Text 10
I. Прочитайте и устно переведите весь текст. Перепишите и письменно переведите абзацы 1, 2, 3.
The Trade of Great Britain
1. International trade has always been important to Britain but its importance has increased markedly in recent years. Exports of goods and services now account for nearly a third of gross domestic product, compared with almost a fifth some 30 years ago; imports have shown a broadly similar trend as proportions of home demand.
2. The fifth largest trading nation in the world, Britain provides just over 9 per cent of the main manufacturing countries' exports of manufactured goods. The country is a major supplier of aeropace products, motor vehicles, electrical equipment, chemicals, textiles and most types of machinery, and is a growing oil exporter. It relies upon imports for about two-fifths of total consumption of foodstuffs and for most of the raw materials required by industry.
3. Manufactured goods account for about three-quarters of exports of goods (according to trade statistics); a feature is the shift towards finished, rather than semi-finished, goods. The most important group is machinery and transport equipment (34 per cent of exports in 1980). The share of fuels rose from 4 per cent of exports in 1975 to 14 per cent in 1980 when, for the first time, exports of North Sea oil exceeded imports of crude oil.
4. An increasing proportion of trade has been with other European Community member countries. They account for six of the top ten export markets, taking 43 per cent of British exports in 1980, and for six of the ten leading suppliers of goods to Britain. Britain's largest single export market was the Federal Republic of Germany and the largest single supplier of imports was the United States.
5. Long an advocate of the removal of artificial trading barriers, Britain has taken a leading part in the activities of such organizations as the General Agreement on Tariffs and Trade, the International Monetary Fund, the Organization for Economic Cooperation and the United Nations Conference on Trade and Development. The European Community's common customs tariff, which Britain applies is on average, at a similar level to the tariffs of other major industrial countries. Britain maintains few restrictions on its international trade. Most goods may be imported freely and only a narrow range of goods is subject to export control.
6. Invisible trade (which includes payments and receipts for services such as shipping, travel and civil aviation, insurance and interest, profits and dividends arising out of overseas investment and transfers between Britain and other countries) is of great significance to the economy, accounting for one-third of overseas earnings. Net earnings from invisibles are second only to those of the United States.
II. Ответьте на следующие вопросы:
1. Which place in international trade does Great Britain hold?
2. What does Great Britain export?
3. What does Great Britain import?
4. Is Great Britain a member of the European Community?
5. What countries does the European Community consist of?
III. Найдите в тексте слово account и уточните его значение.
IV. Вместо пропусков вставьте одно из слов: account for, market, investment, equipment, leading, part:
1. Manufactured goods about three-quarters of exports of goods.
1. The most important group is machinery and transport ... .
2. Britain's largest single export ... was the Federal Republic of Germany.
3. Britain has taken a … in the activities of such organizations as the General Agreement on Tariffs and Trade, the International Monetary Fund and so on.
4. The Government of Britain welcomes both inward and outward ...
V. Найдите в тексте слова, производные от следующих глаголов: to supply, to lead, to remove, to act, to pay.
Text 11
Milbank, Tweed, Hadley & Me Cloy
1. Milbank is known to have offices in New York, Los Angeles, Washington, London, Tokyo, Hong Kong, Singapore.
2. Milbank, Tweed has been actively involved during the past several years in the emerging market for legal services in Central Europe. This involvement has stemmed largely from the Firm's broad representation of project developers and other Western companies exploring new business opportunities in these markets as well as our representation of key financial institutions, including Finnish and Austrian banks. The growth of the practice has been facilitated both by the Firm's traditional strength in relevant practice areas, such as joint ventures, project finance, trade transactions, trade regulation and leasing, and by the ability of Milbank lawyers in these practice areas to communicate in Russian and in Central European languages, including German, Polish and Hungarian.
3. Milbank has been advising clients on business in Central Europe for many years. Most recently this advice has focused on the formation of joint ventures with Central European partners. The Firm has represented clients in a wide variety of these transactions, ranging from hotel and business service centres in Moscow to fish processing plants in Estonia and in Vladivostock. Other sectors with respect to which we have advised clients on joint ventures include petroleum exploration, cement, furniture manufacture and foods. Over the years Milbank has also advised Western banks of Central European countries. The Firm is now analyzing new legislation enacted in Russia and other Central European countries that would permit Western companies to invest through the acquisition of shares in joint stock companies and other means, including investment in the context of privatization programs.
4.
Milbank's leading reputation in International project finance has ensured its involvement in some of the largest and most complex projects so far considered in Central Europe. For example, Milbank represented the lead manager and the banks in connection with the first major project financing to be completed in Russia, the $330 million modernization of a polyethylene plant in Budyenovsk. We are currently advising on the project financing of a Moscow hotel and business service center, which is in the final stage of completion. In connection with its joint venture practice, Milbank has worked with clients on the structure of financing for a wide variety of other Central European projects.5. In recognition of its project finance expertise, three Milbank partners were invited to Moscow last May to provide a seminar on the applicability of Western project finance techniques to the Russian market. The seminar was attended by more than 25 bank officers from the project finance, economic feasibility and foreign investment divisions. As a result of the seminar, Milbank has developed a closer working relationship with key officials and has initiated a dialogue with the Russian banks identifying new structures for project finance in Russia.
I. Прочтите и устно переведите со словарем весь текст. Письменно переведите абзацы 1, 2.
II. Выпишите из абзаца 3 предложение, где инфинитив употреблен в функции определения. Переведите это предложение на русский язык.
III. Выпишите из абзаца 3 предложения с отглагольным существительным и причастием I. Переведите эти предложения на русский язык.
IV. Выпишите из абзаца 4 предложение с Participal I. Переведите это предложение на русский язык.
V. Найдите ответы в тексте на следующие вопросы:
1. What has facilitated the growth of the Milbank's practice?
2. Which countries are Milbank's offices situated in?
3. What has ensured Milbank's involvement in some of the largest and most complex projects?
4. Where was the seminar on the applicability of Western project finance techniques held by Milbank last May?
5. How many bank officers attended a seminar on the applicability of Western project finance techniques in Moscow last May?
Text 12
Milbank, Tweed, Hadley and Me Cloy
1. Milbank is known to have advised a variety of Western clients over the years on trade, licensing and related transactions with Central Europe.
2. Most recently, for example, we advised a major American retail company on its sale of certain equipment for use in Russian hotels and assisted a Western bank in devising a structure to monetize East German foreign trade obligations. Milbank has many years of experience in advising clients on export controls and technology transfer restrictions that may be applicable in these transactions. Stanley Marcuss, the partner in charge of our Washington office, was responsible during the Carter Administration for the enforcement and implementation of the U.S. export control regulations.
3. Capital Markets Transactions. Milbank has represented a number of U.S. and Japanese financial Institutions in connection with syndicated loans and other capital markets transactions with Central European borrowers. The Firm has assisted a variety of Japanese leasing and trading companies in the structuring of so-called «square-trip» transactions, pursuant to which these financial institutions have furnished credits to International Investment Bank. Milbank lawyers also advised the arranger and sole dealer in connection with a Euro-commercial paper program for the National Bank of Hungary, the first such program established for a Central European issuer. In addition, Milbank lawyers represented banks during the 1980s in a number of sovereign loan restructurings for Central European countries, including Poland, Yugoslavia and Romania, and recently have been actively representing banks in the secondary market for trading such loans.
4. Milbank's country fund practice has recently expanded to include Central European countries. Last June, for example, Milbank represented the underwriters in the international offering of interests in the Austro-Hungary Fund Limited, a closed-end com-oany incorporated in Guernsey for the purpose of investing in equity and equity-related securities of Austrian and Hungarian companies.
5. Milbank lawyers have kept abreast of key developments in the emerging securities markets of Central Europe both through consultation with the Firm's long standing client, the New York Stock Exchange, and through their representation of investment banking clients who are exploring these markets. This October, for example, Milbank is accompanying the New York Stock Exchange to Moscow to make a presentation, at the invitation of the Russian Government, on the operation and regulation of Western stock exchanges.
6. Milbank engages in an extensive practice serving developers, domestic and foreign investors (including governmental entities), commercial banks and other institutional lenders, corporations and investment banks involved in major real estate transactions throughout the United States. Lawyers at the Firm have participated in the purchase, development, financing and sale of many important real estate projects in the United States and abroad.
7. Assignments that indicate the scope of the Firm's real estate practice include representing Colgate -Palmolive in connecton with its phased development of a project on the New Jersey «Gold Coast»; the planning and development of Embarcadero Center in San Francisco; representing a Venezuelan company in a joint venture for the development of Paternoster Square, a 7-acre site abutting St. Paul's Cathedral in the City of London; and joint ventures between a major Japanese construction company and New York developers involving more than $1 billion of equity investments in real estate projects.
I. Прочитайте и устно переведите со словарем весь текст. Письменно переведите абзацы 1, 2.
II. Выпишите из абзаца 3 предложение с герундием. Переведите это предложение на русский язык.
III. Выпишите из абзаца 6 предложение с отглагольным существительным. Переведите это предложение на русский язык.
IV. Выпишите из абзаца 5 предложение с причастием I. Переведите это предложение на русский язык.
V. Найдите ответы в тексте на следующие вопросы:
1. Which questions does Milbank advise on?
2. What problems do Milbank lawyers deal with?
3. What have lawyers at the Firm participated in?
4. What companies did Milbank represent in joint ventures? Whose invitation did Milbank accompany the New York Stock
5. Exchange to Moscow at?
Text 13
Milbank
1. Milbank is known to have extensive experience in representing clients in the issuance of the most innovative financial instruments appearing on the capital markets, including principal exchange-rate linked securities, foreign currency warrants (including money-backed warrants), index notes, reverse index notes, and auction rate preferred stock.
2. In the Euro-finance market, Milbank has been involved in a significant number of “deals of the year” and deals involving new capital market techniques as listed by Euromoney.
3. More than 125 corporate finance attorneys regularly help clients structure and execute complex transactions, develop so phisticated new products and cope with regulatory barriers and tax implications. We have had extensive experience in corporate workouts, restructuring the debt of developing countries and assisting troubled banks and their shareholders in negotiating assisted acquisitions and settlements with regulators, and we work closely with a number of leading investment and commercial banks, including both foreign and domestic institutions.
4. Milbank represents many industrial and commercial enterprises, ranging from some of the world's largest corporations to many medium and smaller-sized companies. Over 130 lawyers who practice in the general corporate area provide clients in the United States and overseas with advice on corporate, commercial and regulatory questions in a broad range of business transaction.
5. bi addition to general corporate mergers and acquisitions, Milbank has in-depth experience handling insurance, utility, banking and thrift industry mergers. We have represented many domestic and foreign buyers and sellers, active in cross-border transactions, and also regularly involved in representing venture capital partnerships and funds.
6. Milbank's lawyers have experience in leveraged buyouts involving public and private companies engaged in a variety of businesses, including manufacturing, mining, health care, entertainment, retail department stores, communications and financial services. Milbank has represented clients in all capacities, including management buyers, sellers, equity investors and lenders.
7. Milbank's banking and corporate practitioners have extensive experience in helping our clients through the banking regulatory maze, dealing with regulations of the Federal Reserve Board, the Controller of the Currency, the Federal Deposit Insurance Corporation and state banking authorities. We have particular strength in structuring investments in utility properties to avoid regulation by the SEC, FERC or state authorities which would diminish the expected return on highly leveraged investments.
8. Our experience also includes all of the SEC and state securities regulations with which a corporate or financial institution operating in the United States must comply, including rules pertaining to mergers and acquisitions, financial controls, board of directors proceedings and corporate disclosure.
I. Прочтите и устно переведите со словарем весь текст. Письменно переведите абзацы 1, 2, 3.
II. Выпишите из абзаца 4 предложение с герундием. Переведите это предложение на русский язык.
III. Выпишите из абзаца 5 предложение с причастием I. Переведите это предложение на русский язык.
IV. Выпишите из абзаца 6 предложение с инфинитивом. Переведите это предложение на русский язык.
V. Дайте ответы на вопросы по тексту:
1. Whom has Milbank represented?
2. What do Milbank's lawyers have experience in?