经济学人下载:德国公司 不幸的商业

Business
商业报道

German companies
德国公司

An unhappy business
不幸的商业

The new government's reforms worry German bosses
新政府改革使德国企业的老板们担心不已

FOR German businesses, the elections were bad enough.
对于德国的商业来说，这次的选举真的糟糕透了。

In September voters denied the business-friendly, small-government Free Democrats the 5% of the vote required to stay both in parliament and in the centre-right coalition government.
九月份投票者拒绝了对商业友好、小政府型的需要5%投票继续在过会和右翼联盟中待下去的自由民主党员们。

The election result has led to a grand coalition between Angela Merkel's Christian Democratic Union, its Bavarian sister-party, the Christian Social Union, and the leftish Social Democrats.
这个选举结果引发了默克尔的基督民主联盟及它的巴伐利亚姐妹党，基督社会联盟和左倾的社会民主党的大联盟。

Though the SPD finished well behind the CDU-CSU, their coalition agreement, signed at the end of November, looks to many like a wishlist for the left.
尽管跟社会民主党的联合结束远远在CDU-CSU后面，他们的联合协议，11月末尾签字，看上去更像一个左派的愿望单。

Business and financial leaders are barely bothering to conceal their disappointment at a new national minimum wage, increased pension payments, lower retirement ages for some workers and new pension entitlements for some stay-at-home mothers.
商业和金融领导者们几乎不费劲去隐藏他们对新的全国最低工资、增加了的退休金、对某些工人更低的退休年龄和对一些在家母亲生活津贴权益的失望之情。

The head of the Federation of German Industry, Ulrich Grillo, called it a wasted chance that would submit the German economy to new stress tests.
德国工业联合会首领，Ulrich Grillo，称之为可能会导致德国经济面临一个新的严峻考验的机会浪费。

The Cologne Institute for Economic Research has compared the agreement to a cheque without the funds to cover it.
科隆经济研究所将这个协议比作为一个没有资金担保的支票。

Company bosses are more circumspect than leaders of industry bodies about criticising Mrs Merkel publicly. But they too are wary.
公司老板们比工业团体领导人们在公开批评默克尔女士上更加的谨慎。但是他们太小心翼翼了。

One German chief executive complains that the chancellor ignored structural reform when she had a business-friendly partner in the Free Democrats, and frets that she can hardly be expected to find new courage with the SPD.
一个德国首席执行官抱怨道当她在自由民主党人中有一个对商业友好的伙伴，总理可能会忽略结构性改革，并且他担心道可能很难期待她在SPD的伴随下找到新的勇气。

A lobbyist for another big company says that with the Free Democrats you didn't need an interpreter to explain industry's concerns to the government, but now he fears he will.
另一家大公司的一个游说者说道有德国自由民主党人的话你不需要一个翻译者去解释政府的工业关注点，但是现在他担心他需要了。

He grumbles that Mrs Merkel understands the importance of a free economy but does not actually understand what it means.
他抱怨道默克尔女士明白一个自由经济的重要性但是她可能并未真正懂它的含义。

He even praises Gerhard Schr?der, Mrs Merkel's predecessor and a Social Democrat.
他甚至赞赏格哈德施罗德，默克尔女士的前任和一个社会民主党人。

Mr Schrder would listen, ask questions, and then say I can do this; I can't do that.
施罗德会听、问问题然后接着说我可以做这个；我不能做那个。

Mrs Merkel does listen carefully—but then keeps her own counsel.
默克尔女士确实听得很认真——但是接着保持她自己的想法。

The CDU-CSU has kept one promise: the coalition treaty pledges not to raise taxes, which the parties of the left all favour.
CDU-CSU联盟保证一个承诺：联盟条约保证税收不增加，这也是左派全都支持的。

Growth-friendly spending, such as on infrastructure and research, will increase.
对增长有利的政府花销，如基础设施建设和研究，会增长。

But Deutsche Bank estimates that social spending will rise by three times as much.
但是荷兰银行估计社会花费会增长三倍之多。

Businesses are far less happy about changes that will affect the labour market.
商业会更不乐于见到会影响劳动力市场的变化。

Germany's best-performing, export-oriented companies will be little affected by the minimum wage, as they employ few low-skilled workers.
德国业绩做的最好的，出口导向的公司几乎不会被最低工资影响，由于他们雇佣很少的技术不高的工人。

But the ability to employ workers on short-term contracts will be curtailed.
但是他们用短期合同雇佣工人的能力被剥夺了。

Some firms have been criticised for abusing such methods as a way of keeping workers from benefits that full-time employees would receive.
一些公司曾经批评滥用这些方法作为一种剥夺工人们享有全职雇员能够享受到利益的方式。

But now a tool that has made the labour market more flexible, and helped to bring unemployment down, will be made harder to use.
但是现在一个工具，可以使劳动力市场更加的灵活并且帮助降低失业率，会更难使用。

Energy policy is a particularly sore point.
能源政策更是一个痛处。

Germany's renewable-energy law has boosted green sources through guaranteed high prices for renewable power, preferred access for renewables to the grid and easier financing, from a tax on electricity bills.
德国的可再生能源法通过保证可再生能源的高价、对可再生能源管道网络更优先的许可和更容易的来自电力税的融资来促进绿色来源。

German industrial electricity prices are among the highest in Europe.
德国工业用电价格属于欧洲最高行列。

Power-hungry industries get partial relief from the tax that finances renewable subsidies; but they complain nonetheless, of a lack of long-term clarity in energy policy.
能源密集型工业通过提供可再生能源补贴税减轻部分负担；虽然如此但是他们仍然抱怨能源政策缺乏长期确定性。

Firms are voting with their euros.
公司们用他们的欧元投票。

The value of fixed capital in energy-intensive industries has declined over the past decade.
在能源密集产业的固定资本价值在过去十年下降了。

As companies' kit is wearing out, they are simply not replacing it, or investing abroad.
由于公司的设备磨损了，他们仅仅是不更换它，或者投资国外。

The coalition treaty speaks of an energy policy triangle of sustainability, supply security and affordability, but fills in little detail about how the government can achieve all three competing goals.
这个联盟条约提起一个集持续性、安全保证和可支付的能源政策三角，但是没有透露任何关于政府如何实现所有三个具有竞争力目标的细节。

The government has set a deadline of April 2014 to publish a fundamental reform of the renewable-energy law, which it hopes to pass by summer.
政府设定了2014年4月一个最后期限去公布可再生能源法基础性改革，

Udo Niehage, the head of government relations at Siemens, a big engineering firm, is not panicking yet.
大型工程公司西门子政府关系部门领导Udo Niehage一点都不惊慌失措。

He is certain that the coalition understands the worries of German businesses, and praises Ms Merkel's toughness and cleverness.
他很肯定联盟很明白德国商业的担忧，并且赞赏默克尔的坚韧和聪明。

She is certainly good at wrong-footing political opponents, and so it is possible that the coalition deal is an unreliable guide to what the new government will actually do.
她肯定很擅长使政治对手手忙脚乱，所以可能联盟处理方式是一个对新政府实际上会做什么不可靠的指引。

But the lack of certainty about future plans is the loudest complaint about the chancellor coming from businesses.
但是未来计划缺乏确定性是来自商业关于总理最大的抱怨。

Trusting in her cleverness is not enough.
相信她的聪明是不够的。