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He had two little red sports cars yet wanted four. To get them, he was, for a man in a suit, surprisingly willing to cause trouble. W'WWWWWP' 2 Find words or phrases in the text that mean the following: 1 to separate 4 2 generally considered to be 5 3 didn't want to cause trouble for other people 6 a big hierarchy of directors and managers special; different from other people extremely big 3 'He lent a few hundred million dollars each day to South American countries.
What other exaggerations or jokes can you find in the text? Discussion Which area would you prefer to work in -commercial banking or investment banking? Before you listen, check your understanding of the words and phrases in the box by matching them with their definitions ]. According to what he says, is retail banking in decline? Q 2 Listen again and look at the following statements. Are they true or false, accordingto Peter Sinclair?! Vocabulary 2 1 Read the web page below advertising online banking, and complete the sentences overleaf.
Why bank online? Because you have access to your account 24 hours a day, 7 days a week. With internet banking you can: Check your balance whenever you want. Pay bills without writing cheques or queuing at the bank. Transfer money between your current account and your savings account. Print a statement at any time. Set up, change and delete your standing orders. View and cancel direct debits.
Apply for a loan. Apply for a new or increased overdraft. Order foreign currency or traveller's cheques. Retail banking Unit 3 19 1 A. A pays interest but usually has limits as to how much money can be withdrawn during a certain period of time. A lists the recent debits and credits in a bank account. An is an arrangement allowing someone to borrow money by withdrawing more than they have deposited in their account, up to a certain limit.
A pays no or little interest, but usually allows the holder to withdraw cash or pay cheques without any restrictions. A is an amount of money borrowed from a bank for a fixed period. A is the amount of money in a bank account at a particular time. A is an instruction to a bankto pay regular, fixed sums of money to another account. Use a word or phrase from each box to make common word combinations. You can use some words more than once. What belief does the research show to be untrue?
Banks to rely on branches to drive growth By Jane Croft Banks will rely on branches to drive future growth rather than the internet, according to new research. Only 16 per cent preferred to bank using the telephone and 8 per cent used the internet. The study also showed that the bank branch is preferred by 45 per cent of customers in the affluent AB social group - contradicting the notion that sophisticated customers avoid branches.
Abbey National, which has introduced Costa coffee shops into some of its branches, reports that banking product sales have increased in these locations. What are the relative advantages and disadvantages of these forthe customer? Which types of customers are likely to preferwhich delivery channels? What are the relative benefits and disadvantages of the different channels forthe bank?
Which way of banking do you prefer, and why? What services do you expect from a bank? Look at the following sentences, which use phrases to show likelihood and probability. Put the sentences a-l on the scale , and underline the word or phrase that states the probability.
One sentence has been done as an example. I We might increase our commission charges. Discussion In pairs, use some of the phrases from the Language focus above to make some predictions about the future of: telephone banking the stock market in your country internet banking interest rates in your country branch banking your language learning small national and regional banks your company universal banking your career Example: I may well go to the UK for an intensive language course next year.
Practice MGS Bank has to decide whetherto invest substantially in its 30 branches, or whetherto try to encourage its customers to use the telephone and the internet. Use the phrases for expressing probability from the Language focus above. Work in groups of three. Discussion Which of the statements below do you agree with? Keep the 'thread' by leaving the original messages attached. People reading messages on cell phones and mobile devices often ignore long messages.
Don't over-use exclamation marks!!!!!! The system administrator can probably read all mails, and anyone can easily forward your message, even accidentally. U definitely shouldnt do this when writing bizness emails 1 Rewrite the email above in correct standard English. Formal and informal words and phrases A first email to someone in another company is usually quite formal, like a business letter see Unit 6 , but later emails often become more informal.
Internal communication between colleagues is also usually relatively informal. English often has a short word of Germanic origin and a longer word of Latin or French origin that means nearly the same thing. We use the longer words in more formal situations. Examples: We are going to bring in j implement new accounting policies. They are trying to get rid of I eradicate their debts. Leaving out words Although spelling and punctuation should usually be correct - an email is not a text message - emails between friends and colleagues are sometimes written like telegrams used to be, with unnecessary words left out.
The full grammatical form is not necessary if the meaning is clear from the context. W best wishes. In informal emails, people writing quickly often use short forms of common words: yr,pls, thx or thnx, rgds, re your, please, thanks, regards, with reference to. It's worth remembering that using acronyms and short forms might be considered unprofessional in some business situations, especially when you do not know the person you are writing to very well.
One of the sentences can be matched to two descriptions. Have you Finished the report? Writing 1 1 Use these less formal phrases and short forms  to replace the underlined phrases a-j in the emails below and overleaf. I've reserved the big conference room on the second floor. You should receive the latest figures from Chris this afternoon, b Don't hesitate to request any further information you require.
Hi Steve Meeting went well. Pity you couldn't be there. Will have large open counselling areas, that sort of thing, not just counters. Hope that makes you happy! Will start looking for suitable premises asap. Using agency probably quicker. Ever worked with them? Talk to you tomorrow. Rewrite it using more simple language, crossing out unnecessary words and adding bullet points to make it clearer.
Firstly, we decided to organize a survey to investigate our customers' opinions about our services. Susan will provide a brief to the marketing team and John will contact the finance department to obtain the funding so that we can commence as soon as possible.
Finally, I will ensure that the staff in the branches are informed. Please don't hesitate to contact me if you want to discuss or verify any of these points. Kind regards David mam?? Vocabulary The words and phrases in the box are used to talk about email and web addresses. Match them to the symbols You have to give some website addresses to a colleague, and get some addresses your colleague has. Use the Vocabulary above to help you.
Ifiredyou over three weeks Look at Practice 1 in Unit 2. Use some of the Useful phrases above. Use a format similarto the emails in this unit. They are an alternative to issuing new shares on the stock market equity finance and are a form of debt finance. A bond is basically an IOU short for 'I owe you' - a promise to pay back your original investment the 'principal' at a maturity date, plus interest payments the 'yield' or 'coupon' at regular intervals between now and then.
The bond is a tradeable instrument in its own right, which means that you can buy and sell it during its life, and its value will tend to rise and fall as interest rates change. Then they discovered that they could borrow at a lower rate by raising money directly from the public and from institutional investors like insurance companies and pension funds , by issuing bonds.
This process of disintermediation - cutting out the intermediary the bank between the borrower and the lenders - is obviously not a good thing for commercial banks. They now have to lend their money to borrowers that are less secure than large corporations. The highest rating AAA or Aaa is given only to top -quality institutions, with minimal credit risk. Today, only one of these is a bank Rabobank, in the Netherlands. The only other AAA ratings — and there are very few — belong to large corporations.
On the other hand, companies use investment banks to issue their bonds for them, permitting banks to make money from fees rather than from interest. Then use some of the word combinations to complete the sentences below.
Before you listen, check your understandingof the words and phrases in the box by matchingthem with their definitions Advising and suggesting 1 Think of some phrases for giving advice and making suggestions or recommendations in a business situation. Some common phrases are shown below; you will add more later.
Smmm Phrase How about doing I think that you should do I think that you ought to do It'd It would be a good idea to do I'd I would advise you not to do It's advisable to do Have you considered doing Example How about opening a savings account? I think you should reduce yourspending. I think you ought to pay off that debt first.
It'd be a good idea to pay those bills regularly. I'd advise you to sell those stocks immediately. It's advisable to diversify your portfolio. Have you considered getting life assurance? Loans and credit Note that a verb following how about and consider is always in the -ing form; a verb following should is always the infinitive without to; and a verb following advisable is always the infinitive with to.
Notice also the difference in spelling between the noun advice and the verb advise. The noun is uncountable. We do not say an advice; we say some advice, a piece of advice , several pieces of advice. Which of them would you use in a formal letter? Which would you use with a colleague you know well? Write them in the table opposite showingthe structure that is used, and add an example for each. Use a dictionary to help if you need to.
The bank operates at local, national and international levels. It lends to individual customers, small and medium-sized businesses, and large companies. Use the phrases for giving advice and making suggestions from the Language focus opposite. Practice 2 A bank advisor is in a meeting with one of the customers from the cases in Practice 1. Use the phrases for advising, suggesting and recommending from the Language focus opposite.
Student A should look at pages ll? Writing Followingthe discussion in Practice 1, write a brief email to the training manager, confirmingthe decisions made. I'm writing to inform you about the decisions that were made in this morning's training exercise What kind of letters do you and your colleagues have to write at work? What do you find difficult about writing business letters in English? Does your company or institution have templates ormodels forstandard or common letters?
If so, why? However, it is not only letters that are written this way: the first contact between a company and a business partner is generally written in a formal style, even if it is an email. Subsequent correspondence between people who know and like each other often becomes less formal, using the style discussed in Unit 4.
Such correspondence is increasingly done by email rather than letters posted by 'snail-mail'. Apologizing to a colleague for missing a meeting 8 Congratulating a member of staff fortheir good results Standard phrases Business letters often include standard sections - an opening sentence referring to previous correspondence or stating the reason for writing, a closing sentence, etc.
There are fixed phrases for these, as well as for the different things you can do in a letter give news, give information, apologize, etc. These phrases often use longer, more formal words instead of short ones with a similar meaning see Unit 4. Which of the actions 1-? We are writingto inform you that I We look forward to hearing from you. Now listen again, and answer the questions below. Q d The customer angrily denied that the transactions were fraudulent.
Q e The customer complained that her card had become unusable. Q f The customer's card reached its credit limit. Q g There were fraudulent transactions usingthe customer's card. Q 2 Do youthinkthe credit card company has done anything wrong? Writing 1 i The credit card company writes a letter to the customer in Listening 1. Think of a sentence that can be used in the letterto do each of the followingthings. Explain that they did notice suspicious transactions, but did not immediately react because of the letter she sent them in similar circumstances last year.
You can also use some of the Useful phrases below. What are the differences? Whose version is better and why? Useful phrases We are very sorry to learn that We greatly regret the fact that Despite all our security procedures, Please be assured that we are continuing to investigate this matter fully. This was an error on our part.
Please accept our apologies. However, I must inform you that For your future reference, it would be advisable to IVe hope you will continue to Writing 2 Write a letter to Mr Hewson, the customer in Listening 2, using the Useful phrases opposite. Writing 3 1 In Listening 1 and 2, the bank does not admit responsibility for its customer's difficulties. However, there are situations when the company needs to accept responsibility and apologize. Which of the Useful phrases opposite accept responsibility?
Can you think of any other phrases you could use forthis? Apologize for the error and for the rather tactless behaviour of the bank. For reasons which are still not clear to us, you declined to grant us the loan. This morning I received a large envelope from you full of advertising leaflets offering me 'additional services for valued business customers'. I see that you wish to offer me a Merchant Credit Card Account which of course we already have with another, more efficient bank , Executive Life Insurance, a TaxDirect service, a Safe Deposit Box, and various other facilities.
Unfortunately, you were not prepared to offer us the particular service that we need, and so we are clearly not one of your 'valued business customers'. We do not wish to receive further advertising material from you. Why is it necessary for companies and organizations?
Vocabulary 1 You are going to listen to Eric Sharp, a financial director, talking about accounting. Before you listen, check your understanding of the words and phrases in the box by matching them with their definitions What three roles or areas of work does he mention? Would you be interested in working in these areas of accounting? Listening 2: Financial statements Listen to Eric Sharp talking about financial statements, and complete the text.
The key documents are the profit and loss account, the balance sheet, and a funds flow statement of some kind. This document is fairly self-explanatory: it's 2]. The balance sheet is a statement showing what the company. The tax authorities require more detail than is given in these documents; is not the same as accounting profit, so they will expect to see 5 reconciliations between the two. Vocabulary 2 1 Investors and many people working in finance need to understand the basic terms in financial statements.
Decide which of the alternatives a-c each definition describes. Accounting 37 5 Adjective meaning after all deductions have been made a gross b net c zero 6 Adjective meaning for a whole group of companies a consolidated b corporate c mutual? Some words can be used more than once. Barclays PLC d.
Example: 1,,, British English one billion, two hundred and thirty-four million, five hundred and sixty- seven thousand, eight hundred and ninety American English one billion, two hundred thirty-four million, five hundred sixty-seven thousand, eight hundred ninety Barclays' consolidated statements are expressed in millions of pounds sterling; to get the total figure you need to add six zeros. These large figures can also be said as decimals: ten point five two seven billion pounds.
See Unit 9 for more on saying decimal numbers. One person finds one of the following figures from the income statement, and reads it out. The other person says which figure it is. Use a calculator if you need to. Ask your partner how much time, in hours or minutes, they think they spend in an average week doing the following things: 1 working 2 working in English 3 using a computer 4 eating 5 sleeping 6 watching television?
Calculate how many seconds they spend on each activity per year. Read out the figures while your partner writes them down, and then check that you both have the same figures. Listening 3: Barclays' balance sheet Look at the balance sheet on page 40, and then listen to a journalist talking about the bank. Make notes on what the journalist says, and fill in the five missing figures.! You can also report how much higher or lower these figures are compared to the previous year, the annual percentage increase ordecrease, and some reasons forthe changes.
Listening 1: Greeting people and making introductions 1 Listen to Monica Steiner, who works for a Swiss multinational company, being met by two American colleagues at an airport in New York, and answer the questions below. How do you know? Listen again and write their responses in the table below. You will add more phrases later. Do you know? How are you? What is the response?
What is the difference between this greeting and Siobhan's 'How are you? Why is or isn't this considered important? Put the following countries in order. Which of them do you think spend the most time in small talk or socializing before a meeting, or before agreeing to do business? Make a short list of topics you could talkabout before gettingdown to business in the following situations, and think of one ortwo questions you could ask for each topic.
Write the questions Oh no, I've been here quite often. The flight was delayed, unfortunately. Only until Friday - 1 want to get home for the weekend. At the Hyatt. It's a very nice hotel. Well, I was born in London, but I live in Brighton now. The two colleagues above continue their conversation. Underline the phrases the visitor, Andrew, uses to keep the conversation going.
Andrew: Do you live in the city? Rachid: No I live in Ajman. Andrew: I haven't been there. What's it like? Rachid: It's smaller than here, with old buildings and modern ones too, and a port. Andrew: I like old buildings. And do you have a family? Rachid: Yes, I've got two children: a girl and a boy. They're 17 and Andrew: I've got two boys; they're 12 and 9. And what do you do in your spare time? Rachid: I love skydiving. Andrew: Really? I've never tried that. Isn't it dangerous?
Rachid: No, it's fun - and you always have a parachute! So, are you doing anything later? Would you like to join me for dinner? Andrew: I'm afraid I can't make it tonight; I have another engagement. How about tomorrow? Rachid: Yes, why don't we leave early, and I can drive you to Ajman - I know a good seafood restaurant there.
Andrew: Thank you. That sounds great. When you become familiar with the normal style of the people you're dealing with, you can try to copy it and become less formal if they are. Don't try to use very informal or colloquial language yourself, unless you know that you are good at it. Be polite. Begin questions and requests with polite phrases.
Examples: Excuse me Fm sorry, Please would you? Would you mind.. If you don't understand or hear something, say so immediately. Sorry, could you repeat that, please? Yourteacherwill give you a role to prepare. Use the language for greetings, introductions and small talk from Listening 1 and the Language focus.
Student A should look at page , and Student B at page 12?. In your country, do you have formal rituals, such as bowing, or exchanging business cards, which show individuals' status and other people's acceptance of this status? Listening 2: Talking about your career Listen to Michael and Monica discussing their careers over a cup of coffee, and complete the tapescript below. Monica: Two years. Afterthat joined a Swiss bank where I worked in the corporate department. Then I was 4 to theirtrade finance department.
But I didn't get 5 so afterthree years I applied to this company again, and they offered me my present job. I really like what I'm doingnow. I find financial planning really interesting. I'm 6 some very big projects. What about you?
Well, I studied 7. So I did an MBA, and then got ajob here. Now, as you know, I'm in production and operations. I'm 9 setting up new production facilities here, which is why I'm working on this project with you, and I'm also 10 two projects in Canada. Which means I'm always 11 lots of problems atthe same time.
But I enjoy the 12! I joined I left after I got a job with I was transferred to Now I'm responsible for The job involves I was promoted to I expect to be promoted to Practice 2 Give a summary of your career so far. Imagine you are speaking to a new business partner.
If you have not yet started working, imagine a career you would like, and give a summary of that. Use the Useful phrases above. What phrases do they use to do these things? Yourteacher will give you a role to prepare. Use the language for saying goodbye from Listening 3.
Socializing Unit 8 45 9 Central banking To learn about:the functions of centra! Discussion Which ofthe followingwould you expect a central bankto do? Before you read, check your understanding ofthe words below by matchingthem with their definitions a-i. Read them quickly and decide which of the functions listed in the Discussion activity opposite are included in the Bank of England's work, and which are not mentioned.
The Bank of England has two 1 purposes. One is ensuring monetary stability, i. The government sets an inflation 3 , and the Bank's Monetary Policy Committee tries to meet it by raising or lowering the official interest rate when necessary. UK banks and building societies have to hold reserves at the Bank. These are 4 at the Bank's official interest rate. If British banks need to borrow short-term funds they do this in the 5 money markets.
The Bank can influence the amount of money and the interest rates in these markets - this is how it implements its monetary 6 The Bank also deals in the foreign exchange market. It can use the UK's foreign currency and gold reserves to try to influence the exchange rate if needed.
The Bank's other core purpose is to maintain the stability of the financial system. The Bank has to detect and reduce any 7 to financial stability, and make sure the overall system is safe and secure. It monitors and analyses the behaviour of the major participants in the financial system and the wider financial and economic environment, and tries to identify potential risks.
A 8 and stable financial system is important, and is also necessary for carrying out monetary policy efficiently. The Bank sometimes acts as 'lender of last resort' to financial institutions in difficulty, to prevent panic or a loss of confidence spreading through the whole financial system.
The Bank has to eliminate threats to financial stability. Then use the correct form of some of the word combinations to complete the sentences below. Listening 1: Monetary policy 1 You are goingto listen to Kate Barker, an economist and a member of the Bank of England's Monetary Policy Committee, talking about monetary policy. Before you listen, try to answerthe questions below. Now listen to Kate Barker, and compare your answers with what she says. Accordingto what you have learnt from the Reading and Listening exercises, which of the 16 activities listed are done by central banks?
Talking about figures 2 When discussing interest rates and monetary policy, you need to know how to say decimal numbers. English uses a symbol like a full stop between the two parts of a decimal number. It is called a decimal point. A comma is not used in this position.
In a pure number without a unit of measurement , each digit after the decimal point is said separately. Examples: 3. British English also uses oh 3 but only after the decimal point, never before. Examples : Listening 2: Saying figures Listen to the ten sentences on the recording, and write down the figures you hear. Use some of the new vocabulary from this unit. The economy seemsto be workingat full capacity.
This bank now has absolutely no liquidity. Are they ever enjoyable? How much time do you spend in meetings, and how could this be reduced? Discussion Meetings are not the same all over the world. Answer the following questions for your company, oryourcountry or part of the world.
Do meetings have to begin exactly on time? Vocabulary Check your understanding of words and phrases for organizing and controlling meetings by matchingthem with their definitions a-f. Before you listen, think of phrases that the person chairing a meeting could use to do the following things. Add them to the table. Listening 2: Interruptions and digressions Listen to another part of the meeting at the National Union Bank, and answerthe questions below.
Add them tothe table. Discussion In the meeting you have just heard, Susan feels free to interrupt Alice, as she feels very strongly about the subject. The chair politely intervenesto stop her interruption and keep the meetingon track. Could you interrupt like this in your culture? What would happen if you did? Look at the table in Listening 1 and match these phrases to the table categories There is more than one phrase for some categories, a As you can see from the agenda, there are three points Let's start.
Please, let Lisa finish. Can we let John finish? You mean Thank you Frank, I think you've made your point now. I That's not what we're here to talk about. Can we stick to the agenda, please? Thank you for coming. J 2 Now write the phrases in the table in Listening 1, Practice MGS Bank has a traineeship scheme which takes on six foreign students for two months every summer. They work on projects, and get two hours of training each week. The training department is having a meetingto discuss various inexpensive options to improve the trainees' knowledge of finance and English.
Use the language for chairing and controlling meetings from this unit. Vocabulary You are going to read about a common way of financing foreign trade. Before you read, check your understanding of the terms in the box by using them to label the two definitions below.
Chamber of Commerce rules. The advising bank authenticates the letter of credit and sends the beneficiary the seller the details. The sellerexamines the details of the letter of credit to make sure that he or she can meet all the conditions. If necessary, he or she contacts the buyer and asks for amendments to be made. The issuing bank [the buyer's bank approves the application and sends the letter of credit details to the seller's bank [the advising bank.
Q If the documents are in order, the advising bank sends them to the issuing bank for payment or acceptance. If the details are not correct, the advising bank tells the seller and waits for corrected documents or further instructions.
Q The issuing bank advisesthe advising [or confirming bankthatthe payment has been made. O The issuing bank the buyer's bank examines the documents from the advising bank. If they are in order, the bank releases the documents to the buyer, pays the money promised or agrees to pay it in the future, and advisesthe buyer about the payment.
The buyer collectsthe goods. The seller presents the documents to his or her bankers [the advising bank. The advising bank examines these documents against the details on the letter of credit and the International Chamberof Commerce rules. When the seller [beneficiary is satisfied with the conditions of the letter of credit, he or she ships the goods. Listen to the conversation, and answer the questions below.
The caller uses several expressions that are commonly used to ask for repetition and clarification when you don't understand something. What are they? Can you add any other phrases you could use in the following situations? The questions have a rising intonation at the end.
Excuse me? I didn't quite catch that. I didn't hear what you said. Could you repeat that, please? Would you mind repeating that, please? I didn't quite catch what you said. I missed the first j last part. Could you say that again, please? If you don't understand what somebody has said, you can use some of the phrases in the Listening exercise, or you can say: I don't understand what you've said.
Could you explain that again, please? Could you rephrase that? Asking for clarification If you think somebody isn't being clear or precise enough, you can say: What exactly do you mean by Could we have some more details, please? Could you go into more detail about? Can you be more specific? Could you elaborate on that a little? Do you have any examples?
Can you say a little bit more about If someone is asking you questions to verify information, you can reply with phrases like these, to reassure them, or to clarify or rephrase something: Yes, that's right. Yes, that's exactly what it means. No, it's not cancelled, only delayed. No, 6 put back' means delayed. Your flight will now depart at midnight. I'm sorry, let me rephrase that. Let me explain that again. You need more information about which conditions. The call centre employee tries to answer the customer's questions.
The bank's web page is shown on the next page. Incoterms determine who pays for all the costs of international trade: transportation or carriage , loading and unloading goods, insurance, customs duties, etc. The different terms, usually abbreviated to three- letter codes, are used all overthe world, and so avoid uncertainties about whetherthe buyerorthe seller is responsible for paying for something.
In the phone call, use phrases for checking and confirmingfrom the Language focus above. They are an internationally recognized code that simplifies trade between different countries. Incoterms identify the additional costs, over and above the cost of the goods, that the seller will invoice the buyer in international sales contracts. They define who is responsible for arranging and paying for transportation, documentation, customs clearance and transport insurance.
There are 13 different Incoterms, grouped into 4 different categories. The buyer arranges insurance against damage to the goods in transit. This term involves the least risk for, and requires the least effort by, the seller, but should not be used where the buyer cannot carry out export formalities. Meetings quiz 1 When should you call a meeting? At the beginning of every meeting, we the agenda, and then we appoint someone to the minutes so we have a record of what happened.
That was the first time I've had to. It's betterto the agenda a couple of days before a meeting, so that people can prepare themselves. It's very easy to an objective; it's more difficult to We. I was very disappointed because the Board totally They argued for an hour, until someone my plan.
Can you add any phrases for giving neutral or weak opinions? I have absolutely no doubt that I strongly believe that I definitely think that I really do think that It's obvious that Which of them show that the speaker has a different opinion? What's your view on? Don't you think that? What do you think about? Fd like to hear what you think about.. Are you absolutely sure!
Can you add any phrases for strong agreement? I agree with you, but I agree to a certain extent. Do you think so? Fm afraid I don't agree. Fm not totally convinced, because I totally disagree with you. I completely disagree with that. Fm afraid I can't agree with that. Fm against that, because. I can't support that, because I don't agree. Use the phrases for expressing opinions, agreeing and disagreeing from the Language focus.
Listening: Concluding a meeting 1 You are going to listen to the end of a meeting. Before you listen, think about what the chair needs to do. What language can be used? The bank has chosen to refurbish some of its branches to redesign and renovate them and to relocate others. Listen to the end of a meeting involvingthe senior managers.
What phrases does the chair use to do the things listed below? Q] b Is January 11 convenient as a date for our next meeting? Q c I'd like to sum up the main points. So we have decided that Q e Thank you all for coming; I think we've made a lot of progress. Q f Is everyone OK with that? Q g I don't think there is any more to be said on this.
Q 4 Complete the action points from the meeting using the words and phrases from the box. Meetings 2 Unit '12 61 Writing Finish the email below with information from Questions 3 and 4. Cc: Kirsten. Subject: Action points from yesterday's meeting Kirsten will be circulating the minutes of yesterday's meeting shortly, but meanwhile, here's a summary of the action points and who is responsible for them.
This would involve closing down its call centre in Britain, and workingwith a company in India. The telephone answering companies in India employ university graduates who speak English as a second language, but who earn much less than call centre staff in Britain. Even though the bank would have to pay for long-distance telephone calls the British customers would still pay a local rate , it could save a lot of money by working with an Indian company.
The bankishavinga meetingto decide whetherto do this. At the moment there is no consensus: some people are for the idea and others are against. Work in groups of five. Reading 1: Exchange rates Look at the timeline below, showing key dates in the development of exchange rate systems around the world. Match the dates with the events a-e below. However, governments and central banks occasionally attempted to influence exchange rates by intervening in the markets.
So there was a system of managed floating exchange rates. After this, governments and central banks intervened much less, so there was almost a freely floating system. The values of many major currencies were pegged orfixed to the value of the US dollar. Foreign exchange Unit. I 1 What does Sinclair say is the current trend in exchange rates? They're tryingto guess very 5. They tend to say, 'Oh, let's see, if something is going up today it will probably go up tomorrow.
Do you know why? Why and how? Reading 2: Currency trading 1 You are going to read a text about online currency trading. Before you read, answerthe following questions. Foreign Exchange is the simultaneous buying of one currency and selling of another. There are two reasons to buy and sell currencies.
For speculators, the best trading opportunities are with the most commonly traded and therefore most liquid currencies, called 'the Majors'. A true hour market, Forex trading begins each day in Sydney, and moves around the globe as the business day begins in each financial center, first to Tokyo, London, and New York. Unlike any other financial market, investors can respond to currency fluctuations caused by economic, social and political events at the time they occur - day or night.
The FX market is considered an Over The Counter OTC or 'interbank' market, due to the fact that transactions are conducted between two counterparts over the telephone or via an electronic network. Trading is not centralized on an exchange, as with the stock and futures markets.
There are a number of commonly used words and phrases to describe upward and downward movement, as well as the rate and size of the change. Put them in the table below, accordingto the word category. One has been done for you. The pound floated after , and  during and , before 2 again between and There was a 3 in , and the pound continued to slide until , when it 4 5. Practice Find a graph from your job, a business publication or on the internet, and the necessary background information.
Then explain it to the class using some of the words from the Language focus, and answer any questions they have. If you can't find a graph but you have the information, you could produce the graph yourself. Are they usually well written? Investors commonly talk about their stocks and bonds as assets, but you might also hear this term applied to real estate, cryptocurrency, gold, or even fine art.
Assets can be "liquid," meaning easily transferable into cash like stocks, or "illiquid," meaning harder to turn into cash. A house is a good example of an illiquid asset because of the long process involved in selling. Investors also talk a lot about asset classes. These are just groupings of similar assets that are covered by the same regulations. For example, stocks can be considered an asset class, and within that class, certain types of stocks might be grouped together within asset categories.
When you think of investing, stocks are probably what pop into your head. Companies sell stock as a way of making money to fuel their business. When you buy stock from a company, you own what are called shares in their business, making you a shareholder. So what's the difference between stocks and shares? Investors tend to use the word "stock" in a general sense, referring to investments in various companies, whereas they'll talk about "shares" when discussing a particular company's stock.
There are two ways to make money from stocks: either selling your shares for a profit when the stock price goes up or by earning dividends. Bonds are what's called "fixed-income securities," which means you can make money on them in a predictable way. When you purchase a bond, you're essentially loaning money to a company or the government, which they repay with interest. Bonds tend to be lower-risk investments, but they also tend to be less profitable than stocks.
For a bond, the rate of return would be the interest rate that you earn. For a stock, you can calculate the rate of return by subtracting the principal what you paid for it from its current value — plus dividends, if applicable — then dividing that number by the principal. Retirement accounts like IRAs and k s often get talked about in terms of "saving for retirement," but they're actually investment accounts. A k is an employer-sponsored retirement account that's funded with pretax money taken out of your paycheck.
You won't pay taxes on k contributions until you take money out in retirement. An IRA is an individual retirement account, which you can open for yourself. There are a few different kinds of IRAs , but the most common are traditional and Roth. Traditional IRAs are usually tax-deductible, meaning you don't have to pay taxes on your contributions, so this investment could lower your tax bill.
Roth IRAs, on the other hand, are funded with after-tax dollars. The neat thing about Roth IRAs is that earnings and withdrawals aren't taxed, because you've paid taxes on this money already. If you're thinking about becoming an investor, opening a retirement account if you haven't already is the perfect place to start.
A retirement account helps you get comfortable with investing concepts and learn about the kinds of investments that suit your needs, while also doing future-you a favor. It's kind of a win-win. A brokerage account can hold stocks, bonds, funds, and other investments.
Investors deposit funds in these accounts and then use them to buy and sell investments. You can open one of these accounts with a fancy full-service stockbroker or take the DIY approach with an online discount broker like Webull or Robinhood. Once you've opened a brokerage account, you can transfer money into it from your checking or savings, and use it to invest in stocks and bonds.
An advantage of these accounts is that they're very liquid. You can sell shares and pull your money out any time. But be aware that the money you make in a brokerage account is considered taxable income. Back in the day, accounts were only available for paying for college, but they've been expanded to cover K schools and apprenticeships too. Investment earnings in a are not taxed as long as you use the money to cover a qualified educational expense.
Parents and grandparents often open s when kids are young to grow a college fund for later.
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Bonds are considered _ investments because a specified amount of interest is paid on a regular basis. Fixed-Income. a bond that can be exchanged, at the owner's option, for a specified number of shares of the corporation's common stock. Bond rating. Charles Lamb PART ONE Contents - Prev / Next Chapter 1. When he was nearly thirteen, my brother Jem got his arm badly broken at the.