2007年7月12日 星期四

[經濟]杜拜熱錢進攻 新紐約蠶食老紐約。

中國時報 2007/07/08

杜拜熱錢進攻 新紐約蠶食老紐約
王良芬/紐約

媒體稱杜拜是穆斯林版的「新紐約」,各種新奇建築計畫、博物館、旅館紛紛冒出;但杜拜雄心萬丈,在沙漠裡打造出「新紐約」後還不滿足,目光落在美國東岸,挾其雄厚資金,意圖將「老紐約」蠶食鯨吞。

杜拜最近以八億兩千五百萬美元的高價,買下紐約高檔的巴尼百貨公司,華爾街股市立刻激盪,全球投資家關注杜拜的投資策略,而名媛貴婦則好奇,改朝換代之後的巴尼,是否能繼續維持其獨特格調?

幾個著名地標 先後換了主人

「慾望城市」的女主角凱莉在劇中曾說過的名言:「如果妳是一個好人,而且勤勞工作的話,妳就能在巴尼購物,這是頹廢的報酬。」一語道出巴尼是人們虛榮的目標,昂貴的標價使人感到罪惡。

紐約客對時尚嗅覺敏感,巴尼櫥窗總能在業者漫天鬥艷中,自創出獨具一格的高檔風。《紐約時報》去年評起高檔百貨公司,曾說:「布明岱爾(Bloomingdale)如學校啦啦隊長,巴尼則是班上那個冷酷孩子。」

巴尼百貨的冷酷正是紐約的時尚基調,然而當杜拜政府旗下的伊斯帝斯馬公司(Istithmar)接管之後,設計家在中東新主的指揮下,能否依然大膽發揮創意?

巴尼百貨僅是大家警覺到的,杜拜先後併吞下來的Essex House飯店、W飯店、東方文華飯店,以及包括Helmsley在內的三棟大樓,也都是曼哈頓的著名地標。杜拜低調攻城掠地,熱錢滾滾前進紐約,紐約客一夕驚覺,老板、房東竟然換人了。

以Essex House飯店來說,這棟坐落在中央公園南側的飯店來頭不小,飯店由著名建築師設計,內部裝潢精美雅致,不少文人以該飯店為背景,寫出膾炙人口的故事。動人心弦的經典電影也在此選景,例如「金石情」電影中,男主角就在Essex House飯店裡,驚覺女主角的油畫像。

至於在公園大道上的Helmsley大樓,又暱稱為「紐約中心大樓」,而這棟具有歷史意義的大樓,不敵杜拜大舉金錢攻勢,在二○○五年就已落入杜拜政府的口袋。

國家操盤致富 熱錢投資全球

杜拜以國家操盤致富起家,政府主掌全球投資策略,在紐約收購物業的投資者,均是杜拜政府旗下國營公司。

紐約記憶中的經典場景,逐漸落在杜拜政府手裡,「新紐約」似有併吞「老紐約」之勢。紐約在經歷了九一一恐怖事件後,對中東國家多了幾分疑慮,所幸杜拜政府謹慎操作,將國家形象定位在商業新貴,以別於伊拉克、伊朗、阿富汗等國家,紐約客拒絕恐怖軍火主義,但能接受純商業的中東熱錢,「新紐約」要併吞「老紐約」,現在還不至於引發政治反彈。

相較於十多年前,日商要買下紐約洛克菲勒中心,反對聲浪排山倒海而來,幾乎敲定的案子一夕之間撤掉,紐約客對杜拜算是相當寬容。儘管如此,美國還是不敢對杜拜掉以輕心,杜拜在美的投資收購,相關單位仍密切檢視。

難脫穆斯林陰影 不碰敏感投資

去年年初,阿拉伯聯合大公國持有的杜拜港口世界管理公司,擬收購英國半島東方航運公司的股權,而英國半島東方航運擁有美國六大港口設施,包括紐約、新澤西、巴爾的摩、紐奧良、邁阿密和費城等六處港口。

英國半島東方航運在三月同意這項交易,股東通過決議後,杜拜即將全權操管美國六處港口,消息披露後,引發美國朝野以國家安全為由,強烈反對這項海外交易。白宮擔心這會對布希總統造成政治殺傷力,反而出面幫杜拜說話,澄清該交易無礙美國國家安全,不過最後杜拜還是放棄這個政治燙手山芋。

[文學]Jazz Messenger by 村上春樹

New York Times July 8, 2007
Essay
Jazz Messenger
By HARUKI MURAKAMI (村上春樹)


I never had any intention of becoming a novelist — at least not
until I turned 29. This is absolutely true.

I read a lot from the time I was a little kid, and I got so deeply
into the worlds of the novels I was reading that it would be a lie if
I said I never felt like writing anything. But I never believed I had
the talent to write fiction. In my teens I loved writers like
Dostoyevsky, Kafka and Balzac, but I never imagined I could write
anything that would measure up to the works they left us. And so, at
an early age, I simply gave up any hope of writing fiction. I would
continue to read books as a hobby, I decided, and look elsewhere for
a way to make a living.

The professional area I settled on was music. I worked hard, saved my
money, borrowed a lot from friends and relatives, and shortly after
leaving the university I opened a little jazz club in Tokyo. We
served coffee in the daytime and drinks at night. We also served a
few simple dishes. We had records playing constantly, and young
musicians performing live jazz on weekends. I kept this up for seven
years. Why? For one simple reason: It enabled me to listen to jazz
from morning to night.

I had my first encounter with jazz in 1964 when I was 15. Art Blakey
and the Jazz Messengers performed in Kobe in January that year, and I
got a ticket for a birthday present. This was the first time I really
listened to jazz, and it bowled me over. I was thunderstruck. The
band was just great: Wayne Shorter on tenor sax, Freddie Hubbard on
trumpet, Curtis Fuller on trombone and Art Blakey in the lead with
his solid, imaginative drumming. I think it was one of the strongest
units in jazz history. I had never heard such amazing music, and I
was hooked.

A year ago in Boston I had dinner with the Panamanian jazz pianist
Danilo Perez, and when I told him this story, he pulled out his
cellphone and asked me, Would you like to talk to Wayne, Haruki?”
"Of course", I said, practically at a loss for words. He called
Wayne Shorter in Florida and handed me the phone. Basically what I
said to him was that I had never heard such amazing music before or
since. Life is so strange, you never know what's going to happen.
Here I was, 42 years later, writing novels, living in Boston and
talking to Wayne Shorter on a cellphone. I never could have imagined
it.

When I turned 29, all of a sudden out of nowhere I got this feeling
that I wanted to write a novel - that I could do it. I couldn't
write anything that measured up to Dostoyevsky or Balzac, of course,
but I told myself it didn't matter. I didn't have to become a
literary giant. Still, I had no idea how to go about writing a novel
or what to write about. I had absolutely no experience, after all,
and no ready-made style at my disposal. I didn't know anyone who
could teach me how to do it, or even friends I could talk with about
literature. My only thought at that point was how wonderful it would
be if I could write like playing an instrument.

I had practiced the piano as a kid, and I could read enough music to
pick out a simple melody, but I didn't have the kind of technique it
takes to become a professional musician. Inside my head, though, I
did often feel as though something like my own music was swirling
around in a rich, strong surge. I wondered if it might be possible
for me to transfer that music into writing. That was how my style got
started.

Whether in music or in fiction, the most basic thing is rhythm. Your
style needs to have good, natural, steady rhythm, or people won't
keep reading your work. I learned the importance of rhythm from music
and mainly from jazz. Next comes melody - which, in literature,
means the appropriate arrangement of the words to match the rhythm.
If the way the words fit the rhythm is smooth and beautiful, you can’
t ask for anything more. Next is harmony - the internal mental
sounds that support the words. Then comes the part I like best: free
improvisation. Through some special channel, the story comes welling
out freely from inside. All I have to do is get into the flow.
Finally comes what may be the most important thing: that high you
experience upon completing a work - upon ending your performance”
and feeling you have succeeded in reaching a place that is new and
meaningful. And if all goes well, you get to share that sense of
elevation with your readers (your audience). That is a marvelous
culmination that can be achieved in no other way.

Practically everything I know about writing, then, I learned from
music. It may sound paradoxical to say so, but if I had not been so
obsessed with music, I might not have become a novelist. Even now,
almost 30 years later, I continue to learn a great deal about writing
from good music. My style is as deeply influenced by Charlie Parker’
s repeated freewheeling riffs, say, as by F. Scott Fitzgerald's
elegantly flowing prose. And I still take the quality of continual
self-renewal in Miles Davis's music as a literary model.

One of my all-time favorite jazz pianists is Thelonious Monk. Once,
when someone asked him how he managed to get a certain special sound
out of the piano, Monk pointed to the keyboard and said: It can't
be any new note. When you look at the keyboard, all the notes are
there already. But if you mean a note enough, it will sound
different. You got to pick the notes you really mean!”

I often recall these words when I am writing, and I think to myself,
"It's true. There aren’t any new words. Our job is to give new
meanings and special overtones to absolutely ordinary words." I find
the thought reassuring. It means that vast, unknown stretches still
lie before us, fertile territories just waiting for us to cultivate
them.

Haruki Murakami's most recent book is a novel, After Dark. This
essay was translated by Jay Rubin.

[財經]私募基金是蓬勃?是詬病?

【會研文摘】

私募基金是蓬勃?是詬病?

開春以來國際金融圈最熱門的話題莫過於私募基金(Private Equity)的動向。

在瑞士Davos舉行的世界經濟論壇,全球私募基金集團的龍頭老大黑石的領導人被奉為上賓,倫敦《金融時報》及英國廣播公司(BBC)疊有私募基金併購金額創新高的新聞,經濟學人週刊(The Economist)數月來亦連續多篇探討私募基金對經濟發展的利弊,我國國內報刊雜誌之專題報導亦不缺,足證私募基金對國際資本市場及經濟層面的影響,已令人無法漠視。

有利的國際資本市場環境

私募基金近年來蓬勃發展,疊創新高金額的併購交易實有其背景:

1. 債券市場的健全發展:
使私募基金容易以低成本在債券市場借得併購所需資金;

2. 投資人對風險接受程度提高:
如對債信評等較低或以次等(sub prime)債權資產抵押之債券皆願接受,
銀行界對私募基金之買斷交易亦願提供低利率之融資;

3. 私募基金管理人有優渥的報酬:
私募基金對管理的基金有1.5%以上的報酬率,誘使私募基金儘速選定標的公司,
以運用已募集之資金;

4. 資金充沛及市場利率低:
油價從2002年的每桶10餘美元一路攀升至2006年的70餘美元,
中東鉅額油元的去向一直為國際金融圈所關注。

據估計約40%較可確定投入銀行存款和短期債券市場,其餘資金除了油元國政府支援設立的私募或對沖基金外,市場人士咸信亦透過歐美知名基金流入美國政府公債,市場遊資相當多,因此近年來國際資本市場利率如美元、歐元、日圓雖已自谷底緩慢回升,但仍算維持低檔,對私募基金高槓桿財務操作非常有利。


延攬頂尖專業人才且所有權集中為成功主因

私募基金發展快速,除了上述良好的市場背景配合外,
下列因素為造就成功之主因:

1. 延攬行業頂尖專業人才:

以前私募基金由具金融背景人士掌舵,現亦大量挖角知名企業高層管理,如GE、IBM之超級巨星級管理人,在選定買斷目標公司前,更是不吝斥資延攬該行業頂尖人才,組織專業團隊進行評估;

2. 受法令規範幅度低:

私募基金掌控的私人公司受法令規範幅度遠低於上市公司,可避開繁瑣的法令如美國的沙氏法之限制、主管機關要求的定期報表編製、甚至應付費時費錢的股東訴訟案。另亦較不受媒體檢驗,尤其在獲利低於預期時。對管理人的酬庸亦可慷慨不受掣肘,然對績效不佳管理人之懲罰亦嚴厲;

3. 所有權及管理權集中:

私營後公司所有權及管理權集中,相較於上市公司股東分散,經營管理者只有少數股份,更能發揮管理績效;

4. 優惠的租稅環境:

政府對私募基金為買斷目標公司舉債之利息可列費用,與投入自有資金列於權益相較,形同租稅優惠;

5. 高槓桿財務操作:

高槓桿的財務操作亦逼使管理者必須更注重經營績效。


操作策略:買它,剝光它,拋開它

私募基金近年來的成功使其併購金額越來越高,作風越趨大膽,但其快速擴張亦招致非議,私募基金最被社會大眾詬病之處在於:

1. 有掏空公司資產之嫌:

歐陸曾有媒體形容私募基金操作策略為「買它,剝光它,拋開它」。BBC 2007年新聞報導,歐洲數工會將聯合要求歐盟各國節制私募基金併購,尤其是高負債比率之併購,因其常被迫使用裁員策略,以迅速增加短期利潤償還借款,對公司長期發展不利;政界人士亦對大型併購案,尤其是跨國併購是否對該國經濟發展有貢獻,有嚴厲批評。

數月來歐陸多國政府甘冒歐盟指責,阻撓跨國併購,避免國內具國家形象的知名公司淪於外資之手的新聞已不足為奇,顯示歐陸國家恐其激烈地管理手段傷及經濟、社會穩定;

2. 違反公平交易法:

私募基金尋找到併購目標後,常見的以共同競價(club deal)聯合其他知名私募基金共同出資競購,美國司法部對此舉是否違反公平交易法正展開調查。英國金融服務管理局(FSA)則擬將私募基金某些活動加以規範;

3. 規避稅負:

私募基金舉債利息可列費用,與投入自有資金列於權益相較,形同租稅優惠。根據英國每日電訊報對英國最大的十家私募基金管理之私人公司研究,發現其中五家2005年度未交分文所得稅;

4. 原公司最高管理階層涉及利益衝突賤賣公司:

原公司股東通常指責高層管理賤賣公司,以換取私募基金之鉅額酬庸,偶而傳出的私募基金行賄高層管理醜聞更令原股東振振有詞。

[資訊]富比世推薦 世界10大購物天堂

Source:http://tw.news.yahoo.com/article/url/d/a/070711/2/h42h.html

記者:國際新聞組/綜合報導


正值暑假旅遊旺季,出國旅遊,難免要買些精品服飾或紀念品,富比世推薦10個購物天堂,可供讀者出國購物參考。

丹麥哥本哈根 買前衛設計

想買設計前衛的物品,到哥本哈根市中心就對了。許多服裝設計名師進軍國際前,都先在此地生根,他們作品創意十足,但仍適合平時穿著。哥本哈根每年舉辦設計展,今年活動在8月9日登場、12日結束。

布宜諾斯艾利斯 買男裝、皮製品

因匯率關係,購物不心疼,是採購男裝和皮製品的好地方。女性常往Recoleta區跑,不過要尋找國際名牌之外的特殊服飾,就要逛Palermo Soho區,大街上有些精品店,可是逛小巷中的商店更有樂趣。

曼谷 買小飾品、手工藝

想買個夠,就到購物就是全民運動的泰國。不論是精品店還是市場,都不難發現吸引人的小飾品、手工藝品、珠寶。體力好的人,Chatuchak周末市集有九千個攤位,絕對逛到腳軟。Siam區購物中心、小型服飾店林立,這裡的丹寧牛仔褲店可現場定做。

東京澀谷 享尋寶探險之喜

街道有如迷宮且標示欠佳,在這裡逛街會迷路,但有尋寶探險的驚喜。推薦東急手百貨、Beams連鎖店,以及個人設計師、品牌駐點的Parco購物中心。在這裡買衣服要注意尺寸,L可能等於美國的S。

摩洛哥 秀殺價好身手

Marrakech市場有如迷宮,要請嚮導帶路,但可充分接觸伊斯蘭文化,購物過程本身充滿樂趣。面對小販三寸不爛之舌要保持冷靜,用力殺價,會有豐富收穫。精緻的手工珠寶、地毯、手編袋值得購買。

聖巴特島 買巴黎名家作品

加勒比海聖巴特島是典型的熱帶島嶼,不過商店除了販賣海洋風味服飾、傳統的紀念品,也賣國際名設計師服飾。它是法國屬地,所以有很多巴黎名家作品。

巴黎 去周末市集尋寶

要在巴黎買高檔精品,當然不愁找不到,但荷包會大出血。美元對歐元匯率持續走低,現在用美元在巴黎買名牌服飾、包包不划算,Gucci、Prada、Chanel看看就好,逛周末市集比較適合。

倫敦 看自有品牌、名家設計

英鎊匯率遠高於歐元,名牌售價更高於巴黎。不過,有些英國連鎖精品店委託名家設計,以自有品牌行銷,相對上比較划算。牛津街的Self-riges商場匯集許多品牌,創意十足的櫥窗設計值得一看。

紐約 去第五大道走一趟

在大蘋果買精品,一定要到第五大道走一趟。在這裡購物,要講求戰術,如果時間有限,可到Bergdorf Goodman繞繞,一家店就可看到幾個品牌。

洛杉磯 去比佛利山朝聖

精品迷不到比佛利山朝聖,就枉走洛杉磯。Prada、Versace、Gucci、Ferragamo等諸多名牌,可輕易讓人刷爆卡。比佛利山精品店比第五大道分散,可把重點放在Roberston大道的Lisa Kline、Madison等明星名流最愛的精品店。

[資訊]佛羅倫斯獲票選為世界最佳旅遊城市

Source:http://tw.news.yahoo.com/article/url/d/a/070710/5/h39c.html

(中央社記者顏伶如舊金山十日專電)世界上哪些城市最值得一遊?根據「Travel +Leisure」旅遊雜誌今天公布最新一項讀者票選年度統計,義大利佛羅倫斯今年蟬聯世界最佳旅遊城市排行榜榜首,第二名則是布宜諾斯艾利斯,曼谷排名第三。

暑假向來是旅遊旺季,「Travel + Leisure」旅遊雜誌每年選在這個時候公布世界最佳旅遊城市排行榜,提供讀者規劃觀光旅遊的行程參考。這項票選活動只限曾親自造訪過這些城市的讀者參加。

義大利的佛羅倫斯去年拿下這項票選活動第一名,今年再度蟬聯榜首。「Travel + Leisure」推出世界最佳旅遊城市排行榜十二年來,佛羅倫斯今年已經是第三次上榜。

「Travel + Leisure」編輯部表示,佛羅倫斯受到廣大遊客喜愛,最主要原因在於當地充滿文化特色,藝術活動豐富且多元,而且對於喜歡購物的觀光客來說也能滿載而歸。

布宜諾斯艾利斯去年在這項票選排行榜中排名第七,今年上升到第二名。名次進步的原因則在於前往當地旅遊可謂物超所值,而且有許多美食讓饕客大飽口福。

曼谷今年排名第三,主要原因在於「物美價廉」以及東方文化色彩令西方遊客大開眼界。第四名與第五名分別為羅馬、雪梨。

第六名至第十名依序為:紐約、印度烏達坡(Udaipur)、伊斯坦堡、舊金山、開普敦。