РОССИЙСКИЙ НОВЫЙ...

00.0046.11.01

Н.Ю. БУЦИНА

АНГЛИЙСКИЙ ЯЗЫК080105 – «Финансы и кредит»080107 – «Налоги и налогообложение»080109 – «Бухгалтерский учет, анализ и аудит»080507 – «Менеджмент организаций»

МОДУЛЬ 11

MARKETS, BANKS AND BUSINESS

МОСКВА2007

РОССИЙСКИЙНОВЫЙ

УНИВЕРСИТЕТ

00.0046.11.01

Рабочий учебник

Фамилия, имя, отчество студента ФакультетНомер договора

Н.Ю. БУЦИНА

АНГЛИЙСКИЙ ЯЗЫК080105 – «Финансы и кредит»080107 – «Налоги и налогообложение»080109 – «Бухгалтерский учет, анализ и аудит»080507 – «Менеджмент организаций»

МОДУЛЬ 11

MARKETS, BANKS AND BUSINESS

МОСКВА 2007

РОССИЙСКИЙ НОВЫЙ УНИВЕРСИТЕТ

3

Н.Ю. Буцина – преподаватель кафедры иностранных языковРецензент: М.Н. Алексеева – кандидат филологических наук, доцент

Рекомендовано научно-методическим

советом РосНОУАНГЛИЙСКИЙ ЯЗЫК

Модуль 1. “Hello! It’s me”Модуль 2. “The Place I Live In”Модуль 3. “Daily Life”Модуль 4. “Leisure and Pleasure”Модуль 5. “On the Move”Модуль 6. “It’s a small world”Модуль 7. “The Body and the Soul”Модуль 8. “Shopping and Eating Out”Модуль 9. “It’s a Fine Day, isn’t It?”Модуль 10. “Economics as a Science.

Core Concepts of Economics”Модуль 11. “Markets, Banks and Business”Модуль 12. “Economic System of the USA,

Great Britain and Russia”

МОДУЛЬ 11

В предлагаемом модуле рассматриваются лексические темы «Рын-ки», «Банки» и «Бизнес». Также рассматриваются смежные с ними темы, а именно: «Маркетинг», «Центробанк» и «Деловая этика». Тексты состав-лены на основе аутентичных материалов и иллюстрируются рисунками, графиками и таблицами. В модуль включены упражнения на закрепление лексики, на анализ полученной информации, на развитие речи, творческие задания и ролевая игра.

Для студентов Российского нового университета

00.0046.11.01© Н.Ю. Буцина, 2007© РосНОУ, 2007

СОДЕРЖАНИЕ

БАЗОВОЕ СОДЕРЖАНИЕ МОДУЛЯ . . . . . . . . . . . . . . . . . . . 4

НАУЧНО-ТЕМАТИЧЕСКИЙ ОБЗОРСОДЕРЖАНИЯ МОДУЛЯ . . . . . . . . . . . . . . . . . . . . . . . . . 5

1. Market structure and competition . . . . . . . . . . . . . . . . . . . . . 52. Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173. Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

VOCABULARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

КЛЮЧИ К ЗАДАНИЯМ. . . . . . . . . . . . . . . . . . . . . . . . . . . 46

КОНТРОЛЬНАЯ РАБОТА . . . . . . . . . . . . . . . . . . . . . . . . . 51

ЛИТЕРАТУРА . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

4 5

БАЗОВОЕ СОДЕРЖАНИЕ МОДУЛЯ

Рынки. Типы рынков. Лидеры, претенденты и аутсайдеры на рынке. Структура рынков с точки зрения конкуренции. Маркетинг, его основные концепции.

Банки. Банковские услуги населению. Типы банков. Центробанки.Бизнес. Формы предпринимательской деятельности. Бизнес-план.

Деловая этика.

НАУЧНО-ТЕМАТИЧЕСКИЙ ОБЗОРСОДЕРЖАНИЯ МОДУЛЯ

1. MARKET STRUCTURE AND COMPETITION

Marketing takes day to learn.Unfortunately it takes a lifetime to master.

Philip Kotler

Vocabulary

Упражнение 1. Заполните пропуски, используя активную лексику:

1. It is the government’s intention to break up all __________.2. Don’t allow the computer to __________ your child’s life.3. It is a big company with an annual __________ of over Ј150 million.4. All our major __________ are also bidding for the contract.5. His number one objective is to get __________.6. There will be a huge __________ for our digital systems.

barriers to entry

cartel

compete(syn. rival)compete awaycompetitioncompetitor

dominatedominantdominant-fi rm oligopoly

economies of scale

marginmarginalmarginal cost

marketmarket challengermarket concentrationmarket followermarket leadermarket nichemarket structuremarket sharemarketingmarket opportunitymarket research

monopolymonopolistic competitionnatural monopoly

monopsony

oligopoly

promotepromotion

revenue

turnover

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Упражнение 2. Соотнесите словосочетания из левого столбика с их определениями в правом:

1) market leader a) income from business activities or taxes2) cartel b) the percentage of the total amount of sales of a particular

product that a company has3) turnover c) the activities of companies that are trying to be more

successful than others4) revenue d) the value of the goods and services that a company sells

in a particular period of time5) marketing e) a company that sells more of its products than any other

company of its type6) competition f) the ways in which a company encourages people to

buy its products by deciding on price, type of customer, and advertising policy

7) market niche g) a group of people or companies who all agree to sell something at the same price so that they can all make profi ts without competing with one another

8) market share h) the part of an industry that sells a particular type of product or service to the small number of customers who want it

Упражнение 3. а) Ответьте на следующие вопросы:

1. What is a market?2. What are the main functions of markets?3. What types of markets do you know?

b) Прочитайте текст:

A market is a social arrangement that allows buyers and sellers to discover information and carry out a voluntary exchange of goods or services. It is one of the two key institutions that organize trade, along with the right to own property. Most markets use currency or some other form of money, though barter markets also exist.

Markets are effi cient when the price of a good or service attracts exactly as much demand as the market can currently supply. The chief function of a market, then, is to adjust prices to accommodate fl uctuations in supply and demand in order to achieve allocative effi ciency. An economic system in which goods and services are exchanged by market functions is called a market economy.

Most markets are regulated by state laws and regulations.

Упражнение 4. Соотнесите словосочетания из левого столбика с их определениями из правого:

Types of Markets

1. Farmers’ markets a) provide short term debt fi nancing and investment

2. Stock markets b) facilitate the trading of foreign exchange3. Black market c) is a mechanism that allows people to

easily buy and sell fi nancial securities, commodities, and other fungible items of value at low transaction costs and at prices that refl ect effi cient markets

4. Financial market d) provide standardised forward contracts for trading products at some future date

5. Foreign exchange markets e) are usually held out-of-doors, in public spaces, where farmers can sell their produce to the public

6. Media market f) facilitate the trading of commodities (such as precious metals or agricultural goods)

7. Money markets g) the illegal buying and selling of goods, especially when it is diffi cult or expensive to obtain them legally

8. Flea market h) provide fi nancing through the issuance of shares or common stock, and so enable the subsequent trading

9. Insurance markets i) the business of secretly buying and selling goods in a way that is not illegal but that is considered morally wrong

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10. Labour market j) is a region where the population can receive the same (or similar) television and radio station offerings, and may also include other types of media including newspapers and Internet content.

11. Commodity markets k) the number of people who are available to work, considered together with all the available jobs

12. Grey market l) facilitate the redistribution of various risks

13. Futures markets m) a market where old things are sold at low prices

Упражнение 5. а) Прочитайте и выполните следующие задания:

1. Think of some durable consumer goods that your family possesses – perhaps a car, a television, a stereo, a camera, a personal computer, a cooker, a fridge, a hair dryer, and so on. Think of your casual clothes, especially jeans and sports shoes. Think of toys you had as a child. Think of the brands of food and drink you habitually consume, including breakfast cereals, chocolate, tea and instant coffee. Think of the products you use to wash yourself and your clothes.

2. In each case, do you know whether the company that makes them is one of the following?

• the market leader (with the biggest market share);• the market challenger (the second-biggest company in the industry);• one of many smaller market followers.3. If you buy or have bought products that are not produced by the market

leader or a well-known market challenger, what is the reason?• chance;• price;• because the product has a ‘unique selling proposition’ that appeals to

you because you need something special, and are part of a particular niche or market segment.

4. Give your examples.

b) Прочитайте текст, обращая внимание на выделенные слова:

MARKET LEADERS, CHALLENGERS AND FOLLOWERS

In most markets there is a defi nite market leader: the fi rm with the largest market share. This is often the fi rst company to have entered the fi eld, or at least the fi rst to have succeeded in it. The market leader is frequently able to lead other fi rms in the introduction of new products, in price changes, in the level or intensity of promotions, and so on.

Market leaders usually want to increase their market share even further, or at least to protect their current market share. One way to do this is to try to fi nd ways to increase the size of the entire market. Contrary to a common belief, wholly dominating a market, or having a monopoly, is seldom an advantage: competitors expand markets and fi nd new uses and users for products, which enriches everyone in the fi eld, but the market leader more than its competitors. A market can also be expanded by stimulating more usage: for example, many households no longer have only one radio or cassette player, but perhaps one in each room, one in the car, plus a minidisc player or a Walkman or two.

In many markets, there is often also a distinct market challenger, with the second-largest market share. In the car hire business, the challenger actually advertises this fact: for many years Avis used the slogan ‘We’re number two. We try harder.’ Market challengers can either attempt to attack the leader, or to increase their market share by attacking various market followers.

The majority of companies in any industry are merely market followers which present no threat to the leader. Many market followers concentrate on market segmentation: fi nding a profi table niche in the market that is not satisfi ed by other goods or services, and that offers growth potential or gives the company a differential advantage because of its specifi c competencies.

A market follower which does not establish its own niche is in a vulnerable position: if its product does not have a ‘unique selling proposition’ there is no reason for anyone to buy it. In fact, in most established industries, there is only room for two or three major companies: think of soft drinks, soap and washing powders, jeans, sports shoes, and so on. Although small companies are generally fl exible, and can quickly respond to market conditions, their narrow range of customers causes problematic fl uctuations in turnover and profi t. Furthermore, they are vulnerable in a recession when, largely for psychological reasons, distributors, retailers and customers all prefer to buy from big, well-known suppliers.

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c) Прочитайте основную мысль текста и вставьте слова, подхо-дящие по смыслу:

In most markets there is a (1)__________ that strongly infl uences other fi rms in the introduction of new products, price changes, promotions, and so on. There is frequently also a (2)__________, with the second-largest market share, which can attempt to increase its market share by attacking either the (3)__________ or some (4)__________. (5)__________ often concentrate on profi table niche products that are in some way differentiated from the products of larger companies.

d) Найдите в тексте слова, которые обозначают следующее:

1) a company’s sales expressed as a percentage of the total market;2) short-term tactics designed to stimulate stronger sales of a product;3) the situation in which there is only one seller of a product;4) companies offering similar goods or services to the same set of

customers;5) a short and easily memorized phrase used in advertising;6) the division of a market into submarkets according to the needs or

buying habits of different groups of potential customers;7) a small and specifi c market segment;8) a factor which makes you superior to competitors in a certain respect;9) a business’s total sales revenue;10) a period during which an economy is working below its potential.

Упражнение 6. Заполните пропуски, используя следующие слова:

Market Structure

1. __________ exists when products are homogeneous, and there are a great many fi rms too small to have any infl uence on the market price, and fi rms can easily enter and exit the industry.

2. A __________ is a market in a particular product in which a single producer can fi x an artifi cial price.

3. __________ is the situation in which there is only one buyer.4. A __________ is an industry in which the effi cient existence of more

than one producer is impossible; examples include public utilities such as water, gas and electricity, where it would be ineffi cient to have several competing companies laying their own networks of pipes and cables.

5. __________ exists when many producers of slightly differentiated products are able to sell them at well above their marginal cost.

6. An __________ is a concentrated market dominated by a few large suppliers. This is very frequent in manufacturing because of economies of scale and the cost barriers of entering an industry.

7. __________ are factors which cause the average cost of producing something to fall as output increases.

8. __________ are economic or technical factors that make it diffi cult or impossible for fi rms to enter a market or compete with existing suppliers.

9. A __________ is one in which a market leader can indicate its preferred price to smaller competitors.

10. A __________ is a group of producers or sellers who fi x prices and quantities in order to avoid competition and increase profi ts. This is illegal in many countries, most notably the USA.

Упражнение 7. Соотнесите каждый пример рынка (в правом столбике) с одной из рыночных структур (в левом столбике):

1) a dominant-fi rm oligopoly a) arms and weapons systems2) monopolistic competition b) cars (automobiles)3) a monopoly c) wheat4) a monopsony d) confectionary5) an oligopoly e) mainframe computers6) perfect competition f) rail transport

Упражнение 8. Расположите абзацы таким образом, чтобы полу-чился текст следующей структуры:

• Начните с предложений, в которых содержатся аргументы против монополии, а также в ее пользу.

barriers to entry carteldominant-fi rm oligopolyeconomies of scale

monopolistic competitionmonopolymonopsonynatural monopoly

oligopolyperfect competition

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• Продолжите предложениями в защиту или в оправдание рыночной концентрации.

• Закончите предложениями, в которых оспаривается то, что моно-полии недолговечны, и поэтому не являются проблемой.

1. According to this position, the government only needs to ensure that there is no monopoly over important inputs, because there will never be a monopoly of scientifi c or artistic genius or business ideas.

2. According to this view, market concentration arises naturally from a few successful fi rms growing larger as a result of increased effi ciency, innovation, and economies of scale in production, distribution, R&D, capital fi nancing, and so on.

3. a counter-argument is that erecting barriers – for example, by process innovation, product differentiation, persuasive advertising, or pricing policy – in order to be successful and to make competitors less successful, is a normal part of rivalry and competition.

4. Although some people argue that any barrier to competition will inevitably lead to ineffi ciency,

5. An example here would be telecommunications.6. and businesses facing no competition have no incentive to fi nd ways to

reduce costs.7. Even the profi ts made by a natural monopoly will be temporary, because

they are an incentive for entrepreneurs to discover and implement new low-cost technologies.

8. For example, although entrepreneurs introduce new products and techniques and open up new markets, their profi ts are soon competed away by rivals.

9. it is right that inventors should be granted a temporary monopoly as a reward for innovation or discovery.

10. monopolists are always able to make excessive profi ts,11. Some people even argue that monopolies are always temporary and

consequently not a problem.12. The arguments against market concentration, or at least against

monopoly, are obvious:13. The only common argument in favour of monopoly concerns patents:

1 L M2 B3 G A

Упражнение 9. Прочитайте текст, заполните пропуски, используя предложенные слова, и ответьте на вопросы:

design develop identify infl uence modify persuade

Marketing

Marketers have to (1)__________ or anticipate a consumer need; (2)__________ a product or service that meets that need better than any competing products or services; (3)__________ potential customers to try the product or service; and, in the long term, (4)__________ to satisfy changes in consumer needs or market conditions. Marketers can (5)__________ particular features, attractive packaging, and effective advertising, that will (6)_________ consumers’ wants. Marketing thus begins long before the product or service is put on the market; it combines market research, new product development, distribution, advertising, promotion, product improvement, and so on.

1. What do you think of this defi nition? Do you agree with it?2. How can you explain the term “market opportunities”?3. Why are marketers always looking for market opportunities?4. Can you think of any examples of products for which marketers

anticipated a consumer need (i.e. products you had never imagined needing before they were developed)?

5. What does “market research” mean?6. Is market research important? Why?

Упражнение 10.а) Прочитайте текст:

The Marketing Concept

The marketing concept that emerged in the 1950s and has dominated marketing thought for nearly 40 years has three parts:

1. A consumer orientation, that is, fi nd out what consumers want and give it to them.

2. The training of employees from all departments in customer service so that everyone in the organization has the same objective consumer satisfaction.

14 15

3. A profi t organization, that is, market goods and services that will earn the fi rm a profi t and enable it to survive and expand to serve more I consumer wants and needs.

Consumer OrientationHenry Ford said: “You can have any color car as long as it is black”. He

seemed more interested in production than in adapting to consumer wants and needs. He felt that the best car was a good, reliable, inexpensive one. In fact, up until 1926, Ford sold half the new cars made in America. But the people in General Motors talked with consumers and found a basic desire for individuality and status. They begin making cars in all colors and shapes and eventually took away much of Ford’s market. This is an example of a consumer orientation at work. Today all the car companies are working harder than ever to be more responsive to consumer wants and needs. Foreign competition has become fi erce, and only those fi rms that give consumers what they want survive.

Training of All Employees in Customer ServiceTo provide optimum consumer satisfaction, all elements of marketing

(product, price, place and promotion) must be coordinated and integrated with other departments. For example, salespeople often promise delivery on a certain date, and then the delivery people fail to show up. Such lack of coordination annoys the customer and prevents consumer satisfaction. Similarly, a salesperson may write up a sale and promise credit terms, only to fi nd that the credit department turns down the customer’s application.

Profi t OrientationThe purpose of adopting a new business philosophy was to improve

consumer relations because better relationships would also benefi t the fi rm and increase profi ts. One goal of all business fi rms is to optimize long-term profi ts. This is called a profi t orientation. Profi t enables a fi rm to grow and hire more people, to provide even more satisfaction to consumers, and to strengthen the economy as a whole.

Applying a More Societal Marketing ConceptIt is enough to give individuals what they want, isn’t it? Don’t fi rms

have some obligation to society as well? There is some evidence today that organizations are adopting a broader societal orientation that includes a consumer orientation. For example, many large business fi rms and non-profi t organizations have become involved in programs designed to train the disadvantaged, improve the community, reduce the use of energy, cut back pollution, provide consumer education, involve employees to community projects, and generally respond to the broader needs of society. A consumer orientation thus has become only one

of the many social goals of today’s progressive organizations and marketing managers.

Andora Freeman and Joy Ernst started a toy-recycling center to teach children the importance of conservation and to make a profi t for themselves. Used toys are sold at bargain prices, and the original owners keep 50 % of the take. The store “Toy Go Round” could earn higher profi ts if it carried toy guns and G.I. Joe dolls, but the owners refuse because they don’t like the societal effects on children of playing with war toys.

Now that the US has become relatively affl uent, people are demanding satisfaction of wants and needs that business often cannot and do not provide. For example, people are demanding a cleaner environment, a greater involvement with the arts, a better education programmes. This has led to a whole new dimension of marketing – non-profi t organization marketing.

No longer is the objective simply to “Find individual needs and fi ll them”. Rather the goal is to meet the broader needs of society as well. Standard marketing practices were applied to tasks such as promoting public hospitals and universities, museums and associations, government programmes, and more. But more sophisticated tools were needed to create new social attitudes and behavior for such programmes as stopping smoking, driving 55 miles per hour, wearing seat belts, picking up litter, and so on. Much future growth in marketing will be in this area.

The Marketing MixIf you think through this process, you will see that managing the marketing

process involves four factors after a need is discovered: (l) design a want-satisfying product; (2) set a price for the product; (3) get the product to a place where people will buy it, and (4) promote the product.

These four factors have become known as the four P’s of marketing.These four factors are also known as the marketing mix because they

are the ingredients that go into a marketing program. A marketing manager designs a marketing program and effectively combines these ingredients of the marketing mix. The American Marketing Association recently redefi ned the role of marketing managers as follows:

“Marketing (management) is the process of planning and executing, the conception, pricing, promotion and distribution (place) of ideas, goods, and services (products) to create exchange that satisfi es individual and organizational goals”.

16 17

b) Найдите в тексте эквиваленты следующих словосочетаний:

− концепция маркетинговой деятельности;− ориентация на удовлетворение потребителя;− служба работы с покупателями;− удовлетворенность потребителей, (товарами (услугами), качест-

вом обслуживания и т. д.);− коммерческая организация;− реагировать на потребительские запросы;− ориентирование на получение прибыли;− привлекать служащих в участие в общественных программах;− по договорной цене;− комплекс маркетинга.

Упражнение 11. Подготовьте сообщения по следующим заданиям:

1. Imagine you are the president of a small fi rm. Enrollment has declined dramatically. The fi rm is in danger of closing. Show how you might revive the fi rm by applying the three phases:

a) a consumer orientation;b) the training of employees in all departments in customer service;c) a profi t orientation?Would you recommend a more societal orientation as well? How would

you do it?2. It is easy to document the social ills for which marketing is partially

responsible. Discuss the social benefi ts and social costs imposed by marketing. Take the position you have not held previously and defend it (that is defend mar-keters if you have opposed them and vice versa). Discuss whether less developed countries would not benefi t from more marketing.

2. BANKING

“The bank has benefi t of interest on all moneyswhich it creates out of nothing.”

William Patterson,founder of Bank of England, 1694

Vocabulary


1. Hefty fi nes are payable for those who exceed their __________ limit.2. I’m not sure I can raise the __________ for the holiday.3. You can now do your __________ on-line.4. The gallery charges a small entrance __________.5. On my present salary I can’t get a __________.6. The combined investment is expected to _______ £5,000 in the fi rst year.7. Kenya is still paying off a multimillion-dollar __________ to the IMF.8. The minimum __________ for this fund is £1000.

bankbank accountbank transferbankingcentral bankcommercial bank

blue chip

depositto receive depositsto hold deposits

fee

fundfundedpension fund

interestrate of interest

investinvest fundsinvest money ininvestment

liquidliquidity

loan

loan chargeloan sharkloaning

mortgagemortgage credit

overdrawoverdraft

securitysecurities

securities loan

solvencysolvent

withdrawwithdrawal

yieldyield a lossyield a profi thigh yielder

18 19

Упражнение 13. а) Ответьте на следующие вопросы:

1. What is a bank?2. What services do banks typically offer?3. What types of banks do you know?

b) Прочитайте текст:

The name bank derives from the Italian word banco, desk, used during the Renaissance by Florentines bankers, who used to make their transactions above a desk covered by a green tablecloth.

A bank is a business which provides fi nancial services for profi t. Traditional banking services include receiving deposits of money, lending money and processing transactions. Some banks (called Banks of issue) issue banknotes as legal tender.

Traditionally, a bank generates profi ts from transaction fees on fi nancial services and from the interest it charges for lending. Since historically low interest rates limit banks’ ability to earn money by lending deposited funds, much of a bank’s income is provided by overdraft fees and riskier investments.

Although the type of services offered by a bank depends upon the type of bank and the country, services provided usually include:

• taking deposits from their customers and issuing checking and savings accounts to individuals and businesses;

• extending loans to individuals and businesses; • cashing cheques; • facilitating money transactions such as wire transfers and cashiers checks;• issuing credit cards, ATM cards, and debit cards; • storing valuables, particularly in a safe deposit box; • cashing and distributing bank rolls.

Упражнение 14. а) Подберите определения к следующим словам:

Personal banking

1) an arrangement by which a customer can withdraw more from a bank account than has been deposited in it, up to an agreed limit; interest on the debt is calculated daily;

2) a card which guarantees payment for goods and services purchased by the cardholder, who pays back the bank or fi nance company at a later date;

3) a computerized machine that allows bank customers to withdraw money, check their balance, and so on;

4) a fi xed sum of money on which interest is paid, lent for a fi xed period, and usually for a specifi c purpose;

5) an instruction to a bank to pay fi xed sums of money to certain people or organizations at stated times;

6) a loan, usually to buy property, which serves as a security for the loan;7) a plastic card issued to bank customers for use in cash dispensers;8) doing banking transactions by telephone or from one’s own personal

computer;9) one that generally pays little or no interest, but allows the holder to

withdraw his or her cash without any restrictions;10) one that pays interest, but usually cannot be used for paying cheques,

and on which notice is often required to withdraw money.

b) Ответьте на вопросы:

1. Which of the banking facilities listed in 14а do you use?2. What other services do commercial banks offer in your country?3. Are these services costly?4. Have you ever been to a local bank?5. What changes have there been in personal banking recently?6. What further changes do you foresee in the future?7. What are the jobs performed by the people who work in a bank?

Упражнение 15.а) Прежде, чем читать текст, постарайтесь ответить на следую-

щие вопросы:

1. What is the difference between a commercial and an investment bank?2. How are interest rates determined?3. What are Eurodollars?4. Why are there so many dollars deposited in banks outside the USA?

cash cardcash dispensercredit cardhome banking

loanmortgageoverdraftstanding order

current accountdeposit account

20 21

b) Прочитайте текст, обращая внимание на выделенные слова:

TYPES OF BANK

Commercial or retail banks are businesses that trade in money. They receive and hold deposits, pay money according to customers’ instructions, lend money, offer investment advice, exchange foreign currencies, and so on. They make a profi t from the difference (known as a spread or a margin) between the interest rates they pay to lenders or depositors and those they charge to borrowers. Banks also create credit, because the money they lend, from their deposits, is generally spent (either on goods or services, or to settle debts), and in this way transferred to another bank account – often by way of a bank transfer or a cheque rather than the use of notes or coins – from where it can be lent to another borrower, and so on. When lending money, bankers have to fi nd a balance between yield and risk, and between liquidity and different maturities.

Investment banks, often called merchant banks in Britain, raise funds for industry on the various fi nancial markets, fi nance international trade, issue and underwrite securities, deal with takeovers and mergers, and issue government bonds. They also generally offer stockbroking and portfolio management services to rich corporate and individual clients. Investment banks make their profi ts from the fees and commissions they charge for their services.

In some European countries (notably Germany, Switzerland and Austria) there have always been universal banks combining deposit and loan banking with share and bond dealing and investment services, but for much of the 20th century, American legislation enforced a strict separation between commercial and investment banks. The Glass-Steagall Act, passed during the Depression in 1934, prevented commercial banks from underwriting securities. This act was repealed in 1999. The Japanese equivalent was abolished the previous year, and the banking industry in Britain was also deregulated in the 1990s, and fi nancial conglomerates now combine the services previously offered by banks, stockbrokers, and insurance companies.

A country’s minimum interest rate is usually fi xed by the central bank. This is the discount rate, at which the central bank makes secured loans to commercial banks. Banks lend to blue chip borrowers (very safe large companies) at the base rate or the prime rate; all other borrowers pay more, depending on their credit standing (or credit rating, or creditworthiness): the lender’s estimation of their present and future solvency. Borrowers can usually

get a lower interest rate if the loan is secured or guaranteed by some kind of asset, known as collateral.

In most fi nancial centres, there are also branches of lots of foreign banks, largely doing Eurocurrency business. A Eurocurrency is any currency held outside its country of origin. The fi rst signifi cant Eurocurrency market was for US dollars in Europe, but the name is now used for foreign currencies held anywhere in the world (e.g. yen in the US, euros in Japan). Since the US$ is the world’s most important trading currency – and because the US for many years had a huge trade defi cit – there is a market of many billions of Eurodollars, including the oil-exporting countries’ “petrodollars”. Although a central bank can determine the minimum lending rate for its national currency it has no control over foreign currencies. Furthermore, banks are not obliged to deposit any of their Eurocurrency assets at 0% interest with the central bank, which means that they can usually offer better rates to borrowers and depositors than in the home country.

c) Прочитайте основную мысль текста и вставьте слова, подхо-дящие по смыслу:

(1)_________ hold customers’ deposits and make loans. (2)__________ raise funds for industry. Deregulation in Britain and the US has led to the creation of (3)__________ similar to the universal banks that have always existed in German-speaking countries. A country’s minimum (4)__________ is usually fi xed; banks charge progressively higher rates to less secure borrowers. Many banks also do (5)________ – lending foreign currencies, notably (6)_________, at lower rates than in the currencies’ home countries.

d) Найдите в тексте слова, которые обозначают следующее:

1) to place money in a bank; or money placed in a bank;2) the money used in countries other than one’s own;3) how much money a loan pays, expressed as a percentage;4) available cash, and how easily other assets can be turned into cash;5) the date when a loan becomes repayable;6) to guarantee to buy all the new shares that a company issues, if they

cannot be sold to the public;7) when a company buys or acquires another one;8) when a company combines with another one;

22 23

9) buying and selling stocks or shares for clients;10) taking care of all a client’s investments;11) the ending or relaxing of legal restrictions;12) a group of companies, operating in different fi elds, that have joined

together;13) a company considered to be without risk;14) ability to pay liabilities when they become due;15) anything that acts as a security or a guarantee for a loan.

e) Составьте словосочетания, используя слова из левого и право-го столбиков (например, to lend money, to fi nance international trade):

to charge adviceto do bondsto exchange businessto issue currenciesto make depositsto offer fundsto pay interestto raise loansto receive profi tsto underwrite security issues

Упражнение 16. Соотнесите словосочетания в левой колонке с их определениями в правой:

1) central bank a) a bank that provides fi nancial services to companies, not people

2) data bank b) a large amount of information, especially when it is used by computers

3) blood bank c) a container used by children for saving money in, sometimes shaped like a pig

4) investment bank d) a place where blood is stored so that it can be given to people during medical operations

5) merchant bank e) a national bank that controls a nation’s policies on money and interest rates

6) piggy bank f) a bank that buys and sells large quantities of securities

Упражнение 17. Подберите определения к следующим словам:

Forms of Settlements

1. Форма расчетов на основе почтовых/телеграфных переводов (пе-ревод инвалюты из страны в страну).

2. Вексельная форма расчетов (письменное долговое обязательство покупателя уплатить указанную сумму денег к определенному сроку).

3. Инкассовая форма расчетов (получение банком денег от клиента по счетам, различным сертификатам, отгрузочным и страховым документам).

4. Документы за наличный расчет (передача грузовых документов на то-вары покупателю возможна только после оплаты соответствующих товаров).

5. Чековая форма расчетов (письменное распоряжение банку о вы-даче (наличными или перечисленными) держателю чека указанной в нем суммы с текущего счета чекодателя).

6. Аккредитивная форма расчетов (перевод денег банком по поруче-нию и за счет клиента).

7. Клиринг (оплата по безналичному расчету между банками).8. По открытому счету (отправление в адрес покупателя товара и

товарных документов, оплату которых тот осуществляет в течение срока, обусловленного в контракте).

Упражнение 18. Соотнесите английские словосочетания с их рус-скими эквивалентами. При необходимости используйте словарь:

1) bank branch a) просроченная оплата2) banking facilities b) владелец счета3) bank charges c) счет за границей4) to transfer to an account d) отделение банка

bill of exchange, draftchequeclearing payment

documentary collectiondocuments against paymentletter of credit

open accounttransfer

24 25

5) balance with foreign banks e) неустойка6) personal account f) взять из банка7) account holder g) комиссионные банку8) to put into a bank h) своевременная оплата9) to withdraw from a bank i) услуги банка10) to make a payment j) срок платежа11) due date k) лицевой счет12) penalty l) перечислять на счет13) payment on the spot m) немедленная оплата14) prompt payment n) класть в банк15) overdue payment o) производить оплату

Упражнение 19.а) Прочитайте интервью с экономистом, занимающимся денеж-

ной политикой, в котором он описывает основные функции централь-ного банка. Заполните пропуски следующими словосочетаниями:

a) act as a lender of last resort;b) commercial banking supervision;c) exchange rate supervision;d) open-market operation;e) printing money, or destroying it;f) setting interest rate ceiling and fl oors.

Central banking

The fi rst function of a central bank is actually to implement monetary policy. There are roughly three ways to do it. First (l)__________, which means limiting, upwards or downwards, the fl uctuations of the interest rate. The second way to implement monetary policy is simply (2)__________ – coins, banknotes. The third one, which is a bit more modern, is those (3)__________, which are simply buying and selling government bonds to and from commercial banks.

So that was the fi rst main task of a central bank. The second one is (4) __________, I would say.

Third main task, yes, (5) __________ – make sure that the commercial banks have enough liquidities, for instance, to avoid any bank run.

The fourth main task of the central bank would be to (6)__________ in case, actually, one of these commercial banks goes bankrupt and the investors, the people putting money in the bank, have to get back their money.

b) Прочитайте шесть фраз, которые также описывают функции центрального банка, но несколько иначе. Соотнесите их со словосоче-таниями, данными в упражнении 19а:

а) controlling the amount of banknotes in circulation;b) establishing maximum and minimum lending rates, thereby controlling

the credit system;c) ensuring that banks have a suffi cient liquidity ratio to allow customers

to withdraw their deposits when they want;d) intervening on foreign exchange markets, buying or selling large

amounts of the national currency, to prevent major fl uctuations;e) lending money to a commercial bank in danger of going bankrupt;f) selling government bonds to commercial banks or buying them back,

in order to alter the amount of credit the banks can offer (and thereby alter the money supply).

Упражнение 20. Подготовьте и проведите ролевую игру:

Getting a Loan

Three different groups of inexperienced young business people in a small town require capital for their businesses. They all apply to the local branch of Megabank.

The three groups of would-be borrowers must develop fi nancial arguments that they think will convince the bankers. The group preparing the role of the bankers has to think of questions about the viability of the future businesses: will they be successful, and why? Or why might they not be successful? You have to prepare your questions or arguments in a group, after which one or two members of the groups of borrowers will be chosen to negotiate with the bankers.

The roles are:1. A junior manager (and assistants) at the bank, responsible for new local

small businesses. To lend or not to lend, that is the question.

26 27

Your bank recently launched a big advertising campaign announcing that it was the friend of small businesses, with the result that everyone with half an idea is coming to you and asking for money! Your superiors expect you to pick out good local investment opportunities. On the other hand, you have previously lent money to young people who lost it all within six months. You want facts and fi gures – about costs, sales projections, profi t margins, repayment periods, existing competitors, the possibility of new competitors entering the market, and the long-term prospects for the market. You are slightly worried about the meetings, because you know absolutely nothing about dance music, never order take-away pizzas, and know very little about computers. For this reason, you can invite your two assistants to the meeting if you want to.

2. A group of young people who want to open a small specialist record shop selling CDs of dance music.

You are fans of this kind of music; you think you know what the market wants; you think the market is big enough to make a small shop profi table; you think the existing competition is weak – inadequate selection of music, wrong ambience, etc. But remember that you will probably be talking to someone who knows nothing at all about the kind of music you are interested in. He or she wants numbers. You have to convince him or her that your business will be successful - that it will have, and keep, enough customers to make a profi t. You have to pay three months’ rent in advance for the small shop. You have to buy display racks and lots of CD players and headphones. Your suppliers (record companies, importers, distributors) expect to be paid within 60 days.

3. A group of young people who want to buy an existing take-away pizza business (the lease on the premises, the kitchens, the delivery scooters, and so on). The business is profi table, and well-known in the town, with loyal customers. The new owners can keep the same telephone number, and either keep or change the name.

Members of the group have been working in the business - answering the telephone, making pizzas and delivering them – for over two years. You know that the business is profi table. The owner wants to leave the country quickly and is keen to sell to you. You have enough money to pay the rent and the normal bills, but the equipment will cost $50,000. Not only do you have experience in the take-away pizza business, but as business students you know ail about accounting, promotions, etc.

4. A group of students who already operate a part-time computing consultancy service, advising small businesses on what hardware and software to buy, and how to set up a website. They want to borrow money to buy more computers for themselves, on which to try out elaborate new software programs.

You are what other people call ‘computer nerds’. You know everything about computers. You have spent several hours a day in front of a computer screen since you were nine years old. In fact you don’t do anything else. You have been advising small local businesses for two years and earning I good mon-ey, but you would like to buy better hardware for yourselves. $50,000 would be perfect.

28 29

3. BUSINESS

Formerly when great fortuneswere only made in war, war was a business;

but now, when great fortunes are only made by business,business is war.”

Bovee Vocabulary


1. The previous __________ had made the garage into an extra bedroom.2. Technology __________ fell sharply today.3. She doesn’t __________ much money, but she enjoys the work.4. After leaving school, Bob started his own computer __________.5. Let’s __________ with defi ning our terms.6. American tobacco __________ are thriving nowadays.7. Investors have made a 14% __________ in just 3 months.8. __________ prices fell on the Tokyo Stock Exchange today.9. I need to discuss this with my business __________.

Упражнение 22.а) Прочитайте текст, обращая внимание на выделенные слова:

FORMS OF BUSINESS

Enterprising individuals who put their creativity to work into both big and small companies are the masterminds for a new and larger menu of goods and services. They are entrepreneurs, developing ways to make more effi cient use of resources. They see opportunities and take risks in hopes of earning profi ts. Adding to the efforts of entrepreneurs in recent years has been the birth of e-commerce, which is rapidly changing the way businesses operate.

Most business fi rms are organized as sole proprietorships, partnerships and corporations.

A sole proprietorship is a business owned by one person. This form of business is the easiest and typically the least costly to start, and gives one full control over operations. Sole proprietorships are the most numerous kinds of business organizations, but most are very small.

A partnership is a business organization owned by two or more people who share ownership and control over business. Proprietorships and partnerships outnumber corporations by almost four to one. They have been a major source of new ideas and jobs in the economy, but corporations continue to produce more goods and services.

A corporation is a business organization managed on behalf of its owners, who provide the funds. The law requires a corporation to obtain a state charter to operate. Ownership of a corporation is represented by shares of stock, so stockholders are its owners. Corporations have the advantages of unlimited life and limited liability. This enables them to raise sums of money well beyond the limits of partnerships and proprietorships.

The organization of large corporations enables them to run effi ciently despite having thousands of owners called stockholders. Management and ownership are separated through the use of such devices as boards of directors, proxy voting, and annual reports to the stockholders. Stockholders can infl uence management decisions through the buying and selling of a company’s stock.

b) Найдите в тексте эквиваленты следующим словосочетаниям:

1) единоличное владение;2) компания, товарищество, партнерство;

busybusinessbusiness yearbusinessman

corporatecorporation

earnearning

enterpriseentrepreneurentrepreneurialentrepreneurship

ownownerownership

partnerpartnership

profi tprofi t and lossprofi t earningprofi tablenon-profi tprofi t-making

proprietorproprietorship

sole proprietorship

shareshare in a businessshare ownershipshareholder

start

start a businessstart-up

stockstock companystock exchangestockholderstockbroker

30 31

3) торговля с помощью электрон ных средств;4) устав компании (товарищества);5) доля в акционерном капитале;6) брать ссуду;7) ограниченная ответственность;8) голосование по доверенности.

с) Скажите, верны ли следующие утверждения:

1. Entrepreneurs are individuals whose purpose in business is to enrich the society.

2. Sole proprietorship is the most profi table kind of business.3. Corporations are not many as they are costly and not easy to

manage.4. Stockholders can hardly be considered owners of a corporation.5. In a corporation management and ownership are not separated.

d) Ответьте на вопросы:

1. Who do you call an entrepreneur? Should he possess special qualities?

2. What are the most widely spread types of business? Why?3. What are the advantages of a sole proprietorship? Partnership?

Corporation?4. Which of the businesses is the easiest to start and expand? Which one

would you like to work for? Why?5. Do you know how corporation is managed?6. Who do you call a stockholder?

Упражнение 23. Соотнесите понятия в левом столбике с их опре-делениями в правом:

1) board of directors a) a person who takes a risk to create a new product or to develop a better way to operate a business

2) dividends b) license allowing a business to operate as if it were part of a larger chair

3) entrepreneur c) owners of a corporation who may share in the profi ts

4) non-for-profi t d) obligation to cover debt is limited to the extent of ownership

5) insurance e) profi ts distributed to the owners of a corporation6) stockholders f) a share of ownership in a corporation7) franchise g) type of business organization that typically uses

revenue for charitable or religious purposes8) limited liability h) business organization managed on behalf of its

owners, who provide the funds9) stock i) method of turning the risk of a big loss into the

certainty of a small periodic one10) corporation j) elected representatives of a corporation share-

holders

Упражнение 24. Различные формы предпринимательской де-ятельности имеют свои преимущества и недостатки. Распределите следующие характеристики в таблице (некоторые утверждения можно использовать больше одного раза):

Advantages DisadvantagesSole proprietorships _____ _____Partnerships _____ _____Corporations _____ _____

1. Owner can always be the “boss”.2. Can continue operations indefi nitely.3. Funding limited by amount of personal savings and ability to borrow.4. Each owner acts on behalf of personal savings and ability to borrow.5. Lack of opportunities for employees since fi rms is generally small.6. Easiest kind of business to organize.7. Limited liability.8. Ownership can be easily transferred through transfer of stock.9. Often requires a lawyer to formally set up the business.10. Unlimited liability.

32 33

11. People can buy and sell their shares of own ership without the business ending.

12. Business profi ts are made by individual owner(s).13. The death of the owner can result in the termination of the business.14. Double taxation.15. It can grow to be very large.16. Owner(s) can quickly react to business pro blems.17. Must pay a special tax on the profi ts.18. Management is often separated from own ership.19. It does not have to pay corporate income tax.20. Combines funds of more than one person for a start-up or expansion.

Упражнение 25. Предприниматель должен обладать определен-ными личными качествами. Проанализируйте свои ответы на следую-щие вопросы и скажите, могли бы Вы открыть свое собственное дело:

1. Are you a self-starter?2. How do you get on with other people?3. Can you lead and motivate others?4. Can you take responsibility?5. Are you a good organizer?6. How good a worker are you?7. Can you make decisions?8. Do you enjoy taking risks?9. Can you stay the course?10. Are you motivated by money?11. How do you react to criticism?12. Can people believe what you say?13. Do you delegate?14. Can you cope with stress?15. How do you view your chances of a success?16. If the business was not making profi t after fi ve years what would you do?

Упражнение 26. Выберите слово или словосочетание для каждого определения:

1.

The possibility of providing a new product or service to satisfy particular needs.a) market capitalization b) market opportunity с) market penetration

2. People with a lot of money at their disposal.a) capitalists b) entrepreneurs с) high net worth individuals

3. Adjective describing investors who do not want to take risks with their money.a) risk averse b) risky с) speculative

4. Adjective describing companies whose shares are traded on the stock exchange.a) cited b) listed с) short-listed

5.

Money paid to professional people for a job of work done.a) fee b) wage с) bonus

6. Another word for stocks or shares: a company’s own capital.a) bonds b) equity с) liabilities

7. The day-to-day expenses of operating a business.a) opportunity costs b) running costs с) variable costs

8. The attempt to increase or maximize sales, and get a large number of customers.a) market concentration b) market penetration с) market segmentation

9. Directors who do not work full time for a company, but advise it about strategic issues.a) executive directors b) non-executive directors с) vice-presidents

Упражнение 27.а) Прочитайте интервью с главой правления по финансовым

проблемам и ответьте на вопросы:

1. What is the market opportunity that has opened up for investors?2. Why are pension funds now investing in such companies?3. How do corporate fi nance teams get paid?

My name is Ed Coombes and I am a corporate fi nance executive and I work for Cambridge Capital Partners, a small corporate fi nance team that is regulated by the SFA1, and we focus on raising funds for private companies.

1 SFA (Securities and Futures Authority) – Совет по ценным бумагам и фьючерсам (са-морегулируемая организация, контролирующая проведение брокерами и дилерами сделок с ценными бумагами, проведение финансовых и товарных фьючерсных и опционных сделок; создана в 1991 г., в 2001 г. ее функции перешли к Управлению по финансовым услугам).

34 35

We specialize in the technology, media and telecoms companies. Primarily because ten years ago if you wanted to start one of those companies you needed a lot of money and it took a long time to grow it, then gradually society is demanding products, and so is industry, which are faster to develop and the money necessary to develop them is less and also the speed to market is less.

A market opportunity has opened up in the technology, media and telecom sector, compared to ten, fi fteen years ago. It’s speed of getting a company up and running, money available for it from high net worth individuals, and pension funds who traditionally in the past were risk averse and also like to just invest in the large companies. They are not getting the return on their investment so they recognize they need to take a higher risk, so a smaller potential high growth company, and they get a higher return. That’s effectively the market opportunity that has opened up which wasn’t around so much ten years ago and in the fi nancial sector, the banking sector, if we take corporate fi nance services they have recognized this, whereas ten years ago they would only service clients that were listed on exchanges, gradually the corporate fi nance teams have seen, we need to go and fi nd those companies that are going to list and the next stage was before they list they’re private companies, and we need to go and help them before they even get to that stage for listing, and so bankers like myself have left the City. Now we’re increasing in number and are seeing there is a market need for corporate fi nance at the smaller end of the scale. Now for us it’s cost effective because when we raise some money, if you’re a large bank or a small bank you take your fee in cash. If we raise, if we’re dealing with a small company we can’t always take it in cash but we’ll take it in equity, which is shares in the company, and the hope is that we take enough cash to cover our running costs and if we take the rest of the fee in equity, shares in the company, then we hope that in two or three years’ time this will be a high growth company and ideally it lists on the markets and we can sell our shares then.

b) Прочитайте следующую часть интервью, в которой говорится о бизнес-планах, и заполните страницу с содержанием типичного биз-нес-плана:

Business plans tend to be between 30 and 60 pages long, and so prior to any meeting with the company I like to see what they’ve written down on paper about themselves. You fi rst of all fi nd a two-page, what we call executive summary, and that is basically an overview of the next 50 pages of what this business plan is roughly about and what you are going to expect to read. The next, the fi rst chapter

tends to be what the company is going to do. The second chapter tends to be the market opportunity. The third chapter tends to be the strategy of how they’re going to deploy the investment and seize this market opportunity. Fourth chapter tends to be the revenue. Fifth chapter is the competition. Sixth chapter is the management. Seventh chapter is marketing, advertising and normally at the, at the end is the fi nance needed. There you are, there’s a quick business plan for you.

с) Прочитайте заключительную часть интервью и ответьте на вопросы:

1. Which parts of the business plan are investors most interested in?2. What do investors need to know about competitors?3. What do investors need to know about revenue?4. What kind of managers do investors prefer to see in start-up

companies?5. Why are non-executive directors important to a company?6. What criticisms does Ed Coombes say can often be made of

entrepreneurs?

First of all investors are obsessed with two key things: competition and the revenues. With the competition, they want to know who is there at the moment? How are they going to react when this company comes into the market? Or if there is no one there, who is going to come there as well? Now this sends a signal

Business planContentsExecutive SummaryChapter 1: What the company is going to doChapter 2: ..............................Chapter 3: Strategy: how we will deploy the investmentChapter 4: ..............................Chapter 5: ..............................Chapter 6: ..............................Chapter 7: ..............................Chapter 8: ..............................

36 37

out to the investor about whether the management really understand the market they’re in, and how they’re going to react in the future and the fact that they are a little bit focused on the future as well. So they can put in barriers to entry or what we call defend themselves.

The other thing is, with revenues investors don’t mind if a company, if it’s a start-up, in the fi rst two or three years is making a loss, because they are using the capital invested in them to achieve as great a market penetration as possible. So the investor in that business plan when they are reading it is wanting to see when is the fi rst revenue going to come in. How big is it going to be?

Apart from those two chapters, there are chap, management are key. You tend to want to fi nd people with past experience of their sector, you want to fi nd out if there’s any non -executive directors on board. They are very, very critical to young growth companies, but also to mature companies, because the world changes and everybody suffers from myopia, i.e. they can just see their own little spot. They need to be challenged because markets change, customers change, the company needs to change to address its market.

Entrepreneurs tend to be very emotional, very focused, a lot of qualities which are paramount for starting a company, drive, etc., but they can get in the way of investors at a later stage in terms of the style of running the company, the attitude, the relationships between the new shareholder or potential investor/shareholder and the existing management.

Упражнение 28. Прочитайте текст о деловой этике и обсудите следующие утверждения:

BUSINESS ETHICS

Some people argue that the objective of business, and consequently the role of managers, is to make as much money as possible for companies’ owners, the stockholders or shareholders. Other people argue that companies have to be careful never to cheat customers, but for purely business reasons, rather than ethical ones: disappointed customers will not buy any more of your products in future. Still other people insist that companies have social and ethical responsibilities to their customers, their staff, their business partners, their local community, society in general, and the natural environment, that are as important as, or more important than, their responsibility to provide a fi nancial return to their shareholders.

A business must conform to the basic rules of society. In your opinion, do the following activities, several of which are not illegal, conform to the basic rules of society, or not?

1. Bribing corrupt foreign offi cials in order to win foreign orders, on the grounds that where bribery is a way of life, you have no alternative if you want to win a contract.

2. Industrial espionage – spying on competitors’ R&D departments with concealed cameras and microphones, bribing their employees, etc. – rather than doing your own expensive research and development.

3. Selling supposedly durable goods with ‘built-in obsolescence’, i.e. which you know will not last more than a few years.

4. Spending money on lobbying, i.e. trying to persuade politicians to pass laws favourable to your particular industry.

5. Telling only half the truth in advertisements, or exaggerating a great deal, or keeping quiet about the bad aspects of a product.

6. Undertaking ‘profi t smoothing’, i.e. using all the techniques of ‘creative accounting’ to hide big variations in profi t fi gures from year to year, and threatening to replace the auditors if they object.

7. ‘Whistle blowing’, i.e. revealing confi dential information to the police or to a newspaper, e.g. that a company is breaking health and safety regulations and therefore putting people’s lives in danger, or illegally selling arms to foreign dictators.

Упражнение 29. Обсудите следующую ситуацию:

In the summer of 1995, Barclays Bank spent £180 million of its profi ts in buying back shares from its shareholders. In the preceding years, many other companies in America and Britain had done the same thing, among them IBM, Philip Morris, PepsiCo, Merck, Boots and Reuters. This is a way of boosting share prices and earnings per share, but it also shows that these companies cannot fi nd projects to invest their money in, and demonstrates that they are making excessive profi ts. According to economic theory, companies making excessive returns in an effi cient market will fi nd competitors entering their industry until profi ts return to normal. The fact that this has not happened shows that the industries affected by the buy-back phenomenon must be operating more like de facto cartels than free competitive markets.

The big institutional shareholders (insurance companies and pension funds) probably prefer to sell their shares back to companies, rather than see

38 39

these companies spend their money on doubtful takeovers. But they want to reinvest this money in other blue chip companies, rather than in riskier smaller businesses. Clearly if all big companies stop investing and start buying back their shares there will be a problem.

If a company’s guiding objective is to ‘increase shareholder value’, buying back shares with excess profi ts is the only logical thing to do. If this should not be a company’s basic objective, other alternatives are possible. For example, Barclays Bank could have:

• re-employed some of the 20,000 people it had dismissed from their jobs in the previous four years in order to reduce costs;

• increased the salaries of its remaining 95,000 staff;• offered lower prices (fees and commissions) to its customers;• negotiated higher prices with its suppliers;• written off a large part of its loans to Third World countries that are

unable to repay them;• used the money in other ways, according lo the argument that companies

have responsibilities to the community in which they operate.If it were your decision, would you buy back the shares, or choose other

alternatives to spend Barclays’ £180 million profi ts?

Упражнение 30. Ответьте на вопросы:

1. Have you ever had vague ideas for new products and services, and later seen them developed by an entrepreneur or an established company?

2. Do you have ideas for new products and services right now?3. What personal qualities and skills do you think an entrepreneur

needs?4. What sacrifi ces do you think they have to make in their lives to succeed

in business?5. Would you like, one day, to run your own company, and be ultimately

responsible for all aspects of it?6. Do you think that if you saw a market opportunity you would be able

to develop a strategy, raise fi nance, set up and manage a company, take care of marketing, advertising and sales, and beat the competition?

7. Develop a map pf the neighbourhood business district and analyze different types of business located there. Say, please:

a) What goods and services are provided by these business?b) Why did the owners select those locations?

c) What are the costs and benefi ts of locating in that neighbourhood?8. What kind of business would you start in your neighbourhood and why?

Упражнение 31. Представьте, что Вы – предприниматель, соби-рающийся открыть свое дело. Подготовьте сообщение, в котором опи-шите, чем будет заниматься Ваша фирма, какую форму предпринима-тельской деятельности Вы выбрали и почему. Составьте небольшой бизнес-план.

40 41

VOCABULARY

B

bank – банкbank account – счёт в банке, банковский счётbank transfer – банковский переводbanking – банковское дело, банковские услугиbarriers to entry – входные барьеры; барьеры для новых компанийblue chip – «голубая фишка» (первоклассные акции, риск

снижения доходов по которым минимален)business – дело, дела; занятие, деятельность, профессия;

торговля; торговое предприятие; выгодная сделка; производство, бизнес

business year – хозяйственный год, торговый отчетный год, бюджетный год, финансовый год

businessman – коммерсант, делец, деловой человек

C

cartel – картель (соглашение, заключаемое несколькими не зависящими друг от друга предприятиями с целью ограничения или ликвидации риска конкуренции)

compete – состязаться, соревноваться, конкурироватьcompete away – потерпеть/нанести поражение при конкурентной

борьбеcompetition – конкуренция, соревнование, состязаниеcompetitor – конкурент; соперникcorporate – корпоративный, общийcorporation – объединение, корпорация; акционерное общество

D

deposit – депозит, вклад (в банк)dominant – господствующий, преобладающий, основнойdominate – господствовать, преобладать; занимать всецело,

поглощать

E

earn – зарабатывать, получать доход/прибыльearnings – доход, поступления, выручка; прибыль;

заработокeconomies of scale – экономия, обусловленная ростом масштабов

производстваenterprise – предприятие, промышленное предприятиеentrepreneur – предприниматель, антрепренерentrepreneurial – предпринимательскийentrepreneurship – предпринимательство

F

fee – вознаграждение, гонорар, взнос, сборfund – запас, резерв, капитал, фондfunded – финансированный, субсидированный

H

high yielder – высокодоходная ценная бумага

I

interest – интерес; процент (на капитал)invest – вкладывать капитал, помещатьinvest funds – инвестировать фонды, делать капиталовложенияinvestment – капиталовложение, инвестиция, вклад

L

liquid – жидкий; ликвидный, быстро реализуемый (о ценных бумагах, активах и т.п.)

liquidity – ликвидностьloan – заем, ссуда, кредитloan charge – плата за кредит; процент по займам (по ссудам)loan shark – ростовщикloaning – предоставление займа, ссуда

42 43

M

margin – разница (между себестоимостью и продажной ценой), маржа

marginal – предельный, малодоходный, минимально эффективный

marginal cost – предельные затраты (изменение общих затрат, необходимое для производства единицы дополнительного выпуска)

market – рынок, сбытmarket challenger – рыночный претендент (фирма в отрасли, которая

борется за увеличение своей рыночной доли, за вхождение в число лидеров)

market concentration – рыночная концентрация, концентрация предложения (степень сосредоточения предложения; показывает, насколько большая доля рынка приходится на относительно малое количество фирм)

market follower – рыночный последователь (фирма в отрасли, которая проводит политику следования за рыночным лидером; такая фирма предпочитает сохранять свою рыночную долю, не принимая рискованных решений)

market leader – лидер рынка (компания, занимающая самую большую долю рынка)

market niche – (рыночная) ниша (небольшой сегмент рынка, который может обслуживать фирма, и который в определенной степени свободен или защищен от конкуренции)

market opportunity – рыночная возможность, возможность расширения рынка

market research – маркетинговое исследование, маркетинговый анализ (сбор данных о нуждах потребителей, о конкурентах, о характере товара на рынке для разработки новых идей и стратегий маркетинга)

market share – доля рынка (удельный вес компании в общем объеме рыночных продаж)

market structure – рыночная структура, структура рынка (состав продавцов и покупателей, а также взаимоотношения между ними)

marketing – маркетинг (система методов и средств продвижения товаров или услуг от производителя к потребителю)

monopolistic competition – монополистическая конкуренция (большое числом продавцов и покупателей, отсутствие барьеров на вход и выход)

monopoly – монополия (наличие на рынке какого-либо товара или услуги единственного продавца и многочисленных покупателей)

monopsony – монопсония, монополия покупателя (наличием только одного покупателя товара, услуги или ресурса)

mortgage – закладная, ипотека

N

natural monopoly – естественная монополия (рыночный спрос может быть удовлетворен одной фирмой с меньшими средними затратами, чем двумя или большим количеством фирм)

non-profi t – некоммерческий, неторговый

O

oligopoly – олигополия (незначительное число продавцов при наличии большого числа покупателей)

overdraft – превышение кредита ( в банке ), овердрафтoverdraw – превысить кредит (в банке)own – владеть, обладать, иметьowner – собственник, владелецownership – собственность, право собственности

44 45

P

partner – участник, товарищ, компаньон, член товарищества

partnership – товарищество, партнерство (некорпорированная фирма, которой владеют и которой управляют два лица или более)

profi t – прибыль, доходprofi table – прибыльный, рентабельныйprofi t-making – рентабельный, прибыльныйpromote – поощрять, поддерживать, содействовать;

содействовать продаже товара; создавать благоприятные условия для продажи

promotion – поощрение, содействие; содействие в продаже товара; продвижение

proprietor – собственник, владелец; хозяинproprietorship – право собственности, собственность (особ.

земельная)

R

rate of interest – процентная ставка, ставка процента (плата за кредит в процентном выражении к сумме кредита)

revenue – доход; доходные статьи

S

securities – ценные бумагиsecurities loan – кредит [ссуда] [заем] под залог ценных бумагsecurity – безопасность; обеспечение, гарантия; ценная

бумагаshare – доля, часть; участие; акцияshare ownership – владение акциями, собственность на акции (лицо,

имеющее право собственности на акции)shareholder – акционер, владелец акций, держатель акцийsole proprietorship – индивидуальное предприятиеsolvency – платежеспособность, кредитоспособностьsolvent – платежеспособный, платежеспособный

start-up – новая фирма, новое предприятие, предприятие (фирма) в начальной стадии развития

stock – акция, акции, фондыstock company – акционерная компания, акционерное обществоstock exchange – фондовая биржаstockbroker – биржевой маклерstockholder – акционер, владелец акций

T

turnover – оборот, товарооборот

W

withdraw – отменять, прекращать, сниматьwithdrawal – расходование, снятие денег

Y

yield – урожай; доход, процентный доход; добыча, размер выработки, выход

46 47

КЛЮЧИ К ЗАДАНИЯМ

Упражнение 1


1 – e; 2 – g; 3 – d; 4 – a; 5 – f; 6 – c; 7 – h; 8 – b


1 – e; 2 – h; 3 – g; 4 – c; 5 – b; 6 – j; 7 – a; 8 – m; 9 – l; 10 – k; 11 – f; 12 – i; 13 – d


c)

d)



1) a monopsony (the government should be the only buyer);2) an oligopoly;3) perfect competition;4) monopolistic competition (because of consumer preference for several

marginally different brands, which creates fragmented markets too small to allow many competitors);

5) a dominant-fi rm oligopoly (IBM – although, of course, mainframes have now widely been replaced by smaller computers);

6) a monopoly (regarding ownership of the railway tracks, if not always train services).


First paragraph: 12, 10, 6, 13, 9.Second paragraph: 4, 3, 2.Third paragraph: 11, 8, 7, 5, 1.



b)


1) monopolies2) dominate

3) turnover4) competitors

5) promotion6) market

1) leader2) market challenger

3) leader4) market followers

5) market followers

1) market share2) promotions3) monopoly4) competitors5) slogan

6) market segmentation7) niche8) differential advantage9) turnover10) recession

1) identify 2) develop

3) persuade4) modify

5) design6) infl uence

1) marketing concept2) a consumer orientation3) customer service4) consumer satisfaction5) a profi t organization6) to be responsive to consumer wants and needs

7) profi t orientation8) involve employees to community projects9) at bargain price10) marketing mix

1) overdraft2) funds3) banking

4) fee5) mortgage6) yield

7) loan8) investment

1) perfect competition2) monopoly3) monopsony4) natural monopoly5) monopolistic competition

6) oligopoly7) economies of scale8) barriers to entry9) dominant-fi rm oligopoly10) cartel

48 49



c)

d)

e)


1 – e; 2 – b; 3 – d; 4 – f; 5 – a; 6 – c



1 – d; 2 – i; 3 – g; 4 – l; 5 – c; 6 – k; 7 – b; 8 – n; 9 – f; 10 – o; 11 – j; 12 – e;13 – m; 14 – h; 15 – a

Упражнение 19a) 1 – f; 2 – e; 3 – d; 4 – c; 5 – b; 6 – ab) 1 – B; 2 – A; 3 – F; 4 – D; 5 – C; 6 – E



b)

c)1. False. Entrepreneurs develop ways to make more effi cient use of

resources and better ways of running a business.2. False. Sole proprietorship can be not profi table but this form is the

easiest and typically the least costly to start.3. False. Cost and diffi culties with managing are not the reasons that there

are few corporations. Moreover, corporations have some advantages such as unlimited life and limited liability.

4. False. Ownership of a corporation is represented by shares of stock, so stockholders are its owners.

5. False. Management and ownership are separated through the use of boards of directors, proxy voting, and annual reports to the stockholders.


1 – j; 2 – e; 3 – a; 4 – g; 5 – i; 6 – c; 7 – b; 8 – d; 9 – f; 10 – h

1) overdraft2) credit card3) cash dispenser4) loan

5) standing order6) mortgage7) cash card8) home banking

9) current account10) deposit account

1) commercial banks2) investment banks3) fi nancial conglomerates

4) interest rate5) Eurocurrency business6) dollars

1) deposit2) foreign currencies3) yield4) liquidity5) maturity

6) underwrite7) takeover8) merger9) stockbroking10) portfolio management

11) deregulation12) conglomerate13) blue chip14) solvency15) collateral

1) charge interest2) do business3) exchange currencies4) issue bonds5) make loans

6) make profi t7) offer advice8) offer loans9) pay interest10) raise funds

11) receive deposits12) underwrite security issues

1) transfer2) bill of exchange, draft3) documentary collection4) documentary against payment

5) cheque6) letter of credit7) clearing payment8) open account

1) owners2) stocks3) earn

4) business5) start6) corporations

7) profi t8) share9) partner

1) sole proprietorship2) partnership3) e-commerce4) state charter

5) share of stock6) raise sums of money7) limited liability8) proxy voting

50 51


1 – B; 2 – C; 3 – А; 4 – B; 5 – A; 6 – B; 7 – B; 8 – B; 9 – B


a)1. Investing in technology, media and telecoms companies that develop new

products and bring them to market much more quickly than companies used to do.2. They considered that they were not getting a suffi cient return on their

traditional investments in large, listed companies, so they began to take the risk of investing in smaller companies with the potential for high growth and a high return.

3. They are partly paid in money (not literally ‘in cash’), because they need to cover their running costs, and partly in equity, i.e. shares in the company that they will be able to sell two or more years later if the company is listed on the stock exchange.

b)Chapter 2: market opportunityChapter 4: revenueChapter 5: competitionChapter 6: managementChapter 7: marketing and advertisingChapter 8: fi nance needed

c)1. The parts about competition in the market the company is interested in,

and the company’s future revenues.2. They need to know which companies are already on the market, and

how they will react to the new entrant, or which other companies are likely to enter the new market.

3. They need to know when the company will receive its fi rst revenue, and how much it will be.

4. They prefer managers with previous experience of the same sector.5. They are more able to see changes in markets and customers than the

full-time managers, who often can’t see beyond their own narrow interests.6. He says that entrepreneurs can be very emotional about their company,

and that their style of running the company, and their attitude, can be a problem for potential investors and shareholders.

КОНТРОЛЬНАЯ РАБОТА

Задание 1. Слову из левого столбика подберите определение из правого:

1) consumption a) spending money to buy things, rather than saving it2) demand b) the willingness and ability to offer goods and services

for sale3) equilibrium c) the willingness and ability of consumers to purchase

goods and services4) market forces d) a state of balance, for example when supply meets

demand5) supply e) supply and demand

Задание 2. В каждой цепочке слов выберите лишнее:

1) annual report – external auditors – fi nancial statements – stockbroker;2) blue chip – defensive stock – growth stock – rights issue;3) bonus issue – dividend – over-the-counter – shareholder;4) creditor – market-maker – shareholder – stockbroker;5) debt – equity – share – stock;6) face value – market value – nominal value – par value;7) fl oat – liquidation – share issue – underwriter;8) institutional investor – insurance company – liabilities – pension fund;9) mutual fund – portfolio – risk – underwriter.

Задание 3. Вставьте предлоги on, to, from, at, in, down, of, for, up, to:

Banks lend (1)_____ blue chip borrowers (2)_____ the base rate. Commercial banks make a profi t (3)_____ the difference between interest rates they pay to lenders and depositors and those they charge (4)_____ borrowers. Overdraft is an arrangement by which a customer can withdraw more (5)_____ a bank account than has been deposited (6)_____ it, (7)_____ an agreed limit. Property often serves as a security (8)_____ the loan. The traditional distinction between commercial and investment banks has now broken (9)_____ . A Eurocurrency is any held outside its country (10)_____ origin. Interest (11)____ the debt is calculated daily.

52 53

Задание 4. Переведите на английский язык:

1. Основатель фирмы, как правило, несет ответственность за марке-тинг и финансы.

2. Акционеры имеют право регулярно получать информацию о фи-нансовой деятельности своей компании.

3. В балансовый отчет включены активы компании, долгосрочные и краткосрочные пассивы и фонды акционеров.

4. Основные американские фондовые индексы выросли: Dow Jones – на 1,5%, S&P-500 – на 1,4%, NASDAQ – на 3,2%.

5. Рынок ценных бумаг представляет собой сферу экономических от-ношений, связанных с куплей-продажей ценных бумаг.

6. Ни одной компании не удается избежать конкуренции.

ЛИТЕРАТУРА

1. Foll D., Kelly A. First Certifi cate Avenues. – Cambridge University Press, 2002.

2. MacKenzie I. English for Business Studies. – Cambridge University Press, 2006.

3. Owen R. BBC Business English. – BBC Publishing House, 1992.4. Rodgers D. Business Communications. International Case Studies in

English. – Cambridge University Press, 2002.5. Small Business Guide. – Bank Publishing House, 1993.6. Воронцова И.И., Ильина А.К. Английский язык для студентов эко-

номических факультетов: Учебное пособие. – М.: ПРИОР, 1998.7. Марченко Т.В. Английский язык для экономических колледжей: Учеб-

ное пособие. – М.: Издательско-книготорговый центр «Маркетинг», 2002.8. Савицкая Т.П. Экономика – моя профессия. Economics is my Pro-

fession: Учеб. пособие для вузов. – M.: Астрель; АСТ, 2006.9. Федорова Л.М. Английский язык для экономистов. – М.: Изд-во

«Экзамен», 2002.10. Периодическая литература.11. Материалы сети Интернет.

Наталья Юрьевна Буцина

АНГЛИЙСКИЙ ЯЗЫК

Модуль 11

Markets, banks and business

Рабочий учебник. М.: РосНОУ, 2007. 54 с.

Редактор Н.Ю. БуцинаТехнический редактор С.Н. ШевченкоКомпьютерная верстка Д.Е. Дебольского

ЛР № 065341 от 12.08.1997 г.

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