Money drives business and the economy

（单词翻译）

Jackie: Money is a powerful force. From the notes and coins in our pockets to the billions that flow around the world each day -It drives business and the economy. Money is the topic of this second chance to hear Insight Plus - your guide to the language you hear every day in the news, first broadcast in 2001. For BBC Learning English.com, here’s Lyse Doucet.
　　Lyse: Money and financial activity are essential to our world. Technology and communication are now developing at such a fast pace, fortunes can be made and lost in minutes. Our world is also becoming a smaller place.  Contacts between countries are growing and what happens in one place can have a profound effect around the world. That’s especially true of money.
　　You can hear it when you listen to programmes on business and finance. They usually include reports on what’s happening on the most important stock markets or stock exchanges. These are places where companies can raise money, by selling a share of their business.
　　Investors² try to buy shares in companies with the best prospects³. The more profitable the firm, the more the value of the shares will increase. Shareholders⁴ are effectively buying a piece of the company, or equity⁵（权益，产权）Most countries have their own equity or stock and they list their most important companies, and the value of their shares, on a list or index（索引，指数）.  The names of the most powerful indices are famous - you’ve probably heard about the Dow Jones in New York, the FTSE in London, Hong Kong’s index is called the Hang Seng and in Japan it’s the Nikkei.
　　This report from Russell Padmore of the BBC’s Business Unit mentions the Dow Jones, and the Nasdaq.
　　ClipIt’s been a rollercoaster（欢乐摩天轮） day for stocks in New York as the technology driven Nasdaq Index again dropped in value.  At one stage the Nasdaq fell around five per cent to reach its lowest level for a year.  The Dow Jones Index also fell but has steadied slightly.
　　Lyse:Stock exchanges have traditionally been buildings where traders buy and sell shares on a trading floor. But now,  so much trading is done electronically, through computers, some exchanges don’t even need a physical space.
　　Nasdaq is the largest electronic stock market in the world. It’s based in New York and specializes in high technology companies such as the makers⁶ of electronics and internet software.
　　The BBC’s World Service Business unit reports daily on the movements of the world’s main stock markets.  Here’s that report from Russell Padmore again. He says it’s been a rollercoaster day - what does he mean by that?
　　ClipIt’s been a rollercoaster day for stocks in New York as the technology driven Nasdaq Index again dropped in value.  At one stage the Nasdaq fell around five per cent to reach its lowest level for a year.  The Dow Jones Index also fell but has steadied slightly.
　　Lyse:  It was an exciting and nerve wracking day for Nasdaq. The value of shares in its companies went up and down like a roller coaster. The value of shares traded - bought and sold - on the Dow Jones Index was lower, but there was less dramatic movement and the market eventually stopped its huge fluctuations(波动，起伏), it steadied slightly. What causes this movement? Here’s more of that report.
　　ClipIt’s been a rollercoaster day for stocks in New York as the technology driven Nasdaq Index again dropped in value.  At one stage the Nasdaq fell around five per cent to reach its lowest level for a year.  The Dow Jones Index also fell but has steadied slightly.
　　The markets were driven lower by news from Hewlett Packard admitting that its fourth quarter earnings⁷ fall far short of forecasts, by as much as 20 percent.  Hewlett surprised the markets by releasing the news two days ahead of schedule. The computer and printer making company also revealed that it has ended talks to buy the PriceWaterhouseCoopers consulting business.  Hewlett’s stock dropped around 15 per cent becoming the latest in a series of technology groups to take a battering⁸ on Wall Street …which is already unsettled by political indecision（犹豫）, from the presidential election.
　　Lyse: We heard the phrase driven up or down. The value of the stocks and shares is strongly affected⁹ by news or developments which have an impact on the company’s financial position. For example, the company Hewlett Packard realised it would make less money in its fourth quarter, the last part of the year, than it forecast, or predicted.
　　Forecasts play a key role in the financial world. Investors decide where to put their money based on expectations that companies will perform in a certain way. That can be easier for older, more established companies such as banks -  stock markets call them blue chip stocks. But newer industries like computer software or the internet which trade on the Nasdaq are less well-known, they attract investors willing to take more risks.
　　In our last report we also heard how technology companies or groups took a battering on Wall Street, the financial area of New York. It’s not just Hewlett Packard, but the entire industry which is suffering from problems and that’s reflected in the value of their shares on the markets.
　　Lyse: The world of business and finance is the subject of today’s Insight Plus from the BBC World Service - your guide to the language and background to the stories that stay in the news.
　　Markets are also affected by what’s happening in the world of politics…markets get nervous when political activity is unstable¹⁰, unpredictable, or in some countries in a state of upheaval（举起，隆起，大变动）. When that happens, it affects not just one company, or group of companies, but the economy of a country or even an entire region.
　　Take a country like the Philippines. The business community there lost confidence in the President Joseph Estrada when he was charged with taking millions of dollars bribes（赃物）. It reinforced （加强）the growing doubts over his management of the economy. The Philippines is also still suffering from the effects of an economic crisis that swept across Asia in the late 1990’s. Many countries are now recovering but the Philippines’ economy is still struggling. This piece by World Service Business Reporter Karen Hoggan shows how this is reflected in the stock market.
　　ClipThe financial figures are depressing. The Philippine stock exchange has fallen by around a third so far this year and last month the currency - the Peso - hit an all time low against the dollar.   A leading credit rating agency has downgraded（使降低） the outlook for the country from stable to negative - an indication of how risky¹¹ it thinks investing there could be.
　　Lyse: The Philippine’s financial position is described as depressing - that’s a very big cause of concern. The value of the currency, the peso, has hit an all time low against the American dollar, one of the world’s strongest and most stable currencies. It means the peso has never been worth so little, on the markets it’s hit an all-time low. And it’s not just the currency. Serious concern about the country’s financial and political future means its credit rating has been downgraded, or reduced. That sends a signal to the financial community that the Philippines is an unsafe place to do business - you could lose your money if you invest, if you put your money into stocks and shares there.
　　Compare the Philippines with some of its neighbours. The wealthiest, fastest growing countries in this region used to be known as the Tiger Economies but even strong economies like South Korea saw their currency collapse¹² in the financial crisis of the late 90’s, their economic policies couldn’t sustain（承受，支持） such rapid growth. Some south Asian governments were also guilty of financial mismanagement and in some cases corruption¹³.
　　This next report from Manuela Saragoza looks at the progress made in South Korea.  She focuses on two of the country’s largest corporations, Hyundai Engineering and Construction and Daewoo Motors. They’re both known as chaebols - conglomerates¹⁴, or groups of companies which have merged¹⁶. They were wallowing（打滚） in debt, in other words, they owed more money than they actually had. But the government tried to help them to raise more money, or to return to liquidity¹⁷（流动性，偿债能力）.  Let’s see what happened.
　　ClipHyundai Engineering and Construction is wallowing in debt to the tune¹ of 4.4 billion dollars.   Creditor¹⁸ banks have agreed to freeze repayments¹⁹ while the mess is sorted out but the South Korean government has resorted to some interesting tactics in returning liquidity to the companyHyundai was pulled back from the brink²⁰ of bankruptcy²¹ last week, but another Chaebol, Daewoo, was not so lucky.  The motor company collapsed²² with more than 10 billion dollars in debt was forced into liquidation²³ by its creditors²⁴ after labour unions refused to agree to restructuring which would have involved 3500 job cuts. Daewoo is awaiting another court decision on the receivership it applied²⁵ for last week.
　　Lyse: The South Korean government saved Hyundai which was on the verge²⁶ of bankruptcy(濒临破产的边缘), the point of saying it couldn’t pay its bills. But Daewoo Motors collapsed. It was forced into liquidation, of selling everything it owned to try to pay its debts. And it had to go into receivership,（破产管理） a court appointed someone to take control of the bankrupt company.
　　Bankruptcy may be the worst fate a company can suffer, but a takeover can also be unwelcome. That’s when one company wants to buy and own another. We’ll hear the word takeover in this next extract about the London Stock Exchange and the OM group, listen out for the word that’s used with takeover - a word that means an offer.
　　ClipThe London Stock Exchange has beaten off （赶走，击退）an unwanted takeover bid from the OM group, the operator of the financial market in Stockholm. OM’s failure had been expected as the Swedish firm failed to get enough support from the main shareholders of the London exchange, mostly investment banks and stockbrokers²⁷. They voted by nine to one against the plan. The end of the hostile bid from the Swedish company cleared the way for the London Stock Exchange to form an alliance with other financial markets, to create a pan European share trading platform.  After a failed attempt to merge¹⁵ with the Bourse in Frankfurt, London’s future could be a closer link with the Nasdag in New York.
　　Lyse: The London stock Exchange defeated a takeover bid from the OM Group. The bid was unwelcome or hostile. The offer was made without the agreement of the target company.  Today on Insight Plus business and finance have been in the spotlight²⁸. Next time you listen to reports about the Dow Jones or the Nikkei, in other words on stock markets, expect to hear language that’ll indicate how well those companies listed on the index are doing. And stock markets don’t just reflect performance of an individual company, they also tell us about the health of whole sectors²⁹ of business activity and countries too.(本文由在线英语听力室整理编辑)