商务英语源于普通英语，又是普通英语的一种功能变体，是专门用途英语（English for Specific Purposes）中的一个分支，适于商务场合中应用，或者说是一种包含了各种商务活动内容，适合商业需要的标准英文。而这些商务活动包括技术引进、对外贸易、招商引资、对外劳务承包与合同、国际金融、涉外保险、国际旅游、海外投资、国际运输等等，在这些活动中使用的英语统称为商务英语。对于商务英语的译者来说，既要学习英语语言又要学习商务知识；既要知晓商务文化也要了解不同国家、不同地区的人在不同文化背景下的社会文化；既要增强自身的跨文化意识又要提升自身的人文素养。
随着对外贸易的日益频繁，外贸函电的语言越来越规范化，对词、句和篇章甚至和标点符号都有严格要求，并且大量使用固定表达方式，如：amendment（改证）、extend（延期）、insurance（保险）、coverage（险别）、All Risk（综合险）、War Risk（战争险）、beneficiary（受益人）、premium（保险费）等；大量使用国际贸易术缩略词汇，如：FOB（离岸价）、FCL（整箱货）、L/C（信用证）、D/P（付款赎单）；选词规范严谨，如：The packing and wrapping expenses should be borne by the buyer.（包装费应由买方负担。）句中packing 和wrapping是同义词，但在原文中并列使用是为了让语意明确，而翻译时统一译成“包装”一个词。
商务函电的简洁性是在表达清楚的前提下，使收信人在最短的时间内明白写信人所要传达的意思，而且不会产生误解。信中没有含糊或模棱两可之处，其遣词造句、行文用语和篇章逻辑性强、思路清晰并且结构规范。如前文中写明：Your shipment of our order No.635 has been found short weight by 230 kilos.后文中就不可再用send或dispatch等容易引发对方产生争议和分歧的词汇。
在普通英语中，为了表示礼貌一般以please构成祈使句或以will、may、can开头组成一般问句。商务英语信函更强调礼貌和礼节，除了常见的礼貌用语，如your kind inquiry、your esteemed order、your consideration之外，还要体现一种积极合作、尊重体谅的态度，为双方合作成功打好基础。例如：
It would be appreciated if you could quote your prices of CIF Tianjin for computer.
We should be obliged/appreciated if you would let us know if the company is reliable repaying debts,and also if they pay promptly.
We apologize for any inconvenience you may have been caused.
●信的正文（body of letter）
●缩写名、附件及分送标志部分（IEC:initials,enclosures and carbon copies block）
KK Kiddie Korner,Inc.November 24th,2000 日期
Foshan Sweethome Installations Ltd.2 Xiyue Street Foshan,Guangdong China 封内地址
Dear Sirs, 称呼
We have obtained your name and address from Johnson ＆ Co.Ltd,and we are writing to enquire whether you would be willing to establish business relations with us.
We have been importers of furniture for many years.At present,we are interested in extending our range and would appreciate your catalogues and quotations.
If your prices are competitive we would expect to place volume orders on you.
We look forward to your early reply.
Yours faithfully, 信尾敬语
Tony Smith 签名
Enc:invoice for consulting services 附件
We repeatedly requested you by faxes to expedite the opening of the relative letter of credit so that we might effect shipment for the above mentioned order,but after the lapse of 3 months,we have not yet received the covering L/C.
For payment,we require 100％value,confirmed and irrevocable letter of credit with partial shipment and transshipment allowed clause,available by draft at sight,payable against surrendering the full set of shipping documents to the negotiating bank here.
Please let us have your quotation in USD on the basis of CIF Port Klang including our 5％ commission.
The Credit could cover 85％ of the local expenses if they are made under the responsibility of the British Contractor and within the limit of the down payments paid on the Contract,i.e.，15％as a maximum.
We are most gratified that you have kindly support us for several years.
In the new millennium,we believe that you will find our new designs more attractive.They should get a very good reception in your market.Once you have had time to study the supplement,please let us know if you would like to take the matter further.We would be very happy to send samples to you for closer inspection.For your information,we are planning a range of classical English dinner services,which should do well in the North American market.
We will keep you informed on our progress and look forward to hearing from you.
We greatly appreciate your letter describing the assistance you received in solving your air-conditioning problems.We are now in our fifty year of operation,and we receive many letters like yours indicating a high level of customer satisfaction with our installation.
We are pleased that our technical staff assisted you so capably.We would like you to know that if you need to contact us at any time in the future,our engineers will be equally responsive to your request for assistance.If we can be of service to you again,please let us know.
Thank you again for your very kind letter.
Born To Shine.
For twogether,the ultimate all inclusive one price sunkissed holiday.
Diamond lasts forever.
Impossible is nothing.
Fresh Up with Seven-up.
Just do it.
To be number one.
So come into McDonald’s and enjoy big Mac Sandwich.
We lead.Others copy.
比喻：A computer that understands you is like your mother.
拟人：Flowers by Interflora speak from the heart.
双关：Look deep into our ryes (black cereal).
Ask for More.
Let’s make things better.
We’re Siemens.We can do that.
Easier dusting by stre-e-etch.（除尘布广告）
Apple Thinks Different.
When you’re sipping Lipton,you’re sipping something special.
1.I found it wholesome to be alone the greater part of the time.Being in company,even with the best,is soon wearisome and dissipating.I love to be alone.I have never found a companion that was as friendly as solitude.We are for the most part lonelier when we go abroad among men than when we stay in our homes.A man thinking or working is always alone.Solitude is not measured by miles of space that intervene between a man and his fellowmen.The really diligent student in one of the crowded rooms of a college is as a hermit in the desert.The farmer can work alone in the fields or the woods all day,weeding or chopping,and not feel lonesome,because he is employed.But when he comes home at night,he cannot be alone.He must be where he can see“ the folks”,and he thinks,repay himself for his day’s solitude.So he wonders how the student can sit alone in the house all night and most of the day without boredom and the“ blues”.But he does not realize that the student,although in his house,is still at work in his field,and chopping in his woods as the farmer in his,and in turn seeks the same recreation and society that the latter does,though it may be a more condensed form of it.
2.Most of us,when young,had the experience of a sweetheart being taken from us by somebody more attractive and more appealing.At the time,we may have resented this intruder—but as we grew older,we recognized that the sweetheart had never been ours to begin with.It was not the intruder that“ caused”the break,but the lack of a real relationship.On the surface,many marriages seem to break up because of a“ third party”.This is,however,a psychological illusion.The other woman or the other man merely serves as a pretext for dissolving a marriage that had already lost its essential integrity.Nothing is more futile and more self-defeating than the bitterness of spurned love,the vengeful feeling that someone else has“ come between”oneself and a beloved.This is always a distortion of reality,for people are not the captives or victims of others,they are free agents,working out their own destinies for good or for ill.
Love is not a commodity;the real thing cannot be bought,sold,traded or stolen.It is an act of the will,a turning of emotions,and a change in the climate of the personality.When a husband or wife is“ stolen”by another person,that husband or wife was already ripe for the stealing,or was already predisposed toward a new partner.The“ love bandit”was only taking what was waiting to be taken,or what wanted to be taken...We tend to treat persons like goods.We ever speak of children“ belonging”to their parents.But nobody“ belongs”to anyone else;each person belongs to himself,and to God.Children are entrusted to their parents,and if their parents do not treat them properly,the state has a right to remove from their parents trusteeship.
3.It is simple enough to say that since books have classes,fiction,biography,poetry—we should separate them and take from each what it is right that each should give us,yet few people ask from books what books can give us.Most commonly we come to books with blurred and divided minds,asking of fiction that it shall be true,of poetry that it shall be false,of biography that it shall be flattering,of history that it shall enforce our own prejudices.If we could banish all such preconception when we read,that would be an admirable beginning.Do not dictate to your author;try to become him.Be his fellow worker and accomplice.If you hang back,and reserve and criticize at first,you are preventing yourself from getting the fullest possible value from what you read.But if you open your mind as widely as possible,then signs and hints of almost imperceptible fineness,from the twist and turn of the first sentences,will bring you into the presence of a human being unlike any other.Steep yourself in this,acquaint yourself with this,and soon you will find that your author is giving you,or attempting to give you,something far more definite.
4.If people mean anything at all by the expression“ untimely death”,they must believe that some deaths run on a better schedule than others.Death in old age is rarely called untimely—a long life is thought to be a full one.But with the passing of a young person,one assumes that the best years lay ahead and the measure of that life was still to be taken.
History denies this,of course.Among prominent summer deaths,one recalls those of Marilyn Monroe and James Dean,whose lives seemed equally brief and complete.Writers cannot bear the fact that poet John Keats died at 26,and only half playfully judge their own lives as failures when they pass that year.The idea that the life cut short is unfulfilled is illogical because lives are measured by the impressions they leave on the world and by their intensity and virtue.
5.At the threshold of the 21st century,we are going to embrace an age of chances and challenges,which is filled with risks and crises.Looking into the future,however,we can’t afford to be optimistic.In spite of the more and more economic and technical achievements and progresses we have made,the ecological loss is unprecedented,which is demonstrated by the increasingly severe desertification,shrinking resources of fresh water,unbearable scales of air pollution,acid rain and chemical residues in food,etc.We cannot even tell whether we are sick.As a result,sub-health is discovered—an intermediate“ butter”between health and sickness in which the uncomfortable body is below the health level but no pathological changes in organs are incurred.Anyone physiologically or psychologically diagnosed as having a certain disease belongs to this category.
6.I don’t want to hate dogs.But I just can’t imagine sharing my apartment with some dirty,dependent animal willing to trade unconditional love for canned food that,to be honest,I find a little salty.How can people love something so much that they are willing to walk behind it and retrieve its faeces with their own hands every day? I have yet to meet a woman for whom I’d do that.Dog owners are a mystery to me.I once went on a long series of nonproductive dates with one,and every time we were about to fool around she would have to leave to go home and walk her dog.Hey,wait.I think I just figured out something.
7.“San Francisco,open your Golden Gate”sang the girl in the theatre.She never finished her song.That date was 18th April,1906.The earth shook and the roof suddenly divided,buildings crashed to the ground and people rushed out into the streets.The dreadful earthquake destroyed the city that had grown up when men discovered gold in the deserts of California.But today the streets of San Francisco stretch over more than forty steep hills,rising like huge cliffs above the blue waters of the Pacific Ocean.
The best way to see this splendid city,where Spanish people were the first to make their homes,is to take one of the old cable cars which run along the nine main avenues.Fares are cheap,they have not risen,I’m told,for almost a hundred years.
You leave the palm trees in Union Square—the heart of San Francisco—and from the shop signs and the faces around you,you will notice that in the city live people from many nations—Austrians,Italians,Chinese and others—giving each part a special character.More Chinese live in China Town than in any other part of the world outside China.Here,with Chinese restaurants,Chinese post-boxes,and even odd telephone-boxes that look like pagodas,it is easy to feel you are in China itself.
Fisherman’s Wharf,a place all foreigners want to see,is at the end of the ride.You get out,pause perhaps to help the other travelers to swing the cable car on its turntable (a city custom) and then set out to find a table in one of the gay little restaurants beside the harbor.As you enjoy the fresh Pacific seafood you can admire the bright red paint of the Golden Gate Bridge in the harbor and watch the traffic crossing beneath the tall towers on its way to the pretty village of Tiberon.
8.The Elysee Palace in France enjoys equal popularity in the world with the Buckingham Palace in the United Kingdom,the Kremlin in Russia as well as the White House in the U.S.A.It is the residence of the president of the French Republic and the symbol of the supreme authority in France.(www.guayunfan.com)
The Elysee Palace,with an area of 11,000 square meters,is at the eastern end of the Champs Elysee in the bustling city of Paris proper and backed by a large and tranquil garden of more than twenty thousand square meters.Its main building,quite handsome and graceful,is a 2-story classical stone architecture of European style,flanked by two side buildings facing each other and with an extensive rectangular courtyard in the middle.There are altogether 369 halls and rooms of different size.
The Elysee Palace,built in 1718,has a long history of closing to 300 years to date.This house was at first a private residence of a count named d’Evreau,hence it was called Hotel d’Evreau.It had later gone through many vicissitudes and its owners had been changed for many times but all the dwellers in it were distinguished personages and high officials.The house was renamed Bonaparte Mansion when it was owned by Louis XV and Louis XVI successively when they acted as emperors.Napoleon I signed his act of abdication here when he had suffered crushing defeat in the Battle of Waterloo in 1815.Napoleon III moved in the Mansion in 1848 when he was elected president,and the house became a Royal Palace when he proclaimed himself as emperor.The Third French Republic issued a decree in 1873,designating officially the Elysee Palace as the residence of president of the French Republic.Over the hundred odd years since then,almost all the presidents of the French Republic worked and lived there.Starting from 1989,the Elysee Palace is open to the public every year in September on the French Castles Day.
9.A famous American John Muir said in 1898:“The Grand Canyon...as unearthly in the color and grandeur and quantity of its architecture as if you had found it after death on some other star.”
Like Muir,those of us who stand along the rim are prompted to wonder about the unearthliness and the forces that created and are still changing this place.
After more than 100 years of studies,many things are still obscure.Today visitors come by the thousands—the great and simple of the earth—all in a spirit of marvel.Travelers come from every state of the Union,from every country in Europe and Asia,pilgrims to a shrine that is the same as the creed.
From the depths of the canyon comes welling silence.Seldom can you hear the roar of the river.For all sounds are swallowed in this gulf of space.“It makes one want to murmur.”A woman once whispered to her companion.This silence is not the silence of death;rather,it is a presence.It is like a great piece of music.But music made of man works up to a climax and ceases;the Grand Canyon is all climax,a chord echoing into eternity.
Perhaps the most spectacular feature of the Grand Canyon,its Redwall limestone cliff,stands about half way up the chasm and is practically vertical.Its average height is 550 feet—almost exactly that of the Washington Monument.Though it is actually gray-blue limestone,the surface of the cliff has been stained to a sunset hue by iron salts washing out of the rocks.Above the Redwall come alternating layers of red sandstone and shale 1,000 feet thick,then comes the next pale-blue layer.The topmost layers are a yellowish limestone.
Now,visitors to the South Rim alone may number 18,000 in a single day.Some of that number will travel by mule train down Bright Angel Trail to the canyon’s floor,cross the raging river by a suspension bridge and amount to the North Rim.
Though the two rims face each other across only 12 miles,it is a journey of 214 miles by car from one to the other.Nor can you visit the North Rim except in summer,some 1,200 feet higher than the South Rim,it is snow covered much of the year except in July and August.
But there is no day that you may not visit the South Rim and find the sun warm on your face and the air perfumed with the incense of smoke from an Indian hearth.The Grand Canyon is an unearthly sight.No wonder an American writer and journalist said,“I came here an atheist,and departed a devout believer.”
10.The United Nations has declared the year 2002 as the International Year of Ecotourism.The goals of this designation are lofty and the UN hopes to make environmental protection an integral part of tourism development.But the idea that tourism can be sustainable at all may be a myth.It may not be possible for struggling nations around the world to resist compromising their environment and their culture to lure affluent foreigners and their dollars.
Many different organizations,governments,and businesses have defined ecotourism,but I especially like the definition adopted by the Estonian Ecotourism Association.This definition says,“Ecotourism is responsible travel,that conserves the natural and cultural heritage and contributes to the well-being of local communities.”
Some of the philosophies of ecotourism as outlined by the Estonian association include understanding the social carrying capacity of the area,understanding the ecological carrying capacity of the area,benefiting the local people,appropriate pricing strategies,building environmental costs into the prices of goods and services,and responsible marketing of tourist opportunities.
Has experience shown that these goals are even remotely possible?
Global tourism,while allowing some the opportunity to meet people,visit exotic environments,and understand cultures,provides billions of dollars to the corporations that are raping,polluting,and destroying the Earth,her people,and her animals.Of course there is ample corporate support for ecotourism efforts,and nations all over the world are getting help opening their doors to rampant consumerism and corporate takeover of every aspect of our world.
The vast majority of tourists are not folks with sustainability and community building on their minds who stay with local families and respect local customs.The vast majority of tourists sail in on huge cruise ships or fly in to stay in large hotels and take advantage of local people.
I think there needs to be a serious reality check done by ecotourism proponents about this idea that tourism will generate world peace and environmental harmony.What it does generate is deadly pollution,toxic chemicals and waste,the destruction of ecosystems,and the erosion of communities,turning local people into agents of the world’s corporations.
While I applaud the efforts of organizations around the world to change the damaging effects of tourism,encouraging more people to travel through ecotourism may just be contributing to the problem.And I support those compassionate individuals who travel to be with people,not to take advantage of them.But as long as we have leaders committed to a global economy bent on developing every inch of the globe,ecotourism efforts may be playing into the hands of global corporations.
Possibly the best recommendation toward healing the tourism issues is to begin a worldwide effort to restore damaged cultures and twisted economies—and to ask people to just stay home.
11.Hong Kong Or Shanghai？There are few more predictable conversations around the dinner tables of SAR financial and government sorts than the perennial question of whether Hong Kong will be eclipsed by its northern competitor.
The official line in Hong Kong is that there is room enough for two Chinese financial centers.Economies like the United States support multiple centers serving specific industry clusters and regions.New York and Chicago compete and complement on each other at the same time,goes the reasoning.
Hong Kong’s advantage is its clean government,predictable,and international orientation.The city is wired into the overseas Chinese network by bonds of language and history,has its Guangdong industrial hinterland and will remain the international finance raising center of China even as Shanghai develops a far larger domestic finance base and common law based legal environment.
On the“ eclipse”side,the case is basically that every great trading port has its day.Just as the Venetian states and Liverpool fell off the trading map as the locus of trade and economic activity shifted,so Hong Kong’s“ competitive advantage”has a narrow window.The decline might be relative,but Shanghai’s industrial,entrepreneurial and political power means that must dominate.
Hong Kong well knows the advantage of critical mass over ambitious competitors that protest to try harder.It has had that relationship with Singapore for years.The southern city-state has ambitiously courted fund managers,chip markers and software vendors with subsidies and freebies,but Singapore continues to chase without seriously threatening Hong Kong’s Asian business hub status.
Recently,through its rebranding efforts,Hong Kong is intending to differentiate the city in the minds of outsiders.That seems a bit silly,but harmless.
In short,it doesn’t matter whether Shanghai rules,as long as Hong Kong does what it does best,rather than ape what it believes a competitor such as Shanghai might do,if and when it becomes the dominant commercial Chinese city.
12.“The US governs the international system to protect its own economy.It is not in charge of protecting other economies,”Soros says.“So when America goes into recession,you have anti-recessionary policies.When other countries are in recession,they don’t have the ability to engage in anti-recessionary policies because they can’t have a permissive monetary policy,because money would flee.”In person,he has the air of a philosophy professor rather than a gimlet-eyed financier.In a soft voice which bears the traces of his native Hungary,he argues that it is time to rewrite the so-called Washington consensus—the cocktail of liberalization,privatization and fiscal rectitude which the IMF has been preaching for 15 years.Developing countries no longer have the freedom to run their own economies,he argues,even when they follow perfectly sound policies.He cites Brazil,which although it has a floating currency and manageable public debt was paying ten times over the odds to borrow from capital markets.
Soros credits the anti-globalization movement for having made companies more sensitive to their wider responsibilities.“I think (the protesters) have made an important contribution by making people aware of the flaws of the system,”he says.“People on the street had an impact on public opinion and corporations which sell to the public responded to that.”Because the IMF has abandoned billion dollar bailouts for troubled economies,he thinks a repeat of the Asian crisis is unlikely.The fund’s new“ tough love”policy—for which Argentina is the guinea pig—has other consequences.The bailouts were a welfare system for Wall Street,with western taxpayers rescuing the banks from the consequences of unwise lending to emerging economies.Now the IMF has drawn a line in the sand,credit to poor countries is drying up.“It has created a new problem—the inadequacy of the flow of capital from center to the periphery,”he says.
The one economy Soros is not losing any sleepabout is the US.“I am much more positive about the underlying economy than I am about the market,because we are waging war not only on terrorism but also on recession,”he says.“I have not yet seen an economy in recession when you are gearing up for war.”He worries that the world’s largest economic power is not living up to its responsibilities.“I would like the United States to live up to the responsibilities of its hegemonic power because it is not going to give up its hegemonic power,”he says.“The only thing that is realisticis for the United States to become aware that it is in its enlightened self-interest to ensure that the rest of the world benefits from their role.”
13.It sounds like Mission Impossible:Sell coffee to China’s tea drinkers.Starbucks’solution is to select high-profile locations on the busiest streets,where stores are sure to seduce the see-and-be-seen set.
As Starbucks launches an aggressive expansion in China,a coffee frontier steeped in nearly 5,000 years of tea.The goal:to build hip hang-outs that tap into a new taste for China’s emerging middle class.
Starbucks China doesn’t plan any advertising,promotions,or other marketing strategies,aside from sponsoring an on-line coffee club and the occasional office-tower coffee tasting.Instead,the company is counting on selecting such high-visibility,high-traffic cafe locations that they market themselves.Its main advertising medium is the store itself.
But in fast-changing Chinese cities,finding locations that will embody the right lifestyle is more akin to gambling than science.The computerized mapping databases that the company uses to test a potential street corner in the United States would be little help in Chinese cities.Starbucks also faces an uphill battle.Local media reported that 70％ of people they surveyed would rather not see the chain in Beijing’s Forbidden City.And even for middle-class Chinese,Starbucks is a barely affordable luxury.While retailers say a top marketing weapon in urban China is to charge more for public consumption.That’s because Chinese customers have different priorities than their American yuppie counterparts.Guys 40 years old are not coffee drinkers,but if the environment is good and the coffee is not bad,they’ll come back.The store layout,artwork and food options make Starbucks friendlier to Chinese eyes,but coffee remains the core offering and people don’t go there for the coffee.They go there to present themselves as modern Chinese in a public setting.
14.NASDAQ,acronym for the National Association of Securities Dealers Automated Quotation system,is one of the largest markets in the world for the trading of stocks,including the New York Stock (NYSE) and the American Stock Exchange (AMEX).The majority of companies listed on NASDAQ are smaller than most of those on the NYSE and AMEX.NASDAQ has become known as the home of new technology companies,particularly computer and computer-related businesses.Trading on NASDAQ is initiated by stock brokers acting on behalf of their clients.The brokers negotiate with market makers who concentrate on trading specific stocks to reach a price for the stock Exchange.The number of companies listed on NASDAQ is more than that on any of the other stock exchanges in the United States.
Unlike other stock exchanges,NASDAQ has no central location where trading takes place.Instead its market makers are located all over the country and make trades by telephone and via the Internet.Because brokers and market makers trade stocks directly instead of on the floor of a stock exchange,NASDAQ is called an over-the-counter market.The term over-the-counter refers to the direct nature of the trading,as in a store where goods are handed over a counter.
Since its inception in 1971,the NASDAQ Stock Market has been the innovator.As the world’s first electronic stock market,NASDAQ long ago set a precedent fortechnological trading innovation that is unrivaled,the NASDAQ Stock Market is the market of choice for business industry leaders worldwide.By providing an efficient environment for raising capital NASDAQ has helped thousands of companies achieve their desired growth and successfully make the leap into public ownership,now poised to become the world’s first truly global market.
15.Amid all the hammerings investors have endured since early 2000,the market plunge after September’s terrorist attacks would seem to qualify as a bottom.
Trouble is,no one ever knows until much later when the market has reached its nadir.False bottoms and bear market rallies have trapped investors since time immemorial.
Capitulations don’t occur in every market cycle.Of the ten bear markets since World War II,eight ended in a whimper,with the market steadily trending lower and no selling crescendo,says Lisa Kammert,U.S.equity market analyst at Birinyi Associates.Finally a bull market sets in.The 1990-91 market slump fits that pattern.
And bull markets aren’t a guarantee even when there is a capitulation.Following a two-day,25％ selloff in October 1929,the market seemed to recover and then spent another three years falling apart all over again.It took a quarter-century to recover lost ground.A similarly frustrating thing took place in the 1970s.A cathartic selloff in 1974 was followed by a quick recovery and then years of blah performance.
The seers are blind.Economists have failed to call a single recession in the past four decades.A November 1989 National Association for Business Economists survey found them at their most optimistic in a decade,predicting clear sailing for at least three years.Eight months later a recession arrived.
Investors must wrestle with internal demons to time the market right.We are by nature momentum investors.We try to prepare for the future by extrapolating from the present,says Jeffrey Heisler,a Boston University professor who specializes in the impact of individual behavior on markets.
A price decline does not in itself make a good value.If a rebate offer lets you get a $33,000 sedan for only $30,000,you’ve got yourself a good deal.But discounted stocks aren’t necessarily a bargain.Nor does the fact that they were higher before make them particularly likely to go up now.
On the positive side,the calendar suggests we’re due for a turnaround.The bear market that began for the Dow in January 2000 is now the third longest since World War II.Only the 1,111-day bear market of 1946-49 was appreciably longer than the current 654-day one;the 1973-74 bear market lasted 694 days.In fact,by the time the media fills with warnings of recession,as it has in recent weeks,the worst has usually passed,says InvesTech’s Stack.
Despite all,you can take advantage of a bear market.You don’t have to be a market seer to take losses.Just have some plan for selling losers and reinvesting immediately in comparable,but not identical,stocks or funds.The tax collector will share your pain.
If you end up with a $50,000 capital loss,only $3,000 of it can be used annually to offset salary and interest income,but the other $47,000 doesn’t go to waste.It is carried forward to offset capital gains in your other holdings two,three or ten years hence.
You can profit by buying and holding for a long time.Don’t put much stock in short-term speculations.Buy stocks with a 20-year investing horizon,and have realistic expectations for them.Vanguard founder John Bogle suggests 8％ a year as a reasonable return.
16.First and foremost,I want to say how absolutely thrilled and excited I am to be here today to recognize the new partnership between Motor Trend and Auto Club.
I see nothing but great things coming from this partnership.The extreme growth in the importance of the Chinese market is apparent from the measures currently being taken by global manufacturers to enter into this market and provide new vehicles to a vast new audience.We feel that Auto Club,and this partnership will play an integral role in introducing all of these new vehicles to the consumers and automotive enthusiasts throughout China.
In the more than 50-year lifespan of Motor Trend,no more widely recognizable symbol has emerged from its pages than the words“ Car of the Year”.Since its first appearance in 1949,Motor Trend’s Car of the Year award has become the longest-running award program in the automotive publishing world.It’s inspired countless clones,yet remains the most prestigious and coveted prize in the industry.
As the automotive industry has evolved,so has the award program,spinning off related competitions,including Truck of the Year,and Sport/Utility of the Year,to honor important new segments of the American automotive market as they’ve emerged.
Manufacturers’ research has shown that a vehicle’s winning this award immediately impacts that car’s sales.In fact,platform teams at manufacturers charged with creating new car models have often motivated themselves by setting their sights on Motor Trend’s Car of the Year trophy right from the drawing board.
Motor Trend’s Car of the Year award seeks to recognize overall significance,competitiveness within a market segment,and value for money.In making the selection,the editors evaluate many factors,including styling;technology;and value.My editors and I are delighted to have the chance to evaluate and select the inaugural Car of the Year in China.
Primedia,Motor Trend’s parent company is no stranger to the automotive industry.In addition to the multiple brand extensions of Motor Trend,including multiple web sites,a television show,a radio show and Auto Shows.Primedia produces more than 60 other consumer magazines on every aspect of the Automotive Industry.
I am proud to be participating in this partnership with Auto Club and I see a tremendous opportunity for growth for both Motor Trend and Auto Club with this partnership.I look forward to the future success that this relationship will certainly enjoy in the months and years to come,and am thankful to be a part of Auto Club’s presence here as the authoritative voice for the automotive industry here in China.
Thank you for the opportunity to work with you and I look forward to establishing the partnership between Motor Trend and Auto Club as the World’s Number One Automotive Authority.Thank you very much.
17. How to Reduce Stress and Be Happy on the Job
By Gary Dessler
Have you any quick simple suggestions for how I can reduce the stress I’m under at work？I’m a manager in a large bank,and between company politics,customers who don’t pay back their loans,and my heavy workload,I find myself under what seems to be unrelenting stress and pressure at work.The stress is beginning to affect my work and family life,and any suggestions would be appreciated.
Suggestions range from“ get more sleep”to“ use meditation”.But in a recent book,stress and the manager,Dr.Karl Albrecht suggests the following to reduce stress on the job:
●Build rewarding,pleasant,cooperative relationships with as many of your colleagues and employees as you can.
●Don’t bite off more than you can chew.Take on only those assignments that you know you have time for.
●Build an especially effective and supportive relationship with your boss.Understand his or her problems and help the boss understand yours.
●Negotiate realistic deadlines on important projects with your boss.Be prepared to propose deadlines yourself,rather than have them imposed.
●Study the future.Learn as much as you can about likely coming events,so that you can anticipate them well in advance.
●Find time every day for detachment and relaxation.
●Take a walk now and then to keep your body refreshed and alert.
●Make a noise survey of your office area and find ways to reduce unnecessary racket.
●Get away from your office from time to time for a change of scene and a change of mind.
●Reduce the amount of trivia to which you give your attention.Delegate routine paperwork to others whenever possible.
●Limit interruptions.Try to schedule certain periods of“ interruptability”each day and save other periods of time for your own purposes.
●Make sure you know how to delegate effectively.
●Don’t put off dealing with distasteful problems such as counseling a problem employee.
●Make a constructive“ worry list”.Write down the problems that concern you and beside each write down what you’re going to do about it,so that none of the problems will continue to bother your unconsciously.
18. How Safe Is Your Home?
Do you feel that your home is a safe place and that danger lies only in the outside world? Would danger lies only in the outside world? Would you be surprised to learn that your“ safe place”could be a very dangerous place? The truth is that accidents at home result in more injuries than motor vehicle and workplace accidents put together.Serious injuries and even death can be caused by accidental falls,fires,burns,poisonings,and electrical hazards.
Falls are the number one cause of accidental deaths in the home every year and the main reason for accidental deaths of the elderly.They are mostly due to slippery surfaces or loose rugs.Fires,often caused by cigarette smoking,are more dangerous for the smoke and poisonous gases they create than for the actual flames.Electrical hazards,responsible for many home fires,are frequently caused by overloaded wires and fixtures.Burns happen most often to children and the elderly,usually in the bathroom,when the water is too hot.The leading cause of accidental deaths at home for people between the ages of 14 and 44 is poisoning,often the result of the misuse of medicines.
Accidents and injuries in the home don’t have to happen.They can be prevented if simple precautions are taken.
In the kitchen
●Turn all pot handles toward the back of the stove.
●Use a steady step stool when reaching for items on high shelves.
●Keep a fire extinguisher nearby.
●Keep knives and sharp objects in a safe place.
●Store cleaning materials and poisons in their original containers and lock them away if you have small children.
Throughout the house
●Don’t plug too many appliances into the same wall outlet or extensions cord.
●Make sure rugs and carpets are secure.Never hide an electrical cord under a rug.
●If an electrical cord is damaged in any way,do not use it.Have it repaired or replaced.
●Keep hallways and stairs well lighted and free from clutter.
●Install smoke detectors and keep them in working order.
●If you smoke,never smoke in bed and be careful not to smoke in a place where you might fall asleep.
●Keep emergency numbers next to the telephone.
19.It is a real pleasure to be here to open the third meeting of our forum and to be welcoming such a distinguished and influential group of people from both our countries,many of whom are now old friends.The forum aims to represent the strength of the relationship between our two countries outside the political relationship and looking round today it is clear that the relationship is very strong indeed.
It is a sign for me that the forum goes from strength to strength and I believe it is playing a key role in the relations between our two countries as confirmed by the Prime Minister in our call on him this morning.This year,we have taken the theme“ The Challenge of Globalization”for our meetings and discussions.This theme has a particular resonance for me.
On 11th September,I,along with a number of world statesmen,was in Beijing to discuss China and the World in the 21st Century.None of us could possibly have known as we debated economic development,environmental change and security issues what was going to happen that day.But many of the speakers warned of the fragility of the world order.It made me realize more clearly than at any other time just how very important“ understanding”between the nations of the world is.
Our forum,and the discussion we will have in the next day and a half,is part of this vital process of understanding.Globalization is a challenge for all of us,both developed and developing countries and we have a lot to share and learn.As globalization increases and as all our countries come to terms with the global reach of many industries,we can,as different nations,work together to understand the issues and effects these developments bring.
Those opportunities can only be grasped by people.People talk,travel,exchange ideas and experiences.And that is what we are here today to do.Our discussions here will centre around a number of very interesting issues:trade and the environment in the globalization of the economy,Chinese culture facing the world,e-learning and e-commerce,balancing public purposes and commercial interests in the media,and China after WTO to name but a few.
As far as I can see,joining the WTO presents a huge challenge for China.The requirements of joining WTO for corporate governance,for transparency and for reliable and enforceable laws,whilst producing some pain in the short term,will no doubt be part of the way in which economic growth can be encouraged and sustained.I personally am much looking forward to my own involvement in the discussions on small and medium sized enterprise.
This will be particularly true in the sessions on issues of competitiveness and corporate governance that will be held tomorrow.We are building on discussions and relationships that are already well founded and I believe that this forum will take the special role that our meeting plays in the relations between our two countries further forward.
20.“Fat,dumb and happy,”commercial banks are being quickly replaced as financial intermediaries.
What would happen to the U.S.economy if all its commercial banks suddenly closed their doors? Throughout most of American history,the answer would have been a disaster of considerable proportions,akin to the Depression brought about by the chain-reaction bank failures in the early 1930s.But in 1993 the startling answer is that a shutdown by banks might be far from disastrous.
Consider this:though the economic recovery is now 27 months old,not a single net new dollar has been lent to business by banks in all that time.Last week the Federal Reserve reported that the amount of loans the nation’s largest banks have made to businesses fell an additional $2.4 billion in the week ending June 9,to $2,748 billion.Fearful that the scarcity of bank credit might undermine the fragile economy,the White House and federal agencies are working feverishly to encourage banks to open their lending windows.In the past two weeks,government regulators have introduced steps to make it easier for banks to lend.For instance,less paperwork will be needed to process loans,and formal appraisals are no longer required for every real estate loan.
Is the government’s concern fully justified? Who really needs banks these days? Hardly anyone,it turns out.While banks once dominated business lending,today nearly 80％ of all such loans come from nonbank lenders like life insurers,brokerage firms and finance companies.Banks used to be the only source of money in town.Now businesses and individuals can write checks on their insurance companies,get a loan from a pension fund,and deposit paychecks in a money-market account with a brokerage firm.“It is possible for banks to die and still have a booming economy,”says Edward Furash,a Washington bank consultant.
The irony is that the accelerating slide into irrelevance comes just as the banks reaped record profits of $43 billion over the past 15 months,creating the impression that the industry is staging a comeback.But that income was not the result of smart lending decisions.Instead of earning money by financing America’s recovery,the banks mainly invested their funds—on which they were paying a bargain-basement 2％ or so—in risk-free Treasury bonds that hit 7％.That left bank officers with little to do except put their feet on their desks and watch the interest roll in.
Those profits may have come at a price.Not only did bankers lose many loyal customers by withholding credit,they also accidentally opened the door to a herd of nonbank competitors,who swarmed into the lending market.“The banking industry didn’t see this threat,”says Furash.“They are being fat,dumb and happy.They didn’t realize that banking is essential to a modern economy,but banks are not.”
The soft economy has often been used by banks as an excuse for the slowdown in extending credit.Yet evidence abounds that banks are still gun-shy about lending to business.And no wonder.More than $125 billion in failed loans to real estate buyers,developing countries,farmers and the energy industry have had to be written off in the past five years.
The invasion of other financial companies eager to make loans has caused deep damage to the banking industry.“The banks are clearly losing the franchise of lending to business,”says David Wyss,senior financial economist for DRI/McGraw-Hill,a large economic consulting firm.“That should be scaring them because this is where their real profits are.”
Though banks lost most of their blue-chip corporate clients years ago to Wall Street’s capital markets,they still retained another profitable part of banking:the small and mid-size business borrower.But that has changed in the past few years.The spread of computer technology and sophisticated new loan strategies reduced both the risk and cost of lending to small business owners.Soon financial giants such as Merrill Lynch and John Han-cock,as well as smaller finance companies like Access Capital,went after the banks’ last domain of business borrowers.
The new competitors have succeeded in part because banks have alienated so many of their traditional customers.“My experience with banks has been horrible,”says Barry Weinstein,president of Fulton Computer Products in Rockville Centre,New York.“Even if you bank with someone for 25 years,that still doesn’t amount to a hill of beans.”Sales at Weinstein’s company jumped from $900,000 in 1988 to $18.5 million last year.Yet when Weinstein applied for a loan with 12 banks over a period of 24 months,all turned him down,even though he was never late in repaying his previous debts.He eventually borrowed $1 million from Access Capital,a fast-growing finance company based in New York.
Joseph Ricci,who runs a private school in Maine for children with behavioral problems,spent more than two years trying to borrow $700,000 from as many as five banks.But even with $17 million in assets and an unnerved credit history,Ricci walked away empty-handed.“We demonstrated to all of them how we could carry the loan.But the banks were just not lending money to business,”he says.Ricci went to a finance company and within six weeks got a loan.
That’s the way the credit crunch has brought rapid growth to many nonbank lenders.“There is plenty of demand for financing from small companies,”says Access Capital president Miles Stuchin.“It’s just that the banks are turning them down.”Stuchin set up a finance company in 1986 that Inc.Magazine last year placed in the top 20％ of the 500 fastest-growing companies in the U.S..
Perhaps the greatest threat to commercial banks has come from life insurers and pension funds.The two have combined assets of $4.5 trillion,exceeding that of the entire banking industry.They are the largest source of financing for U.S.industry.While bank lending was dropping during the past two years,loans by life insurers jumped $50 billion.
One such loan went to IDB Communications Group,a telecommunications service company based in Culver City,California,whose $78 million line of credit was canceled by a group of banks.“I spent every waking hour for half a year on this issue,”says IDB’s chief financial officer,Ed Cheramy.“It was the worst experience of my life.”
Coming to the rescue with a $20 million loan was Teachers Insurance and Annuity Association,the nation’s third largest insurance company.In the past year,TIAA has lent a record $3.5 billion to business.Some $225 billion in loans to business are now held by the life-insurance industry,up 11％ from two years ago.
Wall Street firms have also cherry-picked some of the banks’ best business.Merrill Lynch,for example,has been targeting smaller companies since the mid-1980s.Last year its business financial-services division had about 3,000 clients and $800 million in loan commitments.
With their loan portfolios under fire,banks are in danger of losing their depositors as well.Americans have withdrawn more than $500 billion from low-yielding bank accounts over the past three years in favor of higher-paying investments like mutual funds.Even the Federal Deposit Insurance Corporation’s $100,000 guarantee is no longer exclusively available to banks and S＆Ls.Brokerage firms like Prudential Securities now offer“ insured income accounts”with checking privileges and government insurance.
A few banks are vigorously working to recapture their share of business lending.This spring Chemical Bank,the nation’s third largest,kicked off the biggest marketing blitz in its history to attract small and medium-size business borrowers.An army of 1,800 lending officers,including bank president Walter Shipley and chairman John McGillicuddy,went knocking door to door at 5,000 companies across five states.“Am I concerned about Wall Street firms and investment bankers coming into the market? Absolutely,”says Frank Lourenso,who heads Chemical’s midmarket lending division.“They are real players,and I take them very seriously.But we’re going to be very aggressive in looking for new business.”
That drive was underscored last month when the Federal Reserve gave Chemical the green light to sell and underwrite corporate bonds.Normally banks are barred from such investment-banking activity under the Glass-Steagall Act of 1933.But the Fed cited a loophole,and its decision allows certain banks to take on Wall Street directly in wooing business borrowers.
Unshackling the banking sector entirely from such Depression-era regulatory chains may be the only way to reverse the 20-year structural decline of the banks.But that is something the Congress has steadfastly refused to do.Nor do such comprehensive reforms appear on President Clinton’s agenda.Yet until such changes are made,banks,once a fixture on the U.S.financial landscape,will continue their slow fade.
21.Last year,China faced a complex and volatile political and economic environment abroad and arduous and challenging reform and development tasks at home.Working hard with one heart and one mind under the leadership of the Communist Party of China (CPC),the Chinese people of all ethnic groups made significant achievements in reform,opening up,and socialist modernization.China’s GDP reached 47.2 trillion yuan,an increase of 9.2％ over the previous year;government revenue was 10.37 trillion yuan,an increase of 24.8％;and the country’s grain output reached a record high of 571.21 million tons.A total of 12.21 million new urban jobs were created.The per capita disposable income of urban residents and the per capita net income of rural residents rose in real terms by 8.4％ and 11.4％,respectively.We consolidated and built upon our achievements in responding to the global financial crisis,and got the Twelfth Five-Year Plan period off to a good start.
22.We made solid progress in making education more equitable.We thoroughly implemented the Plan for Education Reform and Development.Thanks to tireless efforts over the past 25 years,we have fully attained the goals of making nine-year compulsory education universally available and basically eliminating illiteracy among young and middle-aged adults.Over 30 million rural boarding school students were exempted from accommodation expenses,and 12.28 million of them who are from poor families in the central and western regions received living allowances.A comprehensive system for providing aid to students from poor families was put in place.The children of rural migrant workers were generally granted access to compulsory education in cities where they live.A three-year action plan for preschool education was carried out,and the number of children enrolled in preschool increased.We vigorously developed vocational education.We strengthened training of primary and secondary school teachers,expanded trials of reforming the system of conferring professional titles on them,and raised their overall quality.All the graduates of 2011 who received tuition-free education in teachers’ colleges and universities went to teach in primary and secondary schools,with over 90％ of them working in central and western China.
23.The reform of the political structure is an important part of China’s overall reform.We must continue to make both active and prudent efforts to carry out the reform of the political structure,and make people’s democracy more extensive,fuller in scope and sounder in practice.We must ensure the unity of the leadership of the Party,the position of the people as masters of the country and law-based governance.To guarantee the fundamental position of the people as masters of the country and to reach the goal of enhancing the vitality of the Party and country and keeping the people fully motivated,we should expand socialist democracy,accelerate the building of a socialist country based on the rule of law,and promote socialist political progress.We should place greater emphasis on improving the way the Party exercises leadership and governance to ensure that it leads the people in effectively governing the country.We should attach greater importance to improving the system of democracy and diversifying the forms of democracy to ensure that the people conduct democratic elections,decision-making,administration and oversight in accordance with the law.We should give greater scope to the important role the rule of law plays in the country’s governance and in social management,uphold the unity,sanctity and authority of the country’s legal system and ensure that the people enjoy extensive rights and freedoms as prescribed by law.We should place high importance on systemic building,give full play to the strength of the socialist political system and draw on the political achievements of other societies.However,we will never copy a Western political system.
It is good to hear from you again.You inquired about our Silver-Line wood furniture on September 11,2012.I sent you a catalog at that time.I can send you a new 2013 catalog if you need?
You are not the only importer in Italy that has asked us about Silver-Line wood furniture.I have also received inquires from ABC company from Rome and DEF Co Ltd from Sicily,but they always inquired another series.I will introduce our prime series for you if you need.Would you like me to help you by making a special sample for your Italian market?
We are a professional wood furniture manufacture with 10 years experiences in China,offering over 800 various kinds of products and monthly output up to 2,000 sets.We are the best manufacturer that you can trust in China.The details for the product you inquired and a sample with catalog together will be sent when we receive your detailed address.
I look forward to see your reply!
We have opened a sales office for our civil helicopters here in Melborne.We employ 3 sales persons and a well-trained service team which makes routine checks on all aircrafts purchased from us.
We would be pleased if you would take full advantage of our services and competitive prices.We fully guarantee the quality of our products.
Owing to the large increase in the volume of our trade with this country we have decided to open a branch in Tianjin,with Ms Wyeth as manager.
The new branch will open on 1st June and from that date all orders and enquiries should be sent to Ms Wyeth at the above address,instead of to our Keelung office.
We take this opportunity to express our thanks for your cooperation in the past.We hope the new arrangements will lead to even better results.
With the demolition of our premises at the above address under a redevelopment scheme,the part of our business carried on there will be discontinued after the end of October.
On Monday,1st October,we are holding a closing-out sale.Stock on hand will be cleared regardless of cost.There will be substantial reductions in all departments and in some cases,prices will be marked down by as much as one half.
Stock to be cleared is unrivaled in both variety and quality.As the sale is likely to be well attended,we hope you make a point of visiting the store as early as possible during the opening days.
28.Our company manufactures a range of printing presses that are used successfully by companies in over 20 countries.A product specification brochure is enclosed.
We are considering expanding our products to new markets and we would appreciate your assistance.In particular,we would like to identify the best agents who are currently serving the printing industry in your region.We are looking for organizations which conduct their business in a truly professional manner.They must be fully conversant with the technical side of the printing industry and have a comprehensive understanding of all the features of the lines they represent.We would be very grateful if you could take a few moments to send us the names of three or four organizations that match our requirements.We shall then contact them to explore the possibility of establishing a mutually acceptable business relationship.
Thank you very much for your time and consideration in this matter.
29.Memories bright as a tropical bloom,fresh as a cool sea breeze,deep as the unhurried sea.This is the Sheraton Bal Harbour Resort.Time steps to a different measure here,just for the two of you.Palmbordered beaches gently kiss the water’s edge.Sunset dance,nightlife sings under a star-filled sky;moonlight drips soft silver to tuck you in.This is the Sheraton Bal Harbour Resort.Where the days hesitate to end,and the memories linger forever.