UNIT 4. MARKETS
Vocabulary List 1
1. a chain цепь
a chain-store магазин, принадлежащий к большой сети магазинов или кафе
(ex.: McDonald’s)
2. to burst out вспыхивать, неожиданно появляться
неожиданно расплакаться или
рассмеяться
3. a restriction ограничение
4. to impose облагать налогом,
налагать обязательство
5. virtually фактически, в сущности
virtual фактический, действительный
6. whatever чтобы ни, какой-бы ни
7. consequence последствие
8. for the first time в первый раз
9. shares акции
10. Treasury bonds государственные ценные бумаги
11. to pick up 1. Поднимать 2. Поднять телефонную трубку, позвонить
12. even даже
13. to look for искать
14. expansion расширение
15. domestic stock market внутренний биржевой рынок
16. (to be) at the mercy быть в милости
17. aftermath последствия, впоследствии
18. vicious circle порочный круг
19. to recur 1. Возвращаться, 2. Повторяться
3. Приходить на ум
20. a link = connection связь
21. various = different различный
22. to spur побуждать, стимулировать
23. a debt долг
a debtor должник
24. appearance появление
disappearance исчезновение
25. capital flow поток капитала
26. level уровень
27. yield количество произведенного
продукта, выработка
28. worse off хуже некуда
29. interest rates ставка дохода, процентная ставка
30. to be concerned беспокоиться
to concern затрагивать, касаться, иметь отношение
31. to push up увеличить, повысить
32. alternatively попеременно
33. amount сумма
34. excessive чрезмерный
35. pressure давление, гнет
36. to take place происходить
37. to suite удовлетворять требованиям
suitable подходящий
38. to influence something влиять на что-либо
39. considerable значительный, важный
40. fluctuation колебание, неустойчивость
41. since 1. С тех пор, как 2. Так как
42. numerous бесчисленный
43. complete совершенный, полный
completely совершенно
44. close близкий
closely рядом, близко; непосредственно
45. unimpeded беспрепятственный
46. a subject 1. Субъект 2. Продукт 3. Тема,повод
47. peculiar особенный, специфический
48. however однако
49. to affect влиять
50. artificial, artificially искусственный, искусственно
Text 1
People may be in chains but in the 1980s capital has become free. It has burst out of the restrictions imposed by national governments and now goes virtually where it will, whatever the consequences on individual economics.
Perhaps for the first time it is now possible to speak of a single world financial market. UK investors can now put their money into Japanese shares and into US Treasury bonds as easily as they can invest in British companies like ICI or Cadbury Schweppes. They can pick up the telephone at night and sell those shares in Tokyo or New York, even though they may have been purchased in London or Frankfurt. In the same way, UK companies looking for funds to finance their expansion can turn to investors in Switzerland or Germany almost as readily as to those in Birmingham or Manchester.
The freedom of capital means that domestic stock markets are at the mercy of international capital movements. That was dramatically high-lighted by Black Monday – 19 October 1987 – and its aftermath. Wall Street’s 508 point fall was repeated in every major financial market round the world, creating a vicious circle of recurring falls.
In some ways, the linking of the various markets is only a reflection of the way that trade links the world’s economies together. But the creation of a single world financial market has also been spurred by a strange combination of factors – the aftermath of the 1973 debt crisis, advances in information technology and the disappearance of regulatory barriers to capital flows.
It is very important to remember that financial markets are now international. Rates in Britain cannot be separated from those in other countries. UK investors can invest abroad if there is the chance for higher rates overseas, and foreign investors can invest here if UK rates are above their own. Both decisions are linked with the level of exchange rates. As investment in the USA might yield a high dollar rate of return, but if the dollar fell against sterling, investors would find themselves worse off.
Governments concerned about the level of interest rates will often intervene to try to influence their movement. They may be concerned about the exchange rate and may push interest rates up to defend the pound. Alternatively, they may be concerned about the amount or credit in the economy. People may be borrowing because interest rates are low, with the result that excessive demand is leading to inflationary pressures.
In a free market, competition make place among sellers in order to sell their commodities at the best possible price, and among buyers in order to obtain that they want at a price which suits them. Such competition influences prices. Changes in supply and demand have their effects, and it is not surprising that considerable fluctuations in price can take place over periods of weeks and months.
Since these modern markets are not normally located at any special place, buyers and sellers do not always have to meet face-to-face. They may communicate by letter, by cable, by telephone or through their agents. In a perfect market, such communications are easy, buyers and sellers are numerous, and competition is completely unimpeded. In a perfect market there can be only one price for any given commodity: the lowest price which sellers will accept. There are, however, no really perfect markets, because each market is a subject to its own peculiar conditions. It can be said however that the price ruling in a market indicates the point where supply and demand meet.
Monopoly is one of the peculiar factors which can affect the sale and purchase of certain commodities. In some markets, there may be only one seller or a cartel of sellers working very closely together to control prices. The result of such monopolistic activity is to fix prices at a level suitable to the seller,
a level which may bring him artificially high profits.
EXERCISES
Exercise 1. Поставьте слова и словосочетания в соответствующие предложения и переведите:
consequences, a chain-store, to take place, peculiar, representatives, to expect, debts, to impose, to pick up, aftermath, suitable, to look for, relationship, considerable
1. Who are you . . . ?
2. New duties were . . . on transportation of wine, spirits and
jewellery.
3. The telephone rang just as I was about to . . . the receiver.
4. We had to take into account all the . . . beforehand.
5. His . . . amount to £ 5000.
6. Rate of exchange is . . . of value between two currencies
(e.g.: dollars and francs).
7. A . . . is one of many shops owned and controlled by the same
company.
8. Whatever consequences will there be, we’ll learn about it . . . .
9. When will the conference . . . ?
10. What is the most . . . time for meeting?
11. They will send their . . . in order to make closer business
relations with our company.
12. All the equipment was bought at a . . . expense.
13. It was a complete surprise to me, I wasn’t . . . it and hadn’t
even thought of it.
14. Are there any . . . conditions of living and working in this country?
Exercise 3. Переведите с русского языка на английский выражения:
освободиться, облагать налогом, последствия, в первый раз, единый мировой финансовый рынок, вложить деньги в акции и ценные бумаги, поднять трубку, таким же образом, искать, основные средства, внутренний биржевой рынок, впоследствии, обвал, достижения в информационной технологии, за границей, уровень процентной ставки, курс валюты, встретиться лицом к лицу, специфические условия
Exercise 4. Замените прямую речь косвенной.
1. He said: “Bill passed his examination yesterday.”
2. She said: “I’ve got many friends in this city.”
3. He asked: “Did you send the letter?”
4. He asked: “How long have you worked for TST Systems?”
5. The manager asked: “Will the container be ready for dispatch by 18th
November?”
6. The Director asked: “Did you give a call to our partners this
morning?”
7. He said: “I’m very busy.”
8. Mary said: “I’ll stay in London for a fortnight.”
9. She asked her friend: “Will you go to the party tomorrow?”
10. He asked: “Can you speak more slowly?”
11. Mrs.Taylor said: “I won’t be able to come tonight.”
12. He asked: “What happened at night?”
13. He wanted to know: “How much do you have with you?”
14. He asked: “When did you get interested in languages?”
15. He wanted to know: “Do you have any spare time today?”
16. He wanted to know: “Do you have to go to the office every day?”
Vocabulary List 2
1. probable возможный
probably возможно, вероятно
2. by extension в более широком смысле слова
extension расширение
3. to hold держать, удерживать
4. origin 1. Происхождение 2. Источник,
начало
5. unwillingness неохота
6. for fear из страха
7. a deposit 1. Вклад в банк 2. Задаток, залог
8. tension напряжение
9. to be able быть способным
10.onwards далее, вперед
11.current account текущий счет
12.to attract привлекать
attractive привлекательный
13.to be born родиться
14.a counterpart 1. Дубликат, копия
2. Контрагент, партнер, сторона
Text 2. Eurocurrency
The growth of the Eurocurrency market is probably the single most important development in the international financial markets since the Second World War, because it has created a market in which borrowers and lenders can borrow and invest funds, virtually untouched by the wishes of nation states.
What is a Eurocurrency? The first Eurocurrency was the Eurodollar – the simplest definition of which is a dollar held outside the United States. A Eurocurrency, by extension, is a currency held outside its country of origin. Eurocurrencies are normally held as bank deposits. So dollars deposited in Barclays Bank in London are Eurodollars; French francs held in the same bank are Euro-French francs; a sterling deposit in Paris is a Eurosterling deposit, and so on.
How did the Eurocurrency market begin? Some people believe that the market had its origin in the unwillingness of the Soviet Union to hold dollars in New York for fear that the UK government might freeze its deposits at times of political tension.
The Russians needed dollars to be able to conduct international trade, and they began to borrow in Europe through a Russian-owned bank, Banque Commerciale pour l’Europe du Nord, whose telex code was Eurobank.
Where did the dollars that the Russians borrowed come from? From the late 1950’s onwards there were plenty of dollars around outside the United States because of the current-account deficit, it pays out more of its own currency than it receives in foreign currency. Dollars were therefore flowing out of the country into the hands of foreign exporters. At the same time the US Treasury imposed Regulation Q, which set upper limits on the level of interest rates that US banks could offer to domestic and foreign investors. Those people who held dollars outside the United States and wanted to invest them found that non-US banks were able to offer more attractive rates than their US counterparts. Thus the Eurodollar market was born.
EXERCISES
Exercise 1. Поставьте слова и словосочетания в соответствующие предложения и переведите:
to run up, to demand, temporarily, to attract, to borrow, to deposit, freeze,
to lend, permanently
I can . . . you 100 $.
Can I . . . that book of yours?
We’d like you . . . a tenth of the price of the house.
The workers’ . . . were refused by the employers.
. . . means stop dealings in assets, credits and other financial operations
. . . or . . . , as well as severe control of prices and wages.
House sales generally . . . during the summer months.
Bright light . . . insects.
Exercise 2. Образуйте однокоренные слова и переведите на русский язык.
А. Существительные от глаголов: to compete, to buy, to sell, to supply,
to demand, to purchase, to work, to grow, to develop, to borrow, to lend,
to invest, to own
В. Наречия от прилагательных: possible, considerable, normal, complete, easy, real, close, artificial, probable, virtual
C. Действительные и страдательные причастия: to obtain, to influence,
to locate, to meet, to give, to accept, to rule, to indicate, to demand,
to supply, to bring, to create, to hold, to begin, to own
Exercise 3. Переведите следующие слова и словосочетания:
рост, развитие, снаружи, происхождение, из страха, в то же время, мочь, партнер, таким образом
Exercise 4. Поставьте прилагательные в необходимую форму
А. В сравнительной степени:
1. The jacket is too small. I need a (large) one.
2. He’s not keen on his studies. He’s (interested) in having a good time.
3. You’ll find your way around the town (easily) if you have a map.
4. You’re making too much noise. Can you be a bit (quiet)?
5. There were a lot of people on the bus. It was (crowded) than usual.
6. Health and happiness are (important) than money.
7. I prefer this flat. It’s (comfortable) than my previous one.
8. We complained about the food in our hotel. But instead of improving
it got (bad).
9. Your work isn’t very good. I’m sure you can do much (good).
10. If you need any (much) information, please contact our head office.
11. Travelling is becoming (expensive).
B. В превосходной степени:
1. This hotel is the (cheap) in the town.
2. It is (valuable) painting in the gallery.
3. He is one of (rich) man in the world.
4. His composition is the (good) in the group.
5. It was (bad) experience in my life.
6. It’s (boring) film I’ve ever seen.
7. (Many) students in the group can speak English.
8. This task was (difficult) in the test.
9. What is (happy) day in your life?
10. Who is (intelligent) person you know?
11. Who is (old) child in the family?
12. That was (delicious) meal I’ve had for a long time.
UNIT 5. MONETARY FUNDS. THE BANK OF ENGLAND
Vocabulary List 1
1. to face the risk подвергнуться риску
2. to burn down сжечь, сгореть
3. to fail потерпеть неудачу
4. to encourage поддержать
encouragement поддержка
5. to guarantee against something страховать против чего-либо
6. loss потеря, урон
7. to disrupt разрушать, разрывать
8. alternatively также, кроме того, с другой
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