Topic 7-postharves handling and marketing(2011)
商务英语写作 chapter 5
5
Chapter
Letters of Shipmeቤተ መጻሕፍቲ ባይዱt
I. Introduction
Four purposes of the letter: ✓ urging shipment ✓ sending shipping instructions ✓ amending shipping clauses ✓ giving shipping advice Letters of shipment should be concise and clear so that there will be no confusion and they will not cause delay in delivery.
5
Chapter
Letters of Shipment
I. Introduction
Follow the steps in the letter: Open with reference to former contact, or open with a statement, usually about an order, by indicating the number or date of the order.
Writing Steps:
A letter of shipment is mainly composed of three parts: Opening part: with mention of previous contacts between both sides. Message part: with details about the mode of transport, and time of shipment etc. Closing part: where hopes are expressed that the other sides can make an early reply.
术语
1.the feed distributor 饲料供销商working for his own gain 为自己的收益而工作the skill and labor 技能与劳动力manufacturing the plastic 生产塑料private transactions 私人交易wrapped and priced 包装定价the invisible hand 无形之手absolute advantage 绝对优势antitrust case 反垄断案例comparative advantage 比较优势distributor 经销商free trade 自由贸易gain 利润labor 劳工merchandise 商品monopoly 垄断opportunity cost 机会成本signaling theory 信号理论2.free enterprise system 自由企业制度stockholder 股东economic system 经济体制develop products and services 开发产品与服务market forces 市场调节作用financial institutions 金融机构deep recession 严重衰退go out of business 破产stock price 股票价格mission 使命corporate motto 公司座右铭assets 资产maximize profits 利益最大化financial system 金融体制accounting fraud 假账business ethics 商业道德economic interest 经济利益economic system 经济体制ethics codes 道德准则ethics officer 道德官government regulation 政府监管management attitudes 资方的态度market forces 市场力量owner-manager 所有者经理人profit maximization 利益最大化public awareness 公众意识sales representatives 销售代表socioeconomic model 社会经济模式3.overflow with awe and gratitude 充满敬畏与感激be cut off from the social world 与外部世界隔离sink into despair 陷入绝境be prone to depression 易感抑郁regain one’s energy恢复体能defining characteristics 界定性特征a temporary setback 暂时的挫折be unfazed by defeat 不因挫败而心烦意乱run for office 竞选权位whistle a happy tune 吹着欢快的曲调aptitude 天资；资质character 性格empirical test 实证检验first impression 第一印象motivation 动机optimist 乐观主义者personality 个性pessimist 悲观主义者physical appearance 外貌potential for success 成功的潜力theory-based test 基于理论的检验trait 特点4. green movement 绿色环保运动protected areas 受保护区域extinction of animals and plants 动植物灭绝wild fish stocks 野生鱼类资源make clean power 生产清洁能源save resources 节约资源nurture biodiversity 培育生物多样性regulate pollution 控制污染prevent damage to ecosystems 阻止对生态系统的破坏expand clean industries 扩大清洁产业collective worldview 集体世界观ecological economy 生态经济biodiversity 生物多样性black carbon 黑炭carbon dioxide 二氧化碳ecology 生态学ecosphere 生物圈ecosystem 生态系统environmental analysis 环境分析environmental science 环境科学environmentalism 环境保护主义fauna 动物群flora 植物群5.analytical philosophy 分析哲学applied ethics 应用伦理学behaviorist 行为主义者cliometrics 计量历史学continental philosophy 大陆哲学epistemologist 认识论者ethics of care 关怀伦理feminist 女权主义者feminist philosophy 女性主义哲学formal logic 形式逻辑mentalist 心灵主义者phenomenologist 现象学家philosophical psychology 哲学心理学philosophy of ecology 生态哲学philosophy of science 科学哲学pragmatist 实用主义者quantum theory 量子理论relativity 相对论6.mathematization 数字化CAD 计算机辅助设计statistics 统计学genomics 基因组学operations research 运筹学optimization 优化组合probability 概率database 数据库algorithm 运算法则ambiguity 模糊性applied mathematics 应用数学biophysical model 生物物理模型calculus 微积分CAM 计算机辅助制造linear algebra 线性代数multi-variable calculus 多变量微积分paradox 悖论solid mechanics 固体力学trigonometry 三角学7.incentive 激励措施life satisfaction 生活满意度safety net 安全保障social anxiety disorders 社会焦虑症social motivation 社会动机subjective well-being 主观幸福感work orientation 工作定位8.randomized clinical trial 随机临床试验cultural tradition 文化传统social stability 社会稳定distinct identity 鲜明特色edge effect 边缘效应organic evolution 有机进化论mutual respect 相互尊重political correctness 政治正确性currency crisis 货币危机democratic deficit 民主赤字globalization 全球化labor legislation 劳工立法political correctness 政治正确性poverty rate 贫穷率race to the bottom 竞次9.alternative medicine 替代医学doctor-patient relationship 医患关系evidence-based everything 冠以“循环”的一切fixed-dose combination drug 固定剂量复方药物molecular medicine 分子医学multi-host pathogen 多宿主病原体nano-diagnostics 纳米诊断术One Health 一体化健康personalized diagnostics 个人化诊断术。
东北财经大学出版外贸英语函电习题答案
Unit 14ExerciseI. Pu the following Chinese into English 用…包装to be packed in包装；包装容器package尺寸dimension （= measurement ）毛重gross （weight ）净重net （weight ）皮重tare （weight ）适航的seaworthy塑料袋poly-bag纸箱carton箱case捆bale （=bundle ）罐，听can （=tin ）托盘pallet集装箱container散装in bulk野蛮装卸rough handling…的一部分to be part of以…方法（或方式）in a manner 国外市场external market对…有吸引力to appeal to引人注意to catch one’s eye提供信息to provide information about提供方便to provide convenienceII. Multiple choice1. b2. d3. a4. b5.c6. d7.c8. a9.c 10. d 11. a 12. bIII. Fill in the following blanks with the given words in their proper forms 1.interest 2. advantage 3.favour 4.interests 5. advantages6.interest7.favour8.interest9. advantages/ disadvantages10.interest 11.favour 12. advantage （orinterest ）13.favourable 14. disadvantageIV. Putthefollowingsentencesinto Chinese1. 我们的旅行剪刀用防水纸衬里的纸箱包装，每箱装100 盒，每盒装1 打。
2.the changing structure of world__ output and trade
Growth of World Output and Trade
Events Caused Fluctuation
The oil crisis
East Asian financial crisis 9.11 event
The oil crisis interrupted economic growth twice and caused major slumps in 1973-1974 and in 1979-1982 respectively. The industrialized countries, along with the oil-importing developing countries, felt helpless during the 1970s as they endured two rounds of sudden and dramatic increases in oil prices at the hands of OPEC
Three implications of trade expansion
This faster expansion of trade relative to output has three implications. 1. The trade has been growing faster than output implies an increase in the degree of iபைடு நூலகம்ternational specialization between countries.
-----First there are some important changes in the geographical composition of world trade. This shows the share of world trade accounted for by a different countries or regions.
Analyzing the Pros and Cons of World Trade
Analyzing the Pros and Cons of World TradePros of world trade:1. Increased Employment Opportunities: Increased international trade increases job opportunities for workers in different economies as more companies seek to take advantage of global markets.2. Economic Growth: Trade helps to promote economic growth by providing access to new markets, new technologies, and better resources.3. Lower Prices: Global competition among suppliers can lead to lower consumer prices.4. Increased Consumer Choice: International trade allows consumers to access a wider variety of goods and services from around the world.Cons of world trade:1. Potential for Unfair Trade Practices: Trade agreements can lead to unequal bargaining power, leaving countries that are less powerful economically at a disadvantage.2. Lower Domestic Wages: Increased competition from foreign markets can result in lower wages domestically as companies seek to reduce labor costs.3. Loss of Local Culture: The import of foreign goods and services can lead to a homogenization of cultures, as companies may prefer standardized products over locally produced items.4. Environmental Degradation: The increased transportation of goods across international borders can lead to air and water pollution.5. Disruption of Local Markets: As international goods become cheaper and more readily available, local markets may be harmedor disrupted as consumers switch to foreign alternatives.6. Limited Control over Trade Practices: Governments have limited control over international trade agreements and policies, leaving them vulnerable to exploitation from foreign companies and countries.7. Diminishing Role for Small-Scale Producers: Globalization often leads to larger companies dominating the market, pushing out smaller producers that are unable to compete.8. Income Inequality: The increased trade and investment of multinational corporations often leads to a rise in income inequality, as the economic benefits go mainly to wealthy individuals and corporations.9. Political Instability: Globalization has been linked to increased political instability in some countries due to its effect on domestic economies and social structures.10. Loss of Cultural Identity: Globalization can lead to a reduction in local cultural identities as cultures become more homogenized.11. Climate Change: Globalization has increased the production and transport of goods around the world, leading to an increase in greenhouse gas emissions, which in turn contributes to climate change.12. Increased Competition: Globalization has led to increased competition as companies from different parts of the world are able to access the same markets. This can be beneficial in terms of providing consumers with greater choice, but it can also lead to lower prices and reduced wages for workers.。
外刊经贸知识选读英译汉汉译英短语
01年1. barrier-free market2. test market3. budget deficit4. capital-intensive investment5. top-of-the-line technology6. visible trade account7. punitive import tariff8. intellectual property right9. most-favored-nation status1．人均收入2．基础设施3．市场份额4．经济特区5．独家代理协议6．制成品7．工农业生产8．贸易差额9．经常项目10．兼并02年1.depression2.trade surplus3.deflation4.barter trade5.futures market6.current account7.budgt deficit8.invisible tradepensation trade10.devaluation1.市场力量2.货币政策3.最惠国待遇4.世界贸易组织5.人具所得税6.商品市场7.服务贸易8.初级产品9.国际货币基金组织10.人均国内生产总值\1.萧条2.贸易顺差3.通货紧缩4.易货贸易5.期货市场6.经常项目7.预算赤字8.无形贸易9.补偿贸易10.贬值1.market forces2.monetary policy3.most favored-nation treatment/status4.World Trade Organization5.personal income tax/individual income taxmoditis/goods market7.service trade /trade in service8.primary goods9.International Monetary Fund10.per capita/head GDP(gross domestic products)03年16.convertible currency17.customs duties and taxation18.good infrastructure19.deinflationary policy20.trade sanction21.at the summit meeting22.on a conservative estimate23.price hike24.self-sufficient25.liquid assets26.股票市场27.资本转移28.贸易歧视29.双边贸易30.欧洲大陆31.经常项目32.服务贸易33.双重税34.国有企业35.竞争优势04年16.trade fairs and exhibitions17.preferential tax rate18.vested interests19.export quotaernment procurement21.European integration22.bilateral pacts23.countervailing duty24.fledgling industries25.deinflationary policies26.国际收支27.经济特区28.高技术29.证券投资30.自由市场31.贸易壁垒32.供应过剩33.对等价值34.经济衰退35.贸易制裁05年16.unfair trade17.exclusive contract18.per capita income19.long-term strategy20.GATT21.financial crisis22.trade representative23.physical market24.financial deregulation25.sovereignty dispute 26.利息付款27.外商独资28.技术转让29.国内需求30.出口导向31.贸易差额32.产地证书33.期货市场34.市场份额35.进口税06年16.most-favored nation treatment17.trade surplus18.hard currency19.merger of banks20.liquid assets21.a hermit nation22.trade negotiation23.at a rough estimate24.Chinese Export Commodities Fair25.foreign exchange reserves26.独家经销合同27.经常项目28.清算协议29.人均收入30.无壁垒市场31.双重税32.房地产33.试销34.知识产权35.商业周期1:不平等交易2:独家经销合同3:人均收入4:长期战略5:关税及贸易总协定6:金融危机7:商务代表8:现货市场9:撤销金融管制规定10:主权争端1:debt service/interest payment 2:sole foreign funded3:technology transfer4:domestic demand5:export oriented6:trade balance7:certificate of origin8:futures market9:market share10:customs duties1:最惠国待遇2:贸易顺差3:硬通货4:银行兼并5:易于变卖的资产6:闭关自守的国家7:贸易谈判8:据粗略估计9:中国出口商品交易会10:外汇储备1:exclusive contract2:current account3:clearing agreement4:per capita income5:barrier－free market6:carbon tax7:real estate8:test marketing9:intellectual property right10:business cycle07年16. most-favored nation treatment17. trade surplus18. hard currency19. merger of banks20. liquid assets21. a hermit nation22. trade negotiation23. at a rough estimate24. Chinese Export Commodities Fair25. foreign exchange reserves 26. 国民收入27. 国际收支28. 收盘价29. 惩罚性进口关税30. 证券投资31. 商品市场32. 自由市场（无壁垒市场）33. 智囊团/ 顾问班子34. 产地证明书35. 对等价值08年16. fiscal packages17. countervailing duty18. debt service19. liquid assets20. good resistance21. current account22. cash crops23. GNP24. deinflationary policy25. equivalent value26. 市场份额27. 供应短缺28. 世界银行29. 资本货物30. 生产力31. 国内需求32. 外汇收入33. 进口税34. 有形贸易收支35. 利润汇款35.equivalent value 1:财政一揽子计划2:反补贴税3:利息付款4:易于变卖的资产5:强阻力6:经常项目7:经济作物8:国民生产总值9:反通胀政策10:对等价值1:market share2:short supply3:the World Bank4:capital goods5:productive forces6:domestic demand7:foreign exchange earnings 8:customs duties9:visible trade account10:profit－remittance。
交易技巧随笔英文作文
交易技巧随笔英文作文1. Always do your research before making any trades. You don't want to be caught off guard by sudden market movements.2. Trust your instincts, but also be willing to admit when you're wrong. Pride can be a trader's worst enemy.3. Don't let emotions cloud your judgment. Stay disciplined and stick to your trading plan.4. Learn from your mistakes. Every loss is an opportunity to improve and grow as a trader.5. Keep an eye on the news and global events that could impact the markets. Being informed is key to making smart trading decisions.6. Diversify your portfolio to spread out risk. Don't put all your eggs in one basket.7. Set realistic goals and be patient. Rome wasn'tbuilt in a day, and neither is a successful trading career.8. Surround yourself with other traders and learn from their experiences. Collaboration can be a powerful tool in the world of trading.9. Take breaks when needed. Trading can be stressful, and it's important to take care of your mental and emotional well-being.10. Remember that trading is a marathon, not a sprint. Stay focused on the long-term and don't get discouraged by short-term setbacks.。
外贸交易知识点总结英文
外贸交易知识点总结英文International trade is the exchange of goods and services between countries. It is an important aspect of the global economy and can have a significant impact on a country's economic growth and development. Here are some key points to consider when engaging in international trade:1. Trade Agreements and Tariffs- Trade agreements are formal agreements between two or more countries to facilitate and promote trade and economic cooperation. These agreements may include provisions for reducing or eliminating tariffs, quotas, and other trade barriers.- Tariffs are taxes or duties imposed on imported goods and are used to protect domestic industries and generate revenue for the government. Tariffs can have a significant impact on the cost and availability of goods in the importing country.2. Exporting and Importing- Exporting is the sale of goods and services to foreign markets, while importing is the purchase of goods and services from foreign markets. Both exporting and importing can provide opportunities for businesses to expand their customer base and increase revenue.- Exporting and importing require careful consideration of regulations, documentation, and logistics. It is important for businesses to understand the legal and logistical requirements for international trade in order to avoid potential pitfalls and ensure smooth transactions.3. Currency Exchange and Exchange Rates- Currency exchange is the conversion of one currency into another for the purpose of trade or investment. Exchange rates represent the value of one currency relative to another and can fluctuate based on a variety of factors, including economic conditions and geopolitical events.- Fluctuations in exchange rates can have a significant impact on the cost and profitability of international trade. Businesses engaged in international trade should monitor exchange rates and consider strategies to manage currency risk, such as hedging and forward contracts.4. Trade Finance- Trade finance refers to the financial instruments and products that facilitate international trade, such as letters of credit, trade finance loans, and export credit insurance. These financial tools can help businesses mitigate the risks associated with international trade and access the capital needed to support their trade activities.- Trade finance can be complex and requires a thorough understanding of international trade regulations and financial practices. Businesses should work with experienced financial and legal professionals to navigate the complexities of trade finance and ensure compliance with applicable laws and regulations.5. Trade Compliance and Documentation- International trade is subject to a variety of regulations and documentation requirements, including customs declarations, import and export licenses, and compliance with trade sanctions and embargoes. Non-compliance with these requirements can result in significant penalties and legal consequences.- Businesses engaged in international trade should have robust compliance programs in place to ensure adherence to applicable laws and regulations. This may include engaging with customs brokers, legal counsel, and trade compliance experts to navigate the complexities of international trade regulations and documentation.6. Market Research and Cultural Considerations- Before entering a new international market, businesses should conduct thorough market research to understand the local demand, competitive landscape, and cultural considerations. Cultural differences can have a significant impact on business practices, communication, and consumer behavior.- Businesses should be mindful of cultural nuances and adapt their marketing and business strategies accordingly to effectively engage with customers in international markets. This may include tailoring product offerings, marketing messaging, and business practices to align with local customs and preferences.7. Risk Management and Insurance- International trade involves various risks, including political, economic, and commercial risks. Businesses should consider strategies to mitigate these risks, such as obtaining trade credit insurance, political risk insurance, and commercial risk insurance.- Effective risk management is critical to the success of international trade operations. Businesses should assess and quantify their risk exposure and implement strategies to mitigate and transfer risk. This may include working with insurance providers, legal counsel, and risk management experts to develop a comprehensive risk management strategy.8. Intellectual Property Protection- Intellectual property rights, such as patents, trademarks, and copyrights, are essential for protecting innovation and creativity in international trade. Businesses should understand the importance of intellectual property protection and take steps to safeguard their intellectual assets in international markets.- Intellectual property infringement is a significant risk in international trade, particularly in regions with weak intellectual property enforcement. Businesses should take proactive measures to protect their intellectual property, including obtaining patents and trademarks, enforcing their rights through legal channels, and working with local counsel to navigate intellectual property regulations in foreign markets.9. Ethical and Social Responsibility- Businesses engaged in international trade should uphold ethical and social responsibility standards throughout their operations. This may include adhering to fair labor practices, sustainability initiatives, and responsible sourcing and manufacturing practices.- Ethical and social responsibility considerations are increasingly important in international trade, as consumers and stakeholders demand transparency and accountability from businesses. Companies should implement ethical and socially responsible practices in their international operations and communicate these efforts to their stakeholders.In conclusion, international trade presents significant opportunities for businesses to expand their reach and access new markets. However, navigating the complexities of international trade requires careful consideration of trade regulations, financial practices, risk management, and ethical considerations. Businesses should work with experienced professionals and stakeholders to develop a comprehensive international trade strategy and ensure compliance with applicable laws and regulations. By approaching international trade with a thorough understanding of its complexities and risks, businesses can maximize the benefits of global trade and position themselves for success in the international marketplace.。
外贸英语对话(第四版)UNIT 10 Packing and Labeling
They are now quite a headache for us importers. 我们 进口商对此感到很头痛。
University of International Business and Economics
Useful Phrases and Examples
1. bring up
University of International Business and Economics
Answer Key-translation
7) The oil will be supplied in tins of 20 kilos net, two tins to a crate. 8) Please see to that the packing is suitable for long sea voyage. 9) As you know, a large number of the bed spreads we ordered from you last year were found soiled when they reached us. I hope you will take necessary precautions in packing this consignment.
提出
You may bring up the matter at the meeting for consideration this afternoon.
2. to stand 经得起，耐得住，忍受
The cartons are strong enough to stand rough handling. 3. on the ground(s) of 以……为理由
Financial-English-7
• 2006.12.14-15 7.8197
• 2007.3.7-8 7.74
第5页，共44页。
Course Structure
1. What Are Foreign Exchange Rates? 2. Why Are Exchange Rates Important? 3. How Is Foreign Exchange Traded? 4. Exchange Rates and the Economy 5. Defining the Balance of Payments and Its
第18页，共44页。
How Is Foreign Exchange Traded?
• Types of foreign exchange transactions
• Spot transaction—a foreign exchange transaction to be settled on the second following business day
第16页，共44页。
• Basic Rate and Cross Rate • Official Rate and Market Rate • Bid Rate(Buying) and Offered Rate(Selling) • Inter-bank Rate and Commercial Rate • T/T(Telegraphic Transfer Rate)
•
2 远期交割日不是营业日，则顺延至下
一个营业日。顺延后跨月份的则必须提前到
当月的最后一个营业日为交割日。
•
3 ‘双底’惯例。假定即期交割日为当
第2页，共44页。
• The trading of currency and bank deposits denominated in particular currencies takes place in the foreign exchange market. The volume of these transactions worldwide averages over $1 trillion daily.
交易技巧随笔英文作文
交易技巧随笔英文作文下载温馨提示:该文档是我店铺精心编制而成，希望大家下载以后，能够帮助大家解决实际的问题。
文档下载后可定制随意修改，请根据实际需要进行相应的调整和使用，谢谢!并且，本店铺为大家提供各种各样类型的实用资料，如教育随笔、日记赏析、句子摘抄、古诗大全、经典美文、话题作文、工作总结、词语解析、文案摘录、其他资料等等，如想了解不同资料格式和写法，敬请关注!Download tips: This document is carefully compiled by theeditor. I hope that after you download them,they can help yousolve practical problems. The document can be customized andmodified after downloading,please adjust and use it according toactual needs, thank you!In addition, our shop provides you with various types ofpractical materials,such as educational essays, diaryappreciation,sentence excerpts,ancient poems,classic articles,topic composition,work summary,word parsing,copyexcerpts,other materials and so on,want to know different data formats andwriting methods,please pay attention!Trading Tips。
1. Trust your instincts: When it comes to trading, sometimes your gut feeling can be your best guide. Trust your instincts and go with your intuition when making decisions.2. Stay informed: Keep yourself updated with the latest news and trends in the market. Knowledge is power in trading, so make sure you are well-informed before making any investment decisions.3. Take calculated risks: Trading involves risks, but it's important to take calculated risks. Do your research, analyze the market, and make informed decisions based on the potential rewards and risks involved.4. Control your emotions: Emotions can cloud your judgment and lead to impulsive decisions. Learn to controlyour emotions and avoid making decisions based on fear or greed.5. Diversify your portfolio: Don't put all your eggs in one basket. Diversify your portfolio by investing in different assets or sectors. This can help reduce the risk and increase the potential for returns.6. Set realistic goals: Set realistic and achievable goals for your trading. Don't expect to become amillionaire overnight. Instead, focus on consistent growth and improvement in your trading skills.7. Learn from your mistakes: Trading is a learning process, and mistakes are bound to happen. Instead of dwelling on your failures, learn from them and use them as opportunities to grow and improve your trading strategies.8. Practice patience: Trading requires patience. Don't rush into making decisions or expect immediate results. Take your time, analyze the market, and wait for the right opportunities to arise.9. Use stop-loss orders: Protect your investments by using stop-loss orders. These orders automatically sell your assets if they reach a certain price, limiting your potential losses.10. Stay disciplined: Stick to your trading plan and stay disciplined. Avoid making impulsive decisions or deviating from your strategy. Consistency and discipline are key to successful trading.11. Continuously educate yourself: The trading world is constantly evolving, so it's important to continuously educate yourself. Attend seminars, read books, and learn from experienced traders to stay ahead of the game.12. Stay positive: Trading can be challenging, but maintaining a positive mindset is crucial. Believe in yourself, stay motivated, and don't let setbacks discourage you from pursuing your trading goals.13. Network with other traders: Surround yourself withlike-minded individuals and network with other traders. Sharing experiences and insights can be invaluable in improving your trading skills.14. Manage your risk: Always manage your risk bysetting appropriate stop-loss levels and not risking more than you can afford to lose. Protecting your capital should be a priority in trading.15. Enjoy the process: Trading can be a roller coaster ride, but it's important to enjoy the process. Embrace the ups and downs, learn from every experience, and remember that trading is a journey, not a destination.。
不同购物方式英语作文七下
不同购物方式英语作文七下The Evolution of Shopping Methods: A Journey Through Time.In today's fast-paced world, shopping has evolved from a simple necessity into a multifaceted experience. From the traditional bazaars and markets to the modern-day online stores, the way we shop has undergone significant transformations. This essay delves into the various shopping methods, their evolution, and the impact they have had on society.The Dawn of Shopping: The Bazaar Era.In the earliest times, people traded goods through bartering. As civilization progressed, bazaars and markets became the primary hubs of shopping. These places were vibrant with vendors showcasing their wares, from fresh produce to handmade crafts. Shopping in bazaars was an immersive experience, where customers could haggle withvendors, smell the aroma of various foods, and feel the texture of fabrics. The social aspect of bazaars was also significant, as people gathered to chat, gossip, and strengthen community bonds.The Rise of Retail Stores.With the advent of industrialization, retail stores began to emerge. These stores offered a more organized and standardized shopping experience, with prices clearly marked and products categorized. Customers could find a wider range of goods in.。
外刊经贸知识选读词汇
外刊经贸知识选读词汇lesson 1national income 国民收入Comecon( Council for Mutual Economic Association) 经互会经济互助委员会EEC( European Economic Community) 欧共体European Common Market 欧洲共同市场European Community /European Union 欧洲共同体most favored nation treatment(status) 最惠国待遇the normal trade treatment(status) 正常贸易待遇visible trade account 有形贸易收支minister without portfolio 政务委员不管部部长balance of payments 国际收支invisible account 无形贸易收支current account 经常项目central bank 中央银行barter 易货贸易counter-trade 反向贸易assembly manufacturing 来件组装particular forms of foreign trade 特殊贸易做法taxation （入境后）税收工商统一税joint venture 合资企业concessionary finance 中国进口大型项目经常采用的由卖方提供某些方便的付款方式the World Bank and its affiliates 国际银行及其附属机构OECD (Organization for Economic Co-operation and Development) 经济合作与发展织Bank of International Settlements 国际清算银行non-bank trade related credits 买方（卖方）信贷in the wake of 紧紧跟随在后per annum 每年in deficit 赤字逆差in surplus 赢余顺差customs duties 关税raise(money ,funds) 筹集（款项资金）lesson 2bamboo curtain /iron curtain country 竹幕铁幕国家The Special Economic Zone (SEZ) 经济特区14 coastal cities(all former treaty ports) 沿海开放城市capital stock /capital stock ,real 实际资本cooperative enterprise 合作（经营）企业State Council 国务院state councilor 国务委员pipe dream 白日梦幻想cope with 成功应付妥善处理inner regions 内地foreign-exchange reserves 外汇储备technology transfer 技术转让(to start)form scratch 从零开始wholly foreign-owned 外商独资拥有capital goods 资本货物consumer goods 消费品profit-remittance 利润汇款preferential tax rate 优惠税率be liable to 有义务应付税的entitle to 给...权利/资格strengths and weaknesses 优缺点stir up 激起has yet to 有待in the driver's seat 处于统治（或控制）地位means of production 生产资料stock-taking 盘货评估National People's Congress 全国人民代表大会lesson 3Per capita 按人均计算平均Gross National Product(GNP) 国民生产总值punitive import tariff 惩罚性进口关税securities and real estate market 政权及房地产市场"Greater China trade bloc/Chinese Economic Area 大中华贸易集团华人经济区high-tech ,high-wage economy 高技术高工资经济General Agreement on Tariffs and Trade 关税及贸易总协定WTO/World Trade Organization 世界贸易组织conglomerate 跨行业公司semiconductor chips 半导体集成电路芯片consortium 国际财团CITIC(China International Trust and Investment Company) 中国国际信托投资公司China Resources Inc 香港华润有限公司economic heavyweight 举足轻重的经济强国dump truck 翻斗车tractor-trailer 牵引拖车container plant 集装箱工厂commercial hub 商业活动中心warning shot 鸣枪示警intensifying rivalry 不断增强的竞争对抗conveyor belt 输送带preferred status 优先权have a stake in 与有利害关系appendix lesson1-lesson3productive forces 生产力cash corps 经济作物multi-party election 多党竞选a balance of the three powers 三权分立the western two-chamber system 西方两院（议会）制House of Lords/House of Commons 上议院/下议院the Senate/House of Representatives 参议院/众议院anarchy 无政府状态Presidium 共产党国家政府常务委员会standard of living 生活水平give priority to 最优先考虑surplus labour 剩余劳动力political persuasion 政治派别the sate apparatus 国家机器keep abreast of 与齐头并进bureaucratism 官僚主义官僚体系democratization 民主化lesson 4GDP(Gross Domestic Product) 国内生产总值Central and Eastern Europe 地处中东欧的前社会主义国家Gulf Crisis 海湾危机the G-7/the Group of Seven 七国集团Continental Europe 欧洲大陆deinflationary policies 反通胀政策cyclical deceleration in investment spending 周期性的投资下降hard currency 硬通货Paris Club 巴黎俱乐部Commodity Market 商品市场nominal(dollar)terms 名义（美圆）价constant(dollar)terms 不变（美圆）价格unification 东西德统一anti-inflationary monetary policy 反通货膨胀货币政策GDP(GNP) deflator 消除国内（民）生产总值通货膨胀因素指数structural problems 由于社会体制或管理制度不完善引起的问题highly leveraged corporate transactions 公司用大量借来的钱进行交易current account 经常项目transfers (component) 资本转移（部分）war-related payments 战争费用的支付European Monetary System(EMS) 欧洲货币体系the Exchange Rate Mechanism 汇率管理机制real output 以不变价格计算的产品价值the spike in oil prices 石油价格猛跌the population-weighted growth rate(of developing countries' GDP) 人口加权增长率debt restructuring 债务调整direct investment 证券投资the Gulf Countries 海湾国家in a row 连续per capita income 人均收入high rates of growth 高增长率domestic demand 国内需求debt rescheduling 重新安排债务的偿还计划rental housing 出租房屋tax-cut-induced boom 由减税引发的繁荣pick-up 好转portfolio investment 证券投资catch-up 竞争couple with 并提把联系起来worker's remittance 工人侨汇bottoming-out 经济衰退局面等降至最低点后即将复苏lesson 5US policy on Trade 美国贸易政策be prepared to do something 有准备的the US trade representative 美国贸易谈判代表result-oriented/export-oriented/growth-oriented/market-oriented 以结果为导向的NAFTA(North America Free Trade Agreements) 北美自由贸易协定(government)procurement 政府采购news service 通讯社drawn-out 冗长乏味的full-fledged 充分展开的全面贸易战misgiving(s) 疑虑to ease frictions 缓和争执减少摩擦tough negotiator 不妥协的谈判者sanction(s) 国际制裁impose against 对实行制裁trade sanctions 贸易制裁(trade)hawks 在贸易中主张实行制裁的人lesson 6the Single Market 统一市场Maastricht Treaty 马斯特里赫特条约（欧洲联盟条约）free-trade zone 自由贸易区Masstircht referendum 欧共体一些成员国对马斯特里赫特条约进行的公民复决投票merger 兼并staff writer 本报记者holiday fliers 乘飞机外出度假的人big bang 大爆炸barrier-free market 自由市场（无壁垒市场）traverse the ocean 横渡重洋wind up 把事务料理停当lesson 7White Paper 白皮书fuss 异议抱怨MITI(the Ministry of International Trade and Industry 日本通商产业省dry/dry facts/in dry language 不带偏见的不加修饰的直截了当的somebody's side of a argument 某人对这个论点的态度take /call /bring sb. to task 责备某人Uruguay round of trade talks 乌拉圭回合贸易谈判fiscal packages 财政一揽子计划thanks to slow growth elsewhere 由于其他地区增长缓慢industrial commodities 技术产品耐用消费品the business cycle 商业周期managed trade 管理贸易export-driven 以出口为目的albeit 即使trade balance 贸易差额capitulate to 投降take a stand 持一种观点be opposed to 反对gear to 使适应argue for 主张head on 迎头正面针对的at pains 尽力trade sanctions 贸易制裁obtain access to a market 得到进入一个市场的机会out of kilter 失常of one's own accord 处于自愿主动的sensitive to environment 对环境敏感cave in 屈服trade reprisal 贸易报复lesson 4 - lesson 7White House Chief of Staff 白宫办公厅主任staff 全体工作人员stock 过时的没有新意的compound 使复杂化the Establishment 权势集团幕后统治集团power broker （能影响有权势人物以操纵权利的人）权利经纪人vested interests 既得利益power play 强权行为高压行动stamp …out 扑灭消灭for the sake of 为了heavy-handed 严厉的压迫的price-rigging 操纵价格的垄断价格的foot dragging 迟疑拖拉civil service 行政部门protectionism 保护贸易制lesson 8Silicon Valley 硅谷state-of-the-art 目前工艺水平目前最先进的microprocessor 微信息处理器affiliate 联号dumping 倾销licenser 转让人insolvency 无偿还能力的/资不抵债market force 市场力量a hermit nation 一个闭关自守的国家chum out 艰苦（费力）的做出all-out 竭尽全力的bare-bone 少得不能再少的不充分的fledgling industries 新兴工业bargain-basement 极便宜的come up with （针对问题挑战）提出eke out 竭尽维持生计subsistence level 勉强糊口的生活水平toe-to-toe 面对面的lesson 9Gulf region 海湾国家GCC(Gulf Co-operation Council) 海湾合作委员会IDEX93(1993 International Defense Equipment Exhibition) 1993年国际国防设施展览会to be inclined to do 倾向于想要to riding high to make great successon the spin-off 依靠…靠…的支持OPEC(Organization of Petroleum Exporting Countries) 石油输出国家组织tenders 招标invitation to tender /submission of tender 招标投标Chinese Export Commodities Fair 中国出口商品交易会reexports 再出口certificate of origin 产地证明书sovereignty dispute 主权争端add weight to 扩大影响增强优势spin-off 派生产品副产品sour note 刺耳的音符head off 阻止防止…发生head off a conflict 防止冲突发生carbon tax 双重税press on 不顾困难继续前进on hold 等着carry forward 把（账款）转入下一期run-up 前导期semi-wrought 半成品impose import 征收进口附加税crude oil 原油let through 允许通过come up 出现rear its head 冒头出现up for grabs 供争夺的on the ground 当场lesson 10GATT （the General Agreement on T ariffs and Trade）关税及贸易总协定Uruguay round of GATT talks 关贸总协定乌拉圭回合谈判a series of messy compromises 一系列混乱妥协on a conservative estimate /on one plausible estimate /at a rough estimate 据保守估计/合理估算/粗略估计allow for 考虑到顾及为留余地countervailing duty 反补贴税intellectual property right 知识产权trade in services 服务贸易lobby 院外活动集团economic growth 促进经济发展make sense 讲得通合情合理in prospect 期望重的展望中的wreck the economy 破坏经济a question that has long bedeviled the West 长期以来困扰西方的问题carry one's heart in one's boots 吓得要命焦虑万分mule-headed 顽固的固执的replace …with代替取代pose a threat 形成一种威胁be in breach of 违反与相违背for the taking 供自由拿取lesson 11the United Nations Monetary and Financial Conference 联合国货币金融会议convertible currency 可兑换货币cartel 垄断组织形式dip into 动用（款项）the U.S. department of commerce 美国商务部client state 在经济或政治方面依靠某一大国的附属国prohibit sb. from doing sth. 禁止某人做某事hammer out 设计出break down 崩溃horse-soldier 骑兵debt service /interest payment 利息付款provisions 条款tend to 易于往往会part with 花掉stuck with 缠住陷入困境set out 打算take title 取得所有权lesson 12soft drink 软饮料holy war 圣战test market /test marketing 试销市场试销bottler 瓶装商baby-boomer 生育高峰期出生的人coupons 赠券优惠券sleeper 出人意料的成功者爆冷门的人exclusive contract 独家经销合同franchise 特许经营权be spoiling for 一心想切望live up to 负荷达到keep track of 看清跟上进展fill out 凑足补齐pony up (美俚)付清come in for 受到遭到arm-twisting 强迫压力do a little arm-twisting 略施压力settle for 勉强接受lesson 13fast food shops 快餐店USDA (the United States Department of Agriculture) 美国农业部the wet market 出售未加工的肉、鱼、禽蛋的市场account for （在数量比例方面）占promote sales 推销商品luck draw 幸运抽奖lesson 14financial futures 以期货方法进行交易的有价证券securities 有价证券the equity market /equity /common stock ordinary share 一般股票市场/以出售普通股票方法所筹集的公司资金/普通股票the money market /capital market 货币市场资本市场UNCTAD(United Nations Conference on Trade and Development) 联合国贸易和发展会议temperate 适中的非极端的the service sector 服务部门export quota system 出口配额制to cope with 妥善处理成功应付dollar-denominated 以美元标价的take its toll 造成损失protectionism 保护（贸易）主义lesson 15Telex /teletypewriter exchange 用户电报电传big bang 大爆炸改革the US budget trade 美国国家预算批准的政府海外采购spot market 现货市场EX-warehouse 仓库交货the previous week's closing level 伦敦五金交易所周末最终交易的价格平均水平closing price 收盘价格terminal prices 期货价格futures market /terminal market 期货市场International Coffee Organization(ICO) 国际咖啡组织the physical market /spot market 现货市场replacement /replenishment 补充库存at origin /at the place of origin 原产地auction 拍卖come in 上涨discount rate 贴现率set in 到来开始in the event 结果到头来the Commonwealth 英联邦。
转售商买公文包问批发价英语作文
转售商买公文包问批发价英语作文Reselling bags as a business has been a popular and lucrative venture for many entrepreneurs. Public documents bags are one of the most sought-after items in this market, as they are not only practical but also stylish and often come with prestigious brand names. The reselling business has grown significantly in recent years, with more and more people looking to buy these bags at wholesale prices to then sell them at a profit.When resellers are looking to buy public documents bags at wholesale prices, they often turn to wholesale distributors and manufacturers. These wholesalers typically offer the bags at discounted prices for bulk orders, allowing resellers to save money when purchasing a large quantity of bags. However, it can sometimes be challenging to find wholesalers who sell public documents bags, especially those that carry the most popular brands.One effective way for resellers to find wholesale suppliers is to attend trade shows and industry events where manufacturers and distributors showcase their products. These events provide resellers with the opportunity to network with potential suppliers and learn more about the latest trends in the market. By makingconnections at these events, resellers can often secure better deals and access a wider range of products.Another option for resellers is to source public documents bags from online wholesale marketplaces. These platforms connect resellers with a wide range of suppliers from around the world, making it easy to find the best prices and the most desirable products. Some online wholesale marketplaces even offer tools that allow resellers to compare prices, read reviews, and track their orders, making it easier to manage their businesses.Wholesale prices for public documents bags can vary depending on the brand, quality, and quantity of the bags being purchased. Resellers should always do their research and compare prices before making a purchase to ensure they are getting the best deal possible. It is also important for resellers to consider other costs such as shipping and handling fees, taxes, and import duties when calculating their overall expenses.Overall, buying public documents bags at wholesale prices can be a profitable and rewarding endeavor for resellers. By finding the right suppliers, doing careful research, and investing in high-quality products, resellers can build successful businesses that thrive in this competitive market. With the rightstrategies and dedication, resellers can continue to grow their businesses and make a name for themselves in the reselling industry.。
HullOFOD9eSolutionsCh02
CHAPTER 2Mechanics of Futures MarketsPractice QuestionsProblem 2.1.Distinguish between the terms open interest and trading volume.The open interest of a futures contract at a particular time is the total number of long positions outstanding. (Equivalently, it is the total number of short positions outstanding.) The trading volume during a certain period of time is the number of contracts traded during this period. Problem 2.2.What is the difference between a local and a futures commission merchant?A futures commission merchant trades on behalf of a client and charges a commission. A local trades on his or her own behalf.Problem 2.3.Suppose that you enter into a short futures contract to sell July silver for $17.20 per ounce. The size of the contract is 5,000 ounces. The initial margin is $4,000, and the maintenance margin is $3,000. What change in the futures price will lead to a margin call? What happens if you do not meet the margin call?There will be a margin call when $1,000 has been lost from the margin account. This will occur when the price of silver increases by 1,000/5,000 = $0.20. The price of silver must therefore rise to $17.40 per ounce for there to be a margin call. If the margin call is not met, your broker closes out your position.Problem 2.4.Suppose that in September 2015 a company takes a long position in a contract on May 2016 crude oil futures. It closes out its position in March 2016. The futures price (per barrel) is $88.30 when it enters into the contract, $90.50 when it closes out its position, and $89.10 at the end of December 2015. One contract is for the delivery of 1,000 barrels. What is the company’s total profit? When is it realized? How is it taxed if it is (a) a hedger and (b) a speculator? Assume that the company has a December 31 year-end.The total profit is ($90.50 - $88.30) ⨯ 1,000 = $2,200. Of this ($89.10 - $88.30) ⨯ 1,000 or $800 is realized on a day-by-day basis between September 2015 and December 31, 2015. A further ($90.50 - $89.10) ⨯ 1,000 or $1,400 is realized on a day-by-day basis between January1, 2016, and March 2016. A hedger would be taxed on the whole profit of $2,200 in 2016. A speculator would be taxed on $800 in 2015 and $1,400 in 2016.Problem 2.5.What does a stop order to sell at $2 mean? When might it be used? What does a limit order to sell at $2 mean? When might it be used?A stop order to sell at $2 is an order to sell at the best available price once a price of $2 or less is reached. It could be used to limit the losses from an existing long position. A limit order to sell at $2 is an order to sell at a price of $2 or more. It could be used to instruct a broker that a short position should be taken, providing it can be done at a price more favorable than $2.Problem 2.6.What is the difference between the operation of the margin accounts administered by a clearing house and those administered by a broker?The margin account administered by the clearing house is marked to market daily, and the clearing house member is required to bring the account back up to the prescribed level daily. The margin account administered by the broker is also marked to market daily. However, the account does not have to be brought up to the initial margin level on a daily basis. It has to be brought up to the initial margin level when the balance in the account falls below the maintenance margin level. The maintenance margin is usually about 75% of the initial margin.Problem 2.7.What differences exist in the way prices are quoted in the foreign exchange futures market, the foreign exchange spot market, and the foreign exchange forward market?In futures markets, prices are quoted as the number of US dollars per unit of foreign currency. Spot and forward rates are quoted in this way for the British pound, euro, Australian dollar, and New Zealand dollar. For other major currencies, spot and forward rates are quoted as the number of units of foreign currency per US dollar.Problem 2.8.The party with a short position in a futures contract sometimes has options as to the precise asset that will be delivered, where delivery will take place, when delivery will take place, and so on. Do these options increase or decrease the futures price? Explain your reasoning.These options make the contract less attractive to the party with the long position and more attractive to the party with the short position. They therefore tend to reduce the futures price.Problem 2.9.What are the most important aspects of the design of a new futures contract?The most important aspects of the design of a new futures contract are the specification of the underlying asset, the size of the contract, the delivery arrangements, and the delivery months. Problem 2.10.Explain how margin accounts protect investors against the possibility of default.A margin is a sum of money deposited by an investor with his or her broker. It acts as a guarantee that the investor can cover any losses on the futures contract. The balance in the margin account is adjusted daily to reflect gains and losses on the futures contract. If losses are above a certain level, the investor is required to deposit a further margin. This system makes it unlikely that the investor will default. A similar system of margin accounts makes it unlikely that the investor’s broker will default on the contract it has with the clearing house member and unlikely that the clearing house member will default with the clearing house.Problem 2.11.A trader buys two July futures contracts on frozen orange juice. Each contract is for the delivery of 15,000 pounds. The current futures price is 160 cents per pound, the initial margin is $6,000 per contract, and the maintenance margin is $4,500 per contract. What price change would lead to a margin call? Under what circumstances could $2,000 be withdrawn from the margin account?There is a margin call if more than $1,500 is lost on one contract. This happens if the futures price of frozen orange juice falls by more than 10 cents to below 150 cents per pound. $2,000 can be withdrawn from the margin account if there is a gain on one contract of $1,000. This will happen if the futures price rises by 6.67 cents to 166.67 cents per pound.Problem 2.12.Show that, if the futures price of a commodity is greater than the spot price during the delivery period, then there is an arbitrage opportunity. Does an arbitrage opportunity exist if the futures price is less than the spot price? Explain your answer.If the futures price is greater than the spot price during the delivery period, an arbitrageur buys the asset, shorts a futures contract, and makes delivery for an immediate profit. If the futures price is less than the spot price during the delivery period, there is no similar perfect arbitrage strategy. An arbitrageur can take a long futures position but cannot force immediate delivery of the asset. The decision on when delivery will be made is made by the party with the short position. Nevertheless companies interested in acquiring the asset may find it attractive to enterinto a long futures contract and wait for delivery to be made.Problem 2.13.Explain the difference between a market-if-touched order and a stop order.A market-if-touched order is executed at the best available price after a trade occurs at a specified price or at a price more favorable than the specified price. A stop order is executed at the best available price after there is a bid or offer at the specified price or at a price less favorable than the specified price.Problem 2.14.Explain what a stop-limit order to sell at 20.30 with a limit of 20.10 means.A stop-limit order to sell at 20.30 with a limit of 20.10 means that as soon as there is a bid at20.30 the contract should be sold providing this can be done at 20.10 or a higher price. Problem 2.15.At the end of one day a clearing house member is long 100 contracts, and the settlement price is $50,000 per contract. The original margin is $2,000 per contract. On the following day the member becomes responsible for clearing an additional 20 long contracts, entered into at a price of $51,000 per contract. The settlement price at the end of this day is $50,200. How much does the member have to add to its margin account with the exchange clearing house?The clearing house member is required to provide 20$2000$40000⨯,=, as initial margin for the new contracts. There is a gain of (50,200 - 50,000)⨯ 100 = $20,000 on the existing contracts. There is also a loss of (5100050200)20$16000,-,⨯=, on the new contracts. The member must therefore add,-,+,=,400002000016000$36000to the margin account.Problem 2.16.Explain why collateral requirements will increase in the OTC market as a result of new regulations introduced since the 2008 credit crisis.Regulations require most standard OTC transactions entered into between derivatives dealers to be cleared by CCPs. These have initial and variation margin requirements similar to exchanges. There is also a requirement that initial and variation margin be provided for most bilaterally cleared OTC transactions.Problem 2.17.The forward price on the Swiss franc for delivery in 45 days is quoted as 1.1000. The futures price for a contract that will be delivered in 45 days is 0.9000. Explain these two quotes. Which is more favorable for an investor wanting to sell Swiss francs?The 1.1000 forward quote is the number of Swiss francs per dollar. The 0.9000 futures quote is the number of dollars per Swiss franc. When quoted in the same way as the futures price the /.=.. The Swiss franc is therefore more valuable in the forward forward price is11100009091market than in the futures market. The forward market is therefore more attractive for an investor wanting to sell Swiss francs.Problem 2.18.Suppose you call your broker and issue instructions to sell one July hogs contract. Describe what happens.Live hog futures are traded by the CME Group. The broker will request some initial margin. The order will be relayed by telephone to your broker’s trading desk on the floor of the exchange (or to the trading desk of another broker). It will then be sent by messenger to a commission broker who will execute the trade according to your instructions. Confirmation of the trade eventually reaches you. If there are adverse movements in the futures price your broker may contact you to request additional margin.Problem 2.19.“Speculation in futures markets is pure gambling. It is not in the public interest to allow speculators to trade on a futures exchange.” Discuss this viewpoint.Speculators are important market participants because they add liquidity to the market. However, contracts must be useful for hedging as well as speculation. This is because regulators generally only approve contracts when they are likely to be of interest to hedgers as well as speculators.Problem 2.20.Explain the difference between bilateral and central clearing for OTC derivatives.In bilateral clearing the two sides enter into an agreement governing the circumstances under which transactions can be closed out by one side, how transactions will be valued if there is a close out, how the collateral posted by each side is calculated, and so on. In central clearing a CCP stands between the two sides in the same way that an exchange clearing house stands between two sides for transactions entered into on an exchangeProblem 2.21.What do you think would happen if an exchange started trading a contract in which the qualityof the underlying asset was incompletely specified?The contract would not be a success. Parties with short positions would hold their contracts until delivery and then deliver the cheapest form of the asset. This might well be viewed by the party with the long position as garbage! Once news of the quality problem became widely known no one would be prepared to buy the contract. This shows that futures contracts are feasible only when there are rigorous standards within an industry for defining the quality of the asset. Many futures contracts have in practice failed because of the problem of defining quality.Problem 2.22.“When a futures contract is traded on the floor of the exchange, it may be the case that the open interest increases by one, stays the same, or decreases by one.” Explain this statement.If both sides of the transaction are entering into a new contract, the open interest increases by one. If both sides of the transaction are closing out existing positions, the open interest decreases by one. If one party is entering into a new contract while the other party is closing out an existing position, the open interest stays the same.Problem 2.23.Suppose that on October 24, 2015, a company sells one April 2016 live-cattle futures contracts. It closes out its position on January 21, 2016. The futures price (per pound) is 121.20 cents when it enters into the contract, 118.30 cents when it closes out its position, and 118.80 cents at the end of December 2015. One contract is for the delivery of 40,000 pounds of cattle. What is the total profit? How is it taxed if the company is (a) a hedger and (b) a speculator?Assume that the company has a December 31 year end.The total profit is40,000×(1.2120−1.1830) = $1,160If the company is a hedger this is all taxed in 2016. If it is a speculator40,000×(1.2120−1.1880) = $960is taxed in 2015 and40,000×(1.1880−1.1830) = $200is taxed in 2016.Problem 2.24.A cattle farmer expects to have 120,000 pounds of live cattle to sell in three months. The live-cattle futures contract traded by the CME Group is for the delivery of 40,000 pounds of cattle. How can the farmer use the contract for hedging? From the farmer’s viewpoint, what are thepros and cons of hedging?The farmer can short 3 contracts that have 3 months to maturity. If the price of cattle falls, the gain on the futures contract will offset the loss on the sale of the cattle. If the price of cattle rises, the gain on the sale of the cattle will be offset by the loss on the futures contract. Using futures contracts to hedge has the advantage that the farmer can greatly reduce the uncertainty about the price that will be received. Its disadvantage is that the farmer no longer gains from favorable movements in cattle prices.Problem 2.25.It is July 2014. A mining company has just discovered a small deposit of gold. It will take six months to construct the mine. The gold will then be extracted on a more or less continuous basis for one year. Futures contracts on gold are available with delivery months every two months from August 2014 to December 2015. Each contract is for the delivery of 100 ounces. Discuss how the mining company might use futures markets for hedging.The mining company can estimate its production on a month by month basis. It can then short futures contracts to lock in the price received for the gold. For example, if a total of 3,000 ounces are expected to be produced in September 2015 and October 2015, the price received for this production can be hedged by shorting 30 October 2015 contracts.Problem 2.26.Explain how CCPs work. What are the advantages to the financial system of requiring all standardized derivatives transactions to be cleared through CCPs?A CCP stands between the two parties in an OTC derivative transaction in much the same way that a clearing house does for exchange-traded contracts. It absorbs the credit risk but requires initial and variation margin from each side. In addition, CCP members are required to contribute to a default fund. The advantage to the financial system is that there is a lot more collateral (i.e., margin) available and it is therefore much less likely that a default by one major participant in the derivatives market will lead to losses by other market participants. There is also more transparency in that the trades of different financial institutions are more readily known. The disadvantage is that CCPs are replacing banks as the too-big-to-fail entities in the financial system. There clearly needs to be careful oversight of the management of CCPs.Further QuestionsProblem 2.27.Trader A enters into futures contracts to buy 1 million euros for 1.3 million dollars in three months. Trader B enters in a forward contract to do the same thing. The exchange rate (dollarsper euro) declines sharply during the first two months and then increases for the third month to close at 1.3300. Ignoring daily settlement, what is the total profit of each trader? When the impact of daily settlement is taken into account, which trader does better?The total profit of each trader in dollars is 0.03×1,000,000 = 30,000. Trader B’s profit is realized at the end of the three months. Trader A’s profit is realized day-by-day during the three months. Substantial losses are made during the first two months and profits are made during the final month. It is likely that Trader B has done better because Trader A had to finance its losses during the first two months.Problem 2.28.Explain what is meant by open interest. Why does the open interest usually decline during the month preceding the delivery month? On a particular day, there were 2,000 trades in a particular futures contract. This means that there were 2000 buyers (going long) and 2000 sellers (going short). Of the 2,000 buyers, 1,400 were closing out positions and 600 were entering into new positions. Of the 2,000 sellers, 1,200 were closing out positions and 800 were entering into new positions. What is the impact of the day's trading on open interest?Open interest is the number of contract outstanding. Many traders close out their positions just before the delivery month is reached. This is why the open interest declines during the month preceding the delivery month. The open interest went down by 600. We can see this in two ways. First, 1,400 shorts closed out and there were 800 new shorts. Second, 1,200 longs closed out and there were 600 new longs.Problem 2.29.One orange juice future contract is on 15,000 pounds of frozen concentrate. Suppose that in September 2014 a company sells a March 2016 orange juice futures contract for 120 cents per pound. In December 2014 the futures price is 140 cents; in December 2015 the futures price is 110 cents; and in February 2016 it is closed out at 125 cents. The company has a December year end. What is the company's profit or loss on the contract? How is it realized? What is the accounting and tax treatment of the transaction if the company is classified as a) a hedger and b) a speculator?The price goes up during the time the company holds the contract from 120 to 125 cents per pound. Overall the company therefore takes a loss of 15,000×0.05 = $750. If the company is classified as a hedger this loss is realized in 2016, If it is classified as a speculator it realizes a loss of 15,000×0.20 = $3000 in 2014, a gain of 15,000×0.30 = $4,500 in 2015, and a loss of 15,000×0.15 = $2,250 in 2016.Problem 2.30.A company enters into a short futures contract to sell 5,000 bushels of wheat for 750 cents per bushel. The initial margin is $3,000 and the maintenance margin is $2,000. What price changewould lead to a margin call? Under what circumstances could $1,500 be withdrawn from the margin account?There is a margin call if $1000 is lost on the contract. This will happen if the price of wheat futures rises by 20 cents from 750 cents to 770 cents per bushel. $1500 can be withdrawn if the futures price falls by 30 cents to 720 cents per bushel.Problem 2.31.Suppose that there are no storage costs for crude oil and the interest rate for borrowing or lending is 5% per annum. How could you make money if the June and December futures contracts for a particular year trade at $80 and $86?You could go long one June oil contract and short one December contract. In June you take delivery of the oil borrowing $80 per barrel at 5% to meet cash outflows. The interest accumulated in six months is about 80×0.05×1/2 or $2. In December the oil is sold for $86 per barrel which is more than the $82 that has to be repaid on the loan. The strategy therefore leads to a profit. Note that this profit is independent of the actual price of oil in June and December. It will be slightly affected by the daily settlement procedures.Problem 2.32.What position is equivalent to a long forward contract to buy an asset at K on a certain date and a put option to sell it for K on that date?The long forward contract provides a payoff of S T−K where S T is the asset price on the date and K is the delivery price. The put option provides a payoff of max (K−S T, 0). If S T> K the sum of the two payoffs is S T–K. If S T< K the sum of the two payoffs is 0. The combined payoff is therefore max (S T–K, 0). This is the payoff from a call option. The equivalent position is therefore a call option.Problem 2.33.A company has derivatives transactions with Banks A, B, and C which are worth +$20 million, −$15 million, and −$25 million, respectively to t he company. How much margin or collateral does the company have to provide in each of the following two situations?a) The transactions are cleared bilaterally and are subject to one-way collateral agreements where the company posts variation margin, but no initial margin. The banks do not have to post collateral.b) The transactions are cleared centrally through the same CCP and the CCP requires a total initial margin of $10 million.If the transactions are cleared bilaterally, the company has to provide collateral to Banks A, B, and C of (in millions of dollars) 0, 15, and 25, respectively. The total collateral required is $40 million. If the transactions are cleared centrally they are netted against each other and thecompany’s total variation margin (i n millions of dollars) is –20 + 15 + 25 or $20 million in total. The total margin required (including the initial margin) is therefore $30 million.Problem 2.34.A bank’s derivatives transactions with a counterparty are worth +$10 million to the bank and are cleared bilaterally. The counterparty has posted $10 million of cash collateral. What credit exposure does the bank have?The counterparty may stop posting collateral and some time will then elapse before the bank is able to close out the transaction s. During that time the transactions may move in the bank’s favor, increasing its exposure. Note that the bank is likely to have hedged the transactions and will incur a loss on the hedge if the transactions move in the bank’s favor. For example, if the transactions change in value from $10 to $13 million after the counterparty stops postingcollateral, the bank loses $3 million on the hedge and will not necessarily realize an offsetting gain on the transactions.Problem 2.35. (Excel file)The author’s website (www.rotman.utoronto.ca/~hull/data) contains daily closing prices for the crude oil futures contract and gold futures contract. (Both contracts are traded on NYMEX.) You are required to download the data for crude oil and answer the following:(a) Assuming that daily price changes are normally distributed with zero mean, estimate the daily price movement that will not be exceeded with 99% confidence.(b) Suppose that an exchange wants to set the maintenance margin for traders so that it is 99% certain that the margin will not be wiped out by a two-day price move. (It chooses two daysbecause the margin calls are made at the end of a day and the trader has until the end of the next day to decide whether to provide more margin.) How high does the margin have to be when the normal distribution assumption is made?(c) Suppose that the maintenance margin is as calculated in (b) and is 75% of the initial margin. How frequently would the margin have been wiped out by a two-day price movement in the period covered by the data for a trader with a long position? What do your results suggest about the appropriateness of the normal distribution assumption.(a) For crude oil, the standard deviation of daily changes is $1.5777 per barrel or $1577.7 percontract. We are therefore 99% confident that daily changes will not exceed 1577.7×2.326 or 3669.73.(b) The maintenance margin should be set at 3263.227.1577⨯⨯ or 5,191 when rounded.(c)The initial margin is set at 6,921 for on crude oil. (This is the maintenance margin of5,191 divided by 0.75.) As the spreadsheet shows, for a long investor in oil there are 157 margin calls and 9 times (out of 1039 days) where the trader is tempted to walk away. As9 is approximately 1% of 1039 the normal distribution assumption appears to workreasonably well in this case.。
debt markets and analysis -回复
debt markets and analysis -回复Debt Markets and AnalysisIntroduction:Debt markets play a significant role in the global financial system. They provide a platform for investors to lend money to different entities, including governments, corporations, and individuals, in the form of bonds, loans, or other types of fixed-income securities. Debt markets offer a range of opportunities for investors to diversify their portfolios, manage risk, and generate income. In this article, we will explore the key aspects of debt markets and discuss the process of analyzing these markets step by step.1. Understanding Debt Markets:Debt markets are financial markets where debt instruments are traded. These instruments can be classified into different categories based on the issuer, maturity, and nature of the debt. Government bonds, corporate bonds, municipal bonds, mortgage-backed securities, and treasury bills are some common types of debt instruments. Debt markets provide a mechanism forborrowers to raise funds and investors to earn interest on their investments. They are essential for the functioning of economies worldwide.2. Participants in Debt Markets:Various entities participate in debt markets, including governments, corporations, financial institutions, and individual investors. Governments issue bonds to finance their expenditures or manage debt. Corporations raise funds by issuing corporate bonds, which are debt securities representing loans made by investors to the company. Financial institutions, such as banks, play a crucial role in intermediating between borrowers and lenders in debt markets. Individual investors can also participate through mutual funds, pension funds, and other investment vehicles.3. Debt Market Analysis:Analyzing debt markets is essential for investors to make informed investment decisions. This analysis involves evaluating different aspects of debt instruments, including credit risk, yield, maturity, and market conditions. Let us discuss the steps involved in debtmarket analysis:Step 1: Understanding the Issuer's Creditworthiness:The creditworthiness of the bond issuer is a critical factor to consider. Credit rating agencies assess the issuer's ability to meet its debt obligations and assign ratings accordingly. These ratings, such as AAA, AA, or BBB, provide an indication of the issuer's creditworthiness. Investors must analyze credit ratings, financial statements, and economic indicators to assess the issuer's ability to repay its debt.Step 2: Analyzing Yield and Interest Rate Environment:Yield represents the return an investor receives on a debt instrument. It is influenced by the prevailing interest rate environment. Higher interest rates may lead to lower bond prices and higher yields, while lower interest rates may result in higher bond prices and lower yields. Investors should consider the current and anticipated interest rate scenario to evaluate the potential risks and returns associated with debt investments.Step 3: Assessing Maturity and Duration:Maturity refers to the length of time until a debt instrument'sprincipal amount is due. Longer-term bonds generally offer higher yields but come with higher interest rate risk and inflation risk. Duration is a measure of a bond's sensitivity to changes in interest rates. Investors need to evaluate their risk appetite and investment horizon while selecting debt instruments with appropriate maturity and duration.Step 4: Understanding Market Liquidity:Market liquidity refers to the ease with which a debt instrument can be bought or sold without significant price impact. It is essential to consider the liquidity of the debt market and the specific instrument being analyzed. Higher liquidity provides investors with the flexibility to exit or enter positions when needed.Step 5: Analyzing Macro and Microeconomic Factors:Investors should analyze macroeconomic factors, such as GDP growth, inflation rates, and fiscal policies, to assess the overall health of the economy and its impact on debt markets. Additionally, microeconomic factors, such as industry trends andcompany-specific performance, need to be considered while analyzing corporate bonds or other issuer-specific instruments.Conclusion:Debt markets are an integral part of the global financial system, facilitating borrowing and lending activities. Analyzing debt markets involves understanding the creditworthiness of the issuer, evaluating yield and interest rate environment, assessing maturity and duration, considering market liquidity, and analyzing macro and microeconomic factors. By following a systematic approach to debt market analysis, investors can make informed decisions and effectively manage their portfolios.。
Attached is the listing of the markets and channel
Show Notes for Aging HorizonsAt the end of this document is the listing of the markets and channels that Aging Horizons airs in. We are in about 129,000 homes on the Bresnan cable network, where about 330,000 Montanan's have the opportunity to see the show. The show airs at least twice a day at 6:30 a.m. and 11:30 a.m., and at other non-scheduled times to fill in open spots.The target audience for Aging Horizons is:•Montanan's age 60+,•Individuals approaching age 60 and needing to plan for older age and •Senior's children so they can understand their parents aging process. We tape a months worth of shows at Video Express the first Wednesday morning of each month (except for July and January) and your show will air about 4-6 weeks after taping. Gary Tyree at Video Express (where we tape), for a reasonable fee can make you DVD, VHS Mini-DV or Beta copies for you. 406-443-2150,Scheduling to be on Aging Horizons is arranged through Brian LaMoure at 406-444-7782 and the longer we can schedule out the easier it is to get your topic on the air during a specific week or month. We would love to coordinate your show’s airing with event rollouts.The show consists of three, 7-minute segments, with one of our three hosts Brian LaMoure, Traci Clark or Rick Bartos. We don't use guest hosts. We can interview up to two guests per segment and like to have additional b-roll, facts, pictures, brochures etc. to cut away to in order to break up “talking heads”.Contact numbers and web sites for further information can be put up on the screen during the interview and it is our experience that the fewer the numbers/web sites the better chance of them being contacted or used (1-3 numbers/web sites per show is best). Sometimes we can tape off site, but it needs to be visually unique or appropriate for the topic.Clothing Suggestions for Aging Horizons.Please avoid very fine herringbone type patterns. Avoid deep black & very white together, B&W checks or stripes. Please avoid solid red coat or shirt as the viewers eye only notices the red, not you.We need to clip a small mic onto your coat or shirt, so collars are nice, so are button up shirts. You might watch TV for how newscasters, hosts and guests are mic'd. Collarless shirts with out coats show the mic and it's dangling black cord. The mic needs to be placed just at or below your collar bone height (about 2nd button down), so necklaces need to be above or below that height (we do have wiggle room with the mic). Necklaces need to be the non-clunky or noise making type as they are very near the mic.Bright or florescent colors flare. Check out the markets we air in and the times, I would suggest tuning in one of the shows this weekend or next week and see how we do the show and the colors that are on the set. There is a new show every Monday.Interview SuggestionsThink of 5 things you would like the viewer to remember about your interview. Write them down and under each point do bullets of facts that pertain to the point. Include facts and figures. Print the notes at 16 point font or bigger so you can glance at them during the interview.It's ok to look at them during the interview. Please send them to Brian LaMoure prior to your taping date.Remember that your program or product is a solution to a problem that the viewer faces. It is good to state what that problem is and how you help to resolve it. One or two web sites or phone numbers (at the most) lets the viewer contact you. We can't pull up onto the screen Power Points so if you need a page, graph or photo to be seen by the viewer, please print it out and bring it with you… remember a TV screen is small and a lot of letters on the page won’t be read, please keep it simple.Big Sky Channel’s on Bresnan Cable TV 6:30 am and 11:30 am BILLINGS 2 BOZEMAN 22BUTTE 6 GREAT FALLS 43HAVRE 43 HELENA 20KALISPELL 62 MISSOULA 13。
国际贸易理论与实务(双语版)5
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2.1.2 Requirements for Shipping Packaging 对运输包装的要求 （1）Be suitable for the features of commodities. 必须适应商品的特性； （2）Be suitable for the requirements of transportation methods. 必须适应运输方式 的要求； （3）Think about relevant legal stipulations of some countries and request of customers, e.g. applying straw materials to be packed is prohibited in some countries. 必须考虑有关国家的法律规定和客户的要求，如有的国家禁止使用稻草之类的材 料做包装用料； （4）Easy to operate for all kinds of intermediate links. 要便于各种流转环节人员进行操作； （5）To save expenses before premising the packag on strong basis.要在保证包装牢固 的前提下节省费用。
40' feet container
三种普遍采用的集装箱规格
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（2）Pallet 托盘
几种托盘图示 （3）Flexible Container 集装袋和集装包 Kinds of round-shaped or square-shaped bag which weaved by synthetic fiber or composite material. The capacity varies usually from 1~4 metric tons. The maximum capacity can reach about 13 metric tons. Be suitable for powder or cargoes such as fertilizer, flour, sugar, cement, etc.
国际经贸高级英语17
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Membrane breakdown is initiated by active free radicals (自由基)
Malondaldehyde
(MDA丙二醛)
Free radical (reactive oxygen species 活性氧等)
(可溶性固型物)
To obtain the highest quality
* Premature harvesting (熟前采收) is important for some crops
Pods, cucurbits and celery (芹菜) become fibrous (多纤维的) when fully mature. Many fruits are harvested prematurely for better storability(耐贮性)
Softening - cell wall degradation and membrane breakdown Degreening - loss of chlorophylls and chloroplast breakdown
Immature fruit
Mature fruit
7.2 Why postharvest deterioration occurs?
* Due to yeasty fermentation
*Causes off-flavor (accumulation of alcohol, acids and acetaldehyde乙醛 ) * Causes fruit rot
7.2 Why postharvest deterioration occurs?
Topic 7: Postharvest Handling and Marketing
Technical Terms Name:
senescence deterioration packing anaerobic storability pickling
No:
postharvest softening desiccation off-flavor fibrous dehydration malondaldehyde permanganate fungicide
* Washing for removal dirts and chemical residues and for good looking * Sorting and grading for grouping products into quality classes for pricing and uses. Important for value adding (附加值)
7.2 Why postharvest deterioration occurs?
Water supply cut off—desiccation（脱水） Desiccation causes rapid cell breakdown
Membrane breakdown due to fruit desiccation in litchi pericarp
7.2 Why postharvest deterioration occurs?
Physiological reasons-Senescence(衰老) Ripening is part of senescence Occurrences with climacteric respiration (跃变呼吸) in many fruits
7.4 Harvesting
Methods of harvesting
* By hand * By machine * Avoid mechanical damage
Banana bundles are delivered hanged
7.5 Postharvest Handlings
Washing, sorting and grading
7.3 Steps to maintain postharvest quality
• Harvest optimum maturity • Handle carefully • Sort carefully to avoid future problems
• Pack to avoid water loss and mechanical damage
Litchi SO2 fumigation
Burning sulfur
Fumigation
Fumigated fruit
SO2-fumigated fruit gradually resume red color
7.6 Marketing
As quickly as possible via various Channels
• Cool quickly & maintain cool temperatures • Market as quickly as possible
7.4 Harvesting
At right time
* Most crops are ready for harvesting at physiological maturity (生理成熟)
Processing factories
Cold storage
Cold chain
Supermarket / export
Growers
Middlemen (agent代理商) Local Market
* Wholesale (the sale of product in bulk)
* Retails (grocery stores)
Middlemen are playing important role
(with warehouse, storage and transportation)
7.6 Marketing
Sorting and packing by hand
Automatic sorting
* Washing, grading and packing can be down by hand or by machines
7.5 Postharvest Handlings
Strategies to expand shelf-life and storage life
Class:
climacteric respiration premature harvest sorting and grading free radicals heat-shcok canning methycyclopropane membrane integrity waxing reactive oxygen species sublimation potassium metabisulfite peeling
Fungicides (杀菌剂) Heat shock (热休克), Sulfur fumigation (熏蒸)
* Strategy IV— Prevent action of senescencing hormones
Ethylene removing agent (Potassium permangnanate,高锰酸钾) Ethylene action inhibitor (1-methycyclopropene,MCP)
Physiological maturity-A stage when no additional dry matter accumulates
Sugar-acid balance
Indicators of readiness for harvesting
Color Texture
% of soluble solids
* Strategy I--to suppress metabolism of harvested produce as much as possible. Low temperatures but not too low to create chilly injury Low oxygen but not too low to induce anaerobic respiration Keep moisture as low as possible for nuts * Strategy II--to suppress moisture loss High humidity Waxing (涂蜡) or bagging (套袋) * Strategy III— to protect from diseases
Physiological reasons-Senescence(衰老)
Reflected by membrane integrity(膜完 整性) loss, tissue breakdown and rotting.
Membrane leakage in pericarp (%)
50 40 30 20 10 0 18-Jun 20-Jun 22-Jun 24-Jun 26-Jun 28-Jun 30-Jun Sampling Date
acetaldehyde saprophyte
SO2 fumigation
discoloration
fermentation syrup
bagging
over-maturity pasteurize pitting
7.1 Postharvest loss
Losses due to postharvest deterioration (劣变) is a global problem. Across the world, average postharvest loss of fruits and vegetables is 25%. In China, the figure is much higher, 25% in fruits and 40-50% in vegetables! Reducing postharvest loss is a “second harvest”! Techniques to reduce postharvest loss are based on understandings of how postharvest deterioration occurs.