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Кафедра иностранных языков О.И. Коваль Английский язык Учебное пособие по обучению Иноязычному общению для студентов экономических Специальностей Нижний Новгород Издательство ФБОУ ВПО «ВГАВТ» Федеральное агентство морского и речного транспорта Федеральное бюджетное образовательное учреждение высшего профессионального образования Волжская государственная академия водного транспорта
Кафедра иностранных языков
О.И. Коваль
Английский язык Учебное пособие по обучению Иноязычному общению для студентов экономических специальностей
Нижний Новгород Издательство ФБОУ ВПО «ВГАВТ»
УДК 811.111 К 56 Рецензенты: О.Б. Соловьева – доцент, канд. пед. наук О.В. Чувилина – доцент, канд. пед. наук Английский язык: учебное пособие по обучению иноязычному общению для студентов экономических специальностей / О.И. Коваль. – Н.Новгород: Изд-во ФБОУ ВПО «ВГАВТ», 2014. – 46с. Целью пособия является развитие навыков и умений профессионально ориентированного чтения, аудирования, говорения. Методическое пособие состоит из 7 разделов, каждый из которых включает в себя тексты, упражнения, аудиоматериалы. Учебное пособие предназначено для студентов 2,3 курсов очной формы обучения по специальности 080100.62 «Экономика», а также может быть использовано для специальности 080200.62 «Менеджмент».
Работа рекомендована к изданию кафедрой иностранных языков (протокол № 6 от 19.05.2014 г.) © ФБОУ ВПО «ВГАВТ», 2014 Unit 1. ACCOUNTING AND FINANCIAL STATEMENTS Insert the words in the box in 3 in the gaps in the text. Vocabulary
Complete the following sentences.
1. Companies record their fixed assets at historical cost because.. 2. Historical cost accounting usually underestimates... 3. Countries with a regularly high rate of... 4. Company profits are usually split... 5. Double-entry bookkeeping requires that... 6. A company's net assets consist of... 7. A company's stock market capitalization... 8. Flows of cash both in and out of the company... Unit 2. BANKING Discuss the questions. 1. Which of the banking facilities listed in l do you use? 2. What other services do commercial banks offer in your country? 3. What changes have there been in personal banking recently? 4. What further changes do you foresee in the future? 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 profit 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 (check) 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 find 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 financial markets, finance 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 profits 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 financial conglomerates now combine the services previously offered by banks, stockbrokers, and insurance companies.
A country's minimum interest rate is usually fixed 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 financial 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 first significant 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 deficit - 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 town. Vocabulary
Speak on types of bank. Unit 3. STOCKS AND SHARES
Discussion. If you possess a large amount of money, what are the advantages and disadvantages of the following? · putting it under the mattress · buying a lottery ticket · taking it all to Las Vegas or Monte Carlo · putting it in a bank · buying gold · buying a Van Gogh painting investing in property or real estate · buying bonds · buying shares Companies Individuals, and groups of people doing business as a partnership, have unlimited liability for debts, unless they form a limited company. If the business does badly and cannot pay its debts, any creditor can have it declared bankrupt. The unsuccessful business people may have to sell nearly all their possessions in order to pay their debts. This is why most people doing business form limited companies. A limited company is a legal entity separate from its owners, and is only liable for the amount of capital that has been invested in it. If a limited company goes bankrupt, it is wound up and its assets are liquidated (i.e. sold) to pay the debts. If the assets don't cover the liabilities or the debts, they remain unpaid. The creditors simply do not get all their money back. Most companies begin as private limited companies. Their owners have to put up the capital themselves, or borrow from friends or a bank, perhaps a bank specializing in venture capital. The founders have to write a Memorandum of Association (GB) or a Certificate of Incorporation (US), which states the company's name, its purpose, its registered office or premises, and the amount of authorized share capital. They also write Articles of Association (GB) or Bylaws (US), which set out the duties of directors and the rights of shareholders (GB) or stockholders (US). They send these documents to the registrar of companies.
A successful, growing company can apply to a stock exchange to become a public limited company (GB) or a listed company (US). Newer and smaller companies usually join 'over-the-counter' markets, such as the Alternative Investment Market in London or Nasdaq in New York. Very successful businesses can apply to be quoted or listed (i.e. to have their shares traded) on major stock exchanges. Publicly quoted companies have to fulfill a large number of requirements, including sending their shareholders an independently-audited report every year, containing the year's trading results and a statement of their financial position. The act of issuing shares (GB) or stocks (US) for the first time is known as floating a company (making a flotation). Companies generally use an investment bank to underwrite the issue, i.e. to guarantee to purchase all the securities at an agreed price on a certain day, if they cannot be sold to the public. Companies wishing to raise more money for expansion can sometimes issue new shares, which are normally offered first to existing shareholders at less than their market price. This is known as a rights issue. Companies sometimes also choose to capitalize part of their profit, i.e. turn it into capital, by issuing new shares to shareholders instead of paying dividends. This is known as a bonus issue. Buying a share gives its holder part of the ownership of a company. Shares generally entitle their owners to vote at a company's Annual General Meeting (GB) or Annual Meeting of Stockholders (US), and to receive a proportion of distributed profits in the form of a dividend - or to receive part of the company's residual value if it goes into liquidation. Shareholders can sell their shares on the secondary market at any time, but the market price of a share - the price quoted at any given time on the stock exchange, which reflects (more or less) how well or badly the company is doing - may differ radically from its nominal value. Vocabulary
T 2 Listen to an extract from a midday financial market report on television. The newsreader mentions the prices of the following securities, currencies and commodities. In each case, does she say that the price has risen, fallen, or stayed almost the same?
Unit 4. BONDS
1. In Tom Wolfe's novel, The Bonfire of the Vanities, Sherman McCoy is a bond dealer in New York. One weekend his six-year-old daughter comes up with a question. 'Daddy.,. what do you do?' 'Well, I deal in bonds, sweetheart. I buy them, I sell them, I — 'What are bonds? What is deal?" 'Well, honey, bonds are - a bond is - well, let me see. What's the best way to explain it to you... A bond is a way of loaning people money. Let's say you want to build a road, and it's not a little road but a big highway, like the highway we took up to Maine last summer. Or you want to build a big hospital. Well, that requires a lot of money, more money than you could ever get just by going to a bank. So what you do is, you issue what are called bonds.' 'You build roads and hospitals. Daddy? That's what you do?' No, I don't actually build them, sweetheart. I handle the bonds, and the bonds are what make it possible —' You help build them?" 'Well, in a way.' 'Which ones?' 'Which ones? 'You said roads and hospitals." 'Well not any one specifically.' 'The road to Maine?' (Tom Wolfe: The Bonfire of the Vanities)
Bonds Companies finance most of their activities by way of internally generated cash flows. If they need more money they can either sell shares or borrow, usually by issuing bonds. More and more companies now issue their own bonds rather than borrow from banks, because this is often cheaper: the market may be a better judge of the firm's creditworthiness than a bank, i.e. it may lend money at a lower interest rate. This is evidently not a good thing for the banks, which now have to lend large amounts of money to borrowers that are much less secure than blue chip companies. Bond-issuing companies are rated by private ratings companies such as Moody's and Standard & Poors, and given an 'investment grade' according to their financial situation and performance, AM being the best, and С the worst, i.e. nearly bankrupt. Obviously, higher the rating, the lower the interest rate at which a company can borrow. Most bonds are bearer certificates, so after being issued (on the primary market), they can be traded on the secondary bond market until they mature. Bonds are therefore liquid, although of course their price on the secondary market fluctuates according to changes in interest rates. Consequently, the majority of bonds on the secondary market are traded either above or below par. A bond's yield at any particular time is thus its coupon (the amount of interest it pays) expressed as a percentage of its price on secondary market. For companies, the advantage of debt financing over equity financing is that bond interest is tax deductible. In other words, a company deducts its interest payments from its profits before paying tax, whereas dividends are paid out of already-taxed profits. Apart from this 'tax shield', it is generally considered to be a sign of good health and anticipated higher future profits if a company borrows. On the other hand, increasing debt increases financial risk: bond interest has to be paid, even in a year without any profits from which to deduct it, and the principal has to be repaid when the debt matures whereas companies are not obliged to pay dividends or repay share capital. Thus, companies have a debt-equity ratio that is determined by balancing tax savings against the risk of being declared bankrupt by creditors.
Governments, of course, unlike companies, do not have the option of issuing equities. Consequently they issue bonds when public spending exceeds receipts from income tax, VAT, and so on. Long-term government bonds are known as gilt-edged securities, or simply gilts, in Britain, and Treasury Bonds in the US. The British and American central banks also sell and buy short-term (three month) Treasury Bills as a way of regulating the money supply. To reduce the money supply, they sell these bills to commercial banks, and withdraw the cash received from circulation; to increase the money supply they buy them back, paying with newly created money which is put into circulation in this way. Vocabulary
Speak on bonds.
Futures, options and swaps Futures Every weekday, enormous amounts of commodities, currencies and financial securities are traded for immediate delivery at their current price on spot markets. Yet there are also futures markets on which contracts can be made to buy and sell commodities, currencies, and various financial assets, at a future date (e.g. three, six or nine months ahead), but with the price fixed at the time of the deal. Standardized deals for fixed quantities and time periods (e.g. 25 tons of copper to be delivered next June 30) are called futures; individual, non-standard, 'over-the-counter' deals between two parties (e.g. 1.7 billion yen to be exchanged for dollars on September 15, at a rate set today) are called forward contracts. Hedging and speculating Futures, options and other derivatives exist in order that companies and individuals may attempt to diminish the effects of, or profit from, future changes in commodity and asset prices, exchange rates, interest rates, and soon. For example, the prices of foodstuffs such as wheat, maize, cocoa, coffee, tea and orange juice are frequently affected by droughts, floods and other extreme weather conditions. Consequently many producers and buyers of raw materials want to hedge, in order to guarantee next season's prices. When commodity prices are expected to rise, future prices are obviously higher than (at a premium on) spot prices; when they are expected to fall they are at a discount on spot prices. In recent years, especially since financial deregulation, exchange rates and interest rates have also fluctuated wildly. Many businesses, therefore, want to buy or sell currencies at a guaranteed future price. Speculators, anticipating currency appreciations or depreciations, or interest rate movements, are also active in currency futures markets, such as the London International Financial Futures Exchange (LIFFE, pronounced 'life'). Options As well as currencies and commodities, there is now a huge futures market in stocks and shares. One can buy options giving the right - but not the obligation - to buy and sell securities at a fixed price in the future. A call option gives the right to buy securities (or a currency, or a commodity) at a certain price during a certain period of time. A put option gives the right to sell an asset at a certain price during a certain period of time. These options allow organizations to hedge their equity investments. For example, if you think a share worth 100 will rise, you can buy a call option giving the right to buy at 100, hoping to sell this option, or to buy and resell the share at a profit. Alternatively, you can write a put option giving someone else the right to sell the shares at 100: if the market price remains above 100, no one will exercise the option, so you earn the premium. On the contrary, if you expect the value of a share that you own to fall below its current price of 100, you can buy a put option at 100 (or higher): if the price falls, you can still sell your shares at this price. Alternatively, you could write a call option giving someone else the right to buy the share at 100: if the market price of the underlying security remains below the option's exercise price or strike price, no one will take up the option and you earn the premium. Swaps Options are merely one type of derivative instrument, based on another underlying price. Many companies nowadays also arrange currency swaps and interest rate swaps with other companies or financial institutions. For example, a French company that can borrow francs at a preferential rate, but which also needs yen, can arrange a swap with a Japanese company in the opposite position. Such currency swaps, designed to achieve interest rate savings, are of course open to the risk of exchange rate fluctuations. A company with a lot of fixed interest debt might choose to exchange some of it for another company's floating rate loans. Whether they save or lose money will depend on the movement of interest rates. Vocabulary
Discuss the questions. 1. What particular skills do you think financial managers, investment advisers, securities traders, and professional speculators need? 2. Do you think you possess them? Would you be successful in any of these careers? 3. Do you like taking risks or working under stress? 4. Would you be prepared to try to sell financial instruments which contained potential risks that customers may misunderstand or underestimate?
10. Read the following extract from Liar's Poker, Michael Lewis's book about his time as a bond salesman in a large American investment bank, which explains the attraction of options and futures to speculators. What is Lewis's view of European investors?
Several dozen phone lights flashed continually on our telephone boards. European investors (I shall refer to them as 'investors' or 'customers' even though most of them were pure speculators and the rest not-so-pure speculators) wanted to place their bets on the American bond market from eight in the morning until eight at night. There was good reason for their eagerness. The American bond market was shooting through the roof. Imagine how crowds would overwhelm a casino in which everyone who plays wins big, and you'll have some idea of what our unit was like in those days. The attraction of options and futures, our speciality item, was that they offered both liquidity and fantastic leverage. They were a mechanism for gambling in the bond markets, like superchips in a casino that represent a thousand dollars but cost only three. In fact, there are no superchips in casinos; options and futures have no equivalent in the world of professional gambling because real casinos would consider the leverage they offer imprudent. For a tiny down-payment, a buyer of a futures contract takes the same risk as in owning a large number of bonds; in a heartbeat he can double or lose his money. When it came to speculation, European investors didn't require a great deal of encouragement or instruction. They'd been doing crazy things with money for centuries. The French and English, in particular, shared a weakness for get-rich-quick schemes. (Michael Lewis: Liar's Poker)
Answer the questions. 1. What do you think Lewis means when he says of his customers that 'most of them were pure speculators and the rest not-so-pure speculators'? 2. In transactions such as these, what is leverage? 3. Why is there no equivalent of futures or options in the gambling industry?
12. Speak on futures, options and swaps. 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. Give examples. Vocabulary
Leveraged buyouts One indication that the people who warn against takeovers might be right is the existence of leveraged buyouts. In the 1960s, a big wave of takeovers in the US created conglomerates – collections of unrelated businesses combined into a single corporate structure. It later became clear that many of these conglomerates consisted of too many companies and not enough synergy. After the recession of the early 1980s, there were many large companies on the US stock market with good earnings but low stock prices. Their assets were worth more than the companies' market value. Such conglomerates were clearly not maximizing stockholder value. The individual companies might have been more efficient if liberated from central management. Consequently, raiders were able to borrow money, buy badly-managed, inefficient and underpriced corporations, and then restructure them, split them up, and resell them at profit. Conventional financial theory argues that stock markets are efficient, meaning that all relevant information about companies is built into their share prices. Raiders in the 1980s discovered that this was quite simply untrue. Although the market could understand data concerning companies' earnings, it was highly inefficient in valuing assets, including land, buildings and pension funds. Asset-stripping - selling off the assets of poorly performing or under-valued companies - proved to be highly lucrative. Theoretically, there was little risk of making a loss with a buyout, as the debts incurred were guaranteed by the companies' assets. The ideal targets for such buyouts were companies with huge cash reserves that enabled the buyer to pay the interest on the debt, or companies with successful subsidiaries that could be sold to repay the principal, or companies in fields that are not sensitive to a recession, such as food and tobacco. Takeovers using borrowed money are called leveraged buyouts or 'LBOs'. Leverage means having a large proportion of debt compared to equity capital. (Where a company is bought by its existing managers, we talk of a management buyout or MBOJ. Much of the money for LBOs was provided by the American investment bank Drexel Burnham Lambert, where Michael Milken was able to convince investors that the high returns on debt issued by risky enterprises more than compensated for their riskiness, as the rate of default was lower than might be expected. He created a huge and liquid market of up to 300 billion dollars for 'junk bonds'. (Milken was later arrested and charged with 98 different felonies, including a lot of insider dealing, and Drexel Burnham Lambert went bankrupt in 1990.) Raiders and their supporters argue that the permanent threat of takeovers is a challenge to company managers and directors to do their jobs better, and that well-run businesses that are not undervalued are at little risk. The threat of raids forces companies to put capital to productive use. Fat or lazy companies that fail to do this will be taken over by raiders who will use assets more efficiently, cut costs, and increase shareholder value. Vocabulary
5. Complete the following sentences, which summarize the text above. 1. The fact that many large conglomerates' assets were worth more than their stock market valuation demonstrated that... 2. Raiders bought conglomerates in order to... 3. Raiders showed that the stock market did not... 4. Raiders were particularly interested in... 5. Investors were prepared to lend money to finance LBOs because... 6. Raiders argue that the possibility of a buyout... 6. Give the Russian equivalents for the following words and word combinations. Existence, to consist of, synergy, to be worth, market value, to liberate, efficient, conventional, lucrative, to enable, subsidiary, to convince, risky, to compensate, threat, challenge, well-run, badly-managed, to increase. Speak on leveraged buyouts. CONTENTS Unit 1. ACCOUNTING AND FINANCIAL STATEMENTS. 4 Unit 2. BANKING.. 10 Unit 3. STOCKS AND SHARES. 16 Unit 4. BONDS. 17 Unit 5. FUTURES AND DERIVATIVES. 17 Unit 6. MARKET STRUCTURE AND COMPETITION.. 17 Unit 7. TAKEOVERS, MERGERS AND BUYOUTS. 17 Коваль Оксана Ивановна
Английский язык
Учебно-методическое пособие по обучению иноязычному общению для студентов экономических специальностей
Кафедра иностранных языков О.И. Коваль Английский язык Учебное пособие по обучению Иноязычному общению для студентов экономических Специальностей Нижний Новгород Издательство ФБОУ ВПО «ВГАВТ» Федеральное агентство морского и речного транспорта Федеральное бюджетное образовательное учреждение высшего профессионального образования Волжская государственная академия водного транспорта
Кафедра иностранных языков
О.И. Коваль
Английский язык Учебное пособие по обучению Иноязычному общению для студентов экономических специальностей
Нижний Новгород Издательство ФБОУ ВПО «ВГАВТ»
УДК 811.111 К 56 Рецензенты: О.Б. Соловьева – доцент, канд. пед. наук О.В. Чувилина – доцент, канд. пед. наук Английский язык: учебное пособие по обучению иноязычному общению для студентов экономических специальностей / О.И. Коваль. – Н.Новгород: Изд-во ФБОУ ВПО «ВГАВТ», 2014. – 46с. Целью пособия является развитие навыков и умений профессионально ориентированного чтения, аудирования, говорения. Методическое пособие состоит из 7 разделов, каждый из которых включает в себя тексты, упражнения, аудиоматериалы. Учебное пособие предназначено для студентов 2,3 курсов очной формы обучения по специальности 080100.62 «Экономика», а также может быть использовано для специальности 080200.62 «Менеджмент».
Работа рекомендована к изданию кафедрой иностранных языков (протокол № 6 от 19.05.2014 г.) © ФБОУ ВПО «ВГАВТ», 2014
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