No.

1
Vocabulary
Find the words in the text that mean the following:
1. To become more varied of different (e.g. by selling different products)
2. Place where goods are sold (shops, stores, kiosks, markets, etc.)
3. A sufficient number of stocks in a company to be able to decide what to do (at an
Annual General Meeting)
4. Public companies whose stocks are traded on a stock exchange
5. Amounts of money paid for services
6. Companies that own or control several smaller businesses selling very diffierent
products or services
7. The combined power or value of a group of things working toghether which is greater
than the total power or value achived when each is working separately.
8. The total value of a company on the stock exchange (the prices of all its stocks)
9. Companies that are owned by a larger parent company
10. A sum of money reserved to pay a company’s retired employees

 1) To dersify
 2) Points of sales
 3) Controling interest
 4) Listed companies
 5) Fees
 6) Conglomerates
 7) Synergy
 8) Market capitalisation
 9) Subsidaries
 10) Pension fund

Comprehension
Explain the following in your own words:
1. The difference between horizontal and vertical intergration.
2. The difference between backwards and forward integration.
3. The difference between a raid and a takeover bid.
4. The difference between a friendly and a hostile bid.
5. Asset-stripping.
 1) Horizontal integration is when a business grows by aquiring similar companies in the
same field.
Vertical integration is when a business expands by aquiring another company that
operates before or after them in the supply chain.

2) Backward integration involves buynig part of the supply chain thatoccurs prior to the
company’s manufacturin process.
While Forward integration involves buying part of the process that occurs after the
company’s manufacturing process.

3) A Takeover bid is a type of corporate action in which a company makes an offer to

purchase another company.
A Raid is a type of corporate action in which a company is bought by raiders that
borrowed money then close the company they bought and sell the assets.
4) A Hostile takeover is the acquisition of one company by another without approval
from the target company’s management.
A frendly takeover occurs when a target company’s management and board of
directors agree to a merger or acquision proposal by another company.
5) Asset-stripping is the process of buying an undervalued company with the intent of
selling off its assets to generate a profit for shareholders.
Discussion

 All public companies face the permanent risk of takeover bids. Is this a good
thing for business? What are agruments in favor of and againts takeovers and
buyouts?

We established that takeover bids can be friendly and hostile. And knowing what each
one has to offer we can decide if a takeover is a good or bad thing for a business.
In the first place, we have to know in which state is our company, to begin. If we are
doing good on the production and profits and have no problems keeping the company going
then why would we take a takeover bid? There are a few reasons in which case we would like
to take them. Even if everything is looking good it might not be the case the next day.
Knowing that maintaining a company is hard enough on itself we have to think about how we
can progress to remain on the playing field. If we don’t have a person for the job to tell us
that we are going to bankrupt or fail in some capacity then the takeover bids come in help.
They will take over the company for a while in which we can observe what is done exactly to
improve the company’s state.
In second place we have the risk of losing everything. We believe that the one who does
the takeover is going to help the company but some of them have the intention to just close
the company and sell its assets as a „hostile takeover bid” would do. Knowing the risk we can
try to minimize it by making our research and choosing the best and most trusted option in
case we need one.
 In the third place I would say are the companies that have a bad state and risk being
bankrupt, those can only be saved by any help even tho they will risk losing even the little
they had. But they still get some money and the opportunity to remain in the market.
Now that we have our good and bad parts of getting or not the takeover bids. We can get
to understand the values of taking risks or trying to maintain the company by ourselves.
In conclusion, I can mention that takeover bids and buyouts are mostly a good thing
because you can get a change in a company only by changing its owner for the good or
worse.

Translate the text from Romanian to English.

Chiar dacă în lumea businesului circulă ideea că aceaasta nu este chiar cel mai portivit loc în
care emoțiile ar trebui să-ți facă apariția, cercetări recente realizate asupra creierului au
demonstart că felul în care memoria acționează ține de felul în care anumite evenimente sunt
corelate cu emoțiile noastre. Cu cât emoția este mai puternică, cu atât mai clarî este și
amintirea noastră.
Oamenii de afaceri au încercat să-își ascundă emoțiile în timpul unui discurs de teamă că
acestea ar putea să arate slăbiciune, îndecizie, lipsă de judecată. În cazul prezent, situația s-a
schimbat și avem puterea de a recunoaște importanța emoției în motivare, comunicare și în
lidership.
Chiar și așa tot ne confruntăm cu teama atunci când avem în vedere vorbitul în public. Ne
este teamă că vom fi judecați atunci când ne arătăm emoțiile și o sală întreagă le poate
observam tocmai de aceea deseori încercăm să realizăm un discurs cât mai puțin emoțional,
ceea ce îl poate face să fie cu adevărat simplu și cu ușurință uitat.
Ca urmare, prima idee la care ar trebui să renunțăm este atunci când ținem un discurs în
public este aceea că vulnerabilitatea noastră este o slăbiciune. Important este să gândim
emoțiile potrivite pentru o anumită prezentare și să le dăm voie să se manifeste. Dacă
asociem o prezentare cu emoțiile portivite, reușim să presărăm autenticitate în discursului
nostru.
În vederea realizării acestui lucru este recomandabil să conștientizăm următoarele:
-Înțelegerea pasiunii noastre despre a vorbi în legătură cu un anumit subiect.
-Înțelegerea stării emoționae a publicului nostru.
-Cea mai importantă regulă atunci când ținem un discurs, să spunem un adevăr emoțional.
Când o emoție este exagerată într-un discrus public?

Există momente în care, din cauza expunerii emoționale exagerate, un discurs poate trece cu
ușurință în sfera ridicolului. Pentru a nu trece în această extremă, vă oferim mai jos câteva
sfaturi:
 1. Ceea ce este adecvat în ceea ce privește vorbitul în public se modifică în funcție de cât
de bine vorbitorul poate ,,citi,, situația. Cu alte cuvinte, dacă exagerăm atunci când ne
exprimăm emoțiile, reacția publicului va fi pe măsură, iar tt ceea ce putea face este să
improvizăm conform atitudinii lor.
2. Atunci când emoțiile se dezlănțuie, ele spun povestea vorbitorului. Dacă o persoană
pe care o catalogăm drept puternică și greu de controlat plânge în fața unui public
numeros, atunci ea începe, încetul cu încetul să își rescrie povestea.
3. Chiar dacă limitele emoționale se schimbă, ceea ce rămâne neschimbat este
importanța tactului. Atunci cînd vedem un discurs, ne așteptăm să regăsim inteligența
emoțională printre caracteristicile liderului. Emoțiile sunt ușor corelate cu charisma:
suntem anenți și în cele din urmă ajungem să respectăm liderii care arată fure,
compasiune, încântare și o scrie de emoții atunci când este cazul.
Emoțiile ne afectează limbajul trupului atunci când ținem un discurs întrebarea care este
pusă cel mai des de către cei care țin un discurs este ,, Ce fac cu mâinile?,, Limbajul
trupului poate fi destul de greu de controlat în mod conștient și de multe ori alege ,,să
vorbească,, înaintea noastră. Mâinile sunt părțile cel mai ușor de observat atunci când
vorbim, mergem sau mestecăm gumă. Dar despre ele am mai vorbit...
Deși este foarte ușor să dăm vina pe emoții, aceasa își poate face cu ușurintă aparișia în
momentele în care nu suntem cu adevărat pregătiți în legătură cu ceea ce avem de spus și
pot distruge cu ușurință întreaga prezentare. Vorbitorii aleg să se autosaboteze din
următoarele motive.

English translation
Even if the idea that this is not the most portive place where emotions should occur in the
world of business circulates, recent research on the brain has demonstart that the way
memory acts in the way certain events are correlated with our emotions. The stronger the
emotion, the clearer our memory.
Business people have tried to hide their emotions during a speech for fear that they could
show weakness, pain, lack of judgment. In the present case, the situation has changed and we
have the power to recognize the importance of emotion in motivation, communication and
leadership.
Even so we still face fear when we speak in public. We are afraid that we will be judged
when we show our emotions and a whole room can see them that is why we often try to make
a less emotional speech, which can make it really simple and easily forgotten.
As a result, the first idea we should give up is when we take a public speech is that our
vulnerability is a weakness. It is important to think the right emotions for a certain
presentation and allow them to manifest themselves. If we associate a presentation with the
emotions port, we manage to sprinkle authenticity in our speech.
In order to achieve this it is advisable to raise awareness:
-understanding our passion about talking about a particular topic.
-understanding the emotional state of our audience.
-The most important rule when we give a speech, let's say an emotional truth.
When an emotion is exaggerated in a public disruss?
There are times when, due to exaggerated emotional exposure, a speech can easily pass into
the sphere of ridiculous. In order not to move on to this extreme, we offer below some tips:
1. What is adequate in terms of speaking in public changes depending on how well the
speaker can "read the situation. In other words, if we exaggerate when we express our
emotions, the public reaction will be tailor -made, and what he could do is to improvise
according to their attitude.
2. When the emotions unleash, they tell the story of the speaker. If a person we catalog as
strong and difficult to control is crying in front of a large audience, then it begins, slowly to
rewrite their story.
3. Even if the emotional limits change, what remains unchanged is the importance of the tact.
When we see a speech, we expect to find emotional intelligence among the leader's
characteristics. Emotions are easily correlated with charisma: we are anestics and finally we
come to respect the leaders who look steal, compassion, delight and write it of emotions
when appropriate.
Emotions affect our body language when we give a speech the question that is most often
asked by those who hold a speech is "what do I do with their hands?" The language of the
body can be quite difficult to control consciously and often Choose "to speak" before us.
Hands are the easiest parts to see when we talk, go or chew gum. But I talked about them ...
Although it is very easy to blame emotions, the same can easily do its appearances when we
are not really prepared about what we have to say and can easily destroy the entire
presentation. Speakers choose to self -sabotose for the following reasons.
Bonus point No.3

Write one page essay by answering the question: Is the central bank in Romania independent
from governament? Write down a short presentation (on one page only) on the central bank’s
powers and responsibilities.

       The National bank of Romania is the central bank of Romania. NBR is an independent
public institution, with its headquarters in Bucharest. Its primary objective is to ensure and
maintain price stability. 
This is the definition that is provided on the NBR site. The National Bank of Romania
supports the general economic policy of the Government without prejudice to its primary
objective (Law No.312/2004).
The domestic currency is the leu, with its fractional coin, the ban.
       The responsibilities that NBR has are: 
 to design and implement the monetary policy and the exchange rate policy;
 to conduct the authorization, regulation, and prudential supervision of credit
institutions, and to promote and oversee the smooth operation of the payment systems
with a view to ensuring financial stability;
 to issue banknotes and coins as legal tender to be used on the territory of Romania;
 to set the exchange rate regime and to oversee its observance;
 to manage the international reserves of Romania.
From what is said before we can understand that NBR does work with money, money flow,
laws, exchange rates, and in my opinion most important managing the international reserves
of Romania which importance is not questionable when a crisis like COVID-19 or the crisis
from 2007 that still have some sort of consequences to this day.
       The power of this institution is hard to measure because the NBR has all the money the
country has to offer they can change the exchange rates which allows them to control the
currency they need. Because it has so much power of course they have the responsibilities
listed above.
Knowing all of that we can assume that NBR has a big influence on how the state of Romania
is going to be in certain crises as shown in recent events. For example, we have the Ukrainian
and Russian wars that led to lots of immigrants entering Romanian borders as a result money
were allocated to feed, give shelter, provide commodities for the people in need, and money
was taken from Romanian reserves to help people.
        In conclusion, I can say that NBR has and will have an impact on the economy
government, and lots of other things like laws, rules, etc. With its immeasurable power,
influence, and opportunities that it provides.