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2.4. Explain the meanings of the following notions, draw examples to illustrate their usage.

a) European business;

b) business culture / Anglo-Saxon business culture/ America's dynamic business culture;

c) business climate;

d) product markets;

e) strategic industries;

f) emerging Asia;

g) awesome America.

2.5. a) Complete the following collocations as they occur in the text

A

B

1. to provide

a) by leaps and bounds

2. to grow

b) difficulties

3. to make

c) in sb's wake

4. to punch

d) a bullish view

5. to trail

e) on boards

6. to sit

f) competition

7. to cause

g) one's weight

8. to take

h) economic sense

b) translate the above collocations into Russian;

c) make use of them to express the main ideas of the article.

2.6. Complete the sentences below using the following words from the text.

share; a list; the rise; leagues; impetus; say; crop; advantages; premier; strides

1. Many claim that Europe is unable to retain its advantage over America: thus, in the 1990s Europe's Airbus made ....., but Boeing having merged with another giant, bounced back.

2. Now Boeing is taking market ..... from Europeans.

3. In such a global industry as IT, America is ..... ahead.

4. With its huge, truly single market and relatively youthful growing population, America enjoys awesome ..... over Europe.

5. France is known to draw up ..... of strategic industries which need special protection from foreign takeovers.

6. Corporate governance is is often considered to be inadequate in continental Europe: in France minority shareholders do not always get enough ..... .

7. Many European politicians are fearful about the effects of globalisation and the ..... of China and India.

8. European business managed to produce an impressive ..... of world-class companies.

9. In many sectors European companies are clearly in the ..... league.

10. Some analysts attribute Europe's success to the ..... from a more open trading system in a global economy.

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.

1. And even where Europe is holding its own against America, it seems unable to to retain its advantage.

2. Compared with the awesome strength of America and the raw power of emerging Asia, Europe is sometimes portrayed as a has-been ...

3. Moreover, European governments like to meddle.

4. Europe punches its weight in most global industries except IT.

5. Europe managed to produce an impressive crop of world-class companies.

6. Over the past few years those continental European countries have been gradually shedding their old corporatism and learning new tricks from the Anglo-Saxons.

7. Most big European businesses are now successfully global.

8. HSBC was the first to spot the Celtic Tiger miracle of the Irish economy a decade ago.

9. Corporate America and corporate Europe are now neck in neck in the globalisation stakes.

10. "Write off Europe at your peril".

b) Translate the above sentences into Russian.