Lloyd’s of London

The City is also а major centre for insurance services. Lloyd's of London insures everything from houses to ships through its underwriters, insurance specialists who accept risks on behalf of groups of members who are responsible for meeting any insurance claims. Lloyd's currently receives 8,000 million in payments each year, 75 per cent from outside Britain. Lloyd's also publishes detailed information on ships and their movements.

Answer the following questions to prove that your comprehension of the article is quite adequate.

1 What exactly is 'the City'? Compare its size to any area in Kurgan. Be prepared to share this information with your colleagues.

2. What institution produces British banknotes?

3 Do you happen to know the Russian equivalent of the Bank of England?

4 The people who have been coming to the Stock Exchange what exactly do they do there?

5 When was 'Big Bang'? What changes were introduced?

6 Where do 'underwriters' work? What do they do?

7 When a ship is lost at sea is there any sense to get in touch with Lloyd's?

Match each expression in the first column with its opposite in the second. Give an example of each.

а domestic manufacturing

b raw materials state-owned

с privatisation finished goods

d primary sector nationalisation

е private international

Make a list of all commercial terms that you have come across while reading these articles

Personal task (p.T.) for two or three students

Be prepared to deliver a report on this subject and/or translate you colleague's report. Interpret the content of a concept and find answers to the following questions and do the tasks:

1 Which institutions mentioned above would be likely to have the following information:

а the number of 5;10 notes in circulation in Britain?

b the international price of copper?

с the cost of transporting goods by sea?

d the cost of insuring а ship?

2 Which of the City's activities are connected with the international world of finance, and which are related to Britain's own economy?

3 Britain has been described as 'the first post-industrial society'. What trends described in this unit would support that view?

3 Which industries do you think should be controlled by the state and which by private shareholders? Give reasons for your choices.