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道外区中医院预定电话Miles Morland, a pioneering Africa investor, has spent more than two decades looking for deals in places where you cannot drink the tap water. If his experience is anything to go by, finding successful private equity opportunities has more to do with sharing a glass of the stronger stuff in African bars.二十多年来,投资非洲的先行者迈尔斯?莫兰(Miles Morland)一直在这片不能直接饮用自来水的地方寻找投资机会。按照他的经验,要想找到成功的私人股本投资机会,跟人在酒吧里一起喝杯烈酒比什么都管用。“In Africa there are hundreds of deals but you have to go and look for them. In the west, investment bankers bring you deals?.?.?.[but], in Africa, investment bankers are way down the food chain. You need to go and hang around the bars?.?.?.?to find the deals,” Mr Morland says.莫兰说:“非洲有不少投资机会,但你必须主动去找。在西方,投资家给你带来交易……(但)在非洲,投资家位于食物链下游。你得去泡吧……才能发现机会。”The case for investing in sub-Saharan Africa is clear. It has some of the fastest growing economies in the world, boosted by a nascent consumer class increasingly thirsty for everything from credit to cappuccinos. And it represents just 4 per cent of the emerging markets private equity asset class – emerging Asia takes the lion’s share at 63 per cent – suggesting there is plenty of room to grow.在撒哈拉以南非洲投资有着充分的理由。该地区正在兴起一个新的消费者阶层,从贷款到卡布基诺咖啡等许多事物都是他们渴望拥有的东西,在这种需求的推动下了,该地区一些经济体的增长速度在世界上名列前茅。然而,在新兴市场私人股本资产类别中,该地区仅占4%的份额,这说明它在这个领域有很大增长潜力。亚洲新兴市场则以63%的份额独占鳌头。But even as private equity groups raise ever larger Africa funds, there are persistent murmurs in the market that there simply are not the deals out there to match. Mr Morland disagrees. Development Partners International, the private equity group he co-founded, has invested the 0m fund it raised in 2008 in nine deals and is raising a new fund of the same size.然而,尽管私人股本集团在非洲募集的基金规模越来越大,市场却总是抱怨找不到匹配的投资机会。莫兰不同意这种观点。他与人联合创立的私人股本集团Development Partners International已经把2008年募得的5亿美元投资于9项交易,目前还在募集一只同等规模的新基金。Mr Morland, nevertheless, argues that the high rolling returns of the decade leading up to 2007 are a thing of the past. The “fool’s paradise” era when mobile phone companies grew faster in Africa than anywhere else in the world may have made some investors very rich, he says, but it is long gone.不过莫兰认为,1998至2007年间的高滚动收益率已成为往事。他表示,在“愚者天堂”的时代,非洲手机公司发展速度在全球领先,可能让一些投资者暴富,但这个时代早已一去不复返了。There is now a glut of new private equity investors plumping for Africa, with money from Brazil, the Middle East and the US entering the fray, jostling with bigger outfits such as Carlyle and KKR. Some of the newcomers are finding private equity investing in sub-Saharan Africa neither as promising nor as simple as sometimes billed.如今,新一批私人股本投资者奔赴非洲,来自巴西、中东和美国的资金加入战场,与凯雷(Carlyle)和KKR等规模较大的机构展开角逐。一些新加入的投资者发现,在撒哈拉以南非洲进行私人股本投资并不如有时标榜的那样前景大好、简单易行。In the 1990s, returns were hard to find and many good exits fell victim to currency volatility. In the following decade, investors might have earned stellar returns from mobile phone investments but these masked other fund failures.上世纪90年代缺乏回报率可观的投资机会,许多理想的投资退出渠道深受汇率波动影响。在之后的十年,投资者或许通过投资手机领域获得了不菲回报,但这掩盖了其他失败案例。“In the current 2007-17 cycle, making money will be harder. An internal rate of return of over 20 per cent will look good,” Mr Morland says. “It is a time when careful investors rather than cowboys will do well?.?.?.?The phone game is over.”“在2007至2017年周期,投资将更难获得收益。20%的内部回报率就是很好的表现了,”莫兰说,“在这个时期,表现出色的将是谨慎而非胆大的投资者……投资手机的时代已经结束了。”Despite the tougher environment, fundraisers are at pains to assemble what one investor calls “big ego” funds. Brazil’s BTG Pactual and others are reaching for the bn mark and seeking large deals that the continent’s fragmented market can rarely offer.尽管环境变得严峻,但募资机构仍在努力组建起一位投资者所称的“自负”(big ego)基金。巴西BTG Pactual等机构的基金直指10亿美元大关,它们寻找的大型项目一般来说不是非洲四分五裂的市场所能提供的。“When you start going up to writing equity cheques in excess of m, there aren’t so many [deals],” says Marlon Chigwende, Carlyle’s Africa co-head. His sub-Saharan Africa fund, which is expected to close above its 0m target in the third quarter, made its first investment last year by taking part in a 0m equity injection in ETG, a Tanzanian agri-commodities trader.“如果你准备进行超过7500万美元的股权投资,便很难找到投资的机会,”凯雷非洲联席主管马龙?奇格温德(Marlon Chigwende)表示。他在撒哈拉以南非洲的基金将在今年第三季度完成募资,总金额预计高于5亿美元目标。该基金去年首次投资,参与了对坦桑尼亚农业大宗商品交易商ETG的2.1亿美元股本注资。Nor is the competition just for deals. Another emerging headache is what one investor calls the “traffic jam” of fund managers seeking capital from investors. According to Preqin, the data company, 57 Africa-focused private equity funds are looking for .1bn, half of which are based in South Africa. While emerging market fundraising increased 72 per cent overall to bn in the past two years, fundraising for sub-Saharan Africa fell 3 per cent to .45bn last year – well down on its 2008 peak of .24bn.争夺的对象不仅仅是投资机会。另一问题正在浮现:基金管理公司追逐投资者的资本,因而出现了一名投资者所说的“拥堵”现象。按照数据公司Preqin的资料,目前有57家专注于非洲的私人股本投资基金寻求募集131亿美元资金,其中有一半基金位于南非。最近两年里,新兴市场的募资总额增长72%,达400亿美元,但去年撒哈拉以南非洲的募资额却下滑3%,仅为14.5亿美元,远低于2008年22.4亿美元的峰值。Ethos, a South African private equity company, which has been investing in the region for 25 years, closed one of the continent’s largest funds last year after securing 0m from investors, but it says fundraising “has not been easy”.南非私人股本公司Ethos在该地区投资已有25年。去年,Ethos向投资者募集了8亿美元,创设了非洲最大基金之一。但它表示,募资“并不容易”。Harith, another South African fund manager, had to rely on domestic money after foreign investors shied away.随着国外投资者纷纷退缩,另一家南非基金管理公司Harith只得依赖国内资金。Roger Leeds, founder of the Emerging Markets Private Equity Association, says the smarter money is targeting middle market deals worth less than m, which he believes have stronger growth prospects.新兴市场私人股本协会(Emerging Markets Private Equity Association)创始人罗杰?利兹(Roger Leeds)表示,更精明的资金正在瞄准5000万美元以下的中等规模投资机会。他认为这一领域的增长前景更为强劲。“The fund managers are happy to take investors’ money but it puts tremendous pressure on them to do bigger deals and they’re going to run out,” he says. “They’re all complaining they’re finding trouble finding deals and they’re competing with each other and driving up valuations.”“基金经理很乐意吸收投资者资金,但这会对他们产生巨大的压力,要求他们投资大的项目,而这种投资机会快要没了,”他说,“他们都在抱怨难以找到投资机会,他们互相竞争,将估值越抬越高。”In other words, as the African growth story attracts more and more funds, the going is getting tougher. 换言之,非洲的增长故事吸引了越来越多的资金,但现状却愈发严峻。That is one reason why resourceful and locally based managers matter so much more today than in the past.因此,有能力的当地基金经理发挥着比过去更重要的作用。“It’s no longer like venture capital where you take a shotgun approach and hopefully one of the pellets will hit the bullseye,” says veteran fund manager Michael Turner at Actis, the UK-based fund manager, which is raising money for a new global fund that will include Africa. “In today’s African private equity you can’t afford to have failures – it’s extremely hard to come back in a portfolio to deliver an overall good profit if you’ve had one or two wipeouts.”英国基金管理公司英联(Actis)正在为一囊括非洲的新全球性基金募资。该公司的资深基金经理迈克尔?特纳(Michael Turner)称:“现在私人股本投资跟风投不一样了,风投是漫天放,指望有一颗子弹能命中靶心。但当今的非洲私人股本领域容不得失败——如果有一两笔投资崩盘,一项投资组合就极难产生总体上很好的利润。”Sev Vettivetpillai has made dozens of Africa investments and exits as head of Aureos, which was bought by Abraaj Capital of the ed Arab Emirates last year. He says the days of flying in and out of Africa and managing investments from a distance are over.作为欧瑞斯(Aureos)的首席执行官,塞夫?维蒂维特皮莱(Sev Vettivetpillai)在非洲做过许多投资,也曾退出其中的一些投资。欧瑞斯去年被阿联酋的Abraaj Capital收购。他表示,不停往返非洲、远程管理投资的日子已经远去。“The growth story is very valid and real across Africa, but it still remains that if you pick the wrong partner and the wrong industry, you’re not likely to be benefiting from that growth story. Without the right management team you will lose your money. You won’t get out of that hole.”“非洲各地的增长故事真实可信,但如果选错合作伙伴和行业,你仍然难以从中受益。没有合适的管理团队,你便会赔钱,后果难以收拾。”Additional reporting by Andrew England and Anne-Sylvaine Chassany安德鲁?英格兰(Andrew England)和安妮-西尔万?沙萨尼(Anne-Sylvaine Chassany)补充报道 /201303/230953哈尔滨九州彩超 A Dying Man#39;s Favorite Cookies An elderly man lay dying in his bed. 临死者最爱吃的小甜饼一位濒临死亡的老人正躺在他的床上,承受着死亡的煎熬。In death#39;s agony, he suddenly smelled the aroma of his favorite chocolate chip cookies wafting up the stairs. He gathered his remaining strength, and lifted himself from the bed. Leaning against the wall, he slowly made his way out of the bedroom, and with even greater effort forced himself down the stairs, gripping the railing with both hands. 突然一股香味顺着楼下飘了上来,那正是他最喜欢的巧克力小薄饼的味道。他用尽吃奶的力气挣扎着从床上爬了起来,倚着墙,慢慢地走出了卧室,并且用最后的力量用双手抓住扶手走下了楼梯。With labored breath, he leaned against the door frame, gazing into the kitchen.Were it not for death#39;s agony, he would have thought himself aly in heaven: 老人靠在门框上,嘴里喘着气,眼睛凝神着厨房。如果不是因为承受着临死的痛苦,老人会认为自己到了天堂。there, sp out upon newspapers on the kitchen table were literally hundreds of his favorite chocolate chip cookies. Was it heaven? 那里,在厨房铺着报纸的桌子上,确切地说有数百个他最喜欢吃的巧克力小薄饼。真在天堂吗?Or was it one final act of heroic love from his devoted wife, seeing to it that he left this world a happy man?Mustering one great final effort, he threw himself toward the table, landing on his knees in a rumpled posture.还是他那离婚妻子的最后一次英雄般的爱心显示,以便让他开心地离开这个世界?集中最后的力量,老人跪着双膝挣扎着移向桌子。他口干舌燥,嘴巴张开。 His parched lips parted; the wondrous taste of the cookie was aly in his mouth; seemingly bringing him back to life. The aged and withered hand, shockingly made its way to a cookie at the edge of the table, 他感受到了美妙的甜饼味道,仿佛要将他带回人世。他的一只年迈干瘪的手颤颤悠悠地伸向桌子边缘的一只小甜饼。when it was suddenly smacked with a spatula by his wife.Stay out of those, she said, they#39;re for the funeral.突然,他妻子扔过一把铲子,砸在他的手上。“离远点”,他妻子说。“这是为你的葬礼准备的。” /201303/232701哈尔滨九州妇科医院正规的吗

双鸭山市四维彩超医院A gluten-free, wheat-free store in Australia has come under fire for charging customers A (?3.50) just for looking at products on display.澳大利亚一家不含谷蛋白和小麦的食品专卖店因为向那些只看不买的顾客收取5澳元(3.5英镑)的费用而受到抨击。Celiac Supplies in Brisbane complained that it had too many people going into the store to find out which products were gluten and wheat-free and then going to buy them elsewhere.布里斯班市的Celiac Supplies食品店老板抱怨说,太多人进商店是为了看哪些产品是不含谷蛋白和小麦的,然后去其他地方购买这些产品。A poster has been put up in the store#39;s window that informs customers of the charge and explains the reasons for it.该店的橱窗贴了一张告示,告知顾客要收取“观赏费”,并解释了原因。Reddit user BarrettFox uploaded the image of the sign saying: ;When they open tomorrow I#39;m going to see how many times I can walk in and out without paying the toll.;上传这一告示图片的红迪网用户BarrettFox说:“他们明天开门的时候我就会知道自己可以走进走出多少次而不用付观赏费。”The store owner, known only as Georgina, said that 60 people went into the shop every week, asked her questions about her products, then went somewhere else to buy them.该店老板乔治娜说,每周有60人走进商店,向她询问有关她的产品的问题,然后去其他地方购买。;I#39;ve had a gutful of working and not getting paid. I#39;m not here to dispense a charity service for Coles and Woolworths to make more money,; she said.她说:“我的工作量很大却没有得到报偿。我开店不是为了给科斯超市和伍尔沃斯食品店提供慈善务让它们赚更多钱的。”;I can tell straight away who are the ratbags who are going to come in here and pick my brain and disappear.;“我立马就能分辨出哪些人是进来询问完信息就会转身离去的讨厌鬼。”She said some people had been put off by the sign but others had paid the browsing charge. She claimed her prices matched many supermarkets.她说,有些人看到告示就扭头离开,其他一些人则付了“观赏费”。她声称自己店内产品的价格和许多超市持平。The is charged initially then deducted from the bill if goods are purchased in the shop. ;This policy is in line with many other clothing, shoe and electronic stores who are also facing the same issue,; the sign s.如果在该店购买了商品,一开始收取的5澳元费用就会从账单里扣除。告示称:“这一政策和许多其他面临同样问题的装店、鞋店和电子产品店采取的策略是一致的。”Russell Zimmerman, executive director of the Australian Retailers Association, said that while he had heard of clothing stores charging customers to try on clothes, he had never known a shop to charge a browsing fee.澳洲零售商协会的执行董事拉塞尔·齐默曼说,虽然他听说过有装店向顾客收取试衣费,但他还从未听闻过收取观赏费的商店。;If I walked into the store and was told I was going to be charged to browse my immediate reaction would be to leave,; he said.他说:“如果我走进商店就被告知要缴纳观赏费,我的第一反应就是走人。”;You are missing the opportunity for the browsing customer to actually buy from you.;“你们将失去让随便看看的顾客从你们店买东西的机会。”He suggested Georgina would more likely put people off visiting her shop. Smaller stores should emphasise their unique selling point and offer good customer service to entice more business, he suggested.他指出乔治娜此举更可能让人们远离她的商店。他建议说,小型商店应该强调自己独特的卖点,向顾客提供优质的务,从而招来更多生意。 /201303/232490 黑龙江省中西医结合学会医院是公立的吗黑龙江省哈尔滨六院治疗不孕不育好吗




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