2011年9月18日

中国社交网络市场群雄逐鹿 Social media in China: be everywhere

考虑到中国人对全球奢侈品牌和本土社交媒体的热爱,后者会利用前者展开营销,也就不足为奇。而令人惊讶之处在于谁做得最好。

研究电子广告业务的行业组织L2智库(L2 Thinktank)对100家国际品牌的"社交网络参与度"进行了仔细分析,并制定了相应的排名。结果奥迪(Audi)排名第一,紧随其后的依次为巴宝莉(Burberry)、宝马(BMW)和沃尔沃(Volvo)。事实上,前十名中有7个汽车品牌。

去年领先优势非常明显的化妆品品牌,今年的排名开始下滑。

奥迪的明智举措之一,是利用尽可能多的社交媒体途径――在6家不同的社交媒体网站上,都能找到该品牌的身影。

上周发布的另一份研究报告,解释了为什么这样做十分重要:社会化分享按钮提供商加网(Jiathis)收集的过去6个月数据显示,中国的社会化媒体和社交网站中没有明显的领军者。

被普遍视为中国领先微博的新浪微博(Sina Weibo),用户活跃度水平已停滞不前。而其主要竞争对手腾讯微博(Tencent Weibo)似乎正逐渐赶上。以"分享"量与点击率衡量,腾讯旗下的社交网站QQ空间(Qzone)发展势头也很迅猛。人人网和开心网――类似Facebook的两家中国网站――在用户活跃度方面不分伯仲,但均远远落后于微博。

正是这个充满活力、但又混乱无序的市场,对一些全球品牌提出了挑战。L2的调查显示,一些品牌之所以在中国社交网络参与度中的排名会出现下滑,就是因为它们在电子世界中的服务未能与时俱进。

L2突出强调的另一个问题是与搜索引擎的合作。尽管谷歌(Google)无疑是全球大多数互联网市场的首选搜索网站,但在中国占据了80%市场份额的百度(Baidu)却不容忽视。L2的研究显示,许多在谷歌的搜索结果中排名占优的国际品牌,在百度上的表现乏善可陈。

因此结论是:在中国,要做到无处不在。

译者/管婧


http://www.ftchinese.com/story/001040746


Given China's love affairs with global luxury brands and homegrown social media, it's no surprise that the former should use the latter. The surprise is who does it best.

L2 Thinktank, an industry group which researches digital advertising, has taken a closer look at the 'social engagement' of 100 international brands and ranked them accordingly. The winner is Audi, followed by Burberry, BMW and Volvo. In fact seven of the top ten are carmakers.

Cosmetics brands, which featured prominently at the top last year, have started sliding down the ranks.

One of the things Audi does right is using as many social media outlets as possible � it maintains a presence on six different social media sites.

Another piece of research published this week shows why that is so important: China has no clear leader in social media and social networking, according to data collected over the past six months by Jiathis, a social sharing button provider.

Sina Weibo, widely viewed as the country's leading microblog, has seen user activity levels stall while Tencent Weibo, its main challenger, appears to be catching up. Qzone, a social network run by Tencent, is also thriving � measured by both 'sharing' applications and clickrates. Renren and Kaixin, China's two Facebook equivalents, are neck and neck in user activity, but far behind the microblogs.

It is this vibrant but chaotic marketplace which seems to prove challenging to some global brands. The main mistake which caused some to slide in the China social engagement ranking was a lack of updates to their digital presence, according to the L2 survey.

Another problem highlighted by L2 is working with search engines. While there is no question that Google is the site of choice in most markets around the world, Baidu, with a more than 80 per cent market share in China, cannot be neglected here. The L2 study shows that many international brand which have positioned themselves very well in Google's search results fare poorly on Baidu.

The conclusion: be everywhere.


http://www.ftchinese.com/story/001040746/en

2011年9月16日

神秘的中国唐俑 A Mysterious Stranger In China

先你注意到的是他的姿态:他高约11英寸(28厘米),呈坐姿,右腿内弯,就像坐在横座马鞍上一样,上半身扭曲,左腿伸展。然后你才会关注他的面部:他高高的鼻梁上蒙着一块面巾,把脸的大部分遮挡起来,只露出浓浓的弯眉,双眼俯视下方,眼神异常专注。

Fondazione Torino Musei
研究学者提出了各种假说,想弄清楚这尊现藏于意大利都灵东方艺术博物馆的唐俑的真实身份。
这尊与众不同的唐俑诞生于公元八世纪后叶的中国,现收藏于意大利都灵(Turin)的东方艺术博物馆(Museo di Arte Orientale, MAO)。他活灵活现,浑身上下散发着神秘的气息。直到今天,依然没人能够准确说出其身份和职业──各种假设都无法完全解释他为何是这样的衣着、姿态和表情。甚至其制作工艺也是那么地与众不同:目前所知的小型墓俑几乎都是内部中空、用模子制成的;但这尊墓俑是实心的粘土材质,而且似乎是手工雕刻而成的。

东方艺术博物馆东亚艺术厅的负责人崔维尔(Marco Guglielminotti Trivel)说,该馆暂将这尊墓俑命名为"骑骆驼或马的波斯人"(a Persian riding a camel or a horse)。它是阿涅利基金会(Agnelli Foundation)捐赠给东方艺术博物馆的五百件中国古代艺术品中的一件。墓俑的眼睛呈圆形,鹰钩鼻子;虽然大多数此类墓俑所表现的男子都是跨立骑姿,但横坐马鞍倒也并非绝无仅有。崔维尔说,墓俑举起的拳头可能是在握住缰绳,而蒙面巾和覆盖后颈的一片布应该是为了防风、防晒和防沙。

崔维尔说,"要知道,在唐朝的鼎盛时期,唐帝国都城的人口在100万人左右,其中可能至少有四分之一是外国人。"当时很多外国人都是粟特人,即波斯人的一支,他们控制着丝绸之路上的贸易。因此我们可以做出这种假设,富有的中国古人在给死去的亲人创造一个日常生活缩影让其带入阴间时,往往也会把外国人包括在内。这也反映出当时的中国人有多么地国际化。

然而,骑骆驼的假设并不能让人完全信服。这一点,只要问问执掌阿涅利基金会25年之久的帕西尼(Marcello Pacini)就知道了。他大约在20年前通过拍卖得到这尊墓俑,作为基金会的收藏。他说,"我从未见过哪个骑者墓俑有这么专注的眼神。这很像是一位祭司向神祗祈祷时的眼神,而不是一个骑着骆驼的人在处理一些小困难时该有的表情。"他怀疑这位神秘男子是一个正在给圣火添柴的拜火教(Zoroastrian)的祭司。他指出,信仰拜火教的粟特人在中国唐代确有存在,拜火教祭司在举行祭祀仪式时会在脸上蒙布,以免自己的呼吸或唾液玷污圣火。

不过,这种假设也并非滴水不漏。比如说,拜火教祭司会围着饰有流苏的腰带,而这尊墓俑的腰带上没有任何装饰;拜火教祭司的形象通常都是站立的,而这尊墓俑却是坐着的;拜火教祭司的蒙面巾是方形的,而这尊墓俑的是三角形,就像把方巾对折了一样。但帕西尼认为,这些并不足以推翻他的假设。他认为粟特人的商队可能会调整祭祀仪式和服装,以适应商队不断迁徙的生活方式。

外部的专家能否解开这个谜团呢?加州大学圣迭戈分校(University of California, San Diego)的卡西尔(Suzanne Cahill)教授对这尊墓俑表现的是拜火教祭司的说法很感兴趣,但她提醒大家不要在眼部和手部细节上钻牛角尖。作为研究唐朝物质文化的专家,她说当时的这种外国人墓俑往往都是眼神非常专注的,"不管他们的身体是否处于紧张状态,这是因为当时的艺术家专注于表现又大又圆的眼睛,并经常采取夸张的表现手法。"不过,墓俑的蒙面巾让她感到困惑,她猜测道,"这也许是舞者的服饰。"

艾克菲尔德(Tonia Eckfeld)是《中国唐代帝王陵墓,618年-907年》(Imperial Tombs in Tang China, 618-907,2005年出版)一书的作者,她得出了类似的结论,认为这尊墓俑所表现的可能是一名乐手。在仔细观察了墓俑的照片后,她在一封电子邮件中写道,"他宽大的衣袖很像是一个鼓手的服饰,看他手臂和手的位置,应该是拿着鼓槌。"但见过实物的崔维尔表示,墓俑的姿势不像是在击鼓──有一只垂下的衣袖在膝盖部位拖得太长,没有空间摆放下一个乐器了。

崔维尔有些迟疑地承认,自己还有一个揣测没说出来。他所知道的唯一四尊似乎也是雕刻而成的墓俑描绘的都是男伶的形象──这几尊墓俑也收藏于东方艺术博物馆内。他说,"他们拥有相似的动感和独特之处,此外还有一点:男伶身着异域风情的衣服,跟蒙面男子的衣服简直一模一样。"检测发现,这些墓俑可能来自于同一个制作工场;不但如此,崔维尔还认为,它们可能描绘的都是同样的形象:蒙面男子也是个男伶,可能在表演强盗在作案过程中被发现的一幕场景。

崔维尔旋即又补充道,这只是个猜想而已,他希望下一步的研究将探讨这种可能性是否存在。现在,只有两件事是肯定的:第一,这尊墓俑是墓俑中的另类,而且热释光检测证实其为真品;第二,无论这尊墓俑对公元八世纪的中国人意味着什么,对公元二十一世纪的研究学者而言,它是一件引人遐想的艺术精品。

Lee Lawrence

(本文版权归道琼斯公司所有,未经许可不得翻译或转载。)


The first thing you notice is the pose: About 11 inches tall, he sits with his right leg bent inward as though riding sidesaddle, his upper body torqued, his left leg extended. Then you see the face, most of which is hidden by a cloth that drapes across the bridge of a rather prominent nose, revealing only thick, arched eyebrows and eyes that stare down with fierce intensity.

Made in China during the latter part of the eighth century, this unusual Tang dynasty burial figure today sits on a shelf in the Museo di Arte Orientale (MAO) of Turin, Italy, exuding as much mystery as he does energy. To date, nobody can say exactly who or what he is -- his clothes, his pose, his expression don't add up. Even his manufacture is atypical: While almost all other known burial statuettes are hollow and cast in molds, this one is solid clay and appears to have been sculpted by hand.

For the moment, MAO has him down as 'a Persian riding a camel or a horse,' says Marco Guglielminotti Trivel, MAO's curator of East Asian art. And this is plausible enough. One among 500 ancient Chinese works that the Agnelli Foundation donated to the museum, the figure's eyes are rounded, his nose aquiline, and though most figurines show a male rider straddling his mount, sidesaddle is not unheard of. The raised fists, Mr. Guglielminotti notes, might have held reins, while the face cover -- as well as a flap of cloth over the back of his neck -- would have protected against wind, sun and sand.

'Keep in mind that at the height of the Tang period, the population of the imperial capital was about one million and, of these, at least a fourth were probably foreigners,' Mr. Guglielminotti says. And many of them were Sogdians, a Persian people who dominated trade along the Silk Road. So it stands to reason that, when creating a microcosm of everyday reality to accompany the deceased in the afterlife, wealthy Chinese often included foreigners. It also showed just how cosmopolitan they were.

But the camel-rider interpretation is not entirely satisfying. Just ask Marcello Pacini, who headed the Agnelli Foundation for 25 years and acquired the statue at auction some 20 years ago for its collection. 'I have never seen a rider with such intensity in his eyes,' he says. 'His is the expression of a priest honoring a god, not that of a camel rider facing some banal complication.' He speculates that our riveting mystery man is a Zoroastrian priest feeding the sacred fire. He points to the fact that Zoroastrian Sogdians had a visible presence in Tang China and that Zoroastrian priests wore a face cover during rituals to avoid polluting the fire with breath or saliva.

Still, the case is not airtight. Zoroastrian priests, for example, wore belts with tassels, yet the belt here is plain; priests usually appear standing, while our man sits; and their face cover -- or padam -- is square, while this one falls in a triangle like a folded kerchief. Not a deal breaker, according to Mr. Pacini. He speculates that communities of Sogdian traders might have adapted rituals and costumes to caravan life.

Could outside experts resolve the issue? Although intrigued by the Zoroastrian theory, Prof. Suzanne Cahill of the University of California, San Diego, nevertheless warns against reading too much into the disconnect between the eyes and hands. She specializes in Tang material culture and notes that in foreign figures the gaze is often intense 'whether or not their bodies are tense. The artists fixate on the big round eyes and often caricature them.' But the face veil mystifies her; 'it might be part of a dancer's costume,' she muses.

In a similar vein, Tonia Eckfeld, who wrote 'Imperial Tombs in Tang China, 618-907' (2005), thinks the figure in Turin might be a musician. 'His loose sleeves would be consistent with a drummer, and the positions of his arms and hands suggest he could have been holding drumsticks,' she emails after examining images of the statuette. But Mr. Guglielminotti, who has the advantage of examining the actual object, says the pose is not quite right for that -- one sleeve falls too far over the lap to allow enough room for an instrument.

Mr. Guglielminotti then reluctantly admits to harboring a secret theory of his own. The only other tomb figures he knows that also appear to be sculpted portray four actors -- they, too, are in the MAO collection. 'Similar dynamism and originality, but,' he adds, 'there is more: The actors sport 'exotic' clothes that are practically identical to that of the veiled man.' Not only do tests indicate that the works probably come from the same atelier, but Mr. Guglielminotti thinks they might depict the same subject: an actor, maybe playing a robber surprised midtheft.

Just a theory, he is quick to add, hoping that future research will investigate this possibility too. In the meantime, only two things are certain: As unusual as our man is among burial figures, he is authentic according to thermoluminescence tests; and whatever he represented to eighth-century Chinese, to 21st-century scholars he is a riveting work of art.

Lee Lawrence

交易员擅自交易 瑞银巨亏20亿美元 UBS: Rogue Trader Hit Firm

士银行(UBS AG)说,该行一位交易员未经上级批准私自动用银行自有资金进行交易,造成高达20亿美元的损失。瑞银这一具有戏剧性的坦白提出了一些新问题,即作为全球最大银行之一的瑞银能否管控风险?全球监管机构又是否有能力对其进行监管?

Sarah Ainslie
瑞士银行说,该行交易员阿杜伯利未经上级批准私自动用银行自有资金进行交易,造成高达20亿美元的损失。图为阿杜伯利。
据知情人士透露,未经授权的衍生工具交易对赌导致了上述损失。瑞银称客户头寸未受影响。

瑞银在周三晚间发现了这一问题,并在周四凌晨1点通知伦敦警方,称该行一名交易员存在欺诈行为。周四凌晨3点30分,伦敦警方以涉嫌滥用职权构成欺诈逮捕了一名31岁的男子。

据知情人士透露,被逮捕的这名男子名叫阿杜伯利(Kweku Adoboli),是瑞银驻伦敦的一名交易员。此人动用瑞银的自有资金在与交易所买卖基金(ETF)相关的金融工具上押下赌注。这类金融工具允许客户交易追踪大盘指数走势的证券。警方说,被逮捕的这名男子还未被起诉,直到周四晚上仍被羁押。记者无法联系到阿杜伯利就此置评。

据知情人士透露,和阿杜伯利在一起工作的交易员约翰•休斯(John Hughes)已经辞职。休斯没有回复寻求置评的电子邮件。

瑞银已经令阿杜伯利所在交易部门的其他多位交易员停职,等待有关是否还有其他交易员参与了此案的问询。

此次危机令瑞银股价大跌,周四欧洲股市交易时段瑞银股价跌幅接近11%。

更广泛地说,这一事件向业内高管提出了有关这家银行的监管工作以及监管机构是否有能力监督此类违规行为的问题。

这一事件的很多方面目前仍不清楚,其中包括阿杜伯利被控进行的交易具体是哪几宗?为什么发生了如此严重的损失而阿杜伯利的上级却一无所知?瑞银是如何发现这些未经授权的交易的?

瑞银拒绝了提供详情的要求。

瑞士金融业监管机构瑞士金融市场监督管理局(Swiss Financial Market Supervisory Authority, 简称Finma)、瑞士财政部以及瑞士央行均拒绝对潜在损失或事件的可能原因置评。英国金融服务管理局(Financial Services Authority)也拒绝置评。

鉴于瑞银业务在英国的具体构建方式,目前尚不清楚哪一个国家的监管机构对瑞银在伦敦的这一ETF业务负有监管之责。

此次被控未经授权的交易所导致的损失金额,在金融史上可以排到前几名。在过去二十年中,法国兴业银行(Societe Generale SA)、霸菱银行(Barings PLC)以及美国券商Kidder Peabody也都曾是类似违规交易的受害者。

这条消息对瑞银首席执行长格鲁贝尔(Oswald Grubel)挽回客户信心的努力来说是一记重创。瑞银是受金融危机冲击最严重的银行之一,三年前,其投资银行部门不得不将其证券交易减记约500亿美元。现在,它的风险管理体系再次受到人们的怀疑。

LinkedIn网站上“奎库•阿杜伯利”名下的资料显示,五年以来,阿杜伯利一直是在一个买卖大型证券组合、或允许客户通过期权等工具对这些证券下注的交易室工作。

知情人士说,他利用瑞银的资金买卖衍生品合约,合约所基于的证券包含在ETF内。

他所在的交易室专攻“Delta 1”类产品。银行和投资者可以利用这类产品跟踪基础资产或指数。“Delta”术语反映的是风险水平,“Delta 1”意味着亏损风险有限。银行提供的“Delta 1”产品有五六种,其中包括ETF产品。

熟悉瑞银这个交易室的交易员说,亏损达到如此大的规模,很可能是跟瑞士法郎近几个星期的剧烈波动有关。9月6日,瑞士央行(Swiss National Bank)说要通过购进欧元来阻止瑞郎的急剧升值。受此消息影响,欧元对瑞郎上涨了8.8%。

ETF一般是跟踪市场指数,并像股票一样买卖,它已经成为银行业的一块重要业务。国际清算银行(Bank for International Settlements)的数据显示,全球管理的ETF资产已从2005年的4,100亿美元增至去年的1.3万亿美元。

一些ETF已经越来越复杂难懂,因为银行已经找到了利用ETF建立衍生品式敞口的办法。

LinkedIn资料显示,在做交易员之前,阿杜伯利作为一名辅助交易的分析师在一个“后端”职位上工作了三年。“后端”员工录入交易并执行与交易相关的会计工作,而所谓的“前端”员工则负责执行交易、与客户沟通。

阿杜伯利最初似乎是做这些交易的技术性工作,后来才成为一名执行这些交易的员工。一些银行已经对后端技术人员转做面对客户的交易室工作实施了限制,因为这些员工有可能利用他们的知识操纵交易。

瑞银没有就它是否有这样一个限制的问题发表评论。

Deborah Ball / Paul Sonne / Carrick Mollenkamp

(更新完成)

(本文版权归道琼斯公司所有,未经许可不得翻译或转载。)


UBS AG said a rogue trader racked up as much as $2 billion in losses using the firm's own money, a dramatic admission that raised new questions about the ability of one of the world's largest banks to manage risk and global regulators' ability to monitor it.

The losses stemmed from unauthorized derivatives-trading bets, according to a person familiar with the matter. The bank said no client positions were affected.

The Swiss bank made the discovery late Wednesday and notified London police at 1 a.m. Thursday, alleging that one of its traders had committed fraud. At 3:30 a.m., police arrested a 31-year-old man on 'suspicion of fraud by abuse of position.'

The man arrested is Kweku Adoboli, according to the person familiar with the matter, and is a trader in London who makes bets using UBS's money on financial instruments tied to exchange-traded funds, which allow clients to trade securities that track the performance of broad indexes. Police said the person arrested hasn't been charged, but remained in custody late Thursday. Mr. Adoboli couldn't be reached for comment.

According to the person familiar with the matter, John Hughes, a trader who worked with Mr. Adoboli, has resigned. Mr. Hughes didn't respond to an emailed request for comment.

The bank has suspended a number of other members of the desk, pending questioning as to whether any were involved.

The crisis slammed shares of UBS, which fell nearly 11% in European trading Thursday.

More broadly, it raised questions among industry executives about supervision at the bank, as well as the ability of regulators to police such activity.

Various aspects of the scheme remain unclear, including which specific trades Mr. Adoboli allegedly executed, how such heavy losses could be generated without supervisors knowing and the way the bank uncovered the unauthorized trades.

UBS declined requests to provide details.

The Swiss financial regulator Finma, the Swiss Finance Ministry and the Swiss central bank all declined to comment on the potential loss or its likely causes, as did the U.K.'s Financial Services Authority.

Because of the way UBS's operations are structured in the U.K., it wasn't immediately clear which country's regulator was responsible for the London ETF operation.

The losses from alleged unauthorized trading rank among the largest in the history of finance. Over the past two decades, banks including Société Générale SA, Barings PLC and Kidder Peabody also have been victims of alleged rogue traders.

The news dealt a heavy blow to efforts by UBS Chief Executive Oswald Grübel to win back client confidence in a bank that was among the hardest hit by the financial crisis. It raised fresh questions about UBS's risk-management systems three years after its investment bank had to write down about $50 billion in securities trades.

For five years, Mr. Adoboli has worked on a desk that trades large baskets of securities or allows clients to bet on them through options or other instruments, according to a LinkedIn profile under the name Kweku Adoboli.

He traded derivative contracts, using the bank's money, based on securities included in ETFs, according to people familiar with the matter.

His desk specialized in so-called Delta One products that allow banks and investors to track underlying assets or indexes. The 'delta' terms describe a level of risk─a delta of one implies limited risk of losses. There are about a half-dozen Delta One products that banks offer, including ETFs.

Traders familiar with the UBS desk say the loss was of such a magnitude that it may well have been tied to sharp moves in the Swiss franc in recent weeks. On Sept. 6, the Swiss National Bank said it would buy euros to stop the franc's sharp rise. On the news, the euro rose 8.8% against the franc.

ETFs, which typically track market indexes and trade like stocks, have become a big business for banks. Global ETF assets under management rose to $1.3 trillion last year from $410 billion in 2005, according to the Bank for International Settlements.

Some ETFs have become increasingly complex and opaque because banks have identified ways to replicate derivative exposure using ETFs.

Before trading, Mr. Adoboli worked for three years in a 'back office' position as a trade-support analyst, according to the LinkedIn profile. Back-office employees input transactions and carry out accounting relating to trades, while so-called front-office workers execute trades and speak with clients.

Mr. Adoboli appeared to have initially worked with the technical side of these trades before becoming an employee executing these transactions. Some banks have restricted the shift of back-office, technical personnel to the client-facing trading desk because of the risk of their exploiting their knowledge to manipulate trades.

UBS didn't respond to a request for comment on whether it had such a restriction.

Deborah Ball / Paul Sonne / Carrick Mollenkamp