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2017年下半年BEC高级考前冲刺套题复习
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1998 was undoubtedly the year of the merger. More companies than ever before joined together in deals that toatalled $2.25 trillion and created the world's biggest oil company. Faced with plummeting oil prices,oil giants Exxon and Mobil sought to achieve economies of scale through a $250bn merger
there are several factors behind increase in mergers and acquisitions. Firstly, the accelerated rate of globalisation has left companies desperately seeking overseas acquisitions in order to remain competitive. Deutsche Bank bought its way into the US with its takerover of the Bankers Trust,whilst Siemens hopes that its acquisition of Matra,the French defense group,will allow it to gain access to France's railway business,which is dominated by Alstom,the Anglo-French consortium.
Another factor behind the increase in merger activity is the record performance of the stock markets,which has enabled companies to finance major acquisitions on the strength of their inflated shareprices. Earlier this year Vodafone,the UK mobile telephone operator,acquired its US counterpart AirTorch by by making Airtorch shareholders a cash and stock swap offer worth a total $62bn. The deal created Vodafone AirTorch,the world's largest mobile telecoms group with over 29m customers.the European banking sector is also seeing a trend towards consolidation,a process accelerated by deregulation, over-capacity and the arrival of the single European currency.
New technology is also making it easier for companies to diversify as different industries come to rely on common technologies. Microsoft, for instance, is busily diversified into cable and telecommunications as well as WebTV. The US software giant has a $5bn equity stake in AT&T, which recently bought Media One for $57bn. Under the deal, Microsoft will succeed in introducing its recently-launched cable television software into millions of homes in the US and UK.
Not all mergers,however,are the result of global economy trends,polical chage or technological innovation. BMW's takeover of the Rover Group injected much needed investment into the struggling UK car manufacturer whilst extending BMW's product range. and when the UK pharmaceutical firm Zeneca merged with Swedish drug company Astra,the new companies started with strong R&D capabilities,further by the world's best selling drug Losec in its portfolio of products.
Despite of these potential benefits and their promise of competive advantage,mergers and acquisitions are not risk-free ventures.
Such alliances are more than just financial agreements;they also involve the coming together of different corporate and, in many cases,national cultures. This can have a destabilising effect on a workforce and may mean projected efficiencies are not delivered. Daimler and Chrysler, for example, face the challenge of integrating two very different corporate and national cultures.
A further destabilising effect is the prospect of redundancies as companies look to reduce their payroll by restructuring duplicated functions such as marketing and administration. Although shareholders are lured by such short-term savings,there is little evidence to show that mergers and acquisitions actually add long-term value to company performance.
练习:
1、Exxon and Mobil merged in order to ( )
A、enter new overseas markets.
B、reduce costs and improve margins.
C、create the world's largest company.
D、undercut competitors' prices.
2、Vodafone was able to accquire Air Touch by ( )
A、selling highly-valued shares to customers.
B、obtaining a loan based on its share value.
C、exchanging shares as part of the deal.
D、buying under-valued Air Touch shares.
3、Merged companies can usually increase short-term profits by ( )
A、cutting their combined labour costs.
B、boosting the company's productivity.
C、using a single marketing campaign.
D、selling their shares at a high price.
答案:
1、B
答案信息在第一段最后一句"sought to achieve economies of scale"。规模效益是指随着经营规模的扩大,单位成本下降从而获得经济效益。
2、C
答案信息位于第三段中“cash and stock swap”。该方法意味着AirTouch公司的股东除了能拿现金之外,还能拿到沃达丰公司的股票。
3、A
答案信息在最后一段“ reduce their payroll by restructuring duplicated functions such as marketing and administration”在职能重叠的市场和行政部门进行裁员
练习:
1、There are rumors of a merger involving several major railroad companies.
2、Emotions can drive market behavior in a few short-lived situations. But fundamentals still rule.
3、After a four-consecutive-week rise, the weekly average oil price of the Organization of Petroleum Exporting Countries (OPEC) dropped to 90.83 U.S. dollars per barrel last week.
答案:
1、有传言几家主要铁道公司将进行合并。
2、在短期情况下情绪会引发市场行为,但基本面仍然发挥根本作用。
3、经过连续四周的上涨,石油出口国组织(欧佩克)上周石油均价下降至90.83美元每桶。
1、We may disclose all of the information that we collect, which relates to our transactions or experiences with you among our affiliated companies.
2、Of course, IBM will continue to play a significant role in creating innovations for individuals -- and not only through the broad PC alliance we are announcing today.
3、Terrorist attacks on senior officials were threatening to destabilize the government.
翻译:
1、与我分公司的商务活动所有相关的交易细节和经验,但凡能够搜集到的信息都会全部反馈于贵公司。
2、当然IBM为个人用户进行创新,并将继续扮演重要的角色,今天宣告的广泛PC联盟不会是唯一平台。
3、对高级官员的恐怖袭击威胁到政府的安全与稳定。
中文译稿:
企业档案:兼并的魔力
1998年无疑是个兼并年。历史上从来没有这么多的公司进行兼并,交易总值达到22500亿美元,从而产生了全球最大的银行和石油公司。在石油价格暴跌的情况下,石油巨擘埃克森和美孚为寻求规模经济的效应而达成了2500亿美元的并购交易。
许多因素决定了并购的增加。首先,全球化速度的加快使很多公司拼命在海外收购公司,以此来保持竞争力。德意志银行通过收购银行家信托公司引入了美国市场,而西门子则希望通过收购法国的军工企业马特拉取得进入法国铁路行业的通行证,该行业一直被英法合资企业阿尔斯通所掌控。
兼并增加的另外一个因素是股票市场取得了历史佳绩,飞涨的股票是许多公司有资金来进行大规模的并购活动。今年年初,英国移动电话营运商沃达丰向空中通讯的股东提出了总值达620亿美元的现金换股票交易,从而收购了美国移动通讯巨商:空中通讯。这笔交易产生了全球最大,拥有2900万客户的移动通讯公司:沃达丰空中通讯集团公司。
欧洲银行业也呈现合并的趋势。随着管制的解除,生产能力过剩以及单一欧洲货币的实行,这种趋势更是加速发展。
由于不同 开始运用相同的技术,所以新技术也有助于公司实现市场多元化。比如,微软就忙于向电缆通讯、移动通讯及网络电视行业拓展。这家网络巨擘在美国电信电话公司拥有50亿美元的股权,而美国电信电话公司最近又以570亿美元的价格收购了有线网络运营公司。在这笔交易中,微软公司成功地将其新发布的有线电视软件推向数以百万计的美国和英国家庭。
然而并不是所有的并购都是全球经济发展趋势、政治变革或技术创新的结果。宝马收购罗夫汽车集团以后给这家奄奄一息的英国汽车制造公司注入了急需的投资,同时也拓展了宝马的生产线。当英国的英捷利康医药公司和瑞典的阿斯特拉医药公司合并后,新的公司由于强大的联合研发能力而起死回生,不仅如此,新公司由于其各类产品中拥有全世界最畅销的罗塞克尔进一步增强实力。
尽管并购有着如此之多的潜在利益以及未来优势,但并不是毫无风险可言。
这种联合并不只是经济合同,他们也需要把不同的公司文化和国家文化融合在一起。这可能会造成雇员队伍人心涣散,也可能预示着预定的效益无法达到。例如:戴姆斯-克莱斯勒就要面对如何将两种不同的公司文化和民族文化融合在一起的挑战。
当公司希望通过重组市场部和行政部这样的重复部门来减少薪酬开支时,进一步实行的裁员会进步造成人心惶惶的局面。虽然股东都经不起这种短期节省开支的诱惑,但是没有证据表明并购实际上能提升公司长期的业绩。
写作
1. Write a claim letter in English to an exporter based in an English-speaking country, in which you are to claim for late delivery and damages over a particular shipment that you believe to be faulty. Make your claim as specific as possible, with concrete details, either imagined or experienced. Focus on a single product, and limit your letter to around 150 words. The following Chinese OUTLINE is for your reference: (25 marks)
我方已收到贵方按照我们所定的合同发送的货物。由于下列原因,我方要求贵方赔偿我们的经济损失 。
1.该货物没有在规定的时间内发送…
2. 只发送了部分货物…
3. 该货物含有下列缺陷…
4. 其他原因…
我方要求贵方赔偿我们…..
ABC Company Ltd
#10 Ninth Street, San Diego
CA 93578 USA
November 21, 2010
DEF Company
908 Air China Plaza, No. 36 Xiaoyun Lu
Chaoyang District
Beijing 100015, China
Dear Mike,
We have received the TVs you delivered to us according to contract No. 12345 yesterday. However, we very much regret to inform you that we can not accept this shipment for following reasons.
The goods should arrive at Tianjin Port before Oct. 31st, 2010. But we received the goods yesterday (Nov. 20, 2010). Maybe there is some unexpected delay by the bad weather. The B/L the shipment date on the B/L is Nov. 5, that means you shipped out the goods even later than the stipulated arrival time. We asked for the B/L for several times since the middle of October, always got the same reply that the B/L would be given soonest.
Moreover, as we have ready signed the contracts with the supermarkets in Beijing, the delay in delivery has put us into great inconvenience and caused much trouble.
Besides, we found you only sent 500 TV sets this time. However, we ordered 1000 sets.
Additionally, 10 of them have no sound, which can’t be sold at the market and need the replacement urgently.
I would appreciate it very much if you could give us a commercial discount of 10% as the compensation and send us another 510 computers for 10 broken ones and 500 new ones that you did not send to us by the end of this month.
Looking forward to hearing from you as soon as possible.
Sincerely yours,
Helen
3. Write a reply refusing a request by using the following information: (25 marks)
You are an assistant manager of the sales department for Beijing Dadi Grinding Machines Export Inc. You have received a letter requesting illustrated catalogs of grinders used in coffee mills. The reader is a regular customer. The specifications he needs are Patterns 3012A, 3014B, and 3026D. You have to refuse this request because your business has discontinued all these three patterns. However, you enclose catalogs concerning the new patterns of grinders recently developed in your business. Address the letter to:
Mr. George J. Russel
Manager of Planning
Perfect Coffee Manufacturing
210 Jefferson Street
Richmond, Virginia 23234
U. S. A
DEF Company
908 Air China Plaza, No. 36 Xiaoyun Lu
Chaoyang District
Beijing 100015
China
Nov 25, 2010
Mr. George J. Russel
Manager of Planning
Perfect Coffee Manufacturing
210 Jefferson Street
Richmond, Virginia 23234
U. S. A.
Dear Mr. Russel,
We are very pleased to receive your yesterday’s letter, in which you request illustrated catalogs of grinders used in coffee mills.
We very much regret to inform you that the patterns you need ( 3012A, 3014B, and 3026D) have gone out of production for a long time.
The good news is that we have just developed the new patterns which have been proved more popular than the old ones. The new patterns not only are easier to use but have more functions as well.
The attached files are the new catalogs for you to offer you better service. Please kindly review and let us have the patterns numbers you are interested at your earliest convenience.
If you have any questions about the new patterns, please feel free to ask us for further introduction.
Your prompt reply and confirmation will be highly appreciated.
Sincerely yours
Helen Cao
4. Put the following letter into English. (25 marks)
祝贺你又一次购买我们的金石牌家具!我们深信不断扩大的销售渠道将会给你们公司带来更大的利润。
按你方要求,货物将在七月八日用货车运至大连,装七月十日启航新加坡城的“永新”轮,预计八月中旬你就可接到你所订的五十套金石牌东方古典式餐厅家具,每套含:圆形餐桌一张,配套椅子八把,以及带镜子的长条餐柜一个。
近四十年来,我们公司生产的金石牌家具以其高质量、传统工艺和引人注目的设计受到许多国家顾客的青睐。
另外,在激烈的家具市场竞争中,尤受顾客欢迎的是金石牌家具的三年保修以及这期间的每年免费翻新服务。我们乐意提供这种服务,因为我们和你一样,希望你买的家具终生保新,让你和你的朋友永远欣赏它的美。
随函附上一本小册子,它详细地介绍了一些用于制造你所订的家具的新技术,其中还提到一些保护家具的注意事项,相信你会有兴趣。
We congratulate you on your purchasing our Golden Stone furniture once again! We are deeply convinced that the ever-expanding sales channels will bring you much more profit.
As requested, the cargo will be will be shipped by truck to Dalian on July 8th and then loaded on vessel “Yongxin” to Singapore on Jul. 10th. It’s estimated that you can receive the 50 sets of Golden Stone oriental-classical dining hall furniture you ordered around mid-August and each including: a round table with eight matching chairs as well as a strip sideboard with mirror.
In the recent four decades, our company’s Golden Stone furniture has been favored by customers for its high-quality traditional craft and eye-catching design in a lot of countries.
Moreover, in the fierce competition furniture market, Golden Stone furniture’s three-year warranties as well as the free of charge renovation services during the period are especially welcomed by the customers. We are pleased to offer this service, as we share the same concept and hope that the furniture can remain new for a lifelong time so you and your friends will appreciate its beauty for ever.
We attached the brochure which provides the details of the new technologies of your ordered furniture manufacturing as well as some notes of how to protect the furniture. We believe you will be interested in it.
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