http://5603757.qzone.qq.com Sun, 29 Nov 2009 06:54:48 GMT Qzone zh-cn Copyright (C), 2005-2008, Tencent Tech. Co., Ltd. Thu, 25 Jun 2009 15:03:31 GMT http://5603757.qzone.qq.com/blog/1245942211 Legal ** A.I.G. in $25 Billion Deal With New York Fed June 25, 2009, 7:50 am— Updated: 8:52 am --> American International Group, the bailed-out United States insurance company, announced Thursday that it had reached an agreement to reduce its debt with the Federal Reserve Bank of New York by $25 billion.
Under the deal, A.I.G. will give the bank preferred interests in itstwo largest life insurance units outside the United States — AmericanInternational Assurance, or A.I.A., and American Life InsuranceCompany, or Alico.
The Fed will hold an equity stake in A.I.A. worth $16 billion, and astake in Alico worth $9 billion, based on a percentage of theirestimated fair market value, according to the A.I.G. statement.
The two units are currently wholly owned subsidiaries of A.I.G., andwill remain so until the deal is closed in the second half of the year.With the move, the units could go public, although no date was set forinitial public offerings, which the statement said would depend onmarket conditions.
In the statement, the Federal Reserve Bank of New York said that“the agreements further the goals of enabling A.I.G. to fully repay theassistance that it has received from U.S. taxpayers and advancing thecompany’s global restructuring process. The exchange of senior secureddebt for preferred equity interests reduces A.I.G.’s financial leverage and facilitates the independence of these two key subsidiaries.”
Last month, A.I.G. announced that it would speed up its separationfrom A.I.A., a major insurer in Asia, with 20 million customers andassets of more than $60 billion.
Even with the debt reduction, A.I.G. will still owe the Fed $15 billion.
The company, caught by its own credit-default swap agreements, firstreceived a U.S. government bailout worth $85 billion last September,which was later increased to more than $170 billion.
–Chris V. Nicholson
]]> http://5603757.qzone.qq.com/blog/1245942211#comment 134218241 Thu, 25 Jun 2009 15:03:31 GMT http://5603757.qzone.qq.com/blog/1245942211 http://5603757.qzone.qq.com/blog/1244424486 中铝力拓为何谈崩了？

作者：英国诺丁汉大学经济学教授姚树洁 为英国《金融时报》撰稿
2009-06-08 转自FT中文网邮件


中国铝业与力拓结盟失败，对中国的自尊显然是个沉重打击。
中铝是一家中国国有铝业公司。2008年2月，几乎是在市场的高峰期耗资140亿美元购买了世界第二大矿业公司力拓9％的股份。一年后，中铝主动提出第二轮投资，它的首次投资已浮亏了70％以上。这次195亿美元的交易在某种程度上是为了收回先前的损失。
当然，此举也打乱了必和必拓去年11月收购该力拓的计划。这一收购计划若成功，势必形成力拓与必和必拓及巴西淡水河谷公司对国际铁矿石市场的双头垄断。为确保中国作为世界上最大钢铁生产商对铁矿石与铝土矿定价的重要发言权，中铝着手阻挠必和必拓的收购计划。
上周，中铝和力拓结盟交易的失败，使中国颜面尽失。这是中国大型企业在融入全球经济漫长征途中的一次重挫，也反映出中国国企大部分由政治任命的领导人在国际财务管理上的经验缺乏。中铝董事会在与力拓的谈判处理中，更显露出其天真，刚性严重不足的一面。中铝195亿美元的交易计划于今年2月首次提出，当时市场正遭遇严重的金融危机。面对力拓交易，中铝非但没有果断而充分地利用其自身优势，相反给力拓足够长的时间另寻出路，致使过去4个月中力拓股价在伦敦证券交易所上涨一倍，为其提供了“脚踩两只船”的宝贵机会：在公开“追求”中铝的同时，竟然在私下里与必和必拓“再续前缘”。
整个事态的发展，可能会使力拓进一步获益。 由于中铝介入这一收购过程，无疑使力拓与必和必拓更可能克服或化解公众和监管部门对其重新结盟的反对。
假定中铝是一家私营公司，没有一家西方银行会愿意向其贷款。中铝首轮投资力拓的损失巨大,同时去年利润额下降99％，今年全球铝需求量的崩溃也可能导致中铝亏损。
然而，中国四家国有银行（中国银行、中国农业银行，中国国开行与中国进出口银行）排着队向中铝贷款，额度大大超过其第二轮的投资所需。这些银行不仅收取的利息极低，且没有设定中铝偿还贷款的期限。
如此的借贷行为可能只会在中国发生。国有银行和国有企业被视为国家的左膀右臂。它们与政府一道齐心协力，为实现国家的长期发展目标，开始在海外进行艰难的经济长征。中铝和力托的交易只是长征的一步。
直到几年前，经济学家还只谈论外国直接投资流入中国，而到去年，从中国流出的海外直接投资额从6年前几乎为零，飞速上升至去年的520亿美元。 如若中铝在力拓的投资计划成功，这将成为中国公司迄今为止最大的一笔对外投资，也将使中国今年的外国直接投资额增加一倍。
这笔交易的失败，提醒中国的经济官员在收购外国公司、建立此类战略伙伴关系时所面临的挑战。即便有国有银行的支持，即便全球金融危机使大型跨国公司遭受重创而给中国企业带来千载难逢的机会,中国也不应指望不受任何阻力地实施其大规摸海外投资计划。
眼下的当务之急是，中铝可以选择承购它应有的力拓新配股份以获取近利，要不就选择抛售它现拥有的力拓股票，给力拓来一次猛击作为报复。如果中铝采用第二种也就是报复做法，它必须同时争取与巴西淡水河谷公司或其它较小采矿公司达成战略伙伴关系，以对抗即将可能形成的力拓——必和必拓的垄断地位，从而保护中国钢铁业的长远利益。
尽管如此，这不会是中国最后一次以积极的全球投资策略轰动国际社会。 中国这条经济巨龙已经苏醒---下一次的来势将更猛。这次中铝没有在力拓最艰难的时候，把握时机，充分发挥其巨大优势。希望今后不会继续犯这样的错误。
从中铝的惨痛失败的教训中，中铝和其它大型国企必须真正学会如何到海外展开有效的并购，诸如和国外较有经验的私人投资公司合作，增强自身的国际实力。 ]]> http://5603757.qzone.qq.com/blog/1244424486#comment 134218241 Mon, 08 Jun 2009 01:28:06 GMT http://5603757.qzone.qq.com/blog/1244424486 http://5603757.qzone.qq.com/blog/1242313925
　　魏赵韩三卿窃晋之权，暴蔑其君，剖分其国。这样的行径，为王法所必诛也。然而周威烈王不但不能诛之，反而命乱臣列为诸侯，崇奖奸名犯分之臣。

　　司马光说，天子之职莫大于礼也，礼莫大于分，分莫大于名。所谓礼，就是纪纲，分就是君臣，名就是公、侯、卿、大夫。周武烈王以天子之尊而自坏其礼，遂令天下人不得而讨三晋，周礼至此尽矣。 ]]> http://5603757.qzone.qq.com/blog/1242313925#comment 134218240 Thu, 14 May 2009 15:12:05 GMT http://5603757.qzone.qq.com/blog/1242313925 http://5603757.qzone.qq.com/blog/1240138639
A short time ago I wrote about my investment in Aardvark. As I said in that post, I believe that in many ways search is broken and getting worse. Not only are there voracious efforts at Search Engine Optimization (SEO) throughout the Web, but the scale of the Internet is monumental today and getting larger by leaps and bounds virtually every minute.

The massive scale of the Web not only creates huge challenges for search, it also cripples discovery. Gone are the good old days in which fortuity would lead to the unearthing of interesting new Websites. Remember when Web directors would lead you to great sites on the topic of your choice (you may not recall but, in the early days, "Yahoo" stood for "Yet Another Hierarchical Officious Oracle" and Srinija Srinivasan, Yahoo's chief of ontology, was one of the most powerful people on the Web). Better yet, remember the good old days of browsing libraries -- the Dewey Decimal System created the propensity for discovering new and interesting books as a result of their being shelved next to related categories -- while looking at one book, other books in its general vicinity would likely pique your interest.

That sort of accidental discovery was driven out of the Web a long time ago. The only sorts of chance Internet encounters most of us have these days are a result of mistyped URLs -- not exactly a recipe for exciting new discoveries. Thankfully, one company has made it their mission to bring back discovery to the Web. StumbleUpon delivers nearly half a billion recommendations per month. Those recommendations can be across broad categories (e.g., photography, video, etc.) or in very focused niches (e.g., electric violins, VC blogs, Alice in Wonderland, etc.). The StumbleUpon experience brings the unforeseen and unexpected back to your browser. I like to think of StumbleUpon as a discovery engine bringing fortuity back to the Web.

Enthralled by what StumbleUpon was doing, a couple years ago I began chatting with the founders about their business. The more I learned, the more excited I got about the prospects for assisted discovery at StumbleUpon. But before I had an opportunity to propose financing the company, it was purchased by Ebay.

Nonetheless, I've stayed in touch with Garrett and Geoff and continued to talk with them about the power of StumbleUpon. So when they began discussing the possibility of spinning StumbleUpon out of Ebay, I was grateful to have the conversation. The need for discovery on the web has not gone away since Ebay bought StumbleUpon. To the contrary, the problem has continued to grow more acute. And StumbleUpon continues to be the best solution to the problem. Over 7.5 Million registered members discover, categorize and review Web pages, making StumbleUpon the Internet's most powerful recommendation engine.

I am thrilled to join the original StumbleUpon team in spinning the company out of Ebay. Along with Garrett and Geoff, Ram Shriram is reinvesting in the company and going back on the board. The primary financial backers of the spinout will be August Capital and Accel Partners and Sameer Gandhi and I will go on the board as well. I look forward to working with Garrett, Geoff, Ram and Sameer to continuing to build StumbleUpon into a large and important piece of the Web's infrastructure. ]]> http://5603757.qzone.qq.com/blog/1240138639#comment 134218240 Sun, 19 Apr 2009 10:57:19 GMT http://5603757.qzone.qq.com/blog/1240138639 http://5603757.qzone.qq.com/blog/1238900084 ]]> http://5603757.qzone.qq.com/blog/1238900084#comment 134219264 Sun, 05 Apr 2009 02:54:44 GMT http://5603757.qzone.qq.com/blog/1238900084 http://5603757.qzone.qq.com/blog/1238519054 http://finance.qq.com/
http://finance.qq.com/stock/

今天试改版了，截两个旧图做个纪念。





]]> http://5603757.qzone.qq.com/blog/1238519054#comment 134218241 Tue, 31 Mar 2009 17:04:14 GMT http://5603757.qzone.qq.com/blog/1238519054 http://5603757.qzone.qq.com/blog/1237113283 经济观察网 记者 焦建 3月1日，美国丹佛地区有着150年历史的《落基山新闻报》，在还有55天就要庆祝生日的时候，停刊了。在终刊词里，该报颇为诗意地写到，“我们知道前方有那么多值得报道的故事，但是我们不会在那里了。”

http://www.eeo.com.cn/observer/shijiao/2009/03/12/132016.shtml ]]> http://5603757.qzone.qq.com/blog/1237113283#comment 136314880 Sun, 15 Mar 2009 10:34:43 GMT http://5603757.qzone.qq.com/blog/1237113283 http://5603757.qzone.qq.com/blog/1235277328 Thursday, February 19, 2009provided by
State by state, the most affordable suburbs that offer the lowest crime rate, finest schools, and best quality of life for the dollar
Housing prices across the nation are being flattened by the worst economic crisis in decades. But it’s still not necessarily easy to find affordable suburbs with good schools, low crime, reasonable commutes, strong economies and a good quality of life. That’s where BusinessWeek can help. We’ve selected one affordable suburb near the biggest city in each state where residents can find the best quality of life for their money in 2009.

Editor’s Note: The selected suburbs were limited to towns within 25 miles of the most populated city, with populations of 5,000 to 60,000 people, median family incomes of $51,000 to $120,000, and lower-than average crime rates. We weighted a variety of factors including livability (short commutes, low pollution, green space), education (well-educated residents, high test scores), crime (low personal and property crime), economy (high job growth, low unemployment rate, high family income), and affordability (median household income, cost of expenditures). Affordability was most heavily weighted in our calculations. We penalized places with bad weather, a lack of racial diversity, high divorce rates, and few children. Household median income, which is derived from U.S. Census data, and the median home price are 2008 projections. The Unemployment rate comes from the Bureau of Labor Statistics and is for 2007. The Violent Crime index, which is based on FBI crime statistics, is a weighted index of the most recently available seven years (“100” is the national average for violent crime, so “100” would be twice the national average and “50” would be half the national average). The commute time is the median travel time for residents in the area, and is not necessarily the time it takes to reach the largest major city.

1. Pewaukee, Wisconsin
Nearest major city: Milwaukee
Population: 12,789
Median household income: $83,627
Median home price: $267,500
Unemployment rate: 4%
Violent crime index: 13
Pewaukee, where homes overlook the 2,493-acre spring-fed Pewaukee Lake, is about 20 minutes from Milwaukee. The lake is used for boating, fishing and other water activities. About 37% of residents are married with children. Average commutes are 19 minutes.

2. Mill Creek, Washington
Nearest major city: Seattle
Population: 13,626
Median household income: $83,818
Median home price: $398,000
Unemployment rate: 4%
Violent crime index: 24
Mill Creek, a Seattle suburb incorporated in 1983, has an 18-hole golf course, trails, parks, and a mall. About 36% of residents are married with children. Average commutes are 29 minutes.

3. Brandon, South Dakota
Nearest major city: Sioux Falls
Population: 6,793
Median household income: $71,405
Median home price: N/A
Unemployment rate: 2.5%
Violent crime index: 21
Fast-growing Brandon is a suburb east of Sioux Falls, known for its good schools and has great access to nearby nature parks, such as the Beaver Creek Nature Area. About 48% of residents are married with children. The average commute is 19 minutes.

4. Munford, Tennessee
Nearest major city: Memphis
Population: 5,476
Median household income: $53,931
Median home price: $142,500
Unemployment rate: 5.2%
Violent crime index: 3

Munford, 25 miles north of Memphis, is a small town in Tipton County, which was voted the third safest rural community in America by The Progressive Farmer, an agricultural and country living magazine. The Munford High School band won the state championship in 2007. About 40% of residents are married with children. The average commute is 32 minutes.

A previous version incorrectly named Bartlett, also in Tipton County, as the best affordable suburb in Tennessee.

5. East Norriton, Pennsylvania
Nearest major city: Philadelphia
Population: 13,530
Median household income: $73,773
Median home price: $242,500
Unemployment rate: 3.4%
Violent crime index: 11
East Norriton, a former farming community 22 miles north of Philadelphia, has a mix of stores, offices, industrial areas, single-family homes, and apartments. The nearest large shopping mall is the Plymouth Meeting Mall four miles away. About 33% of residents are married with children. Average commutes are 21 minutes.

6. South Weber, Utah
Nearest major city: Salt Lake City
Population: 5,676
Median household income: $89,355
Median home price: $210,000
Unemployment rate: 2.6%
Violent crime index: 57
South Weber, known for its occasional Big Foot sightings, is a rural area in Davis County, known as “The Garden Spot of Utah” because of its rich agricultural land. About 58% of residents are married with children. Average commutes are 17 minutes.

7. Cornelius, North Carolina
Nearest major city: Charlotte
Population: 17,290
Median household income: $87,016
Median home price: $206,000
Unemployment rate: 3.3%
Violent crime index: 48

The fast-growing bedroom community, 30 miles north of Charlotte, has some beautiful homes on Lake Norman, North Carolina’s largest lake. About 31% of residents are married with children. The average commute is 31 minutes.

8. West Des Moines, Iowa
Nearest major city: Des Moines
Population: 52,138
Median household income: $66,306
Median home price: $173,000
Unemployment rate: 3%
Violent crime index: 21
West Des Moines, the largest suburb of Des Moines, is covered with lakes, parks and trails. The highly-educated population is growing quickly and many of the residents work in the financial industry. About 38% of residents are married with children. Average commutes are 16 minutes.

9. Pataskala, Ohio
Nearest major city: Columbus
Population: 11,919
Median household income: $65,274
Median home price: $142,314
Unemployment rate: 5.2%
Violent crime index: 18
Pataskala, a suburb 20 miles east of Columbus, is one of a couple municipalities in the state that operates without an income tax. The city has three downtowns and a number of sites designated for new development. About 37% of residents are married with children. Average commutes are 27 minutes.

10. Fort Mill, South Carolina
Nearest major city: Charlotte, N.C.
Population: 9,943
Median household income: $57,648
Median home price: N/A
Unemployment rate: 5.6%
Violent crime index: 93
Fort Mill, located just south of the North Carolina border and 18 miles from Charlotte, is home to the Charlotte Knights baseball stadium. About 36% of residents are married with children. Average commutes are 22 minutes.

Click here to see the Best Affordable Surburbs for all 50 states ]]> http://5603757.qzone.qq.com/blog/1235277328#comment 134217729 Sun, 22 Feb 2009 04:35:28 GMT http://5603757.qzone.qq.com/blog/1235277328 http://5603757.qzone.qq.com/blog/1229266117 最近同学朋友结婚的挺多,呵呵!在网上发现这个动画,大家都来看看吧.挺逗的!

请按"播放电影"进行观看 ]]> http://5603757.qzone.qq.com/blog/1229266117#comment 4104 Sun, 14 Dec 2008 14:48:37 GMT http://5603757.qzone.qq.com/blog/1229266117 http://5603757.qzone.qq.com/blog/1228569672 BY ANTHONY KARYDAKIS MONDAY, DEC 1 2008 Longer than past downturn, and wall street`s meltdown will slow the recovery.

Well, now it`s official: we`re in a recession. And we know when it began: December 2007, according to
the official arbiter of business cycles, the National Bureau of Economic Research(NBER), wich made the
announcement Monday. So now the question is: When will it end, and how deep will it get?

There are good reasons to be worried about both of these measurements, as the headwinds facing the
economy are powerful indeed. But it`s best to resist the temptation to give in to predictions of
unconditional gloom and take a cool-headed look at how this recession compares so far to the many other
downturns we`ve survived.

On the likely depth of the recession, it has been often said that this may be the most severe recession
"in decades." This statement is almost certainly true but not particularly informative, as the two most
recent recessions, in 1990-91 and 2001, turned out to be famously mild and short-lived by historical
standards. So the real question remains: "the deepest recession" in exactly how many decades?

The most intuitive, and legitimate,reference is the 1981-82 recession,which lasted a longer-than-average
16 months and led to a peak of 10.8% in the unemployment rate-by all standards, a pretty serious affair.
Still,it would take an extraordinary amount of additional severe damage to today`s economy over a fairly
long period to drive the unemployment rate from its current 6.5% to double-digit territory.

It is also important to remember that the 1981-82 recession was almost deliberately caused by sky-high
interest rates, in the titanic fight of Fed chairman Paul Volcker to drive inflation out of the system.
In contrast, the Fed`s response now has been to pull out all the stops in the other direction, including
the precipitous lowering of short-term interest rates and a barrage of other actions. A somewhat more
plausible comparison to the current downturn is the 1973-75 recession, commonly attributed to the surge
in oil prices at the time. That one lasted a longer-than-average 16 months and led to a 9% peak in the
unemployment rate.

Direct comparisons to the Great Depression have become more common in recent weeks, given the collapse
of the stock market and consumer spending. But those comparisons overlook many key facts. During the
Great Depression, the unemployment rate surged to 25% and GDP contracted by 28% between 1930 and 1932,
an unthinkable prospect in today`s environment, thanks to a long list of underlying differences between then and now.

For example, the banking system collapsed in its entirety during the Great Depression and the absence of bank deposit insurance at the time caused catastrophic erosion to household wealth and consumption. Today, FDIC insurance (and its recently elevated limit to $250,000) provides a significant cushion; the response of economic policymakers is immeasurably faster and more aggressive now; and the coordinated actions among the major economies today to address the root causes of the current episode are both impressive and totally unprecedented.

How long will this one last? The prevailing view: probably through the middle of 2009. Two points to highlight here:

First, such a prediction is not based on any particularly refined insight that economic forecasters have into the current recessionary dynamic. After all, economic forecasting has a well-deserved reputation for being a notoriously imperfect art (most definitely not a science).

The predictions about this recession lasting through mid 2009 are mostly based on the following simple calculation: Until the NBER's announcement on Monday, the prevailing view was that the recession probably started at some point last summer and it was likely to be about average in length, by historical standards. Given that the average length of the ten recessions since World War II has been 10.4 months, with a range of 6 months in the 1980 recession to 16 months in the 1981-82 one, the natural "placeholder" time frame for the end of this recession would appear to be the middle of 2009.

However, the fact that the recession is now already 12 months old, and clearly not approaching its trough yet, raises the distinct prospect that it will exceed the length of the 1973-75 and 1981-82 recessions (both at 16 months), making it the longest since the Great Depression (43 months, from August 1929 to March 1933). The crowd fond of making comparisons to the Great Depression will be quick to declare some kind of victory on this one.

Second, the prediction that this recession may end around the middle of 2009 is not unreasonable, but even if accurate it disguises the critical question: What kind of a recovery is likely to follow? The answer is: probably a gradual one, unlike the more typical (but not universal) pattern of the economy coming out of most past recessions roaring ahead, propelled by pent-up consumer demand.

The healing process of a deeply wounded banking system, that has already led to nearly $1 trillion of write-downs, will act as a weight around the neck of any economic recovery in the latter part of 2009. Banks will likely continue the slow process of recapitalization and cleaning up the mountains of toxic assets on their balance sheets for a period longer than just the next few quarters.

That task will become even more challenging in the months ahead, as the recession itself will tend to generate an additional amount of toxic assets in their portfolios, impairing their ability to resume a more normal pace of lending. So, even though the economy may technically emerge from the recession in the second half of 2009, the recovery may initially become more of an issue of semantics rather than a robust turnaround in economic activity.

To be sure, this is a major recession and its downside risks in the midst of a highly volatile financial market environment shouldn't be underestimated. There are reasons, though, to believe that its severity and length will ultimately be contained by an unprecedented array of economic policy measures, some already in place, others in the pipeline.

Despite a series of false starts with some of those measures by the Treasury, the Fed's seemingly limitless reserve of innovative actions and the incoming administration's commitment to put in place a particularly aggressive fiscal stimulus package should gradually gain some traction that will help stabilize the economy within the next three quarters or so.

Anthony Karydakis is a former chief U.S. economist for J.P. Morgan Asset Management and currently an adjunct professor at New York University's Stern School of Business.
]]> http://5603757.qzone.qq.com/blog/1228569672#comment 136315392 Sat, 06 Dec 2008 13:21:12 GMT http://5603757.qzone.qq.com/blog/1228569672