Emerging markets Lands of eternal（永恒的） p_跬步千里行《英刊视译》_免费在线阅读收听下载

Emerging markets Lands of eternal（永恒的） promise

In emerging markets, local and regional banks are increasingly beating（击败） global ones TO JOURNEY FROM the bustle（匆忙奔走的） of street-traders（街头商人）, minibus taxis, heat and dust of an African city centre to one of the pulsing（脉动的） arteries（动脉） of global finance, all you need to do is walk a few steps, from the pavement to the towering（高耸的） coolness（凉爽） of the Johannesburg head office of Standard Bank, Africa's biggest bank. Before the financial crisis Standard Bank had global ambitions. Touting（兜售） its skill in emerging markets and mining, it built outposts（前哨基地） in Russia, Brazil, Turkey and London, among other places. For a time, the strategy seemed to be paying off（偿清-得到回报） as it won mandates（授权） to help local companies raise funds on international capital markets. " With the crisis, the competitive landscape（竞争格局） changed dramatically, " says Sim Tshabalala, co-chief executive of the bank. The cost of capital and funding（资金） for mid-sized investment banks shot up and domestic rivals in many of its markets began to flex（收缩） their muscles. So Standard has shifted its focus to deploying capital across Africa, where it has a strong local presence（存在） and can see off（告别） competition from both global investment banks and newly emerging home-grown ones.
新兴市场永恒的希望之地在新兴市场中，本地和区域性银行正越来越多地击败全球性银行，从街头贩子，小巴出租车，非洲市中心的尘土飞扬到全球金融动荡的动脉之一的征途，您所需要做的就是走几步，从人行道到非洲最大的银行标准银行约翰内斯堡总部高耸的凉爽。在金融危机之前，标准银行具有全球野心。吹捧其在新兴市场和采矿业的技能，在俄罗斯，巴西，土耳其和伦敦等地建立了前哨基地。一段时间以来，该战略似乎获得了回报，因为它赢得了帮助本地公司在国际资本市场上筹集资金的授权。该行联席总裁辛·沙巴拉巴拉（Sim Tshabalala）表示：“随着危机的爆发，竞争格局发生了巨大变化。”中型投资银行的资本成本和资金成本激增，许多市场的国内竞争对手开始发力。因此，标准银行已将重点转移到在整个非洲地区部署资本，该公司在非洲拥有强大的本地业务，并且可以避免来自全球投资银行和新兴的本土银行的竞争。

It may be tempting（诱惑人的） to dismiss（拒绝） Standard Bank's experience in far-flung（遥远的） markets as the price of an upstart（暴富的） emerging-market bank overextending（过分延展） itself. But big global banks are learning similar and equally expensive lessons. Fast-growing emerging markets may promise mouth-watering（令人垂涎欲滴的） returns to global investment banks, but it is big local and regional banks that are proving most successful at garnering（获得） them. A decade ago bankers from large American and European firms were descending（下降） on developing economies such as Russia, Brazil and China with great fanfare（大张旗鼓的宣传）. Champagne（香槟酒） flowed（涌入） as the chief executives from head office snipped（剪） ribbons（绶带） to open the glitzy（盛大的） new outposts（前哨站）. The retreat（撤退） has been more discreet（小心谨慎的） as banks have announced plans to " optimise（优化）" their presence（存在） or " relocate（重新安置） coverage（覆盖范围）" of the market to places like London. At first sight the growth in investment-banking fees in emerging markets looks enticing（诱人的）, or at least it did until last year, when total fees dropped significantly in parts of Asia and across the Middle East and Africa. But on closer examination the market turns out to be（结果是） highly diverse（多样化）.
新兴的新兴市场银行的价格过度扩张，可能会轻易拒绝标准银行在遥远市场的经验。但是，大型跨国银行正在学习类似且同样昂

Emerging markets Lands of eternal（永恒的） p

Emerging markets Lands of eternal（永恒的） p

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