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As a young bond trader, Buttonwood was given two pieces of advice, trading rules of thumb, if you will: that bad economic news is good news for bond markets and that every utterance dropping from the lips of Paul Volcker, the then chairman of the Federal Reserve, and the man who restored the central bank"s credibility by stomping on runaway inflation, should be respected than Pope"s orders. Today"s traders are, of course, a more sophisticated bunch. But the advice still seems good, apart from two slight drawbacks. The first is that the well-chosen utterances from the present chairman of the Federal Reserve, Alan Greenspan, is of more than passing difficulty. 1 The second is that, of late, good news for the economy has not seemed to upset bond investors all that much.For all the cheer that has crackled down the wires, the yield on ten-year bonds—which you would expect to rise on good economic news—is now, at 4.2%, only two-fifths of a percentage point higher than it was at the start of the year. Pretty much unmoved, in other words.Yet the news from the economic front has been better by far than anyone could have expected. On Tuesday November 25th, revised numbers showed that America"s economy grew by an annual 8.2% in the third quarter, a full percentage point more than originally thought, driven by the ever-spendthrift American consumer and, for once, corporate investment. 2 Just about every other piece of information coming out from special sources shows the same strength.New houses are still being built at a fair clip. Exports are rising, for all the protectionist crying. Even employment, in what had been mocked as a jobless recovery, increased by 125,000 or thereabouts in September and October. 3 Rising corporate profits, low credit spreads and the biggest-ever rally in the junk-bond market do not, on the face of it, suggest anything other than a deep and long-lasting recovery.Yet Treasury-bond yields have fallen.If the rosy economic backdrop makes this odd, making it doubly odd is an apparent absence of foreign demand Foreign buyers of Treasuries, especially Asian certral banks, who had been swallowing American government debt like there was no tomorrow, seem to have had second thoughts lately. 4 In September, according to the latest available figures, foreigners bought only $5-6 billion of Treasuries, compared with$25.1 billion the previous month and an average of $38.7 billion in the preceding four months. 5 In an effort to keep a lid on the yen"s rise, the Japanese central bank is still busy buying dollars and parking the money in government debt.Just about everyboby else seems to have been selling.
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A market is commonly thought of as a place where commodities are bought and sold. Thus fruit and vegetables are sold wholesale at Covent Garden Market and meat is sold wholesale at Smithfield Market. But there are markets for things other than commodities in the usual sense. 21 There are real estate markets, foreign exchange markets, labor markets, short-term capital markets and so on; there may be a market for anything which has a price.And there may be no particular place to which dealings are confined. 22 Buyers and sellers may be scattered over the whole world and instead of actually meeting together in a market-place they may deal with one another by telephone, telegram, cable or letter.Even if dealings are restricted to a particular place, the dealers may consist wholly or in part of agents acting on instructions from clients far away. Thus agents buy meat at Smithfield on behalf of retail butchers all over England; and brokers on the London Stock Exchange buy and sell securities on instructions from clients all over the world. 23 We must therefore define a market as an area over which buyers and sellers are in such close touch with one another either directly or through dealers, that the prices obtainable in one part of the market affect the prices paid in other parts. 24 Modern means of communication are so rapid that a buyer can discover what price a seller is ask in, g, and can accept it if he wishes, although he may be thousands of miles away.Thus the market for anything is, potentially, the whole world. But in fact things have, normally, only a local or national market.This may be because nearly the whole demand is concentrated in one locality. These special local demands, however, are of quite minor importance. 25 The main reason why many things have not a world market is that they are costly or difficult to transport.
外国投资者并购境内关系国家安全的重要基础设施企业，且实际控制权可能被外国投资者取得，属于并购安全审查的范围。下列情形属于取得实际控制权的有______。
中外合资经营企业的董事会应符合的规定有______。
6 It is too much to expect one man single-handedly to rescue Sony, the Japanese firm which formerly made world-beating electronic products but is now almost as well-known for making losses.Even so, Kazuo Hirai, who unveiled his outlook for the company on April 12th less than a fortnight: after taking its management back into Japanese hands, has had a tumultuous start.On April 10th the company predicted it would lose 520 billion yen ($6.5 billion) in the fiscal year that ended on March 31st, the biggest loss in its 65-year history. 7 The new forecast, twice as bad as had been expected as recently as February, clobbered its shares, which have fallen by 40% in a year.The increased losses stemmed largely from an accounting charge: in the company"s fourth consecutive year of red ink, Sony decided it could no longer carry tax losses as an asset. "The news hit me hard," Mr. Hirai admitted.But paper losses aside, the underlying electronics business is also bleeding money. 8 Mr. Hirai laid out aggressive targets to improve performance, though he offered few concrete ideas on how to achieve them.Interestingly, he named three products as core to Sony: digital imaging, including cameras; gaming; and mobile phones. Conspicuous by their absence were televisions.They are not just a problem for Sony, which has lost money on the business for eight years. 9 Sharp and Panasonic, its two main Japanese rivals, are also likely to lose money on TVs this year, as well as on other parts of their electronic businesses.(On April 10th, Sharp, too, issued a profit warning). What makes televisions such a millstone for these firms is that none has the guts to exit the business completely; nor are they aggressively revamping it. Instead they lean towards what YoshiharuIzumi of J. P. Morgan, a securities firm, calls "managed decline".Mr. Hirai had already announced that Sony"s TV production goal would be halved, from 40m units to 20m. There was little to suggest he has any higher hope for TVs than to turn a profit in the year ending March 2014. 10 However, he left open the possibility of alliances with other Japanese television makers: talk of such cooperation has grown since Sharp was part-sold to Taiwan"s HonHai, Apple"s main supplier, last month.
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