Part 1 Warming up 1.Central Bank governors from more than a dozen countries have been meeting in Hong Kong today.One subject they likely discussed is the outlook for the global economy because of the U.S.slowdown and Japan's struggling recovery.Another topic,how to strengthen financial markets in emerging economies in Asia and elsewhere. 2.A United Nations'report says the world wide total of foreign investment grew by nearly 40%last year to more than 600 billion dollars.The report by the UN Conference on Trade and Development,UNCTAD says most of it took place between developed countries as big companies took one another over
Part 1 Warming up A 1. Central Bank governors from more than a dozen countries have been meeting in Hong Kong today. One subject they likely discussed is the outlook for the global economy because of the U.S. slowdown and Japan’s struggling recovery. Another topic, how to strengthen financial markets in emerging economies in Asia and elsewhere. 2. A United Nations’ report says the world wide total of foreign investment grew by nearly 40%last year to more than 600 billion dollars. The report by the UN Conference on Trade and Development, UNCTAD says most of it took place between developed countries as big companies took one another over
Part 1 Warming up A 3.The United States House of Representatives has approved a cut in income tax rates,the first part of a package of tax cutting measures put forward by President Bush.The income tax reductions will amount to nearly 1 trillion dollars over ten years. 4.The world's largest maker of computer chips,Intel,has announced job cuts after a fall in demand for its products Intel said it expected its revenue in the first quarter of this year to fall by a quarter on the same period last year.The California based company plans to reduce its 85,000-strong work force by 5,000. 5.The European Union has imposed further restrictions on the movement of live-stock after a case of foot-and-mouth disease was confirmed in France.The United States and Canada have issued temporary bans on the import of all animal produce from EU countries
Part 1 Warming up A 3.The United States House of Representatives has approved a cut in income tax rates, the first part of a package of tax cutting measures put forward by President Bush. The income tax reductions will amount to nearly 1 trillion dollars over ten years. 4.The world’s largest maker of computer chips, Intel, has announced job cuts after a fall in demand for its products. Intel said it expected its revenue in the first quarter of this year to fall by a quarter on the same period last year. The California based company plans to reduce its 85,000-strong work force by 5,000. 5.The European Union has imposed further restrictions on the movement of live-stock after a case of foot-and-mouth disease was confirmed in France. The United States and Canada have issued temporary bans on the import of all animal produce from EU countries
Warming up A 1.Who have been meeting in Hong Kong today to discuss the outlook for the global economy? Central Bank governors from more than a dozen countries. 2.What does UNCTAD say about the worldwide total of foreign investment? It grew by 40%last Year to more than 600 billion dollars. 3.Who has approved a cut in income tax rates? The United States House of Representatives. 4.Who has announced job cuts after a fall in demand for its products?IntelWhat is its plan? To reduce its workforce by5,000 5.What decisions have been made by EU,the U.S.and Canada after a case of foot-and-mouth disease was confirmed in France? EU has imposed further restrictions on the movement of livestock.The U.S.and Canada have issued temporary bans on the import of animal produce from Ev
Part 1 Warming up A 1. Who have been meeting in Hong Kong today to discuss the outlook for the global economy? Central Bank governors from more than a dozen countries. 2. What does UNCTAD say about the worldwide total of foreign investment? It grew by 40% last Year to more than 600 billion dollars. 3. Who has approved a cut in income tax rates? The United States House of Representatives. 4. Who has announced job cuts after a fall in demand for its products? IntelWhat is its plan? To reduce its workforce by5,000. 5. What decisions have been made by EU, the U.S. and Canada after a case of foot-and-mouth disease was confirmed in France? EU has imposed further restrictions on the movement of livestock.The U.S. and Canada have issued temporary bans on the import of animal produce from EU
Part 1 Warming up B 1.The dollar is trading at one German mark seventy-three point three and at 126.9 Japanese yen.The pound buys one dollar sixty-two point four.In New york,the Dow Share Index closed 45 higher at 6,783.Earlier London's 100 Share Index ended 20 higher at 4,390.in Tokyo,the Nikkei Share Index is closed for a holiday. 2.The Dow Jones Industrial Average closed up 96 points at 10,116.the Standard and Poor's 500 Index gained 6 points to close at 1,254.But the NASDAQ Index lost 1.5%as high technology and Internet stocks were battered. 3.Right now the Dow is down another 66 points at 8,094;the NASDAQ Composite down 3 points at 1,662.turning to Europe's major markets;London stocks were hit by a wave of profit taking after five straight record closes;the FT 100 Index down 36 points;Paris seeing losses as well,the CAC Quarante down 33 points or 1%;and Frankfurt's DAX also fell 1%after briefly moving into record territory
Part 1 Warming up B 1. The dollar is trading at one German mark seventy-three point three and at 126.9 Japanese yen. The pound buys one dollar sixty-two point four. In New York, the Dow Share Index closed 45 higher at 6,783. Earlier London’s 100 Share Index ended 20 higher at 4,390. in Tokyo, the Nikkei Share Index is closed for a holiday. 2. The Dow Jones Industrial Average closed up 96 points at 10,116. the Standard and Poor’s 500 Index gained 6 points to close at 1,254. But the NASDAQ Index lost 1.5% as high technology and Internet stocks were battered. 3. Right now the Dow is down another 66 points at 8,094; the NASDAQ Composite down 3 points at 1,662. turning to Europe’s major markets; London stocks were hit by a wave of profit taking after five straight record closes; the FT 100 Index down 36 points; Paris seeing losses as well, the CAC Quarante down 33 points or 1%; and Frankfurt’s DAX also fell 1% after briefly moving into record territory
Part 1 Warming up B 4.The Hang Seng Index closed down 89 points at 3,521.The turnover was 7.71 billion dollars.Now look at the ten most active stocks.Cable and Wireless HKT up 45 cents,HSBC holdings down 50 cents,Hutchison down 50 cents,Shanglongkai Property up $2.25,and China Telecom down $1.50,Changhong up 25 cents,Pacific Century Cyberworlds down 10 cents,CCT Telecom down 27.5 cents,New World Cyberspace down 7.5 cents,and Hanong Holdings down 25 cents.The Hang Seng Index future for November and December were all down.Hong Kong gold closed at 2,670 Hong Kong dollars,and London gold is trading at 289 U.S.dollars. 5.Consumer electronics maker Philips Electronics reported a lower than expected profit for last year.The company made about $2.4 billion,more than $300 million below estimates.Oil company Royal Dutch Shell posted its earnings.It made roughly a $3.6 billion profit for its fourth quarter.That was essentially in line with Street Expectations.Electronic Data Systems also reported its fourth quarter numbers last night.It posted a 70-cent profit per share,two cents better than expectations
Part 1 Warming up B 4. The Hang Seng Index closed down 89 points at 3,521. The turnover was 7.71 billion dollars. Now look at the ten most active stocks. Cable and Wireless HKT up 45 cents, HSBC holdings down 50 cents, Hutchison down 50 cents, Shanglongkai Property up $2.25, and China Telecom down $1.50, Changhong up 25 cents, Pacific Century Cyberworlds down 10 cents, CCT Telecom down 27.5 cents, New World Cyberspace down 7.5 cents, and Hanong Holdings down 25 cents. The Hang Seng Index future for November and December were all down. Hong Kong gold closed at 2,670 Hong Kong dollars, and London gold is trading at 289 U.S. dollars. 5. Consumer electronics maker Philips Electronics reported a lower than expected profit for last year. The company made about $2.4 billion, more than $300 million below estimates. Oil company Royal Dutch Shell posted its earnings. It made roughly a $3.6 billion profit for its fourth quarter. That was essentially in line with Street Expectations. Electronic Data Systems also reported its fourth quarter numbers last night. It posted a 70-cent profit per share, two cents better than expectations