Words.phrases and  translation

AMAZON is an extraordinary company. The former bookseller accounts for more than half of every new dollar spent online in America. It is the world’s leading provider of cloud computing. This year Amazon will probably spend twice as much on television as HBO, a cable channel. Its own-brand physical products[实体产品] include batteries, almonds, suits and speakers linked to a virtual voice-activated assistant that can control, among other things, your lamps and sprinkler.

account for

    1.（数量或比例上）占 *Computers account for 5% of the country's commercial electricity consumption. 计算机占去该国商业用电的5%。

      2.导致；解释 *Now, the gene they discovered today doesn't account for all those cases. 不过，他们现在发现的基因无法解释所有的病例。

      3.为…提出理由；对…作出说明 *How do you account for the company's alarmingly high staff turnover?... 你怎么解释这家公司高得令人忧虑的人员流动率？

      4.对（行动、政策等）负有责任 *The President and the President alone must account for his government's reforms. 总统必须为他的政府改革负责，而且是负全责。

     5.将（钱款）列入预算 *The really heavy redundancy costs have been accounted for. 非常庞大的裁员开支已被列入预算。

     6.杀死；消灭；打败 *In the first ten days of May our squadron accounted for at least seven enemy aircraft... 5月的头10天里我们中队至少报销了7架敌机。

leading provider 顶尖供应商

almond n.1.杏仁 2.扁桃树

voice-activated adj.声控的

sprinkler n.（浇花草的）洒水器；喷水灭火装置

亚马逊是一家不同寻常的公司。美国在线消费每增加一美元，就有一多半给了这家曾经的图书销售公司。它是世界领先的云计算供应商。今年亚马逊在电视上的花费可能会是有线电视频道HBO的两倍。公司自有品牌的实体产品包括电池、杏仁、西装以及音箱。这种音箱与虚拟语音助手相连接，可以控制你的台灯、洒水器等装置。

Yet Amazon’s shareholders are working on the premise that it is just getting started. Since the beginning of 2015 its share price has jumped by 173%, seven times quicker than in the two previous years (and 12 times faster than the S&P 500 index). With a market capitalisation of some $400bn, it is the fifth- most-valuable firm in the world. Never before has a company been worth so much for so long while making so little money: 92% of its value is due to profits expected after 2020.

句式： on the premise that 以…为前提；基于...前提；假定...

premise n. A premise is something that you suppose is true and that you use as a basis for developing an idea.前提；假定

premises n.（企业或机构使用的）房屋及土地；经营场所；办公场所 *business/commercial/industrial premises 经营场所；工业用房屋场地

jump vi.突升；猛涨；激增=leap jump by；jump(from…) (to…)

a market capitalisation 市值

capitalize v.

1.用大写字母书写（或印刷）；把...首字母大写

2.~sth 变卖资产；变现 *Our intention is to capitalize the company by any means we can... 我们的意图是想方设法出售这个公司以获取奖金。

3.~sth 为...提供运营资本（或资金）

capitalize on/upon sth  If you capitalize on a situation, you use it to gain some advantage for yourself. 利用

复习：“充分利用”的多样表达

put sth to good use 有效使用/利用 *She’ll be able to put her languages to good use in her new job.她在新工作中应该可以好好运动她会的各种语言。

make use of sth/sb 使用；利用（以谋私利）

take (full) advantage of sb/sth 1.（充分）利用/享用 2.欺骗；占...便宜

make the most of sth/sb/oneself 充分利用；尽情享受 *It’s my first trip abroad so I’m going to make the most of it.这是我第一次出国，我要充分利用这个机会。

some adv.大约，差不多（用于数词前，意同approximately）[复习]

句式：Never before has  以前从没有...

never这一否定词位于句首，引起部分倒装，适用于此用法的否定词还有seldom, hardly, little, few等

不过亚马逊的股东们对其估值的假设是这家公司才刚刚起步。自2015年初至今，它的股票价格已经上涨了173%，比之前两年快了7倍（比标准普尔500指数快了12倍）。它的市值约4000亿美元，位列全球第五。以前从来没有哪家公司能维持这么高的市值这么久却只赚很少的钱：它的市值有92%来自于2020年以后的预期盈利。

That is because investors anticipate both an extraordinary rise in revenue, from sales of $136bn last year to half a trillion[万亿] over the next decade, and a jump in profits. The hopes invested in it imply that[意味着] it will probably become more profitable than any other firm in America. Ground for scepticism does not come much more fertile than this: Amazon will have to grow faster than almost any big company in modern history to justify its valuation. Can it possibly do so?

anticipate v.

      1.期望；期盼 ~(doing) sth|~(sth doing) sth

      2.预料 *as anticipated 正如所料 *I didn't anticipate him doing that 我没料到他会那样做。

      3.预见…并作准备 *She anticipates all her mother's needs.她能预知并满足母亲的所有需求。

4.是…的先驱；早于…做（或想、说）；先于…行动 *These early sketches anticipate her later work 这些早期的素描是她后来作品的铺垫。

invest v.invest sth (in sth)|invest sth (in) doing sth 投入（时间、精力等） [熟词僻义]

长难句分析：

The hopes (invested in it)  imply that it will probably become more profitable than any other firm in America.

主语The hopes，谓语imply，宾语that 引导的宾语从句，invested in it 主语的后置定语

ground n.ground for sth/for doing sth 充分的理由；根据 *The court overturned that decision on the grounds that the Prosecution had withheld crucial evidence... 法庭以检控方拒绝出示关键证据为由撤销了那项判决。

fertile ground 肥沃的土地，这里的ground一词多义，也作“根据”讲，这里指“支持怀疑的”充分理由、丰富根据

come  v.to become 成为；变成；变得 come+adj.；come to do sth

justify v.

1.证明（决定、行为或想法）正当；表明…必要 *No argument can justify a war... 任何理由都不能为战争开脱。justify (sb/sth) doing sth；justify sth

2.~sth/oneself (to sb)|~ (sb/sth) doing sth 对...作出解释；为…辩解（或辩护）*You don’t need to justify yourself to me.你不必向我解释你的理由。

3.调整使全行排满；使每行排齐；使齐行

这是因为投资人既盼望其收入猛增，销售额能从去年的1360亿美元涨至十年后的5000亿美元，也期待着利润飙升。寄托在它身上的希望暗示着亚马逊可能会变得比美国任何一家公司都更赚钱。对这些期盼的怀疑最有力的依据是：为了证明它的市值合理，亚马逊的增长将必须快过现代历史上几乎所有的大公司。它能做到吗？

It is easy to tick off some of the pitfalls. Rivals will not stand still. Microsoft has cloud-computing[n.(U)云计算] ambitions; Walmart[沃尔玛] already has revenues nudging $500bn and is beefing up online. If anything happened to Jeff Bezos, Amazon’s founder and boss, the gap would be exceptionally hard to fill. But the striking thing about the company is how much of a chance it has of achieving such unprecedented goals (see pages 17-19).

tick off

     1.在…上打钩 *He ticked off my name on a piece of paper... 他在一张纸上我的名字旁打了钩。 （美国英语通常用 check off）

      2.怒斥；责骂 *Abdel felt free to tick him off for smoking too much... 阿卜杜勒动辄责骂他抽烟太凶。

     3.惹恼；激怒 *I just think it's rude and it's ticking me off...我就是觉得这样太粗鲁，叫我很生气。

pitfall n.危险；困难；（尤指）陷阱，隐患 *the potential pitfalls of buying a house 购买房屋可能遇到的全套。

stand still 停滞

standstill n.[singular]停止；停滞；停顿=halt *The security alert brought the airport to a standstill.安全警戒使机场陷入停滞状态。

rival

      n.竞争对手 rival to (sb/sth) (for sth) *Our airline is now a serious rival to many of the bigger companies. 我们航空公司现在是许多大公司的强劲对手。 *This latest design has no rivals.这种最新款式独领风骚。

       v.能与…媲美；与…匹敌；与…不分高低 [经济学人3.11.Oh,Snap] Only John Collison of Stripe, an online payments startup, rivals him for such youthful tycoonery.

nudge v.

      1.（使）接近，达到 *...a little-known stage play writer and actress who was nudging 40 and going nowhere... 一个年近四旬、一事无成、寂寂无闻的舞台剧作者兼演员

       2.轻推，轻碰(以引起注意) *'Stop it,' he said, and nudged the boy lightly with his knee. “别这么干了，”他用膝盖轻轻碰了碰那个男孩说道。

       3.轻轻地推动（或推向）*The civil servant nudged him forward. 那个文职人员向前推了他一把。

       4.劝说；鼓动 [经济学人2.4.Upstarts on top]Today the firm’s phones are sold at some 200,000 retail outlets across the mainland, which gives its salesmen the chance to coddle customers and nudge them to buy pricier phones.

beef sth<->up 使...更大/更好/更有意思等

exceptionally adv.罕见，特别，非常 2.只有在特殊情况下；例外地

striking

1.引人注目的；异乎寻常的；显著的 Something that is striking is very noticeable or unusual.*In striking contrast to their brothers, the girls were both intelligent and charming.姑娘们既聪明伶俐。又妩媚动人。跟她们的兄弟形成鲜明的对照。

2.妩媚动人的；标致的；俊秀的 Someone who is striking is very attractive, in a noticeable way. *She was a striking woman with long blonde hair. 她是个留着金色长发的俏女郎。

unprecedented adj.前所未有的；空前的；没有先例的

precedent n.

1.传统；常规；常例=tradition *to break with precedent 打破常规

2.[C,U]实例；范例 *The trial could set an important precedent for dealing with large numbers of similar cases... 这次审判能为处理大量类似案例开创重要的先例。

3.先例；前例 *historical precedents 历史前例 *Such protests are without precedent in recent history.这类抗议事件在近代史上没有发生过。

chance(s) of sth doing sth ...的可能性

长难句分析：

But the striking thing about the company is how much of a chance it has of achieving such unprecedented goals.

主语 the striking thing 连系动词 is 表语从句how much of a chance it has of achieving such unprecedented goals

表语从句中，it has 是 a chance 定语从句，先行词a chance在定语从句中做宾语，省略了关系代词which，还原为a chance which it has。

要列出几个隐患来非常容易。对手不会坐以待毙。微软在云计算上野心勃勃；沃尔玛的营收已经逼近5000亿美元，并且正在加强在线业务。如果亚马逊的创始人和老板杰夫·贝索斯（Jeff Bezos）遇到什么不测，要填补这一空缺将格外困难。然而这家公司引人注目的一点就是它有多大可能达成这些前所未有的目标。

A new sort of basket-case

This is largely due to the firm’s unusual approach to two dimensions of corporate life. The first of these is time. In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon. Mr Bezos emphasises continual investment to propel its two principal businesses, e-commerce and Amazon Web Services (AWS), its cloud-computing arm.

basket-case n.1.经济状况极差的国家/机构 2.精神失常的人；无适应能力的人

句式：This is largely due to...

句式：In an era when …

whinge about sb/sth to complain in an annoying way 絮絮叨叨地抱怨

resolutely adv.坚决地；果断地；坚定地

principal adj.最重要的；最主要的 n.大学校长；学院院长 2.本金；资本 3.主要演员；主角 4.（尤指商务或法律事务的）当事人，委托人

arm n.~(of sth)分部；职能部门 *the research arm of the company 公司的科研部门 [熟词僻义]

这主要是因为该公司对企业生命的两大方面有着非同寻常的态度。其一是时间。在这个时代，高管们一贯都会抱怨要创造短期业绩的压力太大，而亚马逊却毅然着眼于长远的未来。贝索斯重视持续投资以推动其两大主要业务——电子商务和它的云计算部门Amazon Web Services（AWS）。

In e-commerce, the more shoppers Amazon lures, the more retailers and manufacturers want to sell their goods on Amazon. That gives Amazon more cash for new services—such as two-hour shipping and streaming video and music—which entice more shoppers. Similarly, the more customers use AWS, the more Amazon can invest in new services, which attract more customers. A third virtuous circle is starting to whirl around Alexa, the firm’s voice-activated assistant: as developers build services for Alexa, it becomes more useful to consumers, giving developers reason to create yet more services.

lure v.引诱；劝诱=entice ~sb +adv./prep. *Young people are lured to the city by the prospect of a job and money.年轻人希望打工赚钱，从而被吸引到城市。

entice v.诱使；引诱=persuade  ~sb/sth +adv./prep.；~sb into doing sth；~sb to do sth

这一段中分别用了lure, entice,attract三个词来表示“吸引”，可见母语者用词的丰富多样。

similarly adv.1.同样地；也 2.相似地；类似地；差不多的 [写作]

virtuous adj.

1.有德行的；道德高尚的；正直的 A virtuous person behaves in a moral and correct way.  *Louis was shown as an intelligent, courageous and virtuous family man. 路易斯在人们眼里是一个智慧、勇敢、品德高尚的顾家男人。

2.自命不凡的；自鸣得意的 If you describe someone as virtuous, you mean that they have done what they ought to do and feel very pleased with themselves, perhaps too pleased.  *I cleaned the flat, which left me feeling virtuous.我打扫了整个公寓，这让我觉得自己很了不起。

whirl

v. 1.（使）回旋；（使）旋转=spin ~sb/sth (+adv./prep.)  2.（头脑、思想等）混乱不清，激动，恍惚=reel *So many thoughts whirled around in her mind.她思绪万千，脑子里乱作一团。

n.1.旋转；回旋；急转 *Her mind is in a whirl.她脑子乱糟糟的。 *a whirl of dust 尘土飞扬 2.接连不断的活动；纷至沓来的事件 *In half an hour's whirl of activity she does it all... 经过半个小时的忙碌，她全都做完了。 *Your life is such a social whirl. 你总是在不停地参加社交活动。

yet

1.yet another/more | yet again （强调次数或数量的增加）*Prices were cut yet again. 价格再一次降低。*She made yet another excuse. 她又找了个借口。 *yet another diet book又一本关于节食的书* snow, snow, and yet more snow雪啊雪，没完没了的雪

2.could, might, may, etc. do sth ~ （表示将来可能发生，尽管现在似乎没有可能）早晚，总有一天 *We may win yet. 我们迟早会赢的。* She could yet surprise us all. 总有一天，她会让我们都大吃一惊。 [经济学人3.18.On the rise]  Populists deserve no credit for the upsurge.But they could yet snuff it out. 民粹主义者对于经济上涨毫无功劳可言，反而可能会扼杀这一切。

3.（用于否定句和疑问句，谈论尚未发生但可能发生的事）*We have yet to decide what action to take. 我们尚未决定采取何种行动。[经济学人3.18.On the rise] And in America, surging business confidence has yet to translate into surging investment.而在美国国内，汹涌而来的商业信心尚未转化为澎湃的投资。

4.（用于否定句）现在；即刻；马上 *Don't go yet. 先别走。*We don't need to start yet. 我们不必马上开始。

5.从现在起直至某一时间；还 *He'll be busy for ages yet. 他还要忙很长一段时间。*They won't arrive for at least two hours yet.他们至少要过两个小时才能到。

6.the best, longest, etc. sth ~ (done) 迄今为止，到当时为止（最好或最长等的）*the most comprehensive study yet of his music 迄今为止对他的音乐最为全面的研究 *It was the highest building yet constructed. 这是到当时为止所建的最高的建筑物。

7.~ worse, more importantly, etc. （强调程度的增加）更 = even , still *a recent and yet more improbable theory 一个新近提出的但更加不切实际的理论

as yet 直到现在；直至过去某时 *an as yet unpublished report一篇尚未发表的报告 *As yet little was known of the causes of the disease. 当时人们对这种疾病的起因几乎一无所知。

yet这一类高频常见小词非常重要，很可能被大家囫囵吞枣地，似懂非懂地一笔带过，其实这些最常见的小词往往蕴涵千秋。一不留神就会误读整个句子，甚至理解成完全相反的意义，定要深入学习，才能见微知著、举一反三。

在电子商务方面，亚马逊吸引的顾客越多，就会有越多的零售商和制造商想在亚马逊上销售它们的产品。这给了亚马逊更多的现金去提供新服务，例如两小时送达以及流媒体视频和音乐，而这又吸引了更多顾客。与此类似，越多客户使用AWS，亚马逊就能在新服务上投入越多，进而吸引更多客户。第三个良性循环则是围绕该公司的语音助手Alexa展开：有了开发者为Alexa设计服务，它对消费者来说就越来越有用，开发者继而就有理由去创造更多的服务。

So long as shareholders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.The company will be able to keep spending , and its spending will keep making it more powerful. Their faith is sustained by Amazon’s record. It has had its failures—its attempt to make a smartphone was a debacle. But the business is starting to crank out cash. Last year cashflow (before investment) was $16bn, more than quadruple the level five years ago.

so/as long as

       1.only if 只要 *We'll go as long as the weather is good. 只要天气好我们就去。

       2.since; to the extent that 既然；由于；就…来说 *So long as there is a demand for these drugs, the financial incentive for drug dealers will be there. 只要对这些毒品有需求，就存在着对贩毒者的经济诱因。

retain v.

     1.保持；持有；保留；继续拥有=preserve [经济学人1.7.中国专栏 Selection year]The more he breaks with precedent, the longer he will retain power—but the more personalised and therefore more unstable the political system itself may become.

      2.保持；继续容纳 *a soil that retains moisture

      3.聘请（律师等）*a retaining fee *retain the services of a lawyer

heady  adj.（饮料）易使人醉的；（气氛、经历等）令人兴奋的

self-fulfilling adj. （预言等）自我应验的，自我实现的 *If you expect to fail, you will fail. It's a self-fulfilling prophecy. 你如果预期失败，就会失败。这是一种自我应验的预测。

prophecy n.[C] 1.预言*to fulfil a prophecy 实现预言 2.[U]预言能力 *She was believed to have the gift of prophecy. 据信她有预言的天赋。

a self-fulfilling prophecy  自我实现预言，即信念能够导向自我实现，由社会学家罗伯特·默顿（Robert Merton）提出。默顿指出，如果人们相信银行即将倒闭，纷纷排队去提款，他们错误的直觉便可以创造出事实。如果人们相信股票会上涨，那么它们可能真的会上涨。

教师的期望也会变成自我实现预言

sustain v.  [一词多义]

      1.~ sth 支撑；承受住=bear *The ice will not sustain your weight. 这冰承受不了你的体重。

       2.~ sb/sth 维持（生命、生存）

       *Which planets can sustain life? 哪些行星可以维持生命的存在？

       *The love and support of his family sustained him during his time in prison.家人的关爱和支持帮助他度过了狱中的岁月。

       3.~ sth 使保持；使稳定持续 =maintain

      *a period of sustained economic growth 经济持续增长的时期

      *a sustained attack 持续的攻击

       4.~ sth 遭受；蒙受；经受 = suffer

      *to sustain damage/an injury/a defeat 遭受损失；受伤；遭到失败

      *The company sustained losses of millions of dollars. 公司遭受了数百万元计的巨大损失。

       5.~ sth 证明；证实 = uphold

       *The evidence is not detailed enough to sustain his argument. 这一证据过于笼统，不足以证明他的论点。

        6.~ sth （法律）认可；确认；准许；支持 = uphold

        *The court sustained his claim that the contract was illegal. 法庭支持他的主张，认定该合同不合法。

        *Objection sustained! 反对有效！

debacle n.[C]彻底的失败；惨败；垮台；灾祸*After the debacle of the war the world was never the same again... 经历了这场战争的惨败之后，世界再也不是原来的那个样子了。 *The convention was a debacle. 这次大会开得非常失败。

crank out 快速大量地制造；（尤指）粗制滥造=turn out  [经济学人2.4.smartphones in China] DONGGUAN, a southerly Chinese city near Hong Kong, is better known for cranking out cheap trinkets than for producing high-end equipment of any kind.

crank sth<->up 1.使机器运转；使...提高效率 2.（把音乐等的音量）开大，调高=turn up *Crank up the volume.把音量放大些！

“粗制滥造”的多样表达：

churn sth <->out （粗制滥造地）大量生产，大量炮制

crank sth<->out 快速大量地制造；（尤指）粗制滥造=turn out

grind sth<->out 大量生产（常指粗制滥造）*She grinds out romantic novels at the rate of five a year.

pump sth <-> out 大量生产（或制造） *Our cars pump out thousands of tonnes of poisonous fumes every year.我们的汽车每年排放出数千吨的有毒尾气。

只要股东们对这一模式保持信心，亚马逊令人兴奋的估值就会像一个自我应验的预言。公司将可以一直花钱，而它的支出也会不断让它变得更强大。支撑股东信心的是亚马逊的业绩。它曾经失败过，制造智能手机的尝试便是个灾难。但是公司正开始大量产生现金。去年的现金流（投资前）为160亿美元，比五年前的四倍还多。

If Amazon’s approach to time-frames is unusual, so too is the sheer breadth of its activities. The company’s list of current and possible competitors, as described in its annual filings, includes logistics firms, search engines, social networks, food manufacturers and producers of “physical, digital and interactive media of all types”. A wingspan this large is more reminiscent of a conglomerate than a retailer, which makes Amazon’s share price seem even more bloated: stockmarkets typically apply a “conglomerate discount” to reflect their inefficiencies.

time-frame n.时间范围；时间段；时间框架 *Discussions at the UN could include a time frame for action. 联合国进行的讨论可能包括采取行动的时间安排。

sheer adj.（用来强调事物的大小、程度或数量）[经济学人1.14.The return of the MOOC]The sheer numbers of people flocking to some of the initial courses seemed to suggest that an entirely new model of open-access, free university education was within reach.  [复习]

breadth [U,C] 1.广度；广泛性 *Older people have a tremendous breadth of experience... 年长者阅历相当丰富。2.宽度 *The breadth of the whole camp was 400 paces. 整个营地的宽度为400步。

the length and breadth of ...到处；处处；各地 *The group built their reputation by playing across the length and breadth of North America... 这个乐队通过到北美各地演出打响了知名度。 *She has travelled the length and breadth of Britain. 她游历了英国各地。

filing n.[C] 1.（法庭）讼案；档案；存档 2.（尤指金属的）锉屑，切末  *iron filings 铁锉屑 *metal filings. 金属屑末 file v.

logistics  n.1.[U]物流 2.[U]后勤；组织工作 3.[U]军事后勤  [复习]

reminiscent 1. ~of sb/sth 使回忆起（人或事）≈remind sb of sth *The way he laughed was strongly reminiscent of his father. 他笑的样子让人很容易想起他的父亲。2.[only before noun] 回忆过去的；怀旧的；缅怀往事的*a reminiscent smile 追忆往事时露出的微笑

conglomerate n.1.联合大公司；企业集团 2.合成物；组合物；聚合物 [复习]

bloated adj. 1.膨胀的；肿胀的；臃肿的 2.饮食过度的；胃胀的 bloat v.膨胀；肿胀

apply sth to sth 运用；应用 *His project is concerned with applying the technology to practical business problems. 他的项目是将这项技术应用于实际的商务问题。

apply oneself/sth to sth 勤奋工作；努力学习 *We applied our minds to finding a solution to our problem.我们绞尽脑汁寻求解决问题的办法。卫报：你是视觉型、听觉型还是感觉型学习者？|第56篇精读...it can lead to a fixed approach that could impair pupils’ potential to apply or adapt themselves to different ways of learning.[复习]

如果说亚马逊对投资时间期限的态度非同寻常，那么它对公司经营的广度也是如此。如其年报所述，公司目前以及未来可能的竞争对手包括物流公司、搜索引擎、社交网络、食品制造商和“各种各样的实体、数字和交互式媒体”的制作商。如此之广的跨度更像是一个企业集团而不是一个零售商，这愈加让亚马逊的股价看起来虚高：股市通常会对股价打一个“企业集团折扣”来反映它们的低效。

Many of these services support Amazon’s own expansion and that of other companies. The obvious example is AWS, which powers Amazon’s operations as well as those of other firms. But Amazon also rents warehouse[n.仓库] space to other sellers. It is building a $1.5bn air-freight hub in Kentucky. It is testing technology in stores to let consumers skip the cash register altogether, and experimenting with drone deliveries to the home. Such tools could presumably serve other customers, too. Some think that Amazon could become a new kind of utility: one that provides the infrastructure of commerce, from computing power to payments to logistics.

that of other firms 指 expansion of other firms，those of other companies 指 operations of other companies，注意指代时须加上介词 of

power v. 1.~ sth 驱动，推动（机器或车辆）*The aircraft is powered by a jet engine. 这架飞机由喷气发动机驱动。2.（使）迅猛移动，快速前进 ~ (sth) + adv./prep. *He powered through the water. 他在水中迅速游动。She powered her way into the lead. 她迅速用力冲到最前面。[熟词僻义]

air-freight n.空运

hub n.[singular]（某地或活动的）中心，核心 经济学人将香港定位为一个全球金融中心，这里的中心就用到了hub一词 It knows that to scrap that promise would be the death knell for Hong Kong as a global financial hub.

presumably adv.大概；很可能；想必是

utility n.1.[C]公用事业 2.[U]实用；效用；有用=usefulness 3.[C]实用程序；公用程序[经济学人3.18.The World this week Business] EON, a German utility, registered an annual net loss of €16bn ($18bn) …

这些服务中的很多都有助于亚马逊自身和其他公司的扩张。一个明显的例子是AWS，它既为亚马逊也为其他公司的运营提供动力。不过亚马逊还向其他卖家出租仓库。它正在肯塔基州建造一个价值15亿美元的空运中心。它正在门店测试新技术，让消费者完全跳过到收银台结账的环节，它还在尝试用无人机送货到家。这些工具也很可能会服务于其他客户。有些人认为亚马逊也许会成为一种新型的公用事业，提供从云计算能力、支付到物流的商务基础设施。

A giant cannot hide

And here lies the real problem with the expectations surrounding Amazon. If it gets anywhere close to fulfilling them, it will attract the attention of regulators. For now, Amazon is unlikely to trigger antitrust action. It is not yet the biggest retailer in America, its most mature market. America’s antitrust enforcers look mainly at a firm’s effect on consumers and pricing. Seen through this lens, Amazon appears pristine. Consumers applaud it; it is the most well-regarded company in America, according to a Harris poll. (AWS is a boon to startups, too.)

antitrust adj.（指美国法律）反托拉斯的，反垄断的 *The jury found that the NFL had violated antitrust laws. 陪审团裁决全国橄榄球联盟触犯了反垄断法。

pristine 1.未开发的；处于原始状态的=unspoiled *pristine,pollution-free beaches  2.崭新的；清新的=immaculate *The car is in pristine condition.这辆车是全新的。

boon n.[C]~(to/for sb)给生活带来方便的事物；非常有用的东西；益处 *It is for this reason that television proves such a boon to so many people... 就是因为这个原因，电视才会给这么多人带来如此大的便利。 *This battery booster is a boon for photographers. 这种电池充电器是摄影工作者的好帮手。

对于围绕着亚马逊的期望而言，真正的问题如下。一旦真的接近这些目标，它就会招来监管部门的注意。目前来看它还不大可能会触发反垄断行动。在其最成熟的市场美国，亚马逊还不是最大的零售商。美国的反垄断执法机构考量的主要是一家公司对消费者的影响力及其定价。从这一角度来看，亚马逊还很质朴。消费者为它拍手叫好；Harris的一项调查显示，它是美国声誉最好的公司（AWS对于创业公司来说也是一大福音）。

But as it grows, so will concerns about its power. Even on standard antitrust grounds, that may pose a problem: if it makes as much money as investors hope, a rough calculation suggests its earnings could be worth the equivalent of 25% of the combined profits of listed Western retail and media firms. But regulators are also changing the way they think about technology. In Europe, Google stands accused of using its clout as a search engine to extend its power to adjacent businesses. The comparative immunity from legal liability of digital platforms—for the posting of inflammatory content on Facebook, say, or the vetting of drivers on Uber—is being chipped away.

长难句分析：But as it grows, so will concerns about its power.

so 前置，引起了倒装。在用so, nor, neither表示“也/不……”这一类结构里倒装的公式是:

肯定：so+be/have/助动词/情态动词＋主语

否定： Neither(nor)+be/have/助动词/情态动词＋主语。如：

—He has been to Beijing.他去过北京。 —So have I.我也去过。

—They can’t answer the question.他们不会回答这个问题。—Neither than I.我也不会。

ground n.ground for sth/for doing sth 充分的理由；根据 *The court overturned that decision on the grounds that the Prosecution had withheld crucial evidence... 法庭以检控方拒绝出示关键证据为由撤销了那项判决。

on the ground that… 以…为依据；建立在...基础上 *Owen was against it, on the grounds of expense.欧文因费用问题对此表示反对。

stand accused of 被指控...

clout

1.[U]影响力；势力*political/financial clout政治/经济势力

2.[C,sing.]击，打

v.（尤指用手）猛击，重打

adjacent adj.（地区、建筑、房间等）邻近的；与...毗连的 adjacent to sth *Our farm land was adjacent to the river.我们的农田在河边。

comparative adj.

1.比较而言的；相对的= relative *Then he was living in comparative comfort. 他那时生活比较舒适。

2.比较的；相比的 *a comparative study of the educational systems of two countries 两国教育制度的比较研究

3.（语法）（形容词或副词）比较级的 superlative adj.最高级的

comparatively adv.比较地；相对地 =relatively

*Comparatively speaking, the peasants don’t care much about the election.相对而言，农民不大关心选举。[写作]

[经济学人1.28.International divorce] Britain is comparatively generous to foreign parents who seek a child’s return: it provides help with legal advice and translation.[复习]

immunity

1.[U]免疫力 *natural/acquired immunity 自然/获得性免疫力 *to develop (an) immunity to sth 对某疾病产生免疫力 ~to/against sth

2.[U]豁免 *tax/legal immunity 税收/法律上的豁免

3. [C,U]豁免权 *diplomatic/parliamentary immunity 外交/议会豁免权 *to be given or granted immunity from prosecution 获得豁免权

4.[U]不受影响 *immunity to criticism 对批评的无动于衷

liability

1.[U]责任 *to deny liability for sth 不承认对…负有责任 *the liability for tax or paying tax 纳税的义务

2.[U]不利条件 *the house has become a liability for them 这套房子成了他们的累赘 *the goalkeeper is a real liability to his team! 这名守门员完全是球队的拖累！

3.[C]liabilities 负债 *to meet one's liabilities 偿付债务

inflammatory adj.1.煽动性的；使人发怒的 2.炎性的；发炎的

say v.比方说；假设 ~sth/sb *You could learn the basics in, let's say, three months.比方说，三个月你就可以掌握基本知识。*Let's take any writer, say (= for example) Dickens…我们随便举一个作家为例，比如说狄更斯…

~ (that)…*Say you lose your job: what would you do then? 假设你把工作丢了，那你怎么办呢 [熟词僻义]

vet v.~sb 审查（某人过去的生活和职业）=screen 2.~sth仔细检查，审查（内容、质量）=screen [熟词僻义]

positive vetting n.[C,U]道德审查（对申请从事保密工作者的背景和品行进行检查）

chip away (at) sth 1. 逐渐削弱 *The company’s dominance of the market is gradually being chipped away. 2.不停地凿/削 *He was chipping away at the stone.他不停地凿那块石头。

但随着亚马逊的发展，对它影响力的担忧也在增长。即便是从通常的反垄断角度来看，这也会是一个问题：如果它像投资人所希望的那样赚得盆满钵满，粗略算下来，它的盈利将相当于西方所有上市零售公司和媒体公司总盈利的25%。但监管机构同时还在改变它们对科技的看法。在欧洲，谷歌遭到指控，有人认为它利用自己作为搜索引擎的影响力来扩展其他业务。数字平台原本相对而言享有更多的法律责任豁免——比如在Facebook上发布煽动性内容或是审核优步司机这类事件上，但这种特权如今也在逐渐削弱。

Amazon’s business model will also encourage regulators to think differently. Investors value Amazon’s growth over profits; that makes predatory pricing more tempting. In future, firms could increasingly depend on tools provided by their biggest rival. If Amazon does become a utility for commerce, the calls will grow for it to be regulated as one. Shareholders are right to believe in Amazon’s potential. But success will bring it into conflict with an even stronger beast: government.

predatory adj.1.（人）（在金钱或性关系上的）欺负弱小的，压榨他人的 2.（动物）捕食性的 [经济学人2017.1.14.Set them free]This is on top of the challenges that affect all Egyptian firms, such as rising prices and predatory officials. [复习]

tempting adj.诱人的;吸引人的 If something is tempting, it makes you want to do it or have it. *It was an attempting offer.这是个诱人的提议。 *The cakes looks very tempting.那蛋糕的样子让人嘴馋。

beast n.

1.兽；野兽

2.兽性的人；畜生；禽兽 If you refer to a man as a beast, you mean that his behaviour, especially his sexual behaviour, is very violent and uncontrolled.  *...a sex beast who subjected two sisters to a terrifying ordeal. 使两姐妹遭受恐怖摧残的色魔

3.讨厌鬼；王八蛋 If you call someone a beast, you think that they are behaving in a selfish, unkind, or unpleasant way.  *Bully! Hooligan! Beast! Let me go, let go! 混蛋！流氓！王八蛋！放开我，放开！

4.（含诙谐意）有特定性质的事物，性格特别的人 You can use beast to refer to something or someone in a light-hearted way, and to mention that they have a particular quality.  *...that rare beast, a sports movie that isn't boring. 这场体育电影还挺有意思，真难得。

亚马逊的商业模式也会促使监管机构转换思路。投资者看重亚马逊的增长更甚于盈利，这让掠夺性定价愈发具有诱惑力。在未来，企业可能会越来越依赖其最大竞争对手所提供的工具。如果亚马逊真的成为一个商务公用事业，将其作为这样一种事物来进行监管的呼声就会加强。股东相信亚马逊的潜力，这一点没错。但成功会把它推向与另一头更强大的猛兽对抗：政府。