Case study

                                Financial News

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Task 3. Read the text and answer the questions. Newsreader: 1. Anglia Telecom has ordered another 85 million pounds worth of digital exchange equipment as part of its 2.4 billion pounds modernization program. Most of the order is System Z equipment. This is good news for Masseys, the manufacturers of System Z. Their shares were up 10 to 365.

2. The Dollar made an unexpected recovery today, climbing four and a half cents against the Pound. Dealers in Europe found it difficult to explain the strength of the Dollar in view of the trade figures published earlier in the week. Meanwhile in Japan, news of a fall in the number of exports last month meant that the value of the Yen was at its lowest point for three months.

3. National Cash Card, one of the main credit card companies in the UK has announced a rise in its monthly interest rate from 1.75 to 1.95 % from the end of this month. This represents an annual rate on the card of 25.3 %. The increase has been criticized by consumer organizations who say that the cost of borrowing is already too high.

4. Sun Data published their six month results this afternoon. The British minicomputer company made a loss of 10.3 million pounds in the first half of the year compared with a profit of 12.5 million for the previous six months. The company blames a decline in orders and the takeover last year of Computex – the British world processor supplier.

5. Visits to the UK by high spending North Americans are increasing again, according to new travel and tourism figures from the British Tourist Authority. Two million overseas visitors came to Britain in July – 7 % more than in June. They included 440,000 North Americans, up 3 % after two months of heavy falls. Total spending by all overseas visitors in July was 745 million. The British Tourist Authority is again predicting a record year of tourism.

6. Finally, it looks as though the bad weather this summer has brought benefits to cinema owners this year. Metropolitan, the largest cinema chain in the country, has announced a profit increase of 15 % for the last three months; they explain that the record rainfall has encouraged people to go to the cinema in ever-increasing numbers. So it really is true that "every cloud has a silver lining".

1. Complete the information below with the figures.

a) Value of digital exchange equipment ordered: … .

b) Cost of modernization program: … a year.

c) Value of Massey's shares: … .

2. Did the Dollar go up or down?

3. How much did it change against the Pound?

4. Were the US figures good or bad?

5. Did the Yen and the value of exports from Japan go up or down?

6. Complete the information below with the figures.

a) Old monthly interest rate of the UK National Cash Card: … %.

b) New monthly interest rate of the UK National Cash Card: … %.

c) New annual interest rate of the UK National Cash Card: … %.

7. Complete the sentences below, choosing from these items:

Year – This year / Last year;

Period – January to June / July to December;

Results – Profit / Lost;

Amount – 10.3 million pounds / 12.5 million pounds.

During the period … to … of … year Sun Data results showed a … of … .

This compares with a … of … for the period … to … of … year.

8. Complete the information below with the figures.

a) Number of overseas visitors to Britain in July: … .

b) Number of North American visitors to Britain in July: … .

c) Total spending of overseas visitors in July: … .

9. Underline the correct word or phrase to complete this report.

Metropolitan, the largest theatre/cinema/supermarket chain in the country has announced a profit increase / profit decrease / loss of 15 % / 50 % / 60 % the past 3/6/12 months. The reason they give is the record rainfall this year/ spring/summer.

10. What are the key words of each of the items?