新娘系列婚戒广告《Eternal Promise》

这支由著名导演Michael Haussman倾情打造的宝格丽新娘系列广告，只有短短两分钟，却完美诠释了爱情的浪漫与甜蜜。

柔美轻快的音乐，在罗马的街道，古老的宫殿里，意大利帅哥Giulio Berruti和英伦玫瑰凯蒂·露易丝·桑德斯演绎着一对新婚夫妇的浪漫之旅。黑白色的画质，罗马街道的厚重，恋人之间的温情在静谧中得到释放和凸显，让镜头外的观众也感受到甜蜜和幸福。

宝格丽新娘系列灵感源自对永恒之爱的向往。戒指是夫妻对彼此的承诺，是双方爱情的见证，许下这个承诺就相约一生。广告中新娘对手上的戒指露出的盈盈的笑意，可以看出新娘对拥有这个承诺的幸福，也凸显宝格丽新娘系列婚戒永恒之爱的主题。本文来自圣爱天堂！

 

第二篇：Lands of eternal promise

Emerging markets

新兴市场

Lands of eternal promise

希望永驻之地

In emerging markets, local and regional banks are increasingly beating global ones

新兴市场的本地银行和地区银行正在不断冲击着全球性银行

May 11th 2013 |From the print edition

TO JOURNEY FROM the bustle of street-traders, minibus taxis, heat and dust of an African city centre to one of the pulsing arteries of global finance, all you need to do is walk a few steps, from the pavement to the towering coolness of the Johannesburg head office of Standard Bank, Africa's biggest bank. Before the financial crisis Standard Bank had global ambitions.

要想从熙熙攘攘，遍布街道小贩、面包车出租车，热气熏天，尘土飞扬的非洲市中心，走到一个全球金融动脉脉搏之地，你要做的就是迈上几步，跨过人行道，接着就走进了南非标准银行（Standard Bank）约翰尼斯堡总部大楼投下的清凉阴影。在金融危机发生之前，南非标准银行有着迈向全球的雄心大略。

Touting its skill in emerging markets and mining, it built outposts in Russia, Brazil, Turkey and London, among other places. For a time, the strategy seemed to be paying off as it won mandates to help local companies raise funds on international capital markets.

它自夸自己对新兴市场和采矿领域经营有方，在俄罗斯、巴西、土耳其和伦敦等地都设有前哨。有一段时间，由于标准银行获得授权帮助地方公司在国际金融市场筹集资金，这一策略似乎也有所回报。

"With the crisis, the competitive landscape changed dramatically," says Sim Tshabalala, co-chief executive of the bank. The cost of capital and funding for mid-sized investment banks shot up and domestic rivals in many of its markets began to flex their muscles. So Standard has shifted its focus to deploying capital across Africa, where it has a strong

local presence and can see off competition from both global investment banks and newly emerging home-grown ones.

标准银行副首席执行长查巴拉拉（Sim Tshabalala）说："危机发生后，竞争格局发生了巨大的变化。"中小型投资银行的资本成本和经费成本直线上升，国内竞争对手也在该行业的许多市场跃跃欲试，逐渐发力。因此标准银行已经把重心转移到为非洲配置资金。它在非洲有着强大的本土存在，摆脱来自跨国投资银行以及新出现的国内投资银行带来的竞争。

It may be tempting to dismiss Standard Bank's experience in far-flung markets as the price of an upstart emerging-market bank overextending itself. But big global banks are learning similar and equally expensive lessons. Fast-growing emerging markets may

promise mouth-watering returns to global investment banks, but it is big local and regional banks that are proving most successful at garnering them.

人们很容易认为标准银行的海外市场经历是新兴市场银行自命不凡、扩张过度的代价。但是大型全球性银行正在接受类似的昂贵教训。新兴市场快速发展承诺给全球投资银行带来令人垂涎的回报，然而事实证明，大型地方银行和地区银行才是拿下这块肥肉的样板。

A decade ago bankers from large American and European firms were descending on developing economies such as Russia, Brazil and China with great fanfare. Champagne flowed as the chief executives from head office snipped ribbons to open the glitzy new outposts. The retreat has been more discreet as banks have announced plans to

"optimise" their presence or "relocate coverage" of the market to places like London.

十年前，欧洲和美国大公司的银行家大张旗鼓进军俄罗斯、巴西、中国等发展中经济体。总公司的高官们为光彩夺目的市场新前哨剪彩，与众人共饮香槟庆贺。随着银行已经宣布计划 "最优化"自己的存在或者"重回" 伦敦等这类市场，它们的撤退脚步更加谨慎。

At first sight the growth in investment-banking fees in emerging markets looks enticing, or at least it did until last year, when total fees dropped significantly in parts of Asia and across the Middle East and Africa. But on closer examination the market turns out to be highly diverse. Investment banking in America generates about half the industry's global revenue and an even larger share of its profits

because of massive benefits of scale. By contrast, Asia accounts for only about 20% of the industry's overall revenue and probably 10% of its profits because of the higher costs of working in such a fragmented market.

乍看之下，新兴市场的投资银行业务费用增长似乎很是诱人，至少截至去年是这样。去年投资银行业务总费用在亚洲部分地区以及整个中东和非洲严重缩水。但是仔细考量之后，人们会发现市场已经高度多元化。美国投资银行的收入是该行业全球收入的一半，并且因为本身具有巨大的规模效益，其利润份额就更大。相比之下，亚洲只占行业整体收入的20%，利润只占行业利润的10%，这是因为此类市场被分割，经营成本更高。

China, which once seemed the most alluring of all Asian markets, still remains largely closed to outsiders. Many of the big investments that foreign banks made in Chinese ones in the early 2000s have been reversed, albeit profitably, with the sale of their minority stakes, and hopes that they would lead to enduring partnerships and provide access to China's riches have mostly been dashed. Chinese banks have quickly learned to offer their own investment-banking services.

中国在亚洲市场里似乎最有吸引力，但现在很大程度上还是拒绝外人进入。21世纪初国外银行在中国市场的许多大型投资都已经被中国的银行替代。这些外国银行持股比例小，可以实现盈利，但建立长期伙伴关系提供进入中国沃土的希望都化为泡影。中国的银行很快学会了提供自己的投资银行服务。

Local talent

地方优等生

Indeed, across most big emerging markets international banks are coming up against stiffer competition from domestic banks or new regional powerhouses than from their global competitors. In Brazil BTG Pactual, a bank set up in 1983, now dominates parts of its home market and is rapidly expanding through acquisitions in neighbouring countries. In India domestic banks dominate the market for helping local companies raise debt. "Internationals still hold sway in big-ticket, cross-border mergers and acquisitions," says Anup Bagchi, who runs ICICI Securities, the investment-banking arm of India's second-largest bank.

确实，纵观大部分新兴市场，国际银行同国内银行和区域劲敌的竞争要比全球竞争银行更加激烈。巴西BTG Pactual成立于19xx年，现在主导部分国内市场，借助在邻国进行兼并而迅速扩展。印度的国内银行在帮助本土公司募集债务市场上傲视群雄。印度产业信贷与投资银行证券公司（ICICI Securities）是印度第二大银行的经营投资银行业务分支，该公司执行董事巴格奇说："跨国银行依旧统治着高价跨境并购和兼并。"

In Russia, too, state-owned Sberbank, the country's biggest bank, has recently emerged as a force in investment banking. A year ago it completed its acquisition of Troika Dialog, a scrappy local investment-banking boutique. Todd Berman, who heads that side of the business, thinks the balance is shifting in favour of home-grown

banks in emerging markets because they are learning to combine new skills with a willingness to lend and finance deals in ways that capital-constrained international rivals cannot. "Three years ago big local banks would provide the credit and international banks would provide the research, the distribution," Mr Berman says. "Now in Brazil, China, Russia…large successful banks have hired world-class people. To play in these markets you have to be not only a provider of good ideas, you also have to provide the financial capital."

同样，俄罗斯最大银行俄罗斯联邦储蓄银行（Sberbank）最近也在投资银行业扛起大旗。一年前它完成了对经营混乱的投资银行精品店Troika Dialog的收购。主管这方面业务的托德·伯曼（Todd Berman）认为，平衡转向有利于新兴经济体国内成长起来的银行，这是因为它们学会融合新技术和借贷筹资交易意愿，而这种借贷集资的方式

是受资本限制的国际对手所不能给予的。伯曼说："三年前，大型地方银行提供信贷，而国际银行则提供研究和分配。但现在巴西、中国、俄罗斯……成功的大银行雇佣了世界级人才。在这些市场中打拼，你不仅要有好的想法，还要供给金融资本。"

Banks from different emerging markets are now starting to team up. Brazil's BTG has formed alliances with VTB, Russia's second-largest bank, and with Citic Securities, a Chinese investment bank. And the Industrial and Commercial Bank of China has become the largest shareholder in Standard Bank.

来自不同新兴市场的银行正展开通力合作。巴西投资集团BTG已经同俄罗斯外贸银行（VTB）以及中国投行中信证券（Citic Securities）建立盟友关系。此外，中国工商银行（ICBC）现在是标准银行最大

的股东。

To be sure, some international banks are still making good money across emerging markets. UBS and Credit Suisse, for instance, retain strong positions in Asia, where their wealth-management arms have enviable franchises. Rich people who have already handed their assets to these banks to look after readily turn to them for advice when they are thinking of selling their family firms or raising debt to finance them. Banks such as JPMorgan, Citi, HSBC and Standard Chartered, with branches and commercial-banking networks across large parts of Asia, Africa or Latin America, are also doing well in those parts of the world where their reach is deepest. Banks that are able to serve local as well as multinational firms in emerging markets seem to be gaining an

advantage. Having local operations allows them to lend to growing emerging-markets firms, while their global reach lets them finance their trade or help them raise money abroad.

可以肯定的是，一些国际银行在新兴市场的盈利依旧颇丰。例如，瑞士联合银行（UBS）和瑞士信贷银行（Credit Suisse）稳踞亚洲，它们在此设立的财富管理分支机构有着令人艳羡的特权。有的富人已经把资产交给这些银行管理，并且在考虑出售家族公司或者集资借债时，都很乐意向它们寻求帮助。摩根大通（JPMorgan），花旗集团（Citi），汇丰银行（HSBC），渣打银行（Standard Chartered）等银行的分支和商业银行业务网络遍布亚非拉的大片区域，它们在深入的那些领域做得也很出色。银行若能同时为新兴市场中的地方和跨国公司做好服务的话，看起来会赢得优势。地方经营使得它们能借款给新兴市场中正在成长的企业，同时延伸全球的网络又允许

它们为交易融资或者协助自己在海外集资。

That presents a challenge to the international model of many big investment banks. In the past many would fly "suitcase bankers" into emerging markets from regional hubs such as Singapore or London to do big deals. With just a few such hubs banks like Morgan Stanley or Goldman Sachs could cover the globe. Now all but the biggest international investment banks are being outfoxed by local banks in fast-growing economies.

这就给许多大投行的国际模式带来了挑战。过去，许多大投行都会派"手提箱银行家"从新加坡或伦敦等区域中心出发，飞往新兴市场办公。因此，只需要摩根士丹利（Morgan Stanley）和高盛（Goldman Sachs）等少数投行就可以覆盖全球业务。而如今在快速发展的经济

体内，最大的跨国投资银行都几乎要被地方银行超越。