Английский язык для экономистов - Малюга Е.Н.
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4. The 2003 price-to-earnings ratios for the large steel companies, except Steel Dynamics, are at a premium to the ratios following the last steel high in late 1997.
5. Since steel is a slow-growth industry, steel stocks typically trade at a discount to the S&P 500, which is trading at about 23 times earnings for 2003, according to First Call.
E. Render the extract from the article using the active vocabulary.
По данным Института международного финансирования, этого влиятельного клуба ведущих мировых финансовых учреждений, в 2001 г. портфельные капиталы уходили из развивающихся экономик. Это вряд ли может стать благоприятным фоном для конференции ООН по финансированию развития, которая пройдет в этом месяце в мексиканском Монтеррее. Что можно сделать для того, чтобы направить капиталы обратно так, чтобы это служило интересам как инвесторов развитого мира, так и развивающихся экономик?
Айра Миллстейн, опытный юрист, возглавляющий консультационную группу Мирового банка по частному сектору, считает, что любое решение должно принимать во внимание очевидный факт — капитал склонен перетекать в те государства и те компании, которые демонстрируют ответственное отношение к проблемам корпоративного управления. После 1997-1998 гг. его призыв находит все больше и больше внимательных слушателей.
Однако недавнее решение калифорнийского пенсионного фонда Calpers, который решил продать все свои таиландские, филиппинские, малазийские, индонезийские акции в связи с проблемами корпоративного управления, в том числе низкими стандартами на рынке труда и отсутствием гражданских свобод, заставило развивающийся мир задуматься о том, как именно он должен себя вести. Можно ли это назвать социально ответственным выбором инвестиций? Или это пример Appendix A
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того, что некоторые эксперты в области корпоративного управления называют «немым капиталом»?
Unit 9. The Role of Government
A. Read the extract from the article from the CNN Money website and complete it with the expressions listed.
compensate stress pointed out disagreement
worsened storm regarded difficulties recession
further addressed shutdown
Airline Relief Debated
While seeking cooperation, European officials also want end to subsidization.
New York (CNN/Money) — Officials from the global airline industry talked Sunday at the World Economic Forum about ways to help it recover from a "perfect storm" of terror attacks and financial... (1). And while they agreed that global coordination was necessary to solve the industry's problems, there was ... (2) about the role governments should play.
"The air transport industry is in sort of a perfect... (3), in which a series of events have coincided — many of which we've seen once or twice before, but never all at once — and it has put tremendous ... (4) on the system," said Dan Lewis, president of management consulting firm Booz Allen Hamilton Inc.'s worldwide commercial business.
Beginning in late 2000, the industry suffered first from high oil prices, then from a US ... (5), which led to a global recession, which was ... (6) by the Sept. 11 terror attacks. The attacks themselves led to a ... (7) of US air traffic for four days, followed by increased security costs and a dramatic reduction in traffic.
Even before Sept. 11, Lewis... (8), the industry had serious infrastructure problems that will also have to be ... (9) eventually.
"It cannot be that alliances which are necessary for this industry and for customers worldwide will be ... (10) from a different point of view here in the United States by the Department of Transportation than they are by our European Commission," Weber said.
While the officials also agreed that the US government was correct to... (11) US airlines for losses they suffered immediately after Sept. 11, there was disagreement about the ... (12) role of governments in helping the airlines, both in the United States and the rest of the world. 282
Appendix A
B. After filling in the gaps read the extract once more and decide which of the statements are True and which are False and write T for True and F for False.
1. The officials from the global airline industry agreed that governments should play a more active role.
2. The system is under tremendous stress due to the coincidence of a series of events.
3. Global recession led to a US recession.
4. Alliances that are necessary for this industry should be regarded differently in the US and Europe.
5. The officials approved the fact that the US government had paid US airlines for losses after September 11.
C. Give Russian equivalents and make up your own sentences:
¦ family-friendly employment practices;
¦ halt arms exports;
¦ under scrutiny;
¦ overall competitiveness strategy;
¦ create flexible career structures and opportunities.
D. Translate the following sentences into Russian.
1. It is rather important that this industry get back to a level of profitability that can sustain it.
