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Vocabulary 2

Look at the list of words that can be used to form collocations with the words oil, energy and power. Which of these words can be placed before oil /energy /power and which can be placed after them?

 

Listening 1

Renewable energy

1. Listen to an interview with Mia Hansen of the European Energy Institute and answer the questions.

1 What is renewable energy?

2 Is Mia Hansen in favour of developing renewable energies?

3 What is the UK government's target for 2025?

2.  Listen again and answer the questions.

1 What are the two categories of energy that Mia Hansen talks about?

2 Which five types of renewable energy rely on the sun? Which two don't?

3 What are the two advantages and three disadvantages of renewable energy?

4 What are the four main uses of energy in the UK?

 

Writing 

 You were a member of the audience at the conference where Mia Hansen was interviewed. Write an email to your company's managers, explaining the main points that Mia Hansen made. (See Style guide, page 20.)

 

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     2. Each of the following statements summarises information presented in one of the paragraphs in the text. Match the statemer with the correct paragraphs.

a   If no alternative energy source is found to replace petroleum, many-everyday products will become prohibitively expensive.

b  The potential effects of a shortage of oil could include environmental damage and the interruption of power supplies.

с   Some scientists doubt that levels of petroleum reserves are as high as i petroleum companies have said they are.

d   New sources of energy will only be seriously developed once petroleu becomes scarce.

e   The economies of some countries are growing fast and will require greater quantities of energy.

 

3. Answer the questions.

1 Who has questioned the validity of the estimates of petroleum reserves? there any evidence to suggest that they are right?

2 Which groups have a vested interest in exaggerating oil reserves, and wh

3 How would a shrinking oil supply affect the following groups? a energy companies b consumers

4 What would be the least/most serious consequences of a diminishing supply of petroleum?

 

How do you think people will be affected by developments in th energy industry over the next ten to twenty years?

 

Negative prefixes

The negative prefixes un-, поп-, il-, im-, in-, ir- can be added to certain adjectives to give them the opposite meaning, e.g. possible - impossible.

П The following are definitions either of adjectives in the text or adjectives that can be made by adding a negative prefix to an adjective in the text. Write the correct forms of the adjectives.

1 (para 2) less efficient or more expensive than something else_

2 (para 3) not sensible or reasonable_

3 (para 3) not easily found or bought_

4 (para 3) too expensive to purchase_

5 (para 4) not worrying about the potentially negative results of an acti

6  (para 6) clean, not producing waste or harmful emissions

 

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Career skills

Problem-solving

When 'a'' problem surfaces at work, it is important to identify its source and to analyse the points of-view of the people who are directly affected by.it. This makes it easier to find an appropriate solution which everyone involved will understand and accept. Look at the following useful questions and responses.

a  Actually, we're one week ahead.       

d I wish I knew.

b  Where do we go from here?

 e  If  the worst comes to the worst, ..

с Is everything going smoothly?    

 f  Any idea what the problem is?

 

 

Complete the table with the questions and responses above.

Keeping track

 

Howare things going with ... ?

Couldn't be better.

 

Yeah. It's .working; out just as we thought.

So, how did it go?         -

"Not that well, actually/

Are you still on schedule?                 2

Identifying the source of a problem

 

So what exactly seems to be holding

There's still no sign of the parts we

things up? .

ordered.

Whafs gone wrong?                       3

4

..It looks like it's the ...

What's up?

We're in big trouble.

Proposing a solution

 

How can we sort this out?

Get someone onto it fast.

5

We'll just have to ...

.• How/do you suggest we deal with this?

;Let's just take it one step at a time.

What's the bestway to fix this?     .... .6.

 

 

 

Listening 2

1.  Listen to three dialogues between managers and members of their teams. Identify the problem that is mentioned and the solution that is proposed in each case.

2.  Listen again. Which of the questions and responses above are used?

 

Speaking  

Work in pairs. A manager is talking to a team member who has

discovered a problem. Decide together on an appropriate course of action in each of the situations on page 142. Take turns to play the roles of manager and team member.

 

culture at work

Approaches to problems

How people approach problems depends on the culture in which the problems have arisen. In some (universalist) cultures, people interpret and react to problematic situations in terms, of what is generally considered to be right or wrong. In other (particularist) cultures, however, problems are approached in the light of the relationships of those involved, and people try to find a solution that fits the specific circumstances. How do people approach problems and problem-solving in your culture?

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Language check

Conditionals

Conditionals are generally used to predict the consequences of likely situations (Type 1) or of unlikely or hypothetical situations (Type 2) or to talk about hypothetical situations'in the past (Type 3).

 

Find an example of each type in the text on page 87.

 

Mixed conditionals contain two clauses, each of which refers to a different time (future, present or past).

 

Which time is referred to in each clause in the following example?

 

If there hadn't been an oil crisis in the 1970s, people wouldn't be so worried today.

 

Practice 

1.  Complete the following mixed conditional sentences using the appropriate form of the verbs in brackets. Does each clause refer to the future, the present or the past?

 

 1   Pollution levels (be) "would be_lower today if planners had designed

cities for pedestrians and not for cars.

2 I (buy)_an electric car already if they were cheaper and

more reliable.

3 If I (not/have)_:_>_ so much work to finish by this evening, I'd

. have gone with you to the conference.

4 If the government is not planning to build new nuclear power stations, then they (say)___. so before they were elected.

5 If nuclear waste disposal (not/be)____such a problem,-then

more power stations would have been built by now.

6  The local people would be much poorer if oil (never / be discovered)

 

Speaking  

Make notes about something you planned to do in the past but

weren't able to do, and something you. dream about doing now but can't. Discuss the situations with a partner, using appropriate conditional forms.

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Int: And what is the next investment?

BH: Well, I'm proud to say we're planning to launch our first environmental product line this year, a T-shirt line made from 100 per cent grown-in-the-USA certified organic cotton. There's a huge market for that kind of environmentally friendly product.

Int: That sounds like an interesting development.

BH: Yes, but I may not be around to see it - I'm thinking of selling up and starting out as a venture capitalist, or rather a business angel. Ifs the excitement you get at the beginning of a venture that I'm after. And I prefer the image of angel because that would mean being more involved than just a venture capitalist, you know, and ifs the hands-on part that really interests me.

 

Leader: „. OK, hold on, let's just sum up what has been decided so far and then if we are all agreed, we can continue to prioritise  whaf s left on the list. We all agree that it is imperative to draw up criteria for the companies we want to trade in, right? Otherwise, we'll never get a comprehensive list together. Now, I know it would be useful to establish relationships with the CFOs of companies on our list, but we don't have to do that now. I'm afraid we can forget about a trip to Frankfurt - it just doesn't make sense, and we're going to recruit specialists. for the job, anyway. Right, what next?

Team member: Well, maybe the next step should be to start the recruitment process ...

 

Interviewer:,-There's a lot of interest in renewable energies these days. Could you explain briefly what these are?

Mia Hansen: Well, when we talk about energy sources, we usually divide these into two very different categories: non-renewable and renewable. Non-renewable refers to all the energies that depend on using mineral or petroleum resources, which you can only use once. For example, if you use a barrel of oil to produce electricity or fuel, then that energy will never be replaced. On the other hand, renewable energies depend on natural ! forces like sunlight, which, of course, are unlimited. So, when you use renewable energy, you're not reducing the amount of that energy that is available, because ifs constant - so the same quantity of energy will always be there in the future.

Int: Can you give us some examples of renewable energies?

MH: Of course, I mean: I'm sure most people today are familiar with the wind towers or wind turbines that

you can find in many places. Well, wind power is just j one example of this, and like most renewable energies, or 'alternative energies' as they're often called, it originates from sunlight. The action of the sun on the atmosphere not only creates wind but it also generates heat, which makes water evaporate. So, almost all renewable energies rely on the sun. Other examples are solar power, of course, water and wave power, and also what we call biomass energy, which comes from plants and vegetable matter. But I should add that there are other renewable energies that do not depend on the sun, for instance, geothermal energy, which uses the heat that is under the surface of the earth, and tidal energy, which uses the gravitational effect of the mo

Int: Whafs the future for alternative energy?

MH: I think it has a very important role to play in the future because, as I said,.it uses energy sources that; abundant, so there's no danger of them disappear! r. like our traditional energy resources. But whaf s just important is the fact that it's non-polluting - and yc don't have to burn anything to produce power. And that means it doesn't produce gases that harm the environment and cause health problems.. . Unfortunately, there's no way you can suddenly swi to using only renewable energies - ifs just not that simple.

Int: Why not?

MH: Well, for a number of reasons, actually. Cost is definitely one of those,- because power generated frc alternative energies is still relatively expensive. And then there's the fact that many of the technologies a experimental and we don't yet have the systems in place that will allow us to generate power cheaply i". say, waves - though there's no doubt in my mind th we will have those soon. Yet another problem is wit' the nature of the energy sources themselves - the wi for, example, doesn't always blow so you have to compensate for variations, in the amounts of energ; that can be produced. Int': So, what are governments doing to encourage the

development of renewable energies? MH:.. I think ifs easier to take an example to explain thi: we look at,the situation in the United Kingdom, we

. see the sorts of problems that governments in many-countries are facing. The main uses of energy in the at the moment are household consumption and transport. Then to a lesser degree you have industry and, lastly, services. If we just look at the first two - \ if you wanted to replace the energy that they consui:

. with electricity from wind, then you'd have to build hundreds of thousands of wind turbines to do that! today that's just not possible for both technical and environmental reasons. So, in fact, the UK governim has set a fairly modest target, which is to have 25 pe; cent of its energy coming from renewable sources b> 2025. But where will the rest come from? Well, that's big question. Nuclear energy could be one solution, nobody wants to live next to a nuclear power static: at the moment there are no easy answers - renewab: energy can help, but it won't provide a magic solutic

1 A, Hi, Ray. I thought I'd give you a call to see how things are going on your side. Everything going smoothly?

В I'd say we're doing OK but we have hit a couple

snags recently. A Oh, really? Any idea what the problem is? В The engineers have found a problem with the

power supply. It keeps cutting out and they dor.

know why.

A Well, that doesn't sound too good. How can we ; this out, then?

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Dilemma: The power of money

Brief

The WorldBank is an international institution which provides loans and finance to countries and governments around the world. The' decisions that it makes are particularly important as they provide the guarantee that other financial institutions need before they will agree to contribute additional funding to a new development project.

The Bank is currently conducting a review of its policy on energy. World demand for energy is set to rise considerablyduring the coming years, and the role of the Bank will becritical in determining how that demand is met. Over the last decade, the Bank has financed hundreds of fossil fuel projects which will substantially increase the levels of carbon dioxide in the atmosphere and accelerate the effects of global warming. The dilemma that the Bank now faces is whether to continue to finance such projects or to change to a. radical new policy .which would promote cleaner or renewable energies.

The Bank has appointed a special commission to prepares report that will present recommendations for its future policy in the energy sector.

 

Taskl

You are members of the commission, which has representatives from three' groups: the energy industry, developing countries and non-governmental organisations. Work in groups. Group A, you represent non-governmental organisations. Turn to page 137. Group B, you represent the energy industry. Turn to page D8. Group Q you represent developing countries. Turn to page 140. Prepare the arguments that you will present to the , commission and choose a spokesperson to present them.

 

Task 2

A meeting takes place, at which the spokesperson for each group presents his/her group's viewpoint. Take notes about the proposals that the other groups make.

Task 3

All members of the commission should give feedback and.express reactions to what has been proposed. At the end of the debate, agree on' an outline of the future policy that you will'advise the Bank to adopt.

 

Write it up

Write a short report on future policy .that the commission will submit to the World Bank. (See. Style guide, page 28.)

 

Decision:

Turn to page 146 and read extract from a news article the commission's report.

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Int: And what is the next investment?

BH: Well, I'm proud to say we're planning to launch our -first environmental product line this year, a T-shirt line made from 100 per cent growh-in-the-USA certified organic cotton. There's a huge market for that kind of environmentally friendly product.

Int: That sounds like an interesting development.

BH: Yes, but I may not be around to see it - I'm thinking of selling up and starting out as a venture capitalist, or rather a business angel. Ifs the excitement you get at the beginning of a venture that I'm after. And I prefer the image of angel because that would mean being more involved than just a venture capitalist, you know, and ifs the hands-on part that really interests me.

 

Leader: OK, hold on, let's just sum up what has been decided so far and then if we are all agreed, we can continue to prioritise whaf s left on the list. We all agree that it is imperative to draw up criteria for the companies we want to trade in, right? Otherwise, we'll never get a comprehensive list together. Now, I know it would be useful to establish relationships with the CFOs of companies on our list, but we don't have to do that now. I'm afraid we can forget about a trip to Frankfurt - it just doesn't, make sense, and we're going to recruit specialists for the job, anyway. Right, what next?

Team member: Well, maybe the next step should be to start the recruitment process...

 

Interviewer: There's a lot of interest in renewable energies these days. Could you explain briefly what these are?

Mia Hansen: Well, when we talk about energy sources, we usually divide these into two very different categories: non-renewable and renewable. Non-renewable refers to all the energies that depend on using mineral or petroleum resources, which you can only use once. For example, if you use a barrel of oil to produce electricity or fuel, then that energy will never be replaced. On the other hand, renewable energies depend on natural '    ; forces like sunlight, which, of course, are unlimited. So, when you use renewable energy, you're not reducing the amount of that energy that is available, because ifs constant - so the same quantity of energy will always be there in the future.

Int: Can you give us some examples of renewable energies?

MH: Of course, I mean ; I'm sure most people today are familiar with the wind towers or wind turbines that you can find in many places. Welj, wind power is just one example of this, and like most renewable energies, or 'alternative energies' as they're often called, it originates from sunlight. The action of the sun on the atmosphere not only creates wind but it also generates heat, which makes water evaporate. So, almost all renewable energies rely on the sun. Other examples are solar power, of course, water and wave power, and also what we call biomass energy, which comes from plants and vegetable matter. But I should add that there are other renewable energies that do not depend on the

 

sun, for instance, geothermal energy, which uses the heat that is under the surface of the earth, andtidal energy, which uses the gravitational effect of the mo Int: What's the future for alternative energy?

MH: I think it has a very important role to play in the future because, as I said, it uses energy sources that; abundant, so there's no danger of them disappearin like our traditional energy resources. But what's jus< important is the fact that ifs non-polluting - and y; don't have to burn anything to produce power. And that means it doesn't produce gases that harm the environment and cause health problems.. . Unfortunately, there's no way you can suddenly swi to using only renewable energies - it's just not that simple. Int: Why not?

MH: Well, for a number of reasons, actually. Cost is definitely one of those,-because power generated fro alternative energies is still relatively expensive. And then there's the fact that many of the technologies a experimental and we don't yet have the systems in place that will allow us to generate power cheaply f. say, waves - though there's no doubt in my mind th we will have those soon. Yet another problem is wit the nature of the energy sources themselves - the wi for,example, doesn't always blow so you have to compensate for variations in the amounts of energ;, that can be produced.

Inf: So, what are governments doing to encourage the development of renewable energies? V.

MH: I think ifs easier to take an example to explain thi: we look at .the situation in the United Kingdom, we . see the sorts of problems that governments in many countries are facing. The main uses of energy in the at the moment are household consumption and transport. Then to a lesser degree you have industry and, lastly, services. If we just look at the first two - , if you wanted to replace the energy that they consur: , with electricity from wind, then you'd have to build hundreds of thousands of wind turbines to do that!.

j: today that's just not possible for both technical and environmental reasons. So, in fact, the UK governing has set a fairly modest target, which is to have 25 pe: cent of its energy coming from renewable sources b, 2025. But where will the rest come from? Well, that's big question. Nuclear energy could be one solution, nobody wants to live next to a nuclear power static:

 at the moment there are no easy answers - renewab: energy can help, but it won't provide a magic solutic

1 A, Hi, Ray. I thought I'd give you a call to see how things are going on your side. Everything going smoothly?

В I'd say we're doing OK, but we have hit a couple

snags recently. A Oh, really? Any idea what the problem is? В The engineers have found a problem with the

power supply. It keeps cutting out and they don

know why.

A Well, that doesn't sound too good. How can we s this out, then?

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В.  Why don't we have a video conference with the supplier? They should be able to come up with some suggestions.

2. A.  So, Don/can you give me an update on!;progress so far? No hitches?

B. Nothing too serious, no. The next batch of samples should be ready by the end of the month. A. The end of the month! So, whaf s gone wrong? I thought we said they had to be ready for testing by the fifteenth.

B. I know that's what we were aiming for. But we haven't received some of the precision tools we ordered.

A. Let's hope they're here soon, but if the worst comes : to the worst, we could extend the deadline. Why . didn't you tell me about this before, though?

3. A. Hi, Alan. So, how-did it go? Not that well, actually.

A. Really? Don't tell me that they're not going to sign the contract.

B. Not just yet, thafs for sure. They sayjheyll only sign if we give them a guarantee that we won't raise prices by more than two per cent a year.

A. You can't be serious! There's no way we could agree to that, not with energy prices as high as they are. How do you suggest we deal with this?

B. I don't know, but I think we'd better call head office first and see what they have to say.

 

Unit11

If you have a look at some recent examples of companies, that have gone public or, at least, announced their intention of doing so, then you can see some quite distinct scenarios. For example, if we take Steven Spielberg's film production company, DreamWorks, ifs pretty clear that the primary motivation is to allow the original investors to cash in their investment. On the other hand, in the case of a business like Virgin Blue, the IPO is obviously more directly tied in to the nature of the business - airlines require huge sums of capital to purchase aircraft, and getting that capital from the public rather than from a bank can be very tempting. Another case in point is Domino's Pizza, where the priorities are slightly different because the company is primarily interested in paying off some of its debt while also compensating some of its senior staff. But there are other reasons, of course, why a business might decide to go public.

 

Unit11

1 wouldn't say that the Google IPO was really all that successful even if they did raise $1.7 billion from the sale of almost 20 million stocks. Because you have to remember that initially the company had hoped that its IPO would bring in almost $3.7 billion and they were expecting to sell 26 million stocks on the market So, if you compare the price they actually sold for, $85, with what the company had projected, which was between 108 and $135, then you can see that it didn't really work out that well. You know, I think the management team made quite a few mistakes and thafs why they didn't make their target Probably the most serious was with the timing of the IPO - it was set for August and thaf  not the best time to get the financial community on board because it's right in the middle of the summer vacation.. Secondly, there was the attitude concerning the disclosure of the company's plans. These were never published in sufficient detail and investors were left in some doubt about what the company was planning. Lastly, the actual process of the auction was complicated and, if anything, instead of simplifying things, it really made it more difficult for investors to buy the shares. However, having said that, I should add that for investors, the Google IPO was a really great opportunity: they could buy at a relatively low price and within a few days the shares had risen to $125.

 

Unit11

As CEO of Innova Tex,T'd like to say a few words about the company before I go on to look at the specific details of our IPO. To sum up our company in a few words: Innova Tex is a young company in a vibrant growth sector. We have first-class products, a dedicated and talented staff and I think we have a great future ahead of us. I'll come back to all that later in this presentation. But now I'd just like to say how proud I am, not only of what we have already achieved but also of being chosen to lead the company at this critical moment in its history as we embark on our next journey. Today, we are about to begin that journey. And that brings me straight to my main message: I sincerely hope that as many of you as possible will be joining us; in other words, that you and your clients will be among our future stockholders!

In my presentation today, I'll be starting with who we are and men giving a review of our recent performance, I'll then move on to an analysis of the risks and the challenges that lie ahead. After that, I'll look at the capital and management structure and how it will be affected by the offering/And finally, I'll discuss the niore practical details of the offering, such as the timing.

 

Unit11

Well, I think the whole Hi Wire story goes to show that it is not always that easy to get an IPO right. In this case, first of all, there is the question of how the IPO was Organised, and that brings up two problems: the timing and the choice of the bank to manage the launch. For the timing, it was already cle,ar that the internet boom was coming to an end, so the company was entering the market at the worst possible time. But the real problem was that they were doing that with their stocks priced too high - they hadn't reduced them at all. Now why they attempted to do that is al§o the result of the relationship between the company and its investment advisers. In this case they really weren't that compatible: on one hand, a traditional Wall Street investment bank with very conservative ideas about how to launch a public company and on the other, a young rule-breaking, risk-taking enterprise with very definite ideas. What happened? Well, basically, both sides had overvalued the company, they couldn't sigh up enough investors and eventually they had to accept the feet that they couldn't go ahead with the IPO. So it was cancelled for the second time -now that didn't do either of their reputations any good. And remember, on Wall Street nobody ever forgets a failed IPO.

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Discuss the following questions.

1. What are the advantages and disadvantages for a private individual of borrowing money from the following:

a) a bank?

b) a friend or colleague?

c) a member of your family?

d) a loan shark?

e) a credit card company?

f) another source?

    2. Imagine you have just won $300,000. You want to use it to secure your long-

term financial future. How would you invest the money? Do you think it is good business practice for a company to pay its bills late?

3. People with overdrafts are bad money managers. Do you agree?

        5 . What do you think the following sayings mean? Do you agree with them?

a) Time is money.

b) Money is the root of all evil.

c) A fool and his money are soon parted.

d) Money can't buy you love.

e) Love does much; but money does more.

 

Ways of raising finance

9.1 Listen to the first part of an interview with Rosemary Leith, co-founder of the Internet business consultancy Flametree.com. What are the two commonest ways for businesses to raise finance?

 

9.2 Now listen to the rest of the interview and answer these questions

1. Are start-up companies moro likely to raise money through debt or equity? What about growth businesses?

2. Why can debt be more expensive than equity?

3.  Which method of raising finance did Rosemary's company choose?

4.  What four factors does the process of raising money depend on?

5.  What are the advantages of the way Rosemary's company raised money?

 

Match the following expressions with the correct definitions.

1 human capital

2 risk capital

3 share capital

4 venture capital-

5 working capital

a) money to carry on production and keep trading

b) money a company has raised from investors who bought shares

c) money invested in a project with a high chance of failure

d) money a company borrows to start up a new business

e) the perceived value of people and their kills

 

 

Choose the correct word to complete each sentence. Use a good dictionary to help you.

1. I took out a..................to extend the factory.

a) credit        b) debt c) .loan :

2. He offered his home as security or..........'........when he borrowed from

the bank.

a) collateral    b) deposit        c) warranty

3. The......'............rate on the loan was 15%.'

a)" charge       b) fee c) interest

4 . We have a(n)..................of $i million to finance our three-month -

advertising campaign.

a) budget      b) cost c) expense

5 . They have to pay the loan back over three years. The first..................

is due in August.

a) amount      b) instalme.nt    c) -part

6 . Our state-of-the-art machinery is our major...................

a) asset        b) possession    c) property

7.  We want to find a partner who will take a..................in our business.

a) risk b) share c) stake

8 . Thanks to a government..................the firm was able to move to a

new location.

a) contribution b) subsidy        c) support

9.  Money owed by a company to its suppliers forms part of its.................

a) damages    b) liabilities       c) losses

10. When the bank grants a business an..................facility, their current

account can go into the red.

a) overdraft    c) overhead      c) overpayment

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A. Scan the two articles on page 79 and match them to the following statements.

1) Emerging entrepreneurs will be essential to the future prosperity of the    -country.

2) With banks reluctant to lend, many entrepreneurs have looked to family and friends for help providing start-up capital.

B.  Work in pairs. Student A reads article A; Student В reads article B. Do not read your partner's article yet.

C.  Work in pairs to decide if the following statements about both articles are true or false.

1 in both countries entrepreneurship has always been an important part of the culture.

2 In both countries businesses usually start with finance from banks.

3 Risk money is available in Japan, but not readily available in Italy.

4 Families often provide fmance for start-up companies in Italy and )apan.

5 Both governments want to promote schemesto encourage new businesses.

 

D.  Match the definitions below to words in the articles. Then use the words in sentences of your own. Article A

1 something that causes an important change or event to happen (para 1)

2 to encourage something to happen over a period of time .(para 3)

3 favouring people who want to start up new businesses (para 3)

4 a company paid to do part of the work of another company (para 2)

 

Article В

5 a company's business expressed as sales of goods and services

over a period of time (para 3)

6 .shares that one company owns in another company (paras)

7 a loan which is not guaranteed by the borrower's assets (para 5)

8 a bank that deals with businesses rather than the public (para 2)

 

E. Study the order of the underlined words in the sentence from article A. Then rewrite the sentences below beginning with the words in brackets. Discuss how the meaning of the sentence is affected in each case. Only now is Japan starting to develop a business environment conducive to entrepreneurial growth.

1 (Seldom ...) We rarely have goods returned to us because they are faulty.

2 (At no time...) He never apologised for his mistake.

3 (Under no circumstances ...) The budget must not be exceeded.

4 (Only by...) We will increase sales significantly by spending more money on • advertising.

5 (On no account...) Private calls should not be made from the office.

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Venturers who hope to be the business

 

By Michiyo Nakamoto and Naoko Nakamae.

In the past few years, anew generation  of  Japanese entrepreneurs has emerged, boosting hopes that venhire businesses are poised to become a new catalyst for the enfeebled Japanese economy.

Japan's small business sector already accounts for I more jobs thin the big corporations, such as Sony; ark-Toyota, but a large prop OFtion of smaller companies are subcontractors whose fortunes are totally dependent on big companies. Only now is Japan starting to develop a busi-20 ness - environment   conducive to entrepreneurial growth..

Of the three main ingredients -needed: to foster 25 venture businesses - risk money, a structural framework and an entrepreneur-friendly" culture - the country has attracted the first, 3u is improving the second, but needs to move forward on the third.      

"The reason why there is a business chance for us is 35 because the social structure is changing as a result of. the   Internet, says . Hiroshi Mikitahi, 34-year-:  old founder of Rakuten 40 Ichiba, Japan's most popular Internet shopping mall.. Old skills are becoming less j .important than Internet expertise and .money js 45 flowing to new businesses rather than, mature "industries,, he says. Internet entrepreneurs! are   also leaving the relative sahctuary of larger companies^) set up on theirowh, some thing which is still rare in Japan. Meanwhile the Japanese authorities have

55 been scrambling to make the country's, legal and structural framework, more venture businessT&iendly. In  the  past,  Japan's

60 reliance on mdirect financing through banks also discouraged the development of risk capital. 'The head of a big bank may know what

65 it's like to have difficulties . in raising YlOObn but he doesn't know what it's like to try to raise Y500.000,' points out Masao Horiba,

70 founder and chairman of Horiba, a leading manufacturer of measuring instruments.

But while the money

75 flows in and structural change increases, the critical question is. whether , Japanese   culture   can change sufficiently to sup-

80 port more entrepreneurs. 'Japan's venture capital sector is like a brand new race track. The track and stands have been built, the

85 gamblers have arrived -

-but   there   aren't   any horses,' says Mr Horiba. Fromthe Financial Times

FINANCIALTIMES

Woe Id business newspaper.

 

Businesses learn from past mistakes

By Ian Hamilton Fazey

As the UK looks for new  ways to encourage entre-v

preneurship, Italy might'be". thought- a good place" to 5 look for. lessons; It has a highly successful scheme to?help young people- start:

businesses; entrepreneur

ship seems part of. the .ul-10 ture; working for yourself . comrubnplace. There is ад

assumption that if people-1 fail - and.46 per cent do so-

within five years - they will 15 learn' frbm their mistakes. andstartagain.

Few Italiansstarta business with bank support...

They save their start-up r2Q capital sometimes   for years, and borrow ;from /.parents, other family members and friends. Italy has ; almost no merchant banks 25 and the fragmented bank-.Ing sector Is tightly retlated because bf past bank:

; therefore become 'Jrisk-: 30 averse and reluctant to

"lend:;, .'.V; tA'v-'^.'xff-' ': 1 &;.i\Qt ^scores bt. .entieprie; •>neiirs,interviewed for the . OECD evaluation, only two 35 had successfully borrowed

money "from - .the. j bank .*-. under the goi.'ernment loan

guarantee scheme, thus / avoiding up to three years ад of saving to accumulato

capital. The rest had start-

Ted from their own or pri-.   vately-borrowed resources - ;and then used growing 45 turnover to expand- This . was found to aid survival;

nurturing financially con--. servative  entrepreneurs,.

who did not over-extend 50 and calculated risks- care-fully. -.     .'.-, - ч-:•;': V .".:  Parallel to this is an out; standingly successful government-funded scheme to 55 encourage young entrepreneurs under 24. Highly

; jg selective, the Youth Entre-. preneurship Agency app--roved'.only.r,Q56 projects '69. out о^бСО applications ia ;.-{ 'the'>.-first* "'. 10 '■/„ years. : ""' :SuccessfnT applicants- 'are.' . tutored ;and advised;'and;'-- the survival rate-ls^run-65 rung at 82 percent |»   =; -The/agency   is' now ^■^ulowec tec-take . equity ■ :. stakes. In the most promis-' ing ventures, In addition," 70 an unsecured 'loan of honour'- voluntarily repayable ■ from future profits - has been introduced in south-f ern Italy to help get over 75 the problems of financing • businesses in poorer areas ".:where the banks really could not careless. .

\\\\\\\\\\\\\\\\

 

Prepositions conunonly occur after certain verbs, adjectives and nouns. Complete these extracts from the articles on page 79 with suitable prepositions. Then check your answers in the articles.

Verbs

1 Japan's small business sector

accounts_

more jobs...

2 They borrow_parents, and friends.

3 They mill learn__their mistakes ... Adjectives ... whose fortunes are dependent _big companies.... develop a business environment conducive_ growth. Parallel_this is an outstandingly successful scheme Nouns ... Japan's reliance_ indirect financing... ... discouraged the development risk capital. ... to have difficulties_ raising YlOObn .

Complete this text with words and prepositions from the Language review box.

It is essential to our future progress that we ................. our mistakes. Our.................. a limited range of products has affected our performance.

We are too..................3 our number one brand. We need to concentrate on the..................4 new products. If we do not do this we will experience..................J raising finance for our expansion programme. ..................6 our bank is not an option as we have already exceeded our credit limit.

 

 Join the halves of sentences below. They are all from newspaper articles.

1 She had a sound business specialising

2 Self-employment may be the only alternativ.

3 Researchers say this results

4 Why do women still have limited access

5 Once you understand the mindset of your investors, you can profit

6 He can see opportunities which lie, through lack

7 The document contained an assessment

8 I want a return

9 We are very focussed

Ю They are strongly opposed

a) on my investment.

b) of the risks facing European companies.

c) of finance, beyond his grasp.

d) in lower failure rates.

e) from their suggestions.

f) in renovating and refurbishing buildings.

g) to starvation in poorer countries.  h) to venture capital?

i) to any further investment, j) on transferring ideas from the hard world of industrial economics to the dot-coms.

0 Why do people often find it difficult to get finance to start a business? a list of reasons.

 

\\\\\\\\\\\\\\

Which of these negotiating tips do you agree with? Explain why or why not.

Negotiating j        1 In the early stages, you need to ask the other side a lot of questions.

2 Always interrupt if you don't understand something.

3 Never make a concession for free. Always get something in return.

4 Use simple, direct language and be open about your aims.

5 Signal what you are going to do. For example, say. 'I'd just like to clarify that'.

6 Summarise often so that everyone is clear when you reach agreement.

7 Adapt your language so that you don't appear aggressive.

8 Talk about your emotions and how you are feeling.

Q Research shows that skilled negotiators often use techniques 1-5 below to achieve their negotiating objective. Match the techniques to their definitions.

 

1 Open questions

2 Closed questions

3 Softening phrases

4 Signalling phrases

5 Summarising

a) say what you are going to do before you do it.

b) modify language so that it does not appear too aggressive.

c) go over the points covered to highlight when agreement is reached.

d) gather information and explore the opposite number's views.

e) check understanding and ask for precise information. 

 

Q Match the statements and questions below to the headings in the Useful language box. Then, make up two expressions of your own for each heading.

1. Can you offer any collateral?

2 . What sort of figure do you have in mind?

3 . What sort of benefits are you looking for?

4.  there seems to be a discrepancy in your figures.

5 ;Let me clarify my last point. What I meant was...

6. Can I just recap?    

7. l'm afraid that doesn't solve our problem.

8 ;Could I make a suggestion? Why don't we renegotiate the loan? 9. When can you begin repayment?

10. Let's go over what we've agreed.

 

Useful language )

Open questions

Why do you need a loan?

Closed questions

Do you have any other backers?

Softening phrases

I'm sorry we can't go that high.

Signalling phrases

I'd like to make a proposal. I think we should....

Summarising

Let's see what we've got so far.

Q' Work in pairs. Role play the following situation.

A financial manager learns that he/she has been posted to one of the company's subsidiaries in a developing country. He/she does not really want to take up the posting but cannot refuse because it will improve his/her career prospects. He/she meets the Personnel Director to negotiate better financial terms for the posting.

Financial Manager: turn to page 148. Personnel Director: turn to page 155.

 

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Background

Vision Film Company (VFC) was founded fifteen years ago by two Polish expatriates. Now based in Krakow, Poland, it has produced numerous television commercials and documentaries, some of which have won ..international awards for originality and Creativity. It has a small, highly experienced production staff and depends on an extensive freelance staff for its projects.

The Director and Executive Producer of VFC now want to make a feature film. The film is a drama set in post-war Europe. VFC have presented their business plan to a Swiss film finance company, European Finance Associates (EFA).

EFA have provisionally agreed to finance the project with a budget limit of $10 million.. They have asked for a second meeting next month (April) to negotiate die details of the finance package. Industry practice is for film finance companies to be repaid dteir investment, usually with interest, and receive a share of die film's net profits.

Mere are sonic- extracts from the VFC Business Plan.

 

Executive Summary

The extraordinary success of independent films in recent Academy Awards shows that there is a huge demand for dramatic human interest films, whether they are performed by unknown actors or by stars. This proposal is for an independent feature film with a budget of $5.5 million.

The Polish Affair is a romantic thriller about Alicia, a young Polish interpreter; and a British intelligence officer; Justin, who meet and fall in love in the chaos of Vienna at the end of the Second World War Without warning Alicia .disappears, and their brief, passionate relationship ends. When, ten years later; they meet again by chance in Berlin their feelings for each other are as strong as evet: However as the mystery behind Alicia's disappearance unfolds it threatens to destroy them both.

This story will have great appeal to ail age groups, bui especially to film-goers in the 25-40 age group, who form a large segment of most countries' film-going audience

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