Unit 3,World News: Economic Developments,Part I Warming up A. News Item 1: Central Bank Meeting Central Bank: A nations principal monetary authority, such as the Federal Reserve Bank, which regulates the money supply and credit, issues currency, and manages the rate of exchange. governor: chief executive (of Central Bank),slowdown: 减速 a business slowdown outlook: the prospect for the future global economy: recovery: an economic upturn (as after a depression) emerging economies: refers to the countries whose economies are developing fast,Listen to the news and answer the question: Who have been meeting in Hong Kong today to discuss the outlook for the global economy? Central Bank governors from more than a dozen countries.,Central Bank governors from more than a dozen countries have been meeting in Hong Kong today. One subject they likely discussed is the outlook for the global economy because of the U.S. slowdown and Japans struggling recovery. Another topic, how to strengthen financial markets in emerging economies in Asia and elsewhere.,Item 2. Foreign Investment UN Conference on Trade and Development (UNCTAD):was established in 1964 as a permanent intergovernmental body, UNCTAD is the principal organ of the UN General Assembly dealing with trade, investment and development issues.,What does UNCTAD say about the worldwide total of foreign investment? It grew by 40% last year to more than 600 billion dollars.,A United Nations report says the worldwide total of foreign investment grew by nearly 40% last year to more than 600 billion dollars. The report by the UN Conference on Trade and Development, UNCTAD says most of it took place between developed countries as big companies took one another over.,Item 3: A Cut in Income Tax Rates. House of Representatives: The lower house of the United States Congress. With 435 popularly elected officials, the House is the most representative body in the federal government. House seats are apportioned relative to each states population.,approve :to give formal or official sanction to : ratify批准;认可 Congress approved the proposed budget. cut: to reduce in amount ; reduction cut costs trillion: 万亿,兆,一千的四次幂,Who has approved a cut in income tax rates? The United States House of Representatives.,The United States House of Representatives has approved a cut in income tax rates, the first part of a package of tax cutting measures put forward by President Bush. The income tax reductions will amount to nearly 1 trillion dollars over ten years.,Item 4 Job Cuts in Intel computer chip: 电脑集成电路片 Intel 【电脑】(美国)英特尔公司(全球知名的半导体生产厂商) revenue: the gross income returned by an investment 收入,收益,Who has announced job cuts after a fall in demand for its products?What is its plan?,Intel,To Reduce 5,000,The worlds largest maker of computer chips, Intel, has announced job cuts after a fall in demand for its products. Intel said it expected its revenue in the first quarter of this year to fall by a quarter on the same period last year. The California-based company plans to reduce its 85,000-strong work force by 5,000.,Item 5 Restrictions on the Movement of Live-Stock The EU: the European Union impose: to establish or apply by authority ban: legal or formal prohibition 禁止;禁令,live-stock: animals kept or raised for use or pleasure; especially : farm animals kept for use and profit (总称)家畜 foot-and-mouth disease: 牛羊等的口蹄疫,What decisions have been made by EU, the U.S. and Canada after a case of foot-and-mouth disease was confirmed in France? EU has imposed further restrictions on the movement of live-stock. The U.S. and Canada have,issued temporary bans on the import of animal produce from EU,The European Union has imposed further restrictions on the movement of live-stock after a case of foot-and-mouth disease was confirmed in France. The United States and Canada have issued temporary bans on the import of all animal produce from EU countries.,B. News on Economy Focus: Numbers and Percentages Item 1. Exchange Rates and Stock Exchange German mark: 德国马克 Japanese yen 日元 The Dow Share Index: 道琼斯股票指数 The Nikkei Share Index: 日经指数,Foreign exchange rates: 1 dollar= German marks= Japanese yen 1 pound= dollars Share Index: Dow Jones (+45) Londons 100 (+20) Nikkei closed,1.733,126.9,1.624,6,783,4,390,Item 2 Stock Exchange The Dow Jones Industrial Average: 道琼斯工业股票平均指数 the Standard and Poors 500 Index: An index of stock prices issued by Standard and Poor, indicating price movements of the shares of five hundred major companies traded on the New York Stock Exchange.,NASDAQ: National Association of Securities Dealers Automated Quotation 那斯达克(美国全国证券交易商协会自动行情指数),Share Index: Dow Jones (+96) Standard and Poors 500 (+6) NASDAQ: (-1.5),10,116,