2017年12月13日 17:04:20|来源:国际在线|编辑:飞度免费问答

Business商业报道European railways欧洲铁路The quest for a Ryanair of rail freight追求瑞安航空一样的铁路系统The EU wants more goods to be moved by train. Progress is slow欧盟想要更多的货物通过铁路运输,但进展缓慢。IN AVIATION the arrival of privately owned lowcost airlines has shaken up the market and sent the traditional flag carriers into retreat.在航空领域,低成本的私人航空公司的到来搅乱了市场,使传统的航空运输业不断受到挤压。But in Europes railway business there is still little competition in passenger services.但在欧洲的铁路客运业务仍缺少竞争。Even in freight, where there ought to be more scope for rivalry, the market is still dominated by state-owned incumbents.即使在理应有更多竞争的铁路货运,占市场主导地位的仍然是国有企业。The European Commissions Transport 2050 plan, adopted two years ago, promises to get half of all the continents mediumdistance goods transport off the roads and on to rail by 2050.两年前欧盟委员会通过的交通运输2050计划,期望到2050年得到大陆一半的中长途货物运输的道路和铁路。But although some progress has been made in designating crossborder rail corridors, the plan will not get far unless there is more choice and competition.虽然在指定的跨境铁路走廊已取得一些进展,不过该计划将不会走的太远,除非有更多的选择和竞争。Newer, private railfreight firms complain that their attempts to get into the market are frustrated by the incumbents.新的私营铁路货运公司抱怨说,在他们试图进入市场时遭到现有公司的阻碍。Laszlo Horvath, president of CER Hungary, complains that the stateowned giants, which usually own the tracks as well as running trains, turn nasty whenever young private firms like his try to expand.匈牙利CER主席拉斯洛霍瓦特抱怨说,通常拥有铁路以及正在运行的列车的国有企业在私人公司想扩大规模时变得令人讨厌。In January the commission launched its fourth railway package, intended to create a single European rail marketclearly the first three were not enough.由于前三个铁路包不足以满足市场需求,今年一月欧盟委员会推出了第四条铁路包以建立一个统一的欧洲铁路市场。It requires the incumbents to separate, financially and operationally, the part of their business that runs trains from the bit that owns and maintains tracks and signals—although they can still belong to the same holding company.它要求企业在财务和运营上进行分拆,他们业务的一部分,运行列车和维护轨道、信号仍然可以属于同一控股公司。If the new rules are vigorously enforced—a big if—Deutsche Bahn will for instance have to be reorganised so that DB Schenker Rail, its freight company shares no operations or cashflows with DB Netz, which owns most of the German rail network.如果大力执行这个新规则,将德国联邦铁路公司进行重组,因此,DB辛克铁路的货运公司与拥有大部分的德国铁路网络的DB Netz公司没有业务合作和资金共享。That should offer more of a chance to firms like Advanced World Transport in Prague.这应该向布拉格的世界先进交通运输这样的企业提供更多机会。We want to be the Ryanair of rail freight, says Pierre Timmermans, its boss.我们希望成为瑞安铁路货运老板皮埃尔·蒂默曼说。AWT is a privatised company that grew out of OKD, a state firm which ran coal and steel trucks from the mines of Moravia. Now it is central Europes biggest private operator, with around 160 locomotives and 5,500 wagons.AWT是从OKD分离出的私有化公司,OKD是从拉维亚矿山运输煤炭和钢铁的国有企业。现在它是欧洲中部最大的私人运营商,拥有约160台机车和5500辆货车。It plans to expand its operating radius to take it to most European ports.它计划扩大其业务范围到欧洲的大部分港口。But AWT, like all freight operators, faces obstacles at every national border.但是像所有的货运经营者,AWT在许多国家的边境也面临障碍。Apart from the state incumbents lack of clarity about fees for access to their tracks, these include different safety rules, signalling systems and voltage, and differences in gauges.除了缺乏进入这些国有企业路网所需要的明晰费用,还包括不同的安全规则,信号系统和电压,压力表差异。A haul from Ljubljana to Istanbul involves five countries and eight changes of locomotive according to a 2010 study for the European Commission.根据欧盟委员会2010年的研究从卢布尔雅到伊斯坦布尔的1577km涉及5个国家和更换8个机车。Few drivers are licensed for more than one country.很少有司机有其他国家的驾驶执照。Multi-system locomotives are expensive, costing up to 4m, making it hard for any firm other than subsidised operators to afford them.能够使用多系统的机车很昂贵,耗资高达4百万欧元,没有补贴的运营商没有能力付这个费用。Each of the commissions proposed rail corridors will be managed by a secretariat whose job will be to reduce paperwork and offer operators a one-stop shop to seek permission to run a train.欧盟委员会建议的各条铁路线将通过秘书处管理,其工作将是减少文书工作,并提供运营商所寻求的运行列车的一站式管理。Six of the corridors are supposed to be in operation by November, but are running late.6条线应该是在11月运作,但推迟了。Corridor 1, from Rotterdam to Genoa, runs smoothly from the Dutch port to the German border after 4.7 billion of improvements to tracks and signals.铁路线1是从鹿特丹到热那亚,在花费47亿欧元改善轨道和信号系统后顺利从荷兰港口运行到德国边境。But Germany, having spent heavily on its own signalling standards, is reluctant to upgrade its signals again to the latest pan-European standard, called ERTMS.但是德国已在自己的信号标准上花费了巨资,是不愿意将信号再次升级到最新的称为ERTMS的泛欧标准。Only recently has its government agreed to contribute 746m to upgrade a 73km stretch inside its territory.直到最近德国政府才同意出资7.46亿欧元升级其领土内73公里线路。Other corridors are even further behind.其他线路则进展缓慢。Corridor 6 is expected to cost almost 80 billion to upgrade,线路6预计将耗资近800亿欧元进行升级,but given the dire finances of the five countries it passes through—Spain, France, Italy, Slovenia and Hungary—that money is not going to be forthcoming for a long time.但考虑到其沿线五国西班牙,法国,意大利,斯洛文尼亚和匈牙利严峻的财政状况,在以后的很长一段时间内资金都会很紧张。Closer to reality is a separate experiment called Retrack, initially sponsored by the EU, to encourage a clutch of private companies and consultants to develop a freight route from Rotterdam to Hungary and beyond.更接近现实的是最初由欧盟资助的另一项称为Retrack的实验,鼓励私营公司和咨询公司制定从鹿特丹到匈牙利或更远的货运航线。It got off to a shaky start but Transpetrol, a rail-freight firm based in Hamburg, now runs up to five trains a week in co-operation with CER Hungary and LTE of Austria, another private firm—and it makes a profit.在开始阶段反复不定,但总部设在德国汉堡的铁路货运公司Transpetrol,现在每周与匈牙利CER和奥地利的另一家私人公司LTE合作运行每周多达5趟列车并且处于盈利状态。The trick seems to be flexibility in putting together trainloads from small groups of wagons, well-timed leasing of locomotives and rolling-stock, and negotiating good access rates.诀窍似乎是将分散的少量运载车一起运输,及时租赁机车和车厢,提高周转率和谈判的灵活性。Transpetrol says it has also persuaded customers that they will not suffer any repercussions from the state-owned competition.TRANSPETROL说,他们已承诺客户不会受到国有企业的影响。Until competition is more open, private challengers will be on an uphill gradient.随着竞争更加开放,私人企业将面临越来越激烈的竞争。The future may be that Europe ends up with four dominant incumbents and a few agile smaller ones from the private sector says Tom Zunder at Newcastle University.汤姆真德在纽卡斯大学说未来在欧洲货运铁路系统很可能是有四家竞争力较强的企业和一些私人拥有的灵活的小企业。One of the big four will undoubtedly be DB Schenker Rail.DB辛克铁路公司无疑将是四大企业之一。It has subsidiaries in Britain, France, Poland, Hungary and Bulgaria.它在英国,法国,波兰,匈牙利和保加利亚设有子公司。It runs a daily freight service to China and in September it will begin a service three times a week to Istanbul.它每天为中国提供货运务,并将于9月将开始每周三次为伊斯坦布尔提供货运务。Even private-sector challengers acknowledge it is well-run.即使是私营企业的挑战者也承认它运行良好。Few question the virtue of getting more goods onto rail, but efforts to do so have been mixed.为铁路争取更多的货物面临几个问题,所做努力的结果也是喜忧参半。EU auditors recently recommended pulling the plug on another project, Marco Polo, in which large sums have been spent on tracks and terminals with not much improvement to show for it.最近欧盟的审计师建议另一个已花费大笔资金改造线路和站点却仍没有多大改善的马可波罗项目。The biggest obstacle is that road transport is so efficient and flexible: Even this afternoon I could probably get something shipped to Sofia by truck, says Mr Zunder.最大的障碍是公路运输高效和灵活。真德先生说:即使今天下午,我大概还可以得到由卡车从索非亚运来的东西。In contrast rail-freight routes can still take up to 18 months to plan.相比之下,铁路货运有长达18个月的货运计划。Even once the EU has all its corridors in operation, it will struggle to get half of all cargo on the rails.欧盟甚至一度使其所有线路处于运营状态,它将争取把一半的公路运输转移到铁路上来。 /201309/256455

Longevity risk长寿风险My money or your life我的钱,或者,你的人生New financial instruments may help to make pension schemes safer新的金融工具或许有助于养老金计划更加稳妥OVER the past 50 years, every forecast of how long people will live has fallen short. Despite fears that obesity and global warming would reverse the trend, life expectancy in rich countries has grown steadily, by about 2.5 years a decade, or 15 minutes every hour. That is good news for health-care providers, cruise companies and humanity. It is most unwelcome for those paying the bills to finance this extended lease on life.在过去的的五十年间,关于任何人类能活多久的预测相较之前都变短了。尽管人们对于肥胖症以及全球变暖的担心将要扭转这一趋势,在发达国家的平均寿命正在稳步增长—大约每过十年便增长2.5岁,或每过一小时增长15分钟。这对卫生保健的供应商、邮轮公司以及人类确实是个好事。不过这对于那些为这个拓展生命的长度而付账单的人来说却绝对不是什么受欢迎的事情。Longevity risk, the chance that people will live longer than expected, is potentially very expensive. Never mind the dramatic impact of a cure for cancer: adding an extra year to the average lifespan increases the worlds pension bill by 4%, or around 1 trillion, according to the IMF.长寿风险,这是使人比预期活的更加久远的机会,可能是非常昂贵的。更别说是癌症治愈的巨大冲击:根据国际货币基金组织的报告:人类的平均寿命每增加一年便会增加4%的养老金账单,大约一万亿美元。Firms that have sold annuities are the most obvious victims of living longer, as they keep on writing cheques to oldies they expected would have passed on by now. But the most severe risk lies with defined-benefit pension schemes, in which participants are promised an annual payment throughout their retirement, however long it may last. Globally private defined-benefit schemes aly have 23 trillion of liabilities—the amount they owe current and future pensioners. Many are grossly underfunded as it is.那些出售养老金的企业明显是那些平均寿命增长的受害者,因为他们还得继续为那些寿命超过他们预期的的人开票。但是最严峻的风险取决于分期给付固定型养老金计划,使得参与者承诺每年付款直到她们退休,无论这要持续多久。全球的私人分期固定型养老金计划已经有高达23万亿美元的负债—他们对于是现在以及将来的养老金领取者的负债。他们许多对此都负担不起。Such statistics are enough to send a pension trustee to an early grave. Yet there is an apparent cure, in the form of “longevity swaps”, which pension schemes can use to insure against the risk that their members will live longer than expected. In July, the pension scheme of BT, Britains former telecoms monopoly, which is wrestling with a deficit of 7 billion, offloaded the longevity risk on over a quarter of its liabilities to Prudential Financial, an American insurer. BT will pay Prudential a monthly fee and it in turn will pay the extra pension costs if the shuffleboarders in question live longer than forecast.这些数据都足以让养老金受托人一只脚都踏进坟墓了。但是但表面上还有有治疗方案的,以“长寿互换”的形式,也就是养老金计划免除了他们要承受的成员寿命超过预期的风险。在七月的时候,英国前电信垄断行业—英国电信的养老金计划正在设法解决高达七十亿英镑的赤字,他们已经出售了四分之一的长寿风险给保德信金融集团—一家美国的保险公司。英国电信将每月向保德信付固定的费用,如果讨论中的老人们苟延残喘的活过了他们的预期保德信将会反过来向英国电信付额外的费用。Such arrangements have become increasingly common, with 2014 aly setting a record for liabilities offloaded in Britain, the centre of the market. BTs deal, which covered pension debt worth 16 billion, was the biggest yet. Most of the 20-odd deals so far have been between big pension schemes and insurers such as Prudential and Swiss Re. The deals should help them hedge a risk they aly have through their other businesses, which pay out if clients die unexpectedly early.以上的形式已经变得越来越普遍,截至2014年在英国这样世界市场的中心地区,出售负债的记录达到了一个新的高潮。英国电信高达一百六十亿英镑养老金的交易是迄今为止最大的一笔。到目前为止在这20笔奇怪的交易都是在养老金计划以及保险商诸如保诚集团瑞士再保险之间进行的。这些交易将有助于他们对冲通因其他业务所获得的风险—因客户过早意外死亡所带来的出。But the potential liabilities that need to be neutralised far exceed what insurers might want to take on. So new investors are being sought to take on risks associated with ever-older clients through “longevity” bonds, whereby outsiders take on the unwanted risks. Bondholders get paid a coupon, but start to lose money if life expectancy pushes beyond a pre-agreed rate.但是那些需要中和的潜在债务远胜于保险公司想要承担的那部分。因此都在试图争取新的投资人来承担因为“长寿”债券而由那些永远长寿的客户所带来的风险,即由外界来承担那些不必要的风险。债券持有人获得了一张联票,但是如果预期寿命超过了原先率他们就要开始赔钱了。In 2012 Aegon, a Dutch insurer, passed the longevity risk associated with 12 billion of pension liabilities to investors looking for an asset that does not move in tandem with wider financial markets. Chris Madsen, a managing director there, hopes they will follow the trajectory of “catastrophe bonds”, which pay out if there are no hurricanes or earthquakes in a defined period. These have recently become popular with large investors looking to diversify away from stocks and bonds.在2012年荷兰全球人寿保险公司,一家荷兰的保险公司,与那些寻找不动资产与更广泛金融市场的投资者们达成了一项关于养老金债务的高达一百二十亿欧元的协议。Chris Madsen,一位常务董事,希望他们能够追随“灾难债券”的轨道,即对于在固定时期内对于没有发生飓风或者地震的偿付。这在大的投资者们正在寻求摆脱股票以及债券的近期变得非常流行。But whereas protection against natural catastrophes tends to be offered for a year or two, longevity bonds are only useful over longer periods—enough time needs to pass for past projections to have been proved wrong. This does not suit the average investor, particularly in the absence of a liquid secondary market. So far, only a tiny fraction of the 23 trillion in liabilities in private defined-benefit plans have been protected. Whoever hits on the right formula will do a brisk trade.但是鉴于防范自然灾害往往是限于一至两年,而长寿债券只是在长时间见内有用—需要足够的时间来验过去预测正确与否。这并不适合普通的投资者,特别是在缺乏流动性的二级市场。到目前为止,只有二十三万亿美元这一小部分的私人养老金固定收益债务得到了保护。任何想到正确方案的人都将能够生意兴隆。 /201408/324482

But even he has his limits. 但它也有忍不住的时候。On the reef, there seem to be an almost infinitely variety of ways of feeding, some fish even cultivate their own food. 在礁石中,总有各种觅食方式,一些鱼甚至自己种植食物。So theyre very protective of it.所以他们非常保护自己的食物。Theres one fish species that is so good at defending its particular patch of reef. 有一种鱼非常擅长保护他们自己那块礁石。But its responsible for more attacks on divers than any others. 这种鱼比其他的鱼更常攻击潜水者。And thats this species here. 就是它。This is a white damsel, and its a constant gardener, nurturing and caring for a patch of algae. 这是一条白色的雀鲷,是一位勤劳的园丁,培育和照料一片海藻。Much of the algae growing on the sandy sea bed is edible. 大多数生长在沙质海床的海藻都可以食用。So the damsel farms it in green patches, encouraging some species nipping down others and gently transforming the landscape around her. 雀鲷在这片绿地里耕耘,留下一些,吃掉另外一些,渐渐地改造了自己周围的地盘。After all this hard work, she doesnt look kindly on trespassers. 毕竟这很辛苦,她对来访者并不友善。Anything that swims too close is chased away.任何靠太近的都会被赶走。But is she brave enough to try to see me off?但是它能赶走我吗?201409/327383

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