Английский язык. Практический курс для решения бизнес-задач
Шрифт:
Market risk – risk that an asset price drops and its owner incurs losses while selling the asset.
Operational risk – risk of careless or unprofessional actions of management resulting in losses.
Political risk – the risk of an adverse change in official policy such as in regard to taxation, tariffs, quotas, currency control, foreign ownership, nationalization, interest rates, etc.
Price risk – risk of changes in commodity or financial instrument prices over time.
Reinvestment risk – uncertainty about the future level of returns and interest rates after the current investment expires.
Systematic risk – risk that is characteristic for all securities of a given class and cannot be eliminated through portfolio diversification.
Systemic risk – a situation when problems in any one financial institution or market may spread, widely endangering the whole system.
Exercise 4.economy, US dollar terms, account for, worth, GDP, appreciation, exchange rates, average, shift, growth rates, individuals, per capita, spending, assumption, projections, challenges, forecasts, implications, pattern, activity, engine, demand, offset, ageing, returns, advanced, weight, portfolios, flows, currency, incomes, pricing, commodities, opportunities, global, strategic, list, richest
Lesson 22
Exercise 2.1. crowding out, 2. currency, 3. gold standard, 4. inflation, 5. interest rate, 6. investment, 7. liquidity trap, 8. money supply, 9. peg, 10. savings.
Exercise 4.macroeconomics, microeconomics, laissez-faire, Nobel, Economics, consumption, stabilization, federal, institution, contributed, Chicago School, affiliated, monetarist, money supply, phenomenon, Federal Reserve Bank, fiscal policy, restricted, Great Depression, financial shock, contraction, intervention, freely floating, negative income tax, welfare, bill, foundation, advisors, free market policies, relationship, economic situation
Lesson 23
Exercise 2.
Increase: climb, recover, mount, soar, pump up, push up, peak, rise, surge, grow, drive up, boost, expand, upturn, upswing, gain, hike, lift, shot up
Decrease: downturn, cut, push down, lower, decline, fall, plunge, drop, drive down, slip, diminish, contract, reduce
Exercise 3.1. capital expenditures, 2. depreciation, 3. balance of payments, 4. Central Bank, 5. corporate tax, 6. fiscal year, 7. foreign direct investments, 8. gross domestic product, 9. inventory, 10. public finance
Exercise 4.petrodollars, forecast, hard currency, averages, upbeat, advisor, oil sector, mismanagement, wealth, natural resources, growth, windfall, spending, crunch, Stabilization Fund, accumulating, boost, tax revenues, hike, threshold, fiscal discipline, populist, outlays, GDP, cash payments, fiscal policy, public finances, budget surplus, inflation, upward, consumer prices, target, exacerbate, strengthening, manufacturers, value, in real terms, appreciate, macroeconomic, institutions, stability,
Lesson 24
Exercise 2.1. free trade, 2. free trade zone, 3. IMF, 4. Maastricht Treaty, 5. multinational company, 6. NAFTA, 7. protectionism, 8. stock exchange, 9. WTO
Exercise 4.developing nations, global markets,
Lesson 25
Exercise 3.1. economies of scale, 2. economies of scope, 3. horizontally integrated MNC, 4. kickback, 5. license, 6. MNC, 7. quota, 8. red tape, 9. vertically integrated MNC
Exercise 5.developing countries, multinationals, doing business, government officials, co-chairs, FDI, administrative reform, banking system, red tape, working group, boosting, strengths, labor costs, education, consensus, investment climate, awareness, executives, media, opportunities, campaign, attracting, tax, capital intensive, locations, community, representation, venue, impact, Customs, legislation
Lesson 26
Exercise 2.advance payment, bill of exchange, capital goods, consumables, consumer goods, jobbing, manufacture, open account trading, person, raw material, spare part
Exercise 4.consumption, FDI, multinational, commitments, liberalize, productivity, tariff barriers, antidumping, expansion, import protection, contract, return on investment, households, safety nets, adverse, transition, unskilled, displaced, incur, retraining, relocation, living standards, public policy, sustained, incentives, offset
Lesson 27
Exercise 2.The following statements are not correct: 2, 3, 4, 8, 11.
Exercise 3.1. ask (offer) price, 2. base currency, 3. bid price, 4. central bank, 5. commission, 6. counter currency, 7. cross currency pairs or cross rate, 8. fundamental analysis, 9. intervention, 10. limit order, 11. liquidity, 12. lot, 13. pips, 14. quote, 15. settlement, 16. spread, 17. technical analysis, 18. transaction cost
Exercise 4.marketplace, transactions, contracts, negotiated, counterparties, delivery, currency, notional, FX, derivatives, interbank, binding, instrument, traders, underlying, profit, risks, rewards, exit, positions, «open outcry», E-trading, individual investors, MNCs, fluctuations, transparent, liquid, clearing, fees, physical, cash-settled
Lesson 28
Exercise 2.The following statements are not correct: 1, 3, 4, 5, 7.
Exercise 3.1. broker, 2. dealer, 3. full disclosure, 4. liquidity, 5. NASDAQ, 6. OTC, 7. secondary market, 8. SEC, 9. settlement
Exercise 4.stock market, regulator, SEC, fraudulent, easy, hazardous, structured, industry, supervision, public, securities, divisions, compliance, overseeing, disclosure, filed, transparency, filings, material, offerings, reports, M&As, proxy voting, AGMs, fair self-regulating organizations, broker-dealer, rules, disagreements, surveillance, overseers, advisors, registered, regulations, violations, law-enforcement, criminal, insider trading, fiduciary, integrity