贸易托福测验中级浏览测验材料

　　One thing I know: The only ones among you who will be really happy are those who will have sought and found how to serve. 以下是小编为大师搜刮清算的贸易托福测验中级浏览测验材料，但愿能给大师带来赞助!更多出色内容请实时存眷咱们应届毕业测验网!

　　投行的欢愉和忧?

　　并非一切处所的投行环境都是那末使人生畏——最少在东方不是。汤姆森金融(Thomson Financial)称，本年到今朝为止，亚太地域(日本除外)的买卖范围比客岁同期增添了40%。市场的苏醒令证券买卖营业大获其利。第三季度，在环球别的市场场合排场相称糟的环境下，花旗团体(Citigroup)在亚太地域赚取了11亿美圆的净利润，仅略少于2002年整年的进献。美国银行(Bank of America)持有的中国扶植银行(CCB)股分在第三季度增值达42亿美圆。固然人们感受不到，但这一收益在范围上要远弘远于统一季度14.6亿美圆的买卖丧失。

　　It’s not all grim in investment banking ? at least not out east. Asia Pacific ex-Japan deal sizes are up 40 per cent year-to-date, according to Thomson Financial. Resurgent markets are benefiting securities trading. In an otherwise ugly third quarter, Citigroup generated net earnings of $1.1bn in the region ? not far short of the entire 2002 contribution. Bank of America’s stake in China Construction Bank was worth an extra $4.2bn over the course of the third quarter. That dwarfs the $1.46bn of trading losses racked up in the same quarter, in magnitude if not perception.

　　即便在环球环境遍及不错的时辰，亚洲营业的红利表现也更胜一筹。以高盛(Goldman Sachs)为例，该银行客岁的税前收益有28%来自亚洲，比拟之下只要21%来自欧洲。这一增添局部源自中国范围庞大的公有化买卖。不过，该行一些最大的客户也来自亚洲：国度撑持的投资机构，如活泼在环球舞台上的新加坡当局投资公司(GIC)和淡马锡(Temasek)。亚洲中产阶层的突起，象征着即便那些传统上专一于零售办事的银行也在增添人手。苏格兰皇家银行(Royal Bank of Scotland)打算，到2010年，其支出的10%来自亚洲。

　　Even when times are universally good, Asia punches above its weight in terms of profitability. Take Goldman Sachs, which last year derived 28 per cent of pre-tax earnings from Asia compared with just 21 per cent in Europe. Part of the growth is due to China’s mega-privatisations. But Asia is also home to some of the bank’s biggest-spending clients: state-backed investment agencies such as Singapore’s GIC and Temasek, which are active on the global stage. The emergence of Asian middle classes means even banks traditionally focused on wholesale services are beefing up. Royal Bank of Scotland is targeting 10 per cent of revenues from Asia by 2010.

　　愈来愈依靠亚洲并非不危险——在1997至1998年的金融危急和随后的非典危急中见证了市场瓦解的人能够证明这一点。中国的股票刊行更多的是挑选在上海停止，而不是自在开放的香港——在上海，只要很少几家国际承销商和买卖商获得了派司。亚洲的政策拟定者能够粉碎有益可图的营业：比方，印度当局上周就颁布发表限定到场凭据(participatory note)的利用。可是，亚洲狂欢年的真正费事在于，奖金池是环球性的。亚洲的IPO从业职员已起头诉苦，东方机构分得的蛋糕太大了。

　　A growing dependence on Asia is not without risks ? as those who watched markets flounder during the financial crisis of 1997-98 and the subsequent Sars virus could testify. More Chinese equity offerings are taking place in Shanghai, where only a handful of international underwriters and traders are licensed, rather than in free-for-all Hong Kong. Regional policy makers can pull the rug from under lucrative business lines, as seen last week when India restricted the use of participatory notes.

　　But the real downside to a cracking year in Asia is that bonus pools are global. Asian IPO toilers are starting to moanthat too big a share of the spoils ends up in pockets back west.

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