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English for the Financial Sector Ian MacKenzie Student’s Book © Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-54725-3 – English for the Financial Sector Student’s Book Ian MacKenzie Frontmatter More information 2 CAMBRIDGE UNIVERSITY PRESS Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paolo Cambridge University Press The Edinburgh Building, Cambridge, CB2 8RU, UK www.cambridge.org Information on this title: www.cambridge.org/9780521547253 © Cambridge University Press 2008 This publication is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press. First published 2008 Printed in Italy by Printer Trento Srl A catalogue record for this publication is available from the British Library ISBN 978-0-521-54725-3 Student’s Book ISBN 978-0-521-54726-0 Teacher’s Book ISBN 978-0-521-54728-4 Audio CD © Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-54725-3 – English for the Financial Sector Student’s Book Ian MacKenzie Frontmatter More information 3 Thanks and acknowledgements This book has been a long time in the making, so long that I need to thank no fewer than three long-suffering commissioning editors at CUP – Will Capel, Sally Searby and Chris Capper, without whom, etc. A very hands-on and hard-working editor and an inspired and meticulous copyeditor have also had a huge input into this course – Joy Godwin and Lyn Strutt. Five reviewers read early drafts and made lots of very useful suggestions – Hazel Allen, Susy Macqueen, Mike Reilly, Rosemary Richie and Alison Silver. Earlier still a number of people reviewed the original proposal: Ahmed Al-Tuhaini, Tim Banks, David Beesley, Fiona Dunbar, John Anthony Hall, Jessica Kou, Anthony Nicholson, Allen Santucci and Barry Siegel. My thanks go to all of the above, many of whom will willingly testify to my regular reluctance to accept very good advice. Thanks are also due to Suzanne Williams of pictureresearch.co.uk for fi nding the photos, to Sophie Clarke, Michelle Simpson and Chris Willis at CUP, to Wild Apple Design for turning a drab manuscript into the attractive book you are holding, and to Sarah Hall for proofreading. For the listening material I’d like to thank all the people who gave us their time and expertise (including some who did not make it to the fi nal edit), particularly Peter Sinclair, Kate Barker, Gerlinde Igler, Rhys Roberts, Raymond Larcier and Aidan O’Connor. The recordings were produced and edited by Leon Chambers. I would once again like to dedicate this book to Alex and Elliot, who wisely went to work in multilingual businesses, and to Charlotte, who wisely didn’t! The author and publishers would like to thank: Peter Sinclair, Gerlinde Igler, Kate Barker and Professor Raymond Larcier for the interviews and photographs. The author and publishers acknowledge the following sources of copyright material and are grateful for the permissions granted. While every effort has been made, it has not always been possible to identify the sources of all the material used, or to trace all copyright holders. If any omissions are brought to our notice, we will be happy to include the appropriate acknowledgements on reprinting. p. 18: Hodder and Stoughton Limited and Michael Lewis for the front cover and extract from Liar’s Poker, written by Michael Lewis. Reproduced by permission of Hodder and Stoughton Limited and Michael Lewis; p. 20: The Financial Times for the article ‘Banks to rely on branches to drive growth’ by Jane Croft, 18 September 2002. Copyright © The Financial Times Limited; p. 28: Global Investor for the logo and text ‘Corporate Bonds’ from www.fi nance-glossary.com. Reproduced by permission of Harriman House Ltd; p. 38: Barclays Bank PLC for the Income Statement from the 2005 Annual Report/Annual Review and for p. 40 Consolidated balance sheet summary from the 2005 Annual Report/Annual Review. Copyright © 2005 Barclays Bank PLC. Reproduced by permission of Barclays Bank PLC; p. 47: Bank of England for the text from the Bank of England website www.bankofengland.co.uk. Copyright © Bank of England; p. 65: FX Trading from the website www.articlecity.com; p. 71: The New York Times for the headline ‘Stocks plunge 508 points, a drop of 22.6%’, The New York Times 20 October 1987. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or transmission of the Material without express written permission is prohibited; p. 72: BBC News Online for ‘Why stock markets matter for you’ by Stefan Armbruster and for p. 91 ‘Buffett warns on investment time bomb’. Copyright © BBC News Online, bbc.co.uk; p. 85: The Art of Business: Learn to Love Negotiating, from the website: www.creativepro.com; p. 99: The …conomist for the article ‘Fund management: Mug’s game’, 31 August 2002. Copyright © The Economist Newspaper Limited. We would like to thank the following for permission to reproduce copyright photographs and cartoons: Action Plus p 10 (Neil Tingle); Alamy pp 75 (Michael Jones), 77 (View Pictures Ltd), 83 (Blinkstock); Cartoonbank.com pp 15 © The New Yorker Collection 1993 Robert Mankoff from Cartoonbank.com All Rights Reserved, 17 © The New Yorker Collection 1999 Charles Barsotti from Cartoonbank.com All Rights Reserved, 28 © The New Yorker Collection 2007 Robert Mankoff from Cartoonbank.com All Rights Reserved, 95 © The New Yorker Collection 2001 Charles Barsotti from Cartoonbank.com All Rights Reserved, 98 © The New Yorker Collection 1997 Mike Twohy from Cartoonbank.com All Rights Reserved, 110 © The New Yorker Collection 2002 Tom Cheney from Cartoonbank.com All Rights Reserved; Cartoonstock. com pp 23 (Jerry King), 27 (Jerry King), 79 (Joseph Farris); Sophie Clarke p 96; Corbis pp 33 (James Nazz), 44 (Christine Schneider/zefa), 52 (Jagadeesh/Reuters), 57 (Hapag-Lloyd/epa), 71 (Bettmann), 89 (John Gress), 111 (Deepak Buddhiraja/India Picture); Getty Images pp 37 (Longview/Taxi), 63 (Micheal Simpson), 107 (Thomas Northcut); Reproduced by kind permission of Ted Goff/www.newslettercartoons.com pp 81, 84; Reproduced by kind permission of PRIVATE EYE pp 53 (Steve Way), 101 (Martin Honeysett); Punchstock pp 41 (Comstock Images), 46 (Andrew Ward/Life File/Photodisc), 97 (Comstock Images); Reuters p 62 (Sherwin Crasto); Rex Features p 21 (Sutton-Hibbert); UPS p 109 (DOONESBURY ©2002 G. B. Trudeau/Reprinted with permission of UNIVERSAL PRESS SYNDICATE All rights reserved). Illustration on p88 by Andy Parker. © Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-54725-3 – English for the Financial Sector Student’s Book Ian MacKenzie Frontmatter More information 4 Contents Thanks and acknowledgements 3 Introduction 8 Unit Vocabulary Reading Listening Language focus Speaking Writing Page 1 The organization of the fi nancial industry Key vocabulary of banking products and services Regulation and deregulation The development of the financial industry; Going international Permission, necessity and prohibition Role play: Bank account terms and conditions 9 2 Telephoning Arranging meetings; Handling information Pronouncing the alphabet and saying telephone numbers Role plays: Arranging meetings, Asking for information 14 3 Retail banking Key vocabulary of retail banking Commercial and investment banking; The future of bank branches Retail banking Likelihood and probability Role play: Should we invest in our branches? 18 4Business correspondence 1 Email and web addresses Formal and informal style 1 Email etiquette Emails 23 5 Loans and credit Key vocabulary of loans and credit Banks and bonds Lending decisions; Margins Advising and suggesting Role plays: Lending decisions, Advising on bank products and services Email summarizing a meeting 28 6Business correspondence 2 A letter of complaint; An angry phone call Formal and informal style 2 Replying to a letter of complaint; Responding to a phone call; Apologizing 32 Contents © Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-54725-3 – English for the Financial Sector Student’s Book Ian MacKenzie Frontmatter More information Unit Vocabulary Reading Listening Language focus Speaking Writing Page 7 Accounting Key vocabulary of financial statements and accounting Types of accounting; Financial statements; Barclays’ balance sheet Talking about figures 1 Role play: Presenting financial statements 36 8 Socializing Greeting people and making introductions; Talking about your career; Saying goodbye Making small talk and keeping the conversation going Role plays: Greeting visitors and making small talk, Talking about your career, Saying goodbye 41 9 Central banking Key vocabulary of central banking and monetary policy The Bank of England Monetary policy; Saying figures Talking about figures 2 Central banking decisions 46 10 Meetings 1 Key vocabulary of meetings Chairing a meeting; Interruptions and digressions Controlling meetings Role play: A meeting 50 11 Financing international trade Key vocabulary of letters of credit and bills of exchange How a letter of credit works Asking for information about bills of exchange Checking and confirming information Role play: Clarifying Incoterms 54 12 Meetings 2 Word combinations relating to meetings Concluding a meeting Asking for and giving opinions, agreeing and disagreeing Expressing opinions Role play: Outsourcing a call centre Email summarizing action points 59 5 Contents © Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-54725-3 – English for the Financial Sector Student’s Book Ian MacKenzie Frontmatter More information 6 Unit Vocabulary Reading Listening Language focus Speaking Writing Page 13 Foreign exchange Key vocabulary of exchange rates Exchange rates; Currency trading Freely floating exchange rates Describing trends and graphs Describing a graph 63 14 Writing reports 1 Vocabulary to describe reasons, consequences and contrasts Facts and opinions Linking words Findings and recommendations; A report on a trade finance website 67 15 Stocks and shares Key vocabulary of the stock market Why stock markets matter A financial market report Understanding market reports Describing and drawing a graph; Discussing a portfolio 71 16 Writing reports 2 Head office relocation Catering choices; Health and leisure needs Style and tone A report on facilities in the new head office 75 17 Mergers and acquisitions Key vocabulary of mergers, takeovers and buyouts Mergers, takeovers and buyouts The role of banks Cause and effect Describing cause and effect Role play: A takeover bid Summarizing a meeting 79 18 Negotiating 1 Learn to Love Negotiating Conditional offers; Should we grant this loan? Making proposals, counter-proposals and conditional offers Role plays: Making proposals and conditional offers, Negotiating a loan Summarizing a negotiation 84 Contents © Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-54725-3 – English for the Financial Sector Student’s Book Ian MacKenzie Frontmatter More information Unit Vocabulary Reading Listening Language focus Speaking Writing Page 19 Derivatives Key vocabulary of derivatives Derivatives; An investment ‘time bomb’ Derivatives Clarifying, summarizing and paraphrasing Defending or criticizing derivatives 89 20 Negotiating 2 Concluding an unsuccessful negotiation; Concluding a successful negotiation; Saturday opening Dealing with confl ict Role play: Negotiating Saturday opening 93 21 Asset management Key vocabulary of asset management and allocation Fund management Asset management and allocation; Investment styles Using diplomatic language Role play: Disagreeing diplomatically Email summarizing a meeting; A letter of complaint 97 22 Presentations 1 Learning styles The introduction Visual aids Preparing an introduction 101 23 Regulating the fi nancial sector Conflicts of interest The FSA; Conflicts of interest Word formation Ethical choices 106 24 Presentations 2 Parts of a presentation; The end of a presentation Dealing with questions and troubleshooting Beginning and ending the parts of a presentation; The ending of a presentation; A complete presentation 111 File cards 115 Tapescripts 137 Word list 155 7 Contents © Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-54725-3 – English for the Financial Sector Student’s Book Ian MacKenzie Frontmatter More information 8 Introduction English for the Financial Sector is a course for business students and people working in the fi nancial industry with an intermediate or upper-intermediate level of English. The course aims to: • explain the basic concepts of most areas of fi nance • build your fi nancial vocabulary through reading, listening and discussion • develop your comprehension of fi nancial texts • develop your listening skills in fi nancial English • improve your speaking skills through discussion, case studies and role plays • develop your business communication profi ciency by increasing your confi dence and fl uency in a range of skills • practise specifi c language functions such as advising, suggesting, agreeing and disagreeing, clarifying, reviewing, and summarizing. The course consists of 24 units. The odd-numbered units cover a particular area of fi nance, such as retail banking, investment banking, trade fi nance, asset management and accounting. They include authentic interviews with people working in fi nance, authentic business reading texts, and comprehension, vocabulary and discussion activities. The even-numbered units practise business communication skills – telephoning, socializing, participating in meetings, writing letters, emails and reports, negotiating, and making presentations – in a fi nancial context. Each unit has a Language focus section looking at a specifi c language area and Practice activities using realistic situations from the fi nancial industry. The listening material includes British, American, European and Indian speakers. Tapescripts of all the listening material are included at the end of the book. If you are still studying business or fi nance, you may learn new fi nancial concepts from this book. If you are already working in fi nance, you will be able to use your knowledge and experience in the activities and exercises in this course. You will probably be using this book in a class with a teacher. If so, try to participate as much as possible in the pair work and group activities, as this will increase the time you spend practising speaking, and so improve your fl uency and confi dence. I hope you enjoy using this book. Introduction © Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-54725-3 – English for the Financial Sector Student’s Book Ian MacKenzie Frontmatter More information . Press 978-0-521-54725-3 – English for the Financial Sector Student’s Book Ian MacKenzie Frontmatter More information 8 Introduction English for the Financial Sector is a course for business students. English for the Financial Sector Ian MacKenzie Student’s Book © Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-54725-3 – English for the Financial Sector. 20: The Financial Times for the article ‘Banks to rely on branches to drive growth’ by Jane Croft, 18 September 2002. Copyright © The Financial Times Limited; p. 28: Global Investor for the