МИНИСТЕРСТВО ОБРАЗОВАНИЯ И НАУКИ РОССИЙСКОЙ ФЕДЕРАЦИИ
Нижегородский государственный университет им. Н.И. Лобачевского
СБОРНИК ТЕКСТОВ ДЛЯ ЧТЕНИЯ И ЗАДАНИЙ ПО АНГЛИЙСКОМУ ЯЗЫКУ
ПРАКТИКУМ
Рекомендован к печати методической комиссией филологического факультета для магистрантов, обучающихся по специализации
380408 «Финансы и кредит»
Нижний Новгород
2016
УДК 811.111 (076.5) ББК Ш 143.21 я 73-4
С-23
Сборник текстов для чтения и заданий по деловому английскому языку для слушателей (магистрантов) по дополнительной образовательной программе «Мастер делового администрирования – Master of Business Administration (MBA)», по специализации 380408 «Финансы и кредит»: практикум / cост.
С.Б. Жулидов. – Н. Новгород, Изд-во ННГУ, 2016 – 27 с.
Рецензент:
канд. филол. наук, доцент С.С. Иванов
Представлены материалы для практического освоения обучаемыми лексико-грамматических особенностей, характерных для текстов финансовоэкономической тематики (“финансовый менеджмент“ и “банковское дело”). В основу практикума положены тексты, взятые из аутентичных источников, и разработанный составителем на их базе комплекс упражнений, направленных на усвоение и закрепление лексики и грамматических закономерностей данного функционального стиля. Практикум призван помочь научить слушателей самостоятельно читать и переводить тексты на английском языке по избранной специальности.
Ответственный за выпуск:
председатель методической комиссии филологического факультета ННГУ, канд. филол. наук, доцент И.В. Кузьмин
УДК 811.111 (076.5) ББК Ш 143.21 я 73-4
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О Г Л А В Л Е Н И Е |
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Part One. Financial Management |
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Chapter 1. Risk Management ……………………………………….. |
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Vocabulary Focus ……………………………………………………..... |
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Comprehension………………………………………………………… |
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Discussion ……………………………………………………………… |
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From time immemorial To bury one’s talent ……………………….... |
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Chapter 2. Exchange-Rate Risk ……………………………………….. |
8 |
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Vocabulary Focus. ……………………………………………………… |
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Comprehension ………………………………………………………… 10 |
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From time immemorial Rich as Croesus ……………………………... 11
Chapter 3. Interest-Rate Risk ……………………………...................... 12 Vocabulary Focus ………………………………………………………. 13 Comprehension …………………………………………………………. 15
From time immemorial As poor as Lazarus ………………………….. 16
Part Two. Current Banking Problems
Chapter 1. Germany: Gold and the Bundesbank ……………………... 17
Vocabulary Focus ………………………………………………………. 18 Comprehension …………………………………………………………. 19
From time immemorial Money has no smell ………………………… |
21 |
Chapter 2. France: Battle of the Pocket-Books ……………………… |
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Vocabulary Focus ……………………………………………………… 24 |
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Comprehension …………………………………………………………. 25
From time immemorial Thirty pieces of silver ……………………….. 26 The root of all evil …………………………. 27
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P A R T O N E . F I N A N C I A L M A N A G E M E N T
CHAPTER 1
RISK MANAGEMENT
Entrepreneurship is about taking risks. An entrepreneur risks the loss of capital which he invests in an enterprise. If the enterprise is successful, he or she will earn profits and probably also a capital gain; if it is a failure, the capital invested may lose its value. Exposure means being open to or vulnerable to risk.
A business typically faces risks of various sorts. There are risks such as fire and theft, which can usually be insured against. There are general risks of business failure. Some businesses face the risk that their products will become obsolete following technical advances achieved by competitors; others, such as farmers, face risks which derive from the uncertainties of the weather.
Businesses may also have exposure to the risks of foreign exchange movements or fluctuations in interest rates.
Risk management describes the policies which a firm may adopt and the techniques it may use to manage the risks it faces.
Broadly, there are two reasons why risk management makes good business sense: (a) a business may wish to reduce risks to which it is exposed to acceptable levels. What is an acceptable level of risk may depend upon various factors, including the scale of operations of the business and the degree to which its proprietors or shareholders are 'averse' to risk-taking; (b) a business may wish to avoid particular kinds of risks. For example, a business which makes widgets, although it is willing to accept the various risks inherent in widget-making (e.g. customers may prefer a competitor's product), may be averse to taking risks with exchange rates. The good reasons may include the fact that the risks are simply too great for the business to bear: for example, if exchange rate movements could easily put the business out of business. Or the business may wisely decide that since it is first and foremost a widget-maker of many years' experience without any real expertise in foreign exchange dealings, it should try to cut down on its exposure to foreign exchange risk. It may thus choose to manage those risks such as foreign exchange risks which derive from conditions external to its business, which is widget-making.
There are basically two ways in which exposure to risk may be reduced.
(a)Pooling of risks. This method underlies insurance, in which risks which may be unacceptable to individual policyholders are aggregated or 'pooled' by being taken on by the insurance company. Pooling of risk also underlies the diversification of a portfolio of investments.
(b)Hedging of risks. In the case of hedging, different parties come to an agreement which cancels one of the parties' risks against the other's. The different parties may be subject to similar but opposite risks which they wish to hedge. Alternatively, one party may wish to hedge a risk while the other party may be a
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speculator. In any case, it is likely in practice that financial intermediaries will be involved.
VOCABULARY FOCUS
1. Find in the text English equivalents of the following Russian words and phrases:
Приходить к соглашению, страховая компания, сторона (в договоре), портфель ценных бумаг, клиент, стоить, перспектива, идти на риск, подвергать себя риску, ущерб от пожара, быть неприемлемым, получать прибыль.
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2. Match the synonyms |
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3. Match the antonyms |
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1) |
similar |
a) |
gain |
1) |
domestic |
a) |
unhappy |
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2) |
various |
b) |
side |
2) |
acceptable |
b) |
with |
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3) |
company |
c) |
handle |
3) |
practice |
c) |
pooled |
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4) |
harm |
d) |
business |
4) |
individual |
d) |
theory |
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5) |
profit |
e) |
glad |
5) |
particular |
e) |
internal |
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6) |
effect |
f) |
sort |
6) |
external |
f) |
accept |
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7) |
skill |
g) different |
7) |
refuse |
g) |
general |
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8) |
kind |
h) damage |
8) |
happy |
h) failure |
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9) |
happy |
i) opposite |
9) |
success |
i) foreign |
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10) |
alternative |
j) expertise |
10) |
different |
j) unacceptable |
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11) |
party |
k) same |
11) |
without |
k) similar |
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12) |
manage |
l) consequence |
12) |
gain |
l) high |
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13) |
low |
m) lose |
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4. Match the words on the left with the definitions on the right:
1) |
risk |
a) |
someone who buys goods or services from a shop or |
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business regularly |
2) |
customer |
b) |
a possibility that something bad may happen |
3) |
dealer |
c) |
money which is earned by doing business, after all the |
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costs are taken from it |
4) |
competitor |
d) an amount of money put into a business so that you can |
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get a profit |
5) |
interest rate |
e) |
a charge or payment fixed according to a standard scale |
6) |
investment |
f) |
an agreement by contract to pay money in case of |
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a misfortune such as damage, loss, or accident |
7) |
profit |
g) |
a person who buys and sells a particular type of things |
8) |
insurance |
h) |
a person or firm competing with another or others |
5. Complete the sentences with the words and phrases in the box:
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