ОБРАЗЦЫ ГАЗЕТНЫХ СТАТЕЙ ДЛЯ ЧТЕНИЯ И УСТНОГО ПЕРЕСКАЗА
Eurozone falls into recession
By Ralph Atkins in Frankfurt
Published: September 23 2008 10:04 | Last updated: September 23 2008 17:01
The eurozone has fallen into recession, with industry particularly badly hit by the fall-out from global economic turmoil, results of a closely watched survey indicated on Tuesday.
Private sector output in the 15-country region contracted in September for the fourth consecutive month, according to eurozone purchasing managers’ indices. The pace of decline was the fastest since the aftermath of the September 2001 terrorist attacks in the US, with manufacturing faring worse than services.
The latest data indicated that, even if the crisis on Wall Street has yet to have a direct impact on eurozone economies, global economic storms have pushed the region into a technical recession – two quarters of contracting gross domestic product.
The eurozone composite purchasing managers’ index – covering services as well as manufacturing – fell from 48.2 in August to 47 this month. A figure below 50 is meant to indicate a contraction in activity.
Chris Williamson, economist at Markit, the information group that produces the survey, said on past experience the latest readings were consistent with stagnation. But the results excluded construction and retailing sectors, which had fared even worse over the period. “So you are looking at recession,” he concluded. Eurozone GDP had fallen by 0.2 per cent in the three months to June.
But there was some better news on the inflation front, with the survey showing that prices of companies’ inputs rising at the weakest rate since October 2007, largely as a result of lower oil and other commodity prices.
A further easing in inflationary pressures, together with signs that the growth slowdown will prove protracted, would encourage speculation that the European Central Bank will move towards cutting interest rates. The spreading global gloom has not escaped European policymakers, which watched aghast last week as US authorities allowed the collapse of Lehman Brothers.
Still, with eurozone inflation at 3.8 per cent, and crucial wage negotiations looming in Germany’s engineering sector, economists remain sceptical that the ECB will make any move until the first few months of next year at the earliest.
Industry was “reeling” from weak demand, Mr Williamson added, with the growth slowdown in emerging market economies and China “really hurting European manufacturers”.
The latest data, which offered scant sign of an improvement in coming months, were a blow for the ECB. Prior to the crisis on Wall Street the central bank had argued that a weak third quarter would be followed by a gradual recovery in growth. Yesterday’s surveys showed new orders – an indication of likely future trends in production – fell this month at the fastest rate in five years.
turmoil - суматоха
aftermath - последствия
tofare - достигать результата
protracted - затянувшийся
gloom - уныние
toreel - сматывать
China promises rise in minimum wage to close income gap
BBC News, 6 February 2013Last updated at 05:07 GMT
China has approved a plan to tackle the widening income gap between rich and poor, which includes raising its minimum wage. The minimum wage would increase to 40% of average urban salaries by 2015.
State-owned firms would also need to give a greater share of their profits to the government, which it said it would use to fund social security.The widening wealth gap in China has risen concerns over its impact on political and social stability.
China's Gini coefficient, which is a gauge of income disparity in a country, rose to 0.474 in 2012, higher than the 0.4 level analysts often cite as a threshold for potential social unrest.
However, some analysts were sceptical whether the proposals will work."The plan suggests the government puts more weight on income growth than on income distribution," said Zhang Zhiwei, chief China economist at Nomura.He explained that the proposal offered only an objective to "reduce population in poverty and increase size of middle class".
Other proposals announced in the plan include steps to boost incomes of farmers; improving the health care system; increasing supply of affordable housing; a ceiling on salaries of senior management at state-owned firms and strengthening tax regulations.
China's robust economic expansion in recent years has seen income levels rise, especially in urban areas, giving rise to an affluent middle class.However, there have been concerns that China economic rise has not benefited everyone, with many people in rural areas still living below the poverty line.According to the People's Daily, almost 128 million people in rural areas were defined as poor, or having an annual per capita income of less than 2300 yuan ($368; £235) in 2011.
The widening wealth gap has resulted in growing calls for government action.
Analysts have long said that rising income levels in rural areas are a key not only to social stability but also to China's efforts to boost domestic consumption and sustain long term economic growth.
The Cabinet’s latest plan is targeted at lifting as many as 80 million people out of poverty by 2015. The Cabinet works towards doubling the average real income of both rural and urban residents by 2020, from the 2010 levels. However, a significant reduction in the wealth gap is likely to take some time.
Words:
gauge – зд. мерило
robust – сильный. крепкий
betargetedat – бытьнаправленнымна
International credit fraud scheme 'stole $200m'
BBC News, 6 February 2013Last updated at 02:55 GMT
FBI agents entered Raja Jewelers on Tuesday. 18 people have been charged with stealing at least $200m (£127m) in a credit card fraud ring, possibly one of the largest in US history.
The scam involved thousands of fake identities and businesses, lying to credit rating agencies and wiring some of the proceeds abroad. The New Jersey-based scam is said to have operated in 28 states.
Beginning in 2007, the scheme involved falsely improving the credit scores of 7,000 fake cardholders, allowing the scammers to borrow high amounts of money which they never repaid, investigators said.
More than 25,000 credit card accounts were set up using falsified utilities records and a network of 1,800 mailing addresses. Prosecutors saythat in one case a defendant used a six-year-old's Social Security number for a fake utility bill.
The ring also established at least 80 sham businesses and acquired credit card processing machines, swiping the fake cards and keeping the money, according to a complaint filed at a New Jersey district court.
Officials say they have confirmed $200m in losses so far, but say the final amount might grow "due to the massive scope of the conspiracy".
"This type of fraud increases the costs of doing business for every American consumer, every day," US Attorney Paul Fishman said. "The individuals arrested today and their conspirators harmed not only the credit card issuers, but everyone who deals with increased interest rates and fees because of the money taken out of the system by criminals acting in fraud rings like this one."
Three jewellery stores were also implicated in connection with the scheme. Each store allowed fraudulent transactions through extra credit card processing machines and would split the proceeds with other members of the ring.
The conspirators wired millions of dollars to Pakistan, India, the United Arab Emirates, Canada, Romania, China and Japan. Millions more were spent on purchasing gold, spa treatments, electronics and luxury cars. In one raid, officials said they found $78,000 stashed in an oven.Fourteen appeared before a judge on Tuesday, eight were released, and six remained in custody ahead of a bail hearing on Friday.Each of the defendants was charged with one count of bank fraud and could face up to 30 years in prison and a $1m fine.
Words:
- creditcardfraud – мошенничество с кредитными картами
- fake identities - зд. «мертвыедуши»
- scam - мошенничество
- shambusinesses – ложные компании
- toswipe – проводить пластиковую карту через считывающее устройство
- fraudulent t - обманный
7.was charged with - обвинять
8.fine - штраф
BP sells TNK-BP stake to Russia's Rosneft
BBC News, 5 February 2013Last updated at 22:31 GMT
BP put its stake in TNK-BP up for sale in June. Oil giant BP has agreed to sell its 50% stake in TNK-BP to Russia's Rosneft in return for cash and shares.
The UK firm will get $17.1bn (£10.7bn) cash and a 12.84% stake in Rosneft, enabling BP to continue to share in Russia's vast energy resources.
BP has agreed to eventually use some of the cash to buy further Rosneft shares, taking its stake to 19.75%.
Rosneft is also buying the other half of TNK-BP from the AAR consortium of Russian billionaires for $28bn. Companies active in Russia's energy sector have come under political pressure in the past.
However, this deal has the blessing of the Russian President Vladimir Putin, who said state-controlled Rosneft had made a good deal at a good price: "This is a good, large deal that is necessary, not only for the Russian energy sector but also the entire economy."
The acquisition of the stake in TNK-BP, one of Russia's biggest oil firms, will give Rosneft about half of Russia's energy sector and make it the world's largest publicly-traded oil group.
BP said that once the proposed transaction gets the necessary shareholder and regulatory approval, it will use $4.8bn of the cash received on buying a further 5.66% of Rosneft shares. BP already holds 1.25% of Rosneft.
Although BP's involvement in the Russian joint venture has been lucrative, paying billions of dollars in dividends to the UK company, relations with its partners have often been fraught with disagreement.
In 2011, the AAR consortium attempted to block a drilling joint venture in the Arctic between BP and Rosneft through the courts.The plan was eventually dropped.While serving as head of TNK-BP, Bob Dudley - now the head of BP as a whole - had his office bugged and raided by the police and met with heavy back-tax demands, legal action and visa problems. He eventually fled the country in 2008.
A tie-up with Rosneft will keep BP in Russia, allowing it to continue to explore and exploit the country's vast energy resources, including in the Arctic region. Rosneft will be able to tap into BP's expertise in exploring in difficult and potentially hazardous conditions.
Rosneft said it would have two BP representatives on its board and that it would "benefit from BP's significant experience and successful track-record of applying best international practices in Russia".
Words:
Stake - доля
blessing - благословение
lucrative – прибыльный, рентабельный
back-tax– налог, уплаченный задним числом
Egypt's financial troubles
BBC News, 5 February 2013Last updated at 22:31 GMT
Egypt faces the threat of a currency crisis after the Egyptian pound hit its lowest level in 8 years, in part as a result of the ongoing political crisis.
The Central Bank of Egypt warned that the country's reserves, needed to defend the local currency against devaluation, had reached a "critical level".
Egypt's reserves went down from $36bn before the uprising to $15.03bn in December 2012. In the same week, the American credit rating agency Standard & Poor's (S&P) has downgraded Egypt's long-term credit rating to "B-". More than 2,000 factories in the country have closed down since the uprising, while many others are not operating at full capacity.
Egypt is experiencing a marked slowdown in economic growth as well as rising poverty and unemployment. The situation is a combination of 2 phenomena, stagnation and inflation, commonly known as "stagflation". Inflation is a result of the devaluation of the Egyptian pound while stagnation is due to the slowdown in production.
The inflation resulting from the devaluation of the Egyptian currency implies an increase in prices of commodities thereby hitting middle and low income families particularly hard.
The value of the government debts will also go up as a result of the devaluation, eating more into its remaining reserves.
A report released by S&P on 24 December attributed the decline in reserves to political factors. Controversial presidential decrees have impacted on the country's institutions owing to the polarisation between the ruling Muslim Brotherhood, and the liberal opposition.
Frequent protests, which escalated in November and December, scared tourists away, sent investors packing and delayed negotiations with the IMF over a $4.8bn lifeline. This has created a sharp decline in the country's reserves.
Consequently, the ability of the government to provide strong and sustainable public finances has been weakened.
Egypt still has some capacity to meet its financial commitments although swift measures are needed in order to prevent an economic collapse.
This is likely to speed up negotiations with the IMF over a badly-needed injection of $4.8bn US dollars to shore up Egypt's reserves and boost international confidence.
Words:
sustainable
Liberty Global to buy Virgin Media for $23.3bn
BBC News, 5 February 2013Last updated at 22:31 GMT
US billionaire John Malone's cable group, Liberty Global, has agreed to buy the UK's Virgin Media in a cash and stock deal worth $23.3bn (£15bn).
It will create the UK's second biggest pay-TV business after BSkyB.
The deal, subject to shareholder and regulatory approval, puts Mr Malone in direct competition with Rupert Murdoch, whose media empire owns 39% of BSkyB.
Liberty Global already has operations in various European countries including Germany and Belgium.
"Adding Virgin Media to our large and growing European operations is a natural extension of the value creation strategy we've been successfully using for over seven years," said Mike Fries, chief executive of Liberty Global.
Alongside the announcement of the deal, Virgin Media reported its operating profit rose nearly 30% to £699.1m last year.
It said it added a record 88,700 new customers to its cable business during the year.
Neil Berkett, chief executive of Virgin Media, said: "The combined company will be able to grow faster and deliver enhanced returns by capitalising on the exciting opportunities that the digital revolution presents, both in the UK and across Europe."
Virgin Media was created from the merger of NTL and Telewest, and Sir Richard Branson's Virgin Mobile in 2006.
As part of that deal Sir Richard retained a 3% stake in the company, which has a 30-year brand licensing agreement with his Virgin Group.
Mr Malone, who is the chairman of Liberty Global, clashed with News Corp's Mr Murdoch in 2007 when the two companies vied for control of DirecTV Group, the largest US satellite TV broadcaster.
BSkyB leads the UK pay-TV market with 10.7 million customers compared with Virgin Media's 4.9 million.
Virgin Media's main listing is in the US on the Nasdaq technology stock exchange, where its shares jumped 17.9% on Tuesday amid speculation that a deal was imminent.
Words:
cash and stock deal
announcement - объявление
enhanced returns – повышенныедоходы
imminent - неизбежный
viefor –боротьсяза
Patrice Motsepe: South African tycoon to donate millions
BBC News, 5 February 2013Last updated at 22:31 GMT
South Africa's richest black man, Patrice Motsepe, has announced he is giving away half his wealth to improve the lives of the poor. The mining magnate said the money would be handled by the Motsepe Foundation to address education and health issues.
He said he was inspired by the word's two wealthiest men, Bill Gates and Warren Buffet, who are encouraging billionaires to donate to charity.
Mr Motsepe has a net worth of $2.65bn (£1.67bn), Forbes' rich list estimates. Born in the Soweto township, he is a lawyer by training and South Africa's first and only black billionaire. He founded the publicly traded mining conglomerate, African Rainbow Minerals, which has interests in platinum, gold, coal and other minerals. He made most of his mining fortune through the government's black economic empowerment policy, which mandates that mining companies be at least 26% black-owned, says the BBC's Pumza Fihlani in Johannesburg. The businessman also owns Pretoria-based football club Mamelodi Sundowns.
Mr Motsepe made the announcement at an event in Johannesburg, where on a live video link Microsoft founder Mr Gates praised his decision.
He said he was also going to join a campaign started by Mr Gates and investor Mr Buffet in 2010. So far more than 70 billionaires have signed up to it.
"I decided quite some time ago to give at least half of the funds generated by our family assets to uplift poor and other that it would be done in a way that protects the interests and retains the confidence of our shareholders and investors," Mr Motsepe said in a statement.
"South Africans are caring, compassionate and loving people. It has always been part of our culture and tradition to assist and care for less fortunate and marginalised members of our communities." he said.
His wife Precious Motsepe told the BBC that the move would help counter the impression that Africa is always waiting for outside help. "Yes we've got challenges but we also have an opportunity, particularly in this century, to turn our continent around and portray Africa in a positive light," she said.
Words:
empowerment – полномочие
Q&A: TheUS fiscal cliff