64 Proceedings of he 27° MATE Annual Conference ie Kotter (1998) also claims that eff Of an organization, recruits the n staff, organizes them, Supervises them to make sure that the initial plan is exeeutea spar, Sucaetl leadership goes beyond management of plans and tasks. It envisions the future and sets a new direction for the organization. Successful leaders mobilize all Possible means and human resources; they inspire all members of the otganization to support the new mission and execute it with enthusiasm. When an organization faées an uncertain environment, it demands strong leadership. On the other hand, when an organization faces internal operational complexity, it demands strong management. If an org a faces both an uncertain cavironment and internal operational complexity, it requires both strong leadership and strong management (www.answers.com), ive management carefully plans the goal Warren Bennis (1989), on the other hand, interestingly drew 1 between Managers and Leaders: ——— Managers Leaders ‘Administer Tnnovate ‘Ask how and when "Ask what and why ‘Focus on systems Focus on people Do the right things Develop Rely on control Tnspire trust Have a short-term perspective Have a longer-term perspective ‘Accept the status-quo (Challenge the status-quo Have an eye on the bottom line Have an eye on the horizon Imitate ‘Originate Emulate the classic good soldier "Are their own person Copy and Aims of Successful and Effe Leadership /e? Barly researchers of leadership examined great leaders throughout history, attempting to find traits Gah meet the challenge of international growth. We are” In the first instance and in complete | ‘seeking a highly motivated candidate confidence, please write with CV to A cust bs fuche inchroe Marie Foussat at: M.Richaud, 19 rue de Trevise, Paris 75009, France, gutta cer em, 103HIGH TECHNOLOGY SCHOOL INVESTMENT investment encourages economic growth When people deposit money ina savings bank “for instance , the bank may invest by lending to business companies These companies in turn , invest the money in factories and equipment so as to boost production Governments also issue bonds to get money to invest in the construction of dams ,roads , hospitals and schools All these forms of investment for future benefit playa major role inthe increase of a nation ‘s standard of living investment involves risk Some types of investments give in substantial profits, but offer little safety .Others present no risk at all, but offer very little profit. There are several types of investments Deposit accounts, If insurance realestate, stocis and bonds ,and mutual funds . L.peposit accounts in banks earn interest ata certain rate However , they provide little protection against inflation for individuals who deposit money for a long period 2uife insurance isa form of investment that provides financial protection in case an individual dies or is disabled .n addition ,insurance companies provide savings protection by collecting premiums from customers The sum, labeled the ‘cash value of @ policy” increases and earns a specified rate of interest , the same as. savings deposit interest 3realestate investment consists in the purchase of a home jland , or property with a possible resale value Tiss the most prominent form of investment especially in developing countries “But it requires large sums of money . A,ponds include government securities Company bonds are tradable on stock exchanges .Stock includes two types of company securities , common stock and preferred stock - s.Mutual funds are companies that invest in mixture of securities and sell shares of their own stock They employ specialists who opt for stocks or bonds that they regard as profitable .They pay cash dividends to their shareholders who in turn , can sell their shares back to the fund penenever they want .mioney market funds - another name for mutual funds -invest only In short -term securities and pay high rates of interest. investment banking isan activity Inwhich inwhich a company buys newiy issued stocks or tronds. from businesses and governments .That company is referred to as an investment bank When a business needs to acquire funds by issuing stock or bonds an investment bank buys ‘he whole issue and reslls the securities insmaller quantities to investors a procedure known ge underviiting Javestment banks neither accept deposits norgrant loans to businesses or individuals Their profit is nothing more than the difference between the sale price and the purchase price of securities - COMPREHENSIONUnderstanding the main ideas in the text 1. How do governments get money to invest in big projects ? 2.Why does investment involve risk? 4.What advantages do mutual funds have by investing in short-term securities ? B.Are these statements true or False ? Justify ‘The greater the risk an investor takes , the less profit he may earn. 2.Deposit accounts are a good investment provided the period is short . 3.The cash value of a policy is similar to a deposit account . CFind in the text words meaning the same as the following 1, Considerable , significant 1. 2, 2.handicapped p5 3, Famous , well known p 6 4, Choose , decide on p&D Which of the following statements relates closely to the text ? A 8 S dD. People had better not invest in any activity as there is always some risk Inflation isa determinant factor in investment in short-term securities Whatever the investment there is always risk, but very little risk means very little profit. Money market funds and investment banking offer the maximum protection against risk‘TYPES OF BANKS The role : Oa bank ito Keep oF lend money 0 extend a creditor transfer funds by means of cheques. Same banks Specialise in international trade Others offer their services (current account , deposit accounts.) to private customers The former are merchant banks and the latter are commercial banks . Savings banks invest in mortgages and in different sorts of securities .When they lend money smaturity can be 25 Jong as 30 years. ‘i ‘ *Commercial banks receive their capital from the sales of stock to businessmen They also invest alot in ‘government bonds . When you need a loan .the bank usually requires a collateral .It may be property or securities -In case you fail to pay a loan the bank can sell the collateral .If you can’t provide a collateral .you need a customer ti stand as a co- signer. . Loan companies provide immediate loans for people who have neither a collateral nor a co-signe? «AS the risk is greater 30 isthe rate of interest .Both loan companies and banks charge additional interest when payments of Toans are delayed . COMPREHENSION ‘Answer the following questions {what types of banks are mentioned in the text ? 2.Give the name of commercial banks in your country . 3.Give the name of merchant banks in your country. 4.Why do banks require a collateral ? 5.What does a bank's capital consist of ? 6.What if you need a loan and you don’t have a collateral ? 7.Why do loan companies charge additional interest ? Match the word with the definition stock a.redemption (repayment ) 2.bond bguaranty edebenture 4. Share ‘e;payment you make each month for the purchase of an item Busines expressions Press a. venture 6. working world 2.With b. papers 7. sale from scratch 3.Expense «share 8. market he cuttings 4Gl d. or return 9. th reference to sStart accounts 10. joint i ceiling {There *s no risk if you stock our products .Our terms are sale or return 2.In the nineteen_eighties . many bariks made large loans to snations which later had to be written oft, 3.We'd like to set up a. share the risks. 4.The senior managers all have 5.1 am weit oo 6.Many women feel there is ‘companies . 7-The computer virus destroyed all the work we'd done so we had to. 8.We were forced to reduce our prices in order to maintain our . 9.We send all the participants the «8 week before the conference starts .Then they have plenty of time to read them with a German company so we can draw on their marketing expertise and hat they use to entertain clients . ‘your letter offi th May . hat prevents them from gaining seats on the boards of their Functional Practice : Apologising ‘The finance managr was absent during a meeting .So he apologised to the board of directors . Apologising ‘accepting the apology refusing I'm sorry for being absent —_it doesn’t matter ve to justify your absence | do apologise for being absent don’t woryy about it Thope this will never occur again . I shouldn't have been absent that'sall right ‘you'll have to avoid this I'm ashamed of my absence that's OK Forgive me for being absent I'm awfully Aervibly /very sorry... ° What do you say in these situations : You are an employee and you failed to be punctual .2.You can’t pay your2 oO amr aC Bb AY eT tas “<*" in banking ‘Completes the words below to match the given meanings. 1 The person to whom a cheque is writen, pe 2 Money provided by a bank to a customer, for an agreed purpose. 1 3 A bank which offers « full range of services to individuals and companies. cm i 6 An agreement that an account can remai up io a certain amount for an agreed ts 7 The tice taken from when a cheque is presented toa bank to'when the receiving account is credited. 8 Fees charged by a bank for services provided. 9 An instrvction from a customer toa bank to make a regular payment to a creditor. 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YOSO: 1 “w0} 1901109 aly} 8SCO4D “pi suoinqusig OWA se sojoiyan Auew se sey axely "pry owuenesues ‘UBWs8J0} @ Se YOM SE sJe\ SUIEe JEXIOM Vy “pr oquenesuen se saadojdwe Auew se sau easy) Aojdua “py SVN id OWA “sassej6 se yonw se sew say, SOD SOSUB} OLUOD ‘Sunou ajqejunos + KuBW Sunow sjqequnooun + won Auewyonw se “soup ast. ‘2010 ‘EH ‘ewooeq nok salpaaub ay "186 NOx KauoU e10W UL _ ‘sraytsuayuy - se aassuadxa se se poo6 se se ooqu sy : Aijenb3,INVESTMENT I- DEFINITION: An asset or item that is purchased with the hope that it will generate income or appreciate in the future. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or appreciate and be sold at a higher price. TI- WAYS OF INVESTING MONEY There are many different ways of investing money and any one of them can be a benefit or a detriment to you if you don't take the time to learn the process well. There are small investments and large investments. There are risky investments and safer investments. There is long term, short term, and medium term investments. Each one requires enough knowledge and a good strategy to walk away from the investment with a profit instead of a loss. Below are some very brief descriptions of some of the main investment categories: - SAVING / BANK ACCOUNTS: There are various types of savings accounts available to you, these are the safest and the lowest yielding type of investment. Bank accounts generally yield very low interest rates (before tax or inflation is taken into account) but are incredibly flexible. This means that a saver may deposit and withdraw money as often as required. - MONEY MARKET ACCOUNTS: The money saved is invested into the money markets (hence the name) where they typically earn a small amount more than ina bank account. A money market account will usually require a larger minimum investment and require that the money is not removed for a predetermined period of time. - CERTIFICATES OF DEPOSIT: Another cash based investment, these require a preset period of time for investment, usually with very little, or no, access to the money during that period. A good rule of thumb on savings accounts is that the higher the rate of interest, the lower the flexibility. - BONDS: A bond is a loan to a company or government. They are issued in very large sums and traded on a part of the stock exchange. Bonds can be very low risk investments. They tend to take years to mature because the bond is a promise on the principle. The company that issues the bond is basically taking money from you with the agreement that it will pay it back in full on a set date, with regular interest payments until that time. Bonds are often great investments for those who want to start developing their portfolio but don't have a lot of cash to invest and aren't sure about how they want to invest.> THE STOCK MARKET: The stock market is one of the most common ways to invest because it is so public. Even non investors tend to sit through the TV news reports about the stock market because it is so interconnected with the overall faveamy. A good market means a good economy, to put it simply. Many studies have shown that the stock market yields 2 higher rate of return (over the long- term) than most other common forms of investment, However, it is vital to gain an understanding of liquidity and volatility (at the minimum!) before you invest. With this you are purchasing a collection of Stocks from the stock market that have been chosen for you by a fund manager. You generally get the choice of low, medium or high risk offering corresponding Iptes of return. They can be a goad choice if you have money you can risk and do not have the time or understanding to pick stocks for yourself. Mutual funds are often common because it pools the money of numerous svestors in order to have a stronger stake in any given company. Mutual funds are often used as long term investments for things like retirement planning . It is considered to be a low risk endeavor because the pooled funde equal leverage while the investment is held up by the strength of its investors, ; TRADING: There are, of course, ways to participate in the markets in the short term. These are much higher risk - and so probably not for beginners - and are things like swing trading, momentum trading, using futures and options etc. We recommend that a newcomer to finance gets a few years of experience - or Professional training - before starting down this path. ~ PRECIOUS METALS / HARD ASSETS: Assets such as gold, silver, platinum and diamonds come into and out of fashion. It is certainly the case that investing in precious metals can be fascinating. These assets have elements of supply, demand, geo-politics, inflation, manufacturing and manipulation built into their prices! It is possible to invest or trade and to hold physical assets (bars and coins for example), certificates of ownership, direct investment in mining companies or as a part of a pooled asset like a mutual fund. There are endless options to consider. Whether you like the idea of owning a gold coin or not, there is a certain amount of logic to holding some physical metal. After all, whatever may happen to the value of paper money, it is hard to imagine gold losing all of it's value. High-risk investments are often so volatile that it's almost impossible to be sure about which way the investment will go tomorrow. This can make reaching the Peak profit margin very difficult because a lot of new investors will pull out at almost any profit rather than when it seems like they've hit the peak profit (In investing jargon, these are known as resistance levels ye III- GOOD REASONS TO INVEST IN MOROCCO 1. Morocco is among the surest and most stable countries in the world. 2. Morocco is more and more cosmopolitan traditionally opened country. And is2 state of freedom, democracy and law. Moroccans always tried to be in harmony with their Partners and in compliance with international law. On internal plan, qovadual Fights and freedom are protected by law. The business world ig governed by a legislation which Supervises all sectors and tries to regulate emerging areas, 3. Moroccan Sconomy is one of the most dynamic of the south of the \ Mediterranean Sea, Morocco ig a vast construction site consequently. All regions Of Morocco live a development process with a supported rhythm. realization of this colossal plan will insert Morocco in fact into the European Peale put already the air agreement “Open Sky" beter Morocco and EU makes the European air incorporation of Morocco a reality. True air shuttles Petween Europe and Morocco are already set up. The European businessmen have, today, the possibility of going and of coming hack from Morocco in the same day, Also, the mega harbour of Tanger-Med on the strait of Gibraltar, is able to receive the biggest Asiatic and American container ships. Thus, Morocco is &. Morocco is an opened country, and Moroccans are a mosaic society with } confluents from Africa, Europe and Arab world. Those living abroad exceed the Ze millions today; among them some are sharing dual nationality, Gtraerke Gasablanca and Marrakech became places of cultural mixing of people fom cl origins. 7. Morocco has a competitive hand working. The expense outbraves any Morpattion in the region taking in account the quality of job and qualification, Moroccan engineers are trained in modern and high cursus as welllac ther European counterparts and very motivated as well. 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