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时代经典商业英语词汇:金融与投资

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  《时代经典商业英语词汇》:TIME《时代杂志》上典雅的用词、优美的文章一向广受各界推崇,被誉为了解西方文化的宝典。其用词极为精练、简洁,如果您希望能充分享受阅读TIME的乐趣,首要的工作就是认识TIME的常用词汇。

  arbitrage

  套利

  A 10-minute call from Rome to New York City costs $ 32.30;

  从罗马打一次电话到纽约约10分钟要32.3美元,

  New York to Rome is only $8.91

  但从纽约打到罗马只要8.91美元

  Using a patented call-back-conferencing mechanism he describes as"telephone arbitrage,"Howard Jonas can make the price spread between foreign opolies and deregulated American phone companies work to your advantage.

  Howard Jonas使用称为“电话套利”的“回Call服务”,有效利用外国独占公用事业与自由化的美国电话事业之间的价差,造福用户。

  CD

  存款单

  "We're having to put money back in that business that we had invested in certificates of deposit for our children's education,

  “我们必须把投资在存款单,准备给孩子作教育费的资金抽出来放在公司。

  and we have cashed in all our life insurance policies."

  而我们也已经把寿险都换成现金了。”

  Deutsche Bundesbank

  德意志联邦银行

  t is assuming a forceful leadership role in European foreign policy even as the Bundesbank rules Europe's economic roost.

  它正在欧洲的外交事务上寻求强有力的龙头地位,即使德意志联邦银行已经统御了欧洲的经济力量。

  The day after President Clinton publicly urged it to do so,Germany's Bundesbank cut key interest rates

  在克林顿总统公开呼吁后的第二天,德国的中央银行就调降了主要利率。

  With domestic inflation running at more than 4% annually,Germany's Bundesbank sought to dampen it by raising the benchmark discount rate for banks a hefty 0.75% to 8.75%,the highest since 1931.

  因为国内的通货膨胀年增率在4%左右,德国央行大幅调升基本贴现率0.75个百分点到了8.75%以寻求抑制通膨率。

  money laundering

  洗钱

  DEA agents say the Urdinola brothers work somewhat independently from the rest of the Cali consortium,with their own trafficking and ndering organizations across the U.S.

  美国缉毒局的干员指出Urdinola兄弟的贩毒作业与卡利组织的其他部门算是分开来的,因为他们在全美布有自已的贩毒与洗钱组织。

  BCCI,earlier convicted of drug-money laundering in Florida,drew attention because it acquired First American,the largest bank in Washington.

  稍早因在假佛罗里达帮毒贩洗钱而遭判决有罪的国际信贷银行,所以能引起注意是因为它曾买下华盛顿市最大的美国第一银行。

  mortgage

  抵押权

  If you have a home mortgage,you can be involved in derivatives already without even knowing it.

  假如你有抵押房屋贷款,你可能已经涉入衍生性金融商品交易而不自知。

  These days there's a good chance yours won't be kept in one piece by the banks that lent you the money.

  在这年头,贷款给你的银行很可能会把你的抵押权拿云整得片瓦不留。

  With 30-year fixed mortgage rates now at about 7%,singlefamily housing starts have returned to the brisk pace of the mid-1980s

  目前30年固定房货抵押利息约在7%上下,自住型的新屋动工率应可回到1980年代中期的快速步调。

  mutual fund

  共同基金

  Faced with falling income from their nest eggs,

  面对他们投资组合的收入下降,

  consumers have scrambled to switch their savings from such investments as CDs and money-market accounts to riskier but higher-yielding stocks l funds.

  消费者争先恐后的把存款与货币市场的投资转换成风险较高,但获利也较高的股票与共同基金。

  For the millions of Americans who have poured a record torrent of their hard-earned cash into mutual funds,this should be the best of times.

  对数百尤将血汗钱破纪录地投入共同基金市场的美国人来说,现在应该是最风光的日子。

  venture capital

  风险资本

  Micro Computer invented a digital computer that controlled machine tools,

  Micro Computer公司发明了解一部可控制工具机的数位电脑,

  then fell apart in 1971 after a dispute between Hyatt and his venture-capital partners over sharing his rights to that invention.

  |||

  但公司在1971年解散了,因为提供Hyatt风险资本基金的合伙人,欲分享他在该发明所拥有的权利,而大家闹翻了。

  Are Banks Obsolete?

  银行过时了吗?

  1.What would happen to the U.S. economy if all its commercial banks suddenly closed their doors?

  假如美国所有的商业银行突然一起关门,对美国经济造成什么影响?

  Throughout most of American history,the answer would have been

  放眼美国大部分的历史,这个答案将是:

  a disaster of epic proportions,akin to the Depression wrought by the chain-reaction bank failures in the early 1930s.

  超大规模的金融灾难,就有如1930年代早期,银行像骨牌效应般连锁倒闭所造成的“大萧条”。

  But in 1993 the startling answer is that a shutdown by banks might be far from cataclysmic.

  但是时至1993年,令人吃惊的答案是:银行倒闭可能无关痛痒。

  2.Consider this:though the economic recovery is now 27 months old,

  想想这件事实:经济复苏已经持续27个月,

  not a single net new dollar has been lent to business by banks in all that time.

  但在此期间银行对企业新增贷款的净额是零。

  Last week the Federal Reserve reported

  上周联邦储备委员会报道,

  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 $274.8 billion.

  全国大银行对企业贷款在6月9日的前一个星期之内又减少了24亿美元成为2748亿美元。

  Fearful that the scarcity of bank credit might sabotage the fragile economy,

  在害怕银行信用不足对脆弱的经济造成破坏的情况下,

  the White House and federal agencies are working feverishly

  白宫与联邦机构极力促成

  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.

  银行开启它们的贷款窗口。过去两周来,政府当局引用一些新措施,让银行更容易贷款。

  For instance,less paperwork will be needed to process loans,

  例如简化贷款的纸上作业,

  and formal appraisals are no longer required for every real estate loan.

  而且所有房地产贷款不再需要正式的估价程序。

  3.Is the government's concern fully justified?

  政府的担心有道理吗?

  Who really needs banks these days?

  现在谁要靠银行?

  Hardly anyone,it turns out.

  几乎没有。

  While banks once dominated business lending,today nearly 80% of all such loans come from nonbank lenders

  银行曾经独霸企业贷款,但是现在80%的企业贷款都由非银行机构接管。

  like life insurers,brokerage firms and finance companies.

  例如寿险公司、经纪行及融资公司。

  Banks used to be the only source of money in town.

  银行曾是唯一的现款来源,

  Now businesses and individuals can write checks on their insurance companies,

  但现在企业与个人可以其保险公司名义开立支票,

  get a loan from a pension fund,and deposit paychecks in a money-market account with a brokerage firm.

  向退休基金贷款,并把薪水支票存在经纪行的货币市场账户里。

  "It is possbile for banks to die and still have a vibrant economy,"says Edward Furash,a Washington bank consultant.

  华盛顿的银行顾问Edward Furashr指出:“即使银行死光光,我们还是可能拥有蓬勃的经济。”

  4.The irony is that the acclerating slide into irrelevance comes just as the banks racked up record profits of $43 billion over the past 15 months,creating the impression that the industry is staging a comeback.

  具有讽刺意义的是,正在银行加速落入败部的当儿,它们却在过去15个月以来累积了创纪录的430亿美元利润,制造出银行业卷土重来的印象。

  But that income was not the result of smart lending decisions.

  但这些收入并非来自明智的贷款决策。

  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 yielded 7%.

  银行没有因贷款给经济复苏的美国而获利,却将它们的基金投资在无风险且提供7%高利率的政府债券。而这些基金却只提供贡献存款存户2%的微薄利息。

  |||

  That left bank officers with little to do except put their feet on their desks and watch the interest roll in.

  这种投资策略让银行职员无事可做,只须把脚跷在桌上等待利息滚滚涌入。

  5.Those profits may have come at a price.

  这些利润可能是有代价的。

  Not only did bankers lose many loyal customers by withholding credit,

  银行不只因为紧缩信用而失去许多忠实顾客,

  they also inadvertently opened the door to a herd of nonbank competitors,who stampeded into the lending market.

  而且不经意地敞开大门,让一大批非银行机构蜂拥进入贷款市场。

  "The banking industry didn't see this threat,"says Furash.

  Furash说:“银行业还没意识到威胁。

  "They are being fat,dumb and happy.They didn't realize that banking is essential to a modern economy,but banks are not."

  它们痴肥又沾沾自喜,而且并不了解:现代经济的确需要贷款业,但并不一定需要银行。”

  6.The soft economy has often been used by banks as an excuse for the slowdown in extending credit.

  银行常以孱弱的经济为贷款下降的理由。

  Yet evidence abounds that banks are still gun-shy about lending to business.

  但是诸多证据显示银行对企业贷款仍是小心翼翼。

  And no wonder.

  这并不奇怪。

  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.

  过去5年,银行必须想办法冲销1250亿美元的呆账,这些呆账来自对不动产购买者、发展中国家、农民与能源工业的贷款。

  7.The invasion of other financial companies eager to make loans has caused deep damage to the banking industry.

  热衷贷款的其他金融机构大举入侵,对银行造成深切的伤害。

  "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.

  戴维•威斯是大型经济顾问社DRI/McGraw-Hill的资深金融学家。他指出:“银行明显地失去企业贷款的特权。

  "That should be scaring them because this is where their real profits are."

  它们应该感到恐惧,因为这才是它们真正的利润所在。”

  8.Though banks lost most of their blue-chip corporate clients years ago to Wall Street's capital markets,

  虽然银行在多年以前就将大型绩优公司拱手让给华尔街的资金市场,

  they still retained another profitable part of banking:the small and mid-size business borrower.

  但是它们仍旧保留住另一块沃土:中小企业。

  But that has changed in the past few years.

  这种情况在过去数年亦起变化。

  The spread of computer technology and sophisticated new loan strategies slashed both the risk and cost of lending to small business owners.

  电脑科技的普及与先进的新贷款策略大幅降低对中小企业贷款的风险与成本。

  Soon financial giants such as Merrill Lynch and John Hancock,as well as smaller finance companies like Access Capital,

  很快的,金融巨人如默林•林奇与约翰•汉考克与小型融资公司

  went after the banks' last domain of business borrowers.

  如Access Capital,都来抢夺银行最后的一群企业顾客。

  9.The new competitors have succeeded in part because banks have alienated so many of their traditional customers.

  新的竞争者能成功,部分是因为银行疏远了它们传统的顾客。

  "My experience with banks has been horrible,"

  “我与银行来往的经验非常可怕,”

  says Barry Weinstein,president of Fulton Computer Products in Rockville Centre,New York.

  Barry Weinstein是位于纽约州Rockville Centre的Fulton电脑公司的总经理,他说:

  "Even if you bank with someone for 25 years,that still doesn't amount to a hill of beans."

  “即使你跟银行来往个25年,你们的交情还不如一个屁。”

  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,

  Weinstein的公司营业额自1988年的90万美元跳升到去年的1850万美元,但他花了24个月向12家银行申请贷款。

  |||

  all turned him down,even though he was never late in repaying his previous debts.

  虽然他从来没有拖欠债款的纪录,但是所有的银行都拒绝借我。

  He eventually borrowed $1 million from Access Capital,a fast-growing finance company based in New York.

  他最后向纽约的Access Capital,一家快速成长的融资公司,借了100万美元。

  10.Joseph Ricci,who runs a private school in Maine for children with behavioral problems,

  Joseph Ricci在缅因州开一所教导行为偏差儿童的私立学校,

  spent more than two years trying to borrow $700,000 from as many as five banks.

  他花了超过两年的时间,向五家银行申贷一笔70万元的款子。

  But even with $17 million in assets and an unblemished credit history,Ricci walked away empty-handed.

  即使他有1700万美元的资产以及毫无瑕疵的信用纪录,Ricci仍然两手空空走出银行。

  "We demonstrated to all of them how we could carry the loan.But the banks were just not lending money to business,"he says.

  他说:“我们跟所有银行说烂了嘴证明我们有能力背负这笔贷款,但是它们就是不贷款给企业。”

  Ricci went to a finance company and within six weeks got a loan.

  Ricci转而找寻融资公司,六周内就借到了钱。

  11.That's the way the credit crunch has brought rapid growth to many nonbank lenders.

  这就是紧缩信用社让非银行机构大发利市的现象。

  "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."

  Access Capital公司总经理Miles Stuchin说:“小企业对贷款的需求很高,只是银行却让它们失望了。”

  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.

  Stuchin在1986年设立Access Capital,在去年被《Inc.杂志》列在美国500家成长最快企业的前20%区间之中。

  12.Perhaps the greatest threat to commercial banks has come from life insurers and pension funds.

  商业银行的最大威胁也许是来自寿险公司与退休基金。

  The two have combined assets of $4.5 trillion,exceeding that of the entire banking industry.

  这两种产业结合起来的资产有4.5兆美元,比整个银行业都大。

  They are the largest source of financing for U.S.industry.

  它们是美国产业界最大的金主。

  While bank lending was dropping during the past two years,loans by life insurers jumped $50 billion.

  过去两年银行贷款下跌,而寿险公司的贷款却跳升了500亿美元。

  13.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.

  其中一笔贷款是调进位在加州City的IDB通讯集团,因为银行取消了其7800万美元信用额度。

  "I spent every waking hour for half a year on this issue,"says IDB's chief financial officer,Ed Cheramy.

  IDB的财务总经理Ed Cheramy说:“半年来我无时无刻不在想法子摆平这件事,

  "It was the worst experience of my life."

  此乃我一生中最恐怖的经验。”

  14.Coming to the rescue with a $20 million loan was Teachers Insurance and Annuity Association,the nation's third largest insurance company.

  带着2000万美元来救命的是美国第三大保险公司Teachers Insurance and Annuity Association。

  In the past year,TIAA has lent a record $3.5 billion to business.

  去年TIAA贷出空前的35亿美元。

  Some $225 billion in loans to business are now held by the life-insurance industry,up 11% from two years ago.

  目前寿险业的对企业贷款达2250亿美元,比两年前增长11%。

  15.Wall Street firms have also cherry-picked some of the banks' best business.

  华尔街经纪行也挑了几样银行最赚钱的营业项目来经营。

  Merrill Lynch,for example,has been targeting smaller companies since the mid-1980s.

  例如Merrill Lynch公司自1980年代中期起便将目标对准小企业。

  Last year its business financial-services division had about 3,000 clients and $800 million in loan commitments.

  |||

  去年它的企业金融服务部门拥有约3000家顾客,并承诺借出8亿美元。

  16.With their loan portfolios under five,banks are in danger of losing their depositors as well.

  不只贷款业务遭到夹攻,银行还有存款流失的危机。

  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.

  过去三年,美国人自低收益的银行户头提出超过5000亿的现款,投入较高收益的投资如共同基金。

  Even the Federal Deposit Insurance Corporation's $100,000 guarantee is no longer exclusively available to banks and S&Ls.

  连联邦存款保险公司的每人10万元存款保险也不再限于仅给与银行和信用合作社。

  Brokerage firms like Prudential Securities now offer "insured income accounts" with checking privileges and government insurance.

  像Prudential Securities这样的经纪行所提供的“保障收入账户”都有核对优先权与政府保险。

  17.A few banks are vigorously working to recapture their share of business lending.

  几家银行已经大张旗鼓地要夺回企业贷款市场。

  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.

  今年春天美国第三大的Chemical银行以该行空前的大手笔展开一项促销攻势,企图吸引中小企业上门。

  An army of 1,800 lending officers,including bank president Walter Shipley and chairman John McGillicuddy,

  1800名贷款人员,包括总经理Walter Shipley与董事长John McGillicuddy,

  went knocking door to door at 5,000 companies across five states.

  在五个州逐一拜访5000家企业。

  "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.

  Chemical的中级市场贷款部主管Frank Lourenso说:“我担心华尔街企业和投资银行来抢市场吗?当然!

  "They are real players,and I take them very seriously.But we're going to be very aggressive in looking for new business"

  它们是真正的玩家,而我很严肃地看待它们。但是我们将非常主动地争取新的企业主顾。”

  18.That drive was underscored last month when the Federal Reserve gave 确度 the green light to sell and underwrite corporate bonds.

  这样的雄心在上个月得到政府的肯定。联邦储备委员会批准Chemical银行销售及承销公司债券。

  Normally banks are barred from such investment-banking activity under the Glass-Steagall Act of 1933.

  通常,根据1933年的Glass-Steagall法案,商业银行是不准从事此类投资银行业务的。

  But the Fed cited a loophole,

  但是联邦储备理事会引用该法案的漏洞,

  and its decision allows certain banks to take on Wall Street directly in wooing business borrowers.

  而它的决定让某些银行可以直接向华尔街挑战,来争取企业主顾。

  19.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.

  让银行自此种大萧条时期订下的枷锁中完全解放出来,也许是让银行业20年来结构性衰退起死回生的唯一方法。

  But that is something the Congress has steadfastly refused to do.

  但是国会一直坚决反对这样作。

  Nor do such comprehensive reforms appear on President Clinton's agenda.

  这样广泛的改革也未出现在克林顿总统的议事日程中。

  Yet until such changes are made,banks,once a fixture on the U.S.financial landscape,will continue their slow fade.

  但是如果不作这些改革,一度在美国金融地图上最显眼的银行业,恐将持续地失去可见度。


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