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The London Club
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The London Club is an informal group … private creditors on the international stage. Similar … the Paris Club of public lenders, London Club is not the only informal group of private creditors. Its first meeting took place in 1976 … response to Zaire's payment problems.
London club is also the organisation responsible … rescheduling debt payments made … countries to commercial banks Russia's London Club debt as of February 2009 was US$ 21.2 billion, all restructured Soviet-era.
Ex. 2. Complete the sentences with the words and phrases from the box in the correct form.
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bond capital corporate restructuring letter of credit trade ATM
1. I’m sorry, sir, we don’t accept credit cards here. – Oh, do you mind telling me where the nearest … is?
2. We usually deal with … in our export department. It’s the best way to ensure our customers pay the right amount for the goods within a specified period.
3. Bribery and corruption in the company prompted some … of the board of directors and resignation of the CEO.
4. Charlotte didn’t have a lot of savings, but she’d inherited some old … and gas shares from her grandmother which had accumulated interest over the years.
5. They started … securities in the hope they would make some quick profits.
6. A market where debt or equity securities are traded with a view to raising long-term finance is referred to as a … market.
Ex. 3. Do the quiz individually. Then compare answers with a partner.
7. How much cash do you have with you at the moment? Do you
a) know exactly?
b) know approximately?
c) not know at all?
8. Do you normally check
a) your change?
b) your bank statements and credit card bills?
c) restaurant bills?
d) your receipts when shopping?
e) prices in several shops before you buy something?
3. Do you
a) give money to beggars?
b) give money to charities?
c) give away used items, such as clothing?
Discuss your answers to the quiz. What do they say about your attitude to money? What do they say about your culture?
Text 2.Summarise in 10 sentences.
Freddie Mac
The Federal Home Loan Mortgage Corporation (FHLMC), known as Freddie Mac, is a public government-sponsored enterprise (GSE), headquartered in the Tyson's Corner in unincorporated Fairfax County, Virginia.
The FHLMC was created in 1970 to expand the secondary market for mortgages in the US. Along with other GSEs, Freddie Mac buys mortgages on the secondary market, pools them, and sells them as a mortgage-backed security to investors on the open market. This secondary mortgage market increases the supply of money available for mortgage lending and increases the money available for new home purchases. The name, "Freddie Mac", is an acronym of the company's full name that had been adopted officially for ease of identification.
On September 7, 2008, Federal Housing Finance Agency (FHFA) director James B. Lockhart announced he had put Fannie Mae and Freddie Mac under the conservatorship of the FHFA (i.e. it’s federal takeover of Fannie Mae and Freddie Mac). The action has been described as "one of the most sweeping government interventions in private financial markets in decades".
Moody's gave Freddie Mac's preferred stock an investment grade rating of A1 until August 22, 2008, when Warren Buffett said publicly that both Freddie Mac and Fannie Mae had tried to attract him and others. Moody's changed the credit rating on that day to Baa3, the lowest investment grade credit rating. Freddie's senior debt credit rating remains Aaa/AAA from each of the major ratings agencies Moody's, S&P, and Fitch.
As for the start of the conservatorship, the United States Department of the Treasury had contracted to acquire US$1 billion in Freddie Mac senior preferred stock, paying at a rate of 10% per year, and the total investment may subsequently rise to as much as US$100 billion.
Home loan interest rates may go down as a result and owners of Freddie Mac debt and the Asian central banks who had increased their holdings in these bonds may be protected. Shares of Freddie Mac stock, however, plummeted to about one U.S. dollar on September 8, 2008, and dropped a further 50% on June 16, 2010, when the Federal Housing Finance Agency ordered the stocks delisted. In 2008, the yield on U.S Treasury securities rose in anticipation of increased U.S. federal debt.
Ex.4. Complete the following sentences. Costs and costing.
Costs such as materials, relating directly to the product in question, are called … costs. Other costs are…. The calculation of costs is called …. A costing technique which uses pre-determined standards is known as … …. For each product there is a fixed … for materials and for labour, and also a fixed charge for the share of the … which are … to that product. Stages in a process or production may be known in costing term as … …. The real, or … cost, is not always the same as the … cost. Differences, which are called …, are carefully examined.
(variances, charge, overheads, actual, cost centres, indirect, budgeted, standard costing, direct, costing, allocated)
Unit 9
Text. Translate the text consulting your dictionary.
Дата публикования: 2014-12-25; Прочитано: 574 | Нарушение авторского права страницы | Мы поможем в написании вашей работы!
