Unit 9
Getting read
We may live in the information age, but much of the information we deal with every day is often
perplexing. Perhaps most confusing of all is the world of finance.
We're deluged with data, analyses and trends - often couched in jargon that makes our eyes glaze
over, Do we know what stocks are? What are bonds, futures, options, and un
The following words and phrase will appear in this unit. Listen carefully and study the definitions.
1. asset: the property of a person, company, etc. that has money value and that may be sold to pay
a debt '
2. security: document, certificate, etc. showing ownership of property (esp. bonds, stocks and
shares)
3. bullion: gold or silver in bulk or bars, before manufacture
4. spot:' for buying or selling at once, not at some future time
5. sterling: British money; the type of money used in Britain, based on the pound
6. portfolio: all the securities held for investment by a person, bank, investment ' company; etc.
7. premises: house or building with its out buildings, land, etc.
8. comptroller: controller; a person who controls expenditure and accounts
9. Wall Street: the influential American center for money matters and the buying and selling of
business shares in New York
You are going to hear a passage about the language of money. Supply the missing words while
listening:
Stocks or shares are the most common ways of Someone who has bought stock in a company
part of it and has a right to part of the company's assets and Stocks are also sometimes called
equities. A bond is an to lend money at a fixed over a certain period of time. Both companies and
governments bonds as a way of raising money. A bond does not give any right of
The contracts on which stocks and bonds are issued are' also called
Derivatives are more complicated. A derivative is basically a on what a stock bond or will be
worth at a certain point in the future. The most common form of derivatives are options and
Someone signing a futures contract promises to buy or sell a certain amount of stocks, bonds or
commodities at a fixed! by a certain date. Options give people the right, but not the, to buy or
sell at a certain date. As well as being used to other things, options and futures can them-selves be
traded.
In the West, unit trusts are a popular way for small investors to put their money to work in the
Called mutual funds in the United States, unit trusts money from lots of small investors into one
large This is then invested by a professional manager. Unit trusts enable ordinary working people
to the market while leaving the to worry about stocks bonds, derivatives and other financial
The commodity Markets
Commodity prices are determined by a complex interaction of factors, among them the factor of
supply and demand is one of the most important ones to affect commodity prices. A bad coffee
harvest in Brazil will increase the price of coffee be- cause demand will exceed supply. The
over-production of oil, on the other hand, will lead to a fall in the price of the commodity, since
there will be a glut of oil on the market.
The following passage is a piece of financial news about the commodity markets.
While listening to it, write down some key words in the notes column.
Listen to the news about the gold markets and then complete Chart 1 by filling in
proper prices.
Chart 1
Gold Prices (dollar/ounce)
London London New York New York Hong Kong Hong Kong
opening closing opening closing opening closing
yesterday yesterday yesterday yesterday today yesterday
$ 325.00 $324.70 $324.30
Listen to the news about the silver markets and then complete Chart 2 by filling in
proper prices.
Chart 2
London Silver Prices
Spot price, previous close 432.5 pence
Spot price today's close pence
three months' price pence
Listen to the news about the London Metal Exchange and, then complete Chart 3
by filling in proper prices.
Base Metal London Settlement Prices Yesterday
Copper 958
Tin
Lead 271.5
Zinc
Aluminum 659.5
Nickel
Listen to the news about some other commodities and then Complete Chart 4 by filling in proper
numbers.
Chart 4
Commodities Price
Raw sugar (London) /ton
November wheat (Chicago) 334.5 cents /bushel
December corn (Chicago) cents /bushel
Now try this: listen to a more authentic version of the financial news.
Bank organization
The way in which a batik is organized and operates is determined by its objectives and by the type
of economy in which it conducts its business A bank may not necessarily be in business to make a
profit. Central banks, for example, provide a country with a number of services, while
development banks exist to increase the economic growth of a country and raise the living
standard of its population. On the other hand, the aim of commercial banks is to earn profits. They
therefore provide and develop services that can be sold at a price that will yield a profit.
A In this section, Mr. Ed Walker is describing the structure of his bank to Francoise
Caie. While listening for the first time, don't forget to write down some key words
in the notes column. After the second listening, supply the missing information in
order to complete the organization chart.
The Organization Chart.
Chairman of the Board
Executive Committee
Banking Private Treasurer's Administrative Financial and Corporate
Division Banking Division Division Information Planning
Division Systems ` Division
Division
Group 1 administrative Comptroller's
portfolio services Department management planning
management planning
Group 2 domestic Corporate
consumers paper Department
Group 3 government premises systems
Africa, municipal and policy and
Asia, consumers bonds, Processing administration
analysis Department bullion
public
Now try this: listen to a more authentic version of the passage.
More about the topic: The Dow-Jones Industrial Average
When Charles Dow first unveiled his industrial stock average on May 26,1896, the stock market
was not taken seriously: Today, stocks are routinely considered as investment vehicles, even by
conservative investors. And it is the Dow-Jones in dus trial average that played an important role
in bringing about this tremendous change. Dn this part you are going to hear a passage about the
Dow-Jones industrial average. While listening for the first time, write down some key words in
the notes column. After the second listening, complete the following outline by supplying the
missing information.
Outline
1. A brief introduction of the Dow-Jones industrial average
A. defintion: A of the average value of stocks in major American companies
B. the system used: a system of
C its major use as a measure of
II. A brief introduction of stock
A. definition: a share of or in a company
B. change in stock prices:
1. the increase of stock prices determined by the increase of the for the stock
2. the increase of stock prices resulting in the increase of
III: The Dow-jones industrial average
A. history: more than old
B. business of the Dow-Jones Company
1. providing
Newspaper `
C. important moments
1. reaching points for the first time in 1956
2. increasipg to points in.
3. the biggst one-day drop: drtp ping more than points in
4. passing points last February
5. rising above points for the first time on Monday
IV. The role of the Dow-Jones industrial average today
still the most list.
Do you know…?`
Different people have different understandings of what economics is. Some people say economics
is, "the art of getting the most out of life". And some people say economics is "the science which
studies human behavior as a relationship between ends and scarce means which have alternative
uses". Do you know what the definition of "economic growth" is?
Dn the passage you are going to hear, the speaker is trying to explain the meaning of economic
growth. While listening for the first time, don't forget to take down some key words in the notes
column. After the second listening, write down the full names of the following abbreviations.
'1. LDCS:
2. NI:
3. GDP:
4. GNP:
Reminder of key points in this unit
Verb & Verb Phrase Noun & Noun Phrase Other
Part I issue stock
share
asset
equity
bond
rate of interest
security
derivative
commodity
option
futures
contract
unit trusts
mutual funds
pool
Part II edge up bullion fractionally
bounce ounce in reaction to
base metal
sterling
settlement price
Zinc
nickel
soft
slide
bushel
Part III run through annual report municipal
back up line division strategic
portfolio
personnel
premises
comptroller
corporate
Part IV do with average
the Wall Street Journal
the Depression
Part V give rise to distinction per capita
accrue to productive capacity gross
allow for output net
depreciation respectively
Getting ready
The story of money is the story of how humans have learned to trade for the things they can't - or
don't want to - make themselves. If you want an apple, you'll have to find someone who is willing
to part with an apple in exchange for some- thing else. That something else at one time, might
have been beads, shells, fish hooks, grain or any item once used as money.
The following words and phrases will appear in this unit. Listen carefully and study the
definitions.
1.tariff: a tax collected by a government on goods imported or (less often) ex2. foreign exchange: foreign money
3. short position: the amount of short-term securities or commodities owned by a market trader
4. indicator: index; a fact, quality, or situation that indicates something
5. endorse: support, give approval to
6. referendum: a direct vote by all the people to decide about something on which there is strong
disagreement, instead of the government making the decision
7. circulation: the movement of something, such as news or money, from place to place or from
person to person
8. denomination: unit in money; a standard of value
9. mint: a place where coins are officially made by the government
You are going to hear some sentences describing economic trends. While listening, please look at
the graphs below and match column A with column B
In this part you are going to hear eight short dialogues in which both the acronym and the full
name of some well-known organizations are mentioned. Listen care- fully and fill in each blank
with the corresponding full name of the organization.
1. EU:
2. OPEC:
3. WHO:
4. IMF:
5. NAFTA:
6. ASEAN
7. UN:
8. GATT:
The foreign exchange market
Modern information technology has. led to news being transmitted worldwide quicker than over
before. Time differences around the world mean that financial news is being made twenty-four
hours a day, and this serves as a basis for many of the business decisions that are made
concerning international banking and finance. What's more, techniques analysis should also be
applied to information to determine its implication and to try to discern trends in the future.
In this section you are going to hear a news report on the international foreign exchange market
While listening for the first time write down some key words in the notes column. After the
second listening, complete the following two charts by filling in correct numbers.
Chart 1
1 USD
London close of New York close of business . Tokyo close of business
business yesterday yesterday today
2.63.70 DEM DEM JPY
(German Mark) (Japanese Yen)
London this morning
1 GBp 1VSD 1 USD 1 USD 1 USD 1 USD
pound
IU$D DEM FRF NLG JPY
Swiss France Dutch
franc franc guilder)
1.44.5 2.16.6_ 2.97.5
B Now try this: listen to a more authentic version of the news report. After that some statements
will be read to you. Decide whether they are true or false. Put "T" or "F" in the brackets.
1. ( ) 2. ( ) 3. ( ) 4. ( )
What is the euro?
What will it be like to use the euro every day? It'll be just like using your national currency now,
except that the banknotes and coins will be different as from January
When you travel to the countries in the euro area at that time, there will be no more cy exchange
which more exchange commission to be paid no more time spent on price comparisons, and no
more time wasted shopping around for the best exchange rate.
The following passage is about the euro. While listening for the first time, add more key. words in.
the left-hand column. After he second listening, answer the following questions.
Questions
1. What is the euro?
It is the EU's
2. Why do people call it the euro instead of any other name?
Because the name shares identiy with and it is
different from any or national
currency.
3. When will the monetary union of the euro begin?
4. When will the ikq notes and coins appear in the market?
5. How many different euro coins will be issued?
6.Whidh two countries have chosen not to join the euro zone
up to now?
Now listen to the passage again and then do the multiple choice.
1. The euro is ratified by
a. the European Union's Heads of State or Government
b. the parliaments of the member states
c. the Treaty on European Union
d. the people in Europe
2 When the euro notes and coins start circulation, the old currency can still be used for
a. one year b three months
c. two years d. six months
3. How many different euro notes will be issued?
a. 5 b. 6 c. 7 d. 8
4. Euro notes will range from
a. 5 to 500 euro b. 1 to 200 euro
c. 1 to 100 euro d. 5 to 200 euro
5. Euro coins will range from
a. 1 cent to 1 euro b. 2 cents to 2 euro
c. 1 cent to 2 euro d. 5 cents to 1 euro
More about the topic: The New Dollar Coin
According to 1995 estimates by the American Federal Reserve and the General
Accounting Office, if a coin replaced the dollar bill, the government would save
US$ 2.28 billion in the first 5 years of implementation. Therefore, on December 1,
President Clinton signed legislation calling for a news l Coin, which will be placed into circulation
during the year 2000. In this part you are going to hear a passage on how the new American dollar
coin compares to the quarter dollar and the Susan B. Anthony dollar coin. While listening for the
first time, write down some key words in the notes column. After the second listening, complete
the following chart by filling in the missing information.
Design The New Dollar Coin The Quarter Dollar The Susan B.
Anthony Dollar
Shape with an
inner border
Color
Edge probably a
edge
Size in diameter in diameter
Weight
Thickness
Composition outer alloy: outer alloy: copper and nickel copper and nickel core: core:
Now try .this: listen to a more authentic version of the passage.
Do you know ...?
The March of Dimes is a national voluntary health agency whose mission is to improve the health
of babies by preventing birth defects and infant mortality.
Founded in 1938, the March of Dimes funds programs of research, community services, education,
and advocacy to save babies ` . you are going to hear an interesting short story about "the March
of Dimes". While listening for the first, time, write down some key words in he notes column.
After the second listening complete the following statements by filling in the missing information.
Statements:
1. At the age of , President Roosevelt suffered from polio and could never stand without the aid of
and heavy leg
2., In 1938, U.S. President Franklin Roosevelt established a foundation to help polio
3. In order to more money for the foundation, Eddie Cantor, one of the President's friends, asked
every American to send to the White House. The campaign was called
4. Sometimes as many as letters containing dimes arrived each day in Washington.
5. After Franklin Roosevelt died in the America Congress voted to put his on the U.S. coin the
dime.
Reminder of Key points in this unit
Verb & Verb Phrase
Noun & Noun Phrase
Other
Part I
fund
budget
monetary
decline
collapse
subsidy
scheme
resolution
tariff
Part 11
estimate
currency
durable
survey
in question
foreign
exchange
pfennig
covering
short position
spot price
indicator
guilder:
ratify
endorse
mint
commit
Part TV
authorize
Counterfeit
Bond
euro
referendum
changeover
retailer
administration
denomination
opt-out
mint
overview
diameter
property
planchet
on behalf of
come into force
legal
in circulation
keen
reeded
metallic
alloy
core
Part
paralyze
dime
vaccine
polio
crutch
brace
campaign
Getting ready
In running a company, it's very important to have a well-designed chart or graph.
With the help of the chart or graph, one can $now clearly the amount of products manufactured or
sold each month, each season, and each year, etc. With the help of the chart or graph, one can see
clearly what the trends in manufacturing or selling are. And with the help of the chart or graph,
one can make proper adjustments in order to make the company prosper.
The following words and phrases will appear in this unit. Listen carefully and study the
definitions.
1. level off: stop climbing higher or falling lower, and continue at a fixed height
2. fluctuate: (of levels, prices, etc.) move up and down
3. constant: fixed; unchanging
4. consensus: a general agreement; collective opinion
5. summon: order officially to come
6. sanction: an action, such as the stopping of trade, taken by one or more countries against a
country which is breaking international law
7. rule out: declare that it cannot be considered, that it is out of the question
8. full-fledged: completely developed; of full rank or status
9. saturate: be unable to take more
10. merger: a joining together of two or more companies or firms
You are going to hear ten phrases. While listening, look at the chart below. Then match the terms
you've heard to the reference points-marked on Chart 1.
In this, section, sales manager is giving a presentation about domestic and export sales. Listen
carefully and complete the: graph shown in Chart 2.
Trade disputes
The fight over bananas between some European nations and the United States is your merely
about bananas. It is in significant part about power - about who will set the trading rules in
increasingly global market. Maybe it's time for both the
Americans and the Europeans to give up their nacho posturing and negotiate some serious
remedies for a very serious set of problems.
In this section you are going to hear a news report talking about the trade disputes between the
United States and Europe While listening for the first time, write down some key words in the
notes column. After the second listening, complete the following chart.
The EU rules: Central American
favoring banana imports from marketed by American
panies
and the Caribbean
The U's trade dispute with the U.S.
over banana imports
The pew U.S. tariffs:
duties on Scottish
Italian , and French ,
The U.S. ambassador An
summoned by Britain of the WTO's General
to hear a Council called for by
the EU
the U's possible
action:
its
ows against
some
Now try this listen to a more authentic version of the news report. After .that some
statements will be read to you Decide Whet her they are true or false. Put "T" or
"F" in the brackets.
1. ( ) 2. ( ) 3. ( )
Our sales numbers are up
As a salts manager, you have to keep close watch on how well your salespeople are doing. If they
are not doing a good job, be sure to talk to them, find out the reasons why they are not selling well,
give them some useful suggestions, and encourage them to work harder than ever before.
Michael is attending the sales meeting reporting his business performance during the second
quarter of the year While listening for the first time, don't forget to write down some key word the
notes column. After the second listening, note on the following chart Michael's actual sales for
April, May, and June.
Now listen to the dialogue again and write the reasons why Michael didn't make
his sales goals.
Month
Reason
supposed to do a but went to
May in kentucky factory
June of the best salespeople
More about the topic: The World Trade Organization (WTO)
The WTO is the only international body dealing with the rules of trade between nations. At its
heart are the WTO agreements, the legal ground-rules for international commerce and for trade
policy. The agreements have three main objectives: to help trade flow as freely as possible, to
achieve further liberalization gradually through negotiation, and to set up an impartial means of
settling disputes.
.The following passage is a general introduction of the World Trade Organization (WTO). While
listening to it, write down some key words in the notes column.
Now listen to the passage again and supply the missing information to complete the outline
Outline
1.The structure of the World Trade Organization (WTO)
A. membership
1. members 2. .number of negotiating members,
B. decision-making system: typically by
organization chart '
Ministerial
General Council meeting General Council meeting
as General Council as
Body
committees
Working groups
Council Council Council
11. The WTO Secretariat
A. a brief introduction
1. location: in
2. number:
3. head:
1. supplying
2' providing....
3. analyzing
4 explaining
5, providing assistance in the process
governments
C. the annual budget:.
Do you know;,,.?
the world car industry in already. one of the most multinational of all industries, with the biggest
firms owning subsidiaries around the world. But it is still under pressure to consolidate At present,
there are five big car companies in the world: General Motors, Ford, Daimler Chrysler, Toyota and
Volkswagen. Among them only Toyota relies on one global. brand name All the others have a web
of subsidiaries spanning world.
The following passage is about the world car industry. While listening for the first time don't
forget to take down some key words in the notes column. After the second listening match each
company in Column A with the company or companies in Column B, indicating who bought
whom or who is going to buy whom.
Column A Column B
Daimler Benz Rolls-Royce
Ford Chrysler
Daimler Chrysler Nissan
General Motors Volvo
Volkswagen Saab
Fiat
Now try this: listen to a more authentic version of the passage.
Reminder of key points in this unit
Verb & Verb Phrased
Noun & Noun Phrase
Other
Part I
Part III
level off
Fluctuate
Dip
summon
Discriminate
Resort to
Rule out
quit
Part IV
account for
Part II
Part V
saturate
merge.
plateau
cashmere
sanction
commissioner
unilateralism
goal
constant
irrational
full-fledged
consensus
predecessor
ambassador
delegation
headquarter
intellectual property
committee
secretariat
bureaucracy
merger
horizon
in return
Where is it?
Listen to some short dialogues or sentences. Choose the best answer to indicate the
situation each item is describing: '
1. a. In a taxi
b. On a bus
c. Driving in a town
2. a. In a gift shop
b. Walking to a center
c. Using an underground system
3. a. Walking in a city center
b. On a bus '
c. Driving in a town
4. a. At a hotel reception
b. In a gift shop
c. At a service station
5.a. Hiring a car
b. Changing money
c. Missing luggage
6.a At a service station
b. Hiring a car
c. Checking train times
7. a. At an airport information desk
b. At hotel reception
c.Missing lugge
8. a. Arriving a hotel
b. Using an underground system
c. Driving in a town
9.a At a service station
6. At hotel reception
c. At an airport information desk
10. a. Driving in a town
b. Checking bus times
c. Hiring a car
11. a. Using an underground system
b. On a bus
c. Walking in a city center
12. a. At an airport information desk
b. On a bus
c. In a taxi
13. a. At hotel reception
b. Checking train times
c. Driving in a town
14. a. In a taxi
b. On a train
c. On a bus
Bed and Breakfast
Listen to a passage about B&Bs. Fill in the words in the blanks with what you hear on the tape.
Vicky Hunsberger works for the Indiana Bed and Breakfast Association. She
that if you are planning a trip want to stay in a , you should
do some and make a The is a popular place to find information on bed and breasts. There are
also a lot of books that can be helpful," said Hiuisbcrger.
Before you make a it's important to ask the owners some questions.
Hunsberger says to ask about the number and of bathrooms, whether they
allow smoking, or pets; the kind of they serve, and of course the
Site said that it's important to remember that you staying in a
hotel where everything is the same.
SWOT analysis
you are going to hear a presentation by a Director of NETCOUNT software Ltd
talking about the competitive position of the company. Write out the outline of the
presentation
Topic: SWOT analysis
A. product range
Weaknesses
1. penetration
2advertising
direct mail campaigns '
III.
A: increasing sales by
B. extending customer base
a
IV. Main threat
A, STERLING .
2. sophisticated promotion
s
Beanie baby
listen to a passage about a popular toy named "Beanie Baby". Supply the missing
numbers and the relevant information,
Numbers Relevant information
$20009R000i'
money earned by selling Beanie babies this year
The length of a Beanie baby
$6
The price of a rare Beanie baby
$25000 The money spent on
Food plans
Listen to a dialogue. Pay special attention to the different food plans mentioned.
Supply the missing information
Type of plans Another name Meaning Weekly rate
Rate for a room alone,
with no meals included
Continental plan Rate including
American plan En pension # 220
included
Demi-pension Rate including the room
plus breakfast and one
other meal (lunch or
dinner)
I .How. has Malaysia responded when prices have fallen steadily in relation to manufactured
goods?
2. Why is Malaysia in great need of foreign investments?
3. What does MIDA stand for? What is its responsibility?
4. What's the major reason that Malaysia can receive so many foreign investments?
5. What has Malaysia done to appeal to foreign investments?
Buying goods for sale
You are going to hear the manager of a sportswear shop giving two new assistants detailed
instructions about the procedures involved when buying stock. Complete the flowchart to show
the procedures.
Going to a placing
supplier
Making an Using Goods arriving
with
inquiry
for Writing deails
quotes of the order
Asking the Sending faxing Handing the
supplier to the order to the delivery note back
supplier to the
Financial reports
You are going to hear three financial reports. Listen carefully and complete the statements. Pay
special attention to the numbers.
Report l
L In New York the dollar was against most major currencies.
2.The dollar was against the German mark at pfennigs.
3. The dollar was against the yen at yen.
Report 2
1. The dollar was in Friday's trading against most currencies.
2. The dollar closed up against Gernan mark at pfennigs fin
3. The dollar was to Japanese yen from
Average passed level for the
Dow Jones Industrial
first time.
Report 3 .
1. the dollar is continuing to against most currencies.
2. the dollar is trading at Japanese yen and at deutschmark
3. The pound is stronger at
4. In Tokyo share prices becaues of the discount rate cut made just before the New Year break.
5: The Nikkei closed at
Now try this: listen to a more authentic version of the reports.