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Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,Click to edit Master title style,UNIT SEVEN,FINANCIAL CRISIS AND INFLATION,Objectives,To get familiar with business report,To know something about financial crisis,&inflation,To learn new words and expressions,To master how to analyze difficult and long sentences,1.Background Information,2.Introduction to the Text,3.Business Terms,4.Words and Expressions,5.Notes to the Text,Text A,US financial crisis is entering a new phase,The financial crisis of 2007 to the present is a crisis triggered by a liquidity shortfall in the United States banking system.It has resulted in the collapse of large financial institutions,the bailout of banks by national governments and downturns in stock markets around the world.In many areas,the housing market has also suffered,resulting in numerous evictions,foreclosures and prolonged vacancies.It is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s.It contributed to the failure of key businesses,declines in consumer wealth estimated in the hundreds of trillions of U.S.dollars,substantial financial commitments incurred by governments,and a significant decline in economic activity.,1.Background Information,Questions regarding bank solvency,declines in credit availability,and damaged investor confidence had an impact on global stock markets,where securities suffered large losses during late 2008 and early 2009.Economies worldwide slowed during this period as credit tightened and international trade declined.Critics argued that credit rating agencies and investors failed to accurately price the risk involved with mortgage-related financial products,and that governments did not adjust their regulatory practices to address 21st century financial markets.Governments and central banks responded with unprecedented fiscal stimulus,monetary policy expansion,and institutional bailouts.,1.Background Information,Theme of the Text,：,Text A is a personal prediction on economic recovery in the US.Although the reported weekly new jobs lost number signals the rate of job loss is slowing,the author is not optimistic about a quick US recovery,for he believes high future unemployment rates and retirement will induce fiscal crises within the federal,state and local governments.,2.Introduction to the Text,本商务语篇为说明文体，具体为个人观点阐述。,作者在文章的一开始就做出“正如中国的经济发展有利于美国，美国的经济进发展也有利于中国”这样的论断，从而吸引更多的中国读者阅读该文。,作者以美国具体失业数字为个人预测出发点，层层推进，做出个人对美国经济状况的预测。文中涉及的经济类词汇运用准确、严谨，体现出作者作为经济学教授的专业化水平。但由于是个人预测，文中也运用了大量诸如,will,，,may,等表示推测性、可能性的情态动词，体现出作者写作本文时的严谨和审慎态度。,文体特征分析,2.Introduction to the Text,2.income maintenancemainly the distribution of cash in the event of interruption of employment,including retirement,disability and unemployment,3.services provided by administrations responsible for social security.In different countries this may include medical care,aspects of social work and even industrial relations.,4.More rarely,the term is also used to refer to basic security,a term roughly equivalent to access to basic necessitiesthings such as food,clothing,shelter,education,money,and medical care.,Social Security,社会保障,3.Business Terms,(1)interest /,intrist/,n.,ere,Meaning,4.Words and Expressions,Example,regard for ones own benefit or advantage,One should not look after ones own interests alone.,一个人不应当只顾自己的利益。,(3),technically /,teknkl/,adv.,ere,Meaning,4.Words and Expressions,Example,in a technical/strict way,Prize-fighting remained popular,though technically illegal,until the 1880s.,在,19,世纪,80,年代以前，职业拳击比赛虽然严格来说是不合法的，但一直很受欢迎。,(5)benefit /,benefit/,n.,ere,Meaning,4.Words and Expressions,Example,a payment made or an entitlement available in accordance with a wage agreement,an insurance policy,or a public assistance program,Are you entitled to unemployment benefit?,你有资格领取失业救济金吗？,(6)pension /,penn/,n.,ere,Meaning,4.Words and Expressions,Example,a sum of money paid regularly as a retirement benefit or by way of patronage,The country provided a pension to the old people.,国家给老人们提供养老金。,(8)strapped /strpt/,adj.,ere,Meaning,4.Words and Expressions,Example,(inf.),in financial need,I cant come to the cinema tonightIm a bit strapped for cash.,今晚我不能去看电影了,我手头有点紧。,(9)conducive /kn,dju:siv/,adj.,ere,Meaning,4.Words and Expressions,Example,tending to cause or bring about;contributive,This is a more conducive atmosphere for studying.,这样的氛围更有利于学习。,(10)disruptive /ds,rptv/,adj.,ere,Meaning,4.Words and Expressions,Example,relating to,causing,or produced by disruption,He was expelled from school for disruptive behaviour.,他因破坏行为被学校开除了。,(11)disenfranchise /,dsen,frn,taz/,vt.,ere,Meaning,4.Words and Expressions,Example,deprive of voting rights,White supremacists devise new methods to disenfranchise Negroes.,白人至上论者想出新的方法以剥夺黑人的公民权。,(12)prognostication /prg,nstkein/,n.,ere,Meaning,4.Words and Expressions,Example,a sign of something about to happen,The urban architectural renewal is a prognostication of a social and cultural renaissance.,城市建筑的翻新预示着社会和文化的复兴。,ere,Meaning,4.Words and Expressions,Example,concerning,With respect to your other proposals,I am not yet able to tell you our decision.,至于谈到你的其他建议,我现在还无法把我们的决定告诉你。,(14)with respect to,释义,Around the world,everyday both people and experts are wondering whether the financial crisis is over and whether an economic recovery is going on.,解析,alike,是副词，意为“,equally,两者都；同样地”。,underway,是形容词，意为“,currently in progress,在进行中的”。,1.Around the world,everyday people and experts alike are wondering whether the financial crisis is over and whether an economic recovery is underway.(Para.1),5.Notes to the Text,解析,本句是一个简单句，现在分词短语,signaling the rate of job loss is slowing in the US,在句中做状语。,2.On October 9,the good news was the reported weekly new jobs lost number was a nine month low;signaling the rate of job loss is slowing in the US.,（,Para.2,）,5.Notes to the Text,释义,On October 9,the good news was the new jobs lost number that was reported every week reached the lowest point of the nine months,which signaled the rate of job loss is slowing in the US.,解析,本句是条件状语从句，主句谓语动词,cause,的宾语是,the routinely predicted pension plan fiscal crises for state and local governments,as well as for the national government,，,to come quicker,和,to be much more severe than previously expected,是其宾语补足语。,4.If more-or-less forced early retirements continue for long,it will cause the routinely predicted pension plan fiscal crises for state and local governments,as well as for the national government,to come quicker and to be much more severe than previously expected.,（,Para.4,）,5.Notes to the Text,解析,本句是由,and,连接的并列句。在第一个并列分句中,that feel they are not making economic progress,是限制性定语从句，修饰先行词,financially strapped workers,；在第二个分句中定语从句,that are not conducive to order and prosperity,修饰先行词,confrontations,。,5.Financially strapped workers,that feel they are not making economic progress,will create political dilemmas for politicians and this could conceivably result in more radical social and political confrontations that are not conducive to order and prosperity.,（,Para.4,）,5.Notes to the Text,1.Background Information,2.Introduction to the Text,3.Business Terms,4.Words and Expressions,5.Notes to the Text,Text B Financial Crisis:Inflation doubles in the last six months to hit 5.2 per cent,The global financial crisis has plunged the British economy into the depths of its most severe contraction since the 1930s.,Although the UK government projects a decline in the nations economy of 3.5%in 2009,with a return to growth in 2010,the International Monetary Fund(IMF)released its own estimate on the global economy,projecting a decline in the UK economyof 4.1%in 2009 and likely a continued contraction in 2010.This number reflects growing pessimism by the IMF concerning the UK economy.,The imploding British economy has set off deflation in key asset classes,particularly real estate.Unemployment is skyrocketing,having reached an official figure of 6.7%,or 2.1 million jobless,which will certainly rise substantially during the next two years.,1.Background Information,Complicating the economic problems in the UK is its disastrous banking crisis,which rivals that of the United States.Much of Britains banking sector is insolvent,prompting a costly bailout by Gordon Browns government.With plunging tax revenues due to the nations economic contraction,the UK has been forced to borrow vast amounts of money to cover the cost of subsidizing the nations zombie banks.The combination of bank bailouts and stimulus spending has created staggering budgetary deficits,prompting the governor of the Bank of England,Mervyn King,to warn that further government indebtedness threatens the long-term stability of the UKs finances.,1.Background Information,Theme of the Text,：,Text B introduces the serious financial situation in UK.CPI and many other published official figures predict the UK economy may already have entered a recession,for British families cost of living escalates to a 16-year-high.And economists believe a further 50 basis point reduction to interest rates will be the correct move for solving inflation.,2.Introduction to the Text,本商务语篇是以说明文体为主的,新闻报道,。,文中出现的由各个权威部门公布的大量数据如,4.7%,、,5.2%,、,7.1%,、,912,、,1303,、,5%,、,4%,、,2%,等，涉及到普通民众生活的各个方面，全面而详尽地介绍了英国所面临的严重通货膨胀。,文体特征分析,2.Introduction to the Text,大量引用权威部门发布的精确数字突出了“客观性”这一新闻报道的特点。在令读者信服的同时，也将英国的经济现状真实地展现在读者眼前。,Consumer Prices Index is a measure that examines the weighted average of prices of a basket of consumer goods and services,such as transportation,food and medical care.The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them;the goods are weighted according to their importance.Changes in CPI are used to assess price changes associated with the cost of living.Sometimes referred to as headline inflation.,Consumer Prices Index/CPI,消费者物价指数,3.Business Terms,John Major is a British politician and prime minister(1990 97).After Thatchers reisgnation as prime minister and party leader in 1990,Major was elected as party leader,and in 1992 he led the party to a general election victory.Majors first years in office coincided with a long economic recession(1990 93).His government became increasingly unpopular,and Major himself was perceived as a colourless and indecisive leader.In 1997 the Conservatives lost by a landslide to the Labour Party,and Major was succeeded as prime minister by Tony Blair.,John Major,约翰,梅杰,3.Business Terms,Gordon Brown is a British Labour politician,who was the Prime Minister of the United Kingdom and Leader of the Labour Party between 2007 and 2010.Brown became Prime Minister in June 2007,after the resignation of Tony Blair and three days after becoming leader of the governing Labour Party.His tenure ended in May 2010,when he officially resigned as Prime Minister and leader of the Labour Party.,Gordon Brown,戈登,布朗,3.Business Terms,The Office for National Statistics(ONS)is the executive office of the UK Statistics Authority,a non-ministerial department which reports directly to Parliament.ONS is the UK Governments single largest statistical producer.,ONS operates under two levels of governance:,Strategic oversight is provided by the Statistics Authority,Day-to-day management is the responsibility of the Director General,who is supported by a team of Directors,ONS/Office of National Statistics,英国国家统计局,3.Business Terms,The Council of Mortgage Lenders is a not-for-profit organisation and the trade association for the mortgage lending industry,and its members account for around 94%of UK residential mortgage lending.Its aim is to help to foster a favourable operating environment in the UK housing and mortgage markets.It is the representative voice for the residential mortgage lending industry,and the central provider of economic,statistical,legal,research and other market information.,Council of Mortgage Lenders,抵押贷款协会,3.Business Terms,The Bank of England is the central bank of the United Kingdom.Sometimes known as the Old Lady of Threadneedle Street,the Bank was founded in 1694,nationalised on 1 March 1946,and gained independence in 1997.Standing at the centre of the UKs financial system,the Bank is committed to promoting and maintaining monetary and financial stability as its contribution to a healthy economy.,Bank of England,英格兰银行,3.Business Terms,Centre for Economic and Business Research(CEBR)is an independent research and consulting centre located at Copenhagen Business School(CBS).The Centre was established in 1999 in the Ministry of Industry and Trade and moved to CBS in 2005.The centre is affiliated to the Department of Economics.,Centre for Economic and Business Research,经济和商业研究中心,3.Business Terms,A basis point is a unit of measure used in finance to describe the percentage change in the value or rate of a financial instrument.One basis point is equivalent to 0.01%(1/100th of a percent)or 0.0001 in decimal form.In most cases,it refers to changes in interest rates and bond yields.For example,if interest rates areraised by 25 basis points,it means that rates have risen by 0.25%percentage points.In the bond market,a basis point is used to refer to the yield that a bond pays to the investor.For example,if a bond yield moves from 7.45%to 7.65%,it is said to have risen 20 basis points.,basis point/bp,基点,3.Business Terms,(1)escalate /,eskleit/,v,.,ere,Meaning,4.Words and Expressions,Example,increase,enlarge,or intensify,The government escalated the war by starting to bomb enemy cities.,政府开始轰炸敌方的城市，使战争进一步扩大。,(2),frantic /,frntik/,a.,ere,Meaning,4.Words and Expressions,Example,characterized by rapid and disordered or nervous activity,He made frantic dash for the departing train.,他发疯似地冲向正开出的火车。,(3)utility,/ju,tiliti/,n.,ere,Meaning,4.Words and Expressions,Example,a commodity or service,such as electricity,water,or public transportation,that is provided by a public utility,It is clear that millions of families are suffering from far higher food,utility and transport costs compared to a year ago.,显然数百万家庭正面临着比去年高得多的食品、公用事业和交通方面的支出。,(4)gloss/gl:s/,n.,ere,Meaning,4.Words and Expressions,Example,a superficially or deceptively attractive appearance,Dont be misled by gloss.,不要被假象所迷惑。,(5),undershoot,/,nd,u:t/,v.,ere,Meaning,4.Words and Expressions,Example,start the approach of ones aircraft to(a landing area)too low or too soon,The probability that inflation will undershoot the 2.0 per cent target in the second half 2009 is rising.,通货膨胀在,2009,年下半年反冲至,2.0%,的可能性越来越大。,解析,本句主语是,this,，,was,和,is,引出其两个系表结构，,when prices were rising by 7.1 per cent,是定语从句，修饰,the John Major recession,。,1.,This was much more than economists were expecting and is the highest rate since March 1992,the depths of the John Major recession,when prices were rising by 7.1 per cent.,（,Para.2,）,5.Notes to the Text,释义,Although Gordon Brown has been honored as the architect of the rescue package for the global banking system in a week of disordered negotiations,the figures will draw his attention back to
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