
- •Часть I. "Современные тенденции в мировой экономике.
- •Предисловие
- •1.2. Read the following article and then
- •Who are the champions?
- •Europe's pride
- •2.4. Explain the meanings of the following notions, draw examples to illustrate their usage.
- •2.7. A) Say how you understand the following sentences from the text, pay special attention to the words and expressions in bold type. Reproduce the context each of the sentences is used in.
- •2.8. Translate into English, using the key vocabulary of the text.
- •III. Back to the text.
- •3.1. Answer these questions using the active vocabulary of the Unit.
- •1.2. Read the following article and then
- •1. European companies face competition from new directions;
- •Tomorrow the world
- •Necessarily global
- •When dancing elephants trip up
- •2.4. Explain the meanings of the following notions, draw examples to illustrate their usage.
- •2.7. A) Say how you understand the following sentences from the text, pay special attention to the words and expressions in bold type. Reproduce the context each of the sentences is used in.
- •2.9. Translate into English, using the key vocabulary of the text.
- •III. Back to the text.
- •3.1. Answer these questions using the active vocabulary of the Unit.
- •4.5. Analyse:
- •V. Writing.
- •5.2. Write your comments on the following passage from the text:
- •1.2. Read the following article and then
- •Home and abroad
- •What's new?
- •Beautifully simple
- •2.4. Explain the meanings of the following notions, draw examples to illustrate their usage.
- •2.7. A) Say how you understand the following sentences from the text, pay special attention to the words and expressions in bold type.
- •2.8. Translate into English, using the key vocabulary of the text.
- •III. Back to the text.
- •3.1. Answer these questions using the active vocabulary of the Unit.
- •V. Writing.
- •1.2. Read the following article and then
- •The gain in Spain
- •II. Vocabulary.
- •2.1. Give Russian equivalents for the following terms and expressions all found in the article above.
- •2.2. Give English equivalents (all found in the text above) for the following Russian terms.
- •2.3. In the text, find terms corresponding to the following definitions.
- •2.4. Explain the meanings of the following notions, draw examples to illustrate their usage.
- •2.7. A) Say how you understand the following sentences from the text, pay special attention to the words and expressions in bold type. Reproduce the context each of the sentences is used in.
- •2.8. Translate into English, using the key vocabulary of the text.
- •III. Back to the text.
- •3.1. Answer these questions using the active vocabulary of the Unit.
- •V. Writing.
- •5.2. Write your comments on the following:
- •1.2. Read the following article and then
- •In the steps of Adidas
- •A model to aspire to
- •Agony in Italy
- •II. Vocabulary
- •2.1. Give Russian equivalents for the following terms and expressions all found in the article above.
- •2.2. Give English equivalents (all found in the text above) for the following Russian words and expressions.
- •2.3. In the text, find terms corresponding to the following definitions.
- •2.4. Explain the meanings of the following notions, draw examples to illustrate their usage.
- •2.7. A) Say how you understand the following sentences from the text, pay special attention to the words and expressions in bold type. Reproduce the context each of the sentences is used in.
- •2.8. Translate into English.
- •III. Back to the text.
- •3.1. Answer these questions using the active vocabulary of the Unit.
- •4.4. Consider
- •V. Writing.
- •5.2. Write your comments on the following:
- •1.2. Read the following article and then
- •The chic and the cheerless
- •Trumped by foreigners
- •Soft underbelly
- •2.4. Explain the meanings of the following notions, draw examples to illustrate their usage.
- •2.7. A) Say how you understand the following sentences from the text, pay special attention to the words and expressions in bold type. Reproduce the context each of the sentences is used in.
- •2.8. Translate into English, using the key vocabulary of the text.
- •III. Back to the text.
- •3.1. Answer these questions using the active vocabulary of the Unit.
- •Not what it was
- •It's all coming together
- •A new way of doing business
- •II. Vocabulary.
- •2.1. Give Russian equivalents for the following terms and expressions all found in the article above.
- •2.2. Give English equivalents (all found in the text above) for the following Russian words and expressions.
- •2.3. In the text, find terms corresponding to the following definitions.
- •2.4. Explain the meanings of the following notions, draw examples to illustrate their usage.
- •2.8. Translate into English.
- •III. Back to the text.
- •3.1. Answer these questions using the active vocabulary of the Unit.
- •1. Read the text below to prove the following: "The car may be German, but its innards are nearly all from eastern Europe". Driving east
- •Case Study 2
- •1. Read the following article and then explain its title. The tortuous tale of Telecom Italia
- •Revolution, of sorts
- •1. Read the following article and then say what Mediterranean countries the article focuses on.
- •Investment in the Mediterranean The Med’s moment comes
- •Follow the money
- •Med revival
- •1. Read the following article and then prove that France’s negative attitude to older workers creates a business opportunity.
- •Jobs for the old
- •1. Read the following article and then provide details to explain its title.
- •Breaking up is hard to do But there are big rewards for firms that get it right
- •Timing is everything
- •1. Read the following article and then explain its title. Crisis? What crisis?
- •1. European business:
- •2. European small and medium-sized business:
- •3. Europe vs America:
- •4. Germany as a core European economy:
- •5. Models and strategies
- •Appendix
- •1. Templates for Introducing What "They Say"
- •2. Templates for Introducing "Standard Views"
- •7. Templates for Explaining Quotations
- •8. Templates for Disagreeing, with Reasons
- •9. Templates for Agreeing
- •10. Templates for Agreeing and Disagreeing Simultaneously
- •11. Templates for Signaling Who is Saying What in Your Own Writing
- •12. Templates for Embedding Voice Markers.
- •13. Templates for Making Concessions while Still Standing Your Ground
- •14. Templates for Indicating Who Cares
- •15. Templates for Establishing Why Your Claims Matter
- •16. Templates for Introducing Metacommentary
V. Writing.
5.1. Write out of the article sentences representing the author's point of view on
a) European companies trying to maintain their competitiveness;
b) European companies going global. Comment on these ideas.
5.2. Find another example of a big European company going global. Consider its experience.
5.3. Make a detailed analysis of the strategy both companies apply in low-cost countries, such as China, for example.
5.4. Make a survey of the Chinese market as a favourable destination of European investment.
Unit 4.
I. Pre-reading.
1.1. Before you read the article below, say what you know about the process of mergers and acquisitions in Europe.
1.2. Read the following article and then
a) say if these statements are true or false, give reasons for your answers:
a) Last year, there were more mergers and acquisitions in Europe than in America.
b) Britain, unlike continental Europe, welcomes foreign takeovers of is native companies.
c) The Spanish economy is doing surprisingly well thanks to a large number of multinational companies operating in its territory.
d) Membership of the euro helps Spain to "conquer" the European market.
e) Spanish capitalism forms a very attractive environment for foreign business.
b) make a gist of the article.
Buy, buy, buy
Europe's businesses are changing hands at a record rate
THE past two years have seen displays of the best and the worst in European business. There has been a wave of cross-border mergers and acquisitions, reflecting a healthy market for corporate control, robust profits and plenty of cheap credit. It also shows the single European market becoming more of a reality for the service sector. Utilities such as privatised energy companies are at last getting big enough to provide better service and become more profitable. More cross-border mergers mean more competition, to the benefit of consumers.
Mergers and acquisitions in Europe last year were worth $1.59 trillion, overtaking the value of deals in America (at $1.54 trillion), according to Dealogic, a data firm (see map for regional breakdown). Of the top ten deals launched worldwide in 2006 five were European, and of those two were cross-border—e.ON of Germany bidding for Endesa of Spain and Dutch-based Mittal for Arcelor of Luxembourg.
A survey by Morgan Stanley of European finance directors shows that they see mergers and acquisitions as their top priority for this year, so the recent wave of mergers—the biggest Europe has ever seen—is likely to continue through 2007. Last year Britain took the largest slice of Europe's M&A cake, with the value of deals topping $367 billion, ahead of Spain, with $190 billlion, and France, with $174 billion. Since 2004, when the current wave started to build up, the total value of European deals has almost tripled.
But there has also been a surge of economic nationalism as French and Spanish politicians have blocked takeovers of native companies by foreigners. There is some irony in the fact that Britain, which is more sceptical about European integration than most, is the most willing to permit foreign takeovers, thus promoting the integration of the single market on the ground.
France and Spain snap up foreign companies, especially British ones, but when anyone tries to do the same on their home territory their politicians put up the barriers. Italy likes to buy abroad too but closes the shutters as soon as the French or Spanish come looking. Germany, since the high-profile hostile takeover of Mannesmann by Vodafone, is coming round to the idea of foreign takeovers, just so long as the target is not Volkswagen. Recent hostility to cross-border mergers has attracted much negative comment. Paradoxically, though, it may be a reaction to the large amount of M&A that has in fact gone on unhindered.
With full liberalisation of Europe's energy market looming later this year, electricity and gas companies are seeking to become stronger before facing more competition. By contrast, consolidation in banking and telecoms has been relatively slow. There are plainly too many banks that are too weak and small, but national governments are loth to see foreigners moving in on their banks or their telecoms companies. Moreover, the French and Italian governments often retain important stakes in privatised utilities, so the scope for obstruction is vast.
The governor of the Bank of Italy resigned in 2005 after being accused of acting improperly to protect Italian banks from takeover approaches by rivals in the Netherlands and Spain. The Italian government has changed the rules about motorway concessions to prevent a friendly merger between Autostrade and Abertis, so that deal is off. The Spanish government has been doing its best to frustrate the bid for Endesa from Germany's e.ON, trying instead to promote an internal Spanish merger between Endesa and Gas Natural, a smaller local energy company.
But the most assiduous practitioners of “economic patriotism” are the French, with their list of 11 protected sectors designed to discourage predators from even considering a bid. It emerged amid rumours about a bid by Pepsico for Danone, a food group famous for its yogurt products. Again, it took only the hint of a bid for the Suez conglomerate from Italy's privatised electricity company, Enel, for Dominique de Villepin, France's prime minister, to drop his opposition to a long-planned merger between Suez and Gaz de France. Union opposition has since held up completion of the merger.