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Part I Interview: Senior investment Strategist and Portfolio Manager with Deutsche Asset Management

Part 2 Market briefing --- Derek (slow) G.M. --- Brian (slow) Nasdaq --- Robert (slow) NYSE --- Deb (fast) 点击播报 Listen Interview: Senior investment Strategist and Portfolio Manager with Deutsche Asset Management

>> crude oil, gasoline and heating oil fell for a fourth straight day on expectations u.s. inventories will jump as hurricane wilma heads away from the nation’s oil fields. crude oil at the close, here, checking the bloomberg. this is for the week, now, crude oil down 3% or $2, to $60.63. among the other energy movers, gasoline up over 1.5%, 1.6%. heating oil down almost .2% and natural gas futures down .8%. it looks like oil is likely to continue to head lower. of the 40 analysts surveyed by bloomberg, 60% -- 68% say prices will fall next week, the most bearish forecast since our survey began a year and a half ago. 8% say prices will rise and 1/4 of those surveyed forecast little change. on to earnings, one week down, yet still more to go. joining us now with this week’s corporate america scorecard and preview of what’s to come in the weeks ahead is arnim holzer, senior investment strategist and portfolio manager with deutsche asset management, helping to manage about $3.5 billion, joining us in our studio today. welcome, arnim. we had more than 2/3 of the 171 s&p 500 companies reporting third-quarter earnings. how is the market shaping up for earnings next week?

>> we’ve had a pretty good earnings season so far. there have been minor disappointments here and there but we think the season is shaping up pretty well. i think the expectations at the beginning of the year may have been a bit high, given what’s happening with energy prices, derrick—derek, i think we have to be more reasonable but generally despite compositional difference, certain sectors doing better than expected and certain doing worse, i think the general tone of the market from the earnings point of view is pretty good.

>> we had earnings yesterday and today. google was a notable yesterday. are you more positive in that sector given the positive report?

>> we think tech has come in fairly well. there was a little bit of a disappointment around intel although the numbers weren’t that bad, the market overreacted a bit. we think what the market is doing now with tech is look at an earnings perspective more realistic, annual growth rates more like 18% to 20% rather than the 30%-plus. given that change in investor expectation, we think tech companies are doing well and beginning to spend cash more intelligently, dividends and buybacks across the sector so we feel more comfortable about tech which is the first time in quite a while.

>> would you advise your clients in tech?

>> it’s time to start nibbling a bit there and take longer term positions particularly what’s happening in the cash side, moving towards dividends and m&a, there’s good activity there.

>> on monday, we have merck and schering-plough coming out on monday. i know you look at the healthcare sector. how do you feel about that?

>> healthcare for us has been a little bit of an underweight and actually quite a bit of an underweight last year and we’ve been reducing that underweight. we’re beginning to feel some of the bad news is out. we ihink the pipeline discussion is understood by the market . we think cost containment, rationalizing the size of sales staffs, the mergers and acquisitions, so getting that done correctly we think the biotech area is interesting and medical device area is interesting so all in all for healthcare, we think organic growth is good and that’s a place to start looking if you’re an investor.

>> any biotechs in particular?

>> we have an overweight for genentech, very good pipeline, executing well.

>> what’s your concerns? any concerns for any sectors?

>> well, on the consumer discretionary side, has been a difficult sector to really understand. it has got a lot of heaviness to it right now primarily because of autos. there’s over three million auto workers, related auto workers in the country and that’s going to impact consumption numbers. i think the auto sector has done very well over the last couple of years with low interest rates. clearly, interest rates moving up will have more of an impact there. the delphi bankruptcy. so it will take a while to see how that gets ferreted out but some of the retailer numbers on the other side of consumer discretionary have come in pretty well. the luxury side has been exceptional so our sense is you have to be careful there, don’t throw the baby out with the bath water. we would have a tendency to underweight consumer discretionary but be careful with the sub categories.

>> a hurricane brewing in the gulf likely to hit florida. do you expect volatility in the markets as a result?

>> this hurricane doesn’t seem to have the same danger in terms of the oil and gas infrastructure that the prior two did. i think the insurance company numbers are already taking into account a bigger-than-expected hurricane season so i don’t expect to see greater down drafts in some of the insurance names but we haven’t seen if it really is going to hit with the force that katrina hit so i don’t want to speculate too much but i think the insurance numbers seem to have that in there and the oil and gas complex seems safe for now.

>> arnim holzer, senior investment strategist at deutsche asset management. thank you for joining us. when we come back, google stock price jumped to a record today and investors say it will continue to climb. how much higher can it go? we’ll find out after the break. this is bloomberg “after the bell.” 点击播报 Listen Market briefing --- Derek (slow) G.M. --- Brian (slow) Nasdaq --- Robert (slow) NYSE --- Deb (fast)

i’m derek davis, this is “after the bell.” shares of google soared today to a record after the company’s sales and profit beat the most optimistic of expectations. we’ll hear from robert gray at the nasdaq for the google story. settling in on the closing numbers, a reduced earnings projection from caterpillar weighed on the dow jones industrial average, which lost 65 points to 10,215 -- general motors chairman rick wagoner spoke out on the future of gmac, speaking with brian sullivan at g.m. headquarters in detroit earlier today. it was an exclusive interview. this is the first question to wagoner, has g.m. spoken with interested buyers for gmac?

>> we had a list of people that we thought would be the prime candidates. it’s a huge transaction and it’s also a transaction that, not being a purchase, but a strategic partner arrangement, needs to be someone who understands what our vision for gmam is and the relationships that are important and would be comfortable with that so on that basis we put together what we thought was a good list and have had a chance to talk to them and i think we’ll have interested parties but it’s a highly complex transaction, a massive potential transaction, so at this point, real early to speculate on the likelihood of success or timing.

>> how many of those potentially interested parties are private equity firms?

>> i don’t want to comment on who bhib on the list—might be on the list.

>> as i understand it, standard & poor’s would prefer to see gmac’s controlling stake, if sold, go to an auto finance company or big bank with an auto finance arm. do you think you need to stipulate to that or would you be open to any potential buyer?

>> we have a specific objection in the transaction, which is to improve the credit rating of gmac to improve the access to funds and cost of their funds which is critical for them to support the auto business and grow their other businesses so we’ll try to do a transaction which plishs that and -- accomplishes that and the people we see as primary partners will enable us to do that but time will tell.

>> do you have an end date as to when you would like to finalize the deal? do you have a date on your mind?

>> no, we’ll move as expeditiously as we can. realistically, it is a big deal and won’t happen from one day to the next.

>> what do you think of the credit rating agencies?

>> well, they’re independent agencies that make their calls. i think they’ve been tough on us.

>> too tough?

>> they’re going to make the calls they want. it doesn’t matter what i think. they make the calls they do and the result of the calls they’ve made have put us under significant pressure and led to the need to rethink our gmac strategy. we think we can come up with something good out of it but it puts pressure on that.

>> we will have part two of brian’s talk with rick wagoner at the bottom of the hour. google’s record earnings fueled a rally leading the nasdaq to its first weekly gain of the fourth quarter. bloomberg’s robert gray has details from the nasdaq marketsite in times square.

>> the nasdaq composite thinkhing the—finishing the week with a gain, the seventh consecutive friday we’ve seen a gain for the nasdaq composite, finishing higher for the week, as well. wednesday we saw 1.7% gain followed by a better than 1% decline on thursday before friday’s advance of .7%, putting it over the top as a gain for the week. internals on friday’s session, advancers outpacing decliners and volume at about average, 1.8 billion shares on the nasdaq. moving back above the 200-day moving average in friday’s session. google definitely inspiring the rally in the session after reporting a sevenfold increase in profits, sales doubling to a record above more than $1 billion in the third quarter, topping the most bullish analysts’ estimates for earnings and revenue. yahoo also posting a modest gain as well as baidu.com, referred to as the chinese google as google owns a 2.5% stake in baidu and ebay shares bouncing back from their declines on thursday. internet stocks the strongest group in friday’s trading, up nearly 3% on friday’s session, helped by the software, the philadelphia semiconductor index moving higher. the hardware index was weak in the session. research in motion, a large part of that. they lost an appeal for a stay in their patent case with n.t.p. they wanted to halt the proceedings while they appealed the case to the supreme court. the federal court of appeals rejected that request and faces a possible court order to halt blackberry email service in the u.s. sandisk helping the rally, third-quarter profit doubling for sandisk on increased consumer demand for storage of digital music, photos and information. a big week for earnings next week. earnings from the likes of microsoft, x.m. satellite radio. at the nasdaq, i’m robert gray.

>> today’s decline in the dow does not tell the entire story. for more on today’s trading action, here’s a report from deborah kostroun at the big board.

>> the numbers really do not tell the story today. mainly because here at the new york stock exchange, advancers outpaced decliners two to one so we had more stocks up than down and you might ask why was the dow jones industrial average lower? it was really caterpillar. take a look at the laggards in the dow jones industrial average. caterpillar, that chopped off 41 points in the dow. not only was it the worst performer in the dow but also in the s&p 500 after the company lowered its 2005 profit forecast, pfizer also down for a second day. it’s once again at an eight-year low, the stock declining after slashing their 2005 profit forecast yesterday and withdrew their 2006 and 2007 projections. looking at other areas in the market , forestry, weyerhaeuser up on the day. this is the world’s biggest lumber company, saying third-quarter profit fell 52% because of lower lumber prices. the company said they would close a pulp plant and lumber mill in washington to reduce costs. energy stocks a big story this week. oil and energy stocks down 5% this week. for the month, those were the worst performers this week in the s&p 500 and for the month, it has not been very nice to the energy stocks. exxon down 13%. chevron down 13% and conoco down 7%. you have to remember we had those two block trades over the past week selling exxon and chevron shares at $57 a piece. while we did see many of the energy stocks performing quite well in today’s session, we did see a rebound but even exxon, even chevron, still below the $57 mark where we saw the block trades. best performers in the s&p 500 on the day, the telecom group. at&t, they reported earnings, of course being bought by s.b.c. they had earnings beating expectations and also s.b.c., the biggest gainer in the dow jones industrial average. i’m deborah kostroun at the new york stock exchange for bloomberg news.

>> refco has filed more papers with bankruptcy court asking the judge to approve final sale of the company by november 11. the federal bankruptcy court has scheduled a hearing monday morning to address the company’s requests. allan dodds frank has been following the story and joins us with more.

>> refco says that given the fragility of its business, it needs to be sold quickly. the company outlined the procedures it wants for the auction of its assets by bankruptcy judge robert drain. the court documents refco proposed a november 4 deadline for the last bid to be received and asked the judge to select the winning bidder by november 11. that is the day j.c. flowers set as a pullout date if its deal is not accepted. on october 17, refco tentatively agreed to sell the regulated portion of its futures brokerage to flowers for $768 million. thursday, interactive brokers of greenwich, connecticut, filed a $790 million bid. both bids are tied to the value of regulated capital refco had on its books at the time of the sale and therefore could change as the company continues to examine its books. the units have not filed for bankruptcy but are subject to judge drain’s jurisdiction.

>> flowers’ bid is what’s known in our industry as a stalking horse bid and people play strategy games as to whether they come in early or late in the bidding but on the day of the hearing, there will be a requirement for a deposit ahead of time, qualification, and there’s a bidding war in the court back and forth.

>> refco asked the court to set minimum increases of $2 million between bids. as for phillip bennett, former c.e.o. of refco who faces criminal charges of securities fraud, the next court date is october 31. he is expected to appear before a u.s. magistrate.

>> thank you very much for that. still ahead, we will wrap up this week’s earnings and look ahead to next week with arnim holzer of deutsche asset management.

[此贴子已经被作者于2005-10-27 11:47:22编辑过]

sunyuting1

中速听力 学习进程表

第一步：训练眼睛（训练眼睛能找到所读的地方，不需要理解意思），旨在训练对英语的反应速度。

第二步：训练舌头（训练看着文字能跟读，不需理解意思) 旨在训练对英语的反应速度,同时纠正语音和锻炼口 语

第三步：训练大脑(看着文字跟读，并能逐步理解大意)...... 注：本栏目内容选自海外电台每日经济报道和海外投资教育小说 US and Chinese Finance Officials Open Talks

The economic talks between Chinese officials and a U.S. delegation headed by Treasury Secretary John Snow and Federal Reserve Chairman Alan Greenspan began Sunday at the close of a meeting of the G-20, a gathering of finance ministers and central bankers of major industrial and developing nations. In a joint statement Sunday, the G-20 nations called for a new strategy to fight poverty, promote free trade, and protect world economic stability, which they say is threatened by rising oil prices.

Chinese Finance Minister Jin Renqing spoke at the conclusion of the G-20 meeting.

Mr. Jin said there were deep discussions on the potential risks brought by high oil prices, and possible countermeasures.

The Chinese finance minister then joined the governor of China's central bank, Zhou Xiaochuan, for separate bilateral meetings with the U.S. delegation.

U.S. officials were expected to apply more pressure on the Chinese to further adjust their currency, the yuan. Beijing revalued the yuan by 2.1 percent in July, but Washington says more is necessary as U.S. concerns mount over a trade imbalance that reached $162 billion last year.

Some American politicians, labor groups, and manufacturers blame China's currency policy for the trade deficit, saying an undervalued Chinese currency is hurting U.S. competitiveness by making Chinese products artificially cheap.

China has thus far rejected demands for any sharp adjustments.

On Saturday, U.S. officials said the talks with China, set to go through Monday, will cover a variety of issues, including the removal of caps and other restrictions on foreign ownership of Chinese banks and other financial institutions. 点击播放 Listen The Millionaire Next Door

EOC But what will happen to Mary and Lamar after Mother is no longer alive? Obviously, this is a major concern to this couple. Unfortunately, we are not fortune tellers, so we were not able to tell them how much Mother had in trust for her daughter. We wish them good luck. It will not take long for Mary and Lamar to consume even a good-sized inheritance. They are already anticipating this economic windfall. A bigger home, a vacation home, and around-the-world travel are on the horizon.

WHAT'S WRONG WITH THIS PICTURE?

Adults who sit around waiting for the next dose of economic outpatient care typically are not very productive. Cash gifts are too often earmarked for consumption and the support of an unrealistically high lifestyle. This is precisely what happened to Mary and Lamar. Their household's annual earned income of $60,000 is the same amount a blue-collar couple in their county earned with overtime. Both the man and woman drive buses for a living. Yet they have a more realistic view of who they are and what they have achieved. Conversely, Mary and Lamar are living in fantasyland. Displaying upper-middle-class status is their socioeconomic goal in life.

Does this mean that all adult children of affluent parents are des-tined to become Marys and Lamars? Absolutely not. In fact, stated as a statistical probability, the more wealth parents accumulate, the more economically disciplined their adult children are likely to be. Note that America's millionaires are more than five times more likely than the average household to have a son or a daughter graduate from medical school. They are more than four times more likely to have a child who is a law school graduate. 邻居是百万富翁

CONTENTS Tables Introduction 1: Meet the Millionaire Next Door 2: Frugal Frugal Frugal 3: Time, Energy, and Money 4: You Aren't What You Drive 5: Economic Outpatient Care 6: Affirmative action, Family style 7: Find Your Niche 8: Jobs: Millionaires versus Heirs Acknowledgments Appendix 1 Appendix 2 Appendix 3 点击播报 Listen Jack Welch --- Straight From the Gut The afternoon grew dark early. We left Palm Beach through black skies at 5:30 P.M. and arrived at Lunken Aviation in Cincinnati around 7 P.M. The place was soaked, dreary, and dark. It was a bone-chilling night. I walked across the tarmac through a light fog toward the barely lit private airport hangar. ! felt really alone, carrying only my old leather briefcase.

No one was in sight. When I reached the door, Jim was already there. I greeted him, and we quickly went into a small meeting room.

"Obviously," I said, "this is going to be the toughest conversation of my life."

Jim's disappointment wrapped his face.

"I picked Jeff. If there's anyone to be mad at, be mad at me. Put my picture on the wall and throw darts at it. I can't even tell you why. It's my nose and my gut. We had three Gold Medal winners, and only one Gold Medal to give."

Jim joked about there being no recount. It was during the Florida presidential election mess. He couldn't have been more gracious.

"I want you to know I wanted the job, but I also want to tell you I think the process was fair because you played it straight, and you gave us every chance." 点击播报 Listen Execution--The Discipline of Getting Things Done

LEADERS GET THE BEHAVIOR THEY EXHIBIT AND TOLERATE

WHY THE RIGHT PEOPLE

AREN'T IN THE RIGHT JOBS

THE UNVARNISHED TRUTH

Assessments also have to be done in the context of the person's job. At Honeywell, for example, our leaders have to constantly link people, operations, and strategy, so they look at a person's performance in each of these areas. If a man in operations is weak on strategy, say, that gets noted down as one of the things he has to work on.

The leader doing the assessment has to also indicate how she may remedy the person's shortcomings, if talking to him isn't enough: "We're going to get this person a coach," or "He needs another assignment to work on this deficiency." The leader commits herself to giving this help.

Then the leader sits down with the person and discusses the appraisal. If I'm doing the appraisal, at the end I'll say, "Now I'm going to give you the last line. You've heard what I think--what would you like to add to this?" He'll reply, and then I'll say, "Well then, we've agreed that these are the issues you've got to work on. Now, some of the problems may be in your DNA, and you may not necessarily be able to change them. But you can modify them, improve them." Finally, the person being appraised initials the document, saying in effect, "Okay, you've said some nice things about me. I appreciate it. I accept the fact I have these learning needs and that I will participate in seeing if I can overcome them in the days ahead." 点击播报 Listen The Buffettology 巴菲特原则

THE DYNAMICS OF SHARE REPURCHASES

When a company spends its capital to buy back its shares, it is in effect buying its own property and increasing future per share earnings of the owners who didn't sell. For instance, if you have a partnership with three partners, you each in effect own one-third of the partnership. If it makes any money, then each partner will take home one-third of the total. If the partnership, using partnership funds, buys one of the partners out, then the two remaining partners would each own 50% of the company and split the partnership's future earnings fifty-fifty. The pie remains the same size, but instead of being cut into three pieces, it is now cut into just two--two bigger slices.

In the case of publicly traded companies, share repurchases will cause per share earnings to increase, which results in an increase in the market price of the stock, which means richer shareholders. Here's how this works. 点击播报 Listen Take on the street (较量华尔街)

Execution Quality: Buzzwords du Jour

Market centers now compete against each other to attract customer orders on the basis of greater execution speed, better chance of price improvement, more efficient linkages with other markets, the ability to trade large orders, or the cloak of anonymity. Different investors have different needs. Some want speed, above all. But retail customers might want to hold out for a better price than the one being quoted, rather than grab the fastest possible execution.

Many challenges remain before we reach the ideal market structure. One is the lack of connections between markets. The NYSE needs to upgrade its connections to Nasdaq and other market centers--a task that's easier said than done, for political reasons. Several of the ECNs have begun to address this issue on their own and have installed highspeed connections between one another's networks. When the Archipelago ECN receives an order, for example, its system is programmed to search the order books of Island and Instinet to see if they can offer a better match. One problem: ECNs charge market-makers and other market centers fees to access their systems. If those fees continue to rise, as they have been, they could become an obstacle to the goal of competing but interconnected markets. 点击播报 Listen

my of greed (解剖贪婪--安然内幕)

Briancruver: thanks, really I just want the weird dreams to stop Carrie mills: oooh! I love that stuff, and my mom is an expert—details please? Despite my better judgment, I told Carrie all about the floods, the sushi, the Enron execs in the Santa suits, the amputated hand, and the polar bears. Our IM session ended with her promise to get back to me. An hour later she sent me an e-mail, summarizing what subconscious was trying to tell me Okay, so the bear was trying to tell me Polar Bear—Due to its color, a polar bear in a dream is a good omen signifying an improvement in your circumstances. Okay, so the bear was trying to tell me I was better off without Enron. Eating Tako (Octopus)—if you are eating an octopus, you have recently put a period of romantic turmoil behind you. 点击播报 Listen　 Introduction to Finance

(以下斜体字部分为测试题及答案)

Operating expenses: A second forecast is the operating expense forecast. This forecast includes human resources, marketing, finance, and other indirect, or support, functions. These expenses are “fixed” because they are needed regardless of sales volume. They are sometimes called “overhead.” Which of the items below would the sales forecast help you prepare? Choose all that apply. direct labor forecast material forecast operating expense forecast capital expenditure forecast (key: 1 2 4 ) The third forecast, the cash flow forecast, is a compilation of other forecasts. It forecasts timed requirements for cash to meet expenditures and timed requirements for cash to meet expenditures and timed revenues from various sources. Forecasts are generally made for a one-year period, and timing intervals are usually months or weeks. Click on the bulleted points below for more information about the cash flow forecast.　 Business Skills Course Library

--Moving from Product Selling to Solution Selling --Understanding Conflict --Planning Effective Business Meetings --Financial Statements and Analysis --The Negotiation Process --Delegation Basics --Communicate for Results --Professional Assertiveness --Introduction to Finance

本章节内容目录(黑体字为本次听力内容)

Introduction to Finance

--Course Overview Overview

--The Purpose of Financial Management Systems Lesson Overview Preassessment Forecasting Cash and Capital Needs Allocating Scarce Resources Reporting Financial Condition Mastery

--Risk and Return Lesson Overview Preassessment What is Risk Sources of Risk Risk and Return Trade-offs Mastery

--The Time Value of Money Lesson Overview Preassessment Future Value and Inflation Present Value Discounting Mastery

--Tax Laws and Business Finance Lesson Overview Preassessment How Corporations Are Taxed Depreciation Lease vs. Buy Mastery

sunyuting1

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sunyuting1

Wall Street Realplay 快速听力

Note that closed captioning is not 100% accurate. There are occasional misspellings or other inaccuracies. This is the nature of the spontaneous way closed captioning text is transcribed. We believe these transcripts to be predominantly correct but does not guarantee their accuracy. Neither the information nor any opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities Part I Interview: Chief Economist at Moody's Investor Service

Part 2 Market briefing --- Derek (slow) G.M. --- Brian (slow) Market wrap --- June (slow) 点击播报 Listen Interview: Chief Economist at Moody's Investor Service

>> earnings are likely to dominate headlines again next week, but we are getting a sleuth of important economic indicators as well. fed chairman alan greenspan is scheduled to testify before congress on november 3, just two days after the fed meeting on interest rates. joining us now with an economic preview is john lonski, chief economist at moody’s investor service. john joins us from the american stock exchange in downtown manhattan. welcome, john.

>> thank you.

>> some economists i’ve talked to say inflation pressures related to the hurricane are clearly a concern for the economy. we have big economic reports next week. which are you watching and what do you think most closely measure inflation?

>> i think the fear is regarding inflation are overblown. the truth is it’s not a bad idea to have a somewhat faster rate of core inflation and order that companies be compensated for now higher energy costs as well as earlier runups by industrial materials costs.

>> so you’re—so you’re saying a limited rise in inflation can actually benefit profitability?

>> oh, most definitely.

>> how can that be?

>> oh, because it allows final product prices to grow relative to cost. it widens profit margins. that’s what it does. those equity analyst that is are fearful of a higher rate of inflation, are really fearful of a runaway rate of inflation, the type of inflation we had back in the late 1970’s and maybe early 1980’s. and i think that’s quite unlikely to happen. if inflation was really becoming such a problem for the u.s. economy, we would look at sharply higher treasury bond yields and that’s simply not the case.

>> so where do you see inflation heading? are we going to see companies increasingly passing on higher costs to the consumers?

>> to a limited degree. we think the core rate of inflation that was understated at only 2% in september perhaps will peak at a range of 2.5% to 3% in 2006. and i might add that when we last had more corporate credit rating upgrades than downgrades, we had a core rate of inflation of 2.8%. thus far in the current recovery we have a lower average rate of core c.p.i. inflation, and with that we still have more corporate credit rating downgrades and upgrades. it’s that inability for companies to more fully pass on cost that explains the lagging performance of corporate credit.

>> now, john, we’re getting closer to the fed decision on november 1. the general consensus among economists for another 25 basis points rate hike, do you think the fed might be overshooting there?

>> i think we’re quickly approaching neutrality as far as monetary policy is concerned.

>> what do you call neutrality? why do you say that?

>> if in 2006 nominal g.d.p. rose as expected by 5.7% in core inflation is no higher than that range of 2.5% to 3%, then 4.5% ought to be the peak for fed funds. that’s where neutrality lies.

>> ok. so you’re saying neutrality is at 4.5%. do you think that’s where the fed will pause?

>> i believe so at this point in time unless the fed is compelled to tighten more aggressively because of a rise in inflation risk that forces not only treasury yields sharply higher but significantly weakens the dollar exchange rate. remember, like never before, the u.s. economy depends on foreign credit and if foreign creditors get frightened about a runaway inflation, you can be sure that will hurt both bonds and the dollar.

>> let me ask you this. earnings are strong. oil is down. but we don’t see any rally in the market . are we having a scenario where the fed is actually beating earnings? that is to say are investors waiting for the fed to be done with raising rates?

>> i think that’s absolutely right. and i would also add that my impression is if the fed funds peaks at 4.5%, the equity market is overreacting to what remains in terms of rate hikes. but you can’t blame shareholders from becoming or taking a cautious view, being risk averse, until this latest series of fed rate hikes is finally over.

>> now let me ask you, federal greenspan is scheduled to testify a couple days after the fed’s decision, what are your expectations there?

>> i think greenspan will admit that he’s pleased with the performance of the u.s. economy. he’ll recognize that inflation risks have risen but he’ll add that inflation appears to be well contained from the perspective of most financial market participants, in particular the credit market and the foreign exchange market . therefore, the fed can continue to move towards neutrality at a measured pace. not at a pace that risks slowing the u.s. economy.

>> john, before we go, do you see a successor and who do you have as a frontrunner of successor for alan greenspan?

>> cohn, larry lindsey with an outside shot.

>> all right. john lonski, chief economist at moody’s investment service. thank you for joining us, john. up next money and sports. homecoming takes on a whole new meaning for florida college students. and, it seems, that even the people who live in chicago are not that excited for the world series. 　 点击播报 Listen Market briefing --- Derek (slow) G.M. --- Brian (slow) Market wrap --- June (slow)

>> welcome back. this is “ after the bell.” i’m derek davis. thank you for joining us. general motors said today it has a short list of possible buyers for a stake in the general motors acceptance corporation, g.m.’s finance unit. analysts say the sale may raise as much as $15 billion. rick wagoner in part two of an exclusive interview with bloomberg’s brian sullivan said g.m. is already in discussions with several companies. that would make the most sense for a strategic partnership to buy a stake in gmac. he wouldn’t identify potential buyers. brian asked wagoner about justifying job cuts at g.m. and when the sale of gmac would mean the company would be sitting on a lot of cash.

>> what we’re going to do is come up with a transaction or try to come up with a transaction that boosts gmac’s credit rating n. doing so, that’s going to help the auto business and their other businesses to grow more. we don’t know what the financial proceeds might be. we haven’t made any calls on how to use those proceeds. and so premature for me to guess how my—how it’s going to affect our relations with other parties. i just go back to say again i think u.a.w. has a clear understanding of the challenges being faced by the domestic auto industry and my sense is they’d be glad to see moves which strengthen the company. it’s good for us and them.

>> part of the plan you announced was recently future layoffs and plant closings. you make about 80 models in north america, correct?

>> right. depending on how count them but 75 to 80.

>> how do you continue to make that mod wind chill fewer plants? it would some logically some models have to go.

>> i think what we’re trying to do, a critical part of our strategy is improving manufacturing flexibility because the one thing even the last 60 days have shown us that you just can’t even with the smartest people forecasting very—in a very exacting fashion, we can’t forecast all the events that may affect demand patterns, and so we really have to build in a robust and flexible capacity. we want the capacity to be tight because excess capacity is incredibly expensive but we do have to be able to use the capacity and that means we have to be able to build at least in the whole manufacturing system the full array of products that we need to offer to competitors. so we don’t have a specific strategy to significantly reduce models. in fact, what we’re going to do is drive through a global product development process being able to keep the same number of models at a much lower cost and frankly we think shorter life cycles and better products as we proceed with that and we need to be able to build those in a flexible manner and that’s the plan we’re laying out.

>> i spoke with an analyst who described the auto industry -- not g.m. in general but ford, also, as the bad movie syndrome. that you’re sitting there and you’re hoping it gets better at some point and maybe it only gets better when it ends. is the u.s. or ford or g.m. auto industry in the middle of a bad movie syndrome?

>> i think we’re obviously in a tough time but this industry is filled around the world with ups and downs for companies. and it’s not u.s. companies alone, by the way. it’s european companies, it’s japanese companies, too. so i think we all have our better periods and our weaker periods. obviously it’s a tough, tough time for us here. i’m highly confident we’ll come back strong and get u.s. business on track and then build on some strengths we have in the rest of the world like asia. so don’t think it’s a bad movie but certainly the slot we’re in is the challenging one for us.

>> and that was bloomberg’s brian sullivan with general motors c.e.o. rick wagoner. here is a look at g.m.’s stock at the close. down over .4% or 12 cents to $28.26. stocks suffered a third straight week of losses with concern about inflation. higher interest rates and slower earnings growth pushing share prices. bloomberg’s june grasso has this week’s “market wrap.”

>> benchmark indexes have failed to sustain either advances or declines for more than one day this week. on thursday the dow and s&p 500 erased wednesday’s gains almost exactly. the dow followed a 100-point gain with a 100-point loss for the first time since march of 2004. while the s&p erased a 1.5% gain with a drop of the same size. investors have focused on the affect of energy prices on consumer spending and the strength of earnings. crude oil fell below $60 a barrel for the first time since july.

>> there has been somewhat of a pullback in that price. if we continue to see that, that will have an obvious effect on psychology and spending going into the winter. but, that said, the earnings season is coming along just fine. total earnings are up like 17% but it’s a much more modest 9%-type number.

>> but concerns continue to weigh on the market . a government report the start of the week showed the biggest jump in producer prices in 15 years leading some investors to expect faster inflation and pfizer posted weaker earnings and withdrew its forecast for next year. caterpillar and radio shack reinforced speculation that earnings growth will slow. some analysts say a bear market may develop soon.

>> we see really resumption of what happened in 2001 and 2002. we had such an overvaluation in the market and we’ve not yet seen the—what we would see the absolute lows that would have washed the bear market out.

>> thanks to the drop in oil prices this week, energy stocks tumbled, utilities also plunged, and health care companies slid. for the week, the dow is down .7%, the s&p dropped .6% putting it on course for its third weekly decline which would mark its longest retreat since march. only the nasdaq has gained .8%. back to you, derek.

>> thank you very much, june. still ahead, a view of the economy. we will preview next week’s important economic indicators with the chief economist at moody’s investor service. his name? john lonski.

sunyuting1

World Economic Roundup 中速听力 点击播报 Listen US Treasury Secretary Urges China to Move Faster on Currency Reform U.S. Treasury Secretary John Snow, Federal Reserve Chairman Alan Greenspan and other top officials met with their Chinese counterparts for two days to urge the Chinese to do more to open up their markets.

High on the agenda were Washington's calls for Beijing to take further steps to allow market forces to drive the Chinese currency's value.

China began that process in July by removing the yuan's peg to the dollar, but Secretary Snow said he reiterated U.S. demands for China to do more. He told reporters Monday he had received assurances from Chinese Finance Minister, Jin Renqing and Central Bank Governor Zhou Xiaochuan that more currency liberalization measures are coming.

"Governor Zhou and Minister Jin reaffirmed this fundamental commitment and reviewed with me a number of initiatives under way in financial markets, particularly with respect to the trading platform," he said.

However, China did not provide a timetable. Chinese officials have previously said they need time to make adjustments to avoid disrupting their fast-growing economy.

During their meetings, the U.S. officials laid out a set of guidelines on opening China's markets they said would make the country more prosperous and stable.

"To say we have a roadmap would be too grandiose a characterization," said Mr. Snow. "We do have a long list of things that are being worked out - things we're suggesting need to be dealt with."

U.S. officials are also calling on China to allow foreign firms wider access to China's markets by removing investment caps and other restrictions.

Washington's suggestions come as pressure grows on the Bush administration to address the U.S.-China trade gap, which reached $162 billion last year. Some U.S. politicians and labor groups believe China's currency controls are contributing to the trade deficit by making American products uncompetitive.

Some lawmakers are pushing for legislation to slap tariffs of more than 27 percent on Chinese products if China does not revalue its currency. Secretary Snow described this proposal Monday as "ill-conceived", saying he hoped to demonstrate to U.S. critics that China is making progress in reforming its financial markets and currency. 点击播放 Listen The Millionaire Next Door

Paying for an education is the equivalent to teaching your children how to fish. Mary's mother taught her daughter and son-in-law some-thing else. She taught them how to spend. She taught them to look upon her as a fish-dispensing machine. There are many forms of economic outpatient care. Some have a strong positive influence on the productivity of the recipients. These include subsidizing your children's education and, more important, earmarking gifts so they can start or enhance a business. Many self-made millionaires/entrepreneurs know this intuitively. Unlike Mary's mother, they prefer to give their off-spring private stock, which cannot be readily traded in for a new foreign luxury automobile. 邻居是百万富翁

CONTENTS Tables Introduction 1: Meet the Millionaire Next Door 2: Frugal Frugal Frugal 3: Time, Energy, and Money 4: You Aren't What You Drive 5: Economic Outpatient Care 6: Affirmative action, Family style 7: Find Your Niche 8: Jobs: Millionaires versus Heirs Acknowledgments Appendix 1 Appendix 2 Appendix 3 点击播报 Listen Jack Welch --- Straight From the Gut "Your last two years have been your best, and you're getting better every day. You're going to be a great CEO wherever you go."

I walked back to the plane, only to surprise our crew again.

"We're not going to Westchester. We need to fly to Albany now." They scrambled to make changes, and we flew through heavy clouds into a deserted airport in Albany around 9 P.M. It was still wet and cold. We arrived earlier than expected because of heavy tailwinds, and Bob wasn't there.

I actually felt relieved by his absence. It would be especially difficult to tell him he hadn't gotten the job. Of the three, I had known Bob the longest, meeting him as a GE plant manager in the late 1970s. His dad had worked a lifetime at GE, just as Jeff's father had.

When Bob quit GE to join the Case Corp. in 1988, he was one of the few executives ! ever tried to persuade to stay. I couldn't talk him into staying, but he did come back three years later. Since then, I had watched and admired his operating performance. The numbers he was delivering were the best I had seen in my 40 years at the company and could well be the best operating performance of any business in GE history. 点击播报 Listen Execution--The Discipline of Getting Things Done

LEADERS GET THE BEHAVIOR THEY EXHIBIT AND TOLERATE

WHY THE RIGHT PEOPLE

AREN'T IN THE RIGHT JOBS

THE UNVARNISHED TRUTH

Such assessments go on and on, with thousands of people, throughout the whole Honeywell organization. When I go to one of the businesses, I look at the evaluations of all the top leaders there and their direct reports--maybe fifty or seventy-five of them. I go through all the high-potential people who were previously moved there because of their progress and performance. I identify those who aren't performing, and decide what to do about them. I follow through with a five- or six-page memo to them individually. Then I go back six months later and review to see that those actions were taken.

If that approach cascades down through your organization as it's supposed to, it will change your workforce. 点击播报 Listen The Buffettology 巴菲特原则

THE DYNAMICS OF SHARE REPURCHASES

H&R Block had approximately 106 million shares outstanding in 1990 and 97 million in 2000. The decrease in the number of shares was the result of its active share-repurchase program during this period. To determine per share earnings you divide net earnings by the number of shares outstanding. In 2000, H&R Block reported net earnings of approximately $370 million, which, divided by the 97 million outstanding shares, equals per share earnings of $3.81 ($370 million + 97 million = $3.81). Multi-ply $3.81 by a P/E ratio of 15 and you get a stock price of $57.15.

If H&R Block had not implemented a share repurchase pro-gram, it would still have had as many shares outstanding in 2000 as it did in 1990, which was 106 million, which would equate to per share earnings of $3.49 ($370 million + 106 million = $3.49). Multiply $3.49 by a P/E ratio of 15 and you get a stock price of $52.35. Listen Take on the street (较量华尔街)

At the end of 2001, the exchanges, ECNs, and Wall Street firms were busy digesting all of this. The recession and the terrorist attacks of September 11 temporarily lifted the pressure from the NYSE to move swiftly. But no one doubts that more change is around the corner. My own guess is that we will not end up with a single, monolithic market, but a network of electronically connected markets. They will compete for investor orders as well as listings. The market that fills orders not just at the fastest rate, but also at the lowest cost, will have a competitive advantage.

What You Can Do

As an individual investor, you might be tempted to say that none of this is important to you. Not true. Once you understand market structure, you can direct your broker to send your order to the one offering the most liquidity, the fastest matchups, and the lowest transaction costs. But how would you determine that?

　 Anatomy of greed (解剖贪婪--安然内幕)

Octopus was my least favorite sushi item. But in this case, it was pointing out the fact that post-Enron; I would actually get to see my wife more than twice a week. Santa Claus--This corpulent symbol of good cheer is a warning in disguise. Like the song says:” You better not pout, you better not cry.” It’s time to make a list ands check it twice: You’re about to get what’s coming to you. Fascinating. Hand--A broken hand or the loss of a hand is a warning that you need to pay closer attention to your own personal affairs. Fair enough. Flood--If the flood was gentle and the water clear, your troubles will be short-lived 点击播报 Listen 　

The cash flow forecast incorporates expected revenues from sales as well as from other sources, such as sale of assets, interest, and earnings on investments. It also incorporates direct labor costs, including salaries of line workers, benefits, and other direct labor costs. It incorporates direct material costs based on expected dates when materials will be purchased and when payments will be due. It includes the operating expense forecast. Both salaries and other expenditures of support departments are rolled into this forecast. Purchases of expensive equipment and buildings are treated as a separate expense category—capital expenditures. The fourth type of forecast deals with these expenses. Managers at Fiber Tech Corporation are discussing capital expense needs for the next year. Funds to cover these investments frequently come from sources other than current revenues. Click on the images for more information. To close the pop-up box, just click on it again. Business Skills Course Library

--Moving from Product Selling to Solution Selling --Understanding Conflict --Planning Effective Business Meetings --Financial Statements and Analysis --The Negotiation Process --Delegation Basics --Communicate for Results --Professional Assertiveness --Introduction to Finance

本章节内容目录(黑体字为本次听力内容)

Introduction to Finance

--Course Overview Overview

--The Purpose of Financial Management Systems Lesson Overview Preassessment Forecasting Cash and Capital Needs Allocating Scarce Resources Reporting Financial Condition Mastery

--Risk and Return Lesson Overview Preassessment What is Risk Sources of Risk Risk and Return Trade-offs Mastery

--The Time Value of Money Lesson Overview Preassessment Future Value and Inflation Present Value Discounting Mastery

--Tax Laws and Business Finance Lesson Overview Preassessment How Corporations Are Taxed Depreciation Lease vs. Buy Mastery

sunyuting1

Wall Street Realplay 快速听力 点击播报 Listen Interview: Former Fed Economist

>> santander is buying sovereign bancorp. santander is making the minority investment in sovereign that equals about $27 per share. santander will buy the independent community bank and the investment at $27 a share, that deal adding over 3% to 2007 operating earnings for santander. i’m sorry, for sovereign. moving on this afternoon, we have a couple of guests to continue our discussion on the appointment of ben bernanke. he will succeed alan greenspan as chairman of the federal reserve. for more reaction to the news, we head to washington where we’re joined by two bloomberg news contributors, kevin hassett, former fed economist and aide to president bush’s re-election campaign, and gene sperling. let me get your reaction, gene, to the market ‘s perception that mr. bernanke may be more tolerant of faster inflation?

>> he’ll get it both ways on this. on one hand because of some things he’s written, from there is some of that reaction. on the other hand, when he goes to capitol hill, they’ll be more focused on the idea that he’s for inflation targeting and i think some of the intense hearing that senator paul sarbanes and others have promised will be questioning whether he might be indeed too rigid on inflation and not show the flexibility that chairman greenspan has concerning unemployment so he may be getting it a bit both ways this time around.

>> how will he, gene, following that up, initially react?

>> excuse me?

>> how will he initially react? he’s taking the reins, has to establish himself after following the icon of greenspan. what does he do there?

>> well, i think—my guess, if i were him, he hasn’t called me for advice—but i think what he needs to do to really get through confirmation is to focus on his role as a monetary expert to show himself as a serious person who’s open minded. i think what he needs to run away from a little bit is that while this is a person seen as very nonpartisan and truly a monetary policy expert throughout his academic career, he certainly did make very partisan remarks about the bush tax cuts, et cetera, which probably helped him get the job but he’ll have to pay a certain price when he comes to capitol hill, to the senate, for his hearing.

>> do you think he’s up to speed politically, gene?

>> you know, i talked to people about some of the comments they made and they said, no, actually, what a lot of his fans say, is if he seemed a little too political it was simply because he’s not good as being political but he’s much more comfortable being a monetary economist and therefore when he gets to the federal reserve, he’ll be freed of the talking points that come with being the chairman of the council of economic advisers so his advocates are saying, focus on the 20 previous years where he was a nonpartisan, academic, highly respected by all five and don’t focus as much on some of the comments he’s made in the last few months when he was clearly trying to please bush loyalists and may have given the democrats some fodder for intense questioning at the hearings.

>> let’s bring kevin into the discussion. we’re not forgetting about it. what do you foresee mr. bernanke’s biggest challenge to be in the coming months?

>> i think the confirmation will likely go smoothly. i think he about as good a candidate as you could think of for the federal reserve and that people on the left and right acknowledge that. the one thing that’s a little bit creepy about him is that so many people have such a high regard for him you kind of wonder if he’s really from earth. i think going forward, his real challenge will be to show central bank independence and i would guess the way he’ll do that will be to focus on his love of monetary policy and not introduce himself into fiscal policy debates. i would guess that in his hearings he’ll probably say that that’s what his intent is. 　 点击播报 Listen Market briefing --- Lori (slow) Interview: On Ben Bernanke on the Fed NYSE --- Ellen (slow)

the bell.” our top story, a changing of the guard at the fed.

>> i will do everything in my power in collaboration with my fed colleagues to ensure the continued prosperity and stability of the american economy.

>> that is ben bernanke, president bush’s choice to succeed alan greenspan as chairman of the federal reserve. let’s go to michael mckee for more reaction.

>> lori rothman, thank you. we have an exclusive interview with dallas fed president, former dallas fed president, robert mcteer, chancellor of the texas a&m university system. thank you very much for joining us. you worked with ben bernanke on the fed, have known him for a while. your reaction to his choice to lead the organization?

>> if the chairman has to go, i can’t think of a better choice to replace him. i think it will turn out to be a very wise decision.

>> what skills does he bring to the job? how would you contrast those with what alan greenspan brought

>> ben bernanke has been a monetary economist for a long time, a highly published academic in the area that has now had probably three years or so of practical experience sitting on the fomc meetings so he knows it from the academic side and he knows it from where the rubber meets the road and he has all the skills that are necessary, i think.

>> of course, the fed chairman’s job is not just about monetary policy and economics, but there’s a certain amount of politics involved. does he have those skills, do you think?

>> i have no idea. and of course part of the job is staying out of politics. so if he has a modest opinion of his ability as a politician, that probably will serve him very well.

>> how did it go over with chairman greenspan, with the rest of the members of the open market committee, that he was constantly being asked to comment on issues outside of the fed’s normal purview?

>> i’m not sure i understand your question. but i know that over the course of his long career, he seemed to become more willing to comment on a broader range of issues and congress seemed to use him for sort of a national economic education program every now and then. they felt free to ask about just about everything and he’s a matter at that and—a master at that and i don’t know if ben bernanke can match him on that. probably eventually but he probably will have large shoes to fill in terms of speaking on that broad range of issues. on the other hand, i doubt that people expect him to be alan greenspan right away. he’ll be his own person with his own personality and his own set of skills. and he’ll do the job well. he just will probably do it differently.

>> we’ve talked in the past and many have said the same thing, that one of alan greenspan’s great abilities was his ability to draw people together and get consensus. how hard will it be for a newcomer do it, whether ben bernanke or someone else?

>> i think ben’s prior service on the board of governors will keep him from being a newcomer. everyone there at the board of governors and all the research bank presidents and research directors like him very much and have very high regard for him so he will not have a newcomer problem inside the fed and based on the stock market today, i’d say he won’t have one outside the fed, either.

>> that is a question, how much credibility he brings to the job. when greenspan was first chosen, markets were rather violently reacting one way or the other because they didn’t know enough about him. do you think he comes in, having served on the fed before, with the benefit of the doubt and less volatility going forward?

>> yes, not only having served on the fed before but having been fairly active as a speaker. he has given a lot of important talks over the last few years and i think the markets know himville.

>> one of the things he’s talked about is the idea of inflation targeting. where do you think that goes? do you think the rest of the fed is ready to consider that once alan greenspan has left the board?

>> i think several members of the fomc are ready to consider it. i don’t—i couldn’t give you a head count. i don’t think it was in the cards with alan greenspan there. i don’t know whether it’s in the cards now. but it will be considered and it will—the chances of that have certainly gone up significantly.

>> chairman greenspan has always argued that you didn’t need it because the fed had found other ways to be predictable for the markets . does that goal weigh when chairman greenspan leaves that it would be a help to the markets to have a target?

>> i personally don’t think it would add much. the chairman’s view was that inflation targeting is sort of a marketing tool for a central bank that needs credibility. and i think the federal reserve has earned its credibility. so i don’t think it has a lot to gain by adopting inflation targeting. on the other hand, i think adopting it would constrain it somewhat and reduce its flexibility and options.

>> in terms of credibility, markets will be watching mr. bernanke closely. how would you describe his monetary philosophy? is he a hawk, a dove? where is he on the scale?

>> well, i think he’s—they’re all hawks. they’re just various degrees of hawks and i’m not sure how he fits in but i heard someone describe him as more dovish today than chairman greenspan. i don’t know where that comes from. i think he’s plenty hawkish.

>> so you think he would support the ongoing, at least, idea of continued fed rate increases in to the near future?

>> most likely. he also has his eyes and ears open and he will evaluate each decision as they come. i don’t think he knows right now how far he will go. i hope he doesn’t go too far. i think it’s almost time to stop and put your finger up and see how things are going. but he’s as willing to fight inflation as anybody on the fomc.

>> i have just 30 seconds left. greenspan was the face of the fed. the fact that he’s leaving, good thing, bad thing for monetary policy?

>> he’s been there 18 years and i won’t say it’s a good thing that he’s leaving but he’s served his country well. they have found an excellent successor so i think maybe the time has come. and we’re not there yet. it’s not january 31. not quite yet.

>> thank you very much, robert mcteer, former dallas fed president, now chancellor of the texas a&m university system. back to you, lori.

>> thank you very much. texas instruments is out with its latest earnings after the bell and we’ll check with ellen braitman for the details.

>> topping what analysts had been looking for, 41 cents a share for the third quarter, if you exclude items, a penny better than analysts were looking for. sales also topping estimates, $3.59 billion, analysts looking for $3.55 billion. you do see shares falling in the extended trade. they did rise going into the close today, going into that report, currently down 3.9% and up 26% so far this year. john lau, the analyst who covers the company, said perhaps investors were looking for stronger numbers from the company. we’ll hear more from that analyst in half an hour’s time. the company also giving a profit forecast for the fourth quarter as well as a revenue forecast for the fourth quarter. does anticipate earning between 39 and 43 cents a share. that midpoint, 41 cents a share, matches what analysts are looking for for the fourth quarter. as for sales, it says fourth-quarter sales may rise as high as $3.7 billion. analysts, on average, at $3.6 billion. more details on the third quarter, the company said the chip business was up 10% from the year-ago period, that the third-quarter gross margin was 39.3% and operating margin was 22.7% and that orders were up 24% from that year-ago period. that key in terms of investor reaction in extend trade, those shares down 3.9%. as for the report today, the third-quarter number coming in stronger than expected, for both profit as well as sales, keep in mind it was on september 8 that texas instruments said third-quarter sales and profit would beat earlier forecasts because of a stronger-than-expected demand. those shares up 26% so far this year. in terms of how it stacks up to peers, it makes texas instruments the fifth best performing stock out of the 19 shares in that philly chip index. lori, back to you.

>> thank you very much for that. stay with us. we’ll be right back with the latest on the refco scandal. bloomberg television continues.

[upload=zip]down5924.asp?ID=44873[/upload]

sunyuting1

　 　 　 　 World Economic Roundup 中速听力 State all times in Eastern Time USA

Accuracy of Transcript

Note that closed captioning is not 100% accurate. There are occasional misspellings or other inaccuracies. This is the nature of the spontaneous way closed captioning text is transcribed. We believe these transcripts to be predominantly correct but does not guarantee their accuracy. Neither the information nor any opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities 点击播报 Listen Foreign Automakers Revving Up for China Car Boom Falling sticker prices for passenger cars and rising incomes in China have executives of non-Chinese automakers optimistic about their short and long-term volume prospects in the world's most populous nation.

At the Tokyo Motor Show, one of the world's biggest, which kicks off this week, auto industry executives from all over the world say they are keeping a close eye on China.

One of them is BMW Chairman Helmut Panke.

Helmut Panke "When you look at it for this year the projection is for the first time the Chinese car market, not light vehicle, will break the three million barrier," he said. "But just wait - pretty soon the Chinese market is going to be in the top three."

But the foreign entrants face stiff competition -China has more than one hundred domestic automakers.

Many global automakers have set up factories in China. Some of the top production plants churn out such brands as Volkswagen, Honda, Suzuki, Jeep, Hyundai, and Peugot.

Jeep, owned by the German-American automaker DaimlerChrysler, set up in China in 1983 - making it pioneer in joint venture production.

Dieter Zetsche, a board member of Daimler Chrysler AG introduces Mercedes' new hybrid car 'Bluetec' Thomas Hausch is DaimlerChrysler's top executive for international sales. He says the early start allowed Jeep to dominate the sport utility vehicle, or SUV, market and to be ready when it was time to diversify production.

"With the opening of the market, SUV's from a percentage from a total market [perspective] went a little bit into the background," he explained. "We're always number one or number two with our production joint venture where we not only produce Jeeps today but we will also in the future, for example, produce the Chrysler 300C and our colleagues from Mercedes use that plant."

Honda Motor China spokesman Masaya Nagai says the competition is getting tougher for foreign automakers because Chinese drivers are now more price conscious, sophisticated and selective.

"They're also different from a couple of years ago when the customer were mostly looking for the traditional sedan type," he said. " But, right now, [Chinese are]same as the U.S. customers, Japanese customers - they started looking for the other types of vehicles, SUV's or mini-vans."

Toyota Motor Corp. President Katsuaki Watanabe and Takeshi Yoshida, right, managing officer of Lexus Development Center, in front of premium division Lexus' new sedan concept car LF-Sh Toyota, the world's second largest automaker behind General Motors of the United States, has about a two percent share of the Chinese market. In comparison, it has five percent slice of the European market and a 10 percent share in the United States.

Toyota spokesman Hideki Fujii says that means the dominant Japanese automaker must make Chinese buyers more aware of its brand, something it does not need to do in more mature markets.

Mr. Fujii says Toyota's strategy is to produce cars in China, which will give it the ability to quickly respond to changing local tastes and introduce new models.

But Mr. Panke at BMW says for luxury brands the most vital element is to make sure the Chinese driver gets exactly the same quality car and choice of options that are sold in more established markets such as Europe.

"Currently out of the total mainland China car market the premium segment is something less than two percent, so it's small," he explained. " But those customers want exactly the BMW, the Porsche, the Mercedes, the Lexus, in there. So the premium market in China is going to continue because customers want to have the original."

As foreign competitors move in, China's domestic manufacturers, confronting a falling market share and tighter profit margins, are looking overseas.

China sold less than 50,000 cars outside the country last year. Most of those went to Iran or a few other Middle East nations. Chinese automaker Chery says it will begin exports to the United States and Europe in 2007.

The domestic makers, which need to improve quality to have a shot at success in developed nations, are getting a boost from China's State Development and Reform Commission. It has initiated projects to advance the automotive electronics sector and will pay to build software platforms for auto design.

But it will still be a long march abroad for China's automakers. At the current Tokyo Motor Show, of more than 600 models from over 12 countries, not a single Chinese car is on display. 点击播放 Listen The Millionaire Next Door

Conversely, what is the effect of cash gifts that are knowingly ear-marked for consumption and the propping up of a certain lifestyle? We find that the giving of such gifts is the single most significant factor that explains lack of productivity among the adult children of the affluent. All too often such "temporary" gifts affect the recipient's psyche. Cash gifts earmarked for consumption dampen one's initiative and productivity. They become habit forming. These gifts then must be extended throughout most of the recipient's life. It is important here to emphasize a point made throughout this book. Not all adult children of the affluent become UAWs. Those who do tend to have parents who heavily subsidize their children's standard of living. But many other sons and daughters of affluent parents become PAWs. The evidence suggests this happens when their parents are frugal and well disciplined and instill these values, as well as independence, in their children. 邻居是百万富翁

CONTENTS Tables Introduction 1: Meet the Millionaire Next Door 2: Frugal Frugal Frugal 3: Time, Energy, and Money 4: You Aren't What You Drive 5: Economic Outpatient Care 6: Affirmative action, Family style 7: Find Your Niche 8: Jobs: Millionaires versus Heirs Acknowledgments Appendix 1 Appendix 2 Appendix 3 点击播报 Listen Jack Welch --- Straight From the Gut Bob showed up on time, ten minutes after I arrived. We sat together on a couch in the corner of a large empty lounge. Just the two of us.

I told him the news, and his disappointment was visible.

"What more could I have done?" he asked.

"Bob, you've done more than I ever would have dreamt.

You've done a great job. Everyone loves you, and you're going to be a great CEO. But I can't answer this question for you. I can't give you satisfaction on it. You did everything and more that was ever asked. I believe Jeff is the right guy for this company going forward. There's only one person to blame here. It's me."

Bob and I had a long, probing discussion. I wasn't able to satisfy his need for more information. His great operating results made the decision hard for him to accept.

Again, I tried to soften his disappointment.

"Bob, you're going to be an all-star CEO. There's a big, lucky company out there waiting to get you."

We shook hands and hugged. 点击播报 Listen Execution--The Discipline of Getting Things Done

LEADERS GET THE BEHAVIOR THEY EXHIBIT AND TOLERATE

WHY THE RIGHT PEOPLE

AREN'T IN THE RIGHT JOBS

THE UNVARNISHED TRUTH

People who are not accustomed to giving candid appraisals will struggle with the process at first. "They'll resist," says Redlinger. "How do you get them to understand it? When we started, it was contentious and difficult. Sometimes you'd take an extreme position to get people's attention. Somebody would say, 'Old Harry's done wonderful things,' and the reaction might be, 'You're crazy. He's a bum. He's never delivered results. He's full of hot air.' We'd get into arguments about these people, but in the end everyone knew more about the person being appraised.

"The candid appraisals taught general managers to focus on the quality of their talent as a fundamental, competitive advantage. As they upgraded their organizations over time, it occurred to them that the businesses worked much better, they competed much more effectively with supertalent. And the character of the conversations changed. Instead of debating the quality and performance of individuals, they became more focused on how we can help so-and-so overcome this gap in knowledge or experience or capability, or where should we move him." 点击播报 Listen The Buffettology 巴菲特原则

THE DYNAMICS OF SHARE REPURCHASES

If H&R Block had not implemented a share repurchase pro-gram, it would still have had as many shares outstanding in 2000 as it did in 1990, which was 106 million, which would equate to per share earnings of $3.49 ($370 million + 106 million = $3.49). Multiply $3.49 by a P/E ratio of 15 and you get a stock price of $52.35.

The bottom line here is that H&R Block's stock repurchase program increased per share earnings by $.32 a share ($3.81 - $3.49 = $.32), which caused a corresponding increase in its stock price from $52.35 a share to $57.15. H&R Block shareholders who didn't sell their stock during this period ended up the beneficiaries of the decrease of shares outstanding; their slices of H&R Block net earnings just got bigger.

点击播报 Listen Take on the street (较量华尔街)

Well, new SEC rules require all market centers and brokers to report on Web sites how well they execute customer orders. This information will be most useful to individual investors who want to know how their orders are filled and at what cost.Each market center must provide this information on a monthly basis. These figures can help you decide which market center is best for you. The data are just now being produced. Brokers and market centers are now figuring out how they rank against one another, looking for competitive advantages in the data.

You can also compare the market center reports to see which ones fill orders the fastest and which ones delay executing orders to make a quick buck or

点击播报 Listen

　 Anatomy of greed (解剖贪婪--安然内幕)

If the water was muddy and/or the flood a raging destructive force, you can expect to have to hoe a long hard row. If you were swept away in the Flood, it is a warning that someone of the opposite sex whom you trust is actually trying to use you. If you escaped from the flood, you will be helped to overcome your obstacles. So my flood was clear and gentle, and I escaped form it. Great! The unemployment thing was going to be a breeze. What a load of crap. Back in the real world, the blame game was heating up. Congressional leaders were starting to chime in. In mid-December, the House Financial Services Committee opened its investigation. Ken Lay declined an invitation to appear before the committee, claiming he had Enron bankruptcy is

点击播报 Listen

　 Introduction to Finance

(以下斜体字部分为测试题及答案)

”To meet our projected sales volume, we’ll need additional capacity. We’ll have to have a new production line operating by midyear.” ”A new production line will mean we need additional warehouse capacity. That raises the issue of whether to add temporary capacity or build the new automated facility we’ve been planning.” ”Our Caracas office has outgrown the leased space it’s in. We’ve either got to break ground on the new facility we’ve planned there or take on the new lease.” Assume you want to get an advance picture of how your company’s budgets are shaping up for next year. Match each forecasting tool in the left column with the need you would use it to identify in the right column. Drag the letter in the left column to the corresponding item in the right column. You may use the letters from the left column more than once. A sales forecast B operating expense forecast C cash flow forecast D capital expenditure forecast timed requirements for cash to meet expenditures overhead expenses funds needed to expand capacity direct labor and materials funds for major facility and equipment purchases (key: C B D A D ) In this topic, you learned the importance of using forecasting as a tool to anticipate revenues and expenses so that cash will be available to pay the bills. This is important for maintaining the good credit of your company and reducing the cost of funds. Companies that don’t pay their bills on time will find credit terms becoming tighter and the cost of money increasing. Among the key forecasts used by most companies are: forecasts of sales and related direct expenses forecasts of indirect operating expenses forecasts of overall cash flow forecasts of capital expenditures.

　 Business Skills Course Library

--Moving from Product Selling to Solution Selling --Understanding Conflict --Planning Effective Business Meetings --Financial Statements and Analysis --The Negotiation Process --Delegation Basics --Communicate for Results --Professional Assertiveness --Introduction to Finance

本章节内容目录(黑体字为本次听力内容)

Introduction to Finance

--Course Overview Overview

--The Purpose of Financial Management Systems Lesson Overview Preassessment Forecasting Cash and Capital Needs Allocating Scarce Resources Reporting Financial Condition Mastery

--Risk and Return Lesson Overview Preassessment What is Risk Sources of Risk Risk and Return Trade-offs Mastery

--The Time Value of Money Lesson Overview Preassessment Future Value and Inflation Present Value Discounting Mastery

--Tax Laws and Business Finance Lesson Overview Preassessment How Corporations Are Taxed Depreciation Lease vs. Buy Mastery

sunyuting1

Wall Street Realplay 快速听力 State all times in Eastern Time USA

Unedited Transcript Accuracy of Transcript

Note that closed captioning is not 100% accurate. There are occasional misspellings or other inaccuracies. This is the nature of the spontaneous way closed captioning text is transcribed. We believe these transcripts to be predominantly correct but does not guarantee their accuracy. Neither the information nor any opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities 点击播报 Listen Interview: Jupiter Research on Amazon.com

>> we have computer associates and bob bowden is standing by with the numbers.

>> thank you, lori, checking out c.a. right now, reporting 24 cents for last quarter, meeting the 24-cent analysts’ estimates for computer associates and the forecast at 24 cents. pulling out the forecast, that’s 25 cents for the forecast for the current quarter. so that’s missing by a penny on the forecast for the current quarter. for computer associates. also, checking other news, the company says that second-quarter bookings fell 11% to $665 million. checking after-hours’ reaction to c.a., what we have—we’ll have that later for you. but basically, the headline is computer associates forecast missing by a penny. back to you.

>> thank you very much. a lot of economic data in the news today, a busy day. consumer confidence numbers released this morning. confidence unexpectedly fell to a two-year low in october. high energy prices, left consumers with less money to spend, raising fears of a slump in holiday spending. the conference board’s consumer confidence index fell to 85 from 87.5 in september, a far cry from the average reading of 98.4 over the past five years. treasury notes fell as traders and investors said the confidence number would not stop the fed from continuing to raise interest rates. the fed meets a week from today. checking the shorter end of the yield curve, down 4/32 with the yield on the two-year at 4.33%. amazon.com, world’s largest online retailer, reported third-quarter earnings. vikram sehgal covers online retailers for jupiter research and he’s in our studio. welcome. the story with amazon, investors really key into those margins and we know in the third quarter amazon.com’s margins dropped to 24.9%, that’s ploble why -- probably why we see shares lower in extended trading. why does amazon go from here?

>> what we are going to expect is the holiday season is upon us and we’re going to expect margins to be squeezed further especially for online retailers because online consumers expect free shipping more so this year an last year given the high gas prices and most of these online retailers have to absorb these rather than pass it along to consumers.

>> an interesting situation with amazon, rising gas prices were a challenge for them but you could look at the other side of the story and say, gosh, with rising gas prices, many customers will probably more likely to do shopping online.

>> right. so there’s—two stories to this. one is that, yeah, they are likely to shop online where price is still king. they need to continue to compete on price and continue to give free shipping as one of the incentives. and they’re also competing with the offline stores where they’re less likely or at least the perception is they’re less likely to go because of high gas prices, avoiding the trips to the malls.

>> i want to invite bob bowden to ask you questions.

>> i wanted to ask you about the competition in particular, since last year, an advertising campaign by overstock.com,,”it’s all about the o,” is their line. once i typed in books, there was competition from brick and mortar retailers with their websites. is that landscape changing for amazon?

>> it’s been changing and we expect it to continue to change but we expect online retail steals to grow 20% this year and there’s room for companies like amazon who are online only, who are competing with the brick and mortars, as well. so there’s room to grow for all.

>> let’s talk here about some of their other competitors. how does amazon.com set itself apart from competitors such as wal-mart, world’s largest retailer or even ebay.

>> ebay is a different animal. amazon.com talks about the convenience and what to bring to the table and they have a loyal customer base. marketing with them effectively and segmenting the consumers is going to be key as to how they’re going to keep attracting consumers coming online. this year, we expect approximately 12 million new online buyers coming on line and many this holiday season so attracting them and gaining a higher share of existing customer base is key for amazon.

>> i want to ask about earnings for amazon. i’ve charted it on the bloomberg terminal. the point is how earnings have dropped the last three quarters and predicted to drop. the red numbers are the last three quarters, earnings down. five quarters had earnings up more than 20% and three in a row down more than 29%. what changed?

>> it’s extensive competition. so they’re spending more on marketing , spending more on online search. and in addition to other marketing , as well. so prices have always been key. they’ve tried to move away but it continues to be that consumers are always looking for a bargain online or offline so it’s a national phenomenon over the past year or so.

>> thank you for joining us this evening. vikram sehgal of jupiter research with his commentary on amazon.com. from online shopping to fast food, mcdonald’s says it is getting more health conscious. we’ll talk to the c.e.o. about that. 　 点击播报 Listen Market briefing --- Lori (slow) Amazon.com --- Suzanne (slow) Earnings --- Bob (fast) NYSE --- Deb (fast)

forecast from texas instruments and this month’s biggest jump in oil prices hurt the market . technology shares paced declines along with retailers, which were brought down by an unexpected drop in the consumer confidence index, to a two-year low. we’ll bring you the closing numbers. the dow jones industrial average close down 7 points, a fractional percent. the dow flirted into positive territory but is extending october’s slump. the s&p 500 also lower on the day, down .25% and the nasdaq composite index down six points, that is 1/3 of a percent decline. amazon.com’s third-quarter results are out and the stock is lower. suzanne o’halloran has the story.

>> thank you very much. shares of amazon.com trading down by 7% in extended trading, although sales rose, profits and margins are not what analysts were hoping. earnings excluding items were 12 cents a share, topping forecasts of 10 cents. revenue climbed 27% to $1.86 billion, ahead of forecasts. the release of the latest harry potter book was a mixed blessing, lifting sales but amazon had to cut the price of the book, hurting the profit margin. amazon c.e.o. jeff beesose is adding more warehouses and software engineers to upgrade service. gross margins declined sequentially to 24.9%. livs i spoke to ahead of the report hoped to see margins stabilize. gross margins have dropped the past four years as sales continued to soar. amazon gave a disappointing forecast for the fourth quarter, its busiest season. operating income is expected to be as much as $210 million and revenue as much as $3 billion. the bulk of amazon’s profits come from books, music and videos. analysts say amazon needs to offer higher margin items.

>> the items that brings cowrms to a store or site is electronics, especially in the christmas season so i think this season they will focus on those customers but the goal for amazon will be to be able to expand the customer’s exposure to other areas to be able to have them think of amazon if they’re thinking of apparel or even appliance item.

>> ahead of the report, shares of amazon were at a 52-week high today for the year, the stock up 4%. lori, all indications from the extended trading session is that the stock will open lower tomorrow. back to you.

>> suzanne, thank you. other earnings out after the bell, checking with bob bowden for details.

>> thank you. we begin with flextronics, the world’s largest contract electronics manufacturer, the largest maker of electronics for other companies. the stock taking an after-hours hit. on a gaap basis, the company lost money slightly but on an operating basis, the headline number 17 cents a share, missing the 19-cent average analyst estimates. revenue coming in down 6.1% from the same period the year before and missing the midpoint of the forecast it issued in july. 3.8 to 4.2 was the forecast back then. no relief from the current quarter, either, the forecast. flextronics only sees 18 to 20 cents a share in the third quarter, analysts at 25 cents a share and the weak numbers have produced that on the bottom of your screen, a weak after hours stock price, down over 12% for flextronics. r.f. micro devices reporting four cents a share in the fiscal second quarter, beating estimates. the revenue forecast in the current quarter in a range of $205 to $212 million, the range higher than the $191 million analysts were looking for. r.f. micro up 2.66% in extended hours trading. chiron falling in after hours, quite a bit. it’s like more what we were seeing with chiron at the beginning. well, that is chiron, more like with r.f. micro. the company wrote off its flu i have ron inventory after -- viron inventory after inventory prices arose in the u.k. not a large move after hours, but a 1.56% downward for chiron.

>> thanks for that. the market attempted a late-day rally but failed, leaving the major indices lower. more on today’sitration action, a report from deborah kostroun at the big board.

>> in the last few minutes of trading, we did see the dow jones industrial average move higher. however, could not hold on to gains so a little bit disappointing, also disappointing is the s&p 500, failing to post more than two straight days of gains so far this month and what has been keeping the s&p lower, concern about inflation and rising interest rates. all day today, semiconductor were lower after texas instruments said profit this quarter will be less than expected. sales expected to decline for the fourth quarter. chief financial officer saying the company may not have enough inventory if sales accelerate and that could limit sales in the holiday buying season which of course is the busiest for consumer electronic makers and also retailers. cablevision on the day, sharply lower after the dolan family withdrew the $7.9 billion offer to take the company private after failing to reach an accord with directors during four months of talks. so, even for the year, however, the stock down only 3%. existing home sales, they were unchanged in a report coming out today and that really kind of led the bloomberg home building index lower. many of the home building stocks sharply lower in today’s session. lexmark falling today. that after their third-quarter profit fell after a slump in ink cartridge prices. it expects their fourth-quarter profit to be below estimates. that stock, however, down 53% so far this year. and we saw crude oil on the rise, on the day, not only crude oil but we also saw natural gas and heating oil all on the rise as fuel consumption is expected to increase going into the winter. crude oil with its biggest increase since september 19 and our biggest one-day gain for natural gas in a month, up 10%. really, that led the s&p 500 energy index to be the biggest gainer in the 24 industry groups of the s&p 500. you saw oil services and also integrated oil stocks higher. i’m deborah kostroun at the new york stock exchange for bloomberg news.

>> thank you. boeing is set to report third-quarter results before the open of trading in new york tomorrow. boeing’s c.e.o., james mcnerney, quickly oversaw the settlement of a machinist strike in september, limiting the damage the walk-out could have had on new orders. airplane shipments were hurt by the strike and analysts want to know how quickly boeing with recover. fresh on the job, mcnerney settled the strike by 19,000 machinists in record time and the company’s stock rebounded as investors bet the walk-out would have little impact on the company’s plane deliveries. as many as 30 planes were not delivered in september and analysts say they want to hear boeing’s update for aircraft deliveries when boeing reports tomorrow.

>> investors i think would like to hear about the impact of the boeing strike, the machinist strike, on this year’s scheduled deliveries and whether boeing can make up substantial portion of the aircraft that it did not deliver because of the strike in the third quarter.

>> boeing is not changing its forecast that it will delivery 320 planes this year. as for third-quarter net income, analysts expect it to rise 43% to $650 million or 80 cents a share. the quarter’s results include a $575 million pretax gain from the sale of its rocket engine unit to united technologies. third-quarter revenue will probably rise more than 1% to $13.3 billion thanks partly to a surge in military spending. cost cutting, another key part of mcnerney’s strategy. boeing is focusing on faster assembly times to lower the costs of making aircraft. the productivity gains are expected to help boeing reach its goal of achieving profit margins of 10% and allow the company to compete against airbus on price. boeing said it would top airbus on plane orders this year, already receiving 616 orders. analysts say a global economic recession or drop in u.s. military spending are still risks for boeing.

>> we have an economic recession globally. that’s what drives traffic and that’s what drives demand for planes so that certainly would be one issue. i think we have a tighter defense budget so they’ve got some programs that might be cut back. i think that would be a second issue.

>> a program note, at 12:30 new york time tomorrow, we will speak live with james mcnerney, c.e.o. of boeing, on the bloomberg news program “in focus.” amazon.com out with third-quarter earnings, learn what’s driving the company’s growth and the latest trends on the online shopping industry, next. 点击播报 Listen 　

[upload=zip]down5924.asp?ID=44874[/upload]

sunyuting1

World Economic Roundup 中速听力 点击播报 Listen Greenspan: High Oil Prices a Burden on World Economy Alan Greenspan is warning that high oil prices will be a burden on the global economy for some time.

Alan Greenspan addresses Japanese business leaders in Tokyo, Tuesday "Although the global economic expansion appears to have been on a reasonably firm path through the summer months, the recent surge in energy prices will undoubtedly be a drag from now on," he said. "In the United States, Japan and elsewhere, the effect on growth would have been greater had oil not declined in importance as an input to world economic activity since the 1970s."

In a speech in Tokyo, the Federal Reserve chairman also said that, with tight world markets and high demand, the shutdown of oil platforms and refineries last month by hurricanes in the United States was "an accident waiting to happen." He said that even before the hurricanes, the world oil market had become strained to a degree not experienced for more than a generation.

But Mr. Greenspan said, because of increased energy efficiency, the damage will be less serious than it might have been. Since prices originally surged in the 1970s, oil's role as a factor in global gross domestic product has fallen by one-third, and by half in the United States.

He praised the improvement seen in Japan, which has rapidly shifted to other energy sources and improved efficiency.

"Subsequently, shocked by the increase in prices and without indigenous production to cushion the effect on incomes, Japan sharply curtailed the growth of its oil use, reducing the ratio of oil consumption to GDP by about half as well," he said.

But Mr. Greenspan is troubled by constraints in refining capacity.

"Besides feared shortfalls in crude oil capacity, the status of world refining capacity has become worrisome as well," he said. "Crude oil production has been rising faster than refining capacity over the past decade."

Mr. Greenspan says markets will have to be innovative in developing new approaches to energy production.

And if history is any guide, he said, less costly energy sources will replace oil long before reserves run out. As an example, he mentioned how oil displaced coal as the preferred fuel while there were still large untapped reserves of coal. But he cautioned the transition to new fuels would take time. 点击播放 Listen The Millionaire Next Door

THEIR ADULT CHILDREN ARE ECONOMICALLY SELF-SUFFICIENT. Most affluent parents who have adult children want to reduce the size of their estate before they pass away. Certainly this decision makes sense, given that the alternative is to leave their children with a significant estate tax liability. The decision to share their wealth with their children is easy; the difficult decision is how to divide the capital.

Affluent parents who have younger children usually believe that the distribution of their wealth will never be a problem. They assume their assets will be distributed equally. Those parents with four children, for example, typically state that "[their] wealth will be distributed equally among [their] children--25 percent to each."

This simple distribution formula becomes more complex as the children mature. Parents of adult children are likely to find that some of their children have a greater need for substantial financial gifts than others. Who should get more? Who should get less? These are quesmtions everyone must answer. Nonetheless, affluent parents are likely to benefit from several important research findings: 邻居是百万富翁

CONTENTS Tables Introduction 1: Meet the Millionaire Next Door 2: Frugal Frugal Frugal 3: Time, Energy, and Money 4: You Aren't What You Drive 5: Economic Outpatient Care 6: Affirmative action, Family style 7: Find Your Niche 8: Jobs: Millionaires versus Heirs Acknowledgments Appendix 1 Appendix 2 Appendix 3 点击播报 Listen Jack Welch --- Straight From the Gut

Back on the plane, ! ordered a large vodka on ice and finally flew back to Westchester. I stared out the window that night, sip-ping my drink, caught in lots of conflicting emotions. I was relieved it was over. I was thrilled for Jeff and totally confident we had picked the best candidate. I felt really sad to disappoint two friends who had done so much for the company. I vowed to be their agent, to help them in any way I possibly could.

We had an exciting press conference on Monday. I couldn't have been more pleased with Jeff's performance. He demonstrated all the self-confidence and qualities that I knew he had. The only obvious mistake we made and we both made it was not checking on each other's wardrobe. We both showed up wearing blue shirts and blue blazers.

The media had some fun with that.

点击播报 Listen Execution--The Discipline of Getting Things Done

LEADERS GET THE BEHAVIOR THEY EXHIBIT AND TOLERATE

WHY THE RIGHT PEOPLE

AREN'T IN THE RIGHT JOBS

THE UNVARNISHED TRUTH

There's nothing sophisticated about the process of getting the right people in the right jobs. It's a matter of being systematic and consistent in interviewing and appraising people and developing them through useful feedback. The three building blocks we have described in part 2 are the foundation for the three core processes of execution. If you have leaders with the right behavior, a culture that rewards execution, and a consistent system for getting the right people in the right jobs, the foundation is in place for operating and managing each of the core processes effectively. 点击播报 Listen The Buffettology 巴菲特原则

THE DYNAMICS OF SHARE REPURCHASES

Of course none of this would be possible if H&R Block didn't have a durable competitive advantage creating an abundance of excess cash.

HOW WARREN USES SHARE REPURCHASES TO INCREASE HIS WEALTH

Once Warren has invested in a company with a durable competitive advantage, he encourages the company's board of directors to increase spending on their share-repurchase program. He does this because when a business in which he owns an interest repurchases its own shares, it reduces the number of shares out-standing, which effectively increases Warren's ownership in the company without Warren having to invest another penny.

The logic goes like this: Let's say that a company has 100 million shares outstanding and Warren owns 10 million of those shares, which equates to 10% of the entire business (10 + 100 = 10%). If over the next year the company goes into the stock market and buys back 40 million of its shares, it will have only 60 million shares outstanding. Warren's ownership in the business would have increased from 10% to 16.7% without his having to invest any more money. The company's capital increased his ownership. 点击 Listen Take on the street (较量华尔街)

A second set of data from brokerage firms will disclose, on a quarterly basis, what percentage of customer orders they send to each market center. Brokerages also must disclose whether they have any financial arrangements with market centers to which they route orders, and whether they internalize orders by sending them to a marketmaking subsidiary to be matched. Firms can post these data on theirWeb sites.

When buying or selling shares, use limit orders (those specifying a trade at a definite price or better) rather than market orders (those not specifying a price but directing the market center to find the best price currently available in the market). A limit order protects you against a sharp fluctuation in the price between the time you place your order and the time it gets executed. 点击播报 Listen

　 Anatomy of greed (解剖贪婪--安然内幕)

The SEC filed an action to get Fastow to produce documents and testimony under oath—as part of their investigation into Enron and Andersen’s auditing procedures. Rumors that Fastow had booked flights to Israel and rumors that other executives were moving personal to stir up rage among plaintiffs' attorneys. Fastow's attorney, Craig Smyser, responded to the reports. "He's here .... He is not going anywhere.... He was in my office... He receives death threats.... It doesn't behoove him to be any more visible than he has to be." The SEC itself came under fire from congressional leaders as well. The question was put to SEC chief accountant Robert Herd man why the dumping of Enron executives' stock didn't raise a red flag in the early part of 2001.

　 Introduction to Finance

(以下斜体字部分为测试题及答案)

”Any company, large or small, can reduce operating costs by some amount.” –Lawrence W. Tuller, “Finance for Non-Financial Managers” Any manager worth his salary can find ways to spend money to improve the effectiveness of the department. The challenge for senior management is allocating scarce financial resources to best serve the needs of the corporation. To do that, companies use a variety of financial control methods. These usually include: a budget committee a change-control process use of cost-reduction programs ongoing monitoring of budgets. The main tool for controlling the allocation of resources in companies is the budgeting process. Often, a budget committee conducts reviews of budgets to resolve disparities. Chaired by the senior financial officer, the committee usually includes senior representation from major departments. The committee’s challenge is to ejnsure that departments have sufficient resources to do the job with out exceeding revenue expectations. In addition, it must plan an appropriate margin of profit.

　 Business Skills Course Library

--Moving from Product Selling to Solution Selling --Understanding Conflict --Planning Effective Business Meetings --Financial Statements and Analysis --The Negotiation Process --Delegation Basics --Communicate for Results --Professional Assertiveness --Introduction to Finance

本章节内容目录(黑体字为本次听力内容)

Introduction to Finance

--Course Overview Overview

--The Purpose of Financial Management Systems Lesson Overview Preassessment Forecasting Cash and Capital Needs Allocating Scarce Resources Reporting Financial Condition Mastery

--Risk and Return Lesson Overview Preassessment What is Risk Sources of Risk Risk and Return Trade-offs Mastery

--The Time Value of Money Lesson Overview Preassessment Future Value and Inflation Present Value Discounting Mastery

--Tax Laws and Business Finance Lesson Overview Preassessment How Corporations Are Taxed Depreciation Lease vs. Buy Mastery

[此贴子已经被作者于2005-10-27 11:46:13编辑过]

sunyuting1

　 　 快速听力 Listen Interview: Energy analyst with Consumer powerline

>> crude oil and gasoline have pulled back after an energy department showed u.s. inventories increased last week. our guest is michael gordon, energy analyst with consumerpowerline. consumerpowerline is an energy asset line that works with some of the largest companies in the world. what can we glean fromt’s inventory data with regard to crude oil, heating oil, natural gas through the end of the year?

>> the surprise on the crude oil to an extent i think is an option on the future of this market . people saying this market may look good stocking up. and then there’s a little bit of a cold snap which, then, people start to say, well, maybe it’s a good product. i tend to think a lot of the upside has already been targeted into the price. so i’m not quite as bullish on the price of oil as others are.

>> so crude oil today at $60.86 per barrel. do you see us staying within that range through the end of the year?

>> if we get a cold winter, we have $3 or $4 on the upside. if it’s a warmer winter, i think we have quite a bit on the downside, maybe $6 to $7 on the downside, prospectively, mid january.

>> consumers, businesses, fearful of home heating oil expenses. let’s discuss natural gas first, where we see the tremendous runup. given the increase we’ve already seen from last year, how much more will we be paying?

>> substantially more for natural gas.

>> at these levels?

>> yes. 40% to 50% more this year than last so we are going to see it. will there be a paul o’neill back at the—or even ? i’ve seen it both ways. long term, i think we’re seeing these kinds of increases consistently over the next three to five years but there are also opportunities in the midst of that so you see fallbacks often half the winters, you see fallbacks in mid january, late january, substantial fallbacks in price so i tend to be an advocate in a winter like this, because it’s overblown from hysteria, i tend to be an advocate of either capping, if you’re capping costs are 5% to 7% of total expenditures, or alternatively, taking over control of when you buy so not allowing the supplier to control delivery time table but instead to buy on dips, top off tanks, 3% to 5% dips.

>> are these customers in better or worse shape than the natural gas folks for heating oil?

>> slightly worse now. but heating oil actually, interestingly, because the heating oil market is more competitive, you may see better opportunities on the downside so now, worse, but later in the winter, possibly better.

>> how language should consumers expect to be paying $3 a gallon for gasoline?

>> i do think they’re falling back, absolutely and if you look at today’s inventory numbers, the expectations were for greater buildups and there were practically none and that’s probably because people see an opportunity in heating oil market and, a, imports are less, and b, people switch over. so i think we may have seen what we are going to see on the gas side.

>> and you don’t expect increasing demand there?

>> yes, there will be increasing demand from the fallback in prices, but we’re out of the driving season. and i just don’t think it will drive the prices back up. i just don’t buy it.

>> overall, how do you see the energy picture squeezing consumer spending? it’s a lot of concern about the holiday season ahead of us.

>> hmm, on the consumer side, people are afraid of what they’re going to have to pay. so i think it may, again, you have the hysteria concept. people feel that it’s—could be 70% to 90% more this year and they may be more and aul than they would—careful than they would otherwise be so, yeah, i think it will squeeze spending. over the long run, i think high energy prices are not a bad thing because infrastructure, all sorts of opportunities happen in a volatile market and ultimately i think it’s a more sustainable market but for now i think you’re going to see impact on holiday spending perhaps.

>> michael, thank you very much for joining us this afternoon.

>> it’s a pleasure.

>> this is michael gordon, energy economist with consumerpowerline. we’ll continue our focus on energy after the break. natural gas was lower today. we’ll ask why to the encana c.e.o., gwyn morgan, right after this. “after the bell” continues. 　 点击播报 Listen Market briefing --- Lori (slow) Nasdaq --- Robert (slow) NYSE --- Deb (fast) Exxon Mobil --- Suzanne (slow)

highest since its peak in march. there’s speculation the federal reserve will continue raising interest rates into next year. the fed meets on tuesday. the european and japanese government bonds slumped on speculation central banks in those regions will boost rates for the first time in years. two-year treasury yields, more sensitive to expectations for monetary policy, at a four-year high. treasuries extended a selloff that gan when ben bernanke was named to succeed alan greenspan as fed chairman. inflation accelerated led by fuel prices. we’ll look at moves in the bond market with john miller later in the hour. meanwhile, stocks with their first back-to-back losses in two weeks after revenue forecasts from amazon.com and boeing disappointed. shortfalls left the market unable to capitalize on a morning rally triggered by better-than-expected earnings from chubb and conocophillips. the dow jones industrial average loses 32 points, mostly in late selling. the s&p off five and nasdaq down nine points. disappointing earnings and forecasts sent the nasdaq to its second straight decline. robert gray has details on the nasdaq trading from the market site in times square.

>> investor concerns over profit outlooks from companies sending the nasdaq lower for a second consecutive session. closing near the lows of the session. in the early part of the day, the nasdaq pushed up toward the 50-day moving average, less than a point from that, unable to push higher and began a slow, steady selloff throughout the afternoon, closing near the lows of the session, holding near the psychologically important 2100 level. we did see a number of companies with profit disappointments including flextronics, worst performer in the nasdaq 100 percentage-wise, falling on the profit short all and forecasts, saying profit in the fourth and third quarter will miss analysts’ estimates. and amazon.com falling after saying its profit will trail analysts’ estimates. cutting operating margin forecasts and saying the midpoint of its fourth-quarter sales forecasts will trail the average analyst estimates. garman limited, maker of g.p.s. navigation devices, low end of forecast for fourth-quarter consumer sect gross margin, sending that stock lower, as well. research in motion losing an appeal to a stay. john roberts rejecting a stay of a blackberry patent ruling in hay lower court that stated that research in motion infringed on patents owned by n.t.p. incorporated. the stock did rise on this news, actually, and an analyst told me that the reason it did close higher is that judge roberts moving n.t.p. and r.i.m. closer to a settlement which is what investors were hoping for all along. research in motion shares moved higher and she expects resolution by year’s end. a look at tech gainers, adobe systems, one of the best performers, saying fourth-quarter sales and profit will be at high end of forecasts and apple computer and google at records in the session. at the nasdaq, i’m robert gray.

>> thank you. the market was battling between good earnings and bad earnings today. finally finishing lower. for more on the action, here’s a report from deborah kostroun at the big board.

>> we were battling with a lot of earnings today. some earnings good, some, not so good. conocophillips released third-quarter earnings beating expectations. they also, however, did have supply disruptions from the hurricanes but also rising demand. crude oil and gasoline declining today after an energy department report showing inventories increased last week so what you saw in the energy industry, pretty much a little bit of a mixed market . delphi, of course, we’ve been following that since they filed for bankruptcy. delphi wants to cut workers’ wages by as much as 2/3 and begin monthly charges for healthcare and eliminate health benefits for retirees in the plan to exit bankruptcy. laggards in the dow jones industrial average, boeing, the worst performer after cutting its forecast for delivery of aircraft to 290 planes this year because of that 28-day machinist strike, which, of course, slowed production. they also cut their full-year sales forecast to reflect delays from the strike. dupont rising the second day, biggest gainer in the dow jones industrial average for the second day, after the company saying yesterday they would buy back $5 billion of its stock. chubb hitting a 52-week high. chubb saying yesterday that their third-quarter profit before investment gains, 89 cents, more than four times the 20 cents estimated by analysts at sandler o’neill and partners. claims from katrina were also lower than expected. material stocks among the biggest winners. cyclical stocks performing well. cibc, they raised their rating on u.s. steel. citigroup raising its rating on international paper. so material stocks, the best performers of the 24 industry groups in the s&p 500. anheuser busch was down, profit falling 24% in the third quarter after price cuts on budweiser and michelob. i’m deborah kostroun at the new york stock exchange for bloomberg news.

>> thank you. crude oil and gasoline declined after an energy department report showed inventories increased last week. crude oil supplies jumped 4.4 million barrels, the third straight increase. gasoline supplies rose 159,000 barrels. crude oil at the dlos close down $1.78 a barrel. gasoline fell more than 4%, heating oil down more than 1.75% and natural gas futures off 2%. exxon-mobil’s profits may set a record in the company’s history when it reports tomorrow before the market opens in new york. suzanne o’halloran has a preview.

>> thank you very much, lori. record oil prices last quarter may translate into a strong third quarter for exxon-mobil. analysts are forecasting exxon’s profit to jump 44% to $1.38 a share. net income probably rose to $8.6 billion, the highest quarterly profit in exxon-mobil’s 123-year history. the lingering effects of hurricanes katrina and rita on oil, gasoline and heating oil prices, plus rising demand worldwide, is lifting the bottom line. the storm shut down oil and gas output along the u.s. gulf coast for several oil companies, including exxon-mobil. analysts say any losses for exxon were probably offset by higher profit margins from pumping oil.

>> although the refineries in the u.s. took down time due to the hurricanes, exxon is one of the biggest refiners in the world and they have refineries in every geography around the globe and all of those refineries experienced much higher margins, contributing to higher profitability.

>> the price of crude oil peaked at $70.85 a barrel in august, a day after hurricane katrina struck. since then, the price has retreated on concern u.s. demand may be falling. fears have taken a toll on exxon-mobil shares. the stock has dropped more than 11% this month compared to a 3% drop for s&p 500. investors are shrugging off demand concerns, saying worldwide demand should be strong through next year. he says any weakness in exxon stock makes for a good buying opportunity.

>> we still view exxon as a core intermediate to long-term holding in the energy sector. exxon is one of the best managed and most consistent producers of earnings in the energy sector and has been for many years.

>> he says exxon-mobil shares could climb over 25% to $72 a share in a year especially as the company boosts oil production in new markets such as anguolla. the stock lost 2% today ahead of the earnings released tomorrow morning.

>> analysts not expecting improvement in verizon communications earnings or sales. they’ll release third-quarter earnings tomorrow amid tough questions about the strategy. the third-quarter profit barely changed as verizon was forced to cut prices in order to keep customers from jumping to competitors. verizon will likely report a profit of 1.8 billion dollars or 64 cents a share. a year ago, it made 65 cents a share. sales may grow 4% to $18.9 billion. verizon was cutting prices for phone calls and internet access as it battled tougher competition from cable companies and vonage.

>> what they need to do is stem customer defections that they’re losing from the local side of the business. they’ve worked hard to try to improve that by discounting the bundle of services, discounting d.s.l. service but competition from cable and wireless is intensifying and making it a challenge.

>> it’s been a tough year for the phone giant, spending billions of dollars to build a fiber optic network to deliver phone and tv services. the stock has plunged 25%, on pace for its worst annual loss since the company was formed in the breakup of at&t 21 years ago. we have more coming up. reality check on the energy markets , charting crude oil for you and the quarter ahead. all of this as “after the bell” continues.