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太田 創 の「英語で読み解くクールな世界金融経済」
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デサントがワコールと提携 08月30日
今日の一文です。
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この数カ月、水面下ではデサントと伊藤忠の間で激しい応酬があった。
「伊藤忠が主体性をもってデサントを経営したい」「25％しか持っていない状況では何もできない。34％でも意味がない。」
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For months, there has been a fierce battle between Descente Ltd. and Itochu Corporation behind the scenes.
Itochu said, "We want to manage Descent independently, however, less than 34 percent of the shareholdings do not even make sense in order to run the company and dominate the high end sportswear business in Japan.
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Never trust sweet words from someone you believe, saying "I can make it".
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バフェット流運用の受難 08月26日
今日の一文です。
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米著名投資家のデイビッド・アインホーン氏は「株式の価値が利益ではなく、社会に変化をもたらす破壊的企業かどうかで測られるようになったのでは」とゲームのルールが変わった可能性を指摘する。
デジタル革命を起こす企業がマネーを独占し割安株の低迷を生むさまは小売業の「アマゾン・エフェクト」に似る。
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Mr. David Einhorn, a famed American investor, points out that the rule of the stock markets has possibly been changed from how much the real values of the companies are to how destructively beneficial those companies are to the society .
This situation is similar to the so-called "Amazon Effect", by which only the top IT companies monopolize investors' money and therefore value stocks are subdued.
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Making money from money...
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串カツ田中が「キャッシュレス化」を進めない理由 08月21日
今日の一文です。
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串カツ田中と言えば、全店舗禁煙を進めるなど先進的な経営策を展開することで知られる。そんな有名チェーンが、なぜ世の趨勢に背を向けてキャッシュレス化を進めずにいるのか。
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Kushikatsu-Tanaka, an up-and coming restaurant chain that boasts local Osaka-style original Japanese Kushikatsu dishes(meat and seafood cutlets on skewers), is well-known for an advanced management style among the restaurant industries such as all-non-smoking and family-first policies.
Although this big chain business is capable of implementing completely "cashless shops", they choose not to do so because cash is easier to deal with. The company is going against the current trend of restaurants who favor cashless systems led by fintech technologies.
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No business owners want to pay commissions to settle credit card payments.
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借り換え専用の住宅ローン、金利引き下げ相次ぐ 08月19日
今日の一文です。
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住宅ローンの借り換え専用商品で金利を引き下げる金融機関が増えている。新規ローンの収益性が競争激化で悪化するなかで、借り換えローンを新たな収益源にするのが狙いだ。
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Banks have been lowering their loan interest rates available for refinancing mortgages, by which they are trying to beef up their revenue stream in situations where profitabilities for new mortgages have been worsening due to fierce competition among banks.
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In Japan, recent mortgage costs are substantially less than zero percent for the first ten years due to the government's subsidies to the residential homeowners, meaning you can buy house free.
Don't you know that? Even so, you don't buy your home, do you?
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アルゼンチン中銀が利上げ、金利45％に 08月16日
今日の一文です。
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アルゼンチン中央銀行は13日、トルコ通貨危機などの煽りを受けペソARS=RASLが最安値を更新する中、主要政策金利を従来の40％から45％に引き上げた。
また中銀は短期中銀債（Lebac債）の発行を抑える方針。当局者が明らかにした。これについて国際通貨基金（IMF）は声明で「脆弱性の根本除去につながる」との見解を示した。
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On Monday, the Central Bank of Argentina, which has strongly been affected by Turkey's financial crisis for weeks, raised the interest rate of the Argentinian Peso from 40 percent to 45 percent amid a situation that the currency has been hitting a new low against the US dollar.
Also, the bank has decided to decrease the issuance of its short term bonds(Lebac), to which the International Monetary Fund said in a statement that the central bank's decision would help diminish the vulnerability of the economy.
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Investment in emerging markets is hard and fussy.
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トルコリラ、一時最安値 08月13日
今日の一文です。
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トルコのエルドアン大統領は12日の演説で、急落した通貨リラの相場安定のために不可欠とみられる政策金利の引き上げに否定的な考えを示した。
「自分が生きている限り、金利のわなには落ちない」と語った。トルコの債券や株式から一段の資金流出を招く恐れがあり、欧州や他の新興国への影響も懸念される。
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Turkish President Recep Tayyip Erdoğan said in a public speech on Sunday that he dismissed calls for the country to raise interest rates to try to ease the crisis, whose currency has been devalued by almost thirty percent so far since few weeks ago.
He also said, "As long as I live, I would never be hooked by raising interest rate trap." But, his high roller policy will trigger the flight to quality from local bonds and stocks, which might have a negative impact on other European countries and emerging markets.
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Don't tell me you have invested in Turkish lira-denominated high-yield bonds. In reality, one of my clients has exposure to Tur...
ゆえに、エマージング国投資は慎重に。
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家族の反対で内定辞退の現実 08月10日
今日の一文です。
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藤原さんはITベンチャーやベンチャーキャピタルなど複数の転職を繰り返していく。仕事の決め手はただ一つ、「やりがい」だ。
新規事業の立ち上げ時は会社に寝泊まりするほど、仕事に没頭していった。
その後、夫婦は離婚。
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After having worked for a Japanese mega bank as a new graduate for years, Mr. Fujiwara has started hopping his jobs from the IT industry to venture capital. His only motivation to change his job had been rewarding, meaning "how he can feel fulfilled and worthwhile" at jobs.
Then, he was deeply involved with his jobs as sometimes he stayed overnight at his office when he had to start a new business.
Later, unfortunately, he was asked for a divorce.
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Changing jobs or starting up should not be proceeded based on psychological happiness but money.
”やりがい”を一言で言うなら”rewarding”が妥当です。ただし、英語では精神的なやりがい（＝給料安くてもやりがいがあればいい、なんていう理想）は入ってないニュアンスです。
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米ウォルマート 甘く見た日本の商慣習 08月09日
今日の一文です。
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低迷していた西友が米ウォルマートに駆け込み、資本業務提携したのが2002年。グローバルな調達力を生かそうとしたが、当初はちぐはぐさが目立った。
日本の冷蔵庫のドアポケットに入らない飲料。枕のように大きい肉の塊、座布団大のピザ。バッグに収まらない折り畳み傘。
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It was 2002 when the ailing Seiyu Store rushed to the U.S.'s Walmart asking for their capital and business alliance. Unfortunately, however, Seiyu's effort to leverage their global supply chain capabilities did not work since then as the Everyday Low Price strategy was odd for local Japanese consumers.
Here are the examples; 5-litter size beverage bottles unsuitable for Japanese fridges. Pillow like block meat packs. Folding umbrellas unsuitable for business bags.
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さて、誰が西友を買うんでしょうか？
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「ストロー特需」で新素材 08月07日
今日の一文です。
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米スターバックスのストロー廃止をはじめとした脱プラスチックの動きが、化学メーカーに「特需」をもたらしつつある。
カネカは7日、土や海の中で分解するプラスチック素材の生産能力を5倍の年5000トンに引き上げると発表した。
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Chemical companies have started welcoming "unusual and extraordinary demands" for non-plastic straws and similar products led by Starbucks and other retail restaurant industries, which are aiming to phase out pure plastic products from now.
On Tuesday, Kaneka Inc. of Japan announced that it will raise its production capability five times up to five thousand tons that can make water soluble polymer films in its facilities.
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Paper straws and cups, etc. Can they really save the globe?
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三菱UFJ信託、融資から全面撤退 08月03日
今日の一文です。
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三菱UFJ信託銀行が融資業務から全面的に撤退する。
まず10月にアパートローンなどの個人向け新規融資を停止。資産運用や不動産、相続など主力の信託事業に特化するため、1年後に同じグループの三菱UFJ銀行に資産も移す。
銀行融資は長引く低金利で採算が取りにくくなっている。他の信託銀行でも事業を選別する動きが広がりそうだ。
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Mitsubishi UFJ Trust and Banking Corporation has decided to shut down all of its loan businesses.
First, the bank will stop lending new personal loans including apartment loans in October. And then, it will transfer all of its loan assets to MUFG Bank, which is the commercial banking arm of the same MUFG financial group, in a year.
This is backed by the fact that commercial bank loans are regarded as a non-profitable business due to drawn-out low interest rate environment since the early 00's thus other trust banks should also consider how to concentrate on their resources to make money.
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This seems to me the biggest turning point of the banking history in Japan.
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政策運営、手詰まり感 08月01日
今日の一文です。
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日銀は31日、長期金利の目標を柔軟化させることを決定した。
ただ、物価見通しを軒並み下方修正し、2％の物価目標も2020年度までには達成が困難との見解を示した。目標の早期実現へ有効打とならないことを自ら認めた格好で、日銀の政策運営は手詰まり感が強まっている。
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On Tuesday, the Bank of Japan has decided to allow flexibility on the yields of the long-term bonds.
But, it found it hard to generate two percent price gains by 2020 due to its downward forecasts of the prices and will even take longer than it previously thought to achieve.
This means that the BOJ would have few measurements to cope with disinflationary environment for the time being.
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Though, most Japanese people like price stability without inflation.
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