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Unit 3 World News: Economic Developments Part I Warming up A

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1. Central Bank governors from more than a dozen countries have been meeting in Hong Kong today. One subject they likely discussed is the outlook for the global economy because of the U. S. slowdown and Japan's struggling recovery. Another topic they may have discussed is how to strengthen financial markets in emerging economies in Asia and elsewhere.

2. A United Nations' report says the worldwide total of foreign investment grew by nearly 40% last year to more than 600 billion dollars. The report by the UN Conference on Trade and Development, UNCTAD says most of it took place between developed countries as big companies took one another over.

3. The United States House of Representatives has approved a cut in income tax rates, the first part of a package of tax cutting measures put forward by President Bush. The income tax reductions will amount to nearly 1 trillion dollars over ten years.

4. The world's largest maker of computer chips, Intel, has announced job cuts after a fall in demand for its products. Intel said it expected its revenue in the first quarter of this year to fall by a quarter than the same period last year. The California-based company plans to reduce its 85,000-strong work force by 5,000.

5. The European Union has imposed further restrictions on the movement of live-stock after a case of foot-and-mouth disease was confirmed in France. The United States and Canada have issued temporary bans on the import of all animal produce from EU countries. B

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1. The dollar is trading at one German mark seventy-three point three and at 126.9 Japanese yen. The pound buys one dollar sixty-two point four. In New York, the Dow Share Index closed 45 higher at 6,783. Earlier London's 100 Share Index ended 20 higher at 4,390. In Tokyo, the Nikkei Share Index is closed for a holiday.

2. The Dow Jones Industrial Average closed up 96 points at 10,116. The Standard and Poor's 500 Index gained 6 points to close at 1,254. But the NASDAQ Index lost 1.5% as high technology and Internet stocks were battered.

3. Right now the Dow is down another 66 points at 8,094; the NASDAQ Composite down 3 points at 1,662. Turning to Europe's major markets: London stocks were hit by a wave of profit taking after five straight record closes; the FT 100 Index down 36 points; Paris seeing losses as well, the CAC quarante down 33 points or 1%; and Frankfurt's DAX also fell 1% after briefly moving into record territory. 4. The Hang Seng Index closed down 89 points at 3,521. The turnover was 7.71 billion dollars. Now look at the ten most active stocks. Cable and Wireless HKT up 45 cents, HSBC holdings down 50 cents, Hutchison down 50 cents, Shanglongkai Property up $2.25, and China Telecom down $1.50, Chang Kong up 25 cents, Pacific Century Cyberworlds down 10 cents, CCT Telecom down 27.5 cents, New World Cyberspace down 7.5 cents, and Hanong Holdings down 25 cents. The Hang Seng Index future for November and December were all down. Hong Kong gold closed at 2,670 Hong Kong dollars, and London gold is trading at 289 U.S. dollars.

5. Consumer electronics maker Philips Electronics reported a lower than expected profit for last year. The company made about $2.4 billion, more than $300 million below estimates. Oil company Royal

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Dutch Shell posted its earnings. It made roughly a $3.6 billion profit for its fourth quarter. That was essentially in line with Street expectations. Electronic Data Systems also reported its fourth quarter numbers last night. It posted a 70-cent profit per share, two cents better than expectations.

Part II News reports A

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For the second year in a row, the General Electric Corporation is ranked number one in an annual survey of the 100 most powerful corporations in the world.

The survey, compiled and published by Forbes business magazine, shows General Electric of the United States ranked number one, followed in second and third place by the U.S. banking and

financial services giants Citigroup and Bank of America. In fourth and fifth place are the British-based HSBC Banking Company and Daimler-Chrysler, the German-American auto-company. The

companies are ranked with a composite formula, which includes total sales, profits, assets and market capitalization, or the total value of its (their) stock. What the magazine calls its \are 46 companies based in the United States and 54 in Europe and Japan.

Mike Ozanian, the Forbes editor who compiled the list, says there is a growing trend of international mergers and acquisitions, citing companies such as Daimler-Chrysler and BP-Amoco, the

Anglo-American Oil Company. Mr. Ozanian says that despite the huge capitalizations of many Internet-related firms, none were included because most have little, if any, profits -- at least not yet. B

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U.S. stock prices were mixed on Monday, with the \moderate after a holiday-shortened week last week, showing lingering uncertainty among investors. The Dow Jones Industrial Average went up 75 points, less than one percent, to 10,546. The S & P 500 Index gained 7 points. But the NASDAQ Composite backed off an early rally, taking a loss of almost one percent on weakness in selected technology stocks.

The Dow Industrials actually got a boost from their technology components. Shares of Intel traded higher after an analyst said sales growth at the leading computer chip-maker could be stronger than expected. Microsoft stock also edged higher.

Retail stocks gained on stronger-than-expected sales over the Thanksgiving weekend, as the holiday shopping season got underway.

However, analysts caution the retail picture is still clouded because many stores offered bargains to attract shoppers. Experts worry that higher oil prices and interest rates will make this a less than merry Christmas season for U.S. merchants.

The latest on the U.S. economy points to slower growth. Sales of existing homes fell a steep 3.9 percent in October, their second monthly decline.

Many analysts think uncertainty over the economy makes it increasingly likely that the major stock averages will close lower for the year. But investment strategist Alan Skrainka says the longer-term looks better.

\think the market looks very good. If you're a long-term investor, this is a very good entry point for getting into the market because this is what you've been waiting for. All the fear and uncertainty in the

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marketplace is setting us up for some very good values in the market.\

Part III Voice mail may cost company’s business A

Part 3 Voice mail may cost company's business

Bob Edwards: An automated phone system aimed at saving companies money may be turning off their customers. The system is voice mail in which callers are instructed to punch buttons to reach the desired party or to have a question answered. It’s used by more than one third of major US companies. Consultants are warning that this system has hidden costs that could result in lost business. In the San Francisco area, one company’s biggest selling point is that it does not use voice mail.

Elaine Korry: Five years ago, when voice mail was first introduced, many companies were wary of the technology. Now it seems voice mail has taken over both business and government phone services. In a recent ad campaign, TakeCare, a large health maintenance organization, lampooned the disembodied voices with their menu options: Hello. Welcome to Fidelity HMO. If you have a question, press 1 now. if you would like that question answered, press 2 now. if you would like to be put on hold for ten minutes, press 3 now. if you would like to hear bland orchestrated pop songs…In the ad, TakeCare boasts its customers have an old-fashioned alternative to voice mail… Operator: And the patient’s first name? And how can I help you?

Elaine Korry: In the TakeCare service department, ten live operators answer more than a thousand customer phone calls each day. President Jud Jessup says the spoof on voice mail has been a huge success in promoting his company’s distinctive image.

Jud Jessup: We strive to deliver personalized service and we’ve always positioned our company as what we call a “high service” HMO. And we don’t think that getting a recording is high service. It may---may be efficient, and may be cost effective, but it’s not high service.

Elaine Korry: According to many consumers, voice mail is no service at all, but rather a way for companies to hide from their customers. Complaints about automated phone systems are definitely on the rise. Plogue Research in Los Angeles recently surveyed businesspeople across the country. According to Stanley Plogue, the majority felt frustration, even fury, over their run-ins with voice mail.

Stanley Plogue: A lot of irritation, and a kind of common phrase right now is it’s “voice jail”--- you get trapped in it, and you can’t get out.

Elaine Korry: Plogue says that a time consuming or confusing voice-mail system can actually cost a company business.

Stanley Plogue: About a fourth of the people said they have not let out a contractor or supplier because they didn’t like their voice mail system. And others have just given up with trying to deal with certain companies.

Sandy Hale: It sounds to me in that kind of a situation that (there) was not an option to reach a live prison immediately, which there always should be.

Elaine Korry: Sandy Hale is with Pacific Bell which manages 300,000 voice mailboxes in California. She says, “Don’t blame the technology for customer complaints.” According to Hale, those groans of frustration arise because companies don’t do a good job designing their voice mail menus.

Sandy Hale: People want to get the information they called in for. They want it quickly, they want

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