英语翻译Trouble at millInvestors and the environmentACROSSthe Far East,Latin America and Central Europe,new pulp mills are springing upand existing mills are being extended.But these projects may carry a muchbigger financial risk than investors h

英语翻译Trouble at millInvestors and the environmentACROSSthe Far East,Latin America and Central Europe,new pulp mills are springing upand existing mills are being extended.But these projects may carry a muchbigger financial risk than investors h
英语翻译
Trouble at mill
Investors and the environment
ACROSS
the Far East,Latin America and Central Europe,new pulp mills are springing up
and existing mills are being extended.But these projects may carry a much
bigger financial risk than investors have realised.Many schemes have
exaggerated how much timber they can fell and crack downs on illegal logging
threaten to make their new mills unprofitable.
Pulp
mills are expensive.Building even a modest one from scratch can cost more than
$1 billion.Small pulp mills tend to be financed by banks in their home
markets.But the biggest projects,designed to produce more than 200,000 tonnes
of pulp a year,generally seek funds from overseas.Over the past decade
investment banks have invested some $40 billion in pulp mills,as demand for
paper has soared.Some industry analysts foresee over $50 billion in new
investment by 2015,much of it in Brazil,China and Indonesia.
The
Centre for International Forestry Research,which is based in Indonesia,has
just issued a new report on logging,which was paid for by the European
Commission and Britain's Department for International Development.It examined
67 projects proposed between 1995 and 2003—just under half of them in Asia.The
report argues that at least 20% of the projects had no proper environmental
assessments.It is hardly surprising that a green lobby group should decry the
practices of the logging industry.But what is new is that the report's author,
Machteld Spek,a financial analyst,argues convincingly that a disregard for
the sustainability of wood supplies and changing attitudes to logging,has
exposed investors to considerable financial risk.
In
Indonesia two pulp-mill companies,Asia Pulp & Paper and Asia Pacific
Resources International,borrowed more than $15 billion in the 1990s from
international capital markets,after convincing investors that they had sustainable
supplies of cheap fibre for pulp.But both companies are still years away from
planting enough trees to operate sustainably; and a recent crackdown on illegal
logging in Indonesia promises to make their business even more difficult.
.

英语翻译Trouble at millInvestors and the environmentACROSSthe Far East,Latin America and Central Europe,new pulp mills are springing upand existing mills are being extended.But these projects may carry a muchbigger financial risk than investors h
Trouble at mill Investors and the environment 磨坊投资者与环境的麻烦
ACROSS the Far East, Latin America and Central Europe, new pulp mills are springing up
and existing mills are being extended. But these projects may carry a much
bigger financial risk than investors have realised. Many schemes have
exaggerated how much timber they can fell and crack downs on illegal logging
threaten to make their new mills unprofitable.
在远东,拉丁美洲和欧洲中部,新的纸浆磨坊如雨后春笋般冒出,而现有的磨坊也在扩大.但是这些工程可能会带给比投资者预想中还要大的财务风险.很多计划使他们要超出原计划非法砍伐更多的木材,而越来越多的制裁也会威胁到他们新的磨坊,使之无利可图.
Pulp mills are expensive. Building even a modest one from scratch can cost more than
$1 billion. Small pulp mills tend to be financed by banks in their home
markets. But the biggest projects, designed to produce more than 200,000 tonnes
of pulp a year, generally seek funds from overseas. Over the past decade
investment banks have invested some $40 billion in pulp mills, as demand for
paper has soared. Some industry analysts foresee over $50 billion in new
investment by 2015, much of it in Brazil, China and Indonesia.
纸浆磨坊很昂贵.从零开始建造一个一般的磨坊需耗资十亿美元.小的纸浆磨可以通过在当地市场银行融资的方式兴建.但设计用来年产二十万吨纸浆一年的大型项目,一般都要从海外集资.在过去的的十年里,纸张的需求量激增,投资银行已经在纸浆磨坊上投了约四百亿美金.一些工业分析人士预测到2015年纸业的新投资额将过五百亿美金的大关,大部分投资于巴西,中国和印度尼西亚.
The Centre for International Forestry Research, which is based in Indonesia, has
just issued a new report on logging, which was paid for by the European
Commission and Britain's Department for International Development. It examined
67 projects proposed between 1995 and 2003—just under half of them in Asia. The
report argues that at least 20% of the projects had no proper environmental
assessments. It is hardly surprising that a green lobby group should decry the
practices of the logging industry. But what is new is that the report's author,
Machteld Spek, a financial analyst, argues convincingly that a disregard for
the sustainability of wood supplies and changing attitudes to logging, has
exposed investors to considerable financial risk.
基地位于印度尼西亚的国际林业研究中心,颁布了一条由欧洲委员会和英国国际发展部买单的
关于伐木的新报告.报告测试了在95年到03年间兴建的67个项目,其中有一半在亚洲.报告表明最少有20%的项目并没有合适的环境评估.不出意料地,很多绿色环保团体开始公开指责伐木产业活动.但是新消息是报告作者,财务分析家马西泰德.斯拜克具有信服力地表明无视可持续木材供应能力和对于伐木的态度转变让投资者面临大量的财务危机.
In Indonesia two pulp-mill companies, Asia Pulp & Paper and Asia Pacific
Resources International, borrowed more than $15 billion in the 1990s from
international capital markets, after convincing investors that they had sustainable
supplies of cheap fibre for pulp. But both companies are still years away from
planting enough trees to operate sustainably; and a recent crackdown on illegal
logging in Indonesia promises to make their business even more difficult.
印度尼西亚的两家纸浆磨坊公司,亚洲纸浆纸业和亚太国际资源公司在说服投资者他们拥有可持续的价格便宜的制造纤维的纸浆来源后,于1990年从国际资本市场借贷了超过一百五十亿美金.但是两家公司开始种植树木以保证可持续砍伐的行动都晚了好些年,加之近来印度尼西亚对于非法砍伐的制裁更是让两家公司的生意雪上加霜,