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|Tiêu đề: TRANSLATION FOR ENGLISH MAJORS TERM 7 (K32): FINANCE Mon 10 Aug 2009, 13:23|| |
The City of London was once considered the financial capital of the world and today it is still one of the world's most important financial centers. The area of the City called the 'Square Mile' contains banks that account for one fifth of total international
bank lending, the world's largest insurance industry and one of the world's largest stock exchanges. In 1989 the financial sector was responsible for 14 percent of Britain's total economic output.
Apart from the Stock Exchange, important institutions in the City include the Bank of England, Lloyd’s, The Royal Exchange and the Baltic Exchange. The Bank of England, founded in 1694 and nationalized in 1946 is Britain's 'banker's bank', acting as banker both for the state and for the other banks. It is sometimes referred to as the 'old lady of Threadneedle Street', after the street where its buildings is situated. The Governor of the Bank of England is responsible for advising the government on banking matters, implementing Treasury policy, arranging government borrowing and managing the National Debt(the amount money that the government borrowing and managing the National Dept. It is also responsible, together with the banks in Scotland and Northern Ireland, for issuing banknotes. (Coins are issued by the Royal Mint.)
The Stock Exchange, founded in 1773, is the main institution for the buying and selling of stocks and shares, of which more than 8000 are listed. Many people in Britain own shares either directly or through the investments made by their pension funds. Share ownership has increased in recent years as a result of the conservative government's programme of privatizing certain formerly state-owned companies and the introduction of employee share ownerships schemes. About 20 per cent of the population now own shares directly, compared with less than 10 per cent in
1979.In 1986 the reorganization of the Stock Exchange introduced a screen-based dealing system to replace trading on the floor of the Exchange. The distinct roles of the stockbrokers, who dealt
with clients, and the jobbers, who actually did the buying and selling, were merged into a single category of “market maker”. (The term “stockbroker belt” is still often used to describe the affluent parts of the Home Counties where many business people live and commute daily to the City.)
The royal Exchange is the home of the London International Financial Future Exchange, a market set up in 1982 to provide facilities for dealing in futures. The Baltic Exchange operates a market in freight as well as trading in commodities.
Lloyd’s (which has no connection with Lloyd's Bank, one of the High street Banks) began in the 17th century as a marine insurance company .It is now an association of underwriters for all kinds of insurance, although Lloyd's List, a daily bulletin of shipping information, is still published today.
Share prices are recorded daily in almost all newspapers and summarized in radio and television news broadcasts. The prices quoted are usually those of the Financial Times/stock Exchange 100 share index. Introduced in 1984, this index is based on the prices of shares in 100 of the largest companies listed on the
Stock Exchange. (The Financial Times, printed in distinctive pink paper, is the daily newspaper of the City.
There are three different stock-markets. The main market is the London International Stock Exchange, the securities officially listed on the Stock Exchange. These include the co-called 'Blue Chip'shares, those of the largest companies, which can be readily bought and sold and are therefore considered to be the least risky for investors. The other markets are the Unlisted Securities Market, for smaller but well-established companies and the
third Market, for new and very small companies.
Among other specialized financial institutions in the City are the finance houses, which lend money to companies; venture capital
companies, which provide funds for new enterprises when money cannot be obtained from traditional sources like the stock-market or the banks; and the nine discount houses, which are unique to the City. They act as intermediaries between the Bank
of England and other banks, and monitor the flow of funds between the government and the banks.
The London Stock Exchange is an independent organization, responsible for its own rules of conduct without government control. In this, it differs from the New York Stock Exchange, which is subject to specific legislative regulation, even if the government does not directly participate in its operation. The New York Stock Exchange dates from 1792 and is situated on
Wall Street, the equivalent of Britain’s City of London. It is usually refers to as Wall Street. Its share prices are quoted on the Dow
Jones Index, named after the financial analysts Charles H Dow and Edward D Jones, who began to publish financial bulletin in the 1880s. (In 1889 they founded the Wall Street Journal, the
New York equivalent of London’s Financial Times.)
In the USA, the proportion of the population that owns shares is higher than in Britain. The number rose from some 30 million in 1970 to 47 million in 1985. An increasing number of Americans buy shares “over the counter” through NASDAQ (the National Association of Securities Dealers Automated Quotations), and shares in “high-tech” companies are especially popular. Shares in the smaller and lesser-known companies are traded through the American Stock Exchange.
Many American investors are not only shareholders but also bondholders. US treasury Bonds are considered one of the safest of all investments. There are two kinds: some, like, Savings Bonds, cannot be bought and sold after the original purchase. They are sold at 50 per cent of their face value and on maturing, five years later, will fetch 100 per cent of this value when cashed in. Others, like Treasury Bills (short-term bonds maturing in three, six or twelve months), treasury Notes (from $500 in value, maturing in up to ten years) and treasury Bonds (maturing in ten to 30 years, with a minimum investment of $1000), can be bought and sold freely.
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|Tiêu đề: Re: TRANSLATION FOR ENGLISH MAJORS TERM 7 (K32): FINANCE Sun 04 Apr 2010, 22:03|| |
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|Tiêu đề: Re: TRANSLATION FOR ENGLISH MAJORS TERM 7 (K32): FINANCE Mon 20 Feb 2012, 23:34|| |
|Tiêu đề: Re: TRANSLATION FOR ENGLISH MAJORS TERM 7 (K32): FINANCE || |