Business:The Financial Crisis Stock Markets Tumble Across the World There is only one story in the European press this week-the turmoil that has engulfed world markets. A few weeks ago everyone was talking about the cred it crunch.This rather cosy term has now been replaced in the press by "financial crisis",reflecting the broadening and deepening of the emergency. As stock markets opened on Monday,shares plummeted across the world.On Tuesday, US stocks hit their lowest levels in five years,while Japan's Nikkei closed down 952.58 points,or 9.4%.Hong Kong's Hang Seng index closed 6.2%lower and markets in Australia,China and Taiwan all fell. The sharp downturn in the markets has continued despite massive government interventions in the banking system. On Saturday,the US Congress finally passed a $700bn(4.7 trillion Yuan)bail-out plan.The US government will buy the bad mortgage debts which triggered the crisis in exchange for a stake in the banks they rescue. On Monday,the entire economy of Iceland came precariously close to bankruptcy. The government introduced emergency legislation to allow them to effectively run banks'operations. Today it was the British government's turn,offering banks that are interested a slice of f 50bn(596 billion Yuan)in exchange for a stake.It is also offering loans of up to f250bn(2.98 trillion Yuan)which banks can use for a fee.Banks won't lend to one another at the moment,so the hope is that this measure will increase liquidity-get money flowing again. This is vital since the ripples of the credit crisis are already reaching smaller business, who have seen their interest rates on loans increase.Consumer confidence is also down,affecting sales on the high street. If the plans work and banks in the UK and US recover,tax-payers in both countries could make a profit from their government's interventions.If the plans fail,the banking system will simply collapse
Business: The Financial Crisis Stock Markets Tumble Across the World There is only one story in the European press this week—the turmoil that has engulfed world markets. A few weeks ago everyone was talking about the credit crunch. This rather cosy term has now been replaced in the press by “financial crisis”, reflecting the broadening and deepening of the emergency. As stock markets opened on Monday, shares plummeted across the world. On Tuesday, US stocks hit their lowest levels in five years, while Japan’s Nikkei closed down 952.58 points, or 9.4%. Hong Kong’s Hang Seng index closed 6.2% lower and markets in Australia, China and Taiwan all fell. The sharp downturn in the markets has continued despite massive government interventions in the banking system. On Saturday, the US Congress finally passed a ＄700bn (4.7 trillion Yuan) bail-out plan. The US government will buy the bad mortgage debts which triggered the crisis in exchange for a stake in the banks they rescue. On Monday, the entire economy of Iceland came precariously close to bankruptcy. The government introduced emergency legislation to allow them to effectively run banks’ operations. Today it was the British government’s turn, offering banks that are interested a slice of ￡50bn (596 billion Yuan) in exchange for a stake. It is also offering loans of up to ￡250bn (2.98 trillion Yuan) which banks can use for a fee. Banks won’t lend to one another at the moment, so the hope is that this measure will increase liquidity—get money flowing again. This is vital since the ripples of the credit crisis are already reaching smaller business, who have seen their interest rates on loans increase. Consumer confidence is also down, affecting sales on the high street. If the plans work and banks in the UK and US recover, tax-payers in both countries could make a profit from their government’s interventions. If the plans fail, the banking system will simply collapse
Either way,we should be prepared for another escalation in language,as the “financial crisis'”perhaps becomes a“severe economic recession', Tax-payers in the US and UK could do well out of their governments'interventions. crunch v.嘎扎嘎扎的咬嚼，压碎，扎扎地踏过n.咬碎，咬碎声，扎扎地踏credit crunch tumble n.跌倒v.翻倒，滚动 turmoil n.动荡；混乱 engulf v.吞没 cosy舒适的；容易的 plumme n.铅锤vt垂直落下暴跌 downturn下滑 intervention n.插入，介入，调停干预 bail n.保释，把手，杓v.保释，汲水 bail-out应急措施 stake股份/股本 precariously adv危险地，不稳固地 legislation n.立法 ripple[rpln.涟波，涟漪，波纹v.使.起涟漪，起微波，起潺潺声震荡/波及 consume confidence the high street商业街，销售行业 escalation扩大/加剧 recession n.后退，凹入的地方，不景气萧条 mortgage n.&y.抵押 liquidity 流动性，偿债 collapse n.崩溃，倒塌v.倒塌，崩溃，瓦解 CNN News Report The UN has just issued a report saying that six million people in Myanmar need food right now.How critical is the situation? It's a real paradox,because in the same year that Cyclone Nargis devastated the, what had been the "rice bowl"of Myanmar,the Irrawaddy Delta,other areas of the country reported very satisfactory harvest.There's plenty of rice within the country. The challenge is how to get that rice to the areas of the country,the more remote areas
Either way, we should be prepared for another escalation in language, as the “financial crisis” perhaps becomes a “severe economic recession”. Tax-payers in the US and UK could do well out of their governments’ interventions. crunch v. 嘎扎嘎扎的咬嚼,压碎,扎扎地踏过 n. 咬碎,咬碎声,扎扎地踏 credit crunch tumble n. 跌倒 v. 翻倒,滚动 turmoil n. 动荡; 混乱 engulf v. 吞没 cosy 舒适的；容易的 plumme n. 铅锤 vt 垂直落下 暴跌 downturn 下滑 intervention n. 插入,介入,调停 干预 bail n. 保释,把手,杓 v. 保释,汲水 bail-out 应急措施 stake 股份/ 股本 precariously adv 危险地,不稳固地 legislation n. 立法 ripple ['ripl] n. 涟波,涟漪,波纹 v. 使...起涟漪,起微波,起潺潺声 震荡/波及 consume confidence the high street 商业街，销售行业 escalation 扩大/ 加剧 recession n. 后退,凹入的地方,不景气 萧条 mortgage n.&v. 抵押 liquidity 流动性; 偿债 collapse n. 崩溃,倒塌 v. 倒塌,崩溃,瓦解 CNN News Report The UN has just issued a report saying that six million people in Myanmar need food right now. How critical is the situation? It's a real paradox, because in the same year that Cyclone Nargis devastated the, what had been the "rice bowl" of Myanmar, the Irrawaddy Delta, other areas of the country reported very satisfactory harvest. There's plenty of rice within the country. The challenge is how to get that rice to the areas of the country, the more remote areas
where people simply do not have enough food for them or their families.Especially hit by Nargis were the farming communities in the Delta area.We believe we will probably have to provide emergency food assistance for nearly a million people in the Delta year,in the Delta area,in this coming year.In addition to that,the Chin State,in north of Rakhine State which is the home area of the Rohingya people.These areas are hardest hit and are considered real hunger hotspots. Paul,will you be allowed to get to these areas and feed these desperate people? We will,we've had unprecedented cooperation from the government of Myanmar in first allowing us to do this survey that showed us where the most critical areas are. But they are also allowing both the World Food Program and non-governmental organization who we've worked with on the ground access to these very critical areas. Just last week,we were able to send our first shipment of rice and maize for people in the Chin State.The Chin State has been hit hard by a rodent infestation.It's the,are rats that are consuming the local maize crop and just last week we have begun to deliver food to the farmers and the farming communities in that area OK,Paul,just quickly,do you think that the Rohingya refugees who've been reporting on of,of late,that they are fleeing Myanmar because of this critical food shortage? We are very concerned by those reports.Um,the WFP team that went to Rakhine State,that traveled around,reported very high levels of malnutrition among children who lived there and large numbers of people without access to food largely because they can't afford food,because they don't have employment.There is no way for them to earn even the little money that they would need in order to purchase food. It's a great concern,it's an area of a very large population and it's clear that many people are leaving that area.They are looking for economic advancement elsewhere, uh and in some cases,by leaving Myanmar entirely. List of New Words cyclone 旋风，龙卷风，气旋 devastate 蹂躏，破坏
where people simply do not have enough food for them or their families. Especially hit by Nargis were the farming communities in the Delta area. We believe we will probably have to provide emergency food assistance for nearly a million people in the Delta year, in the Delta area, in this coming year. In addition to that, the Chin State, in north of Rakhine State which is the home area of the Rohingya people. These areas are hardest hit and are considered real hunger hotspots. Paul, will you be allowed to get to these areas and feed these desperate people? We will, we've had unprecedented cooperation from the government of Myanmar in first allowing us to do this survey that showed us where the most critical areas are. But they are also allowing both the World Food Program and non-governmental organization who we've worked with on the ground access to these very critical areas. Just last week, we were able to send our first shipment of rice and maize for people in the Chin State. The Chin State has been hit hard by a rodent infestation. It's the, are rats that are consuming the local maize crop and just last week we have begun to deliver food to the farmers and the farming communities in that area. OK, Paul, just quickly, do you think that the Rohingya refugees who've been reporting on of, of late, that they are fleeing Myanmar because of this critical food shortage? We are very concerned by those reports. Um, the WFP team that went to Rakhine State, that traveled around, reported very high levels of malnutrition among children who lived there and large numbers of people without access to food largely because they can't afford food, because they don't have employment. There is no way for them to earn even the little money that they would need in order to purchase food. It's a great concern, it's an area of a very large population and it's clear that many people are leaving that area. They are looking for economic advancement elsewhere, uh and in some cases, by leaving Myanmar entirely. List of New Words cyclone 旋风，龙卷风，气旋 devastate 蹂躏，破坏
hotspot 可能发生动乱的地区 unprecedented 前所未有的 shipment 一批货物 rodent infestation 啮齿动物的侵食 maize 玉米 refugee 难民 malnutrition 营养不良 Notes 1.yanmar缅甸 2.the Irrawaddy Delta (缅甸)伊洛瓦底三角洲地区 3.Chin State 钦邦（缅甸的行政区） 4.Rakhine State 若开邦（缅甸的行政区） 5.Rohingya罗辛亚族 (缅甸的少数民族) 6.WFP=World Food Program世界粮食计划署
hotspot 可能发生动乱的地区 unprecedented 前所未有的 shipment 一批货物 rodent infestation 啮齿动物的侵食 maize 玉米 refugee 难民 malnutrition 营养不良 Notes : 1. Myanmar 缅甸 2. the Irrawaddy Delta （缅甸）伊洛瓦底三角洲地区 3. Chin State 钦邦（缅甸的行政区） 4. Rakhine State 若开邦（缅甸的行政区） 5. Rohingya 罗辛亚族 （缅甸的少数民族） 6. WFP＝World Food Program 世界粮食计划署
