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BUSINESS ENGLISH

BUSINESS ENGLISH. CHAPTER ONE, BOOK FOUR. 1. 2. 3. 4. Background Case. Reading Activities. Speaking Activities. Writing Activities. Shares and Bonds. Warm-up Questions. Enron What do you know about Enron?. Share prices What are shares, equity, or stock?

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BUSINESS ENGLISH

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  1. BUSINESS ENGLISH CHAPTER ONE, BOOK FOUR

  2. 1 2 3 4 Background Case Reading Activities Speaking Activities Writing Activities Shares and Bonds Chapter 1 Book 4

  3. Warm-up Questions Enron What do you know about Enron? Share prices What are shares, equity, or stock? Do you listen to share price reports? Background Case Chapter 1 Book 4

  4. Sentences Backdrop Phrases Words Reading Passage Chapter 1 Book 4 CDEL goes public Language Points

  5. Background Information Chapter 1 Book 4 CDEL : China Distance Education Holdings Ltd. www.chnedu.com

  6. Background Information Chapter 1 Book 4 • China Distance Education Holdings Limited (CDEL) offers a range of online education and test preparation courses and other related services and products. Its courses are designed to help professionals and other course participants obtain and maintain the skills, licenses and certifications necessary to pursue careers in China in the areas of accounting, law, healthcare, construction engineering, information technology and other industries.

  7. New Words Chapter 1 Book 4 1. equity 2. public company 3. dividend 4. negotiable 5. proprietorship 6. IPO 7. deductible 8. Primary market 9. ADR/ADS 10. Greenshoe

  8. equity Chapter 1 Book 4 • equity shares in a company 股票；权益 • In corporate finance, a basic equation holds that a company's total assets minus total liabilities equals total owners' equity.

  9. public company Chapter 1 Book 4 • public company n. a company whose shares are traded on at least one stock exchange or in the over the counter market 上市公司 • The firm, which became a publiccompany in 1973, now has branches all over the world.

  10. dividend Chapter 1 Book 4 • dividend n. A share of profits received by a stockholder 股息；红利 • Usually paid in cash, dividends may also be distributed in the form of additional shares of stock.

  11. negotiable Chapter 1 Book 4 • negotiable adj. transferable from one person to another by delivery or by delivery and endorsement 可转让的 • Beware of forgery when handling checks, negotiable instruments, contracts, wills, and deeds. • In the U.S., the Uniform Commercial Code governs negotiable instruments.

  12. proprietorship Chapter 1 Book 4 • sole proprietorship n. a form of business ownership with one owner pays personal income tax on profits from the business 业主制企业 • As contrasted with the soleproprietorship and the partnership, the corporation has several characteristics that make it a more flexible instrument for large-scale economic activity.

  13. IPO Chapter 1 Book 4 • initial public offering (IPO) n. the first sale of stock by a company to the public 首次公开募股 • While contemplating the idea of taking a company public via an IPO, the increased capitalization for the issuing business is a strong point to consider, since a public offering creates a market value on a company’s stock. 

  14. deductible Chapter 1 Book 4 • to be tax deductible享有税额抵减的 • Sales tax may be a deductible against your federal income taxes.  • Mortgage insurance premiums may be tax deductible. To qualify, the insurance policy must be for home acquisition debt on a first or second home.

  15. Primary/secondary market Chapter 1 Book 4 • primary market 一级市场；初级发行市场 • The first, or primary market, represents new issues When a corporation decides to sell bonds or stock to raise capital. • The secondary market involves the buying and selling of securities after the initial offering. 

  16. ADR/ADS Chapter 1 Book 4 • American Depository Share美国存托股票 A U.S. dollar-denominated equity share of a foreign-based company available for purchase on an American stock exchange. • American Depositary Shares (ADSs) are issued by depository banks in the U.S. under agreement with the issuing foreign company; the entire issuance is called an American Depositary Receipt (美国存托凭证，ADR) and the individual shares are referred to as ADSs.

  17. Greenshoe Option Chapter 1 Book 4 • Greenshoe/over-allotment option An article contained in an underwriting agreement that gives the underwriter the right to sell investors more shares than originally planned by the issuer.　绿鞋条款；超额配售权 • The greenshoe option is popular because it is the only SEC-permitted means for an underwriter to stabilize the price of a new issue post-pricing.

  18. Useful Phrases Chapter 1 Book 4 • to service a debt • to trend upwards • at a premium • to deliver on promise • cater to • to feed off

  19. to service a debt Chapter 1 Book 4 • to service a debt to make interest payments on a debt 支付债息 • Banks calculate your ability to service a debt based on your income. • The man who makes $500000 a year is much more able to service his debt than the one who makes $50000.

  20. to trend upwards Chapter 1 Book 4 • (of the market) to trend upwards • Markets do not always move sideways, but instead, will trend upwards or downwards for some length of time.  • Global steel prices continue to trend upwards.

  21. at a premium Chapter 1 Book 4 • at a premium considered more valuable • With talent at a premium, organizations will need to adopt effective talent management strategies. At a higher price than usual • A person would buy a bond at a premium (pay more than its maturity value) because the bond's stated interest rate (and therefore its interest payments) are.

  22. to deliver on promise Chapter 1 Book 4 • to deliver on promise to keep promise • Can you consistently deliver on your promise? - What current or new capabilities can support marketplace implementation? to fulfill the expectations of… • Her second album failed to deliver on the promise of her first.

  23. cater to Chapter 1 Book 4 • cater to to supply what is required or desired • Lately, the restaurant chain, which caters mainly to blue-collar diners, has been hurt by competition. • The marketplace caters to the requirements of advertisers.

  24. feed off Chapter 1 Book 4 • to feed off to use something to increase, become stronger, or succeed • There will always be fad diets that feed off our desire to be thin.

  25. Difficult Sentences Chapter 1 Book 4 • While the education sector is generally viewed as having good future prospects, the deal was up against a widespread lack of interest in primary market transactions which didn’t really change even though the market trended upwards during the two-week marketing period––as did two of its closest comparables. (Para. 3) • 虽然教育产业通常被视为拥有良好的前景，但此次上市适逢投资者普遍存在对一级市场缺乏热情的时期。在为期两周的上市营销宣传期间，虽然市场交易状况以及其他两家最相关企业的行情有所上扬，但市场总体走势并未发生根本的转变。

  26. Difficult Sentences Chapter 1 Book 4 • CDEL’s initial price range may have been a bit too ambitious in the current market as it valued the newcomer at a premium to the valuation at which ATA Inc came to market six months ago, even though CDEL is at a similar, or even earlier, stage of growth than ATA and has yet to prove that it can deliver on its promises. (Para. 4) • CDEL的计划价格区间在当前的市场情况下可能过于乐观。这是因为该价格区间超过ATA公司在6个月前挂牌上市时的估值，加之考虑到CDEL是一家同行业企业，甚至较ATA公司居于产业发展的较早阶段，投资者仍然在观望CDEL能否实现其对股东的承诺。

  27. Difficult Sentences Chapter 1 Book 4 • The business is feeding off a government push to regulate professional licenses in various industries in order to lift the overall skill levels. (Para. 5) • 该业务是继政府要求从业人员持证上岗之后开展起来的。政府出台的上述政策旨在提升从业人员的总体技术水平。

  28. Difficult Sentences Chapter 1 Book 4 • Since US IPOs can be priced 20% above or below the original price range, the bookrunners could have fixed the price at $7.20 even if they had retained the initial range.(Para. 12) • 由于美国的IPO允许在原定发行区间的之上或之下20%范围内调整，所以既使CDEL保持原发行价位不变，承销商也可以在7.20美元价位发售。

  29. 2 3 1 Cashing in on the stock market: - Is it wise to consider investing in the stock market now? - What are the pros and cons? Strategies: - The "buy low and sell high" maxim - Tips offered by stock market analysts Making a decision: - sell now - buy now Speaking Activities Chapter 1 Book 4

  30. Write a report Imagine yourself to be the financial manger of a big company. After some serious field research in Shanghai you come to some conclusions about what is needed for the company to go through an IPO process. Add Your Title Letter to your friend Tell your friend what you know about shares and bonds: (1) What does it mean to own stock? (2) What are bonds and how do they differ from stocks? (3) What are the advantages and possible risks involved in owning stock? Writing Activities Chapter 1 Book 4

  31. Thank You ! Business English

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