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По материалам http://euobserver.com/


1. index of financial market confidence – индекс доверия (уверенности, оптимизма) со стороны участников финансовых рынков

Index of Economic Sentiment – общий индекс доверия к экономике, индекс ожиданий производителей и потребителей, индекс делового и потребительского оптимизма

consumer confidence – потребительское доверие, ожидания потребителей

Consumer Confidence Index – индекс потребительского доверия

business confidence – уверенность, доверие со стороны предпринимателей

Business Confidence Index – индекс предпринимательской уверенности

2. nine-month low – рекордно низкое значение за 9 месяцев

3. one-off – единичный случай

Translation Notes:

1. “…Index of Economic Sentiment for the Eurozone also saw a sharp decline…” – прием персонификации

2. “…the eurozone is reliant on Germany driving its economic recovery…” – см. Часть 3, стр.411 «Герундиальный комплекс»

3. “…the growth performance…could suddenly morph…” - см. Часть 3, стр. 406 «Модальные глаголы» (“could”)

Part 1 Unit 3 Section 2 BOOM AND BUST

Text 14

July 2014

Spain on road to economic recovery amid rise in emigration

Spain's manufacturing sector ahead of Germany, France and Italy and its economy is outperforming the eurozone

Spain’s economic recovery was underlined as its manufacturing sector recorded its greatest activity in seven years, but the financial crisis has left its mark with separate figures showing a sharp rise in people leaving the country.

A snapshot of the state of Spanish factories combining output, orders and employment showed activity rose to a seven-year high in June. The Markit PMI increased to 54.6 from 52.9 in July – with a reading above 50 indicating expansion.

That puts growth in Spain's manufacturing sector ahead of Germany, France and Italy and is further evidence that its economy is outperforming the eurozone.

The struggling Spanish car industry in particular is showing signs of recovery thanks in part to a government incentive scheme, now in its sixth year, for people to upgrade their vehicles.

Christian Schulz, senior economist at Berenberg bank, said Spain was benefiting from the reforms that it put in place in response to the financial crisis. "If we add similarly impressive readings for the Spanish services sector, we can safely conclude that Spain is reaping the rewards of its tough labour market reforms of 2012 and is becoming a mainstay of eurozone growth," he said.

When the eurozone crisis hit Spain was one of the most affected countries, with a burst property bubble prompting fears of a banking sector collapse. Unemployment soared, and remains high at 25%.

A separate report from the country's National Statistics Institute shows Spain is still paying the price as hundreds of thousands abandon the beleaguered economy.

In 2013, 547,980 people left the country, the majority of them immigrants but also 79,306 Spanish nationals. The figure is an 80% increase on that of 2012.

По материалам The Guardian


1. PMI=Purchasing Managers Index

2. reading – значение показателя

3. incentive – льгота, стимул

4. property bubble – «пузырь» на рынке недвижимости=ситуация, когда цены на недвижимость необоснованно завышены, чрезмерно перегретый рынок недвижимости

5. beleaguered economy=struggling economy


Text 15

March 2014

Asian markets tumble on weak Chinese economic data

Asian shares fell on Monday after both China and Japan released disappointing economic data, worrying investors about a slowdown in the region.

Both Hong Kong's Hang Seng index and the Shanghai Composite fell by 2%, while Japan's benchmark Nikkei 225 closed down 1%.

On Monday, Japan revised down its 2013 growth estimates and reported a record trade deficit since 1985.

Over the weekend, China said exports plunged 18.1%, surprising analysts.

That data led to a broad Asian sell-off, with China's CSI 300 Index falling to its lowest since 2009.

Australian shares shed 1% of their value following the data release, dragged down by losses in mining and other resource stocks, which are heavily dependent on China's commodities demand.

BHP Billiton fell 3.2%, Rio Tinto dropped 4.6% and Fortescue Metals tumbled 10% in Sydney trading.

Concerns about China's economy also caused copper to drop to its lowest level in more than seven months.

China is the biggest buyer of the red metal, which is used both in electronics production and other manufacturing industries.

The price of Chinese steel and iron ore futures dipped about 6% on Monday after publication of Chinese export data.

Lower demand from the domestic construction industry has added to a slide in commodities prices.

China also reported a $22.98bn trade deficit in February, compared with a surplus during the same period last year.

It also reported a slowdown in inflation, to 2% in February from 2.5% in January - the slowest rate in 13 months.

The sluggish economic data come as the Chinese government said during its annual meeting that it was targeting a growth rate of 7.5% in 2014.

However, China's finance minister Lou Jiwei later said that it would be acceptable if the government slightly missed this target.

"Whether GDP growth is to the left or to the right of 7.5%, that is not very important," said Mr Lou, according to Reuters.

He added that what was most important was job creation.

По материалам BBС


1. Hang Seng Index, Shanghai Composite, Nikkei 225, CSI 300 Index – названия биржевых индексов

composite index – сводный (составной) индекс

2. to revise down(wards) – пересматривать (прогноз) в сторону понижения

3. mining stocks – акции компаний горно-добывающей промышленности

4. commodities – сырьевые товары

5. steel and iron ore futures – фьючерсы на сталь и железную руду

6. growth rate=growth pace

7. target – целевой показатель, ориентир

Translation Notes:

1. “…following the data release…” – см. Часть 3, стр. 416 «Причастие в функции союзов и предлогов»

Part 1 Unit 3 Section 4 MONEY MANAGEMENT

Text 16

July 2014

US economy growing across nation: Fed Beige Book

WASHINGTON: The US economy has continued to shake off its winter sluggishness with all regions of the country seeing expansion, the Federal Reserve said in a report on Wednesday.

Seven of the 12 regions surveyed recorded only "modest" growth, while five notched "moderate" growth, the Fed said in its latest Beige Book report, based on economic conditions in the six-week stretch before July 7.

The report is the second Beige Book in a row to find growth across the country and is the latest evidence the US economy is picking up steam after unusually cold weather depressed activity in the first quarter.

Auto sales, which have been on the upswing for more than a year, continued to stand out as particularly brisk support for the economy.

"Vehicle sales expanded in most districts, and auto contacts were optimistic about auto sales in the months ahead," the report said.

But the report's assessment of consumer spending, a key lifeblood of the US economy, was more subdued about the broader retail performance.

Non-auto retailers garnered "generally modest growth," with wet weather restraining activity in Chicago, but New York seeing a rise "due to pent-up demand as the negative effects from earlier adverse weather abated."

The labour market tightened exceptionally in some pockets of the economy.

Several districts reported "some difficulty" finding staff for skilled positions, the report said, citing a shortage of truck drivers in Atlanta, Cleveland, Kansas City and Richmond.

Skilled construction workers were also in short supply in some parts of the country, while the energy boom kept labor markets tight in the Cleveland and Dallas regions.

But the pace of growth for the labour market at large was more tortoise than hare.

Wage pressures "remained modest" across most sectors, aside from a few skilled-labor categories, the report said.

The overall labour market "continued to improve," with all districts "reporting slight to moderate employment growth," the report said.

The report gave a mixed appraisal of the US housing market. Conditions "varied" across the country, with some regions suffering from weak demand.

Boston, New York, Chicago and St. Louis all reported that residential sales activity softened, the report said.

"We see a modest economy, which is modestly getting better," JPMorgan Chase chief executive Jamie Dimon told a conference call this week.

Economic growth has been strong enough for the Fed to scale back its stimulus measures even as it continues to keep benchmark interest rates near zero.



1. Beige Book – «Бежевая книга» - Доклад об экономической ситуации в США, который выпускается 8 раз в год и готовится банками Федеральной Резервной Системы по округами ФРС и отраслям экономики. Официальное название – «Сводка комментариев о современном экономическом положении в округах Федеральной Резервной Системы» (Summary of Commentary on Current Economic Conditions by Federal Reserve District)

2. retail trade – розничная торговля

wholesale trade – оптовая торговля

retailer – предприятие розничной торговли

3.tight labour market – состояние рынка труда, характеризующееся высоким спросом на рабочую силу

4. wage pressures – требования повышения заработной платы

5. residential sales – продажи жилой недвижимости

6. stimulus measures=stimulus/stimulating/loose/easy policy

Part 1 Unit 3 Section 4 MONEY MANAGEMENT

Text 17

March 2014

US Federal Reserve hints at interest rate rise in 2015

The US Federal Reserve Chair Janet Yellen has hinted that interest rates in the US could start to rise in early 2015

Ms Yellen said the Fed could begin raising rates six months after it halts its monthly bond-buying programme.

She made the remarks after the Fed said it will scale back bond purchases by a further $10bn (£6bn) per month.

This is the third time in a row that the central bank has tightened its stimulus efforts.

The latest reduction brings the Fed's monthly bond-buying down to $55bn from $85bn last year.

If bond purchases end - as expected - later this year, this would imply rate increases around April 2015.

The Fed lowered its overnight interest rate to 0% in December 2008 as part of the steps it took to trigger growth in the economy amid the global financial crisis.

That crisis hurt the US economic growth and resulted in high levels of unemployment.

Along with lowering the interest rates, the central bank also started buying bonds in an attempt to keep long-term borrowing costs low.

The idea was to encourage businesses to borrow and spend more, to try and spur growth in the economy and create more jobs.

The stimulus efforts appear to have had an impact, with the US economy showing signs of recovery of late.

That has seen the central bank scale back its key stimulus measure - the bond-buying programme also known as quantitative easing - for three months in a row.

However in its latest policy decision, the Fed said it would look at multiple factors before approving any rise in interest rates.

It had previously hinted at doing so once the jobless rate fell to 6.5%.

"This assessment will take into account a wide range of information, including measures of labour market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments," it said.

US stock markets fell on the news.

Some analysts are saying the change in the Fed's guidance led to worries that interest rates may rise sooner than expected.

"The Fed moved the goal post again," said David Molar, managing director at Hightower.

"It goes from a 6.5% unemployment threshold to a qualitative approach which is nebulous for the market.

"No one knows what will trigger further tapering, a pause in tapering or an increase in asset purchase. It's a major change in policy."

Mark Grant, managing director at Southwest Securities added: "What seems to be troubling the market is that even though it reiterated that it wouldn't be raising rates this year, people were put on notice that a hike is coming."

"We'll likely see some rise in short rates as a result of this, if not out across the whole curve."

По материалам BBC


1. tapering – термин используется ФРС для обозначения процеса сворачивания программы количественного смягчения, т.е. сокращения объемов покупаемых ФРС активов

2. overnight interest rate – ставка процента по однодневным кредитам

3. stimulus effort/measure=loose monetary policy

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