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University

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Mr. Johnston, an American businessman, is in England. He is visiting Textafabrik, a firm which manufactures textile machinery. In this con­versation he negotiates a deal with Jack Evans, Textafabrik's Sales Manager.

 

johnston About those stitching machines, Mr. Evans. I called my colleaguesin New York last night. We want to place a firm order for the РХ5.

EVANS Excellent. How many do you want to buy?

johnston We'd like five for immediate delivery, and thirty in two months’ time.

EVANS I see! That's a very substantial order. Of course, I'm delighted.

EVANS Well, you know the price of the machines — four thousand five hundred pounds (£4,500). That's without freight and insurance. When we invoice customers, we usually quote prices FOB Southampton. But perhaps you'd prefer the goods to go by air?

johnston No, air freight's too expensive. They can go by sea. But if you don’t mind, I’d like you to quote CIF New York. We prefer it that way.

evans All right, we can do that. You want us to quote for thirty-five PX5s, CIF New York, goods to be shipped by sea.

There is one other thing we've got to decide. That's how you're going to pay us.

JOHNSTON Right. Well, I'm quite happy to leave that up to you. If you want to specify a particular method, it's fine with me.

EVANS I’d like to do it this way, if you agree. First, let's take the five machines for immediate delivery. We'd appreciate it if you could pay by transfer (переводом) for those.

johnston Certainly. That means I'll have to transfer the money from my bank in New York to your bank here. I could arrange that fairly easily.

evans Good. Now about the other thirty machines. We'd like you to pay us by a Letter of Credit. How do you feel about that?

JOHNSTON That’d suit me fine. I was expecting you to suggest pay­ment by L/C, or something like that.

evans Well, when we deal with a new customer, we always insist on payment by a Letter of Credit. That way we make sure we get paid.

JOHNSTON Very sensible. You can't be too careful these days - especially with payments. But I hope that when we get to know each other better …

evans Oh, I can assure you, as soon as we're trading regularly together, we'll offer open account terms (условия открытого счета).

johnston I look forward to that time. We're going to be ordering a lot of equipment from you, so we want to establish good business relations.

evans We've covered everything now. Look. I’d like to celebrate this deal with you. Would you be free to have dinner with me tonight?

johnston That's very kind of you. Let me see... I don't think I have anything planned for tonight... Yes, I'd love to

 

4. Answer the questions

1. How many machines did Mr. Johnston want to buy?

2. When should these machines be delivered?

3. Was his order substantial?

4. What was the price for the machines?

5. Was the price quoted FOB or CIF?

6. Who offered the method of payment?

7. How should Mr. Johnston pay for the five machines for immediate delivery? What does it mean?

8. What method of payment was offered for the other thirty machines?

9. Why is this method used when they deal with a new customer?

10. What method would they use in the future?

11. What was the end of their conversation?

 

 

5. Read the text and translate it into Russian.

 

The Foreign Exchange Market

Any country’s currency is a legal tender only within its national boundaries (границы). The trade beyond these boundaries involves exchange of currencies. They can be bought and sold in the Foreign Exchange Market, which performs two major functions: it facilitates the foreign exchange needs of exporters and importers, and it enables individuals, corporations and governments to obtain a desired currency mix (структура денежной массы) of their portfolios.

Trading in the market occurs 24 hours a day in various centers around the world. Deals are concluded over telecommunication network by different counterparties (партнеры), some of whom work as dealers.

The exchange market is global, it doesn’t have one centralized location. The great majority of trading takes place between those who represent large commercial banks or other financial institutions. Foreign exchange departments of banks are linked across the world through a sophisticated network of communication system.

The market consists of three major sectors: the spot market (рынок наличной валюты), the futures market (фьючерский рынок) and the currency options market (рынок валютных опционов).

More than half of all transactions are spot deals. In other words, they are transactions that are settled within two business days.

Trading may occur at any future day. This transaction results in a futures contract. The businessman who signs a contract for the future delivery of machines may wish to settle the cost in his own currency immediately by signing a futures contract with his bank he hedges(хеджировать - страховать) his position. No matter what happens to the fluctuation (колебание) in the foreign exchange rate between now and the settlement day, the businessman’s exchange rate is set.

In the currency option markets a company or a bank can buy the right, but not the obligation (обязательство), to sell or buy currency forward, if required. This option, to decide whether to buy or sell currency, is particularly important when the firm is unsure about the timing or size of foreign currency receipts or payment. To purchase an option, the buyer has to pay a premium.

Prices in the exchange market depend on the volume of transactions, exchange rate volatility(изменчивость), the availability of relevant (важный) information and the strength of competition in the market. The basic idea of foreign exchange dealing is making profit on selling and buying currencies. Dealers and brokers usually quote (назначать) not one, but two exchange rates for each pair of currencies: a bid (buy) price and an asked (sell) price. The bid-asked spread (разница, маржа) constitutes the dealer’s profit, though this spread is normally very small. As prices are different in different countries, professional dealers take advantage of it buying, say, US dollars for yen in Singapore and selling them in London for sterling and then back into yen in New-York – all for a profit. This operation is called currency arbitrage.

The delivery of the individual currencies involved in a foreign exchange transaction typically takes place through the payment systems of the two countries whose currencies are traded.

spot market - рынок наличной валюты (на котором сделки совершаются в течение двух дней)

futures market - фьючерский рынок (срочных сделок – договоров о покупке или продаже фиксированного количества определенного товара, валюты или ценных бумаг для их поставки в оговоренную дату в будущем по согласованной цене)

options market - рынок опционов (разновидностей срочных сделок, которые необязательно выполнять)

hedge (v) - страховать себя от возможных потерь

quote (v) - котировать, назначать цену

quotation (n) - котировка

asked quotation - курс продавца

bid quotation - курс покупателя

currency arbitrage - скупка и продажа валют, учитывающая разность курсов разных валют на различных валютных рынках

 

6. Match the words with their definitions.

1. Exchange rates - a) the interest rate difference

 

2. The spot market - b) the simultaneous buying and selling of the same currency

in different markets to profit from rate difference

fixed price on a particular day

4. Option -d) the prices of foreign currencies expressed in terms of other

currencies

5. Hedging -e) deals in contracts to hedge against future changes in foreign

exchange rates

6. To fluctuate -f) deals in currency for immediate delivery

 

7. Spread - g) reducing the risk of unfavourable exchange rates by way of

future contracts

8. Arbitrage - h) to go up and down

 

7. Match the questions on the left with the answers on the right.

Exchange Rates

 

1. Is it true that there was a time when a) Because in reality, they are often determined

you could go to a bank in the USA by a massive amount of currency speculation

and demand gold in exchange for that goes on.

your dollar?

 

2. Who was he?  b) Only if they were officially devaluated or

revaluated by the government or the central.  

bank.

 

3. So could they never change? c) Not who, what or where. It was an international

conference held in New Hampshire in 1944. It

fixed the value of the US dollar at 1/35 of an

ounce of gold, and “pegged” or fixed most other

major currencies against the dollar.

 

4. But is it all different now? d) Oh sure, they can try to intervene on currency

markets by buying or selling billions of dollars

or pounds. But the speculators have much more

money than governments.

 

5. So, how does it work now? e) We have floating exchange rates, determined by

supply and demand. Theoretically, the rates

should reflect purchasing power.

 

6. Why “theoretically”? f) Well, in theory, yes. That was the result of

Bretton Woods.

 

7. So is there anything governments can g)Yes, the Bretton Woods system collapsed in

do? early 1970s because of inflation. There were

too many dollars and not enough gold, so

President Nixon ended gold convertibility.

 

 

8. Summarize the information of the unit and speak on the topic: Foreign Trade

 

University

· What has your first year at the university been like? Have you ever regretted your choice? Do you have enough time to enjoy yourself after classes? What are the most difficult subjects for you here? What are the most interesting subjects? What facilities does the university offer for those who want to make progress in their studies? Do you have enough time to enjoy yourself after classes? What hi-tech facilities are available at the university? What are the advantages and disadvantages of using computer-enhanced methods in education?

· What British university will you take a post graduate course at if an opportunity arises? What makes it a great place to study at?

· Which is the oldest British university? Oxford is not only an ancient seat of learning but a popular tourist attraction, isn’t it? What makes it a popular tourist attraction? Why is it sometimes difficult for the residents of Oxford to live their daily lives?




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