The world this week - Business, Sep 28th 2023

I. Complete the text with ONE missing word per gap. Dotted lines (…) are for prepositions/particles.

1) Hollywood’s striking film and television screenwriters returned to work after their 1/ u______________ , the
Writers Guild of America, reached a tentative 2/ _______________ (=deal) …………… entertainment companies. They
3/ ______________ been ……………. strike since May 2nd. The deal with the studios includes bonuses for writers
based ………………. viewing figures on streaming services, and guarantees that 4/ ______________ intelligence can’t
write or rewrite literary material or be used as a 5/ s_______________. It is hoped that the pact will entice actors to
end their strike. The industrial action has already delayed the 6/ r_______________ (=premiere) of many movies
next year, including a Lord of the Rings prequel.

2) America’s Federal Trade Commission 7/ l______________ (=filed) a lawsuit ……………. Amazon, accusing the online
retailer …………….. using “unfair strategies to illegally 8/ _______________ (=keep) its monopoly power”. The FTC 9/
c______________ (=declares) Amazon does this by burying sellers on its site that offer cheaper goods 10/
________________ (=in other places) and by replacing relevant search results ……………….. paid ads, among other
things. Amazon said the lawsuit was “misguided” and a “fundamental misunderstanding of 11/ _______________
(≠wholesale)”.

3) Meanwhile, Amazon 12/ b_______________ (=enhanced) the other, more profitable, side of its business, when it
13/ s______________ (=signed) a deal to invest up to $4bn in Anthropic, an AI startup. Amazon also announced that
it will start introducing ads to its Prime Video content from next year. As with other streaming services, users will be
able to sign up ……………….. a costlier ad-free subscription.

4) Alibaba said it would 14/ l________________ (=float) its logistics arm, Cainiao, in an IPO in Hong Kong, the first
spin-off in a restructuring plan that will split the Chinese tech giant …………….. six entities. Alibaba will still own more
than 50% of Cainiao after its flotation.

5) Microsoft’s 15/ _______________ (=acquisition) of Activision Blizzard came a step 16/ c______________, after
Britain’s competition regulator dropped its opposition ………………. the deal. Microsoft had 17/ s________________
(=presented) a revised offer for the video-game maker that attended …………….. the regulator’s concerns.

6) Evergrande missed another debt payment ……………… a bond, 18/ c_____________ (=putting in) more doubt about
the future of the embattled Chinese property developer. Hui Ka Yan, Evergrande’s chairman, has reportedly been
put ……………….. surveillance by the police, a move that stops just short ……………. an arrest or detention. Trading in
Evergrande’s shares was 19/ s_______________ (=held off) in Hong Kong.

7) The International Energy Agency said that “20/ b_____________ (=braver) action” was required if the world was
to 21/ r_____________ (=make it to) net-zero emissions by 2050. The agency said that global renewable-energy
capacity needed to 22/ ______________ (=increase three times) by 2030 and sales of electric cars and heat pumps
would have to rise sharply.

8) Turkey’s finance minister, Mehmet Simsek, asked markets to be patient ………………. the government’s efforts to
rebalance the economy after years of unorthodox economic policies. The central bank recently 23/ r_____________
(=increased) its key interest rate from 25% to 30%, the fourth 24/ c_______________ (=subsequent) increase, as it
tries to 25/ t_____________ (=deal with) the resurgence of sky-high inflation.

9) World trade volumes were 3.2% lower in July than a year earlier, according to a closely watched index from the
Netherlands Bureau for Economic Policy Analysis. That is the sharpest 26/ d______________ (=drop, decrease) since
August 2020, amid the pandemic, and driven to a 27/ l______________ extent by the slowdown in China and the
knock-on effects to trade in Asia.

10) Lachlan Murdoch started to put his stamp on Fox Corporation, nominating Tony Abbott, a former Australian
prime minister and climate-change sceptic, ………………. the board. This came soon after Rupert Murdoch announced
that he was stepping ………………… as chairman of both Fox and News Corporation, giving his son complete control
……………… the businesses. Mr Murdoch built his television and newspaper 28/ e_____________ over 70 years, and
is widely considered to be the last media mogul. However, as “chairman emeritus” of Fox and News Corp he could
still wield considerable clout.
11) Ford said it was suspending construction of a factory in Michigan that would make batteries for electric vehicles,
citing 29/ c_______________ (=worries) about whether it would be competitive. The plant has become politically
controversial because it would license technology …………… a Chinese company, CATL, the world’s largest battery-
maker for EVs. Meanwhile, the United Auto Workers said Ford had improved its pay offer in their dispute, and did
not include any of the carmaker’s other factories when it 30/ e_______________ (=spread) its strike, hitting General
Motors and Stellantis instead.

12) Target is to close nine stores in Portland, New York, San Francisco and Seattle because of criminal theft and
threats ……………… its staff. In an annual study the National Retail Foundation said that crime, violence and theft were
at “31/ u_______________ (=unheard-of) levels” in the industry. American retailers lost $112bn from theft last year.
More than 78% said that organised retail crime was more ……………. a priority this year than in 2022.

II. Match the bolded words from the text above with the following definitions/explanations:

A/ ____________________ – to affect/change something in an important way

B/ ____________________ – workers joining together and doing something to show that they are unhappy with
their pay or working conditions, for example refusing to work

C/ ____________________ - having a lot of problems or difficulties

D/ ____________________ - something that results inevitably but indirectly from another event or circumstance

E/ ____________________ - a person or organization appointed by a government to regulate an area of activity

such as banking or industry.

F/ ____________________ - not definite or certain, but made as a first step

G/ ____________________ - If you describe an opinion or plan as ___________, you are critical of it because you
think it is based on an incorrect idea. You can also describe people this way.

H/ ____________________ - have something and be able to use it (eg. power)

I/ _____________________ (sb to do sth)- to try to persuade someone to do something

J/ _____________________ - influence and power

K/ ____________________ - a new and separate company that's created when a parent company distributes
shares in a subsidiary or business division to the parent company shareholders

L/ _____________________ - an important, rich, and powerful businessman, especially one in the news, film, or
television industry

M/ ____________________ - if there is a ____________ of an attitude or activity, it reappears and grows

N/ ____________________ - something that exists separately from other things and has a clear identity of its
own

O/ ____________________ - the selling of shares in it to the public

The world this week - Business, Sep 28th 2023 - KEY
1) Hollywood’s striking film and television screenwriters returned to work after their 1/ union, the Writers Guild of
America, reached a tentative 2/ agreement with entertainment companies. They 3/ had been on strike since May
2nd. The deal with the studios includes bonuses for writers based on viewing figures on streaming services, and
guarantees that 4/ artificial intelligence can’t write or rewrite literary material or be used as a 5/ source. It is hoped
that the pact will entice actors to end their strike. The industrial action has already delayed the 6/ release of many
movies next year, including a Lord of the Rings prequel.

2) America’s Federal Trade Commission 7/ lodged a lawsuit against Amazon, accusing the online retailer of using
“unfair strategies to illegally 8/ maintain its monopoly power”. The FTC 9/ claims Amazon does this by burying
sellers on its site that offer cheaper goods 10/ elsewhere and by replacing relevant search results with paid ads,
among other things. Amazon said the lawsuit was “misguided” and a “fundamental misunderstanding of 11/ retail”.

3) Meanwhile, Amazon 12/ boosted the other, more profitable, side of its business, when it 13/ struck a deal to
invest up to $4bn in Anthropic, an AI startup. Amazon also announced that it will start introducing ads to its Prime
Video content from next year. As with other streaming services, users will be able to sign up for a costlier ad-free
subscription.

4) Alibaba said it would 14/ list its logistics arm, Cainiao, in an IPO in Hong Kong, the first spin-off in a restructuring
plan that will split the Chinese tech giant into six entities. Alibaba will still own more than 50% of Cainiao after its
flotation.

5) Microsoft’s 15/ takeover of Activision Blizzard came a step 16/ closer, after Britain’s competition regulator
dropped its opposition to the deal. Microsoft had 17/ submitted a revised offer for the video-game maker that
attended to the regulator’s concerns.

6) Evergrande missed another debt payment on a bond, 18/ casting more doubt about the future of the embattled
Chinese property developer. Hui Ka Yan, Evergrande’s chairman, has reportedly been put under surveillance by the
police, a move that stops just short of an arrest or detention. Trading in Evergrande’s shares was 19/ suspended in
Hong Kong.

7) The International Energy Agency said that “20/ bolder action” was required if the world was to 21/ reach net-zero
emissions by 2050. The agency said that global renewable-energy capacity needed to 22/ triple by 2030 and sales of
electric cars and heat pumps would have to rise sharply.

8) Turkey’s finance minister, Mehmet Simsek, asked markets to be patient with the government’s efforts to
rebalance the economy after years of unorthodox economic policies. The central bank recently 23/ raised its key
interest rate from 25% to 30%, the fourth 24/ consecutive increase, as it tries to 25/ tackle the resurgence of sky-
high inflation.

9) World trade volumes were 3.2% lower in July than a year earlier, according to a closely watched index from the
Netherlands Bureau for Economic Policy Analysis. That is the sharpest 26/ decline since August 2020, amid the
pandemic, and driven to a 27/ large extent by the slowdown in China and the knock-on effects to trade in Asia.

10) Lachlan Murdoch started to put his stamp on Fox Corporation, nominating Tony Abbott, a former Australian
prime minister and climate-change sceptic, to the board. This came soon after Rupert Murdoch announced that he
was stepping down as chairman of both Fox and News Corporation, giving his son complete control over the
businesses. Mr Murdoch built his television and newspaper 28/ empire over 70 years, and is widely considered to be
the last media mogul. However, as “chairman emeritus” of Fox and News Corp he could still wield considerable clout.

11) Ford said it was suspending construction of a factory in Michigan that would make batteries for electric vehicles,
citing 29/ concerns about whether it would be competitive. The plant has become politically controversial because it
would license technology from a Chinese company, CATL, the world’s largest battery-maker for EVs. Meanwhile, the
United Auto Workers said Ford had improved its pay offer in their dispute, and did not include any of the carmaker’s
other factories when it 30/ extended its strike, hitting General Motors and Stellantis instead.

12) Target is to close nine stores in Portland, New York, San Francisco and Seattle because of criminal theft and
threats to its staff. In an annual study the National Retail Foundation said that crime, violence and theft were at “31/
unprecedented levels” in the industry. American retailers lost $112bn from theft last year. More than 78% said that
organised retail crime was more of a priority this year than in 2022.

II.

A/ to put (one’s) stamp on (sth) – to affect/change something in an important way

B/ industrial action – workers joining together and doing something to show that they are unhappy with their pay
or working conditions, for example refusing to work

C/ embattled - having a lot of problems or difficulties

D/ knock-on effect - something that results inevitably but indirectly from another event or circumstance

E/ regulator - a person or organization appointed by a government to regulate an area of activity such as banking or
industry.

F/ tentative - not definite or certain, but made as a first step

G/ misguided - If you describe an opinion or plan as ___________, you are critical of it because you think it is based
on an incorrect idea. You can also describe people this way.

H/ to wield - have something and be able to use it (eg. power)

I/ to entice (sb to do sth)- to try to persuade someone to do something

J/ clout - influence and power

K/ spin-off - a new and separate company that's created when a parent company distributes shares in a subsidiary or
business division to the parent company shareholders

L/ mogul - an important, rich, and powerful businessman, especially one in the news, film, or television industry

M/ resurgence - if there is a ____________ of an attitude or activity, it reappears and grows

N/ entity - something that exists separately from other things and has a clear identity of its own

O/ flotation - the selling of shares in it to the public