Business Channel 2007-03-20&22
时间：2019-01-26 作者：英语课 分类：商业报道2007年
英语课
Valerie Morris: I have to tell you (it) was another down day on Wall Street, ending a down week. Earlier in the week it was the Subprime Mortgage story, now renewed concerns about inflation, consumer prices rose a little bit more than expected in February, and that has investors 1 worried, partly because the Fed is unlikely to cut interest rates while prices are on the rise. So as a result, stocks ended broadly lower today, taking a look at the Big Board at the New York Stock Exchange, the Dow lost 49 points, the NASDAQ Composite fell a quarter of a percent, the S&P 500 dropped more than a third of a percent, Catherine.
Catherine: Oh my goodness and that story just won't go away. We mentioned the mortgage rates and the subprime mortgages earlier this week rocking the stock market and the housing market. What are today's developments?
Valerie: Well, there could be, let's say, a couple of positive items to report today, first of all, the head of a key House Committee says that he is targeting the end of the year for passage of a bill to rein 2 in the types of predatory lending behind the subprime crisis. Elsewhere Fremont General, which makes loans, is getting a loan, the company says it's getting an increased line of credit from Credit Suisse for another 1 billion dollars, and while that may help Fremont in a short term, the company still plans to get out of the Subprime business. At least 20 Subprime lenders have gone out of business as a result of the rising number of late payments and foreclosures. So the companies are trying desperately 3 to raise cash. Now another company, Accredited 4 Home Lenders says it will sell nearly 3 billion dollars in loans at a substantially discounted price, it needs to get money to meet demands from its lenders in order to pay off some of the debt, Catherine.
Catherine: And, and doesn’t this, Valerie, affect the overall economy?
Valerie, Oh, yes, because what happens is that consumer spending which is of course a huge area and a growing area of concern. This could hit businesses from restaurants to retailers 6 to vacation companies like Carnival 7 Cruises. The first few months of the year are usually Carnival's best. But the Wall Street Journal says the Subprime problems are leading to fewer cruise bookings for its shorter, cheaper trips to the Caribbean. And retailers that cater 8 to low-income workers could also take a big hit; stores like Wal-Mart, K-Mart, Target might run into problems as consumers hold off on big-ticket purchases, Catherine.
Catherine: That is so interesting, but you know if you've got to choose between paying your mortgage and taking a vacation, there is no question on what you're going to do? (Right) Er, the Subprime story obviously is having a big impact, but what about the Enron scandal? Nothing like that, you know, 5 or 6 years ago, Valerie, is still in the news again today?
Valerie: Well, I think you know, because it went so deep, it hurt so many people, and so it stays in the news, the desk of Enron's founder 9 and chief, the late Kenneth Lay,is now up for sale on eBay, this custom-made desk has a minimum bid of 25, 000 dollars, proceeds will benefit the charity saving animals across borders. The auction 10 is going to run for about 10 days, so that is the very latest from here in New York, back to you, Catherine. And have a good weekend.
Catherine: Thank you, Valerie, but I cannot let you go without saying to everyone that this is your last day with us here at CNN, and we are so going to miss you, I know you have been here for more than a decade, and you are such a professional and a pleasure to work with.
Valerie: Thank you very much I will miss you all but you know my eyes will be on you and I will check out the pipes.
Catherine: Good luck to you and all your new adventures because I know we will be hearing from you very soon. Valerie. Thank you very much.
Valerie: Thank you.
NOTES:
1. NASDAQ Composite
The Nasdaq Composite is a stock market index of all of the stocks listed on the NASDAQ stock market, meaning that it has over 3,000 components 11. It is the most watched index of the performance of stocks of technology companies and growth companies. Since both U.S. and non-U.S. companies are listed on the NASDAQ stock market, the index is not an exclusively U.S. index.
2. Predatory Lending
A practice attributed to certain mortgage Lenders that seeks to take advantage of the ignorance or gullibility 12 of borrowers. Often associated with Refinancing, Home Equity 13 Lending, or home improvement lending, these practices take on several forms: saddling borrowers with more Debt than they can handle, tricking a borrower into a Loan with high Rates and Junk Fees , and overcharging or charging twice for required services. See Flipping 14 (LOAN). Often associated with Sub-Prime Lending.
Example: Most mortgage lenders are in business to earn income by originating legitimate 15 loans that help people buy homes and other types of Real Estate. On the other hand, predatory lending uses deception 16 and misinformation to burden borrowers with unnecessarily costly 17 Financing, often in hopes the borrower will Default and allow the lender to acquire the property cheaply.
3. Credit Suisse
The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. Credit Suisse was founded in 1856 under the name Schweizerische Kreditanstalt (SKA, Swiss Credit Institution). The bank is organized into three divisions, Investment Banking 18, Private Banking, and Asset Management.
4. Kmart
Kmart is a chain of department stores in the United States and Puerto Rico. The chain merged 19 with Sears in 2005, creating the Sears Holdings Corporation. Kmart also exists in Australia and New Zealand as Kmart Australia, although it now shares no current relation with the American stores except in name after US equity in the Australian business was purchased in the late 1970s.
The company's business model makes it a competitor to Wal-Mart and Target.
5.Target Corporation
Purveyor 20 of all that is cheap, yet chic 21, Target Corporation has slimmed down. The nation's #2 discount chain (behind Wal-Mart) now operates nearly 1,500 Target and SuperTarget stores in 47 states, as well as an online business called Target.com. After years of struggling to turn around its Marshall Field's and Mervyns departments stores divisions, the discounter sold them both in 2004. Target and its cousins, including SuperTarget, which sells groceries, and Target Greatland, have carved out a niche 22 by offering more upscale, fashion-forward merchandise than rivals Wal-Mart and Kmart. Target also owns apparel supplier The Associated Merchandising Corp. and issues Target Visa and its proprietary 23 Target Card.
6. Enron Scandal
In 2001, however, Enron's success appeared to be phony. The company had assigned billions of dollars of debt and risk to subsidiary companies, which then kept them off their books. Share prices began to fall precipitously. Enron's accounting 24 firm, Arthur Anderson, was caught destroying Enron-related documents. On 2 December 2001, Enron filed for bankruptcy 25, along with sixty subsidiary companies. In 2002, its shares were traded at 11 cents. The company's collapse 26 destroyed thousands of investors' savings 27. In July 2002, Arthur Andersen, Enron's accounting firm, was convicted of destroying evidence, although an appeal was pending 5 at the time of this writing. Enron's officials were then undergoing further congressional hearings and criminal investigations, and numerous agencies were investigating other corporations for similar accounting and finance methods
Catherine: Oh my goodness and that story just won't go away. We mentioned the mortgage rates and the subprime mortgages earlier this week rocking the stock market and the housing market. What are today's developments?
Valerie: Well, there could be, let's say, a couple of positive items to report today, first of all, the head of a key House Committee says that he is targeting the end of the year for passage of a bill to rein 2 in the types of predatory lending behind the subprime crisis. Elsewhere Fremont General, which makes loans, is getting a loan, the company says it's getting an increased line of credit from Credit Suisse for another 1 billion dollars, and while that may help Fremont in a short term, the company still plans to get out of the Subprime business. At least 20 Subprime lenders have gone out of business as a result of the rising number of late payments and foreclosures. So the companies are trying desperately 3 to raise cash. Now another company, Accredited 4 Home Lenders says it will sell nearly 3 billion dollars in loans at a substantially discounted price, it needs to get money to meet demands from its lenders in order to pay off some of the debt, Catherine.
Catherine: And, and doesn’t this, Valerie, affect the overall economy?
Valerie, Oh, yes, because what happens is that consumer spending which is of course a huge area and a growing area of concern. This could hit businesses from restaurants to retailers 6 to vacation companies like Carnival 7 Cruises. The first few months of the year are usually Carnival's best. But the Wall Street Journal says the Subprime problems are leading to fewer cruise bookings for its shorter, cheaper trips to the Caribbean. And retailers that cater 8 to low-income workers could also take a big hit; stores like Wal-Mart, K-Mart, Target might run into problems as consumers hold off on big-ticket purchases, Catherine.
Catherine: That is so interesting, but you know if you've got to choose between paying your mortgage and taking a vacation, there is no question on what you're going to do? (Right) Er, the Subprime story obviously is having a big impact, but what about the Enron scandal? Nothing like that, you know, 5 or 6 years ago, Valerie, is still in the news again today?
Valerie: Well, I think you know, because it went so deep, it hurt so many people, and so it stays in the news, the desk of Enron's founder 9 and chief, the late Kenneth Lay,is now up for sale on eBay, this custom-made desk has a minimum bid of 25, 000 dollars, proceeds will benefit the charity saving animals across borders. The auction 10 is going to run for about 10 days, so that is the very latest from here in New York, back to you, Catherine. And have a good weekend.
Catherine: Thank you, Valerie, but I cannot let you go without saying to everyone that this is your last day with us here at CNN, and we are so going to miss you, I know you have been here for more than a decade, and you are such a professional and a pleasure to work with.
Valerie: Thank you very much I will miss you all but you know my eyes will be on you and I will check out the pipes.
Catherine: Good luck to you and all your new adventures because I know we will be hearing from you very soon. Valerie. Thank you very much.
Valerie: Thank you.
NOTES:
1. NASDAQ Composite
The Nasdaq Composite is a stock market index of all of the stocks listed on the NASDAQ stock market, meaning that it has over 3,000 components 11. It is the most watched index of the performance of stocks of technology companies and growth companies. Since both U.S. and non-U.S. companies are listed on the NASDAQ stock market, the index is not an exclusively U.S. index.
2. Predatory Lending
A practice attributed to certain mortgage Lenders that seeks to take advantage of the ignorance or gullibility 12 of borrowers. Often associated with Refinancing, Home Equity 13 Lending, or home improvement lending, these practices take on several forms: saddling borrowers with more Debt than they can handle, tricking a borrower into a Loan with high Rates and Junk Fees , and overcharging or charging twice for required services. See Flipping 14 (LOAN). Often associated with Sub-Prime Lending.
Example: Most mortgage lenders are in business to earn income by originating legitimate 15 loans that help people buy homes and other types of Real Estate. On the other hand, predatory lending uses deception 16 and misinformation to burden borrowers with unnecessarily costly 17 Financing, often in hopes the borrower will Default and allow the lender to acquire the property cheaply.
3. Credit Suisse
The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. Credit Suisse was founded in 1856 under the name Schweizerische Kreditanstalt (SKA, Swiss Credit Institution). The bank is organized into three divisions, Investment Banking 18, Private Banking, and Asset Management.
4. Kmart
Kmart is a chain of department stores in the United States and Puerto Rico. The chain merged 19 with Sears in 2005, creating the Sears Holdings Corporation. Kmart also exists in Australia and New Zealand as Kmart Australia, although it now shares no current relation with the American stores except in name after US equity in the Australian business was purchased in the late 1970s.
The company's business model makes it a competitor to Wal-Mart and Target.
5.Target Corporation
Purveyor 20 of all that is cheap, yet chic 21, Target Corporation has slimmed down. The nation's #2 discount chain (behind Wal-Mart) now operates nearly 1,500 Target and SuperTarget stores in 47 states, as well as an online business called Target.com. After years of struggling to turn around its Marshall Field's and Mervyns departments stores divisions, the discounter sold them both in 2004. Target and its cousins, including SuperTarget, which sells groceries, and Target Greatland, have carved out a niche 22 by offering more upscale, fashion-forward merchandise than rivals Wal-Mart and Kmart. Target also owns apparel supplier The Associated Merchandising Corp. and issues Target Visa and its proprietary 23 Target Card.
6. Enron Scandal
In 2001, however, Enron's success appeared to be phony. The company had assigned billions of dollars of debt and risk to subsidiary companies, which then kept them off their books. Share prices began to fall precipitously. Enron's accounting 24 firm, Arthur Anderson, was caught destroying Enron-related documents. On 2 December 2001, Enron filed for bankruptcy 25, along with sixty subsidiary companies. In 2002, its shares were traded at 11 cents. The company's collapse 26 destroyed thousands of investors' savings 27. In July 2002, Arthur Andersen, Enron's accounting firm, was convicted of destroying evidence, although an appeal was pending 5 at the time of this writing. Enron's officials were then undergoing further congressional hearings and criminal investigations, and numerous agencies were investigating other corporations for similar accounting and finance methods
n.投资者，出资者( investor的名词复数 )
- 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
n.疆绳，统治，支配；vt.以僵绳控制，统治
- The horse answered to the slightest pull on the rein.只要缰绳轻轻一拉,马就作出反应。
- He never drew rein for a moment till he reached the river.他一刻不停地一直跑到河边。
adv.极度渴望地，绝望地，孤注一掷地
- He was desperately seeking a way to see her again.他正拼命想办法再见她一面。
- He longed desperately to be back at home.他非常渴望回家。
adj.可接受的；可信任的；公认的；质量合格的v.相信( accredit的过去式和过去分词 )；委托；委任；把…归结于
- The discovery of distillation is usually accredited to the Arabs of the 11th century. 通常认为，蒸馏法是阿拉伯人在11世纪发明的。
- Only accredited journalists were allowed entry. 只有正式认可的记者才获准入内。
prep.直到，等待…期间；adj.待定的；迫近的
- The lawsuit is still pending in the state court.这案子仍在州法庭等待定夺。
- He knew my examination was pending.他知道我就要考试了。
零售商，零售店( retailer的名词复数 )
- High street retailers reported a marked increase in sales before Christmas. 商业街的零售商报告说圣诞节前销售量显著提高。
- Retailers have a statutory duty to provide goods suitable for their purpose. 零售商有为他们提供符合要求的货品的法定义务。
n.嘉年华会，狂欢，狂欢节，巡回表演
- I got some good shots of the carnival.我有几个狂欢节的精彩镜头。
- Our street puts on a carnival every year.我们街的居民每年举行一次嘉年华会。
vi.(for/to)满足，迎合；(for)提供饮食及服务
- I expect he will be able to cater for your particular needs.我预计他能满足你的特殊需要。
- Most schools cater for children of different abilities.大多数学校能够满足具有不同天资的儿童的需要。
n.创始者，缔造者
- He was extolled as the founder of their Florentine school.他被称颂为佛罗伦萨画派的鼻祖。
- According to the old tradition,Romulus was the founder of Rome.按照古老的传说，罗穆卢斯是古罗马的建国者。
n.拍卖；拍卖会；vt.拍卖
- They've put the contents of their house up for auction.他们把房子里的东西全都拿去拍卖了。
- They bought a new minibus with the proceeds from the auction.他们用拍卖得来的钱买了一辆新面包车。
（机器、设备等的）构成要素，零件，成分； 成分( component的名词复数 )； [物理化学]组分； [数学]分量； （混合物的）组成部分
- the components of a machine 机器部件
- Our chemistry teacher often reduces a compound to its components in lab. 在实验室中化学老师常把化合物分解为各种成分。
n.易受骗，易上当，轻信
- Gullibility: Measure of speed of paper adhesive bonding and its strength. 胶粘性能：胶粘剂对纸品的粘合速度和强度的能力。 来自互联网
- Open-mindedness can often be treated as gullibility and therefore as a tool to manipulate people's beliefs. 思想开明容易像轻信一样被对待，因此会被用作一种操纵人们观念的工具。 来自互联网
n.公正，公平，（无固定利息的）股票
- 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。
adj.合法的，合理的，合乎逻辑的；v.使合法
- Sickness is a legitimate reason for asking for leave.生病是请假的一个正当的理由。
- That's a perfectly legitimate fear.怀有这种恐惧完全在情理之中。
n.欺骗，欺诈；骗局，诡计
- He admitted conspiring to obtain property by deception.他承认曾与人合谋骗取财产。
- He was jailed for two years for fraud and deception.他因为诈骗和欺诈入狱服刑两年。
adj.昂贵的，价值高的，豪华的
- It must be very costly to keep up a house like this.维修这么一幢房子一定很昂贵。
- This dictionary is very useful,only it is a bit costly.这本词典很有用，左不过贵了些。
n.银行业，银行学，金融业
- John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
- He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
（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
- 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。
n.承办商，伙食承办商
- Silence, purveyor of gossip, do not spread that report. 快别那样说，新闻记者阁下，别散布那个消息。 来自互联网
- Teaching purpose: To comprehensively understand the role function and consciousness composition of a news purveyor. 教学目的：全面深入的理解新闻传播者的角色功能和意识构成。 来自互联网
n./adj.别致(的)，时髦(的)，讲究的
- She bought a chic little hat.她买了一顶别致的小帽子。
- The chic restaurant is patronized by many celebrities.这家时髦的饭店常有名人光顾。
n.壁龛；合适的职务(环境、位置等)
- Madeleine placed it carefully in the rocky niche. 玛德琳小心翼翼地把它放在岩石壁龛里。
- The really talented among women would always make their own niche.妇女中真正有才能的人总是各得其所。
n.所有权，所有的；独占的；业主
- We had to take action to protect the proprietary technology.我们必须采取措施保护专利技术。
- Proprietary right is the foundation of jus rerem.所有权是物权法之根基。
n.会计，会计学，借贷对照表
- A job fell vacant in the accounting department.财会部出现了一个空缺。
- There's an accounting error in this entry.这笔账目里有差错。
n.破产；无偿付能力
- 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。
vi.累倒；昏倒；倒塌；塌陷
- 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。