BEC中级商务英语阅读讲义精选：10

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神秘鬼馬

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BEC中级商务英语阅读讲义精选：10全球股市波动并非中国制造周四再次提醒人们，与通货紧缩或手机不同，全球市场的波动并非中国制造。在中国国内股市暴跌两天后，平安保险(Ping An Insurance)股价在上市首日大涨38%。Thursday provided another reminder that global market movements - unlike, say, deflation or mobile handsets - are not made in China. Two days after the Chinese domestic equity market fell out of bed, Ping An Insurance shares leapt 38 per cent on their debut.诚然，平安是在全球最大的市场上卖保险，但仅凭这一点，很难证明其市净率较全球保险业平均水平高出三倍是合理的。实际上，中国境外投资者对平安保险的估值较其内地新股东低28%。许多两地上市的中国股票都存在令人瞠目的估值差距。平安保险最大竞争对手中国人寿(China Life)香港上市的股价就较内地低40%。汇丰(HSBC)持有平安保险的部分股权。Sure, Ping An sells insurance in the world's biggest market, but that alone hardly justifies a price-to-book multiple that is four times the industry's global average. Indeed, investors outside China value shares in Ping An, which is partly owned by HSBC, at a 28 per cent discount to the new mainland shareholders. Yawning valuation gaps exist among many of China's dual-listed stocks. China Life, Ping An's bigger rival, is 40 per cent cheaper across the border in Hong Kong.尽管目前以人民币计价的中国A股市场市值已达1.4万亿美元，但国际准则在这里显然并不适用。股票交易主要取决于变化无常的市场人气：以中国国航(Air China)为例，由于市场需求不旺，该公司去年夏季被迫削减了首次公开发行(IPO)规模。结构性制约因素依然存在。中国国内投资者的投资渠道非常有限，因此，在市场行情好的时候，新股发行基本上可以保证获得极高的超额认购率--还有高股价和惊人的首日涨幅。自2000年以来，中国内地IPO始终保持着高水平的单日平均回报率。Dealogic的数据显示，今年迄今为止，中国内地IPO的首日平均涨幅为70%，相比之下，邻近的香港和日本则分别只有22%和44%。International norms clearly do not apply, even though China's domestic-currency "A" share market now has a capitalisation of US$1,400bn. Stocks trade largely on sentiment, which can turn on a dime: witness Air China, which was forced to scale back its IPO last summer due to tepid demand. Structural constraints persist. Domestic investors have few investment options, so in good times huge over-subscription rates are more or less guaranteed - along with top-dollar prices and impressive first-day pops. Since the start of the decade, Chinese IPOs have consistently produced high average one-day returns. So far this year the average pop is 70 per cent, compared with 22 per cent in neighbouring Hong Kong and 44 per cent in Japan, according to Dealogic.一个靠人气推动的市场不断走高似乎是一个典型的泡沫--即便经过周二的大幅回调，上海A股市场仍高于去年年底的水平，过去12个月累计上涨114%。监管机构已发出大量警告，并很可能采取干预措施。但和泡沫一样，泡沫的破裂实质上只会波及国内市场。外国投资者在中国A股市场的投资额不足100亿美元，仅大致相当于一笔中等规模的私人股本交易。与中国公司的股价相比，他们应该还有一些更紧迫的事情需要担忧。A sentiment-driven market spiralling higher - even after Tuesday's correction, the Shanghai "A" share market is in positive territory this year and up 114 per cent in the past 12 months - looks like a classic bubble. Regulators have warned as much, and may well intervene. But the bursting, like the bubble, will be essentially domestic. Foreigners have less than $10bn in the market, or about the same as in a mid-sized private equity deal, and should have more pressing things to fret about than Chinese share prices.

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猫咪尾巴

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商务英语与公共英语BEC中级商务英语考试难公共英语三级是中间级，通过该级考试的考生，其英语已达到高等教育自学考试非英语专业本科毕业水平或符合普通高校非英语专业本科毕业的要求，基本符合企事业单位行政秘书、经理助理、初级科技人员、外企职员的工作，以及同层次其他工作在对外交往中的基本需要。该级考生应能在生活和工作的多数情景中进行对话，不仅能够询问事实，还能询问抽象的信息，应能提供或是要求得到更清楚的阐述，同时口才也能表达简单的观点和态度，能适当运用基本的语法知识，掌握4000左右的词汇以及相关词组。相当于我国学生高中毕业后在大专院校又学了两年公共英语或自学了同等程度英语课程的水平。（此级别笔试合格成绩可替代自学考试本科阶段英语（二）考试成绩。）公共英语三级需要经过笔试和口试。考试内容：口试包括：对话、演讲等。笔试包括：听力、选词填空、写作等，基本上都是选择题。 Business English Certificate剑桥商务英语剑桥商务英语根本目的不在考试，而是对非英语国家国际型公司对员工的英语能力评定，而根据成绩的偏向（听说读写四个方面）来考察员工是否合适即将参与的工作岗位。但由于近几年许多外企在国内的设立，对应聘员工的要求也越来越专业，因此BEC证书也就成了外企认证的唯一标准。但是企业更看重的是英语的应用能力，许多拿有BEC证书的应聘者被拒之门外，原因也就是成绩很高却不会临场应用。英国剑桥大学是一所世界闻名的高等学府，剑桥大学考试委员会为其下属机构，该委员会所提供的英语作为外国语（EFL）的系列考试获得世界各国的承认，被用于入学、就业等各种用途。目前该委员会在世界一百多个国家设有考点，每年参加该系列考试的有一百多万人。中国教育部考试中心是我国国家级教育考试主管部门，负责承担各项国家级教育考试并受教育部委托代办海外机构在我国举办的各类教育考试。商务英语证书考试（BEC）由中英双方合办。英国剑桥大学考试委员会负责命题、阅卷、颁发证书。中国教育部考试中心负责报名、印制试卷和组织考试。

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肥球

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BEC中级商务英语阅读讲义精选：15韩国加大反间谍力度在去年11月的北京车展上，韩国现代汽车(Hyundai Motor)公司的管理人员看到了被他们称为"令人震惊"的一幕。At the Beijing motor show last November, officials of South Korea's Hyundai Motor Company saw what they describe as a "shocking" scene.在他们眼里，中国汽车制造商们展示的一些新车型--例如辽宁曙光汽车集团(SG Automotive)的"旗胜"和天马汽车集团(Tianma Auto)的"英雄"--看上去与现代的圣达菲(Santa Fe)和下属企业起亚汽车(Kia Motors)的索兰托(Sorento)很相似。To their eyes, some of the new models displayed by Chinese carmakers - such as the Qisheng by Liaoning SG Automotive and the Yingxiong by Tianma Auto - looked similar to Hyundai's Santa Fe and its affiliate Kia Motors' Sorento.现代汽车的管理人员Jake Jang回忆道："当我们看到中国的展车时，我们认为那是一模一样的复制品。前后外饰看上去与我们的运动型多功能汽车(SUV)非常相似。""The moment we saw the Chinese models, we thought they were replicas. The front and rear exteriors looked so similar to our sports utility vehicles," recalls Jake Jang, a Hyundai official.中国汽车制造商否认了现代的指控。辽宁曙光汽车集团的管理人员高彦龙(音译)表示："现代汽车工作人员对我们的旗胜车型发表的言论毫无根据，我们自己造出了这些汽车。"天马汽车发表的言论同样直接，一位管理人员表示："我们无需对现代汽车方面的言论进行任何回复。他们怎么想是他们的自由。但我可以告诉你，我们的英雄车型完全是自主开发的。我们还向政府注册了相关的专利。"The Chinese carmakers reject Hyundai's accusation. "What the people at Hyundai said about our Qisheng is completely groundless. We made the vehicles ourselves," says Gao Yanlong, an official at Liaoning. Tianma was equally blunt. "We don't need to make any response to the comments by Hyundai. It is their freedom to think that way. But I can tell you, our Yingxiong is fully self-developed. We also registered its related patents with the government," an official says.然而，现代汽车的高管回到韩国后，越来越担心中国竞争对手正在科技和设计方面缩小与韩国的差距，对该公司而言，这种发展可能是灾难性的。Still, Hyundai executives returned home with growing fears that their Chinese rivals are closing the technological and design gap with South Korea - a development that could be disastrous for the company.上月，起亚汽车发生了部分工人因涉嫌向中国出售汽车技术而被捕的事情，突显出韩国汽车业的这种危机感。他们被指控盗窃了索兰托以及一款将于12月推出的新车型的关键信息。目前尚不清楚是谁涉嫌购买了这些技术。The sense of crisis in South Korea's automotive industry was heightened last month when it emerged that some of Kia's workers had been arrested for allegedly selling car technology to China. They?were accused of stealing crucial information on the Sorento and a new model that will be launched in December. It is not known who the alleged buyers of the technology were."尽管我们在成本方面相对较弱，但我们认为，我们在质量和科技方面领先中国，"韩国商工会议所(Korea Chamber of Commerce and Industry)的Kim Hyun-soo表示，"但是，当技术外泄可能使中国迅速追赶我们的优势时，这种信心受到了动摇。""We believe that we are ahead of China on quality and technology, although we are relatively weak on the cost side," says Kim Hyun-soo at the Korea Chamber of Commerce and Industry. "But the belief is being shaken as technology leaks may allow China to quickly catch up on our strengths."对中国制造商可能迅速赶上的担忧，已在许多实业家和立法者中间造成了一种被围攻的感觉--尽管韩国自己也是通过复制日本和美国的技术(至少在其发展初期是这样)，成长为世界第11大经济体的。The fear that Chinese manufacturers are fast catching up has generated a sense of siege among many industrialists and lawmakers, even though South Korea itself grew into the world's 11th largest economy by replicating Japanese and US technology, at least in its initial development stage.韩国国家情报局(National Intelligence Service)表示，在2003年至2007年5月间，共查获了101起工业间谍案，据称这些案件为国家带来的潜在损失高达1435亿美元。上月，检察部门逮捕了浦项制铁(Posco)子公司Posdata的研究员，原因是其涉嫌试图将韩国开发的无线宽带技术Wibro走私到美国。The National Intelligence Service says it identified 101 cases of industrial espionage between 2003 and May 2007, which it claims cost the country $143.5bn (?106bn, ￡72bn) in potential losses. Last month prosecutors arrested researchers at Posdata, an affiliate of Posco, the steelmaker, for allegedly attempting to smuggle Wibro - a wireless broadband technology developed by Korea - into the US.韩国国家情报局的一位官员表示："世界正在进行一场经济战争，因此，我们正在努力阻止技术外泄，以使我们的国家成为一个经济超级强国。""The world is engaged in an economic war so we are trying hard to prevent technology outflows to make our country an economic superpower," says an NIS official.随着不安全感的日益加剧，韩国国会已经立法规定，如果韩国公司要向海外转移核心技术，需要得到政府的许可，以防技术泄露。Prodded by the increasing sense of insecurity, parliament has legislated to prevent technology leaks by requiring Korean companies to get government permission if they want to transfer core technologies overseas.法律还规定，工业间谍将被判处高达7年的有期徒刑，或最高罚款75.5万美元。然而，对于强硬派议员而言，即便是这种惩罚也不足以保护韩国。The law also provides for industrial spies to be sentenced to up to seven years' jail or fined up to $755,000. For hardline?legislators,?however, even this is not enough to protect South Korea.由反对党--大国家党(Grand National party)的朴槿惠(Park Geun-hye)牵头，一些韩国议员最近提交了一项法律修正案，旨在阻止外国人收购拥有关键技术的韩国公司。A group of lawmakers, led by Park Geun-hye of the opposition Grand National party, recently submitted a revised bill aimed at blocking foreigners from taking over domestic companies holding key technologies.

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南城北巷

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BEC中级商务英语阅读讲义精选：11香港炒出房地产衍生品长期以来，香港一直因其房地产价格的波动性而吸引着全球地产界的目光。而如今，香港却由于另一个原因而举世瞩目--房地产衍生品。Hong Kong has long attracted attention in the global property world due to the volatility of its real estate prices. Now, however, it has shot into the spotlight for another reason - property derivatives.2月27日，荷兰银行(ABN Amro)和新鸿基金融(Sun Hung Kai Financial)宣布，双方以香港住宅市场价格为基础，进行了一笔"房地产掉期"交易，这是亚洲首笔此类交易。On the 27th Feb ABN Amro bank and Sun Hung Kai Financial announced that they had traded a property swap based on Hong Kong's residential market, marking the first such transaction ever to be done in Asia.随着香港此笔掉期交易的完成，银行业人士预测，未来3个月，澳大利亚可能会出现类似交易，而未来6个月同样的情况将出现在新加坡，今年年底前，日本和韩国也将出现类似的交易。With the ink now dry on the Hong Kong deal, bankers are predicting that a similar deal could take place in Australia in the next three months, followed by another transaction in Singapore in the next six months, and transactions in Japan and Korea towards the end of the year.银行业人士表示，这意味着几个月后，投资者可能只需拨打一个电话，就可以"买进"悉尼的一间办公室，"卖出"伦敦的一家零售商店，或是在香港"买进"一处住宅地产。That means that in a few months' time an investor may potentially be able to "buy" an office in Sydney, "sell" a retail store in London and "buy" a residential property in Hong Kong by placing just one phone call, bankers say.果真如此，这将标志着房地产行业一个引人注目的转折点。一些银行业人士认为，该行业可能很快将成为一个令人兴奋的新金融创新领域，不仅是在香港，也是在全球。If so, this will mark a striking turnround for a sector that some bankers believe could soon be an exciting new frontier for financial innovation, not just in Hong Kong but around the world.数年前，房地产衍生品还只是存在于理论上。但研究机构Investment Property Databank公布的数据显示，最近几个月，房地产衍生品市场已开始迅速发展：在两年前市场刚刚形成的英国，迄今已达成逾300笔此类交易，价值近50亿英镑。美国和欧洲大陆也已达成了大量此类交易，银行业人士预计，此类交易数量将继续上升。Until a couple of years ago, property derivatives existed only in theory. But in recent months the sector has started to grow rapidly: in the UK, which barely had a market two years ago, there have been more than 300 deals worth in total close to ￡5bn, according to figures from Investment Property Databank, the research firm. A number of transactions have been completed in the US and continental Europe, and bankers expect this to grow.亚洲第一笔掉期交易价值不到1亿港元(合1300万美元)，以全球标准衡量规模较小。然而，此笔交易达成之际，正值现金充裕的投资者对于投资全球一些增长最快的房地产领域的新方式兴趣日增之时。例如，这些新方式可以替代房地产股票或房地产投资信托。The inaugural transaction in Asia, at less than HK$100m ($13m), is small by global standards. But it comes amid growing appetite among cash-rich investors for new ways to invest in some of the world's fastest growing property sectors - that can also be alternatives to property stocks or real estate investment trusts, for example.荷兰银行房地产衍生品主管菲利普o柳比奇(Philip Ljubic)表示："房地产是香港最热门的游戏之一，香港房地产衍生品的增长潜力巨大。"荷兰银行与新鸿基金融完成了2月27日的亚洲首笔房地产掉期交易。"Property is one of the hottest games in town and the potential for growth of property derivatives in Hong Kong is huge," says Philip Ljubic, a director of property derivatives at ABN Amro, which completed on the 27th Feb's transaction with Sun Hung Kai Financial.香港这笔房地产掉期交易属于一年期"价格回报掉期"。荷兰银行--此款衍生品的买家--通过获得HKU-HRPI年度变动率，得以投资香港住宅市场。HKU-HRPI是衡量香港住宅房地产价格的指数。该指数是由香港大学(University of Hong Kong)开发的一系列指数的分项指数，一定程度上特为此笔交易而开发。In the Hong Kong transaction, traded as a one-year "price return swap," ABN Amro - the buyer of the derivative - gains exposure to the city's housing market by receiving the annual change in the HKU-HRPI, an index measuring the price of Hong Kong Island residential property. This index is one of the subsets of a series developed by the University of Hong Kong partly for this specific transaction.新鸿基金融--此款衍生品的卖家--将根据之前协议，得到高于香港银行同业拆息(HIBOR，香港本地无风险贷款利率)协定基点的利差。Sun Hung Kai Financial - the seller of the derivative - receives a previously agreed basis point spread over HIBOR, the local risk-free lending rate.参与此笔交易的人士拒绝透露这一利差的大小。People involved in the deal declined to reveal this spread.全香港住宅价格指数(All Hong Kong Residential Price Index)是包括HKU-HRPI在内的三个分项指数的加权平均数。该指数相对于香港银行同业拆息的利差为650个基点，约合10.5%。The All Hong Kong Residential Price Index, a weighted average of the three sub indices including the HKU-HRPI, is offered at 650 basis points over HIBOR or roughly 10.5 per cent.房地产衍生品受到欢迎的原因在于，实际上，它允许投资者在实际不拥有房地产的情况下，觊觎或投机某个房地产领域。 Property derivatives are popular because they, in effect, allow investors to take a view or speculate on a particular property sector without actually having to own the bricks and mortar."另外一个巨大优势是时间，"表示，"实物交易需耗费数周时间，而一旦流动性形成，房地产衍生品交易可能仅需要几分钟时间。""Another big advantage is time," says Mr Ljubic. "A physical transaction can take weeks while a property derivative, once liquidity is established, could take minutes."新鸿基金融财富管理、资本市场和经纪业务行政总裁Joseph Tong表示："香港房地产市场非常活跃，人们能够迅速适应新的金融工具。我们预计，这种产品将有着巨大的增长潜力。"Joseph Tong, chief executive officer for wealth management, capital markets and brokerage at Sun Hung Kai Financial, says: "Hong Kong has a very active property market and people get used to new financial instruments quickly. We expect there is going to be a sizeable growth potential for this product."然而，未来也存在一些挑战。房地产衍生品市场之所以在一些国家起步缓慢，原因之一在于，基础数据必须十分稳健--就像英国那样。But there are challenges ahead. One of the reasons why the market has been slow to take off in some countries is that underlying data needs to be of a cast-iron calibre - as is the case in the UK.开发香港住宅价格系列指数耗时约9个月，而香港房地产衍生品交易入市则耗费了约14个月的时间。It took about nine months to build the Hong index series while it took roughly 14 months to bring a Hong Kong property derivative transaction to market.GFI Colliers房地产衍生品主管斯蒂芬o摩尔(Stephen Moore)表示，他的公司正与新加坡国立大学(National University of Singapore)合作，为新加坡住宅市场开发住宅指数。本周，澳大利亚推出了住宅指数。澳大利亚商业指数预计将在未来六周推出。GFI Colliers是香港此笔掉期交易的交易商之间的经纪人(IDB)。Stephen Moore, ead of property derivatives at GFI Colliers, the inter-dealer broker for the Hong Kong transaction, says his firm is working with the National University of Singapore to create residential indices for Singapore's housing market, and this week, residential indices were launched for Australia. Commercial indices for Australia are expected in the next six weeks.他表示："在亚太地区开发此类产品的主要问题在于，具备开发可靠且稳健指数所需的高透明度的国家为数极少……然而，如果没有(适当的指数)，就不可能建立衍生品市场。"He says: "The main issue with developing these products in the Asia-Pacific region, is that there are very few countries that have an adequate amount of transparency to develop credible and robust indices on which to trade...Without [a proper index], however, you cannot build a derivatives market."

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