Transcript Unit3

Unit 3
World News: Economic
Developments
• Part I Warming up
• A.
• News Item 1: Central Bank Meeting
• Central Bank:
• A nation's principal monetary authority, such as
the Federal Reserve Bank, which regulates the
money supply and credit, issues currency, and
manages the rate of exchange.
• governor:
• chief executive (of Central Bank)
• slowdown: 减速
• a business slowdown
• outlook:
• the prospect for the future
• global economy:
• recovery:
• an economic upturn (as after a depression)
• emerging economies:
• refers to the countries whose economies are
developing fast
•Listen to the news and answer the
question:
• Who have been meeting in Hong Kong
today to discuss the outlook for the global
economy?
• Central Bank governors from more than a
dozen countries.
• Central Bank governors from more than a
dozen countries have been meeting in Hong
Kong today. One subject they likely
discussed is the outlook for the global
economy because of the U.S. slowdown and
Japan’s struggling recovery. Another topic,
how to strengthen financial markets in
emerging economies in Asia and elsewhere.
• Item 2. Foreign Investment
• UN Conference on Trade and Development
(UNCTAD):
• was established in 1964 as a permanent
intergovernmental body, UNCTAD is the
principal organ of the UN General Assembly
dealing with trade, investment and
development issues.
•What does UNCTAD say about the
worldwide total of foreign investment?
•It grew by 40% last year to more than
600 billion dollars.
• A United Nations’ report says the
worldwide total of foreign investment grew
by nearly 40% last year to more than 600
billion dollars. The report by the UN
Conference on Trade and Development,
UNCTAD says most of it took place
between developed countries as big
companies took one another over.
• Item 3: A Cut in Income Tax Rates.
• House of Representatives:
• The lower house of the United States
Congress.
• With 435 popularly elected officials, the
House is the most representative body in the
federal government.
• House seats are apportioned relative to each
state's population.
• approve :
• to give formal or official sanction to : ratify
批准;认可
• Congress approved the proposed budget.
• cut:
• to reduce in amount ; reduction
• cut costs
• trillion:
•万亿,兆,一千的四次幂
•Who has approved a cut in income
tax rates?
•The United States House of
Representatives.
• The United States House of Representatives
has approved a cut in income tax rates, the
first part of a package of tax cutting
measures put forward by President Bush.
The income tax reductions will amount to
nearly 1 trillion dollars over ten years.
•Item 4 Job Cuts in Intel
•computer chip:
•电脑集成电路片
•Intel
•【电脑】(美国)英特尔公司(全球
知名的半导体生产厂商)
•revenue:
•the gross income returned by an investment
•收入,收益
•Who has announced job cuts after a
fall in demand for its products?
Intel
What is its plan?
To Reduce 5,000
• The world’s largest maker of computer chips,
Intel, has announced job cuts after a fall in
demand for its products. Intel said it
expected its revenue in the first quarter of
this year to fall by a quarter on the same
period last year. The California-based
company plans to reduce its 85,000-strong
work force by 5,000.
• Item 5 Restrictions on the Movement of
Live-Stock
• The EU: the European Union
• impose:
• to establish or apply by authority
• <impose a tax> <impose new restrictions>
<impose penalties>
• ban:
• legal or formal prohibition
• 禁止;禁令
•live-stock:
•animals kept or raised for use or
pleasure; especially : farm animals kept
for use and profit
•(总称)家畜
•foot-and-mouth disease:
•牛羊等的口蹄疫
•What decisions have been made by EU,
the U.S. and Canada after a case of
foot-and-mouth disease was confirmed
in France?
•EU has •imposed further restrictions on
the movement of live-stock.
•The U.S. and Canada have
•issued temporary bans on the import of
animal produce from EU
•The European Union has imposed
further restrictions on the movement of
live-stock after a case of foot-andmouth disease was confirmed in France.
The United States and Canada have
issued temporary bans on the import of
all animal produce from EU countries.
• B. News on Economy
• Focus: Numbers and Percentages
• Item 1. Exchange Rates and Stock Exchange
• German mark: 德国马克
• Japanese yen 日元
• The Dow Share Index: 道琼斯股票指数
• The Nikkei Share Index: 日经指数
•
•
•
•
•
•
•
•
Foreign exchange rates:
1 dollar= 1.733 German marks
= 126.9 Japanese yen
1 pound= 1.624 dollars
Share Index:

Dow Jones
  6,783 (+45)
London’s 100 
  4,390 (+20)
Nikkei
 
closed
• Item 2 Stock Exchange
• The Dow Jones Industrial Average:
• 道琼斯工业股票平均指数
• the Standard and Poor’s 500 Index:
• An index of stock prices issued by Standard
and Poor, indicating price movements of the
shares of five hundred major companies
traded on the New York Stock Exchange.
• NASDAQ:
• National Association of Securities Dealers
Automated Quotation
• 那斯达克(美国全国证券交易商协会
自动行情指数)
•
•
•
•
Share Index:
Dow Jones


Standard and Poor’s 500

NASDAQ:

 10,116 (+96)
 1,254 (+6)

 (-1.5)
• Item 4
• The Hang Seng Index:
• An index of the leading stocks on the Hong Kong
stock market.
• 香港恒生指数
• turnover:
• 证券成交额
•
•
•
•
•
•
•
•
•
Most Active Stocks:
Cable and Wireless HKT 
  $0.45
HSBC
 
 $0.50
Hutchison
 
 $0.50
Shanglongkai Property 
  $2.25
China Telecom
 
 $1.50

Changhong
  $0.25
Pacific Century Cyberworlds  
 $0.10
CCT Telecom
 
 $0.275
•
•
•
•
•
New World Cyberspace  
 $0.075
Hanong Holdings
 
 $0.25
Gold Prices:
Hong Kong gold: HK$ 2,670
London gold:
US$ 289
•Part II News Report
•Training focus: News Summary
• A. Forbes Annual Survey: The ranks of companies
in the world
• Forbes magazine is an American business and
financial magazine founded in 1917 by B.C
Forbes
• Forbes is best-known for its many periodic lists of
(net worth) wealth. As it often takes considerable
detective work to determine the actual wealth of
an individual, Forbes' figures are widely cited.
• Citigroup is the largest financial services company
in the world.
• HSBC Banking Company: Headquartered in
London, HSBC is one of the largest banking and
financial services organizations in the world.
HSBC's international network comprises over
9,800 offices in 77 countries and territories in
Europe, the Asia-Pacific region, the Americas, the
Middle East and Africa.
• BP-Amoco: USA. Multi-national petrochemical company.
• Daimler-Chrysler:is a prominent automobile
and truck manufacturer with a revenue of
$192.319 billion USD (2004)
• General Electric Corporation: is a
multinational technology and services
company.
• Anglo-American Oil Company:
• Microsoft: The most successful and
influential software company. Microsoft's
software and Intel's hardware pioneered the
PC and revolutionized the computer industry.
Founded in 1975 by Bill Gates and Paul
Allen,
• Bank of America: is the third largest bank in
the U.S.A, measured in assets. It was
founded in 1874 as Commercial Financial
Bank.
• composite formula: a formula that is made
up of different parts
• 综合方案，综合指标
• assets: 固定资产
• market capitalization: The total dollar value
of all outstanding shares. It's calculated by
multiplying the number of shares times the
current market price. This term is often
referred to as market cap.
• (股票等的) 市值
• merger: (公司等的)合并
• acquisition: When one company purchases a
majority interest in the acquired.
• rank: to take or have a position in relation to
others
• cite: to mention something as proof for a
theory or as a reason why something has
happened
• cite an example; cite some reason
• Listen to the report and complete the news
summary and then answer the questions
• Summary:
• This news report is about
Forbes’s “Super 100 Global” list.
•(福布斯公布的全球100强公司名单)
• Answer the following questions:
• 1. Which of the following corporations are the top five on
Forbes’s List? Mark their ranks.
• ______
2 Citigroup
• ______HSBC
Banking Company
4
• ______BP-Amoco
• ______Daimler-Chrysler
5
1
• ______General
Electric Corporation
• ______Anglo-American Oil Company
• ______Microsoft
• ______Bank
of Merica
3
• 2. How are the companies ranked?
• The companies are ranked with a composition
total sales, profits, assets
formula, which includes ________________
and market capitalization, or the total value of
their stock.
• 3. How are the 100 companies distributed?
• ______________________________
46 in the U.S, 54 in Europe and Japan
• 4. Why were none of the Internet-related firms
have little or no profits so far.
• ___________________________________
Because most of the Internet-related firms
___________________________________
have little or no profits so far.
• B. Economies in the Asia-Pacific region
• financial crises:
• 金融危机
• rebound:
• to recover from setback or frustration
• exceed:
• to be greater than
• He was taken to the police box for exceeding the
speed limit.
• turnaround:
• (经济等的)突然好转;突然转坏
• resurgence:
• recovery from economic depression
• 复苏
• inflation:
• 通货膨胀
• The government did nothing to curb inflation.
• 政府没有采取措施遏制通货膨胀。
• flourishing economy:
• prosperous economy or successful recovery from
economic recession.
• buoyant:
• capable of recovering : having positive indications
• 趋于上升的;上涨的
• a buoyant stock market
• 行情看涨的股票市场
• <a buoyant economy; buoyant exports>
• complacency:满足;自满
• adversely:逆向地
• sustained recover:持续恢复、好转
• surveillance:
• close watch kept over someone or something
• 监督;检查
• Listen to the report, complete the news summary
and then decide whether the statements you hear
on the tape are TRUE or FALSE.
• Summary:
• This news report tells us
economies in the Asia-Pacific region have
that________________________________
rebounded from the 1997-1998 financial crisis
___________________________________
• Statements:
• 1. There was a financial crisis in Asia from 1996-1998.
• F
1997-1998
• 2. Economic growth in Asia is expected to be more than 6%
this year. T
• 3. Economies in the Asia-Pacific region grew by 5.5% last
year. T
• 4. Economies in the Asia-Pacific region grew considerably in
1998.
F
1998 experienced zero-growth
• 5. High economic growth in Asia was accompanied by high
inflation.
F
Higher growth has been achieved
without causing inflation to rise
• 6. The flourishing economy in the Asia-Pacific
region is largely due to a combination of greater
foreign investments and increasing exports. T
• 7. The economic growth in the region could be
adversely affected by a slowdown in the U.S.
economy and higher oil prices. T
• 8. According to the UN report, improved
surveillance and early warning systems are needed
to monitor the international financial
development. T
• Part III China and WTO
• Training Focus: Selecting Information
A. China and WTO
Background building: WTO:
established in 1995
the General Agreement on Tariffs and Trade (GATT)关贸总协定
The WTO is responsible for monitoring national trading policies,
handling trade disputes, and enforcing the GATT agreements,
which are designed to reduce tariffs and other barriers to
international trade and to eliminate discriminatory treatment in
international commerce.
Unlike GATT, the WTO is a permanent body but not a specialized
agency of the UN; it has far greater power to mediate trade
disputes between member countries and assess penalties.
Headquartered in Geneva, also holds international ministerial
conferences; 147 members.
China’s Entry into WTO
After 15 years of arduous efforts, the protocol草案
on the PRC’s WTO entry was approved and
adopted at the Fourth WTO Ministerial Meeting
held in Doha, capital of Qatar, by representatives
from142 members on November 10, 2001. On
December 11, 2001 China formally became the
143rd member of the WTO. Entering the WTO is
a strategic decision made by the Chinese
government under the condition of economic
globalization, marking the new stage of China’s
opening-up.
grueling: extremely tiring and difficult, and
demanding great effort and determination
累垮人的
boost: a push upward
推动;帮助;促进
a boost to their morale
对他们士气的激励
• attribute sth. to sth.:
• to say or think that something is the result or
work of something or someone else:
把...归因于;把...归咎于
• The doctors have attributed the cause of the illness
to an unknown virus.
He attributed his good health to exercise.
• 他认为自己之所以身体好是因为运动。
• expediency: a means of achieving a particular end
• 权宜之计
• Listen to the report and complete the
statements.
six days of grueling talks, Beijing
• 1. After_______
reached an agreement with the United
entry into the WTO
States on China’s ________________.
• 2. At ______
4 p.m , top U.S trade representative,
Sharline Baschevsky, and Chinese foreign
trade minister, Shi Guangsheng,
_______________________________
put their signatures on paper to confirm
_______________________________.
China’s entry into the WTO
• 3. The agreement marks the end of
13
long and often painful years of egotiations
_______________________________
between China and the United states.
• B. the second part of the report
• bilateral trade relations: 双边贸易关系
• mutual benefits: 互利
• terms and conditions：条款
• provision: 规定;条款
• According to the provisions of this agreement, you
must continue to work for them another two years.
• 按照协议的规定,你必须再为他们工作二
年。
• import duty:进口税
• phase sth. in: to introduce something gradually or
in stages:
• They will phase the new health care system in over
a period of five years.
• abide by (rules)
• to accept or obey an agreement, decision or rule:
• Competitors must abide by the judge's decision.
• Listen to the second part. Summarize the main
content of the agreement by filling in the blanks
with what you hear
• _____________________
Terms and conditions of access to China’s market
with specific commitments to
Industrial goods, agricultural products and services.
__________________________________
• Provisions relating to _________________.
rules on market opening
•China’s reducing its average import duties
from 22 to 17 %
•_______________________________
•China’s opening its market for
_______________________________
U.S. banks, insurers, telecommunications
_______________________________
firms and even film exporters.
•China’s joining the WTO as
______________.
a developing nation
中国代表团团长石广生在WTO第四届部长
级会议上的发言
Statement by H.E. Minister SHI Guangsheng,
Head of the Chinese Delegation,
at the Fourth Ministerial Conference of the WTO
http://www.4english.cn/speeches/wto-shigs.htm
•Part IV. UN business conference
• Training focus: News summary
• feature: to give special prominence to
• Economic issues featured very largely in the Prime
Minister's speech.
• 首相的讲话中很大一部分涉及经济问题。
• seminar:
• a meeting for giving and discussing information
• 专家讨论会
• a seminar on environmental protection
• 关于环境保护问题的讨论会
• attendee: a person who attends (a meeting, etc.)
• mingle with: mix together or with something else
• booth:
• (有篷的)货摊
• I had a pepsi at a refreshment booth round the
corner.
• 我在转角处的餐饮摊喝了一杯百事可乐。
• sector: 部门
• Ericsson : 爱立信通讯公司
• Mozambique:
• 莫桑比克(非洲东南部国家)
• Inmarsat: Inmarsat owns and operates a
global satellite network and offers mobile
satellite communications solutions for users
in the maritime, land and aeronautical
• Beoing Aircraft Company: 波音航空公司
• Javits Convention Center:
• One of the world's largest, most technically
advanced exposition halls;
• 900,000 square feet of exhibit space
• more than 100 meeting rooms can accommodate six
events simultaneously.
• Designed by I. M. Pei, the center is easily
recognized by its thousands of glass cubes that
mirror the skyline by day.
•
Javits Convention Center
• 655 W 34th St
New York, New York
• A. Listen to the a news report on an UN business
conference. Summarize the news according to the
cues given.
• Title of the conference: ___________
Aid and Trade
• Conference venue: _____________________
Javits Convention Center in NY.
4 major seminars & more than 150 exhibits
• Features: ____________________________
• Numbers of attendees: ______________
More than 150
• Aim of the conference:
___________________________________
Encouraging partnerships in the global economy.
• Attitudes of the attendees:
• Having
___________________________________
some level of interest in working with the UN
___________________________________
Showing some skepticism about he mixing of
business with the world organization.