A.
B.
C.
D.
E.
F.
G.
H.
I.
J.
testimony
significant
shrink
seesaw
pick-up
outlook
miss
materialize
layoffs
IPO
K.
L.
M.
N.
O.
P.
Q.
R.
S.
T.
intervention
globalization
GDP
franchise
flagging
expect
deficit
barriers
alleviate
aggressive
A.
Alan Greenspan, declaring anti- _____ (反全球化) protesters
"wrong-headed," said Wednesday the United States must resist
calls for erecting protectionism.
Greenspan said countries gain from trade simply by removing
restrictions and limits related to trade, whether or not other
nations do so. "Protecting markets from new technologies has
never succeeded. Adjustments to newer technologies have been
delayed, but only at _____ (很大的) costs," he said.
B.
Cisco Systems Inc. plans to cut 8,500 jobs, or about 17 percent
of its workforce, take charges of as much as $3.7 billion and
will report third-quarter profits far below forecasts as the
biggest maker of gear that helps to power the Internet grapples
with slowing economies and _____ (疲弱不振的) telecoms
capital spending. The 8,500 job cuts were in line with
estimates made in March of up to 8,000 job cuts.
This is Cisco's largest-ever earnings _____ (獲利衰減) and the
first time its sales have declined on a sequential basis as a
public company, so Cisco's news bodes ill not just for the
networking giant, but more importantly, analysts said, for the
networking and communications industries at large.
The San Jose, Calif.-based computer-networking concern also
said it plans to take a restructuring charge associated with the
_____ (裁員) of $800 million to $1.2 billion as well as a
charge for excess inventory of about $2.5 billion.
The best single action that the industrial countries could
actually take to _____ (減輕) the terrible problem of poverty in
many developing countries, he said, would be to open, _____ly
(單方面的), markets to imports from these countries.
"Business demand consistently exceeded our expectations
throughout most of calendar year 2000," said Larry Carter,
chief financial officer. "And in an effort to meet our customer
expectations we continued to increase our inventory and
capacities to keep up with rising demand. This (inventory)
charge reflects the recent massive and unexpected drop in
customer demand."
Greenspan said he regretted the fact that supporters of free
trade often contend that lowering trade _____ (貿易障礙) will
promote jobs. He said greater trade flows, by spurring
domestic companies to become more competitive, increases
productivity but not the overall level of employment.
The company also said that gross margin -- or the percentage
of sales remaining after subtracting product costs -- will be in
the low- to mid-50 percent range. The company also said it
expects its fiscal fourth-quarter _____ (營業額) will range
from flat to down 10 percent sequentially.
He cited as evidence that trade does not have a link to
employment levels the fact that the nation's jobless rate dipped
last year to the lowest point in three decades even as the trade
_____ (貿易赤字) surged to a record high.
The work force reduction amounts to about 8,500 people, a
group that includes about 2,500 temporary and contract
workers. The company said it expects the actions will cut costs
by about $1 billion annually and that initial savings will _____
(具體可見) during the fiscal fourth quarter of 2001, which
ends in July.
In his prepared _____ (證詞), he made no mention of current
economic conditions, interest rates or the big plunge in the
stock market.
On Wall Street, stocks _____ed (高低震盪) and stood
modestly higher in late morning trading.
Wall Street investors are hoping that the Fed, which has
already cut rates _____ly (大量地) three times this year, will
do so again in an effort to jump-start economic growth and
improve the profit _____ (獲利前景) for U.S. corporations.
Questions—
_____1. One San Jose, Calif.-based computer-networking
company has been greatly influenced by Cisco’s restructuring
plan and will have take great charge in cutting jobs and doing
away with excess inventory.
_____2. Cisco Systems Inc. plans to cut 8,500 jobs because the
other company, the biggest maker of gear, grapples with
slowing economies.
Questions—
_____1. Greenspan believes that it is the obligation of
industrial countries to solve the problem of poverty in many
developing countries
_____2. Greenspan thought that the protesters should trust
supporters of free trade so that more job opportunities would
be created.
_____3. Stocks stood modestly higher in late morning trading,
for Greenspan made no mention of anything related to the big
plunge in the stock market.
_____3. Cisco's work force reduction will certainly influence
the entire networking and communications industries.
_____4. Cisco will spend as much as $3.7 billion to make up
its loss which will be reported in the third-quarter.
_____5. The company said it expects its fiscal fourth- quarter
turnover will not do well.
_____4. Greenspan thought that protectionism had never
succeeded even though adjustments to newer technologies had
been delayed.
_____6. What did Larry Carter suggest?
(1) The great business demand led to the recent massive and
unexpected drop in customer demand.
(2) The increase in the company’s inventory exceeded their
expectations.
(3) The company’s inventory is overloaded because the
recent massive and unexpected drop in customer demand.
_____5. What may jump-start economic growth?
(1) Interest rate cut (2) What Greenspan’s said in Congress
(3) The evidence Greenspan cited.
C.
Restaurant ______ (連鎖店) operator AFC Enterprises Inc.
will make its debut on the Nasdaq this week with a $150
million offer. The company list of well-known restaurants
includes Popeye's Chicken & Biscuits, Church's Chicken,
Cinnabon and Seattle's Best Coffee.
"It's a totally different kind of deal," said Corey Ostman,
co-founder of Alert!-IPO.com. "It's not a high-tech company
and that's kind of a good thing."
According to analysts the ______ (新上市股票) market is very
dependent on the performance of the Nasdaq, which is
suffering along with a spate of tech company warnings.
AFC has in 1999 revenue of nearly $700 million, but it lost
more than $12 million in that year, and analysts are _____ing
(預期) a large first-day pop for the stock.
Questions—
_____1. AFC is a well-known restaurant in the market that
will offer $150 million to its customers for its first appearance.
_____2.
needs.
A fast food deal could be just what the market
_____3. Analysts are hoping that AFC’s stock price would
have a great gain.
D.
OECD slashed its global growth target to 1 percent next year,
compared with an earlier forecast of 2.8 percent. U.S. growth
is projected to be 1.1percent this year, with growth of 1.2
percent in the first half offset by a 0.6 percent contraction in
the second half.
The U.S. Federal Reserve's 10 interest rate cuts to 2 percent,
their lowest level since the early 1960s, should be enough to
turnaround the troubled U.S. economy, the OECD said. U.S
growth will ______ (萎縮) by 0.1 percent in the first half of
next year followed by a solid ______ (上揚) of 3.8 percent
second-half growth, to give 0.7 percent growth for 2002 as a
whole.
The OECD said it assumed the European Central Bank would
cut interest rates by another 50 basis points as inflation eased
back below two percent in the currency zone in 2002 -- and
that it might need to cut more aggressively if things
deteriorated.
As for Japan, the economy was to weaken by 0.7 percent this
year and by 1.0 percent in 2002, with a return to growth in
2003 with a modest 0.8 percent expansion.
The Bank of Japan, with key rates barely above zero, had very
little room to help activity by lowering credit costs and should
focus on driving the yen lower through foreign exchange
market ______ (介入市場) to fend off deflationary pressures,
it said.
The prospect of ever more forceful action by Japanese
authorities to weaken the yen may be good news for Japan's
economy but, analysts say, other countries in the region are
worried they may suffer as a result.
Question—
_____1. When the yen weakens, other countries in the region
will have to worry that Japan’s exports would hurt their
economies.
_____3. To hold up the stability of the continent’s economy,
ECB would cut interest rates more aggressively even if its
inflation rate goes down next year.
_____3. Which is right?
(1) OECD expected its global growth target to have an
extra 1 percent gain.
(2) Fed’s interest rate cuts have turn around the U.S.
economy and brought a lot trouble.
(3) The contraction in the second half of this year
undercut U.S. growth in the first half.
_____4. Why can the Bank of Japan hardly help its economic
activity? (1) to lower credit costs (2) to drive the yen lower (3)
to defend against deflationary pressures.
Mutual Fund investing may bot be perfect for investors
(1) who have little time to research individual companies.
(2) who would like to make a profit in short period of time.
(3) who don’t have the desire to research individual companies
(4) who doesn’t have a lot of money.
A fund manager
(1) selects a number of different securities for the fund.
(2) pools money from investment companies and put it in the
market.
(3) make mutual funds available through brokerage houses.
Which is not among the main advantages to mutual funds?
(1) Diversification (2) insurance (3)professional management.
It is hoped that the mutual fund you buy has more ups.
The return on your investment may not be as high as the return
on the stock market.
Mutual funds may allow you to invest with smaller amounts of
money than would be required by stock investing.
The investor do not have to pay the management fees when he
buys a no-load fund.
Which is not right? A prospectus
(1) is a document of the fund’s objectives.
(2) tells you what the fund’s performance would be.
(3) details the fees you have to pay.
(4) discloses the level of risk.
Which is not right?
(1) NAV is the total value of the fund.
(2) NAV is the net asset value
(3) NAV is the price you would get when you sell the share
back to the company.
By going public, a company decides to sell shares in its
business.
After going public, the people in charge of the business have to
report to the shareholders.