首页
试卷库
试题库
当前位置：
X题卡
>
所有题目
>
题目详情
查看本题答案
包含此试题的试卷
国家统考科目《问答》真题及答案
点击查看
你可能感兴趣的试题
热门试题
更多
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet Readthefollowingtext.ChoosethebestwordsforeachnumberedblankandmarkABCorDonANSWERSHEET1.9
Evenforoverachieverswhoareusedtomultitaskingtheideaofwatchingtwoversionsofthesametelevisionshowatthesametime--oneontelevisionandoneonacomputer—issomethingthatisprobablyforeigntomostpeopleovertheageof30.TotheeternallyyoungbrainsthatnmMTVhoweveritisthenextstepinreshapingtheirbusiness. BeginningthissummerwiththeMTVVideoMusicAwardsandcontinuinginthefallwiththecablechannel’sliveafternoonprogram"TotalRequestLive"MTVwilloffertwosimultaneousversionsofeachshowoneontelevisionandanotherfocusingonabehind-the-scenesnarrativeonitsbroadbandchannelMTVOverdrive. "WedotonsofresearchonouraudienceanditshowsthattheyareinstantmessagingandlisteningtomusicandwatchingTVallatthesametime"saidChristinaNormanpresidentofMTV."We’vedefinitelyseenthembecomemoreadeptatnavigatingthroughmultiplemedia.Theylivecomfortablyinseveralworldsatonce." TheOverdrivecomponentlocatedatmtv.comwillfeatureasortofvideodigressionthatwillcontinuetostreamlivewhilethetelevisionshowisbroadcastingcommercials.Forexampleifaviewerwantstowatchanentiremusicvideoafterasnippetisshownonthe"TotalRequestLive"videocountdownortakeabackstagetourwithJamieFoxxafterhefinisheshisonstageappearanceonthesetof"T.R.L."astheshowisfamiliarlyknownOverdrivewillbetheplacetoturn. "Doingthreethingsatoncewhenyou’re19yearsoldisnothard"saidDaveSirulnickanexecutivevicepresidentatMTVwhooverseesmultiplatformproductionnewsandmusic. LastThursdayatMTV’sstudiosinTimesSquareMr.Sirulnickprovedadeptatdoingatleasttwothingsatoncedashingbetweentwocontrolroomsthatwerestepsawayfromeachotherjustdownthehallwayfromthe"T.R.L."set. Itwasthesecondtest-runofsimultaneousproductionandineachcontrolroom-oneforOverdriveonefor"T.R.L".—separatesetsofdirectorsandproducersguidedcameramenandtheshow’shostsknownasV.J.’sthroughtheirpaces. "Noonethatweknowhasdonealivestreamofadifferentsignalofanexistingshow."Mr.Sirulnicksaid."It’saliveparallelexperienceonethatveryquicklyturnsintoanon-demandexperiment"withportionsofeachshowarchivcdandkeptontheOverdrivesiteforfanstoreplayatwill. V.J3rdline7thpara.means
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet Readthefollowingtext.ChoosethebestwordsforeachnumberedblankandmarkABCorDonANSWERSHEET1.15
Therewillbeasteadytrendtowardvegetarianism.Agivenquantityofgroundcanprovideplantfoodformanoritcanprovideplantfoodforanimalswhicharelaterkilledformeat. Inconvertingthetissuesoffoodintothetissuesofthefeederupto90percentisusedforreasonsotherthantissuemaintenanceandgrowth.Thismeansthatonehundredpoundsofplantfoodwillsupporttenpoundsofhumantissue―whileonehundredpoundsofplantfoodwillsupporttenpoundsofanimaltissuewhichwillthensupportonepoundofhumantissue.Inotherwordslanddevotedtoplantfoodwillsupporttentimesasmanyhumanbeingsaslanddevotedtoanimalfood. Itisthisfarmorethanfoodpreferencesorreligiousdirectionsthatforcesovercrowdedpopulationsintovegetarianism.AnditwillbethedirectioninwhichtheUnitedStatesof2001willbemoving―notbypresidentialorderbutthroughtheforceofasteadyriseinmeatpricesascomparedwithotherkindsoffood. Thisinturnwillcomeaboutbecauseourherdswilldecreaseasthefooddemandcausesmoreandmoremeadowtobeturnedtofarmlandandaslandproducingcornandotheranimalfoodisconvertedtoprovidingfooddirectlyforman. Anotherpointisthatitisnotonlyenergythatisinshortsupply.Ashortageofoilmeansashortageofplastics;ashortageofelectricitymeansashortageofaluminium.Wearealsoexperiencingashortageofpaperandmostotherrawmaterials. Thismeansthatforonethingourgenerosityinwrappingbaggingandpackagingwillhavetorecede.Therewillhavetobeatleastapartialreturninsupermarketstotheolddayswheregoodsweresuppliedinbulkandgivenoutinbagstoorder.Itmayevenbecomenecessarytoreturnbagsasweoncereturnedbottlesorpayfornewones. Adeclineinper-capitaenergyusewillmakeitnecessarytoresorttohumanmuscleagainsothatthedeliverymanwillmakeacomebackhispriceaddedtothatofthefoodofcourse.Sinceenergyshortageswillcauseunemploymentinmanysectorsoftheeconomytherewillbeidlehandstodothemanualworkthatwillbecomenecessary. Fromanenergy-savingstandpointitwouldmakefarmoresensetoorderbyphoneandhaveasingletruckdeliverfoodtomanyhomesthanforamemberofeachhometodriveanautomobileround-triptopickupaone-familyfoodsupply. Tobesureitwillnotallberetrogression.EvenassumingthatEarthisinadesperatebattleofsurvivalthroughacrisisofstillrisingpopulationanddwindlingenergyreservesthereshouldstillcontinuetobetechnologicaladvancesinthosedirectionsthatdon’’tdependonwastefulbulkuseofenergy.Therewillbecontinuingadvancesinthedirectionofsophisticationinotherwords. Accordingtotheauthordeficiencyoffoodinevitablyleadsto
Directions: Supposeyouareamemberofstaffatthelibraryinyouruniversity.Yourlibraryplanstopurchasesomenewbooks.Writealettertothepublishinghousewhichincludes:1thepurposeofwritingtheletter;2anenquiryaboutdetailedinformationonthenewbooks;3anenquiryaboutapossiblediscount.Youshouldwriteabout100words.Donotsignyourownnameattheendoftheletter.Use"LiMing"instead.Youdonotneedtowritetheaddress.
"BLOGGOPLC"announcesitspressofficeat7amLondontime"lastnightagreedtopurchaseJunkoIncofWichita."46AquotefromBloggo’sproudchairmansetsouthowwelltheAmericanpurchasefitstheBritishbuyer’sstrategy.AndtheBritishshareholderifheiswiseheadsforhisbrokerandtheexit. 47ThatrepeatedlyhasbeenthelessonofBritishincursionsintotheUnitedStates:fromattemptsinthe1950soffirmslikeAustinandMorristoselltheirutterlyill-suitedandoftenill-builtsmallcarsofthetimethroughEuropeanFerrieswhichinthe1980sboughtupseveralthousandacresnearDenverpresumablywithoutasking—untilitwentall-butbellyup—whetheracross-ChannelferryfirmreallyknewmoreaboutlandinColoradothanlocalreal-estatebuffsdid. EveninthelatereraofseriousdirectinvestmentBritishincursionshavehadaspottyrecord.TwoacademicsatXfiExeterUniversity’snewfinanceandinvestmentcentrehavenowputfiguresonit.AlanGregoryandSteveMcCorristonstudied197BritishtakeoversinAmericanearlyallthesignificantonesinmanufacturingandservicesbankingexcludedin1984-94.48Overafive-yearperiodfromthepurchasetheyfoundthecumulativereturntoshareholderswas27%lowerthan"normal"—iefor;similarcompaniesthathadstayedathome—andnotablyworsethanthetrivialdifferenceoveroneyearthatstockmarketsandacademicshavetendedtolookat. 49Thefigurewasalsoinnotablecontrasttocomparableonesfrom97takeoversintheEuropeanUnionand39elsewhereintheworld.ReturnsintheEUlookedbetterthannormalbutthefigureswerenotstatisticallysignificant;thoseintherestoftheworldwereboth32%better. 50YoumightexpecttheoppositegiventhatBritain’scorporatecultureismuchlikeAmerica’s.butsomewayfromthoseofmostEUcountries.SowhytheunexpectedoutcomeTheExeteracademicsdonotknowbutwouldlovetofindout—iftheycangettheresearchfunding. Thefigurewasalsoinnotablecontrasttocomparableonesfrom97takeoversintheEuropeanUnionand39elsewhereintheworld.
Intheessayyoushould 1describethepictureandinterpretitsmeaningand 2giveyourcommentonthephenomenon. Youshouldwriteabout200wordsnearlyonANSWERSHEET2.20points
Oneofthecomicalmomentsintheearlyhistoryofprintingoccurredin1631whentheEnglishprinterRobertBarkerproducedaneditionofthescriptureswhichbecameknownasthe"WickedBible."Thiseditioncontainedamisprintoftheseventhcommandmem.Onethousandcopieswereprintedandreadyforpublicationbeforesomeonenoticedthatthecommandmenthadbeenchangedto"Thoushaltcommitadultery."Nothingmuchcameofit.Theprinterwasfinedthecopiesdestroyedandthemoralfiberofthenationremainedintact. Butwhathappenswhentheverseatissueisnotmerelyaprinter’serrorbutanancientinterpolationintoanevenmoreancienttextSuchwasthecasewith1John5:7thebiblicalproof-textforthedoctrineoftheTrinity.ErasmusSirIsaacNewtonandJohnLockeamongotherschallengedthetext’sauthenticity.WhenErasmuslefttheverseoutofthefirsteditionofhismonumentalGreekNewTestament1516hewasroundlycriticizedforencouragingheresiesschismsandconflicts.Erasmus’scriticsknewthatapproachingtheBibleinascholarlyfashionwasdangerous:eventhemostpiousattemptsatrationalunderstandingofscripturecouldresultinskepticismoratheism.HowcanoneappraisetheBiblecriticallyandstillmaintainitsauthority. InhisengagingandverythoroughbookDavidKatzexploresthewaysthisquestionwasaddressedinEnglandfromtheReformationonward.AprofessoratTelAvivUniversityKatzistheauthorofTheJewsintheHistoryofEngland1485-1850andahostofbooksandarticlesonearly-modemskepticismandreligion.InGod’sLastWordsKatzmaintainsthateveryerarespondstotheBibledifferentlybasedonshiftingculturalassumptionsandheexaminesthe"lensthroughwhichtheBiblewasread"invarioushistoricalmoments.WhileReformationleadersacceptedthetransparencyoftheBible’smessagebythelate17thcenturythisviewcouldnolongerbemaintainedKatzstates.Duringthe18thcenturytheBiblecametoberegardedasjustanotherliterarytext--onewhichincreasinglyhadtoconformtocontemporarystandardsofrealism.AsDarwin’stheoriesbecamewidelyknown19th-centuryreadersappliedanevolutionarymodeltotheBibleandbeganmseeitastheproductofaprimitivementalityverydifferentfromtheirown.ThesenewwaysofreadingtheBibleseemedtodestroyitsauthoritycompletelyuntilthefundamentalistmovementreassertedtheoldProtestantbeliefintheBible’ssoleauthority. WhatisthemeaningofinterpolationLine2Para.2
"ThenewshittheBritishHighCommissioninNairobiatnine-thirtyonaMondaymorning.SandyWoodrowtookitlikeabulletjawrigidchestoutsmackthroughhisdividedEnglishheart."Crikey.Sothat’showyoutakeabullet.PooroldSandy.HisEnglishheartmustbereallydividednow.Thisdeliriouslyhardboiledopeningsetsthetoneforwhat’stocome.WhitemischiefPshaw!Whiteplaguemorelikeit. SandyWoodrowisheadofchanceryattheBritishHighCommissioninNairobi.ThenewsthatneatlysubdivideshisheartasthenovelopensisthedeathofayoungbeautifulandidealisticlawyerturnedaidworkernamedTessaQuayle.TessahasbeenmurderedforlearningtoomuchaboutthedishonestpracticesofalargepharmaceuticalcompanyoperatinginAfrica.HerbodyisfoundatLakeTurkanainnorthernKenyaneartheborderwithSudan.Tessa’shusband.JustinisalsoaBritishdiplomatstationedinNairobi.UntilnowJustinhasbeenanobedientcivilservantcontenttotoetheofficialline—inshortahardworker.Butallthatchangesintheaftermathofhiswife’smurder.Fullofrighteousangerheresolvestogettothebottomofitcomewhatmay. "TheConstantGardener"hasgotplentyoftensemomentsandsuddentwistsandcomescompletelywithshadowyfigureslurkinginthebush.Thereisafamiliartoneofgentlemanlyworld-wearinesstoitallwhichshouldkeepMr.leCarre’sfanshappy.ButthenovelisalsoanimpassionedattackonthecorruptionwhichallowsAfricatobeusedasasortoflaboratoryforthetestingofnewmedicines.ElsewhereMr.leCartehasdenouncedthe"corporatecamhypocrisycorruptionandgreed"ofthepharmaceuticalindustry.Thispositionisexcitinglydramatizedinhisbookeveniftheabusesherailsagainstarenotexactlybreakingnews. Inotherrespects"TheConstantGardener"islesssatisfactory.Mr.leCartecan’tseemtomakeuphismindwhetherhe’swritingathrilleroranexpose.InarecentarticlefortheNewYorkerhedescribedhiscreativeprocessas"akindofdeliberatelytwistedjournalismwherenothingisquitewhatitis"andwhereanyencountermaybe"freelyrecastforitsdramaticpossibilities".Suchisthemethodemployedin"TheConstantGardener"whoseheroine.Mr.leCartesayswasinspiredbyanoldfriendofhis.Oneortwoprominentreal-lifeKenyanpoliticiansarementionedoftenenoughtobecomeineffect."characters"inthestory.AndinanoteattheendofthebookMr.leCanethanksthevariousdiplomatsdoctorspharmaceuticalexpertsandoldAfricahandswhogavehimadviceandassistancethoughinthesamebreathheinsiststhatthestaffoftheBritishmissioninNairobiarenodoubtalljollygoodeggswhobearnoresemblancewhatsoevertotheheartlessscoundrelsinhisstory. There’snothingwrongwithabitofartisticlicenseOfcourse.ButMr.leCarre’sequivocationaboutthenovel’srelationtofactunderminesitseffectivenessasaworkofsocialcriticismwhichisprettyclearlywhatitaspirestobe."TheConstantGardener"isacrackingthrillerbutaflawedexplorationofacomplicatedsetofpoliticalissues ThecharactersinTheConstantGardenerareNOT
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet Readthefollowingtext.ChoosethebestwordsforeachnumberedblankandmarkABCorDonANSWERSHEET1.17
Sleepisdividedintoperiodsofso-calledREMsleepcharacterizedbyrapideyemovementsanddreamingandlongerperiodsofnon-REMsleep.________kindofsleepisatallwell-understoodbutREMsleepis________toservesomerestorativefunctionofthebrain.Thepurposeofnon-REMsleepisevenmore________.Thenewexperimentssuchasthose________forthefirsttimeatarecentmeetingoftheSocietyforSleepResearchinMinneapolissuggestfascinatingexplanations________ofnon-REMsleep. Forexampleithaslongbeenknownthattotalsleep________is100percentfataltoratsyet________examinationofthedeadbodiestheanimalslookcompletelynormal.Aresearcherhasnow________themysteryofwhytheanimalsdie.Therats________bacterialinfectionsoftheblood________theirimmunesystemstheself-protectingmechanismagainstdiseases―hadcrashed.
Sleepisdividedintoperiodsofso-calledREMsleepcharacterizedbyrapideyemovementsanddreamingandlongerperiodsofnon-REMsleep.________kindofsleepisatallwell-understoodbutREMsleepis________toservesomerestorativefunctionofthebrain.Thepurposeofnon-REMsleepisevenmore________.Thenewexperimentssuchasthose________forthefirsttimeatarecentmeetingoftheSocietyforSleepResearchinMinneapolissuggestfascinatingexplanations________ofnon-REMsleep. Forexampleithaslongbeenknownthattotalsleep________is100percentfataltoratsyet________examinationofthedeadbodiestheanimalslookcompletelynormal.Aresearcherhasnow________themysteryofwhytheanimalsdie.Therats________bacterialinfectionsoftheblood________theirimmunesystemstheself-protectingmechanismagainstdiseases―hadcrashed.
[A]SeparationofHollinger [B]Profitsofnewspaper [C]Theidealbusinessmodel [D]Hollingerdeniestherumor [E]Difficulttoshareintheinternationalmarket [F]LordBlacksellshisremaininglocalnewspapersinCanada HEHASbeensellingnewspapertitlesinCanada.backinganewoneinNewYorkandtryingtoquashrumoursthatheissellingtheminBritain.WhatexactlyisConradBlackchairmanofHollingarex-CanadiannewlyennobledBritonupto 41._______________. LastmonthLordBlackofCrossharbour.asheisnowknownsoldhisremaininglocalnewspapersinCanada.Thiscameshortlyafterhehadoffloadedhisresidual50%stakeintheNationalPosttheCanadiandailypaperhefoundedonlyin1998toCanWestGlobalCommunications.ThisCanadianmediagrouphadalreadypickeduptheotherhalflastyearalongwithmostofLordBlack’sotherlocalnewspapersinthecountryfor$1.8billion. 42._______________. ShornofitsCanadianoperationsandapartfromthetinyJerusalemPostHollingerhasnowbeenpareddowntotwochiefassets:theChicagoSun-TimesplusabagfuloflocalpapersinthatareaandtheDailyTelegraphBritain’smostpopularbroadsheetpaper.Afterthegrouprecentlyreportedanetlossof$9millionfortheninemonthstoSeptember.excludingexceptionalitemsrumoursswirledthateventheTelegraphmightbeforsale. 43._______________. NotsosaysHollinger.AlthoughearningsattheTelegraphanditsSundaysisterarewelldownonlastyearandthepapersplantosackupto40editorialstafftheystillprovidemostofthegroup’sprofits."ThereisnosubstanceatalltothestorythattheTelegraphisforsale"saysDanielColsonHollinger’svice-chairman.IndeedhavingstemmedtheNationalPost’slossesandbookedagoodpriceforthesaleofmostofitsCanadianassetslastyearthegrouphascutitsheavydebtburdenandiswall-placedtolookfornewprojects. 44._______________. ButwhatEconomiesofscaleinthenewspapermarketarebestachievedwiththelocalandregionalpress.TheidealbusinessmodelsaysPeterKreiskyofMercerManagementConsultingisageographicalclusterofregionaltitles.Withlocalmonopolypowerthiscanbringdownthecostofpaperandinkofprintinganddistributionandofmarketing.HollingerenjoysmanyofthesebenefitsintheChicagoareawhereithas97papers. 45._______________. Butitisfarhardertoachievecost-sharingacrossinternationalborders.Mostnationalpapersarestillmnfromandownedintheirhomecountry.ThosethatbelongtoaninternationalownersuchasHollingerTonyO’Reilly’sIndependentNewsandMediaandRupertMurdoch’sNewsCorpconcentrateonEnglish-speakingmarkets. Yetowningnewspapersisasmuchtodowithkudosandinfluenceasitisaboutprofits.Althoughhewouldnotruleoutopportunitieseveninnon-English-speakingpartsofEuropeLordBlack’ssightsnowseemtobesetontheUnitedStates.HehasjustmadeasmallbetonanewqualitypaperTheNewYorkSunbyputtingin$2millionorabout13%ofthetotalinvestment.AlthoughHollingerstressesthatitisonlylooselyinvolvedtheprojectisneverthelessintriguing.TherehaslongbeenaviewthatNewYork.acityof8millionpeopleoughtmbeabletosupportmorethanoneall-roundqualitynewspaper;yettheNewYorkTimeswithacirculationof1.1millionhasnodirectcross-townrival.LordBlack’sexperienceoflaunchinganewtitleTheNationalPostinCanadamaybesalutary.Hemanagedtocreateafranchisefromnothinginacompetitivemarketandindoingsostirreduppoliticalcontroversyinconsensus-mindedCanada.ButitnevermadehimanymoneywhichmaybewhyhisbetonTheNewYorkSunissomodest.Buyingestablishedbutfalteringpaperswouldmakemoresense."TherewillbeinvestmentopportunitiesarisingfromthiseconomicdownturnthatH.advantageof"saysMrColson"notonlyinNewYorkbutelsewhereintheUS." 45
"ThenewshittheBritishHighCommissioninNairobiatnine-thirtyonaMondaymorning.SandyWoodrowtookitlikeabulletjawrigidchestoutsmackthroughhisdividedEnglishheart."Crikey.Sothat’showyoutakeabullet.PooroldSandy.HisEnglishheartmustbereallydividednow.Thisdeliriouslyhardboiledopeningsetsthetoneforwhat’stocome.WhitemischiefPshaw!Whiteplaguemorelikeit. SandyWoodrowisheadofchanceryattheBritishHighCommissioninNairobi.ThenewsthatneatlysubdivideshisheartasthenovelopensisthedeathofayoungbeautifulandidealisticlawyerturnedaidworkernamedTessaQuayle.TessahasbeenmurderedforlearningtoomuchaboutthedishonestpracticesofalargepharmaceuticalcompanyoperatinginAfrica.HerbodyisfoundatLakeTurkanainnorthernKenyaneartheborderwithSudan.Tessa’shusband.JustinisalsoaBritishdiplomatstationedinNairobi.UntilnowJustinhasbeenanobedientcivilservantcontenttotoetheofficialline—inshortahardworker.Butallthatchangesintheaftermathofhiswife’smurder.Fullofrighteousangerheresolvestogettothebottomofitcomewhatmay. "TheConstantGardener"hasgotplentyoftensemomentsandsuddentwistsandcomescompletelywithshadowyfigureslurkinginthebush.Thereisafamiliartoneofgentlemanlyworld-wearinesstoitallwhichshouldkeepMr.leCarre’sfanshappy.ButthenovelisalsoanimpassionedattackonthecorruptionwhichallowsAfricatobeusedasasortoflaboratoryforthetestingofnewmedicines.ElsewhereMr.leCartehasdenouncedthe"corporatecamhypocrisycorruptionandgreed"ofthepharmaceuticalindustry.Thispositionisexcitinglydramatizedinhisbookeveniftheabusesherailsagainstarenotexactlybreakingnews. Inotherrespects"TheConstantGardener"islesssatisfactory.Mr.leCartecan’tseemtomakeuphismindwhetherhe’swritingathrilleroranexpose.InarecentarticlefortheNewYorkerhedescribedhiscreativeprocessas"akindofdeliberatelytwistedjournalismwherenothingisquitewhatitis"andwhereanyencountermaybe"freelyrecastforitsdramaticpossibilities".Suchisthemethodemployedin"TheConstantGardener"whoseheroine.Mr.leCartesayswasinspiredbyanoldfriendofhis.Oneortwoprominentreal-lifeKenyanpoliticiansarementionedoftenenoughtobecomeineffect."characters"inthestory.AndinanoteattheendofthebookMr.leCanethanksthevariousdiplomatsdoctorspharmaceuticalexpertsandoldAfricahandswhogavehimadviceandassistancethoughinthesamebreathheinsiststhatthestaffoftheBritishmissioninNairobiarenodoubtalljollygoodeggswhobearnoresemblancewhatsoevertotheheartlessscoundrelsinhisstory. There’snothingwrongwithabitofartisticlicenseOfcourse.ButMr.leCarre’sequivocationaboutthenovel’srelationtofactunderminesitseffectivenessasaworkofsocialcriticismwhichisprettyclearlywhatitaspirestobe."TheConstantGardener"isacrackingthrillerbutaflawedexplorationofacomplicatedsetofpoliticalissues Whichistheauthor’sattitudetoMr.LeCarte
[A]SeparationofHollinger [B]Profitsofnewspaper [C]Theidealbusinessmodel [D]Hollingerdeniestherumor [E]Difficulttoshareintheinternationalmarket [F]LordBlacksellshisremaininglocalnewspapersinCanada HEHASbeensellingnewspapertitlesinCanada.backinganewoneinNewYorkandtryingtoquashrumoursthatheissellingtheminBritain.WhatexactlyisConradBlackchairmanofHollingarex-CanadiannewlyennobledBritonupto 41._______________. LastmonthLordBlackofCrossharbour.asheisnowknownsoldhisremaininglocalnewspapersinCanada.Thiscameshortlyafterhehadoffloadedhisresidual50%stakeintheNationalPosttheCanadiandailypaperhefoundedonlyin1998toCanWestGlobalCommunications.ThisCanadianmediagrouphadalreadypickeduptheotherhalflastyearalongwithmostofLordBlack’sotherlocalnewspapersinthecountryfor$1.8billion. 42._______________. ShornofitsCanadianoperationsandapartfromthetinyJerusalemPostHollingerhasnowbeenpareddowntotwochiefassets:theChicagoSun-TimesplusabagfuloflocalpapersinthatareaandtheDailyTelegraphBritain’smostpopularbroadsheetpaper.Afterthegrouprecentlyreportedanetlossof$9millionfortheninemonthstoSeptember.excludingexceptionalitemsrumoursswirledthateventheTelegraphmightbeforsale. 43._______________. NotsosaysHollinger.AlthoughearningsattheTelegraphanditsSundaysisterarewelldownonlastyearandthepapersplantosackupto40editorialstafftheystillprovidemostofthegroup’sprofits."ThereisnosubstanceatalltothestorythattheTelegraphisforsale"saysDanielColsonHollinger’svice-chairman.IndeedhavingstemmedtheNationalPost’slossesandbookedagoodpriceforthesaleofmostofitsCanadianassetslastyearthegrouphascutitsheavydebtburdenandiswall-placedtolookfornewprojects. 44._______________. ButwhatEconomiesofscaleinthenewspapermarketarebestachievedwiththelocalandregionalpress.TheidealbusinessmodelsaysPeterKreiskyofMercerManagementConsultingisageographicalclusterofregionaltitles.Withlocalmonopolypowerthiscanbringdownthecostofpaperandinkofprintinganddistributionandofmarketing.HollingerenjoysmanyofthesebenefitsintheChicagoareawhereithas97papers. 45._______________. Butitisfarhardertoachievecost-sharingacrossinternationalborders.Mostnationalpapersarestillmnfromandownedintheirhomecountry.ThosethatbelongtoaninternationalownersuchasHollingerTonyO’Reilly’sIndependentNewsandMediaandRupertMurdoch’sNewsCorpconcentrateonEnglish-speakingmarkets. Yetowningnewspapersisasmuchtodowithkudosandinfluenceasitisaboutprofits.Althoughhewouldnotruleoutopportunitieseveninnon-English-speakingpartsofEuropeLordBlack’ssightsnowseemtobesetontheUnitedStates.HehasjustmadeasmallbetonanewqualitypaperTheNewYorkSunbyputtingin$2millionorabout13%ofthetotalinvestment.AlthoughHollingerstressesthatitisonlylooselyinvolvedtheprojectisneverthelessintriguing.TherehaslongbeenaviewthatNewYork.acityof8millionpeopleoughtmbeabletosupportmorethanoneall-roundqualitynewspaper;yettheNewYorkTimeswithacirculationof1.1millionhasnodirectcross-townrival.LordBlack’sexperienceoflaunchinganewtitleTheNationalPostinCanadamaybesalutary.Hemanagedtocreateafranchisefromnothinginacompetitivemarketandindoingsostirreduppoliticalcontroversyinconsensus-mindedCanada.ButitnevermadehimanymoneywhichmaybewhyhisbetonTheNewYorkSunissomodest.Buyingestablishedbutfalteringpaperswouldmakemoresense."TherewillbeinvestmentopportunitiesarisingfromthiseconomicdownturnthatH.advantageof"saysMrColson"notonlyinNewYorkbutelsewhereintheUS." 43
Sleepisdividedintoperiodsofso-calledREMsleepcharacterizedbyrapideyemovementsanddreamingandlongerperiodsofnon-REMsleep.________kindofsleepisatallwell-understoodbutREMsleepis________toservesomerestorativefunctionofthebrain.Thepurposeofnon-REMsleepisevenmore________.Thenewexperimentssuchasthose________forthefirsttimeatarecentmeetingoftheSocietyforSleepResearchinMinneapolissuggestfascinatingexplanations________ofnon-REMsleep. Forexampleithaslongbeenknownthattotalsleep________is100percentfataltoratsyet________examinationofthedeadbodiestheanimalslookcompletelynormal.Aresearcherhasnow________themysteryofwhytheanimalsdie.Therats________bacterialinfectionsoftheblood________theirimmunesystemstheself-protectingmechanismagainstdiseases―hadcrashed.
Enoughisneverenoughnotwhenthegovernmentbelievesthatitcaninvadeyourprivacywithoutrepercussions.TheJusticeDepartmentwantsafederaljudgetoforceGoogletoturnovermillionsofprivateInternetsearches.GoogleisrightlyfightingthedemandbutthegovernmentsaysAmericaOnlineYahooandMSNMicrosoft’sOnlineService.havealreadycompliedwithsimilarrequests. Thisisnotaboutnationalsecurity.TheJusticeDepartmentismakingthisbaldfacedgrabtotrytosupportanonlinepornographylawthathasbeenblockedoncebytheSupremeCourt.Andit’snotthefirsttimewe’veseenthissortofbehavior.ThegovernmenthaszealouslyprotectedthePatriotAct’spowertoexaminelibraryrecords.ItsoughttheprivatemedicalhistoriesofaselectedgroupofwomensayingitneededtheinformationtodefendthePartial-BirthAbortionBanActinthefederalcourts. ThefurorisstillragingoverPresidentBush’sdecisionmpermitspyingonAmericanswithoutwarrants.AndthegovernmentnowwantswhatcouldbebillionsofsearchtermsenteredintoGoogle’swebpagesandpossiblyamillionwebsiteaddressestogoalongwiththem. ProtectingminorsfromthenastiermaterialontheInternetisavalidgoal:thecourtshaveaskedthegovernmenttotestwhethertechnologiesforfilteringoutthebadstuffareeffective.Andthegovernmenthasn’taskedforusers’personaldatathistimearound.What’sfrighteningisthattheJusticeDepartmentistryingonceagaintodigupinformationfirstandanswerquestionslaterifatall.HadGooglenotresistedthegovernment’sattempttoseizerecordswouldthepublichaveeverfoundabouttherequest Thebattleraisesthequestionofhowmuch.ofourpersonalinformationcompaniesshouldbeallowedtoholdontointhefirstplace.WithoutmuchthoughtInternetusershavehandedovervastquantitiesofprivateinformationtocorporations.Manypeopledon’trealizethatsomeharmlesslynamed"cookies"inpersonalcomputersallowcompaniestotrackvisitstovariouswebsites. Internetuserspermittheire-mailtobereadbypeopleandmachinesinwaystheywouldnevertoleratefortheirold-fashionedmail.AndmuchofthatinformationisnowcollectedandstoredbycompanieslikeGoogle.WhenpressedonprivacyissuesGooglewhoseinformalmottois"Don’tbeevil"—saysitcanbetrustedwiththisinformation.Butprofilingconsumers’behaviorispotentiallyprofitableforcompanies.Andoncecataloguedinformationcanbeabusedbythegovernmentaswell.Eitherwaytheindividualcitizenloses. Byintroducingtheexampleofgovernmentseekingprivatemedicalinformationtheauthorintendstoshow
Sleepisdividedintoperiodsofso-calledREMsleepcharacterizedbyrapideyemovementsanddreamingandlongerperiodsofnon-REMsleep.________kindofsleepisatallwell-understoodbutREMsleepis________toservesomerestorativefunctionofthebrain.Thepurposeofnon-REMsleepisevenmore________.Thenewexperimentssuchasthose________forthefirsttimeatarecentmeetingoftheSocietyforSleepResearchinMinneapolissuggestfascinatingexplanations________ofnon-REMsleep. Forexampleithaslongbeenknownthattotalsleep________is100percentfataltoratsyet________examinationofthedeadbodiestheanimalslookcompletelynormal.Aresearcherhasnow________themysteryofwhytheanimalsdie.Therats________bacterialinfectionsoftheblood________theirimmunesystemstheself-protectingmechanismagainstdiseases―hadcrashed.
"ThenewshittheBritishHighCommissioninNairobiatnine-thirtyonaMondaymorning.SandyWoodrowtookitlikeabulletjawrigidchestoutsmackthroughhisdividedEnglishheart."Crikey.Sothat’showyoutakeabullet.PooroldSandy.HisEnglishheartmustbereallydividednow.Thisdeliriouslyhardboiledopeningsetsthetoneforwhat’stocome.WhitemischiefPshaw!Whiteplaguemorelikeit. SandyWoodrowisheadofchanceryattheBritishHighCommissioninNairobi.ThenewsthatneatlysubdivideshisheartasthenovelopensisthedeathofayoungbeautifulandidealisticlawyerturnedaidworkernamedTessaQuayle.TessahasbeenmurderedforlearningtoomuchaboutthedishonestpracticesofalargepharmaceuticalcompanyoperatinginAfrica.HerbodyisfoundatLakeTurkanainnorthernKenyaneartheborderwithSudan.Tessa’shusband.JustinisalsoaBritishdiplomatstationedinNairobi.UntilnowJustinhasbeenanobedientcivilservantcontenttotoetheofficialline—inshortahardworker.Butallthatchangesintheaftermathofhiswife’smurder.Fullofrighteousangerheresolvestogettothebottomofitcomewhatmay. "TheConstantGardener"hasgotplentyoftensemomentsandsuddentwistsandcomescompletelywithshadowyfigureslurkinginthebush.Thereisafamiliartoneofgentlemanlyworld-wearinesstoitallwhichshouldkeepMr.leCarre’sfanshappy.ButthenovelisalsoanimpassionedattackonthecorruptionwhichallowsAfricatobeusedasasortoflaboratoryforthetestingofnewmedicines.ElsewhereMr.leCartehasdenouncedthe"corporatecamhypocrisycorruptionandgreed"ofthepharmaceuticalindustry.Thispositionisexcitinglydramatizedinhisbookeveniftheabusesherailsagainstarenotexactlybreakingnews. Inotherrespects"TheConstantGardener"islesssatisfactory.Mr.leCartecan’tseemtomakeuphismindwhetherhe’swritingathrilleroranexpose.InarecentarticlefortheNewYorkerhedescribedhiscreativeprocessas"akindofdeliberatelytwistedjournalismwherenothingisquitewhatitis"andwhereanyencountermaybe"freelyrecastforitsdramaticpossibilities".Suchisthemethodemployedin"TheConstantGardener"whoseheroine.Mr.leCartesayswasinspiredbyanoldfriendofhis.Oneortwoprominentreal-lifeKenyanpoliticiansarementionedoftenenoughtobecomeineffect."characters"inthestory.AndinanoteattheendofthebookMr.leCanethanksthevariousdiplomatsdoctorspharmaceuticalexpertsandoldAfricahandswhogavehimadviceandassistancethoughinthesamebreathheinsiststhatthestaffoftheBritishmissioninNairobiarenodoubtalljollygoodeggswhobearnoresemblancewhatsoevertotheheartlessscoundrelsinhisstory. There’snothingwrongwithabitofartisticlicenseOfcourse.ButMr.leCarre’sequivocationaboutthenovel’srelationtofactunderminesitseffectivenessasaworkofsocialcriticismwhichisprettyclearlywhatitaspirestobe."TheConstantGardener"isacrackingthrillerbutaflawedexplorationofacomplicatedsetofpoliticalissues TheConstantGardenerisa
Evenforoverachieverswhoareusedtomultitaskingtheideaofwatchingtwoversionsofthesametelevisionshowatthesametime--oneontelevisionandoneonacomputer—issomethingthatisprobablyforeigntomostpeopleovertheageof30.TotheeternallyyoungbrainsthatnmMTVhoweveritisthenextstepinreshapingtheirbusiness. BeginningthissummerwiththeMTVVideoMusicAwardsandcontinuinginthefallwiththecablechannel’sliveafternoonprogram"TotalRequestLive"MTVwilloffertwosimultaneousversionsofeachshowoneontelevisionandanotherfocusingonabehind-the-scenesnarrativeonitsbroadbandchannelMTVOverdrive. "WedotonsofresearchonouraudienceanditshowsthattheyareinstantmessagingandlisteningtomusicandwatchingTVallatthesametime"saidChristinaNormanpresidentofMTV."We’vedefinitelyseenthembecomemoreadeptatnavigatingthroughmultiplemedia.Theylivecomfortablyinseveralworldsatonce." TheOverdrivecomponentlocatedatmtv.comwillfeatureasortofvideodigressionthatwillcontinuetostreamlivewhilethetelevisionshowisbroadcastingcommercials.Forexampleifaviewerwantstowatchanentiremusicvideoafterasnippetisshownonthe"TotalRequestLive"videocountdownortakeabackstagetourwithJamieFoxxafterhefinisheshisonstageappearanceonthesetof"T.R.L."astheshowisfamiliarlyknownOverdrivewillbetheplacetoturn. "Doingthreethingsatoncewhenyou’re19yearsoldisnothard"saidDaveSirulnickanexecutivevicepresidentatMTVwhooverseesmultiplatformproductionnewsandmusic. LastThursdayatMTV’sstudiosinTimesSquareMr.Sirulnickprovedadeptatdoingatleasttwothingsatoncedashingbetweentwocontrolroomsthatwerestepsawayfromeachotherjustdownthehallwayfromthe"T.R.L."set. Itwasthesecondtest-runofsimultaneousproductionandineachcontrolroom-oneforOverdriveonefor"T.R.L".—separatesetsofdirectorsandproducersguidedcameramenandtheshow’shostsknownasV.J.’sthroughtheirpaces. "Noonethatweknowhasdonealivestreamofadifferentsignalofanexistingshow."Mr.Sirulnicksaid."It’saliveparallelexperienceonethatveryquicklyturnsintoanon-demandexperiment"withportionsofeachshowarchivcdandkeptontheOverdrivesiteforfanstoreplayatwill. MTVwilloffertwosimultaneousversionsofeachshowbytwochannelsinorderto
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet Readthefollowingtext.ChoosethebestwordsforeachnumberedblankandmarkABCorDonANSWERSHEET1.13
[A]SeparationofHollinger [B]Profitsofnewspaper [C]Theidealbusinessmodel [D]Hollingerdeniestherumor [E]Difficulttoshareintheinternationalmarket [F]LordBlacksellshisremaininglocalnewspapersinCanada HEHASbeensellingnewspapertitlesinCanada.backinganewoneinNewYorkandtryingtoquashrumoursthatheissellingtheminBritain.WhatexactlyisConradBlackchairmanofHollingarex-CanadiannewlyennobledBritonupto 41._______________. LastmonthLordBlackofCrossharbour.asheisnowknownsoldhisremaininglocalnewspapersinCanada.Thiscameshortlyafterhehadoffloadedhisresidual50%stakeintheNationalPosttheCanadiandailypaperhefoundedonlyin1998toCanWestGlobalCommunications.ThisCanadianmediagrouphadalreadypickeduptheotherhalflastyearalongwithmostofLordBlack’sotherlocalnewspapersinthecountryfor$1.8billion. 42._______________. ShornofitsCanadianoperationsandapartfromthetinyJerusalemPostHollingerhasnowbeenpareddowntotwochiefassets:theChicagoSun-TimesplusabagfuloflocalpapersinthatareaandtheDailyTelegraphBritain’smostpopularbroadsheetpaper.Afterthegrouprecentlyreportedanetlossof$9millionfortheninemonthstoSeptember.excludingexceptionalitemsrumoursswirledthateventheTelegraphmightbeforsale. 43._______________. NotsosaysHollinger.AlthoughearningsattheTelegraphanditsSundaysisterarewelldownonlastyearandthepapersplantosackupto40editorialstafftheystillprovidemostofthegroup’sprofits."ThereisnosubstanceatalltothestorythattheTelegraphisforsale"saysDanielColsonHollinger’svice-chairman.IndeedhavingstemmedtheNationalPost’slossesandbookedagoodpriceforthesaleofmostofitsCanadianassetslastyearthegrouphascutitsheavydebtburdenandiswall-placedtolookfornewprojects. 44._______________. ButwhatEconomiesofscaleinthenewspapermarketarebestachievedwiththelocalandregionalpress.TheidealbusinessmodelsaysPeterKreiskyofMercerManagementConsultingisageographicalclusterofregionaltitles.Withlocalmonopolypowerthiscanbringdownthecostofpaperandinkofprintinganddistributionandofmarketing.HollingerenjoysmanyofthesebenefitsintheChicagoareawhereithas97papers. 45._______________. Butitisfarhardertoachievecost-sharingacrossinternationalborders.Mostnationalpapersarestillmnfromandownedintheirhomecountry.ThosethatbelongtoaninternationalownersuchasHollingerTonyO’Reilly’sIndependentNewsandMediaandRupertMurdoch’sNewsCorpconcentrateonEnglish-speakingmarkets. Yetowningnewspapersisasmuchtodowithkudosandinfluenceasitisaboutprofits.Althoughhewouldnotruleoutopportunitieseveninnon-English-speakingpartsofEuropeLordBlack’ssightsnowseemtobesetontheUnitedStates.HehasjustmadeasmallbetonanewqualitypaperTheNewYorkSunbyputtingin$2millionorabout13%ofthetotalinvestment.AlthoughHollingerstressesthatitisonlylooselyinvolvedtheprojectisneverthelessintriguing.TherehaslongbeenaviewthatNewYork.acityof8millionpeopleoughtmbeabletosupportmorethanoneall-roundqualitynewspaper;yettheNewYorkTimeswithacirculationof1.1millionhasnodirectcross-townrival.LordBlack’sexperienceoflaunchinganewtitleTheNationalPostinCanadamaybesalutary.Hemanagedtocreateafranchisefromnothinginacompetitivemarketandindoingsostirreduppoliticalcontroversyinconsensus-mindedCanada.ButitnevermadehimanymoneywhichmaybewhyhisbetonTheNewYorkSunissomodest.Buyingestablishedbutfalteringpaperswouldmakemoresense."TherewillbeinvestmentopportunitiesarisingfromthiseconomicdownturnthatH.advantageof"saysMrColson"notonlyinNewYorkbutelsewhereintheUS." 41
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet Readthefollowingtext.ChoosethebestwordsforeachnumberedblankandmarkABCorDonANSWERSHEET1.11
"BLOGGOPLC"announcesitspressofficeat7amLondontime"lastnightagreedtopurchaseJunkoIncofWichita."46AquotefromBloggo’sproudchairmansetsouthowwelltheAmericanpurchasefitstheBritishbuyer’sstrategy.AndtheBritishshareholderifheiswiseheadsforhisbrokerandtheexit. 47ThatrepeatedlyhasbeenthelessonofBritishincursionsintotheUnitedStates:fromattemptsinthe1950soffirmslikeAustinandMorristoselltheirutterlyill-suitedandoftenill-builtsmallcarsofthetimethroughEuropeanFerrieswhichinthe1980sboughtupseveralthousandacresnearDenverpresumablywithoutasking—untilitwentall-butbellyup—whetheracross-ChannelferryfirmreallyknewmoreaboutlandinColoradothanlocalreal-estatebuffsdid. EveninthelatereraofseriousdirectinvestmentBritishincursionshavehadaspottyrecord.TwoacademicsatXfiExeterUniversity’snewfinanceandinvestmentcentrehavenowputfiguresonit.AlanGregoryandSteveMcCorristonstudied197BritishtakeoversinAmericanearlyallthesignificantonesinmanufacturingandservicesbankingexcludedin1984-94.48Overafive-yearperiodfromthepurchasetheyfoundthecumulativereturntoshareholderswas27%lowerthan"normal"—iefor;similarcompaniesthathadstayedathome—andnotablyworsethanthetrivialdifferenceoveroneyearthatstockmarketsandacademicshavetendedtolookat. 49Thefigurewasalsoinnotablecontrasttocomparableonesfrom97takeoversintheEuropeanUnionand39elsewhereintheworld.ReturnsintheEUlookedbetterthannormalbutthefigureswerenotstatisticallysignificant;thoseintherestoftheworldwereboth32%better. 50YoumightexpecttheoppositegiventhatBritain’scorporatecultureismuchlikeAmerica’s.butsomewayfromthoseofmostEUcountries.SowhytheunexpectedoutcomeTheExeteracademicsdonotknowbutwouldlovetofindout—iftheycangettheresearchfunding. ThatrepeatedlyhasbeenthelessonofBritishincursionsintotheUnitedStates:fromattemptsinthe1950soffirmslikeAustinandMorristoselltheirutterlyill-suitedandoftenill-builtsmallcarsofthetimethroughEuropeanFerrieswhichinthe1980sboughtupseveralthousandacresnearDenverpresumablywithoutasking—untilitwentall-butbellyup—whetheracross-ChannelferryfirmreallyknewmoreaboutlandinColoradothanlocalreal-estatebuffsdid.
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet Readthefollowingtext.ChoosethebestwordsforeachnumberedblankandmarkABCorDonANSWERSHEET1.19
Enoughisneverenoughnotwhenthegovernmentbelievesthatitcaninvadeyourprivacywithoutrepercussions.TheJusticeDepartmentwantsafederaljudgetoforceGoogletoturnovermillionsofprivateInternetsearches.GoogleisrightlyfightingthedemandbutthegovernmentsaysAmericaOnlineYahooandMSNMicrosoft’sOnlineService.havealreadycompliedwithsimilarrequests. Thisisnotaboutnationalsecurity.TheJusticeDepartmentismakingthisbaldfacedgrabtotrytosupportanonlinepornographylawthathasbeenblockedoncebytheSupremeCourt.Andit’snotthefirsttimewe’veseenthissortofbehavior.ThegovernmenthaszealouslyprotectedthePatriotAct’spowertoexaminelibraryrecords.ItsoughttheprivatemedicalhistoriesofaselectedgroupofwomensayingitneededtheinformationtodefendthePartial-BirthAbortionBanActinthefederalcourts. ThefurorisstillragingoverPresidentBush’sdecisionmpermitspyingonAmericanswithoutwarrants.AndthegovernmentnowwantswhatcouldbebillionsofsearchtermsenteredintoGoogle’swebpagesandpossiblyamillionwebsiteaddressestogoalongwiththem. ProtectingminorsfromthenastiermaterialontheInternetisavalidgoal:thecourtshaveaskedthegovernmenttotestwhethertechnologiesforfilteringoutthebadstuffareeffective.Andthegovernmenthasn’taskedforusers’personaldatathistimearound.What’sfrighteningisthattheJusticeDepartmentistryingonceagaintodigupinformationfirstandanswerquestionslaterifatall.HadGooglenotresistedthegovernment’sattempttoseizerecordswouldthepublichaveeverfoundabouttherequest Thebattleraisesthequestionofhowmuch.ofourpersonalinformationcompaniesshouldbeallowedtoholdontointhefirstplace.WithoutmuchthoughtInternetusershavehandedovervastquantitiesofprivateinformationtocorporations.Manypeopledon’trealizethatsomeharmlesslynamed"cookies"inpersonalcomputersallowcompaniestotrackvisitstovariouswebsites. Internetuserspermittheire-mailtobereadbypeopleandmachinesinwaystheywouldnevertoleratefortheirold-fashionedmail.AndmuchofthatinformationisnowcollectedandstoredbycompanieslikeGoogle.WhenpressedonprivacyissuesGooglewhoseinformalmottois"Don’tbeevil"—saysitcanbetrustedwiththisinformation.Butprofilingconsumers’behaviorispotentiallyprofitableforcompanies.Andoncecataloguedinformationcanbeabusedbythegovernmentaswell.Eitherwaytheindividualcitizenloses. Whatcanbeinferredfromthelastparagraph
Alan"Ace"GreenbergchosehisnicknametoimprovehischanceswithgirlsattheUniversityofMissouri.Butitisanapt1ofhiswadingskillsonWallStreet.Thisweekasthe73-year-old2down3chairmanofBearStearnstheinvestmentbankwherehehasworkedsince1949isinahigh.It4anincreaseinpost-taxprofitsinthesecondquarterof43%onayearearlier5atimewhenmanyofitsWallStreetrivalshave6.OnJune26thMerrillLynch7awarningthatitsprofitsinthesecondquarterwouldfallbyhalffar8ofexpectations.GoldmanSachsandMorganStanleyhavealsoreportedlowerprofits. Strangethatthissurprised.9AlanGreenspan’sfreneticcuts10interestratestimesaregoodforunderwritersandwadersofbondscoreactivitiesforBearStearnsandLehmanBrothers11alsorecordedasharpincreaseinprofits.Ithasbeenaterrible12forequityunderwritersandforadvisersonthesmallamountsofmergersandacquisitionsM＆Athisyear. MerrillGoldmanandMorganStanleyarethreeoftheinvestmentbanksthatgained13duringtheboominequityandM＆Abusinessandtheyarenow14themost.OfthethreeMerrillisweakestinbonds.Itcut15itsfixed-incomeactivitiesafterthecollapseofLung-TermCapitalManagementLTCMin1998.AsithappensbothBearStearnsandLehmanhavelongbeencriticisedfortheirweaknessinequities. MrGreenbergisfamousforworryingabouteventhepriceofapaper-clipatBearStearns.Thisusedtoseemterribly16butthesedaysotherWallStreetfirmsare17aboutcosts.Lay-offsare18thoughnotyetalarmingly-notleastbecausebankssawhowMerrillLynchlost19whenthemarketsreboundedquicklyaftertheLTCMcrisis.Stilliffew20ofimprovementshowsoonexpectrealblood-lettingonWallStreet Readthefollowingtext.ChoosethebestwordsforeachnumberedblankandmarkABCorDonANSWERSHEET1.7
Enoughisneverenoughnotwhenthegovernmentbelievesthatitcaninvadeyourprivacywithoutrepercussions.TheJusticeDepartmentwantsafederaljudgetoforceGoogletoturnovermillionsofprivateInternetsearches.GoogleisrightlyfightingthedemandbutthegovernmentsaysAmericaOnlineYahooandMSNMicrosoft’sOnlineService.havealreadycompliedwithsimilarrequests. Thisisnotaboutnationalsecurity.TheJusticeDepartmentismakingthisbaldfacedgrabtotrytosupportanonlinepornographylawthathasbeenblockedoncebytheSupremeCourt.Andit’snotthefirsttimewe’veseenthissortofbehavior.ThegovernmenthaszealouslyprotectedthePatriotAct’spowertoexaminelibraryrecords.ItsoughttheprivatemedicalhistoriesofaselectedgroupofwomensayingitneededtheinformationtodefendthePartial-BirthAbortionBanActinthefederalcourts. ThefurorisstillragingoverPresidentBush’sdecisionmpermitspyingonAmericanswithoutwarrants.AndthegovernmentnowwantswhatcouldbebillionsofsearchtermsenteredintoGoogle’swebpagesandpossiblyamillionwebsiteaddressestogoalongwiththem. ProtectingminorsfromthenastiermaterialontheInternetisavalidgoal:thecourtshaveaskedthegovernmenttotestwhethertechnologiesforfilteringoutthebadstuffareeffective.Andthegovernmenthasn’taskedforusers’personaldatathistimearound.What’sfrighteningisthattheJusticeDepartmentistryingonceagaintodigupinformationfirstandanswerquestionslaterifatall.HadGooglenotresistedthegovernment’sattempttoseizerecordswouldthepublichaveeverfoundabouttherequest Thebattleraisesthequestionofhowmuch.ofourpersonalinformationcompaniesshouldbeallowedtoholdontointhefirstplace.WithoutmuchthoughtInternetusershavehandedovervastquantitiesofprivateinformationtocorporations.Manypeopledon’trealizethatsomeharmlesslynamed"cookies"inpersonalcomputersallowcompaniestotrackvisitstovariouswebsites. Internetuserspermittheire-mailtobereadbypeopleandmachinesinwaystheywouldnevertoleratefortheirold-fashionedmail.AndmuchofthatinformationisnowcollectedandstoredbycompanieslikeGoogle.WhenpressedonprivacyissuesGooglewhoseinformalmottois"Don’tbeevil"—saysitcanbetrustedwiththisinformation.Butprofilingconsumers’behaviorispotentiallyprofitableforcompanies.Andoncecataloguedinformationcanbeabusedbythegovernmentaswell.Eitherwaytheindividualcitizenloses. Intheopeningparagraphtheauthorintroduceshistopicby
Oneofthecomicalmomentsintheearlyhistoryofprintingoccurredin1631whentheEnglishprinterRobertBarkerproducedaneditionofthescriptureswhichbecameknownasthe"WickedBible."Thiseditioncontainedamisprintoftheseventhcommandmem.Onethousandcopieswereprintedandreadyforpublicationbeforesomeonenoticedthatthecommandmenthadbeenchangedto"Thoushaltcommitadultery."Nothingmuchcameofit.Theprinterwasfinedthecopiesdestroyedandthemoralfiberofthenationremainedintact. Butwhathappenswhentheverseatissueisnotmerelyaprinter’serrorbutanancientinterpolationintoanevenmoreancienttextSuchwasthecasewith1John5:7thebiblicalproof-textforthedoctrineoftheTrinity.ErasmusSirIsaacNewtonandJohnLockeamongotherschallengedthetext’sauthenticity.WhenErasmuslefttheverseoutofthefirsteditionofhismonumentalGreekNewTestament1516hewasroundlycriticizedforencouragingheresiesschismsandconflicts.Erasmus’scriticsknewthatapproachingtheBibleinascholarlyfashionwasdangerous:eventhemostpiousattemptsatrationalunderstandingofscripturecouldresultinskepticismoratheism.HowcanoneappraisetheBiblecriticallyandstillmaintainitsauthority. InhisengagingandverythoroughbookDavidKatzexploresthewaysthisquestionwasaddressedinEnglandfromtheReformationonward.AprofessoratTelAvivUniversityKatzistheauthorofTheJewsintheHistoryofEngland1485-1850andahostofbooksandarticlesonearly-modemskepticismandreligion.InGod’sLastWordsKatzmaintainsthateveryerarespondstotheBibledifferentlybasedonshiftingculturalassumptionsandheexaminesthe"lensthroughwhichtheBiblewasread"invarioushistoricalmoments.WhileReformationleadersacceptedthetransparencyoftheBible’smessagebythelate17thcenturythisviewcouldnolongerbemaintainedKatzstates.Duringthe18thcenturytheBiblecametoberegardedasjustanotherliterarytext--onewhichincreasinglyhadtoconformtocontemporarystandardsofrealism.AsDarwin’stheoriesbecamewidelyknown19th-centuryreadersappliedanevolutionarymodeltotheBibleandbeganmseeitastheproductofaprimitivementalityverydifferentfromtheirown.ThesenewwaysofreadingtheBibleseemedtodestroyitsauthoritycompletelyuntilthefundamentalistmovementreassertedtheoldProtestantbeliefintheBible’ssoleauthority. Katz’sattitudetotheadaptationofBibleis
Sleepisdividedintoperiodsofso-calledREMsleepcharacterizedbyrapideyemovementsanddreamingandlongerperiodsofnon-REMsleep.________kindofsleepisatallwell-understoodbutREMsleepis________toservesomerestorativefunctionofthebrain.Thepurposeofnon-REMsleepisevenmore________.Thenewexperimentssuchasthose________forthefirsttimeatarecentmeetingoftheSocietyforSleepResearchinMinneapolissuggestfascinatingexplanations________ofnon-REMsleep. Forexampleithaslongbeenknownthattotalsleep________is100percentfataltoratsyet________examinationofthedeadbodiestheanimalslookcompletelynormal.Aresearcherhasnow________themysteryofwhytheanimalsdie.Therats________bacterialinfectionsoftheblood________theirimmunesystemstheself-protectingmechanismagainstdiseases―hadcrashed. Sleepisdividedintoperiodsofso-calledREMsleepcharacterizedbyrapideyemovementsanddreamingandlongerperiodsofnon-REMsleep.________kindofsleepisatallwell-understoodbutREMsleepis________toservesomerestorativefunctionofthebrain.Thepurposeofnon-REMsleepisevenmore________.Thenewexperimentssuchasthose________forthefirsttimeatarecentmeetingoftheSocietyforSleepResearchinMinneapolissuggestfascinatingexplanations________ofnon-REMsleep. Forexampleithaslongbeenknownthattotalsleep________is100percentfataltoratsyet________examinationofthedeadbodiestheanimalslookcompletelynormal.Aresearcherhasnow________themysteryofwhytheanimalsdie.Therats________bacterialinfectionsoftheblood________theirimmunesystemstheself-protectingmechanismagainstdiseases―hadcrashed.
热门题库
更多
高考政治
高考历史
国家统考科目
香港法概论
反间谍法
__学
合同法
证据学
民事诉讼法学
民法学
刑法学
消费者权益保护法
法理学
竞争法
国际公法
国际经济法
湘公网安备 43130202000226号