CAMBRIDGE __ Professional English eS ip chorea tkyow coy anasto Financial nit \3 | os 09 -F 0 | et eee | ee ST /N | | |e “4RGB/ “UN MSO ON Ow ON” ete lan MacKenzieCAMBRIDGE UNIVERSITY PRESS Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, Sao Paolo, Dethi Cambridge University Press The Edinburgh Building, Cambridge, CB2 BRU, UK www.cambridge.org Information on this ttle: 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 Reprinted 2008 Printed in Dubai by Oriental Press, Acatalogue 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 'SBN 978-0.521.54728-4 Audio CO| ‘Thanks and acknowledgements Thsbook has been long time the making, solongthat Inged to ‘ankno fewer than three lang sufferngcommissioning editors ‘x CUP-- Wil Capel, Sally Searby and Chris Capper, without whom, tte, Avery hands-on ane hardworking editorand an inspired and meticulous eopyeeiter nave alse haga huge input into this course Joy Godwin and Lyn Strutt. Five reviewers ead early drafts and made ots of very useful suggestions - HazeAlon, Susy Mcqueen, Mike Rely, Rasemary Richie and Alison Siver, Earlier stila number of people reviewed the original proposal: Ahmed ‘Tuan, Tim Banks, avid Beesley, Fiona Gunbar, John Anthony al Jessica Kou, Anthany Nicholson Allen Santucci and Barry Siege. My thanks go toallef the above, many of whom wil wlingly testilyto my regular reluctance to accept very goad advice, Thanks are alse cue te Suzanne Willams of piturerescarch co.uk forfining the photos, to Sophie Clarke, Michelle Simpson and Chis Wiis at CU, to Wild Apple Design for turning adrab manuscript Inthe attractive book you are holding, and to Sarah Hall or wooteacing, Fate listening material ike tothankallthe people who gave Usthertime and expertise [inluding some who didnot make it tothe final edit), particularly Peter Sinclair, Kate Barker, Govind Iger,Rhys Roberts, Raymond Larier and Aidan O'Conner, The recordings were produced and editedby Leon Chambers, Iau once again ike to desicate this baok to Alex and lit, who wisely went to workin multilingual businesses, and ta Charlotte, whowisely didn Theauthor and publishers would like te thank: Fete Sinclar, Gertinde gl Kate Barker and Professor Rayinond Latcierfortho interviews and photographs. The author and publishers acknowledge the following sources of ‘apyright materia‘ and are grateful forthe permissions grantee, Vie every effort has been made, it has not always beea possible teidentifythe sources ofall the material used, orto trace all ‘opytight holders any omissions ae brought to aur notice, we veilbe happy toinclude the aprapriate acknowledgements on ‘epcining, »p-18-Hodder and Stoughton Limited and Michael Lewis forthe Iron cover and extract from Li's Poker written by Michael Lewis. Reproduced by permission of Heder and Stoughton Limited and ichal Lewis, 1.20: The Financia! Times forthe aticla ‘Banks to elyon branches, todtive growth by JaneCroft, 18 September 2002, Copyright © TheFinancial Times Limited: » 28: Global investor forthe logo and text Corporate Bonds ‘kom we finance. glossaru.com. Reproduced by permission of Hasriman House Ld; '. 38: Barclays Bank PLC for the Income Statement from the 2005 ‘annua Repor Annual Review and frp. AO Consolidated balance ‘sheet summary from the 2005 Annual Report/Annual Review. Copyright 8 2005 Barclays Bank PLC, Reproduced by permission bf Barclays Bank PLE; p-4-Bank of England fr the tex ram the Bank of England ‘website www nankofengland.co.uk. Copyright © Bank af Englands -65:FX Trading fram the website www articecity.com; pt: The New York Times for the headline’ Stocks plunge 508 points, a drop of 2.8%, The New York Times 20 Detober 1987, Billrights reserved, Used by permission and protected by the Copyright Laws ofthe United States, The printing, copying, redistribution or transmission ofthe Materatwithout express written permissions prohibited; 72: BBC News Online for Why stock markets matter for you'by ‘Stefan Armbruster and orp. 3 Buffett warns on investment time bom’ Copyright © BBC News Onine, bbc.co.uk; .85:The Art of Business: Learn to Lave Negotiating, fromthe website: wwwrereativepre.com; .99:The Economist forthe article Fund management Mug’s game’, 31 August 2002, Copyright © The Economist Newspaper Limited We would ike ro thank the folowing for permission te reproduce copyright photographs and cartoons: Action Pls p10 (Net Tingle Alay pp 25 (Michael Jones}, 7? (View Pictures Utd), 83 [Blikstock}; Cartoanbank.com pp 15 @ The New Yorker Collection 1993 Rabert Mankoff fom Cartoonbank com AllRights Reserved, 17 € The New Yorker Collection 1999 Charles ‘arsoti from Cartoonbank.com Ail Rights Reserved, 28 © The New Yorker Collection 2007 Robert Mankoff from Cartoonbank.com Al fights Reserved, 95 & The New Yorker Collection 2004 Charles Larsoti fram Cartgonbank.com Rights Reserved, 98 © The ‘New Yorker Collection 1997 Mike Twohy from Cartaonbank om {i RightsReserved, 10 a The New Yorker alietion 2002 Tom ‘Cheney from Cartoonbank.com Al RightsReserved; Cartoonstock cam pp 23 [erry King], 2? [Jery King), ?9 loseoh Fars}, Sophie Clarke p96; Corbis pp 33 (James Mazz], 44 (Christine Schneider/zefa}, 82 [Jagadeesh/Reuters}, 57 (Hapag Lieyd/ep3, 71 [Bettmann}, 88 John Gress), 141 (Deepak Budshraja/India Picture Getty mages pp 3? (Longview Taxi) 63 (Micheal Simpson], 107 (Thomas Northeut] Reproduced by kind permission of Ted Baftiwaw.newslettercartoons.com pp B3, 84 Reproduced by kind permission of PRVATE EVE pp $3 (Steve Way), 101 (Martin Honeysett}; Punchstock pp 4 (Comstock images), 46 (Androw Ward/Life Fie/Photadisc), 9? {Comstock Images); Reuters p62 [Sherwin Crasto}; Rex Features p21 [Sutton Hibbert}, UPS p 109 [DOONESBURY ©2002 6 B,Trudeau/Reprinted with permission of LUNIVERSAL PRESS SYNDICATE al sights reserved} IMystration on pB8by Andy Parker