商务英语考试词汇

Key vocabulary
Unit7 Business and the Environment 商业与环境
consumer society 消费社会
environment 环境
packaging 包装（材料）
recycled 回收利用/再生
pollution 污染
environment 环境
impact of A on B A 对B的影响
have an impact on sb./sth. 对某人/某事产生影响ozone layer臭氧层
ozone depletion臭氧层空洞
ozone decrease 臭氧减少
global warming 全球变暖
oil spill 原油泄漏
chemical / nuclear waste 化学废物/核废物
rubbish bin (GB) = trash can (US) 垃圾桶
soil erosion 侵蚀土壤
traffic jam / comgestion 交通拥堵
deforest ation 砍伐森林（森林破坏）
global responsibility 全球责任
environmentalism 环保主义
enviromentally-friendly products 环保产品
made of biodegradable 可生物降解
corporate culture 企业文化
counterculture 反文化
surfer 冲浪者
ethic of radical道德底线（极端的）
disciplined management 纪律严明的管理
sound 健全的
proclaim 宣告
Patagonia巴塔哥尼亚
waterproof 防水
hiking boots登山靴(远足靴)
retail firm 零售企业
exemplary 典范
corporate environmentlism 公司环保主义
be knowledgeable about sth. 对…了解
loyal 忠诚的
commitment 承诺
commit oneself to/be commited to (doing) sth. 承诺做某事restoration 恢复
demonstrate 证明
Educate 教育
attribute 属性
be attribute to sth. 归因于…
take pains to do sth. 尽力做某事
earth-friendliness地球保护（与地球友好）
big picture 前景，大方向，大局
exclusively 专门地
In addition to highlighting 强调突出
merchandise 商品
product description 产品描述
rationale 理据
switch to 转向
associated 联系，关联
conventional 惯例的（长期好处）
long-term 长期公债
investing in 投资
sustain 支撑
sustainable 可持续性
a strategic move 战略举措，战略行动
justify 对…做出解释（理由）
premium 保险费，额外费用
garment 衣服，服装
address 地址
be taxing on sb./sth. = couse trouble to sb./sth.给…造成负担in the long run
be attribute to sth. 归因于某事
empower 授权
grant sb. power to do sth. 给某人权利做某事encourage sb. to do sth. 激励某人做某事
be packed with = be filled with 充实
demonstration模板，示范，展示
engage sb. = attract sb. 吸引
interactive 互动
annual report 年报
pamphlet 小册子
tangible = feel 可感受到的，可感知的（展示）intangible qualities无法感受到
backlash 强烈抵制（反冲抵制）
internal 内部的external 外部的
assess评估，估算
merchand零售商
in a manner = on a fashion 以…方式
on-site 看护
headquarter 总部
feature 特征
edible 可食用的
grants 提供项目
du+后缀被称作为
pledge抵押
grass root 草根
raise community awareness of sth. 提高…的意识biodiversity 生物多样性
resource extraction 资源提取
participant 参与者
sporting 运动v.
insulate 使孤立，使隔离
avenue 手段，方式
it is no wonder that 难怪
skeptic怀疑（者）
cause 事业
by mail order 邮购
be renowned for 因…而著名的，以…而著称bail 保释金
non-violent demonstration 非暴力抗议donate 捐款
viable 可行的viability 可行性
Unit8
stock market 股票市场
stock exchange 股票市场
issue shares 发行股票
issue stocks 发行股票(US)
institutional investors 机构投资者
equities 普通股
ordinary shares 普通股
common shares 普通股
common stock 普通股
broker 经纪人
shareholder 股东
stockholder 股东
stake 股本
dividends 红利
bonds 债券
securities 有价证券
traded 交易
loans for fixed periods with fixed interest rate 固定时间固定利息
sales improve in the second 销售瞬间改变
AMD to cut jobs in drive to rescue failing profits. AMD通过裁员来挽救下降的利润reach record high 到达历年新高
sb. sees fail in first quarter 某某在第一季度看到了下降的现象
report slight losses 报告显示轻微亏损
disastrous 灾难
slide 下滑
check 检查
share 股份
log on /in 登录，注册进入
brokers 经纪人
continent 目标
discount broker贴现票据经纪人，折扣经纪人
full-service broker全服务型经纪人
addiction 上瘾
be addiction to 对…上瘾
hooked 勾住，上瘾
shop for sth. = to buy sth. 购买…
boom 暴涨
baby boom婴儿潮
gains popularity 普及
financial product （and Service）金融产品
buying and selling 买卖
in infancy 在…初期，起步阶段
gather pace 加快步伐
set one‘s sights on sth立志做好某事
accelerate 加速speed up
in the securities business 证券债券界（商业）
apparent明显的
licensing许可证
move行动
drive down 压低
drive up 提高
profit margin 毛利
novel = New 新版的new and original
commission 佣金
lag / fall behind 拖欠
Europe‘s single currency 欧洲单一货币
faster 推进
aggressive 有抱负，有进取心的ambitious
fight off 抵制resist
real-time实时的real-time share trading service 实时股票交易服务customer 顾客，客户，用户
NASDAQ纳斯达克
squeezed 捏挤，被夹在中间
major collapse 下降，暴跌
trade in 用交换的方式购入，以旧换新，交易
dip 下降
surface 表面
to log on 登录
a boom 急速发展
to surf 冲浪
a move n. 行动，举措
to catch up 赶上，把…缠住
lucrative 有利可图，有利的profitable
to amount to 总计
commission 佣金
a regulator 监管机构
a collapse 下降
subsidiary 子公司
operations 运营，公司
reflect upon 思考，反思= think over / about
stock quotation 股票行情
sector 板块
yield 收益率
price–earning ratio （PE）市盈率
52-week price range 52周市价
price 收盘价
increase by 增长
Unit9
export 出口
import 进口
tariffs 关税
duties 关税
quotas 配额
protectionist /protectionism 贸易保护主义
WTO(World Trade Organisation) 世界贸易组织
EFTA(European Free Trade Association) 欧洲自由贸易联盟maximum 最大，最多
minimum 最小，最少
domestically produced goods 国产商品
regulate 管理，拘束
trade restrictions 贸易限制
local expert 本地专家
sole agent 独家代理
multi-distributors 多层面经销商
local branch 当地经销商，分公司
sales office 销售办事处
patent 专利
licence 销售许可证
local subsidiary本地业务
joint venture 合资企业
profile 概述，简介
assemble 装配，组装，集合，收集
turnover 营业额
expansion =expand 扩张
shift n./v. 变化
strategic focus 战略焦点
on the spot 当场，用现货（现款）
emergence出现，浮现
concentrated on 全神贯注于…，专注于…focus on; specialize in high-value高值
niche market 利基市场,商机,有利可图的市场
kit成套用品
First Aid kits 急救箱
software house 软件公司
assembly plant/line装配工厂/生产线
components factory 零部件工厂
potential潜力
obstacle 障碍（交易壁垒）
exploit利用make use of
bureaucracy官僚主义，官僚作风
bureaucratic management 官僚式管理
import duties进口税
trade barrier贸易壁垒
famous 出名，美名
notorious 恶名，臭名infamous / notoriety
importing进口
paperwork文件，文案工作
delay延迟，耽误
cultural hurdle/obstacles/barriers文化障碍
initially 首字母，一开始的时候
deceive欺骗/deception欺骗性/deceptive 欺骗的，误导的complex复杂/complexity复杂性
sensitive敏感/sensitivity敏感性
stratum阶层/strata阶层
hundred different在各阶层
bacterium细菌/bacteria细菌
criterion准则/criteria准则
phenomenon现象/phenomena现象
outweigh 胜过，超过…，比…重要
Advantage outweigh disadvantage
opted for选择
to fluctuate 波动，起伏
to level off = to remain stable 保持平稳
to reach a peak达到顶峰
to stand at 停留在…数字上
balance of trade 贸易平衡
visible imports/ exports 有形进（出）口，产品进出口
invisible imports/ exports 无形进出口，服务进出口
trade deficit 贸易赤字
trade surplus 剩余
Unit10
Company performance 公司业绩
management accounts 经营管理账目
data 数据
financial accounts 财务账目
revenue 收益
profits 利润
losses 亏损
listed companies 上市公司
annual report 年报
operational efficiency运作经营（效）率
FAS（Financial Advisory Services）金融/财务咨询服务
MCS（Management Consulting Services）管理咨询服务
TLS（Tax and Legal Services）税务法律服务
ABAS（Assurance Business Advisory Services）审计业务咨询服务Stakeholder 利益联系者，股东
report of management管理报告
Auditor‘s report 审计报告
Management discussion管理阶层讨论
Financial Statement and notes 财务报表
Selected Financial date金融日期选择
Financial highlight 财务重要汇总，财务报表摘要
Highlight n.精华，重要v.强调
Letter to stockholders 给股东的信
Corporate message 公司/企业信息
Board of directors and management 董事会和管理层，董事会高层Stockholder information股东信息
anatomy 解剖，剖析
anatomy of an annual report 对年报的剖析
optional 可选的（可有可无）
compulsory必选的（必须有）
control 控制
administer管理
Securities Exchange Commission（SEC）证券交易委员会
SEC required elements include证券交易委员会所需的元素包括…complete完整
be consistent with 与…保持一致
The chief financial officer 首席市场官（CFO）
validity 效度
comply with符合，遵守
statement of earings = profit and loss account/statement损益表statement of cash flows = cash flow statement 现金流报表statement of financial position = balance sheet 资产负债表cash equivalent 现金等价物
deposit in banks 银行存款
short-term 短期
converted 改变（change）
be converted to cash 变现
statement 状况
asset资产
liability债务
grass profit 毛利润
net earings = net income 净收入
the adequancy of resource资源充足率
business philosophy经营理念
management style 管理风格
lay out 陈述
advertisement 广告
illustration图表，文本
lines of business 经营范围
stategic direction战略方向
table 图表，表格
approximate接近
account for 占
further分数
Unit11
public limited companies(plc) 公共有限公司/上市公司sole trader 独资经营
sole proprietor 独资经营
partnership 合资
private limited company 私人有限公司
company secretary 公司秘书
limited liability 有限责任
Ltd(limited) 有限
incorporated 组建
Inc 股份有限公司
Corp 股份有限公司
share caption股东
go out of business破产，倒闭，关门
sell shares融资
computer entrepreneur企业家
prolific多产的，丰收的
admittedly诚然，无可否认
household name 家喻户晓
a man of vision 有远见的人
if history如果历史存在
venture商业冒险活动n.
spot变化，浪潮
qualitied合格
be qualitied for /as
chartered 持有皇家认可
light光明
be qualified for /as 有…的资格，适于担任…
at dawn黎明
at dusk 黄昏
It dawns on me that … = It occurs to me that…我突然想起cumbersome笨重的
back-office 行政的
pay roll 发薪名册，职工名册
be listed on 上市
be listed on the stock exchange在证券交易所上市
a listed company上市公司
lie in 在于
chip 芯片
launch 发动，启动，（产品的）上市
not long before 不久
distributionn.分销distribute 分销v.
phenomenal adj.非凡的，出众的
at the high of达到顶端
satisfy demand 满足需求
supply and demand 供求关系
in short supply / in high demand 供不应求
bad bite /bad attack /bad attempt不良企图，不良冲击
let sth. slip 错失良机
advertisingcompaign广告运动
sortie突围
fatal致命的
architect建筑师，架构师/architecture建筑学，体系结构
be peculiar to限于…
got the timing wrong错过时机
margin利润
high n.最高点
abandon抛弃
inventory存货
go on a buying spree 大卖特卖spree狂欢，（常指）玩乐，作乐stagnate/stagnation/stagnant经济停滞
fleeting victory短暂胜利
embark on = start 开始
restructuring 重组n.
restructure 重组v.
slump暴跌
boardroom董事会
paralyze使瘫痪
infighting 不和，内讧
step in 干预，干涉
brainchild构思，创建
compile = write 编写
a library of 大量的= a large number of
slot together = fit together 组合
commodity 商品
dominant显著的，占优势的
post = make … know 公布
swansong 最后作品
make there is a size at which it is time to move 等他发展了，我也要说再见了computer programming 计算机编程
to flop 失败
to soar翱翔
brewing 酿造
business plan 商业计划
register 注册
the source of finance 资金来源
parameter参数
the authority 权威
open for business开张
detail of the business业务行情
personal detail 个人信息
personel个人
product /service 产品
market市场
marketing 营销
premise / machinery /vehicle 营业场所
objective目标
Unit12
Corporate alliances and acquisitions 公司联合与收购
joint venture 合资经营
merger 合并
acquisition 收购
takeover 收购
take over 接管
perhaps business school 商学院
egos自我，唯我
collide冲突collision adj.
anthropology人类学
parallel相似的
uncanny异常的，难以解释的
spectacular 壮观的，引人注目的，令人惊叹的a textbook example 范例
alpha males 最有权力的男子
clear business logic 好的商业逻辑
rival 对手= opponent
combination 联合
complementary 补充，互补
streets ahead of 遥遥领先= much better than beast 野兽
inevitable 必然的
prize高价值
drive 干劲，魄力
above all 首先
determination决心
leadership领导能力
personality个性
outmanoeuvre 智胜，比…技高一筹prerequisite to 前提
power-hungry 能量渴求
mega-(前缀)=big
bust-up 争吵
scale分数
personality test 个性测试
pathological病态的，反常的
psycho-pathological心理病态的
take sb. down 把某人整倒
verging on接近，近乎
paranoid疑神疑鬼的，反常的,偏执狂
tie the knot 结为夫妻
stake 投资股本
marriage plans 婚姻计划
undervalued 低估
premium 保险费，额外费用
simmering即将爆发，酝酿
dictatorial 独裁的
dictator独裁者
spice香料，额外的趣味或刺激
divorce 离婚
revolt 反抗
be repute to 被认为
resignation 辞职
in the driving seat 驾驭，掌控（最高位置）
take a back seat让别人领头；坐下席；谦下（最低位置）
unless除非
step down 退位，让位
hold up 被举例，举出（例子）
key personnel关键人物
relinquish放弃give up
position 位置
to the advantage of sb. 对某人有利
scenario新的机会
compromise妥协
all-out war全面战争
imperative n. 要求
play a part 起作用
caught on 流行
stand down 下台，离职
speak up 大声说
danger ego out of control无法控制危险自我
when egos collide , the deal is off
finishes off sentences of other打断别人的话
trapping 身外之物
chauffeur-driven 专用司机
trips on concorde协定型飞机旅行
Translation
Unit7
Proven environmental commitment helps create committed customers.
证实环保承诺有助于建立忠诚的客户
Jacquelyn Ottman
J 奥特曼
1. When self-proclaimed ‗Patagonics‘ dial up Patagonia, they know they will receive more
than a high-quality fleece anorak or a waterproof pair of hiking boots. Thanks to the California-based retail firm‘s outdoor clothing catalog and it exemplary method of communicating its corporate environmentalism, customers are not only knowledgeable about the company‘s environmental progress, they are loyal, too.
当自称是Patagonia迷的人打电话给Patagonia，他们知道他们得到的不只是一件高质量的羊毛外套或者是一双防水徒步鞋。

感谢这个总部设在加利福尼亚的零售工资的户外衣着目录和它堪称模范的和客户交流其环保主义的方法，客户不但理解其公司的环保的进步，他们也非常忠诚。

2. When purchasing products from Patagonia, customers also buy into a commitment to environmental restoration. Pa tagonia‘s example demonstrates good green-marketing strategies.
当客户从Patagonia购买产品，同时买进了一个环境修复的承诺。

Patagonia的例子证实了好的绿色营销策略。

Educate consumers on environmental product attributes and benefits.
在环保产品的属性和好处方面教导客户
3. Patagonia takes pains to explain its prod ucts‘ earth-friendliness and show customers the big picture. For example, in the mid-1990s, Patagonia began using organically-grown cotton exclusively. In addition to highlighting the organic merchandise in product descriptions in catalogs, essay explained why organically-produced products are environmentally preferable.
Patagonia耐心向客户解释其产品的环保并展示美好前景。

例如在90年代中期，Patagonia 开始只使用有机棉。

除了在产品目录的描述里强调有机商品，还简短地解释了为什么有机方式生产的产品是更环保的。

4. Other essays expanded the issue beyond individual products and processes. In a 1996 catalog essay, for example, CEO Yvon Chouinard explained the rationale behind the company‘s switch to organically-grown cotton, including the problems associated with producing conventional cotton, the larger long-term benefits of investing in organically-grown products and the need to think about long-term sustainability issues when choosing products.
其他短文延伸到单个产品和流程问题之外，例如在1996年的目录中，CEO Yvon Chouinard 解释了公司转向有机棉的理由，包括传统生产棉花所带来的问题、投资到有机棉产品更大的长远益处和选择商品时考虑可持续发展问题的需要。

5. One might assume that explaining the benefits of organic cotton in catalogs was a strategic move, since the company had to justify the $2 to $10 premium per garment. But other essays, for instance, addressed environmental issues not directly linked to company profit.
可能有人认为既然公司必须把一件衣服加价2到10美元，目录里那些解释有机棉的好处只是公司的战略举措. 但是例如在另一个短文里(Patagonia)表明致力于环保问题的行为和公司的利润没有直接的联系。

6. Broad environmental education teaches consumers that although thinking and buying green is more expensive, environmentalism is less taxing on the earth in the long run, and therefore, on individuals.
广泛的环保教育教导消费者虽然考虑和购买绿色产品感觉更贵，但环保主义终究在全球范围来降低税赋，因此说还是让消费者个体受益。

Use a variety of media. 使用多种媒体
7. Patagonia‘s advertising and company literature aim to educate. Instead of a catalog packed only with sales information, patagonia‘s ca talog is more like national geographic. Demonstrations in patagonia‘s retail store engage customers with interactive displays of the earth‘s processes. Annual reports, pamphlets and other company literature explain new ideas in environmentalism. And Patagonia was one of the first companies to discuss sustainability in paid media.
Patagonia的广告和公司资料瞄准教育。

取代一个产品目录里只是充斥着销售信息，patagonia的产品目录更像是国家地理。

在Patagonia的零售店里交互展示地球的进程来吸引顾客。

在年报，手册和其他公司资料里解释其环保主义的新理念。

Patagonia是首先在付费媒体上讨论可持续发展的公司之一。

Demonstrate tangible corporate environmental progress.
证实公司的环保进程是确切可察的
8.Patagonia realize that customers sometimes doubt corporate environmental claims. To avoid consumer backlash, Patagonia publishes the result of its internal environmental assessment.
Patagonia认识到客户有时候会怀疑公司在环保方面的宣传。

为了避免客户的激烈反应，Patagonia公开发表其内部环保评定结果。

9. This report reviews all office, production and merchandising activities and uncovers opportunities to cut waste and reduce energy. Readers can see how Patagonia tries to conduct business in a socially responsible manner, from choosing long-lasting efficient light bulbs to providing on-site child care for employees‘ children. The grounds around the company‘s headquarters even feature edible landscaping –banana trees.
这个报告评述所有办公室、生产厂和商业活动并且曝光减少浪费和节约能源的机会。

读者能看到Patagonia如何用一个对社会负责的方式努力经营其业务，从选择长寿高效的灯泡到为员工的孩子提供现场的儿童保育服务。

甚至公司总部的周围地面上有一道独特可食用的风景- 香蕉树。

10. Through an environmental grants programs, dubbed earth tax, Patagonia pledges 1% of its sales or 10% of its pre-tax profit, whichever is greater, to small, local preservation and restoration efforts. Throught April 1997, Patagonia had contributed more that $8m to hundreds of such organizations.
通过一个环保资助项目，非正式的称为地球税，Patagonia承诺捐献其销售额的1%或税前利润的10%给那些用于本地环境保护和修复的努力，不管是大还是小的项目。

到1997年4月，Patagonia向几百家这样的机构捐献了超过8百万美元。

11. Believing that grass roots efforts do the most to raise community awareness of local problems, the earth tax program targets smaller grass roots organizations committed to issues such as
biodiversity, old-growth forests, environmentally preferable methods of resource extraction, alternative energy and water, social activism and environmental education. By funding more than 350 of these efforts each year, Patagonia helps raise community awareness nationwide.
坚信草根的努力能大大的提高本地问题的社会意识，地球税项目定目标于草根组织坚持从事像生物多样性、原始森林、环保生态产品、替代能源和水源、社会行动主义和环保教育这样的事业。

通过每年资助超过350家这样的组织，Patagonia在全国范围内促进了社会意识的提高。

Empower consumers to take action
鼓励消费者行动起来
12. An annual earth tax report invites customers to apply for grants for local projects. Participants are quick to apply and inform the company about environmental successes. One recent catalog featured a customer sporting and insulated Patagonia guide jacket as she rescued a calf born during a Colorado snow storm.
一个年度地球税报告邀请客户申请那些对本地项目的资助。

参与者们很快申请并了解了公司在环保方面的成功。

最近的一个产品目录中显示了一个在科罗拉多州暴风雪中挽救了一个刚出生小牛的人，她穿了一件Patagonia保温外套。

13. With powerful communication, meaningful corporate environmental progress and avenues
for consumer activism, it is no wonder that even skeptics become Patagonia customers and
customers become ‗Patagonics‘
通过强有力的沟通，有意义的公司环保进程和消费者行为主义方式，难怪Patagonia的怀疑者变成Patagonia的客户而Patagonia的客户变成patagonia迷。

Unit8
Europeans Log On To Investment Fever——US Brokers Star to Target Continent
欧洲人在线投资热——美国券商进入目标大陆
LONDON——Alan English has an addiction , and he is not ashamed to discuss it.
伦敦——英格里斯已经到成瘾地步，但是他并不羞于去讨论这个问题
‗I log on every day, sometimes from the office, in the morning and in the evening,‘ said Mr English,51,a computer consultant who is still hooked a year and a half after he began shopping for stocks over the Internet, ‗Some days I trade four or five times a day.‘
英格里斯先生是一名51岁的计算机顾问。

自从他开始通过网络购买股票，已经持续一年半了。

他说：―我每天都会上网，有时在办公室，有时在早上和晚上。

有些日子我一天就要交
易四五次。

‖
Mr English is one of a growing number of Europeans with on-line investment fever. There is a stock market boom at the moment, and as Web surfing gains popularity across Europe ,more and more people are logging on to shop for financial products and buying and selling stocks.
越来越多的欧洲人热衷在线投资，英格里斯先生是其中一员。

目前股票市场繁荣，以及欧洲网络普及，更多的人上网购买金融产品和买卖股票。

Compared with the United States, where about 20 percent of all stock trades are entered from the Internet, the movement in Europe is still in its infancy. But as the trend gathers pace, American Internet brokers have begun moving into Britain and increasingly are setting their sights on the Continent as well.
美国所有股票交易的20%都是通过互联网进行的，与之相比，欧洲尚处于起步阶段。

但随着潮流步伐加快，美国的网络代理商已经开始进入英国，同时也逐渐将目光投向欧洲大陆。

Their arrival poses a challenge for new European on-line trading firms. Analysts expect it to accelerate vast changes in the securities business that are already under way here as Europe becomes a single market.
他们的到来，给新的欧洲在线交易公司带来了挑战。

分析师预计，它加速了证券业务的巨大变革，难以使欧洲成为一个单一市场。

Nowhere is the trend more apparent than in Britain. In April, Charles Schwab Corp set up an on-line trading service, and in June, the E-Trade Group, based in California, announced a joint venture with a British partner, as well as licensing agreements in Germany, Other Internet brokers such as Ameritrade and DLJ Direct, are studying moves to catch up.
英国的这一趋势最明显。

四月，查尔斯·施瓦布公司成立了一个网上在线交易服务公司。

六月，总部在加利福尼亚的电子商务集团，宣布与英国合作成立合资公司，与德国的签订许可协议，其他网络经纪人如Ameritrade和DLJ Direct为了赶迎他们，也正在学习这些活动。

‗American brokers, under competiti ve pressure back home that is driving down profit margins ,are being drawn to the lucrative potential of Europe,where the idea of a discount broker is still rather novel，‘ said Stephen Eckett, the author of Investing Online, a guide to Internet investments.
―美国券商们在本土压低利润，竞争压力大。

纷纷被到欧洲赚钱的潜力所吸引。

在这，即使是折扣经纪商的想法仍然是相当新奇的。

‖网络投资指南著作《投资网络》的作者史蒂芬艾科特说。

Mr Eckett said that fees at full-service brokers in Britain for the purchase of $10,000 of stock in a British company would amount to about $120,while the going commission for making a similar trade on the world Wide Web could be as low as $9.
艾科特先生说，10000美元的股票收购英国公司，在英国提供全面服务的经纪公司的费用将达到120美元左右，而在互联网上进行类似的交易会委员会可低至9美元。

Though European investors can already use US on-line brokers to buy shares in the United
States, the American companies do not actively promote this business for fear of annoying European securities regulators .Thus ,at the start ,the American on-line brokers operating in Europe ,like Schwab, are offering their customers the chance to trade only on individual European exchanges. The long-range goal, however, is to expand the system into a truly global marketplace where investors in any country will be able to trade freely in stocks across national boundaries. While European Internet usage still lags behind the United States, it is expected to grow rapidly in the next several years and Europe‘s single currency will foster the spread of stock trading across national boundaries. The American on-line firms, despite their aggressive plans, will not have it easy.
尽管欧洲投资者已经可以使用美国的网络交易在美国买股票，但美国的公司并不积极推动，担心会惹怒欧洲证券监管机构。

因此，在一开始，美国网络经纪人经营在欧洲，像Schwab，向其客户提供的机会，只在个别欧洲贸易交往。

然而，长期目标是系统扩展为一个真正的全球市场，任何一国的投资者将能够自由地跨越国界进行股票交易。

欧洲的互联网使用仍然落后于美国，预计将迅速增长，在未来几年，欧洲单一货币将促进跨国界的股票交易蔓延。

这些美国公司，尽管他们有着雄伟的计划，也实行起来也不容易。

Barclays plc,one of the largest British bank,will be the first to fight off the competition when it launches its own on-line service in September ,complete with financial information and real-time share trading service.
英国最大的银行之一，巴克莱银行，将是第一个采取措施面对竞争的银行。

其将在九月推出自己的在线服务，完整的财务信息和实时股票交易服务。

Philip Bungey,Head of Research and Development at Barclays Stockbrokers,said Barclays would let customers trade in about 2000 companies on the London Stock Exchange and the Alternative Investment Market, a small-companies market. In the future, he said, Barclays wants to enable its customers to trade electronically on American exchanges, like NASDAQ.
巴克莱股票经纪人的研究和开发的老板Philip Bungey说，巴克莱将让客户交易的约2000家公司在伦敦证券交易所和针对小企业的另类投资市场。

在未来，他表示，巴克莱希望使其客户电子在美国交易所交易，就像纳斯达克。

Increasingly, American on-line brokers will be squeezed by the very revolution they have helped start. Mr Eckett predicts a major collapse of commission fees. He noted that in the United States, commissions for Internet trade have dipped as low as $5 a transaction since Web trading surfaced about four years ago. ‗The same will happen in Europe,‘ he said, ‗as consumers surf the Internet in search of cheaper financial services.‘
越来越多的美国网络经纪商将由他们曾经帮助发起的革命所挤压。

艾科特先生预测佣金费用会大幅减少。

他指出，四年前在美国，由于网络贸易委员会的出现，佣金已经跌至5美元。

―同样的情况也会发生在欧洲，‖他说，―消费者会上网搜索更便宜的金融服务。

‖
Unit9
Profile: BARCO of Belegium
比利时BARCO公司概况
1. After three years travelling around Asia as head of BARCO‘s activities in the region, Joost Verbrugge is convinced that India is one of the most exciting long-term market opportunities in the world and one of the most complex. Since 1994, BARCO, best known for its digital projectors for computers, has gone from a relatively low level of exports to India to selling about BFr 200m of products there a year, half exported from Europe, half assembled on the spot. That is a small but significant part of its total BFr 23bn turnover last year.
作为BARCO公司亚洲区的领导并经过三年的亚洲旅行，Joost Verbrugge坚信印度是全球最令人激动的有长期市场机会的国家之一，同时也是最复杂的国家之一。

自从1994年，以电脑数字投影仪闻名的BARCO已经达到了对印度出口的较低水平，在印度每年销售产品2亿比利时法郎，一半是从欧洲出口的，一半是在印度现场组装的。

这虽然占它去年总销售230亿比利时法郎很小但却是很有意义的部分。

2. Expansion in India has taken place at the same time as a shift in BARCO's strategic focus, and its emergence as one of Belgium's fastest-growing companies.
随着BARCO公司的战略中心转变和它成为比利时成长最快的公司之一，BARCO开始在印度扩张。

3. Created in 1934 as the Belgian American Radio Corporation, the company moved out of consumer products in the 1980s. It concentrated instead on high-value niche markets such as computer projectors and specialist display systems.
公司建立于1934年是比利时美国合资的半导体公司，公司在1980年代离开消费产品。

致力于高价值的形如计算机投影和专业显示系统的利基市场。

4. From its base in Kortrijk,Flanders - Belgium's Dutch-speaking region - it has exported to India for more than a decade, originally selling kits for video monitors to the national television station, through local agents. Four years ago, it set up its own sales and services office in New Delhi.
从其总部Kortrijk,Flanders--比利时的荷兰语区域--向印度出口已经超过十年了，开始时通过本地代理商向国家电视台销售盒装视频监控器。

四年前，它在新德里建立了自己的销售和服务办公室。

5. It now has a smaller sales office in Bangalore, a software house in Chennai and a projector assembly plant in Noida, Near New Delhi. Having invested about BFr 100m, and now employing 150 people in India, it plans a further sales office in Mumbai and a components factory in Noida. "that is quite a lot for a small company like BARCO," says Mr. Verbrugge. "it's mainly investment for the future. The market is partly there now, and we are convinced it will definitely be there in a few years."
现在它在Bangalore有一个小的销售办公室，在Chennai有一个软件部门，在新德里附近的Noida有一个投影仪装配工厂。

在投资了大约1亿比利时法郎并且现在在印度雇佣了150人以后，它计划进一步在Mumbai建立一个销售办公室在Noida建立一个零件工厂。

Verbrugge先生说：―对于像BARCO这样的小公司是够多了，这主要是为未来的投资。

现在那里只（开发了）部分市场，我们确信几年内市场就是在那里。

‖
6. But for those wanting to exploit the potential, obstacles remain. Although India has made efforts to open its economy in recent years, Mr. Verbrugge says it remains more closed than other fast-growing markets such as China when it comes to bureaucracy, import duties and tax barriers.
但是对于那些想要开发这个市场潜力的公司来说还有阻碍。

Verbrugge先生说虽然印度近几年努力开放其经济，与其他像中国这样的快速增长的市场相比印度在涉及到官僚、进口税和关税壁垒时仍然比较封闭。

7. "It is not unusual to have import duties of 40% on things that you would consider normal working tools, like a printer for a PC," he says. As well as the high import duties, You have a famous--or should I say infamous--bureaucracy." this can have important practical effects. Mr. Verbrugge says that BARCO would like to assemble more of its products within India, but this would mean importing components from 20 different countries, creating huge amouts of paperwork and delays.
他说：―在你认为普通的像电脑打印机这样的办公设备上加40%的进口税是很不正常的。

‖在高进口税的同时，你还会遇到著名的--或者我应该称为不著名的--官僚。

‖这会带来重要的实际的影响。

Verbrugge先生说BARCO愿意在印度境内来组装更多的产品，但这意味着要从20个不同的国家进口零件，这会产生大量的文书工作和延误。

8. Although India is welcoming to foreigners, Mr. Verbrugge says there are also cultural hurdles which can initially be deceptive. "On a first visit India seems easier than China or Japan because people speak English. Only after you start operating there do you see all the complexities. There are sensitivities between states, between religions, between strata of society." Such differences also make the country fascinating. "India is a hundred different worlds living next to each other in the same country," Mr Verbrugge says.
Verbrugge
先生说虽然印度欢迎外国人，仍有起初具有欺骗性文化障碍。

―在最初访问时因为人们说英语印度似乎比中国或日本更容易。

只有你在那开始经营以后你才能看所有的复杂性。

在各州之间、各宗教之间、社会各个阶层之间都很敏感。

‖这些不同点也使这个国家更吸引人。

Verbrugge先生说：―印度是在一个国家里一个挨着一个生活在一起的一百个不同的世界。

‖
9. These practical and cultural complexities were largely behind BARCO's decision to set up its own sales office in the subcontinent. "Much more is needed than just having an agent with a fax and a phone. You have to understand the marketplace, how Indian business works."
这些在BARCO公司决定于印度大陆建立自己的销售办公室背后的实际的和文化的复杂性非常大。

―与只是有一个传真和一部电话的代理商相比需要解决的太多了。

你必须理解市场，印度人是如何做生意的。

‖
10. But the opportunities presented by India outweigh any disadvantages. "if you can afford to miss a fifth of the world's population, you can afford not to be there," Says Mr. Verbrugge. "I think any company serious about having a worldwide market share can't be absent from India."
但印度所呈现出的机会大大超过任何劣势。

Verbrugge先生说：―如果你舍得丢掉一个世界人口五分之一的市场，那么你承担得起不去那里，我认为任何看重拥有全球市场份额的公司。