Иностранный язык в деловом и профессиональном общении

Министерство образования и науки Российской Федерации Сибирский федеральный университет Магистратура

ИНОСТРАННЫЙ ЯЗЫК В ДЕЛОВОМ И ПРОФЕССИОНАЛЬНОМ ОБЩЕНИИ Учебно-методическое пособие для направления 080200.68 «Менеджмент»

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Красноярск СФУ 2013 1  

УДК 811.111 (07)+005.4(07) ББК 81.432.1я73+65.291я73 И683 Составитель: Климович Наталья Викторовна И683 Иностранный язык в деловом и профессиональном общении: учебнометодическое пособие [Электронный ресурс] / сост. Н. В. Климович. – Электрон. дан. – Красноярск: Сиб. федер. ун-т, 2013. – Систем. требования: PC не ниже класса Pentium I; 128 Mb RAM; Windows 98/XP/7; AdobeReader V8.0 и выше. – Загл. с экрана. Учебно-методическое пособие нацелено на формирование языковой и коммуникативной компетенций в формате делового общения. Пособие состоит из 11 разделов, в которые включены аутентичные тексты из английских и американских онлайн газет и журналов экономического профиля и задания к ним. Аутентичный характер текстов способствует более глубокому изучению иностранного языка, а также расширению и систематизации словарного запаса. Предназначено для практических занятий и самостоятельной работы студентов, обучающихся по магистерским программам 080200.68.0011 «Маркетинг менеджмент в сфере услуг», 080200.68.00.13 «Финансовый менеджмент», 080200.68.00.15 Международный менеджмент» в рамках направления 080200.68 «Менеджмент».

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Учебное издание Подготовлено к публикации ИЦ БИК СФУ Подписано в свет 13.06.2013 г. Заказ 1299. Тиражируется на машиночитаемых носителях. Издательский центр Библиотечно-издательского комплекса Сибирского федерального университета 660041, г. Красноярск, пр. Свободный, 79 Тел/факс (391)206-21-49. E-mail [email protected] http://rio.sfu-kras.ru 2  

CONTENT

TEXT 1.MICRO STARS, MACRO EFFECTS............................................................................... 4 TEXT 2. SPANISH BANKS ........................................................................................................... 6 TEXT 3. GREECE AND THE EU .................................................................................................. 9 TEXT 4. THE ‘MAD MEN’ ECONOMIC MIRACLE................................................................. 12 TEXT 5. A FINANCIAL PLAN FOR MISBEHAVING LOTTERY WINNERS ....................... 14 TEXT 6. ORACLE PAYING NEXT YEAR’S DIVIDENDS NOW, AT LOW TAX RATE ..... 16 TEXT 7. THE BIG BUDGET MUMBLE ..................................................................................... 18 TEXT 8. FOUR FUNDAMENTALS TO PROTECT YOUR FOREIGN OPERATIONS .......... 20 TEXT 9. TREASURERS TAKE ON HEAVIER LOAD .............................................................. 25 TEXT 10. NON-PROFITS: INNOVATING AT THE MARGIN ................................................. 27 TEXT 11. FED MONETARY POLICIES DON'T ADDRESS FUNDAMENTAL ISSUES ...... 29 REFERENCES ............................................................................................................................... 33

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TEXT 1

Task 1.Read the text and explain the words in bold. Task 2.Make the English annotation of the text.

MICRO STARS, MACRO EFFECTS Meet the economists who are making markets work better On the face of it, economics has had a dreadful decade: it offered no prediction of the subprime or euro crises, and only bitter arguments over how to solve them. But alongside these failures, a small group of the world’s top microeconomists are quietly revolutionising the discipline. Working for big technology firms such as Google, Microsoft and eBay, they are changing the way business decisions are made and markets work. Take, for example, the challenge of keeping costs down. An important input for a company like Yahoo! is internet bandwidth, which is bought at group level and distributed via an internal market. Demand for bandwidth is quite lumpy, with peaks and troughs at different times of the day. This creates a problem: because spikes in demand must be met, firms run with costly spare capacity much of the time. This was one of the first questions that Preston McAfee, a former California Institute of Technology professor, looked at when he arrived at Yahoo! in 2007. Mr. McAfee, who now works for Google, found that uses of bandwidth fall into two categories: urgent (displaying a web page) and delayable (backups and archiving). He showed how a two-part tariff (high prices when demand peaks, low ones otherwise) could shift less time-sensitive tasks to night-time, allowing Yahoo! to use costly bandwidth more efficiently. The solution—two types of task, two prices—has intuitive appeal. But economists’ ideas on how to design markets can seem puzzling at first. One example is the question of how much detail an online car auctioneer should reveal about the condition of the vehicles on offer. Common sense would suggest some information—a car’s age and mileage—is essential, but that total transparency about other things (precise details on subpar paintwork) might deter buyers, lowering the auc-

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tioneer’s commissions. Academic theory suggests otherwise: in some types of auction more information always raises revenues. To test the idea, Steve Tadelis of the University of California at Berkeley (now also working for eBay) and Florian Zettelmeyer of Northwestern University set up a trial, randomly splitting 8,000 cars into two groups. The first group was auctioned with standard information, including age and mileage. The second had a detailed report on the car’s paintwork. The results were striking: cars in the second group had better chances of a sale and sold for higher prices. This effect was most pronounced for cars in poorer condition: the probability of a sale rose by 23%, with prices up by 5%. The extra information meant that buyers were able to spot the type of car they wanted. Competition for cars rose, even the scruffier ones. But more information is not always better. Studies show that shoppers overwhelmed by choice may simply walk away. Mr.Tadelis tested whether it would be better to tailor eBay’s auctions to users’ experience level. The options for new users were narrowed, by removing sellers who are more difficult to assess (for example those who had less-than-perfect feedback on things like shipping times). When new users had a simpler list of sellers to choose from, the number of successful auctions rose and buyers were more likely to use eBay again. Tailoring the market meant gains for buyers, sellers and eBay. The desire to use theory to challenge conventional thinking is one reason economists are valuable to firms, says Susan Athey, of Stanford University and Microsoft. When Ms.Athey arrived at the software giant in 2007 it faced what was seen as an unavoidable trade-off: online advertising was good for revenues, but too much would deter users. If advertisers gained, users would lose. But economic theory challenges this, showing that if firms are dealing with two groups (advertisers and users, say), making one better off often benefits the other too. Ms. Athey and Microsoft’s computer scientists put that theory to work. One idea was to toughen the algorithm that determines whether an ad is shown. This means ads are displayed fewer times, so advertisers lose out in the short-term. But in the longer run, other forces come into play. More relevant ads improve the user experience, so user numbers rise. And better-targeted ads mean more users click on the advert, even if it is shown less often. Empirical evidence showed that although advertisers would respond only after some time, the eventual gain was worth the wait. Microsoft made the change. Microeconomists have their sights on problems outside their home turf too. At the moment the policies picked by central banks and finance ministries are 5  

based on old news, since things like GDP, inflation and unemployment are measured with long lags. A team at Google headed by its chief economist, Hal Varian, is using search-engine data to provide more timely measures. Search terms like “job”, “benefits” and “solitaire” are closely correlated with unemployment claims. These types of relationship help construct new indexes that offer a real-time picture of the economy. If policymakers start to use these in a systematic way, their decisions could be based on how the economy looked yesterday, rather than months ago. (From: http://www.economist.com/news/21567079-meet-economists-who-are-making-marketswork-better-micro-stars-macro-effects)

Task 3.Find Russian equivalents to the following words and phrases: keeping costs down competition internet bandwidthonline advertising demandbetter-targeted ads an online car auctioneerGDP lowering the auctioneer’s commissionsunemployment claims

TEXT 2 Task 1.Read the text, and explain the words in bold. Task 2.Retell the text in English.  

SPANISH BANKS Spain has taken painful steps to clean up its banks, but more may yet be needed The delightful (though small) plates of tapas that often accompany an evening drink in Spain can, if eaten with gusto, end up replacing the meal they were meant to precede. After four years of appetiser-sized bank restructurings, bail-outs and reforms, Spain’s banking system may finally be getting its fill of public money. On November 28th the European Commission approved restructuring plans that will allow it to inject €37 billion ($48 billion) in euro-zone funding into four Span6  

ish banks. The money will allow for a clean-up of bank balance sheets begrimed by dud loans granted to property developers during the inflation of Spain’s colossal property bubble. Many of these loans are now worth just cents on the euro. Yet an earlier refusal by supervisors and banks to recognise the scale of the problem contributed to an erosion of confidence in both banks and in government finances. Under the new plan, four banks including Bankia, itself the failed product of an earlier half-hearted restructuring of bust regional savings banks will get cash from two of Europe’s bail-out funds. In return they have promised to cut their balancesheets, stop lending to risky property developers and focus instead on lending to small and medium-sized businesses. The sharpest cuts will be at Bankia, which has already been nationalised and which will receive public funds worth almost €18 billion (including €4.5 billion injected into the bank by the state in September). It will cut its branch network by almost 40% and its staff by 28%. Investors in the bank’s debt will also take a hit, with as much as €4.8 billion in additional capital coming from the mandatory swapping of hybrid instruments and subordinated debt for new shares worth less. Across all four banks, holders of hybrid instruments may take a hit of about €10 billion.

Forcing investors in some of the banks’ debt to take losses was a condition imposed by contributors to the bail-out funds to minimise the burden on taxpayers. Yet it will probably prove unpopular in Madrid, since much of this debt is held by tens of thousands of small investors, many of whom bought it after being assured by banks that it was as safe as deposits.

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Bankia optimistically hopes to return to profitability next year and to be generating healthy returns by 2015. One bank, Banco de Valencia, was deemed beyond salvation. It will be recapitalised with €4.5 billion and then sold to CaixaBank, Spain’s third-largest bank. A second key element of the bail-out will be the creation of a new “bad bank” in December. It will take dud loans from those being restructured. The government hopes this will help them regain the confidence of markets. It may also kickstart lending, which has contracted by about 5% in the year to August. Little detail was provided as to exactly how much debt the bad bank, known as Sareb, will take, but officials in Brussels said some €45 billion in Spanish banking assets would be transferred to it. Officials in Brussels hoped that the markets would welcome the restructuring, saying it would “restore the viability of banks”. Yet even this new recapitalisation and restructuring plan may underestimate the voracious appetite of the Spanish banking system. A report by staff at the International Monetary Fund (IMF) released on November 28th sounded warnings of further loan losses as Spain’s economy contracts. Losses on corporate loans have already increased sharply, yet those on mortgages remain remarkably subdued (see chart). Some deterioration in these seems likely if, as the IMF expects, house prices contract and unemployment also rises. The IMF reckons that house prices, which have slumped 30% from their peak, may fall further given the stock of unsold homes and weak growth in household incomes. Unemployment, already at about 25%, may rise to almost 27%, the OECD warned in a separate report this week. The main course of bank restructuring may have been served, but a sour postre (dessert) may still be on the menu. (From: www.economist.com)

Task 3.Find Russian equivalents to the following words and phrases: bail-out funds voracious appetite dud loansthe International Monetary Fund small and medium-sized businessesOECD additional capitalhousehold incomes kickstart restore the viability of banks

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TEXT 3 Task 1.Read the text and explain the words in bold Task 2.Render the text into Russian.

GREECE AND THE EU Battle of the (third) bailout Those looking for good omens about Greece's future in the euro zone will have been heartened by the news last week that the European Central Bank would soon print euro banknotes bearing a new design with the portrait of Europa, the figure of Greek mythology who was abducted by Zeus disguised as a white bull. Would the ECB be issuing new five-euro notes inspired by a Greek foundation-myth—indeed would it be naming the whole series of banknotes after Europa—if Greece were about to be kicked out of the euro? Surely not. For some months now it has been clear that Angela Merkel, the German chancellor, did not want to eject Greece if she could possibly help it. She even made a trip to Athens to make the point. It is equally clear, however, that Germany and the other creditor countries do not want to commit more billions of euros to pull Greece out of its economic death spiral. So when finance ministers of the euro zone met in Brussels on November 12th to discuss Greece, they were in a quandary. For once, they showered Greece with praise for its readiness to cut its budget and cut it again and again and to embark on structural reforms. Olli Rehn, the EU's commissioner for monetary affairs, said it was “time to debunk” the idea that Greece had not reformed: it has cut the deficit by far more than required under its original bailout in 2010; labour reforms were improving competitiveness (by reducing wages); and the health service now boasted one of the most modern electronic prescription systems in the world. The euro zone agreed that Greece could have two more years to meet its fiscal target, shifting from 2014 to 2016 the date by which it should achieve a primary budget surplus (i.e., before interest payments) of 4.5% of GDP. But the ministers could not agree on how to finance this extension and, more importantly, how to bring down Greece's Olympian-scale debt burden. That will 9  

be left for a new meeting on November 20th. And if finance ministers cannot reach a final deal, the matter will inevitably have to be taken up at the European summit that is supposed to discuss the EU budget two days later. This timing delays yet again the disbursement of the much-delayed tranche of euro-zone aid, worth €31.5 billion. Greece has to refinance €5 billion worth of Tbills falling due on November 16th, but the ECB will not accept more than about €3.5 billion worth of them as collateral under the current ceiling. This reduces the incentive for Greek banks to buy more bonds. But Mr.Rehn said the banks had more money than previously thought, and were expected to buy the bonds anyway. “There will be no problem with the roll-over,” he declared. The scale of the economic damage in Greece is set out in a leaked assessment (hat-tip FT) by the “troika” of experts from the IMF, the European Commission and the European Central Bank. Many of the problems may have been caused by Greek delays and resistance. But much of the harm was done by the uncertainty, often fed in Germany, about whether Greece could remain in the euro zone. Even so, the authors seem caught by surprise by the depth of the recession, now in its fifth year, with no return to growth expected before late next year. The Greek prime ministerAntonis Samaras, may have claimed that the latest austerity measures worth €13.5 billion (about 7% of GDP) for 2013-2014, the toughest yet, would be the “last and final” round of cuts. But the troika report says that further austerity measures worth €4 billion will be necessary in 2015-2016. The slow progress of privatisation does not help. All told, extending the bailout by two more years means Greece will need to borrow some €32.6 billion more from its euro-zone partners. That amounts to a third bail-out. Even if this extra help is agreed somehow, Greece will be far from safe. The previous bailout, which included a big haircut on private bondholders (known as Private Sector Involvement, or PSI), was supposed to bring Greece's debt below 120% of GDP by 2020. That will be missed by a wide margin. Quite how wide is still a matter of dispute. The “debt sustainability analysis” has been omitted from the troika's report. But sources say the IMF reckons Greek debt will be around 160% of GDP in 2020, while the European Commission puts it lower at about 140% of GDP. Massaging of the figures, which are sensitive to forecasts of the rate of economic growth (or Greece's case, of shrinkage) and the interest rate should eventually reconcile the two.

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Jean-Claude Juncker, president of the Eurogroup of finance ministers, tonight offered another fudge. He said the target date to bring debt down to 120% of GDP could be shifted to 2022, given that Greece is being allowed an extra two years to meet its fiscal target. In doing so he disagreed publicly with Christine Lagarde, the IMF's chief, sitting next to him, who insisted that the 2020 date should be kept. Either way it is clear that Greece's debt will at the very least need to be rescheduled, for example by lengthening maturities or lowering interest rates. The IMF seems to be holding out for outright forgiveness of debt now held mostly by the official lenders, hence the euro-jargon of Official Sector Involvement (OSI). This is politically explosive in Germany and other creditor nations, because it would mean admitting that money lent to Greece had been lost forever. But consider the advantage: by taking a direct hit, the countries of the euro zone would be giving a strong signal that they intend to keep Greece in the family. Restoring confidence in Greece might be even more valuable than money. (From: http://www.economist.com/blogs/charlemagne/2012/11/greece-and-eu)

Task 3. Find Russian equivalents to the following words and phrases: ECBinterest payments economic death spiralGDP cut budgetT-bills labour reformsroll-over reduce wageshat-tip FT a big haircut on private bondholdersPrivate Sector Involvement debt sustainability analysis interest rate Official Sector Involvement

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TEXT 4 Task 1.Read the text and explain the words in bold Task 2.Retell the text in English

THE ‘MAD MEN’ ECONOMIC MIRACLE By Adam Davidson Three months ago, “Breaking Bad” cut off its fifth and final season on a maddening cliffhanger. Just as the D.E.A. agent Hank Schrader realized that his mildmannered brother-in-law was actually a coldblooded meth lord, the show’s rabid viewership also realized that it would need to wait until the summer, when the season resumes, to find out what happens next. For fans like me, it has been and will continue to be an interminable wait. For AMC, the network that broadcasts “Breaking Bad,” it will be a very profitable one. Cliffhangers may have been around for more than a thousand years — since at least the composition of “One Thousand and One Nights” — but no one has monetized them as brilliantly as cable networks. In order to get paid, Charles Dickens had to sell the next chapter of his serialized novels; in order to sell advertising, ABC had to order more episodes of its hit show “Lost.” But for the next several months, AMC is converting our eagerness into millions of dollars without showing a single new episode. Cable TV has developed one of the most clever business models in our modern economy. Until recently, AMC was a basic-cable backwater known for “Threes Stooges” marathons. But a few years ago, it tweaked its business and began offering two or three hours of original programming on a few dozen nights a year. Starting with “Mad Men” in 2007, the network landed hit shows that developed small but obsessive followings. Soon after, it began making larger financial demands of the cable and satellite providers, like Comcast and Direct TV, that carry the network. AMC now charges these providers about 40 cents a month for each subscriber, including the millions who will never watch “Mad Men” or “Breaking Bad.” These providers can refuse to pay up, but doing so would infuriate legions of vocal viewers. (Last summer, the Dish Network played chicken with AMC and lost.) AMC collects $30 million a month in fees alone on a base of 80 million subscrib12  

ers, which is pretty good considering that the last episode of “Breaking Bad” had fewer than three million viewers. This business model, perhaps as much as artistic creativity, is responsible for TV’s current golden age. Networks have effectively entered into a quality war. Basic-cable channels have to broadcast shows that are so good that audiences will go nuts when denied them. Pay-TV channels, which kick-started this economic model, are compelled to make shows that are even better. And somehow, they all seem to be making insane amounts of money. This year, NBC Universal’s cable operations are expected to bring in around $5 billion, half of which is profit. Viacom’s revenue will be more than $8 billion, with 49 percent profit. Apple had one of its best years ever in 2012, but its profit margin is expected to be only 37 percent, which is still well above its 23 percent average over the past five years. An auto company would be thrilled with something in the high single digits. At first, the cable industry’s ascendance into arguably America’s single-mostprofitable big business makes almost no economic sense. Not long ago, three major networks controlled all of our viewing. Now dozens of channels reach a fraction of that audience. According to the basic rule of supply and demand, the revenue and profits should plummet. But those rules break down when an industry operates as a near monopoly. In 1992, Congress made it illegal for municipalities to grant a monopoly to local cable providers. But it was already too late. Most companies thinking of beginning a new cable system balked after realizing the significant barriers to entry — the cost of digging up roads and sidewalks and hiring a fleet of technicians to draw wire to new customers’ homes. Worse, a new cable competitor would have to entice customers by entering a price war, erasing any potential profit. Verizon and AT&T actually tried this but found that fiber-optic cable was profitable only in the most dense, urban areas. Satellite offers some competition, especially in rural settings, but many people decline a service that fails whenever it’s too cloudy outside. (From:http://www.nytimes.com/2012/12/09/magazine/the-mad-men-economicmiracle.html?pagewanted=2&_r=0&ref=economy)

Task 3.Find Russian equivalents to the following words and phrases: business model dense, urban areas financial demand rural settings profit margin price war the basic rule of supply and demand potential profit 13  

TEXT 5 Task 1.Read the text and explain the words in bold. Task 2.Make the English annotation of the text.

A FINANCIAL PLAN FOR MISBEHAVING LOTTERY WINNERS By Carl Richards Carl Richards is a financial planner in Park City, Utah, and is the director of investor education at the BAM Alliance. His book, “The Behavior Gap,” was published this year. His sketches are archived on the Bucks blog. First, congratulations! You’ve just won more money than most of us could ever imagine. And you’re probably thinking that your financial problems are over. That’s true – as long as you avoid costly mistakes. Let’s be clear: Your financial life is no longer about spreadsheets and managing money. Now it’s about managing behavior. You see, I have a pretty good idea of what will happen to you. It’s not a secret. On average, 90 percent of lottery winners go through their winnings in five years or less. And I know there’s a temptation to think you’re different from everyone else. All those other lottery winners? They were foolish. Which brings us to the first mistake you need to avoid: Overconfidence. Think about what happens when you ask a room full of men how many of them believe they are above-average drivers. You’ll probably see over 60 percent of the hands go up. It’s just not possible for 60 percent of the men in a room to be above-average drivers, unless you’re at a Nascar convention. Recognize that there’s a high probability that your life after winning the lottery will turn out like other average lottery winners. You will indeed be broke and back at work within five years, unless you do something different. So what can you do differently? After splitting this particular jackpot between two winners and accounting for a generous estimate of federal and state taxes, let’s say you end up with around $55 million each. 14  

Go ahead and do anything you want with $5 million of that. Want to pay off debts or take trips? Fine. Want to invest in your brother-in-law’s “sure thing?” Go for it. Or, maybe you want to start your own business. It requires some capital and might also be a little risky. Don’t worry about it. But take that other $50 million and put it in good, safe investments and spend only the interest. Let’s say, hypothetically, you earn only 1 percent a year on those investments — you’ll still have $500,000 a year before taxes to spend for the rest of your life. And the money will still be there for your children and their children (if you’ve also taught them how to behave). You’re going to be tempted to do crazy or even stupid things with that money. That’s why you have to put something in place to make sure you stick to that commitment. Maybe you can have a lawyer or a financial adviser put that money into something like a blind trust. The goal is to put one or two steps between you and your ability to spend the principal. Another idea is to find someone you trust, like that lawyer, financial adviser or even just a committee of three of your best friends. Then make a commitment that you’ll talk to them before ever touching the money. One idea I like a lot: write a letter to yourself or record a video that describes how much you love your life now and how you never want to go back to work again. Tell yourself that you’re going to be different than all those other lottery winners. Then, put that video or letter some place safe and pull it out at least once a year, or anytime you think about spending the money. With these guardrails in place, you’re increasing your odds that you don’t become like the other lottery winners who blew through their money. It’s pretty simple, really. You’ve got to put something between you and stupid. And this advice doesn’t just apply to lottery winners. The rules apply to anyone with sudden money, like people who receive an inheritance, sell a business or even get a tax refund they didn’t expect. Think about your latest windfall. Can you even remember where it went? Probably not. In fact, there’s actually research that says we tend to spend a windfall more than once. Need a new television? Hey, we’ll spend the tax refund. Need a vacation? That tax refund will help cover it! It’s easy to make too big a deal of windfalls, regardless of their size. But when we receive any sort of unexpected money, we’ve got to put something in place to control our behavior and make sure we don’t lose that money.

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So again, congratulations on your new wealth. If you can manage your behavior, you won’t have to worry about managing money ever again. (From:http://bucks.blogs.nytimes.com/2012/12/03/a-financial-plan-for-misbehavinglottery-winners/?ref=business)

Task 3.Find Russian equivalents to the following words and phrases: lottery winners federal and state taxes financial plannerto pay off debts investor educationto start your own business managing moneya blind trust costly mistakesspending money Nascar conventionsell a business get a tax refund unexpected money

TEXT 6 Task 1.Read the text and explain the words in bold. Task 2.Make the English annotation of the text.

ORACLE PAYING NEXT YEAR’S DIVIDENDS NOW, AT LOW TAX RATE By REUTERS SAN FRANCISCO (Reuters) — Oracle said on Monday that it would pay more than $800 million in next year’s dividends to shareholders later this month, joining a growing number of companies accelerating such payments or declaring special dividends because of the possibility that income tax rates will rise in 2013. Dividend payments are taxed at a preferential rate of 15 percent, but taxes could rise as high as 39.6 percent, depending on a taxpayer’s income bracket, if the Bushera tax cuts expire as scheduled on Dec. 31. Higher income taxpayers will also be subject to a 3.8 percent surcharge on most investment income like dividends to help pay for President Obama’s health care law. That could bring the total possible tax rate on dividends to as much as 43.4 percent. 16  

The Obama administration, which is pushing for higher dividend tax rates, is negotiating with Republicans in Congress over about $600 billion in automatic tax increases and government spending cuts that are scheduled to take effect in January, but no agreement is in sight. Oracle accelerated second-, third- and fourth-quarter cash dividends totaling 18 cents a share of common stock, equivalent to $867 million, according to Thomson Reuters data. In some cases, insiders are among the biggest beneficiaries of the special payouts, as well as shifts of regular dividends into 2012 from 2013. Oracle’s chief executive, Larry Ellison, the technology company’s largest shareholder, is entitled to dividends worth $198.9 million, according to Thomson Reuters data. Mr. Ellison did not participate in discussions or vote on the matter, Oracle said in a statement on Monday. (From: http://www.nytimes.com/2012/12/04/business/oracle-paying-next-years-dividends-nowat-low-tax-rate.html?ref=economy)

Task 3.Find Russian equivalents to the following words and phrases: income tax ratesgovernment spending cuts payments are taxed at a preferential rate of… Bush-era tax cuts regular dividends taxpayer’s income bracket chief executive higher income taxpayersthe largest shareholder health care law

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common stock

TEXT 7 Task 1.Read the text and explain the words in bold. Task 2.Can you explain the meaning of the title of the text?

THE BIG BUDGET MUMBLE By Paul Krugman  

In the ongoing battle of the budget, President Obama has done something very cruel. Declaring that this time he won’t negotiate with himself, he has refused to lay out a proposal reflecting what he thinks Republicans want. Instead, he has demanded that Republicans themselves say, explicitly, what they want. And guess what: They can’t or won’t do it. No, really. While there has been a lot of bluster from the G.O.P. about how we should reduce the deficit with spending cuts, not tax increases, no leading figures on the Republican side have been able or willing to specify what, exactly, they want to cut. And there’s a reason for this reticence. The fact is that Republican posturing on the deficit has always been a con game, a play on the innumeracy of voters and reporters. Now Mr. Obama has demanded that the G.O.P. put up or shut up — and the response is an aggrieved mumble. Here’s where we are right now: As his opening bid in negotiations, Mr. Obama has proposed raising about $1.6 trillion in additional revenue over the next decade, with the majority coming from letting the high-end Bush tax cuts expire and the rest from measures to limit tax deductions. He would also cut spending by about $400 billion, through such measures as giving Medicare the ability to bargain for lower drug prices. Republicans have howled in outrage. Senator Orrin Hatch, delivering the G.O.P. reply to the president’s weekly address, denounced the offer as a case of “bait and switch,” bearing no relationship to what Mr. Obama ran on in the election. In fact, however, the offer is more or less the same as Mr. Obama’s original 2013 budget proposal and also closely tracks his campaign literature. So what are Republicans offering as an alternative? They say they want to rely mainly on spending cuts instead. Which spending cuts? Ah, that’s a mystery. In 18  

fact, until late last week, as far as I can tell, no leading Republican had been willing to say anything specific at all about how spending should be cut. The veil lifted a bit when Senator Mitch McConnell, in an interview with The Wall Street Journal, finally mentioned a few things — raising the Medicare eligibility age, increasing Medicare premiums for high-income beneficiaries and changing the inflation adjustment for Social Security. But it’s not clear whether these represent an official negotiating position — and in any case, the arithmetic just doesn’t work. Start with raising the Medicare age. This is, as I’ve argued in the past, a terrible policy idea. But even aside from that, it’s just not a big money saver, largely because 65- and 66-year-olds have much lower health costs than the average Medicare recipient. When the Congressional Budget Office analyzed the likely fiscal effects of a rise in the eligibility age, it found that it would save only $113 billion over the next decade and have little effect on the longer-run trajectory of Medicare costs. Increasing premiums for the affluent would yield even less; a 2010 study by the budget office put the 10-year savings at only about $20 billion. Changing the inflation adjustment for Social Security would save a bit more — by my estimate, about $185 billion over the next decade. But put it all together, and the things Mr. McConnell was talking about would amount to only a bit over $300 billion in budget savings — a fifth of what Mr. Obama proposes in revenue gains. The point is that when you put Republicans on the spot and demand specifics about how they’re going to make good on their posturing about spending and deficits, they come up empty. There’s no there there. And there never was. Republicans claim to be for much smaller government, but as a political matter they have always attacked government spending in the abstract, never coming clean with voters about the reality that big cuts in government spending can happen only if we sharply curtail very popular programs. In fact, less than a month ago the Romney/Ryan campaign was attacking Mr. Obama for, yes, cutting Medicare. Now Republicans find themselves boxed in. With taxes scheduled to rise on Jan. 1 in the absence of an agreement, they can’t play their usual game of just saying no to tax increases and pretending that they have a deficit reduction plan. And the president, by refusing to help them out by proposing G.O.P.-friendly spending

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cuts, has deprived them of political cover. If Republicans really want to slash popular programs, they will have to propose those cuts themselves. So while the fiscal cliff — still a bad name for the looming austerity bomb, but I guess we’re stuck with it — is a bad thing from an economic point of view, it has had at least one salutary political effect. For it has finally laid bare the con that has always been at the core of the G.O.P.’s political strategy. (From: http://www.nytimes.com/2012/12/03/opinion/krugman-the-big-budgetmumble.html?src=ISMR_AP_LO_MST_FB)

Task 3.Find Russian equivalents to the following words and phrases: to lay out a proposalbudget savings the G.O.P.revenue gains additional revenue to limit tax deductions lower drug prices bait and switch Medicare eligibility age political cover high-income beneficiaries

demand specifics find themselves boxed in deficit reduction plan spending cuts fiscal cliff

TEXT 8 Task 1.Read the text and explain the words in bold. Task 2.Retell the text in English.

FOUR FUNDAMENTALS TO PROTECT YOUR FOREIGN OPERATIONS ByJohnStanley With so much focus on the BRICS countries (Brazil, Russia, India, China and South Africa) and other emerging markets, we see a precarious assumption pervading the business landscape. It goes something like this: If you want to do business properly in emerging markets, risk is a challenge and due diligence is a must; but we're operating only (or primarily) in mature markets, so we're on terra firma. 20  

Well, actually, no. Just because a market is developed doesn't mean it's safe. Effective leaders know they need to be vigilant in high-risk, high-growth markets; they shouldn't let their guard down by slipping into complacency in mature markets. In each of the cases presented here, companies with overseas operations learned difficult lessons they likely could have learned of and corrected in more proactive and far less costly and damaging ways. Keep in mind that these real-life events took place not on the distant shores of fledgling markets, but in mature markets. A thorough understanding of your foreign operations, the local risks and how you can mitigate them can make the world a less formidable, more hospitable place in which to conduct business. 1. Know your rights and their limits before you invest. A sophisticated investment company was a minority shareholder in an overseas technology company that was widely viewed as an innovator. Although the technology company hadn't paid dividends, it had demonstrated solid, consistent growth and the stock had performed well. The investment company was shocked when its investment was raided by the local securities regulator, which seized the company's business records and computers. The stock was suspended from trading and the securities regulator eventually alleged that 90% of the tech company's revenues were fictitious. Numerous corporate executives were charged with fraud. As a matter of course, the tech company declared bankruptcy and a liquidator was appointed. In addition to understanding how its funds were used, the investment company wanted to know whether its in-country representative was complicit in the fraud. As an equity holder, however, the investor had little power to influence bankruptcy proceedings and the securities regulator was unwilling to provide any information about its investigation. The investor gave up, eventually liquidating its remaining investments in the country. The take-away While no one invests with the intention of failing, you should at least obtain a high-level understanding of the local legal environment. Ask:  Are guarantees and contractual protections practically enforceable?  What kind of recourse do you have in the event that contractual obligations aren't met?  What rights do you have as a creditor/shareholder?  How do your rights change as aforeign entity? 21  

How are your rights overseas different compared to your home country?  From a practical standpoint, are local courts predisposed to rule against foreign entities? 2. Recognize that without ongoing stewardship, small, immaterial subsidiaries can make a big mess. The overseas subsidiary of a manufacturing company had a small accounting operation and felt fortunate to find a tax accountant with experience in managing consumption tax accounts. The accountant calculated the tax liability, but she also drafted the journal entries, prepared the cash requests, and made the withdrawals from the bank to present tax payments to the local tax authority. When the subsidiary reduced imports in response to the economic slowdown, the local controller noted that the consumption tax liabilities and payments were still increasing. When he reconciled the consumption tax journal entries to the cash withdrawals, he found that the cash withdrawals were often much larger than the recorded tax payments as indicated by receipts from the tax authority. When confronted, the tax accountant admitted to embezzling approximately $760,000 in the course of two years and revealed that she had previously stolen more than $1.2 million from a previous employer using the same scheme. The take-away The parent company had missed a chance to proactively mitigate the subsidiary's risky ways. In fact, the subsidiary's reliance on a small accounting staff with insufficient segregation of duties was exacerbated by the lack of consumption tax account knowledge among the accounting staff. Further, no one had been doublechecking the tax accountant's work. How did the embezzler, with her shady track record, get hired in the first place? Privacy laws in the local market made it difficult to ascertain information regarding a prospective employee's work history and experience. But for employees in positions of trust, such as those handling large amounts of cash, local firms can often provide reputation and background assessments without running afoul of the law. 3. Understand how your operations can digest local customs — in ways that might cause heartburn. A US manufacturer had an overseas sales subsidiary that primarily sold equipment to public institutions. These sales constituted less than 2% of the company's global sales. The public entities' budgets contained separate budget lines for equipment, service and repairs, and spare parts. Under local purchasing laws for public institu

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tions, it was not permissible to spend unused funds from one budget category on other categories. When, in a routine review of quarter-end transactions, US accounting staff analyzed a small number of the subsidiary's transactions, they discovered a sale of equipment that had been invoiced as a combination of a discounted equipment sale and a sale of repair services. The resulting investigation also revealed instances of equipment sales partially invoiced as spare parts. In these cases, the sales team delivered assortments of obsolete spare parts to the entities to substantiate the spare parts invoices. The subsidiary had also booked multiple sales transactions based solely on personal notes from the heads of the institutions, indicating that the entity would pay for the goods in the next budget cycle. While this turned out to be the case, there was no formal arrangement with the entity, such as a purchase order or a sales contract, to support the revenue recognition at the time the transactions were booked. Most of the subsidiary's revenue for the three prior years had to be restated or re-categorized (or both). When sales personnel were asked why they had manipulated the sales, they stated that it was required to secure sales from the public institutions. If they hadn't done this, the entities would purchase the goods from a competitor who was willing to accommodate them. The take-away Business leaders need to understand how their sales channels vary from country to country and confirm that the associated risks are being managed and mitigated. In this case, the US accounting group's monitoring activities uncovered the problematic practices, but by then, the behaviors had gone on for years and the local risks had gone unaddressed. 4. Tear down language barriers before they block your information pipeline. A privately held US manufacturer obtained an overseas subsidiary as part of an acquisition. The subsidiary's general manager (GM), who pre-dated the acquisition, was the only employee in the foreign office who spoke English. All reporting to US headquarters went through him. The overseas entity generally appeared to be problem-free. US headquarters never sent its internal audit staff to check on the operation, as they would have been able to communicate only with the GM. This precluded interviews with other employees and made it tough to complete process walk-throughs and transaction test23  

ing. Further, the cost to travel to this location was much higher than traveling to other company subsidiaries. During regular financial performance reviews, US headquarters began to notice unusual movements in inventory and inventory reserves. Headquarters posed questions to the GM, who then posed them to the local controller, before relaying the answers back to US headquarters. Following several rounds of questions and numerous revisions to the reported figures, US headquarters undertook a formal investigation to get answers. They learned that the controller had been manipulating the inventory reserve model to achieve budgeted financial targets. The company implemented stronger formal controls over the use of the inventory model and set its sights on a bilingual controller who would report directly to US headquarters. The take-away A routine visit from internal audit likely would have revealed the lack of controls around use of the inventory model and the related journal entries. The inventory reserve model was also unnecessarily complex and susceptible to human error/adjustment at numerous points in the calculation process. Yes, there's expense associated with retaining bilingual resources to help with internal audits. But the cost of investigation in this case was many times higher. While most audit plans are justifiably based on risk assessments, entities should be subjected to rotational/periodic audits or desk reviews to confirm that reported financial and operational results are reliable. (From:http://businessfinancemag.com/article/four-fundamentals-protect-your-foreignoperations-1026?page=0%2C1)

Task 3.Find Russian equivalents to the following words and phrases: emerging marketsdeclare bankruptcy mature marketslocal legal environment terra firmalocal courts high-risk, high-growth market ongoing stewardship to conduct businesssmall, immaterial subsidiaries an overseas technology company accounting operation solid, consistent growth tax accountant the consumption tax liabilities and payments parent company public institutions global sales the associated risks internal audit staff 24  

TEXT 9 Task 1.Read the text and explain the words in bold. Task 2.How do you understand the title of the text?

TREASURERS TAKE ON HEAVIER LOAD By Karen M. Kroll If you’ve been under the impression that your job in the treasury department has become more complex, far-reaching and visible, you’re not alone. The 2012 Benchmarking Survey by the Association for Financial Professionals (AFP), found that “treasury’s organizational footprint has grown in recent years through its expanded leadership role across many financial functions and its mandate.” In fact, more than half – 55 percent – of the more than 700 respondents indicated that their treasury departments had expanded their focus over the past five years; just 5 percent had contracted the scope of treasury. Two-thirds of respondents said their treasury departments oversee about 18 functions, ranging from cash flow forecasting, financial risk management, and mergers and acquisitions to investor relations. Treasurers “are being asked to expand beyond their traditional role and be more of a partner to their organizations,” says Tom Hunt, CTP and AFP’s director of treasury services. Not surprisingly, the financial crisis that continues to make an impact has been driving this shift. “The profession was elevated, because (organizations have) a stronger mandate to make sure their cash and liquidity are in place,” Hunt says. Everybody – CEOs included – wants to know precisely where their cash is and whether it’s safe. The last time the safety of companies’ cash balances attracted as much attention may have been back in 1929, Hunt adds. Companies’ expanding international footprints also are impacting the treasury department; 57 percent of treasurers said their organizations generate at least some revenue outside their home country, boosting the total cost of treasury operations in most cases. Companies that generate at least 10 percent of revenue abroad spend $0.43 per $1,000 in sales on treasury, versus $0.27 for companies more focused on their domestic markets. “They’re staffing up to augment international expansion,” Hunt says. 25  

And, although it may fly in the face of common perception, 58 percent of treasurers say that executive management within their organizations support technology investments within treasury at about the same level at which they support tech investments in other departments. They’ve probably figured out that “technology is an enabler to help you do more with the capacity you have,” Hunt says. Even so, a significant minority – 30 percent – said their treasury departments receive less support. Similarly, nearly two-thirds of respondents said its company’s management supports human capital investments within treasury to the same degree it supports similar investments in other areas. One area that appears not to have kept pace with the changing role within most treasury organizations is the performance metrics used to judge their success and effectiveness. Even as the role of treasury has expanded, the top performance metrics focus on expenses. The top one? Treasury’s ability to reduce bank expenses; more than three-quarters of respondents listed this. Next up was improved efficiency, which was mentioned by 71 percent of respondents, followed by reduced borrowing costs. In part, the metrics reflect most companies’ focus on cost control and efficiency, Hunt notes. In addition, these metrics tend to be easy to get at – unlike, say, determining the effectiveness of a company’s hedging program. Overall, the survey shows that this is a good time for those in corporate treasury, Hunt says. “The mandate is changing; the visibility is changed.” More treasurers are reporting not only to the CFO, but to the board. “It pulls up visibility of treasury,” he says. “It’s a great opportunity for entry level treasury analysts.” (From: http://businessfinancemag.com/article/treasurers-take-heavier-load-1101)

Task 3.Find Russian equivalents to the following words and phrases: treasury departmentcash balances cash flow forecastingdomestic markets financial risk management human capital investments acquisitions to investor relationsto reduce bank expenses reduced borrowing costs hedging program treasury analyst

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TEXT 10 Task 1.Read the text and explain the words in bold. Task 2.Make annotation to the text.

NON-PROFITS: INNOVATING AT THE MARGIN ByW. PatrickLovely In this era of fiscal constraints and decreases in governmental funding sources, investors should be aware of an additional business structure that addresses some of our most pressing social concerns –non-profit organizations. Non-profits provide a great engine for social change because they allow for a more bottom-up, Schumpeterian approach to solving problems. Since they are private firms with public oversight, non-profits can experiment at the margin and take calculated risks for their stakeholders. This key insight remains important because just as for-profit markets can fail, government too can be inefficient in producing positive social outcomes. Stories abound of non-profits pioneering novel approaches and having huge, long-term social impacts. To name a few: Mothers Against Drunk Driving changed attitudes toward alcohol, the American Lung Association led the fight against smoking, Wikimedia created Wikipedia, and Children's Television Workshop created "Sesame Street." All of these examples and many more help to demonstrate the positive "spillover effects" that non-profits generate. What Can Investors Do? With a non-profit's ability to innovate, investors should take pride in their contribution to a good social cause. And with the web at your fingertips, there is a wealth of knowledge through donor-friendly websites, such as Guidestar, to search out non-profits that are in line with your worldviews. Using Guidestar and the respective company's website, investors can properly evaluate the non-profit relative to its peer group and make an informed decision whether to invest. Using the non-profit's Form 990, which is filed with the IRS, investors can determine whether the company has independent board members, if the financials have been externally audited, and if the non-profit has adopted policies that are considered best practices within its market segment. Investors can also determine 27  

whether contributions are expended against program solutions or overhead requirements. However, similar to for-profit investments, the financially astute investor should not focus exclusively on overly simplistic financial metrics to determine whether an investment is worth making. That is, the investor should not only consider the non-profit's financial performance, but also the difficulty of the social problem being addressed and the success the organization has had in creating positive change. Remember, many social problems require a long-term campaign to solve them, so be aware of the informed guidance on the subject matter provided by management and the non-profit's peer group. The Issue of Ethics A word of caution: Even though a non-profit's mission statement appears to be addressing a social concern, this industry is not immune to fraud and financial misstatement. Therefore, seek to validate management's claims and determine whether previous audits identified any internal control deficiencies. Not all nonprofits are managed ethically, and the bad ones are just as disreputable as comparably dishonest for-profit firms. It is imperative that investors become comfortable with management's strategy and ethical approach to operations. After all requisite research has been performed, the investor should make every effort to donate via unrestricted funding contributions. Once a donor places a restriction on his donation, a non-profit is legally required to spend the contribution as stipulated. This can cause potential administrative problems and may force the non-profit to either refund the money or expend scarce capital to solicit individual donors to un-restrict their funds. This is not an efficient outcome because these efforts will consume both time and capital that might have been expended against the non-profit's program objectives. Similar to for-profit firms, many non-profits employ some of the best and brightest subject matter experts who are better positioned to determine how funds should be allocated to meet organizational objectives. Therefore, when an individual invests in a non-profit, he should do so through unrestricted funds as they provide a vote of confidence for the non-profit's professional staff and its strategic vision. Based on their positive social outcomes, non-profits provide a great means for a socially conscious investor to remain active in his or her community. While nonprofits continue to value individuals' donated time and volunteering efforts, many of these companies must continuously fund-raise to ensure that their programs re28  

main successful. Therefore, be willing to also consider investing capital as part of a long-term approach to difficult social problems. By making these investments, you can help to ensure that this dynamic and important industry remains innovative. (From: http://businessfinancemag.com/article/non-profits-innovating-margin-0917)

Task 3.Find Russian equivalents to the following words and phrases: governmental funding sources additional business structure most pressing social concerns Schumpeterian approach long-term social impactsIRS financial misstatement internal control deficiencies refund the money unrestricted funding contributions scarce capital investing capital

TEXT 11 Task 1.Read the text and explain the words in bold. Task 2.Retell the text in English

FED MONETARY POLICIES DON'T ADDRESS FUNDAMENTAL ISSUES ByPeterMorici The Federal Reserve will soon conclude its $600 billion in bond purchases. Not much will happen, because QE2 was as inconsequential as one hand clapping. Monetary policy—suppressing the Federal Funds rates or long rates through QE2—does not have much impact if big U.S. companies are already flush with trillions in cash but don't want to invest and hire, and moderate sized businesses can't get loans because regional banks can't borrow from large Wall Street Banks to get enough access to all that Fed manufactured liquidity. More fundamentally, investment and hiring are not taking off because demand is weak for what Americans make. Until the beginning of this year, consumer spending was taking off but too many dollars were going into imported consumer 29  

goods that did not return to purchase U.S. exports, and more recently, that problem has been exacerbated by the high cost of imported oil and gasoline. Money that goes into the gas tank ends up in pockets of Saudi princes where it does Americans little good, and money that goes to China for cheap stuff at WalMart only subsidizes more underpriced imports and Beijing's grab of resource properties in places like Australia and Africa. Since the beginning of the economic recovery in mid 2009, the trade deficit has jumped from $320 billion to about $570 billion in the first quarter. With the trade gap exceeding 3 percent of GDP, either Americans borrow and spend more than they earn to keep the economy going, or the demand for U.S. made goods and services is insufficient to accomplish full employment. Too many Americans can't find decent paying jobs, houses don't sell and prices stay depressed, and consumers are now falling off into a new sense of defeatism. In the funk, unemployment stays above 9 percent, and counting adults stuck in part-time jobs or too discouraged to look, and young college graduates flipping hamburgers, it is closer to 20 percent. Oil and goods from China account for the entire U.S. trade deficit—on everything else, trade is balanced. The United States produces only 5.6 million barrels a day of oil and imports 9.6 million barrels—gasoline accounts for 8.3 million barrels. The United States could easily increase domestic production by 3 or 4 million barrels a day over several years and slice 2 million barrels off fuel consumption by using readily available, more fuel efficient internal combustion engines and plug in hybrids, and further deploying domestic natural gas use. Drilling in the United States is an anathema to Democrats, owing to environmental concerns, but not drilling and importing what oil is needed merely shifts environmental hazards abroad—mostly to developing countries—where those are handled less effectively. If American environmentalists really believe in thinking globally and acting locally, they should get behind domestic drilling if it is coupled with a program to substantially reduce domestic gasoline use. Curtailing gasoline use will be a bitter pill for Republicans—more government intervention in the form of higher mileage standards and assistance to automakers to more rapidly transform their factories. Fanciful investments in electric cars are nice—but electric solutions put in place by the Obama Administration won't generate sufficient reductions in gasoline use for at least a decade.

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Driving won't be any cheaper—gas prices would not be much lower and money to aid industrial transformation must be taken from other places—but both policies would keep the money Americans spend on imported oil at home, create high paying jobs and get the economy growing again. Beijing engages in quantitative easing on a grand scale—hogging growth and exporting inflation. It is time to recognize what it does—currency manipulation and protectionism to gain competitive advantage—and address it forthrightly. Each year, China maintains an undervalued currency by printing yuan to purchase about $450 billion in dollars and other foreign currencies. This reduces domestic Chinese consumption and places a 35 percent subsidy on Chinese exports, accelerates investment and jobs creation in China, and suppresses growth in the United States and Europe, which contributes importantly to sovereign debt problems on both sides of the Atlantic. China also uses those yuan to subsidize purchases of oil and other scarce commodities it lacks, creating global inflation. Stagflation results—slower growth and more inflation in the United States and Europe. Diplomacy has failed to persuade China to relent—raising the value of its currency 10 percent doesn't do much good when the intrinsic value of the yuan continues to rise, and it remains undervalued by several multiples of 10 percent. The solution is to impose a tax on the conversion of dollars into yuan, either for the purpose of importing Chinese goods or investing in China, equal to China's currency market intervention divided by its exports—35 percent. The EU could do the same, if it likes, on euro-yuan conversions. When Beijing stops intervening, thetax stops. In the meantime, prices that drive investment and jobs creation would be more closely aligned with those that would prevail absent Chinese currency market manipulation and protectionism. Those would be free trade prices. That tax bothers everyone but look outside. America is collapsing. China's currency market intervention is destroying the U.S. industrial base, thrusting millions into unemployment, driving up global energy consumption and pollution, and undermining the free trade system that took half a century to build. Free trade is great stuff, and Americans should want to compete with Chinese workers on that basis—both countries would grow. But with China's currency manipulation unanswered, it's like wrestling bare handed with an opponent holding an axe. 31  

China continues to grow and will soon overtake the United States. Yet, U.S. politicians and pundits argue about spending cuts and tax increases, when neither will help us avoid the immediate threat of a double dip recession or ultimately the decline of America. Then whose example will the struggling nations of Asia and Africa aspire? America's democracy or China's autocracy? The steps outlined are extraordinary and are hardly in the American tradition of free markets and private enterprise—but America is confronted by challenges and threats to its prosperity and democracy on a scale not seen since the Great Depression and World War II. (From: http://businessfinancemag.com/article/fed-monetary-policies-dont-address-fundamentalissues-0622)

Task 3.Find Russian equivalents to the following words and phrases: monetary policypart-time jobs QE2young college graduates get loans domestic production consumer spendingfuel consumption resource propertiesenvironmental hazards government interventionhigh paying jobs currency manipulation to gain competitive advantage to create global inflationto impose a tax currency market interventionfree trade prices a double dip recession

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REFERENCES 1. http://www.businessfinancemag.com 2. http://www.nytimes.com 3. http://bucks.blogs.nytimes.com 4. http://www.economist.com

DICTIONARIES 1. Collins English Dictionary. 8th edition. Glasgow: HarperCollins Publishers, 2006.1922 p. 2. Hornby A.S. Oxford Advanced Learner’s Dictionary of Current English. 7th edition.Oxford:Oxford University Press, 2005. 1780 p. 3. Longman Business English Dictionary. 2nd edition.Pearson Education Limited, 2007. 594 p. 4. Longman Dictionary of Contemporary English. 4th edition.Pearson Education Limited, 2005. 1949 p. 5. Oxford Advanced Learner's Dictionary. 7th edition. Oxford: Oxford University Press, 2005. 1780 p. 6. Oxford Business English Dictionary for learners of English. Oxford: Oxford University Press, 2005. 616 p.  

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