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Каирсапова Сборник дополнителных 2014

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Э. М. Каирсапова, А. А. Мустафина, Ю. Н. Струкова
Сборник дополнительных текстов
по английскому языку для развития навыков
самостоятельной работы бакалавров на 1 и 2
семестрах, обучающихся в неязыковом вузе
(по специальностям в областях экономики
и финансов: финансовый менеджмент
и бухгалтерский учет, анализ и аудит)
Рекомендовано к изданию УМО
«Ядерные физика и технологии»
Москва 2014
УДК 811.111 (075)+33(075)+65(075)+005(075)
ББК 81.2 Англ я 7
К 15
дополнительных текстов по английскому языку для развития навыков
самостоятельной работы бакалавров на 1 и 2 семестрах, обучающихся в
неязыковом вузе (по специальностям в областях экономики и финансов:
финансовый менеджмент и бухгалтерский учет, анализ и аудит). Учебнометодическое пособие. М.: НИЯУ МИФИ, 2014. 84 с.
Дано в качестве дополнительных текстов по английскому языку, относящихся
к экономической сфере коммуникации в области финансов и аудита.
Предназначено для студентов бакалавриата и специалитета неязыковых вузов,
обучающихся на финансовых менеджеров, бухгалтеров и аудиторов. Данное
пособие можно использовать при работе с магистрами и аспирантами.
Подготовлено в рамках Программы создания и развития НИЯУ МИФИ.
Рецензенты: канд. пед. наук, доц. С.А. Трибунская
канд. пед. наук, ст. преподаватель, С.В. Андрианова
ISBN 978-5-7262-1889-2
© Национальный исследовательский
ядерный университет «МИФИ», 2014
Корректор М.В. Макарова
Подписано в печать 15.11.2013. Формат 60х84 1/16
Уч.-изд.л. 5,5. Печ.л. 5,25. Тираж 100 экз.
Изд. № 1/26. Заказ № 10.
Национальный исследовательский ядерный университет «МИФИ.
115409, Москва, Каширское ш., 31
ООО «Полиграфический комплекс «Курчатовский».
144000, Московская область, г. Электросталь, ул. Красная, д. 42
Предисловие ...........................................................................................4
Unit 1. Text. Betting the house ................................................................5
Unit 2. Text. Hot Money Blues………………………………………..11
Unit 3. Text. Life on the edges of America’s financial
mainstream Accounting .............................................................17
Unit 4. Text. A Secretive Banking Elite Rules Trading in Derivatives .24
Unit 5. Text. Virtual currencies..............................................................32
Unit 6. Text. Buffett warns on investment «time bomb» Derivatives
are financial weapons of mass destruction .................................38
Unit 7. Text. Banking Bailout News Articles ........................................45
Unit 8. Text. Food speculation: «People die from hunger while
banks make a killing on Food» ..................................................53
Vocabulary .............................................................................................60
Список интернет-ресурсов ..................................................................83
Список литературы ..............................................................................84
Данное пособие предназначается для бакалавров неязыковых
вузов, специализирующихся в области экономики и финансов
(«Финансы», «Бухучёт», «Банковское дело»).
Необходимо сказать, что в настоящее время очень важно для
специалиста владеть умением грамотно переводить и выражать
своё речевое намерение.
Цель пособия состоит в том, чтобы развивать навыки
восприятия специальной литературы на английском языке,
развивать навыки устного перевода у бакалавров.
Пособие включает в себя восемь разделов, каждый из которых
состоит из современных оригинальных аутентичных научных
текстов разного уровня и разнообразными заданиями к ним.
Пособие предназначено для бакалавров в качестве
дополнительного материала или для самостоятельной работы.
Unit 1
Read the following article
Translate this article from English into Russian
Answer the following questions:
What arguments are mentioned in this abstract for…
- generating housing booms and busts?
- not playing “mortgage game” with Americans?
Match the following topics with texts in order in which they
appear in the text:
Water played an important role
New boom perfectly suits housing past
Boom of skyscrapers
The wrong option
Buying and selling land’s property
Wheat = cotton
Ups and downs of farm prices
Whole country in one state
To hold land is key to prosperity
Optimism is not so good
Betting the house
Lessons from America’s long history of property booms
Apr 6th 2013 |From the print edition
ROBERT MORRIS would have enjoyed the recent American
housing boom. A signatory of the Declaration of Independence, he
profited handsomely in the 1790s by “flipping” land on the American
frontier. His business, acquiring millions of acres from Native
Americans and friends of the crown and then selling them on to
speculators, probably made him the richest man in America until dearer
credit left him bankrupt. In a new paper Edward Glaeser of Harvard
University argues that America’s long history of property manias has
lessons for those aiming to minimise the pain of future busts. In
particular, exuberant buyers may be more rational than many assume.
Robert Shiller, a Yale University economist and prescient housingbubble spotter, reckons that “animal spirits” animate investors during
bubbles. He sees America’s recent housing boom as an especially bad
case of irrationality. Yet Mr Glaeser notes that the episode fits
comfortably within America’s speculative past (see table). And
assumptions of irrationality may let economists off the hook too easily.
In fact, he writes, booms are often consistent with reasonable beliefs
about the future—an important fact for bubble diagnosticians to note.
On sensible reckoning, for example, agricultural land in Alabama
was a steal in the 1810s. Cotton production on Alabama farmland was
highly productive, and cotton prices were surging on demand from
British textile manufacturers. In 1817 land sold at about $35 per acre (in
2012 dollars), twice the national average for unimproved land. Prices
almost quadrupled to $134 per acre the next year. Even those values
implied large profits at going cotton prices, suggesting land remained a
good buy. Yet when recession struck in 1819, farm prices dropped and
leveraged buyers went bust. A prolonged price slump followed; by 1850
land cost just $5 per acre. Optimism, though warranted, led to financial
The Chicago boom of the 1830s reached even greater extremes. At
the time, water access was critical to trade. In 1816 it cost as much to
move goods 30 miles over land as to ship them across the Atlantic
Ocean. Land near key ports and shipping routes was therefore extremely
valuable. The Erie Canal led to economic booms around the Great
Lakes, and Chicago’s proximity to the Mississippi river system made it
an attractive bet. In 1830 Chicago land went for a song at $800 per acre
(in 2012 dollars). In just six years the value soared to $327,000 per acre,
with some plots fetching $1m. Tighter international credit conditions led
to panic in 1837. By 1841 prices had fallen back to $38,000 per acre.
Yet this was more a product of unpredictability than irrationality.
Given the risk that Chicago might fail to become a great metropolis,
values immediately after the crash look low but justifiable. Prices at the
peak were also consistent with reasonable views. At the time Chicago’s
prospects looked uniquely bright. Land values in 1836 made sense given
the defensible assumption that Chicago prices would rise to a fourth of
those in New York city. And, Mr Glaeser notes, people who bought and
held land through the crash prospered over the next two decades:
average annual returns through to 1856 were about 9%.
In his seminal history of financial manias, the late Charles
Kindleberger noted that unexpected good news or optimism often
provides the beginnings of a bubble. Mr Glaeser argues that America’s
booms fit the pattern. The unknowable impact of new developments,
like the settlement of the frontier or the advent of the skyscraper,
motivates optimistic property bets.
If investors are not irrational, they may nonetheless fall prey to a
dangerous nearsightedness. Over the long run high prices lead to more
supply, a dynamic often forgotten in the heat of a boom. Alabama’s land
rush rested on expensive cotton. But dear cotton led to an explosion in
world production. As a result cotton prices dropped by 50% between
1818 and 1820, reducing expected profits on typical Alabama land by
roughly 90%. American agricultural land boomed and busted again in
the early 20th century in response to similar movements in wheat prices.
Dear wheat led to land booms but also encouraged the rise in yields that
eventually popped the bubble.
Urban real estate is just as vulnerable. New York and Chicago
boomed in the early 20th century. Adjusted for inflation, land values in
New York City leapt by more than 50% in the 1920s, buoyed by high
rents and new high-rise technology that boosted the earning potential of
a single property. Investors were slower to appreciate skyscrapers’
effect on supply. The erection of 50-storey buildings on just half of
Chicago’s Loop business district would have generated a tenfold
increase in its 1933-era square footage. In practice, it took less
construction than that to send prices down.
New supply also helped to check America’s most recent housing
spike. Suburban home prices soared despite America’s almost unlimited
capacity to build. As Mr Glaeser quips: “The entire country could fit in
Texas with more than one acre per household.” Rising prices in tight
markets eventually weakened in the face of the construction boom they
helped to stimulate.
Although easy credit is a common thread in America’s property
history, low interest rates are unfairly maligned, Mr Glaeser reckons.
Booms have occurred amid rising, falling and flat rates. The underpriced
option to default looks more dangerous. An 1800 land act allowed
buyers of public land to post a fraction of its cost upfront and delay
payments for two years. That created a window for buyers to observe
prices before deciding whether to pay or default, making land bets far
more attractive. Mortgage securitisation was a new fad in the 1920s and
unwary investors may have underappreciated the risk of default. Zerodown mortgages and federal guarantees probably played a similar role
in the 2000s. Americans are incurable property gamblers, history
suggests; best not to subsidise their wagers.
Refer back to the article and write a summary of the article
Read the following text. Translate the following text from
English into Russian
The Statement of cash flows
The statement of cash flows examines the changes in cash resulting
from business activities. Cash flow analysis is necessary in order to
make proper investing decisions as well as to maintain operations.
In financial accounting a cash flow statement ( or statement of cash
flows) is a financial statement that shows the company’s incoming and
outgoing money ( sources and uses of cash) during a time period (often
monthly or quarterly) The statement shows how the changes in balance
sheet and income accounts affected cash and cash equivalents. It breaks
down the analysis according to operating, investing and financing
Operating activities basically include all activities not classified as
either financing or investing activities. Operating activities include all
revenues from sales of merchandise or providing services. They also
include dividends and interest received from investments. The revenue
is reduced by the payment of operating costs, including interest and
Investing activities refer to the activities relating to the generation
and repayment of funds provided by creditors and investors. These
activities include the issuance of debt or equity securities and the
repayment of debt and distribution of dividends.
As analytical tool the statement of cash flows is useful in etermining
the short-term strength of a company, particularly its ability to pay bills.
Are the following sentences true or false?
1. Investment decisions are taken, regardless of the cash flow analysis.
2. Operating activities reflect the cash received from transactions.
3. Cash flows from operating activities are interest received and paid,
dividends received, salary, insurance and tax payments.
4. There are three sections on the statement of cash flows: cash from
operations, cash used in investment activities and cash used in
financing activities.
Read the following text
Translate the following text from English into Russian in writing
Foreign Exchange Dealer
Most commercial banks in the United States customarily have
bought and sold foreign exchange for their customers as one of their
standard financial services. But beginning at a very early stage in the
development of the over-the-counter market, a small number of large
commercial banks operating in New York and other U.S. money centers
took on foreign exchange trading as a major business activity. They
operated for corporate and other customers, serving as intermediaries
and. market makers. In this capacity, they transacted business as
correspondents for many other commercial banks throughout the
country, while also buying and selling foreign exchange for their own
accounts. 'these major dealer banks found it useful to trade with each
other frequently, as they sought to find buyers and sellers and to manage
their positions. This group developed into an interbank market for
foreign exchange.
While these commercial banks continue to play a dominant role,
being a major dealer in the foreign exchange market has ceased to be
their exclusive domain. During the past years, some investment banking
firms and other financial institutions have become emulators and direct
competitors of the commercial banks as dealers in the over-the-counter
market. They now also serve as major dealers, executing transactions
that previously would have been handled only by the large commercial
banks, and providing foreign exchange services to a variety of
customers in competition with the dealer banks. They are now part of
the network of foreign exchange dealers that constitutes the U.S.
segment of the foreign exchange market. although it is still called the
"interbank" market in foreign exchange, it is more accurately an
"interdealer" market.
Translate the following sentences from Russian into English in
1. ООН призывает переписывать глобальные экономические
правила для того, чтобы избежать неравенства между бедными
странами и богатыми людьми.
2. Цифры, приведенные в докладе ООН, свидетельствуют, что за
последние четыре года 200 самых богатых людей мира удвоили
свой капитал.
3. За это же время количество людей живущих менее чем на
доллар в день не изменилось и осталось на уровне 1,3
4. Пятая часть самых богатых людей отвечает за 86% всего
потребления, в то время как пятой части самых бедных людей
принадлежит всего 1%.
5. Страна наконец-то вышла из рецессии в третьем квартале
прошлого года, по большей части благодаря положительному
эффекту, который Олимпийские игры оказали на экономику.
Unit 2
Read the following article
Translate this article from English into Russian. Answer the
following questions:
1. Why did capital fall out of fashion?
2. What is the foundation for most of financial crises?
3. How has Cyprus been advertising itself for past decade?
4. What restrictions did different countries impose after World War II?
5. In what countries did the recent run of crises happen?
6. Does the author keep the point of view that government should
intervene in the flows of money which come in and go out?
Hot Money Blues
Published: March 24, 2013 397 Comments
Whatever the final outcome in the Cyprus crisis — we know it’s
going to be ugly; we just don’t know exactly what form the ugliness will
take — one thing seems certain: for the time being, and probably for
years to come, the island nation will have to maintain fairly draconian
controls on the movement of capital in and out of the country. In fact,
controls may well be in place by the time you read this. And that’s not
all: Depending on exactly how this plays out, Cypriot capital controls
may well have the blessing of the International Monetary Fund, which
has already supported such controls in Iceland.
The New York Times
That’s quite a remarkable development. It will mark the end of an era
for Cyprus, which has in effect spent the past decade advertising itself
as a place where wealthy individuals who want to avoid taxes and
scrutiny can safely park their money, no questions asked. But it may
also mark at least the beginning of the end for something much bigger:
the era when unrestricted movement of capital was taken as a desirable
norm around the world.
It wasn’t always thus. In the first couple of decades after World War
II, limits on cross-border money flows were widely considered good
policy; they were more or less universal in poorer nations, and present
in a majority of richer countries too. Britain, for example, limited
overseas investments by its residents until 1979; other advanced
countries maintained restrictions into the 1980s. Even the United States
briefly limited capital outflows during the 1960s.
Over time, however, these restrictions fell out of fashion. To some
extent this reflected the fact that capital controls have potential costs:
they impose extra burdens of paperwork, they make business operations
more difficult, and conventional economic analysis says that they should
have a negative impact on growth (although this effect is hard to find in
the numbers). But it also reflected the rise of free-market ideology, the
assumption that if financial markets want to move money across
borders, there must be a good reason, and bureaucrats shouldn’t stand in
their way.
As a result, countries that did step in to limit capital flows — like
Malaysia, which imposed what amounted to a curfew on capital flight in
1998 — were treated almost as pariahs. Surely they would be punished
for defying the gods of the market!
But the truth, hard as it may be for ideologues to accept, is that
unrestricted movement of capital is looking more and more like a failed
It’s hard to imagine now, but for more than three decades after
World War II financial crises of the kind we’ve lately become so
familiar with hardly ever happened. Since 1980, however, the roster has
been impressive: Mexico, Brazil, Argentina and Chile in 1982. Sweden
and Finland in 1991. Mexico again in 1995. Thailand, Malaysia,
Indonesia and Korea in 1998. Argentina again in 2002. And, of course,
the more recent run of disasters: Iceland, Ireland, Greece, Portugal,
Spain, Italy, Cyprus.
What’s the common theme in these episodes? Conventional wisdom
blames fiscal profligacy — but in this whole list, that story fits only one
country, Greece. Runaway bankers are a better story; they played a role
in a number of these crises, from Chile to Sweden to Cyprus. But the
best predictor of crisis is large inflows of foreign money: in all but a
couple of the cases I just mentioned, the foundation for crisis was laid
by a rush of foreign investors into a country, followed by a sudden rush
I am, of course, not the first person to notice the correlation between
the freeing up of global capital and the proliferation of financial crises;
Harvard’s Dani Rodrik began banging this drum back in the 1990s.
Until recently, however, it was possible to argue that the crisis problem
was restricted to poorer nations, that wealthy economies were somehow
immune to being whipsawed by love-’em-and-leave-’em global
investors. That was a comforting thought — but Europe’s travails
demonstrate that it was wishful thinking.
And it’s not just Europe. In the last decade America, too,
experienced a huge housing bubble fed by foreign money, followed by a
nasty hangover after the bubble burst. The damage was mitigated by the
fact that we borrowed in our own currency, but it’s still our worst crisis
since the 1930s.
Now what? I don’t expect to see a wholesale, sudden rejection of the
idea that money should be free to go wherever it wants, whenever it
wants. There may well, however, be a process of erosion, as
governments intervene to limit both the pace at which money comes in
and the rate at which it goes out. Global capitalism is, arguably, on track
to become substantially less global.
And that’s O.K. Right now, the bad old days when it wasn’t that easy
to move lots of money across borders are looking pretty good.
Are the following sentences true or false?
1. Controlling the movement of capital will mark the end of an era
for Cyprus which has been advertising itself as a place with high
2. Capital controls impose extra burdens of paperwork, making
business operations more difficult and having a positive impact
on growth.
3. Free capital flow looks like a successful experiment.
4. Foreign investors, rushing into the country and then suddenly
rushing out, prevent the crisis.
Present your ideas how to avoid the crises
Refer back to the article and write a summary of the article
Read the following text, which is taken from an annual report of
one of the world's largest banks
Translate this text from English into Russian
Then choose the best heading from this list:
The year in brief
Financial review
Global banking resources
Notes to the accounts
Foreign locations
To service the needs of different client groups effectively, the Bank
is organized into three broad groups: the Domestic Banking Group, the
Corporate Banking Group and the International Banking Group.
The basis of the Bank's strength continues to be its domestic banking
operations. The Domestic Banking Group's network of 295 branches
provides a full range of banking services nationwide and is the largest
network in the country.
The Corporate Banking Group is responsible for servicing the
complex needs of over 200 of the nation's largest corporations. Of the
Bank's total domestic deposits and domestic loans outstanding, the
Corporate Banking Group accounts for 25 per cent and 40 per cent
The Bank continues to develop and expand its international
operations, and in fiscal 1991 foreign earnings surpassed those of the
country's other leading banks for the fourth consecutive year. Since
January 1 1990, the Bank has opened six new representative offices and
has upgraded the Rome representative office into a full service branch.
Our strong international presence is currently maintained through 12
branches, 18 representative offices, two agencies and 10 subsidiaries
and affiliates.
The International Banking Group includes regional departments
which assume responsibility as follows: the Americas; Africa, Middle
East and Europe; Asia and Oceania. The Group includes both the
Correspondent Banking Department, which is responsible for the Bank's
correspondent banking network of some 1,500 institutions, and the
Merchant Banking Department.
Also within this Group, the International Treasury Department
specializes in foreign exchange and funding operations, while the
International Planning Department is responsible for strategic planning.
The International Business Supervision Department is responsible for
the assessment of country risk and corporate credits, as well as for
systems development and for ensuring compliance with regulations
regarding international business.
The Bank continues to respond well to market dynamics both at
home and abroad. Part of the Bank's strength lies in the wide spread of
its representation and in its ability to develop sophisticated new services
to meet the changing patterns in banking opportunities. The Bank's aim
is to ensure the continued prosperity of the group by means of its
dedication to service and by expanding the scope of its activities, both
geographically and functionally. We believe that we have the right
organization to do this in the period ahead.
Translate the following text from English into Russian in
History of Accounting
Accounting is a system of recording and summarizing business and
financial transactions. For as long as civilization has been engaging in
trade, methods of record keeping, accounting , and accounting tools
have been invented. Marla Matzer Rose, author of Accounting &
Auditing History writes that the earliest known writing discovered by
archaeologists has, when translated, been found to be records of
tax accounting . Such writings have been found on clay tablets from
Egypt and Mesopotamia from as early as 2000 to 3300 B.C., as humans
formed governments, accounting became a necessity.
The history of accounting is as old as civilization, key to important
phases of history , among the most important professions in economics
and business, and fascinating. Accountants participated in the
development of cities, trade, and the concepts of wealth and numbers.
Accountants invented writing, participated in the development of money
and banking, invented double entry bookkeeping that fueled the Italian
Renaissance, saved many Industrial Revolution inventors and
entrepreneurs from bankruptcy, helped develop the confidence in capital
markets necessary for western capitalism, and are central to the
information revolution that is transforming the global economy.
Accounting history is summarized in eight chapters. An overview
places accounting in perspective. In some ways accounting hasn't
changed much since Pacioli wrote the first "textbook" in 1494. On the
other hand, accounting has been a leader of the Information Revolution.
Many aspects of 21st century accounting will be unrecognizable by
today's professional leaders. Understanding the role of financial and
managerial needs today and in the future requires an understanding of
the past.
Translate the following sentences from Russian into English in
1. В последние два десятилетия движение денег и товаров между
странами стабильно растет.
2. Теоретически правительства могут свободно определять свою
собственную экономическую политику, на практике же они
должны соответствовать глобальной экономической модели.
3. Другие факторы, способствовавшие росту глобализации,новые коммуникационные технологии и усовершенствованные
системы транспорта.
4. В экономических странах, особенно в Европейском союзе,
глобализация встречает широкое сопротивление.
5. Противники глобализации считают, что без защиты торговых
барьеров рабочие в слаборазвитых странах мало оплачиваются
и эксплуатируются, кроме того, и в развитых странах
заработная плата рабочих падает.
Unit 3
Read the following article
Translate this article from English into Russian
Match these titles to the abstracts from article:
Comparing poor and rich unbanked people
How bank accounts made money before the crisis
Using pre-paid cards
Statistics of loans
Offering basic accounts
“Underbanked” households
Regulators made it harder for retail banks to serve low-income
The largest retailer
"Unbanked" households
Finance and the American poor
Margin calls
Life on the edges of America’s financial mainstream
ONLY one thing is worse than the financial industry dangling
inappropriate products in front of poor customers, and that is not
providing them with financial services at all. In December the Federal
Deposit Insurance Corporation (FDIC) released a survey that found
roughly one in 12 American households, or some 17m adults, are
“unbanked”, meaning they lack a current or savings account.
The survey also found that one in every five American households is
“underbanked”, meaning that they have a bank account but also rely on
alternative services—typically, high-cost products such as payday loans,
cheque-cashing services, non-bank money orders or pawn shops.
Not all the unbanked are poor, nor do all poor people lack bank
accounts. But the rate of the unbanked among low-income households
(defined in the FDIC survey as those with an annual income below
$15,000) is more than three times the overall rate. The proportion of
poor Americans without an account compares particularly badly with
other rich places (see chart). The unbanked usually have no alternative
but to use cash for all their transactions. Without an account to put paycheques into, they have to use cheque-cashers. This does not just mean
incurring a fee; carrying large amounts of cash also increases the risk
and harm of theft. To pay their utility bills the unbanked need either a
non-bank money order, for which they have to pay a fee, or a place that
accepts utility payments in cash.
When they need credit, the unbanked turn to payday lenders or, if
they have a car, to car-title loans secured by their vehicles. Payday
lenders say that high volumes—estimated at $29.8 billion for storefront
payday lenders and $14.3 billion for online lenders in 2012—
demonstrate high demand. Critics retort that much of that volume comes
not from a broad customer base, but from customers taking out
additional loans to cover the original debt. A study by the Centre for
Financial Services Innovation, a non-profit organisation, found that the
average payday customer takes out 11 loans a year; the annual interest
rate can exceed 400%. Lawmakers are taking an increasingly dim view
of this: 18 states and the District of Columbia outlaw high-rate payday
lending. The nascent Consumer Financial Protection Bureau (CFPB) has
held a public hearing on the subject, boosting speculation that the
federal government may start regulating payday lending.
Clamping down on payday loans would make more sense if
regulators had not made it harder for retail banks to serve low-income
Americans. The Durbin amendment—passed as part of the Dodd-Frank
act in July 2010—capped interchange fees, the commission that
merchants pay, on debit cards. One year earlier Congress passed the
Credit Card Accountability, Responsibility and Disclosure Act (Credit
CARD Act), which reduced interest-rate increases and late fees on
credit cards. The CFPB is also looking at overdraft fees. Add in
persistently low interest rates, which have eaten into banks’ net interest
margins, and the economics of banking the poor is far less attractive
than it was.
Michael Poulos of Oliver Wyman, a consultancy, says that “before
the crisis, almost every bank account made money. Big accounts made
money on the spread, and small accounts made money on incident fees.
You made money on all the accounts with interchange fees. All of that
is either severely curtailed or completely gone.” Oliver Wyman reckons
that US banks now lose money on 37% of consumer accounts.
For those concerned that their low net worth bars them from the
banking system, there are two reasons for hope. The first is that lenders
and credit bureaus are starting to use a broader range of data to
determine the creditworthiness of prospective borrowers. Many of the
unbanked have no credit histories. But data from rent, mobile-phone and
utility bills give lenders a way to find lower-risk borrowers.
The second reason for optimism is an increasingly competitive
market in pre-paid cards. Once simply reloadable proxies for cash, many
of these cards now offer much the same features as bank accounts.
Consider the Bluebird card, a joint venture between Walmart,
America’s largest but decidedly downmarket retailer, and American
Express, a decidedly upmarket credit-card firm. Among other things,
Bluebird offers direct-deposit facilities (including an option where you
can take a picture of a pay-cheque with your smartphone) and fee-free
sub-accounts (so that a parent can give a child a card with preset
spending limits). Pre-paid cards are not perfect: their fees can be
sizeable and opaque, and they offer limited consumer protection. But
they are convenient and a growing part of America’s consumer-finance
The share of unbanked households using pre-paid cards rose from
12.2% in 2009 to 17.8% in 2011. The Mercator Advisory Group
forecasts a compound annual growth rate of 21% for the pre-paid card
market to 2015, by when it expects the total dollar amount Americans
load onto cards to be around $390 billion, more than ten times as much
as in 2006.
The banks may yet follow suit. Michael Barr of the University of
Michigan suggests that big banks should start offering basic accounts—
offering electronic payments rather than cheque-writing, for instance—
that operate with either pre-paid cards or debit cards. Overdraft-proofing
the debit cards and eliminating paper cheques would reduce cost and
risk. Such accounts may offer banks only modest revenue, but that is
still better than none.
Are the following sentences true or false?
1. "Unbanked" households have a bank account but also rely on
alternative services.
2.The average payday customer takes out 12 loans a year.
3.The Durbin amendment capped interchange fees, the commission
that merchants pay, on debit cards
4.Before the crisis you made money on all the accounts with
interchange fees .
Refer back to the article and write a summary of the article
Read the following text
Translate this text from English into Russian
Caveat creditor
A new economic era is dawning
SOMETIMES you can have too much news. There was so much
financial turmoil in the autumn that it was hard to keep up with events.
In retrospect it is clear that a change in the economic backdrop akin to
the demise of the Bretton Woods system in the early 1970s has taken
place. Investors will be dealing with the aftermath for decades to come.
From the mid-1980s onwards the answer to big financial setbacks
appeared to be simple. Central banks would cut interest rates and,
eventually, the stockmarket would recover. It worked after Black
Monday (the day in October 1987 when the Dow Jones Industrial
Average fell by 23%) and the Asian crisis of 1997-98. It did not rescue
shares after the dotcom bust but the easing led to the housing boom and
the underpricing of risk in credit markets.
Easing monetary policy was pretty popular. It lowered borrowing
costs for companies and homebuyers. To the extent that savers earned
lower returns on their deposit accounts, they were usually compensated
by a rebound in the value of their equity holdings.
Indeed, monetary easing appeared to be costless. When policymakers
cut interest rates in the 1960s and 1970s they often ignited inflationary
pressures. Not so in the 1990s. Whether that was down to the brilliance
of central banks or the deflationary pressures emanating from China and
India is still a matter of debate.
This time around conventional monetary policy has not been enough.
The authorities have also had to resort to quantitative easing, using the
balance-sheets of central banks to ensure the funding of clearing banks
and to keep the lid on bond yields. And there has been a huge dollop of
fiscal easing. Some countries’ budget deficits have soared to 10% of
The fiscal packages have proved rather less popular than monetary
easing. Initially they were seen as bail-outs for greedy bankers. But the
focus of criticism has shifted to the deterioration of government finances
and the potential for higher future taxes, borrowing costs and inflation.
An eerie parallel seems to be at work. There was a time, back in the
1950s and 1960s, when Keynesian stimulus packages were seen as
costless. Governments thought they could fine-tune their economies out
of recession. Eventually it was realised that the ultimate result of too
much stimulus was higher inflation and excessive government
involvement in the economy. Keynesian demand management was
abandoned in favour of the monetary approach. The past couple of years
have demonstrated that the use of monetary policy had its costs too, not
in consumer inflation but in rising debt levels and growing asset
The authorities never even considered allowing the financial crisis to
continue unhindered. The damage to the economy would have been too
great. But the costs of this latest round of government action will be big.
Investors will have it in mind during the next boom that governments
will rescue the largest banks, slash rates, intervene in the markets and
run huge deficits. In other words the moral-hazard problem will be even
Before we get there, however, the authorities will have to work out
an exit strategy. Past cycles have shown that the tightening phase, after a
long period of low rates, can be very dangerous. Bond markets were
savaged in 1994 when the Federal Reserve started to raise rates from
3%. What will bond markets do if central banks also unload the
holdings acquired during the crisis? And how will stock markets
perform if interest rates and taxes are being raised at the same time?
Given these risks, the new era will surely be a lot more fragile than
the one that prevailed in the 1980s and 1990s. There is simply more
scope for policymakers to go wrong.
In addition, the global financial system has lost its anchor. When
Bretton Woods broke down and the last link to gold was severed, there
was in theory nothing to stop governments from creating money. It took
independent central banks, armed with inflation targets, to reassure
creditors. But now central banks have shown they have another priority
apart from controlling inflation: bailing out the banks.
The new era is one in which governments are using floating
exchange rates, near-zero interest rates and vast fiscal deficits to protect
their economies. None of this is good news for creditors, who will
surely not put up with the situation for long. The actions they take to
protect their portfolios—demanding higher bond yields, pushing for
fixed exchange rates—will define the next economic system.
Complete the sentences:
1. ………. would cut interest rates and, eventually, the ………. would
2. ………. that savers earned lower returns on their ……….., they
were usually compensated by a rebound in the value of their
3. Whether that was down to the brilliance of central banks or the
deflationary pressures emanating from China and India is still
4. The authorities have also had to………., using the ……….. of
central banks to ensure the funding of clearing banks and …………
on bond yields.
5. But the focus of criticism has shifted to the deterioration
……………and the potential for higher future taxes, …………costs
and inflation.
6. The past couple of years have demonstrated that the use of ………..
had its costs too, not in consumer inflation but in rising…………
and growing asset bubbles.
7. The ……… the economy would have been too great.
8. Investors will have it in mind during the next boom that
governments will …….. the largest banks, ………rates, intervene in
the markets and ……….. In other words the moral-hazard problem
will be even greater.
9. In addition, the global…………has lost its……….
10. The new era is one in which governments are using
floating………….., near-zero interest rates and vast fiscal deficits
to……….their economies.
Check up your completing against the original sentences in the
article and correct your mistakes
Read the following report about currency rates and translate this
text from English into Russian in writing
In a quiet week, the Euro US dollar continued its upward course,
again trading at nearly three Deutschmarks. The dollar was supported by
commercial demand, as normal international bank trading declined and
the market's major operators began squaring their positions for the yearend. The forecast of lower US interest rates and of a cut in the Federal
Reserve discount rate did not lead to any downturn in the US currency
and the dollar closed at US 3.4768.
The US was hardly changed, moving in a narrow range in lack-lustre
trading. There was no central bank intervention to weaken the Euro
against the mark. Trading volumes were low as the markets decline
towards the end of the year.
Sterling has been volatile lately, due to its status as a petrocurrency,
and at the beginning of the week it fell against the dollar and other
major currencies, as North Sea oil prices eased on the European spot
market. Friday saw a slight recovery, however, due to the covering of
short positions, and at close of trading the pound stood at USD 1.3016.
Falls in oil prices have opposite effects on the pound and the yen, as
Japan needs to import nearly all its considerable energy requirements.
This has meant that the yen has continued its steady climb, levelling
slightly towards the end of the week. Against the dollar it has remained
little changed since mid-January, but the yen has outperformed
European currencies for most of the year. Sterling started the year at
around JPY 325, touching a peak of JPY 344 on May 14. It closed on
Friday at JPY 337.
Translate the following sentences from Russian into English in
1. Еще в 80-х годах положение аудиторов начало меняться в
2. Чтобы оказать еще большее давление, было также
рекомендовано, чтобы аудиторы выбирались через открытые
тендеры и на периодической основе.
3. Ситуация с вознаграждением аудиторов стала одной из тех
вещей, что продаются с убытком для привлечения покупателей,
к которым они смогли приспособиться.
4. На протяжении многих лет GAAS и научные исследования
поддерживали более эффективные методы
аудиторской работы, используя аналитический обзор и
некоторые зависимости системы внутреннего контроля
бухгалтерского учета клиента.
5. Многие исследования были проведены также для поиска
приемлемых методов отбора проб, которые обеспечили бы
некоторую математическую определенность и основу для
возможности оценки влияния ошибок, найденных в денежном
Unit 4
Read the following article
Translate this article from English into Russian
Answer the following questions:
1. Where are the "headquarters" of the banking secret society?
2. What giant companies have their members in this society?
3. What is the aim of the secret banking society?
4. How do the secret society act in relation to the other banks?
5. What is the main aim of this society?
6. What famous people have been attending the meetings of
7. Why do you think these societies are keeping their plans and
identities in secret?
A Secretive Banking Elite Rules Trading in Derivatives
2010-12-12, New York Times
On the third Wednesday of every month, the nine members of an
elite Wall Street society gather in Midtown Manhattan. The men share a
common goal: to protect the interests of big banks in the vast market for
derivatives, one of the most profitable — and controversial — fields in
finance. They also share a common secret: The details of their meetings,
even their identities, have been strictly confidential. Drawn from giants
like JPMorgan Chase, Goldman Sachs and Morgan Stanley, the bankers
form a powerful committee that helps oversee trading in derivatives,
instruments which, like insurance, are used to hedge risk. In theory, this
group exists to safeguard the integrity of the multitrillion dollar market.
In practice, it also defends the dominance of the big banks. The banks in
this group have fought to block other banks from entering the market,
and they are also trying to thwart efforts to make full information on
prices and fees freely available. Banks’ influence over this market, and
over clearinghouses like the one this select group advises, has costly
implications for businesses large and small. The size and reach of this
market has grown rapidly over the past two decades. Pension funds
today use derivatives to hedge investments. States and cities use them to
try to hold down borrowing costs. Airlines use them to secure steady
fuel prices. Food companies use them to lock in prices of commodities
like wheat or beef.
Inside the secretive Bilderberg Group
2005-09-29, BBC News
How much influence do private networks of the rich and powerful
have on government policies and international relations? One group, the
Bilderberg, has often attracted speculation that it forms a shadowy
global government. Every year since 1954 they have brought together
about 120 leading business people and politicians. At this year's meeting
in Germany, the audience included the heads of the World Bank and
European Central Bank, Chairmen or Chief Executives from Nokia, BP,
Unilever, DaimlerChrysler and Pepsi ... editors from five major
newspapers, members of parliament, ministers, European
commissioners ... and the queen of the Netherlands. The chairman ... is
73-year-old Viscount Etienne Davignon. In an extremely rare interview,
he played down the importance of Bilderberg. "I don't think we are a
global ruling class because I don't think a global ruling class exists."
Will Hutton ... who attended a Bilderberg meeting in 1997, says people
take part in these networks in order to influence the way the world
works, to create what he calls "the international common sense". And
that "common sense" is one which supports the interests of Bilderberg's
main participants. For Bilderberg's critics the fact that there is almost no
publicity about the annual meetings is proof that they are up to no good.
Bilderberg meetings often feature future political leaders shortly before
they become household names. Bill Clinton went in 1991 while still
governor of Arkansas, Tony Blair was there two years later while still
an opposition MP. All the recent presidents of the European
Commission attended Bilderberg meetings before they were appointed.
Informal and private networks like Bilderberg have helped to oil the
wheels of global politics and globalisation for the past half a century.
Bilderberg mystery: Why do people believe in cabals?
2011-06-07, BBC News
The secretive Bilderberg Group ... is bringing together the world's
financial and political elite this week. Conspiracy theories abound. It's
only recently that the media has picked up on the Bilderbergers.
Meetings are closed to the public and the media, and no press releases
are issued. In the manner of a James Bond plot, up to 150 leading
politicians and business people are to gather in a ski resort in
Switzerland for four days of discussion about the future of the world.
Meetings often feature future political leaders shortly before they
become household names. Under the group's leadership of former US
Secretary of State Henry Kissinger and one-time EU vice president,
Viscount Davignon, the aim is purportedly to allow Western elites to
share ideas. But conspiracy theorists have accused it of everything from
deliberately engineering the credit crunch to planning to kill 80% of the
world population. Denis Healey, co-founder of the group, told the
journalist Jon Ronson in his book Them that ... "The confidentiality
enabled people to speak honestly without fear of repercussions." Secret
cabals extend beyond the Bilderberg Group. The Illuminati ... is alleged
to be an all powerful secret society. The Freemasons is another secret
fraternity society. The conspiracy theorists may get overexcited, but
they have a point, says Prof Andrew Kakabadse. The group has genuine
power that far outranks the World Economic Forum, which meets in
Davos, he argues. And with no transparency, it is easy to see why
people are worried about its influence. The theme at Bilderberg is to
bolster a consensus around free market Western capitalism and its
interests around the globe, he says. "There's a very strong move to have
a One World government in the mould of free market Western
Are the following sentences true or false:
1. Nine members of the elite society are holding their names in secret.
2. Derivatives are used to protect the economy from risk
3. Banks of the secret group prevent other banks from entering the
4. Every future political leader has to attend the meetings of Bilderberg.
You are a financial journalist on a British newspaper
You are going to have an interview with one of Bilderberg’s
Think about questions you may ask
Refer back to the article and write a summary of the article
Read the following text. Translate this text from English into
When banks handle documents in order to obtain acceptance and/or
payment, following the instructions given to them, this is called
«collection». The exporter presents to his bank an application form
with the documents attached. This bank makes out a collection order
and passes it over to its correspondent bank in the country of the
importer. The correspondent bank or some other bank may present the
documents to the importer or pass them over to another collecting bank.
This presenting bank presents the documents to the importer. Collecting
banks do not take responsibility for acceptance or payment.
There exist two types of collections. Collections may be
documentary or clean. The documentary collection is the collection of
commercial documents or the collection of financial documents
together with commercial documents. The collection of only financial
documents is called clean. Commercial documents are: invoices, bills
of lading, waybills and certificates. Financial documents are: bills of
exchange, promissory notes, cheques and payment receipts.
Documentary letter of credit
When a buyer in one country wants to pay a seller abroad he asks his
bank to «issue» or to «open» a letter of credit. It means that the buyer's
bank issues a documentary letter of credit. It is an agreement with
banks, made by a buyer, provided certain conditions are fulfilled.
The issuing bank asks its correspondent bank — usually in the
seller's country — to advise and confirm the credit. The advising bank
informs the seller that the credit has been opened. As soon as the seller
receives the credit, he checks it and if he can meet its requirements, the
seller ships the goods. At the same time the seller sends the documents
which prove shipment of the goods to the bank where the credit is
available. The bank checks the documents against the credit. If the
documents comply with the requirements of the credit, then the
nominated bank will make payment. The bank which made payment to
the seller sends the documents to the issuing bank for reimbursement.
The issuing bank after checking the documents reimburses the bank that
has paid. The documents are then released to the buyer against
There are many types of documentary credits. A revocable credit can
be amended or cancelled at any time without prior warning or
notification to the seller. An irrevocable credit can be amended or
cancelled only with the agreement of all parties thereto. As there are
often two banks involved, the issuing bank and the advising bank, the
buyer can ask for an irrevocable credit to be confirmed by the advising
bank. If the advising bank agrees, the credit becomes a confirmed
Credit is a term used to denote transactions involving the transfer
of money or other property on promise of repayment, usually at a
fixed future date. The transferor thereby becomes a creditor, and the
transferee becomes a debtor. Hence, credit and debt are simply terms
describing the same operation viewed from opposite sides.
Types of Credit
The principal classes of credit are the following:
- commercial credit, which merchants extend to one another to finance
production and distribution of goods.
- investment credit, used by business firms to finance the acquisition of
plant and equipment and represented by corporate bonds, long-term
notes, and other proofs of indebtedness.
• bank credit, consisting of the deposits, loans, and discounts of
depository institutions.
• consumer or personal credit, which comprises advances made to
individuals to enable them to meet expenses or to purchase, on a
deferred - payment basis, goods or service for personal consumption.
• real-estate credit, composed of loans secured by land and buildings.
• public or government credit, represented by the bond issues of
national governments.
• nternational credit, which is extended to particular governments by
other governments, by the nationals of foreign countries, or by international banking institutions, such as the International Bank for
Reconstruction and Development.
Function of Credit
The principal function of credit is to transfer property from those
who own it to those who wish to use it, as in the granting of loans by
banks to individuals who plan to initiate or expand a business venture.
The transfer is temporary and is made for a price, known as interest,
which varies with the risk involved and also with the demand for, and
supply of, credit.
Credit puts to use property that would otherwise lie idle, thus
enabling a country to more fully employ its resources. Without credit,
the tremendous investments required for the development of the largescale enterprise on which the high living standards of the industrialized
world are based would have been impossible.
The use of credit also makes feasible the performance of the
complex operations involved in modern business without the constant
handling of money. Credit operations are carried out by means of documents known as credit instruments, which include bills of exchange,
money orders, cheques, drafts, promissory notes, and bonds. These are
usually negotiable instruments; they may legally be transferred in the
same way as money. When the party issuing the instrument desires to
prevent its use by anyone other than the party to whom it is issued, he
or she may do so by inscribing the words «not negotiable» on the
Collateral is a security that a borrower gives to a creditor to
guarantee repayment of a loan. This security may be in the form of a
mortgage on buildings, physical property such as consumer goods and
business inventories, stocks and bonds, negotiable instruments, bills of
lading, or certain intangible properties such as patents and copyrights. It
is usually necessary to supply some kind of collateral in business
transactions, especially when loans are being made by banks or other
financial institutions.
Complete the following sentences:
1. This bank makes out a……….and passes it over to its
correspondent bank in the country of the importer.
2. ……….. banks do not take responsibility for…………….
3. Commercial documents are: ………………..
4. As soon as the seller receives the credit, he checks it and if he
can meet…………., the seller………….
5. A…………….. can be amended or cancelled at any time without
prior warning or notification to the seller.
6. Credit is a term used to…………………or other property on
promise of repayment, usually at a……….future date.
7. ……………used by business firms to finance the acquisition of
plant and equipment and represented by corporate bonds, longterm notes, and other proofs of indebtedness.
8. Credit puts to use property that……………, thus enabling a
country to more fully……… its resources.
9. ……… operations are carried out by means of documents
known as ………….., which include…………, money
orders,……….., drafts,…………, and bonds.
10. ………. is a security that a borrower gives to a creditor
Read the following text. Translate this text from English into
Russian in writing
Throughout human history, unexpected economic losses have
occurred. Such losses would continue to occur whether or not a system
of insurance had ever been devised. But through the operation of an
insurance system, losses can be predicted before they occur. The
predictability of losses in advance is basic to an insurance system's
operations. Because an insurance system allows losses s to be predicted
in advance, it allows the cost of losses to be financed and redistributed
in advance.
The first definition of insurance that we will examine is the financial
one. In this instance, insurance is a financial arrangement that
redistributes the costs of unexpected losses. The insurance arrangement
involves the transfer of many different exposures to loss to one
insurance pool, which combines the numerous exposures.
An insurance system accomplishes the redistribution of the costs of
losses by collecting a premium payment from every participant in the
system. In exchange for the payment of the premium, the insured
receives a promise from the insurance system to be compensated in the
event of a loss. In most insurance systems only a small percentage of
those insured suffer losses. Thus, an insurance system redistributes the
costs of losses from the unfortunate few members who experience them
to all the members of the insurance pool (including those who suffer
losses) who have paid premiums.
An insurance system is able to operate because all the insureds are
willing to substitute a relatively small certain outlay, the insurance
premium, for a relatively large uncertain loss. It is generally assumed
that most people find the possibility of suffering a large loss unpleasant
to contemplate. Therefore, people are willing to pay an insurance
premium to be relieved of the uncertainty about a loss, as well as to be
compensated if the loss actually occurs. Thus, even if no loss occurs
during a year, as will be the case for most insureds, value has still been
received in the form of a reduced or eliminated unpleasant mental state,
the anxiety about a loss.
Translate the following sentences from Russian into English in
1. Отчет о движении денежных средств рассматривает
изменения, происходящие в результате деловой активности.
2. В финансовой отчетности отчет о движении денежных
средств является финансовым отчетом, который указывает на
поступающие и расходуемые средства.
3. Он делит анализ по рубрикам по видам деятельности:
операционной, инвестиционной и финансовой.
4. Операционная деятельность также включает в себя
дивиденды и процентные платежи, получаемые от инвестиций.
5. Инвестиционная деятельность относится к видам
деятельности, связанной с приобретением и продажей
долгосрочных активов.
Unit 5
Read the following article
Translate this article from English into Russian
Answer the following questions:
What are disadvantages of any currency?
OFFLINE paper / plastic money is sunsetting... ONLINE money is
sunrising... Bitcoin, or other currencies like it, are the future.” Do
you agree with statement?
Will virtual currencies displace paper currencies?
Can you convert Bitcoin into a currency of your choice instantly?
Economically it´s equivalent to the extraction of a commodity that
serves as a medium of exchange. Can anybody “mine” Bitcoins?
Is this currency issued by a government?
What should happen to cut bitcoin off at the knees?
Virtual currencies
Mining digital gold
Even if it crashes, Bitcoin may make a dent in the financial world
Apr 13th 2013 |From the print edition
IN 1999 an 18-year-old called Shawn Fanning changed the music
industry for ever. He developed a service, Napster, that allowed
individuals to swap music files with one another, instead of buying
pricey compact discs from record labels. Lawsuits followed and in July
2001 Napster was shut down. But the idea lives on, in the form of
BitTorrent and other peer-to-peer filesharers; the Napster brand is still
used by a legal music-downloading service.
The story of Napster helps to explain the excitement about Bitcoin, a
digital currency, that is based on similar technology. In January a unit of
Bitcoin cost around $15 (Bitcoins can be broken down to eight decimal
places for small transactions). By the time The Economistwent to press
on April 11th, it had settled at $179, taking the value of all Bitcoins in
circulation to $2 billion. Bitcoin has become one of the world’s hottest
investments, a bubble inflated by social media, loose capital in search of
the newest new thing and perhaps even by bank depositors unnerved by
recent events in Cyprus.
Just like Napster, Bitcoin may crash but leave a lasting legacy.
Indeed, the currency experienced a sharp correction on April 10th—at
one point losing close to half of its value before recovering sharply (see
chart). Yet the price is the least interesting thing about Bitcoin, says
Tony Gallippi, founder of BitPay, a firm that processes Bitcoin
payments for merchants. More important is the currency’s ability to
make e-commerce much easier than it is today.
Bitcoin is not the only digital currency, nor the only successful one.
Gamers on Second Life, a virtual world, pay with Linden Dollars;
customers of Tencent, a Chinese internet giant, deal in QQ Coins; and
Facebook sells “Credits”. What makes Bitcoin different is that, unlike
other online (and offline) currencies, it is neither created nor
administered by a single authority such as a central bank.
Instead, “monetary policy” is determined by clever algorithms. New
Bitcoins have to be “mined”, meaning users can acquire them by having
their computers compete to solve complex mathematical problems (the
winners get the virtual cash). The coins themselves are simply strings of
numbers. They are thus a completely decentralised currency: a sort of
digital gold.
Bitcoin’s inventor, Satoshi Nakamoto, is a mysterious hacker (or a
group of hackers) who created it in 2009 and disappeared from the
internet some time in 2010. The currency’s early adopters have tended
to be tech-loving libertarians and gold bugs, determined to break free of
government control. The most infamous place where Bitcoin is used is
Silk Road, a marketplace hidden in an anonymised part of the web
called Tor. Users order goods—typically illegal drugs—and pay with
Some legal businesses have started to accept Bitcoins. Among them
are Reddit, a social-media site, and WordPress, which provides web
hosting and software for bloggers. The appeal for merchants is strong.
Firms such as BitPay offer spot-price conversion into dollars. Fees are
typically far less than those charged by credit-card companies or banks,
particularly for orders from abroad. And Bitcoin transactions cannot be
reversed, so frauds cannot leave retailers out of pocket.
Yet for Bitcoins to go mainstream much has to happen, says Fred
Ehrsam, the co-developer of Coinbase, a Californian Bitcoin exchange
and “wallet service”, where users can store their digital fortune. Getting
hold of Bitcoins for the first time is difficult. Using them is fiddly. They
can be stolen by hackers or just lost, like dollar bills in a washing
machine. Several Bitcoin exchanges have suffered thefts and crashes
over the past two years.
Ripple effects
As a result, the Bitcoin business has consolidated. The leading
exchange is Mt.Gox. Based in Tokyo and run by two Frenchmen, it
processes around 80% of Bitcoin-dollar trades. If such a business failed,
the currency would be cut off at the knees. In fact, the price hiccup on
April 10th was sparked by a software breakdown at Mt.Gox, which
panicked many Bitcoin users. The currency’s legal status is unclear, too.
On March 18th the Financial Crimes Enforcement Network, an
American government agency, proposed to regulate Bitcoin exchanges;
this suggests that the agency is unlikely to shut them down.
Technical problems will also have to be overcome, says Mike Hearn,
a Bitcoin expert. As more users join the network, the amount of data
that has to circulate among them (to verify ownership of each Bitcoin)
gets bigger, which slows the system down. Technical fixes could help
but they are hard to deploy: all users must upgrade their Bitcoin wallet
and mining software. Mr Hearn worries that the currency could grow
too fast for its own good.
But the real threat is competition. Bitcoin-boosters like to point out
that, unlike fiat money, new Bitcoins cannot be created at whim. That is
true, but a new digital currency can be. Alternatives are already in
development. Litecoin, a Bitcoin clone, is one. So far it is only used by a
tiny hard-core of geeks, but it too has shot up in price of late. Rumour
has it that Litecoin will be tradable on Mt.Gox soon.
A less nerdy alternative is Ripple. It will be much easier to use than
Bitcoin, says Chris Larsen, a serial entrepreneur from Silicon Valley and
co-founder of OpenCoin, the start-up behind Ripple. Transactions are
approved (or not) in a few seconds, compared with the ten minutes a
typical Bitcoin trade takes to be confirmed. There is no mystery about
the origins of Ripple nor (yet) any association with criminal or other
dubious activities.
OpenCoin is expected to start handing out Ripples to the public in
May. It has created 100 billion, a number it promises never to increase.
To give the new currency momentum, OpenCoin plans eventually to
give away 75% of the supply. Existing Bitcoin users can already claim
free Ripples and eventually anyone opening an OpenCoin account will
also receive some.
The 25% retained by OpenCoin will give it a huge incentive to make
sure that the Ripple is strong: the higher its value, the bigger the reward
for OpenCoin’s investors when the firm cashes out. On April 10th
several blue-chip venture-capital firms, including the ultra-hip
Andreessen Horowitz, announced that they had invested in OpenCoin.
If Ripple gains traction, even bigger financial players may enter the
fray. A firm such as Visa could create its own cheap instant
international-payments system, notes BitPay’s Mr Gallippi. And what if
a country were to issue algorithmic money?
At that point Bitcoin would probably be bust. But if that happened,
its creators would have achieved something like Mr Fanning. Napster
and other file-sharing services have forced the music industry to
embrace online services such as iTunes or Spotify. Bitcoin’s price may
collapse; its users may suddenly switch to another currency. But the
chances are that some form of digital money will make a lasting
impression on the financial landscape.
Imagine how the financial world would look like in 50 years.
What currencies would prevail?
Refer back to the article and write a summary of the article
Read the following text. Translate this article from English into
Working capital management is a central concern in most businesses
and even for small firms this area of financial management and control
can be most difficult.
Working capital consists of cash, bank deposits, marketable
securities, inventories and accounts receivable (debtors) on the asset
side of the balance sheet less accounts payable on the claims side.
The working capital of the business is a dynamic system where
financial resources are being continuously transformed from one type of
the asset to another in what is known as the “operating cycle” of the
Working capital management is the process of ensuring that all
aspects of this system operate efficiently: inventories are maintained at
the minimum level necessary to meet the needs of the production and of
customers: debtors and creditors are settled promptly and bad debts are
minimized, and, finally, cash is put to use quickly within the business or
is returned to the investors.
Are the following sentences true or false:
1. The management of working capital of the company Is not
2. Working capital includes only assets.
3. Working capital consists of financial resources of one type.
4. Stocks are always maintained at the minimum level.
Form a group of three or four students and discuss the role of
working capital in the modern world
Read the following text
Translate this text from English into Russian in writing
“Neither a borrower nor a lender be,” wrote Shakespeare in
“Hamlet”. Actually, the availability of debt, and the willingness to take
it on, is a crucial ingredient of economic growth, because it allows
individuals, firms and goverments to make investments they would not
otherwise be able to afford. The price of debt is interest. Until recently,
lending was an activity dominated by banks (although mortgages for
individuals buying their homes have long been available from special
housing savings institutions). Since the 1960s, debt has become
increasingly available from other sources. Companies have sold trillions
of dollars worth of bonds to investors in the financial markets.
Individuals have been able to borrow with credit cards, and for those
who have nowhere else to turn there are pawn shops and loan sharks,
which charge very high rates of interest. Total private-sector debt in
2003 was around 150% of GDPin the United States, compared with less
than 100% in 1928. In most countries, by far the biggest single borrower
is the state, through the national debt.
Translate the following sentences from Russian into English in
1. К концу 2012 года, к сожалению, национальный ВВП упал на
0,1% в соответствии с данными ОЭСР, а уровень роста не достиг
пока докризисных значений.
2. Канадским банкам пришлось иметь дело с завышенными
требованиями к капиталу, а они спровоцировали жесткие правила
по страховке рисков по ипотечным кредитам.
3. Канада переживала хронический дефицит бюджета и
растущий внешний долг, которые толкали страну к «жестким
мерам экономии.
4. В разгар финансового кризиса 2008 - 2009 гг. правительство
смогло поддержать экономику, используя фискальные рычаги, не
боясь серьезных последствий.
5. Будущий глава Банка Англии также несет в себе «ноу-хау»,
которое может оказать Англии и остальному миру огромную
Unit 6
Read the following article
Translate from English into Russian
Answer the following questions:
1. Why do you think the author used words like “bomb” and
“weapon” speaking about financial derivatives?
2. Why can these instruments (derivatives) lead to incredible losses?
3. Why does Mr. Buffett think that derivatives may not be exposed
for many years and some problems can hit companies many years later?
4. What pushes companies onto a "spiral that can lead to a corporate
5. Where does Mr. Buffett prefer to invite his shareholders? And
6. In what company does Mr. Buffett invest for long-term?
7. Did his strategy produce only incredible returns or there were
some losses?
Buffett warns on investment 'time bomb'
Derivatives are financial weapons of mass destruction
Warren Buffett
The rapidly growing trade in derivatives poses a "mega-catastrophic
risk" for the economy and most shares are still "too expensive",
legendary investor Warren Buffett has warned.
The world's second-richest man made the comments in his famous
and plain-spoken "annual letter to shareholders", excerpts of which have
been published by Fortune magazine.
The derivatives market has exploded in recent years, with investment
banks selling billions of dollars worth of these investments to clients as
a way to off-load or manage market risk.
But Mr Buffett argues that such highly complex financial
instruments are time bombs and "financial weapons of mass destruction"
that could harm not only their buyers and sellers, but the whole
economic system.
Contracts devised by 'madmen'
Derivatives are financial instruments that allow investors to speculate
on the future price of, for example, commodities or shares - without
buying the underlying investment.
Derivatives generate reported earnings that are often wildly
overstated and based on estimates whose inaccuracy may not be
exposed for many years Warren Buffett.
Derivates like futures, options and swaps were developed to allow
investors hedge risks in financial markets - in effect buy insurance
against market movements -, but have quickly become a means of
investment in their own right.
Outstanding derivatives contracts - excluding those traded on
exchanges such as the International Petroleum Exchange - are worth
close to $85 trillion, according to the International Swaps and
Derivatives Association.
Some derivatives contracts, Mr Buffett says, appear to have been
devised by "madmen".
He warns that derivatives can push companies onto a "spiral that can
lead to a corporate meltdown", like the demise of the notorious hedge
fund Long-Term Capital Management in 1998.
Derivatives are like 'hell'
Large amounts of risk have become concentrated in the hands of
relatively few derivatives dealers ... which can trigger serious systemic
Warren Buffett
Derivatives also pose a dangerous incentive for false accounting, Mr
Buffett says.
The profits and losses from derivates deals are booked straight away,
even though no actual money changes hand. In many cases the real costs
hit companies only many years later.
This can result in nasty accounting errors. Some of them spring from
"honest" optimism. But others are the result of "huge-scale fraud", and
Mr Buffett points to the US energy market, which relied for most of its
deals on derivatives trading and resulted in the collapse of Enron.
Berkshire Hathaway, the investment group led by Mr Buffett, is
pulling out of the market, closing down the derivatives trading
subsidiary it bought as part of a huge reinsurance company a few years
In his letter Mr Buffett compares the derivatives business to "hell...
easy to enter and almost impossible to exit", and predicts that it will take
years to unwind the complex deals struck by its subsidiary General Re
Warren Buffett, dubbed "the sage of Omaha", from where he
controls Berkshire Hathaway, is well-known for both his blunt
assessments of the markets and the high returns he delivers to
This year, he remains cool towards further share investments, despite
the sharp correction in stock market values. Mr Buffett says this "dismal
fact is testimony to the insanity of valuations reached during The Great
Berkshire backyard barbecues
A good friend of Bill Gates, he famously refused to invest in
technology shares during the boom years that came to a sudden end in
March 2000. As a result, Berkshire was sitting pretty after the
technology bubble burst.
In marked contrast to the hubris of former managers at fallen firms
like Enron and WorldCom, Mr Buffett is known for his down-to-earth
style, summoning shareholders not to glitzy hotels but "Berkshire
backyard barbecues" and baseball games in out-of-the-way Omaha,
But his strategy of identifying undervalued companies with good
management in unfashionable retail sectors or the insurance industry
and investing in them for the long-term has produced spectacular
During the past 37 years, the company has delivered an average
annual return of 22.6%. Since 1965 the company's book value has gone
up by 194,936%.
However in 2001, the last year for which detailed numbers are
available, heavy losses in the insurance industry worldwide resulted in a
$3.77bn loss at Berkshire Hathaway - the first loss in the firm's history
under Warren Buffett.
Interview with Mr. Buffett
Ask Mr. Buffett about his ups and downs during his career
Refer back to the article and write a summary of the article
Read the following text
Translate this text from English into Russian
Look at the following article and suggest the best headline from
this list
Good news for foreign investors
Fall in profits
Setback for growth
Trade deficit increases
The structure of the foreign exchange market
The foreign exchange markets are among the largest markets in the
world, with annual trading volume in excess of $160 trillion. The
purpose of the foreign exchange markets is to bring buyers and sellers of
currencies together. It is an over-the-counter market, with no central
trading location and no set hours of trading. Prices and other terms of
trade are determined by negotiation over the telephone or by satellite, or
telex. The foreign exchange market is informal in its operations: there
are no special requirements for market participants, and trading
conforms to art unwritten code of rules.
You know that almost every country has its own currency for
domestic transactions. Trading among the residents of different
countries requires art efficient exchange of national currencies. This is
usually accomplished on a large scale through foreign exchange
markets, located in financial centers such as London, New York, or
Paris - in order of importance—where exchange rates for convertible
currencies are determined. The instruments used to effect international
monetary payments or transfers are called foreign exchange. Foreign
exchange is the monetary means of making payments from one currency
area to another. The funds available as foreign exchange include foreign
coin and currency, deposits in foreign banks, and other short-term,
liquid financial claims payable in foreign currencies. An international
exchange rate is the price of one (foreign) currency measured in terms
of another (domestic) currency. More accurately, it is the price of
foreign exchange. Since exchange rates are the vehicle that translates
prices measured in one currency into prices measured in another
currency, chaлges in exchange rates affect the price and, therefore, the
volume of imports and exports exchaлged. In turn the domestic rate of
inflation and the value of assets and liabilities of international borrowers
and lenders is influenced. The exchange rate rises (falls) when the
quantity demanded exceeds (is less than) the quantity supplied. Broadly
speaking, the quantity of U.S. dollars supplied to foreign exchange
markets is composed of the dollars spent on imports, plus the amount of
funds spent or invested by U.S. residents outside the United States. The
demand for U.S. dollars arises from the reverse of these transactions.
Many newspapers keep a daily record of the exchange rates in the
highly organized foreign exchange market, where currencies of different
nations are bought and sold. For instance, the Wall Street Journal shows
the price of a currency in two ways: first the price of the other currency
is given in U.S. dollars, and second the price of the U.S. dollar is quoted
in units of the other currency. Pairs of prices represent reciprocals of
each other. These rates refer to trading among banks, the primary
marketplace for foreign currencies. The participants of the foreign
exchange markets
The foreign exchange market is extremely competitive so there are
many participants, none of whom is large relative to the market.
The central institution in modern foreign exchange markets is the
commercial bank. Most transactions of any size in foreign currencies
represent merely an exchange of the deposits of one bank for the deposits
of another bank. If an individual or business firm needs foreign currency,
it contacts a hank, which in turn secures a deposit denominated in foreign
money or actually takes delivery of foreign currency if the customer
requires it. If the bank is a large money center institution, it may hold
inventories of foreign currency just to accommodate its customers. Small
banks typically do not, hold foreign currency or foreign currencydenominated deposits. Rather, they contact large correspondent hanks,
which in turn contact foreign exchange dealers.
The major international commercial banks act as both dealers and
brokers. In their dealer role, banks maintain a net long or short position
in a currency, and seek to profit from an anticipated change in the
exchange rate. (A long position means their holdings of assets
denominated in one currency exceed their liabilities denominated in this
same currency.) In their broker function, banks compete to obtain buy
and sell orders from commercial customers, such as the multinational oil
companies, both to profit from the spread between the rates at which
they buy foreign exchange from some customers and the rates at which
they sell foreign exchаnge to other customers, and to sell other types of
banking services to these customers.
Frequently, currency-trading banks do not deal directly with each other
but rely on foreign exchange brokers. These firms are in constant
communication with the exchange trading rooms of the world's major hanks.
Their principal function is to bring currency buyers and sellers together.
Brokerage firms, commodity traders, insurance companies, and
scores of other nonbaлk companies have come to play a growing role in
the foreign exchange markets today. This is Nonbank Financial
Institutions. Nonbank traders now offer a wide range of services to
international investors and export-import firms, including assistance
with foreign mergers, currency swaps and options, hedging foreign
security offerings against exchange rate fluctuations, and providing
currencies needed for purchases abroad.
In main all participants of an exchange market are usually divided on
two groups. The first group of participants is called speculators; by
definition, they seek to profit from anticipated changes in exchange
rates. The second group of participants is known as arbitragers.
Arbitrage refers to the purchase of one currency in a certain market the
sale of that currency in another market in response to differences in
price between the two markets.
Read the following text. Translate from English into Russian in
A financial definition of insurance
Throughout human history, unexpected economic losses have
occurred. Such losses would continue to occur whether or not a system
of insurance had ever been devised. But through the operation of an
insurance system, losses can be predicted before they occur. The
predictability of losses in advance is basic to an insurance system's
operations. Because an insurance system allows losses s to be predicted
in advance, it allows the cost of losses to be financed and redistributed
in advance.
The first definition of insurance that we will examine is the financial
one. In this instance, insurance is a financial arrangement that
redistributes the costs of unexpected losses. The insurance arrangement
involves the transfer of many different exposures to loss to one
insurance pool, which combines the numerous exposures.
An insurance system accomplishes the redistribution of the costs of
losses by collecting a premium payment from every participant in the
system. In exchange for the payment of the premium, the insured
receives a promise from the insurance system to be compensated in the
event of a loss. In most insurance systems only a small percentage of
those insured suffer losses. Thus, an insurance system redistributes the
costs of losses from the unfortunate few members who experience them
to all the members of the insurance pool (including those who suffer
losses) who have paid premiums.
An insurance system is able to operate because all the insures are
willing to substitute a relatively small certain outlay, the insurance
premium, for a relatively large uncertain loss. It is generally assumed
that most people find the possibility of suffering a large loss unpleasant
to contemplate. Therefore, people are willing to pay an insurance
premium to be relieved of the uncertainty about a loss, as well as to be
compensated if the loss actually occurs. Thus, even if no loss occurs
during a year, as will be the case for most insureds, value has still been
received in the form of a reduced or eliminated unpleasant mental state,
the anxiety about a loss.
Translate the following text from Russian into English in writing
1. Документация и оценка системы внутреннего контроля
рассматривалась через затратный подход и требовала глубокого
обучения персонала
2. Все больше и больше акцент делался на скрытый
аналитический обзор, предполагая использование решения для
поддержки аудиторского мнения, которое становилось все меньше
и меньше доказательным и документированным.
3. Чтобы увеличить появление надлежащих стандартов аудита, и
в ответ на былые скандалы и свидетельства о недостатках, многие
институты ввели так называемые «экспертные оценки».
4. Это дало возможность другим проверить работу, стандарты и
методики, используемые фирмами.
5. Как и во всех прочих организационных вопросах, крупные
фирмы, кажется, действуют как картели в рамках своих общих
интересов, начиная с установления стандартов и заканчивая
вопросами регулирования их профессии.
Unit 7
Read the following article
Translate this article from English into Russia
Answer the following questions:
1. What data was falsely reported by banks during the financial crisis?
2. What was the fraud made by Barclays?
How did Fed get the evidence for Barclays' fraud?
Why did Barclays have to deceive?
What primordial steps were taken to solve this problem?
Why did concerns about the topicality of oil prices were growing?
What is the main problem which allows to affect the market?
Banking Bailout News Articles
Libor: They all knew – and no one acted
2012-07-14, The Independent (One of the UK's leading newspapers)
Regulators on both sides of the Atlantic failed to act on clear
warnings that the Libor interest rate was being falsely reported by banks
during the financial crisis, it emerged last night. A cache of documents
released yesterday by the New York Federal Reserve showed that US
officials had evidence from April 2008 that Barclays was knowingly
posting false reports about the rate at which it could borrow in order to
assuage market concerns about its solvency. An unnamed Barclays
employee told a New York Fed analyst, Fabiola Ravazzolo, on 11 April
2008: "So we know that we're not posting, um, an honest Libor." He
said Barclays started under-reporting Libor because graphs showing the
relatively high rates at which the bank had to borrow attracted
"unwanted attention" and the "share price went down". The verbatim
note of the call released by the Fed represents the starkest evidence yet
that Libor-fiddling was discussed in high regulatory circles years before
Barclays' recent £290m fine. The New York Fed said that, immediately
after the call, Ms Ravazzolo informed her superiors of the information,
who then passed on her concerns to Tim Geithner, who was head of the
New York Fed at the time. Mr. Geithner investigated and drew up a sixpoint proposal for ensuring the integrity of Libor which he presented to
the British Bankers Association, which is responsible for producing the
Libor rate daily. Mr. Geithner, who is now US Treasury Secretary, also
forwarded the six-point plan to the Governor of the Bank of England,
Sir Mervyn King.
Was the petrol price rigged too?
2012-07-12, The Telegraph (One of the UK's leading newspaper)
Motorists may have been paying too much for their petrol because
banks and other traders are likely to have tried to manipulate oil prices
in the same way they rigged interest rates, an official report has warned.
Concerns are growing about the reliability of oil prices, after a report for
the G20 found the market is wide open to “manipulation or distortion”.
Traders from banks, oil companies or hedge funds have an “incentive”
to distort the market and are likely to try to report false prices, it said.
Petrol retailers use oil price “benchmarks” to decide how much to pay
for future supplies. The rate is calculated by data companies based on
submissions from firms which trade oil on a daily basis – such as banks,
hedge funds and energy companies. However, like Libor ... the market is
unregulated and relies on the honesty of the firms to submit accurate
data about all their trades. This is one of the major concerns raised in the
G20 report, published last month by the International Organization of
Securities Commissions (IOSCO). In the study for global finance
ministers, including George Osborne, the regulator warns that traders
have opportunities to influence oil prices for their own profit. It points
out that the whole market is “voluntary”, meaning banks and energy
companies can choose which trades to make public. IOSCO says this
“creates opportunity for a trader to submit a partial picture in order to
influence the price to the trader’s advantage”.
Are the following sentences true or false?
1. The problem of dishonest actions connected with Libor rate was taken
seriously both by Europe and USA.
2. Barclays have been penalized for their deception.
3. There is no problem for bank traders and funds to manipulate the
4. The submitting of accurate information on all the trades was the main
concern of G20.
Refer back to the article and write a summary of the article
Read the following article
Translate this article from English into Russian
Appraising the European Central Bank
Hard talk, soft policy
The ECB has run as loose a monetary policy as other central
banks have. It is just rather more coy about it
THE global economy has stopped sinking and central bankers are
pausing for breath. As The Economist went to press on July 2nd, the
European Central Bank (ECB) was expected to keep its main “refi”
interest rate unchanged, at 1%. The ECB’s rate-setting council has been
chary of cutting rates closer to zero as policymakers elsewhere have
done. Its reluctance to do more has attracted criticism, only some of it
The focus on policy rates may put the ECB in a bad light but these
are no longer a reliable guide to the overall monetary-policy stance. If
you look at market rates the policy stance in the euro area is as loose as
anywhere else, because of stimulus decisions taken at the height of the
financial crisis. In October the ECB decided it would offer banks as
much cash as they wanted, at a fixed interest rate and against a wider
range of security than usual, for up to six months. It also scheduled extra
three-month and six-month refinancing operations, so that banks could
come more often to the central-bank well.
In May the ECB council agreed to extend the offer of fixed-rate cash
to one year. At the first 12-month refinancing operation on June 24th,
euro-zone banks borrowed a staggering €442 billion ($620 billion).
With so much cash splashing around, the charge that banks make for
overnight loans has stayed well below the refi rate, with some
occasional spikes. Since the €442 billion cash injection, overnight
interest rates in the euro zone have fallen to a record low of 0.3%, below
those in Britain and scarcely higher than in America. Indeed banks can
now borrow more cheaply in euros than in pounds for either three, six or
12 months.
Before the crisis, the ECB would aim to keep overnight interest rates
close to the refi rate. Since it moved to unlimited fixed-rate funding, the
central bank has been content to allow the overnight rate to drift much
lower than the policy rate. In effect, the bank now has a target range for
short-term rates: the upper bound is the 1% refi rate and the lower
bound is the rate the central bank pays on banks’ deposits with it,
currently 0.25%. The deposit rate has been a better guide to the policy
stance than the refi rate has. ECB-watchers and markets understand this,
even though it has not been spelt out in so many words by Jean-Claude
Trichet, the ECB’s president.
Why be so coy? One concern is that by playing up the fight against
recession, the ECB could appear to have lost sight of inflation. Keeping
the totemic refi rate above zero may be seen as necessary to prevent
inflation expectations from drifting up. There may also be a reluctance
to admit that such a gushing provision of liquidity has altered the policy
stance. Since the start of the crisis in August 2007, the ECB has insisted
the two are separate. “They are bold on liquidity because they don’t see
it as mainstream monetary policy,” says Charles Wyplosz of the
Graduate Institute in Geneva. Yet the terms of its refinancing for banks
have clearly led to looser monetary conditions.
Another reason for obfuscation is to mask differences among ratesetters. Monetary-policy hawks can reassure themselves that the policy
rate is not too low. Doves are happy that effective interest rates are
nearer to zero. And Mr Trichet can claim there is a “consensus”. The
terms of the truce make it easier to reverse policy when the time comes.
By restricting its liquidity support, the ECB will be able to guide
overnight interest rates towards 1% without having to alter its policy
Because the ECB has had one eye on the exit since the start of the
crisis it has earned plaudits from those who think the Federal Reserve
has been incautious. That judgment is too kind to the ECB, which could
afford to have scruples about the medium term because other central
banks were taking more care of the present. It is also unfair on the Fed,
which had to stand in place of America’s collapsed shadow-banking
system. When the economy was in most danger, the ECB could have cut
rates more quickly. “If the ECB had been more proactive, the recession
would have been less bad,” says Marco Annunziata of UniCredit. The
striving for consensus militated against bolder action.
Another criticism is that the ECB has not done more to ease credit
conditions by buying government and corporate bonds outright, as the
Bank of England and the Fed have done. Its scheme to purchase up to
€60 billion of the safest bank bonds, launched this month, is modest by
comparison. Mr Trichet believes that focus makes sense, as euro-zone
businesses and homebuyers rely more on banks than capital markets for
credit. In America, capital markets matter more, so the Fed had to get its
hands dirtier by buying commercial paper and mortgage-backed
The ECB is also loth to soil its hands with public debt, though banks
flush with central-bank cash are keen buyers of such low-risk assets. If
this is monetisation at a remove, so be it. The central bank keeps its
independence from government and does not have to worry about
selling bonds back into the market once the interest-rate cycle turns. “If
you want to stay clean, the exit strategy is easier,” says Thomas Mayer
of Deutsche Bank.
But offering ample liquidity support to banks gets you only so far.
By buying assets, the Fed allows American banks to shed them, freeing
scarce capital for fresh lending. As losses mount in the euro zone,
capital may trump liquidity in determining credit growth. Lending to the
private sector slowed to 1.8% in the year to May, an all-time low. Until
credit starts to revive, the ECB cannot think about tightening policy. It
may yet have to be bolder.
Complete the sentences:
1. …. rates may put the ECB in a bad light but these are no longer
a reliable guide to the overall …….
2. It also scheduled extra …… and…….refinancing operations.
3. With so much cash………, the charge that banks make for
overnight loans has stayed well below the refi rate, with
4. Before the crisis, the ECB would aim to keep……………. close
to the refi rate.
5. Keeping the totemic refi rate……… may be seen as necessary
to prevent inflation expectations from drifting up.
6. ………… hawks can reassure themselves that the policy rate is
not too low.
7. By restricting its………., the ECB will be able to guide
overnight interest rates towards 1% without having to………..its policy
8. In America, capital markets matter more, so the Fed had to get
its hands dirtier by buying………………...
9. The……………keeps its independence from government and
does not have to worry about selling bonds back into the market once
the interest-rate cycle turns.
10. As losses mount in the euro zone, capital may………….. in
determining credit growth.
Translate he following text from English into Russian in writing
A guardian of the monetary system. A central bank sets short-term
interest rates and oversees the health of thefinancial system, including
by acting as lender of last resort to commercial banks that get into
financial difficulties. The Federal Reserve, the central bank of the
United States, was founded in 1913. The Bank of England, known
affectionately as the “Old Lady of Threadneedle Street”, was established
in 1694, 26 years after the creation of the world’s first central bank in
Sweden. With the birth of the euroin 1999, the monetary policy powers
of the central banks of 11 European countries were transferred to a new
central bank, based in Frankfurt. During the 1990s there was a trend to
make central banks independent from political intervention in their dayto-day operations and allow them to set interest rates. Independent
central banks should be able to concentrate on the long-term needs of an
economy, whereas political intervention may be guided by the shortterm needs of thegoverment. In theory, an independent central bank
should reduce the risk of inflation. Some central banks are legally
requried to set interest rates so as to hit an explicit inflation target.
Politicians are often tempted to exploit a possible short-term trade-off
between inflation and unemployment, even though the long-term
consequence of easing policy in this way is (most economists say) that
the unemployment rate returns to what you started with and inflation is
higher. An independent central bank, because it does not have to worry
about persuading an electorate to vote for it is likely to act in the best
long-run interests of the economy.
Just as a prudent driver keeps an eye on the road and a hand on a
wheel, every country's central bank watches economic data carefully. If
a central bank allows the economy to expand too rapidly by keeping too
much money in circulation, it may cause inflation. If it slows down the
economy removing too much money from circulation, an economic
recession could result, bringing unemployment and reduced production.
Central banks usually print only enough currency to satisfy the
everyday needs of businesses and consumers. Instead if taking deposits
and making Ioans as normal banks do, a central bank -such as the US
Federal Reserve or the Bank of Japan — controls the economy by
increasing or decreasing the country's money supply. The magnitude by
which the supply of money can be increased is demonstrated by the fact
that banks in the United States during one year carried on their account
books deposits totaling 450,000 million dollars. But they actually held
in coin and currency less than 25,000 million dollars. Since most
"money" is actually nothing more than a saving or checking account at a
local bank, the most effective way for a central bank to control the
economy is to increase or decrease bank lending and bank deposits.
Once a customer deposits money in any bank, it becomes available
for further lending. A bank's supply of money for lending is limited by
its deposits and its reserve requirements, which are determined by the
central bank that often uses them to control the money supply. Another
way of controlling the money supply is to raise or lower interest rates.
When a central bank decides that the economy is growing too slowly, it
can reduce the interest rate it charges on the loans to the country's banks.
Alternatively, if the economy shows signs of growing too quickly, a
central bank can increase the interest rate on its loans to banks, putting
the brakes on economic growth.
Translate the following text from Russian into English in writing
1. Финансовая отчётность - это система данных о финансовом
положении компании, финансовых результатах её деятельности и
изменениях в её финансовом положении и составляется на основе
данных бухгалтерского учёта.
2. Бухгалтерский баланс это одна из трёх основных форм
бухгалтерской отчётности. В соответствии с международными
правилами финансовой отчётности, баланс содержит данные об
активах, обязательствах и собственном капитале. Бухгалтерский
баланс характеризует имущественное и финансовое состояния
организации в денежной оценке на отчётную дату.
3. Баланс состоит из трех частей: активов, обязательств и
4. Направления движения денежных средств рассматриваются в
отчете в разрезе основных видов деятельности организации —
текущей, инвестиционной и финансовой.
5. Отчет отражает инвестиции в дочерние и иные хозяйственные
общества, капитальные вложения в основные средства, на
увеличение оборотных средств, содержит данные об изъятии
денежных средств из сферы инвестиций и дает представление о
деятельности организации по привлечению финансовых ресурсов
для финансирования ее развития и других потребностей.
Unit 8
Read the following article
Translate this article from English into Russian
Answer the following questions:
1. Have you ever experienced hunger?
2. Would you be able to share your food with those who are
3. Who is in charge for those people ( government, scientists,
bankers, etc.)?
4. How did “food speculation” appear?
5. What is a connection between Farmer X and Trader Y?
6. How can you explain the process of “hedging”?
7. What kind of food can we classify as staple?
Food speculation: 'People die from hunger while banks make a
killing on food'
2011-01-23, The Guardian
It's not just bad harvests and climate change – it's also speculators
that are behind record prices. And it's the planet's poorest who pay.
Just under three years ago, people in the village of Gumbi in western
Malawi went unexpectedly hungry. Not like Europeans do if they miss a
meal or two, but that deep, gnawing hunger that prevents sleep and dulls
the senses when there has been no food for weeks.
Oddly, there had been no drought, the usual cause of malnutrition
and hunger in southern Africa, and there was plenty of food in the
markets. For no obvious reason the price of staple foods such as maize
and rice nearly doubled in a few months. Unusually, too, there was no
evidence that the local merchants were hoarding food. It was the same
story in 100 other developing countries. There were food riots in more
than 20 countries and governments had to ban food exports and
subsidise staples heavily.
The explanation offered by the UN and food experts was that a
"perfect storm" of natural and human factors had combined to hyperinflate prices. US farmers, UN agencies said, had taken millions of acres
of land out of production to grow biofuels for vehicles, oil and fertiliser
prices had risen steeply, the Chinese were shifting to meat-eating from a
vegetarian diet, and climate-change linked droughts were affecting
major crop-growing areas. The UN said that an extra 75m people
became malnourished because of the price rises.
But a new theory is emerging among traders and economists. The
same banks, hedge funds and financiers whose speculation on the global
money markets caused the sub-prime mortgage crisis are thought to be
causing food prices to yo-yo and inflate. The charge against them is that
by taking advantage of the deregulation of global commodity markets
they are making billions from speculating on food and causing misery
around the world.
As food prices soar again to beyond 2008 levels, it becomes clear
that everyone is now being affected. Food prices are now rising by up to
10% a year in Britain and Europe. What is more, says the UN, prices
can be expected to rise at least 40% in the next decade.
There has always been modest, even welcome, speculation in food
prices and it traditionally worked like this. Farmer X protected himself
against climatic or other risks by "hedging", or agreeing to sell his crop
in advance of the harvest to Trader Y. This guaranteed him a price, and
allowed him to plan ahead and invest further, and it allowed Trader Y to
profit, too. In a bad year, Farmer X got a good return but in a good year
Trader Y did better.
When this process of "hedging" was tightly regulated, it worked well
enough. The price of real food on the real world market was still set by
the real forces of supply and demand.
But all that changed in the mid-1990s. Then, following heavy
lobbying by banks, hedge funds and free market politicians in the US
and Britain, the regulations on commodity markets were steadily
abolished. Contracts to buy and sell foods were turned into "derivatives"
that could be bought and sold among traders who had nothing to do with
agriculture. In effect a new, unreal market in "food speculation" was
born. Cocoa, fruit juices, sugar, staples, meat and coffee are all now
global commodities, along with oil, gold and metals. Then in 2006 came
the US sub-prime disaster and banks and traders stampeded to move
billions of dollars in pension funds and equities into safe commodities,
and especially foods.
"We first became aware of this [food speculation] in 2006. It didn't
seem like a big factor then. But in 2007/8 it really spiked up," said Mike
Masters, fund manager at Masters Capital Management, who testified to
the US Senate in 2008 that speculation was driving up global food
prices. "When you looked at the flows there was strong evidence. I
know a lot of traders and they confirmed what was happening. Most of
the business is now speculation – I would say 70-80%."
Masters says the markets are now heavily distorted by investment
banks: "Let's say news comes about bad crops and rain somewhere.
Normally the price would rise about $1 [a bushel]. [But] when you have
a 70-80% speculative market it goes up $2-3 to account for the extra
costs. It adds to the volatility. It will end badly as all Wall Street fads
do. It's going to blow up."
The speculative food market is truly vast, agrees Hilda OchoaBrillembourg, president of the Strategic Investment Group in New
York. She estimates speculative demand for commodity futures has
increased since 2008 by 40-80% in agricultural futures.
But the speculation is not just in staple foods. Last year, London
hedge fund Armajaro bought 240,000 tonnes, or more than 7%, of the
world's stocks of cocoa beans, helping to drive chocolate to its highest
price in 33 years. Meanwhile, the price of coffee shot up 20% in just
three days as a direct result of hedge funds betting on the price of coffee
Olivier de Schutter, UN rapporteur on the right to food, is in no
doubt that speculators are behind the surging prices. "Prices of wheat,
maize and rice have increased very significantly but this is not linked to
low stock levels or harvests, but rather to traders reacting to information
and speculating on the markets," he says.
"People die from hunger while the banks make a killing from betting
on food," says Deborah Doane, director of the World Development
Movement in London.
The UN Food and Agriculture Organisation remains diplomatically
non-committal, saying, in June, that: "Apart from actual changes in
supply and demand of some commodities, the upward swing might also
have been amplified by speculation in organised future markets."
The UN is backed by Ann Berg, one of the world's most experienced
futures traders. She argues that differentiating between commodities
futures markets and commodity-related investments in agriculture is
"There is no way of knowing exactly [what is happening]. We had
the housing bubble and the credit default. The commodities market is
another lucrative playing field where traders take a fee. It's a sensitive
issue. Some countries buy direct from the markets. As a friend of mine
says: 'What for a poor man is a crust, for a rich man is a securitised asset
Are the following sentences true or false?
1. Government crushed (put down) food riots in more than 20
2. According to Ann Berg, it is impossible to differentiating between
commodities futures markets and commodity-related investments in
3. The president of the Strategic Investment Group in New York
argues that speculative demand for commodity futures has increased
since 2012 in agricultural futures.
4. First alarms of food speculation appeared in 2006.
Refer back to the article and write a summary of the article
Read the following text. Translate this text from English into
Recruitment presents cross - border challenge
For senior executives across modern Europe, it a challenge: attracting
the best employees, whether to write software or to market pet food.
Recruitment is one of the new corporate art from, yet another measure of
a company competitiveness and management ability. Bruce Dorsking's
specialty is global recruitment strategy. His New - York City- based
Dorsking Group has worked with companies in 40 countries over the past
four years and helped an advertising agency TMP conduct acquisition of
24 recruitment advertising firms and Internet sites, many of them in
Europe. It turner TMP into the largest recruitment communications firm
in the world, with a market capitalization of $1 billion.
Speaking about the trends in European recruitment, Bruce Dorsking
states, that there's consolidation in every industry and globalization.
Companies need to introduce their brands or products to new markets.
So there is a move towards crossborder recruitment, where the demand
for talent is spreading across markets. Europeans used to sell products
only in their own local markets, but now they are selling them all over
the world. And they are four or five pharmaceutical markets and one
common language, English. Despite high unemployment rates in
Europe, there is also a shortage of people in certain disciplines,
especially in information technology, sales and marketing. Another
example is consulting. Andersen Consulting in Germany recruits from
Switzerland and Austria. Consulting firms are among the largest
recruiters in absolute numbers.
Many young graduates in Europe seek international experience. They
want to move to a foreign country, deal with a new language, mostly
within Western Europe. Something else to consider is that most jobs in
the US are created by new companies that are less than 10 years old. In
Europe the majority of jobs still come out of older companies, although
in new configurations, having gone through mergers, etc.
If the companies are going to recruit in various countries, they need
to establish an employer brand as well as a consumeries brand.
Organizations have to market their companies to potential employees
and that's not something they've been good at historically. Companies
that want to be pan-European have to create recruitment campaigns in
much the same way they sell their consumer products.
Complete these word combinations with the verbs from the text:
to_________ software
to_________ their brands
to_________ international experience
to _________ with a new language
to_________ in various countries
to_________ an employer brand
to_________ recruitment campaigns
Translate the following text from English into Russian in writing
Audits are performed to determine the validity and reliability of
information and to provide an evaluation of a system’s internal control.
The aim of an audit is to express an opinion on the organization based
on the generally accepted accounting principles (GAAP).
It is performed by a competent, independent and objective person or
persons, known as auditors, and accountants licensed to act in that
All published company accounts must be audited by an individual or
a company.
Usually auditors are professional firms of accountants and should be
entirely independent of the company. The duty of the auditors is to
examine the company’s financial statements to ensure that the accounts
provide a true and fair representation of the financial affairs of the
business, that there is no material misstatement or fraud on the part of
the management. the auditors are also required to certify that the
accounts have been prepared in accordance with the requirements of the
There are two types of auditors:
Internal auditors- are employees of a company hired to evaluate its system
of internal control. To maintain independence, they present their reports
directly to the Board of Directors. Since internal auditors are employees of
the company, they can easily find out the frauds and any mistakes.
External auditors - are independent staff assigned by an auditing firm
to evaluate financial statements of their clients. Most external auditors
are employed by accounting firms.
Translate the following sentences from Russian into English in
1. Целью аудита является выражение мнения об организации
2. Аудит проводится компетентным, независимым лицом или
лицами, известными под названием аудиторов, и бухгалтерами,
имеющими разрешение выступать в этом качестве.
3. …и то, что со стороны руководства нет существенных
неправильных (ложных) заявлений или мошенничества.
4. Внутренние аудиторы- это сотрудники компании, нанятые с
целью проведения оценки системы внутреннего контроля.
5. Большинство внешних аудиторов – это сотрудники
аудиторских фирм.
Account balance
Сальдо по счету
(остаток по счету)
Бухгалтерский учет
Услуги по учету и
Учетная прибыль
Метод учета
Учетная модель,
бухгалтерская модель
Учетный период
Учетная политика
бухгалтерского учета
Накопленный убыток
Отрицательное мнение
Резерв по
сомнительным долгам
Резерв на покрытие
риска выборки
порядок учета
Accounting and review service
Accounting income
Accounting method
Accounting model
Accounting period
Accounting policy
Accounting principle
Accumulated loss
Adverse opinion
Advisory service
Agreed upon procedures
Allowance for doubtful accounts
Allowance for sampling risk
Allowed alternative method
Allowed alternative treatment
Analytical procedure
Annual lease costs
Годовая стоимость
Годовой отчет
Нетиповая ошибка
Прикладные средства
Ассистент (аудитора)
Комитет по аудиту
Договор оказания
аудиторских услуг
Аудиторская фирма
Цели аудита
План аудита
Процедуры аудита
Аудиторская команда
Совет по стандартам
Annual report
Anomalous error
Application control
Audit committee
Audit contract
Audit evidence
Audit firm
Audit objective
Audit plan
Audit procedures
Audit team
Auditing Standards Board
Balancing item
Сальдо (остаток)
Статья, по которой
выводится остаток
Банковский овердрафт
Эквивалент в баррелях
Метод базовых запасов
Основное балансовое
Базовая прибыль на
Bank overdraft
Barrels-of-oil equivalent
Base stock
Basic accounting equation
Basic earnings per share
Beginning inventory
Запасы на начало
Основной подход
Основной порядок
Облигации к оплате
Бонус, дополнительная
выплата, премиальные
Схема премиальных
Балансовая стоимость
(Учетная стоимость)
Побочный продукт
Benchmark treatment
Bonds payable
Bonus plan
Book value (Carrying amount)
Business segment
Call option
Capital stock
Capital surplus
Capitalisation of interest
Опцион покупателя
Акционерный капитал
Добавочный капитал
Денежные средства
денежных средств
Кассовый метод
Облигации, связанные
с риском катастроф
Изменения в учетной
Изменения в капитале
Cash balancing
Cash inflow
Cash method
Catastrophe bonds
Certificate of deposit
Changes in accounting policy
Changes in equity
Changes in financial position
Class of assets
Contingent asset
Continuing accounting significance
Continuing auditor
Contra account
Contribution from owner
Control environment
Control of an asset
Control of an enterprise
Control procedure
Control process
Control risk
Control version
Controlled entity
Corporate assets
Corporate governance
Cost of conversion
Cost of disposal
Вид активов
Условный факт
Условный актив
Постоянная учетная
Постоянный аудитор
Вклад (взнос)
Контрольная среда
Контроль за активом
Контроль над
Процедура контроля
Процесс контроля
Риск системы контроля
Контрольная версия
Затраты на
Затраты на выбытие
Current exchange rate method
Метод учета по
текущему валютному
Current expenditures
(revenue expenditures)
Текущие расходы
Debt instruments
Долговые ценные
Дебитор, должник
Кривые падения
Метод уменьшаемого
остатка (амортизация)
налоговые требования
Детальный тест
Риск необнаружения
Отказ от выражения
Debt securities
Decline curves
Declining balance method
Deferred tax asset
Detail test
Detection risk
Detective control
Deterministic approach
Development well
Disclaimer of opinion
Discontinuing operation
Divisible surplus
Economic benefits
Фактический доход
Период эффективного
Метод учета прав на
Долевой инструмент
Метод долевого
Долевые ценные
Оценочная выборка
Затраты, переносимые
на будущие периоды
Корректировка на
основе опыта
Economic entity
Economic life
Emphasis of matter paragraph(s)
Entitlements method
Equity instrument
Equity method
Equity securities
Estate of policy holder
Estimation sampling
Expenditures carried forward
Experience adjustment
Explanatory note
Explicit discounting computation
Расчеты на основании
явных методов
Exploration permit
Разрешение на поисково-разведочные
Разведочная скважина
Прирост запасов в
результате доразведки
Внешний аудитор
Затраты на
Финансовая аренда
Финансовый актив
Exploratory well
External auditor
Finance costs
Finance lease
Financial asset
Financial asset or liability
held for trading
Финансовый актив
или обязательство,
предназначенное для торговли
Financial assets and liabilities
available for sale
Финансовые активы и
Финансовый прогноз
Иностранная валюта
стандарты аудита
Financial forecast
Financing activities
Foreign currency
auditing standards)
General insurance
General journal
General ledger
Общее страхование
Журнал учета операций
Главная бухгалтерская
Going concern
Government business enterprise
Government grant
Валовый оборот
Представление по валовому / нетто - методу
Gross turnover
Gross / net representation
Hash total
Итоговая (общая)
Хедж / Хеджирование
Учет хеджирования
Хеджируемая статья
Hedge accounting
Hedge effectiveness
Hedged item
Hedging instrument
Impairment loss
Imparity principle
Improved recovery projects
Imputed rate of interest
Inception of the lease
Incidental (indirect) acquisition costs
Income and expenditure account
снижение стоимости
Убыток от
Учет в соответствии с
Проекты для
повышения отдачи
Вменённая ставка
Начало срока аренды
(косвенные) затраты
на приобретение
Доход, прибыль
Счет доходов и
Income distributions to owners
Income statement
Income tax expense
Incoming auditor
Incorrect acceptance
Incremental sale
Indemnity reinsurance
Independent foreign operation
Indexed contract
Indirect method
Individual evaluation concept
Industry and geographical segments
Industry segment
Inferred mineral resources
Insurance expenses
Insured event
Intangible asset
Integral foreign operation
Распределение прибыли (дохода) между
Отчет о прибылях и
Расходы по налогу на
Новый аудитор
Ошибочное принятие
Продажа с платежом в
возмещения ущерба
договор страхования
Косвенный метод
Отраслевые и географические сегменты
Отраслевой сегмент
оцененные запасы
Расходы на
Страховой случай
Integrated enterprise
Расходы на выплату
Доля участия в
Задолженность по
Расчетная процентная
ставка по договору
Риск ставки процента
Внутренний аудит
Внутренний аудитор
Отдел внутреннего
Анкета внутреннего
Система внутреннего
Вводный параграф
Риск процентной ставки
Объект инвестиций
Инвестор в
Interest expense
Interest in joint venture
Interest payable
Interest rate implicit in a lease
Interest rate risk
Internal auditing
Internal auditor
Internal audit department
Internal control questionnaire
Internal control system
Intracompany balance
Introductory paragraph
Invest rate risk
Investment activities
Investor in a joint venture
Joint control
Joint operating agreement
Совместный контроль
Соглашение о
Joint products
Joint venture
Knowledge of the business
Знание бизнеса
Market risk
Market value
Marketable (adj)
Рыночный риск
Рыночная стоимость
Закладываемая норма
Добавочная норма
прибыли, наценка
соотнесения доходов и
Оценка, измерение
Оценка изменений
Учет при слиянии
Ресурсы полезных
Права на разработку
Matching concept
Measurement of change
Merger accounting
Mineral resource
Mineral rights (interests)
Minerals in place
Полезные ископаемые
Полезные ископаемые
в недрах
арендные платежи
Доля меньшинства
(компесанция влияния
Денежные активы
Minimum lease payments
Minority interest
Mismatch risk
Modified auditor's report
Monetary assets
Monetary financial assets
and financial liabilities
финансовые активы и
Денежная статья
Страхование на
случай смерти
Ипотечные кредиты
Monetary financial instrument
Monetary item
Mortality protection
Net assets
Net assets available for benefits
Чистые активы
Чистые активы
пенсионного плана
Чистые денежные
Чистые денежные
Net cash
Net cash investment
Net current assets
Чистые текущие
Чистый дефицит
Чистый капитал
Чистые продажи
Чистая цена продаж
Чистый избыток,
Операция не
Пассивное долевое
Net deficit
Net equity
Net sales
Net selling price
Net surplus
No entry
Non-current liability
Non-operating interest
Non-producing reserves
Obligating event
Моральный износ,
Риск частоты
страховых случаев
Забалансовая статья
Запасы нефти и газа в
месторождения нефти
и газа
Occurrence risk
Off-balance-sheet item
Oil and gas in place
Oil and gas lease
Oil and gas reserves
On account
On-balance-sheet item
Onerous contract
Запасы нефти и газа
За счет
Балансовая статья
Начальное сальдо
Операционный цикл
Операционный доход
Операционная аренда
Обычная деятельность
Обыкновенная акция
Рудное тело
Запасы руды
Opening balance
Operating activity
Operating costs
Operating cycle
Operating expenses
Operating income
Operating lease
Operating profit
Ordinary activities
Ordinary share
Ore body
Ore reserve
Paid-in сapital
Par value
Оплаченный капитал
стоимость, паритет
Стоимость прошлых
услуг работников
Расчет по
пенсионному плану
Метод "по мере
Past service cost
Pension plan settlement
Percentage-of-completion method
Отчет о результатах
Метод портфельной
Возможные запасы
полезных ископаемых
События после
отчетной даты
обыкновенные акции
заранее заявочный
Страховые премии по
Расходы будущих
Расходы будущих периодов на страхование
Поисковые работы
Разрешение на
Performance statement
Portfolio basis
Positive assurance
Possible (mineral) reserves
Post balance sheet events
Potential ordinary share
Predecessor auditor
Predetermined application rate
Premium deficiency
Prepaid expenses
Prepaid insurance
Prospecting permit
Prospective application
Prospective financial information
(достоверные) запасы
Резерв по налогам к
Принцип осмотрительности,
Учет в государственном
секторе экономики
Cчет покупок
Скидки при покупке
Метод покупки
Покупка товаров в
Proved (un)developed reserves
Proved reserves
Provision for taxes payable
Prudence concept
Public sector accounting
Purchase account
Purchase discounts
Purchase method
Purchase of merchandise on credit
Quality control
Контроль качества
Разработка (полезных
Признание и оценка
Критерий признания
Recognition and measurement
Recognition criteria
Сверка, выверка
Отражение в учете,
Возмещаемая сумма /
Связанные стороны
информации о
связанных сторонах
Операции между
Расходы на аренду
Расходы на ремонт
Затраты на замену
Отчетный сегмент
Бухгалтер, составляющий отчетность
Отчетная валюта
Отчетная дата
Отчетность на неттооснове
Отчетный период
Фонды (резервы)
Запасы "вне трубы"
Recoverable amount
Related parties
Related party disclosures
Related party transaction
Related services
Rent expense
Repairs expense
Replacement cost (of an asset)
Reportable segment
Reporting accountant
Reporting currency
Reporting date
Reporting enterprise
Reporting on a net basis
Reporting period
Reserve for warranty liability
Reserves behind the pipe
Residual value (Salvage value)
Возврат проданных
Доход на инвестицию
Доходы на активы
пенсионного плана
Резерв переоценки
Прирост стоимости
имущества от
стоимость актива
Выручка (амер. доход )
убытка от
временной разницы
Обратная покупка
Задание по обзору
Return of merchandise
Return on investment
Return on plan assets
Revaluation reserve
Revaluation surplus
Revalued amount of an asset
Reversal of impairment loss
Reversal of temporary difference
Reverse acquisition
Review engagement
Salaries expense
Расходы на оплату
Задолженность по
оплате труда
Продажа с обратной
арендой (лизингом)
Продажа товаров в
Скидки при продаже
Метод продаж
Salaries payable
Sale and leaseback transaction
Sale of merchandise on credit
Sales discounts
Sales method
Sales of goods and services
Продажа товаров и
Возврат и уценка
проданных товаров
Расписание / график
аудиторской проверки
Ограничение объема
Объем аудита
Повторный запрос
Ценные бумаги для
Активы сегмента
Расходы сегмента
Информация по
Результат сегмента
Выручка сегмента
Затраты по сбыту
расходы (расходы по
Выручка от
реализации услуг
Осуществить зачет
встречных требований
Налог на добытые
полезные ископаемые
Риск размера
Акционерный капитал
Sales returns and allowances
Schedule of an audit
Scope limitation
Scope of an audit
Second request
Securities held for resale
Segment assets
Segment expense
Segment information
Segment result
Segment revenue
Selling costs
Selling expenses
Service assets
Service revenue
Settle net
Severance tax
Severity risk
Share capital
Share premium
Эмиссионный доход,
премия на акцию
Собственный капитал
Высший орган аудита
Shareholders' equity (interests)
Supreme audit institution
Tax allocation
Налоговая база актива
или обязательства
Расходы по налогу
Обязательства по
Налоговый убыток
Налог на прибыль
временная разница
Задолженность по
Временной метод
Временная разница
Страхование жизни на
Выходные пособия
Контрольный подсчет
Тесты контроля
Tax base of asset or liability
Tax expense
Tax liability
Tax loss
Tax on income
Taxable profit
Taxable temporary difference
Taxes payable
Temporal method
Temporary / timing difference
Temporary investments
Term life insurance
Termination benefit
Test count
Tests of control
Time period assumption
Title insurance
Право собственности
на активы
Допустимая ошибка
Общая величина
покупателей и
Торговые ценные
Затраты по сделке
Пооперационный учет
/ учет на основе
Title to assets
Tolerable error
Tolerable misstatement
Total operating expenses
Trade receivable
Trading securities
Transaction costs
Transaction-based accounting
Undeveloped reserves
Undivided interest
Неосвоенные запасы
Неделимое долевое
финансовый доход
Арендная плата,
полученная авансом
е затраты
Премия за неистекший
период страхования
Неистекший риск
Unearned finance income
Unearned rent
Unevaluated preproduction costs
Unexpired premium
Unexpired risk
Unfunded benefit plan
пенсионный план
единицы продукции
Единица учета
Списание стоимости
объему производства
Общее количество
Объем продукции
страхования жизни
Недоказанные запасы
Безусловно- положительное мнение
Срок полезного
Unit cost
Unit of account
Uniting of interests
Unit-of-production method
Units and goods available
Units of activity
Universal life contract
Unproved reserves
Unqualified opinion
Useful life
Value at risk
подверженная риску
Ценность от
Концепция ценности
от использования
Договор страхования с
переменной суммой
Переменные затраты
Изменяемая выборка
Величина отклонения
Участник (совместной
Value in use
Value in use concept
Variable contract
Variable costs
Variable sampling
Vested employee benefit
Wages payable
Walk-through test
Warranty expense
Wasting natural resources
Weighted average cost
Weighted average cost method
Write-down on an item by item basis
Zero-balance models
(cost recovery basis)
Задолженность по
оплате труда
Сквозная проверка
Расходы по
природные ресурсы
Капитальный ремонт
Пообъектная уценка,
пообъектное списание
Повышение стоимости
Модель нулевого
Список интернет-ресурсов
1. John Vidal. Food speculation: 'People die from hunger while banks
make a killing on food’// the guardian. Global development. 2011.
Elitarium, 2008 г.
2. Лаврушин О.И. Чем различаются финансовый и управленческий
World Economic Journal, 2012-2013 гг.
3. Anastasia Yakovleva. ‘I prefer investing in new and innovative
4. Anastasia Yakovleva. The map of the world’s most important
economies is changing.//World Economic Journal. 2013. January. URL:
5.Энциклопедия замечательных людей и идей. Бухгалтерский учёт.
BBC, NEWS Business, 2003-2013гг.
7. BBC. US economy grows on buoyant consumer spending // News
8. BBC.US economy ekes out growth in fourth quarter//News
business.2013.March, 28. URL:
9. BBC. Buffett warns on investment 'time bomb'//News business. 2003.
March. URL:
10. BBC. OECD predicts stronger global growth // News business.
2013. March. URL:
11. Rodney Gascoyne .Central Bankers' War II//The Open Writing Web
12. Ambrose Evans-Pritchard. IMF's epic plan to conjure away debt and
dethrone bankers//The Telagraph.2012. October, 21. URL:
Список литературы
13. Corbett J., English for international banking and finance, Cambridge
University Press, 1991.
14. Lees G., Thorne T. English on business. Practical English for
International Executives. – М.: Титул, 2000.
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