Unit 3

1. Unit 3 World News: Economic Developments

2. 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)

3. 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

4. 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.

5. 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.

6. 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.

7. What does UNCTAD say about the worldwide total of foreign investment? • It grew by 40% last year to more than 600 billion dollars.

8. 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.

9. 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.

10. 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

11. Who has approved a cut in income tax rates? • The United States House of Representatives.

12. 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.

13. 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

14. Who has announced job cuts after a fall in demand for its products? What is its plan? Intel To Reduce 5,000

15. 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.

16. 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

17. 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

18. 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 • The U.S. and Canada have • imposed further restrictions on the movement of live-stock. • issued temporary bans on the import of animal produce from EU

19. The European Union has imposed further restrictions on the movement of live-stock after a case of foot-and-mouth disease was confirmed in France. The United States and Canada have issued temporary bans on the import of all animal produce from EU countries.

20. 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

21. 1.733 126.9 • Foreign exchange rates: • 1 dollar= German marks • = Japanese yen • 1 pound= dollars • Share Index: • Dow Jones   (+45) • London’s 100   (+20) • Nikkei   closed 1.624  6,783  4,390

22. 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.

23. 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)

24. Share Index: • Dow Jones   (+96) • Standard and Poor’s 500   (+6) • NASDAQ:   (-1.5)  10,116  1,254 

25. 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

26.  $0.45  $0.50 • Most Active Stocks: • Cable and Wireless HKT   • HSBC   • Hutchison   • Shanglongkai Property   • China Telecom   • Changhong   • Pacific Century Cyberworlds   • CCT Telecom   $0.50  $2.25  $1.50  $0.25  $0.10  $0.275 

27.  $0.075 $0.25  • New World Cyberspace   • Hanong Holdings   • Gold Prices: • Hong Kong gold: HK$ • London gold: US$ 2,670 289

28. Part II News Report • Training focus: News Summary

29. 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 • Forbesis 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.

30. Citigroupis 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.

31. BP-Amoco:USA. Multi-national petro-chemical 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:

32. 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.

33. 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

34. 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

35. 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)

36. 2 • Answer the following questions: • 1. Which of the following corporations are the top five on Forbes’s List? Mark their ranks. • ______ Citigroup • ______HSBC Banking Company • ______BP-Amoco • ______Daimler-Chrysler • ______General Electric Corporation • ______Anglo-American Oil Company • ______Microsoft • ______Bank of Merica 4 5 1 3

37. total sales, profits, assets • 2. How are the companies ranked? • The companies are ranked with a composition formula, which includes ________________ and market capitalization, or the total value of their stock. • 3. How are the 100 companies distributed? • ______________________________ • 4. Why were none of the Internet-related firms have little or no profits so far. • ______________________________________________________________________ 46 in the U.S, 54 in Europe and Japan Because most of the Internet-related firms have little or no profits so far.

38. 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.

39. 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。

40. 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>

41. 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

42. 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 that___________________________________________________________________ economies in the Asia-Pacific region have rebounded from the 1997-1998 financial crisis

43. F 1997-1998 • Statements: • 1. There was a financial crisis in Asia from 1996-1998. • 2. Economic growth in Asia is expected to be more than 6% this year. • 3. Economies in the Asia-Pacific region grew by 5.5% last year. • 4. Economies in the Asia-Pacific region grew considerably in 1998. • 5. High economic growth in Asia was accompanied by high inflation. T T F 1998 experienced zero-growth F Higher growth has been achieved without causing inflation to rise

44. T • 6. The flourishing economy in the Asia-Pacific region is largely due to a combination of greater foreign investments and increasing exports. • 7. The economic growth in the region could be adversely affected by a slowdown in the U.S. economy and higher oil prices. • 8. According to the UN report, improved surveillance and early warning systems are needed to monitor the international financial development. T T

45. Part III China and WTO • Training Focus: Selecting Information • China and WTO

46. 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.

47. 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.

48. 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

49. 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

50. six days • Listen to the report and complete the statements. • 1. After_______ of grueling talks, Beijing reached an agreement with the United States on China’s ________________. • 2. At ______ , top U.S trade representative, Sharline Baschevsky, and Chinese foreign trade minister, Shi Guangsheng, ______________________________________________________________. entry into the WTO 4 p.m put their signatures on paper to confirm China’s entry into the WTO