Английский для магистрантов. Практикум

«We ruled out crumbled filling inside the burger», says Upadhye. «Even after that, there were many options. We considered a product with two thin slices of paneer with a chutney in between. There was also the option of infusing spices into the paneer at the processing stage. But finally we figured that a spicy, breaded paneer fillet gave the right 'bite' and taste».

Shankarnaryanan and a team from Vista visited the Singapore regional headquarters of Kerry Systems, the global coating-systems supplier of McDonald's, to work out the coating for the paneer fillet. They carried the paneer with them. A coating was devised all right, but a new challenge arose. «Meats absorb flavours and any coating sticks to them very easily. Paneer is not so amenable», says Shankarnaryanan.

How to coat the paneer without compromising its softness? To get the right equipment, Shankarnaryanan along with representatives of Vista and Kerry visited the Netherlands-based CFS, a renowned food processing equipment company, to acquire the exact equipment they needed. They found it. At first, McDonald's could find no paneer supplier in India capable of delivering the 120-odd tonne required by the fast food chain every month. But Vista Managing Director Bhupinder Singh had a friend — Rajan Malik, Chairman of the Thanebased dairy-processor Good Day Foods, which had already established itself as one of the largest suppliers of curd to Mother Dairy in western India. Malik, a graduate from the National Dairy Research Institute at Karnal in Haryana, was flabbergasted by the sheer quanity of paneer Upadhye's team wanted.

«Paneer looks easy to make at home. But mass-producing it to exact standards is tough», says Malik. He and Shankarnaryanan tried several hundred formulations together for making paneer using different kinds of milk and creating different levels of moisture in the finished cheese. «We needed a paneer that was neither so soft that it crumbled easily during processing nor so firm that it became rubbery on frying. We had to walk a fine line», says Shankarnaryanan.

Malik decided to use buffalo milk from the Kolhapur belt, whose quality, he says, is among the best in the country. Quite a compli-

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ment from a Punjabi who studied in Haryana. Milk from northern India was rejected for several reasons, including major production problems during the summer months. «We needed assured supplies and quality», says Malik, highlighting the fact that he travels to the dairy villages once a month. The McDonald's name helped too, as the fast food giant is known to clear dues with vendors quickly.

«We work on a 10-day cycle, and everything is computerised. Farmers get paid for their milk two days after the cycle closes», says Malik. «Indian companies have a horrible reputation when it comes to paying their vendors. We did not want that». Mailk has devised another way of keeping his farmers on board. «We hold back 25 paise a litre from their income, and every Diwali double that sum and give it to them as bonus», he says.

Back to the preparation table. Now that the paneer was ready, the team switched its attention to the sauce. «The sauce is vital for paneer», Upadhye explains. He spent a few days with sauce technicians from Mrs Bector's, a food specialities firm at Phillaur in Punjab. At one such meeting, a technician recalled a particular tandoori sauce he had once made. One taste of it, and Upadhye knew he had found what he was looking for.

Early in March 2011, the McSpicy Paneer line fired up at Vista's processing unit at Taloja, Navi Mumbai. The first few days were crazy: several hundred paneer fillets were thrown away as trials were held to calibrate the machine. Rough edges were smoothened out and Upadhye was able to meet his announced launch date of March 28.

Upadhye is basking in the success as he heads to Hong Kong as Head of Menu Management, McDonald's Asia-Pacific. What surprises will he cook up there?

3. Воспользуйтесь словарем для устного перевода статьи на русский язык. Выпишите предложения, указывающие на причины, по которым данная компания планирует заменить часть своих работников машинами:

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Foxconn

Robots don’t complain. Or demand higher wages, or kill themselves

Aug 6th 2011 | HONG KONG | from the print edition

WITH more than 1m workers, Foxconn may be China’s largest private employer. The secretive electronics giant is renowned for taking designs from Western firms, such as Apple, and using cheap labour to crank them out in huge quantities. But its fantastically successful business model seems to have run its course.

At a closed retreat in late July, Terry Gou, the chief executive of the Taiwanese-owned company (which is also known as Hon Hai), unveiled a plan to hire 1m robots by 2013. In a public statement, Foxconn talked about moving its human workers «higher up the value chain» and into sexy fields such as research. But at least some will surely lose their jobs.

Robots are easier to manage. Several Foxconn employees have committed suicide; in the latest case, a 21-year-old threw himself off a building in late July. In May an explosion at a new factory in Chengdu killed three employees and, it is believed, caused delays to the production of Apple’s iPads. To pacify its increasingly restive workers, Foxconn has repeatedly bumped up their wages, improved facilities, provided counselling and swathed its factories with nets to catch anyone leaping from a window. All this costs money.

China’s competitive edge has long been its vast supply of cheap hands. But as the country grows richer, skills shortages are driving wages rapidly up. Foxconn’s decision to alter its mix of capital and labour is thus logical, and mirrors what many smaller firms are already doing.

But the switch may not be smooth. Foxconn’s expertise has been in running well-regimented armies of people making goods for highly visible global companies. It is not known to have skills in running automated production lines; and moving in this direction will put it in competition with companies that do.

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Rising wages are good for Chinese workers, and for firms that want to sell them things. But they also raise questions. Do they spell an end to the cheap «China price» for manufactured goods? Will multinational firms shift production elsewhere? Or will Chinese firms adapt nimbly to automation and remain fearsome competitors? They might, but Chinese robots may be no cheaper than robots elsewhere.

Finally, will the shift to a more capital-intensive capitalism throw legions of workers onto the streets? The Chinese authorities will be watching nervously.

4. Прочитайте статью и коротко перескажите ее на английском языке:

MBA diary: California dreamin': Applying to business school can take over your whole life, says Temi Olatunde.

«THIS should be straightforward», I thought, after deciding to apply for an MBA. With a degree from a renowned British university and several years’ work experience in a leading investment bank, I believed I knew how to get into a top MBA programme. You’ve probably already guessed that securing a place at business school proved to be more testing than I anticipated. Selecting my target schools was not an issue. I wanted to look beyond the smoke and mirrors of GMAT averages, salary stats, career placement profiles, student satisfaction surveys and rankings. I honed in on the schools which would take me out of my comfort zone. I was drawn to Stanford Graduate School of Business. Its programme was rigorous and its Silicon Valley location appealing. But most importantly it was also flexible, allowing me the latitude to craft my academic experience.

The first challenge was juggling the twin demands of my banking job — where I’d just changed roles — and GMAT preparation. I became GMAT-obsessed, poring over Stanford’s stats and playing the odds game in my head. But two weeks’ immersion, with no semblance of a social life, was enough to get me over this initial hurdle while retaining my sanity.

December was tough. My Christmas holiday in Cape Town was hijacked by the application process. Even obtaining recommenda-

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tions — which I had anticipated would be one of the easier parts — posed a challenge, as I struggled to persuade my closest mentors of the value of an MBA. Equity-derivatives trading, it seems, is not a normal background for an MBA aspirant. Then the pressure of impending deadlines and incomplete essays intensified. The hallmark Stanford question «What matters most to you and why?» which is often cited as the most difficult of all business school application essays, plagued my every waking hour. I worked to craft a compelling essay that both told my unique story and reinforced my «personal brand». Knowing the answer was not enough, it had to be woven seamlessly into my overall application.

Panic set in the night before the second-round deadline. My stomach churned as I read the feedback from an alumnus who advised that I delay submission to the third-round. In his opinion I was not ready. Faced with the stiff odds, though, I was not willing to risk a delay, and so I braced myself for a long night ahead. At 5.45am I had no choice but to click the submit button. The final click was the hardest. Commonly reported feelings of relief or elation were absent. Instead, as I walked for my 6.00 am train to the City, my mind frantically devised plans to recall the application.

I remember decision day vividly. I spent most of it online on MBA blogs, forums and websites. Then the tales of acceptance calls started to come through. They followed the sun: Asia first, extending westward through the afternoon and evening. Needless to say, when my phone rang, that single call compensated for the sleepless nights, countless essay revisions and nail-biting wait.

Temi Olatunde will be writing regular dispatches from the Stanford campus when the academic year starts in September.

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РАЗДЕЛ 4 Finance

1. Переведите предложения на русский язык:

1.Bank-funding stress is on the rise again, and a big American bank announces negative deposit rates.

2.The banks are suffering now because of their ties to governments; they were at the centre of the storm three years ago because of their own bad decisions.

3.The amount of cash that euro-area banks deposited with the European Central Bank hit a six-month high this week.

4.Across the Atlantic, investors withdrew $66 billion from mon- ey-market funds in the week ending August 3rd, according to data from Lipper, a research firm.

5.What is good news for the borrowing costs of the American government is not good news for the dollar-funding needs of European banks.

6.Liquidity is a key factor in all markets. And it is often more elusive and fragile than it appears.

7.While there are some corporations that do act more like financial institutions, and vice versa, generally the corporate business is very much driven by cash flow hedging needs.

8.There is deep market knowhow with regard to special currency pairs in particular regions, for example Eastern Europe, and in facilitating global trade flow between Germany and Asia.

9.Clients expect creativity and innovation, research, knowhow and market intelligence.

10.Probably, with the further development of the Asian fixed income market, there will be greater demand for currency overlay, for more currency pairs, and a much higher liquidity.

11.Trading dynamics have changed radically in the last decade.

12.Investors used to wait months or years for investment prospects. Today, technology allows traders and investors to seize opportunities instantly and manage risks directly.

13.The company’s goal is to become one of the world’s major brokerage firms.

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14.Standard accounts help new traders gain experience easily, without a high exposure to risk.

15.Transparency is more than a mantra for IronFX: traders are totally aware of their costs, without any hidden fees or opaque charges.

16.Accuracy in prices and excellent execution for clients’ orders is another vital consideration when choosing to invest with a broker.

17.Conventional investment wisdom advocates investments that combine multiple financial products.

18.When investors scrutinise a broker, their first impression often comes from the support offered by the customer service department.

19.All three major indexes plunged more than 4 % Thursday and erased all their gains for the year. In just the last 10 days, the Dow, Nasdaq and S&P 500 have all fallen 10 %.

20.GDP has grown for three quarters but the rate is modest — slightly less than 1 % per quarter on average or around 4 % annualized.

2. Используя словарь, переведите статью из «The New York Times» на русский язык. Выпишите все относящиеся к теме раздела словосочетания и составьте с ними предложения:

With Prospect of U.S. Slowdown, Europe Fears a Worsening Debt Crisis

By STEVEN ERLANGER

Published: August 7, 2011

PARIS — European political leaders have garnered much of the blame for the continuing crisis of the euro, consistently failing to act with enough speed or severity to calm the markets. But the current panic has been partly produced by American politicians, whose noisy squabbling over the debt ceiling has combined with the prospect of another United States recession to undermine the potential for global growth.

It is that prospect — that Americans will again retrench and stop buying goods from China and Europe and everywhere else — that is putting new pressure on debt-ridden euro zone economies, most recently Italy and Spain.

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Telephone lines were buzzing Sunday, with heads of government, economic ministers and central bankers from Asia to Europe to the United States discussing what might be usefully said before the markets’ opening on Monday. They all seem to agree about one thing, however: the need to defend the idea that the United States remains a reliable credit risk, despite a downgrade of a notch by Standard &

Poor’s. But the United States’ problems, including the probability of a double-dip recession, have depressed forecasts for growth. «There is a real psychosis, but everything is mixed, and that creates the problem», said Cйdric Thellier, an economist at the French investment bank Natixis. «It’s the fear of the markets, so the rates climb and a negative spiral begins».

It is less clear how Europe can stop the downward spiral. The European Central Bank can buy some Italian and Spanish bonds, but Italy and Spain together are too big to bail out. And Europe — dilatory and incremental, requiring unanimity — does not do shock therapy.

Europe already has historically lower growth than the United States, and the likelihood that it will continue to slow will make the debt crisis worse. For the best way to reduce sovereign debt, everyone agrees, is through economic growth. With growth, there are more jobs and more tax receipts, adding to government revenues, while the debt shrinks as a percentage of a rising gross domestic product.

But recession puts even more pressure on governments trying to contain deficits: tax receipts drop, spending on social benefits increases and the debt rises inexorably, unless governments slash spending further, which further undercuts growth.

That is the «debt trap» that is dragging down Greece, Portugal and other European countries, and it is the cycle that is pushing Spain and especially Italy to the edge of default. Markets now see growth sputtering further, making those large debts larger and harder to finance, and putting at risk a number of banks holding sovereign debt. Italy can manage its debt at a 4 percent interest rate, but it becomes unaffordable when the rate is 6.5 percent on a debt that is 120 percent of gross domestic product. As much as the American drama and talk of a new recession added to Europe’s ills, Europeans themselves must accept most of the blame. The last in a series of emergency summit meetings, all intended to calm markets and end

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the crisis, was less than three weeks ago, on July 21. Steps taken then

— including an effective though modest restructuring of Greek debt and new powers for the bailout fund, called the European Financial Stability Facility — seemed to calm the markets. But everyone knew that the problem was not really solved, and that the fund’s new powers had to be drafted and ratified by member parliaments, which would take until autumn, and that Spain and Italy remained vulnerable.

But then came the American debt-ceiling crisis and negative growth projections. Leaders are on vacation, trading is thin and speculators have a larger impact.

As stocks fell and the markets went after Italy and Spain, there were other mistakes. Josй Manuel Barroso, president of the European

Commission even criticized European politicians for «undisciplined communication», as if he were not doing the same. It was all food for the bear market, and it brought Mr. Barroso a rebuke from Berlin and even from his own commissioner for economics, Olli Rehn.

A spokesman for the German Finance Ministry said tartly, «It is not clear how reopening the debate only two weeks after the summit would contribute to the calming of markets». At a news conference on Friday, Mr. Rehn said: «All of us who are in responsible positions in Europe will have to do much better in order to ensure verbal discipline and rigor».

On Thursday, the European Central Bank reluctantly began to buy sovereign debt again, but not from Italy or Spain, and Jean-Claude Trichet, the president of the central bank, acknowledged that the board was split. Some on the board suggested that not buying Spanish and Italian debt was a way to force those countries to cut deficits and enact structural reform. But even when Italy said it would balance its budget in 2013 instead of 2014, it made little difference to the markets.

Late Sunday night, after a conference call lasting hours, the central bank’s governing board said it welcomed new financial stabilization efforts announced by Italy and Spain and urged their swift implementation, and it indicated that on Monday it would start buying their bonds.

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As usual, the European Union is moving late, and by increments. Pressed by the markets and its own problems of aging populations, sovereign debt, inflexible labor markets, stagnant growth and especially the imbalance between north and south — competitive countries like Germany and uncompetitive ones like Greece and Portugal — the European Union must either move forward or backward.

Backward would mean a slow, complicated and expensive dismantling of the euro zone. Forward means «more Europe» — more solidarity, more coordination of fiscal policies, of retirement ages and taxes. In the end, to keep the euro zone whole, the richer, more competitive countries will have to put their credibility and some of their cash behind the poorer ones, not just to buy their bonds but to give them time to restructure.

At each point in the crisis, the German chancellor, Angela Merkel, has responded to calls for more European and German responsibility by saying no, and then, under market and peer pressure, saying yes. At the moment, she is saying no to «eurobonds», too — bonds that would be issued with the collective responsibility of all euro zone members. There are good reasons for her to say no — domestic politics, the German Constitutional Court and the promise that Germans would not be asked to bail out another sovereign state.

But Germany is already doing that in a more hidden way, given the new shape and abilities of the stability fund, which the chancellor only reluctantly approved last month. Mr. Rehn, the European economics commissioner, said Friday he thought eurobonds were now a good idea. Eurobonds are likely to be the next incremental step, in which Germany is forced to say yes where it had said no, in order to put the collective economic strength of the euro zone, with its 330 million people, behind all of its members.

As Finance Minister Giulio Tremonti of Italy recently warned the Germans, «Just as on the Titanic, not even first-class passengers can save themselves».

3. Ознакомьтесь с основными понятиями, которыми оперируют в финансовой среде. Переведите словосочетания с русского языка на английский, используя полученные знания:

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