時代經典商業英語

我們在學習英語的過程中會很困難，但是英語對我們無論是工作還是生活還是很有用的，小編今天就給大家帶來了商務英語，歡迎大家閱讀

　　商務英語：證券

Black Monday

黑色星期一

Never far from bearish minds is the 1987 crash,which saw the Dow Jones Industrial Average Plunge 508 points on Black Monday.

熊市人士的心中，殷鑑不遠的是1987年的大崩盤：道瓊斯工業指數在黑色星期一慘跌508點。

That 508-point plunge on Black Monday was worsened by so-called portfolio insurance,

黑色星期一508點的狂跌，被所謂“證券保險”火上加油。

which is computerized programs designed to bail investors out of stocks in a downturn by selling stock futures.

這種電腦程序設計的目的，就是要在股票下跌時大賣股票期貨，以助投資人殺出股市。

blue chip

績優股

And while other blue-chip firms such as Sears,IBM and General Motors,floundered in the 1980s,

1980年代，當其他績優股如西爾斯百貨、IBM和通用汽車在掙扎時，

most GE units surged ahead and consistently hit Welch's target of being No.1or No.2 in every market.

奇異集團大多數的機構卻都能大幅上漲，並且如Welch所願，在各該領域中都能維持第一或第二的成績。

Like their American counterparts,Japanese executives cheerfully overpaid for their late-80s acquisitions.

日本企業主管也和他們的美國同儕一樣，在1980年代末期高高興興地花冤枉錢進行一堆購併案。

But the Japanese made another fundamental miscalculation,

但日本人犯了另一個基本的錯誤。

says Gray Saxonhouse,an economics professor at the University of Michigan:

密歇根大學經濟學教授Gray Saxonhouse指出：

"They had a faith in American landmarks a faith in American blue-chip names."

“他們對美國的陸標太有信心，對美國的名牌企業也同樣太有信心。”

bull market

牛市、多頭市場

Some analysts,dwelling on the fundamentals rather than superstition,

一些堅守基本觀念而不盲從的分析家認爲，

think the epic bull market that began in 1982 has finally entered a long season of bearishness

自1982年來持久不衰的牛市，終於進入了長期的熊市，

because of the likelihood of very show economic growth in the 1990s.

因爲1990年代的經濟增長似乎會非常緩慢。

Share prices in the relentlessly upbeat stock market now stand at skyhigh levels by historical standards,

在這毫不猶豫向前衝的股市中，現在的股價指數站在歷史新高點，

and dividend yields have fallen to near record lows-

但股利卻幾乎掉到創紀錄的低檔——

classic signals that the bull market that began 2 1/2 years ago has got dangerously long in the tooth.

這是很典型的警訊：兩年半前開始的牛市已經持續太久到搖搖欲墜的地步了。

corporate bond

公司債券

The average aggressive-growth fund has risen 29% in the past 12 orate-bond funds gained 13% overall.

高增長基金在過去12個月平均漲幅爲29%，而公司債券基金漲幅爲13%。

As a graduate business student at Pennsylvania's Wharton School,Milken made junk bonds a focus of his scholarship.

垃圾債券大王米爾肯還在賓州大學華頓商學院念研究生時，他就以研究垃圾債券得到獎學金。

Despite their reputation for high risk,he found that the securities showed a history of few defaults.

他發現雖然垃圾債券風險有名的高，但是在過去卻很少出現問題。

Milken believed the securities' relatively high yields,typically 3% to 5% more than any investment-grade corporate bond,were more than enough compensation for that slightly increased risk.

Milken相信這種證券在利潤上比任何的投資級公司債券都要高3%至5%的情形下，遠可以彌補稍微偏高的風險所可能帶來的損失。

default

違約

Greenspan's strong hint last week that the Federal Reserve will continue to push up interest rates

上週Greenspan強烈暗示聯邦儲備銀行將持續調高利率，

heightened worries that more governments with over-leveraged portfolios heavily based on interest rate bets could be forced to default.

如此一來，更多的政府就更要擔心他們主要靠賭利率才能維持的一個以債養債的局面即將崩潰，使他們被迫違約。

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Poorer parents,meanwhile,may be tempted to borrow more than they ever expect to repay:

同時，比較貧困的家長可能受到誘惑，去借些自己根本沒打算還的錢。

the default rate on government-backed loans is roughly 22% and bound to rise.

政府提供的貸款中，違約不還的比例是22%，而且一定會再升高。

dividend

股利

But sales rose even faster,and Ford Motor raised its dividend 12.5%,

但是營業額增長得更快，而且福特汽車的股利增長了12.5%，

the first increase since 1989.

是自1989年來的首次增長。

Dow-Jones Industrial Average

道瓊斯工業指數

The Dow Jones Industrial Average closed this week at 2,909,1.

道瓊斯工業指數本週收盤時是2909.1點，

up 6.3% in the past four weeks and up 544 points,or 23%,since its October low.

在過去四周來上漲了6.3%，比起去年10月的低點，漲了23%，即544點。

The stock market gave the flagging recovery an apparent vote of noconfidence last week when the Dow Jones Industrial Average plunged 120 points on Friday.

股市上週對於虛弱的景氣復甦明顯投下了不信任票，以致週五時道瓊斯工業指數大跌120點。

Argentina's stock market rose 53% in 1993,for example,

例如阿根廷股市在1993年增長53%，

while Brazil's more than doubled in value.

而巴西股市的價值增長超過一倍。

institutional investor

機構投資者

Another source of fear is institutional investor.

另一個值得畏懼的團體是機構投資者。

While unseating corporate directors is even more difficult than dislodging political incumbents,

因爲要把企業主管拉下臺比罷免現任政府官員還要困難，

big investors are using their vast holdings to put pressure on board members.

所以大股東乃利用龐大的持股來向董事會施壓。

investment bank

投資銀行

Thanks to record sales of everything from derivatives to new stock and bond issues to merger financing,

由於所有業務的營業額都創新高，包括衍生性金融商品、新股與債券發行，還有併購融資，

the pretax profits of ers and investment banks zoomed to an unprecedented $8.9 billion last year.

美國證券經紀商與投資銀行在去年的稅前盈餘增加到史無前倒的89億美元。

junk bond

垃圾債券

When junk-bond king Michael Milken copped a plea last April,

當垃圾債券大王Michael Milken去年4月認罪之時，

he disappointed everyone who had been hoping to see the white-collar trial of the decade.

他讓所有期待觀看一場1980年代白領犯罪大審判的人失望了。

NASDAQ

美國場外交易市場自動報價系統

That kind of talk worries officials at the New York Stock Exchange:

這種談話使紐約股市的人員擔心。

trading technology is advancing so rapidly that the Big Board could be bypassed by such new high-tech systems as the Arizona Stock Exchange,the NASDAQ and now Globex.

撮合交易的科技進步神速，紐約股市的大看板可能被下列高科技的系統所取代：亞利桑那證券交易所、美國場外交易市場自動報價系統以及現在的全球交易所。

Nikkei Stock Average

日經股價指數

When the volatile Nikkei stock index plunged 3.9% last Monday,

當上周反覆無常地日經股價指數大跌3.9%後，

many shell-shocked Tokyo investors feared that the entire economy was heading toward the abyss.

許多被嚇壞的東京投資者害怕整個經濟又將跌入深淵。

Even more frightening was the more recent,and more devastating,collapse of the Japanese stock market

更恐怖的是：更接近現在、更慘烈的日本股市崩盤，

that began in 1990,when the bloated Nikkei average plummeted from nearly 39,000 to less than 15,000 in 2 1/2 years.

高漲的日經平均指數在兩年半內從將近39000點跌到15000點以下。

public offering

公開發行

Falcon Cable TV,a Los Angeles-based company with 1.1 million cable subscribers,

位於洛杉磯，擁有110萬用戶的Falcon Cable TV

last week halted plans for a $125 million public offering in the wake of the FCC order.

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上週因爲FCC的命令，而停止了一項1.25億美元的公開發行計劃。

S&P 500

標準普爾500股價指數

The S&P 500 gained even more than the Dow during 1991,rising 26%,

標準普爾500股價指數在1991年上漲26%，

and NASDAQ,the most popular measure for small stocks,surged a record 57%.

超過道瓊斯指數，而小型股的最流行指標NASDAQ則飆漲57%。

In Chicago the Mercantile Exchange twice halted trading in S&P 500 futures contracts,which represent the stocks in the Standard & Poor's 500 index.

在芝加哥的商品交易所，兩次中止代表標準普爾500股價指數的標準普爾500期貨交易。

SEC

證券與交易委員會

Under new SEC rules,companies must provide,in their annual report to shareholders,some value for the stock options granted to executives.

根據證券與交易委員會的規則。企業在提供給股東的年度報告中，一定要披露提供給公司高級主管的認股權的部分價值。

Boom,Boom,Ka-boom!

漲，漲，爆掉!!

day was star-crossed:

這一天是命運多舛的：

Friday the 13th in the month of October,on the eve of the second anniversary of a devastating market crash.

10月的13號星期五，正好是一場股市崩盤災難的兩週年前夕。

"I'm telling you,psychology is really le get crazy in situations like that,"said portfolio strategist Elaine Garzarelli.

投資組合策略專家Elaine Garzarelli說：“我跟你說，心理是奇怪的東西。在那種情況下人們真的瘋掉了。”

Last week Friday the 13th lived up to its frightful reputation.

上週的13號星期五並沒有辜負它恐怖的名聲。

After drifting lower at a sleepy pace for most of the day,the Dow Jones industrial average abruptly lurched into a hair-raising sky dive in the final hour of trading.

在大半天之內以令人打瞌睡的速度往下游移的道瓊斯工業指數，突然在最後一小時爆出令人髮指的長黑行情，

By the time the 4 p.m. closing bell halted the rout,the index had dropped a nightmarish 190.58 points,

當4點整的收盤鈴聲響起，止住這一敗塗地的狂瀉時，指數已經暴跌了惡夢般的190.58點，

or nearly 7%,to close at 2569.26.

將近7%跌幅，而以2569.26點作收。

sell-off was the sharpest since the market plunged 508 points on Oct.19,1987.

這次是自1987年10月19日股市崩盤508點以來的最大跌幅。

In terms of points,it was the second largest loss in Wall Street history;

以點數來說，是華爾街有史以來第二大的損失;

in percentage,the day ranked twelfth worst.

以百分比來說，是排名第12高跌幅。

"It's total emotional and psychological chaos,"said Eugene Peroni,an analyst with Janney Montgomery Scott,a Philadelphia brokerage firm.

Eugene Peroni是費城的證券公司Janney Montgomery Scott的分析師，他說：“這是情緒與心理雙重的大混亂。

"People are dumping everything.A great deal of money is being lost."

大傢什麼都賣。大把的鈔票就這麼沒了。”

drop invited instant comparison with the month's two historic calamities:

這次重挫很快引來與歷史上發生在10月的另兩次大禍的比較：

the 1987 collapse on Oct.19 and the 1929 debacle on Oct.29.

1987年10月19日的崩盤與1929年10月29日的長黑。

Particularly gnawing was the memory that 1987's Black Monday was preceded by a Friday plunge of 108.35 points.

特別令投資人心生恐懼的是1987年的“黑色星期一”之前的那個星期五交易日，也是大跌108.35點。

Last week's drop-off rekindled fears

上週的暴跌重新挑起人們的害怕：

that an era of heedless borrowing by corporations and the Federal Government might finally be coming to grief.

企業與聯邦政府不加思索就拼命借貸的時代可能終於到了悲哀的一刻。

At the very least,the rout reminded investors that the stock market is a volatile place where fortunes can vanish at the touch of a computer key.

這次潰敗至少證明股市仍是一個變化多端的所在，財產可以在彈指之間消失無蹤。

After one frantic hour of selling conducted to a large extent by program trades,nearly $200 billion of stock values were wiped out last week.

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在上週，只要瘋狂的一個鐘點，大部分通過電腦進行的殺出動作就使股市損失了將近2000億美元。

Bush Administration moved swiftly to avert any sense of crisis after the market closed.

布什麼政府在收市後迅速行動，消除人民心中的危機感。

Declared Treasury Secretary Nicholas Brady:

財政部長Nicholas Brady宣稱：

"It's important to recognize that today's stock market decline doesn't signal any fundamental change in the condition of the economy.

“我們必須瞭解，今天的股市長黑並不意味經濟狀況有任何根本的改變。

The economy remains well balanced,and the outlook is for continued moderate growth."

國內經濟相當穩定，而展望未來，仍可繼續有溫和的增長。”

But Massachusetts Democrat Edward Markey,who chairs a House subcommittee on telecommunications and finance,vowed to hold hearings this week on the stock market slide.

但是麻州民主黨衆議員Edward Markey，目前主掌衆院的一個通訊與財政小組委員會，他堅稱要本週針對股市大跌舉行聽證會。

Said he:"This is the second heart attack.

他說：“這是第二次心臟病發作了。

My hope is that before we have the inevitable third heart attack,we pay attention to these problems."

我希望在不可避免的第三次發作來到之前，我們應該注意這些問題。”

rts found no shortage of culprits to blame for the latest debacle.

對於最近的這次暴跌，專家不愁找不到理由來怪罪。

A series of downbeat realizations converged on Friday,

在星期五，一堆悲觀的事全湊在一塊兒，

ranging from signs of a new burst of inflation to sagging corporate profits to troubles in the junk-bond market that has fueled major takeovers.

包括通貨膨脹爆發的新跡象，企業低落的利潤，以及促成大型購併案的垃圾債券市場出毛病。

The singular event that shook investors was the faltering of a $6.75 billion labor-management buyout of UAL,the parent company of United Airlines,the second largest ier.

至於攻潰股市人心的單一事件，則是美國第二大的聯合航空公司一樁未談攏的購併案。聯航母公司UAL的勞資雙方合作欲以67.5億美元買下UAL，但是沒有談成。

"That's when all hell broke loose,"said Robert Newman,a floor trader for Equitrade Partners.

Equitrade Partners公司的交易員Robert Newman說：“時至於此，一切都完了。

"It was very reminiscent of something I do not care to think about."

這次事件，跟我想都不願想的一件往事實在太類似了。”

one point most thoughtful Wall Streeters agreed:

有頭腦的華爾街人士都同意一點：

the market had reached such dizzying heights that a correction of some sort seemed almost inevitable.

股市指數衝到令人“往下看會頭暈”的高點時，某種“回檔整理”似乎是無可避免的。

Propelled by favorable economic news and a wave of multibillion-dollar takeovers,stocks had soared more than 1,000 points since the 1987 crash.

受到經濟好消息及一波波數十億元的購併案激勵，股市自1987年崩盤以來已經上漲超過1000點。

But by last August some Wall streeters were clearly worried.

可是到了8月，有些人就明顯開始擔心。

Noted Donald Stone,a floor specialist for Lasker,Stone & Stern:

Lasker,Stone & Stern的交易專員Donald Stone說：

"I've been on the trading floor for 39 years,and I've never seen the market go up so fast for so long without a major break."

“我在交易場39年了，從來沒有看過市場上漲這麼快，而且這麼久沒有遇到一次重大的挫敗。”

Yet the bulls kept on running.

但是牛市持續着。

Just last Monday the market closed at a historic peak of 2791.41,

上週一的收盤指數是歷史新高的2791.41點，

its fifth record high in as many sessions.

也是之前連續五個交易日迭創新高以來的最頂點。

looming anniversary of 1987's crash had prompted many on Wall Street to search for comparisons between 1987's boom and this year's.

在1987年崩盤日的週年即將來到之際，不由得華爾街不比較一下當年與今年的牛市盛況。

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In an investor newsletter dated Oct.1,Shearson Lehman Hutton cited twelve ways in which this year's rally seemed more likely to last.

Shearson Lehman Hutton在10月1日發出的投資人通訊中，舉出12例說明今年的漲勢比較可能持續。

Among them:

其中三項：

-Interest rates were rising then,while they are stable or falling now.

——彼時利率在上升，而此時是穩定或下降。

-The economy was growing unsustainably in 1987,but more gradually this year.

——1987年的經濟增長太快，無支撐力道，而此時較緩和。

-Investor sentiment was wildly bullish then,and far more cautious now.

——彼時牛市心理極爲強大，此時則謹慎多多。

this year's rally has rested on some shaky foundations.

但是今年的漲勢其實也是站在不穩的基礎之上。

Chief among them is the relentless pace of corporate takeovers,

究其大者，應是馬不停蹄的企業購併。

which enriched everyone on Wall Street,from stockholders to investment bankers.

華爾街的投資客到投資銀行都發了財。

But the buyouts have been fueled by financing from a junk-bond market that was severely weakened last month

但是供給購併資金的垃圾債券市場在上個月受到重創，

when Canadian developer Robert Campeau nearly defaulted on $1.27 billion of debt payments on loans that he had used to acquire Allied Stores and Federated Department Stores.

因爲加拿大資本家Robert Campeau有了大麻煩。他收購Allied Stores與Federated百貨公司的貸款中，有12.7億美元的到期債務差點付不出來。

In the wake of Campeau's problems,the money for new takeovers has begun to dry up.

Campeau的麻煩影響所及，新的購併案已失去最大金主。

while,the Government's chief early-warning gauge of inflation indicated last week that the omy may be headed for trouble.

在此同時，政府最主要的通貨膨脹早期預警系統上週指出美國經濟可能既然出問題。

The Labor Department said its Producer Price Index rose 0.9% in September,

勞工部的9月批發物價指數較8月上漲0.9%，

or about 10% on an annual basis,to break a three-month string of declining wholesale prices.

較去年同期則上漲10%，打破連續三個月的指數下降走勢。

Earlier in the week,Federal Reserve Chairman Alan Greenspan suggested that the Fed remains wary of inflation

上星期初，聯邦主席艾倫•格林斯潘暗示聯邦儲備委員會仍舊注意到通彭的可能性，

and therefore would be averse to easing interest rates.

因爲將避免調降利率。

That was not what Wall Street wanted to hear.

這可不是華爾街願意聽到的。

heaviest blow to the market came Friday afternoon.

最致命的一擊發生在星期五下午。

n a three-paragraph statement.

在簡短三段話的聲明中，

UAL said a labor-management group headed by Chairman Stephen Wolf had failed to get enough financing to acquire United.

UAL說由董事長斯蒂芬•沃爾夫領導的勞資集團無法湊足購併聯航的資金。

Several banks had apparently balked at the deal,which was to be partly financed through junk bonds.

部分由垃圾債券供給資金的交易顯然讓銀行卻步。

The takeover group said it would submit a revised bid "in the near term,"

收購集團說它“在近期內”將會修正並重新出價，

but the announcement stunned investors who had come to view the United deal as the latest sure thing in the 1980s buyout binge.

可是UAL的聲明已經嚇壞了投資人，因爲他們以爲聯航購併案的交易應該是1980年代購併狂潮中，絕對沒問題的一宗買賣。

Said John Downey,a trader at the Chicago Board Options Exchange:

芝加哥選擇權交易所的交易員John Downey說：

"The airline stocks have looked like attractive takeover targets.

“航空公司股票向來是很誘人的購併目標。

But with the United deal in trouble,everyone started to wonder what other deals might not go through."

但是假如連聯航購併案都會出問題，大家即開始猜疑還有多少交易能夠過關。”

　　商務英語：商業

bar code

商品條碼

If President George Bush was amazed by the bar code scanners he saw last month at the National Grocers Association convention in Orlando,

假如布什總統上個月在奧蘭多的全國超市協會年會中，曾爲條碼掃描機大驚小怪的話，

he would be truly astounded by some of the technology found in state-of-the-art supermarkets like the Food Emporium.

那他到了像Food Emporium這種科技已臻化境的超市，才真的會大吃一驚了。

Each ScanFone unit,which can funciton as a regular telephone,

每一具ScanFone都可當普通電話使用，

features a magnetic-stripe credit card reader and a light pen to scan bar codes.

但它還有兩項特色：可讀磁條式信用卡的讀卡機與掃描條碼的光筆。

blockbuster

大轟動

But without the limitless pots of cash that the now shrunken junk-bond market once provided,

但是已經萎縮的垃圾債券市場，不能再像以前一樣無限制地提供現金，

the investment bankers can on longer arrange the sort of blockbuster buyouts that produced breathtaking profits for Wall Street in the past decade.

投資銀行也無法再像過去十年一樣，安排轟動武林的收購行動，然後替華爾街賺進令人目瞪口呆的利潤。

A film out of nowhere,with a nobody star,can send people out happy-and make the producers of Home Alone rich.

一部用了無名小卒主演的默默無聞電影，可以讓觀衆心滿意足地走出電影院，也讓《小鬼當家》的製作人發了大財。

Conversely,a blockbuster wannabe like Redford's Havana grossed less in the ,say,the Italian import Cinema Paradise.

相反的，羅伯特•雷德福理應轟動的電影《哈瓦那》，在美國的票房還比不上來自意大利的《天堂影院》。

business cycle

景氣循環

"Reagan was a goner,right?"says a Clinton adviser."But then the business cycle took an upturn,and he won big a year later,

克林頓的一個顧問說：“里根已經完了，對不對?可是景氣循環回升，於是他第二又大敗競選對手。

Reagan's ups and downs remind us to take the long view,

里根的起伏提醒我們要看長遠。

Bill Clinton won't be dead until he's laid out with his sax."

在克林頓薩克斯風吹到昏倒以前，他還死不了。”

A recession is a standard contraction of the business cycle.

不景氣是景氣循環中標準的萎縮過程。

Things heat up;the Fed throttles back to restrain inflation.A depression,by contrast,has to do with debt.

因爲經濟過熱，聯邦儲備銀行董事會就會踩剎車以避免通貨膨脹。相對的，蕭條是跟債務有關。

cartel

卡特爾

Bootlegged stones from Angola and Russia are cutting out the De Beers cartel

自安哥拉與俄羅斯走私出來的鑽石對De Beers鑽石卡特爾損傷極大，

and threatening to subvert the value of the most precious of gems.

也對這種最珍貴的寶石的價位造成威脅。

cash cow

搖錢樹

That would place the pension burden mainly on ACF Industries,

這會將挪用退休基金的壓力，加諸ACF工業。

the Missouri-based railcar leasing company that Icahn uses as his cash cow to fund outside investment activities.

這家密蘇里州的軌道車輛租憑公司是Icahn的搖錢樹，專門用來資助他其他的投資事業。

These,and a great gut for pop culture,served him well as chairman of Paramount Picutres from 1974 to '84 when it produced goldencalf movies

這些以及他對大衆文化精準的直覺，使得他在派拉蒙的1974至1984十年任內創造了轟動的電影

(Grease,Flashdance)and cash cow TV series.(TAXI,Cheers).

《油脂》、《閃舞》以及撈進大把銀子的電視劇《出租車》、《歡樂酒店》。

cashless society

無現金社會

Says Keith Kendrick,senior vice president of marketing for Master Card:

萬事達卡資深行銷副總裁Keith Kendrick說：

"Though people have talked for a long time about the cashless society,

“雖然我們已經高談無現金社會很久了，

we are by no means all the way there."

但是我們離那個地步還很遠呢!”

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Since the early 1960s,when assorted gurus proclaimed the imminent arrival of the Information Age,

1960年代前期，各行各業的領導人物宣稱資訊時代既然到來，

businesses and consumers have been eagerly awaiting its coming-

所以企業與消費者都在熱切期待着，

and with it,the "paperless" office and the "cashless society."

同時也寄望着“無紙張”辦公室與“無現金社會”的降臨。

CBT

芝加哥交易所

Four years and $70 million in the making,

花了四年的時間與7000萬美元的經費，

the Globex system is a bid by the Chicago Mercantile Exchange and the Chicago Board of Trade

Globex系統的建立是芝加哥商品交易所與芝加哥交易所的希望所寄：

to keep from losing yet another homegrown industry:futures trading.

保住在美國發展出來的期貨交易市場。

Clear explanations of how dishoest brokers and floor traders operate should add to the damage-control problems at the Chicago Board of Trade and the Chicago Exchange.

芝加哥交易所與芝加哥商品交易所應該在損失防治的諸多問題中，加上一條清楚解釋不肖經紀商與營業員如何運作的問題。

chain store

連鎖店

Wal-Mart,the discount chain store,created more jobs in the first 30 months of the recovery than any other company in the country,

平價連鎖商店Wal-Mart在景氣復甦開始的前30個月中創造了全國最多的工作機會，

but they generally pay only about $5 to $9 an hour.

但是這些工作的時薪只有大約5至9美元。

In partnership with Cablevision Systems Corp.,

與Cablevision Systems Corp.聯手後，

the department chain store hopes,rather optimistically,to reach 20 million subscribers 24 hours a day,seven days a week.

這家百貨連鎖店蠻樂觀地希望達到一天24小時，一星期7天的播出時間，會有2千萬訂戶來收看。

cut-throat competition

割喉式競爭

But Bernard Attali,chairman of the board of Air France,

但是法航董事長Bernard Attali警告說，

warned that the "suicidal" consequences of cut-throat competition will be massive layoffs and fewer flights to small cities.

這種割喉式競爭造成的“自殺式”後果就是大規模裁員以及對小城市減少航班。

The shift of sentiment toward NRA(National Reconvery Administration),

對“國家經濟復興署”觀感的轉變，

was brought about in part by industry's realization that the days of cut-throat competition and laissez faire are over.

部分是由於產業界瞭解割喉式競爭與放任經濟政策的時代已經過去了。

durable goods

耐用商品

These latest cutbacks underline Clinton's challenge as he prepares to revive the economy,

這些最新的裁員行動增加了對克林頓振興經濟的挑戰。

While GDP grew 3.8% in the fourth quarter

雖然第四季的國內生產總值增長3.8%，

and orders for durable goods rose more than 9% in December,

對耐用商品的訂單也於12月增長超過9%，

continued job woes could choke off recovery.

但是就業市場持續的壞消息可能扼殺經濟復甦的力量。

Strong increases were registered by consumer spending,business investment,orders for durable goods,sales of existing houses and consumer confidence,

消費支出、企業投資、耐用商品訂單、房屋銷售以及消費信心都顯著增長，

while new claims for unemployment compensation have been showing consistent decline.

而新的失業救濟金申請案則持續降低。

installment payment

分期付款

But I'd like to see the tax deduction for installment loans on automobiles come back as an allowable deduction.

“但我希望汽車分期貸款的支出被重新認定是所得稅的扣除額。”

Hunter calls his proposal "the Democracy Fund" and fixes the initial installment at $10 billion.

Hunter將自己的提案稱作“民主基金”，並把最初的分期貸款設定在100億美元。

"It could be the greatest bargain in history,"he says.

他說：“這可能是歷史上最划算的生意。”

IPR

知識產權

Bush refused to join other industrialized nations in a biodiversity pact to protect plant and animal life from possible extinction.

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美國總統布什拒絕簽署其他工業國家發起的一項保護生物計劃，理由是，

He argued that the treaty failed to protect intellectual property rights in biotechnology and imposed unnecessary obstacles for researchers.他辯稱該條約無法保護生物工程學上的知識產權，而且對研究工作施加不必要的阻礙。

The information highway promises multiple collisions between intellectual property rights and the free-expression rights of those who would use the data they find there.

信息高速公路的來臨，預告了知道產權與使用網絡信息人員的言論自由即將產生多方面的衝突。

niche

利基

Boasts CEO and co-founder Herb Kelleher:

總裁與聯合創始人Herb Kelleher自誇：

"We're created a solid niche-

“我們創造了一個穩固的利基市場——

our main competition is the automobile.

我們的主要敵人是汽車。

We're taking people away from Toyota and Ford."

我們讓人們不開豐田或福特車而來坐飛機。”

Although Apple eventually solved most of the computer's problems,

雖然蘋果電腦公司終究是解決了它電腦所發生的問題，

IBM compatibles still dominate the personal-computer business.

IBM兼容電腦仍然霸佔個人電腦的江山。

The Macintosh today remains stuck in a niche,

麥金託什電腦至今仍困坐一隅，

with a market share that hovers around 10%.

只有大約10%上下的市場佔有率。

no-frills

陽春

Introducing a perfume is very expensive-

引介一種新香水上市的成本是極高的——

commonly around $10 million to $15 million for the first year of a no-frills national launch.

通常在作全國性推廣的第一年，最節省的開銷也要1000至1500萬美元。

Nadezhda earns 3,000 rubles styling men's hair 39 hours a week in a no-frills state shop

Nadezhda每週工作39小時替男人做髮型設計，一個月賺3000盧布。

that serves as one of the neighborhood's social centers.

這家不花俏的國營商店也是鄰里的社交中心之一。

own brand

自有品牌

He won a Tony nomination for his Broadway acting debut in Metamorphsis

他在百老匯初次演出《變形記》就贏得託尼獎提名，

and last week introduced his own brand of women's perfume,called-

而在上週他發表了自有品牌的女性香水，叫作——

what else?-Misha.

還能叫什麼呢?——當然是Misha。

trademark

商標

Macedonia is the birthplace of Alexander the Great

馬其頓是亞歷山大大帝的出生地，

and the name of Greece's northern province.

也是希臘北部的一個省名，

Therefore Athens thinks it has a 2,400-year-old trademark on the word.

所以雅典方面覺得自己對這個字擁有2400年的“商標權”。

Frank Sinatra collapsed on a Richmond,Virginia,stage while performing his trademark My Way,Complaining of the heat,

弗蘭克•西納特拉正在弗吉尼亞洲Richmond表演他的註冊商標歌曲《奪標》時，當場昏倒在舞臺上。這位歌手抱怨氣溫太高，

the singer fell to the floor "like a sack of stones," recalled a concert-goer.

而一個演唱會觀衆回憶說西納特拉好像“一袋石頭”般跌倒在臺上。