2017下半年BEC初级阅读材料精选
2017年下半年商务英语初级考试将于11月26日进行，为了帮助大家完成最后的冲刺备考，以下是yjbys网小编整理的关于BEC初级阅读材料精选，供大家备考。
BEC初级阅读：投行的快乐和苦恼
并非所有地方的投行环境都是那么令人生畏——至少在东方不是。汤姆森金融(Thomson Financial)称，今年到目前为止，亚太地区(日本除外)的交易规模比去年同期增长了40%。市场的复苏令证券交易业务大获其利。第三季度，在全球其它市场局面相当糟糕的情况下，花旗集团(Citigroup)在亚太地区赚取了11亿美元的净利润，仅略少于2002年全年的贡献。美国银行(Bank of America)持有的中国建设银行(CCB)股份在第三季度增值达42亿美元。虽然人们感觉不到，但这一收益在规模上要远远大于同一季度14.6亿美元的交易损失。
It’s not all grim in investment banking ? at least not out east. Asia Pacific ex-Japan deal sizes are up 40 per cent year-to-date, according to Thomson Financial. Resurgent markets are benefiting securities trading. In an otherwise ugly third quarter, Citigroup generated net earnings of $1.1bn in the region ? not far short of the entire 2002 contribution. Bank of America’s stake in China Construction Bank was worth an extra $4.2bn over the course of the third quarter. That dwarfs the $1.46bn of trading losses racked up in the same quarter, in magnitude if not perception.
即便在全球情况普遍不错的时候，亚洲业务的盈利表现也更胜一筹。以高盛(Goldman Sachs)为例，该银行去年的税前收益有28%来自亚洲，相比之下只有21%来自欧洲。这一增长部分源自中国规模巨大的.私有化交易。不过，该行一些最大的客户也来自亚洲：国家支持的投资机构，如活跃在全球舞台上的新加坡政府投资公司(GIC)和淡马锡(Temasek)。亚洲中产阶级的崛起，意味着即使那些传统上专注于批发服务的银行也在增加人手。苏格兰皇家银行(Royal Bank of Scotland)计划，到2010年，其收入的10%来自亚洲。
Even when times are universally good, Asia punches above its weight in terms of profitability. Take Goldman Sachs, which last year derived 28 per cent of pre-tax earnings from Asia compared with just 21 per cent in Europe. Part of the growth is due to China’s mega-privatisations. But Asia is also home to some of the bank’s biggest-spending clients: state-backed investment agencies such as Singapore’s GIC and Temasek, which are active on the global stage. The emergence of Asian middle classes means even banks traditionally focused on wholesale services are beefing up. Royal Bank of Scotland is targeting 10 per cent of revenues from Asia by 2010.
越来越依赖亚洲并非没有风险——在1997至1998年的金融危机和随后的非典危机中见证了市场崩溃的人可以证实这一点。中国的股票发行更多的是选择在上海进行，而不是自由开放的香港——在上海，只有很少几家国际承销商和交易商得到了牌照。亚洲的政策制定者可以破坏有利可图的业务：例如，印度政府上周就宣布限制参与凭证(participatory note)的使用。但是，亚洲狂欢年的真正麻烦在于，奖金池是全球性的。亚洲的IPO从业人员已经开始抱怨，西方机构分得的蛋糕太大了。
A growing dependence on Asia is not without risks ? as those who watched markets flounder during the financial crisis of 1997-98 and the subsequent Sars virus could testify. More Chinese equity offerings are taking place in Shanghai, where only a handful of international underwriters and traders are licensed, rather than in free-for-all Hong Kong. Regional policy makers can pull the rug from under lucrative business lines, as seen last week when India restricted the use of participatory notes.
But the real downside to a cracking year in Asia is that bonus pools are global. Asian IPO toilers are starting to moanthat too big a share of the spoils ends up in pockets back west.
BEC初级阅读：欧佩克担忧美元贬值
石油输出国组织(OPEC，简称欧佩克)将进一步研究美元不断贬值对其经济体的影响。此前，有成员国呼吁欧佩克以美元以外的货币为石油定价。
Opec is to study further the effect of the falling US dollar on its economies following calls for it to price oil in currencies other than the greenback.
此举出现在欧佩克领导人在利雅得举行的峰会上，其目的是弥合该组织内部在如何应对美元贬值方面的分歧。此前，伊朗和委内瑞拉敦促欧佩克改变以美元为石油定价的做法，但遭到此次峰会主办国沙特阿拉伯的强烈反对。
The move, which emerged at the summit of cartel leaders in Riyadh, was an attempt to bridge the divide within the group over how to respond to the dollar’s decline. Iran and Venezuela had pushed for Opec to move away from the dollar in the face of strong opposition from the summit’s host, Saudi Arabia.
伊朗总统马哈茂德·艾哈迈迪-内贾德(Mahmoud Ahmadi-Nejad)在领导人峰会后表示，美元不断贬值意味着，石油生产国正在为美国政府及其人民提供补贴。
Mahmoud Ahmadi-Nejad, Iran’s president, said after the leaders’ meeting that the falling dollar meant oil producers were subsidising the US government and people.
“他们得到我们的石油，却给我们一张毫无价值的纸，”他表示。“我们都知道美元没有经济价值。”
“They get our oil and give us a worthless piece of paper,” he said. “We all know that the US dollar has no economic value.”
今年美元兑一篮子主要货币已下跌16%，并且自欧佩克于2000年在委内瑞拉的加拉加斯举行上一届峰会以来，美元兑欧元汇率已累计下跌44%。伊朗官员表示，今年迄今为止，他们每桶石油的平均价格是63美元，较2006年同期仅高出2美元。如果折算为欧元，今年的油价比去年更便宜。
The dollar has dropped 16 per cent this year against a basket of major currencies, and 44 per cent against the euro since the last Opec summit in Caracas, Venezuela, in 2000. Iranian officials have said that the average price of a barrel of their oil so far this year is, at $63, only $2 higher than for the same period of 2006. Priced in euros, oil has been cheaper this year than last year.
欧佩克成员国的财长和外长计划数周后在阿布扎比举行会议，讨论美元的影响。欧佩克在此次峰会的闭幕宣言中间接地暗示了这一点。
Finance and foreign ministers from Opec countries are to meet in Abu Dhabi in the next few weeks to discuss the effect of the dollar, a move hinted at in an oblique reference in the summit’s closing declaration.
沙特阿拉伯外交大臣沙特·费萨尔亲王(Prince Saud Al-Faisal)上周五警告称，如果在该宣言中提及美元，美元可能“崩”。
On Friday, Prince Saud Al-Faisal, Saudi Arabia’s foreign minister, warned that the dollar could “collapse” if the US currency was mentioned in the declaration.
他本该是在闭门的部长级会议上发表的这番言论，却不小心通过话筒被记者听到。
His remarks – made in what was supposed to be a closed ministerial meeting – were accidentally broadcast to reporters.
在峰会之后，费萨尔亲王淡化了部长们进一步研究美元问题的重要性。他表示，此举不具有任何“隐藏含义”，只是反映出欧佩克成员国“实现其资源回报最大化”的责任。
After the summit, Prince Saud played down the significance of the ministers’ further examination of the dollar problem, saying it did not have any “hidden implications” and reflected Opec members’ duty ”to maximise the return from their resources”.
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