Category Archives: Miscellaneous

Xbox one February system update will be pushed – Sohu digital 欧鹏小说网

Xbox One system update in February will push Sohu in Xbox One on the new digital experience and update: > see who at the party: the Xbox One host, before joining a party, you can now check who are in the party. >: player score leader: on the Xbox One mainframe, navigate to your personal data, click on my achievements, you can see the resumption of online players standings leader list. > rearrange the magnetic stickers fixed on the main screen and use them offline: many of you have told us that you want to fix the magnetic patches on the Xbox One home screen for easy finishing. You can rearrange every fixed magnetic paste now. Just press the "Y" button, and they can move freely after they’re blinking. > update active streams on Xbox One: your active stream in Xbox One will notify you when a new project appears. < > hide the game in the "ready to install" list: fans ask us to reopen the functionality that hides the tests, experiments, games, and applications that you no longer want to install. Now, you can reuse this function. >: the "use code" shortcut in the Xbox One store: by clicking on the store, and using the new "use code" shortcut, the 5×5 code quick starter is exchanged on your Xbox One host. > the added Twitch broadcast: now, if your friends are broadcasting, the game center and the title of the game can make it easy for you to start broadcasting. >: recommended friend improvements: recommended friends now include player tags, real names, player pictures, or their Xbox doll pictures, and reasons for recommending them to you. > programming for hot keys on the Xbox One chat board: we now allow you to easily open your favorite applications on the Xbox chat board. Coming to update on Xbox One and Xbox: p>     > doll store: equip your dolls with the latest doll items integrated into the "doll shop". > Xbox news: Xbox news is a one-stop news source for all of your latest news, including new hardware, host updates, game releases, tournaments like halo World Championships, sudden entertainment news, etc.. > Xbox accessories applications: Xbox One and Windows 10 edition of "Xbox accessories" application updates, will make you more easily adjust your Xbox elite handle. >: trend content improvement: the current trend content will provide you with a special trend content landing page, you can see some of the hottest topics in it,. Xbox One二月系统更新即将推送-搜狐数码      在Xbox One上的新体验及更新:   >看看谁在聚会中:在Xbox One主机上,在加入一个聚会之前,你现在可以先查看一下都有谁在这个聚会中。   >玩家积分领袖榜:在Xbox One主机上,导航到你的个人资料,点击我的成就,你就能看到重新恢复上线的玩家积分领袖榜了。         >重新安排固定在主屏幕上的磁贴,并离线使用它们:你们中的很多玩家都告诉我们,你们希望在Xbox One主屏幕上固定的磁贴能方便地整理。你现在就能重新排列每一个固定好的磁贴了。只需要按住“Y”键,在它们闪烁之后就可以随意移动了。   >在Xbox One上更新活动流:你在Xbox One的活动流将会在有新项目出现时通知你。   <      >在“准备安装”列表中隐藏游戏:粉丝们要求我们重新开启隐藏你不再希望安装的测试、实验、游戏和应用的功能。现在,你又可以重新使用这一功能了。   >在Xbox One商店中的“使用代码”捷径:通过点击进入商店,并使用全新的“使用代码”捷径,在你的Xbox One主机上兑换5×5的代码快速启动器。   >可加入的Twitch广播:现在,如果好友正在广播的话,游戏中心和游戏标题都能让你轻松启动Twitch.tv广播了。   >推荐好友的改进:推荐好友现在包括了玩家标签、真实姓名、玩家图片或者是他们的Xbox人偶图片,以及向你推荐他们的原因。   >为Xbox One聊天板上的热键进行编程:我们现在让你可以在Xbox聊天板上更轻松地打开你最爱的应用。   即将来到Xbox One和《Xbox》应用上的更新:   p>          >人偶商店:用新整合进“人偶商店”的最新人偶物品装备你的人偶。   >Xbox新闻:Xbox新闻是你所有最新消息的一站式消息源,这就包括了新硬件、主机更新、游戏发行、像光环世界争霸赛这样的竞标赛、突发娱乐新闻等。   >Xbox配件应用:Xbox One和Windows 10版的《Xbox配件》应用更新,将能让你更轻松地调整你的Xbox精英手柄。   >趋势内容的改进:现在的趋势内容将会向你提供一个专门的趋势内容登陆页面,你可以在里面看到一些最热门的话题,这就包括了流行视频、截图、成就,以及社区成员已经创造的记录或解锁成就等内容。   >推荐好友:在Xbox One和《Xbox》应用上,我们已经让你可以更轻松地获取推荐好友的详细信息了。      特别针对《Xbox》应用,本月的更新还将包括精简模式:   >精简模式:在这次更新中,我们还在精简模式中加入了额外的功能,这让你可以在你的好友视图、你的聚会、消息和活动提醒中进行快速切换。相关的主题文章:

微信支付又在2月15日宣布提现收费引来吐槽――国内移动支付两大霸主相继在朋友圈被骂后 邯郸四中贴吧

The bank lend Apple Pay counter seven party interests of the chain profit Apple Pay debut Apple unsolved embarrassing pay line was pinned too much hope, want to bank and China UnionPay pointed it to replace the Alipay and WeChat and apple pay, also saw a huge market in china. The rise of Alipay and WeChat to pay all due to the massive subsidies, and subsidies cost sharing mechanism, but it is not good in the field of Apple UnionPay bank. At the same time in the promotion, if the bank has no incentive and motivation to actively promote the construction of application scenarios, Apple Pay may be praised. The counterattack of UnionPay is not very good. Reporter trainee reporter Ma Yuan Hui package Shanghai, Beijing reported to the interests of the seven party profit ratio is always the subject of no Fonken reveal the secret. "Profit is mainly UnionPay and apple, the rest of the party has no right to speak." An insider said. Previously, Apple had advocated 10% from the original issuing bank charges 70% of the fee income, but the bank think the cost is too high, can not accept. Alipay spring festival dedicated Fu widely criticized after WeChat announced in February 15th, pay cash charges — domestic mobile payment Tucao attracted two dominant have been scolded in the circle of friends, Apple Pay2 18 on the line just in time. 18 days on the first day of Apple Pay, because the capacity of Apple server problem is reflected by many users, many cards are not successful. In this regard, UnionPay insiders told the twenty-first Century economic report reporter, the capacity of Apple server is a big problem, many transactions blocked, apple temporarily shut down part of the user at least two times. "Apple’s attitude is arrogant, and there is no bank organization to do stress tests." At present, the main domestic commercial banks has nearly 20 support this service, UnionPay said, UnionPay flash pay Apple cloud based on Pay, through the application of advanced Token (Touch, ID (payment mark) fingerprint verification) and security chip technology, can effectively protect the payment security. For the on-line Apple Pay, Alipay official responded that paid by the derivative of affiliate marketing, operational data and other services, as more and more businesses start contribution value. Alipay will be based on this, by way of the Internet, big data, nurturing the next line of business. Unlike it, Apple says it doesn’t interfere with consumer privacy, and all the data is left at the local end of the merchant. The consumption data of consumers is Alipay’s marketing business major Shazhao, visible apple and Alipay and other different promotion ideas. The seven party interest chain, in the chain of Apple Pay, the longest one involves seven parties, namely merchant + third party payment (providing access services) + UnionPay + issuing bank + acquiring bank + Apple + user. Such a long chain of interest in itself profit coordination is difficult, whether to invest a great deal to cultivate customer is a problem. Among the most critical part of the user, Alipay micro theory 银行借Apple Pay反攻 七方利益链分润未解   Apple Pay尴尬首秀   Apple pay的上线被寄托了太多的期望,银行和银联都想指着它取代支付宝和微信支付,而苹果也是看中了国内的庞大市场。支付宝和微信支付的崛起都得益于大规模的补贴,而补贴成本的分担机制,却是银联银行苹果不擅长的领域。同时在推广上,如果银行没有激励和动力积极推广营造应用场景,Apple Pay可能叫好不叫座。银联的这场反击战,不太好打。   本报记者 包慧 见习记者 马媛 上海、北京报道   导读   七方利益主体分润的比例则始终是没有任何一方肯透露的秘密。“分润主要是银联和苹果分,剩下的几方都没有话语权。”一位知情人士称。此前苹果曾主张过从原来发卡行70%的手续费收入中收取10%,但银行认为费用过高,不能接受。   支付宝春节的敬业福被大范围诟病后,微信支付又在2月15日宣布提现收费引来吐槽――国内移动支付两大霸主相继在朋友圈被骂后,Apple Pay2月18日上线恰如其时。   18日上线首日Apple Pay因为苹果服务器的容量问题被不少用户反映多次绑卡均不能成功。对此,银联内部人士对21世纪经济报道记者解释,苹果服务器的容量是大问题,很多交易堵塞了,苹果临时关闭了部分用户至少两次以上。“苹果的态度比较傲慢,并没有组织银行好好进行压力测试。”   目前,国内已有近20家主要商业银行支持此项服务,银联表示,基于银联云闪付的Apple Pay,通过应用业界领先的Token(支付标记)、Touch ID(指纹验证)及安全芯片技术,能够有效保障支付安全。   对于Apple Pay的上线,支付宝官方回应称,由支付衍生的会员营销、数据化运营等服务,开始为商家贡献越来越多的价值。支付宝会基于此,用互联网、大数据的方式,反哺线下商业。   而与其迥异的是,苹果则称不介入消费者的消费数据这一隐私,所有的数据都被留存在商户的本地端。而消费者的消费数据则是支付宝赖以营销商户的重大杀招,可见苹果的推广思路与支付宝等迥然相异。   七方利益链条   在Apple Pay的链条中,最长的一种涉及到了七方,分别为商户+第三方支付(提供接入服务)+银联+发卡银行+收单银行+苹果+用户。   这么长的利益链条中本身的分润协调等都是难点,是否能够大笔投入培育客户也是个问题。在当中最为关键的一环是用户,被支付宝微信这种烧钱补贴惯坏了的中国用户群体,是否愿意买更安全更快捷更洋气苹果支付的账,尚待观察。   苹果只提供支付技术,银联和银行提供支付接口和渠道,第三方支付公司提供商户的接入服务。   商户的接入不是跟苹果直接对接,而是跟第三方支付公司对接。商户通过第三方支付与Apple Pay对接时,是在app上装上第三支付公司开发的应用插件,商户跟Apple Pay对接时把其开发的SDK装到他们APP即可。   根据Apple Pay公布的合作名单显示,在首批合作中,除了十余家银行外,还包括连连支付等数家第三方支付公司。连连支付副总裁曾毅向21世纪经济报道记者介绍,此次与Apple Pay合作,将为国内商户提供技术对接及资金清算服务。届时,所有合作商户均可通过连连接入Apple Pay技术。   据连连支付公司内部人士透露,当Apple Pay宣布与连连支付正式达成合作,便有商户第一时间确认接入意向,商户接受态度与规模数量大大超出预期。   而分润的比例则始终是没有任何一方肯透露的秘密。   “分润主要是银联和苹果分,剩下的几方都没有话语权。银联跟苹果谈合作时,最胶着最难推进的就是分润这一块。”一位知情人士称。   苹果认为,该业务给银行带来好处和便利,因此在收费上很强势。有一名消息人士告诉21世纪经济报道记者,此前苹果曾主张过从原来发卡行70%的手续费收入中收取10%,但银行认为费用过高,不能接受。“Apple的确给客户带来方便,但银行有自身成本考虑。毕竟收单行也是我们自己搭建的。”   在国内,商户使用POS机支付的刷卡手续费一贯按照7:2:1进行分配,其中,发卡行为7,收单行为2,银联为1。按照前述要求,这一比例将变为6.3:2:1:0.7。“觉得太高了,当时没谈拢”。 工行负责该项目科技研发的龙先生表示。   在美国,苹果参与了收单、发卡,和国际组织之间费用的分成,而且费用不低。一位国际卡组织工作人员告诉记者,苹果从发卡行的收入中收取几十美分。亦有外媒报道,在美国使用苹果支付,苹果从信用卡公司向零售商收取的2%手续费中提成0.15%。   最终利益如何分配,上述银行表示,具体是银联牵头和苹果谈。应该是从苹果在银联的1%手续费收入分得一杯羹。上述卡组织工作人员称,Apple Pay入华的前两年,苹果给予了费用的减免。   对于商户来讲,Apple Pay的费率跟支付宝、微信的上下浮动不大。   日前有消息称,三星移动支付Samsung Pay中文名正式确认为三星智付并将于本月24日登陆国内公测,目前面向Note5 edge+国行用户。移动支付市场的竞争将越来越激烈。   银行反攻   支付宝和微信等背后的第三方支付公司,竞相通过各种优惠手段吸引用户,在线下大面积布局与银行在收单市场展开竞争。这让一向一家独大的银联颇为被动。银联背后的各家银行,寄希望于通过苹果与银联合作,在收单市场夺回城池。上线前几日,各家银行推出的有关Apple Pay的推广活动早已铺天盖地。   “Apple Pay支持银联云闪付,贴有quick pass标识的POS都可以使用。”龙先生告诉记者。据了解,一个小时之内,绑定银行卡的数量已达十几万张。   “这是银行在移动支付市场,对支付场景争夺的武器。”国金证券银行业分析师马鲲鹏在接受记者采访时称,此前银行一直担心支付场景方面被微信、支付宝等第三方支付机构方式截流。   “钱都让微信和支付宝等第三方赚取,但一旦出了风险,银行还要承担。因为是银行放开接口,让银行账户绑定微信。同时,支付宝和微信等第三方通过线下大面积布局抢食收单市场,使得银行备受冲击,还抢了银行自己的收单市场。银行落不着实际的好处。”工行负责该项目科技研发的龙先生告诉记者。   银行很紧张,一方面一直希望央行政策方面给予支持和导向。一方面也在研究利用NFC支付手段等扩大在移动支付的市场占有率。   银行从2009年就开始做闪付卡的移动支付产品,那时候是基于银联电子现金技术的实体卡。此后,闪付卡改造做了很多年。后来发展到与运营商合作,但始终没有一个好的商业模式,属于“各自为政”。   现在由银联牵头 ,Apple Pay不支持第三方支付,因此对银行来说,是一个争夺支付场景的好机会。对于受理的问题,银联从去年开始对POS机进行改造。目前,银联在全国1000多万台POS终端中,“闪付”终端有300万台。   今年央行将对第三方支付平台规范化,央行正在搭建一个平台,准备将第三方支付公司接入进来。这意味着未来,银行推动下的近场支付将和第三方的扫码支付在移动支付市场展开竞争。   并不局限于近场支付,据记者获悉,银联也在研究二维码的支付标准。通过二维码,资金可以从收单银行直接转到发卡银行。而不像支付宝等有一个庞大的虚拟账户。   监管更支持   一位银行人士表示,Apple Pay的本质仍然是银行卡支付,更符合目前的监管取向。这是Apple Pay与第三方支付公司扫码支付的本质区别。   Apple Pay在Wallet app中绑定了银行卡信息,但银行卡信息并不存储于手机中,手机中存的是Token,然后通过NFC技术,使POS机实现了对手机中Token信息的读取。因此,Apple Pay是对实体银行卡的替代,其本质仍是银行卡(或说银行账户)。   这与扫码支付完全不同,扫码支付中使用的是第三方支付公司的虚拟账户体系。虚拟账户是用户开在支付公司的账户,并在里面存放资金,支付公司再把资金存到开在银行的账户里。   如果让第三方支付的扫码支付继续快速蔓延,使得监管层难以监控大部分资金和交易信息,反洗钱等犯罪行为也将很难监控。央行最新的网络支付意见也是让第三方支付回归网络和小额两个本质,原因就是不放心让其虚拟账户做大。   Apple Pay本身不设有虚拟账户,仍是基于银行账户体系的支付手段,契合监管取向。而且,从发卡行、收单机构、卡组织来看,Apple Pay没有触动各方的利益,因此能得到监管层、银联和银行的一致支持。   (本报记者杨晓宴对本文亦有贡献)   进入【新浪财经股吧】讨论相关的主题文章:

因此抗老化的护肤工作也不能忽视 执掌神权下载

Keep in mind the fundamental good skin care in winter, the skin every day see – Sohu BNT news winter is the critical period of skin care. Due to the influence of cold air and low temperature, the skin is sensitive to change, which is easy to cause skin problems. The essence of winter skin care is to exfoliate, moisturize and enhance the elasticity of the skin. Let us know how to make a simple home care in winter. Exfoliating in winter, the skin is easy to produce a large number of horny, distressing. In this regard, you can use the market commonly used exfoliating remover, and with the moisturizing ability of excellent foundation skin care products, sooner or later to protect fragile skin. It is worth noting that the outdoor cold air and the impact of indoor dry air, winter skin care is best to use small skin irritation products. In addition, with special exfoliating cleanser can also get twice the result with half the effort skin care. Moisturizing, relieve facial redness caused by cold, need to warm water cleansing. Choose a skin care product that has no irritation to your skin, especially with a moisturizing and moisturizing skin care product. In addition, the use of water spray can effectively protect the skin for a long time in dry and high temperature environment, so that the skin moist throughout the day. To improve the elasticity of the skin is affected by the temperature difference between indoor and outdoor in winter, the pores are easy to expand, and the elasticity of the skin will also decline. In addition, dry air can cause wrinkles in the skin, so anti-aging skin care work can not be ignored. In addition to drinking at least 2 liters of water per day, clean expanded pores, the use of functional skin care products to slow down the aging rate of skin is very important. Winter skin care? Cannot do without for 1 Clinique (Clinique) Exfoliating Scrub Gammage Tonique this is a effective exfoliating products, better effect after cleansing. 2 Isiloe Premium whitening is a combination of whitening, moisturizing and enhancing the elasticity of the skin. Especially for women over 30 years old, using this product can effectively remove senile plaques, and play the role of whitening skin. 3 leaf beauty cream Bronte? (Yeblang special A star astaxanthin cream) containing astaxanthin has 6000 times higher than vitamin C antioxidant effect. In addition, peptides containing ingredients, can maintain skin elasticity, such as? Gel like texture is very soft. This product is undoubtedly the first choice for anti-aging skin care products. Liu Li Wen and Chen Qiang Long HWAJIN cosmetics, Isiloe Yi Xi Lu, Hami Ro Yeblang, Clinique Clinique, BNT news DB BNT news submission e-mail news@bntnews

牢记冬季护肤的根本 好肌肤天天见-搜狐      bnt新闻讯 冬季是护肤的关键期。受冷空气、低温的影响,肌肤易变得敏感,从而易引起各种肌肤问题。冬季护肤的根本在于去角质、补水保湿及提升肌肤弹性,下面就让我们来了解在冬季如何进行简单的居家护肤。   ? 去角质      在冬季,皮肤易产生大量角质,令人苦恼不堪。对此,可使用市面上常见的角质去除剂,并借助保湿力优异的基础护肤品,早晚呵护脆弱的肌肤。   值得注意的是,受室外的冷风与室内干燥空气的影响,冬季护肤最好选用刺激性小的护肤品。另外,借助专门去角质的洁面器也能起到事半功倍的护肤效果。   ? 补水保湿      缓解因寒冷而产生的面部红肿,需要用温水进行洁面。选择对肌肤无刺激的洁面产品,特别带有镇定肌肤和补水保湿功效的护肤品。   另外,使用补水喷雾能有效呵护长时间处于干燥高温环境的肌肤,令肌肤润泽一整天。   ? 提升肌肤弹性      受冬季室内外温差较大的影响,毛孔易扩大,肌肤的弹性也会下降。另外,干燥的空气会令肌肤产生皱纹,因此抗老化的护肤工作也不能忽视。   除了每天至少饮用2升水外,清洁扩大的毛孔,使用功能性护肤品延缓肌肤的老化速度显得非常重要。   ? 冬季护肤离不开的佳品      01. 倩碧(Clinique)Exfoliating Scrub Gammage Tonique   这是一款有效去角质的产品,洁面后使用效果更佳。   02. 怡喜露高级美白三件套装(Isiloe Premium whitening)   兼备美白、保湿及增强肌肤弹力的功效。特别是30岁以上的女性使用该产品,能有效去除老年斑,起到焕白肌肤的作用。   03. 叶美朗特?虾青素霜(Yeblang special A star cream)   含有的虾青素拥有比维他命C高6000倍的抗氧化功效。此外,含有的缩氨酸成分,能够维持肌肤的弹性,如?喱般的质地显得非常柔软。该产品无疑是抗衰老护肤品中的首选佳品。柳正 李龙强 文 HWAJIN 和辰化妆品,Isiloe 怡喜露,Yeblang 叶美朗,Clinique 倩碧,bnt新闻DB   bnt新闻 投稿邮箱 news@bntnews相关的主题文章:

或许 龙马精神的意思

A $66 billion deal to finalize the world’s largest seed and agrochemical companies coming Wenjiang his chemical giant between diligently pursue the ultimate fruition: Bayer (Bayer) will be $66 billion acquisition of Monsanto (Monsanto). This reflects the trend of poor agricultural industry giants who want to hold together to keep warm under the pressure of capital, which is still going on. Germany’s largest overseas acquisition is settled headquartered in the German chemical giant Bayer 14 announced, will be $128 per share, the total price of $66 billion acquisition of U.S. agriculture company monsanto. If the deal is completed, it will be the largest overseas M & A in German history, and will also create the world’s largest seed and agricultural chemicals manufacturer. This price is over 2 of the 13 day closing price of Monsanto, and Monsanto has a market value of over $46 billion. Prior to this, Monsanto in May was "low price" and rejected Bayer’s all cash offer, then Bayer offer $122 per share, totaling $62 billion. Because of the huge scale transaction, Bayer will issue $19 billion of convertible bonds, five banks, including Merrill Lynch, Goldman Sachs, Credit Suisse, HSBC, J.P. Morgan, agreed to provide a $57 billion bridge loan. The deal will be approved by the United States, Europe, or other regional antitrust authorities. If the deal is rejected by the antitrust agency, Bayer will pay $2 billion for Monsanto’s breakup fee. The two sides said that the synergies brought about by the merger will create about 1 billion 500 million dollars in the next three years of value-added. Bayer is with more than 150 years of history of the German chemical giant, producing a variety of products from drugs to seed, business lines include health care, Crop Science (Agriculture) and materials science and technology. The company said that in fiscal year 2015, the company sold 46 billion 300 million euros, capital expenditure was 2 billion 600 million euros, R & D expenditure was 4 billion 300 million euros. While the transaction in another protagonist Monsanto is also a chemical company, focusing on the field of agriculture, its products include herbicide transgenic seeds and corn, soybeans and other agricultural products. Monsanto said in a press release that the company’s annual R & D fund is about 1 of its annual turnover. After unsuccessful pursuit or because of low offer the deal can be traced back to May, Bayer was put forward in May to a total price of $62 billion acquisition of Monsanto, but was refused to monsanto. Monsanto said, low price of $62 billion, "significantly undervalued the company, can not be fully resolved or ensure acquisition of the potential financial risks and regulatory risks." Despite Monsanto’s rejection of Bayer’s offer, it did not refuse further negotiations, and welcomed the "ongoing and constructive dialogue"." At the same time, Monsanto also recognized the potential benefits of the merger may, its chief executive Grant (Hugh Grant) said, "the merger or bring great benefits." By July, Bayer said in a statement that it had raised its previous offer from $62 billion to $64 billion, and promised to offer a $15 breakup fee. The company also said it fully responded to Monsanto’s financing for the transaction.

660亿美元交易敲定 全球最大种子及农化公司即将诞生文 江晓川化工巨擘间孜孜不倦的追求最终修成正果:拜耳(Bayer)将以660亿美元收购孟山都(Monsanto)。这反映出资本压力下,表现不佳的农化行业巨头们希望抱团取暖这一趋势依然在延续。德国最大海外并购案即将落定总部位于德国的化工巨头拜耳14日宣布,将以每股128美元,共计660亿美元的价格收购美国农化公司孟山都。若交易完成,这将是德国历史上最大的海外并购,同时也将造就全球最大的种子和农用化学品厂商。这一价格较孟山都13日收盘价溢价超过2成,目前孟山都的市值已超过460亿美元。在此之前,孟山都在5月曾因“报价过低”而拒绝了拜耳的全现金收购要约,当时拜耳开价每股122美元,共计620亿美元。由于此次交易规模巨大,拜耳将会发行190亿美元的可转债,包括美银美林、瑞信、高盛、汇丰、摩根大通在内的五家银行同意提供570亿美元的过桥贷款。这一交易将在获得美国、欧洲或者其他地区反垄断机构的批准后才能完成。若交易被反垄断机构驳回,拜耳将向孟山都支付20亿美元的分手费。双方称,此次并购案所发挥出来的协同效应将在未来三年内创造约15亿美元的增值。拜耳是拥有超过150年历史的德国化工巨头,生产从药物到种子在内的多种产品,业务条线包括医药保健、作物科学(农业)及材料科技等。这家公司称,2015财年该公司销售额达到463亿欧元;资本支出为26亿欧元,研发支出为43亿欧元。而此次交易中的另一主角孟山都同样是一家化工公司,聚焦农业领域,其产品包括除草剂和玉米、大豆等农产品的转基因种子。孟山都在一份新闻稿中称,该公司每年投入研发的资金约为年度营业额的1成左右。此前追求未果或因报价过低此次并购交易可以追溯到5月份,拜耳曾在5月提出以共计620亿美元的价格并购孟山都,但被孟山都拒绝。孟山都称,620亿美元的报价过低,“明显低估了公司价值,也无法充分解决或确保并购中的潜在融资风险和监管风险。”尽管孟山都当时拒绝了拜耳的这一要约,但并未拒绝进一步谈判,其欢迎“持续和有建设的对话。”同时,孟山都也认可这一潜在并购案可能带来的好处,其首席执行官格兰特(Hugh Grant)称,“并购案或带来巨大利益。”至7月份,拜耳发表声明称,其将从前的报价从620亿美元提升至640亿美元,并承诺提供15美元的分手费。这家公司还称,其“全面地回应了孟山都对于交易融资的疑问。”然而,孟山都并未领情,同样拒绝了提价后的要约。对此,拜耳表示“失望”,它称,在近期商业表现走弱,且孟山都中期展望不佳的背景下,自己提出的全现金收购方案“极具吸引力”。由于双方在业务方面分歧不大,判断焦点多在财务及价格方面。主要几个回来之后,协议接近达成。彭博社援引消息人士的话称,拜耳及孟山都在交易价格及分手费方面取得了进展。收购孟山都,拜耳要做什么?此次收购的背景在于,全球农用化学领域显出颓势,在资本压力下,各家巨头希望抱团取暖。就合并案的两家主角而言,拜耳2015年农业业务(包含种子和农药)销售额增长约9.2%,约104亿欧元;其中,种子业务销售额增长8.8%。这两个数据都低于整个拜耳集团12.1%的销售额增长率。拜耳首席执行官戴克斯博士(Dr. Marijn Dekkers)承认,“市场环境疲软”,尽管他是在称赞拜耳2015年农业业务跑赢大多数竞争对手时做出了这一表态。同样,孟山都的商业表现不佳:2015年的净销售额约150亿美元,下降5.4%;净收入约23亿美元,下降约15.5%。销售额中,种子份额约占三分之二,而农药约占三分之一。拜耳与孟山都两家企业均有农药及种子业务。相较而言,拜耳的农药业务占据优势,而孟山都是全球最大的种子公司,二者的合并或将产生巨大的业务互补效应。有分析认为,拜耳希望加强自身种子业务,以迎接全球人口增长所带来的巨大商机:更多的人需要更多的食物。孟山都以生产经过基因修改的玉米、大豆、蔬菜及棉花作物而著称,而拜耳则力求在种子业务方面发力:此前,拜耳于2015年收购了印度种业公司种子工厂(Seed Works India)。这家公司成立于1998年,其主营业务是番茄、辣椒、秋葵等杂交蔬菜种子的培育、生产及销售。除去业务条线,在业务区域上拜耳与孟山都同样可以互补。农业业务上,拜耳的优势区域在欧洲,2015年这一业务销售额增长录得8.2%,但在北美下降了1.6%。而美国则是孟山都的传统优势区域:其中,该公司的玉米种子在美国占有绝对的强势地位。简而言之,拜耳收购孟山都将增强合并后公司在农业化学领域的控制力。食品价格下降或导致农化行业整合拜耳对孟山都的收购并不是全球农化领域的首宗并购案。或许,这一并购也可以视为两家公司在激烈市场竞争中,用行动对此前并购案做出的回应。农化巨头不断整合的背景在于农产品市场的不景气。全球食品价格的不断下降可为这一状况做一注脚。联合国粮农组织公布的食品指数价格自2013年开始不断下降,从不及220点的高位,一路下滑至2016年初的约150点;随后略有反弹。在这一市场背景下,农化巨头纷纷寻求合并,以提升效率并降低成本。此前,美国的化工巨头陶氏化学(Dow Chemical)和杜邦(DuPont)在2015年底宣布合并,合并后新公司陶氏杜邦的市值将超过1200亿美元。这一合并的背景在于,两家公司的商业表现均不理想:在合并宣布前一季度,即2015年第三季度,陶氏化学销售额下降了16%,至约120亿美元;而杜邦则下降了21%,至约50亿美元。陶氏杜邦未来寻求按业务条线,将自己拆分为三家独立的上市公司,包含种子和农药在内的农业业务将是其中一家,另外两家分别专注材料和特种产品业务。而正是两家公司所重合的农业业务,可能为其合并带来反垄断审查方面的麻烦。彭博社在一篇报道中引用彭博智库(Bloomberg Intelligence)分析师迈纳(Jason Miner)的观点称,其他业务重合度不高,注意力主要在种子及农化产品方面。此次被并购的对象孟山都也曾两次对瑞士化工巨头先正达(Syngenta)“表示好感”,但均被拒绝。孟山都第一次“抛出绣球”是在2015年5月,希望以450亿美元收购先正达,但被先正达以该报价“大幅低于估值”且孟山都低估了监管阻力而拒绝。随后,孟山都将价格提升至470亿美元,亦被先正达以“明显低估公司价值及担忧操作风险”而拒绝。至2015年8月,孟山都宣布放弃收购。然而,先正达在不久后接受了一家中国公司更低报价的收购要约:中国化工(ChemChina)出价430亿美元收购该公司。此次交易附带的条件是,若先正达在有更高报价的情况下退出,将支付15亿美元分手费;若交易未能获得行政机构审批通过,中国化工将支付30亿美元分手费。中国化工在一份新闻稿中表示,这次收购将有助于先正达在中国及其他新兴市场的业务拓展。先正达董事长德马雷(Michel Demare)称,中国政府正在寻找途径,以提升农作物产量,而中国化工对先正达的并购将加速该国农业部门的发展。先正达接受中国化工并购要约的背景在于,该公司运营表现疲软:2015年销售额下降11.4%,至约134亿美元;毛利下降8.3%,至约64亿美元。这是该公司2015年财报披露的信息。但是,中国化工收购先正达的进展似乎并不顺利,尽管已经获得美国监管机构的批准,但中国化工依然在9月第三次延长了收购要约的有效期至11月8日,理由是需要等待所有交易条件的满足,包括获得所适用监管机构的批准。更多精彩内容欢迎搜索关注微信公众号:腾讯财经(financeapp)。相关的主题文章:

成交5705手 陇东学院教务处

The debt is expected to still be high in recent intertwined rest – reporter Wang Hui in easing the financial side, the supply of new debt worries continue pupil factors under the background, the bond market interest rates Wednesday narrow shocks, the debt of two varieties after all day long consolidation after all fell slightly. Analysts pointed out that, although the festival market funds in the central bank’s stability is not expected to significantly tighten, but in January better than expected financial data may reduce the necessity of further easing monetary policy in the short term, the debt is expected to remain at a high level in the near future. Continue to rest after the lateral down the first two trading days this week, Wednesday after dropping the bond futures market continue to gradually stabilize, closing both fell slightly. The specific market conditions, 5 year bonds TF1606 main contract opened lower in early trading market bargain hunting after 10:30 dropping, pushing prices decline gradually narrowed. At the close, the 5 year treasury bond futures contract TF1606 closed at 100.46 yuan, down 0.025 yuan or 0.02%; positions increased by 864 hands to 19522 hands, turnover of 5705 hands, compared with the previous trading day enlarged by over 20%. 10 year bond futures contract T1606 reported 99.78 yuan, down 0.04 yuan or 0.04%; day T1606 positions increased by 1708 hands to 26349 hands, turnover increased by nearly 30% to 13880 hands. Traders said, after the central bank repurchase return cash in succession, continues to the amount of smooth operation but still hinder the funds face relaxed. In bond trading, although continued easing the financial side supporting the short end spot, but the local bond supply pressure is still largely suppressed the market to do more enthusiasm. On the other hand, this week’s latest data on new credit and social financing in January are significantly better than expected, which may reduce the need for monetary easing in the short term. Comprehensive factors, the current interest rate debt market has not yet achieved a directional choice. High volatility stocks continue to rebound since mid January, and mainstream institutions continue to differ in anticipation of short-term trends in the market. Since the end of the Spring Festival holiday, with the fluctuation of interest rate debt market, the view of relative short-term market performance is once again in the upper hand. According to the latest data released in January bond custody, Haitong Securities on Tuesday published view, the position data of foreign institutions, foreign institutions in January shows, insurance continued holdings of bonds, banks and brokerage massive holdings of all kinds of different types of Quanzhong, policy differences between institutions are more prominent. From the point of view of supply and demand, the deficit rate or the expansion of the national debt supply increases, and the replacement of local debt accelerates the increase of supply. Therefore, the risk of the expansion of the bond supply in the long term will still significantly affect the operation of the bond market. The agency further pointed out that, since the bond market has entered a low interest rate since 2016, the market is expected to remain in the middle and short-term shocks in the future. Hong Kong Futures analysis shows that the foreign trade data showing deviations in January continue to indicate that the external demand is unstable, which will make the theory that the foreign investment of the maturity debt is not stable

期债近期预计仍将在高位休整    □本报记者 王辉    在资金面宽松、新债供给隐忧延续等多空因素交织的背景下,周三利率债市场窄幅震荡,期债两品种在经过全天的盘整后均微幅收跌。分析人士指出,虽然节后市场资金面在央行的维稳下预计不会明显收紧,但1月好于预期的金融数据可能令短期内货币政策进一步放松的必要性下降,期债近期预计仍将在高位休整。    继续横向休整    经过本周前两个交易日的冲高回落之后,周三国债期货市场继续下探后逐步走稳,收盘时均出现微幅下跌。    具体市况方面,5年期期债主力合约TF1606早盘低开下探,10点30分之后市场逢低买盘推动价格跌幅逐步收窄。截至收盘,5年期国债期货主力合约TF1606收盘报100.46元,跌幅为0.025元或0.02%;持仓增加864手至19522手,成交5705手,较前一交易日放大超两成。10年期国债期货主力合约T1606报99.78元,下跌0.04元或0.04%;当日T1606持仓增加1708手至26349手,成交环比增加近三成至13880手。    交易员表示,节后现金陆续回流,央行逆回购延续地量平稳操作但仍无碍资金面宽松。而在现券交投上,虽然持续宽松的资金面支撑现券短端,但地方债等供给压力仍在很大程度上压制了市场做多热情。另一方面,本周最新公布的1月新增信贷和社会融资数据显著好于预期,这可能令短期内货币放松的必要性下降。综合各方面因素,目前利率债市场多空博弈仍未取得方向性选择。    高位震荡料持续    自1月中旬市场收益率触底反弹以来,主流机构对于市场中短期走势的预判就持续出现一定分歧。而春节长假结束以来,随着利率债市场上下不定的摇摆表现,目前相对看平短期市场表现的观点,则再次居于上风。    结合最新公布的1月债券托管数据,海通证券周二发表观点认为,1月机构持仓数据显示境外机构、外资行、保险继续减持债券,而券商银行大举增持各类券种,不同类型机构间的策略分歧较为突出。从供需角度来看,节后赤字率或扩大增加国债供给,地方债务置换加速带来供给增多,因此未来较长一段时间内债券供给扩容的风险,仍将会明显左右债券市场的运行。该机构由此进一步指出,由于2016年以来债市已进入低利率区间,未来中短期内市场预计仍然会以区间震荡为主。    具体到期债的投资策略,宏源期货分析认为,1月份表现偏差的外贸数据继续表明外需不稳,这将使得稳增长政策空间提高。而另一方面,当月好于预期的金融数据,也使得市场对短期内宽松力度增强的预期受到压制。整体而言,短时间内期债预计都缺乏表现机会,建议投资者依托前期技术平台逢低做多、高位减仓。此外,来自国信期货的研究观点进一步表示,管理层稳定经济离不开宽松的货币环境,期债并不存在下行趋势。在此背景下,期债短期内保持高位震荡的可能性预计较大。 进入【新浪财经股吧】讨论相关的主题文章: