新闻回顾

Harsh Environment Awaits Banking Survivors

未来银行生存环境严峻

Less risky, less profitable, and probably a lot smaller - that is the prognosis for the world's banks as they attempt to rebound from the worst financial crisis of the postwar era. This epochal shift in the financial climate means that even those institutions that come through the downturn intact will face a struggle to adapt to the new environment.

风险降低，利润下降，规模缩小——这是对全世界银行前景的预测，而现在它们正试图从战后最严重的金融危机中复苏。金融环境的这种划时代转变意味着，即使是安然无恙度过衰退期的银行也得竭力适应新的环境。

Amid the turmoil, it might seem futile to sketch out the future banking landscape. Most banks are struggling to forecast their performance over the next three months, let alone the coming five years. Bad loan charges are still rising. Even though the world's banks had raised more than $900bn in fresh capital by the end of 2008, capital ratios have improved only slightly and further equity injections from governments and outside investors are likely.

在金融风暴之中，描绘银行业的前景似乎是徒劳的。大多数银行都很难预测其今后三个月的表现，更别提未来五年了。坏账损失仍在增多。尽管世界各国银行截至2008年年底新募集了 9000多亿美元的资金，但资本充足率也只是小幅上升，政府和外部投资者可能还得注入更多资本。

The regulatory framework is also uncertain. Regulators are drawing up plans to force banks to hold greater levels of capital and stronger buffers of liquidity, though it remains far from clear how these will work in practice. Some central bankers and policymakers, especially in the US, are advocating a complete separation of investment banking from retail banking. Even if this is avoided, global banks could face stricter constraints in some countries that will make cross-border operations less attractive. Fundamentally, the banking sector is entering an era in which its performance will be linked to the underlying economic growth of the economies in which it operates. Some may produce better results because they are better run. But as long as investors and regulators can remember the crisis, any bank that consistently generates above-average returns is likely to be seen as a target for suspicion, rather than praise.

管理框架也不确定。监管人员正制定相应计划，强制银行提高资本充足率，增强流动性缓冲，不过实际效果如何仍不明朗。有些央行行长和政策制定者，尤其是在美国，倡导将投资银行从零售银行中完全剥离出来。即使这实现不了，全球银行也将在一些国家面临更严格的限制，使跨界业务的吸引力降低。从根本上来说，银行业正进入一个新时代，届时其表现将同所在地基础的经济增长挂钩。一些银行可能由于管理得法，效益更好。但只要投资者和管理者记得这次危机，任何收益总是高于平均水平的银行就有可能成为怀疑的对象，而非表扬的对象。

《金融时报》

Colleges Open Doors Wider

美私立大学放宽大门

Many American private colleges have admitted more students than usual this year, hedging their bets as they wait to find out whether families find higher tuitions difficult to manage in the recession.

由于不确定民众在经济危机之中是否负担得起较高的学费，美国许多私立大学今年都进行了扩招，以确保能招来足够的学生。

After years of increasing selectivity driven by bumper crops of strong applicants, many private college officials are concerned that more students will turn to public universities, which are less expensive. Many schools have sent out more acceptance letters and e-mails, built bigger waiting lists and pumped more money into financial aid to lure students to their campuses.

近年来，由于申请者众多，私立大学有越来越多选择的余地，但现在私立大学的主管担心更多学生会转读学费低得多的公立大学。许多学校都发出了更多的录取通知书和电子邮件，扩充了候选人名单，提高助学金额度，以吸引学生前来就读。

The bottom line: It will be slightly easier to gain admission to some private colleges this year, officials said. The private schools' concerns are part of a confusing overall admissions picture for the high school Class of 2009, the largest ever at 3 million students. Many public universities have experienced increases in applications, but it is unclear whether that has made admission more difficult across the board. And some elite universities such as Harvard and Dartmouth are even more competitive than usual this year, in part because they have assured low-income students that they won't have to borrow money to pay their costs.

说到底：这些主管称，今年一些私立大学的准入门槛稍降。私立大学的担忧反映了2009年大学整体招生情况的复杂，今年有300万名高中生毕业生，为历年之最。许多公立大学的申请者都有所增加，但这是否令上大学更难，尚不得而知。一些精英大学，如哈佛大学和达特茅斯学院，比以往更加有竞争力，原因之一是他们确保低收入学生不需要贷款来交学费。

Families will be weighing their options, comparing financial aid packages and trying to predict their economic futures. More than 90 percent of the students surveyed by Royall & Co., a higher education marketing and research firm, said they were changing their college plans because of the economy.

家庭将权衡他们的选择，比较各个学校的助学金，并试图预测他们的收入前景。根据Royall & Co.（一家高等教育销售与研究公司）所做的调查，逾九成的学生表示，鉴于经济情况，他们将改变其上大学的计划。

《华盛顿邮报》

No Small Achievement: The Tata Nano

Tata Nano：成就斐然

The cacophonous capillaries of India's infrastructure may be about to get a lot more clogged. By the end of 2010 there could be as many as 300,000 Tata Nanos on India's roads. Well before its launch, the tiny car had become an object of loathing for environmentalists. But for potential buyers, what matters is whether it is any good.

印度熙攘嘈杂的大街小巷可能将变得更加堵塞。到2010年底，印度街头可能会有多达30万辆的Tata Nano汽车。早在推出之前，这辆小车就已是环保人士的眼中钉。但对于潜在的买家来说，它是否是一辆好车才最重要。

Despite the Nano's size its interior is surprisingly spacious. The Nano is optimised for the 95th percentile of American men. In South Asia, this makes the car downright cavernous. When it comes to performance, the Nano goes from zero to 100kph in a languid 30 seconds, but it is surprisingly enjoyable to drive. And with a petrol consumption of 67mpg, few cars can match its fuel-efficiency.

Nano虽小，内部空间却异常宽敞。它适于95%的美国人。南亚人在车里就像置身于一个大洞穴。说起表现，Nano从0加速到100千米/小时要花上30秒，但开起来却挺爽。百公里油耗6.7升，很少有车比它更省油。

But the Nano's real beauty lies in its design. Putting the engine at the back means the car's footprint is 8% smaller but provides 21% more interior space than that of the Maruti 800, the next cheapest car on the Indian market, which costs twice as much.

但Nano真正的优势在其设计。由于发动机后置，该车同印度市场上第二便宜的汽车Maruti 800相比，占地面积小8%，内部空间却大21%，而价格只有后者的一半。

The Nano has its flaws. When left open, the doors do not remain ajar, and the rear hatch does not open at all. There is no radio or glove compartment. The interior is made of cheap grey plastic chosen more for its durability than its aesthetic or tactile appeal. And the engine sounds like a lawnmower.

Nano也有瑕疵。车门打开后，无法保持半开状态，而且后备箱根本无法开启。没有收音机，中控台也格外简陋。内饰材料为廉价的灰色塑料，考虑的是耐用性，而非美感和触感。发动机响起来像割草机。

But the Nano does not shake as it approaches its top speed of 105kph, and feels reassuringly stable. There is a crumple zone at the front, and a bar across the car, on which the front seats are mounted, improves rigidity in the event of a side impact. To balance the car and save money, they put the battery under the driver's seat - an example of the smart but ascetic engineering that can produce an impressive car for $2,000.

但Nano接近105千米/小时的极限速度时却并不震动，其稳定让人放心。前端设有撞击缓冲区，还有一根横杠，前排座椅固定其上，这提高了侧面受撞击情况时的稳定。为了平衡车身和省钱，设计者将蓄电池置于司机座椅下方——工程设计之智慧与节制的典范，造就了这台2000美元的好车。

《经济学人》

Fifa Promises No Tragedies at World Cup

球赛诚精彩，生命价更高

The organisers of next year's World Cup finals in South Africa have pledged that there will be no repeat during the tournament of the crush that killed at least 22 people at a match in Ivory Coast on 30 Mar, the latest in a series of tragedies at African stadiums. Fifa has demanded a full report into the disaster in Abidjan, which left 132 injured.

明年南非世界杯的组织者承诺，3月30日在科特迪瓦一场比赛中造成至少22人死亡的踩踏事故不会在世界杯期间重演，而之前非洲球场已发生多起悲剧。国际足联要求有关方面就此次阿比让灾难出具详细的报告，另有132人在事故中受伤。

Football's world governing body was already conscious of the relaxed match-going culture in Africa, in which many fans turn up to games at the last minute and without tickets, and is likely to step up efforts to raise awareness among South Africans that seats for the finals must be purchased well in advance and that there will be no possibility of even approaching the stadium without a ticket.

国际足联早知非洲比赛文化的散漫，球迷往往最后时刻才到场，还没有门票，因此很可能会尽力提高南非人民的意识，让民众知道应该提前购买世界杯门票，没有票可能连接近球场的机会都没有。

In any case, Fifa is confident that tight security around host stadiums will prevent any echo of Sunday's events. Ticketless fans tried to force their way into the stadium before kick-off, police were overwhelmed by the crowds and a stampede broke out.

无论如何，国际足联确信，世界杯球场周围严密的安全措施能避免周日的事件重演。没有门票的球迷试图在开赛前强行进入球场，警察面对人潮一筹莫展，踩踏事故就此发生。

'Those things will not occur in the Confederations Cup [in South Africa in June] or the World Cup,' Danny Jordaan, the chief executive of the World Cup organising committee, said. He added that the impatience of crowds without tickets 'triggers a stampede that leads to disaster.' At Ellis Park in Johannesburg in 2001, 43 died and 155 were injured as fans forced their way into an overcrowded stadium.

“这些事不会在联合会杯（今年六月在南非举行）和世界杯上发生，”世界杯组委会主席丹尼•约达安说。他表示，无票人群的急躁“引发了踩踏，并酿成灾难。”2001年，约翰内斯堡埃利斯公园，球迷强行进入一个拥挤不堪的球场，造成43人死亡，155人受伤。

At least 238 fans have been killed and hundreds more injured at African stadiums in the past 13 years. The nature of Sunday's tragedy may also stir memories in Britain of the Hillsborough disaster, where, twenty years ago, ninety-six people were crushed to death.

过去13年来，非洲体育场上至少已有238名球迷遇难，数百人受伤。周日的悲剧可能也会使人记起20年前英国的希尔斯堡惨案，当时96人被压死。

《泰晤士报》