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I. Speaking
Answer the following questions:
a) What do you know about sealing a business?
b) Are you acquainted with any profitable partnerships signed
in Romania?
II. Scan the article below and answer the questions:
1. What is the objective of the partnership sealed between the
Romanian and the Chinese business people?
2. What will be the contribution of each of the two parties?
3. How much is the construction of the new complex worth?
New business sealed in China
The Romanian business people that visited China have
concluded1 a series of partnerships with their Chinese
counterparts and signed a few export contracts. Pharmaser
Piteti will therefore build a drugmaking complex2 worth $10
million, while the Chinese party will contribute the
production licence3. The Chinese business people will also

to conclude to bring something to an end

a complex a group of similar buildings or facilities on the same site
production licence a formal or official permission to produce something

invest in two production lines4, one of which will be built in

co-operation with Technoton Iai and make radios and TVsets, while the other will be built in co-operation with Confex
and make apparel5.
Kvaerner IMGB sealed four exports contracts6 in excess of 7
$3 million together and Antibiotice Iai is to export products
worth more than $1 million. Alexandrion Group Romania in its
turn opened a representative office in Beijing.
(Ziarul Financiar, no.1312, February 19, 2004)

III. Find synonyms to replace the words in italics. Other

changes may be necessary as well.
1. Our business counterparts were pleased to conclude a
number of partnerships with us.
2. The facility will be built in co-operation with a foreign
investor and will produce household appliances.
3. Although our company is quite profitable, we still need
more shareholders to invest in our project.
4. More than two million dollars have been invested in our
5. Eventually, after months of negotiations, the two parties
signed the contract.

production line a range of production equipment

apparel clothes collectively
to seal a contract to conclude, excluding the possibility of reversal or
in excess of more than

IV. Fill in the blanks with one suitable word or phrase from the
box below:
production line
production licence

to contribute

1. Although neither of the two companies had both the

finance and the technology, they still reached a deal: one
will __________ the money, the other will bring the
2. The Romanian businessman and his Italian _________
signed a contract in footwear production.
3. The French are known to be exigent _________ buyers.
4. It has been decided that the company should purchase a
new _________.
5. It is impossible to start production without a _________
from our partners abroad.
6. This _________ has been built as a result of a great
demand of our products on the market.
V. Now read the text carefully and turn it into Romanian.
VI. Explain the use and the omission of articles in the
following contexts:

The Romanian business people that visited China

[] they signed a few export contracts
They will build a drugmaking complex.
[] the Chinese party will contribute the production
e) [] it will make apparel.

f) [] they opened a representative office in Beijing.

VII. Turn the following sentences into English:
1. Oamenilor de afaceri nu le plac ambiguitile i
2. Oamenilor de afaceri care ne-au vizitat compania le-a fcut
plcere s ncheie un contract cu noi.
3. Contractul include ntre altele achiziionarea ctorva linii
de producie fabricate in Germania.
4. n ciuda intereselor noastre comune, nca nu am reuit s
semnm un contract.
5. Contractul este un document oficial scris care se poate
referi i la angajare.
6. Angajatorul este o persoan sau organizaie care face
angajri iar angajatul presteaz o munc n schimbul unui
7. Veniturile anuale ale companiei productoare de
medicamente depesc cu mult investiiile oamenilor de
8. Publicitatea poate avea drept efect creterea vnzrilor i a
9. Contractul ncheiat cu productorul de aparate
electrocasnice este mult mai profitabil dect cel semnat cu
productorul de mbrcminte.
10. Nu ne intereseaz n mod special linia de producie. Ceea
ce ne intereseaz este licena de producie.

VIII. Five useful idioms in business English

Turn into English using the idioms in the box:

to be in the picture
to have an open mind
to account for
on the surface
to throw light on
1. Creterea preurilor la aceste produse poate fi explicat
prin scderea continu a rezervelor de petrol.
2. Eu zic s mai recapitulm o data toate problemele s fim
siguri ca avei o imagine clar asupra situaiei.
3. Este foarte important pentru un om de afaceri s fie
receptiv la idei noi.
4. Directorul executiv a fost foarte amabil s ne lmureasc o
problem legat de contract.
5. La prima vedere contractul poate prea profitabil. Citete
cu atenie toate clauzele.
IX. Follow-up
Turn into English:
Compania Meckel Trading din Elveia, acionar majoritar la
compania productoare de oel COS din Trgovite, va furniza
uzinei romneti materii prime n valoare de 10 milioane dolari
i va achiziiona produse COS n valoare de 15 milioane dolari.
Cele dou contracte semnate la nceputul acestei luni se vor
derula pna la sfritul acestui an.
Conform unei alte nelegeri cu Meckel Trading, COS va livra
pna la sfritul anului n curs produse n valoare de peste 5.5
milioane dolari.

I. Speaking
Answer the following questions:
a) What are the means of increasing production capacity in a
b) Can companies afford loans? Give arguments.
II. Scan the article below and answer the following questions:
1. What will be the result of the six million-dollar
2. Were the companys revenues in 2003 higher than in 2002?
3. What is the general managers opinion on the companys
results in 2003?

Argus plans output boost

Constanta-based vegetable oil producer Argus will increase1
its production capacity this year, as it plans to invest up to six
million USD. According to the Mediafax data, the companys

to increase to grow

daily output2 is to increase to 250 tonnes from 150 tonnes at

present. The investment3 will involve the acquisition of
equipment from a Belgian firm and construction works will be
over by the end of the first half of 2004. The companys
revenues4 in 2003 were of 1,500 billion lei (some 36.5 million
Euro) compared to 1,522 billion lei in 2002. Its profit also
declined5 to 180 billion lei from 280 billion lei a year before.
Vasile Leu, the general manager of Argus, considered the
results as positive, and argued that the decline had been
triggered6 by strong competition and high raw material prices.
Argus has a share capital7 of 469.9 billion lei divided into
shares with a 150,000 face value8.
(Bucharest Business Week, vol.8, no.5, February 16-22, 2004)
III. Find synonyms to replace the words in italics. Other
changes many be necessary as well:
1. I am pleased to inform you that our debts have been fully
covered and our revenues have doubled.
2. Eventually it turned out that the acquisition was a must.
3. The general manager pointed out that sales had declined
drastically and that the company was practically bankrupt.

output the amount of something produced by a person, machine or

investment the action or process of investing money for profit or
material result
revenues - income
to decline to become smaller, fewer or less;
to trigger to cause to happen or exist
share capital the part of the capital of a company that comes from the
issue of shares
face value the real value of one share

4. Profits are expected to increase significantly as a result of

the investments made earlier this year.
5. Strong competition and high operating costs have triggered
poor sales.
IV. Fill in the blanks with a suitable word or phrase from the
box below:
share capital
to purchase


1. When we signed that contract we didnt realize that our

_________ would double.
2. The company has decided to _________ new equipment to
keep up with the demand on the market.
3. The company has decided to issue a number of _________
in order to increase its _________.
4. I guarantee that our annual _________ will boost after we
have purchased the new equipment.
5. Their ________ in the project turned out to be very
profitable after all.
V. Read the following examples and answer the questions:
1. According to the data - Can you turn this noun into the
2. it has a share capital divide into shares Can you
turn this noun into the plural?
3. the acquisition of equipment from a Belgian firm and
construction works will be over suppose you were a
teacher. What word would you underline and why?

VI. Now read the fragment carefully and turn it into Romanian.
VII. Turn the sentences below into English:
1. mi pare nespus de ru c te deranjez dar am mare nevoie
de aceast informaie.
2. Veniturile companiei noastre sunt mai sczute dect cele de
anul trecut.
3. Informaiile au ajuns la urechile directorului executiv care
a convocat imediat o edin.
4. Membrii consiliului de administraie l ateapt pe
preedinte de mai bine de o or dar acesta nu a ajuns nc
n sala de edine.
5. Consiliul de administraie a respins propunerea directorului
de a mai angaja nca zece persoane.
6. V invitm s ne vizitai la sediul companiei noastre care
este situat n centrul oraului.
7. Aceast fabric a fost construit pe locul unde a fost odat
un parc.
8. Dac datele tale nu corespund cu ale noastre, nu vom putea
ajunge la un consens.
9. Cine ar fi crezut ca judectorul va cere s i se plteasc
10. Aceste fenomene ale naturii ne vor influena transmisiile
iar clienii vor fi foarte nemulumii.
VIII. Five useful idioms in business English:
Turn the following sentences into English using the idioms in
the box:

to take the consequences

to get ones priorities right
to split hairs to settle ones differences at cross purposes
1. Dac a promis salarii mai mari angajailor, atunci el s
suporte consecinele.
2. Ar fi o pierdere de timp s vedem cine a dat publicitii
aceste date. n loc s despicm firul n patru mai bine am
vedea ce e de fcut.
3. Dup ce au discutat o vreme n contradictoriu, n cele din
urm au ajuns la un consens.
4. E timpul s ne stabilim prioritile o dat i pentru
5. Va trebui s ne rezolvm divergenele ntr-un fel sau altul
dac vrem s fim parteneri de afaceri.
IX. Follow-up
Turn the following article into English:
Hotelul de cinci stele din cadrul complexului Metropola
Center, care este construit pe locul fostei Case Radio din
Bucureti, va fi afiliat la lanul international Hyatt.
Vom semna contractul cu lanul Hyatt n maxim o lun. n
momentul de fa mai sunt o serie de detalii tehnice care nc
se mai negociaz, a declarat Coskun Erginer, director general
al companiei, care pune la punct acest proiect. Conform datelor
furnizate de acesta, lucrrile vor ncepe cel mai trziu n luna
mai iar complexul va fi inaugurat n 2007 i va avea
aproximativ 4500 de angajai.
(Adapted, Ziarul Financiar, February 26, 2004)


I. Speaking
Answer the following questions:
a) Which is better: a large firm or a small one? Give
b) Why is it that so many industries are dominated by a few
large firms?
II. Read the following excerpt and answer these questions:
1. Is it advisable for a firm to manufacture one product?
2. Which is cheaper: developing a product and selling a large
amount of it or developing a product and selling a smaller
quantity of it?

Modern industries produce many different products that give

rise to1 a different type of advantage. To develop a new
product is costly, and it may be a matter of time before it is
replaced by some superior version of the same basic product.
[] These fixed costs of product development must be
recovered2 from sales3 of the product. The larger the firms

to give rise to to cause or induce to happen

to recover to regain possession of

sales, the less the cost that has to be recovered from each sold
unit4. [] With the enormous development costs5 of some of
todays high-tech products, firms that can sell a large volume
have a distinctive advantage over firms that sell a smaller
volume. It is costly to enter a market, to establish a sales
force6, and to make consumers aware of the product. These
costs are nearly as high when a small volume is marketed 7as
when a large volume is marketed. Thus, the smaller the volume
of a firms sales, the higher the price must be if the firm is to
cover8 all of these costs.
(Chrystal, K.A., Lipsey, R.G. Economics for business and
Management, OUP, New York, 1997, p.249)

III. Identify the suitable items in the text, which may replace
the words in italics:
1. It is easier to recuperate the development costs if the sales
are significant.
2. Developing a new product may be expensive if sales are
not sufficient.
3. The profit increases with each sold item.
4. When a new product has been developed, it is advertised in
order to make the public aware of its existence.

sales a quantity or amount sold

unit an item manufactured
development costs costs for the development of a product
sales force a group of people brought together and organized in order to
sell a product
to market to offer for sale
to cover to be enough to pay


5. Although some companies choose to get involved in

sponsorships in order not to pay high taxes, the existence
of a profit may trigger other financial advantages.
6. After a new product has been developed, it is offered for
sale in one of the companys shops.
IV. Fill in the blanks with one of the words or phrases from the
box below. Some changes may be necessary.
advantage to be marketed industries
sales force
development costs
1. As strange as it may seem, many modern _________
choose to produce more than one product so as to get a
large profit.
2. Although it is quite expensive, large companies establish
their own _________ in order to make the public aware of
their products.
3. A new product developed by our company _________ by
the end of this month.
4. The marketing of more than just one product may bring
about a series of ________.
5. _________ are usually recovered from the profit obtained
by a company from the sales of the product.
V. Now read the article carefully and turn it into Romanian
VI. Read the following excerpts and identify the degrees of
comparison of the underlined adjectives.
1. Modern industries produce many different products.

2. To develop a new product is costly

3. [] it is replaced by some superior version of the same
4. [] the enormous development costs
5. [] firms that can sell a large volume
6. These costs are nearly as high when a smaller volume is
being marketed as when a large volume is being marketed.
VII. Turn into English:
1. Cu ct vnzrile sunt mai mici, cu att cheltuielile de
producie sunt mai mari.
2. Din ce n ce mai multe companii prefer s vnd mai
multe produse astfel nct cheltuielile de producie s fie
acoperite ct mai rapid.
3. Dei calitatea produselor noastre este mai bun, ele sunt la
fel de ieftine ca cele fabricate de alte firme.
4. Lansarea pe pia a unui nou produs este un lucru dificil.
Dar nfiinarea unui serviciu de marketing este i mai
5. Cu ct numrul produselor vndute este mai mare, cu att
profitul va fi mai mare.
6. Un profit mai mare ne va aduce i alte avantaje.
7. Cu ct profitul este mai mare, cu att dai statului mai muli
8. Noua politic managerial s-a dovedit la fel de ineficient
ca i cea dinainte.
9. Directorul general s-a declarat mai mult dect mulumit de
modul n care noul produs a fost lansat pe pia.
10. Serviciile personalului specializat n marketing sunt mai
mult dect necesare n multe domenii de activitate.


VIII. Five useful idioms in business English

Turn the following sentences into English using one suitable
idiom from the box below:
to be in a dead-end job
the long and the short of it
as far as it goes what is more to take the long view
1. Cheltuielile de producie sunt extrem de ridicate. i pe
deasupra celelalte companii practic preuri mult prea
sczute ca s putem concura cu ele.
2. Cam acestea sunt opiunile noastre. Ca s nu mai lungim
vorba, producia trebuie s fie ct mai mare pentru a ne
putea acoperi cheltuielile.
3. Prerea ta mi se pare logic pn la un punct. Nu uita totui
c vnzrile au sczut anul acesta.
4. Chiar dac n prezent profitul companiei noastre se
datoreaz vnzrii vechilor produse, cred c pe termen lung
punerea la punct a unui nou produs ne va aduce multe
5. Dup doi ani n care s-a luptat din rsputeri s fie
promovat, a considerat c slujba nu-i mai oferea nici un
viitor i a demisionat.
IX. Follow-up
Turn the article below into English:
Cu ct obii un profit mai mare, cu att dai i statului mai muli
bani. Pentru companiile care cheltuiesc mult cu transportul i
cazarea angajailor sau pentru sponsorizri, existena profitului
poate aduce o serie de avantaje fiscale.


Se spune c un contabil bun este acela care te ajut perfect

legal s plteti impozite ct mai mici. Pentru multe firme,
acest lucru nseamn evidenierea unui profit ct mai mic astfel
nct statului s-i fie cedai ct mai puini bani. Odat cu
intrarea n vigoare a Codului fiscal, regula s-ar putea schimba
n cazul companiilor care, prin natura activitii, sunt nevoite
s cheltuiasc mult cu transportul i cazarea angajailor.
Acestora, precum i celor care vor s se implice n
sponsorizri, existena profitului le va permite obinerea de
deductibiliti fiscale pentru mai multe cheltuieli.
(Adapted, Capital no.7, 12 , 2004)



I. Turn into Romanian:
a) One of the largest Indian companies, Tata Group, will enter
the Romanian market through its leather articles division,
Leather SBU, this year. Its goal is to gain control of 10% of the
Romanian leather market together with the Romanian
company Oxalaga within two years. This market of raw
materials for producers of footwear, leather articles and
clothing is currently estimated at $400 million. Tata has
concluded a partnership with Oxalaga, which will bring the
Indian groups products to both the domestic and the Eastern
European markets.
Oxalaga will act as the only agent of Tata International for
marketing and sales. Oxalaga will get materials from Tata
International exclusively, that will come from India,
Bangladesh, Nepal, China and Saudi Arabia, the Indian group
officials said.
In the long run, the partnership between the two companies
targets selling finished leather on the markets other than those
in the Far East, which is part of the expansion strategy of the
leather and footwear division of the Indian company. As far as
the Romanian market is concerned, this partnership means
creating a source of much cheaper materials and semi-finished
This will boost the competitiveness of the Romanian
companies on both the domestic and the international market,
considering that most of the leather imports are now controlled
by the Italian companies, which operate very high prices,
Doru Mldin, Oxalaga chairman and owner says. He added

this partnership also included a series of investments to be

made as of next year. At the moment, he said, several options
are being considered such as building a processing facility in
(Adapted, Ziarul Financiar, February 19, 2004)

b) Romanians have spent 49 million dollars to buy tickets for

the lottery since the beginning of the year. The figures released
by the National Lottery, are huge considering that only 24
million dollars were invested last year on the Bucharest Stock
Exchange, both by Romanian and foreign investors.
Moreover, since the beginning of January, the Romanian
investors sold shares worth by five million dollars more than
the stocks they bought. Furthermore, the assets of mutual funds
went up by only 7 million dollars last year, with new deposits
accounting for most of this money.
The National Lottery turnover went up from 55 million dollars
in 2001 to 65 million in 2002, only to surge again last year
when it actually doubled to 131 million dollars. A similar trend
was posted by the gross profit, which went up from15 million
dollars in 2001 to 16 million dollars in 2002 and 42 million
dollars in 2003.
According to the law, the Romanian Lottery is a public
company of national interest and deals with the exclusive
organization and operation of various games of chance, as the
sole operator in Romania.
(Adapted, Ziarul Financiar, no1312, February 19, 2004)


c) Bucharests Sky Gate Hotel posted revenues of $2.3 million

last year and expects a 15% increase in its 2004 turnover,
according to Mediafax. The hotel is looking into expansion
opportunities, making its conference spaces more profitable
and involving its catering facilities more, said George Opri,
general manager of the hotel. Last year, three-star Sky Gate
Hotel reported an occupancy rate of 65%. The hotel is aimed
at business and sales people, tourists and people coming
through Otopeni Airport Opri added. The hotel opened in
December 2001, following an investment of 11.5 million
dollars. It has 105 rooms, a 205-seat conference center and
office space. Comtel Focus, whose main shareholder is the
Romanian American Enterprise Fund, operates the Sky Gate
Hotel. The hotels share capital has risen to 61.2 billion lei.
(Adapted, Bucharest Business Week, vol.8, February 16-22,

II. Turn into English:

1. Oamenii de afaceri chinezi au semnat un parteneriat cu
colegii lor din Romnia.
2. Contractul este o nelegere scris ntre dou pari care se
refer la drepturile i obligaiile acestora.
3. Contractul ncheiat cu investitorii strini are drept scop
creterea rapid a produciei i a veniturilor companiei.
4. Cu ct aceste fenomene sunt mai frecvente, cu att
serviciile noastre sunt mai cutate.
5. Noile echipamente au fost achiziionate la nceputul anului
cnd cheltuielile companiei erau mai sczute.


6. Veniturile companiei au sczut mult n ultima vreme

datorit refuzului partenerilor notri de a ne acorda licena
de producie.
7. Din ce n ce mai muli oameni de afaceri ncheie
parteneriate cu investitori strini.
8. Datele privind veniturile companiei l-au determinat s-i
investeasc cea mai mare parte a veniturilor proprii n
9. Veniturile unei companii cresc cu fiecare produs vndut.
De aceea majoritatea firmelor fac tot posibilul s-i extind
gama de produse.
10. nelegerea ncheiat cu cele dou companii include i
cteva investiii care vor fi fcute ncepnd de anul viitor.
11. O companie mare ca a noastr nu se poate lipsi de
serviciile personalului specializat n marketing.
12. Hotelul a fost construit pe locul fostei Case Radio.
13. Productorii de nclminte care au ncheiat contracte cu
noi sunt foarte multumii de calitatea materiilor prime.
14. Consiliul de administraie a respins propunerea
preedintelui de a achiziiona noi echipamente.
15. Cu ct cheltuielile de productie sunt mai mari cu att
numrul produselor vndute va fi mai mare pentru a le
putea acoperi.
16. Capitalul social reprezint acea parte a capitalului unei
firme care se obine din emiterea aciunilor.
17. Capitalul social al acestei companii este la fel de mare ca al
companiei noastre.
18. Personalul companiei a fost de acord ca parte din profitul
din acest an s fie reinvestit.
19. Valoarea nominal a aciunilor noastre este de 1$.
20. Se spune c femeile care conduc sunt de obicei mult mai
precaute dect brbaii.


III. Turn into English using the idioms studied in the first three
1. Eti bun s-mi explici i mie aceast clauz din contract?
2. Ca s nu mai lungim vorba, ar fi bine ca pe viitor s ne
organizm mai bine pentru a putea fi mai eficieni.
3. Dac nu-i rezolv divergenele cu colegii, m tem c va
trebui s renunm la serviciile lui.
4. n aparen profitul firmei nu a crescut n ultimele dou
luni. Totui, n aceast perioad firma a sponsorizat cteva
coli din ora.
5. Eu sunt cel care a venit cu propunerea i tot eu sunt cel
care ar trebui s suporte consecinele.
6. Studenii ar trebui testai pentru a putea fi siguri c au
neles tot ceea ce le-a fost explicat.
7. Lucreaz de mai bine de zece ore fr ntrerupere i tot nu
a reuit s termine ceea ce i-am cerut. Poate c nti de
toate ar fi bine s-i stabileasc prioritaile.
8. Compania ncearc fr succes de mai bine de dou luni s
achiziioneze o nou linie de producie. i pe deasupra nici
partenerii strini nu vor s-i acorde licena de producie.
9. Dei pe termen scurt aceast investiie nu reprezint mare
lucru, sunt sigur c pe termen lung profitul va crete n
mod substanial.
10. Dup ce au discutat n contradictoriu mai multe ore n ir
au constatat c, indiferent ce avantaje financiare le va
aduce proiectul, cel mai important lucru era c lucreaz
11. Acoperirea cheltuielilor de producie este doar nceputul.
Compania mai are de recuperat multe pierderi.
12. Lucrez n aceast fabric de aproape zece ani i simt c
acest serviciu nu-mi mai ofer nici o perspectiv.


13. Sunt bucuros s v anun c firma noastr a ncheiat cel

mai profitabil contract de zece ani ncoace. i acesta nu
este dect nceputul.
14. M simt rspunztor pentru faptul c vnzrile au sczut n
ultimul an i sunt gata s suport consecinele.
15. Eti sigur c eti la curent cu noua lege?

IV. Turn into English:

a) Compania Pharmaser din Piteti va investi 10.1 milioane $
ntr-o fabric de produse farmaceutice, construcia acesteia
urmnd s fie asigurat de grupul farmaceutic naional
Sinopharm din China, a declarat directorul general al firmei.
Am achiziionat deja un teren n localitatea Clineti, judeul
Arge. Acordul cu grupul chinez reprezint un contract a crui
recepie definitiv va avea loc n termen de 15 luni de la
intrarea sa n vigoare, a mai precizat directorul general al
firmei. Fabrica va avea aproximativ 40 de angajai iar
producia sa anual este estimat s ajung la 15 milioane
Compania Pharmaser a fost nfiinat n anul 2002 prin unirea
a patru companii care funcioneaz n prezent ca filiale ale
acesteia. Grupul nregistreaz vnzri anuale n valoare de
circa 1.2 miliarde dolari, incluznd, n afar de activitile de
producie de farmaceutice, i o divizie care organizeaz trguri
i expoziii de specialitate, una de publicitate de profil, precum
i o divizie de echipamente medicale. De asemenea, nafar de
cele apte centre de producie de pe teritoriul Chinei,
Sinopharm administreaz i peste 20 de societi mixte formate
cu companii internaionale ncepnd cu anii 80.
(Adapted, Ziarul Financiar, no.1312, February 19, 2004)

b) Compania productoare de mbrcminte Secuiana din

Trgu Secuiesc va investi anul acesta 100,000 Euro n
promovarea unei mrci proprii, n ncercarea de a avea o
prezen mai puternic pe piaa romneasc. Peste 90% din
producia companiei este destinat exportului.
n clipa de fa, Secuiana nu ocup un loc semnificativ pe
piaa romneasc, dar n viitorul apropiat vom ncerca s ne
orientm mai mult spre intern i intenionm s facem acest
lucru printr-o campanie de publicitate prin care vom promova
marca proprie Adams pentru care am alocat un buget de
peste 100,000 de euro, a declarat directorul general al
companiei. El a mai spus c n planurile companiei figureaz i
crearea unui lan de magazine proprii care vor fi deschise n
marile orae.
Managerul societii spune c anul acesta compania va avea o
cifr de afaceri de peste apte milioane de euro, valoare
aproape egal cu cea nregistrat anul trecut. Profitul net va fi
mai mic anul acesta n condiiile n care se vor face investiii
pentru modernizare i promovare. n prezent, compania, care
este specializat n producerea pantalonilor, lucreaz mai ales
pentru pieele externe.
(Adapted, Ziarul Financiar, no.1338, March 26, 2004)

c) Fabrica de echipamente electrice de la Sibiu a companiei

Siemens, unul dintre cele mai mari concerne industriale din
lume, a devenit operaional n aceast sptmn. Fabrica este
prima de acest fel din regiunea Europei de Est. Investiia n
valoare de cinci milioane euro, face parte din strategia grupului
german de a atinge n urmtorii 10 ani o cifr de afaceri anual
pe piaa romneasc de un miliard de euro.

Fabrica de la Sibiu are n prezent 140 de angajai, intrnd n

producie n luna iulie a anului trecut. Numrul angajailor va
crete la 250 pna n luna septembrie a acestui an, respectiv la
350 de angajai n cursul anului viitor. Siemens activeaz pe
piaa romneasca de 100 de ani, n acest moment fiind prezent
cu mai multe companii n domeniul industiei feroviare,
energetice, IT, comunicaii mobile i tehnic medical.
Strategia grupului german de extindere a operaiunilor sale n
Europa de Est se concentreaz n special asupra Romniei, care
este vzut n perspectiv ca fiind locomotiva ntregii
(Adapted, Ziarul Financiar no.1337, March 25, 2004)


I. Speaking:
Answer the following questions:
a) What are the means of funding modernization works in a
b) What institutions are entitled to guarantee for a loan?
II. Scan the following article and answer these questions:
1. Who will finance the modernization project for the
Prahova-based plant?
2. How much of the cost of the operation will be covered by
the loan?
3. Who will carry out the modernization works?

Transelectrica to get a loan

Transelectrica is closing negotiations1 for a 25 million Euro
loan with the Japanese Bank for International Cooperation. We
are going to use the money to finance modernization works at
the Brazi Vest electric plant, according to Jean Constantinescu,
general manager of the company. We hope negotiations will

to close negotiations to conclude negotiations


conclude2 by March 30. Afterwards we will have to get a

letter of guarantee3 from the Ministry of Finance, and
hopefully, the first installment4 will arrive in April,
Constantinescu added. The loan covers5 about 75 per cent of
the value of the modernization project for Prahova-based Brazi
Vest electric plant. A Japanese consortium made of Itochu
Corporation and Toshiba-Mitsubishi Transmission and
Distribution will perform6 the modernization.
(Adapted, Bucharest Business Week, volume 8, February 1622, 2004)

III. Identify suitable synonyms in the text to replace the words

in italics. Some changes may be necessary.
1. Negotiations are expected to be over by the end of January.
2. Unfortunately, we havent been able to find any institution
willing to fund our modernization project.
3. Our only solution is to tender for a credit from a local
4. However, the credit will only be enough for 75 per cent of
the costs.
5. The bank requested that the first payment should be made
by the end of this year.

to conclude to end
letter of guarantee a letter issued to serve as a guarantee for payments to
another person or company
installment a sum of money due as one of a number of equal payments
for something
to cover to be enough for
to perform to carry out


IV. Fill in the blanks with one of the words or phrases in the
box below.
modernization works

letter of guarantee

1. According to the contract with the bank, the loan will be

returned in twelve monthly _________.
2. The American _________ is very interested in our project,
which they have agreed to fund.
3. The Japanese Bank for International Cooperation requested
that the Romanian company should provide a _________
issued by the governmental institution in charge.
4. Despite our efforts, the bank didnt grant us a _________.
5. __________ are expected to end by next month.
V. Explain the use of the underlined verbal forms in the
following examples:
a) Transelectrica [is] to get a loan.
b) Transelectrica is closing negotiations for a 25 million Euro
c) We are going to use the money to finance modernization
d) A Japanese consortium will perform the modernization.
e) The loan covers about 75 per cent of the value of the
modernization project.
Can you think of any other ways of expressing future?
VI. Now read the text again and turn it into Romanian.


VII. Turn into English:

1. Compania urmeaz s primeasc un mprumut pe care va
trebui s-l restituie pna la sfritul anului.
2. Negocierile cu banca japonez vor continua abia dup ce
Ministerul de Finane va elibera scrisoarea de garanie.
3. Nu este nevoie s-mi faci o programare. Sptmna
viitoare oricum voi veni la birou de cteva ori pentru a
lmuri problema ipotecii.
4. Din pcate economiile noastre nu vor acoperi cheltuielile
curente pe luna trecut.
5. Banca nu intenioneaz s ne acorde mprumutul dac
profitul nu va crete n urmtoarele dou luni.
6. Cnd inflaia va crete ne va fi aproape imposibil s ne mai
onorm obligaiile financiare.
7. Consoriul japonez intenioneaz s deschid o filial la
8. Sptmna viitoare vor fi dou luni de cnd lucrm la
proiectul de modernizare al fabricii i tot nu am ajuns la un
9. Angajaii urmeaz s se ntlneasc n sala de edine n
zece minute.
10. Intenionm s folosim banii alocai pentru continuarea
lucrrilor de modernizare ncepute acum dou luni.
VIII. Five useful idioms in business English
Turn the following sentences into English using the
appropriate idiom in the box below:
in future
in the long run
on time
to look forward to
at/from the outset


1. Abia atept s ne ntlnim sptmna viitoare pentru a

putea rezolva problema mprumutului.
2. Sunt sigur c o astfel de greeal n-o s mai fac! Ar fi
trebuit s-mi dau seama c ceva nu era n regul de la bun
3. Avnd n vedere dificultile cu care ne-am confruntat, pe
viitor toate problemele companiei vor fi discutate mai nti
cu un consultant financiar.
4. Dei n prezent profitul companiei nu este cu mult mai
mare dect cel pe anul trecut, pe termen lung ne ateptm
ca veniturile companiei s se dubleze.
5. Este foarte important pentru noi ca materia prim s ne fie
livrata la timp.
IX. Follow-up
Turn into English:
Lasselsberger, compania austriac productoare de materiale
de construcie, a contractat un mprumut n valoare de 5
milioane Euro de la Sanex Cluj. De obicei, n Romnia,
companiile strine acord mprumuturi celor romneti pentru
a le ajuta s se dezvolte. Contractul a fost ncheiat sptmna
Se obinuiete ca o companie s investeasc n alta n
condiii mult mai avantajoase dect cele oferite de bnci, a
declarat pentru Ziarul Financiar tefan Buctaru, directorul
general al Sanex Cluj.
Dobnda aferent mprumutului acordat pe un an de zile se va
plti lunar i va fi calculat conform ratei medii a dobnzii
interbancare pe piaa european. Cnd se iau astfel de decizii,
se iau n considerare i impozitele i taxele care urmeaz s fie


pltite n fiecare ara, a mai adugat directorul general al

Anul trecut, compania clujean a nregistrat un profit net de 1
milion dolari iar valoarea vnzrilor s-a ridicat la 41 milioane
(Adapted, Ziarul Financiar, no.1431, August 5, 2004)


I. Speaking
Answer the questions below:
1. Name several means of saving money.
2. What are the advantages and disadvantages of saving
II. Scan this article and answer the questions:
1. What is the daily average operations volume of an exchage
2. What are the banks officials interested in?
3. Where does most of the money come from?

The transaction volumes1 at the offices operating inside banks

or not have grown faster than usual lately. Whereas the daily
operations volume of an exchange office is usually of about
eight million Euros, it has recently risen to twelve-fourteen
million Euros.
Romanians have indeed been going to exchange offices to
exchange their foreign currency2 more often lately. That is


transaction volume the amount of transactions operated

foreign currency a system of money used in a foreign country

why banks officials3 are more interested in where the foreign

currency actually comes from.
We have noticed the upper trend of the trading volumes at
exchange offices lately. Whereas the bank was buying about 2
million dollars through exchange offices over one weekend, it
is now getting 6 million dollars. It will be interesting to see
whether this generalizes and in case it does where does the
money come from? I think it comes from those who kept their
savings4 in foreign currency and now, that the ROL has
become stronger are shifting to the domestic currency5 says
Adrian Parvulescu, dealer6 with the Romanian Commercial
(Adapted, Ziarul Financiar, no.1341, March 31, 2004)

III. Substitute the words in italics with synonyms from the text.
Some changes may be necessary.
1. The exchange office functioning in this bank has recently
doubled its revenues.
2. The operations volume has increased lately, logging about
fourteen million Euro.
3. As far as inflation is concerned, the national currency has
been following a downward trend.
4. The representatives of the company argue that in spite of the
last years output boost, some employees will lose their jobs.

bank official a person holding official duties in a bank; a representative

of a bank
savings the money one has saved
domestic currency a system of money used in ones country
dealer a person or business that buys and sells goods

5. Ten years ago, when it became clear that the domestic

currency was growing weak, the Romanians turned to the US
dollar for their savings.
IV. Fill in the blanks with the appropriate item from the box
foreign currency
domestic currency
transaction volumes
bank officials
1. According to the _________, although the bank has
encountered financial difficulties, it has managed to
overcome them.
2. He argued that it was not the right time to contract a loan in
_________ since interest rates were still high.
3. The bank official announced that the _________ had
appreciated against the US dollar.
4. Now that the ROL has become stronger, the _________ at
the exchange offices operating inside banks have increased
5. So far they kept their lifetime _________ in foreign
currency but now they decided to invest their money in a
new house.
V. Explain the use of tenses in the following sentences:
1. The transaction volumes [] have grown faster than usual
2. Whereas the daily operations volume [] is usually of
about eight million Euros, it has recently risen to twelvefourteen million Euros.


3. Romanians have been going to exchange offices more

often lately.
4. [] now, that the ROL has become stronger, [they] are
shifting to the domestic currency.
VI. Now read the fragment carefully and turn it into Romanian.
VII. Translate into English:
1. Avnd n vedere c profitul companiei este n cretere de
civa ani, reprezentanii bncii au fost de acord s ne mai
crediteze nc un an.
2. Din ce n ce mai muli oameni achiziioneaz aparatur de
uz casnic n rate.
3. n urma anunului aprut n ziarele locale c banca este n
pragul falimentului, clienii acesteia i retrag astzi banii
depui pentru a nu-i pierde.
4. Inflaia i dobnzile sczute la depozitele n lei i determin
pe cei mai muli oameni s cumpere valut.
5. Reprezentanii bncii susin c volumul tranzaciilor la casa
de schimb valutar care i desfoar activitatea n incinta
bncii s-a dublat.
6. Ca urmare a achiziiei de aciuni la o companie mixt,
anual el ncaseaz dividende pe care le investete cum
crede de cuviin.
7. Economiile clienilor notri cresc de cnd devalorizarea
monedei naionale a fost oprit.
8. Guvernatorul Bncii Naionale a atenionat opinia public
cu privire la creditul n valut. El a spus c n momentul de
fa creditul n lei este mai avantajos dect cel n valut.
9. Investitorul a semnat contractul cu condiia ca parte din
profitul companiei s-i revin lui.

10. mprumutul care ne-a fost acordat la nceputul acestui an

va fi returnat n rate lunare fixe.
VIII. Five useful idioms in business English
Turn into English using the appropriate idiom in the box
on behalf of
as yet
off the record
in accordance with
with regard to
1. Ratele au fost pltite n conformitate cu clauzele
contractuale .
2. in s v mulumesc n numele bncii pe care o conduc de
aproape douzeci de ani pentru ncrederea pe care o avei
n instituia noastr.
3. ntre noi fie vorba, nu cred c aceast companie va fi n
stare s-i onoreze obligaiile fa de investitori.
4. Reprezentantul bncii ar dori s vorbeasc cu directorul
general n legtur cu creditul acordat anul trecut.
5. Dei i-am rugat s ne confirme participarea la edin, pn
acum nu am primit nici un rspuns.
IX. Follow-up
Turn into English:
Guvernatorul Bncii Naionale a ncercat s trag un semnal de
alarm n ceea ce privete creditul n valut. Noi credem c
bncile nu-i sftuiesc clienii s apeleze la finanarea n
valut. Pieele externe sunt extrem de incerte n momentul de
fa i nimeni nu tie care va fi rapotul euro/dolar. Ceea ce nu

le spun bncile clienilor, le spunem noi. Exist dou

certitudini: dobnzile la credite n lei vor scdea n mod cert,
iar la cele n valut vor crete, a declarat Guvernatorul.
Romnii au descoperit c este mai rentabil s-i plasezi banii
n lei. Dobnzile la bnci au crescut cu 1-3%, inflaia scade,
dobnzile la depozitele n valut sunt mai mici. Toate astea au
fcut leul mai atractiv. Nu am mai avut o asemenea cretere a
economiilor din bnci din 2002, a mai spus guvernatorul.
(Adapted, Ziarul Financiar, no.1337, March 25, 2004)


I. Speaking
Answer these questions:
1. What department is responsible for the selection of the
potential employees in a company?
2. Have you ever been to an interview for a job?
II. Scan the text below and answer the following questions:
1. What is it that determined the companies in Romania to
turn to the domestic currency in order to pay their
employees salaries?
2. Is this phenomenon expected to spread?

Human resources1 experts say increasingly more companies

on the Romanian market are beginning to negotiate salaries in
ROL, which gains more ground2 against the foreign currency
in this particular field.
In the next period, we will witness a discussion related to the
currency of choice for negotiating salaries. The market trend
points to a shift from US dollars to ROL, not euros. Once

human resources the personnel of a business or organization regarded as

a significant asset
to gain ground to increase in value

turned into ROL, it will be difficult for these salaries to be then

calculated in euros, Ruxandra Stoian, human resources
manager with PricewaterhouseCoopers said yesterday.
Analysts say that this trend actually premiered in 2001-2002.
The evolution logged3 by the single European currency and
by the US dollar drove many companies in Romania that had
been paying wages in dollars to choose4 between the Euro and
the ROL. Many of them chose the national currency. This is
not a mass phenomenon yet, but the trend is certainly
spreading, said Daniela Briceag, executive manager of Pay
Point, a division of Intersource, the human resources
consultancy group5.
(Adapted, Ziarul Financiar, no.1362, March 30, 2004)

III. Identify the suitable synonyms in the article to replace the

words in italics.
1. The depreciation of the national currency and high interests
determined most of our clients to buy foreign currency.
2. The results achieved by our designers propelled our
company in the top of the best car manufacturers
throughout the world.
3. This is not the first time that the company decided to fire
part of its employees. It all started several years ago when
it turned out that the company was on the verge of

to log to record, to achieve

to drive smn. to do something to compel someone act in a particular way
consultancy group a group of companies or organization providing


4. Ours is a well-respected management consultancy

5. Negotiating the employees salaries in ROL has become a
phenomenon on the Romanian market.
IV. Fill in the blanks with one word or phrase from the box
below. Some changes may be necessary:
human resources
consultancy group
to log
to drive smn.(to do smth.)
1. Our _________ department has proven itself very efficient
in selecting the proper personnel for our future projects.
2. This year, the company __________ a profit that allowed it
to expand its activity.
3. The tough competition on the domestic market
__________ the officials of our company to seek foreign
investors who should support the project.
4. A few years ago, we experienced considerable difficulty in
managing our business so we resorted to the services of a
5. In spite of the central banks efforts, the value of the ROL
against the main foreign currencies has been following a
downward _________.
V. Explain the use of tenses in the following sentences:
a) [] increasingly more companies on the Romanian market
are beginning to negotiate salaries in ROL []
b) [] this trend actually premiered in 2001-2002.
c) The evolution [of the European currency] drove many
companies that had been paying wages in dollars to choose

between the Euro and the ROL. Many of them chose the
national currecy.
d) This is not a mass phenomenon yet, but the trend is
certainly spreading.
VI. Now read the text again and turn it into Romanian.
VII. Turn into English:
1. Nu era pentru prima dat cnd banca emitea obligaiuni n
vederea mririi profitului. Ultima emisiune de obligaiuni
avusese loc n urm cu trei ani cnd profitul bncii crescuse
cu 35%.
2. Acum zece ani compania era n pragul falimentului.
ncepnd de anul trecut este una dintre cele mai apreciate
productoare de medicamente din lume.
3. Dup ce a contractat mprumutul, reprezentanii bncii au
declarat c aceti bani vor fi folosii pentru a susine
4. La momentul respectiv, departamentul resurse umane
funciona de mai bine de cinci ani.
5. ncepnd de luna trecut banca i raporteaz rezultatele
financiare n moneda unic european.
6. Acum doi ani, companiile care pn atunci i plteau
salariaii n dolari au decis s-i plteasc n moneda
naional ceea ce a strnit nemulumirea acestora.
7. Pentru mult timp, cea mai uoar modalitate de
achiziionare a unei locuine era contractarea unui credit
8. Sptamna trecut a primit n sfrit mprumutul dei l
solicitase cu cteva luni n urm.


9. A fost o perioad cnd dolarul a nceput s ctige teren n

faa monedei unice europene dar acest fenomen nu a durat
prea mult timp.
10. Dac serviciul resurse umane nu s-ar fi nfiinat anul trecut,
anul acesta ne-ar fi fost foarte greu s gsim personal
calificat n acest domeniu.
VIII. Five useful idioms in business English
Turn into English using one of the idioms in the box below:
to come up with to forge ahead to make headway
to open doors for
to take shape
1. Investitorii nu mai erau dispui s ne atepte aa c a
trebuit s gsim o solutie pe termen scurt pentru a nu
pierde banii.
2. Ne strduiam de prea mult timp s obinem un rspuns clar
din partea reprezentanilor bncii i astfel a nceput s se
contureze ideea unui parteneriat cu o companie strina.
3. n ciuda timpului foarte scurt s-au fcut progrese mari
pentru ca proiectul s fie gata n cteva zile.
4. Nici nu am semnat primul contract c noul director a
nceput s pregteasc terenul pentru o nou colaborare.
5. Am ncercat n zadar s obinem o amnare a termenului
limit dar am reuit s facem progrese cu ajutorul acestor
oameni care i-au amnat concediul pentru a ne ajuta.
IX. Follow-up
Turn into English:


ncepnd de luna viitoare, BCR va primi un mprumut de 200

milioane dolari pentru a susine dezvoltarea creditrii. Aceasta
este a doua ieire direct a BCR pe pieele externe dupa ce n
1997 a mai fost prezent pe piaa de capital internaional cu o
emisiune de obligaiuni. i la vremea respectiv interesul
pentru titlurile emise de BCR a fost mare.
Chiar dac emisiunea de obligaiuni a fost anunat pentru
primvara acestui an, intrarea celor 200 milioane dolari
mpinge aceast decizie undeva spre toamn. Nu am renunat
la ideea de a emite obligaiuni pe pieele externe, ns am
amnat aceast ieire pentru a doua parte a anului, a comentat
recent pentru Ziarul Financiar preedintele BCR.
BCR a nregistrat anul trecut un profit net de 160 milioane
dolari iar anul acesta se mizeaz pe un profit net n jur de 170
milioane de euro. 2004 este primul an n care banca va ncepe
s-i raporteze rezultatele financiare n moneda unic
(Adapted, Ziarul Financiar, no.1340, March 30, 2004)


I. Turn into Romanian:
a) The total assets of the mutual funds on the Romanian market
went up 57% in Q1,2004 and the funds started yielding real
gains month by month.
The mutual fund assets came to 1,858 billion ROL (45.6
million euros) at the end of March, up from 1,180 billion ROL
at the end of last year. Even though the substantial increase in
assets is no longer a general trend among funds and the
number of investors has come down by approximately 2,000,
the managers are moderately optimistic and say the mutual
fund market could start coming out into light.
The asset growth was due to the repositioning of the fund on
the market as a cash management instrument, therefore
successfully attracting many small and medium-sized
enterprises as investors, the head of SG Asset Management
The number of corporate investors went up for other funds as
well and managers say it would normally be time for
individuals to invest in funds. We are glad that corporate
clients have started to turn to mutual funds. I believe this is a
sign the negative perception individuals have of mutual funds
will start to heal little by little, BCR Asset Management
director says.
(Adapted, Ziarul Financiar, no.1362, April 30, 2004)


b) BRD Societe Generale closed the first quarter with a net

profit of 839 billion lei, recording a 136.6 per cent increase
compared to the similar period of last year. At the end of
March, the total volume of loans amounted to 51.438 billion
lei, up 30 per cent against March 2003. Loans granted to
individuals represented 27 per cent of the total loans granted
by the band by end-March. In turn, the volume of deposits
attracted from individuals and companies reached 63.106
billion lei, posting an 18 per cent increase as compared to the
year before. According to Mediafax, the bank reported a 2003
net profit of 2.358 billion lei, 8.5 per cent down as compared to
the year before.
(Adapted, Bucharest Business Week, no.19, May 24-30, 2004)
c) Banca Tiriac will be operating a new capital increase worth
207 billion ROL (5 million euros) in form of cash contribution
from shareholders to sustain its investment plan. The decision
was made during the General Meeting of Shareholders on
Tuesday. The outstanding financial results in 2003 confirmed
the significant growth potential of Banca Tiriac and helped
consolidate the shareholders confidence and the banks
reputation on the market, the banks president said. The bank
intends to release new products and services targeted at both
individuals and companies, such as the mortgage credit and
financial leasing operations. At the same time, it will expand
its network by opening new offices throughout the country and
in Bucharest.
(Adapted, Ziarul Financiar, no.1362, April 30, 2004)
II. Turn into English:

1. Acum doi ani cnd compania era pe punctul de a ncheia

negocierile pentru un mprumut cu banca german, un
reprezentant al Ministerului de Finane a declarat c nu
vom putea obine scrisoarea de garanie pe care o
2. Investitorii se ateapt s ncheiem negocierile pn la
sfritul acestei luni iar lucrrile de modernizare urmeaz
s fie executate de partenerul japonez.
3. Volumul tranzaciilor la casele de schimb a crescut n
ultima vreme cu aproximativ 50%.
4. De mai bine de zece ani romnii au cumparat valut. n
ultimul timp nsa, ei recurg tot mai des la serviciile caselor
de schimb pentru a schimba valuta n moneda naional.
5. Reprezentanii Bncii Naionale au declarat sptmna
trecut c creditele n lei vor fi n curnd mult mai
6. Evolutia dolarului fa de leu a determinat multe companii
care-i plteau angajaii n dolari s renune la moneda
american n favoarea celei naionale.
7. S fi crescut profitul companiei, astzi ne era mult mai uor
s obinem un mprumut pentru a acoperi cheltuielile de
8. Vestea c banca ar putea fi falimentar i-a determinat pe
majoritatea clienilor acesteia s-i retrag toi banii.
9. Anul trecut, guvernatorul a afirmat c susinerea creditrii
este imposibil atta timp ct banca nu va primi un
mprumut substanial n acest scop.
10. Vrem ca n doi ani de zile s ne cumprm o locuin. Din
pcate, economiile noastre de o viaa nu acoper costul
acesteia aa c ne-am gndit s solicitm un mprumut.
11. Negocierile se ncheiaser iar contractul era semnat cnd
am aflat vestea, aa c nu am mai putut face nimic n
aceast privin.

12. Directorul bncii a declarat c la momentul respectiv cele

mai convenabile credite erau cele n euro.
13. Reprezentantul bncii nu era la curent cu ultimele nouti
cnd am solicitat mprumutul aa c ne-a spus c banca nu
ne va acorda nici un mprumut dac profitul firmei nu se va
14. De obicei romnii i pstreaz economiile n valut. De
cteva luni ei au nceput s fac i economii n lei.
15. Uitai-v i dumneavoastr la evoluia monedei europene
din ultimele dou luni. Dac salariile nu vor crete, n
curnd oamenii nu-i vor mai putea plti cheltuielile de
fiecare zi.
16. Dup ce anul trecut banca a nregistrat un profit dublu fa
de cel de acum doi ani, anul acesta profitul a sczut la
jumtate fa de anul trecut.
17. Evoluia nregistrat anul trecut de moneda european i
cea american a determinat multe companii s aleag
moneda n care i pltesc angajaii: euro sau lei.
18. Anul trecut, dup ce i-a mrit capitalul social, banca i-a
lansat noua gam de servicii oferite clienilor ca de
exemplu creditul ipotecar i operaiuni financiare n
19. M-a ntrebat cine ar fi dispus s-i acorde un credit pentru
achiziionarea unei locuine dac venitul ei nu este cu mult
mai mare dect rata pe care ar trebui s-o plteasc lunar.
20. Departamentul resurse umane se ocup de selectarea
personalului care urmeaz s duc la bun sfrit un proiect.

III. Turn into English using the idioms studied in units five, six
and seven:


1. n ciuda eforturilor noastre, nu am fost susinui de

partenerii de afaceri. Pe viitor vom solicita un mprumut de
la banc n loc s cerem sprijinul acestora.
2. Din partea bncii, acordul a fost semnat de directorul
acesteia care ajunsese n acea diminea la Paris.
3. Banca urma s mreasc dobnzile la creditele n valut
aa c a trebuit s gsim o alt soluie pentru a duce la bun
sfrit proiectul.
4. Dei volumul tranzaciilor la casa de schimb nu a crescut n
ultimele dou luni, pe termen lung se mizeaz pe o dublare
a acestuia.
5. Pn n momentul de fa cele dou bnci nu au semnat
nici un contract.
6. Anul trecut compania a fcut progrese mari i a reuit s
napoieze mprumutul pe care-l contractase de la banc
civa ani mai nainte.
7. Au promis c materialele de construcie ne vor fi livrate la
timp i sau inut de cuvnt.
8. Reprezentantul bncii a declarat c nu exist nici un motiv
s credem c banca este falimentar. ntre noi fie vorba,
banca a avut ceva probleme financiare nca de anul trecut.
9. n ciuda faptului c nu am fost susinuti de banc, am reuit
totui s facem progrese i s ne descurcm pe cont
10. Ultima colaborare s-a dovedit a fi un succes aa c
ateptm cu nerbdare s lucrm mpreun la urmtorul
11. Valoarea dividendelor care urmeaz s fie pltite fiecrui
acionar n parte se va stabili conform datelor contabile.
12. Dei vizita omului de afaceri strin nu a avut drept rezultat
o investiie aa cum ne-am ateptat, totui a pregtit terenul
pentru o colaborare ulterioar.
13. Ni se spusese de la bun nceput c aproape jumtate din
numrul angajailor vor fi concediai.

14. Remarca ziaristului cu privire la calitatea lucrrilor de

modernizare nu a avut nici un efect asupra firmei care le-a
15. Compania i desfura activitatea de un an de zile cnd a
nceput s se contureze ideea acestui proiect.

IV. Turn into English:

a) Rezultatele financiare deosebite obinute n 2003 au
confirmat potenialul de cretere al Bncii iriac i au
contribuit la consolidarea ncrederii acionarilor i a reputaiei
bncii pe pia.
Din profitul net obinut n 2003 banca va acorda dividende n
valoare de 212 miliarde lei. Banca nu a mai acordat dividende
de civa ani buni datorit unei situaii financiare deosebite.
Omul de afaceri Ion iriac, principalul acionar, a fost nevoit
s aduc noi fonduri i a angajat un bancher strin pentru a
restructura banca.
iriac a vrut s se asocieze cu o banc puternic internaional
pentru a se extinde. Piraeus Bank din Grecia i HVB, a doua
banc german, au naintat oferte de achiziie a pachetului
majoritar de aciuni.Dar la nceputul lunii aprilie, destul de
surprinztor, omul de afaceri a anunat c s-a decis s resping
toate ofertele naintate de grupurile internaionale pentru
preluarea bncii.
n ultimul an banca a fost evaluat la cererea unor instituii
financiare internaionale care i-au exprimat dorina de a
achiziiona pachetul majoritar de aciuni. ncheierea procesului
de evaluare a confirmat evoluia pozitiv a bncii n ultimii
ani, precum i valoarea ei de pia. Drept urmare, am decis
mpreun cu acionarii principali s declinm aceste oferte,
afirma recent Ion iriac.

(Adapted, Ziarul Financiar, no.1362, April 29, 2004)

b) Creditele acordate populaiei au crescut ca ritm n

detrimentul celor acordate firmelor cu capital privat. Din luna
februarie 2003 pna n februarie 2004, creditele acordate
populaiei s-au triplat ajungnd de la 1.91% din totalul
creditelor acordate la 5.59%. n aceeai perioad, creditele
acordate persoanelor juridice cu capital privat au sczut de la
77.32% la 75.30%.
n ciuda nspririi condiiilor de acordare a creditelor impuse
de Banca Naional, sumele mprumutate de populaie continu
s creasc ntr-un ritm rapid. Numai n perioada ianuariefebruarie 2004 volumul creditelor contractate de populaie a
crescut cu 6.3%. n luna februarie 2004 nivelul creditelor
acordate populaiei era de peste 19,000 miliarde lei, de peste 4
ori mai mare comparativ cu aceeai perioada a anului trecut.
n ultimul an, cei mai multi dintre romnii care au contractat
credite au mizat pe o evoluie favorabil a monedei europene.
Pn la sfritul anului 2003, moneda european s-a apreciat
puternic iar dolarul a stagnat. De la nceputul anului 2004,
moneda european s-a depreciat uor fa de leu, ceea ce i-a
avantajat pe cei care au ales aceast moned cnd au contractat
(Adapted, Ziarul Financiar, no.1362, April 30, 2004)

c) Dolarul a nceput s se aprecieze rapid, mai nti n raport cu

yenul japonez, apoi n raport cu euro. Un raport al analitilor
financiari internaionali apreciaz c odat cu revigorarea

economiei americane FED ar putea crete dobnzile pn la

2.50 chiar 3% pn la sfritul anului. O cretere a dobnzilor
pn la 3% ar putea duce la o cretere spectaculoas a
dolarului, fapt care ar afecta exporturile SUA.
Dac pentru depozitele n dolari impactul schimbrilor
politicii monetare SUA ar putea avea un oarecare efect pozitiv,
deintorii de credite n valut vor avea serios de suferit,
existnd anse ca dobnda activ s fie majorat cu 2%, n
funcie de politica fiecrei bnci.
(Adapted, Capital, no.18, April 29, 2004)


I. Speaking
Answer these questions:
a) There are certain industries of national interest. Which do
you think these are?
b) Do you agree with their being privatized? Give arguments.
II. Scan the article below and answer the following questions:
1. What company did the Government choose as a bidder for
Petrom and why?
2. How will the investment needs of Petrom be covered?

The OMV chairman and his colleagues celebrated news late

last week that the Government has chosen the Austrian
company as the best bidder1 for Petrom in what many analysts
describe as the sale of the year.
In a simple statement the Minister of Economy and Trade said:
Following an analysis of final offers and our advisers
proposal, we will begin direct negotiations to reach an
agreement on a final contract with OMV to be signed in the
near future.

bidder an offer of a price made by a person or company at an auction;

the offering company or person

Austrian-based OMV overcame2 other bidders such as the USbased Occidental Oil & Gas Holding Corporation and
Hungarys Mol. It said it had presented a well-structured offer
and development plan, adding that the investment needs of
Petrom will be financed through capital increase and its
operating cash-flow3.
The chairman of Romania Oil Association said that they had
been advocating4 the privatization of Petrom for a long time
and that it was beneficial for a market which was not
liberalized. He added they hoped the deal would be carried
through5 as quickly as possible because the market was
suffering too much.
(Adapted, Bucharest Business Week, vol.8, no.19, May 24-30,

III. Identify the suitable synonyms in the article above to

replace the words in italics:
1. After a long debate, it turned out that a future cooperation
might be favourable to both parties involved.
2. The official said the companys offer exceeded other bids
by several thousand dollars.
3. Only ten years later was the government ready to loosen
price restrictions on the domestic market.
4. Two years ago, they promised they would complete the
project and the company would be operational again.

to overcome to defeat
cash-flow the total amount of money being transferred into and out of a
to advocate to publicly recommend or support
to carry something through bring a project to completion


5. It spite of our colleagues protests, we recommended the

taking over of the company from the outset.
IV. Fill in the blanks with one of the words or phrases in the
box. Some changes may be necessary:
to carry through
to overcome
to advocate
1. The government had to make sure that they chose the most
acceptable _________ at the auction.
2. It was for the first time in many years that our offer
_________ other bids.
3. During the meeting, the Minister of Agriculture
___________ the idea of a state-subsidy for wheat
4. _________ is the money that a company has available to
reinvest after paying all expenses and taxes.
5. According to the contract the works will _________ by a
specialized firm and financed by a local bank.
V. Explain the use of tenses in the following contexts:
1. It said it had presented a well-structured offer and
development plan, adding that the investment needs of
Petrom will be financed through capital increase and its
operating cash-flows.
2. [He] said that they had been advocating the privatization of
Petrom for a long time.
3. They hoped the deal would be carried through as quickly as
possible because the market was suffering too much.


Can you name any other aspects of reported speech?

VI. Read the text again and turn it into Romanian.
VII. Turn into English:
1. Preedintele companiei a declarat c este nerbdtor s
pun bazele unei noi nelegeri cu partenerul de afaceri
2. Conform unui anun al unei agenii de pres, directorul
general a negat c cele dou companii au reluat negocierile.
3. Dei a spus c a susinut nc de la nceput o asemenea
colaborare, el a adugat c firma nu este nc pregtit s
fac i alte investiii.
4. Acionarii au fost nerbdtori s afle dac firma n care au
investit cu un an n urm este profitabil, dac fluxul de
numerar a crescut i cnd i vor putea ncasa dividendele.
5. Reprezentantul companiei a declarat c era pentru prima
dat cnd oferta acesteia a fost mai bun dect a companiei
6. Dei sperau ca lucrrile de modernizare s se termine
curnd, ei au declarat c nu se ateptau ca firma s redevin
operaional att de repede.
7. Reporterul a ntrebat dac deprecierea monedei naionale
va influena n vreun fel veniturile companiei i dac
aceasta este pregtit s fac fa dificultilor financiare.
8. Consultantul financiar a artat c cea mai mare parte a
banilor investii provin din depozite bancare.
9. Economistul a artat c sumele care au fost investite anul
precedent la jocuri de noroc depesc cu mult sumele
investite n aciuni la bursa de mrfuri.


10. Directorul companiei a vrut s tie dac se poate atepta ca

valoarea aciunilor companiei s creasc.
VIII. Five useful idioms in business English
Turn into English using the appropriate idiom from the box
to meet someone half way
to compete against
to sleep on it
to be in the dark
to take note of
1. Mi-a spus c degeaba l ntreb la ce va lucra sptmna
viitoare c directorul nu a vrut s-i spun aa c tiu la fel
de puine lucruri ca i el.
2. Cnd sindicatul a cerut o mrire a salariilor cu zece
procente, compania a oferit muncitorilor doar cinci. n cele
din urm s-a ajuns la o soluie de compromis iar salariile au
fost mrite cu 8%.
3. Era prea trziu s mai dezbatem i acea problem aa c
preedintele consiliului de administraie a spus c se va mai
gndi pentru a gsi o soluie acceptabil pentru toate
4. El i-a mai rugat colegii ca n momentul lurii unei decizii
s ia in considerare situaia financiar a companiei.
5. Directorul a declarat c investiiile vor scdea aa c va fi
imposibil s fac fa concurenei altor companii.
IX. Follow-up
Turn into English:


Grupul petrolier austriac OMV, unul dintre cei trei candidai

care au depus oferte pentru preluarea Petrom, i-a anunat
intenia de a crete producia petrolier a Petrom prin transfer
de tehnologie. Putem face transfer de tehnologie i de
experiena ctre Petrom pentru a-i mbunti portofoliul de
explorare i producie. mpreun cu Petrom putem produce mai
mult, a declarat ieri preedintele i directorul general al OMV.
Petrom se numr printre cei mai mari productori de gaze i
iei din Europa Central i de Est, cu o producie anual de
circa 6 milioane tone de iei, respectiv 6 miliarde mc. de gaze.
Romnia este una dintre cele mai mari piee din regiune.
Pentru Petrom este piaa de baz dar se poate extinde i juca un
rol important. Petrom este o companie foarte mare, astfel nct
nu putem vorbi de o preluare ci mai degrab de o fuziune.
Preedintele OMV a negat categoric c ar fi avut discuii cu
Lukoil pe tema privatizrii Petrom. De asemenea, el nu a vrut
s fac alte comentarii pe marginea prelurii Petrom pe motiv
c este un proces n derulare iar anumite aspecte discutate cu
guvernul romn sunt confideniale.
(Adapted, Ziarul Financiar, no.1362, April 30, 2004)


I. Speaking
Answer the following questions:
a) What are the means of developing a bank?
b) Do you agree with important financial institutions being
taken over by similar foreign institutions? Why?
II. Scan the fragment below and answer these questions:
1. How large is OTP Bank?
2. How much is the investment in Robank worth?
3. Is Robank the only Romanian bank that the Hungarian
institution is interested in?

Robank has been taken over1 by OTP Bank, Hungarys

largest banking institution that holds assets2 accounting for
85% of the entire Romanian banking system. The transaction
was sealed yesterday and marks the beginning of an aggressive
expansion strategy to be enforced3 by the Hungarian bank.
The strategy will be supported by a major investment in
Robank, worth no less than 100 million dollars.

to take over (of a company) to buy out; also see footnote 7

assets property of a person or company regarded as having value and
available to meet debts, commitments or legacies
to enforce to cause something to happen by force or necessity


Most of the investments are budgeted4 for the next three

years. According to the general manager of OTP Bank, the
money will help to expand the territorial network, develop the
IT system and the card infrastructure. He has not ruled out5
more acquisitions in Romania, which could help the bank grow
faster. OTP has been looking at6 the Romanian market for
several years and, at some point, rumours pointed to a
takeover7 of Banca Transilvania by the Hungarian Bank. Two
years ago, OTP voiced interest in Romanias largest bank, the
Romanian Commercial Bank, but the bid was rejected by the
Romanian authorities.
(Adapted, Ziarul Financiar, no.1361, April 29, 2004)

III. Replace the words in italics with suitable synonyms from

the text:
1. Not long after the general managers retirement, the
company was bought out by a foreign businessman.
2. Our partners contribution is quite significant making up
about 50% of the total costs of the construction.
3. The overtaking of the Romanian bank was a success and
the general manager did not exclude other major
acquisitions in Romania.
4. The foreign businessmen had been examining the
Romanian market for some time before deciding to invest
in our company.

to budget allow or provide for in a budget

to rule something out to exclude as a possibillity
to look at something to examine, to consider a problem
takeover an act of assuming control of something, especially in the
buying-out of a company by another


5. I think we should look into our own financial possibilities

before deciding to tender for a loan in order to extend our
production unit.
IV. Fill in the blanks with the suitable item from the box
below. Some changes may be necessary:
to budget
to look at
to rule out
1. Despite the companys latest expenses, the general
manager did not _________ other future acquisitions.
2. A companys _________ are very important when a
significant loan is tendered for.
3. Unfortunalely, no modernization works or further
acquisitions _________ for the next year.
4. Before deciding what kind of equipment we will produce
in the following years, I think we should _________ the
local market.
5. The _________ of another company may turn out to be a
long and costly process.
V. Explain the use of the passive voice in the following
1. Rombank has been taken over by OTP Bank.
2. The transaction was sealed yesterday
3. The strategy will be supported by a major investment in
4. Most of the investments are budgeted for the next three
5. [] the bid was rejected by the Romanian authorities.

VI. Read the article again and turn it into Romanian.

VII. Turn into English:
1. Cnd cheltuielile unei firme sunt mari se apeleaz la
serviciile unui consilier fiscal.
2. Oferta angrosistului a fost respins datorit unor clauze
contractuale inacceptabile.
3. Situaia financiar a unei firme la un moment dat se
reflect n balana contabil a acesteia.
4. Agentului de burs i s-a cerut s achiziioneze aciuni ale
unor companii cotate la burs.
5. Se zice c banca german este interesat s preia una dintre
cele mai mari bnci romneti dar c oferta i-a fost
6. n edina de astzi se va dezbate problema infrastructurii
i a fondurilor care trebuie alocate pentru lucrrile de
7. n raportul analistului economic se apreciaz c cifra de
afaceri a companiei a crescut considerabil n ciuda inflaiei
i a dobnzilor ridicate.
8. n planul de afaceri se menioneaz modul n care o
companie sper s obin profit.
9. Activele firmei se compun din spaii de depozitare i
echipamente electronice.
10. Ne-am fi putut dubla profitul dar, din pcate, propunerea
noastr a fost respins de consiliul de administraie.
VIII. Five useful idioms in business English


Turn into English using the idioms in the box:

to argue against
to lose face

to save face

to argue in favour of
to point out

1. La ultima edin a consiliului de administraie s-au adus

argumente n favoarea mririi capitalului social al
2. Dac proiectul nu reuea, compania risca s-i piard
prestigiul n faa partenerilor externi.
3. n ciuda faptului c s-a atras atenia asupra riscurilor pe
care o astfel de politic managerial le poate avea, el nu a
ascultat sfatul colegilor.
4. Nu am aflat cine era responsabil pentru nenelegerile
dintre reprezentanii celor dou companii. Pn la urm
cineva a venit cu o soluie de compromis i am scpat
basma curat.
5. Dei la nceput s-a artat ncntat de acest proiect, n cele
din urm a pledat mpotriva punerii lui n aplicare.
IX. Follow-up
Turn the following article into English:
Polish Enterprise Fund, unul dintre cele mai importante
fonduri de investiii regionale prezente n Romnia, este n
negocieri pentru a finaliza anul acesta dou tranzacii n
valoare de 20 milioane de euro pe piaa romneasc. Conform
unor informaii de pe piaa romneasc, Polish Enterprise Fund
negociaz achiziia unui pachet important de aciuni n
compania Flanco.
n prezent, Flanco este deinut de fondurile de investiii Oresa
Ventures, Danube Fund i omul de afaceri Florin Andronescu.

Tranzacia prin care Polish Enterprise Fund va cumpra de la

Danube Fund un pachet de circa 33% din aciunile Flanco este
estimat la circa 10-15 milioane de euro. Cealalt companie la
care Polish Enterprise Fund ar putea deveni acionar este
Reprezentantul fondului de investiii polonez nu a vrut s
comenteze informaiile sau s precizeze domeniile n care vor
avea loc investiiile. Acesta a specificat totui c domeniile n
care compania i-a dovedit n ultimii ani experiena sunt
vnzarea cu amnuntul, telecomunicaiile i industria
(Adapted, Ziarul Financiar, no.1327, March 11, 2004)


I. Speaking
Answer the following questions:
a) What are the factors that influence the exchange rate on the
financial market?
b) How can one predict a certain trend as far as the exchange
rate is concerned?
II. Read the article below and answer these questions:
1. What would have happened if the National Bank had not
purchased the foreign currency surplus on the market?
2. Is this kind of acquisition profitable to the National Bank?

The National Bank of Romania made net purchases of 629

million euros from the forex1 market in July, the highest
amount recorded over the past fourteen years. The purchases
are very significant, pointing to2 the high level of foreign
currency surplus on the market. If the National Bank had not
bought this surplus, the ROL/EUR and the ROL/USD
exchange rate would have posted a significant drop. For

forex abbreviation for foreign exchange

to point to to be evidence or an indication that something is likely to


instance, one euro would be worth some 35,000 ROL instead

of the current 41.000, whereas the exchange rate3 for the US
dollar would dive4 to 29,000 ROL. However, the acquisition
of a surplus of this size does entail5 some particularly high
costs. Whatever the National Bank manages to gain from its
foreign currency transactions, it loses when it purges6 the
market. At the end of June, the stock of deposits called up7 by
the NBR from the banks amounted to approximately 86 billion
ROL for which it paid an annual interest rate of 21%.
As far as the exchage rate is concerned, no spectacular trends
are forecast for the remainig months of 2004, unless something
major happens on the international market.
(Adapted, Ziarul Financiar, no. 1431, August 5, 2004)

III. Find suitable synonyms in the article to replace the words

in italics:
1. The significant purchases of foreign currency brought
about other high costs.
2. The foreign investments attracted by our company this
year do not cover all of our expenses.
3. Two years after we purchased the flat, the prices suddenly
4. The National Bank announced that it had made net
purchases of over 600 million euros from the forex market.

exchange rate the value of one currency for the purpose of conversion to
to dive figurative, to drop suddenly
to entail to determine
to purge to clear, to empty
to call up (money, capital, etc.) to attract

5. The ROL/EUR exchange rate would have dropped

instantly if the National Bank hadnt absorbed the foreign
currency excess from the market.
IV. Fill in the blanks with one lexical item from the box below.
Some changes may be necessary:
exchange rate
interest rate
to dive
to point to
to entail
1. This is not a good time to contract a loan. I think we should
wait until the _________ goes down a little.
2. Although our company is quite profitable, another takeover
will only _________ other costs that we might not be able
to cover right away.
3. If we exchange our foreign currency at the present
_________, we will certainly sell it at a loss.
4. Nothing would have _________ the Geman banks
takeover if an official hadnt made a statement in this
5. Analysts argue that there is no indication whatsoever that
the ROL/USD exchange rate _________ over the next few
V. Explain the use of tenses in the following examples:
1. If the National Bank had not bought this surplus, the
ROL/EUR and the ROL/USD exchange rate would have
posted a significant drop.
2. [] no spectacular trends are forecast for the remaining
months of 2004, unless something major happens on the
international market.

3. If the banks manager wont grant us the loan, there is little

we can do to save the firm.
VI. Read the text again and turn it into Romanian.
VII. Turn into English:
1. Dac Banca Naional nu ar cumpra surplusul de valut
de pe pia, valoarea unui euro faa de leu ar scdea rapid.
2. S fi cutat, probabil c a fi gsit o cas de schimb cu un
curs valutar mult mai convenabil.
3. Dac a fi fost mai atent, a fi aflat cu siguran c creditul
n valut nu este cea mai fericit soluie.
4. Ce ai face daca ai fi n locul meu? Nu exist nici o analiz
care s indice evoluia leului n urmtoarele luni.
5. Dac ai vrea s m ajui, am putea termina treaba dou zile
mai repede i am pleca n concediu.
6. Dac ar fi fost prezeni la edin ar fi aflat c nu exist alt
soluie dect s contractm un credit chiar dac rata
dobnzii a fost cam mare n ultima vreme.
7. S fi avut mai mult ncredere n posibilitile de extindere
ale companiei, ar fi cumprat mai multe aciuni.
8. S fi fost pltite toate datoriile, banca ne-ar mai fi acordat o
9. Dac banca ar fi fost mai cunoscut, am fi reuit s atragem
mai muli bani.
10. Dac n-ai fi fost tu, nu tiu dac a fi fcut o astfel de
VIII. Five useful idioms in business Engllish


Turn into English using the idioms in the box below:

as/so long as
in case
it depends (on)
on condition that
it remains to be seen
1. Rmne de vzut dac oferta bncii elveiene de a prelua
banca romneasc va fi acceptat.
2. n mare, directorul a fost de acord cu clauzele contractuale
cu condiia extinderii serviciilor acordate clienilor bncii.
3. Ar trebui construit i o sal de conferine n eventualitatea
organizrii unor edine.
4. Atta timp ct nu gsim investitori, va trebui s apelm la
serviciile unei bnci.
5. Depinde acum numai de noi dac vom reui sau nu s
livrm marfa la termen.
IX. Follow-up
Turn into English:
Conform declaraiilor Danielei Briceag, salariile pltite n
valut exercit o presiune considerabil asupra bugetului
companiilor, n timp ce mririle de salariu nu mai sunt destul
de motivante. Salariul pltit n lei i reactualizat trimestrial la
rata inflaiei este cea mai bun alegere. Un salariu calculat n
valut a nsemnat anul trecut bani mai muli sau mai puini,
dup cum a mers cursul dolarului i al euro. Euro a crescut
puternic, iar dolarul a rmas n urm. Moneda american nu a
reuit nici s in pasul cu inflaia. De aproape doi ani, dolarul
se nvrte n jurul a 33,000 lei.
De exemplu , cei care n luna ianuarie au negociat un salariu de
aproximativ 13 milioane lei, la vremea respectiv cam 500$, a
fost pltit de atunci cu aceeai sum n dolari n timp ce suma

n lei a crescut la 16.3 milioane lei. Dac n ianuarie 2001 ar fi

negociat un salariu de 13 milioane lei reactualizat la rata
inflaiei, suma ar fi crescut la 19 milioane lei.
(Adapted, Ziarul Financiar, no.1362, March 30, 2004)



I. Turn into Romanian:
a) With an investment of around four million euros, Austrianbased packaging manufacturer Greiner has set up a joint
venture, Thrace Romania, in cooperation with a Greek
The money will be invested this year in setting up the
platform, the warehouse, the building and the equipment for
this company, the sales manager said. The new company has
as a target obtaining 35-40% market share by the end of the
year. This comes to complete the 49% market share that
Greiner registered last year.
Thrace Greiner was formed in 2003 after Greiner and the
Greek Thrace Plastic equally invested in a new company. The
firm will produce 0.5-18 liter plastic buckets, completing
Greiners production of glasses and lids for the food industry.
We wanted to enter this partnership with Thrace Plastic
Greece because it had already developed a market for itself
here, the executive manager of Greiner said. We wouldnt
have managed if it hadnt been for them, he added.
Officials say they will also invest in new technology if the
market allows it.
(Adapted, Bucharest Business Week, May 24-30, 2004)

b) Romanias largest insurance company Asirom collected

more than 2 billion ROL in gross premiums in the first quarter,

up 22% in ROL and 10% in euros compared to the

corresponding period last year. The company also announced
that it had contributed to the capital of a new company, Asirom
Leasing. The gross premiums collected from life insurance
contracts went up 30% in ROL in Q1. We believe part of our
cosmopolite clients that preferred to use the products eith
investments abroad supplied by multinational companies have
reconsidered their buying options. They are now looking into
traditional products with ROL investments, said Asiroms
general manager, Catalin Stroe. Asirom saw revenues surge on
the life insurance segment from 15 million euros in gross
premiums subscribed to 31 million euros in 2003. Asirom has
recently set up Asirom Leasing with other individual investors.
(Adapted, Ziarul Financiar, no.1338, March 26, 2004)

c) Three months of decline later, the reserves of the National

Bank of Romania have resumed a slight upward trend last
month. The interventions of the central bank on the interbank
market in form of currency purchases led to an increase in the
foreign reserve by 78 million euros to 6.42 billion euros,
according to the data released by NBR. The central bank
bought 63 million euros from banks during its interventions
intended to prevent an excessive appreciation of the domestic
currency. NBR also collected 21 million euros in form of
revenues derived from the management of the international
reserve last month, as well as a 50 million euro net inflow
surplus derived from the modification of the minimal foreign
reserves made by commercial banks, from transfers to the
states foreign reserve.
(Adapted, Ziarul Financiar, no.1322, March 4, 2004)

II. Turn into English:

1. Reprezentantul companiei a declarat pentru un ziar local c
aceasta nu exclude posibilitatea achiziionrii altor firme
mici din regiune dar nu a dorit s dea amnunte.
2. Guvernatorul a spus ca banca central a achiziionat de pe
piaa valutar cea mai mare cantitate de valut din ultimii
zece ani.
3. Se spune c oferta companiei americane nu a fost acceptat
de guvern dei era cea mai convenabil dintre toate.
4. Directorul a afirmat c dei firma este profitabil, totui nu
este nc pregtit s se extind.
5. Dei se tia c directorul executiv recomandase reluarea
proiectului, nimeni nu a fcut ceva pentru a-l susine.
6. Fluxul de numerar n cretere, profitul mare i lipsa
datoriilor, toate indicau faptul c firma depise perioada
de criz.
7. tiu c suma este mult prea mare pentru o instituie att de
mic. Dac nu a fi vzut oferta bncii a fi zis c nu este
8. S fi fost inflaia mai mic i dobnzile mai mici, ne-am fi
permis i noi s contractm un credit.
9. Consultantului financiar i s-a cerut prerea n legtur cu
achiziia noului apartament i a fost ntrebat dac suma
cerut de actualii proprietari nu este prea mare.
10. La vremea aceea spera s-i duc la bun sfrit proiectul i
s-i ia cteva zile libere pentru c n ultima vreme i
neglijase familia.
11. Agentul de burs a afirmat ca n anul precedent investitorii
au vndut aciuni n valoare de 3 milioane dolari.
12. S se fi alocat mai muli bani pentru investitii, profitul
companiei ar fi fost mult mai mare.

13. Repoterul a ntrebat ce a determinat creterea cifrei de

afaceri a companiei ntr-un timp att de scurt.
14. Investitorii se vor arta interesai s afle dac banii lor au
contribuit la creterea profitului companiei.
15. Dac vor fi de acord s vnda 40% din aciunile companiei,
le va fi mult mai uor s fac fa cheltuielilor.
16. Dupa ce au studiat piaa, investitorii s-au declarat interesai
de preluarea firmei cu condiia ca aceasta s nu aib
17. Dup spusele unora, compania reuise s atrag investiii
care n cele din urm i-au permis s-i extind domeniul de
18. Se spune c bncile interesate au ncheiat procesul de
evaluare al RoBank i c se pregtesc s-i depun ofertele.
19. Oamenii de afaceri susin c aceste controale financiare
repetate le perturb serios activitatea.
20. Se tie c astfel de achiziii atrag i alte cheltuieli
neprevzute care nu pot fi acoperite imediat.

III.Turn into English using the idioms studied in units nine, ten
and eleven:
1. tiam de la bun nceput c va pleda mpotriva nfiinrii
unei companii mixte dar nu ne ateptam s reueasc s o
i mpiedice.
2. Atta timp ct raportul de evaluare nu a fost nc prezentat,
nu putem vorbi de o oferta de achiziie a bncii.
3. Recent, un reprezentant al companiei a declarat c aceasta
nu poate concura cu alte companii datorit lipsei
investiiilor din ultima vreme.


4. Dac nu livrm marfa la timp, riscm s ne pierdem

reputaia ceea ce va avea efecte negative asupra profitului
5. Ar trebui s fim pregatii dac i va trece prin cap s vnd
firma la un pre foarte mare.
6. Aceast problem este prea delicat pentru a fi discutat
acum. De aceea, ar fi mai bine s v gndii i s-mi dai un
rspuns mine.
7. Analistul economic a artat c dei inflaia sczuse pe
parcursul anului anterior, perioada de criz nu trecuse nc.
8. Depinde numai de tine dac vei dori s accepi acest post
sau nu. Noi vom fi alturi de tine indiferent ce decizie vei
9. A venit la mine n birou i a spus c era nelmurit n ceea
ce privete contractul pe care l ncheiasem cu ceva timp n
10. A declarat c este o idee genial i c va pleda n favoarea
aplicrii ei ct mai curnd posibil.
11. Ramne de vzut dac vei dori s-i asumi asfel de
responsabiliti dup ce te vei lmuri care sunt relaiile cu
partenerii notri.
12. nainte de a cere alte fonduri pentru deschiderea unei noi
filiale, v rog s luai n considerare veniturile sczute din
acest an.
13. n ciuda tuturor lucrurilor care se spun despre ea, a fost cea
mai pregtit la edin i nu ne-a fcut de rs.
14. Se spune c a acceptat postul doar cu condiia ca ceilalti
colegi ai lui s nu se opun.
15. Dup ce zile ntregi muncitorii au cerut mrirea salariului
cu 20% n timp ce reprezentanii companiei ofereau doar
zece, s-a ajuns la o soluie de compromis i salariul a fost
n cele din urm mrit cu 15%.


IV. Turn into English:

a) Consiliul de Administraie al grupului italian Enel a aprobat
mari, prezentarea ofertei finale pentru achiziia pachetului
majoritar la filialele Electrica Banat i Electrica Dobrogea.
Reprezentanii grupului italian, singurul investitor rmas la
discuiile cu statul romn dup retragerea celorlali candidai,
au anunat iniial un plan de investiii de circa 1.2 miliarde euro
pentru modernizarea reelei, ce va fi derulat pe o perioad de
15 ani. n schimbul acestor investiii, italienii nu ofereau un
pre prea mare pentru aciuni.
ns, n ultima vreme, Ministerul Economiei, proprietarul
reelei de distribuie, a sugerat investitorului italian s-i
reduc valoarea programului de investiii n favoarea unui pre
mai mare pe aciuni.
Preluarea Electrica Banat i Electrica Dobrogea va asigura
accesul italienilor la 17% din portofoliul de abonai ai
Electrica. Volumul de afaceri derulat anul trecut de cele dou
reele regionale este de circa 380 milioane euro. Electrica
Banat asigur alimentarea cu energie electric n patru judee
din vestul Romniei, unde este prezent o important
comunitate de italieni i are n prezent 850.000 de abonai.
Electrica Dobrogea, care acoper patru judee din sud-estul
trii, are 590.000 de abonai.
(Adapted, Ziarul Financiar, no.1322, March 4, 2004)

b) Guvernul Ungariei a anunat c ofer spre vnzare un pachet

de 10,5% din aciunile grupului petrolier MOL Rt, tranzacie
din care ar putea ncasa aproximativ 375 milioane$, transmite
Reuters. Autoritile de la Budapesta, care discut cu PKN
Orlen (Polonia) o eventual fuziune, vor pstra un pachet de

aciuni de circa 12,5% din MOL. Banca de investiii Citygroup

a obinut mandatul pentru vnzarea a pna la 11,3 milioane de
actiuni MOL ctre investitori instituionali ungari i strini. La
o dat ulterioar, vor fi vdute acionarilor individuali ungari
429.000 aciuni.
Analitii, care se ateptau ca vnzarea s aiba loc de-abia n
semestrul al doilea, estimeaz c guvernul i va lichida n cele
din urm participaia la capitalul MOL. Budapesta a ncercat s
vnda peste 13% din aciuni n decembrie dar a renunat la
proiect din cauza presiunilor exercitate de investitori pentru
meninerea aciunilor la un nivel redus.
(Adapted, Ziarul Financiar, no.1312, February 19, 2004)

c) Grupul german Lobbe, unul dintre cei mai mari juctori din
industria european a colectrii, prelurii i neutralizrii
deeurilor, intenioneaz s investeasc aproximativ 100
milioane euro n urmtorii 2-3 ani pe piaa romneasc de
Compania german a fcut deja primul pas pe piaa deeurilor,
unde strategia sa este de a deveni unul dintre cei mai mari
operatori de profil de pe pia. Serviciile de salubrizare i piaa
deeurilor devin din ce n ce mai tentante pentru investitorii
strini pe msur ce Romnia trebuie s aplice norme tot mai
stricte privind mediul.
Vrem s investim pn la 100 de milioane euro pe o perioad
de doi-trei ani, n funcie de contextul de pe piaa local. Avem
deja proiecte concrete de investiii, cum ar fi depozitul
ecologic de deeuri de la Slobozia, punerea n funciune a unui
depozit de deeuri industriale la Timioara, a unui incinerator
de mare capacitate i a unui incinerator de deeuri medicale, a


declarat pentru Ziarul Financiar reprezentantul grupului Lobbe

prezent n Romnia.
Operatorul german activeaz de anul trecut pe piaa
romneasc, la Slobozia, prin intermediul companiei Vivani
Salubritate. Compania a achiziionat n luna septembrie a
anului trecut 59% din aciunile Vivani, valoarea tranzaciei
nefiind fcut public. Vivani Salubritate, care activeaz la
nivel local, a fcut mari recepia depozitului ecologic de
deeuri al judeului Ialomia, investiie n valoare de un milion
de euro n prima etap, realizat de compania Lobbe Holding
GmbH & Co.
(Adapted, Ziarul Financiar, no.1456, September 9, 2004)


advertising publicitate
apparel mbrcminte
appliance aparat, dispozitiv, instrument
household appliance aparat de uz casnic
contract contract
conclude a contract (to) a ncheia un contract
seal a contract (to) a ncheia un contract
contract (to) a contracta
counterpart omolog
deal nelegere
deliver (to) a livra
employee angajat
employer angajator
exceed (to) a depi
exceed by far (to) a depi cu mult
excess exces, surplus
in excess of mai mult dect, n plus, peste
income venit
annual income venit anual
partnership parteneriat
seal a partnership (to) a ncheia un parteneriat
production producie
production licence licena de producie
production line linie de producie
purchase (to) a achiziiona
share aciune
shareholder acionar

share capital capital social

supply (to) a furniza

board of directors consiliu de administraie
broadcast (to) a transmite (o emisiune, un program radio,
broadcast transmisie, emisie (radio, TV)
call up a meeting (to) a convoca o edin
capital - capital
chairman preedinte (de ex. al consiliului de administraie)
damages despgubiri
decline (to) 1. a declina, a refuza, a respinge; 2. a scdea
face value valoare nominal (a unei aciuni)
head / registered office sediu (al unei companii)
increase (to) a crete
investment - investiie
managing director director general
output - producie
premises teren, cldire cu acareturi
revenues - venituri
trigger (to) a determina

accountant - contabil
costs - cheltuieli
cover (to) a acoperi
give rise to (to) a produce, a provoca , a aduce

market pia de desfacere

market (to) a pune n vnzare, a vinde, a lansa pe
recover (to) a recupera
revert (to) a reveni
sales force serviciu/departament specializat n vnzri

account for (to) a justifica
aim at (to) a fi destinat
as of ncepnd cu
division sector, secie, departament
expand (to) a (se) extinde
facility 1.avantaje, privilegii;2. instalaie, utilaj
footwear nclminte
look into (to) a analiza
market - pia
domestic market pia intern
international market pia extern
operate (to) 1.a opera, a funciona;2. a conduce, a administra
operator 1.operator;2. proprietar sau administrator (al
unei fabrici)
post (to) (n contabilitate) a nregistra
raw materials materii prime
release (to) a da publicitii, a face cunoscut
release anun, comunicat de pres
stocks - aciuni
stock exchange bursa de valori
surge (to) a crete rapid
turnover cifra de afaceri


close/conclude negociations (to) a ncheia negocierile
consortium consoriu
inflation inflaie
installment rat
letter of guarantee scrisoare de garanie
loan mprumut
tender for a loan (to) a solicita un mprumut
grant a loan (to) a acorda un mprumut
return a loan (to) a restitui un mprumut
mortgage ipotec
perform (to) a executa (o lucrare)
subsidiary filial

credit credit
currency moned (unitate monetar)
domestic currency moneda naional
foreign currency valut
dealer dealer, reprezentant, reprezentan
deposit depozit bancar
depreciation devalorizare
exchange - schimb
exchange office cas de schimb valutar
exchange rate curs valutar
official reprezentant
savings economii


bonds obligaiuni
consultancy group grup (companie) de consultan
drive smn. to do smth. (to) a determina, a constrnge (pe
cineva s fac ceva)
gain ground (to) a ctiga teren
human resources resurse umane
issue (to) a emite
log (to) a nregistra (profit, o cifr de afaceri etc.)
support (to) a susine
trend tendin

amount to (to) a se ridica la
appreciate (to) a (se) aprecia, a crete (n valoare)
assets active
carry out (to) a duce la bun sfrit
come down (to) a scdea
deliver (to) a livra
dividends dividende
drop (to) a scdea brusc
interest dobnd
mortgage credit credit ipotecar
mutual fund fond de investiii
profit profit
profit after taxation / net profit profit net
profit before taxation/gross profit profit brut
release (to) a scoate pe pia
resort to (to) a recurge la

withdraw (to) a (se) retrage

yield (to) a produce, a aduce un beneficiu

advocate (to) a susine, a pleda n favoarea
auction licitaie
bid ofert
bid for (to) a face o ofert
bidder ofertant (la o licitatie)
carry out (to) a duce la bun sfrit
carry through (to) a duce la bun sfrit
cash-flow flux de numerar
core-market piaa de baz
depreciation depreciere
draft a deal (to) a pune bazele unei nelegeri
overcome (to) a ctiga, a nvinge
takeover preluare
takeover bid ofert de preluare

balance sheet balan contabil
board of directors consiliu de administraie
budget buget
budget (to) a aloca, a repartiza din buget
enforce (to) a pune n aplicare
infrastructure- infrastructur
list (on the stock market, to) a cota la burs
look at (to) a analiza

market analyst analist economic

point to (to) a indica
resort to (to) a apela/a recurge la
retail cu amnuntul
retailer vnztor cu amnuntul
rule out (to) a exclude
stockbroker agent de burs
take over (to) a prelua
tax tax, impozit
tax consultant consilier fiscal
wholesale dealer angrosist

call up (to) a atrage (capital, investiii, bani, etc.)
conference room sal de edine
dive (to) a scdea
entail (to) a aduce dup sine
forex market pia valutar extern
interest rate rata dobnzii
sell at a loss (to) a vinde n pierdere

argue in favour of (to) a pleda in favoarea
argue against (to) a pleda mpotriva
bucket gleat
consumer consumator, abonat al unei companii de
insurance asigurare

insurer asigurator
insurance company companie de asigurri
life insurance asigurare de via
joint venture societate mixt
lid capac
network reea
distribution network reea de distribuie
premium prim de asigurare
resume (to) a relua
set up (to) a ridica, a nla


UNIT ONE The Article
The Definite Article
1. It precedes countable and uncountable nouns
2. It is used for specific reference
e.g. Generally, accountants are boring people. (generic
The accountants I met up with yesterday are very
interesting and resourceful people. (specific reference)
3. used to refer to objects which have been mentioned before
(anaphoric reference)
e.g. Recently, a contract has been sealed with our Chinese
partners. The contract aims at increasing our comapanys
The Indefinite Article
1. It precedes a countable noun in the singular
E.g. What is the difference between a debtor and a creditor?
2. It is used to refer to jobs
e.g. His dream was to become a stockbroker.
3. It is used in exclamations
E.g. What a bargain!

4. It is used with generic reference

e.g. An accountant can be quite annoying sometimes!
5. It is used with epiphoric reference ( to introduce a new
e.g. A contract will be signed very soon.
The Omission of the Article
1. usually, before names of institutions, firms, etc
e.g. British Rail, IBM, NBC
BUT: the Sock Exchange, the BBC, etc.
2. used for general reference
e.g. Investments in shares may increase ones capital
BUT: The investments I have made over the years increased
my revenues significantly.
3. before certain geographical names such as: countries,
towns, lakes etc.
e.g. England, Ireland, London, Lake Windermere
BUT: the Alps, the United States, the Netherlands, the
Thames, etc.


Some irregular plurals
1. invariable nouns
a) singular invariables :

nouns ending in s: news, measles, mumps, mathematics,

linguistics, some proper nouns (Brussels, Flanders, Naples,
adjectival heads: the wealthy, the rich

b) plural invariables:
the Commons, customs, earnings, funds(BUT: a relief
fund- a sum of money for a particular purpose), minutes
(the minutes of a meeting), premises (building in
official stylel; BUT: premise in logic), savings (a
savings bank, a savings account), wages
some proper nouns: the Highlands, the Netherlands
c)invariable unmarked plurals
people (BUT|:the English speaking peoples), police, etc
3. some variable nouns
a) plural formed by mutation: foot-feet
b) plural formed by changing of f into v: half-halves
c) zero plurals:
several hundred employees BUT: hundreds of employees
five million people BUT: millions of people
five foot two BUT: five feet
six pound fifty BUT: six pounds
d) some foreign plurals
bonus-bonuses, stimulus stimuli, area areas, formulaformulas-formulae, analysis analyses, crisis crises,
criterion criteria, phenomenon phenomena, etc


UNIT THREE The Adjective

Paralel constructions with the adjective

The + comparative of superiority of adjective + subject +

predicate used as a means of intensifying the degrees of
e.g. The more persistent he is, the more stubborn they become.
Repetition a means of intensifying comparatives
e.g. more and more interesting, stranger and stranger

by far before a superlative used as a means of

emphasizing superlatives
e.g. This is by far our most profitable contract.

Th adjective possible after the noun modified by a

superlative used to emphasize the superlative
e.g. Although it wasnt what we had expected, it proved to be
the best choice possible at the time.

UNIT FIVE Some ways of expressing the future in English

1. The simple present used for definite future arrangement;
in if-clauses type I and in temporal clauses to refer to a
future activity
E.g. Our new subsidiary opens next week. (future
When I return we shall discuss all the details of our future
contract. (time-clause)


They wont finance our project unless sales increase. (ifclause)

2. Will +infinitive used for intention, refusal
E.g. Im sorry to tell you this but the manager wont sign
the contract in its present form.
3. The present continuous used for fixed arrangements,
especially social and travel arrangements
E.g. The foreign investors are meeting tonight to decide
whether payments should continue or not.
4. Be going to to express intention or prediction
E.g. According to the balance sheet, this company is going
to fall behind with its payments. (prediction)
The manager was just going to fire him when she managed
to talk him out of it. (intention)
5. To be to used to describe formal arrangements, obligation
E.g. All the members of the board are to meet in the
conference room in ten minutes.
6. Be about to, be due to
E.g. A new contract is just about to be signed. (Reference
to the next moment)
Im sorry we cant meet you but our plane is due to leave
in half an hour. (Reference to scheduled times)
7. Will +infinitive used for known facts or what the speaker
supposes to be true
E.g. Our company will make profit next year.


8. The future continuous used to refer to an event which

will be happening at a future point or to an event which
will take place anyway, independent of our intention
E.g. Oh, dont bother to fit me into your schedule. Ill be
calling you several times next week anyway
9. The future perfect simple/continuous refers to a time
looked back at from a future perspective
E.g. In two years, our profit will have doubled.
We all need several days off. Tomorrow well have been
working on this project for two months and we still havent
finished it.

UNIT SIX The use of tenses (I)

The Present Tense Simple
1. It is used to express habits,repeated actions and general
e.g. Every day from 9 to 11 oclock she types letters and mails
2. It is used for instructions, demonstrations, etc
e.g. First you go to the meeting, then you call our investors to
tell them what they have decided and at noon you are expected
to have lunch with one of them.
3. It is used with state verbs which do not usually take a
continuous form
e.g. I think he understands now what we expect him to do.


4. It is used to express an officially planned action or an

action belonging to a settled programme
e.g. The investors visit in our company starts on Monday
morning and ends on Wednesday afternoon.
5. It is used to express a future action in:
If clauses
e.g. If you dont make that phone call right now the manager
will be very angry.

In a time clause whose action is simultaneous with another

future action
e.g. He will present his new project when it is ready.
6. in exclamatory sentences beginning with here/there
e.g. Here comes our new manager!
There goes our only chance to seal a deal!
The Present Tense Continuous
1. It usually refers to an activity which is in progress at the
e.g. Im sorry I cant help you but Im typing some reports
right now.
2. It is used for temporary or repeated actions, to express
irritation, annoyance
e.g. Shes always doing something whenever I ask for her help.
3. It is used to express activities planned for the future
e.g. We are meeting on Thursday at our weekly reunion.


The Present Perfect Simple

1. It is used to refer to recent events, indefinite events (which
happened at an unkown time in the past)
e.g. Our meeting has just ended.
She says she has never negotiated a contract and she needs
someone to help her.
2. It is used with words denoting an incomplete period of time
e.g. Last week we signed three contracts but this week we have
signed only one.
3. It is used with since and for
e.g. We havent had such an output for ten years/ since 1994.
4. It is used to describe a past event with present
e.g. She hasnt finished the project yet so she is still working
The Present Perfect Continuous
1. It is used to refer to an incomplete activity
e.g. Shes been working at this project for a week.(She hasnt
finished it yet)
She has worked at this project for a week. (She has just
finished it)
2. Since the Present Perfect Continuos describes an activity
which is apparently uninterrupted, it will not be employed
when we mention the number of times an activity has been
e.g. Ive been typing letters since 5 oclock.

Ive typed only three letters since 5 oclock.

UNIT SEVEN- The Use of Tenses (II)

The Past Tense Simple
1. It is used to express an activity or state enlirely completed
at some moment in the past.
e.g. Yesterday we discussed the means of boosting sales.
2. It is used to express a past habit or a repeated activity in the
e.g. When he was our manager we had /used to have a meeting
every week.
3. It is used in Indirect Speech to express a simultaneous
activity with the reporting verb
e.g. He said he didnt believe I had worked at that project for
two years.
4. It is used in If-clauses to express an improbable condition
e.g. Im sure she would help mefinish the project if she had the
5. It is used after: wish, if /as though, if only, would
rather, its high time
e.g. I wish he were more understanding with his employees.
He is speaking as if he were the author of the project.
Its high time we called our bank and tender for a loan.
He would rather you finished the project as soon as possible.


ThePast Tense Continuous

1. It is used to express an activity going on at a certain
moment in the past
e.g. He was having dinner with his associates at 8 oclock, you
couldnt have seen him at the airport.
2. It is used to indicate that an activity was going on at a time
when something else more important took place
e.g. He was having dinner with his associates when his
secretary called to give him the news.
3. It is used to refer to two or more activities going on at the
same time in the past
e.g. They were negotiating the contract while she was making
sure that the bank would grant them the loan.
4. It is used in Indirect Speech to replace a Present Tense
Continuous form from Direct Speech
e.g. The manager wanted to know if he was working on his
The Past Perfect Simple
1. It is used to express a past activity that took place before a
past moment or before another past activity
e.g. When he arrived at the meeting, his colleagues had
finished it.
2. It is used with just, already, hardly, scarcely, no
soonerthan to show that the past action was finished just
a little before another past action


e.g. Hardly had he finished dictating his letter when he

received the call
No sooner had he sent the letter than he remembered he had an
3. It is used with since and for when the point of reference
is past
e.g. In 2000, he had been a managing director for five years.
4. It is used in if-clauses to express an impossible condition
e.g. The manager wouldnt have asked you to carry out the
project unless he had known you were capable of doing it.
5. It is used to express a future action which takes place
before another action expressed by Future-in-the-Past
e.g. I promised my partners I would try to find a solution to
their problem after I had obtained all the information on it.
6. It is used to express an unfulfilled wish
e.g. I wish he had been more considerate when it comes to his
own employees.
7. It is used in Indirect Speech to express an anterior activity
to the reporting verb
e.g. He knew he hadnt been able to convince his investors.
The Past Perfect Continuous
1. It is used to emphasize the continuity of a past activity up
to or just before a past moment
e.g.They had been discussing the matter for two hours when he
entered the room and announced that the Stock Exchange had

2. It is used in Indirect Speech to replace a Past Tense

Continuous or a Present Perfect Continuous from Direct
e.g. The manager told me they had been trying to get a loan for
almost a year.

UNIT NINE Reported Speech

Some aspects regarding Indirect Speech
1. Tense changes

Tenses are moved into the past after a past tense reporting
e.g. I havent forgotten your request.
The manager said he hadnt forgotten my request.

Certain words referring to persons, places and time also

change in indirect speech
e.g. I gave the letter to my secretary yesterday, the managing
director said.
The managing director said he had given the letter to his
secretary the day before.
2. No tense changes

If the reporting verb is in the present tense, there is no

e.g. The managing director says he has just fired his secretary.


If the reported words are always trueor if the message is

reported immediately, no change occurs
e.g. The manager told me he is still looking for a partner. So,
you should see him as soon as possible.
3. Indirect questions
Yes/no questions are reported by using if
e.g. Do you think you can manage?
The boss asked him if he could manage.
Wh- questions are reported by usingthe question word
e.g. How many people will be here for the meeting?
He asked me how many people would be there for the meeting.
4. Commands and requests

Commands are reported with the verb tell and the

e.g. Go away!
He told me to go away.
Requests are reported with the verb ask and the infinitive
e.g. Could you please help me?
She asked him to help her.

UNIT TEN The Passive in English

The use of the passive voice
1. It is used to replace an active verb whose subject is either
unknown or unimportant

e.g. A new deal has just been sealed.

2. It is used when the doer of an action is so obvious that
there is no need to mention it
e.g. A letter was brought this morning.(by the postman)
3. It is used when for special reasons (tact, modesty, etc.) it is
preferable not to mention the doer of an action
e.g. I will not discuss this problem. It has already been dealt
with during our previous meeting.
4. It is used when the direct object is emphasized
e.g. The only acceptable project has been presented by our
5. It is used in Nominative + Infinitive constructions
e.g. He is believed to be the most popular manager the
company has ever had.


There are three types of if-clauses:

1. Expressing a real condition

e.g. They will sign the contract if both parties agree on all of
its clauses.
2. Expressing an improbable condition
e.g. they would sign the contract if both parties agreed on all
of its clauses.
3. Expressing an impossible condition

e.g. They would have signed the contract if both parties had
agreed on all of its clauses.

Replacing the conjunction if

1. if + negative verb in a real condition can be replaced by

unless + affirmative verb
e.g. They wont sign the contract unless both parties agree to
all of its clauses.

Should can be used in if-clauses expressing a real condition

in order to point out that the action expressed by the verb is
not likely to happen:
e.g. Should he call tell him Ill call back.
The omission of if
If can be omitted by means of inversion:
e.g. Were he to agree, his colleagues would be very
Had he agreed, his colleagues would have been very