在热卖We have little underwear like that,and little boy short like that我们有像这样的小女生内裤 还有这样的小男孩内裤and everytime we design something new,we keep adding the new theme to the Ellen shop.每一次我们设计新款时 我们总会在Ellen商店里增加新款式There always few that they dont quite work out,this year we have some things that I though但总有一些没效果的 我觉得今年我们有一些东西Would spice up you know I just thought,Ellen addable underwear is popular会像我想的那样使你们更有情趣 Ellen可增加花样的内裤很流行So why not Ellen addable underwear,we got the addable part right所以为什么不用这种内裤呢 我们有可增加花样是对的But well we just made mistake I think,we use pretzels and I feel like但是我觉得我们犯了个错误 我们用了椒盐脆饼干 我觉得I dont know,well we found out during the focus group we found out我不知道呀 我们通过售点小组发现there is two things people dont want on the underwear,cream and salt人们不喜欢两种东西在他们内裤上 奶油和盐 /201607/453019听力参考文本(文本与听力不全一致,敬请谅解):A few weeks ago, a tweet went viral, because it explained something about adjectives that many people didnt realize they aly knew.Think about how you would describe someones eyes.Would you describe them as ;blue beautiful big eyes;? Probably not. That sounds weird, right?Youd probably say ;beautiful big blue eyes; without even thinking about what order to put the adjectives in. But why?The answer to that question was the subject of a tweet from the Bs Matt Anderson, which cites Matt Forsyths bookThe Elements of Eloquence.For a lot of people, this was a ;mind blown; moment, since most of us who grew up speaking English naturally order our adjectives in a certain way without realizing it.However, Anne Curzan says this rule isnt quite as hard and fast as the excerpt makes it sound.;Overall, the rule is generally true. A lot of the time, adjectives do come in that order. But its not true to say that if they ever come in a different order, you will sound like a maniac,; she says.The rule holds up nearly 80% of the time, according to Curzan, but there are definitely exceptions.Think about the huffing, puffing wolf that terrorized the Three Little Pigs.If we were to follow the rule and put opinion before size, the character would be called the Bad Big Wolf instead of the Big Bad Wolf.Obviously, that just sounds wrong. Still, the fact that this hidden rule applies to nearly 80% of the things we say is pretty amazing.201609/468598固原协和医院前列腺炎多少钱

固原哪家男科医院治疗前列腺增生好The housing market房市Cool it该降温了Property prices are rising swiftly. The Bank of England may intervene房价一路攀登,英格兰可能插手BRITAINS housing market is like food in a microwave, says Spencer Dale, the chief economist at the Bank of England. It can “turn from lukewarm to scalding hot in a matter of a few economic seconds”. Since the crisis the bank has gained new tools to control the markets temperature. Now that the heat is rising, it may soon start testing them out.英格兰首席经济学家斯宾塞·戴尔说,英国房市就像微波炉里的食品,“从经济角度来看,几秒之内就能从温热到滚烫”。自欧债危机以来,已经学到了一种控制市场温度的新手段。然而现在随着市场升温,这些新手段或许也要开始接受全面考验。Until last year house prices were rising predominantly in prosperous central London boroughs. That was largely because of an influx of cash-rich buyers, says Neal Hudson of Savills, an estate agency. People saw posh property in the capital as a shelter from economic turmoil abroad. Elsewhere in Britain, the housing market was torpid. Potential buyers struggled to find mortgages. Falling real wages, economic uncertainty and the memory of plummeting house prices during the crisis curbed Britons obsession with property.繁华的伦敦中心市镇去年房价还在显著上升。第一太平戴维斯房地产机构的尼尔·哈德逊称,这种现象主要是土豪扎堆造成的。人们把首都地区豪华时髦的地产看作躲避动荡的国外经济的避难所。在英国的其他地区,房市也很萎靡不振。潜在买家为了房屋贷款垂死挣扎。经济危机期间下降的实际工资、经济的不确定性以及直线下降的房价遏制了英国人对房产的痴迷。That changed in 2013. Prices rose by 6.8% in the year to January, according to the Office for National Statistics. They are still increasing fastest in London—up 13.2% compared with last year—but the inflation has sp to outer boroughs. In Brent, an unfashionable part of north-west London, prices have risen 31% in a year, according to a report from Nationwide, a building society. It recorded chunky increases in every part of Britain.2013年情况有所改变。根据国家统计局数据,直至今年一月,房价已上涨了6.8个百分点。伦敦房价还在以最快速度增长—与去年相比增长了13.2%—但是通货膨胀已经变得一发不可收拾,甚至影响到了伦敦以外的地方。据全英房屋抵押贷款协会报道显示,作为伦敦西北部不甚有名的伦特,其房价一年内就已经上涨了31%。此外,英国各地房价都出现了前所未有的大幅提升。These higher prices are a problem for first-time buyers, but they are not yet unsustainable. Nationally, house prices remain 16% below their pre-crisis peak, adjusted for inflation. Prices are high relative to wages, but that is not surprising. Successive governments have failed to free enough land for new housing developments, while doggedly preserving green belts. Borrowing costs have fallen over recent decades, in part because of a global glut of savings, making it easier for Britons to sustain large mortgages. Neither factor is likely to reverse any time soon.对于首次购房者来说,房价更高是一个问题,但是这种价格还可能持续。在全国范围内,房价仍比危机前为了通货膨胀做出调整的峰值水平低16%。房价比工资更高,但这并不令人惊讶。历届政府都未能给新住宅开发用地留下足够空间,而固执地保留绿化带。最近几十年借贷成本下降,部分原因是全球储蓄过剩,使英国人更容易持有大量的抵押贷款。而这两个因素近期都不可改变。Even so, the housing market is notoriously prone to bubbles. In January Mark Carney, the banks governor, warned MPs of the dangers of “extrapolative expectations”—people rushing to buy on the assumption that prices will continue to surge. Hints of that are visible. People increasingly think house prices will keep climbing. Even though the governments “Help to Buy” schemes, which subsidise higher-risk mortgages, are probably having only a moderate direct impact, publicity surrounding them has fed a broader conviction that prices can only go up.即使如此,房地产市场还是容易出现泡沫。1月, 央行行长马克·卡尼警告国会议员关于“外推预测”的危险——人们争相把钱投向“房价会持续上涨”这样一个预设(当然这种预设也并非没有可能实现)。人们越来越觉得房价会持续上涨。即使这样,政府提出的平息高风险抵押贷款的“帮助购房”政策也可能只能带来些微影响,因为周边环境和舆论让人们相信房价还是会持续上升。Moreover, as borrowers chase higher prices their finances are becoming stretched. At the end of 2013, the average new loan for first-time buyers was 3.4 times the borrowers income—the highest level on record. Barclays, a bank, currently offers mortgages as large as 5.5 times the borrowers income. While interest rates are low, payments on such large loans are manageable. But when rates eventually rise, these borrowers could struggle. A wave of mortgage defaults, accompanied by falling house prices as banks try to sell repossessed houses, could cause yet another British banking crisis.除此以外,由于借款者纷纷朝着高房价房产努力,他们的经济情况也越发紧张。2013年底,首次购房者的平均新增贷款是借款人的收入3.4倍,达到历史上的最高水平。巴克莱目前提供的抵押贷款是借款人收入的5.5倍。然而利率低,偿还这种大额贷款还是可行的。但是当利率开始稳步上升时,这些借款者就有点心有余而力不足了。试图出售回收房,因而房价下跌,如此一来一波又一波的抵押贷款违约很可能会导致另一次英国的业危机。The Bank of Englands new Financial Policy Committee (FPC) says it is watching for “emerging vulnerabilities” in the market. Formed less than a year ago to confront threats to financial stability, including bubbles, its range of “macroprudential” tools aim to influence the behaviour of the financial system. Whereas politicians hope rising house prices will cheer voters ahead of next years general election, the committee can afford to take a longer view. With interest rates expected to remain low for a few more years, it is mulling what to do.英国央行的新金融政策委员会(FPC)说他们正在坐等市场“即将出现的漏洞”。 金融政策委员会成立不到一年,就面临包括房价泡沫在内的金融不稳定因素的威胁,其职能范围的“宏观审慎”工具旨在影响金融行业的一举一动。而政客们希望上涨的房价可以在明年的大选之前重振选民信心,这样金融政策委员才会做长远打算。由于几年内预计利率仍保持在较低水平,FPC正在考虑该做什么。Dabbing the brakes踩刹车One approach is stricter vetting of borrowers. From April 26th banks will have to check that applicants have enough spare cash to cope if the Bank of England raises interest rates as markets expect (to around 3% in 2019). That is still a remarkably low standard. Future interest rates are uncertain; in past decades they have frequently exceeded 5%. The FPC has requested the power to impose tougher interest-rate tests, and will probably have it by the summer. That would allow it to curb the size of new loans, without increasing costs for existing borrowers.控制局面的一种方法是严格审查借款人。从4月26日起,必须检查申请者是否有足够的闲钱应对英格兰利率提高的打算(到2019年的3%左右)。事实上这还是一个较低标准。未来利率是不确定的,在过去的几十年,他们经常超过5%。金融政策委员会要求实施更严厉的利率测试,这个测试可能会在夏天。这项测试不增加现有借款人的成本,也可控制新增贷款数额。Explore and compare house prices in 13 British regions over time with our interactive house-price tool用交互式房价工具探索和比较13个英国地区不同时间的房价An alternative is more vigorous stress tests of mortgage lenders themselves, using stringent scenarios that assume interest rates rise sharply while house prices fall. Forcing lenders to hold buffers large enough to withstand such a shock should deter them from offering the riskiest kinds of mortgage.除了利率测试,还有一个针对借贷者的压力测试,这个测试使用严格的场景,假设利率大幅上升,房价下跌。强迫接待者承受这样的冲击往往让他们不敢提供风险最高的抵押贷款。Kevin Daly, an economist at Goldman Sachs, an investment bank, thinks the FPC will enforce tougher affordability tests this year, possibly as soon as June. That would take some heat out of the market. It could also be unpopular. Poorer people would have to save for longer to buy a house. Wealthy home-owners would lose the comfort of swiftly rising prices. And George Osborne, the chancellor of the exchequer, would probably regret the cooling of a pre-election housing boomlet. But the FPC is independent for a reason. It should not fear to act.投行高盛投资公司的一个经济学家凯文·戴利认为,金融政策委员会赶在今年6月实施更严格的负担能力测试。这可能会使房产市场降温,也可能不受欢迎。经济条件较差的人可能需要花费更长时间为买房存款,富有的房屋所有者也可能因为急速上升的房价颇感不适。英国财政大臣乔治?奥斯本或许会后悔选前冷却房地产短期繁荣的措施。但金融政策委员独立也是有原因的,他们可不怕采取行动。译者:张丹 校对:沈晓旭 译文属译生译世 /201509/399095固原市割包皮哪家医院好 Britain Politics英国政治Tribes of Tories托利党的派系纷争The Conservative Party increasingly resembles a patchwork of pressure groups. That is a bad sign for its leader保守党越来越像压力团体一锅烩,党魁遭遇坏势头UNION bashing, tough talk on welfare and short shrift for criminals—in many ways it was a conventional Conservative Party conference. But away from the main stage, in gatherings of MPs and grassroots activists, the conference buzzed with big ideas. “We are sceptical of politics driven by focus groups,” asserts Kwasi Kwarteng, a Tory MP. With four other members of the Free Enterprise Group, Mr Kwarteng has just published a tract of radical free-market policies designed to shift opinion. His was not the only outfit aiming to cause a stir. In his closing speech, David Cameron tried to define what the Conservative Party stands for (see Bagehot).At times it felt as if everybody else at the conference was trying to do the same.抨击欧盟,激烈地讨论福利问题和罪犯临刑前短暂忏悔问题——从许多方面看这都是一次传统的保守党会议。但是,远离主会场的下议院议员及草根活动家却兴奋地谈论着一些好点子。托利党议员Kwasi Kwarteng断言,“我们对由焦点群体控制的政治抱怀疑态度”。他和其他四位自由企业派的成员刚刚公布了一系列旨在改变舆论的激进的自由市场政策。他不是唯一一位企图用一套理论引发轰动的人。大卫·卡梅伦在总结陈词里就尝试定义保守党的主张。有时候给人的感觉是,会议里的所有人似乎都在竞相做同样一件事情。Pressure groups of Tory politicians and activists are multiplying. Conservative Voice, launched in September to champion traditional policies on crime, immigration and jobs, now claims thousands of supporters. Bright Blue campaigns for “progressive conservatism” and pushes causes such as environmentalism and international development. MPs representing marginal constituencies last year formed The Forty to devise strategies for the 2015 election. And so on. Pamphlets and books are whizzing off the presses.托利党政客和活动分子组成的压力集团越来越多。九月份成立的“保守之声”维护传统的犯罪、移民、及就业政策,现在拥有成千上万的持者。“亮蓝”派为“进步的保守主义”奔走呼号,极力宣传环境保护主义及国际发展等事业。去年,代表“边缘选区”的议员成立了“四十”派,为2015年的选举出谋划策。各种团体名目繁多,不胜枚举。宣传书册铺天盖地从出版社涌出来。Five strains of thought can be detected. First come the two, subtly different, varieties of David Cameron’s “modernising” project, which seeks to anchor the party in the electorally decisive centre ground. Cautious reformers, including the prime minister himself, are at home in modern Britain but nostalgic about traditional institutions. Radical reformers, including George Osborne, the chancellor of the exchequer, and much of the 2010 intake of MPs, are more socially and economically liberal, and often more urban.可以看出有5股思想包含其中。一是大卫·卡梅伦的“现代化”设计的两种差别甚微的变体。“现代化”改革力求将保守党的政治立场锁定在中间位置,以确保选举中的优势。包括首相在内的谨慎改革派虽精熟于现代英国政治,却对传统制度念念不忘。包括财政大臣乔治·奥斯本及许多2010年当选的议员在内的激进改革派则对社会及经济持更自由的观点,且通常更倾向城市。Three other strains are less influential. The pitiful remnants of the party’s once-strong left wing, economically interventionist and relaxed about Europe, huddle around the Tory Reform Group. Better represented among the party grassroots are the social conservatives and the libertarians. The former, mostly close to the Cornerstone Group, were out in force at an anti-gay-marriage rally on the conference fringe. The latter are defined by hawkish views on taxes and foreign policy.其他三股思想的影响力稍弱。保守党内曾强势一时的左翼力量余部主张经济干预,并对欧洲态度相对宽松,抱团持托利改革派。党内底层成员中占主流地位的是社会保守主义者和自由论者。前者基本上与基石派相似,曾在会议大搞反同性恋结婚游行。后者则被认为在税收和对外政策上持有鹰派观点。The Tory tribes are particularly vivid and noisy these days. Public disagreement between Conservatives and Liberal Democrats at the heart of the coalition government, as well as a widesp belief among Tory MPs that Lib Dems are steering the ship, has made dissent seem more acceptable. One senior Liberal Democrat compares coalition to an X-ray machine: it exposes the fractures beneath a party’s skin. Coalition also diminishes Mr Cameron’s powers of patronage, such as cabinet seats, with which to buy off agitators. The tribal gatherings are outlets for energy that, in past Conservative administrations, was channelled into government business.托利众派最近尤为活跃喧闹。保守党和自由民主党在联合政府的核心问题上公开不和,托利党议员也普遍认为自由民主党在掌舵,这就使异议看起来更可以接受。一位老资格自由民主党员将联合执政比作一台X光机:它暴露了一个党内部的裂痕。联合执政还侵蚀了卡梅伦的任免权,比如用来收买政治煽动者的内阁席位。过去保守党一党执政时期,各方力量都被调拨到政府事务中去,而现在,派系分化倒成了这些力量的宣泄口。And there is a lot of energy in the party these days. The Tories’ 2010 intake, which makes up 48% of the parliamentary party, contains fewer intellectually mediocre patricians than its predecessors. Many new MPs have extensive professional experience outside politics. Before the last general election Mr Cameron meddled with candidate-selection procedures to enhance social and ethnic diversity. In the process he produced a more independent, opinionated crop of Tory MPs.这几年,保守党内部出现了很多股力量。2010年入党的人占议会人数的48%,与前几届相比,资质平庸的贵族成员比例下降。许多新议员除了有政治知识,还具有广泛的专业经验。上次大选之前,卡梅伦还调整议员候选人选举程序,以提高社会及种族多元性。在此过程中,他制造了一个更独立、更固执的托利议员团体。The broadly loyal culture of the party means its tribes are not nearly as dangerous as they might seem. Whereas Labour periodically breaks into warring dogmatic factions, Conservatives are generally united by a broad set of common principles—including a sceptical attitude to grand political schemes. One trenchant backbench critic acknowledges that many Tory MPs “usually follow the prevailing pattern”. Even on Europe, a topic that has caused infighting in the past, there is little sign of factionalism. The party is almost uniformly Eurosceptic, although some are hotter than others and there are differences over the timing of any referendum on the EU.保守党广泛的王室情结意味着其各派系并不像表面上看起来那么危险。与工党时不时就发生分裂,派系之间明争暗斗、唇舌剑相比,保守党各派系靠一整套共同原则——其中包括对宏大政治蓝图的怀疑态度——总体上保持着团结。一位后座议员兼批评家一针见血地指出,许多托利党议员“一般都会遵循眼下流行的观点”。即便是欧洲这个在过去挑起内斗的问题,都鲜有激起派系冲突的迹象。尽管有些派系在这个问题上会比其他派系更为激进,并且对何时就欧洲问题举行公投的时机存在分歧,但保守党内几乎整齐划一地持欧洲怀疑论。Beating the drum锣鼓喧天Yet the tribes are important, and revealing of the Conservative Party’s state. Tim Bale, author of two books on the party after 1945, notes that cliques have previously shifted the entire Conservative encampment. In the 1950s the One Nation Group swung the party behind a mixed economy. Under Margaret Thatcher, cerebral MPs around the Centre for Policy Studies led it the other way. Mr Cameron rose to the leadership on the shoulders of a small number of young, ambitious modernisers.然而,各派系都很重要,并且体现了保守党的状态。蒂姆·贝尔——著作了两本讲述1945年后的保守党的书籍——指出,派系分化已经改变了整个保守党阵营。20世纪50年代时,一国保守主义派使整个保守党追随混合经济,玛格丽特·撒切尔执政时,政策研究中心的理智的议员改变了这一方向。卡梅伦则是在一小撮年轻又雄心勃勃的现代主义者的持下赢得领导权的。Successful cliques have several things in common. They tend to have a succinct analysis of how and why the party needs to change. They have a knack for PR and a strong grasp of the prevailing mood. They know that they have to say something repeatedly before the party—let alone the country—will listen. They have an electoral strategy.成功的派系有几点相同之处。他们会对党为何以及如何发生改变进行简要的分析,有处理公共关系的技巧并对当下流行观点有深刻的了解,知晓他们必须重复地讲述某些事情直到党乃至整个国家都会听他们的,此外,他们还有一套选举策略。At present the radical modernisers are best placed to steer the party. The Free Enterprise Group, seen as their vanguard, has a simple message: government should remove barriers in the way of business. Dominated by media-savvy professional types, it knows how to communicate this mantra. It has Mr Osborne’s ear, as well as some support from other tendencies in the party. It seems to be swaying the leader: Mr Cameron’s speech this week was big on business-worship.眼下正是激进现代主义派领导保守党的最佳时机。被视作其先锋的自由企业派传递了一个简单的信息:政府应该为商业发展扫清道路。自由企业派擅长媒体专业用语,知道如何传达这一准则。它在奥斯本那儿说得上话,又有党内其他派系的持。它似乎能影响领导人:卡梅伦本周的演讲就充满商业崇拜气息。In many ways the ferment within the Conservative Party is beneficial. One new centre-left MP praises a fine “buffet” of different approaches; a backbench grandee talks of the value of “safety valves” on hot issues. There is a refreshingly relaxed view towards rival philosophies, which was notably absent from the Labour Party when it was in power. A combination of loyalty and flexibility has served the Conservative Party well in the past.从许多方面讲,保守党的内部纷争是有利的。一位新中左议员赞其为提供不同点子的精致“自助餐”;一位后座政要称其在热点问题上起到了“安全阀”的重要作用。一种对待不同信条的观点出现了,其轻松感令人耳目一新,这是工党执政时期明显缺乏的。忠诚和灵活的结合使保守党在过去表现地可圈可点。Yet the growing din of opinionated voices is a bad sign for the leadership. It is no coincidence that several new groups have appeared recently, at a time when the government has tripped over health reform, deficit reduction and constitutional change and the Conservative Party has fallen further behind Labour in opinion polls. The absence of a clear direction from the top of the party has created a space into which alternative proposals are pouring. The party as a whole is fizzing because 10 Downing Street is not.然而,各方固执己见的声音越闹越大对保守党的领导地位不是个好兆头。近期几个新派系的出现,政府在医疗改革、削减赤字及修改宪法上面摔了跟头,保守党民调持率远远落后于工党,这些完全不是巧合。党的领导层缺乏一个明确的思想路线,留下一个缺口,使得不同政见蜂拥而入。保守党上下吵得热火朝天,皆因唐宁街10号风平浪静。 翻译:陈莎莎译文属译生译世 /201608/458600固原协和医院泌尿外科

固原协和医院治疗睾丸炎多少钱 Finance and Economics财经商业Private equity and the Arab spring私募股权和阿拉伯之春Tentative steps投石问路Investor interest in the Middle East and north Africa remains cautious投资者对中东、北非的兴趣依旧谨慎THE hot money may rush in and out—Egypt’s Case 30 index has posted a 29.3% gain so far this year, for example, after shedding 49.3% in 2011. But a more meaningful gauge of investors’ perceptions of the Middle East and north Africa is the flow of longer-term money.依埃及的情况,中东-北非可能有热钱忽进忽出。例如,埃及目前公布的30项指标在2011年下跌49.3%,今年涨幅为29.3%。而投资者则根据长期资金的流动这一更有意义的指标来感知中东和北非。The private-equity industry is still a long way off its pre-crisis peaks. The high point was 2007, with .1 billion of deals (these figures exclude Turkey, a hot destination which counts as European in the industry data, and Israel, an entrepreneurial ecosystem all of its own). Many of the regional funds that operated back then have closed, and only the most intrepid investors, most of them local, remain active. The average deal size has dropped from 2m in 2007 to m last year.中东-北非的私募股权业若想重归危机以前的峰值,仍有漫漫长路要走。2007年,私募股权业凭41亿美元的交易攀至业界巅峰,土耳其和以色列则不在计算之列,前者虽为投资热点,但业内数据将其视为为欧洲国家,后者则有自己独特的企事业生态系统。彼时运转的大多数区域基金,现今都已结束营业,唯有最具胆识的投资者活跃至今,其中多为本地人。平均交易规模已从2007年的1.72亿美元,跌落至去年的3000万美元。If the glory days are very much in the past, the numbers suggest that investors are slowly regaining their appetite after the initial shock of the Arab spring. Deals worth 5m have been done so far this year, according to Dealogic. That aly outstrips the 2011 tally of 7m.如果说,辉煌荣耀已属于昨天,那上图的数据显示,在经历过阿拉伯之春带来的最初的震撼后,投资者们已慢慢重拾对私募股权业的偏好。Dealogic的数据显示,今年以来的交易总值已达4.75亿美元,早已超过2011年2.37亿美元的记录。Egypt, whose 85m-strong population helped make it the most popular destination for private-equity investments in the region between 2003 and 2008, has suffered from both the financial crisis and the revolution last year. But the prospect of lasting change in the aftermath of Egypt’s presidential election excites many. “Egypt is not very different from Turkey before Recep Tayyip Erdogan and Brazil before Lula da Silva,” says Ahmed Heikal, who heads Citadel Capital, a fund in Cairo. “If there is some stability, we will witness significant growth.”在2003年至2008年期间,埃及依靠着自己8500万的庞大人口,一度成为北非-中东一带最热门的私募股权投资地。但如今,却深受金融危机和去年革命的双重冲击。然而,埃及总统大选的余波预示着持久的改变,如此前景让许多人心潮澎湃。开罗基金公司Citadel Capital总裁Ahmed Heikal说,“现今的埃及,同雷杰普·塔伊普·埃尔多安执政前的土耳其,和卢拉·达·席尔瓦上台前的巴西有很多相似处。如果埃及能稳定些,我们将见埃及的强劲增长。”Turbulence today also gives brave investors useful negotiating leverage. “We see Egypt as more favourable than before the revolution because the competition has backed off,” says Romen Mathieu of EuroMena II, a Beirut-based 0m fund that has just invested in a chain of eye clinics in Egypt. Mr Mathieu reckons that it is easier to win concessions about the level of control funds have over portfolio firms.当下动荡的市场也成为大胆的投资者手中有用的谈判筹码。EuroMena II是一家设在贝鲁特的一亿美元基金,该基金刚在埃及投资了多家眼科门诊。EuroMena II的Romen Mathieu说,“革命将埃及的竞争一扫而光,所以革命后的埃及对我们更有利”。 Mathieu先生预计,基金在对投资组合公司的控制等级上将更容易赢得让步。Saudi Arabia is the only other country in the region with comparable heft to Egypt. Algeria has huge potential but the regulations change too often for it to appeal. Other countries are small or, like Syria, off-limits for obvious reasons. So funds often look for portfolio firms with regional potential. “The Arab world is only 350m people so we go for businesses that can capitalise on this by being regional or expect to expand regionally,” says Mustafa Abdel-Wadood of Abraaj Capital, a .5 billion emerging-markets firm based in Dubai. That requires expertise many funds lack. “Most funds realise they need operational managers who know how to grow a business in the region,” says one local analyst. “But they can be hard to find.”沙特阿拉伯是中东-北非地区唯一与埃及实力相当的国家。阿尔及利亚虽潜力巨大,怎奈频繁变动的监管机构令其吸引力大打折扣。其他国家或为小国,或如叙利亚,受限制原因显而易见。于是,基金常常寻找具有区域潜能的投资组合公司。新兴市场公司Abraaj Capital总资产75亿美元,总部设在迪拜,公司的Mustafa Abdel-Wadood说,“阿拉伯世界仅有3.5亿人口,所以我们投资的是能够利用这一特点具备地域性,或有望在区域内扩张的企业。” 这所要求的专业知识也恰是大多数基金所缺少的。当地某分析师称,“大多数基金意识到,他们需要熟知如何在这一地区发展生意的运营经理。但这样的人才寥寥无几。”None of which makes an immediate uptick in Western funds’ activity seem likely. The potential for further political upheaval remains great, and there are many obstacles to private equity’s growth. Most businesses are family-owned and it can easily take a year to earn the trust needed to complete a deal, says Mr Mathieu. There are barriers to taking controlling stakes in portfolio companies, particularly in Saudi Arabia. Exit opportunities are not obvious. An investing revolution to follow the political one will take time.要想凭借以上几点立刻提高西方基金的活跃度的可能性不高。中东北非地区继续发生政治动荡的几率巨大,私募股权的成长之途障碍重重。Mathieu先生说,阿拉伯世界绝大多数企业都为家族企业,如果交易需要,他们可以轻松用一年时间来赢得基金的信任。而若想在投资组合公司中获得控股权,也要面临层层阻碍,尤其是在沙特阿拉伯的公司。抽身机会并不明显。如此看来,若想紧跟政治革命发动投资革命,还需要些时日。 翻译:王葭苇译文属译生译世 /201606/451547固原做包皮手术的医院固原协和费用

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