(Bill of lading, consignments, courier, defer, forwarded, import duty, issuing bank, payment on delivery, penalty, release, remit, remittance, shipment, shipped, tariffs, title, vessel, wire)

Ex.4. A. Answer the following questions.

1. What are the main services a bank should provide?

2. Which foreign banking system do you most admire? Why?

B. Discussion topics.

1. Discuss the strengths and weaknesses of the banking system in your own country.

2. Give your reasons for and against state-owned banks.

UNIT 10.

Text. Discuss the text below. Being a Manager in Russia ( II )

Decision Making. In general, many businesses retain a strong hierarchical structure. Employees show respect to those in positions of authority. Russians generally value age, rank, and protocol. Managers tend to be dictatorial and autocratic. They expect their subordinates to follow established procedures without question. Subordinates do not publicly challenge their manager, as it would make the manager lose dignity and respect. Managers are not comfortable empowering employees.

Boss or Team Player. Cross cultural knowledge and understanding of the hierarchical system is essential. Successful intercultural management will understand the importance of maintaining their positions of authority. Subordinates are comfortable being dictated to as it is often the only way they have seen business conducted. Some younger, more entrepreneurial Russians may find the old ways tiring and time-consuming, especially if they have lived in a foreign country.

Communication and Negotiation Styles. Meetings and negotiations are slow. Russians, especially middle-aged and older do not like being rushed. It takes time for Russians to become warm towards foreign businesspeople. In the first meeting it is best if you appear dignified and firm, yet approachable. Once a relationship is established, allow yourself to be seen as reliable, down to earth, and sincere. Hierarchy is important to Russians. Make sure you have written materials available in both English and Russian to avoid any possible cross cultural misunderstanding. Likewise, hire an interpreter if you need to. Be sure to bring all the copies of everything you need from your home country. Faxes, copy machines, and computers may not be readily available outside of Moscow. Russians are not always comfortable trying new ways of doing things. Do prepare your team in advance so that you have a unified front in the meeting. Russians may lose their temper, walk out of the meeting, or threaten to terminate the relationship in an attempt to coerce you to change your position. Careful minutes, called "protokol" should be taken during the meeting and signed at the end by everyone present. Nothing is final until the contract is signed. Even then, Russians will modify a contract to suit their purposes. Make sure you have an expert in Russian law review your contract thoroughly. Contracts should be translated into both Russian and English.

Ex.1. Discuss the expressions below.

in the black - profitable, making money

in the red - unprofitable, losing money

kickback - money paid illegally for favorable treatment

make ends meet - have enough money to pay your bills

pass the buck - put the duty or blame on someone else

put in your two cents - give your opinion

rake in the money - make a lot of money

1. Our company has been in the black since it was first started. 2.The company has been in the red for several months now and will soon have to go bankrupt. 3. The politician received several illegal kickbacks and had to resign from his job.

4. I have been having trouble with making ends meet because the rent for my apartment is too high. 5.The foreman is always passing the buck and will never take responsibility for anything that he does. 6. I stood up in the meeting and put in my two cents before I was asked to sit down. 7.We have been raking in the money at our restaurant and will soon be able to go on a long holiday.

Ex.2. In each sentence has the share price gone up down or both. Compose 4-5 sentences of your own.

1. Since the merger was announced the share price has gone crazy.

2. Following the news the share rice has gone through the floor.

3. We believe the share price has hit rock bottom.

4. The share price has been going up and down like a yo-yo.

5. A lot of investors have lost their nerve.

6. News of the takeover bid case caused a lot of investors to get cold feet.

7. Investors are queuing up to buy shares.

8. Shares in the new company have been changing hands for silly prices.

9. Those shares? You can't give them away.

10. The collapse of EnTek has had a knock-on effect on our share price.

11. After two years of bad news, the share price has finally rallied.

Ex. 3. Match the two halves.

penetration demand

down- priced

fixed market

budget- costs

elastic strategy

Make expressions which are opposite in meaning: inelastic, variable, premium-, skimming, up-.

Find correct terms to complete each sentence.

1. Where sales are not affected much by price rises, this is …

2. Selling widely in a market for low profit per item is a … .

3. High quality, high-priced products are … .

4. A company accounts term meaning the cost of things like electricity, rent and other charges that do not increase with increases in production is … .

5. Low-priced goods, aiming for volume sales at the lower end of the consumer market are … goods.

Ex. 4. Match the two columns.

1. a buying spree

2. boom

3. cyclical

4. slumps

5. to drum up business

a. a period when an economy is doing bad

b. buying a lot in a short period

c. to try to get new customers

d. a period when an economy is doing well

e. repeating.