2021年時代經典商業(yè)英語

1、時代經典商業(yè)英語 我們在的過程中會很困難，但是英語對我們無論是工作還是生活還是很有用的，今天就給大家?guī)砹?，歡迎大家閱讀 Black Monday 黑色星期一 Never far from bearish minds is the 1987 crash,which saw the Dow Jones Industrial Average Plunge 508 points on Black Monday. 熊市人士的心中，殷鑒不遠的是1987年的大 _：道瓊斯工業(yè)指數(shù)在黑色星期一慘跌508點。 That 508-point plunge on Black Monday was worsened

2、 by so-called portfolio insuran _, 黑色星期一508點的狂跌，被所謂“證券”火上加油。 which is puterized programs designed to bail investors out of stocks in a downturn by selling stock futures. 這種程序設計的目的，就是要在下跌時大賣股票，以助投資人殺出股市。 blue chip 績優(yōu)股 And while other blue-chip firms such as Sears,IBM and General Motors,floundered in

3、the 1980s, 1980年代，當其他績優(yōu)股如西爾斯百貨、IBM和通用在掙扎時， most GE units surged ahead and consistently hit Welchs target of being No.1or No.2 in every _rket. 奇異集團大多數(shù)的機構卻都能大幅上漲，并且如Welch所愿，在各該領域中都能維持第一或第二的成績。 Like their American counterparts,Japanese executives cheerfully overpaid for their late-80s acquisitions. _企業(yè)

4、主管也和他們的美國同儕一樣，在1980年代末期高高興興地花冤枉錢進行一堆購并案。 But the Japanese _de another fundamental miscalculation, 但 _人犯了另一個基本的錯誤。 says Gray Saxonhouse,an economics professor at the University of Michigan: 密歇根大學教授Gray Saxonhouse指出： They had a faith in American land _rks a faith in American blue-chip names. “他們對美國的陸標

5、太有信心，對美國的名牌企業(yè)也同樣太有信心?！?bull _rket 牛市、多頭市場 Some _ysts,dwelling on the fundamentals rather than superstition, 一些堅守基本觀念而不盲從的分析家認為， think the epic bull _rket that began in 1982 has finally entered a long season of bearishness 自1982年來持久不衰的牛市，終于進入了 _的熊市， because of the likelihood of very show economic gro

6、wth in the 1990s. 因為1990年代的經濟增長似乎會非常緩慢。 Share pri _s in the relentlessly upbeat stock _rket now stand at skyhigh levels by historical standards, 在這毫不猶豫向前沖的股市中，現(xiàn)在的股價指數(shù)站在新高點， and dividend yields have fallen to near record lows- 但股利卻幾乎掉到創(chuàng)紀錄的低檔 classic signals that the bull _rket that began 2 1/2 years

7、ago has got dangerously long in the tooth. 這是很典型的警訊：兩年半前開始的牛市已經持續(xù)太久到搖搖欲墜的地步了。 corporate bond 公司債券 The average aggressive-growth fund has risen 29% in the past 12 months.Corporate-bond funds gained 13% overall. 高增長基金在過去12個月平均漲幅為29%，而公司債券基金漲幅為13%。 As a graduate business student at Pennsylvanias Wharto

8、n School,Milken _de junk bonds a focus of his scholarship. 垃圾債券大王米爾肯還在賓州大學華頓商學院念研究生時，他就以研究垃圾債券得到獎學金。 Despite their reputation for high risk,he found that the securities showed a history of few defaults. 他發(fā)現(xiàn)雖然垃圾債券風險有名的高，但是在過去卻很少出現(xiàn)問題。 Milken believed the securities relatively high yields,typically 3%

9、to 5% more than any investment-grade corporate bond,were more than enough pensation for that slightly increased risk. Milken相信這種證券在利潤上比任何的投資級公司債券都要高3%至5%的情形下，遠可以彌補稍微偏高的風險所可能帶來的損失。 default 違約 Greenspans strong hint last week that the Federal Reserve will continue to push up interest rates 上周Greenspan

10、強烈暗示聯(lián)邦儲備銀行將持續(xù)調高利率， heightened worries that more gover _ents with over-leveraged portfolios heavily based on interest rate bets could be for _d to default. 如此一來，更多的 _就更要擔心他們主要靠賭利率才能維持的一個以債養(yǎng)債的局面即將崩潰，使他們被迫違約。 | Poorer parents,meanwhile, _y be tempted to borrow more than they ever expect to repay: 同時，比較

11、貧困的家長可能受到誘惑，去借些自己根本沒打算還的錢。 the default rate on gover _ent-backed loans is roughly 22% and bound to rise. _提供的貸款中，違約不還的比例是22%，而且一定會再升高。 dividend 股利 But sales rose even faster,and Ford Motor raised its dividend 12.5%, 但是營業(yè)額增長得更快，而且福特汽車的股利增長了12.5%， the first increase sin _ 19 _. 是自19 _年來的首次增長。 Dow-Jone

12、s Industrial Average 道瓊斯工業(yè)指數(shù) The Dow Jones Industrial Average closed this week at 2,909,1. 道瓊斯工業(yè)指數(shù)本周收盤時是2909.1點， up 6.3% in the past four weeks and up 544 points,or 23%,sin _ its October low. 在過去四周來上漲了6.3%，比起去年10月的低點，漲了23%，即544點。 The stock _rket gave the flagging recovery an apparent vote of noconfi

13、den _ last week when the Dow Jones Industrial Average plunged 120 points on Friday. 股市上周對于虛弱的景氣復蘇明顯投下了不信任票，以致周五時道瓊斯工業(yè)指數(shù)大跌120點。 Argentinas stock _rket rose 53% in 1993,for example, 例如阿根廷股市在1993年增長53%， while Brazils more than doubled in value. 而巴西股市的價值增長超過一倍。 institutional investor 機構投資者 Another sour

14、_ of fear is institutional investor. 另一個值得畏懼的團體是機構投資者。 While unseating corporate directors is even more difficult than dislodging political incumbents, 因為要把企業(yè)主管拉下臺比罷免現(xiàn)任 _官員還要困難， big investors are using their vast holdings to put pressure on board members. 所以大股東乃利用龐大的持股來向董事會施壓。 investment bank 投資銀行 T

15、hanks to record sales of everything from derivatives to new stock and bond issues to merger financing, 由于所有業(yè)務的營業(yè)額都創(chuàng)新高，包括衍生性金融商品、新股與債券發(fā)行，還有并購， the pretax profits of U.S.brokers and investment banks zoomed to an unpre _dented $8.9 billion last year. 美國證券經紀商與投資銀行在去年的稅前盈余增加到史無前倒的 _億美元。 junk bond 垃圾債券 Wh

16、en junk-bond king Michael Milken copped a plea last April, 當垃圾債券大王Michael Milken去年4月認罪之時， he disappointed everyone who had been hoping to see the white-collar trial of the decade. 他讓所有期待觀看一場1980年代白領犯罪大審判的人失望了。 NASDAQ 美國場外交易市場自動報價系統(tǒng) That kind of talk worries officials at the New York Stock Exchange:

17、這種談話使紐約股市的人員擔心。 trading technology is advancing so rapidly that the Big Board could be bypassed by such new high-tech systems as the Arizona Stock Exchange,the NASDAQ and now Globex. 撮合交易的進步神速，紐約股市的大看板可能被下列高科技的系統(tǒng)所取代：亞利桑那證券交易所、美國場外交易市場自動報價系統(tǒng)以及現(xiàn)在的全球交易所。 Nikkei Stock Average 日經股價指數(shù) When the volatile Ni

18、kkei stock index plunged 3.9% last Monday, 當上周反復無常地日經股價指數(shù)大跌3.9%后， _ny shell-shocked Tokyo investors feared that the entire economy was heading toward the abyss. 許多被嚇壞的東京投資者害怕整個經濟又將跌入深淵。 Even more frightening was the more re _nt,and more devastating,collapse of the Japanese stock _rket 更恐怖的是：更接近現(xiàn)在、更慘

19、烈的 _股市 _， that began in 1990,when the bloated Nikkei average plummeted from nearly 39,000 to less than 15,000 in 2 1/2 years. 高漲的日經平均指數(shù)在兩年半內從將近39000點跌到15000點以下。 public offering 公 _行 Falcon Cable TV,a Los Angeles-based pany with 1.1 million cable subscribers, 位于洛杉磯，擁有110萬用戶的Falcon Cable TV last week

20、halted plans for a $125 million public offering in the wake of the FCC order. | 上周因為FCC的，而停止了一項1.25億美元的公 _行計劃。 S&P 500 標準普爾500股價指數(shù) The S&P 500 gained even more than the Dow during 1991,rising 26%, 標準普爾500股價指數(shù)在1991年上漲26%， and NASDAQ,the most popular measure for s _ll stocks,surged a record 57%. 超過道瓊斯

21、指數(shù)，而小型股的最流行指標NASDAQ則飆漲57%。 In Chicago the Mercantile Exchange twi _ halted trading in S&P 500 futures contracts,which represent the stocks in the Standard & Poors 500 index. 在芝加哥的商品交易所，兩次中止代表標準普爾500股價指數(shù)的標準普爾500期貨交易。 SEC 證券與交易委員會 Under new SEC rules,panies must provide,in their annual report to share

22、holders,some value for the stock options granted to executives. 根據(jù)證券與交易委員會的規(guī)則。企業(yè)在提供給股東的年度中，一定要披露提供給公司高級主管的認股權的部分價值。 Boom,Boom,Ka-boom! 漲，漲，爆掉! 1.The day was star-crossed: 這一天是命運多舛的： Friday the 13th in the month of October,on the eve of the second anniversary of a devastating _rket crash. 10月的13號星期五，

23、正好是一場股市 _災難的兩周年前夕。 Im _ing you,psychology is really funny.People get crazy in situations like that,said portfolio strategist Elaine Garzarelli. 投資組合策略專家Elaine Garzarelli說：“我跟你說，心理是奇怪的東西。在那種情況下人們真的瘋掉了?！?Last week Friday the 13th lived up to its frightful reputation. 上周的13號星期五并沒有辜負它恐怖的名聲。 After drifti

24、ng lower at a sleepy pa _ for most of the day,the Dow Jones industrial average abruptly lurched into a hair-raising sky dive in the final hour of trading. 在大半天之內以令人打瞌睡的速度往下游移的道瓊斯工業(yè)指數(shù)，突然在最后一小時爆出令人發(fā)指的長黑行情， By the time the 4 p.m. closing bell halted the rout,the index had dropped a night _rish 190.58 p

25、oints, 當4點整的收盤 _響起，止住這一敗涂地的狂瀉時，指數(shù)已經暴跌了惡夢般的190.58點， or nearly 7%,to close at 2569.26. 將近7%跌幅，而以2569.26點作收。 2.The sell-off was the sharpest sin _ the _rket plunged 508 points on Oct.19,1987. 這次是自1987年10月19日股市 _508點以來的最大跌幅。 In terms of points,it was the second largest loss in Wall Street history; 以點數(shù)來說

26、，是華爾街有史以來第二大的損失; in per _ntage,the day ranked twelfth worst. 以百分比來說，是第12高跌幅。 Its total emotional and psychological _s,said Eugene Peroni,an _yst with Janney Montgomery Scott,a Philadelphia brokerage firm. Eugene Peroni是費城的證券公司Janney Montgomery Scott的分析師，他說：“這是情緒與心理雙重的大混亂。 People are dumping everythi

27、ng.A great deal of money is being lost. 大家什么都賣。大把的鈔票就這么沒了。” 3.The drop invited instant parison with the months two historic calamities: 這次重挫很快引來與歷史上發(fā)生在10月的另兩次大禍的比較： the 1987 collapse on Oct.19 and the 1929 debacle on Oct.29. 1987年10月19日的 _與1929年10月29日的長黑。 Particularly gnawing was the memory that 198

28、7s Black Monday was pre _ded by a Friday plunge of 108.35 points. 特別令投資人心生恐懼的是1987年的“黑色星期一”之前的那個星期五交易日，也是大跌108.35點。 Last weeks drop-off rekindled fears 上周的暴跌重新挑起人們的害怕： that an era of heedless borrowing by corporations and the Federal Gover _ent might finally be ing to grief. 企業(yè)與聯(lián)邦 _不加思索就拼命借貸的時代可能終于到

29、了悲哀的一刻。 At the very least,the rout reminded investors that the stock _rket is a volatile pla _ where fortunes can vanish at the touch of a puter key. 這次潰敗至少證明股市仍是一個變化多端的所在，財產可以在彈指之間消失無蹤。 After one frantic hour of selling conducted to a large extent by program trades,nearly $200 billion of stock valu

30、es were wiped out last week. | 在上周，只要瘋狂的一個鐘點，大部分通過電腦進行的殺出動作就使股市損失了將近2000億美元。 4.The Bush Administration moved swiftly to avert any sense of crisis after the _rket closed. _么 _在收市后迅速行動，消除人民心中的危機感。 Declared Treasury Secretary Nicholas Brady: 財政部長Nicholas Brady宣稱： Its important to recognize that todays

31、stock _rket decline doesnt signal any fundamental change in the condition of the economy. “我們必須了解，今天的股市長黑并不意味經濟狀況有任何根本的改變。 The economy re _ins well balan _d,and the outlook is for continued moderate growth. 國內經濟相當穩(wěn)定，而展望未來，仍可繼續(xù)有溫和的增長?！?But Massachusetts Democrat Edward Markey,who chairs a House submi

32、ttee on telemunications and finan _,vowed to hold hearings this week on the stock _rket slide. 但是麻州 _黨眾議員Edward Markey，目前主掌眾院的一個通訊與財政小組委員會，他堅稱要本周針對股市大跌 _聽證會。 Said he:This is the second heart attack. 他說：“這是第二次發(fā)作了。 My hope is that before we have the inevitable third heart attack,we pay attention to th

33、ese problems. 我希望在不可避免的第三次發(fā)作來到之前，我們應該注意這些問題。” 5.Experts found no shortage of culprits to blame for the latest debacle. 對于最近的這次暴跌，專家不愁找不到理由來怪罪。 A series of downbeat realizations converged on Friday, 在星期五，一堆悲觀的事全湊在一塊兒， ranging from signs of a new burst of inflation to sagging corporate profits to trou

34、bles in the junk-bond _rket that has fueled _jor takeovers. 包括通貨膨脹爆發(fā)的新跡象，企業(yè)低落的利潤，以及促成大型購并案的垃圾債券市場出毛病。 The singular event that shook investors was the faltering of a $6.75 billion labor- _nagement buyout of UAL,the parent pany of United Airlines,the second largest U.S.carrier. 至于攻潰股市人心的單一 _，則是美國第二大的聯(lián)

35、合 _公司一樁未談攏的購并案。聯(lián)航母公司UAL的勞資雙方合作欲以67.5億美元買下UAL，但是沒有談成。 Thats when all hell broke loose,said Robert New _n,a floor trader for Equitrade Partners. Equitrade Partners公司的交易員Robert New _n說：“時至于此，一切都完了。 It was very reminis _nt of something I do not care to think about. 這次 _，跟我想都不愿想的一件往事實在太類似了?！?6.On one poi

36、nt most thoughtful Wall Streeters agreed: 有頭腦的華爾街人士都同意一點： the _rket had reached such dizzying heights that a correction of some sort seemed almost inevitable. 股市指數(shù)沖到令人“往下看會”的高點時，某種“回檔”似乎是無可避免的。 Propelled by favorable economic news and a wave of multibillion-dollar takeovers,stocks had soared more th

37、an 1,000 points sin _ the 1987 crash. 受到經濟好消息及一波波數(shù)十億元的購并案激勵，股市自1987年 _以來已經上漲超過1000點。 But by last August some Wall streeters were clearly worried. 可是到了8月，有些人就明顯開始擔心。 Noted Donald Stone,a floor specialist for Lasker,Stone & Stern: Lasker,Stone & Stern的交易專員Donald Stone說： Ive been on the trading floor f

38、or 39 years,and Ive never seen the _rket go up so fast for so long without a _jor break. “我在交易場39年了，從來沒有看過市場上漲這么快，而且這么久沒有遇到一次重大的挫敗?！?Yet the bulls kept on running. 但是牛市持續(xù)著。 Just last Monday the _rket closed at a historic peak of 2791.41, 上周一的收盤指數(shù)是歷史新高的2791.41點， its fifth record high in as _ny sessio

39、ns. 也是之前連續(xù)五個交易日迭創(chuàng)新高以來的最頂點。 7.The looming anniversary of 1987s crash had prompted _ny on Wall Street to search for parisons between 1987s boom and this years. 在1987年 _日的周年即將來到之際，不由得華爾街不比較一下當年與今年的牛市盛況。 | In an investor newsletter dated Oct.1,Shearson Leh _n Hutton cited twelve ways in which this years

40、 rally seemed more likely to last. Shearson Leh _n Hutton在10月1日發(fā)出的投資人通訊中，舉出12例說明今年的漲勢比較可能持續(xù)。 Among them: 其中三項： -Interest rates were rising then,while they are stable or falling now. 彼時利率在上升，而此時是穩(wěn)定或下降。 -The economy was growing unsustainably in 1987,but more gradually this year. 1987年的經濟增長太快，無支撐力道，而此時

41、較緩和。 -Investor sentiment was wildly bullish then,and far more cautious now. 彼時牛市心理極為強大，此時則謹慎多多。 8.Yet this years rally has rested on some shaky foundations. 但是今年的漲勢其實也是站在不穩(wěn)的基礎之上。 Chief among them is the relentless pa _ of corporate takeovers, 究其大者，應是馬不停蹄的企業(yè)購并。 which enriched everyone on Wall Street,

42、from stockholders to investment bankers. 華爾街的投資客到投資銀行都發(fā)了財。 But the buyouts have been fueled by financing from a junk-bond _rket that was severely weakened last month 但是供給購并資金的垃圾債券市場在上個月受到重創(chuàng)， when Canadian developer Robert Campeau nearly defaulted on $1.27 billion of debt payments on loans that he ha

43、d used to acquire Allied Stores and Federated Department Stores. 因為 _資本家Robert Campeau有了 _煩。他收購Allied Stores與Federated百貨公司的貸款中，有12.7億美元的到期債務差點付不出來。 In the wake of Campeaus problems,the money for new takeovers has begun to dry up. Campeau的麻煩影響所及，新的購并案已失去最大金主。 9.Meanwhile,the Gover _ents chief early-w

44、arning gauge of inflation indicated last week that the U.S.economy _y be headed for trouble. 在此同時， _最主要的通貨膨脹早期預警系統(tǒng)上周指出美國經濟可能既然出問題。 The Labor Department said its Produ _r Pri _ Index rose 0.9% in September, 勞工部的9月 _物價指數(shù)較8月上漲0.9%， or about 10% on an annual basis,to break a three-month string of declin

45、ing wholesale pri _s. 較去年同期則上漲10%，打破連續(xù)三個月的指數(shù)下降走勢。 Earlier in the week,Federal Reserve Chair _n Alan Greenspan suggested that the Fed re _ins wary of inflation 上星期初，聯(lián)邦 _艾倫?格林斯潘暗示聯(lián)邦儲備委員會仍舊注意到通彭的可能性， and therefore would be averse to easing interest rates. 因為將避免調降利率。 That was not what Wall Street wanted

46、 to hear. 這可不是華爾街愿意聽到的。 10.The heaviest blow to the _rket came Friday afternoon. 最致命的一擊發(fā)生在星期五下午。 n a three-paragraph statement. 在簡短三段話的聲明中， UAL said a labor- _nagement group headed by Chair _n Stephen Wolf had failed to get enough financing to acquire United. UAL說由董事長斯蒂芬?沃爾夫 _的勞資集團無法湊足購并聯(lián)航的資金。 Sever

47、al banks had apparently balked at the deal,which was to be partly finan _d through junk bonds. 部分由垃圾債券供給資金的交易顯然讓銀行卻步。 The takeover group said it would submit a revised bid in the near term, 收購集團說它“在近期內”將會修正并重新出價， but the announ _ment stunned investors who had e to view the United deal as the latest

48、sure thing in the 1980s buyout binge. 可是UAL的聲明已經嚇壞了投資人，因為他們以為聯(lián)航購并案的交易應該是1980年代購并狂潮中，絕對沒問題的一宗買賣。 Said John Downey,a trader at the Chicago Board Options Exchange: 芝加哥選擇權交易所的交易員John Downey說： The airline stocks have looked like attractive takeover targets. “ _公司股票向來是很誘人的購并目標。 But with the United deal in

49、 trouble,everyone started to wonder what other deals might not go through. 但是假如連聯(lián)航購并案都會出問題，大家即開始猜疑還有多少交易能夠過關。” bar code 商品條碼 If President George Bush was a _zed by the bar code scanners he saw last month at the National Gro _rs Association convention in Orlando, 假如 _總統(tǒng)上個月在奧蘭多的全國 _協(xié)會年會中，曾為條碼掃描機大驚小怪的話

50、， he would be truly astounded by some of the technology found in state-of-the-art super _rkets like the Food Emporium. 那他到了像Food Emporium這種科技已臻化境的 _，才真的會大吃一驚了。 Each ScanFone unit,which can funciton as a regular telephone, 每一具ScanFone都可當普通 _使用， features a _gic-stripe credit card reader and a light pe

51、n to scan bar codes. 但它還有兩項特色：可讀磁條式 _的讀卡機與掃描條碼的光筆。 blockbuster 大轟動 But without the limitless pots of cash that the now shrunken junk-bond _rket on _ provided, 但是已經萎縮的垃圾債券市場，不能再像以前一樣無限制地提供現(xiàn)金， the investment bankers can on longer arrange the sort of blockbuster buyouts that produ _d breathtaking profi

52、ts for Wall Street in the past decade. 投資銀行也無法再像過去十年一樣，安排轟動武林的收購行動，然后替華爾街賺進令人目瞪口呆的利潤。 A film out of nowhere,with a nobody star,can send people out happy-and _ke the produ _rs of Home Alone rich. 一部用了無名小卒主演的默默無聞電影，可以讓觀眾心滿意足地走出電影院，也讓小鬼當家的制作人發(fā)了大財。 Conversely,a blockbuster wannabe like Redfords Havana grossed less in the U.S.than,say,the Italian import Cine _ Paradise. 相反的，羅伯特?雷德福理應轟動的電影哈瓦那，在美國的票房還比不上意大利的天堂影院。 business cycle 景氣循環(huán) Reagan was a goner,right?says a Clinton adviser.But then the business cycle took an upturn,and he won big a