- •Кафедра іноземних мов
- •Донецьк 2009
- •Ббк 65 я 73
- •Contents
- •My speciality. Manager………………………………………….…...19
- •§ 1. Артикль (the article)………………………………….........................170
- •Передмова
- •Introduction
- •Мовленєвий практикум Communication
- •1. The economy of ukraine
- •2. The economy of the usa
- •3. The economy of great britain Lead-in:
- •What is Britain’s economy based on?
- •4. My university
- •5. My speciality. Economist
- •6. My speciality. Manager
- •7. Market
- •8. Company structure
- •9. Forms of business
- •10. Business strategy
- •11. Franchising
- •12. Goods manager
- •13. My speciality. Marketing manager
- •14. My speciality. Customs inspector
- •15. Marketing and promotion
- •16. Types of goods
- •17. Advertising
- •18. Exhibitions and fairs
- •19. My speciality. Accounting and audit
- •20. My speciality. Finance and credit
- •21. My specialty. Banking
- •22. Imf and the world bank
- •23. The banking industry
- •24. Money
- •25. Taxation
- •26. Stock exchange
- •Тексти та вправи Texts and exercises
- •Introducing economics
- •Command economy command economy with some household choice
- •Market economy
- •Fig.1. Simple models of economic system.
- •Summarizing.
- •Viewpoint:
- •The government and market systems
- • Comprehension:
- •Viewpoint:
- •How markets work
- • Comprehension:
- •Viewpoint:
- •Demand and supply
- • Comprehension:
- •Summarizing.
- •Viewpoint:
- •Inflation and deflation
- •Viewpoint:
- •6. Market leaders, challengers and followers
- •Viewpoint:
- •7. Company finance, ownership and management
- •Viewpoint:
- •Summarizing.
- •Viewpoint:
- •Futures, options and swaps
- • Comprehension:
- •Summarizing. Complete the following sentences to summarize the text above:
- •Viewpoint:
- •Buyouts
- •“You can’t buy a company merely by buying its shares”
- •Viewpoint:
- •Principles of taxation
- •Viewpoint:
- •Types of taxes
- •Viewpoint:
- •Foreign direct investment
- •Summarizing:
- •Viewpoint:
- •Accounting and bookkeeping
- •Viewpoint:
- •Accounting and financial nationalments
- •Summarizing:
- •Text organization:
- •Viewpoint:
- •Types of financial satatements
- •Summarizing:
- •Viewpoint:
- •Current account and capital account
- •Complete the following sentences to summarize the text above:
- •Auditing
- •Summarizing:
- •Text organization:
- •Viewpoint:
- •Marketing
- • Comprehension:
- •Summarizing:
- •Viewpoint:
- •The centrality of marketing
- •Is fitting the market to the product.”
- •Viewpoint:
- •Advertizing
- •Summarizing:
- •Text organization:
- •Viewpoint:
- •The business cycle
- • Comprehension:
- •Summarizing:
- •Viewpoint:
- •Macroeconomics
- •Summarizing:
- •Viewpoint:
- •A medium of exchange
- • Comprehension:
- •Summarizing:
- •Viewpoint:
- •Money and banks
- •I had almost said timidity, is the life of banking”
- •Summarizing:
- •Viewpoint:
- •Banking and financial services
- •In great britain
- •Viewpoint:
- •Management
- •Summarizing:
- •Viewpoint:
- •International business
- • Comprehension:
- •Summarizing:
- •Viewpoint:
- •International trade
- •Summarizing: Complete the following sentences to summarize the text above:
- •Viewpoint:
- •Excellent; good; average; poor;
- •31. International trade. Specialization among nations
- •Summarizing:
- •Viewpoint:
- •32. Protectionism and free trade
- • Comprehension:
- •Complete the following sentences to summarize the text above:
- •Viewpoint:
- •33. International oranizations and free trade
- •Viewpoint:
- •Free trade and developing countries
- •Summarizing: Complete the following sentences to summarize the text above:
- •Viewpoint:
- •Economics and ecology
- •Кліше для реферування та анотування Clichés and useful phrases for annotations:
- •For abstracts:
- •Граматичний довідник Grammar reference
- •§ 1. Артикль (the article)
- •§ 2. Іменник (the noun) множина іменників
- •Відмінок (the case)
- •§ 3. Прикметник (the adjective)
- •§ 4. Сполучники as...As, not so...As, than при утворенні ступенів порівняння прикметників
- •§ 5. Числівник (the numeral)
- •Календарні дати
- •§ 6. Займенник (the pronoun)
- •Неозначені займенники
- •§7. Дієслово (the verb)
- •Часи дієслова (tenses)
- •Спосіб дієслова (the mood)
- •Стан дієслова (the voice)
- •Пасивний стан (the passive voice)
- •Особливості вживання речень у пасивному стані в англійській мові
- •Переклад речень з дієсловом у пасивному стані
- •Неозначений час в активному і пасивному стані (The indefinite (Simple) tense, active and passive voice)
- •I am not a student. Я не студент. Вживання
- •Пасивний стан
- •Утворення
- •Вживання
- •Пасивний стан
- •Утворення
- •Вживання
- •Тривалий час в активному
- •Вживання
- •Пасивний стан
- •Утворення
- •Пасивний стан
- •Вживання
- •Перфектний час в активному і пасивному стані (The perfect tense, active and passive voice)
- •Утворення
- •Вживання
- •Пасивний стан
- •Утворення
- •Вживання
- •Пасивний стан
- •Утворення
- •Вживання
- •Вживання
- •§ 8. Дієприкметник
- •(The participle)
- •Дієприкметник теперішнього часу
- •(The present participle)
- •Дієприкметник минулого часу (the past participle) утворення
- •Вживання
- •Функції
- •Перфектний дієприкметник (the perfect participle)
- •Значення та вживання
- •Самостійний дієприкметниковий зворот (the absolute participial construction)
- •§ 9. Інфінітив (the infinitive)
- •Об'єктний інфінітивний комплекс (the objective infinitive complex)
- •Суб'єктний інфінітивний комплекс (the subjective infinitive complex)
- •Прийменниковий інфінітивний комплекс
- •Модальне дієслово can
- •Дієслово may
- •Дієслово must
- •Модальні дієслова should, ought
- •§ 11. Порядок слів в англійському реченні розповідні речення (word order. Affirmative sentences)
- •§ 12. Питальні речення (interrogative sentences)
- •§ 13. Узгодження часів у додатковому підрядному реченні (sequences of tenses)
- •§ 14. Безсполучникові підрядні речення (asyndetic affirmative sentences)
- •§ 15. Умовні речення (conditional sentences)
- •Таблиця неправильних дієслів
- •Граматичні вправи
- •II. Вживання часів Passive Voice
- •Ііі. Модальні дієслова
- •Іv. Інфінітив
- •Вправа 2. Визначте функцію інфінітиву у реченнях. Перекладіть їх на рідну мову.
- •Вправа 3. Вставте "to" де потрібно. Перекладіть речення на рідну мову.
- •Вправа 7. Вставити "to" де потрібно. Перекладіть речення на рідну мову.
- •Вправа 8. Знайдіть Complex Object. Перекладіть речення на рідну мову.
- •Вправа 13. Знайдіть Complex Subject у наступних реченнях. Перекладіть речення на рідну мову.
- •Вправа 16. Перекладіть речення на рідну мову.
- •V. Дієприкметник Вправа 1. Складіть п’ять речень з кожної таблиці.
- •Вправа 4. Знайдіть дієприкметники, встановіть їх форму і функцію. Перекладіть речення на рідну мову.
- •Вправа 8. Замінити наступні складні речення дієприкметниковими конструкціями. Перекладіть речення на рідну мову.
- •Model: The boys who live in this house formed a football team. – The boys living in this house formed a football team.
- •Вправа 17. Перефразуйте наступні речення, використовуючи Absolute Participle Complex. Перекладіть речення на рідну мову.
- •Вправа 18. Знайдіть дієприкметникові комплекси. Перекладіть речення на рідну мову.
- •VI. Ступені порівняння
- •VII. Слова - замінники
- •Vііі. Безсполучникові речення
- •IX. Умовні речення
- •Вправа 8. Утворіть умовні речення. Перекладіть речення на рідну мову.
- •Список використаної літератури references
- •Economics Nowadays
Comprehension:
1. What is traded on spot markets?
2. On what markets can contracts be made?
3. What is a forward contract?
4. What is the purpose of futures, options and other derivatives?
5. What is the difference between a call option and a put option?
6. Are there any more derivative instruments?
Summarizing. Complete the following sentences to summarize the text above:
Spot markets trade in commodities, currencies and … .
Future markets make contracts to buy commodities, currencies at a … date.
With the help of futures, contracts and other derivatives companies and individuals may diminish … .
Although exchange rates and interest rates fluctuate, many businesses want to buy or sell currencies at a … .
Options, which are bought at the market of stocks and shares, allow organizations to hedge … .
Besides options many companies nowadays arrange … .
Text organization.
The Nationalments below express the main ideas of the text. Number them so that they are in the same order as the ideas in the text. The first one is given for you:
|
Nationalment |
Order |
|
Every weekday, enormous amounts of commodities, currencies and financial securities are traded on spot markets. |
1 |
|
Options are merely one type of derivative instrument. |
|
|
As well as currencies and commodities, there is now a huge futures market in stocks and shares. |
|
|
Many producers and buyers of raw materials want to hedge, in order to guarantee next seasons prices. |
|
|
Futures, options and other derivatives exist in order to diminish the effects of future changes in prices, exchange rates, interest rates, and so on. |
|
|
Many companies nowadays also arrange currency swaps and interest rate swaps with other companies or financial institutions. |
|
Viewpoint:
How popular are the above-mentioned derivative instruments in our country?
Buyouts
Lead-in: Discuss when, in your opinion, buyouts take place. Key words and phrases 1. takeover – злиття, поглинання підприємства 2. synergy (synergism) –синергізм (явище, коли результат перевершує суму окремих ефектів) 3. stockholder value – (економічна) вартість акціонера 4. raider (бірж.) – скупник акцій 5. to make a loss – зазнати витрат (збитків) 6. buyout – викуп активів, акцій діючого підприємства 7. cash reserves – резерв грошової готівкі 8. leverage buyouts – викуп контрольного пакету акцій за рахунок кредиту 9. challenge – складна задача, виклик 10. hostile takeovers and buyouts – поглинання підприємств без згоди керівництва 11. to lay-off workers – звільняти працівників
|
“You can’t buy a company merely by buying its shares”
(Sir James Goldsmith (1933-1997), Anglo-French financier
In the 1960s, a big wave of takeovers in the US created conglomerates – collections of unrelated businesses combined into a single structure. Many of these conglomerates consisted of too many companies and not enough synergy. After the recession of the 1980s, there were many large companies on the US stock market with good earnings but low stock prices.
Such conglomerates were not maximizing stockholder value. The individual companies might have been more efficient if liberated from central management.
Conventional financial theories argue that stock markets are efficient. Raiders in the 1980s discovered that it was untrue. Although the market could understand data concerning companies’ earnings, it was highly inefficient in valuing assets, including land, buildings and pension funds.
Theoretically, there was little risk of making a loss with a buyout. The ideal targets for buyouts were companies with huge cash reserves that enabled the buyer to pay the interest on the debt, or companies with successful subsidiaries, or companies that are not sensitive to a recession, such as food and tobacco.
Takeovers using borrowed money are called ‘leverage buyouts’ or ‘LBOs’. Leverage means having a large proportion of debt compared to equity capital. If a company is bought by its existing managers, we talk of a management buyout or MBO.
Raiders and their supporters argue that the permanent threat of takeovers is a challenge to company managers and directors to do their job better and that well-run businesses are at little risk. The threat of raids forces companies to put their capital to productive use. Fat or lazy companies that fail to do this will be taken over by raiders who will use assets more efficiently.
LBOs, however, seem to be largely an American phenomenon. German and Japanese managers and financiers, for example, seem to consider companies as places where people work, rather than assets to be bought and sold. Hostile takeovers and buyouts are almost unknown in these two countries, where business tends to concentrate on long-term goals rather than seek instant stock market profits. Workers in these companies are considered to be as important as shareholders. The idea of a Japanese manager restructuring a company, laying off a large number of workers (as frequently happens in the US and Britain), is unthinkable. Lay-offs in Japan are instead a cause for shame for which managers are expected to apologize.
Comprehension:
1. What is a conglomerate?
2. What are stock markets inefficient in?
3. Are companies with huge cash reserves the ideal targets for buyouts?
4. Is there any difference between ‘LBO’ and ‘MBO’?
5. The permanent threat of takeovers is a challenge to a company, isn’t it?
6. Why do you think LBO is a typically American phenomenon?
7. What is the status of workers in German and Japanese companies?
Summarizing.
Complete the following sentences to summarize the text above:
Takeovers in the USA created … .
After the recession of the 1980s many companies had good earnings but low … .
In the 1980s raiders discovered that stock markets were … .
Theoretically, with a buyout there is little risk of … .
If takeovers use borrowed money, they are called … .
We talk of a management buyout when a company is bought by … .
Hostile takeovers and buyouts seem to be typically… phenomenon.