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2017年10月17日 13:52:47|来源:国际在线|编辑:度排名三甲医院
The B Trust has rejected a complaint about Radio 1#39;s decision to cut down Ding Dong! The Witch is Dead, which hit number 2 in the charts following the death of Margaret Thatcher, describing it as an inappropriate ;celebration of death;.英国广播公司信托基金拒绝将这首《叮咚!女巫已死》从第一频道移除。这首歌自从撒切尔夫人去世之后点击量激增,排到了榜单的第二名,这种现象被认为是对死者的不尊重。The 74-year-old song, which first appeared in the soundtrack for the Wizard of Oz film, made a surprise chart entry in April as a form of a protest by critics of the late Conservative prime minister.这首歌最早出自74年前的影片《绿野仙踪》,在四月份保守派前首相撒切尔夫人去世,它出其不意地被撒切尔夫人的反对者们推上了榜单。Radio 1 elected to play just 7 seconds of the 51-second song, preceding it with a Newsbeat story explaining the context, following an intervention by then newly arrived B director general Tony Hall.第一频道剪辑了这首51秒歌曲中的7秒来播放,在此之前有一个新闻采访解释了这首歌之所以播放的理由。随之而来的是对英国国家广播电视台新上任的总裁托尼·霍尔(Tony Hall)的采访。A complainant to the corporation argued that playing a truncated version of just one song was a breach of the B#39;s guidelines on censorship and impartiality – particularly given a song titled I#39;m in Love with Margaret Thatcher was played in full – and that the track itself did not carry a political message.这次事件的主角英国国家广播电视台争论道,播放这首缩减版的歌曲仅仅只是遵循该公司在审查制度和公平公正上的指导方针之一而已,如果一首歌如果被冠以爱戴玛格丽特·撒切尔的美名,那么是不是就该在电台上全曲播放呢?所以歌曲本身是不带政治色的。The B Trust#39;s editorial standards committee rejected the complaint, saying that the song did have the ;capacity to cause offence; because it had been widely publicised as a way of giving voice to ;anti-Thatcher feelings;.英国广播公司信托基金的社论标准委员会(ESC)拒绝禁播该歌曲,他们解释说这首歌曲本身不带冒犯色,只是社会广泛宣扬它是一首带有“反撒切尔情绪”的歌曲而已。Radio 1#39;s chart show was likely to be criticised whatever decision was taken over airing the song, the ESC noted.ESC指出,无论第一频道是否决定禁播这首歌曲,他们似乎都将受到抨击。;Aside from whether or not people had bought the song in order to express anti-Thatcher political sentiments, which listeners may or may not agree with, the song in question was clearly a celebration of death,; said the ESC.ESC说道:“不论人们是否把这首歌与反撒切尔的政治情绪相联系,听众都可能持有赞同或是反对两种观点,而这个争议颇大的歌曲是在庆祝死亡这一点是可以确定的。”;Although it was not linked with to any real person when written, the committee believed that the song had clearly and unarguably gained association with Lady Thatcher.;“虽然这首歌在刚被写出来的时候并没有针对任何一个人,但是委员会可以确定它与撒切尔夫人有联系。”The ESC said that it was ;therefore legitimate; for the B to consider how it might cause offence, and that contextualising the issue with a Newsbeat story was the right course to ;meet the requirements of due impartiality while mitigating the risk of gratuitous offence;.对此,ESC指出,英国国家广播电视台应该适当地考虑一下播放这首歌曲在多大程度上会冒犯当事人。并且应该在新闻报道中把这首曲子合理地融入播放内容,这才是“符合公平原则又不会造成毫无理由的冒犯”的解决方法。 /201312/270090

China Development Bank is the core policy bank in China. It has more than Rmb 6tn (4bn) in assets, is wholly owned by the state and is as good for its money as the government itself. So when CDB is forced to cut the size of a proposed bond issue by 60 per cent, as happened this month, you can be sure something is not right in China’s credit markets. 中国国家开发(China Development Bank)是中国最重要的政策性。它拥有超过6万亿元人民币(9840亿美元)的资产,为全资国有,信用与政府相当。因此,本月当国开行被迫将拟定的债券发行量削减60%时,可以肯定中国的信贷市场出了问题。 Other respected and credible companies have also been forced to delay or reduce bond issues, or pay more for their money. Take US-listed internet group Baidu. Last year, it sold a bond to US investors that was priced without the extra that emerging market borrowers usually pay. But in recent months, it struggled to get a Chinese bond away. 另外一些名誉好、信用高的企业要么被迫推迟发行债券或削减发行量,要么付出更高利息。以在美国上市的互联网公司百度(Baidu)为例。去年它向美国投资者发行债券时,没有付新兴市场借款人通常需要付的溢价。但近几个月,百度在中国发债却遭遇困难。 China’s cost of capital has begun to rise even though the government seems some way from the liberalisation of deposit rates that has held down borrowing costs for so long. Banks must aly pay more for funds in the interbank market. Meanwhile, wealth management products (WMPs) – short-term savings products sold mostly by banks to retail and institutional investors – and trust products continue to grow. Both are currently offering better returns than straight corporate bonds to all investors, including banks themselves. 长期以来,低储蓄利率压低了中国的借款成本。虽然距离政府完全放开储蓄利率尚有时日,但中国的资本成本已经开始上升。已经必须为在拆借市场借款付出更高成本。与此同时,理财产品——主要由向零售和机构投资者销售的短期储蓄产品——和信托产品仍在不断增长。二者目前均能向所有投资者(包括本身)提供比企业债券更高的回报率。 The issue here is less about the rising cost of money – which is inevitable as markets come to play a “decisive” role in China, as the post-Plenum buzzword has it – than it is about bad policy, or at least the consequences of slow policy. 十八届三中全会过后,让市场在中国发挥“决定性”作用成为热门话题,资金成本上升不可避免。问题在更大程度上并不在此,而在于不良政策——或者至少说是决策迟缓的后果。 With financial reform, Beijing may be gracefully “crossing the river by feeling the stones” as advocated by the late Deng Xiaoping, but it is simultaneously turning a blind eye to jerry-rigged fording devices, like WMPs, just down stream. 对于金融改革,中国高层或许可以像已故领袖邓小平推崇的那样,从容不迫地“摸着石头过河”。但与此同时,它对下游那些粗制滥造的“过河”工具(如理财产品)视若无睹。 Plenty of ink has been spilled on the risks tied up in WMPs, but much less on what they are really there to do. Their role is to begin to allow market forces to affect the cost of money for banks and companies ahead of interest rate reform; WMPs also legitimise investments that have not yet been officially approved, or are banned in banking channels. They do this simply by being an intermediary, or wrapper around the banned products. 关于理财产品蕴含的风险已经不乏论述,但它们存在的作用却鲜有人提及。它们的作用是在利率改革之前允许市场力量影响和企业的资金成本,以及将那些尚未被正式批准、或被渠道封杀的投资方式合法化。为此,理财产品扮演着“中介”或被禁产品“外包装”的角色。 Hence, they have been used to supply high-cost capital to property developers, as well as some state-owned enterprises. More recently, they have moved on to investing in hedge funds. Managers and their friends or family put up the first chunk of equity, then WMPs add up to four times that in leverage, say Shanghai hedge fund specialists. This allows insurers, for example, to indirectly invest in funds that officially they should not. 于是,理财产品被用于向房地产开发商和部分国有企业提供高成本资金。最近,它们又涉足对冲基金投资领域。上海的对冲基金专业人士表示,经理及其亲友先筹得第一笔股份,再通过理财产品构筑最高可达4倍的杠杆。举例而言,这可以让保险商间接投资于一些本来不被官方许可的投资。 One of the great oddities in Chinese financial policy is that liberalisation happens as much negatively as positively. Companies like the financial arm of ecommerce group Alibaba have found that the way to develop products is often to start using them and see if someone tells you to stop. It can lend to small businesses but was warned away from early trials of consumer loans. 中国金融政策的一大奇怪之处在于,自由化的发生包括正面和负面两种方式。电商集团阿里巴巴(Alibaba)旗下的金融子公司等企业发现,开发产品的方法往往是先上马,然后坐视是否会被叫停。阿里金融可以向小企业发放贷款,但早期试水消费者贷款被叫停。 Financial innovation is rarely given preapproval, bankers say. The industry is forced to “feel the stones” in the absence of clear policy. Surely Deng’s metaphor was about discovering what works, not what would gain official sanction. 家表示,金融创新很少能得到事先批准。在没有明确政策指引的情况下,行业被迫“摸着石头过河”。毫无疑问,邓小平这则比喻的要义是寻找行之有效的道路,而不是官方会点头的东西。 Viewed optimistically, WMPs have introduced a market for funding, lending and investing that ought to help banks and others learn to assess risks and to balance changeable costs and returns. However, their role in legitimising not yet sanctioned, or aly banned, activities just adds to the inefficiency and costs in the distribution of Chinese capital. 乐观地看,理财产品提供了一个融资、贷款和投资的市场,应当能帮助等机构学会评估风险,在风云变幻的成本和回报之间进行权衡。然而,理财产品在合法化那些尚未被批准、或已被禁止的金融活动方面的作用,只会徒增中国资本分配中的低效和成本。 The power of each new yuan to generate economic growth is waning. The leakage of costs through extra layers of WMPs makes this worse. China’s cost of capital will rise, but it does not have to rise that much. Interest costs track gross domestic product growth rates, according to Bernstein Research. If China grows at 6-7 per cent for the next few years, new debt ought not to cost much more – so long as it is dispensed reasonably efficiently. 每一元人民币促进经济增长的能力正在萎缩。理财产品附加结构带来的成本溢出,令情况雪上加霜。中国的资本成本将上升,但没有理由上涨那么多。伯恩斯坦研究公司(Bernstein Research)表示,利息成本应当追随国内生产总值(GDP)增长率。如果中国在接下来几年每年增长6%至7%,新债务的利息成本不应比这个水平高出很多——只要分配达到合理的高效率。 For this to happen, the single most important reform would be market pricing of deposit rates. This will be dangerous for banks, as Jiang Jianqing, head of IC, China’s biggest bank, told the FT recently: “If you do badly, you will be wiped out.” 要让这成为现实,最重要的改革措施将是让市场决定储蓄利率。这对是危险的,正如中国最大工商(IC)董事长姜建清最近对英国《金融时报》所表示的那样:“你干得不好就要淘汰。” But finance keeps moving away from official channels – around one-fifth of credit was formed outside of banks in 2009; now that share has doubled, according to Bernstein. To protect the banks, Beijing must move slowly; but if it moves too slowly, good companies could be starved of reasonable funding – and it runs the risk that China’s financial river will end up clogged with the detritus of too many bad experiments outside the banks. 但金融活动正不断脱离官方渠道——伯恩斯坦称,2009年有五分之一的信贷来自外,而现在这一比例已经翻番。为保护,中国高层只能慢慢来;但如果它过于迟缓,优质公司可能得不到合理的融资,而且以外开展了太多不良试验,中国的金融之河最终可能塞满这些试验的沉渣。 /201311/266484

The world#39;s largest travel website, TripAdvisor, released a survey on female travel on April 9. It revealed that 43 percent of Chinese women have holidayed alone, slightly higher than the global average of 41 percent.全球最大的旅游网站TripAdvisor于4月9日发布了一份关于女性旅游的调查报告。调查结果显示,43%的中国女性曾经独自旅行,比世界平均水平41%要稍高一点。The survey covered 10 countries and regions, including China, the US, the UK, Germany, France, Italy, and Spain, and aimed to explore women#39;s travel habits especially with regards solo travelling.这项调查覆盖了10个国家和地区,包括中国、美国、英国、德国、法国、意大利以及西班牙,旨在研究女性的旅行习惯尤其是独自旅行。According to the survey, when choosing hotels, 85 percent of Chinese women will compare prices on different travel websites, much higher than the world average of 57 percent. However, 92 percent of women around the world regard online hotel reviews as an important reference while 71 percent of Chinese female travelers do so, which demonstrates that global women travelers attach greater importance to hotel reviews to avoid unsatisfactory accommodation experiences. In contrast, though Chinese women do also check the ratings, they still prefer to be guided by lower prices.根据这项调查,当选择旅游的住宿酒店时,85%的中国女性会在不同的旅游网站上反复比价,这一比例要远远高出世界平均水平57%。全球92%的女性都会在网上查看旅店的评价作为重要的参考指标,而这么做的中国女性占71%,这表明全球的女性旅游者都对旅店很重视,从而避免不愉快的入住体验。相比之下,虽然中国女性也看评价,但她们更易被低价吸引。Interestingly, 84 percent of Chinese women identified trying local food as one of the necessary activities when traveling alone, higher than the global average of 62 percent. Plus, 76 percent of Chinese women and 73 percent of global females will partake in cultural and scenic activities. Surprisingly, only 30 percent of Chinese women list shopping as an indispensable must-do on their solo travel trips, lower than the average of 43 percent.有趣的是,84%的中国女性会把尝试当地代表性的美食作为单人旅行的重要一环,高于世界平均水平62%。另外,76%的中国女性和73%的全球女性会参加文化活动和风景区活动。意外的是,只有30%的中国女性会把购物视为单人旅途中的必做之事,低于世界平均的43%。TripAdvisor China President Zheng Jiali said, ;Globally speaking, solo travel has gradually become a trend among the young generation. And there is no denying that women must face the greater challenges of unknown environments by themselves on their solo trips in the future.;TripAdvisor大中华区总裁郑嘉丽表示:“从全球来看,独自旅行在年轻一代中已成为一种趋势。毫无疑问,女性未来在单人旅行中会去迎接未知环境带来的更大挑战。For most Chinese women traveling alone, they not only focus on the journey process but also long for changes that travel can bring about in their minds. Among more than 9,000 respondents scattered around the world, a majority spoke highly of independent trips which have triggered significant changes in themselves, with 36 percent saying they have learned about different cultures, 43 percent expressing that they are more confident than before and 56 percent feeling they become more independent. In addition, 45 percent of Chinese female travelers think independent trips have helped reshape their outlook on life, well above the international average of merely 15 percent.对于大多数选择独自旅行的中国女性来说,她们不仅关注旅行过程,更重要的是旅行能给她们头脑带来的改变。在全球逾9000的被调查者中,大多数都认为独自旅行对于自身的重大改变起到了很大作用,其中36%说她们对不同的文化有了了解,43%表示她们比以前更自信了,56%感觉自己更独立了。另外,45%的中国女性旅行者认为独自旅行帮助重塑了她们的人生观,远高于世界平均15%的比例。 /201504/371851

Things just keep getting worse for McDonald’s .对麦当劳(McDonald)来说,情况还在持续恶化。On top of ongoing problems at home, where U.S. customers have been cutting back on its cheeseburgers and fries for nearly a year, the world’s largest restaurant chain last month had to contend with restaurant closings in Russia and a food safety scandal in Asia that decimated its sales in China and Japan.由于近一年来美国顾客对芝士汉堡和炸薯条的消费量持续降低,麦当劳在美国本土已经遭遇难题。雪上加霜的是,这家全球最大的餐饮连锁商上个月还得应对俄罗斯的餐厅关闭事件,另外亚洲的食品安全丑闻也让中国和日本的麦当劳销售额跳水。The result was a 3.7% decline in global same-restaurant sales in August, along with a warning to Wall Street that McDonald’s gross profit rate would take a hit. That was a much deeper decline than the 3.1% drop analysts were expecting, according to Consensus Matrix, and continued a trend that seen the chain frequently miss analyst projections.这一切使得麦当劳8月的全球同店销售额下跌了3.7%,华尔街还警告说,麦当劳的毛利率也将遭受重挫。根据Consensus Matrix公司的预计,麦当劳毛利率的下跌幅度将远大于3.1%,他们还表示,该公司未来的表现恐怕会时常低于分析师的预期。McDonald’s CEO Don Thompson tried to put a brave face on it, saying the company had faced “headwinds” around the world and was trying to “effectively navigate” them to find its footing again.麦当劳的首席执行官唐o汤普森试图勇敢地面对当前的困难。他表示公司在全球都面临着“逆风”的局面,他们将设法“有效导航”,从而重回正轨。But he has a big job ahead of him. In the U.S. which accounts for one-third of revenues, same-restaurant sales at restaurants open for at least the last 13 months (to strip out the effect of openings and closings) fell 2.8% compared to the 2% decrease Wall Street experts were anticipating. That continued a trend of poor U.S. results as intense breakfast competition, price-conscious consumers looking for cheaper items and operational screw-ups have kept diners away in droves. Last month, McDonald’s finally lost patience and announced it was replacing the head of its U.S. and Canada division less than two years after he was appointed. In 2013, McDonald’s reported a decline in U.S. same-store restaurant sales for the year , breaking a 10-year streak of gains.不过他面临着很大的问题。在贡献麦当劳三分之一收入的美国,过去至少13个月中保持营业的餐厅中(为了排除开业和停业造成的影响),麦当劳的同店销售额下跌了2.8%,比华尔街专家预测的2%跌幅还要多。由于日益激烈的早餐竞争,麦当劳的表现持续低迷。关注价格的顾客正在寻找更为实惠的餐厅,而麦当劳的运营混乱也让用餐者陆续离开。上个月,麦当劳终于失去了耐心,宣布将替换任职不到两年的美国和加拿大区主管。麦当劳在2013年的报告中表示,当年美国的同店销售额开始出现下降,这中断了之前连续十年的增长态势。In Asia, things were even worse, as a food safety scandal that hit McDonald’s in July proved to be the gift that keeps on giving. Sales in Japan fell 25% last because of the scandal, and a large sales decline in China carried over into August. The Chinese subsidiary of McDonalds’s largest meat supplier, OSI Group, was recently fined forselling expired meat to McDonald’s, Yum Brands’ KFC, and other chains in the country after being caught by a Shanghai TV channel in late July re-labelling expired meat packages and using expired beef to make patties. McDonald’s was short on beef and chicken for three weeks in China following the ordeal.在亚洲,随着7月重创麦当劳的食品安全丑闻演变成一部长剧,情况甚至变得更加糟糕。由于丑闻,麦当劳在日本的销售额猛跌25%,而中国的销售额下滑一直持续到8月。今年7月末,东方卫视爆料称,麦当劳的最大肉类供应商福喜集团(OSI Group)在中国的分公司给过期肉类重新贴标签,使用过期牛肉制作肉饼,并向麦当劳、百胜餐饮(Yum)的肯德基(KFC)和其他中国的食品连锁公司出售该类产品。福喜现已为此遭到罚款处罚。这一事件发生后,麦当劳中国区的牛肉和鸡肉短缺持续了三周。McDonald’s said the China problem would lower its third quarter profit by 15 to 20 cents per share, or as much as 6 million (based on 981 million shares outstanding), and that it is working overtime to win back the trust of customers there.麦当劳表示,中国的这起事件将使公司第三季度的每股利润降低15至20美分,即降低多达1.96亿美元(麦当劳的净发股票为9.81亿),公司将努力赢回该市场的顾客的信任。Despite the recent closings of a few McDonald’s restaurants in Russia against the backdrop of that country’s conflict with Ukraine, Europe was a relatively bright spot, with the Brits helping mitigate some of the pain in Russia and elsewhere. Still, the company spoke ominously of “weak consumer sentiment” in Europe affecting sales and profit for the third quarter, which includes September.尽管最近在俄罗斯与乌克兰冲突的大背景下,几家俄罗斯的麦当劳门店被关闭,但欧洲区的表现相对较为出色,英国人帮忙缓解了俄罗斯和其他地区给麦当劳带来的阵痛。尽管如此,麦当劳表示,欧洲区的前景依然不容乐观,“疲弱的消费者信心”将会影响包括9月在内的第三季度的销售额和利润。Seems worldwide, fewer and fewer people have been saying “I’m loving it,” with little relief in sight for McDonald’s.从全球范围来看,还在说“我就喜欢”的人似乎越来越少。对麦当劳而言,情况几乎还没有好转的迹象。 /201409/327713

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