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    24 views8 pages

    Chapter 7 MKL Ad

    Uploaded by

    naldo Ro

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    © All Rights Reserved
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    of 8
    save a little money each month and, at the end of the year, you'll be surprised at how little you have.” Ernest Haskins, author OVERVIEW Pee) eens co Day of reckoning ge pee Multiword verbs feu Per) Pete Discuss these questions. 1 Would you describe yourself as a spender, a saver or an investor? What isthe Sustainable difference between a saver and an investor? banking 2. Look at these savers’ and investors’ comments. Which statements are closest to your own attude? Fitleave my money in a savings Tago fora high ate of return, e — account, t's ow interest, but safe regardless ofthe rss. Triodos @Bank (GS UDRRTSRRTRERERTRTD) ( “waraparey tow movers Todos Banka \ DC tosetts nants me oer TRG (Fs ecceniatatyorey goss It was founded in the Netherlands (14 be happy to buy shares in the company | work for. ) in 1980 out of a ¥ - ‘ group led by an economist, a tax law professor, a consultant and FE] 40coz:0 Listen to the first part of an interview with Charles Middleton, UK Managing Director of Triodos Bank. Complete this summary using a maximum of three words in each gap. Tee TTiodos Bank invests in projects that have a positive and impact. The has branches in bank’s business model involves working withthe "Todos depositors are mostly Belgium, the UK rather than > Triodos funds projects that are ®,and the bank Spain and Germany. has. "in these sectors. The return on investment is a combination of tvee factors financial, social and environmental. This is known as the x UNIT >» FINANCE +40 co23:1 Listen to the second part of the interview. Correct the six errors in this information about the projects that Triodos invests in. ‘Tiodos invests in over 9,500 projects. They cover 2 very limited range of activities. ‘One such activity is nuclear energy. The bank is lending to some of the major providers in the EU. Its also financing some of the big providers of social networks, such as Mencap*. And it is involved in training activity, for instance with organisations like Café Direct, a major wholesale provider of hot drinks. ‘The bank provides these organisations with debt funding, so the return is just the interest on the loan. Charles Middleton TRUK chory for people wih owning Gakiir and er lor Watch the pees EX 4:cv232 Listen to the third part of the interview. Which two changes would Charles Middleton like to see, and why? Which of the words in each group does not form a word partnership with ‘What changes to the banking system would you like to see? Why? the noun in bold? Think of another word partnership for each noun. | 41 sustainable / investment / customer commercial bank 2 bad / national / loan {external debt 3 money / debt / public / crisis funding 4. interest-free / savings J short-term / bridging loan 5. booming / black / real / deposit ‘economy 6 down {fair free /overseas trade Tl complete each group of sentences below with the correct form of one of the words in the box. deposit expose invest _lend 1a) ») Foreign, ‘are showing considerable interest in the venture. property is no longer as safe as It used to be. ©) Buying shares in blue-chip companies is always a sound. 2 a) Alotofbanks are unwilling to ‘money to new businesses. b) House prices depend on the level of mortgage © They were unable to keep up with their repayments. 3a) The money willbe into your account on the 25th ofthe month. »b) We've put down a 10 per cent onthe flat. ©) The government has agreed to cover all savers’ at the troubled bank, 4 a) The global crisis has clearly left many bank customers financially, b) The bank was concerned that employees’ e-mail transactions might sensitive data «) Oman's top banks said they had a total of $77 million tothe troubled conglomerate. I Woutd you open an account with a sustainable bank as a a) retail client, orb) business client? Why? / Why not? or UNIT7 +» FINANCE ESOT EY which ofthese professions are pad high salaries or large bonuses in your eS country? Why do you think they receive such high awards? {accountants airtrafic contolers CEOs of multinationals dentists | estate agents government ministers investment bankers school teachers socialworkers top football managers TV presenters 1 Which of these best summarises the headline of the article? Read the article quickly and check your answer, 4) How large bonuses led tothe fall of investment banks 1) The end of incompetent banking as we know it ©) The collapse of the financial world because bankers couldn't count Day of reckoning for innumerate bankers by Martin Taylor The late Eddie George (a former ‘governor of the Bank of England) was very fond ofa little joke that Went at follows: "There are three types of bankers: those that can ‘count and those that can’t." Some times jokes capture profound truths. Inall the fuss about bank bonuses, We have heard about labour market ‘realities (from the bankers) and ‘moral and political philosophy (from everybody else). We need to think ‘more about simple arithmetic, Al businesspeople know that you the nature of financial businesses, try and by extension societies that 8 can carry on fora while if you make 4s where labour always represented a7 depend on itbeen spending money ho profits, but that if you run out of major cost, while revenues were that is no longer there, it has been cash, you are toast. Bankers,as pro- unpredictable, It therefore became giving away money that it only Viders of eash to others, understand essential to make labour costs vari- imagined it had in the frst place. this well. They just do not believe it able, as banks couldn't always Worse it seems to want to do it all applies to their own business. ‘guarantee high profits, and bonuses 90 agai In general, banks have no mea- Were the mechanism used todo this. ‘How could they pay this imaginary sures of cashflow nat work for People in the City have always wealth out in cash to their employ banking. They do think about qui been paid well relative to others, but ees? Because they had no measure of ity ~ can you borrow from other _megabonuses are quite new. From _eshflow tote them they were idi- market participants, can you get ss my own experience, in the mid- 1s ots, and because everyone else was ‘money from the central bank? Being nineties, no more than four or five doing it. Paying out 50 per cent of ‘umed down in the market means nployees of Barclays’ then invest- revenues to staff had become the ‘curtains —it happened to Northern _mentbank were paid more than lm, ule, even when the "revenues? did Rock in 2007 and Midland Bank a and noone got near £2m.Around the not actually consis of money. Quarter of a century before, and tumof he millennium, things began How did the shareholders lt them ore its sale HSBC to take off and accelerated rapidly get away with this? They were ‘That means banks are not con- after a pause in 2001-03 so that _ sitting on the gravy train too. scious of making cash decisions of exceptionally high remuneration was enjoying the views from the observa the sort that other businesses face paid out beeen 2004 and 2007 tion ear. How did the directors let it ° daily. But, of course, they frequently Observers of financial services as happen? Innumeracy and inability to hh conse- saw unbelievable prosperity and understand accounts. How depress quences, and in the mid-noughties, apparently immense value added, ing the shame and folly of it ll i, gan to splash out. The recipi- Yet two years later, the whole indus- when one considers thatthe system the form of _ try was bankrupt. A simple reason _was brought down ot because risk underlies this: any industry that pays comanagement was deficient (though significant exten, shareholders, in out incash colossal accounting prof- it was), nor because greed was Fam the form of dividends. its that are largely imaginary will go pant (though it was), but because ‘The existence ofbonuses reflected bust quickly. Notonly has theindus- bankers could not count. UNIT7 >» FINANCE ‘The article was written by a former Chief Executive of Barclays Bank. Read it again and say which of these ideas are those of the writer. Which of the statements do you agree with? 11 Aseveryone knows, ifa business runs out of money, it eventually goes bankrupt. 2 Despite banks being concerned about liquidity and borrowing money, they have no ‘systems in place for managing their own cashflow. 3. The financial crisis arose not because consumer spending was out of control, nor because the banks were out of control, but because the government was spending too much money. 4 The fact that some investment bankers received more than £2m in bonuses in the 119902 ig not only unacceptable but alco incomprehensible. Professionals in banking and financial services deserve tobe pald 50 per cent of revenues. 6 Its shameful to think that neither shareholders nor bank directors were able to prevent the financial crisis of 2008-09. ‘Match these definitions to the words and expressions in bold in the article. 11_arein trouble because of something you have done ‘an action that is very stupid and likely to have serious results part of a company's profits divided between people with shares in the company when there is alot of something bad, such as crime or disease, and itis very dificult to control when a business or person has money or goods that can be sold to pay debts, extremely big, area in the centre of London with many banks and financial institutions being part ofan activity from which people can make money without much effort attention or excitement that is usually unnecessary or unwelcome 110 used to say that something will end (informal) 11 go bankrupt 12 feeling of being publicly embarrassed because of something wrong you did What do these multiword verbs mean in the article? What other meanings do you know for turn down, take off, give away, get away (with) and bring down? 1 carryon fine 15) 4 splash out (line 38) 7 give away (line 77) 2. runoutof (ine 16) 5 take off ine 61) 8 getaway with line 91) 3. turn down tine 27) 6 pay out (line 64) 9 ring down (line 99) Which of the multiword verbs in Exercise E don’t take an object? With verbs that do take an object, when does the order of the particle and object ‘change? Use examples from the article and your own examples. Language reference: multiword verbs page 135 Discuss these questions. 41 Which well-known banks or financial institutions have gone bankrupt or have run into Financial difficulties in recent years? What happened? 2. How good is your organization at managing its spending or cashflow? 3 How much money would you need to feel happy and prosperous? UNIT »» FINANCE Managing questions In what situations might you ask or be asked difficult questions? Where or when might you hear the questions below? Match the questions a) accompany audit 6) aTVinterview ) ameeting with aventure-capitaist frm _e) talk on banking bonuses ©) ajob interview ) apolitical press conference 1. Yes, have a question, What would you say about the fact that there are still many in the sector wha are being paid an amount that is beyond the dreams of most people? 2. So, with all due respect, Mrs Collins, what youte really saying is you don't think the ‘country’s economy will improve until more jabs are created? 3. Do you think you could sum up your business idea in ane minute? | mean, do you know exactly what kind of service you willbe offering? 4 Pethaps I'm not making myself clear. Have you any idea what these expense claims are for? | wonder ifyou could tell us where you imagine yourself to be in Five years" time? Pllrephrase the question, if! may. Our viewers would like to know at what point you realised that two million pounds had disappeared from the company's pension fund. +4) (02.33-2.36 Listen to four speakers in situations from Exercise B, dealing with probing questions. Match the strategies they use (a-g) to the speakers (1-4). Some strategies are used more than once. Speaker 1 a) paraphrasing the question to check understanding and/or play for time Speaker 2 b) dealing with an interruption inorder to continue speaking ‘Speaker3. ©) avoiding the question by referring toa higher authority ‘Speaker 4 d) admitting i's not the speaker's area of expertise/interest ©) refering to a knowledgeable colleague or source 1) building rapport, e.g. asking the questioner to identity him/herself, refersing tothe questioner by name, etc. 8) answering the question the speaker wants to answer and not the question asked Look at these presentation tips. Would you use any of these techniques for dealing with the question-and-answer session at the end of a presentation? Why? / Why not? What other strategies do you know of? Compare your ideas with a partner, Presentation tips: Q&A * Anticipate any tricky questions + Paraphrase the question to check you've understood. a + Don't leave questions until the end —it looks like you're avoiding them, *+ Invite questions after each slide or main point If someone asks more than one question, answer them separately. * you don't know, refer the person to someone else, or say you'l follow up. * Approach the questioner and address the person by name if possible. + Make aye contact with the questioner, smile and apen out your hands to show you are willing to answer the question. UNIT7 > FINANCE 4900237 You are going to listen to a financier at a private equity firm giving ‘a magazine interview called Any Questions?. What kinds of question do you think the interviewer will ask? Listen and check your answers. How were the | terviewer’s questions phrased differently from yours? 40 c0237 Listen again and tick the expressions in the Useful language TY box below that the interviewer used. When do we use more indirect f question forms? \ A +4) c0237 Listen again and complete some of the financier’s answers using no more than three words in each gap. a4 ‘and assess their management teams. 2. No.t've. ‘a great deal richer than | ever imagined. When | was a young lad, l ‘what | wanted to do and someone advised me private equity. Things just there, really, , without a doubt. He. ut of nothing. hate doing it, but sometimes it's It would have to be. ~{ don't do itvery often and then | ‘Asa loving husband and father who tved life [Practise asking and answering five of the interview questions, or similar questions, with a partner. You can use these ideas. + Your job in 10 words ‘+ What you would have done if, + Yourworstjob ever + A‘guilty pleasure? + Your biggest influence * celebrity you'd tke to invite to.a meeting. + Atime you lied + How youtd lke to be remembered [Practise doing probing interviews in pairs. Choose one of these scenarios. + aminterview with the Minister of Finance for a business news programme + aninternal company audit investigating expense clatms ‘a job interview with a bank ‘© apres conference with the Financial Director ofa multinational, who is, Suspected ot corruption ‘Student A: Turn to page 154. ‘Student 8: Turn to page 160. ASKING QUESTIONS INSISTING ON THE QUESTION OR PARAPHRASING THE QUESTION Do you think you could . a ‘So your question is, Would you mind telling me .2 ate ea cenear aes Yim not sure GF) lentiely understand | was wondering if/whether you ... ll rephrase the question. your question. Do you mean ...? inet wcll yal cites tt Pethaps'm not making myselfclear. if understand you correct fareyausay bien st ‘Yes, but what ke to know is ‘re you asking/ saying .? Vbe interested to hear With all due respect, you haven't id like to know/ask .. Srsoeed my question. DEALING WITH INTERRUPTIONS fagetreteed ol WCe a penrnaye Ceoenee neat! If could just fish what | was saying... Surely youre not saying. ..? If yous just let me nish, Hang on a minute. Gnformat) n 's quiz entrep 's to find the best new ventures to support Background Dragons & small syndicate o risky bu as one of ve fin ah plans tough bank loans have had to ors wh rket or property ae looking to diversify th portfolios to spread the risk. ight traditionally have invested in the lished (000 to £50 nake a significant profit by gin start tend face-to-face nding? companies, with an ave e of return of 22 ps entrepreneurs in cent over four years, Evaluating business ventures Yu are investore from D&A and are the next speed-funding ev vest up to £500 nture. Read the three p he different entrepreneurs ful and profitable you think Ibe. Then discuss these questions. 1. Which of the v and promising? Do any ofthe products have distinct ad ures sounds the most interesting ge in the marketplace’ 2 How much mone; to investor lose Which busine you the best do you think w 4 what kind ke would you be interested in as an UNIT7 >» FINANCE Primed ee era @ Even Gritiths,tounder ot @ Agnes and Morag McQueen, @ Danish adventurer Troels | E-sellers and maker of an cheese makers and co- MeGiintock, Soul-air evreader directors of McQueen's, itera tevestment an Edinburgh-based family care business £45-£55 nikon sa tnvestment tobuia ° r required soar powered many product £100,000- enn vetopent for £125,000 for designing a investing in ‘Return on sal end renewable ener, capital ‘smarter ‘expanding the: 40%-45% over vende current promises four years Return on capital: 25%-S0% o seciskeacn Sout —the sy’ the iit | bee eS My cream isto fyeround the worn on capital 20% overfouryoors sla plane want to demeonsate the Tey eee Raider of E-

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