大學(xué)核心商務(wù)英語讀寫教程UnitFINANCIALCRISISANDINFLATION

1、UNIT SEVENFINANCIAL CRISIS AND INFLATIONObjectivesTo get familiar with business reportTo know something about financial crisis& inflation To learn new words and expressionsTo master how to analyze difficult and long sentences1. Background Information2. Introduction to the Text3. Business Terms 4

2、. Words and Expressions5. Notes to the TextText A US financial crisis is entering a new phaseThe financial crisis of 2007 to the present is a crisis triggered by a liquidity shortfall in the United States banking system. It has resulted in the collapse of large financial institutions, the bailout of

3、 banks by national governments and downturns in stock markets around the world. In many areas, the housing market has also suffered, resulting in numerous evictions, foreclosures and prolonged vacancies. It is considered by many economists to be the worst financial crisis since the Great Depression

4、of the 1930s. It contributed to the failure of key businesses, declines in consumer wealth estimated in the hundreds of trillions of U.S. dollars, substantial financial commitments incurred by governments, and a significant decline in economic activity. 1. Background InformationMany causes have been

5、 suggested, with varying weight assigned by experts. Both market-based and regulatory solutions have been implemented or are under consideration, while significant risks remain for the world economy over the 20102011 periods. The collapse of the housing bubble, which peaked in the U.S. in 2006, caus

6、ed the values of securities tied to real estate pricing to plummet thereafter, damaging financial institutions globally. 1. Background InformationQuestions regarding bank solvency, declines in credit availability, and damaged investor confidence had an impact on global stock markets, where securitie

7、s suffered large losses during late 2008 and early 2009. Economies worldwide slowed during this period as credit tightened and international trade declined. Critics argued that credit rating agencies and investors failed to accurately price the risk involved with mortgage-related financial products,

8、 and that governments did not adjust their regulatory practices to address 21st century financial m a r k e t s . G o v e r n m e n t s a n d c e n t r a l b a n k s re s p o n d e d w i t h unprecedented fiscal stimulus, monetary policy expansion, and institutional bailouts. 1. Background Informati

9、on Theme of the TextTheme of the Text ： Text A is a personal prediction on economic recovery in the US. Although the reported weekly new jobs lost number signals the rate of job loss is slowing, the author is not optimistic about a quick US recovery, for he believes high future unemployment rates an

10、d retirement will induce fiscal crises within the federal, state and local governments. 2. Introduction to the Text本商務(wù)語篇為說明文體，具體為個人觀點闡述 。作者在文章的一開始就做出“正如中國的經(jīng)濟發(fā)展有利于美國，美國的經(jīng)濟進(jìn)發(fā)展也有利于中國”這樣的論斷，從而吸引更多的中國讀者閱讀該文。 作者以美國具體失業(yè)數(shù)字為個人預(yù)測出發(fā)點，層層推進(jìn)，做出個人對美國經(jīng)濟狀況的預(yù)測。文中涉及的經(jīng)濟類詞匯運用準(zhǔn)確、嚴(yán)謹(jǐn)，體現(xiàn)出作者作為經(jīng)濟學(xué)教授的專業(yè)化水平。但由于是個人預(yù)測，文中也運用了大量諸如w

11、ill，may等表示推測性、可能性的情態(tài)動詞，體現(xiàn)出作者寫作本文時的嚴(yán)謹(jǐn)和審慎態(tài)度。 文體特征分析2. Introduction to the TextSocial security is primarily a social insurance program providing social protection, or protection against socially recognized conditions, including poverty, old age, disability, unemployment and others. Social security may

12、refer to: 1. social insurance, where people receive benefits or services in recognition of contributions to an insurance scheme. These services typically include provision for retirement pensions, disability insurance, survivor benefits and unemployment insurance.Social Security 社會保障 3. Business Ter

13、ms 2. income maintenancemainly the distribution of cash in the event of interruption of employment, including retirement, disability and unemployment 3. services provided by administrations responsible for social security. In different countries this may include medical care, aspects of social work

14、and even industrial relations. 4. More rarely, the term is also used to refer to basic security, a term roughly equivalent to access to basic necessitiesthings such as food, clothing, shelter, education, money, and medical care.Social Security 社會保障 3. Business Terms ere4. Words and Expressions ere4.

15、 Words and Expressions ere4. Words and Expressions Prize-fighting remained popular, though technically illegal, until the 1880s. 在19世紀(jì)80年代以前，職業(yè)拳擊比賽雖然嚴(yán)格來說是不合法的，但一直很受歡迎。 ere4. Words and Expressions The more likely scenario is that the president will resign and an election will be held. 局面更可能是：總統(tǒng)辭職，然后進(jìn)

16、行選舉。 ere4. Words and Expressions ere4. Words and Expressionsa sum of money paid regularly as a retirement benefit or by way of patronage ere4. Words and Expressionsof or relating to government expenditures, revenues, and debt ere4. Words and Expressions(inf.) in financial need ere4. Words and Expres

17、sionstending to cause or bring about; contributive ere4. Words and Expressionsrelating to, causing, or produced by disruption ere4. Words and Expressionsdeprive of voting rights ere4. Words and Expressionsa sign of something about to happen ere4. Words and Expressions ere4. Words and Expressions 釋義

18、解析 5. Notes to the Text解析 5. Notes to the Text釋義 解析the case指的是前文中提及的可能性，即“Their talents, abilities and past contributions will simply no longer be needed in the new economy that follows”. 而what type of practical economic recovery the US is actually able to generate for its typical citizens是名詞性從句，做介詞

19、for的賓語。 5. Notes to the Text解析本句是條件狀語從句，主句謂語動詞cause的賓語是the routinely predicted pension plan fiscal crises for state and local governments, as well as for the national government，to come quicker 和 to be much more severe than previously expected是其賓語補足語。 5. Notes to the Text解析本句是由and連接的并列句。在第一個并列分句中tha

20、t feel they are not making economic progress是限制性定語從句，修飾先行詞financially strapped workers；在第二個分句中定語從句that are not conducive to order and prosperity修飾先行詞confrontations。 5. Notes to the Text解析 5. Notes to the Text1. Background Information2. Introduction to the Text3. Business Terms 4. Words and Expressio

21、ns5. Notes to the TextText B Financial Crisis: Inflation doubles in the last six months to hit 5.2 per cent The global financial crisis has plunged the British economy into the depths of its most severe contraction since the 1930s.Although the UK government projects a decline in the nations economy

22、of 3.5% in 2009, with a return to growth in 2010, the International Monetary Fund (IMF) released its own estimate on the global economy, projecting a decline in the UK economy of 4.1 % in 2009 and likely a continued contraction in 2010. This number reflects growing pessimism by the IMF concerning th

23、e UK economy.The imploding British economy has set off deflation in key asset classes, particularly real estate. Unemployment is skyrocketing, having reached an official figure of 6.7 %, or 2.1 million jobless, which will certainly rise substantially during the next two years.1. Background Informati

24、onComplicating the economic problems in the UK is its disastrous banking crisis, which rivals that of the United States. Much of Britains banking sector is insolvent, prompting a costly bailout by Gordon Browns government. With plunging tax revenues due to the nations economic contraction, the UK ha

25、s been forced to borrow vast amounts of money to cover the cost of subsidizing the nations zombie banks. The combination of bank bailouts and stimulus spending has created staggering budgetary deficits, prompting the governor of the Bank of England, Mervyn King, to warn that further government indeb

26、tedness threatens the long-term stability of the UKs finances.1. Background Information Theme of the TextTheme of the Text ： Text B introduces the serious financial situation in UK. CPI and many other published official figures predict the UK economy may already have entered a recession, for British

27、 families cost of living escalates to a 16-year-high. And economists believe a further 50 basis point reduction to interest rates will be the correct move for solving inflation. 2. Introduction to the Text本商務(wù)語篇是以說明文體為主的新聞報道。文中出現(xiàn)的由各個權(quán)威部門公布的大量數(shù)據(jù)如4.7%、5.2%、7.1%、912、1303、5%、4%、2%等，涉及到普通民眾生活的各個方面，全面而詳盡地介

28、紹了英國所面臨的嚴(yán)重通貨膨脹。 文體特征分析2. Introduction to the Text大量引用權(quán)威部門發(fā)布的精確數(shù)字突出了“客觀性”這一新聞報道的特點。在令讀者信服的同時，也將英國的經(jīng)濟現(xiàn)狀真實地展現(xiàn)在讀者眼前。Consumer Prices Index is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calcul

29、ated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living. Sometimes referred to as headline inflation.Consumer Prices In

30、dex/CPI 消費者物價指數(shù) 3. Business Terms John Major is a British politician and prime minister (1990 97). After Thatchers reisgnation as prime minister and party leader in 1990, Major was elected as party leader, and in 1992 he led the party to a general election victory. Majors first years in office coinc

31、ided with a long economic recession (1990 93). His government became increasingly unpopular, and Major himself was perceived as a colourless and indecisive leader. In 1997 the Conservatives lost by a landslide to the Labour Party, and Major was succeeded as prime minister by Tony Blair. John Major 約

32、翰梅杰 3. Business Terms Gordon Brown is a British Labour politician, who was the Prime Minister of the United Kingdom and Leader of the Labour Party between 2007 and 2010. Brown became Prime Minister in June 2007, after the resignation of Tony Blair and three days after becoming leader of the governin

33、g Labour Party. His tenure ended in May 2010, when he officially resigned as Prime Minister and leader of the Labour Party.Gordon Brown 戈登布朗 3. Business Terms The Office for National Statistics (ONS) is the executive office of the UK Statistics Authority, a non-ministerial department which reports d

34、irectly to Parliament. ONS is the UK Governments single largest statistical producer.ONS operates under two levels of governance: Strategic oversight is provided by the Statistics Authority Day-to-day management is the responsibility of the Director General, who is supported by a team of DirectorsON

35、S/Office of National Statistics 英國國家統(tǒng)計局 3. Business Terms The Council of Mortgage Lenders is a not-for-profit organisation and the trade association for the mortgage lending industry, and its members account for around 94% of UK residential mortgage lending. Its aim is to help to foster a favourable

36、 operating environment in the UK housing and mortgage markets. It is the representative voice for the residential mortgage lending industry, and the central provider of economic, statistical, legal, research and other market information.Council of Mortgage Lenders 抵押貸款協(xié)會 3. Business Terms The Bank o

37、f England is the central bank of the United Kingdom. Sometimes known as the Old Lady of Threadneedle Street, the Bank was founded in 1694, nationalised on 1 March 1946, and gained independence in 1997. Standing at the centre of the UKs financial system, the Bank is committed to promoting and maintai

38、ning monetary and financial stability as its contribution to a healthy economy.Bank of England 英格蘭銀行 3. Business Terms Centre for Economic and Business Research (CEBR) is an independent research and consulting centre located at Copenhagen Business School (CBS). The Centre was established in 1999 in

39、the Ministry of Industry and Trade and moved to CBS in 2005. The centre is affiliated to the Department of Economics.Centre for Economic and Business Research經(jīng)濟和商業(yè)研究中心 3. Business Terms A basis point is a unit of measure used in finance to describe the percentage change in the value or rate of a fin

40、ancial instrument. One basis point is equivalent to 0.01% (1/100th of a percent) or 0.0001 in decimal form. In most cases, it refers to changes in interest rates and bond yields. For example, if interest rates areraised by 25 basis points, it means that rates have risen by 0.25% percentage points. I

41、n the bond market, a basis point is used to refer to the yield that a bond pays to the investor. For example, if a bond yield moves from 7.45% to 7.65%, it is said to have risen 20 basis points.basis point/bp 基點 3. Business Terms ere4. Words and Expressions (2) ere4. Words and Expressions ere4. Word

42、s and Expressions ere4. Words and Expressions (5) ere4. Words and Expressions 解析5. Notes to the Text 5. Notes to the Text解析 5. Notes to the Text解析 5. Notes to the Text 5. Notes to the Text解析 5. Notes to the Text1. Background Information2. Introduction to the Text3. Business Terms 4. Words and Expres

43、sions5. Notes to the TextText C Impact of InflationInflation is the overall general upward price movement of goods and services in an economy (often caused by a increase in the supply of money), usually as measured by the Consumer Price Index and the Producer Price Index. Over time, as the cost of g

44、oods and services increase, the value of a dollar is going to fall because a person wont be able to purchase as much with that dollar as he/she previously could. While the annual rate of inflation has fluctuated greatly over the last half century, ranging from nearly zero inflation to 23% inflation,

45、 the Fed actively tries to maintain a specific rate of inflation, which is usually 2-3% but can vary depending on circumstances. 1. Background Information Theme of the TextTheme of the Text ： In Text C the term “inflation” is defined and a number of simple examples are pur forward to explain the rel

46、ationship between inflation and purchase power. With inflation getting severe, the same sum of money will buy less. So maintaining a diversified investment portfolio is suggested to protect savings against inflation. 2. Introduction to the Text本商務(wù)語篇為說明文體。文章按照“提出問題分析問題解決問題”這一寫作模式，將通貨膨脹與購買力的關(guān)系闡述得清晰明了，

47、并提出解決方法，建議投資者需要堅持多元化投資策略。 本文是一篇非常淺顯易懂的經(jīng)濟類說明文章，通過列舉大量通俗簡單的例子，深入淺出地將“通貨膨脹”這一復(fù)雜的經(jīng)濟概念解釋得通俗易懂，是一篇難得一見的經(jīng)濟知識普及類文章。文體特征分析2. Introduction to the TextA fund is usually created through a fundraising, and the purpose can be a collective investment scheme or vehicle Mutual fund, a specific type of collective inv

48、estment in the United States Hedge fund, an investment vehicle open only to investors who are qualified in some wayFund/FD 基金 3. Business Terms It is the interest rate on an investment or loan without adjusting for inflation. The nominal interest rate is simply the interest rate stated on the loan o

49、r investment agreement. If one makes a loan at a high nominal interest rate, this does not guarantee a real profit. For example, if the nominal interest rate on a loan is 7% and the inflation rate is 4%, the real interest rate is only 3%. nominal interest rate 名義利率 3. Business Terms (1) ere4. Words

50、and Expressions (2) ere4. Words and Expressions (3) n. ere4. Words and Expressions (4) ere4. Words and Expressions (5) ere4. Words and Expressions (6) ere4. Words and Expressionsa list of the financial assets held by an individual or a bank or other financial institution ere4. Words and Expressions

51、While a half-century, the board of trade was slower to move to electronic trading and to issue public stock, causing it to lose ground to the mercantile exchange. 半個多世紀(jì)，商品交易進(jìn)入到電子交易和發(fā)行公開股票的速度緩慢，從而讓位于商業(yè)票據(jù)交易。 If savings are important, inflation decreases your purchasing power more if you just put away

52、your savings and dont use them than if you had invested it. 5. Notes to the Text解析 The returns you get from financial instrumentsyour bank deposits, company deposits and such likeare pegged to nominal interest rates, and are not adjusted for inflation.（Para.5） 5. Notes to the Text 2. income maintena

53、ncemainly the distribution of cash in the event of interruption of employment, including retirement, disability and unemployment 3. services provided by administrations responsible for social security. In different countries this may include medical care, aspects of social work and even industrial r

54、elations. 4. More rarely, the term is also used to refer to basic security, a term roughly equivalent to access to basic necessitiesthings such as food, clothing, shelter, education, money, and medical care.Social Security 社會保障 3. Business Terms ere4. Words and Expressions Prize-fighting remained po

55、pular, though technically illegal, until the 1880s. 在19世紀(jì)80年代以前，職業(yè)拳擊比賽雖然嚴(yán)格來說是不合法的，但一直很受歡迎。 ere4. Words and Expressions Prize-fighting remained popular, though technically illegal, until the 1880s. 在19世紀(jì)80年代以前，職業(yè)拳擊比賽雖然嚴(yán)格來說是不合法的，但一直很受歡迎。 The Office for National Statistics (ONS) is the executive office

56、 of the UK Statistics Authority, a non-ministerial department which reports directly to Parliament. ONS is the UK Governments single largest statistical producer.ONS operates under two levels of governance: Strategic oversight is provided by the Statistics Authority Day-to-day management is the responsibility of the Director General, who is supported by a team of DirectorsONS/Office of National Statistics 英國國家統(tǒng)計局 3. Business Terms The Office for National Statistics (ONS) is the execu