Money drives business and the economy

Jackie: Money is a powerful force. From the notes and coins in our pockets to the billions that flow around the world each day -It drives business and the economy. Money is the topic of this second chance to hear Insight Plus - your guide to the language you hear every day in the news, first broadcast in 2001. For BBC Learning English.com, here’s Lyse Doucet.
　　Lyse: Money and financial activity are essential to our world. Technology and communication are now developing at such a fast pace, fortunes can be made and lost in minutes. Our world is also becoming a smaller place.  Contacts between countries are growing and what happens in one place can have a profound effect around the world. That’s especially true of money.
　　You can hear it when you listen to programmes on business and finance. They usually include reports on what’s happening on the most important stock markets or stock exchanges. These are places where companies can raise money, by selling a share of their business.
　　Investors 2 try to buy shares in companies with the best prospects 3. The more profitable the firm, the more the value of the shares will increase. Shareholders 4 are effectively buying a piece of the company, or equity 5（权益，产权）Most countries have their own equity or stock and they list their most important companies, and the value of their shares, on a list or index（索引，指数）.  The names of the most powerful indices are famous - you’ve probably heard about the Dow Jones in New York, the FTSE in London, Hong Kong’s index is called the Hang Seng and in Japan it’s the Nikkei.
　　This report from Russell Padmore of the BBC’s Business Unit mentions the Dow Jones, and the Nasdaq.
　　ClipIt’s been a rollercoaster（欢乐摩天轮） day for stocks in New York as the technology driven Nasdaq Index again dropped in value.  At one stage the Nasdaq fell around five per cent to reach its lowest level for a year.  The Dow Jones Index also fell but has steadied slightly.
　　Lyse:Stock exchanges have traditionally been buildings where traders buy and sell shares on a trading floor. But now,  so much trading is done electronically, through computers, some exchanges don’t even need a physical space.
　　Nasdaq is the largest electronic stock market in the world. It’s based in New York and specializes in high technology companies such as the makers 6 of electronics and internet software.
　　The BBC’s World Service Business unit reports daily on the movements of the world’s main stock markets.  Here’s that report from Russell Padmore again. He says it’s been a rollercoaster day - what does he mean by that?
　　ClipIt’s been a rollercoaster day for stocks in New York as the technology driven Nasdaq Index again dropped in value.  At one stage the Nasdaq fell around five per cent to reach its lowest level for a year.  The Dow Jones Index also fell but has steadied slightly.
　　Lyse:  It was an exciting and nerve wracking day for Nasdaq. The value of shares in its companies went up and down like a roller coaster. The value of shares traded - bought and sold - on the Dow Jones Index was lower, but there was less dramatic movement and the market eventually stopped its huge fluctuations(波动，起伏), it steadied slightly. What causes this movement? Here’s more of that report.
　　ClipIt’s been a rollercoaster day for stocks in New York as the technology driven Nasdaq Index again dropped in value.  At one stage the Nasdaq fell around five per cent to reach its lowest level for a year.  The Dow Jones Index also fell but has steadied slightly.
　　The markets were driven lower by news from Hewlett Packard admitting that its fourth quarter earnings 7 fall far short of forecasts, by as much as 20 percent.  Hewlett surprised the markets by releasing the news two days ahead of schedule. The computer and printer making company also revealed that it has ended talks to buy the PriceWaterhouseCoopers consulting business.  Hewlett’s stock dropped around 15 per cent becoming the latest in a series of technology groups to take a battering 8 on Wall Street …which is already unsettled by political indecision（犹豫）, from the presidential election.
　　Lyse: We heard the phrase driven up or down. The value of the stocks and shares is strongly affected 9 by news or developments which have an impact on the company’s financial position. For example, the company Hewlett Packard realised it would make less money in its fourth quarter, the last part of the year, than it forecast, or predicted.
　　Forecasts play a key role in the financial world. Investors decide where to put their money based on expectations that companies will perform in a certain way. That can be easier for older, more established companies such as banks -  stock markets call them blue chip stocks. But newer industries like computer software or the internet which trade on the Nasdaq are less well-known, they attract investors willing to take more risks.
　　In our last report we also heard how technology companies or groups took a battering on Wall Street, the financial area of New York. It’s not just Hewlett Packard, but the entire industry which is suffering from problems and that’s reflected in the value of their shares on the markets.
　　Lyse: The world of business and finance is the subject of today’s Insight Plus from the BBC World Service - your guide to the language and background to the stories that stay in the news.
　　Markets are also affected by what’s happening in the world of politics…markets get nervous when political activity is unstable 10, unpredictable, or in some countries in a state of upheaval（举起，隆起，大变动）. When that happens, it affects not just one company, or group of companies, but the economy of a country or even an entire region.
　　Take a country like the Philippines. The business community there lost confidence in the President Joseph Estrada when he was charged with taking millions of dollars bribes（赃物）. It reinforced （加强）the growing doubts over his management of the economy. The Philippines is also still suffering from the effects of an economic crisis that swept across Asia in the late 1990’s. Many countries are now recovering but the Philippines’ economy is still struggling. This piece by World Service Business Reporter Karen Hoggan shows how this is reflected in the stock market.
　　ClipThe financial figures are depressing. The Philippine stock exchange has fallen by around a third so far this year and last month the currency - the Peso - hit an all time low against the dollar.   A leading credit rating agency has downgraded（使降低） the outlook for the country from stable to negative - an indication of how risky 11 it thinks investing there could be.
　　Lyse: The Philippine’s financial position is described as depressing - that’s a very big cause of concern. The value of the currency, the peso, has hit an all time low against the American dollar, one of the world’s strongest and most stable currencies. It means the peso has never been worth so little, on the markets it’s hit an all-time low. And it’s not just the currency. Serious concern about the country’s financial and political future means its credit rating has been downgraded, or reduced. That sends a signal to the financial community that the Philippines is an unsafe place to do business - you could lose your money if you invest, if you put your money into stocks and shares there.
　　Compare the Philippines with some of its neighbours. The wealthiest, fastest growing countries in this region used to be known as the Tiger Economies but even strong economies like South Korea saw their currency collapse 12 in the financial crisis of the late 90’s, their economic policies couldn’t sustain（承受，支持） such rapid growth. Some south Asian governments were also guilty of financial mismanagement and in some cases corruption 13.
　　This next report from Manuela Saragoza looks at the progress made in South Korea.  She focuses on two of the country’s largest corporations, Hyundai Engineering and Construction and Daewoo Motors. They’re both known as chaebols - conglomerates 14, or groups of companies which have merged 16. They were wallowing（打滚） in debt, in other words, they owed more money than they actually had. But the government tried to help them to raise more money, or to return to liquidity 17（流动性，偿债能力）.  Let’s see what happened.
　　ClipHyundai Engineering and Construction is wallowing in debt to the tune 1 of 4.4 billion dollars.   Creditor 18 banks have agreed to freeze repayments 19 while the mess is sorted out but the South Korean government has resorted to some interesting tactics in returning liquidity to the companyHyundai was pulled back from the brink 20 of bankruptcy 21 last week, but another Chaebol, Daewoo, was not so lucky.  The motor company collapsed 22 with more than 10 billion dollars in debt was forced into liquidation 23 by its creditors 24 after labour unions refused to agree to restructuring which would have involved 3500 job cuts. Daewoo is awaiting another court decision on the receivership it applied 25 for last week.
　　Lyse: The South Korean government saved Hyundai which was on the verge 26 of bankruptcy(濒临破产的边缘), the point of saying it couldn’t pay its bills. But Daewoo Motors collapsed. It was forced into liquidation, of selling everything it owned to try to pay its debts. And it had to go into receivership,（破产管理） a court appointed someone to take control of the bankrupt company.
　　Bankruptcy may be the worst fate a company can suffer, but a takeover can also be unwelcome. That’s when one company wants to buy and own another. We’ll hear the word takeover in this next extract about the London Stock Exchange and the OM group, listen out for the word that’s used with takeover - a word that means an offer.
　　ClipThe London Stock Exchange has beaten off （赶走，击退）an unwanted takeover bid from the OM group, the operator of the financial market in Stockholm. OM’s failure had been expected as the Swedish firm failed to get enough support from the main shareholders of the London exchange, mostly investment banks and stockbrokers 27. They voted by nine to one against the plan. The end of the hostile bid from the Swedish company cleared the way for the London Stock Exchange to form an alliance with other financial markets, to create a pan European share trading platform.  After a failed attempt to merge 15 with the Bourse in Frankfurt, London’s future could be a closer link with the Nasdag in New York.
　　Lyse: The London stock Exchange defeated a takeover bid from the OM Group. The bid was unwelcome or hostile. The offer was made without the agreement of the target company.  Today on Insight Plus business and finance have been in the spotlight 28. Next time you listen to reports about the Dow Jones or the Nikkei, in other words on stock markets, expect to hear language that’ll indicate how well those companies listed on the index are doing. And stock markets don’t just reflect performance of an individual company, they also tell us about the health of whole sectors 29 of business activity and countries too.(本文由在线英语听力室整理编辑)




点击收听单词发音  






1
tune

  
 


n.调子；和谐，协调；v.调音，调节，调整


参考例句：





He'd written a tune,and played it to us on the piano.他写了一段曲子，并在钢琴上弹给我们听。
The boy beat out a tune on a tin can.那男孩在易拉罐上敲出一首曲子。












2
investors

  
 


n.投资者，出资者( investor的名词复数 )


参考例句：





a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
a cash bonanza for investors 投资者的赚钱机会












3
prospects

  
 


n.希望，前途(恒为复数)


参考例句：





There is a mood of pessimism in the company about future job prospects. 公司中有一种对工作前景悲观的情绪。
They are less sanguine about the company's long-term prospects. 他们对公司的远景不那么乐观。












4
shareholders

  
 


n.股东( shareholder的名词复数 )


参考例句：





The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
the company's fiduciary duty to its shareholders 公司对股东负有的受托责任












5
equity

  
 


n.公正，公平，（无固定利息的）股票


参考例句：





They shared the work of the house with equity.他们公平地分担家务。
To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。












6
makers

  
 


n.制造者，制造商（maker的复数形式）


参考例句：





The makers of the product assured us that there had been no sacrifice of quality. 这一产品的制造商向我们保证说他们没有牺牲质量。
The makers are about to launch out a new product. 制造商们马上要生产一种新产品。 来自《简明英汉词典》












7
earnings

  
 


n.工资收人；利润，利益，所得


参考例句：





That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。












8
battering

  
 


n.用坏，损坏v.连续猛击( batter的现在分词 )


参考例句：





The film took a battering from critics in the US. 该影片在美国遭遇到批评家的猛烈抨击。
He kept battering away at the door. 他接连不断地砸门。 来自《简明英汉词典》












9
affected

  
 


adj.不自然的，假装的


参考例句：





She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
His manners are affected.他的态度不自然。












10
unstable

  
 


adj.不稳定的，易变的


参考例句：





This bookcase is too unstable to hold so many books.这书橱很不结实，装不了这么多书。
The patient's condition was unstable.那患者的病情不稳定。












11
risky

  
 


adj.有风险的，冒险的


参考例句：





It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。












12
collapse

  
 


vi.累倒；昏倒；倒塌；塌陷


参考例句：





The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。












13
corruption

  
 


n.腐败，堕落，贪污


参考例句：





The people asked the government to hit out against corruption and theft.人民要求政府严惩贪污盗窃。
The old man reviled against corruption.那老人痛斥了贪污舞弊。












14
conglomerates

  
 


n.（多种经营的）联合大企业( conglomerate的名词复数 )；砾岩；合成物；组合物


参考例句：





At the surface, radioactivity of the conglomerates is locally as high as 30 X background. 在地表，砾岩的局部地段的放射性高达30倍本底值。 来自辞典例句
The conglomerates failed to understand that books could not be sold like soap. 这些联合大企业不懂卖书不象卖肥皂那样。 来自辞典例句












15
merge

  
 


v.(使)结合，(使)合并，(使)合为一体


参考例句：





I can merge my two small businesses into a large one.我可以将我的两家小商店合并为一家大商行。
The directors have decided to merge the two small firms together.董事们已决定把这两家小商号归并起来。












16
merged

  
 


（使）混合( merge的过去式和过去分词 )； 相融； 融入； 渐渐消失在某物中


参考例句：





Turf wars are inevitable when two departments are merged. 两个部门合并时总免不了争争权限。
The small shops were merged into a large market. 那些小商店合并成为一个大商场。












17
liquidity

  
 


n.流动性，偿债能力，流动资产


参考例句：





The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。












18
creditor

  
 


n.债仅人，债主，贷方


参考例句：





The boss assigned his car to his creditor.那工头把自己的小汽车让与了债权人。
I had to run away from my creditor whom I made a usurious loan.我借了高利贷不得不四处躲债。












19
repayments

  
 


偿还，报答，偿付的钱物( repayment的名词复数 )


参考例句：





The repayments of the loan are spread over 10 years. 贷款可在十年内分期偿还。
The repayments of the loan are spread over 25 years. 这笔贷款分摊二十五年偿还。












20
brink

  
 


n.(悬崖、河流等的)边缘，边沿


参考例句：





The tree grew on the brink of the cliff.那棵树生长在峭壁的边缘。
The two countries were poised on the brink of war.这两个国家处于交战的边缘。












21
bankruptcy

  
 


n.破产；无偿付能力


参考例句：





You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。












22
collapsed

  
 


adj.倒塌的


参考例句：





Jack collapsed in agony on the floor. 杰克十分痛苦地瘫倒在地板上。
The roof collapsed under the weight of snow. 房顶在雪的重压下突然坍塌下来。












23
liquidation

  
 


n.清算，停止营业


参考例句：





The bankrupt company went into liquidation.这家破产公司停业清盘。
He lost all he possessed when his company was put into liquidation.当公司被清算结业时他失去了拥有的一切。












24
creditors

  
 


n.债权人，债主( creditor的名词复数 )


参考例句：





They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》












25
applied

  
 


adj.应用的；v.应用，适用


参考例句：





She plans to take a course in applied linguistics.她打算学习应用语言学课程。
This cream is best applied to the face at night.这种乳霜最好晚上擦脸用。












26
verge

  
 


n.边，边缘；v.接近，濒临


参考例句：





The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
She was on the verge of bursting into tears.她快要哭出来了。












27
stockbrokers

  
 


n.股票经纪人( stockbroker的名词复数 )


参考例句：





Stockbrokers never more than now lack enthusiasm for the small client. 证券经济人在面对那些小客户时从未像现在这样缺乏激情。 来自互联网
Today, I have expensive attorneys, accountants, real estate brokers and stockbrokers. 今天，我雇有身价昂贵的律师、会计师、房地产经纪人以及股票经纪人。 来自互联网












28
spotlight

  
 


n.公众注意的中心，聚光灯，探照灯，视听，注意，醒目


参考例句：





This week the spotlight is on the world of fashion.本周引人瞩目的是时装界。
The spotlight followed her round the stage.聚光灯的光圈随着她在舞台上转。












29
sectors

  
 


n.部门( sector的名词复数 )；领域；防御地区；扇形


参考例句：





Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》