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（《纽约客》和《名利场》的前任主编迪娜·布朗女士，开始办一个网站叫“每日野兽”，她说其灵感来源于伊夫林·沃描写英国旗舰街的小说《Scoop》，“野兽”之名来自亨利·詹姆斯的小说《丛林猛兽》，他们要像野兽一样刨开信息的丛林，给读者奉献浩瀚的信息烟尘中最值得关注的新闻。）
From Alistair to zero interest rates: the business year in review
卫报2008年商业新闻回顾：关键词A至Z
Credit crunch became common parlance, the banking system was brought to the brink, and what began as an American property crisis gradually enveloped the world. We cast a backward glance at 2008
信贷危机成为口头禅，银行系统走到了悬崖边上，起源于美国的地产危机逐渐笼罩整个世界。让我们不妨回顾一下2008年的商业事件。
Angela Balakrishnan and Julia Kollewe
guardian.co.uk, Monday 22 December 2008 16.11 GMT
Article history
A is for Alistair Darling
The chancellor was thrust into the spotlight as the financial crisis escalated this year. In the summer, just before a second wave of banking turmoil that rocked the markets, Darling gave an explosive interview to the Guardian saying that Britain faced "the worst economic times in 60 years". In November's pre-budget report he announced a package of tax cuts today (and tax rises tomorrow), that will send the national debt soaring.
A：Alistair Darling （英国财政大臣，阿利斯泰尔·达林）
随着今年金融危机造成的影响扩大，财政大臣也成为了公众注意的中心。今夏，银行业的第二波危机动摇了市场的根基，在接受卫报的采访时，达林爆出英国正面临“60年来最糟糕的经济时期”。在11月的先期预算报告中，他公布了一项将导致国债激增的一揽子减税方案（危机过后再加税）。
B is for Bail-outs
Banks around the world keeled over during the credit crisis. In March, the investment bank Bear Stearns became the first US investment bank to face collapse – but in a last-ditch rescue it was bailed out by JP Morgan, with federal guarantees. JP Morgan also bought Washington Mutual after it was seized by the authorities in September – the largest US bank failure. Faced with this meltdown, government pumped billions of pounds, euros and dollars into their national banking sectors in a co-ordinated (see below) attempt to restore order.
B：Bail-outs （救市）
在信贷危机期间，全世界的银行都出现问题。3月，投资银行贝尔斯登成为第一家面临倒闭的美国投行——但在联邦提供担保的前提下，摩根大通在最后时刻出手拯救。9月，摩根大通还收购了已被政府接管的华盛顿互助银行——这是美国最大规模的银行倒闭。面对银行业的崩溃，政府协调注资了几十亿的英镑、欧元和美元到银行部门（见下一关键词），试图恢复金融秩序。
C is for Credit crunch & co-ordinated action
Credit crunch became a part of everyday language this year as people felt the impact of restricted lending. All areas of the economy from the housing market to the high street suffered, raising pressure on politicians to take urgent action. The prospect of a collapse of the banking system was the final straw and October saw unprecedented co-ordinated action from central banks and governments as they slashed interest rates and launched rescue packages.
C：Credit crunch & co-ordinated action （信贷危机和各国一致行动）
随着人们日益感受到限制借贷带来的影响，信贷危机成为了今年人们的口头禅。经济的各个领域，从房地产到商业街都在遭罪，这让各国的政治人物倍感压力，促使他们采取紧急措施。银行系统的崩溃是压死骆驼的最后一根稻草，10月，各国政府和央行史无前例地协调一致行动，同时还推出降息和启动一揽子救助计划等措施。
D is for Deflation
As Britain neared the end of 2008, fears of inflation turned to deflation as the weakening economy, lower commodity prices and the cut in VAT combined to limit price increases. This was a stark turnaround from just a few months earlier when the cost of living hit a 16-year high of 5.2% due to spiralling food and energy prices and utility bills, making the Bank of England more reluctant to cut interest rates despite signs that the economy was slowing sharply.
D：Deflation （通缩）
随着2008年即将过去，英国对通胀的担心转向了对通缩的忧虑，通缩会造成经济的衰弱，大宗商品价格下跌，增值税减少以及物价下跌。这是对仅仅数月前那种通胀环境的巨大颠覆，当时由于食品价格、能源价格和公用事业费用的螺旋上升，居民生活费用增幅达到了5.2%，为16年来的高点。这导致了尽管英格兰银行意识到经济明显放缓，但仍然无法做出降息决定。
E is for Energy prices
Consumers saw the cost of heating and fuel rocket though much of 2008 as the soaring cost of oil pushed up retail prices. By the end of the year the tide was turning as the oil price slumped, but critics claimed that retailers were slow to pass on the full benefits.
E：Energy prices （能源价格）
由于飙涨的原油价格推动零售油价上涨，消费者们在2008年大部分时间里见证了暖气和汽油价格急剧上升。到了年底，趋势发生改变，油价出现了下跌。但评论指出，零售商们对此反应缓慢，没有让消费者完完全全地尝到这一甜头。
F is for Fraud
The Wall Street broker Bernard Madoff's alleged $50bn (£34bn) swindle ensnares scores of banks, charities and hedge funds around the world. His victims include HSBC and the Royal Bank of Scotland, as well as foundations connected to the film director Steven Spielberg and the Holocaust survivor Elie Wiesel.
F：Fraud （欺诈）
华尔街经纪麦道夫被指控从全世界的众多银行、慈善机构和对冲基金手中，诈取了500亿美元。受害者包括汇丰和苏格兰皇家银行，以及与其关系密切的电影导演斯皮尔伯格和纳粹大屠杀幸存者埃利‧维瑟尔（译者注：诺贝尔和平奖获得者、波士顿大学教授）
G is for Goldmans
Even Goldman Sachs, which largely avoided large credit-related losses while rivals went bust, plunged into the red. In December it posted its first loss since going public nine years ago due to a sharp fall in trading and investment banking revenues. The bank also made headlines when its energy team slashed its forecast for crude oil prices to just $45 a barrel next year – in a sharp U-turn from its prediction in the spring of $200.
G：Goldmans （高盛）
在竞争对手陷入破产的境地时，高盛很大程度上避免了信贷相关的损失，但既便如此，高盛还是出现了赤字。高盛在12月公布了亏损，这是该投行自从9年前因为商业和投资银行业务收益大幅下滑以来，首次录得亏损。高盛的另一条新闻是，其石油研究团队把明年的原油价格预期降低到每桶45美元——这和它此前在春季作出的200美元预测相比，来了个180度大转弯。
H is for Housing market
Britain's once red-hot housing market came crashing down this year with steep double-digit price falls. Some areas of the country saw houses halve in value, helping to placing Britain among the worst performers as world house values collapsed. In an effort to kick-start the UK housing market, the Treasury announced a one-year rise in stamp duty exemption, for properties under £175,000, in September.
H：Housing market （房地产市场）
英国曾经红透一时的房地产市场，在今年以两位数的跌幅崩溃。一些地区的房价被腰斩，让英国成为了世界房价下跌中受灾最严重的地方。为了让英国的房地产市场重现活力，财政部宣布为价值17.5万英镑以下的物业增加印花税免税额，为期一年。
I is for Iceland
After an era of cheap borrowing, Iceland's economy experienced unimaginable turbulence as the credit crunch bit. Its three largest banks were nationalised, inflation hovered in double-digit territory and the stockmarket closed down for several days while Russia and Britain negotiated loans and sent finance officials to reinstate financial stability. Interest rates were hiked to 18% to try and restore trust in the freefalling króna.
I：Iceland （冰岛）
在经历了一轮廉价借贷时期后，受信贷危机冲击，冰岛经济出现了不可思议地动荡。其三大银行被国有化，通胀高达两位数，股市在数天里被中止交易，与此同时，冰岛与俄罗斯和英国商谈贷款，并派出财政官员企图恢复金融稳定。银行利率被提高到18%，以恢复人们对正在做自由落体的克朗（译者注：冰岛货币单位）的信心。
J is for Jaguar
Jaguar and Land Rover, two of the best-known names in the British car industry, were sold to the Indian firm Tata for £1.15bn in March. But the year saw great struggles for both the UK and global car industry, as sales plummeted and production was scaled back or halted. Manufacturers demanded government help, and the US carmakers General Motors and Chrysler were handed a lifeline from the government of $17.4bn in short-term loans. By December, Jaguar and Land Rover faced their own cash crisis.
J：Jaguar （捷豹）
捷豹和路虎，两大英国著名汽车企业，在3月以11.5亿英镑卖给了印度的塔塔汽车公司。但今年，由于受减少生产和停产影响而造成销售量下降，英国和全球的汽车业都在苦苦挣扎。制造业需要政府的救援，而美国汽车企业通用和克莱斯勒都从政府手中得到了174亿美元的短期贷款，维持了一线生机。12月，捷豹和路虎都面临着现金危机。
K is for Kerviel
The scandals began in January when Jérôme Kerviel, a trader for the Paris-based bank Société Générale, was arrested. Dubbed the "French Nick Leeson", Kerviel was accused of losing his company £3.7bn. News of the alleged fraud, which virtually wiped out 2007 profits at France's second-largest bank, sent shockwaves through European markets, already battered by the escalating credit crisis.
K：Kerviel （科维尔）
1月，一名交易员杰罗姆·科维尔被捕，爆出了法国兴业银行的丑闻。绰号为“法国里森”（译者注：违规操作导致英国巴林银行破产的交易员）的科维尔，被控告造成银行亏损37亿英镑。被指控造成损失的这部分金额，实际上已经吞噬了这家法国第二大银行2007年的全年利润，并对已经因为信贷危机升级而伤痕累累的欧洲市场再次造成冲击。
L is for Lehman Brothers
Wall Street was the scene of dramatic events in September when Lehman Brothers filed for bankruptcy after failing to find a buyer – the end of one of the oldest firms on Wall Street, with roots going back to 1850. Its core US investment banking business was then acquired by Barclays. In a momentous week, Merrill Lynch also agreed to be taken over by Bank of America for $50bn and the huge insurance group AIG was nationalised.
L：Lehman Brothers （雷曼兄弟）
华尔街在9月爆出了戏剧性的一幕，雷曼兄弟在无法找到买家之后，宣布申请破产保护——这家可以上溯到1850年的华尔街最久的公司，走到了尽头。其核心的美国投资银行业务随后卖给了巴克莱银行。在这个严酷的一周里，美林证券被美国银行以500亿美元收购，而保险巨头AIG则被国有化。
M is for Marks & Spencer
Marks & Spencer, Britain's biggest clothes retailer, shocked the City this summer when it warned that profits would slump due to fall in food and clothes sales. The news sent the retailer's share plunging to a four-year low and wiped £1bn off its market capitalisation. In a sign of the struggles faced by the high street, the company launched two sales offering 20% reductions in the run-up to the festive season – its first pre-Christmas sales in four years.
M：Marks & Spencer
Marks & Spencer是英国最大的服装零售商，今年夏天，它发布警告称，公司盈利将由于食品和服装销量下滑而减少，这让金融城大感震惊。这条新闻让这家零售商的股价跌到了4年来的低点，蒸发了10亿英镑的市场资本总额。作为商业街苦苦挣扎的代表，公司在节日来临前启动了两次降价20%的措施——这是其四年来第一次在圣诞节前促销。
N is for Nationalisation
The mortgage lender Northern Rock was finally nationalised early this year, followed by the buy-to-let specialist Bradford & Bingley in the autumn, raising fears of a domino effect in the British banking sector. Authorities elsewhere – from the US to Germany – resorted to similar measures to prevent the financial sector collapsing.
N：Nationalisation （国有化）
抵押贷款银行北石最终在年初被国有化，紧接着是秋季被国有化的布拉福德宾利，这增加了人们对英国银行部门发生多米诺骨牌效应的忧虑。其他国家的政府——从美国到德国——也采取相似的措施，保护金融部门免于崩溃。
O is for Oil prices
Crude oil prices surged in the early part of the year and hit a record high of more than $147 a barrel in July. They later fell back by more than two-thirds as demand waned in the wake of the deepening global economic downturn. Crude is now at its lowest level in four and a half years despite Opec's recent decision to slash production by record levels.
O：Oil prices （油价）
原油价格在上半年急升，在7月达到了历史高点，每桶价格超过147美元。随后由于需求紧随全球经济衰退而减少，造成价格急跌超过三分之
二。现在，尽管欧佩克最近已经决定了创纪录地减产，原油价格仍旧处于4年半以来的最低位。
P is for Profit warnings
Companies across all sectors issued scores of profit warnings this year, adding to panic on financial markets. In November, a profit warning from BT sent its shares to their lowest since the telecoms company was floated by the Thatcher government in 1984. In December alone, Sony, Toyota, Electrolux, HBOS, Kodak, RIM and Electronic Arts all cut their profits forecasts.
P：Profit warnings （盈利警告）
今年，各领域的众多企业纷纷公布盈利警告，让金融市场雪上加霜。11月，英国电信的盈利警告让其股价跌到了自从1984年撒切尔开放电信业以来的最低点。仅仅在12月，就有索尼、丰田、伊莱克斯、柯达、RIM、电艺等公司公告削减盈利预期。
Q is for Qantas
BA boss Willie Walsh's grand plan to turn British Airways into a "truly global" airline took a large step backwards with the collapse of talks to merge with Australia's Qantas. He must now turn his attention to Iberia of Spain or be left behind. Faced with huge losses and overcapacity, the airline industry is undergoing a wave of consolidation. Recently Delta Airlines has merged with Northwest in the US and Germany's Lufthansa is in talks to absorb Austrian Airlines and BMI.
Q：Qantas （澳洲航空）
由于与澳航的并购谈判破裂，英航总裁威利·沃什尔把英航带入“真正国际化”的宏伟计划遭到重大挫折。他现在肯定已经把目光转向了西班牙的伊比利亚航空，或者干脆放弃这个计划。面对巨额亏损和产能过剩，这家航空公司正在经受合并浪潮的冲击。最近，三角洲航空与美国西北航空合并，而德国汉莎则正在与奥地利航空和BMI航空进行谈判。
R is for Recession
Recession went from being a fear to a reality for much of the global economy this year as the credit crunch and financial turmoil unravelled. Germany, Europe's largest economy, became one of the first to fall into the slump, with the US and UK following behind. Japan, New Zealand and Singapore all suffered the effects of a recession. Even emerging economies such as China and India, who many thought could withstand the downturn with their rampant growth, showed signs of faltering.
R：Recession （衰退）
随着信贷危机和金融动荡的发生，今年人们对全球经济现状的忧虑演化为衰退。欧洲最大经济体德国，成为了首先陷入衰退的国家之一，而美国和英国则紧随其后。日本、新西兰和新加坡都在承受着衰退造成的恶果。即使是被认为凭借快速增长能够抵御衰退的新兴经济体，例如中国和印度，也出现了经济放缓的迹象
S is for Sterling
As the UK's economic crisis intensified, sterling plunged by 23% against the euro to a record low of just above €1.05, or 95p to the euro, amid fears that it could soon reach parity with the single currency and prompting talk that the country could face a full-blown currency crisis. While a year ago, Britons were enjoying holidays abroad, especially in the US where the pound was worth $2, this year foreign tourists flocked to the UK for their Christmas shopping.
S：Sterling （英镑）
随着英国经济危机加剧，英镑兑欧元下跌了23%，达到历史低点，仅略高于1.05欧元，或者说是0.95英镑兑1欧元，人们普遍担心，英镑会迅速与欧元单一货币等值，英国将会面临严重货币危机的说法甚嚣尘上。而就在一年前，英国人还热衷于海外度假，特别是到美国度假，那里1英镑兑2美元。而今年，轮到外国游客们成群结队地到英国进行圣诞购物了。
T is for Terminal 5
The chaotic opening of Heathrow's terminal 5 on 27 March was dubbed as a "national embarrassment" by the Commons transport select committee. More than 23,000 bags went missing and more than 500 flights were cancelled when the baggage system collapsed, despite a six-month training programme. Willie Walsh, BA's boss, apologised for the debacle – and admitted that the airline cut corners on its training because BAA handed over the building when parts of it were still under construction.
T：Terminal 5 （5号登机楼）
希斯罗机场5号登机楼于3月27里投入运营，而在那一天，机场发生的混乱则被下院交通委员会称之为“国耻”。虽然此前已经进行了6个月的调试项目，但行李系统还是失灵了，造成了超过2.3万件行李丢失，超过500个航班被取消。英航总裁威利·沃什尔为机场瘫痪事件做出道歉——并且承认，由于英国机场管理局要求在部分项目仍在施工的情况下移交登机楼，因此航空公司不得不减少了调试项目。
U is for Unemployment
Unemployment in Britain shot over 1 million, with benefit claimants up by 75,700 in November alone, the largest rise since the early 1990s. The broader labour force survey measure rose to 1.9 million. Given the thousands of job cuts announced in the wake of the deepening financial crisis, unemployment is expected to top 2 million by Christmas and could rise to 3 million next year. Big rises in youth unemployment and long-term joblessness are particularly worrying.
U：Unemployment （失业）
英国的失业人数超过了100万人，仅仅在11月，就有7.57万人申请救济，这是自上个世纪90年代以来最大的涨幅。而更大范围的就业情况调查则显示，失业人数是增加到了190万人。考虑到受金融危机恶化影响，又有数千职位被裁撤，预期失业率将在圣诞节前达到200万，并可能在明年增加到300万。其中，青年失业人口以及长期失业人口数量出现激增，这让人感到特别忧虑。
V is for VAT cut
In December, many shoppers found that the price at the till was less than the one on the label. VAT was cut from 17.5% to 15% in November's pre-budget report in an attempt to kick-start consumer spending. It will cost the government £12.5bn in lost revenue, and came into effect so quickly that many retailers could not change their price tags in time.
V：VAT cut （增值税降低）
12月，很多购物者发现，商品上贴着的价格，比架子上标签的价格要低。11月公布的先期预算报告把增值税从17.5%降到了15%，试图重新刺激消费者的支出。这将导致政府损失125亿英镑的财政收入，而其迅速的实施则让零售商们措手不及，还没来得及把标签上的价格换下。
W is for Woolworths
Woolworths' 99-year history came to an ignominious end, with all 807 shops closing by early January. It fell into administration in November after last-ditch attempts to rescue the chain failed. Deloitte, administrators of the chain famous for its pick'n'mix, confirmed on 18 December that all Woolworths stores would close, with the loss of 28,275 jobs, after failing to secure a buyer for the business as a going concern.
W：Woolworths （沃尔沃斯）
99年历史的沃尔沃斯走到了终点，旗下807间商铺将在明年1月全部关闭。在最后时刻试图拯救这家连锁企业失败后，沃尔沃斯于11月启动申请破产程序。由于人心惶惶，无法找到买家，组织破产清算的德勤在12月18日宣布，这家以自选糖果闻名的企业，将会关闭所有的连锁商店，造成2万8275人失业。
X is for XL Leisure
Tens of thousands of British holidaymakers were left stranded in September by the collapse of the UK's third-largest tour operator, XL Leisure. The Crawley-based group called in the administrators in the early hours of the morning after the failure of last-minute talks with its financial backers, the Icelandic investment group Straumur.
X：XL Leisure （XL休闲集团）
英国第三大旅游公司XL休闲集团破产，让数万英国旅游者感到无可奈何。这家总部位于克劳利的集团公司，在最后时刻与冰岛的投资集团Straumur关于注资的谈判失败后，于次日早上申请破产程序。
Y is for Yahoo
It was a busy year for the internet search engine Yahoo: a controversial $800m advertising deal with the rival company Google collapsed; the co-founder Jerry Yang stepped down as chief executive, and 1,500 jobs were slashed.
Y： Yahoo
对于互联网搜索引擎Yahoo来说，今年是忙碌的一年：与竞争对手Google的极具争议的80亿美元谈判破裂、前创始人杨致远辞去首席执行官职位，还裁掉了1500个职位。
Z is for zero interest rates
Central banks around the world slashed interest rates in a desperate attempt to get people and businesses spending again. In the US and Japan, rates fell close to zero, and the Bank of England hinted that rates could fall to near zero in Britain too, having already fallen to 2%. In Japan, rates are already just 0.1% – re-awakening memories of the "lost decade" of the 1990s.
Z： zero interest rates （零利率）
世界各国央行削减利率，不顾一切地要刺激居民和企业再次扩大支出。在美国和日本，利率已经接近0了，而英格兰银行暗示，英国利率未来也将会降低到接近0，而现在的利率则降低到了2%。在日本，利率只有0.1%——不禁让人们回忆起关于上个世纪90年代“失去的十年”的那段日子。
