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English to Chinese: Weekly Equity Markets Update General field: Bus/Financial Detailed field: Finance (general)
Source text - English Global Equity Markets Performance
• U.S. stocks advanced last Friday, trimming the weekly loss in the S&P 500, as gains in fuel, metal and industrial companies helped the market overcome a global slump. The S&P 500 declined by 1.3% last week
• Oil surged above $105 last week as Libyan leader Qaddafi’s forces drove rebels from the Mediterranean oil hub of Ras Lanuf and his son pledged to mount a full-scale attack against the uprising
• US economic data were mixed. First-time unemployment benefits rose by 26,000 to 397,000 in the week ended March 5. Retail sales increased in February by the most in four months as Americans took advantage of more seasonable weather to buy cars, clothes and electronics
• With the exception of Greece, National benchmark indexes fell in all of the 18 western European markets on Friday. Greece’s ASE Index climbed 2.3% as European Union leaders gathered in Brussels to discuss a blueprint to improve competitiveness, a plan Germany demanded as a condition for expanding support for the region’s weakest economies
Hong Kong / China Equity Market Performance
• Asian stocks fell last week as conflict escalated in the Middle East, an earthquake shook Japan in the final minutes of trading on Friday, and European debt concerns continued to resurface. The increasing death toll due to the earthquake-triggered tsunami and the potential nuclear disaster in Japan are currently major factors of concern
• The MSCI Asia Pacific Index fell 3.1% last week, its biggest drop since August. Nikkei 225 Stock Average fell 4.1% last week, Australia’s S&P/ASX 200 Index dropped 4.5%, Hong Kong’s Hang Seng Index slipped 0.7%, China’s Shanghai Composite Index lost 0.3%, and South Korea’s Kospi Index declined 2.5%
• International carriers, companies deriving significant amounts of sales from the Middle East, insurance companies, and mining companies were hardest hit
• The impact of the Japanese earthquake on the Japanese market was clearly evident on the corporate front. Toyota and Fanuc, Japan’s biggest maker of industrial robots, fell by 5% and 4.7% respectively
English to Chinese: ABC Company Investment Analytics General field: Bus/Financial Detailed field: Investment / Securities
Source text - English A successful example of our investment process is our implementation of a yield curve flattening trade in Europe during the past year. Over the course of the past few years, multiple countries in Europe have passed legislation instructing pension funds (and some insurance companies) to improve the means of capital preservation relative to their liabilities (asset-liability matching). As a result of this legislation, most pension funds need to extend the average duration of their assets. Our research concluded that in the next few years, there will be constant demand for the long-end of the European yield curve in bonds and swaps. Therefore, we believe that in a rising rate environment, there will be a ceiling on long term European rates, and in a falling rate environment, the concern of continual lower yields will force pension funds to buy at unattractive levels.
ABC analytics provide integrated automated transaction processing and risk management and supply valuable information to portfolio managers for their use in making investment decisions and calibrating risk positions. Their analyses enable portfolio managers to identify relative value between securities and to understand the impact of buy and sell decisions on a portfolio. Portfolio managers have on-line access to all analytical information and receive our risk management package daily (the Green Package), which provides detailed risk analysis of every portfolio under management. ABC’s state-of-the-art technology includes scenario horizon analysis, micro-analysis of derivative mortgage securities, option-adjusted spread analysis and duration/convexity analysis.
Translation - Chinese 我们投资过程的一个成功实例是去年我们在欧洲进行的一宗收益率曲线平坦化交易。过去几年中，欧洲多个国家通过立法，要求养老基金（以及一些保险公司）改善其资本相对负债保值（资产负债匹配）的方法。由于这一立法的通过，多数养老基金需延长其资产的平均存续期。我们的研究表明，未来几年将存在对期限较长欧洲债券和掉期的持续需求。因此，我们相信在利率上升的环境中，欧洲长期利率将存在上限，而在利率下降的环境中，收益率持续走低的担忧将迫使养老基金在不具吸引力的价格水平买入。
English to Chinese: Patient Informed Consent General field: Medical Detailed field: Medical: Pharmaceuticals
Source text - English A randomised, 4-week, placebo-controlled, double-blind, 6 arm parallel group, dose finding clinical trial, to assess the efficacy, safety and pharmacokinetics of three different doses of formoterol (6, 12 & 18 µg) combined with the inhaled anticholinergic aclidinium bromide 200µg, aclidinium bromide 200µg monotherapy, formoterol 12µg monotherapy and placebo all administered once daily by inhalation via ALMIRALL inhaler in patients with stable moderate to severe chronic obstructive pulmonary disease.
You are invited to participate in a research study of an investigational medication to treat moderate to severe Chronic Obstructive Pulmonary Disease (COPD). Before deciding to take part, it is very important for you to read carefully and fully understand the following information. This trial, protocol and Informed consent form have been approved by an Ethics Committee/Regulatory Authority and describes the purpose, procedures, benefits, discomforts, risks and precautions which may result from your participation in this research study. It also describes your right to refuse participation or to withdraw from the study at any time, without giving a reason. Please ask the study doctor or nurse any questions you have; they will be happy to answer them and explain things in more detail. Your participation is completely voluntary and will not have an impact on the quality of treatment that you will receive from your study doctor and his/ her staff, or from the hospital, or from any other medical facilities or providers. Take your time to decide whether or not you wish to take part in the study. If you decide to participate, you will be asked to sign this document to demonstrate your understanding of the study and its requirements, and you will be giving your study doctor your permission to enrol you into the study.
What is the study about?
Chronic Obstructive Pulmonary Disease (COPD) is a lung disease in which the lung is damaged, making it hard to breathe. In COPD, the airways/tubes that carry air in and out of your lungs are partly obstructed, making it difficult to get air in and out. COPD gets gradually worse over time. At the moment there is no cure for COPD. The best way to slow the disease is to quit smoking. Medications are used to alleviate shortness of breath and cough, and to treat infections of the lungs that can worsen COPD. The most important medications belong to a class of drugs called bronchodilators. Bronchodilators relax the muscles around the bronchi (tubes in the lungs) to allow easier breathing. There are two main kinds of inhaled bronchodilators. These include “beta-agonists” and “anticholinergics”. Both keep airways open and may decrease lung secretions. Because the two classes work by different mechanisms, they can be used together. Most of these bronchodilators are given in an inhaled form using a dry powder inhaler.
Almirall, a Spanish Pharmaceutical Company located in Barcelona, Spain, is developing a compound named aclidinium bromide. Aclidinium bromide is an anticholinergic bronchodilator whose effect lasts for at least 24 hours. Aclidinium bromide only needs to be taken once a day via an inhaler. Aclidinium bromide as a single form of inhaled treatment has been tested on 654 patients already, and further trials are ongoing.
Chinese to English: HK Equities Market General field: Bus/Financial Detailed field: Investment / Securities
Source text - Chinese 表现较佳
• 中国旺旺（0151 HK）：中国旺旺3月6日公布公司截至去年十二月底止全年纯利4.19亿美元，同比上涨17%，高于市场预期。公司表示，业绩的上涨主要得益于市场上饮料和零食需求的上升。但是，由于原材料价格的上扬，以及人力成本的增加，中国旺旺2011年毛利率下降2.8个百分点至34.8%。原材料价格的上涨对食品行业会造成很大的冲击，康师傅控股（0322 HK）今年以来已经下跌了近5%。
• 腾讯控股（0700 HK）：3月14日腾讯公司公布了2011年财报。该公司2011年总收入达284.96亿元，盈利102亿，均创历史新高，这主要得益于社交网络和网络游戏等核心业务收入增加，然而公司2011年股权投资净亏损达2425.5万元。腾讯控股总裁表示，2012年公司的投资步伐可能放缓。腾讯去年成立了规模达到50亿元人民币的"腾讯产业共赢基金"，之后扩大至100亿元人民币。基金主要投资目标为电子商务、团购、在线旅游、网络视频、社交网络等领域。
表现较差
• 新鸿基地产（00016 HK）：3月29日，新鸿基地产的联席主席郭炳江和郭炳联因涉嫌触犯“防止贿赂条例”被香港廉政公署拘留协助调查。在之前的3月19日，新鸿基地产执行董事陈巨源已因同样的原因被拘留。新鸿基地产于3月29日9时51分突然暂停交易，即时股价为111.30元，当日跌幅为1.33%。随后两位当事人于3月29日晚间获释，但公司股票受到严重打击。新鸿基地产在3月30日大幅下跌13%，受此影响香港地产公司也全线下跌。
• 中国人寿（2628 HK）：中国人寿于3月27日公布其业绩，2011年中国人寿实现净利润183.31亿元，同比大幅下降45.5%。公司2011年投资资产为1.49万亿元，同比增长11.9%，总投资收益率为3.51%。保险行业在2011年整体低迷，四大险企2011年净利润总额为489.18亿元，相较2010年的617.44亿元，平均同比下降20.77%。
Translation - English Best performers
• Want Want China (0151 HK): Want Want China reported on March 6 net incomes of $419 million for the year ended last December, up 17% from the previous year, beating market expectations. The company attributed the improvement in performance mainly to the growing demand for beverage and snacks. Gross margin in 2011, however, fell by 2.8 percentage points to 34.8%, pushed down by the rising material prices and labor costs. The hike in material prices is expected to have significant impact on the food industry, with Tingyi (0322 HK) falling nearly 5% YTD.
• Tencent Holdings (0700 HK): Tencent Holdings on March 14 released its annual report for 2011. The company booked a record revenue and profit of RMB28.496 billion and RMB10.2 billion, respectively, driven mainly by the increase in revenue from social network, online games and other core businesses. The company, however, recorded a net loss of RMB24.255 million from equity investments. President indicated that the company might decelerate its investment in 2012. Last year, Tencent Holdings launched the Tencent Collaboration Fund with an initial size of RMB5 billion, which was then boosted to RMB10 billion. The Fund mainly focuses on e-commerce, deal-of-the-day industry, online tourism, online video and social network.
Poor performers
• Sun Hung Kai Properties (00016 HK): On March 29, the co-chairmans of Sun Hung Kai Properties, Raymond Kwok and Thomas Kwok were arrested by the Independent Commission Against Corruption over alleged violation of the “Prevention of Bribery Ordiance” for an investigation. Previously, on March 19, an executive director Thomas Chan was detained on the same grounds. The company abruptly suspended the trading in its shares at 9:51 A.M. March 29, when the stock was trading at HK$111.30, and closed the day down 1.33%. The co-chairmans were released that night but the company’s stock had been badly hit. Sung Hung Kai Properties slumped by 13% on March 30, with most Hong Kong developers dragged down.
• China Life Insurance (2628 HK): China Life Insurance released on March 27 its results for 2011. Net income was RMB18.331 billion, representing a significant decrease of 45.5% from the previous year. In 2011, the company's investment assets were RMB1.49 trillion, up 11.9% YoY. The overall investment yield was 3.51%. The insurance industry was sluggish in 2011, with the big four insurers’ combined net income falling 20.77% from RMB61.744 in 2010 to RMB48.918 billion.
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Master's degree - Renmin University
Experience
Years of experience: 21. Registered at ProZ.com: May 2006. Became a member: Jan 2011.
Member since Jan '11
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