±±¾©ÊаæȨ¾ÖÖø×÷ȨºÏͬµÇ¼ÇºÅ ͼ×Ö£º01-2021-1541 . licensed by ELI s.r.l, Italy ¡ª ELI Publishing. www.elionline.com Author: Alison Smith The English adaptation rights arranged through Rightol Media. £¨±¾ÊéÓ¢Îĸıà°æ°æȨ¾­ÓÉÈñÍØ´«Ã½È¡µÃ£© °æȨËùÓУ¬ÇÖȨ±Ø¾¿¡£¾Ù±¨£º010-62782989£¬beiqinquan@tup.tsinghua.edu.cn¡£ ͼÊéÔÚ°æ±àÄ¿£¨CIP£©Êý¾Ý ÒøÐÐÓë½ðÈÚÓ¢Óï / ½ªºê×ÜÖ÷±à£»»ÆÈÙÖ÷±à. ¡ª±±¾©£ºÇ廪´óѧ³ö°æÉ磬2021.4 ÐÂʱ´úÐÐÒµÓ¢ÓïϵÁÐ½Ì²Ä ISBN 978-7-302-57793-5 ¢ñ. ¢ÙÒø¡­ ¢ò. ¢Ù½ª¡­ ¢Ú»Æ¡­ ¢ó. ¢ÙÒøÐÐÒµÎñ-Ó¢Óï-¸ßµÈÖ°Òµ½ÌÓý-½Ì²Ä¢Ú½ðÈÚ-Ó¢Óï-¸ßµÈÖ°Òµ½ÌÓý-½Ì²Ä ¢ô. ¢ÙF830.4¢ÚF83 Öйú°æ±¾Í¼Êé¹Ý CIP Êý¾ÝºË×Ö£¨2021£©µÚ055443ºÅ ²ß»®±à¼­£ºÁõϸÕä ÔðÈα༭£ºÁõ¡¡ÑÞ ·âÃæÉè¼Æ£º×Ó¡¡Ò» ÔðÈÎУ¶Ô£ºÍõ·ïÖ¥ ÔðÈÎÓ¡ÖÆ£º´Ô»³Óî ³ö°æ·¢ÐУºÇ廪´óѧ³ö°æÉç Íø Ö·£ºhttp://www.tup.com.cn£¬ http://www.wqbook.com µØ Ö·£º±±¾©Ç廪´óѧѧÑдóÏÃA×ù ÓÊ ±à£º100084 Éç ×Ü »ú£º010-62770175 ÓÊ ¹º£º010-62786544 Ͷ¸åÓë¶ÁÕß·þÎñ£º010-62776969£¬ c-service@tup.tsinghua.edu.cn ÖÊ Á¿ ·´ À¡£º010-62772015£¬ zhiliang@tup.tsinghua.edu.cn Ó¡ ×° Õߣº±±¾©²©º£Éý²ÊÉ«Ó¡Ë¢ÓÐÏÞ¹«Ë¾ ¾­ Ïú£ºÈ«¹úлªÊéµê ¿ª ±¾£º210mm¡Á285mm Ó¡ ÕÅ£º7 ×Ö Êý£º 165ǧ×Ö °æ ´Î£º2021Äê4ÔµÚ1°æ Ó¡ ´Î£º2021Äê4ÔµÚ1´ÎÓ¡Ë¢ ¶¨ ¼Û£º49.00Ôª ²úÆ·±àºÅ£º091258-01 ÒøÐÐÓë½ðÈÚÓ¢Óï Ç廪´óѧ³ö°æÉç ±±¾© Ðò ÔÚ¾­¼ÃÈ«Çò»¯ºÍ¹ú¼Ê½»ÍùÈÕÒæƵ·±µÄ½ñÌ죬ÎÞÂÛÊÇ×÷Ϊ¸öÈË»¹ÊÇ×éÖ¯µÄÒ»Ô±£¬²ÎÓë¹ú¼Ê½»Á÷ ÓëºÏ×÷¶¼ÐèÒª¾ß±¸Á¼ºÃµÄÍâÓ﹵ͨÄÜÁ¦ºÍÔúʵµÄרҵ¼¼ÊõÄÜÁ¦¡£¸ßְԺУ³Ðµ£×ÅÅàÑø¾ßÓÐÈ«Çò¾ºÕù Á¦µÄ¸ß¶Ë¼¼ÊõÈ˲ŵÄʹÃü£¬ÐèҪ̽Ë÷ÈçºÎÓÐЧµØÅàÑøѧÉúµÄÐÐÒµÍâÓïÄÜÁ¦¡£ÐÐÒµÍâÓï½ÌѧһֱÊÇÖ° ҵԺУµÄ¶Ì°å£¬È±ÉÙºÏÊʵĽ̲ÄÊÇÆäÖÐÒ»¸öÖ÷ÒªÔ­Òò¡£Ä¿Ç°£¬¹úÄÚ´ó¶àÊý¸ßְԺУÔÚµÚһѧÄ꿪Éè ¹«¹²Ó¢Óï¿Î³Ì£¬ËùÓý̲ĶàΪͨÓÃÓ¢Óï½Ì²Ä£¬ÆäÖ÷ÌâÓëѧÉúËùѧרҵµÄ¹ØÁª¶È×ÜÌå½ÏµÍ£»²¿·ÖԺУ ×ÔÖ÷¿ª·¢µÄÐÐÒµÓ¢Óï½Ì²Ä£¬ÔÚרҵÄÚÈݵÄϵͳÐÔ¡¢ÓïÑÔ±í´ïµÄ׼ȷÐԵȷ½Ãæ´æÔÚÖî¶à²»×㣻»¹Óв¿ ·ÖԺУֱ½Ó²ÉÓùúÍâÔ­°æµÄ´óѧ±¾¿Æ»òÑо¿Éú½Ì²Ä£¬µ«ÕâЩ½Ì²ÄѧÊõÐÔºÍרҵÐÔÌ«Ç¿£¬¶ÔÒÔ¾ÍҵΪ µ¼ÏòµÄ¸ßְԺУѧÉúÀ´Ëµ£¬Ê®·Ö»ÞɬÄѶ®¡£ Ç廪´óѧ³ö°æÉç´ÓÅ·ÖÞÒý½øÔ­°æËزIJ¢×éÖ¯¹úÄÚÒ»ÏßÐÐÒµÓ¢Óï½Ìʦ¸Ä±àµÄÕâÌס°ÐÂʱ´úÐÐÒµ Ó¢ÓïϵÁн̲ġ±£¬ÒÔÌáÉýѧÉúÖ°ÒµÓ¢ÓïÄÜÁ¦ÎªÄ¿±ê£¬·þÎñʦÉú½ÌÓëѧ¡£±¾Ì׽̲ľßÓÐÈçÏÂÌص㣺 Ò»¡¢±àдÀíÄîÍ»³öÈ«Çò»¯ºÍ¹ú¼Ê»¯ ±¾Ì׽̲ÄÔÚÅ·ÖÞÔ­°æÒý½øÓÅÖÊ×ÊÔ´µÄ»ù´¡Éϸıà¶ø³É£¬È«Çò»¯ÊÓ½ÇÑ¡²Ä£¬½áºÏÐÐÒµÁìÓòºÍµ¥ ÔªÖ÷Ì⣬¹Ø×¢»·¾³±£»¤¡¢ÈË¿ÚÀÏÁ仯¡¢Æ¶À§µÈʱ´úÄÑÌ⣬ÅàÑøѧÉúµÄ¹ú¼ÊÊÓÒ°ºÍÊÀ½ç¹«ÃñËØÑø¡£µ¥ ÔªÖ÷Ìâ¡¢°å¿é±àÅźÍÁ·Ï°Éè¼ÆÓë¹ú¼Ê½Ó¹ì£¬ÌåÏÖ¹ú¼Ê¹æ·¶ºÍ¹ú¼Ê±ê×¼£¬ÇÒ·´Ó³È«ÇòÐÐÒµ·¢Õ¹¶¯Ì¬ºÍ Ç°¾°£¬°ïÖúѧÉúÈ«ÃæÁ˽âÈ«ÇòÐÐÒµÏÖ×´ºÍÕÆÎÕ¹ú¼Ê²Ù×÷Á÷³Ì£¬º»ÊµÐÐҵ֪ʶÌåϵ¡£ ¶þ¡¢±àдĿ±ê×¢ÖØÅàÑøѧÉúʹÓÃÓ¢ÓïÍê³É¹¤×÷ÈÎÎñµÄʵ¼ÊÓ¦ÓÃÄÜÁ¦ ΪÏìÓ¦¸ßְԺУÍâÓï½Ìѧ¸Ä¸ïºÅÕÙ£¬ÅàÑø¾ßÓйú¼Ê¾ºÕùÁ¦µÄ¸ß¶Ë¼¼ÊõÈ˲ţ¬½«ÍâÓï½ÌѧĿ±ê ÓÉÔ­À´µÄÓïÑÔÄÜÁ¦µ¼Ïòת±äΪְҵÄÜÁ¦µ¼Ïò£¬±¾Ì׽̲Äͨ¹ýÌý¡¢Ëµ¡¢¶Á¡¢Ð´¡¢ÒëµÈ»ù±¾ÓïÑÔ¼¼ÄÜ ÑµÁ·£¬ÈÃѧÉúÍê³É²»Í¬ÐÐÒµÁìÓòµÄ¹¤×÷ÈÎÎñ£¬½«Ó¢Óï·Åµ½Ö°³¡µÄ±³¾°ÖÐÀ´Ñ§£¬·Åµ½Ô±¹¤µÄ¸Úλְ Ôð¡¢¹¤×÷Á÷³ÌÖÐÀ´Ñ§¡£ Èý¡¢½á¹¹ÓëÄÚÈݽô¿ÛÐÐÒµÁìÓòµÄÖ°³¡Çé¾³ºÍºËÐÄÒµÎñ ±¾Ì׽̲ÄΧÈÆÐÐÒµºËÐĸÅÄîºÍÒµÎñ×éÖ¯½Ìѧµ¥Ôª£¬²»Í¬µ¥ÔªÏ໥¹ØÁª£¬ÄÚÈÝÓÉdzÈëÉî¡¢ÓÉÒ× µ½ÄÑ£¬Ñ­Ðò½¥½ø£»½Ì²Ä¸÷µ¥ÔªÖ÷ÌâÆõºÏÐÐÒµµäÐ͹¤×÷³¡¾°£¬ÄÚÈÝ·´Ó³Ö°Òµ¸ÚλºËÐÄÒµÎñ֪ʶÓëÁ÷ ³Ì¡£Ã¿±¾½Ì²Ä¸ù¾ÝÄÚÈÝÉèÖà 8 ÖÁ 10 ¸öµ¥Ôª£¬ÓöàÖÖÐÎʽµÄÓïÑÔѵÁ·ÈÎÎñÌáÉýѧÉú¶ÔÐÐҵ֪ʶµÄÀí ½âÓëÓ¦ÓᣠÐò i ËÄ¡¢×ÊÔ´Á¢Ìå¶àÑù£¬·½±ãʦÉú½ÌÓëѧ ±¾Ì׽̲ÄͼÎIJ¢Ã¯¡£Í¨¹ý¸Ä±à£¬ÔÚÔ­°æ½Ì²Ä»ù´¡ÉÏÿ¸öµ¥ÔªÔö¼ÓÁËѧϰĿ±ê£¬Ã÷È·ÁËѧÉúÔÚÍê ³É¸÷µ¥ÔªÑ§Ï°ºóÓ¦¸Ã´ïµ½µÄ֪ʶºÍÄÜÁ¦Ë®Æ½£»Ôö¼ÓÁËÖصã´Ê»ãÖÐÎÄ×¢ÊͺÍרҵÊõÓï±í£¬±ãÓÚѧÉú×¼ È·Àí½âÐÐÒµºËÐĸÅÄÌýÁ¦Á·Ï°ºÍÔĶÁƪÕ¾ùÅäÓÐÒôƵ£¬²¢½èÖú¶þάÂëɨÂëÌýÒôµÄÐÎʽ³ÊÏÖ£¬ÊµÏÖ ½Ì²ÄµÄÁ¢Ì廯£¬·½±ãѧÉúѧϰ£»Ï°Ìâ°²ÅÅÆõºÏµ¥ÔªµÄÖ÷ÌâÄÚÈÝ£¬±ãÓÚ¼ì²âµ¥ÔªÑ§Ï°Ä¿±êµÄʵÏÖ ³Ì¶È¡£½Ì²ÄÁíÅäÓеç×ӿμþºÍÏ°Ìâ´ð°¸£¬·½±ã½Ìʦ±¸¿ÎÓëÊڿΡ£½Ìʦ¿ÉÒÔÕ÷¶©½Ì²ÄºóÁªÏµ³ö°æÉç Ë÷È¡¡£ ±¾Ì׽̲Ĺ² 10 ±¾£¬°üÀ¨¡¶»¤ÀíÓ¢Óï¡·¡¶»úµçÓ¢Óï¡·¡¶½¨Öþ¹¤³ÌÓ¢Óï¡·¡¶ÔËÊäÓëÎïÁ÷Ó¢Óï¡· ¡¶Åëâ¿¡¢²ÍÒûÓë½Ó´ýÓ¢Óï¡·¡¶ÂÃÓÎÓ¢Óï¡·¡¶ÒøÐÐÓë½ðÈÚÓ¢Óï¡·¡¶Êг¡ÓªÏúÓë¹ã¸æÓ¢Óï¡·¡¶ÉÌÎñÓ¢Óï¡· ¡¶ÉÌÎñ»á̸ӢÓï¡·£¬º­¸ÇÒ½Ò©ÎÀÉú¡¢»úµçÉ豸¡¢ÍÁľ½¨Öþ¡¢½»Í¨ÔËÊä¡¢ÂÃÓΡ¢²Æ¾­ÉÌóµÈÁù´óÀàר Òµ¡£½¨Òé¸ßְԺУ½áºÏ±¾Ð£È˲ÅÅàÑøÄ¿±ê£¬¿ªÉèÏàÓ¦¿Î³Ì¡£ ±¾Ì׽̲ÄÊʺÏ×÷Ϊ¸ßְԺУѧÉúµÄÐÐÒµÓ¢Óï½Ì²Ä£¬Ò²ÊʺÏÏà¹ØÐÐÒµ´ÓÒµÈËÔ±×÷ΪÅàѵ»ò×Ôѧ ½Ì²Ä¡£ ½ªºê 2021Äê3ÔÂ31ÈÕ ÒøÐÐÓë½ðÈÚÓ¢Óï ii Ç°ÑÔ ÔÚ½ðÈÚÈ«Çò»¯¡¢ÒøÐÐÒµÎñ²»¶Ï¹ú¼Ê»¯µÄ¹ý³ÌÖУ¬Ó¢Óï¶ÔÓÚÒøÐÐÓë½ðÈÚ´ÓÒµÕ߶øÑÔ£¬±äµÃÓÈΪ ÖØÒª¡£±¾½Ì²ÄÒÔÌá¸ßѧÉúµÄÒøÐÐÓë½ðÈÚÐÐÒµÓ¢ÓïÄÜÁ¦ÎªÄ¿±ê£¬ÔÚÔ­°æ½Ì²ÄµÄ»ù´¡ÉϽøÐÐÊʵ±µÄ±¾ÍÁ »¯¸Ä±à£¬ÒÔÊÊÓ¦Öйú¸ßµÈְҵԺУѧÉúÒÔ¼°ÒøÐÐÓë½ðÈÚ´ÓÒµÕßµÄѧϰÐèÇó¡£ ±¾½Ì²ÄÓÉÒøÐÐϵͳ¡¢ÖÐÑëÒøÐС¢ÉÌÒµÒøÐС¢ÒøÐп¨ÀàÐÍÓëÕ©Æ­¡¢Ö§¸¶·½Ê½¡¢Ö¤È¯½»Ò×ËùÓëÉÌ Æ·½»Ò×Ëù¡¢²ÆÎñÊý¾Ý½âÎö¡¢Êý×ÖÖ§¸¶ºÍÉêÇ빤×÷µÈÊ®¸öµ¥Ôª×é³É£¬´øÁìѧÉúÁ˽âÒøÐÐÓë½ðÈÚÐÐÒµ»ù ´¡ÖªÊ¶£¬ÅàÑøѧÉúµÄÐÐÒµÓ¢ÓïÓ¦ÓÃÄÜÁ¦¡£Ã¿¸öµ¥Ôª¾ùÉèÓÐѧϰĿ±ê£¬ÈÃѧÉúÒÔÄ¿±êΪµ¼Ïò½øÐÐѧ Ï°£¬Ö÷Ì岿·ÖÓɵ¼ÈëÄ£¿éºÍÌý¡¢Ëµ¡¢¶Á¡¢Ð´¼¼ÄÜÄ£¿é×é³É£¬¿ÎÎIJ¿·Ö¾ùÅäÓе¥´ÊÊÍÒå¡£ ±¾½Ì²Ä¼È¿É×÷Ϊ¸ßµÈְҵԺУÒøÐÐÓë½ðÈÚÏà¹ØרҵµÄÐÐÒµÓ¢Óï½Ì²Ä£¬Ò²¿É×÷ΪÒøÐÐÓë½ðÈÚÁì Óò´ÓÒµÈËÔ±µÄÅàѵ»ò×Ôѧ½Ì²Ä¡£ ±¾½Ì²ÄÓÉ»ÆÈÙ¡¢ÍõÎÀ»ªºÍ³ÂӢ骸ı࣬»ÆÈÙ¸ºÔðµÚÈýÖÁÁùµ¥ÔªºÍµÚ¾Å¡¢Ê®µ¥ÔªµÄ±àд£¬ÍõÎÀ »ª¸ºÔðµÚÒ»¡¢¶þµ¥ÔªµÄ±àд£¬³ÂӢ骸ºÔðµÚÆß¡¢°Ëµ¥ÔªµÄ±àд¡£ÎªÁËʹ֮¸ü¼Ó·ûºÏÖйú¹úÇ飬±¾½Ì ²Ä»¹´´ÐÂÐԵؼÓÈëÊý×ÖÖ§¸¶µ¥Ôª£¬ÑûÇëÍâ¼®½ÌʦJames David ShipleyºÍLisa Diane Shipley·ò¸¾²Î Óë±àд¡£ ±¾½Ì²ÄÄܹ»³ö°æ£¬Ê×ÏÈÒª¸ÐлÇ廪´óѧ³ö°æÉçºÍ×ÜÖ÷±à½ªºê½ÌÊÚµÄÐÅÈΣ¬ÈÃÎÒÔÚÓ¢¹ú²®Ã÷º² ´óѧȡµÃ¾­¼Ãѧ˶ʿʮÄêÖ®ºó£¬Óлú»á½«ËùѧӦÓõ½½Ì²ÄµÄ¸Ä±àÖС£±àд¹ý³ÌÖеõ½Shipley·ò¸¾ºÍ ±±¾©²ÆóְҵѧԺÑÅ˼½ÌÑÐÊÒ¶àλ×ÊÉîÓ¢Óï½ÌʦµÄ°ïÖú£¬×ÜÖ÷±à½ªºê½ÌÊÚ¶Ô±¾½Ì²ÄµÄÉ󶩣¬ÔÚ´ËÒ» ²¢±íʾ¸Ðл¡£ ÏÞÓÚ±àÕßˮƽ£¬¸Ä±à¹ý³ÌÖв»Í×Ö®´¦ÔÚËùÄÑÃ⣬¿ÒÇë¹ã´ó¶ÁÕßÅúÆÀÖ¸Õý¡£ ±àÕß 2021Äê2ÔÂ2ÈÕ Ç°ÑÔ iii Contents Vocabulary Skills Unit Topic 1 Reading: banking categories, microcredit, time banking Speaking: time banking Writing: microloan success stories . Types of banks . Banking terminology Banking Systems p. 2 Reading: UK, US and European Central Banks Listening: European Central Bank Speaking and writing: presenting a central bank and its roles 2 Central Banks . Common compound nouns for banking p. 12 Reading: business accounts and financing Listening: changes in UK High Street banking Speaking: advantages and disadvantages of e-banking Writing: the convenience of e-banking . Types of accounts . E-banking terminology 3 Business Banking p. 22 Reading: types and use of different cards,understanding financial fraud Speaking: discussing different types of cards Listening: protecting yourself from fraud Writing: types of fraud carried out on the Internet Types of Cards and Fraud . Fraud and scams 4 p. 32 5 Reading: risks and benefits of international payment methods Speaking: discussing bank transfers Writing: analysing different payment methods . Terminology for payment and transactions Payment Methods (1) p. 42 ÒøÐÐÓë½ðÈÚÓ¢Óï iv Unit Topic Vocabulary Skills 6 . Letters of credit Reading: documentary collection and letters of credit Listening: opening a letter of credit Writing: an essay on documentary collection and letter of credit Payment Methods (2) p. 54 7 . Market and trading terminology Reading: stock and commodity exchanges, indices and brokers, key information on LSE and NYSE Speaking: working as a broker Listening: talking about stock market crashes and economic bubbles Writing: an essay on stock exchange Stock Exchanges and Commodity Exchanges p. 64 . Changes and trends Reading and speaking: understanding and describing charts and graphs Writing: a report on an investment portfolio Explaining Financial Data 8 p. 76 9 Reading: two ways to pay via QR codes, two most common digital payment functions, China¡¯s digital payment trends Speaking: use of digital payments Listening: discussing digital wallets Writing: explaining advantages of Chinese digital payments . Digital payment Digital Payment p. 84 10 Reading: how to write a CV and a covering letter Writing: preparing a CV and a covering letter Speaking: tips for a job interview . CVs and covering letters Applying for a Job p. 94 Contents v UNIT Banking Systems 1 Learning Objectives Upon completion of the unit, students will be able to: . compare the main businesses offered by different types of banks; . understand the contents of microcredit; . understand how a time bank works. Starting Off 1 Do you know the names of any foreign banks? What countries are they from? Talk with a partner. Reading 1 Types of Banks Banking can be defined as the activity of accepting or borrowing money from clients, whether individuals or companies, and then lending out this money to other individuals or companies in order to earn a profit. Naturally the services offered by today¡¯s banks, as well as the types of banks in existence, are much more multifaceted than this. Some broad groups of banking categories are as follows: Retail Banks These deal with individual customers and concentrate on mass market products such as current and savings accounts, mortgages, loans and credit and debit cards. All of the major retail banks in the UK also serve the needs of small businesses. Commercial Banks These deal with business clients, both large and small, and as well as current and deposit accounts, they offer foreign currency accounts and exchange, lines of credit and guarantees for international trade, payment processing, loans for business development and expansion. Investment Banks This kind of bank does not take deposits but works with companies and investment markets, for example by underwriting the issue of stocks or bonds and advising on merger and acquisition processes. Private Banks These manage the banking and financial needs of high net worth individuals. Offshore Banks These banks are located in countries which are considered tax havens due to low or no tax systems, and they offer financial and legal advantages to investors from other countries. Building Societies These are mutual financial institutions, which means that they are owned by their members. In the past their main business was savings accounts and mortgages, although now most have diversified and offer similar services to banks. Postal Savings Banks These are operated in conjunction with the national postal system of a country. When they were first introduced, they only offered savings accounts, however nowadays most of them offer complete banking services. MY GLOSSARY define v. ¸ø¡­¡­Ï¶¨Ò壻˵Ã÷£¬½âÊÍ borrow v. ½è£¬½èÈ룻£¨Ïò¡­¡­£©½è´û client n. ¿Í»§£»¹Ë¿Í£¬Ö÷¹Ë£»Î¯ÍÐÈË individual n. ¸öÈË£¬¸öÌå adj. ¸öÌåµÄ£¬¸öÈ赀 lend v. ½è³ö£¬½è¸ø£»´û¿î£¬·Å´û earn v. ÕõµÃ£¬×¬µÃ£¬ÕõÇ® profit n. ÀûÈó£¬ÊÕÒ棻ºÃ´¦ existence n. ´æÔÚ£»ÊµÓÐ multifaceted adj. ¶à·½ÃæµÄ£¬¶àÔªµÄ broad adj. ÆÕ±éµÄ£¬¹ã·ºµÄ£»¿í¹ãµÄ category n. ÖÖÀ࣬Àà±ð£»·¶³ë retail n./v. ÁãÊÛ£»ÁãÂô deal v. Ó¦¶Ô£¬Ó¦¸¶£»¾­Óª£»ÂòÂô n. ЭÒ飻½»Ò× mortgage n. £¨ÓÈÖ¸¹º·¿µÄ£©°´½Ò£¬µÖѺ ´û¿î v. £¨·¿ÎÝ£©×öµÖѺ´û¿î loan n. ´û¿î£¬½è¿î guarantee n. ±£Ö¤£¬µ£±££»µ£±£ ÎµÖѺƷ v. ±£ÐÞ£¬°ü»»£»±£Ö¤£¬µ£±££¬ ±£ÕÏ deposit n. ´æ¿î£»Ô¤¸¶¿î£¬¶¨½ð underwrite v. Ìṩ²ÆÁ¦Ö§³Ö£¬³Ðµ£¾­¼Ã ÔðÈΣ»³Ð±££»°üÏú stock n. ¹ÉƱ£»´¢±¸Î¹©Ó¦Î´æ »õ bond n. ¹«Õ®£¬Õ®È¯£»Å¦´ø£¬ÁªÏµ merger n. £¨¹«Ë¾¡¢ÆóÒµµÈµÄ£©ºÏ²¢ acquisition n. ÊÕ¹º£»ÊÕ¹ºÎ¹ºÖÃÆ· offshore adj. ¾³ÍâµÄ£¬º£ÍâµÄ£»½üº£µÄ£» Àë°¶µÄ haven n. ±£»¤Çø£»°²È«µÄµØ·½£»ºÍƽ Ö®µØ mutual adj. ¹²Í¬µÄ£¬¹²Óеģ»Ï໥µÄ diversify v. ¶àÑù»¯£»²îÒ컯 postal adj. ÓÊÕþµÄ£»ÓʼþµÄ conjunction n. ½áºÏ£¬ÁªºÏ£»Í¬Ê±·¢Éú 2 Read the text and decide if the sentences are true (T) or false (F). If there is not enough information, choose ¡°doesn¡¯t say¡± (DS). T F DS¡¡ 1) The principal aim of banking is to make a profit through borrowing ¡¡ and lending money. 2) Most private customers will have accounts with a retail bank. ¡¡ 3) Retail banks do not offer services to any kind of business. ¡¡ 4) Commercial banks are bigger organisations than retail banks. ¡¡ 5) A company interested in increasing its capital through new shares ¡¡ would consult an investment bank. 6) Private banks deal with people with a lot of money and investments. ¡¡ 7) Offshore banks are only located on islands. ¡¡ 8) Building societies and postal savings banks offer similar services ¡¡ to banks. Speaking 1 3 Work with your partner and discuss: What types of banks are mentioned in the text? What kinds of banks are there in China? 4 Have you ever heard of microcredit? What do you think it is? Talk together. Reading 2 Microcredit Microcredit is the concept of lending small amounts of money¡ªmicroloans¡ªto people who would not have access to such funds through mainstream routes. It was conceived in the developing world as a way to help poor people and alleviate poverty, and it is especially aimed at helping women and improving their position in society. Given that their aim is to help those at the bottom of the social pyramid, microloans are granted without the need for any collateral. Perhaps the most famous example is the Grameen Bank, which was founded by Nobel Peace Prize winner Muhammad Yunus in 1976 to provide credit to the poor people of his country, Bangladesh. Since then, the concept of microcredit has become more widespread and is no longer confined to the developing world. For example, in the USA Grameen America is providing loans, training and support to those living on the poverty line so that they can build their own small businesses, improving the future for themselves and their families, while also boosting the local economy. Similar projects have been launched in the UK too. In recent years there has been criticism of the microfinance system and its claims to reduce poverty and empower women in developing countries. Some experts argue that there is no evidence that microfinance projects have had positive impacts and, on the contrary, are in reality little different from funds from other financial sources such as moneylenders or banks. These critics believe that basic survival should come before growing a business, and microcredit ought to be combined with other interventions to improve financial literacy and understanding. If customers have no knowledge of how to save and plan for repayments, it is unclear how they are going to be able to pay off their debt. They therefore risk finding themselves in a worse position than previously when unable to pay off their loan. There may also be the conflict of whether it is possible for a bank or organisation to run a commercially sustainable operation while simultaneously maintaining its principles and values of caring about the welfare of those in need. Microloan Success Stories Name: Altagracia Damian Country: Dominican Republic Loan: $80 Business: Ceramics business When she started her business, she had only 16 cents in her pocket. With her first loan, she purchased clay and glazes. Since then she has received a total of eight loans and now has seven employees and can pay for her children¡¯s education. Microloan Success Stories Name: Gonuguntla Mariamma Country: India Loan: $80 Business: Livestock farmer Uneducated and illiterate, she bought a buffalo with her first loan to help provide for her family. With further loans, she managed to buy other livestock and now has four buffaloes, one calf and seventeen goats. She has also learnt to read and count a little and sign her name. MY GLOSSARY microcredit n. ΢ÐÍÐÅ´û mainstream adj. Ö÷Á÷µÄ conceive v. ÏëÏó£»Ïë³ö£¬¹¹Ïë alleviate v. ¼õÇ᣻»ººÍ£¬»º½â poverty n. ƶÀ§£¬Æ¶Çî pyramid n. Àâ׶Ì壻½ð×ÖËþ grant v. ͬÒ⣻׼Ó裬ÊÚÓè collateral n. µ£±£Æ·£¬µÖѺƷ confine v. °Ñ¡­¡­¾ÖÏÞÔÚ£»ÏÞÖÆ boost v. ¸ÄÉÆ£¬Ìá¸ß£¬ÔöÇ¿£»Íƶ¯ launch v. Æô¶¯£¬ÍƳö£»·¢Æð n. Æô¶¯ÒÇʽ£¬·¢²¼»á£»·¢Éä criticism n. ÅúÆÀ£¬ÅúÅУ¬Ö¸Ôð claim v. Éù³Æ£¬Ðû³Æ£»¶ÏÑÔ£¬Ö÷ÕÅ empower v. ÊÚȨ£»Ê¹×ÔÖ÷ fund n. »ù½ð£»×¨¿î£»×ʽð v. Ϊ¡­¡­Ìṩ×ʽð£»×ÊÖú critic n. ÅúÆÀÕߣ¬ÌôÌÞµÄÈË£»ÆÀÂÛÔ± intervention n. ¸ÉÉ棬¸ÉÈÅ literacy n. ֪ʶ£¬ÄÜÁ¦£»Ê¶ ×Ö£¬¶ÁдÄÜÁ¦ repayment n. ³¥»¹£¬»¹¿î pay off ³¥»¹ debt n. ½è¿î£¬Ç·¿î£¬Õ®Îñ conflict n. ³åÍ»£¬·ÖÆ磻ÕùÂÛ£»Õ½¶· sustainable adj. ¿É³ÖÐøµÄ£¬Äܳ¤ÆÚ±£³ÖµÄ simultaneously adv. ͬʱµØ welfare n. ¸£Àû£»ÐÒ¸£ ceramics n. ÖÆÌÕÒÕÊõ£¬ÌÕÆ÷ÖÆÔì clay n. ð¤ÍÁ£¬ÌÕÍÁ glaze n. ÓÔ£¬ÓÔÁÏ£»£¨ÓÃÀ´Ê¹Ê³Îï ÓйâÔóµÄ£©½¬£¬Ö­ v. ¸ø¡­¡­ÉÏÓÔ£»¸ø¡­¡­ÉϹ⣻ ʹ¹â»¬£¬Ê¹¹âÁÁ livestock n. ÉüÐó£»¼ÒÐó£»¼ÒÇÝ illiterate adj. ÎÄäµÄ£¬²»»á¶ÁдµÄ n. ÎÄä buffalo n. ˮţ£»Ò°Å£ 5 Read the text and answer the questions below. 1) What is microcredit? __________________________________________________________________________________________________ 2) Who are the normal recipients of microloans? __________________________________________________________________________________________________ 3) What is the Grameen Bank? __________________________________________________________________________________________________ 4) What is the purpose of microloan projects in countries like the USA and UK? __________________________________________________________________________________________________ 5) Why has there been some criticism of the microfinance system? __________________________________________________________________________________________________ 6) What is one suggestion to improve microcredit? __________________________________________________________________________________________________ 7) What risk can recipients of microloans face? Why? __________________________________________________________________________________________________ 8) Why could it be inconsistent for a bank to be both profit and welfare-led? __________________________________________________________________________________________________ 6 Match these words and expression with the correct definitions. 1) alleviate a to support and encourage 2) poverty b valuable property 3) collateral c the act of paying back someone or something 4) empower d to make a problem or situation less severe 5) financial literacy e the condition of being extremely poor 6) repayment f being able to understand basic principles of finance Reading 3 Time Banking The idea of using time as a means of exchange was conceived by Edgar Cahn in the late 1980s in the USA. Since then the concept of time banking has spread and there are now time banks all over the world. The idea behind time banking is quite simple: It uses time as a currency rather than dollars, pounds or euros. Participants ¡°deposit¡± time in a time bank by offering a particular skill or service to other people, and then they are able to ¡°withdraw¡± the equivalent amount of time and use it when they need some particular help or service. Time banking is based on the following core values: . We are all valuable assets with something to give. . The definition of work should include both economic and social activity, things like raising a family, building a safe community, caring for others and our planet. . Reciprocity and how we can help each other. . Networks of people are stronger than individuals and we need communities built on commitment, trust and support. . Everybody is important. We must all recognise and respect the contributions everyone can make. Edgar Cahn, a former civil rights lawyer, started developing the idea of time banking after suffering a massive heart attack at age 44 which radically changed his perception of life. He is the author of several books, including No More Throw Away People. MY GLOSSARY participant n. ²ÎÓëÕߣ¬²Î¼ÓÕß withdraw v. ÌáÈ¡£»³é»Ø£¬È¡»Ø£»³·»Ø£¬ ³·À룬Í˳ö equivalent adj. µÈÖµµÄ£¬ÏàµÈµÄ£¬µÈͬµÄ n. µÈÖµ£¬ÏàµÈ£¬µÈͬ core adj. ×îÖØÒªµÄ£»ºËÐÄµÄ asset n. ×ʲú£¬²Æ²ú definition n. ¶¨Ò壬ÊÍÒ壬½âÊÍ community n. ÉçÇø£¬ÈºÌ壻ÉçÍÅ£¬ÍÅÌå reciprocity n. »¥Öú£»»¥»Ý£»»¥»» commitment n. Öҳϣ»Í¶È룻·î Ï×£»³Ðŵ£¬±£Ö¤£¬ÅµÑÔ contribution n. ¹±Ï×£¬·îÏ×£»¾è¿î£¬¾èÖú massive adj. ÑÏÖصģ»´óÁ¿µÄ radically adv. ¸ù±¾ÉÏ£»³¹µ×µØ perception n. ¿´·¨£»Öª¾õ£¬¸Ð¾õ£»¶´²ìÁ¦ 7 Read the text and answer the questions below. 1) Who developed the idea of time banking and when? __________________________________________________________________________________________________ 2) What currency is used in a time bank? __________________________________________________________________________________________________ 3) How does a time bank work? __________________________________________________________________________________________________ 4) What fundamental principles are behind the concept of time banking? __________________________________________________________________________________________________ Speaking 2 8 Discuss these questions in small groups. 1) Do you think time banking is a good idea? Why / Why not? 2) How could it be helpful in times of financial crisis? 3) Will the concept of time banking increase in the future? Why / Why not? 4) Are there any time banks in China? 5) What skills and experience could you offer a time bank? 6) What help or services might you need from a time bank? Writing 9 Write a short essay (150¨C200 words) about microloan success stories in China. Technical Terms current account »îÆÚ´æ¿îÕË»§£»Íù À´ÕË»§ savings account ´¢ÐîÕË»§ credit card ÐÅÓÿ¨ debit card ½è¼Ç¿¨ deposit account ´æ¿îÕË»§ line of credit ÐÅÓöî¶È tax haven ±ÜË°µØ building society ·¿ÎÝ»¥ÖúЭ»á postal savings bank ÓÊÕþ´¢ÐîÒøÐÐ UNIT Central Banks 2 Learning Objectives Upon completion of the unit, students will be able to: . describe the functions and main objectives of a central bank; . understand how a central bank can maintain price stability; . compare central banks from the UK, USA and EU. Starting Off 1 Is there a central bank in China? What is it called? What other central banks do you know? What are the core functions of these central banks? Talk together. Reading 1 A central bank is responsible for its country¡¯s financial affairs and monetary system. Each central bank may have various specific tasks, nevertheless they can be said to have the same main objectives: . to oversee monetary policy; . to maintain price stability by controlling inflation; . to manage the production and distribution of the nation¡¯s currency (issue of banknotes and coins); . to support the nation in times of crisis to prevent its banking system from failing (providing funds to a country¡¯s economy when commercial banks cannot cover a shortage); . to manage interest rates; . to serve as a banker for other banks. It is generally believed that a central bank can carry out these functions if it remains independent from, and uninfluenced by any political regime. MY GLOSSARY monetary adj. »õ±ÒµÄ£¬½ðÈÚµÄ nevertheless adv. ²»¹ý£¬ÈÔÈ»£»¾¡¹ÜÈç´Ë oversee v. ¼à¶½£¬¼à²ì£¬¼à¹Ü maintain v. ά³Ö£¬±£³Ö stability n. Îȶ¨£»ÎÈ¹Ì inflation n. ͨ»õÅòÕÍ distribution n. ·Ö·¢£¬É¢·¢£»·ÖÅä banknote n. ³®Æ±£¬Ö½±Ò coin n. Ó²±Ò£»½ðÊô»õ±Ò cover v. º­¸Ç£¬¸²¸Ç shortage n. ȱ·¦£¬È±ÉÙ£¬¶Ìȱ serve as µ£ÈΣ¬³äµ± independent adj. ¶ÀÁ¢µÄ£¬²»ÒÀÀµµÄ uninfluenced adj. ²»ÊÜÓ°ÏìµÄ regime n. ÕþȨ£¬ÕþÌå 2 Read the text and answer the questions below. 1) What is the basic responsibility of a central bank? ______________________________________________________________________________________________ 2) How can a central bank maintain price stability? ______________________________________________________________________________________________ 3) How can a central bank support a country during a crisis? ______________________________________________________________________________________________ 4) Should a central bank be guided by political parties? Why / Why not? ______________________________________________________________________________________________ Reading 2 The Bank of England The central bank of the United Kingdom, known as the ¡°Old Lady¡± of Threadneedle Street, was founded in 1694 to act as the bank for the government and to handle its debts. It has been independent since 1997, after 50 years of nationalisation. Today, its two core purposes are to maintain monetary stability and financial stability. In order to maintain price stability, the Bank¡¯s aim is to keep the annual rate of inflation at 2%¡ªthe target rate set by the government¡ªand each month it sets the official Bank interest rate, independently of any government influence. The Bank is also responsible for maintaining financial stability, that is the public trust and confidence in the general financial system as well as the institutions and markets, which has become even more important since the financial crisis. The Bank¡¯s Prudential Regulation Authority (PRA) regulates individual financial firms, while its Financial Policy Committee (FPC) works to prevent or reduce any future financial crises. The Bank of England issues the nation¡¯s banknotes but not its coins, which are produced by The Royal Mint. In the UK, there are banknotes in denominations of ¡ê5, ¡ê10, ¡ê20 and ¡ê50, each with the Queen featured on the front. In 2016, the Bank of England started issuing polymer banknotes instead of paper banknotes. This is thin, flexible plastic material which makes the notes cleaner, safer and stronger than the previous paper ones. So far they have issued ¡ê5 and ¡ê10 notes; the other two denominations will follow. All the banknotes have several different security features to make printing counterfeit notes as difficult as possible. MY GLOSSARY found v. ´´½¨£¬´´Á¢£¬´´°ì handle v. ´¦Àí£¬¶Ô¸¶£¬Ó¦¶Ô nationalisation n. ¹úÓл¯ annual adj. Ò»ÄêÒ»¶ÈµÄ£¬Ã¿ÄêµÄ rate n. ±ÈÂÊ£¬ÂÊ trust n. ÐÅÈΣ¬ÐÅÀµ confidence n. ÐÅÐÄ£»ÐÅÈÎ institution n. »ú¹¹£¬ÍÅÌ壻ÖÆ¶È regulate v. ¿ØÖÆ£¬¹ÜÀí£¬µ÷½Ú denomination n. £¨ÓÈָǮµÄ£©ÃæÖµ£¬Ãæ¶î£» £¨Ä³ÖÖ×ڽ̵ģ©·ÖÖ§£¬Åɱð polymer n. ¾ÛºÏÎ¾ÛºÏÌå counterfeit adj. αÔìµÄ£¬·ÂÔìµÄ£¬¼ÙðµÄ 3 Read the text and decide if these sentences are true (T) or false (F). Correct the false ones. T F¡¡¡¡¡¡¡¡ 1) The Bank of England used to be a nationalised bank. ¡¡¡¡¡¡¡¡ ___________________________________________________________________________________________________ 2) The Bank of England aims to keep inflation at more than 2%. ¡¡¡¡¡¡¡¡ ___________________________________________________________________________________________________ 3) The UK government decides bank interest rates together with the Bank ¡¡¡¡¡¡¡¡ of England. ___________________________________________________________________________________________________ 4) Maintaining public confidence in the financial system is part of the Bank ¡¡¡¡¡¡¡¡ of England¡¯s remit. ___________________________________________________________________________________________________ 5) The Bank of England issues the country¡¯s banknotes and coins. ¡¡¡¡¡¡¡¡ ___________________________________________________________________________________________________ 6) The UK has started using plastic banknotes. ¡¡¡¡¡¡¡¡ ___________________________________________________________________________________________________ Reading 3 The Federal Reserve System The Federal Reserve System, also known as the Federal Reserve or simply ¡°the Fed¡±, is the central bank of the United States, founded by Congress in 1913. It consists of a central governmental agency¡ªthe Board of Governors¡ªin Washington D.C. and twelve Regional Federal Reserve Banks located in major cities throughout the United States, each responsible for a specific geographical area and with one or two branches. The Board of Governors¡¯ responsibilities include the formulation of monetary policy and the analysis of domestic and international financial and economic developments. In addition, it supervises the operations of the Reserve Banks and has a significant role in the regulation of the US banking system. Different US presidents and important figures are depicted on the banknotes: Washington $1, Jefferson $2, Lincoln $5, Hamilton $10, Jackson $20, Grant $50 and Franklin $100. MY GLOSSARY Congress n. £¨ÃÀ¹ú£©¹ú»á£»´ú±í´ó»á consist of ÓÉ¡­¡­×é³É£¬ÓÉ¡­¡­¹¹³É£» °üº¬ geographical adj. µØÀíµÄ£¬µØÀíѧµÄ branch n. ·ÖÖ§£»·Ö¹«Ë¾ formulation n. Öƶ©£¬¹æ»®£»¹¹Ï룻Åä·½ domestic adj. ±¾¹úµÄ£¬¹úÄڵģ» ¼ÒÍ¥µÄ supervise v. ¼à¶½£»¹ÜÀí£»Ö¸µ¼ significant adj. ÖØÒªµÄ£¬ÓÐÒâÒåµÄ depict v. Ãè»æ£¬ÃèÊö£¬Ãèд 4 Read the text and answer the questions below. 1) What is the common nickname for the Federal Reserve System? ___________________________________________________________________________________________________ 2) When was it founded and by whom? ___________________________________________________________________________________________________ 3) Where is the Federal Reserve located? ___________________________________________________________________________________________________ 4) How is the Board of Governors involved with the US banking system? ___________________________________________________________________________________________________ Reading 4 European Central Bank Unlike other central banks, the European Central Bank (ECB), established in 1998 and situated in Frankfurt, is not responsible for the banking and financial matters of a single nation, but rather a group of nations. When the first eleven EU member states¡ªand eight others at later stages¡ª adopted the euro as their single currency, they no longer had monetary sovereignty. However each maintained its own central bank and together these now comprise the Eurosystem together with the ECB. The European System of Central Banks, on the other hand, includes the ECB and all the national central banks of EU member states whether or not they have adopted the euro. According to EU treaty, the basic tasks of the Eurosystem are, among others: . to maintain price stability; . to promote the smooth operation of payment systems; . to define and implement monetary policy; . to manage foreign reserves of the Eurozone countries; . to conduct foreign exchange operations. The first euro banknotes were introduced in January 2002 and the second series, Europa, from May 2013. The €5 banknote started circulating in 2013, followed by the €10 note in 2014, the €20 note in 2015, the €50 note in 2017 and the €100 and €200 notes in 2019. MY GLOSSARY establish v. ½¨Á¢£¬ÉèÁ¢£¬´´Á¢ situate v. ʹ´¦ÓÚ£¬Ê¹×øÂäÓÚ stage n. ½×¶Î£»·¢Õ¹Ê±ÆÚ adopt v. ½ÓÊÜ£¬²ÉÓ㬲ÉÄÉ£»ÊÕÑø£¬ ÁìÑø sovereignty n. Ö÷Ȩ£¬Í³ÖÎȨ comprise v. °üº¬£¬°üÀ¨£»¹¹ ³É£¬×é³É treaty n. ÌõÔ¼£»Ð­¶¨ promote v. Íƽø£¬´Ù½ø smooth operation Õý³£ÔËת£¬Æ½ÎÈÔËÐÐ implement v. ʵʩ£¬¹á³¹ 5 Read the text and match the information in the two columns. 1) 1998 a location of the European Central Bank 2) Frankfurt b the ECB and the central banks of EU member states using the single currency 3) euro c the ECB and all EU member states¡¯ central banks 4) Eurosystem d the single currency for some EU member states 5) European System of Central Banks e year the European Central Bank was founded 6 Match the words in the two columns to form compound nouns. 1) financial a currency 2) interest b exchange 3) monetary c crisis 4) banking d rate 5) single e system 6) foreign f policy Listening 7 Listen to this presentation of the ECB and answer the questions below. 1) Who forms the Governing Council of the ECB? ___________________________________________________________________________________________________ 2) Who owns ECB shares and how are they attributed? ___________________________________________________________________________________________________ 3) What is the gold standard and when was it used? ___________________________________________________________________________________________________ 4) With this method, why did central banks have to keep sufficient gold reserves? ___________________________________________________________________________________________________ 5) What does the value of money derive from today? ___________________________________________________________________________________________________ 6) Which of these roles of the ECB is not mentioned? A Defining monetary policy. B Issuing banknotes. C Keeping inflation low. D Managing foreign reserves. 8 Listen to the conversation and fill in the blanks. A: Excuse me, Mr Sun. I¡¯d like to know whether PBC (People¡¯s Bank of China) operates any banking business? B: Being a central bank, the PBC doesn¡¯t operate any business directly, but it may use the (1) ________________ to implement the (2) ________________. A: I understand. What kind of monetary policy instruments may your bank use? B: They include adjusting the (3) ________________ and the minimum deposit reserve proportion, regulating rediscount and opening market operations. A: Supervision and control of banking institutions and their business is a very complicated job, even in the (4) ________________. How do you take this? B: According to the Central Bank Law, the PBC has the right to examine and approve the establishment, change and termination of the business scopes of banking institutions, because it has been empowered to audit, check and (5) ________________ them. Speaking 9 Do some further research on one of the central banks mentioned in this unit and prepare a short presentation (3¨C5 minutes). Include these points: . its foundation and organisational structure; . its main roles and responsibilities; . any criticisms of its operations, for example, during the latest financial crisis. Writing 10 Write a short essay (150¨C200 words) to explain the general roles of the central bank in China and its objectives. Technical Terms interest rate ÀûÂÊ Threadneedle Street ÕëÏß½Ö£¨Ó¢¹úÂ׶صĽðÈÚ ½Ö£© Prudential Regulation Authority Ó¢¹úÉóÉ÷¼à¹Ü¾Ö Financial Policy Committee ½ðÈÚÕþ²ßίԱ»á The Royal Mint Ó¢¹ú»Ê¼ÒÔì±Ò³§ The Federal Reserve System Áª°î´¢±¸Ìåϵ the Board of Governors Áª°î´¢±¸Î¯Ô±»á European System of Central Banks Å·ÖÞÖÐÑë ÒøÐÐÌåϵ foreign reserves Íâ»ã´¢±¸ foreign exchange Íâ»ã UNIT Business Banking 3 Learning Objectives Upon completion of the unit, students will be able to: . get familiar with different types of accounts; . know about different financing solutions; . compare the advantages and disadvantages of e-banking. Starting Off 1 Do you think the banking needs of individuals and businesses are the same? Why / Why not? Discuss with your partner. Reading 1 Types of Accounts Any kind of business, from a sole trader to a large multinational, needs a bank or even several banks and their services to handle their financial needs and enable them to trade efficiently. A business account for a sole trader helps keep business and personal finances separate, for example, while a company has access to foreign currency and short- or long-term finance. Many banks also offer financial advice and guidance, especially for start-ups and SMEs. Current Account This is used by companies for the day-to-day financial transactions of making and receiving payments. . Payments can be made by withdrawing cash from a branch or a cash machine or by writing a cheque, although these have mainly been replaced by more efficient and quicker automatic payments or credit and debit cards. . Direct debits are when the bank is authorised to take payment directly from the account to pay bills such as utility bills. . Standing orders are similar but are fixed, regular payments. . A company can also give instructions for a credit or bank transfer which is when payments are made directly to another current account, for example, to pay a supplier. The company can also receive payments in this way. There are normally bank charges for all these transactions. To keep track of these movements, banks supply regular account statements, which can also be consulted online. Deposit Account A deposit or savings account usually pays interest and it may be necessary to give advance warning before withdrawing funds. Nowadays, they are not so widely used as companies may have few surplus funds to deposit or they will invest in other financial products and investment schemes. Foreign Currency Account Clients who trade internationally can have accounts with their bank in different currencies, which can resolve problems connected with fluctuations in exchange rates. MY GLOSSARY multinational n. ¿ç¹ú¹«Ë¾ start-up n. ³õ´´ÆóÒµ SME abbr. ÖÐСÆóÒµ£¨small and medium-sized enterprise£© transaction n. ½»Ò× cheque n. ֧Ʊ authorise v. ÊÚȨ£¬Åú×¼£¬ÔÊÐí instruction n. Ö¸Áָʾ£»Ëµ Ã÷ charge n. ·ÑÓã»ÕÆ¹Ü keep track of ¼Ç¼£¬×·×Ù£»Óë¡­¡­±£³Ö ÁªÏµ consult v. ²éÔÄ£»ÉÌÁ¿£»×Éѯ fluctuation n. ²¨¶¯ 2 Read the text and answer the questions below. 1) What is the difference between a current account and a deposit account? ___________________________________________________________________________________________________ 2) Why are cash and cheques no longer so popular? ___________________________________________________________________________________________________ 3) What is the advantage of standing orders and direct debits for an account holder? ___________________________________________________________________________________________________ 4) When are bank transfers used? ___________________________________________________________________________________________________ Reading 2 Financing Overdraft This is an agreement where the client is allowed to spend more money than is actually in the account, often called ¡°going into the red¡±. As overdrafts are normally subject to high interest rates and heavy bank charges, they are really only a short-term solution to cover emergency situations and temporary lack of funds. Loans Unlike overdrafts, loans are a more suitable means for short- and medium-term financing. They can be granted, for example, to expand a business or to cover a period of difficulty. Commercial mortgages are a way of obtaining long-term capital, for example to buy a property or another business. Leasing This is a method of purchasing equipment, machinery or other assets without having to pay the full amount upfront. The company pays a fee to the bank or finance company for a fixed period of time which allows the use of the equipment. Additional advantages are that these payments are often tax-deductible and the agreement can include the free maintenance or replacement with updated models. Leasing opportunities are now also offered directly by companies such as car manufacturers and office equipment suppliers. MY GLOSSARY overdraft n. ͸֧£»Í¸Ö§¶î be subject to ÓС­¡­ÇãÏòµÄ£»ÊÜ¡­¡­Ö§Åä solution n. ½â¾ö·½°¸ temporary adj. ÔÝʱµÄ£¬ÁÙʱµÄ capital n. ×ʱ¾£¬×ʽ𣻱¾Ç® property n. ·¿µØ²ú£»ÐÔÖÊ£¬ÐÔÄÜ£»²Æ²ú leasing n. ×âÁÞ machinery n. »úе£¬»úÆ÷ fee n. ·ÑÓà tax-deductible adj. ¿ÉÃâË°µÄ maintenance n. ά»¤£¬Î¬ÐÞ replacement n. ¸ü»»£¬Ìæ»» updated adj. ¸üеģ»ÏÖ´ú»¯µÄ 3 Read the text and answer the questions below. 1) Why are overdrafts only a short-term financing solution? ___________________________________________________________________________________________________ 2) What financing solutions can banks offer in the medium and long term? ___________________________________________________________________________________________________ 3) Why does a company need finance from a bank? ___________________________________________________________________________________________________ 4) What advantages does a leasing agreement have for a company? ___________________________________________________________________________________________________ 5) What kind of goods are leasing agreements usually for? ___________________________________________________________________________________________________ Reading 3 E-Banking Internet Banking It allows private customers and businesses to manage their bank accounts and carry out traditional banking operations like checking bank statements, paying bills and transferring funds online. It is also possible to have access to other services such as loan applications, financial products and stock market investments. Internet banking services are provided by both ¡°bricks and mortar¡± banks and online banks. The former is a bank with physical branches that also offers Internet banking, the latter operates exclusively online. Mobile Banking It is when a bank account, credit card or other financial account can be accessed using a smartphone or similar device. This can be via Internet access to a bank¡¯s home page, text messaging or by using one of the many apps from banks for handling various financial transactions. Mobile payment, often called mobile wallet, is the process in which mobile phones are loaded and stored with money which is then used to make payments. Both these services are increasing in popularity in the Western world, but even more so in those parts of the world where physical banks are more difficult to reach due to long distances and also, in the case of mobile wallets, for the unbanked, those people who do not have access to any kind of bank account. Advantages . 24/7 availability: You can access your account and related services whenever and wherever you want. . No wasted time: There is no need to waste time going into a branch and waiting in a long queue. . Real time: You can immediately access updated financial statements and check your account balance. . Cost-effective: Account costs are usually less than for a traditional account. . Environmentally-friendly: There is no need for the bank or the client to print and send documents and statements as it is all stored electronically. Disadvantages . Security issues: Most online banking operations are secure thanks to encryption techniques but there still may be a risk. . Identity theft: There is a risk of your identity and bank details being stolen and used fraudulently. . Lack of contact: For some people, the lack of personal contact can be a problem and they prefer being able to speak to someone directly about their account matters. . Dependability: In the case of online banks, it is advisable to check their reliability and background, as well as their registration with national regulatory bodies. . Computer illiteracy: Online accounts are not suitable for those who are not good or confident at using computers nor, obviously, for those with no Internet access. MY GLOSSARY bill n. Õ˵¥ bricks and mortar ʵÌåµÄ£¨ÓÉשͷˮÄཨ Ôì¶ø³ÉµÄ£© exclusively adv. רÓеأ¬ÅÅÍâµØ encryption n. ¼ÓÃÜ£»¼ÓÃÜÊõ fraudulently adv. ÆÛÆ­µØ dependability n. ¿É¿¿ÐÔ£»¿ÉÐÅÈÎ registration n. µÇ¼Ç£¬×¢²á regulatory adj. ¹ÜÀíµÄ£¬¿ØÖÆµÄ illiteracy n. ÎÄä 4 Read the text and match the two halves of the sentences. 1) Internet banking is aimed 2) Traditional accounts may have 3) Not having to print documents means 4) Online banks registered with the regulatory authorities 5) By downloading a bank app you can 6) Mobile payment has many benefits 5 Match these definitions with the correct expressions. 1) a bank with physical branches 2) all day, every day of the week 3) a method of coding data to make it secure to transmit online 4) stealing somebody¡¯s personal and bank account details 5) a method of using a mobile phone to keep and spend money 6) someone who does not have the possibility to use banking services a for people in remote areas. b carry out financial transactions on your mobile phone. c are safe for clients to use. d at both private and business customers. e online banks are environmentally-friendly. f more bank charges than online ones. a the unbanked b mobile banking / mobile wallet c encryption d 24/7 e identity theft f bricks and mortar bank / traditional bank Listening 6 Listen to this report on the changes to High Street banks in the UK and choose the correct option. 1) What do people find annoying nowadays when making a bank transaction? A A long queue. B The remote location of the bank. C A bad Internet connection. 2) Over the last two years, the number of people using High Street bank branches has continued A to drop. B to remain stable. C to increase. 3) Which one is not a result of this change in the number of visitors? A Many branches have closed down. B Cashiers have found other jobs in the banking sector. C Some areas no longer have a bank. 4) How have physical bank branches changed? A There are more members of staff. B There is more technology for customers. C The staff is friendlier towards customers. 7 Listen to the report again and decide if the sentences are true (T) or false (F). T F¡¡¡¡¡¡¡¡ 1) Nowadays many people rely on Internet and mobile banking. ¡¡¡¡¡¡¡¡ 2) Many customers still like dealing in cash and interacting with real ¡¡¡¡¡¡ people. 3) Many smaller towns and remote areas in the UK have no banks at all. ¡¡¡¡¡¡¡¡ 4) The self-service machines cannot be used to view your balance and ¡¡¡¡¡¡ statement. Speaking 8 What kinds of banking operations can be carried out online? Talk together. Then discuss with your partner the advantages and disadvantages of e-banking. Writing 9 Write a short essay (150¨C200 words) to introduce the convenience that e-banking has brought to our life. Technical Terms sole trader רӪÉÌ cash machine ×Ô¶¯Ìá¿î»ú£¬×Ô¶¯¹ñÔ±»ú direct debit Ö±½Ó½è¼Ç£¬Ö±½Ó¸¶¿î standing order £¨¿Í»§¸øÒøÐеģ©¶¨ÆÚ¸¶¿î Ö¸Á°´ÆÚ¸¶¿îίÍÐÊé bank transfer ÒøÐÐתÕË bank charge ÒøÐÐÊÖÐø·Ñ account statement ¶ÔÕ˵¥£»ÕË»§±¨±í surplus fund Ê£Óà×ʽð£¬Ó¯Óà×ʽð investment scheme Ͷ×ʼƻ® foreign currency account ´æÔÚ¹úÍâµÄÍâ±ÒÕË»§ exchange rate »ãÂÊ commercial mortgage ÉÌÒµµÖѺ£¬ÉÌÒµ´û¿î full amount upfront È«¶îÔ¤¸¶ Internet banking ÍøÉÏÒøÐÐ bank statement ÒøÐжÔÕ˵¥ mobile banking ÊÖ»úÒøÐÐ account balance ÕË»§Óà¶î Types of Cards and Fraud UNIT 4 Learning Objectives Upon completion of the unit, students will be able to: . compare the advantages and disadvantages of different payment methods; . give proper advice on cards for different groups of people; . understand different forms of fraud and how to prevent them. Starting Off 1 How can you pay for something without using cash? Talk together about the different methods in different countries and then read the text below to check your ideas. What are the differences between China and these countries in the text? Most banks and other financial institutions issue different types of cards which can be used to withdraw money from a cash machine or to make payments without having to use cash. In the UK, the use of these cards, for both small and large purchases, is extremely widespread and cash and cheques are now used less and less often. There have even been talks about abolishing cheques altogether due to the decrease in popularity and as they are an expensive and time-consuming transaction for banks. In the USA, however, cheques are still a popular form of payment, together with both cash and cards. There has also been a massive surge in the number of contactless payments made in both the UK and the USA. Many credit and debit cards, as well as smartphones, smart watches and other devices, can be used to make contactless payments where users simply need to place their card or device near a reader at the POS terminal. Contactless payments normally have an upper limit as a form of protection, currently set at ¡ê30 in the UK, $25 in the US and €25 in Europe. MY GLOSSARY abolish v. ·Ï³ý£¬·ÏÖ¹ surge n. ¾çÔö£¬¼¤Ôö contactless adj. ÎÞ½Ó´¥µÄ device n. É豸£»ÖÕ¶Ë terminal n. Öն˻ú upper limit ÉÏÏÞ£¬×î¸ß ÏÞÖÆ currently adv. µ±Ç°£»Ò»°ãµØ Reading 1 Payment Methods Paypal It is a system for keeping all different methods of payment¡ªsuch as debit and credit cards¡ªin one place. It is widely used for buying and selling on the Internet, especially for sites like eBay, because it offers a secure payment system where no one is able to see your financial details. Cash Point Card This card is used to withdraw cash and access the other services at a cash machine. It has to be used in conjunction with a PIN (Personal Identification Number). Credit Card Most credit cards today are ¡°chip and PIN¡± cards where a client only needs to enter a PIN at the POS terminal in order to make a purchase. The credit cards with magnetic stripes which have to be swiped with the customer signing a screen or paper receipt are gradually being phased out as they offer less security. For online purchases it is usually necessary to enter the card holder¡¯s name, card number, expiry date and the CCV (card code verification) number. Unlike a debit card, with a credit card the customer can pay off the debt to the card issuer at a later moment. The customer receives a monthly statement and can choose to pay off the whole balance immediately or in instalments with high interest rates applied. Used wisely, credit cards can give you more than a month¡¯s free credit, as well as other advantages such as protection for online purchases. Debit Card This type of card is often combined with a cash point card. The customer uses this card instead of cash to make purchases anywhere there is POS terminal, such as shops, petrol stations and restaurants. It is necessary for the customer to type in a PIN on a keypad and then the amount is immediately deducted from the customer¡¯s bank account. With this type of card, many outlets offer a ¡°cashback¡± facility where a customer can withdraw cash together with their purchase. Pre-Paid Card This type of card works in a similar way to a pay-as-you-go mobile phone. An amount of money is loaded onto the card which can then be used in the same way as a regular debit or credit card. The advantage is that, as they are not linked to a bank account, there is no risk of going overdrawn or running up large debts. When the amount on the card has been used up, it is impossible to continue using the card until it has been topped up. The disadvantage is that sometimes the providers charge high costs for issuing or topping up these cards. MY GLOSSARY Paypal n. ±´±¦£¨È«Çò×î´óµÄÔÚÏßÖ§ ¸¶Æ½Ì¨£© eBay n. Ò×ȤÍø swipe v. Ë¢¿¨ receipt n. ÊÕ¾Ý phase out Öð²½ÌÔÌ­£¬Öð²½Í£Ö¹Ê¹Óà verification n. ºËʵ£¬ÑéÖ¤£¬²éÖ¤ instalment n. £¨·ÖÆÚ¸¶¿îµÄ£©Ò»ÆÚ petrol station ¼ÓÓÍÕ¾ deduct v. ¼õÈ¥£¬¿Û³ý outlet n. רÂôµê£»Ö±Ïúµê cashback n. ·µÏÖ top up ³äÖµ£»¼ÓÂú provider n. ¹©Ó¦ÉÌ£¬ÌṩÉÌ 2 Match the features with the cards. Tick (¡Ì) in the corresponding box. Features Cash Point Card Credit Card Debit Card Pre-Paid Card 1) has a PIN ¡¡ ¡¡ ¡¡ ¡¡ 2) means you pay immediately ¡¡ ¡¡ ¡¡ ¡¡ 3) means you pay later ¡¡ ¡¡ ¡¡ ¡¡ 4) means you pay in advance ¡¡ ¡¡ ¡¡ ¡¡ 5) can be used in a cash machine ¡¡ ¡¡ ¡¡ ¡¡ 6) can be used online ¡¡ ¡¡ ¡¡ ¡¡ 7) can be used to withdraw cash at a POS terminal ¡¡ ¡¡ ¡¡ ¡¡ 8) can have very high costs ¡¡ ¡¡ ¡¡ ¡¡ 9) is linked to a bank account ¡¡ ¡¡ ¡¡ ¡¡ 10) charges interest ¡¡ ¡¡ ¡¡ ¡¡ 3 Read the text and answer the questions below. 1) What should be entered when we use the credit card for online shopping? ___________________________________________________________________________________________________ 2) How long of free credit can credit cards give you? ___________________________________________________________________________________________________ 3) What are the advantages and disadvantages of the pre-paid card? ___________________________________________________________________________________________________ Speaking 4 In small groups, discuss the advantages and disadvantages of the types of cards in Reading 1. Then choose one or two types of cards for the following people. 1) a 17-year-old student, living at home, who does not have a bank account 2) a university student, living away from home, who has a student loan 3) a business woman who travels internationally for work 4) a retired factory worker who lives on a state pension, and only has minimal savings Reading 2 Fraud In this technological and digital age, being aware of fraud is essential for businesses and individuals alike since the increase in online services has also led to an increase in the number of attempts made to cheat individuals and companies out of their money. Several decades ago, the worry was over false banknotes in circulation or forged cheques, but now financial fraud and scams are carried out over the Internet or with the latest technology. Phishing This is one common way that fraudsters attempt to steal information like usernames, passwords, credit card and bank account details. Potential victims receive emails which appear to be from a reputable company, like a bank, Paypal, or an e-commerce website, saying, for example, that there is a problem with their account or a delivery. Worried about the consequences, the victims click on the link provided to confirm their personal details which then allows the criminal to steal the data. Text messages can be used in a similar way, as can phone calls, when someone pretending to be the police or a bank tries to convince you to reveal banking security details, such as passwords and PINs. Card Cloning Most users of credit or debit cards are conscious of the risk of card cloning so, for example, they do not let their cards out of sight when paying in a restaurant and only use reputable websites for online purchases. However, card cloning is not always as easy to prevent. A skimmer¡ªa device which copies the details from the magnetic strip on a card¡ªcan be inserted over the card slot on cash machines or other automatic payment machines, such as ticket machines at a railway station, and are often very difficult to detect. Together with a hidden camera to capture the PIN as it is entered, these skimmers can store hundreds of card details before they are detected. Financial and Investment Scams There seems no limit to the imagination of scammers when it comes to inventing ideas to try to con people out of their money: emails asking for help to transfer funds from a foreign country; phone calls from fake insurance companies asking to confirm the details of a policy for valuable items in your home; websites and brochures promising no-risk, high return investments. The victims of these scams are often the elderly or those with little financial expertise, but even experienced investors and business people have been taken in by skilled scammers. MY GLOSSARY fraud n. ÆÛÆ­£»Æ­×Ó£»¹î¼Æ attempt n. ³¢ÊÔ£»ÊÔͼ£¬Æóͼ cheat v. ÆÛÆ­ circulation n. ´«²¥£¬Á÷ͨ£»Ñ­»· forged adj. αÔìµÄ£»¶ÍÔìµÄ scam n. ÆÛÕ©£¬Æ­¾Ö v. ÆÛÕ©£¬Ú²Æ­ phishing n. ÍøÂçÆÛÆ­ fraudster n. Æ­×Ó password n. ÃÜÂ룻¿ÚÁî victim n. Êܺ¦ÈË£»ÎþÉüÕß reputable adj. ÉùÓþºÃµÄ£»ÊÜ×ð¾´µÄ delivery n. ½»¸¶£»µÝËÍ criminal n. ×ï·¸£¬·¸×ï·Ö×Ó pretend v. ¼Ù×°£¬Î±×° reveal v. ͸¶£»Ð¹Â¶ insert v. ²åÈ룬ǶÈë card slot ¿¨²Û detect v. ²ì¾õ£¬·¢ÏÖ£»Ì½²â capture v. ²¶×½£»ÅÄÉã con v. ÆÛÆ­£¬ºåÆ­ fake adj. ¼ÙµÄ£¬Ã°³äµÄ policy n. ±£ÏÕµ¥£»Õþ²ß brochure n. С²á×Ó expertise n. רÃÅ֪ʶ£»×¨¼ÒµÄÒâ¼û take in ÆÛÆ­ 5 Read the text and decide if the sentences below are true (T) or false (F). If there is not enough information, choose ¡°doesn¡¯t say¡± (DS). T F DS¡¡ 1) The aim of phishing is to get people to reveal private and confidential ¡¡ data. 2) Phishing techniques can also be used in text messages and phone ¡¡ calls. 3) The majority of card cloning is carried out when paying by credit card ¡¡ in a restaurant. 4) It may not be easy to tell if a cash machine has been tampered with. ¡¡ 5) Real insurance companies may want to check your policy details over the phone. 6) Expert business people are never deceived by Internet investment scams. 6 Match these words with the correct definitions. 1) fraud 2) cheat 3) forge 4) scam 5) phishing 6) steal 7) cloning 8) con¡¡ a to trick somebody or make him/her believe something that is not true b to take something from a person, shop, etc. without permission and without intending to return it or pay for it c the crime of getting money by deceiving people d to make an illegal copy e the activity of copying the data of a credit card and using it illegally f a clever and dishonest plan for making money g to trick somebody, especially in order to get money from him/her or persuade him/her to do something for you h the activity of tricking people by getting them to give their identity, bank account numbers, etc. over the Internet or by email, and then using these to steal money from them Listening 7 Listen to the recording about how to protect yourself from fraud and scams and fill in the gaps. Credit card fraud Internet scams Business fraud . Only use your credit card with (1) ________________ and reputable sites. . Check security by looking for the padlock icon and (2) ________________ software. . Check credit card (3) ________________ carefully and then shred them. . Always be (4) ________________ of online offers. . Do not reply to offers contained in (5) ________________ emails. . Do a background check on the company to see if it is (6) ________________. . Use (7) ________________ sites for your online purchases. . Check the (8) ________________ of sellers on auction sites. . Avoid companies that refuse to give you their (9) ________________ or other details. Writing 8 Write a short essay (150¨C200 words) describing the types of fraud that are carried out on the Internet. Technical Terms chip and PIN оƬÃÜÂ븶¿îϵͳ magnetic stripe ´ÅÌõ£¬´ÅƬ expiry date µ½ÆÚÈÕ£»ÓÐЧÆÚÏÞ pre-paid card Ô¤¸¶¿¨ Payment Methods (1) UNIT 5 Learning Objectives Upon completion of the unit, students will be able to: . get familiar with the risks and benefits of international payment methods; . know what information is necessary in a bank transfer; . understand how a bill of exchange is useful in international trade. Starting Off 1 How can buyers and sellers in international trade minimise payment risks? Read the text to check your ideas. One of the biggest risks with international trade is payment, especially when dealing with new clients or a new market. Ideally, an exporter would like payment as soon as an order has been placed or before the goods are dispatched. On the other hand, an importer would prefer to delay payment at least until the goods have been received if not until they have been resold in order to generate sufficient income. This means that payment methods which are more secure for the exporter are riskier for the importer and vice versa. In order to find an appropriate payment method, the seller must first research the market and local trading conditions, including the economic and political situation, as well as the importer¡¯s credit standing. Then it is possible for the seller to balance his risks against customer requirements or expectations and to negotiate the most desirable method for both parties. MY GLOSSARY exporter n. ³ö¿ÚÉÌ£»Êä³ö¹ú dispatch v. ·¢»õ£»·¢ËÍ£¬ÅÉDz importer n. ½ø¿ÚÉÌ£»ÊäÈë¹ú delay v. ÑÓÆÚ£¬ÑÓ³Ù sufficient adj. ×ã¹»µÄ£¬³ä×ãµÄ vice versa ·´Ö®ÒàÈ» appropriate adj. Êʵ±µÄ£¬Ç¡µ±µÄ£¬ºÏÊ浀 negotiate v. ̸ÅУ»ÉÌÒé Reading 1 Payment Conditions Open Account With an open account, the seller is extending credit to the buyer as goods and documents are shipped and delivered before payment is due, which is usually agreed to take place within 30, 60 or 90 days of the invoice date. Given that the goods are received in advance of any payment, it is obviously the most advantageous option for the buyer and the least secure for the seller. For this reason these conditions are normally only granted to established clients, with a favourable payment history and that are considered to be creditworthy. Regular customers may be offered credit on a periodic basis, such as quarterly, in which case the seller will send a statement of account with details of the transactions of that period and any amounts owing. CASH POINT CARD This card is used to withdraw cash and access the other services at a cash machine. (ATM) It has to be used in conjunction with a PIN (Personal Identification Number). Payment in Advance At the other end of the scale is payment in advance, the most secure for the seller, which involves taking payment before goods are dispatched. However, it is not widely used in international trade because buyers rarely accept this type of condition. There are two methods which are mainly used for small orders or new customers: CWO (Cash with Order) The buyer pays in full at the moment of placing the order, usually by bank transfer as it is so immediate. COD (Cash on Delivery) The goods are paid for when a carrier delivers them and the invoice to the buyer¡¯s door, otherwise they are not released. MY GLOSSARY due adj. Ó¦¸¶µÄ£»µ½ÆÚµÄ invoice n. ·¢Æ±£»·¢»õµ¥ established adj. ×ÊÉîµÄ£¬ÀÏÅÆµÄ creditworthy adj. £¨ÈË»ò¹«Ë¾£©ÐÅÓÿɿ¿µÄ periodic adj. ¶¨Æڵģ»ÖÜÆÚµÄ quarterly adj. °´¼¾¶ÈµÄ at the other end of the scale ÍêÈ«Ïà·´µÄÇé¿öÊÇ involve v. °üº¬£»Éæ¼° 2 Read the text and decide if the sentences are true (T) or false (F). T F¡¡¡¡¡¡¡¡ 1) Both open accounts and payments in advance are the least secure ¡¡¡¡¡¡¡¡ forms of payment for exporters. 2) An open account is a form of credit given by the seller to the buyer. ¡¡¡¡¡¡¡¡ 3) It is very unlikely that a new client will be given open account terms. ¡¡¡¡¡¡¡¡ 4) With payment in advance, the buyer is in a more secure position than ¡¡¡¡¡¡¡¡ the seller. 5) CWO means that the seller receives the customer¡¯s payment together ¡¡¡¡¡¡¡¡ with the order. 6) With COD, a buyer can take delivery of the goods and then pay for them. ¡¡¡¡¡¡¡¡ Reading 2 Bank Transfer A bank transfer, also called wire transfer, bank giro credit or credit transfer, is the most frequent and quickest system for international payments. The buyer instructs his bank to transfer the relevant sum of money directly from his bank account to the seller¡¯s bank account. The process is secure and fast for both parties involved. The information in a bank transfer includes: the names of the issuing and beneficiary banks, the buyer¡¯s and the seller¡¯s bank accounts, the currency, the amount to be transferred and usually a reference to the invoice number to make it easier for the seller to trace the details in his bank statement. The two banks involved will normally charge fees for the service, and sometimes if intermediary banks are used in the process, they will also demand payment for their involvement. Common Acronyms IBAN stands for ¡°International Bank Account Number¡±. This is a code of up to 34 alphanumeric characters which identify the country (using the ISO 3166-1 alpha-2 country codes), the bank, the branch and the account number where a transfer is to be made. IBANs are used in Europe and other countries around the world. Whatever code system is used, the information must be supplied and entered into the system correctly to ensure the completion of the transfer. ...................................................................................................................................... SWIFT stands for ¡°Society for Worldwide Interbank Financial Telecommunications¡±. This organisation provides a network for secure communications between banks around the world. Each bank connected to the system has a unique code made up of 8 to 11 alphanumeric characters, commonly called a BIC (Bank Identifier Code) code. MY GLOSSARY relevant adj. Ïà¹ØµÄ£»ÇÐÌâµÄ beneficiary n. ÊÜÒæÕߣ¬ÊÜÒæÈË reference n. Ö¤Ã÷Ê飻²Î¿¼£¬²ÎÕÕ trace v. ×·ËÝ£¬×·×Ù intermediary adj. ÖмäµÄ£¬Ã½½éµÄ n. ÖмäÈË acronym n. Ê××ÖĸËõÂÔ´Ê alphanumeric adj. ×ÖĸÊý×ÖµÄ 3 Read the text and complete the sentences below. 1) ___________________________ are most commonly made by bank transfer. 2) The money ___________________________ from the importer¡¯s bank account to the exporter¡¯s. 3) The issuing bank is _________________________ while the beneficiary bank is _______________________. 4) The bank transfer usually contains the invoice number so that ___________________________. 5) Both the buyer and the seller will have to pay ___________________________. 6) SWIFT and IBAN are ___________________________ which are used to indicate the precise bank, branch or account number for a transfer. 4 Read the example below of a bank transfer confirmation, and then fill in the blanks. 1) the amount due _______________________________ 2) the currency _______________________________ 3) the name and country of the seller¡¯s bank _______________________________ 4) what the payment refers to _______________________________ 5 Choose the correct option to complete this email. 1) A welcome B pleased C sure D satisfied 2) A payment B payable C paid D pay 3) A wire B credit C transfer D advance 4) A account B balance C credit D current 5) A currency B beneficiary C order D number 6) A up B forward C down D through 6 Reorder this dialogue between Mr Mason and a bank clerk. A A bank transfer? OK. Who is the beneficiary? B It¡¯s ¡ê1,254. I¡¯d like it to be credited to their account tomorrow. Is that possible? A OK. That will be fine. And what is the amount? B Hello, this is Greg Mason from HStore. I need to make a bank transfer. A Good morning, Susan Pymm speaking. B No, but I¡¯ve got the account number and SWIFT. A Have you done business with them before? B It¡¯s Dabson Ltd. A Yes. I¡¯ll take the details now, but you¡¯ll need to send an email or fax to confirm everything. B No it¡¯s the first time. A Have you got the IBAN? j.kinear@dabson.com g.mason@hstores.com 11 August Your order Dear Mr Mason, Thank you for your order no. 352/8 dated 10 August for our healthcare supplements. We are (1)____ to confirm that all the goods are in stock and will be dispatched on receipt of (2)____ of the total amount of ¡ê1,254. Payment can be made by bank (3)____to the following (4)____: Account holder: Dabson Ltd Bank: UBL Branch: Leicester City Centre Account (5)____: 0025698471 SWIFT UBLBGB96807 We thank you once again for your order and look (6)____ to doing more business together in the future. Yours sincerely, Janice Kinear Dabson Ltd Speaking 7 Discuss these questions with a partner. 1) Why do you think bank transfers are so widely used by businesses? 2) Do you think they are also common for private banking customers? Why / Why not? 3) Can you think of any situations when bank transfers are useful for private individuals? Reading 3 Bill of Exchange A bill of exchange (B/E), also known as a draft, is a written unconditional order by one party to another to pay a certain sum at a future date. The parties involved are: . the drawer¡ªthe person or company who issues the draft; . the drawee¡ªthe person or company that receives the draft and pays the sum indicated; . the payee¡ªthe person or company that receives the money. Normally the payee and drawer are the same. The time when the payment must be made¡ªthe maturity of the B/E¡ªcan be indicated in different ways: . at sight / on demand, which means it can be cashed immediately; . a fixed date indicating the exact date when it can be cashed; . a term, such as 30/60/90 days, which means it can be cashed only after this period has passed. The drawer draws a B/E and sends it to the drawee. The drawee accepts and validates the B/E by signing it and then returns it to the drawer. The drawer sends the goods and passes the B/E to his bank. The drawer¡¯s bank forwards the B/E to the drawee¡¯s bank. The drawee¡¯s bank presents the bill for payment. A B/E is useful in international trade as it can be used as a form of credit because, being a negotiable document, it can be passed on to a third party if it is endorsed with the payee¡¯s signature on the back. MY GLOSSARY drawer n. ³öƱÈË£¬¿ªÆ±ÈË drawee n. ¸¶¿îÈË£¬ÊÜƱÈË indicate v. Ö¸³ö£¬±íÃ÷ payee n. Áì¿îÈË£¬ÊÕ¿îÈË maturity n. µ½ÆÚÈÕ cash v. ½«¡­¡­¶ÒÏÖ£»Ö§¸¶ÏÖ¿î validate v. ֤ʵ£¬ÑéÖ¤£»È·ÈÏ£»Ê¹ÉúЧ forward v. ·¢ËÍ£»×ª¼Ä£»´Ù½ø£»ÔËËÍ endorse v. ±³Ê飬ÔÚ±³ÃæÇ©×Ö signature n. Ç©×Ö£¬Ç©Ãû 8 Read the text and choose the correct alternative. 1) A B/E involves a maximum / minimum of two parties. 2) The maturity of a bill of exchange is when / where the bill can be cashed. 3) A term / sight draft can be cashed immediately. 4) To be valid, a B/E has to / does not have to be signed by the drawee. 5) A B/E is a non-negotiable / negotiable document. 9 Look at the B/E above and answer these questions. 1) What is the name of the drawer of the B/E? ___________________________________________________________________________________________________ 2) Who is the drawee? ___________________________________________________________________________________________________ 3) What is the amount of the B/E? ___________________________________________________________________________________________________ 4) What is its maturity? ___________________________________________________________________________________________________ 5) What is the date of issue? ___________________________________________________________________________________________________ 10 Paraphrase the following words and expressions. 1) B/E or draft __________________ 2) drawer __________________ 3) drawee __________________ 4) maturity __________________ 5) at sight __________________ 6) term __________________ 7) negotiable document __________________ 8) endorsed __________________ 52 ÒøÐÐÓë½ðÈÚÓ¢Óï Writing 11 Write a short essay (150¨C200 words) on the different methods of payments presented in this unit. Include the following points: . how each method works; . the benefits for the buyer and the seller; . the risks for the buyer and the seller. Technical Terms credit standing ÐÅÓÃ×´¿ö£»ÉÌÒµÐÅÓþ extending credit ÐÅ´ûÕ¹ÆÚ wire transfer µç»ã bank giro credit ÒøÐÐתÕËÐÅ´û credit transfer ÐÅÓÃתÕË bill of exchange »ãƱ at sight / on demand ¼´ÆÚ¸¶¿î negotiable document ¿ÉתÈõ¥¾Ý£»Á÷ͨµ¥¾Ý Payment Methods (2) UNIT 6 Learning Objectives Upon completion of the unit, students will be able to: . know different types of documentary collection in international trade; . compare the advantages and disadvantages of documentary collection and letter of credit; . understand the terms and conditions in a letter of credit. Reading 1 Documentary Collection With documentary collection, the exporter presents the shipping documents, invoice and bill of exchange to his bank (the remitting bank) when the goods are ready for shipping. The remitting bank forwards all the documents to the importer¡¯s bank (the collecting bank), which will release them to the importer giving him ownership of the goods. There are two types of documentary collection which determine the release of the documents: Documents Against Payment (D/P) With this method, the collecting bank releases the documents to the importer only on payment of the B/E. Once payment has been received, the collecting bank then transmits the funds to the remitting bank for payment to the exporter. Documents Against Acceptance (D/A) This method represents a form of credit as the importer promises to pay the B/E at a future date. The collecting documents are released to the importer once he has accepted to pay the B/E on a specified date. At maturity of the B/E, the collecting bank contacts the importer for payment and will then transfer the funds to the remitting bank as above. The two banks act as intermediaries in the process of documentary collection but they do not verify that the documents conform to the contract of sale, nor do they provide any guarantees. This method of payment is fairly advantageous for both the exporter and the importer and it is less risky than an open account. MY GLOSSARY remit v. »ã¿î£»Ãâ³ý£¨Õ®Îñ»ò´¦ ·££© transmit v. ת¼Ä verify v. ºËʵ£»²éÖ¤ 1 Read the text and decide if the sentences below are true (T) or false (F). If there is not enough information, choose ¡°doesn¡¯t say¡± (DS). T F DS¡¡ 1) Both the importer¡¯s bank and the exporter¡¯s bank are involved in ¡¡ documentary collection. 2) A bill of exchange is not a compulsory part of this method of ¡¡ payment. 3) The shipping and other documents must be prepared in triplicate. ¡¡ 4) With D/P, ownership of the goods passes to the buyer once the B/E ¡¡ has been paid. 5) With D/A, the buyer has more time to pay for the goods than with ¡¡ D/P. 6) The banks involved offer guarantees for the transaction. ¡¡ Speaking 2 Discuss these questions in pairs. 1) What are the similarities and differences between documentary collection and cash on delivery? 2) How is D/A similar to an open account? Does it offer more or less guarantees to the exporter? 3) What differences are there between documentary collection and a bill of exchange? Which method is more secure? Why? Reading 2 Documentary Letter of Credit A letter of credit (L/C) is a contractual agreement in which the importer¡¯s bank guarantees that payment will be made to the exporter provided that the terms and conditions stated in the L/C have been met, that is if the requested documents have been presented and are in order. It is one of the most secure methods of payment available to international traders, especially in new or recently established business relationships or when it is difficult to obtain details of the creditworthiness of an exporter. The importer is secure since the bank must verify the documents and payment is made after shipment; the exporter is secure in that he will receive payment as long as the documents he provides are in order. This last point may represent a disadvantage of this form of payment in so much that any discrepancy between the L/C and the documents presented could mean expensive amendments or even non-payment. The high bank costs, usually entirely born by the importer, are another drawback to this method and means it is not suitable for small sums. The main parties involved are the importer (applicant), the exporter (beneficiary), the importer¡¯s bank (issuing bank) and the exporter¡¯s bank (advising bank) and the basic procedure for a L/C can be broken down into these nine steps: The typical documents requested include the following, often requested in duplicate or triplicate: commercial invoice, clean bill of lading, insurance policy, packing list and Certificate of Origin. CONTRACT 1 Exporter/Seller (Beneficiary) Importer/Buyer (Applicant) GOODS SHIPPED 5 1) The sales contract is agreed between the importer and the exporter. 2) The applicant asks the issuing bank to open credit in favour of the beneficiary. He also lists all the documents the beneficiary must provide and the conditions to be fulfilled. 3) The issuing bank informs the advising bank of the credit in its favour. 4) The advising bank informs the beneficiary of the terms of the L/C. 5) The exporter checks that the details comply with the sales contract and then dispatches the goods. 6) The exporter hands over all the documents to the advising bank. 7) The advising bank checks the documents and then forwards them to the issuing bank. 8) The issuing bank also checks the documents and that all conditions have been fulfilled before issuing an at sight or term draft to the advising bank so that the beneficiary can receive the payment. 9) The importer receives the documents from the issuing bank and can then retrieve the goods. LETTER OF CREDIT APPLICATION DOCUMENTS PAYMENT 2 9 10 4 6 DOCUMENTS LETTER OF CREDIT LETTER OF CREDIT 3 Advising Bank/ Exporter¡¯s Bank Issuing Bank/ Importer¡¯s Bank 8 PAYMENT DOCUMENTS 7 MY GLOSSARY contractual adj. ºÏͬµÄ£¬ÆõÔ¼µÄ duplicate adj. ¸´ÖƵģ»¶þÖØµÄ triplicate adj. һʽÈý·ÝµÄ£»ÈýÁªµÄ secure adj. °²È«µÄ creditworthiness n. ÐÅÓþ£»ÐÅÓÿɿ¿³Ì¶È discrepancy n. ²»·û£»Ã¬¶Ü£»Ïà²î amendment n. ¸½¼ÓÌõ¿î£»¸ÄÉÆ£¬¸ÄÕý drawback n. ȱµã£¬²»Àû Ìõ¼þ applicant n. ÉêÇëÈË£¬ÉêÇëÕߣ¬ÇëÇó Õß in favour of ÓÐÀûÓÚ£»Ö§³Ö£¬ÔÞͬ comply with ÕÕ×ö£¬×ñÊØ retrieve v. È¡»Ø£¬ÕÒ»Ø 3 Read the text and answer the questions below. 1) In what kind of situation is a letter of credit advisable? ___________________________________________________________________________________________________ 2) What information does a letter of credit contain? ___________________________________________________________________________________________________ 3) What documents are usually necessary? ___________________________________________________________________________________________________ 4) Who are the parties involved? ___________________________________________________________________________________________________ 4 Complete this table with the advantages and disadvantages of a letter of credit. Advantages ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ Disadvantages ___________________________________________________________________________________________ ___________________________________________________________________________________________ ___________________________________________________________________________________________ 5 Who is responsible for the following steps: the applicant, the beneficiary, the issuing bank or the advising bank? Fill in the blanks. 1) deciding the conditions and documents to include __________________ 2) opening the credit in favour of the beneficiary __________________ 3) notifying the beneficiary of the L/C __________________ 4) dispatching the goods __________________ 5) giving the documents to the advising bank __________________ 6) checking the documents __________________ 7) issuing a draft to the advising bank __________________ 8) claiming the goods from the freight company __________________ Reading 3 Example of Letter of Credit An L/C is normally irrevocable which means that it cannot be changed unless both parties agree. A revocable L/C is also possible, although it is not recommended since it allows the applicant to make changes without the consent of the beneficiary. The beneficiary may ask that the L/C is confirmed by the advising bank. This is called a confirmed L/C and it means that the advising bank guarantees to pay if the issuing bank fails to do so. A confirmed irrevocable L/C offers the maximum protection to the exporter. Advising bank: BANK OF CHINA, QINGDAO, CHINA Form of doc. credit: IRREVOCABLE Doc. credit number: 89578965 Date of issue: 12 01 20.. (01 Dec 20..) Expiry: Date: 02 16 20.. (16 Feb 20..) Place: PEOPLE¡¯S REP. OF CHINA Beneficiary: XINGZHOU IMPORT & EXPORT CO. LTD. SHANGHAI SOUTH ROAD 2754 QINGDAO CHINA Available with: HSBC BRISTOL Deferred payment: 60 DAYS AFTER BILL OF LADING DATE Partial shipments: NOT ALLOWED Transhipments: NOT ALLOWED Port of loading: QINGDAO PORT (PEOPLE¡¯S REP. OF CHINA) Port of discharge: PORTSMOUTH (UK) Latest date of shipment: 01 31 20.. (31 Jan 20..) Description of goods: 35,000 PAIRS OF FLIP FLOPS AS PER PRO-FORMA INVOICE No. 4859 DD 15 OCT 20.. AMOUNTING TO TOTAL USD 35,000.00 FOR GOODS RENDERED CIF PORTSMOUTH (UK) ****Amount**** USD****35,000.00 Applicant: JONES FOOTWEAR 25 HIGH STREET BRISTOL UK Documents required: 1) FULL SET OF CLEAN ¡°ON BOARD¡± MARINE BILL OF LADING ISSUED TO ORDER AND BLANK ENDORSED, MARKED ¡°FREIGHT PREPAID¡±, NOTIFY APPLICANT. 2) SIGNED COMMERCIAL INVOICE, 2 ORIGINALS + 2 COPIES, DULY DATED STATING THAT INVOICED AND SHIPPED GOODS COMPLY IN EVERY RESPECT WITH THE ONES DESCRIBED IN PRO-FORMA INVOICE No. 4859 DD 15 OCT. 20.. 3) PACKING LIST, 2 ORIGINALS + 2 COPIES 4) CERTIFICATE OF ORIGIN ¡°FORM A¡±, ORIGINAL + 1 COPY, ISSUED BY COMPETENT AUTHORITIES IN PEOPLE¡¯S REP. OF CHINA, STATING GOODS OF ORIGIN OF: PEOPLE¡¯S REP. OF CHINA 5) INSURANCE POLICY COVERING ALL RISKS FOR 110 PCT OF INVOICE VALUE, ORIGINAL + 1 COPY Additional conditions: L/C AMOUNT COVERS 100 PCT (%) OF INVOICE VALUE Details of charges: ALL BANKING COMMISSIONS AND CHARGES OUT OF ARE TO BNF¡¯S ACCOUNT Presentation period: DOCS TO BE PRESENTED WITHIN 16 DAYS AFTER BILL OF LADING DATE Confirmation: WITHOUT MY GLOSSARY irrevocable adj. ²»¿É¸Ä±äµÄ£» ²»ÄÜÈ¡ÏûµÄ consent n. ͬÒ⣬ÔÊÐí defer v. ÑÓÆÚ£¬ÍƳ٠partial shipment ·ÖÅú×°ÔË£» ²¿·Ö×°ÔË transhipment n. תÔË 6 Read the letter of credit on the previous page and answer these questions. 1) Is it irrevocable? ___________________________________________________________________________________________________ 2) Is it confirmed? ___________________________________________________________________________________________________ 3) What is the total amount of the letter of credit? ___________________________________________________________________________________________________ 4) Is payment due at sight or term? ___________________________________________________________________________________________________ 5) What documents have been requested? ___________________________________________________________________________________________________ 6) Who will pay the bank charges? ___________________________________________________________________________________________________ Writing 9 Write a short essay (150¨C200 words) on documentary collection and letter of credit, explaining the advantages and drawbacks for both the importer and the exporter. Technical Terms documentary collection ¸úµ¥ÍÐÊÕ remitting bank ¼Äµ¥ÐУ»»ã³öÐÐ collecting bank ´úÊÕÒøÐÐ document against payment (D/P) ¸¶¿î½»µ¥ document against acceptance (D/A) ³Ð¶Ò½»µ¥ documentary letter of credit ¸úµ¥ÐÅÓÃÖ¤ bill of lading Ìá»õµ¥ deferred payment ÑÓÆÚ¸¶¿î UNIT Stock Exchanges and Commodity Exchanges 7 Learning Objectives Upon completion of the unit, students will be able to: . know the key concepts related to stock exchanges; . explain the role of commodity exchanges in the trade of futures contracts; . understand the role of a broker; . know the history and development of London and New York Stock Exchanges. Starting Off 1 Is there a stock exchange in China? What is it called? Can you think of other stock exchanges? Talk together. Reading 1 A stock exchange is a regulated financial market where securities, such as shares and bonds, are bought and sold. It has two functions: . in the primary market it helps companies raise capital by selling shares, for example through an IPO (initial public offering); . in the secondary market it acts as an intermediary between those wishing to sell and those wanting to buy shares. In some stock exchanges trading is still carried out in a traditional manner with the brokers on the trading floor, shouting out orders and instructions. Most, however, have moved completely or at least partially to using online and phone trading. Trading can only be carried out by members. Share prices can naturally go both up and down (bear and bull markets), depending on market forces of supply and demand as well as other factors such as positive or negative industry and company reports and forecasts. Naturally, the purpose of anyone trading on the stock exchange is to make a profit by buying low and selling high. A commodity exchange, also referred to as futures market or futures exchange, is where various commodities and derivatives (financial products that have a value based on that of another asset) are traded. Some of the biggest commodity exchanges are located in Chicago, USA, divided according to the commodities and other financial instruments they deal in. Commodity exchanges act as intermediaries in the A bond is an instrument of debt, issued by governments and companies, where the bond issuer pays a fixed rate of interest to the bond holder for the life of the bond until its maturity, when the value of the bond is also repaid. A bull market is when there is confidence in the market and share prices are generally rising. A bear market, on the other hand, is when prices are predicted to fall. trade of futures contracts, commonly known as futures. These are agreements to buy or sell a certain quantity of a commodity at a predetermined price and date. By attempting to predict price movements, the seller wants to fix the best possible rate, protecting himself against future price drops, while the buyer wishes to avoid any future price increases. MY GLOSSARY securities n. ÓмÛ֤ȯ broker n. ¾­¼ÍÈË£¬Þç¿Í predict v. Ô¤ÑÔ£¬Ô¤Öª£»Ô¤±¨£»¶ÏÑÔ futures n. ÆÚ»õ derivative n. ½ðÈÚÑÜÉú²úÆ· predetermine v. Ô¤ÏȾö¶¨£¬Ô¤ÏÈÈ·¶¨£¬ÊÂÏÈ °²ÅÅ 2 Read the text and decide if the sentences below are true (T) or false (F). If there is not enough information, choose ¡°doesn¡¯t say¡± (DS). T F DS¡¡ 1) Shares are bought and sold on the primary market. ¡¡ 2) The primary market is not as big as the secondary market. ¡¡ 3) Bull market and bear market indicate two opposing trends in share ¡¡ prices. 4) Trading can be carried out electronically and face-to-face. ¡¡ 5) Positive or negative information regarding a company can affect its ¡¡ share price. 6) Commodity exchanges are in the same place as stock exchanges. ¡¡ 7) Futures are contracts where the price of the commodity is fixed in ¡¡ the future. 8) Futures help protect against upward and downward changes in ¡¡ price. Speaking 1 3 In pairs, explain the role of commodity exchanges in the trade of futures contracts. Reading 2 Indices An index is an indicator of trends on the stock exchange which can provide a quick picture of what is happening. A portfolio of stocks, traded on a particular exchange, are selected to represent a particular market or investment area. When an index goes up, it basically means that there are more people buying than selling and share prices have risen. The index goes down when people are dumping shares. Charles Dow is credited with the first share index when he created the Dow industrial average in 1886. Today it is known as the Dow Jones Industrial Average (DJIA) or just Dow Jones and is based on 30 blue-chip companies quoted on the NYSE. Two other well-known indices are the Financial Times Stock Exchange 100 and the Nasdaq 100. The former¡ªalso known as Footsie for short¡ªis an index that measures the share price performance of the one hundred largest, most actively traded companies on the London Stock Exchange. The Nasdaq 100 Index includes over one hundred of the largest domestic and international non-financial securities which are listed on the Nasdaq Stock Market in New York. Spread The general definition of spread is the difference between two prices or interest rates. In the stock market, it refers to the gap between the current bid and ask price of a share or other security, also known as bid/ask or bid/offer spread. Bond spread is used when talking about the difference between yields of comparable bonds. To gauge the performance of a company or government bond, its yield is often compared to that of a benchmark bond, which carries less or no risk of default, such as the German Bund or US Treasury bonds. The wider the spread between the two bond yields, the greater the risk is. Brokers In order to be able to buy and sell shares on a stock exchange, it is necessary to go through an authorised broker who can trade on behalf of a customer. Brokers can be part of a bank or brokerage firm, both of which may also offer online trading at low rates for small and private investors. All brokers have to pass particular national exams and are regulated by bodies such as the FCA (Financial Conduct Authority) in the UK and the SEC (Security and Exchange Commission) in the USA. They earn their money by charging a commission on each transaction. There are three types of brokers: . Execution only: These brokers carry out a client¡¯s instructions to buy or sell shares but do not give any advice. This type of broker receives a lower commission rate. . Advisory: These brokers provide advice, giving details of the current trends, analysis of shares and companies for example, and then execute the client¡¯s order to buy and sell. . Discretionary: These brokers buy and sell shares based on a client¡¯s instructions, but they are also authorised to make investment decisions without having prior approval from the client. This type of broker will naturally work on a higher commission rate. MY GLOSSARY index n. Ö¸Êý£»Ä¿Â¼ portfolio n. ֤ȯͶ×Ê×éºÏ dump v. Å×ÊÛ£»Çãµ¹ blue-chip adj. £¨¹«Ë¾»òͶ×Ê£©À¶³ïµÄ£¬¿É ¿¿µÄ performance n. ±íÏÖ£»¼¨Ð§ bid n. ³ö¼Û£»Í¶±ê yield n. ÀûÈó£¬ÊÕÒ棻²úÁ¿ comparable adj. ÀàËƵģ¬Ï൱µÄ£¬¿É±ÈµÄ gauge v. £¨ÓÈÖ¸ÓòâÁ¿ÒÇ Æ÷£©²âÁ¿£¬¼ÆÁ¿£¬ ²âË㣻Åж¨£¬ÅÐ¶Ï benchmark n. »ù×¼ default n. ÍÏÇ·£»Î¥Ô¼ brokerage n. ¾­¼Í¹«Ë¾ commission n. Ó¶½ð£¬·þÎñ·Ñ execution n. ʵÐУ¬ÂÄÐУ¬Ö´ÐÐ discretionary adj. ÈÎÒâµÄ£¬×ÔÓɾö¶¨µÄ approval n. ÔÊÐí£¬Ðí¿É 4 Read the text and answer these questions. 1) What is the purpose of an index? ___________________________________________________________________________________________________ 2) What stock exchanges do the Dow Jones, FTSE 100 and Nasdaq 100 refer to? ___________________________________________________________________________________________________ 3) What is the definition of spread? ___________________________________________________________________________________________________ 4) What is the role of a broker? ___________________________________________________________________________________________________ 5) What role do the FCA and SEC have for brokers? ___________________________________________________________________________________________________ 6) Why does an execution-only broker earn less commission? ___________________________________________________________________________________________________ 7) What is the difference between advisory and discretionary brokers? ___________________________________________________________________________________________________ Speaking 2 5 Discuss these questions in pairs. 1) What are the opportunities for working in a stock exchange or commodity exchange in China? 2) Are there national exams you have to take? 3) What do you think are the positive and negative aspects of being a broker? 4) Would you like to work as a broker? Why / Why not? Reading 3 London Stock Exchange The London Stock Exchange was founded in 1801 although its origins go back to the 17th century. Brokers would meet in Jonathan¡¯s Coffee House to discuss investments and trade in shares and a list of the prices of shares and commodities was created. From there a group of brokers formed a club, which in 1801 was opened on a formal basis. Since 2004 the LSE has been situated in Paternoster Square, near St. Paul¡¯s Cathedral. Key dates in the Exchange¡¯s history 1973: female members were admitted for the first time 1986: the deregulation of the market, known as the ¡°Big Bang¡± 2000: vote by shareholders to become a public limited company 2007: merger with Borsa Italiana, creating the London Stock Exchange Group, Europe¡¯s leading diversified exchange business The Big Bang was a change in the Stock Exchange¡¯s structure and operations. The Exchange became a private limited company. Trading ceased to be done face-to-face on the trading floor and screen-based electronic trading was introduced, using phones and computers. Fixed commission rates were abolished and all firms could operate as broker/dealers trading on behalf of clients and on their own account without the need for an intermediary. MY GLOSSARY origin n. ÆðÔ´£¬À´Ô´ quotation n. ±¨¼Û£»±¨¼Ûµ¥ ticker n. £¨¹ÉƱÐÐÇéµÈµÄ£©×Ô ¶¯ÊÕ±¨»ú cease v. Í£Ö¹£¬ÖÐÖ¹£¬ÖÐ¶Ï 6 Read the text and complete the sentences below. 1) The London Stock Exchange started with _____________________________________________________. 2) Until 1973, there were no ____________________________________________________________________. 3) The purpose of the Big Bang was to __________________________________________________________. 4) The London Stock Exchange Group was created by ___________________________________________. Speaking 3 7 Ticker symbols are used to represent the companies quoted on a stock exchange. Can you work out what the companies are in this ticker tape? They are all quoted on the NYSE. 6 2 3 4 5 1 AMZN2.8M@253.96s1.47 NOK151M@3.88s0.44 AAPL37M@538.79t37.05 MSFT68M@26.67s0.30 MCD5M@86.97t0.23 GOOG1.8M@687.82t3.21 Reading 4 New York Stock Exchange The New York Stock Exchange is the oldest and largest in the USA and is located on Wall Street. The beginnings of the Exchange can be traced back to 1792 when twenty- four brokers met under a tree in Wall Street and signed an agreement establishing the rules for buying and selling company shares. The NYSE is one of the few exchanges in the world that still operates using the traditional open outcry system, that is where the brokers meet face-to- face on the trading floor, in addition to electronic trading. The NYSE became public in 2006. Prior to this it was a membership-only organisation and it was possible to join only by purchasing one of the existing 1,366 seats. A year later it merged with Euronext, the European combined stock market, and formed the NYSE Euronext, the first transatlantic stock exchange. In 2013, it was acquired by Intercontinental Exchange to create the premier financial markets operator. International Exchange also acquired the Chicago Stock Exchange in 2018. Trading on the NYSE opens and closes with a bell ringing, which you can watch live on the Exchange¡¯s website at 9:30 a.m. for the opening bell and at 4 p.m. for the closing bell. Many famous people from actors and athletes to politicians and entrepreneurs have rung the bell. MY GLOSSARY outcry n. º°¼Û£»´óÉùºôº° transatlantic adj. ºá¶É´óÎ÷ÑóµÄ£»ÔÚ´óÎ÷Ñó ±Ë°¶µÄ acquire v. ²¢¹º£»È¡µÃ£»²¶»ñ premier adj. µÚÒ»µÄ£¬Ê×ÒªµÄ politician n. ÕþÖμң¬Õþ¿Í entrepreneur n. ÆóÒµ¼Ò 8 Read the text and complete the sentences below. 1) The NYSE trades by using both _______________________________________________________________. 2) For most of its existence, the NYSE was a ____________________________________________________. 3) In 2006 the NYSE ____________________________________________________________________________. 4) In 2013, NYSE _______________________________________________________________________________. Listening 9 Listen to this expert talking about stock market crashes and economic bubbles and choose the correct option. 1) Tulip Mania is an example of ______________. A a good investment opportunity B an economic bubble C how to invest in the Dutch Stock Exchange 2) Why did the price of tulip bulbs rise? A There was a shortage of bulbs. B They were used to trade instead of money. C They were popular and in demand. 3) What happened after prices peaked? A Bulb dealers started trading abroad. B Bulb dealers imported other flowers. C People lost a lot of money. 4) In the late 1990s, dot-com companies were quoted on the stock exchange even if ______________. A they had no profits B they were newly founded companies C people were not confident about their future 5) During this period, investors often invested ______________. A too much money in the same company B without checking out the company thoroughly C when the share price was already too high 6) What happened in March 2000? A The dot-com companies failed to make a profit. B The economic bubble burst. C Trading in dot-com companies was interrupted. Speaking 4 10 Prepare a short presentation (3¨C5 minutes) on share and securities trading and the risks involved, including: . the difference between a stock exchange and a commodity exchange; . the role of a broker; . the importance of indices; . fraud and speculation. Writing 11 Write a short essay (150¨C200 words) introducing one stock exchange in China. Include the following points: when it was founded; scope of business and functions; its ranking in the world. Technical Terms initial public offering Ê״ι«¿ª·¢ÐÐ commodity exchange ÉÌÆ·½»Ò×Ëù bull market Å£ÊÐ bear market ÐÜÊÐ Dow Jones Industrial Average µÀÇí˹¹¤ÒµÆ½¾ùÖ¸Êý Financial Times Stock Exchange 100 ½ðÈÚʱ±¨100Ö¸Êý Nasdaq 100 ÄÉ˹´ï¿Ë100Ö¸Êý Financial Conduct Authority ½ðÈÚÐÐΪ¼à¹Ü¾Ö Security and Exchange Commission ֤ȯ½»Ò×ίԱ»á London Stock Exchange Â׶Ø֤ȯ½»Ò×Ëù Big Bang ¹ÉƱ½»Ò׸ĸï New York Stock Exchange ŦԼ֤ȯ½»Ò×Ëù Euronext ·ºÅ·½»Ò×Ëù£»Å·ÖÞ֤ȯ½»Ò×Ëù NYSE Euronext ŦԼ·ºÅ·Ö¤½»Ëù¼¯ÍÅ Intercontinental Exchange Ö޼ʽ»Ò×Ëù Chicago Stock Exchange Ö¥¼Ó¸ç֤ȯ½»Ò×Ëù Explaining Financial Data UNIT 8 Learning Objectives Upon completion of the unit, students will be able to: . describe financial data through a chart; . explain results, trends and forecasts on charts and graphs; . master common verbs and adverbs that describe data changes. Starting Off 1 What kind of financial information is often presented in graph form? Why? Discuss with your partner. Reading Newspapers, company annual reports, government papers and many other kinds of documents contain financial data, which is often presented in graph form, to show results, trends and forecasts. Think about indices like the FTSE 100 or Dow Jones, currency exchange rates, company performance statistics with sales, expenditure and profits. The use of graphs makes the information immediate to see and easy to understand without having to read a lot of text. Any accompanying articles or reports usually go into more details, picking up on some of the principal figures to explain and analyse them in depth. It is a useful skill to be able to read this kind of graph, and summarise it both in written form and orally. MY GLOSSARY graph n. ͼ±í£»ÇúÏßͼ forecast n. Ô¤²â£¬Ô¤±¨£»Ô¤Ïë statistic n. ͳ¼Æ×ÊÁÏ£¬Í³¼ÆÊý¾Ý£»Í³ ¼ÆÁ¿ immediate adj. Á¢¼´µÄ£¬Ö±½ÓµÄ£»×î½Ó ½üµÄ accompanying adj. ÅãͬµÄ£¬Åã°éµÄ principal adj. Ö÷ÒªµÄ£»×ʱ¾µÄ in depth ÉîÈëµØ£»È«ÃæµØ summarise v. ¸ÅÀ¨£»×ܽá orally adv. ¿ÚÍ·µØ£»¿ÚÊöµØ 2 Put these verbs into the correct column to indicate their meaning. go up increase go down decrease fall decline grow stabilise drop rise improve level off peak plummet steady jump pick up climb become stable soar recover rally boom dip rocket plunge crash remain constant . . . rise, ________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ level off, ___________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ plummet, __________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ 3 Look at the sentences on the left and complete their opposites by choosing the words and expressions in the box. has changed rose decrease lowest ever rate fell dramatically have been lowered 1) Sales grew rapidly in the first quarter. Sales ___________ in the first three months of the year. 2) Holiday prices reached a peak in July. July saw holiday prices at their ___________. 3) Oil prices have remained constant. The price of oil ___________. 4) There has been a 1% rise in interest rates. Interest rates ___________ by 1%. 5) Output has increased sharply this month. There has been a significant ___________ in output this month. 6) The price of mobile phones dropped by 9%. Mobile phone prices ___________ by 9%. 4 Match each sentence below with the correct graph and write it in each blank. . Performance dropped twice during the period in question. . After a stable beginning to the year, profits plummeted in May. . After an initial period of fluctuation, share prices levelled off. . Last year, sales peaked dramatically in the second quarter. . The forecast is that both online and phone orders will decline in October. . Over the four year period in question, sales increased steadily. 800 600 400 200 0 4th quarter 2nd quarter 1st quarter 3rd quarter Dec Sept Oct Nov 1) A _______________________________________ B Then they fell rapidly ___________ between the second and third quarter, before _____________________ at the end of the year. 2) A _______________________________________ B However, both are predicted __________________ in November and December due to the festive period. sales prices 2018 2017 2016 2015 4) A _______________________________________ B Prices also showed a similar, positive trend, although in 2017 they _____________________. 3) A _______________________________________ B Towards the end of the period they began to _____________________. 5000 4000 3000 2000 1000 0 Week 7 Week 1 Week 9 Week 8 Week 10 Week 2 Week 3 Week 4 Week 5 Week 6 A M J J A S O N J F M D 5) A _______________________________________ B In fact, in week 8 it dropped sharply, before _____________________ again at the end of the 10 week period. 6) A _______________________________________ B By December they had _____________________ but were still far below January¡¯s figures. 5 Use a verb from the table in Exercise 2 with an appropriate adverb from the list below to complete the second sentence under each graph in Exercise 4. Pay attention to the form of the verb. More than one answer is possible. Speed of change: suddenly/sharply/quickly/rapidly/fast/steadily/gradually/gently/slowly/ sluggishly Amount of change: dramatically/significantly/considerably/markedly/slightly/fractionally/ marginally 6 Choose the correct option to complete this summary of a day¡¯s trading in London. London shares (1) __________________ on Friday, continuing the strong gains which started on Tuesday¡¯s trading session. After jumping 2.3% on Thursday, the FTSE 100 index closed up 25.4 points or 0.39%. A(n) (2) __________________ in commodity prices benefitted petroleum and energy companies, with Wickstead Oil closing up 4.04%. Shares in TAL Right Brothers fell 4.98% after its (3) __________________ third-quarter trading update. The company declared a(n) (4) __________________ in sales volumes, thanks to growth in the Japanese market. However, revenues dropped (5) __________________ 11% due to the depreciation of the Yen and other currencies against the US dollar. In the FTSE 250, Halon shares (6) __________________ 7.6% after the DIY chain reported a 3.8% rise in sales for the period from August to October. On the currency markets, the pound was (7) __________________ against the euro and went up 0.75% to €1.2561 but (8) __________________ 0.25% against the dollar, down to $1.5103. 1) A leveled off B went down C went up 2) A decrease B increase C drop 3) A exceptional B outstanding C disappointing 4) A rise B slump C increase 5) A by B from C of 6) A plummeted B crashed C increased 7) A negative B positive C stable 8) A plunged B soared C fell 7 Look at the graph and complete this article with a suitable word for each gap. TNP is a small nanotechnology company based near Cambridge and it has had a few mad days of trading on the London Stock Exchange. Shares had been (1) ___________ before 22nd May and were (2) ___________ for less than ¡ê3. They closed on Wednesday 26th May at about ¡ê22¡ªan amazing (3) ___________ of (4) ___________ 1,000%. At one point on Tuesday TNP shares actually (5) ___________ as high as ¡ê49.68, which meant the (6) ___________ since 22nd May was 30,000%! But on Wednesday, the shares (7) ___________ as much as 21% at one point before (8) ___________ in the last hour of trading to end the day up 11%. aquinox stock 2 Speaking 8 Work in pairs to describe this graph. One of you should talk about overheads and the other talks about profits. overheads profits Writing 9 You are a broker and one of your clients has asked you to prepare a report on the performance of his investment portfolio. Use the information and notes below to write your report (120¨C140 words). aquinox stock 2 Useful language for reports . This report looks at / deals with¡­ . Firstly/Secondly/Finally . The current situation is¡­ . Nevertheless/However / In spite of . The key events/figures show that¡­ . Furthermore / In addition / Moreover . It can be seen that¡­ . In conclusion / To sum up . As far as...is concerned... positive effect on stock market explain which stock market client¡¯s investments are in Market Events (8 Sep. to 6 Oct.) . Black Tuesday hit NYSE first, then the other major markets . Strong dollar at the end of September . Slow growth predicted for rest of October give reasons why Technical Terms FTSE 100 index ½ðÈÚʱ±¨100Ö¸Êý FTSE 250 index ½ðÈÚʱ±¨250Ö¸Êý Black Tuesday ºÚÉ«ÐÇÆÚ¶þ UNIT 9 Digital Payment Learning Objectives Upon completion of the unit, students will be able to: . compare the similarities and differences between the two most popular digital payment methods in China; . know the functions of digital payment; . know the trends of digital payment in China. Starting Off 1 Read the text below and discuss with your partner. What¡¯s your favourite payment method during the pandemic? In addition to shopping, where else can you use it? After the COVID-19 epidemic was known in China, the Payment & Clearing Association of China (PCAC) launched an action on February 28, 2020 to encourage people to use mobile payment, online payment, and QR payment to avoid the risk of infection. As a result, in April 2020, the number of digital payments for virtual mobile phone transactions on a daily basis increased by 48.5% year on year. In terms of Alipay, the payment frequency of sightseeing spots has increased by 120%. On the other hand, WeChat Pay use for restaurants has increased by 447% compared with March 2020. MY GLOSSARY epidemic n. ´«È¾²¡£¬Á÷Ðв¡ infection n. ¸ÐȾ£¬´«È¾£»Ó°Ïì virtual adj. ÐéÄâµÄ frequency n. ƵÂÊ£»Æµ·± sightseeing spot ÓÎÀÀµã£¬¹Û ¹â¾°µã Reading 1 WeChat Pay & Alipay The most popular Chinese companies for digital payments are WeChat Pay and Alipay. The main difference between these two companies is that WeChat Pay is an in-app feature of the social media app WeChat (wexin in Chinese), but Alipay is a dedicated mobile payment system. WeChat Pay is a digital wallet. In China, WeChat Pay customers can make in-store payments for goods and services, top up a mobile phone account, pay for utilities, and order goods and services from virtual stores and bricks-and-mortar locations for delivery via WeChat mini-apps. WeChat then lets customers track those deliveries, request refunds, and easily reorder from the order history. In WeChat, a customer can scan a bar code in-store to check if the item is cheaper online. With Alipay¡¯s mobile payment system app, Chinese customers can make the same in-store payments for goods and services, as well as order goods and services from Taobao and Tmall, as both are brands within the Alibaba Group, who also owns Alipay. WeChat Pay is not a digital payment option for either Taobao or Tmall. MY GLOSSARY feature n. ÌØÕ÷£¬ÌØÉ« dedicated adj. רÓõģ¬×¨ÃÅµÄ utility n. ¹«ÓÃÊÂÒµ refund n. Í˿ÍËË° scan v. ɨÃ裻ä¯ÀÀ bar code ÌõÐÎÂë 2 Read the text and decide if the sentences below are true (T) or false (F). If there is not enough information, choose ¡°doesn¡¯t say¡± (DS). T F DS¡¡ 1) WeChat Pay has a higher market penetration rate compared with ¡¡ Alipay. 2) Both WeChat Pay and Alipay can top up a mobile phone account ¡¡ and pay for utilities. 3) There are two ways to pay via QR code with WeChat Pay. ¡¡ 4) WeChat Pay is a digital payment option for Taobao. ¡¡ 5) WeChat Pay and Alipay have the same user fees. ¡¡ Speaking 1 3 Look at the graph below about China¡¯s most popular digital services. Discuss with your partner about how often the surveyed respondents use digital financial services and for what. Listening 4 Listen to the conversation and answer the questions below. 1) What are they talking about? ___________________________________________________________________________________________________ 2) What digital payment methods do they mention? ___________________________________________________________________________________________________ 5 Listen to the recording and fill in the blanks. There is a feature of WeChat called (1) __________________. I¡¯ll show you how to connect that to your new bank account at Bank of China. Once that is done, you only have to carry cash for emergencies like (2) __________________ or (3) __________________. You¡¯ll use this digital payment option for everything in person as well with mini-apps in WeChat plus regular apps and websites. I even use it to buy movies on my television here. Well, actually there is another one called (4) __________________ that is also popular and also lets you buy stuff from Taobao and Tmall. You¡¯ll want to find things for your apartment, clothes, and everything else from those two huge (5) __________________. Especially when you have a lot to buy at once and don¡¯t know your way around Beijing, those two sites are the best for good deals, (6) __________________ and convenience. You can also use (7) __________________ almost everywhere you use WeChat Pay, but there aren¡¯t as many mini-apps with Alipay. Also, you will want WeChat Pay to be able to transfer money in groups and have fun with (8) ¡°__________________¡±. Unit 9 Ditgital Payment 89 Reading 2 The Function of Payment One of the most common digital payment function for both WeChat Pay and Alipay is payment. There are two ways to pay via QR codes. With the first, the customer scans the seller¡¯s QR code with his mobile phone, which is displayed virtually or printed on a sign at the checkout counter, on a vending machine, etc. Then, the customer types in the amount to pay, sending the money to the seller via the digital payment app. With the other method, the seller enters the amount due into his mobile phone or a commercial handheld scanning device. Then, the customer shows his personal QR code on his mobile phone, and the seller scans the QR code with his phone or device. In comparison, in Western countries where Apple Pay is available, a seller must buy Apple¡¯s technology to receive a payment. The Function of Transfer Another common digital payment function for WeChat Pay and Alipay is transfer. For example, if a group eats out together, then one person pays the total bill. Afterwards, that person sends a bill request to a WeChat Group Chat and instantly collects the money from the other people through transfers. Alipay also offers online transfer for customers, but it is not as convenient as WeChat. Also exclusive to WeChat Pay is the Chinese culturally popular ¡°red envelope¡± (hongbao in Chinese), a gift of money, which is common with families and other close relationships, in particular during the Spring Festival (Chinese New Year). Traditionally, the gift of money is presented in a red envelope. As an alternative, WeChat Pay offers a virtual ¡°red envelope¡± function. During the Spring Festival of 2019, around 823 million people sent or received a WeChat ¡°red envelope¡± in China. MY GLOSSARY QR code ¶þάÂë handheld adj. ÕÆÉϵģ¬ÊÖ³ÖʽµÄ exclusive adj. ¶ÀÓеģ¬ÅÅÍâµÄ£¬ רһµÄ alternative n. ¶þÖÐÔñÒ»£»¹©Ìæ´úµÄÑ¡Ôñ 6 Read the text and answer the questions below. 1) What is the difference between Chinese digital payment methods and Apple Pay? ___________________________________________________________________________________________________ 2) Which digital payment is your favourite? Why? ___________________________________________________________________________________________________ 3) When will people use ¡°red envelope¡±? ___________________________________________________________________________________________________ Speaking 2 7 How often do you use the ¡°red envelope¡± of WeChat in your daily life? Do you think virtual ¡°red envelopes¡± are as warm-hearted and traditional as receiving paper money in real red envelopes? Why? Reading 3 Trends of Digital Payment in China According to statistics released in early 2020 by the People¡¯s Bank of China (PBOC), 62.1 billion electronic payments were processed in 2018, including 30.7 billion mobile digital payment transactions, representing a year-on-year increase of 73.6%. As of March 2020, just over 776 million people were using mobile digital payments in China. A survey by Nielsen and Alipay, in 2018, showed that mobile digital payments in the Chinese outbound tourism market saw an increase in both the rate of use (69%, up 4% from 2017) and the proportion of transactions (32%, overtaking cash for the first time). 91% of Chinese tourists said they would shop more and 93% of them would increase their spending if overseas merchants had digital payments through Alipay and/or WeChat Pay. MY GLOSSARY outbound adj. Ê»ÏòÍâ¹úµÄ£¬ÏòÍâÈ¥µÄ proportion n. ±ÈÀý£¬Õ¼±È overtake v. ¸ÏÉÏ£¬×·ÉÏ£¬³¬¹ý merchant n. ÉÌÈË 8 Read the text and decide if the sentences below are true (T) or false (F). If there is not enough information, choose ¡°doesn¡¯t say¡± (DS). T F DS¡¡ 1) More and more people use mobile digital payments in China. ¡¡ 2) The foreigners prefer to use mobile digital payments through Alipay ¡¡ in China. 3) Chinese tourists will shop more if overseas merchants can pay by ¡¡ Alipay or WeChat Pay. Speaking 3 9 Will it change your outbound tourism plans whether or not a foreign country offers Chinese digital payment options? Why? Discuss with your partner. Writing 10 Write a short essay (120¨C150 words) explaining at least three advantages of Chinese digital payment options for a Chinese outbound tourist or a foreigner visiting or living in China. Technical Terms Payment & Clearing Association of China ÖйúÖ§¸¶ÇåËãЭ»á digital payment Êý×ÖÖ§¸¶ digital wallet Êý×ÖÇ®°ü checkout counter ¸¶¿î¹ñ̨£¬ÊÕÒø̨ vending machine ×Ô¶¯··Âô»ú£¬×Ô¶¯ÊÛ»õ»ú Unit 9 Digital Payment 93 Applying for a Job UNIT 10 Learning Objectives Upon completion of the unit, students will be able to: . know how to write a CV and a covering letter; . master the words and expressions related to CV and interview; . grasp proper skills in planning, preparing and succeeding in an interview. Starting Off 1 Tick the things you would expect to see in a CV and discuss with your partner. address career history date of birth favourite TV programmes interests marital status name nickname qualifications social media presence Reading 1 How to Write a CV A curriculum vitae, CV for short, is a brief summary of facts about you and your qualifications, work history, skills and experience. It is essential to have a good CV when applying for a job as it is your chance to sell yourself and be selected for an interview. Some companies may ask you to fill in an application form instead of sending a CV. Your CV should be: . printed on white paper and no more than 2 or 3 sides; . clear and correct; . positive and make a good impression, emphasising your strengths and successes; . adapted to suit the specific job profile. Key Features Personal details Your name, address, phone number(s), email address and date of birth. Personal profile This is normally at the beginning of the CV. It is a short statement aimed at selling yourself so you should use positive words and expressions. It must be specifically written for the position you are applying for. Work experience It is normal practice to list your most recent job first, with the dates. It is not a good idea to leave any gaps between dates and if you do not have a lot of experience, you should include details of part-time and voluntary work. Qualifications and training This includes qualifications from school and university as well as any other training courses or certificates. You should indicate the date (the most recent first), the title of the qualification, the level obtained and the organisation/place. Achievements/Skills/Competences This can include foreign languages and computer skills, as well as things like artistic or musical skills. It is possible to highlight a particular achievement¡ªpersonal or professional¡ª which reflects well on your ability to do the job. Interests Hobbies or sports activities can help show particular abilities or skills which could be relevant for the job. References This section is for the name, position and contact details of at least two people who can provide a personal and/or work reference. Alternatively it is possible to state that references can be supplied on request. MY GLOSSARY curriculum vitae ¼òÀú£¬ÂÄÀú summary n. ×ܽᣬС½á qualification n. ×ʸñ£¬×ÊÀú essential adj. ±ØÒªµÄ£¬ÖÁ¹ØÖØÒªµÄ apply for ӦƸ£¬ÉêÇë interview n. ÃæÊÔ£¬Ãæ̸ application form ÉêÇë±í emphasise v. Ç¿µ÷ profile n. ¼ò¿ö£¬¼ò½é specifically adv. רÃŵأ»Ã÷È·µØ£¬¾ßÌåµØ gap n. ¼ä¸ôÆÚ£»²î¾à voluntary adj. ×ÔÔ¸µÄ certificate n. Ö¤Ê飬֤Ã÷ achievement n. ³É¼¨£¬³É¾Í competence n. ÄÜÁ¦£¬²Å¸É highlight v. Ç¿µ÷£»Í»³ö professional adj. רҵµÄ£»Ö°ÒµµÄ reflect v. ·´Ó³£»·´Éä reference n. ÍƼöÐÅ£¬½éÉÜÐÅ section n. ²¿·Ö contact detail ÁªÏµ·½Ê½ alternatively adv. »òÕߣ¬Òª²» 2 Read the text and discuss the questions below. 1) What is the purpose of a CV? 2) How long should it be? Why do you think that is? 3) Is it a good idea to use the same CV for different job applications? Why / Why not? 4) Why do you think the personal profile is normally at the start of the CV? 5) What order should you list your qualifications and previous jobs? Why do you think that is? 6) What kind of interests do you think would be positive to include in your CV? 7) What is the purpose of indicating references? 8) Can you think of examples of positive words and expressions for a CV? Speaking 1 3 Look at this example CV and say whether it follows all the advice given in Reading 1. Discuss with your partner. 4 Read this job advertisement and discuss the questions below. Then discuss with your partner the suitability of the candidate in Exercise 3 for this job advertisement. 1) What position is being advertised? 2) What requisites are they looking for? 3) Does the candidate have the right experience? And qualifications? 4) Does the CV make a positive impression? Why / Why not? 5 Suppose you are the interviewee for this job, how would you introduce yourself in the first interview so that the interviewer will give you an opportunity to have the job? 6 Have you ever seen a Europass CV? How do you think it differs from a standard CV? Talk together. The Europass CV is a standard document aimed at simplifying the job application process between EU member states for both employers and applicants. It is possible to complete the CV online or to download it, together with examples and instructions on how to fill it in. There are five Europass documents designed to make your skills and qualifications clearly and easily understood in Europe. In addition to the CV, there is the European Skills Passport, which includes a Language Passport, Europass Mobility, Certificate Supplement and Diploma Supplement. The European Skills passport can be attached to the Europass CV to give comprehensive details of your skills and qualifications, grouping together copies of certificates and degrees and proof of employment. Europass also offers the possibility to compile covering letters and gives suggestions for key expressions for each part. Reading 2 How to Write a Covering Letter Jeremy Keystone 7 High Street Rochford SS4 7PT Tel: 01702 986631 jeremy.keystone@virgin.net Ms Lewis Carol, Celtic Security Ltd., 83 Wimbledon Park Side, London SW19 5LP 17th April 20.. Dear Ms Lewis, I am writing in response to your advertisement in The Guardian and wish to apply for the post of Director of Security. After training school, where I gained knowledge and related skills in carrying out security operations and procedures in accordance to prescribed rules and regulations, I started working as Deputy Security Supervisor, then I attended Manchester University to deepen my knowledge in Security. Since graduation I have been working as Security Supervisor at a five star superior hotel. My strengths can be summed up as follows: . Extensive experience in handling general security operations including facility inspection, updating of paper work and security manuals . Demonstrated ability to command and control FCC activities during emergency situations . Well versed in reviewing and investigating accidental and misconduct reports and issuing future course of action in light of incident analysis . Able to assess staff and personnel training needs and provide training accordingly Having worked for two international security groups, my skills in security management have been refined by experience. With a 10+ years¡¯ career in the security field, I feel confident that I can contribute significantly to the role of Director of Security at Smithson¡¯s Medical Group. Please find enclosed my Curriculum Vitae and I would welcome the opportunity to provide further information during an interview. I look forward to hearing from you. Yours sincerely, Jeremy Keystone Jeremy Keystone Enc. Here you should refer to the advertisement and where you saw it. Include the title of the position and any reference number. Here you can give a few details about your qualifications and/or experience. This is your chance to state why you would be perfect for the company. Do not just use the same letter for every job application. Each letter should be tailored to the specific requisites mentioned in the ad. Here you can mention any enclosures (CV, references, certificates) and state how you are going to follow up on your letter. MY GLOSSARY advertisement n. ¹ã¸æ£¬Ðû´« post n. ְλ£¬ÒªÖ° title n. ְλÃû³Æ£»Ö°³Æ tailor v. רÃÅÖÆ×÷£»Ê¹ÊÊÓ¦Ìض¨ÐèÒª requisite n. ±ØÒªÌõ¼þ£»±ØÐè Æ· enclose v. Ë溯¸½ÉÏ enclosure n. £¨ÐÅÖУ©¸½¼þ 7 Read the text and answer the questions below. 1) Why is a covering letter important? ___________________________________________________________________________________________________ 2) How should a covering letter be written? ___________________________________________________________________________________________________ 3) How does a covering letter usually start? ___________________________________________________________________________________________________ 4) Should a covering letter repeat all the details of a CV? Why / Why not? ___________________________________________________________________________________________________ 5) Why is it not a good idea to use a standard covering letter for all applications? ___________________________________________________________________________________________________ Writing 8 Sabina Cerratani wants to apply for this job. Use the details of her CV in Exercise 6 and write her covering letter. Also include these points: . you saw the advertisement in The Telegraph; . you will be in London in two weeks so would be available for an interview; . you have travelled a lot in South America because your mother is from Argentina. Reading 3 Tips for a Successful Interview Job interviews can be stressful; however, with the proper planning and preparation, you can get the job. Read these tips to help you survive the interview and get the job offer. Before the Interview . Research the company and prepare relevant questions. Interviewers appreciate when job candidates show interest in the company and available position. . Organise all paperwork, including your CV and eventual references from previous employers. . Plan responses to common interview questions and practise interviewing with a peer. . Prepare for questions about salary expectations by finding out how much employees in the position you are applying for are typically paid. During the Interview . Make a good first impression by arriving on time for the interview. Make sure to dress in clean and professional attire. Finally, be polite and use the interviewer¡¯s name when speaking. . Respond to all questions clearly. Interviewees should provide solid examples of how their previous experience relates to skills needed for the new position. Also be sure to explain your future career goals. After the Interview . Employers may request a call-back to obtain more information as a follow-up. MY GLOSSARY job offer ¹¤×÷»ú»á interviewer n. ÃæÊÔ¿¼¹Ù£¬Ö÷³ÖÃæÊÔÕß candidate n. ºòÑ¡ÈË£¬ÉêÇëÈË available adj. ¿É»ñµÃµÄ£»¿ÉÓÃµÄ paperwork n. Îļþ£»ÎÄÊ鹤×÷ eventual adj. ×îÖյģ»ÓÐÌõ¼þµÄ response n. ÏìÓ¦£¬·´Ó¦£¬»Ø´ð peer n. ͬÁäÈË£¬Í¬±² salary n. ¹¤×Ê£¬Ð½Ë® typically adv. ͨ³££¬Ò»°ã attire n. £¨ÓÈÖ¸Ìض¨Ñùʽ»òÕýʽ µÄ£©·þ×°£¬ÒÂ×Å respond v. »Ø´ð£¬»ØÓ¦ solid adj. ¿É¿¿µÄ£¬¿ÉÐÅÀµµÄ call-back n. »Øµç follow-up n. ºóÐø£¨Ðж¯£© 9 Read the text and decide if these sentences are true (T) or false (F). Then correct the false ones. T F¡¡¡¡¡¡¡¡ 1) A job candidate should ask about the company during the interview. ¡¡¡¡¡¡¡¡ ___________________________________________________________________________________________________ 2) Interviewees make a good impression by dressing professionally for the ¡¡¡¡¡¡¡¡ interview. ___________________________________________________________________________________________________ 3) A call-back is a typical way for a job candidate to follow up after an ¡¡¡¡¡¡¡¡ interview. ___________________________________________________________________________________________________ 4) Talking about career goals and salary is not recommended. ¡¡¡¡¡¡¡¡ ___________________________________________________________________________________________________ 5) Prepare your CV and references before the interview. ¡¡¡¡¡¡¡¡ ___________________________________________________________________________________________________ 6) Before the interview find out about the company via the Web. ¡¡¡¡¡¡¡¡ ___________________________________________________________________________________________________ Speaking 2 10 Which of the points in Reading 3 do you think are the most important? Why? Can you think of any other Dos and Don¡¯ts for an interview? 11 How long do you think it takes an interviewer to have a basic impression of a candidate? What do you think a candidate can do to make sure his/her first impression is positive?