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Part 1 Unit 1 Section 1 ECONOMICS. BUSINESS AND BUSINESSES

Text 1

July 2014

Economic recovery slow to benefit small and medium-sized firms as many struggle to find finance

The economy may be improving but many small and medium sized enterprises remain teetering on the brink of collapse.

This is the sobering news from a study by insurance firm Zurich, which finds today that one in eight smaller firms has considered shutting up shop in the past few months, despite the generally positive economic outlook.

Of some 500 SMEs polled, Zurich found that 15 per cent have laid off staff in the past three months while one in four have been forced to lower their prices.

Many SMEs found it notoriously difficult to secure financing during the downturn with banks refusing to lend. But according to new data from the Bank of England, lending to SMEs alone edged up by £235million in June, sparking hope of an end to their financing woes

But there was some cause for concern at the BoE's findings: lending to non-financial businesses actually slumped by £3.4billion in June, its biggest fall since November last year, compared with an increase of £2.3billion in May.

Richard Coleman of Zurich said: 'Our research demonstrates that while concern about risk amongst SMEs is falling, the risks themselves are still very much there. 

'That the number of companies considering closing down because of the economic climate has remained consistent over the past 12 months, suggests that serious financial difficulties are still on the agenda for many.

Howard Archer, chief UK and European economist with IHS Global Insight, was cautious about the overall lending slump, pointing out that unfavourable bank rates and terms continue to discourage some SMEs, but he acknowledges there are some reasons to be optimistic. 

'There is evidence that many firms are now looking to step up their borrowing as markedly improved economic activity lifts their confidence and need for capital.  

'Indeed, the Bank of England’s quarterly survey for June reported that demand for credit had picked up "significantly" across all company sizes in the second quarter and it is expected to rise again in the third quarter.'

По материалам http://www.thisismoney.co.uk

Vocabulary:

1. (economic) recovery – оживление, восстановление (в экономике)

2. to struggle – переживать, испытывать проблемы (трудности); прикладывать усилия, стараться из всех сил

struggling company – проблемная компания

3. to teeter on the brink of collapse=to teeter on the verge of collapse

4. collapse=bankruptcy – банкротство

5. to shut up shop=to go out of business=to close down

6. outlook – перспективы; прогноз

7. to lay off (staff) – увольнять персонал

8. to secure financing=to obtain financing

to finance=to fund – финансировать, предоставлять денежные средства

9. downturn=turndown=slowdown – замедление экономического роста, снижение темпов экономического роста

10. to edge up – незначительно повышаться, увеличиваться (об экономических показателях)

to edge up by – незначительно повышаться на к-л величину; предлог “by” может быть опущен

to edge up to – незначительно повышаться до к-л отметки, уровня

11. woes=problems

12. lending – кредитование, предоставление кредитов (займов, ссуд); сумма выданных кредитов, объем кредитования

13. slump – резкий спад (в экономике); to slump – резко снижаться (об экономических показателях)

14. to suggest – (здесь) указывать на, свидетельствовать о ч-л

15. bank rate – банковская ставка процента по кредиту



Translation Notes:

1. “Economic recovery slow to benefit…” – см. Часть 3, стр. 391 «Перевод заголовков» и стр. 407 «Инфинитив в различных функциях»

2. “…as many struggle to find finance.” – см. Часть 3, стр. 421 «Служебные слова» (“as”)

3. “The economy may be improving…” – см. Часть 3, стр. 401 «Модальные глаголы» (“may”)



4. “…with banks refusing to lend.” – см. Часть 3, стр. 415 «Абсолютная причастная конструкция»

5. “…sparking hope…” – см. Часть 3, стр. 413 «Причастие»

6. “…it is expected to rise…” – см. Часть 3, стр. 408 «Инфинитивные конструкции»

Part 1 Unit 1 Section 2 INDUSTRIES AND SECTORS, PARENTS AND SISTERS

Text 2

August 2014

Coca-Cola pays $2.2 billion for a stake in Monster Beverage

NEW YORK - Coca-Cola said Thursday it is making cash payment of $2.15 billion for a 16.7 percent stake in Monster Beverage Corp as the world's largest soda maker seeks to expand into faster-growing categories such as energy drinks.



Under the agreement, Coke will have two directors on Monster's board. Coke will transfer ownership of its worldwide energy business including brands like Full Throttle and Burn, to Monster. Monster will transfer its non-energy business, which includes Hansen's Natural Sodas and Peace Tea, to Coke. Coke will become Monster's preferred distribution partner globally, while Monster brands will be the only energy drinks distributed by Coke.

For Coke, the transaction represents an opportunity to increase its footprint in energy drinks, a $27 billion market globally, according to Euromonitor International. It comes at a time when people are drinking less soda in developed markets. Coke said last month that its quarterly revenue in North America, its biggest market, was flat, partly driven by a decline in diet Coke sales.

In turn, Monster will gain access to Coke's extensive global distribution system. The companies have a distribution agreement in the U.S. and Canada and will amend it to expand into additional territories.

A person familiar with the transaction said that the deal enables Monster to enter markets where it doesn't have a presence, like China and Russia, and increase its footprint in places where the company thinks it can gain share, like Brazil. Coca-Cola shares rose 1.2 percent in after-hours trading, while Monster surged 22 percent.

On a conference call with media, Rodney Sacks, chief executive officer of Monster, said: "We believe it will be a win-win transaction".

По материалам http://www.thedailyherald.com



Vocabulary:

1. to make/effect (cash) payment – осуществлять платеж (наличными)

2. to expand into (a market)=to increase one’s footprints in (a market/product) vs. to enter a market=to penetrate a market=to break into a market

3. under an agreement=as per an agreement – в соответствие с соглашением

4. board=Board of Directors – Совет директоров

5. energy business – подразделение компании по производству энергетических напитков



a business=division=arm=branch=unit

6. preferred distribution partner – привилегированный дистрибьютер=дистрибьютер с преимущественными правами на сбыт продукции данной компании

7. developed markets – рынки промышленно-развитых стран

developing countries – развивающиеся страны

emerging markets – наиболее динамично развивающиеся страны, рынки стран с быстро развивающейся экономикой

8. revenue – выручка

9. to be flat=to be at the same level=to remain stable

10. sales – объем продаж

11. distribution system=channels of distribution – сбытовая сеть, каналы сбыта

12. to gain (market) share – увеличить долю рынка

13. after-hours trading – торги после официального закрытия биржевой сессии

14. to surge=to soar – резко повышаться, расти (об экономических показателях)

15. Chief Executive Officer (AmE)=CEO – (главный) исполнительный директор, генеральный директор; (BrE) – Managing Director



Translation Notes:

1. “…as the world's largest soda maker seeks…” – см. Часть 3, стр. 421 «Служебные слова» (“as”)

2. “… according to Euromonitor International.” – источник информации при переводе на русский язык следует выносить в начало предложения

3. “…driven by a decline in diet Coke sales.” – см. Часть 3, стр. 413 «Причастие»



Part 1 Unit 1 Section 2 INDUSTRIES AND SECTORS, PARENTS AND SISTERS

Text 3

Aug 2014

Euro-Zone Manufacturers Cut Jobs in July

Euro-zone manufacturers cut jobs in July for the first time in seven months, underlying the fragility of the currency area's economic recovery.

A survey of 3,000 purchasing managers by data firm Markit also recorded a stabilization in the growth of manufacturing activity, with Greece and France experiencing a decline, and Italy and Spain slowdowns.

Markit said the new round of job cuts and lackluster growth likely reflected caution on the part of businesses as they assess the impact of rising tensions between the European Union and Russia over the future of Ukraine.

"The tensions with Russia are threatening to lead to a further retrenchment of spending and investment by businesses and households," said Chris Williamson, Markit's chief economist.

Outside the euro zone, the performance of the manufacturing sector was mixed. The increase in activity picked up in Hungary and the Czech Republic, but activity declined in Poland for the first time in 13 months and slowed in the U.K.

The headline measure from Markit's monthly survey of purchasing managers at manufacturers was unchanged at 51.8, and slightly below the preliminary estimate of 51.9. A reading above 50 indicates an increase in activity.

Those preliminary readings indicated growth in the services sector accelerated in July, suggesting that the economy may have regained some momentum after what appears to have been a disappointing second quarter.

Nevertheless, the decline in manufacturing employment underlines the scale of the challenge faced by the currency area in reducing near-record levels of unemployment.

There was encouraging news on that front on Thursday, when the European Union's statistics agency said the jobless rate fell to 11.5% in June to reach its lowest level since September 2012.

A total of 152,000 new jobs were created during the month, the second-highest number since February 2007. But the manufacturing survey suggests that pace of new hiring wasn't sustained in July.

По материалам The Wall Street Journal

Vocabulary:

1. purchasing managers – менеджеры по закупкам



Purchasing Managers Index – индекс менеджеров по закупкам

2. decline (in) – сокращение, уменьшение



ant. – increase (in)

3. lackluster/sluggish (growth) – медленный, вялый (рост)



ant. – robust, buoyant (growth) – быстрый, стремительный (рост)

4. performance – результаты (показатели) деятельности, функционирования (компании, сектора экономики)

5. to gain/gather momentum – наращивать обороты, набирать ход; получать импульс

ant. – to lose momentum

6. sustained (growth) – устойчивый, продолжительный, непрерывный, стабильный рост



sustainable growth – 1) устойчивый, непрерывный рост; 2) приемлемый, допустимый для экономики рост, т.е. рост, который не ведет к негативным для экономики последствиям

Translation Notes:

1. “…with Greece and France experiencing a decline…” - см. Часть 3, стр. 415 «Абсолютная причастная конструкция»

2. “…the economy may have regained some momentum…” - см. Часть 3, стр. 401 «Модальные глаголы» (“may”)

3. “…what appears to have been a disappointing second quarter.” - см. Часть 3, стр. 408 «Инфинитивные конструкции»

4. “…faced by the currency area…” - см. Часть 3, стр. 413 «Причастие»

Part 1 Unit 1 Section 4 MERGERS AND ACQUISITIONS

Text 4

May 2014

AstraZeneca rejects Pfizer's 'final' offer

US pharma giant Pfizer's final sweetened takeover bid of £69.3bn is rejected by its British rival AstraZeneca.

Just nine hours after Pfizer raised its offer from £53.50 a share on Friday, to £55 on Sunday, AstraZeneca rejected the offer as the markets opened at 7am.

The offer valued AstraZeneca at nearly $120 billion and was a 45% premium over the company’s share price in mid-April.

Shares in the British company plunged nearly 14% to £41.57 in early trading Monday.

The US group had said it would not enter into a hostile takeover, and would walk away if the latest bid was not accepted. But it has not yet responded to AstraZeneca's rejection of the offer.

The latest bid, which comes after lengthy talks, was still viewed as falling short of properly valuing AstraZeneca. Leif Johansson, chairman of AstraZeneca, said: "We have rejected Pfizer's final proposal because it is inadequate and would present significant risks for shareholders, while also having serious consequences for the company, our employees and the life-sciences sector in the UK, Sweden and the US."

Mr Johansson said he had made clear in discussions with Pfizer that his board could only recommend a bid that was at least 10 per cent above the offer of £53.50 made by Pfizer, or £58.85. It remains to be seen whether AstraZeneca’s shareholders will try to convince the company to reopen negotiations with Pfizer.

Pfizer wants to create the world's largest drugs company, with a headquarters in New York but a tax base in Britain, where corporate tax rates are lower than in the United States.

However the plans have been met with entrenched opposition from AstraZeneca, as well as many politicians and scientists who fear cuts to jobs and research. AstraZeneca alone accounts for 2% of British exports, so Pfizer's proposed takeover would be the largest ever foreign acquisition of a British firm.

In a statement on Monday, Mr Johansson added: "Pfizer's approach throughout its pursuit of AstraZeneca appears to have been fundamentally driven by the corporate financial benefits to its shareholders of cost savings and tax minimisation. From our first meeting in January to our latest discussion yesterday Pfizer has failed to make a compelling strategic, business or value case."

По материалам CNN

Vocabulary:

1. premium – надбавка

2. share price – цена акции, курс акции

3. to plunge=to plummet=to tumble – резко падать, снижаться (об экономических показателях)

4. life sciences – биология, медицина, антропология и т.д.; биотехнологии

5. tax base – налогооблагаемая база (о сумме, подлежащей обложению налогом); здесь – место регистрации для целей налогообложения

6. corporate tax – корпоративный налог, налог на прибыль компании

7. exports (plural) – объем экспорта в стоимостном выражении

Translation Notes:

1. “… while also having serious consequences…” – см. Часть 3, стр.420 «Служебные слова» (“while”)

2. “AstraZeneca alone accounts for 2% of British exports…” – “Доля компании в общем объеме экспорта Великобритании составляет 2%.” или “На ее долю приходится...”

3. “…approach…appears to have been fundamentally driven…” - см. Часть 3, стр. 408 «Инфинитивные конструкции»



Part 1 Unit 1 Section 4 MERGERS AND ACQUISITIONS

Text 5

2013

Netflix takes poison pill to ward off Icahn takeover

The board of film rental firm Netflix has adopted a "poison pill" strategy to ward off a potential hostile takeover bid by investor Carl Icahn.



The shareholder rights plan will flood the market with newly issued shares if anyone buys more than 10% of the firm.

Mr Icahn disclosed last Wednesday he had accumulated a 9.98% stake.

Netflix shares have lost three-quarters of their value since peaking in July 2011, after an up-to-60% jump in its prices led to a drop in subscribers.

An aborted plan by management to spin off its DVD-rentals-by-post business in order to focus on online streaming also backfired, as many customers balked at the resulting need for them to create two separate accounts.

Although the price rise generated a short-term rise in profits last summer, in the first nine months of this year profits fell by 95% from a year earlier as customers walked away, and as the company bore the cost of an aggressive international expansion.

The "poison pill" is a strategy commonly used by management of a listed company to protect themselves from investors they fear may oust them following a takeover, and Mr Icahn has been on the sharp end more than once before.

However, the 10% trigger threshold - tailoured for Mr Icahn - is unusually low.

Netflix's board has set a higher 20% threshold if the shareholder is a financial institution rather than an individual investor.

Mr Icahn called the management's move - which was not put to a shareholder vote - "an example of poor corporate governance", and criticised the fact that only a third of the company's board is up for election by shareholders each year.

The investor has said that he thinks Netflix is undervalued and would make an attractive acquisition for other companies. Microsoft and Amazon have been speculated as possible buyers.

Mr Icahn has not indicated whether he would seek to make changes in management or company policy - something he has done at other companies he has invested in.

Netflix's board said that the poison pill was "intended to protect Netflix and its stockholders from efforts to obtain control of Netflix that the board of directors determines are not in the best interests of Netflix and its stockholders".

По материалам BBC

Vocabulary:

1. shareholder rights plan – эмиссия прав=выпуск новых акций, предлагаемых акционерам компании по более низкой цене, чем рыночная

2. to balk at – to not want to do or try something, because it seems difficult, unpleasant, or frightening

3. online streaming – трансляция в режиме онлайн, потоковая трансляция

4. listed company=quoted company – котируемая компания=компания, акции которой зарегистрированы на фондовой биреж

5. to be on the sharp end (of smth.) – to be involved in the most difficult or dangerous part of smth.

6. trigger threshold – пороговый уровень

7. to tailor=to customize – изготавливать ч-л на заказ, т.е. с учетом индивидуальных требований заказчика

8. to speculate – 1) спекулировать; 2) строить предположения, догадки, домыслы; см. Часть 3, стр. 389 «Ложные друзья переводчика»

Translation Notes:

1. “…threshold tailoured for…” – см. Часть 3, стр. 413 «Причастие»



Part 1 Unit 2 Section 1 PRODUCING THE GOODS

Text 6

July 2014

Volkswagen plans to expand China capacity

Volkswagen has announced plans to build two new factories in China, at a cost of US$2.7bn, as it seeks to capitalise on growth in the world's largest car market

The German carmaker will team up with Chinese automaker FAW Group to build the plants in the eastern Chinese city of Qingdao and the northern city of Tianjin.

Volkswagen says that the decision on their location was made on the basis of infrastructure, which in the case of Tianjin, includes another new plant specializing in the manufacture of dual-clutch gearboxes, which is set for inauguration at the end of this year.

As well as investing in plant construction, Volkswagen will spend €18.2bn (US$24.4bn) to increase its annual production capacity in China from 3.3m units currently to 4m units by 2018. Volkswagen's sales in China, which account for around a third of its global total, rose by 18% during the first five months of this year, to 1.5m units. The company has joint ventures in China: FAW-Volkswagen and Shanghai-Volkswagen.

In April this year, Martin Winterkorn, chairman of Volkswagen's management board, said he expects Chinese deliveries to rise by 10% this year, to more than 3.5m units, putting the company on the path towards production of 4m vehicles per year by 2018. Investment is therefore crucial to Volkswagen's broader goal of overtaking Toyota as the world's biggest carmaker.

However, Volkswagen's path to growth in the Chinese car market is far from smooth. Air quality and congestion have prompted several cities to introduce licence auctions and other measures to limit car sales. Other carmakers, such as General Motors (GM) and Ford, are also working hard to expand their production capacity in the country, raising fears of overcapacity. Shanghai Automotive (SAIC)—China's biggest carmaker and Volkswagen's other joint venture partner—has also warned that price competition and rising labour costs could cause the country's auto market to overheat, stifling future growth.

Growth in China's market was close to zero in 2011 and 2012, following the expiration of government sales incentives. The market recovered last year, as sales grew by just under 14% year on year. According to the China Association of Automobile Manufacturers (CAAM), growth is expected to reach 8-10% this year.

По материалам https://globalconnections.hsbc.com



Vocabulary:

1. to capitalize on smth. – использовать преимущество ч-л, извлекать выгоду из ч-л

2. dual-clutch gearbox – коробка передач с двойным сцеплением

3. licence auction – аукцион по выдаче номерных знаков



Translation Notes:

1. rising labour costs – увеличение стоимости рабочей силы, рост затрат на оплату труда;



higher labour costs – прилагательное в сравнительной степени в данном случае также следует перводить на русский язык с помощью существительного

2. “… following the expiration of government sales incentives…” – см. Часть 3, стр. 416 «Причастие в функции союзов и предлогов»

3. year on year – (о динамике экономических показателей) по сравнению с предыдущим годом, по сравнению с аналогичным периодом предыдущего года

on an annualized basis – в годовом исчислении

Part 1 Unit 2 Section 3 SALES. THE BOTTOM LINE ON MARGINS

Text 7

May 2014

Sony slashes profit forecast again, raising pressure on CEO

(Reuters) - Sony Corp slashed its earnings guidance for the third time in a year on Thursday to barely 10 percent of its initial outlook as further losses from its PC exit cast a pall over its struggling electronics division.

The steep cut marks the failure of chief executive Kazuo Hirai to fulfill promises he made upon taking the helm of the electronics giant two years ago to push electronics into the black and casts further doubt over his financial management after five cuts to earnings guidance during his term.

Sony on Thursday cut its forecast for operating profit to 26 billion yen ($254.53 million) for the business year ended in March from a previous estimate of 80 billion yen and down from an initial forecast of 230 billion set last May.

It said it would have to write down a further 30 billion yen on its Vaio PC unit, reflecting a sharp drop in sales as consumers shunned the brand following Sony's decision in February to get out of the business.

That would also swell Sony's restructuring costs this year, which it said in February would reach 70 billion yen.

Sony widened its annual net loss estimate to 130 billion yen from the 110 billion it forecast in February, when it reversed a previous profit outlook.

The company will also book 25 billion yen in impairment losses from its disc production unit due to weak demand in Europe, as online streaming services like Neflix erode the DVD market.

Sony is struggling to recover after being undercut by nimbler Asian rivals in its key markets, in contrast to Japanese peer Panasonic Corp, which has staged a revival from deep losses by embracing industrial products and selling to businesses rather than consumers.

While Panasonic tends to beat its conservative forecasts - last week its full-year operating profit came in 13 percent above its forecast - Sony has become known for missing overly optimistic outlooks.

Before Thursday's cut, Sony had missed its forecasts in 10 of the prior 12 years, excluding gains from asset sales, the worst among 30 Japanese consumer electronics makers, analysts at brokerage firm Jefferies calculated in March.

Mr. Hirai has started selling key assets in a bid to restore profitability at the company's struggling electronics division, where 10 years of losses on TVs have totaled $7.8 billion.

The selloffs included the sale of its U.S. headquarters building in New York for $1.1 billion, which it used to boost its operating profit for 2012/13 to 230 billion yen. This year, it sold two major buildings in Tokyo for $1.2 billion.

Sony now makes most of its operating profit from its financial and insurance arm. But the focus is still on profitability within electronics, on which Hirai has pegged Sony's rebirth using a three-prong strategy around mobile, imaging and gaming.

Strong sales of the Playstation 4 console offer one bright spot, but development costs mean it could take at least another year to turn a profit.

Sony's entertainment business, another reliable contributor of profit, came under pressure last year from billionaire Daniel Loeb's proposal for a spinoff to create more value for shareholders.

Sony shares ended 1 percent higher on Thursday before the announcement. The stock is down 1 percent so far this year after surging 90 percent in 2013.

Vocabulary:

1. to cast pall over smth. – to influence negatively

2. to be at the helm of smth. – во главе, у руля

3. to be in the black – не иметь убытков; быть рентабельным, регистрировать прибыль

4. business year=fiscal year – финансовый год, отчетный год

5. to write down – списывать (частично)

6. net losses – чистые убытки

7. to book impairment losses – регистрировать (отражать) в бухгалтерской отчетности убытки от обесценения материальных ценностей

8. industrial products - промышленная продукция, продукция производственно-технического назначения

9. asset - актив

10. development costs – затраты на разработку (нового продукта)

Translation Notes:

1. “…Panasonic Corp, which has staged a revival from deep losses by embracing industrial products and selling…” – см. Часть 3, стр. 410 «Герундий с предлогами»



Part 1 Unit 2 Section 3 SALES. THE BOTTOM LINE ON MARGINS

Text 8

July 2014

Poor, misunderstood Tim Cook is making all the right moves

Apple CEO Tim Cook is “uninspiring” and making Apple “more like most other companies,” or so two recent profiles suggest. And Cook’s biggest challenge is to find a new product that can “move the needle” and increase Apple’s $171 billion of revenue significantly, both articles agree.

But although the two profiles contain a ton of fascinating detail and news tidbits (such as Cook’s search for new board members), neither captures what Cook is actually doing – or needs to do - to boost Apple’s business and share price.

In reality, Cook is taking Apple in new strategic directions, making it more difficult for competitors to follow. He is also focusing on areas that will boost profits – the key to Apple’s share price trends, both up and down – as much as revenue. And while new products may be important, Cook is pursuing just the sort of steady improvements that have historically been the key to Apple’s biggest gains.

It helps to start by analyzing just how Cook and his predecessor, Steve Jobs, got Apple’s business booming – and its share price to the record high of $100.72. The key wasn’t a new product at all. It was the fabulously profitable iterations of the iPhone, the 4 and the 4S, released in 2010 and 2011.

Apple’s crazy iPhone-fueled stock rise – from $12 a share at the beginning of 2007 to over $100 five years later – came not from higher sales alone but from relentless improvements in the iPhone and a resulting increase in profitability.

Apple’s gross profit margin, the difference between the cost of making products and the revenue brought in from selling them, increased in each of those five years, from a starting point of 29% to a peak of 44% in 2012. Such steady increases are extremely rare for a hardware maker. As a point of comparison, Hewlett-Packard’s gross profit margin declined from 24% to 22% over the same period, and Cisco Systems dropped from 65% to 60%.

But Apple’s stock price peak was also the profit margin peak. Revenue continued to grow in 2013 but Apple’s product mix changed. The iPhone 5 and iPad mini, particularly, carried lower profit margins than older models whose sales they displaced. As a result, Apple’s gross profit margin slumped to 37% in 2013, erasing three years of gains and marking the first actual decline since 2006. The stock slumped to a low of $55 last April.

But Cook and his team were already hard at work on the answers Apple needed to fix the profit margin shortfalls. New products arriving at the end of 2013, especially the iPad Air and iPhone 5S and 5C, were more profitable than the models they displaced. And Apple’s quarterly gross profit margin has ticked up the past three quarters in a row. In the first quarter of 2014, the gross margin exceeded 39% for the first time since the third quarter of 2012 – back when Apple’s

stock hit its all-time peak.

While most analysts were bemoaning the lack of exciting new products, Apple shares were set up for a strong rally. Since reporting the stronger-than-expected first quarter results on April 23, Apple shares have gained 27%.

Even higher margins could be on the horizon with upcoming iterations of the iPhone, according to rumors leaking out of Apple’s Asian manufacturers. Apple may be planning an iPhone with a slightly larger screen and a significantly higher price. And viewed through the lens of profitability, a new product like the rumored iWatch could help Apple if it, too, carried high profit margins.

Cook is also taking Apple in directions that will be hard for any of its rivals, including Google, Microsoft and Samsung to follow. At the company’s recent developer conference, Apple focused on improving integration among its various devices, with everything from photos to text messages flowing seamlessly from iPhone to iPad to Mac. Health and home automation features will link customers' lives even more deeply with Apple devices. And new software features and tools will make it somewhat harder for app developers to replicate their offerings on other platforms.

Even the $3 billion acquisition of Beats Electronics strengthens Apple’s efforts to differentiate itself by warding off a threat to its industry-leading media ecosystem. The Beats acquisition makes Apple quickly competitive in music streaming, which is displacing digital music sales and threatening iTunes' hegemony. And those high-profit headphone sales don’t hurt either.

It appears to be true that Cook has made Apple a friendlier place to work, along with being more in touch with its community. To that extent, Apple is becoming more like other companies, and rightly so.

But in the highly competitive market of smartphones, tablets and whatever wearable devices come next, Cook is taking Apple down a more solitary path than ever. And that’s just what Apple’s stock needs. 

По материалам http://finance.yahoo.com/



Vocabulary:

1. to move the needle - to shift the situation in some area, activity, sphere etc. to a noticeable degree

2. tidbit – пикантная деталь

3. iteration of a product – последовательное улучшение, усовершенствование

4. product mix/line/range – ассортимент (номенклатура) изделий

5. all-time peak/high – наивысшее значение за весь период наблюдений

6. rally – оживление, восстановление после снижения

7. Beats Electronics - производитель популярных наушников, акустических систем и аудиопрограмм и провайдер музыкального онлайн-сервиса Beats Music



Translation Notes:

1. “…Apple’s crazy iPhone-fueled stock rise…”/ “…the stronger-than-expected first quarter results…” – сложные атрибутивные конструкции, где перед определяемым словом стоит цепочка определений. Перевод следует начинать с определяемого слова, двигаясь в обратном порядке к первому определению. см. Часть 3, стр. 390 «Перевод сложных атрибутивных конструкций»

2. “…viewed through the lens of profitability…” – см. Часть 3, стр. 413 «Причастие»

Part 1 Unit 2 Section 3 SALES. THE BOTTOM LINE ON MARGINS

Text 9

July 2014

Samsung Warns of Profit Drop on Weaker Demand

Smartphone Maker Says Its Second-Quarter Operating Profit Likely Fell 22.3% to 26.5%

SEOUL— Samsung Electronics Co.'s warning of a third-straight quarter of profit decline highlights the pitfalls of the South Korean technology giant's reliance on smartphone sales.

While strong smartphone sales have propelled the company's growth over the last two and a half years, the reliance on them is a double-edged sword. When sales are good, the benefits trickle down to its other businesses, including components.

But Samsung said Tuesday that its operating earnings in the latest quarter likely fell by 22.3% to 26.5% from a year earlier, hit by a glut of unsold smartphones, which also hurt the performance of the businesses that make microprocessors and displays used in its mobile devices.

In the first quarter of the year, Samsung's mobile unit accounted for about 76% of company profit, compared with just 25% for the same quarter four years ago when Samsung derived the bulk of its earnings from the sale of semiconductors.

Though Samsung forecast better results in the traditionally strong third quarter, the company, the world's biggest maker of TVs, mobile phones and memory chips, isn't likely to be able to snap its quarterly string of declines anytime soon, analysts say.

That is because smartphone penetration in developed markets is nearing saturation. In emerging markets, Samsung is facing stiff price competition from Asian handset makers including Xiaomi Inc. and Lenovo Group Ltd.

Samsung said that in the second quarter, the company had to boost marketing to unload older and lower-end smartphones. In China, where consumers are waiting for the rollout of next-generation 4G LTE networks, Samsung suffered from a pileup of older 3G phones.

In addition, the company said that its sales of tablets were hit by the success of its own smartphone-tablet hybrids, dubbed phablets.

The company's admitted trouble in managing its inventory highlights the flip side of the company's vaunted reach into more than 100 markets: It is difficult to accurately gauge demand among fickle consumers in a fast-moving industry like the smartphone business.

Another major risk is the fluctuations in the foreign-exchange market, which have pushed the South Korean won to six-year highs. In the past year, the won has gained 13% against the U.S. dollar, a trend that traders expect to continue in the longer term—bad news to a Korean company that relies on exports for a major part of its revenue.

Even though there are high expectations for new product launches in the second half, including

its flagship large-screen Galaxy Note device, Samsung's main rival in the high-end market, Apple Inc., is expected to launch bigger screen iPhones, according to people familiar with the matter.

C.W. Chung, an analyst with Nomura, said that given the increased pressure from rivals, and the difficulty of differentiating its products, Samsung would likely see the operating profit margin at its mobile unit, which was 19.8% in the first quarter, whittled down over the next few years, perhaps faster than the market had previously thought.

Investors had been bracing for Tuesday's weak numbers. In the past month, they had sent Samsung shares down by about 11%, wiping about $25 billion off its market value, as management issued worrying signs about earnings. The stock closed Tuesday's session up 0.2% after closing at a three-month low on Monday.

По материалам The Wall Street Journal



Vocabulary:

1. saturation (of the market)=glut

2. rollout (of a product)=launch

3. low-end market – нижние эшелоны (сегменты) рынка=рынок бюджетных товаров



ant. – high-end market – верхние эшелоны рынка=рынок товаров премиум класса, рынок элитных товаров

4. to gauge – to measure; a gauge – an indicator

5. foreign exchange market (FOREX) – мировой валютный рынок

6. six-year high – наивысшее значение показателя за шесть лет

7. flagship (device) –ведущий, лидирующий

8. to be wiped off – (об акциях) быть обесцененными



Translation Notes:

1. “…given the increased pressure…” – см. Часть 3, стр.416 «Причастие в функции союзов и предлогов»

2. “…Samsung would likely see its operating margin…” – прием персонификации

Part 1 Unit 3 Section 1 KEY ECONOMIC INDICATORS

Text 10

May 2014

Current account deficit narrows to 1.7 % of GDP

India’s current account deficit (CAD) for the January-March period narrowed sharply to $1.2 billion (0.2 per cent of GDP) from $18.1 billion (3.6 per cent of GDP) in the same period last year, which was also lower than $4.2 billion (0.9 per cent of GDP) in the October-December quarter of 2013-14.

“The lower CAD was primarily on account of a decline in the trade deficit as decline in imports was sharper than that in exports,” the Reserve Bank of India (RBI) said on Monday.

As per preliminary data on India’s balance of payments (BoP), released by the RBI, merchandise exports declined by 1.3 per cent to $ 83.7 billion for the fourth quarter of 2013-14, as against an increase of 5.9 per cent in the fourth quarter of 2012-13.

On the other hand, the declining trend in merchandise imports continued in the fourth quarter of 2013-14. Imports, at $114.30 billion, moderated by 12.3 per cent in the fourth quarter. The decline in imports was primarily led by a steep drop in gold imports, which amounted to $ 5.30 billion, lower than $15.80 billion in the fourth quarter of 2012-13, the RBI said.

As a result, the merchandise trade deficit contracted by about 33 per cent to $30.70 billion in the fourth quarter of 2013-14 from $ 45.60 billion in the corresponding quarter a year ago.

As far as BoP during 2013-14 is concerned, export recovery and moderation in imports led to a sharp drop in the trade deficit to $147.60 billion in 2013-14 from $195.70 billion in 2012-13.

Contraction in the trade deficit, coupled with a rise in net invisibles receipts, resulted in a reduction of CAD to $32.40 billion (1.7 per cent of GDP) in 2013-14 from $87.80 billion (4.7 per cent of GDP) in 2012-13.

The RBI said that net inflows under the capital account (excluding change in foreign exchange reserves) declined to $48.80 billion in 2013-14 from $89 billion in corresponding period of 2012-13 owing to lower net FDI and portfolio flows, net repayment of loans and trade credit.

По материалам www.thehindu.com 



Vocabulary:

1. merchandise exports=exports of goods

2. receipts=inflows – поступления

3. FDI=foreign direct investment

4. portfolio=portfolio investment

5. foreign exchange reserves – золото-валютные резервы



Translation Notes:

1. “…coupled with a rise…” - см. Часть 3, стр. 413 «Причастие»



Part 1 Unit 3 Section 1 KEY ECONOMIC INDICATORS

Text 11

Feb 2014

Japan’s monthly trade gap more than doubles to new record

Japan's monthly trade deficit has more than doubled to a new record after a weakened currency drove up the cost of fuel imports while exports slowed.

Japan's trade gap rose by 71% to 2.79tn yen ($27.3bn; £16.4bn) in January from a deficit of 1.3tn yen in December.

This comes after imports rose by 25%, outweighing a 9.5% rise in exports.

Japan has posted large trade deficits for 19 straight months, raising concerns the government's stimulus policy may be having a counter effect.

Prime Minister Shinzo Abe has been looking to weaken the value of Japan's currency to stimulate economic growth and end nearly two decades of deflation.

His measures - which have come to be known as "Abenomics" - include increasing the money supply in the country to drive down the value of the currency.

Theoretically, a weak yen should boost exports by making them cheaper for foreign buyers, and increase the profits of exporters when they repatriate overseas earnings.

The Japanese yen has lost nearly 20% of its value against the US dollar over the past year, but the weak currency has also made imports more expensive and affected the country's trade balance.

The world's third-largest economy has had to import most of its energy needs after it shut all of its nuclear reactors in the aftermath of the tsunami and earthquake in 2011.

Japan posted a record annual trade deficit last year, and some economists say that this may widen further following a controversial sales tax increase in April.

По материалам BBC



Vocabulary:

1. stimulus/loose/easy policy – мягкая экономическая политика

2. money supply – денежная масса (количество денег) в обращении

3. sales tax – налог с продаж, налог с оборота



Translation Notes:

1. “…a weak yen should boost…” – см. Часть 3, стр. 403 «Модальные глаголы» (“should”)

2. “…sales tax increase…” – см. Часть 3, стр. 390 «Перевод сложных атрибутивных констукций»

Part 1 Unit 3 Section 1 KEY ECONOMIC INDICATORS

Text 12

July 2014

Eurozone inflation falls to lowest level in almost five years

The overall inflation rate of 0.4% in June was lower than economists had expected, and indicated the threat of eurozone deflation would continue

Eurozone inflation fell to its lowest level in almost five years in July, bringing the threat of a dangerous deflationary spiral closer.

The annual rate of inflation fell unexpectedly to 0.4% from 0.5% in June, dragged lower by accelerating falls in food, alcohol and tobacco prices. Energy prices also fell sharply, by 1%, compared with a 0.1% rise in June. Core inflation, which strips out energy, food, alcohol and tobacco, fell to 0.7% from 1% in April.

It was the lowest level of annual inflation since October 2009, when prices were in negative territory. Economists had expected the annual rate to remain unchanged at 0.5%.

Peter Vanden Houte, chief eurozone economist at ING, said the threat of eurozone deflation was likely to persist.

The fear is that weak price pressures could ultimately trigger a dangerous deflationary spiral, where consumers and businesses damage their domestic economies by putting off spending amid expectations that prices will fall further still.



Policymakers at the European Central Bank (ECB) took action in June to stave off the threat of deflation and breathe some life into the currency bloc's flagging economy. The main interest rate was cut to a record low of 0.15% and a €400bn (£317bn) package of cheap funding for banks was announced, with the condition that the money be used to lend to companies outside the financial sector, and not for mortgages.

The ECB also announced it would in effect charge banks to deposit money, by imposing a negative rate of interest of -0.1% on deposits. The hope is that it will encourage banks to lend more to consumers and businesses, boosting the wider economy. However, the central bank stopped short of introducing quantitative easing, where the bank would pump money into the markets by acquiring sovereign bonds directly from financial institutions.

Vanden Houte said the ECB was unlikely to announce further measures to stimulate the economy in the short term, despite July's drop in inflation. This was partly because of a recent fall in the value of the euro, which makes imports more expensive and could therefore push prices higher.

In a better sign for the eurozone economy, the region's unemployment rate edged lower to 11.5%

in June from 11.6% in May. It was the lowest rate since September 2012, according to Eurostat, the EU's statistics office. The lowest rate was Austria's 5%, followed by Germany's 5.1%.

At the other end of the scale, unemployment stands at 27.3% in Greece and 24.5% in Spain.

The number of people out of work in the 18-member bloc fell by 152,000 over the month, to 18.4 million.

Christian Schulz, senior economist at Berenberg, said there was still a long way to go on getting the labour market back on track.

"Make no mistake, the rate of improvement remains modest. At this pace, it would take six years to reduce unemployment from the current 18.4m to pre-crisis boom levels just above 12m."

По материалам The Guardian



Vocabulary:

1. policymakers – лица, ответственные за выработку и проведение экономической политики; экономические власти (Правительство+Министерство Финансов+Центральный Банк)

2. flagging - becoming tired of losing strength

3. the main interest rate=policy rate=benchmark rate=base rate=discount rate – учетная ставка; ставка рефинансирования

4. mortgage – ипотечный кредит=кредит на покупку недвижимости

5. quantitative easing (QE) – политика количественного смягчения, практикуемая ЦБ ряда стран (в первую очередь, Федеральной резервной системой США), предусматривающая покупку ими государственных облигаций у финансовых организаций с целью насыщения экономики большим количеством денежных стредств и, как следствие, стимулирования экономического роста в условиях, когда другие инструменты мягкой денежно-кредитной политики уже исчерпали себя.

6. sovereign bonds – государственные облигации

Translation Notes:

1. “…the threat …was likely to persist…” - см. Часть 3, стр. 408 «Инфинитивные конструкции»

2. “…stopped short of introducing quantitative easing…” – см. Часть 3, стр. 410 «Герундий»

3. “…pre-crisis boom levels…” – см. Часть 3, стр. 390 «Перевод сложных атрибутивных конструкций»



Part 1 Unit 3 Section 2 BOOM AND BUST

Text 13

August 2014

German economic slowdown poses risk for EU recovery

BRUSSELS - Fears that the eurozone’s recovery could stall have heightened after new German data indicated the bloc’s economic powerhouse is performing at its weakest level since 2012.

Published on Tuesday (12 August) the ZEW think-tank’s index of financial market confidence, a trusted indicator of German economic sentiment, hit its lowest level since December 2012, falling to 8.6 points in August - an 18.5 point fall from July.

The decline is the sharpest since July 2012, when the eurozone slipped back into a double dip recession.

The euro also fell to a near nine-month low against the dollar on the news.

In a statement accompanying the data, ZEW warned that it suggested “markedly reduced investment activities on the part of German firms against the backdrop of uncertain sales prospects.”

“Since the economy in the eurozone is not gaining momentum either, the signs are that economic growth in Germany will be weaker in 2014 than expected”, it said.

It added that its Index of Economic Sentiment for the Eurozone also saw a sharp decline in August. The indicator has lost 24.4 points since July, now standing at 23.7 points.

The decline was “likely connected to the ongoing geopolitical tensions that have affected the German economy,” ZEW noted.

As the currency bloc’s largest economy and manufacturer, the eurozone is reliant on Germany driving its economic recovery.

The French economy is also stagnant, while figures from Rome last week suggest that Italy has slipped back into recession.

“Fear is back,” said Carsten Brzeski, economist with the Benelux-based bank ING.

“Today’s ZEW sends a worrying signal that the growth performance in the second quarter could suddenly morph from a one-off into an undesired trend,” he added.




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