The way I understand it, "translation" just means the translation of text from one language to another, whereas "localisation" includes all the things that need doing to make the application fully functional in the locale -- including text translation, but also covering such things as conversion of date/time formats, number formats, currency formats, font support for local scripts, use of locally familar icons, inclusion of local-language dictionaries for spell-checking, etc.
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CliveIt seems a form of business jargon to me.It's also IT jargon (if the distinction is worthwhile).