2019年12月9日 星期一

appreciate, depreciate, write-down, markdown, API depreciation


16 hours ago - I am using https://github.com/agoragames/nginx-google-oauth for auth on my website. I received an email from Google saying that the plus.me ...


And Amazon said it will keep the markdowns coming


While investors have griped about Google's unconventional actions in the past, such as its refusal to provide earnings forecasts, its appreciating stock price had muted most of the discord. But with shares well off highs, some analysts say Wall Street may be less willing to give Google a pass this time.

appreciate (INCREASE)
verb [I]
to increase in value:
The value of our house has appreciated by 50% in the last two years.
Our house has appreciated (in value) by 50% in the last two years.
NOTE: The opposite is depreciate.

appreciation 
noun [U]
There has been little appreciation (= increase) in the value of property recently.



API

Dictionary result for API


noun
COMPUTING
  1. a set of functions and procedures allowing the creation of applications that access the features or data of an operating system, application, or other service.

depreciate
verb [I or T]
to (cause something to) lose value, especially over time:
Our car depreciated (by) £1500 in the first year we owned it.
Since they set up a builder's yard next door, our house has depreciated in value.
Compare appreciate (INCREASE).

depreciation 
noun [U]
when something loses value



write down 

減記

買入中國最大城市之一天津市擔保的美元債券的投資者,可能在冬季假期來臨前面臨債務價值減記,比他們預想的早得多。需要關注一個時間點是12月16日。
中國國有企業以前時不時有過人民幣計價債券違約,但海外債券違約要少見得多。因此,投資者將中國國有企業發行的美元債券大體視為安全無虞的投資。這樣的假定若發生任何改變,可能意味著中國地方政府的融資成本上升,引發更多違約,並且會更難以支撐國內不溫不火的基礎設施投資。
天津市政府所有的天津物產集團(Tewoo Group)提出重組12.5億美元海外債券的計劃,目前看來這有可能令上述情境變成現實。根據天津物產集團11月末的提議,投資者要麼接受約60%的債務減值,要麼換取新的息票利率較低的更長期債券。該集團在12月16日有3億美元債券需償還。
在這一償債最後期限即將到來之際,中國地方政府一直在海外大舉借債。根據Debtwire的數據,截至12月初,地方政府融資工具在今年下半年總計發行了創紀錄的51.9億美元高收益美元債券,較整個上半年的發行規模高出9%。這些所發行債券中的近80%是用於債務再融資。
從某種程度上說,天津本身就是一個特例,由於多年來過度投資和過度依賴於增長緩慢、低技術含量的傳統工業,天津的債務狀況可以說是中國最糟糕的。根據研究中國事務的智庫MacroPolo今年早些時候的計算,天津的政府融資工具負債相當於其年度經濟產出的102.5%,而中國所有省份的平均水平只有61.7%。天津物產集團的問題暴露已有一段時間。今年7月,該公司旗下一家子公司未能如期償還一筆境內債券。
不過,若投資者持有的是其他省份國有企業發行的美元債券,也不一定能避免不愉快的意外情況。通常會對龍頭企業施以援手的地方政府現在自身境況不佳。過去一年的大幅減稅已經壓縮了財政收入。隨著房地產市場降溫,土地價格開始下降,打擊了非稅收入的一個主要來源。
整體而言,地方一級的國有企業處境艱難,原因之一是這些企業中有許多處於與房地產相關的工業部門。今年1-10月份,這些國企的利潤同比僅增長1.6%,低於1-9月份6.3%的增速。今年年末,隨著銀行貸款增長再次放緩,債券市場以外的再融資選擇已經枯竭。
中國企業發行的美元債券未來有可能面臨更多減記,抑或其他驚險狀況。
1. Set down in writing, record, as in Please write down your new address and phone number. [Late 1500s]
2. Reduce in rank, value, or price, as in They've written down their assets. [Late 1800s]
3. Write in a simple or condescending style, as in These science texts are written down for high-school students. [Second half of 1800s]write-down
noun
    A lowering in price or value: depreciation, devaluation, markdown, reduction. Seeincrease/decrease, money.

n. - 資產帳面價值的減低
write down 分かりやすく書く; 書き留める; (紙上で)…ときめつける ((as)); (資産などの)帳簿価格を切下げる.

巨額沖減重挫美林
美林公司剛剛公佈的第三季度沖減額創下了華爾街的新紀錄
﹐對此難辭其咎的管理層似乎也感覺到了某種危機。

Merrill Lynch early Wednesday said it took $7.9 billion in write-downs at its fixed-income unit during the third quarter, significantly more than the $5 billion worth it had already announced.

Many of the markdowns were across complex debt instruments called collateralized debt obligations, whose value has fallen in recent months as credit markets have been hit by a collapse in the subprime mortgage market. Merrill's enormous write-down contributed to a net loss from continuing operations of $2.3 billion in the quarter ended Sept. 28, the firm said.
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Coming so soon after the company's $5 billion charge, the additional write-down may raise more questions about the leadership of E. Stanley O'Neal, Merrill's chief executive, and the ability of his top executives to assess the firm's risk exposure.

In July, after the firm reported second-quarter earnings, Mr. O'Neal sent a memo to employees reassuring them that the bank's risk management was strong. "We get paid to manage risk and operate in markets during ups and downs," the memo said. "This time is no different."

Go to Item from DealBook»
Go to Article from The New York Times»
Go to Press Release from Merrill Lynch»

Correction: Tuesday's DealBook e-mail included a reference to an article that incorrectly reported that Carlyle Group had formed a $1 billion fund with Apollo Management, the private equity firm. Carlyle has formed a $1 billion joint venture with Apollo Group, the education company, to invest in the international education services sector. A link to the press release is below.


-->Go to Press Release from Apollo Group»

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