2019年经济学人 咖啡杯内的风暴 (2)

 

Until a few years ago, traders would usually get paid within 30 days. To raise cash JAB lengthened¹ payment terms to up to 300 days.

直到几年前，贸易商通常将在30天内收到付款。为了集资，JAB将支付期限延长至了300天。

Finding financing to cover the gap has squeezed traders' slender margins².

寻找填补缺口的资金压榨了贸易商微薄的利润。

"These guys have money, but they're not banks," says Oscar Schaps of INTL FCStone, a brokerage.

“这些人有钱，但他们不是银行，”国际资产控股公司的奥斯卡·斯帕普说到。

The banks lending to traders may take into account the financial position of their biggest customers.

向贸易商贷款的银行可能会考虑他们最大顾客的财务状况。

So the traders' borrowing costs could rise if the roasters' credit standing³ were to deteriorate⁴.

所以如果咖啡烘焙商的信用状况恶化，那么贸易商的借贷成本就会上涨。

Big traders, such as Swiss-based ECOM or Germany's Neumann, face a less favourable⁵ balance of power.

大型贸易商，比如总部位于瑞士的ECOM或是德国的Neuman，都面临着不利的权利不平衡。

They rely on the big buyers in a fragmented industry. JAB's tactics are compounding other problems.

他们依靠零碎行业中的大买家。JAB的战术夹杂着其他问题。

Bumper⁶ harvests have pushed bean prices below $1.20 a pound, forcing farmers to sell at a loss. Traders are also struggling to cover costs.

大丰收将咖啡豆价格压低1.2美元每镑，迫使农民亏本售卖。贸易商也挣扎着弥补成本。

Some could see their best staff leave. Andrew Kerr, a headhunter, says salaries are "starting to ease off" in Geneva, the world's centre for coffee trading.

一些贸易商可能眼睁睁的看着他们的优秀员工离职。猎头安德鲁·克尔表示，在世界咖啡贸易中心日内瓦，工资“开始下降”。

One answer for traders may be greater scale. Consolidation⁷ would allow costs to be cut while increasing negotiating power.

贸易商的答案之一可能是更大的规模。合并能够减少成本，还能增加议价能力

More investment in storage, ports and transport would help them take greater advantage of arbitrage⁸ opportunities across the globe.

对仓库、港口以及运输的加大投资将帮助他们更多的利用全球套利机会。

That should position them well to meet Asia's growing thirst for instant coffee.

这样应该能更好的定位他们以满足亚洲对速溶咖啡不断增长的需求。

Another strategy would be to capitalise on the trend for pricey gourmet⁹ brews¹⁰ that boast traceability and sustainability.

另一个策略是利用人们对那些拥有可追溯性和可持续性的昂贵又美味的冲泡咖啡的追求趋势。

Small independent roasters have sprung up in richer cities. They are looking for specialist traders with direct links to farmers.

小型独立的烘焙商已经在更加富裕的城市中兴起。他们正在寻找能和农民取得直接联系的专业交贸易商。

The dominant¹¹ roasters have also woken up to high-end coffee. Nestlé paid around $425m in 2017 for Blue Bottle, a fancy Californian chain.

占主导地位的咖啡烘焙商也已经察觉到了高端咖啡。2017年，雀巢以4.25亿的价格收购加利福尼亚精品咖啡连锁Blue Bottle。

Supplying them with top-quality beans may be another way for traders to escape the grind.

为他们供应顶级品质的咖啡豆可能是贸易商逃避压力的另一方法。

1 lengthened   

（时间或空间）延长，伸长( lengthen的过去式和过去分词 )

参考例句：

• The afternoon shadows lengthened. 下午影子渐渐变长了。
• He wanted to have his coat lengthened a bit. 他要把上衣放长一些。

2 margins   

边( margin的名词复数 )； 利润； 页边空白； 差数

参考例句：

• They have always had to make do with relatively small profit margins. 他们不得不经常设法应付较少的利润额。
• To create more space between the navigation items, add left and right margins to the links. 在每个项目间留更多的空隙，加左或者右的margins来定义链接。

3 standing   

n.持续，地位；adj.永久的，不动的，直立的，不流动的

参考例句：

• After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
• They're standing out against any change in the law.他们坚决反对对法律做任何修改。

4 deteriorate   

v.变坏；恶化；退化

参考例句：

• Do you think relations between China and Japan will continue to deteriorate?你认为中日关系会继续恶化吗？
• He held that this would only cause the situation to deteriorate further.他认为，这只会使局势更加恶化。

5 favourable   

adj.赞成的，称赞的，有利的，良好的，顺利的

参考例句：

• The company will lend you money on very favourable terms.这家公司将以非常优惠的条件借钱给你。
• We found that most people are favourable to the idea.我们发现大多数人同意这个意见。

6 bumper   

n.(汽车上的)保险杠；adj.特大的，丰盛的

参考例句：

• The painting represents the scene of a bumper harvest.这幅画描绘了丰收的景象。
• This year we have a bumper harvest in grain.今年我们谷物丰收。

7 consolidation   

n.合并,巩固

参考例句：

• The denser population necessitates closer consolidation both for internal and external action. 住得日益稠密的居民，对内和对外都不得不更紧密地团结起来。 来自英汉非文学 - 家庭、私有制和国家的起源
• The state ensures the consolidation and growth of the state economy. 国家保障国营经济的巩固和发展。 来自汉英非文学 - 中国宪法

8 arbitrage   

n.套利，套汇

参考例句：

• This is an example of arbitrage.这就是套利的一个例子。
• That is interest arbitrage in practice.这就是所谓的套利。

9 gourmet   

n.食物品尝家；adj.出于美食家之手的

参考例句：

• What does a gourmet writer do? 美食评论家做什么？
• A gourmet like him always eats in expensive restaurants.像他这样的美食家总是到豪华的餐馆用餐。

10 brews   

n.（尤指某地酿造的）啤酒( brew的名词复数 )；酿造物的种类；（茶）一次的冲泡量；（不同思想、环境、事件的）交融v.调制( brew的第三人称单数 )；酝酿；沏（茶）；煮（咖啡）

参考例句：

• He brews beer at home. 他在家里酿造啤酒。 来自《简明英汉词典》
• They produce the country's best brews of beer. 他们生产该国的佳酿啤酒。 来自辞典例句

11 dominant   

adj.支配的，统治的；占优势的；显性的；n.主因，要素，主要的人(或物)；显性基因

参考例句：

• The British were formerly dominant in India.英国人从前统治印度。
• She was a dominant figure in the French film industry.她在法国电影界是个举足轻重的人物。