英语时文泛读 Current News Articles for Extensive Reading

1. 英语时文泛读Current News Articles for Extensive Reading BOOK IV

2. Business and Finance

3. I. Overview • In this unit, you will read 3 passages about some aspects of business operation and finance in the US, China and Ireland.

4. Structure • This unit will give you a glimpse of the corporate merging in the US, the use of credit-card in China and the success story of Intel Ireland.

5. Land of the Giants The US is a country where there are many world business leaders; however when things do not go well with some of them; they are likely to be acquired by a stronger corporation; hence the latest wave of merging in this country. Text A

6. It is the centuries-old belief of the simple and hard working Chinese people not to live on money borrowed from others; however, they must get themselves used to the use of credit cards today. China on Credit Text B

7. The Intel Ireland campus is one of the most sophisticated manufacturing facilities in the world, which, along with others, helped to bring the Celtic Tiger to the economic front of the world. Yet Ireland needs to create more of its own global companies to sustain its own economy. The Irish Question Text C

8. Focus of this session

9. II. Text A Land of the Giants • Main Idea of the Text • There is a wave of merging in the US today to accommodate the changing economic landscape. The author warns that “For all the talk of profits and synergies, investors would be wise to view these deals with a wary eye. Blockbuster mergers tend to be duds for stockholders of the acquiring company.” The author explains this spree of merging is partly accounted for being “a self-perpetuation cycle.” And “the buying binge is also being fueled by rising stock prices—and the loads of cash piling up on corporate balance sheets.”

10. Author Daren Fonda Staff Writer, SmartMoney; the author also writes for Time, The New York Observer, etc. Background Information

11. Source Time (trademarked in capitals as TIME) is a weekly American newsmagazine, similar to Newsweek and U.S. News & World Report. A European edition (Time Europe, formerly known as Time Atlantic) is published from London. Time Europe covers the Middle East, Africa and, since 2003, Latin America. An Asian edition (Time Asia) is based in Hong Kong. As of 2009, Time no longer publishes a Canadian advertiser edition. The South Pacific edition, covering Australia, New Zealand and the Pacific Islands, is based in Sydney. In some advertising campaigns, the magazine has suggested that, through an acronym, the letters T-I-M-E stand for The International Magazine of Events Background Information

12. Kmart (sometimes spelled as “K-Mart”) is a chain of department stores in the United States, Puerto Rico, the U.S. Virgin Islands, and Guam. The chain merged with Sears in 2005, creating the Sears Holdings Corporation. Kmart also exists in Australia and New Zealand (see Kmart Australia), although it now has no relation to the American stores except in name after US equity in the Australian business was purchased in the late 1970s. It is the third largest discount store chain in the world, behind Wal-Mart and Target. Cultural Notes

13. Sears, Roebuck and Company, commonly known as Sears, is an American mid-range chain of international department stores, founded by Richard Warren Sears and Alvah Roebuck in the late 19th century. From its mail order beginnings, the company grew to become the largest retailer in the United States by the mid-20th century, and its catalogs became famous. Sears, a former component of the Dow Jones Industrial Average, merged with Kmart in early 2005, creating the Sears Holdings Corporation. Cultural Notes

14. Nextel Communications, styled NEXTEL, (Former NASDAQ: NXTL), now known as the Sprint Nextel Corporation, was a telecommunications firm based in the United States best known for providing a nation-wide push to talk mobile communications system. Unlike other cellular providers’ networks, Nextel’s network operated in the Specialized Mobile Radio (SMR) band, and Nextel was one of the first providers in the United States to offer a national digital cellular coverage footprint. Cultural Notes

15. Johnson & Johnson (NYSE: JNJ) is a global American pharmaceutical, medical devices and consumer packaged goods manufacturer founded in 1886. Its common stock is a component of the Dow Jones Industrial Average and the company is listed among the Fortune 500. Johnson & Johnson’s brands include numerous household names of medications and first aid supplies. Among its well-known consumer products are the Band-Aid Brand line of bandages, Tylenol medications, Johnson’s baby products, Neutrogena skin and beauty products, Clean & Clear facial wash and Acuvue contact lenses. Cultural Notes

16. Guidant Corporation, part of Boston Scientific, designs and manufactures artificial pacemakers, implantable defibrillators, stents, and other cardiovascular medical products. Their company headquarters is located in Indianapolis, Indiana. Their main competitors are Medtronic, St. Jude Medical, and Johnson and Johnson. Cultural Notes

17. SBC, the Baby Bell AT&T Inc. (NYSE: T) is the largest provider of both local and long distance telephone services, DSL Internet access and wireless service in the United States with 71.4 million wireless customers and more than 150 million total customers. The current AT&T includes eleven of the original Bell Operating Companies, and the original long distance division. The company was honored at the 2008 Technology & Engineering Emmy Awards for development of coaxial cable technology. Cultural Notes

18. Right Guard is a brand of deodorant for men. The Gillette Company introduced Right Guard as the first aerosol antiperspirant in the early 1960s. Formerly a Gillette brand, in 2006 Right Guard was sold to Dial Corporation (a US division of the German consumer good group Henkel) (along with Soft&Dri and Dry Idea) for $420 million as a condition for Procter & Gamble‘s Gillette acquisition. The brand is mentioned in the Dead Kennedys song “Holiday in Cambodia,” with the lyric: “It’s time to taste what you most fear / Right Guard will not help you here.” Cultural Notes

19. AOL’s merger with Time Warner Time Warner Inc. (NYSE: TWX) is one of the world’s largest media and entertainment conglomerates, headquartered in New York City. Formerly three separate companies: Warner Communications, Inc. and Time Inc. before the Time-Warner merger in 1990 and America Online, Inc. before its purchase of Time Warner in 2001 has created the current Time Warner, with major operations in film, television, publishing, Internet service and telecommunications. Cultural Notes

20. Kimberly-Clark Corporation (NYSE: KMB, BMV: Kimber) is an American corporation that produces mostly paper-based consumer products. Kimberly- Clark brand name products include “Kleenex“ facial tissue, “Kotex“ feminine hygiene products, “Cottonelle” toilet paper, Wypall utility wipes, “KimWipes“ scientific cleaning wipes, and “Huggies“ disposable diapers. Based in Irving, Texas, it has approximately 55,000 employees. Cultural Notes

21. The S&P 500 is a stock market index containing the stocks of 500 Large-Cap corporations, all of which are from the United States. The index is the most notable of the many indices owned and maintained by Standard & Poor’s, a divisi on of McGraw-Hill. S&P 500 is used in reference not only to the index but also to the 500 companies that have their common stock included in the index. The S&P 500 index forms part of the broader S&P 1500 and S&P Global 1200 stock market indices. Cultural Notes

22. Warren Edward Buffett (born August 30, 1930) is an American investor, businessman, and philanthropist. He is one of the world’s most successful investors and the largest shareholder and CEO of Berkshire Hathaway. Cultural Notes

23. Cultural Notes • He was ranked by Forbes as the richest man in the world during the first half of 2008, with an estimated net worth of $62.0 billion. In 2007, he was listed among Time‘s 100 Most Influential People in The World. He also serves as a member of the board of trustees at Grinnell College.

24. Veritas Software Corp. was an international software company that was founded in 1983 as Tolerant Systems, renamed Veritas Software Corp. in 1989, and merged with Symantec in 2005. It was headquartered in Mountain View, California. The company specialized in storage management software including the first commercial journaling file system, VxFS, VxVM, VCS, the personal/small office backup software Backup Exec and the popular enterprise backup software NetBackup. Veritas was listed on the S&P 500 and the NASDAQ-100 under the VRTS ticker symbol. Cultural Notes

25. CIBC World Markets is the investment banking subsidiary of the Canadian Imperial Bank of Commerce. The firm competes as an investment bank both in the domestic and international equity and debt capital markets. Established via an acquisition of Wood, Gundy and Company ; it acquired its current name several years aft er acquiring U.S.-based Oppenheimer & Co. and selling the latters trademark to Fahnestock in 2003. Prior to that, the company operated in Canada as CIBC Wood Gundy, and in the U.S., U.K., Israel and Hong Kong as CIBC Oppenheimer. Cultural Notes

26. Hugo Boss AG is a fashion house based in Metzingen, Germany, that specializes in high-end menswear apparel. It is named after its founder, Hugo Ferdinand Boss (1885–1948). Cultural Notes

27. Swiffer is a line of cleaning products by Procter & Gamble. Names of Swiffer products include Swiffer WetJet and Swiffer dusters. The brand uses the popular razor-and-blades business model, whereby the consumer purchases the handle assembly at a low price and must continue to purchase replacement refills and pads over the life of the product. The Swiffer WetJet detergent bottle, for example, is designed so it is impossible to open it and refill it with generic or homemade cleaner. Cultural Notes

28. Iams is a brand name for dog food and cat food manufactured by Procter & Gamble. The Iams Company was acquired by Procter & Gamble in September 1999. Cultural Notes

29. Language Points Key Words & Expressions • become obsessed with sth (para. 1): • 沉迷于, 执着于 • e.g. • Company executives grumble that analysts are obsessed with short-term performance at the expense of long-term growth and profitability. （ 公司行政人员抱怨说, 分析家都沉迷于短期表现, 而牺牲了长期的增长和盈利.）

30. Language Points • look poised to do (para. 1): • completely ready to do something or for something to happen, when it is likely to happen soon 准备好, 为做某事做好了准备 • e.g. • Spain was poised to become the dominant power in Europe. （西班牙已经为成为欧洲的强国做好准备。）

31. Language Points • More often than not (para. 2): • very frequently 往往, 大抵 • e.g. • When it’s foggy the trains are late more often than not. （ 雾大时火车往往误点。）

32. Language Points • wind up (para. 2): • to be in an unpleasant situation or place after a lot has happened 终于到达某处，安顿 • e.g. • You know you’re going to wind up in court over this. （ 你知道吗，你将为此事非上法庭不可。） • e.g. • I always said he would wind up in jail. （ 我常说他到头来非进监狱不可。）

33. Language Points • I, you, etc. /sb for one (para. 5): • used to give an example of someone or something （我，你，某人）就是一个 • e.g. • There were several other people absent that afternoon, weren’t there? Mr Ashton for one. （ 那天下午好有其他好几个人缺席, 不是吗? Ashton先生就是其中之一。）

34. Language Points • stand to gain/lose/win/make (para. 6): • to be likely to do or have something 可能赢得∕失去 • e.g. • What do firms think they stand to gain by merging? （通过合并, 公司认为他们可能获得什么利益? ） • e.g. • After the oil spill, thousands of fishermen stand to lose their livelihoods. （ 由泄漏事件后, 成千上万的渔民可能失去生计。）

35. Language Points • rev up (para. 6): • if you rev up a system or organization, or if it revs up, it becomes more active 加快速度 • e.g. • Investors keep putting money in U.S. companies, revving up the economy even more. （ 投资者不断往美国公司注资, 更加加快了经济的速度。）

36. Language Points • call for sth (para. 7): • to need or deserve a particular type of behaviour or treatment 要求，需求或需要某事务 • e.g. • Dealing with children who are so damaged calls for immense tact and sensitivity. （和这些如此受伤的儿童打交道, 你需要极大的策略和敏感度。） • e.g. • That kind of abuse is really not called for (=it is unnecessary and unwelcome.) （我们真的不需要那种辱骂。）

37. Language Points Difficult Sentences • Merger mania is back, executives are cashing out and, if history is any guide, investors should be running for cover. (para. 1) • “Executives are cashing out”指经理人们开始大赚特赚；”if history is any guide, investors should be running for cover.”指过去的并购案使投资者损失很大，因此他们应该避开这次并购风潮。

38. Language Points • Blockbuster mergers tend to be duds for stockholders of the acquiring company. (para.2) • “tend to be duds”指”容易成为废物，无用之物”，意思是说收购的结果经常是失败之举，并不能给收购公司带来预期的利益。

39. Language Points • After the hype subsides, more often than not, investors wind up with tax write-offs.（para. 2） • “Tax write-offs”金融术语，税款冲消。

40. Language Points • In part, it’s a self-perpetuation cycle. (para. 4) • “a self-perpetuation cycle”，自我强化的一种循环。

41. Language Points • CEO James Kilts, for one, stands to make an estimated $123 million from selling his firm to P&G, based on last week’s stock prices and options that will vest when the ink on the deal dries. (para. 5) • 理解本句的关键在于如何分析其语法，我们不能忽略stock price and options的修饰成分, 应该这样分析，即last week’s stock prices和the {stock} options that will vest when the ink on the deal dries分别是两层意思；前者指“股票价格”无疑，后者则指“期权”。句中的that will vest when the ink on the deal dries不可能同时也修饰stock prices，正如last week’s 不能同时也修饰the {stock} options 。 “when the ink on the deal dries”指当交易成功后。 • “Vest” 是股票期权运作的4个环节之一，即赠予（grant）、授予(vest)、行权(exercise)和出售(sale) • 授予（vest）实际是指员工已经得到了股票期权。赠与是双方签订合约确定酬劳金额，而授予则是根据有关协议规定按计划实际支付兑现。所以，我们可以说，只有已经授予的股票期权，才是持有人真正拥有的“财产”，持有人才能行权。 • 上面这句话的意思是：首席执行官基尔茨——作为受益者之一——通过将其公司卖给P&G,有可能赚到估值1亿2千300万美元，这是根据上周的股票价格以及授予员工股票期权到期的总额计算而得。 • 有关options见下张幻灯片，有关股票期权的运作详细情况，见链接。

42. Language Points • In finance, an option (期权) is a contract between a buyer and a seller that gives the buyer the right—but not the obligation—to buy or to sell a particular asset (the underlying asset) at a later day at an agreed price. In return for granting the option, the seller collects a payment (the premium) from the buyer. A call option (买入选择股权) gives the buyer the right to buy the underlying asset; a put option (卖出选择股权) gives the buyer of the option the right to sell the underlying asset. If the buyer chooses to exercise this right, the seller is obliged to sell or buy the asset at the agreed price. The buyer may choose not to exercise the right and let it expire. The underlying asset can be a piece of property, or shares of stock or some other security, such as, among others, a futures contract (期货合约). For example, buying a call option provides the right to buy a specified quantity of a security at a set agreed amount, known as the 'strike price' at some time on or before expiration, while buying a put option provides the right to sell. Upon the option holder's choice to exercise the option, the party who sold, or wrote the option, must fulfill the terms of the contract.

43. Language Points • Unlike the mates in the HP-Compaq and AOL-Time Warner deals, both partners here are marrying from positions of strength. (para. 9) • 本句意思是：与HP-Compaq and AOL-Time Warner的并购不同，此次并购案的双方是各有所长。