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Enzo Ferrari is not well known outside Italy. (46)Evan as his cars were racing to victory all ove...
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EachyearweareexposedtotenthousandadsonaveragE.They
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EnzoFerrariisnotwellknownoutsideItaly.46Evanash
EnzoFerrariisnotwellknownoutsideItaly.46Evanash
EnzoFerrariisnotwellknownoutsideItaly.46Evanash
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这款和飞机赛跑的车曾经像向人们承诺拥有最强劲的马力最快的速度是有史以来最昂贵的汽车请问这是什么车
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法拉利Enzo
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EnzoFerrariisnotwellknownoutsideItaly.46Evanash
EnzoFerrariisnotwellknownoutsideItaly.46Evanash
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法拉利ENZO只生产
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IcomefromacityontheUnitedStates’eastcoast.It’saten
EnzoFerrariisnotwellknownoutsideItaly.46Evanash
EnzoFerrariisnotwellknownoutsideItaly.46Evanash
EnzoFerrariisnotwellknownoutsideItaly.46Evanash
EnzoFerrariisnotwellknownoutsideItaly.46Evanash
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EnzoFerrariisnotwellknownoutsideItaly.46Evanash
EachyearweareexposedtotenthousandadsonaveragE.They
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GenoaisontheItalianRivierabutitssteelworkscontainerparksandoilterminalarenottheusualcharmsofamillionaires’playground.Evenso.formanywealthypeopleitwastheplacetobelastweekendtoseetheSaloneNautico’sfabulousdisplayofluxuryboatsandyachts. 47Withsome350000visitorstheeventisashop-windowforItaly’sboatbuilderswholeadthemarketinprovidingthesuper-richwithboatsstretchingbeyond24m79ft.Italy’sboatyardsmakemorethanathirdofallthefloatingpalacesaroundtheworld.Atthisyear’sshowAzimut-BenettiandFerretti-Rivathetwoleadingproducersdisplayedtheirlatestandmostopulentmodels. Italybuildsallkindsofpleasurecraftandtwo-thirdswortheurol.7billion$2.1billionlastyearareexported.48AccordingtoPaoloVitellichairmanoftheItalianboatbuilders’associationthewinningcombinationattheverytopofthemarketisstylefabricsskilledcarpentersfashiontechnologyandinnovation."Wearemastersintheseareas.Thebusinessistailor-madeforItalians."Heisunconcernedbyhighoilpricesandpartsoftheworldsailingintoeconomicdoldrums.Themarketforluxurygoodsseemsimpervioustothese. ThreefactorssaysMrVitelli.havehelpedthemarketgrow.49Boatbuildershaveraisedoutputbyswitchingtomodernproductiontechniques:moremarinashavebeenbuiltwhichmakeslifeeasierforowners;andthenumberofmillionaireswithmoneytosplurgeonpleasurecrafthasrisensharply.Theirpocketshavetobedeep.Azimut-Benetti.whichMrVitellifoundedin1969.offersarangeofcraft.Atthetopofitsfibreglass-hulledAzimutrangeisa35m116ftmotoryachtwhichcostseuro8.5m.Asteel-hulledBenettihowevermightcostfivetimesthat.MrVitelli’sbusinessreportednetprofitsofearo35monsalesofeuro403mlastyearanditisexpandingstrongly.50MeanwhilenewmarketslikeChinaandRussia.areopeningupandproducingtheirowncropofboatingmillionaires. GenoaisontheItalianRivierabutitssteelworkscontainerparksandoilterminalarenottheusualcharmsofamillionaires’playground.
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 6
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 18
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 4
Inbrand-newofficeswithastill-emptygameroomandenoughspacetotripletheirstaffofnearly30atrioofentrepreneursisleadinganInternetstart-upwithanimprobablemission:toout-GoogleGoogle.ThethreestartedPowersetacompanywhoseaimistodeliverbetteranswersthananyothersearchengine—includingGoogle—bylettinguserstypequestionsinplainEnglish.AndtheyhavemadebelieversofSiliconValleyinvestorswhosefortunesturnonidentifyingthenextbigthing. Powersetishardlyalone.41.AndWikiaIncacompanystartedbyafounderofWikipediaplanstodevelopasearchenginethat.likethepopularWeb-basedencyclopediawouldbebuiltbyacommunityofprogrammersandusers.42.ItalsoshowshowmuchthenewInterneteconomyresemblesaplanetarysystemwhereeverythingandeveryoneorbitsaroundsearchingeneralandaroundGoogleinparticular. SiliconValleyisfilledwithstart-upswhosemainbusinesspropositionistobeboughtbyGoogleorforthatmatterbyYahooorMicrosoft.Countlessotherstart-upsrelyonGoogleastheirprimarydriveroftrafficoronGoogle’spowerfuladvertisingsystemastheirprimarysourceofincome.VirtuallyallnewcompaniescompotewithGoogleforscarceengineeringtalent.43 "Thereiswaytoomuchobsessionwithsearchasifitweretheendoftheworld."saidEstherDysonawell-knowntechnologyinvestorandforecaster."Googleequalsmoneyequalssearchequalssearchadvertising;itallgetscombinedasifthisisthelastgreatbusinessmodel."ItmaynotbethelastgreatbusinessmodelbutGooglehasprovedthatsearchlinkedtoadvertisingisaverylargeandlucrativebusinessandeveryone—includingMs.DysonwhoinvestedasmallsuminPowerset—seemstowantapieceofit. Sincethebeginningof2004venturecapitalistshaveputnearly$350millionintonofewerthan79start-upsthathadsomethingtodowithInternetsearchaccordingtotheNationalVentureCapitalAssociationanindustrygroup. 44SinceGoogle’sstatedmissionistoorganizealloftheworld’sinformationtheymaystillfindthemselvesinthesearchgiant’scrosshairs.ThatisnotnecessarilybadasbeingacquiredbyGooglecouldbeafinancialbonanzaforsomeoftheseentrepreneursandinvestors. 45.Powersetrecentlyreceived$12.5millioninfinancing.HakiawhichlikePowersetistryingtocreatea"naturallanguage"searchenginegot$16million.Another$16millionwenttoSnapwhichhasfocusedonpresentingsearchresultsinamorecompellingwayandisexperimentingwithanewadvertisingmodel.AndChaCha.whichusespaidresearchersthatactasvirtualreferencelibrarianstoprovideanswerstousers’queries.got$6.1million. Stillrecenthistorysuggeststhatgainingtractionisgoingtobedifficult.Ofdozensofsearchstart-upsthatwereintroducedinrecentyearsnonehadmorethana1percentshareoftheUnitedStatessearchmarketinNovember.accordingtoNielsenNetRatingsaresearchfirmthatmeasuresInternettraffic. [A]Powersetcouldpossiblystealaleadifitimprovessearchresultsbyasignificantmeasurewithnaturallanguageandsimultaneouslyincorporatesanear-equivalenttoGoogle’sexistingcapabilities. [B]EvenasGooglecontinuestooutmaneuveritsmainsearchrivalsYahooandMicrosoftplentyofnewcomers—withnameslikehakiaChaChaandSnap--aretryingtobeatthecompanyatitsowngame. [C]TheseambitiousquestsreflecttherenewedoptimismsweepingtechnologycenterslikeSiliconValleyandfuelinganascentInternetboom. [D]ButinthecurrentboomthereismoneyevenforthosewiththeaudaciousgoalofbecomingabetterGooSe. [E]AnddiviningGoogle’snextmovehasbecomeafixationforscoresoftechnologyblogsandafavoriteparlorgameamongtechnologyinvestors. [F]AnoverwhelmingmajorityarenottryingtotakeGoogleheadonbutratherarefocusingonspecializedslicesofthesearchworldlikesearchingforvideosblogpostingsormedicalinformation. [G]TheventurecapitalistsmadetheinvestmentbasedonanassumptionthatPowersetwouldcompletethelicensingdeal 44
Evenforoverachieverswhoareusedtomultitaskingtheideaofwatchingtwoversionsofthesametelevisionshowatthesametime--oneontelevisionandoneonacomputer—issomethingthatisprobablyforeigntomostpeopleovertheageof30.TotheeternallyyoungbrainsthatnmMTVhoweveritisthenextstepinreshapingtheirbusiness.BeginningthissummerwiththeMTVVideoMusicAwardsandcontinuinginthefallwiththecablechannel’sliveafternoonprogramTotalRequestLiveMTVwilloffertwosimultaneousversionsofeachshowoneontelevisionandanotherfocusingonabehind-the-scenesnarrativeonitsbroadbandchannelMTVOverdrive.WedotonsofresearchonouraudienceanditshowsthattheyareinstantmessagingandlisteningtomusicandwatchingTVallatthesametimesaidChristinaNormanpresidentofMTV.We’vedefinitelyseenthembecomemoreadeptatnavigatingthroughmultiplemedia.Theylivecomfortablyinseveralworldsatonce.TheOverdrivecomponentlocatedatmtv.comwillfeatureasortofvideodigressionthatwillcontinuetostreamlivewhilethetelevisionshowisbroadcastingcommercials.ForexampleifaviewerwantstowatchanentiremusicvideoafterasnippetisshownontheTotalRequestLivevideocountdownortakeabackstagetourwithJamieFoxxafterhefinisheshisonstageappearanceonthesetofT.R.L.astheshowisfamiliarlyknownOverdrivewillbetheplacetoturn.Doingthreethingsatoncewhenyou’re19yearsoldisnothardsaidDaveSirulnickanexecutivevicepresidentatMTVwhooverseesmultiplatformproductionnewsandmusic.LastThursdayatMTV’sstudiosinTimesSquareMr.SirulnickprovedadeptatdoingatleasttwothingsatoncedashingbetweentwocontrolroomsthatwerestepsawayfromeachotherjustdownthehallwayfromtheT.R.L.set.Itwasthesecondtest-runofsimultaneousproductionandineachcontrolroom-oneforOverdriveoneforT.R.L.—separatesetsofdirectorsandproducersguidedcameramenandtheshow’shostsknownasV.J.’sthroughtheirpaces.Noonethatweknowhasdonealivestreamofadifferentsignalofanexistingshow.Mr.Sirulnicksaid.It’saliveparallelexperienceonethatveryquicklyturnsintoanon-demandexperimentwithportionsofeachshowarchivcdandkeptontheOverdrivesiteforfanstoreplayatwill.AccordingtothepassageT.R.L.is______.
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 16
"BLOGGOPLC"announcesitspressofficeat7amLondontime"lastnightagreedtopurchaseJunkoIncofWichita."46AquotefromBloggo’sproudchairmansetsouthowwelltheAmericanpurchasefitstheBritishbuyer’sstrategy.AndtheBritishshareholderifheiswiseheadsforhisbrokerandtheexit. 47ThatrepeatedlyhasbeenthelessonofBritishincursionsintotheUnitedStates:fromattemptsinthe1950soffirmslikeAustinandMorristoselltheirutterlyill-suitedandoftenill-builtsmallcarsofthetimethroughEuropeanFerrieswhichinthe1980sboughtupseveralthousandacresnearDenverpresumablywithoutasking—untilitwentall-butbellyup—whetheracross-ChannelferryfirmreallyknewmoreaboutlandinColoradothanlocalreal-estatebuffsdid. EveninthelatereraofseriousdirectinvestmentBritishincursionshavehadaspottyrecord.TwoacademicsatXfiExeterUniversity’snewfinanceandinvestmentcentrehavenowputfiguresonit.AlanGregoryandSteveMcCorristonstudied197BritishtakeoversinAmericanearlyallthesignificantonesinmanufacturingandservicesbankingexcludedin1984-94.48Overafive-yearperiodfromthepurchasetheyfoundthecumulativereturntoshareholderswas27%lowerthan"normal"—iefor;similarcompaniesthathadstayedathome—andnotablyworsethanthetrivialdifferenceoveroneyearthatstockmarketsandacademicshavetendedtolookat. 49Thefigurewasalsoinnotablecontrasttocomparableonesfrom97takeoversintheEuropeanUnionand39elsewhereintheworld.ReturnsintheEUlookedbetterthannormalbutthefigureswerenotstatisticallysignificant;thoseintherestoftheworldwereboth32%better. 50YoumightexpecttheoppositegiventhatBritain’scorporatecultureismuchlikeAmerica’s.butsomewayfromthoseofmostEUcountries.SowhytheunexpectedoutcomeTheExeteracademicsdonotknowbutwouldlovetofindout—iftheycangettheresearchfunding. YoumightexpecttheoppositegiventhatBritain’scorporatecultureismuchlikeAmerica’s.butsomewayfromthoseofmostEUcountries.
GenoaisontheItalianRivierabutitssteelworkscontainerparksandoilterminalarenottheusualcharmsofamillionaires’playground.Evenso.formanywealthypeopleitwastheplacetobelastweekendtoseetheSaloneNautico’sfabulousdisplayofluxuryboatsandyachts. 47Withsome350000visitorstheeventisashop-windowforItaly’sboatbuilderswholeadthemarketinprovidingthesuper-richwithboatsstretchingbeyond24m79ft.Italy’sboatyardsmakemorethanathirdofallthefloatingpalacesaroundtheworld.Atthisyear’sshowAzimut-BenettiandFerretti-Rivathetwoleadingproducersdisplayedtheirlatestandmostopulentmodels. Italybuildsallkindsofpleasurecraftandtwo-thirdswortheurol.7billion$2.1billionlastyearareexported.48AccordingtoPaoloVitellichairmanoftheItalianboatbuilders’associationthewinningcombinationattheverytopofthemarketisstylefabricsskilledcarpentersfashiontechnologyandinnovation."Wearemastersintheseareas.Thebusinessistailor-madeforItalians."Heisunconcernedbyhighoilpricesandpartsoftheworldsailingintoeconomicdoldrums.Themarketforluxurygoodsseemsimpervioustothese. ThreefactorssaysMrVitelli.havehelpedthemarketgrow.49Boatbuildershaveraisedoutputbyswitchingtomodernproductiontechniques:moremarinashavebeenbuiltwhichmakeslifeeasierforowners;andthenumberofmillionaireswithmoneytosplurgeonpleasurecrafthasrisensharply.Theirpocketshavetobedeep.Azimut-Benetti.whichMrVitellifoundedin1969.offersarangeofcraft.Atthetopofitsfibreglass-hulledAzimutrangeisa35m116ftmotoryachtwhichcostseuro8.5m.Asteel-hulledBenettihowevermightcostfivetimesthat.MrVitelli’sbusinessreportednetprofitsofearo35monsalesofeuro403mlastyearanditisexpandingstrongly.50MeanwhilenewmarketslikeChinaandRussia.areopeningupandproducingtheirowncropofboatingmillionaires. MeanwhilenewmarketslikeChinaandRussia.areopeningupandproducingtheirowncropofboatingmillionaires.
ThenewshittheBritishHighCommissioninNairobiatnine-thirtyonaMondaymorning.SandyWoodrowtookitlikeabulletjawrigidchestoutsmackthroughhisdividedEnglishheart.Crikey.Sothat’showyoutakeabullet.PooroldSandy.HisEnglishheartmustbereallydividednow.Thisdeliriouslyhardboiledopeningsetsthetoneforwhat’stocome.WhitemischiefPshaw!Whiteplaguemorelikeit.SandyWoodrowisheadofchanceryattheBritishHighCommissioninNairobi.ThenewsthatneatlysubdivideshisheartasthenovelopensisthedeathofayoungbeautifulandidealisticlawyerturnedaidworkernamedTessaQuayle.TessahasbeenmurderedforlearningtoomuchaboutthedishonestpracticesofalargepharmaceuticalcompanyoperatinginAfrica.HerbodyisfoundatLakeTurkanainnorthernKenyaneartheborderwithSudan.Tessa’shusband.JustinisalsoaBritishdiplomatstationedinNairobi.UntilnowJustinhasbeenanobedientcivilservantcontenttotoetheofficialline—inshortahardworker.Butallthatchangesintheaftermathofhiswife’smurder.Fullofrighteousangerheresolvestogettothebottomofitcomewhatmay.TheConstantGardenerhasgotplentyoftensemomentsandsuddentwistsandcomescompletelywithshadowyfigureslurkinginthebush.Thereisafamiliartoneofgentlemanlyworld-wearinesstoitallwhichshouldkeepMr.leCarre’sfanshappy.ButthenovelisalsoanimpassionedattackonthecorruptionwhichallowsAfricatobeusedasasortoflaboratoryforthetestingofnewmedicines.ElsewhereMr.leCartehasdenouncedthecorporatecamhypocrisycorruptionandgreedofthepharmaceuticalindustry.Thispositionisexcitinglydramatizedinhisbookeveniftheabusesherailsagainstarenotexactlybreakingnews.InotherrespectsTheConstantGardenerislesssatisfactory.Mr.leCartecan’tseemtomakeuphismindwhetherhe’swritingathrilleroranexpose.InarecentarticlefortheNewYorkerhedescribedhiscreativeprocessasakindofdeliberatelytwistedjournalismwherenothingisquitewhatitisandwhereanyencountermaybefreelyrecastforitsdramaticpossibilities.SuchisthemethodemployedinTheConstantGardenerwhoseheroine.Mr.leCartesayswasinspiredbyanoldfriendofhis.Oneortwoprominentreal-lifeKenyanpoliticiansarementionedoftenenoughtobecomeineffect.charactersinthestory.AndinanoteattheendofthebookMr.leCanethanksthevariousdiplomatsdoctorspharmaceuticalexpertsandoldAfricahandswhogavehimadviceandassistancethoughinthesamebreathheinsiststhatthestaffoftheBritishmissioninNairobiarenodoubtalljollygoodeggswhobearnoresemblancewhatsoevertotheheartlessscoundrelsinhisstory.There’snothingwrongwithabitofartisticlicenseOfcourse.ButMr.leCarre’sequivocationaboutthenovel’srelationtofactunderminesitseffectivenessasaworkofsocialcriticismwhichisprettyclearlywhatitaspirestobe.TheConstantGardenerisacrackingthrillerbutaflawedexplorationofacomplicatedsetofpoliticalissues.ThethrillerisalwaysfullofthefollowingfeaturesEXCEPT______.
Oneofthecomicalmomentsintheearlyhistoryofprintingoccurredin1631whentheEnglishprinterRobertBarkerproducedaneditionofthescriptureswhichbecameknownastheWickedBible.Thiseditioncontainedamisprintoftheseventhcommandmem.OnethousandcopieswereprintedandreadyforpublicationbeforesomeonenoticedthatthecommandmenthadbeenchangedtoThoushaltcommitadultery.Nothingmuchcameofit.Theprinterwasfinedthecopiesdestroyedandthemoralfiberofthenationremainedintact.Butwhathappenswhentheverseatissueisnotmerelyaprinter’serrorbutanancientinterpolationintoanevenmoreancienttextSuchwasthecasewith1John5:7thebiblicalproof-textforthedoctrineoftheTrinity.ErasmusSirIsaacNewtonandJohnLockeamongotherschallengedthetext’sauthenticity.WhenErasmuslefttheverseoutofthefirsteditionofhismonumentalGreekNewTestament1516hewasroundlycriticizedforencouragingheresiesschismsandconflicts.Erasmus’scriticsknewthatapproachingtheBibleinascholarlyfashionwasdangerous:eventhemostpiousattemptsatrationalunderstandingofscripturecouldresultinskepticismoratheism.HowcanoneappraisetheBiblecriticallyandstillmaintainitsauthority.InhisengagingandverythoroughbookDavidKatzexploresthewaysthisquestionwasaddressedinEnglandfromtheReformationonward.AprofessoratTelAvivUniversityKatzistheauthorofTheJewsintheHistoryofEngland1485-1850andahostofbooksandarticlesonearly-modemskepticismandreligion.InGod’sLastWordsKatzmaintainsthateveryerarespondstotheBibledifferentlybasedonshiftingculturalassumptionsandheexaminesthelensthroughwhichtheBiblewasreadinvarioushistoricalmoments.WhileReformationleadersacceptedthetransparencyoftheBible’smessagebythelate17thcenturythisviewcouldnolongerbemaintainedKatzstates.Duringthe18thcenturytheBiblecametoberegardedasjustanotherliterarytext--onewhichincreasinglyhadtoconformtocontemporarystandardsofrealism.AsDarwin’stheoriesbecamewidelyknown19th-centuryreadersappliedanevolutionarymodeltotheBibleandbeganmseeitastheproductofaprimitivementalityverydifferentfromtheirown.ThesenewwaysofreadingtheBibleseemedtodestroyitsauthoritycompletelyuntilthefundamentalistmovementreassertedtheoldProtestantbeliefintheBible’ssoleauthority.Erasmus’sworkwascriticizedasheresiesbecause______.
ThenewshittheBritishHighCommissioninNairobiatnine-thirtyonaMondaymorning.SandyWoodrowtookitlikeabulletjawrigidchestoutsmackthroughhisdividedEnglishheart.Crikey.Sothat’showyoutakeabullet.PooroldSandy.HisEnglishheartmustbereallydividednow.Thisdeliriouslyhardboiledopeningsetsthetoneforwhat’stocome.WhitemischiefPshaw!Whiteplaguemorelikeit.SandyWoodrowisheadofchanceryattheBritishHighCommissioninNairobi.ThenewsthatneatlysubdivideshisheartasthenovelopensisthedeathofayoungbeautifulandidealisticlawyerturnedaidworkernamedTessaQuayle.TessahasbeenmurderedforlearningtoomuchaboutthedishonestpracticesofalargepharmaceuticalcompanyoperatinginAfrica.HerbodyisfoundatLakeTurkanainnorthernKenyaneartheborderwithSudan.Tessa’shusband.JustinisalsoaBritishdiplomatstationedinNairobi.UntilnowJustinhasbeenanobedientcivilservantcontenttotoetheofficialline—inshortahardworker.Butallthatchangesintheaftermathofhiswife’smurder.Fullofrighteousangerheresolvestogettothebottomofitcomewhatmay.TheConstantGardenerhasgotplentyoftensemomentsandsuddentwistsandcomescompletelywithshadowyfigureslurkinginthebush.Thereisafamiliartoneofgentlemanlyworld-wearinesstoitallwhichshouldkeepMr.leCarre’sfanshappy.ButthenovelisalsoanimpassionedattackonthecorruptionwhichallowsAfricatobeusedasasortoflaboratoryforthetestingofnewmedicines.ElsewhereMr.leCartehasdenouncedthecorporatecamhypocrisycorruptionandgreedofthepharmaceuticalindustry.Thispositionisexcitinglydramatizedinhisbookeveniftheabusesherailsagainstarenotexactlybreakingnews.InotherrespectsTheConstantGardenerislesssatisfactory.Mr.leCartecan’tseemtomakeuphismindwhetherhe’swritingathrilleroranexpose.InarecentarticlefortheNewYorkerhedescribedhiscreativeprocessasakindofdeliberatelytwistedjournalismwherenothingisquitewhatitisandwhereanyencountermaybefreelyrecastforitsdramaticpossibilities.SuchisthemethodemployedinTheConstantGardenerwhoseheroine.Mr.leCartesayswasinspiredbyanoldfriendofhis.Oneortwoprominentreal-lifeKenyanpoliticiansarementionedoftenenoughtobecomeineffect.charactersinthestory.AndinanoteattheendofthebookMr.leCanethanksthevariousdiplomatsdoctorspharmaceuticalexpertsandoldAfricahandswhogavehimadviceandassistancethoughinthesamebreathheinsiststhatthestaffoftheBritishmissioninNairobiarenodoubtalljollygoodeggswhobearnoresemblancewhatsoevertotheheartlessscoundrelsinhisstory.There’snothingwrongwithabitofartisticlicenseOfcourse.ButMr.leCarre’sequivocationaboutthenovel’srelationtofactunderminesitseffectivenessasaworkofsocialcriticismwhichisprettyclearlywhatitaspirestobe.TheConstantGardenerisacrackingthrillerbutaflawedexplorationofacomplicatedsetofpoliticalissues.EquivocationLine1Lastparagraphmeans
Oneofthecomicalmomentsintheearlyhistoryofprintingoccurredin1631whentheEnglishprinterRobertBarkerproducedaneditionofthescriptureswhichbecameknownastheWickedBible.Thiseditioncontainedamisprintoftheseventhcommandmem.OnethousandcopieswereprintedandreadyforpublicationbeforesomeonenoticedthatthecommandmenthadbeenchangedtoThoushaltcommitadultery.Nothingmuchcameofit.Theprinterwasfinedthecopiesdestroyedandthemoralfiberofthenationremainedintact.Butwhathappenswhentheverseatissueisnotmerelyaprinter’serrorbutanancientinterpolationintoanevenmoreancienttextSuchwasthecasewith1John5:7thebiblicalproof-textforthedoctrineoftheTrinity.ErasmusSirIsaacNewtonandJohnLockeamongotherschallengedthetext’sauthenticity.WhenErasmuslefttheverseoutofthefirsteditionofhismonumentalGreekNewTestament1516hewasroundlycriticizedforencouragingheresiesschismsandconflicts.Erasmus’scriticsknewthatapproachingtheBibleinascholarlyfashionwasdangerous:eventhemostpiousattemptsatrationalunderstandingofscripturecouldresultinskepticismoratheism.HowcanoneappraisetheBiblecriticallyandstillmaintainitsauthority.InhisengagingandverythoroughbookDavidKatzexploresthewaysthisquestionwasaddressedinEnglandfromtheReformationonward.AprofessoratTelAvivUniversityKatzistheauthorofTheJewsintheHistoryofEngland1485-1850andahostofbooksandarticlesonearly-modemskepticismandreligion.InGod’sLastWordsKatzmaintainsthateveryerarespondstotheBibledifferentlybasedonshiftingculturalassumptionsandheexaminesthelensthroughwhichtheBiblewasreadinvarioushistoricalmoments.WhileReformationleadersacceptedthetransparencyoftheBible’smessagebythelate17thcenturythisviewcouldnolongerbemaintainedKatzstates.Duringthe18thcenturytheBiblecametoberegardedasjustanotherliterarytext--onewhichincreasinglyhadtoconformtocontemporarystandardsofrealism.AsDarwin’stheoriesbecamewidelyknown19th-centuryreadersappliedanevolutionarymodeltotheBibleandbeganmseeitastheproductofaprimitivementalityverydifferentfromtheirown.ThesenewwaysofreadingtheBibleseemedtodestroyitsauthoritycompletelyuntilthefundamentalistmovementreassertedtheoldProtestantbeliefintheBible’ssoleauthority.WhichofthefollowingstatementsisNOTtrue
"BLOGGOPLC"announcesitspressofficeat7amLondontime"lastnightagreedtopurchaseJunkoIncofWichita."46AquotefromBloggo’sproudchairmansetsouthowwelltheAmericanpurchasefitstheBritishbuyer’sstrategy.AndtheBritishshareholderifheiswiseheadsforhisbrokerandtheexit. 47ThatrepeatedlyhasbeenthelessonofBritishincursionsintotheUnitedStates:fromattemptsinthe1950soffirmslikeAustinandMorristoselltheirutterlyill-suitedandoftenill-builtsmallcarsofthetimethroughEuropeanFerrieswhichinthe1980sboughtupseveralthousandacresnearDenverpresumablywithoutasking—untilitwentall-butbellyup—whetheracross-ChannelferryfirmreallyknewmoreaboutlandinColoradothanlocalreal-estatebuffsdid. EveninthelatereraofseriousdirectinvestmentBritishincursionshavehadaspottyrecord.TwoacademicsatXfiExeterUniversity’snewfinanceandinvestmentcentrehavenowputfiguresonit.AlanGregoryandSteveMcCorristonstudied197BritishtakeoversinAmericanearlyallthesignificantonesinmanufacturingandservicesbankingexcludedin1984-94.48Overafive-yearperiodfromthepurchasetheyfoundthecumulativereturntoshareholderswas27%lowerthan"normal"—iefor;similarcompaniesthathadstayedathome—andnotablyworsethanthetrivialdifferenceoveroneyearthatstockmarketsandacademicshavetendedtolookat. 49Thefigurewasalsoinnotablecontrasttocomparableonesfrom97takeoversintheEuropeanUnionand39elsewhereintheworld.ReturnsintheEUlookedbetterthannormalbutthefigureswerenotstatisticallysignificant;thoseintherestoftheworldwereboth32%better. 50YoumightexpecttheoppositegiventhatBritain’scorporatecultureismuchlikeAmerica’s.butsomewayfromthoseofmostEUcountries.SowhytheunexpectedoutcomeTheExeteracademicsdonotknowbutwouldlovetofindout—iftheycangettheresearchfunding. AquotefromBloggo’sproudchairmansetsouthowwelltheAmericanpurchasefitstheBritishbuyer’sstrategy.
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 12
Evenforoverachieverswhoareusedtomultitaskingtheideaofwatchingtwoversionsofthesametelevisionshowatthesametime--oneontelevisionandoneonacomputer—issomethingthatisprobablyforeigntomostpeopleovertheageof30.TotheeternallyyoungbrainsthatnmMTVhoweveritisthenextstepinreshapingtheirbusiness.BeginningthissummerwiththeMTVVideoMusicAwardsandcontinuinginthefallwiththecablechannel’sliveafternoonprogramTotalRequestLiveMTVwilloffertwosimultaneousversionsofeachshowoneontelevisionandanotherfocusingonabehind-the-scenesnarrativeonitsbroadbandchannelMTVOverdrive.WedotonsofresearchonouraudienceanditshowsthattheyareinstantmessagingandlisteningtomusicandwatchingTVallatthesametimesaidChristinaNormanpresidentofMTV.We’vedefinitelyseenthembecomemoreadeptatnavigatingthroughmultiplemedia.Theylivecomfortablyinseveralworldsatonce.TheOverdrivecomponentlocatedatmtv.comwillfeatureasortofvideodigressionthatwillcontinuetostreamlivewhilethetelevisionshowisbroadcastingcommercials.ForexampleifaviewerwantstowatchanentiremusicvideoafterasnippetisshownontheTotalRequestLivevideocountdownortakeabackstagetourwithJamieFoxxafterhefinisheshisonstageappearanceonthesetofT.R.L.astheshowisfamiliarlyknownOverdrivewillbetheplacetoturn.Doingthreethingsatoncewhenyou’re19yearsoldisnothardsaidDaveSirulnickanexecutivevicepresidentatMTVwhooverseesmultiplatformproductionnewsandmusic.LastThursdayatMTV’sstudiosinTimesSquareMr.SirulnickprovedadeptatdoingatleasttwothingsatoncedashingbetweentwocontrolroomsthatwerestepsawayfromeachotherjustdownthehallwayfromtheT.R.L.set.Itwasthesecondtest-runofsimultaneousproductionandineachcontrolroom-oneforOverdriveoneforT.R.L.—separatesetsofdirectorsandproducersguidedcameramenandtheshow’shostsknownasV.J.’sthroughtheirpaces.Noonethatweknowhasdonealivestreamofadifferentsignalofanexistingshow.Mr.Sirulnicksaid.It’saliveparallelexperienceonethatveryquicklyturnsintoanon-demandexperimentwithportionsofeachshowarchivcdandkeptontheOverdrivesiteforfanstoreplayatwill.Inthefirstparagraphtheauthorintroduceshistopicby______.
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 14
[A]SeparationofHollinger [B]Profitsofnewspaper [C]Theidealbusinessmodel [D]Hollingerdeniestherumor [E]Difficulttoshareintheinternationalmarket [F]LordBlacksellshisremaininglocalnewspapersinCanada HEHASbeensellingnewspapertitlesinCanada.backinganewoneinNewYorkandtryingtoquashrumoursthatheissellingtheminBritain.WhatexactlyisConradBlackchairmanofHollingarex-CanadiannewlyennobledBritonupto 41._______________. LastmonthLordBlackofCrossharbour.asheisnowknownsoldhisremaininglocalnewspapersinCanada.Thiscameshortlyafterhehadoffloadedhisresidual50%stakeintheNationalPosttheCanadiandailypaperhefoundedonlyin1998toCanWestGlobalCommunications.ThisCanadianmediagrouphadalreadypickeduptheotherhalflastyearalongwithmostofLordBlack’sotherlocalnewspapersinthecountryfor$1.8billion. 42._______________. ShornofitsCanadianoperationsandapartfromthetinyJerusalemPostHollingerhasnowbeenpareddowntotwochiefassets:theChicagoSun-TimesplusabagfuloflocalpapersinthatareaandtheDailyTelegraphBritain’smostpopularbroadsheetpaper.Afterthegrouprecentlyreportedanetlossof$9millionfortheninemonthstoSeptember.excludingexceptionalitemsrumoursswirledthateventheTelegraphmightbeforsale. 43._______________. NotsosaysHollinger.AlthoughearningsattheTelegraphanditsSundaysisterarewelldownonlastyearandthepapersplantosackupto40editorialstafftheystillprovidemostofthegroup’sprofits."ThereisnosubstanceatalltothestorythattheTelegraphisforsale"saysDanielColsonHollinger’svice-chairman.IndeedhavingstemmedtheNationalPost’slossesandbookedagoodpriceforthesaleofmostofitsCanadianassetslastyearthegrouphascutitsheavydebtburdenandiswall-placedtolookfornewprojects. 44._______________. ButwhatEconomiesofscaleinthenewspapermarketarebestachievedwiththelocalandregionalpress.TheidealbusinessmodelsaysPeterKreiskyofMercerManagementConsultingisageographicalclusterofregionaltitles.Withlocalmonopolypowerthiscanbringdownthecostofpaperandinkofprintinganddistributionandofmarketing.HollingerenjoysmanyofthesebenefitsintheChicagoareawhereithas97papers. 45._______________. Butitisfarhardertoachievecost-sharingacrossinternationalborders.Mostnationalpapersarestillmnfromandownedintheirhomecountry.ThosethatbelongtoaninternationalownersuchasHollingerTonyO’Reilly’sIndependentNewsandMediaandRupertMurdoch’sNewsCorpconcentrateonEnglish-speakingmarkets. Yetowningnewspapersisasmuchtodowithkudosandinfluenceasitisaboutprofits.Althoughhewouldnotruleoutopportunitieseveninnon-English-speakingpartsofEuropeLordBlack’ssightsnowseemtobesetontheUnitedStates.HehasjustmadeasmallbetonanewqualitypaperTheNewYorkSunbyputtingin$2millionorabout13%ofthetotalinvestment.AlthoughHollingerstressesthatitisonlylooselyinvolvedtheprojectisneverthelessintriguing.TherehaslongbeenaviewthatNewYork.acityof8millionpeopleoughtmbeabletosupportmorethanoneall-roundqualitynewspaper;yettheNewYorkTimeswithacirculationof1.1millionhasnodirectcross-townrival.LordBlack’sexperienceoflaunchinganewtitleTheNationalPostinCanadamaybesalutary.Hemanagedtocreateafranchisefromnothinginacompetitivemarketandindoingsostirreduppoliticalcontroversyinconsensus-mindedCanada.ButitnevermadehimanymoneywhichmaybewhyhisbetonTheNewYorkSunissomodest.Buyingestablishedbutfalteringpaperswouldmakemoresense."TherewillbeinvestmentopportunitiesarisingfromthiseconomicdownturnthatH.advantageof"saysMrColson"notonlyinNewYorkbutelsewhereintheUS." 42
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 2
Directions:StudythepictureabovecarefullyandwriteanessayentitledTheAdaptationoftheClassicalLiterature.Intheessayyoushould1describethepicture;2interpretitsmeaning;3giveyouropinionaboutthephenomenon.Youshouldwriteabout200wordsneatlyonANSWERSHEET2.
Enoughisneverenoughnotwhenthegovernmentbelievesthatitcaninvadeyourprivacywithoutrepercussions.TheJusticeDepartmentwantsafederaljudgetoforceGoogletoturnovermillionsofprivateInternetsearches.GoogleisrightlyfightingthedemandbutthegovernmentsaysAmericaOnlineYahooandMSNMicrosoft’sOnlineService.havealreadycompliedwithsimilarrequests.Thisisnotaboutnationalsecurity.TheJusticeDepartmentismakingthisbaldfacedgrabtotrytosupportanonlinepornographylawthathasbeenblockedoncebytheSupremeCourt.Andit’snotthefirsttimewe’veseenthissortofbehavior.ThegovernmenthaszealouslyprotectedthePatriotAct’spowertoexaminelibraryrecords.ItsoughttheprivatemedicalhistoriesofaselectedgroupofwomensayingitneededtheinformationtodefendthePartial-BirthAbortionBanActinthefederalcourts.ThefurorisstillragingoverPresidentBush’sdecisionmpermitspyingonAmericanswithoutwarrants.AndthegovernmentnowwantswhatcouldbebillionsofsearchtermsenteredintoGoogle’swebpagesandpossiblyamillionwebsiteaddressestogoalongwiththem.ProtectingminorsfromthenastiermaterialontheInternetisavalidgoal:thecourtshaveaskedthegovernmenttotestwhethertechnologiesforfilteringoutthebadstuffareeffective.Andthegovernmenthasn’taskedforusers’personaldatathistimearound.What’sfrighteningisthattheJusticeDepartmentistryingonceagaintodigupinformationfirstandanswerquestionslaterifatall.HadGooglenotresistedthegovernment’sattempttoseizerecordswouldthepublichaveeverfoundabouttherequestThebattleraisesthequestionofhowmuch.ofourpersonalinformationcompaniesshouldbeallowedtoholdontointhefirstplace.WithoutmuchthoughtInternetusershavehandedovervastquantitiesofprivateinformationtocorporations.Manypeopledon’trealizethatsomeharmlesslynamedcookiesinpersonalcomputersallowcompaniestotrackvisitstovariouswebsites.Internetuserspermittheire-mailtobereadbypeopleandmachinesinwaystheywouldnevertoleratefortheirold-fashionedmail.AndmuchofthatinformationisnowcollectedandstoredbycompanieslikeGoogle.WhenpressedonprivacyissuesGooglewhoseinformalmottoisDon’tbeevil—saysitcanbetrustedwiththisinformation.Butprofilingconsumers’behaviorispotentiallyprofitableforcompanies.Andoncecataloguedinformationcanbeabusedbythegovernmentaswell.Eitherwaytheindividualcitizenloses.Whatdoesthelastsentenceofthefourthparagraphimply
Evenforoverachieverswhoareusedtomultitaskingtheideaofwatchingtwoversionsofthesametelevisionshowatthesametime--oneontelevisionandoneonacomputer—issomethingthatisprobablyforeigntomostpeopleovertheageof30.TotheeternallyyoungbrainsthatnmMTVhoweveritisthenextstepinreshapingtheirbusiness.BeginningthissummerwiththeMTVVideoMusicAwardsandcontinuinginthefallwiththecablechannel’sliveafternoonprogramTotalRequestLiveMTVwilloffertwosimultaneousversionsofeachshowoneontelevisionandanotherfocusingonabehind-the-scenesnarrativeonitsbroadbandchannelMTVOverdrive.WedotonsofresearchonouraudienceanditshowsthattheyareinstantmessagingandlisteningtomusicandwatchingTVallatthesametimesaidChristinaNormanpresidentofMTV.We’vedefinitelyseenthembecomemoreadeptatnavigatingthroughmultiplemedia.Theylivecomfortablyinseveralworldsatonce.TheOverdrivecomponentlocatedatmtv.comwillfeatureasortofvideodigressionthatwillcontinuetostreamlivewhilethetelevisionshowisbroadcastingcommercials.ForexampleifaviewerwantstowatchanentiremusicvideoafterasnippetisshownontheTotalRequestLivevideocountdownortakeabackstagetourwithJamieFoxxafterhefinisheshisonstageappearanceonthesetofT.R.L.astheshowisfamiliarlyknownOverdrivewillbetheplacetoturn.Doingthreethingsatoncewhenyou’re19yearsoldisnothardsaidDaveSirulnickanexecutivevicepresidentatMTVwhooverseesmultiplatformproductionnewsandmusic.LastThursdayatMTV’sstudiosinTimesSquareMr.SirulnickprovedadeptatdoingatleasttwothingsatoncedashingbetweentwocontrolroomsthatwerestepsawayfromeachotherjustdownthehallwayfromtheT.R.L.set.Itwasthesecondtest-runofsimultaneousproductionandineachcontrolroom-oneforOverdriveoneforT.R.L.—separatesetsofdirectorsandproducersguidedcameramenandtheshow’shostsknownasV.J.’sthroughtheirpaces.Noonethatweknowhasdonealivestreamofadifferentsignalofanexistingshow.Mr.Sirulnicksaid.It’saliveparallelexperienceonethatveryquicklyturnsintoanon-demandexperimentwithportionsofeachshowarchivcdandkeptontheOverdrivesiteforfanstoreplayatwill.Sirulnick’sattitudemthiskindofexperienceis______.
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 8
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 20
"BLOGGOPLC"announcesitspressofficeat7amLondontime"lastnightagreedtopurchaseJunkoIncofWichita."46AquotefromBloggo’sproudchairmansetsouthowwelltheAmericanpurchasefitstheBritishbuyer’sstrategy.AndtheBritishshareholderifheiswiseheadsforhisbrokerandtheexit. 47ThatrepeatedlyhasbeenthelessonofBritishincursionsintotheUnitedStates:fromattemptsinthe1950soffirmslikeAustinandMorristoselltheirutterlyill-suitedandoftenill-builtsmallcarsofthetimethroughEuropeanFerrieswhichinthe1980sboughtupseveralthousandacresnearDenverpresumablywithoutasking—untilitwentall-butbellyup—whetheracross-ChannelferryfirmreallyknewmoreaboutlandinColoradothanlocalreal-estatebuffsdid. EveninthelatereraofseriousdirectinvestmentBritishincursionshavehadaspottyrecord.TwoacademicsatXfiExeterUniversity’snewfinanceandinvestmentcentrehavenowputfiguresonit.AlanGregoryandSteveMcCorristonstudied197BritishtakeoversinAmericanearlyallthesignificantonesinmanufacturingandservicesbankingexcludedin1984-94.48Overafive-yearperiodfromthepurchasetheyfoundthecumulativereturntoshareholderswas27%lowerthan"normal"—iefor;similarcompaniesthathadstayedathome—andnotablyworsethanthetrivialdifferenceoveroneyearthatstockmarketsandacademicshavetendedtolookat. 49Thefigurewasalsoinnotablecontrasttocomparableonesfrom97takeoversintheEuropeanUnionand39elsewhereintheworld.ReturnsintheEUlookedbetterthannormalbutthefigureswerenotstatisticallysignificant;thoseintherestoftheworldwereboth32%better. 50YoumightexpecttheoppositegiventhatBritain’scorporatecultureismuchlikeAmerica’s.butsomewayfromthoseofmostEUcountries.SowhytheunexpectedoutcomeTheExeteracademicsdonotknowbutwouldlovetofindout—iftheycangettheresearchfunding. Overafive-yearperiodfromthepurchasetheyfoundthecumulativereturntoshareholderswas27%lowerthannormal—iefor;similarcompaniesthathadstayedathome—andnotablyworsethanthetrivialdifferenceoveroneyearthatstockmarketsandacademicshavetendedtolookat.
[A]SeparationofHollinger [B]Profitsofnewspaper [C]Theidealbusinessmodel [D]Hollingerdeniestherumor [E]Difficulttoshareintheinternationalmarket [F]LordBlacksellshisremaininglocalnewspapersinCanada HEHASbeensellingnewspapertitlesinCanada.backinganewoneinNewYorkandtryingtoquashrumoursthatheissellingtheminBritain.WhatexactlyisConradBlackchairmanofHollingarex-CanadiannewlyennobledBritonupto 41._______________. LastmonthLordBlackofCrossharbour.asheisnowknownsoldhisremaininglocalnewspapersinCanada.Thiscameshortlyafterhehadoffloadedhisresidual50%stakeintheNationalPosttheCanadiandailypaperhefoundedonlyin1998toCanWestGlobalCommunications.ThisCanadianmediagrouphadalreadypickeduptheotherhalflastyearalongwithmostofLordBlack’sotherlocalnewspapersinthecountryfor$1.8billion. 42._______________. ShornofitsCanadianoperationsandapartfromthetinyJerusalemPostHollingerhasnowbeenpareddowntotwochiefassets:theChicagoSun-TimesplusabagfuloflocalpapersinthatareaandtheDailyTelegraphBritain’smostpopularbroadsheetpaper.Afterthegrouprecentlyreportedanetlossof$9millionfortheninemonthstoSeptember.excludingexceptionalitemsrumoursswirledthateventheTelegraphmightbeforsale. 43._______________. NotsosaysHollinger.AlthoughearningsattheTelegraphanditsSundaysisterarewelldownonlastyearandthepapersplantosackupto40editorialstafftheystillprovidemostofthegroup’sprofits."ThereisnosubstanceatalltothestorythattheTelegraphisforsale"saysDanielColsonHollinger’svice-chairman.IndeedhavingstemmedtheNationalPost’slossesandbookedagoodpriceforthesaleofmostofitsCanadianassetslastyearthegrouphascutitsheavydebtburdenandiswall-placedtolookfornewprojects. 44._______________. ButwhatEconomiesofscaleinthenewspapermarketarebestachievedwiththelocalandregionalpress.TheidealbusinessmodelsaysPeterKreiskyofMercerManagementConsultingisageographicalclusterofregionaltitles.Withlocalmonopolypowerthiscanbringdownthecostofpaperandinkofprintinganddistributionandofmarketing.HollingerenjoysmanyofthesebenefitsintheChicagoareawhereithas97papers. 45._______________. Butitisfarhardertoachievecost-sharingacrossinternationalborders.Mostnationalpapersarestillmnfromandownedintheirhomecountry.ThosethatbelongtoaninternationalownersuchasHollingerTonyO’Reilly’sIndependentNewsandMediaandRupertMurdoch’sNewsCorpconcentrateonEnglish-speakingmarkets. Yetowningnewspapersisasmuchtodowithkudosandinfluenceasitisaboutprofits.Althoughhewouldnotruleoutopportunitieseveninnon-English-speakingpartsofEuropeLordBlack’ssightsnowseemtobesetontheUnitedStates.HehasjustmadeasmallbetonanewqualitypaperTheNewYorkSunbyputtingin$2millionorabout13%ofthetotalinvestment.AlthoughHollingerstressesthatitisonlylooselyinvolvedtheprojectisneverthelessintriguing.TherehaslongbeenaviewthatNewYork.acityof8millionpeopleoughtmbeabletosupportmorethanoneall-roundqualitynewspaper;yettheNewYorkTimeswithacirculationof1.1millionhasnodirectcross-townrival.LordBlack’sexperienceoflaunchinganewtitleTheNationalPostinCanadamaybesalutary.Hemanagedtocreateafranchisefromnothinginacompetitivemarketandindoingsostirreduppoliticalcontroversyinconsensus-mindedCanada.ButitnevermadehimanymoneywhichmaybewhyhisbetonTheNewYorkSunissomodest.Buyingestablishedbutfalteringpaperswouldmakemoresense."TherewillbeinvestmentopportunitiesarisingfromthiseconomicdownturnthatH.advantageof"saysMrColson"notonlyinNewYorkbutelsewhereintheUS." 44
Oneofthecomicalmomentsintheearlyhistoryofprintingoccurredin1631whentheEnglishprinterRobertBarkerproducedaneditionofthescriptureswhichbecameknownastheWickedBible.Thiseditioncontainedamisprintoftheseventhcommandmem.OnethousandcopieswereprintedandreadyforpublicationbeforesomeonenoticedthatthecommandmenthadbeenchangedtoThoushaltcommitadultery.Nothingmuchcameofit.Theprinterwasfinedthecopiesdestroyedandthemoralfiberofthenationremainedintact.Butwhathappenswhentheverseatissueisnotmerelyaprinter’serrorbutanancientinterpolationintoanevenmoreancienttextSuchwasthecasewith1John5:7thebiblicalproof-textforthedoctrineoftheTrinity.ErasmusSirIsaacNewtonandJohnLockeamongotherschallengedthetext’sauthenticity.WhenErasmuslefttheverseoutofthefirsteditionofhismonumentalGreekNewTestament1516hewasroundlycriticizedforencouragingheresiesschismsandconflicts.Erasmus’scriticsknewthatapproachingtheBibleinascholarlyfashionwasdangerous:eventhemostpiousattemptsatrationalunderstandingofscripturecouldresultinskepticismoratheism.HowcanoneappraisetheBiblecriticallyandstillmaintainitsauthority.InhisengagingandverythoroughbookDavidKatzexploresthewaysthisquestionwasaddressedinEnglandfromtheReformationonward.AprofessoratTelAvivUniversityKatzistheauthorofTheJewsintheHistoryofEngland1485-1850andahostofbooksandarticlesonearly-modemskepticismandreligion.InGod’sLastWordsKatzmaintainsthateveryerarespondstotheBibledifferentlybasedonshiftingculturalassumptionsandheexaminesthelensthroughwhichtheBiblewasreadinvarioushistoricalmoments.WhileReformationleadersacceptedthetransparencyoftheBible’smessagebythelate17thcenturythisviewcouldnolongerbemaintainedKatzstates.Duringthe18thcenturytheBiblecametoberegardedasjustanotherliterarytext--onewhichincreasinglyhadtoconformtocontemporarystandardsofrealism.AsDarwin’stheoriesbecamewidelyknown19th-centuryreadersappliedanevolutionarymodeltotheBibleandbeganmseeitastheproductofaprimitivementalityverydifferentfromtheirown.ThesenewwaysofreadingtheBibleseemedtodestroyitsauthoritycompletelyuntilthefundamentalistmovementreassertedtheoldProtestantbeliefintheBible’ssoleauthority.WhywastheeditionprintedbyRobertBarkercalledtheWickedBible
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet. 10
GenoaisontheItalianRivierabutitssteelworkscontainerparksandoilterminalarenottheusualcharmsofamillionaires’playground.Evenso.formanywealthypeopleitwastheplacetobelastweekendtoseetheSaloneNautico’sfabulousdisplayofluxuryboatsandyachts. 47Withsome350000visitorstheeventisashop-windowforItaly’sboatbuilderswholeadthemarketinprovidingthesuper-richwithboatsstretchingbeyond24m79ft.Italy’sboatyardsmakemorethanathirdofallthefloatingpalacesaroundtheworld.Atthisyear’sshowAzimut-BenettiandFerretti-Rivathetwoleadingproducersdisplayedtheirlatestandmostopulentmodels. Italybuildsallkindsofpleasurecraftandtwo-thirdswortheurol.7billion$2.1billionlastyearareexported.48AccordingtoPaoloVitellichairmanoftheItalianboatbuilders’associationthewinningcombinationattheverytopofthemarketisstylefabricsskilledcarpentersfashiontechnologyandinnovation."Wearemastersintheseareas.Thebusinessistailor-madeforItalians."Heisunconcernedbyhighoilpricesandpartsoftheworldsailingintoeconomicdoldrums.Themarketforluxurygoodsseemsimpervioustothese. ThreefactorssaysMrVitelli.havehelpedthemarketgrow.49Boatbuildershaveraisedoutputbyswitchingtomodernproductiontechniques:moremarinashavebeenbuiltwhichmakeslifeeasierforowners;andthenumberofmillionaireswithmoneytosplurgeonpleasurecrafthasrisensharply.Theirpocketshavetobedeep.Azimut-Benetti.whichMrVitellifoundedin1969.offersarangeofcraft.Atthetopofitsfibreglass-hulledAzimutrangeisa35m116ftmotoryachtwhichcostseuro8.5m.Asteel-hulledBenettihowevermightcostfivetimesthat.MrVitelli’sbusinessreportednetprofitsofearo35monsalesofeuro403mlastyearanditisexpandingstrongly.50MeanwhilenewmarketslikeChinaandRussia.areopeningupandproducingtheirowncropofboatingmillionaires. AccordingtoPaoloVitellichairmanoftheItalianboatbuilders’associationthewinningcombinationattheverytopofthemarketisstylefabricsskilledcarpentersfashiontechnologyandinnovation.
Enoughisneverenoughnotwhenthegovernmentbelievesthatitcaninvadeyourprivacywithoutrepercussions.TheJusticeDepartmentwantsafederaljudgetoforceGoogletoturnovermillionsofprivateInternetsearches.GoogleisrightlyfightingthedemandbutthegovernmentsaysAmericaOnlineYahooandMSNMicrosoft’sOnlineService.havealreadycompliedwithsimilarrequests.Thisisnotaboutnationalsecurity.TheJusticeDepartmentismakingthisbaldfacedgrabtotrytosupportanonlinepornographylawthathasbeenblockedoncebytheSupremeCourt.Andit’snotthefirsttimewe’veseenthissortofbehavior.ThegovernmenthaszealouslyprotectedthePatriotAct’spowertoexaminelibraryrecords.ItsoughttheprivatemedicalhistoriesofaselectedgroupofwomensayingitneededtheinformationtodefendthePartial-BirthAbortionBanActinthefederalcourts.ThefurorisstillragingoverPresidentBush’sdecisionmpermitspyingonAmericanswithoutwarrants.AndthegovernmentnowwantswhatcouldbebillionsofsearchtermsenteredintoGoogle’swebpagesandpossiblyamillionwebsiteaddressestogoalongwiththem.ProtectingminorsfromthenastiermaterialontheInternetisavalidgoal:thecourtshaveaskedthegovernmenttotestwhethertechnologiesforfilteringoutthebadstuffareeffective.Andthegovernmenthasn’taskedforusers’personaldatathistimearound.What’sfrighteningisthattheJusticeDepartmentistryingonceagaintodigupinformationfirstandanswerquestionslaterifatall.HadGooglenotresistedthegovernment’sattempttoseizerecordswouldthepublichaveeverfoundabouttherequestThebattleraisesthequestionofhowmuch.ofourpersonalinformationcompaniesshouldbeallowedtoholdontointhefirstplace.WithoutmuchthoughtInternetusershavehandedovervastquantitiesofprivateinformationtocorporations.Manypeopledon’trealizethatsomeharmlesslynamedcookiesinpersonalcomputersallowcompaniestotrackvisitstovariouswebsites.Internetuserspermittheire-mailtobereadbypeopleandmachinesinwaystheywouldnevertoleratefortheirold-fashionedmail.AndmuchofthatinformationisnowcollectedandstoredbycompanieslikeGoogle.WhenpressedonprivacyissuesGooglewhoseinformalmottoisDon’tbeevil—saysitcanbetrustedwiththisinformation.Butprofilingconsumers’behaviorispotentiallyprofitableforcompanies.Andoncecataloguedinformationcanbeabusedbythegovernmentaswell.Eitherwaytheindividualcitizenloses.TheJusticeDepartmentmadesuchadecisioninorderto______.
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