Unit 3 World News: Economic Developments
Part I Warming up
A
1. Who have been meeting in Hong Kong today to discuss the outlook for the global economy?
Central Bank governors from more than a dozen countries.
2. What does UNCTAD say about the worldwide total of foreign investment?
It grew by 40% last year to more than 600 billion dollars. 3. Who has approved a cut in income tax rates? The United States House of Representatives.
4. Who has announced job cuts after a fall in demand for its products? Intel
What is its plan?
To reduce its workforce by 5,000.
5. What decisions have been made by EU, the U.S. and Canada after a case of foot-and-mouth disease was confirmed in France? EU has imposed further restrictions on the movement of livestock. The U.S. and Canada have issued temporary bans on the import of animal produce from EU. Tapescripts:
1. Central Bank governors from more than a dozen countries have been
meeting in Hong Kong today. One subject they likely discussed is the outlook for the global economy because of the U. S. slowdown and Japan's struggling recovery. Another topic they may have discussed is how to strengthen financial markets in emerging economies in Asia and elsewhere.
2. A United Nations' report says the worldwide total of foreign investment grew by nearly 40% last year to more than 600 billion dollars. The report by the UN Conference on Trade and Development, UNCTAD says most of it took place between developed countries as big companies took one another over.
3. The United States House of Representatives has approved a cut in income tax rates, the first part of a package of tax cutting measures put forward by President Bush. The income tax reductions will amount to nearly 1 trillion dollars over ten years.
4. The world's largest maker of computer chips, Intel, has announced job cuts after a fall in demand for its products. Intel said it expected its revenue in the first quarter of this year to fall by a quarter than the same period last year. The California-based company plans to reduce its 85,000-strong work force by 5,000.
5. The European Union has imposed further restrictions on the movement of live-stock after a case of foot-and-mouth disease was confirmed in France. The United States and Canada have issued
temporary bans on the import of all animal produce from EU countries. B
Foreign exchange rates:
1 dollar = 1.733 German marks = 126.9 Japanese yen 1 pound =1.624 dollars Share Index
Dow Jones up 6,783 (+45) London’s 100 up 4,390 (+20) Nikkie closed 2. Share Index:
Dow Jones up 10,116 (+96) Standrd and Poor’s 500 up 1,254 (+6) NASDAQ: down (-1.5%) 3. Share Index:
Dow Jones down 8,094 ( - 66 ) NASDAQ down 1,662 (- 3 ) FT100 down ( -36 ) CAC Quarante down ( -33, -1% ) DAX down ( -1% ) 4. Most active stocks:
Cable and Wireless HKT up $ 0.45
HSBC down $ 0.50
Hutchison down $ 0.50 Shanglongkai Property up $ 2.25
China Telecom down $ 1.50 Chang Kong up $ 0.25
Pacific Century Cyberworlds down $ 0.10 CCT Telecom down $ 0.275 New World CyberBase down $ 0.075 Hanong Holdings down $ 0.25 Gold prices:
Hong Kong gold: HK$ 2,670 London gold: US $ 289 5. Earnings:
Philips Electronics (last year): $ 2.4 billion ($ 300 million down) Royal Dutch Shell (4th quarter): $ 3.6 billion
Electronic Data Systems (4th quarter): $ 0.70 per share ( $ 0.02 up)
Tapescripts:
1. The dollar is trading at one German mark seventy-three point three and at 126.9 Japanese yen. The pound buys one dollar sixty-two point four. In New York, the Dow Share Index closed 45 higher at 6,783. Earlier
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