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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
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WTO Chief Lamy Concerned About Trade Talks' Progress
The World Trade Organization's Hong Kong gathering in December is supposed to approve the outlines of an agreement cutting subsidies, tariffs and other trade barriers, the goal set four years ago in the city of Doha. During a visit to Hong Kong on Sunday, WTO Director General Pascal Lamy emphasized the importance of the conference. In a speech at the Hong Kong Foreign Correspondents Club, he called the December meeting the WTO's best opportunity to conclude the Doha round of trade talks by the end of next year. Mr. Lamy stressed that the Hong Kong ministerial conference must succeed. "Now, what does success mean? In my view, and for what it is worth, it means we must use this occasion to resolve two-thirds of the issues on our agenda," he said. "We must complete the work, the core work, in agriculture, industrial tariffs and services." One of the most crucial conditions for the success of the meeting is an accord on ending agricultural subsidies. During the past week there has been a sudden flurry of efforts to end a deadlock in the negotiations. The United States and the European Union have proposed plans to cut agricultural subsidies and tariffs. Both are in the spotlight because critics say U.S. and E.U. subsidies help farmers offload goods at artificially low prices, undercutting producers in poor countries. Despite this new momentum, the 148 governments that are members of the WTO are still far from a breakthrough. Mr. Lamy says the WTO is struggling to finalize its preparations for the December meeting. "And although I am not downcast on the prospects [of reaching an agreement], I really remain concerned at the size of the task at hand. With so little time remaining, we cannot afford to waste a single day, and everybody can be sure that I and the [WTO] secretariat will spare no effort to bring about a success in December," added Mr. Lamy. Among other things, WTO negotiators also must reach accords on issues such as tariffs on industrial goods, and rules on opening service industries for foreign competition. Mr. Lamy stressed Sunday that no agreement will be possible in Hong Kong, if the concerns of developing nations are not addressed. Three-quarters of the WTO's members are developing economies.
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Listen The Millionaire Next Door THEIR ADULT CHILDREN ARE ECONOMICALLY SELF-SUFFICIENT.
Parents with nonworking adult daughters and "temporarily" unemployed adult sons have a high propensity to provide these children with heavy doses of economic outpatient care (EOC). These children are also likely to receive a disproportionately large portion of their parents' estates. The more economically successful offspring are likely to receive smaller levels of EOC and inheritance. Many of the most highly productive sons and daughters receive no wealth transfers whatsoever. Yet as we have discussed in Chapter 5, that's one reason they're wealthy! THE UNEMPLOYED ADULT CHILD Like Type B housewives, unemployed adult children are significantly more likely to receive annual cash gifts from their parents than are their working siblings. In fact, our research findings regarding the incidence as well as the actual dollar amounts of gifts received are likely understated, since about one in four male children (twenty-five to thirty-five years of age) resides with his affluent parents, and some respondents did not perceive this living situation as gift giving/receiving. Male adult children, by the way, are more than twice as likely to live at home than female adult children. Often the unemployed have a history of being in and out of work. Others are so-called professional students. Typically, their parents view these children as needing the money more than their brothers and sisters do, now and in the future. Thus, the unemployed are more than twice as likely as their working brothers and sisters to receive inheritances. Often the adult child in this category has close emotional as well as economic ties to his parent. He is significantly more likely to live in close proximity to his parents--down the street, perhaps, or even in the same home. It is not unusual, especially among unemployed adult male children, for the child to act as the household handyman, assistant, or errand boy.
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
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Listen Jack Welch --- Straight From the Gut
Within 10 days, Jim was chosen to be CEO of 3M, and Bob was picked to be CEO of Home Depot. One of our directors, Ken Langone, had a strong hand in Bob's move because he had been an active player in the succession and couldn't wait to call Bob and recruit him to Home Depot, where Ken was a founder and large shareholder. Nothing said more about the GE values than when Jim and Bob and their wives joined Reg, Jeff, and me at our annual Christmas party at the Rainbow Room of the GE building. When I mentioned them during my remarks, our directors and executives gave them standing ovations. No one clapped harder than I did. I would really burst with pride a few weeks later in Boca. By that time, I was looking forward to Jeff's first presentation as the new chairman-elect. President-elect George W. Bush, however, had asked a number of CEOs, including me, to go to Austin to meet with him for an economic briefing. I gave a brief opening at Boca and then left our operating managers meeting for the first time in 33 years.
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Listen Execution--The Discipline of Getting Things Done
The People Process: Making the Link with Strategy and Operations The people process is more important than either the strategy or operations processes. After all, it's the people of an organization who make judgments about how markets are changing, create strategies based on those judgments, and translate the strategies into operational realities. To put it simply and starkly: If you don't get the people process right, you will never fulfill the potential of your business. A robust people process does three things. It evaluates individuals accurately and in depth. It provides a framework for identifying and developing the leadership talent-at all levels and of all kinds--the organization will need to execute its strategies down the road. And it fills the leadership pipeline that's the basis of a strong succession plan.
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Listen The Buffettology 巴菲特原则 HOW WARREN USES SHARE REPURCHASES TO INCREASE HIS WEALTH Now consider this: If the company had paid out the money that it spent on buying back its shares, Warren would have had to pay income tax on his portion of the dividend, which means that he would've had about 30% less money to invest. By having the company repurchase its shares, Warren avoids the tax man and increases his ownership in the business. Let's take a closer look at a real example. When Berkshire Hathaway bought into the Washington Post, it acquired approximately 10% of the Post for $10.2 million. Today Berkshire owns approximately 17.2% of the company. Berkshire's increase in ownership from 10% to 17.2% occurred because of the Washington Post's stock repurchase program, which Warren helped instigate shortly after he joined the Post's board of directors. Today the Washington Post has a market capitalization of approximately $5.02 billion. If the Washington Post hadn't repurchased its shares, then Berkshire's interest in the company would still be 10%, which would today be worth approximately $502 million ($5.02 billion x. 10 = $502 million). But since the Washington Post did repurchase its shares, Berkshire now owns 17.2% of the company, which today is worth approximately $863.4 million ($5.02 billion x 0.172 = $863.4 million). Thus, because of the Washington Post's share repurchase program, Berkshire saw a $361.4 million increase in its net worth ($863.4 million - $502 million = $361.4 million
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Listen Take on the street (较量华尔街) But keep in mind that while limit orders can save you from paying far more for your shares than you expected, you also risk not getting a fill. A quoted price on the Nasdaq or an ECN screen may look attractive, but it's only available for a limited number of shares. Be ready to make a trade-off between getting the price you want and getting the shares you want. If speedy executions are your goal, then you are probably giving up the chance for price improvement. Many brokers today consider that they've met their best-execution obligations if they've executed your order at high speed--or under fifteen seconds. ECNs offer the fastest executions, without any middleman taking a cut. But ECNs charge fees and have less liquidity in many of the stocks they trade than do the established exchanges. If you are really curious about how your orders are being filled, monitor your trades. Some brokers offer their customers streaming quotes that adjust with each successful trade. You can see your order in the quote, and watch how it's executed. Finally, if you think you got a poor execution, contact your brokerage firm's customer service department and complain. If you don't get a satisfactory response, make sure the customer service rep knows that you've been paying attention to the plumbing. Remind him that his firm has a legal duty to get you the best execution possible.
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Liste Anatomy of greed (解剖贪婪--安然内幕) Meanwhile, Andersen CEO Joseph Bernardino told the House committee that it was Enron executives who misled his accounting firm. "Important information was not revealed to our team," he said. The mistake Bernardino did admit to—leaving LJM1 off the consolidated financial statements--was described by Bernardino as an error that "did not cause Enron's collapse" and was % very small item relative to total assets and equity."
Others bashed Andersen, saying it had failed to stand up client, in hopes of keeping its largest Houston account.
Bernardino explained that Enron "was not a simple company to audit." Enron paid Bernardino’s firm $52 million in fees in
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Introduction to Finance (以下斜体字部分为测试题及答案) A first-year marketing manager, Jane, is asking her boss, Hal, how to get additional budget allocation.
I’m planning a new product display for the headquarters lobby. But doing it right will cost about $100,000. which isn’t in my budget.
We’ll have top put in a change request for that one. Anything over $50,000 has to go to the change-control committee.
How do I go about that, and when do the committee members meet? More important, what’s it going to take to sell them?
You’ll need a change-control form. That spells out most of what you need to justify the change. The committee meets in two weeks. Sales are ahead of projections. So the climate is right.
Sounds like I should move now. I’ll get the form and come back for advice if I have any questions.
Match each situation at the right with the appropriate financial control mechanism at eh left. 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 budget committee
B change-control process
A manager needs new PCs in the next budget cycle.
Marketing will exceed its year’s budget by month nine.
An unbudgeted computer system upgrade is needed.
a department needs to add staff for the new fiscal year.
(key: A B B A )
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
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