VOA慢速英语 2008 0126

This is IN THE NEWS in VOA Special English.

News of the American central bank’s interest rate cut this week was the top story in financial markets around the world.  In a surprise announcement Tuesday, the Federal Reserve lowered the federal funds rate to three and one-half percent.  This is the rate that banks charge each other to borrow money overnight.

The announcement came one day after foreign stock markets suffered heavy losses.  Losses between three and seven percent were reported in Japan, China, India, South Korea and across Europe. 

 
Specialist Gregg Maloney, right, directs trading on the floor of the New York Stock Exchange Tuesday morning January 22, 2008.
Financial markets dropped as concern grew that an American recession¹ could hurt the economies in countries that trade with the United States.  Many markets suffered losses again Tuesday before the Fed lowered the interest rate.

Several foreign markets regained² some of their losses in the days following the American interest rate cut.  Stock prices rose almost eleven percent in Hong Kong on Wednesday. The main index in Mumbai, India increased more than seven percent.  European and Asian markets also closed higher on Friday.  Tokyo's Nikkei Index gained more than four percent. Share prices were also higher in Shanghai, Manila, Seoul, Kuala Lumpur and Bangkok.

Lower interest rates make it easier for businesses and people to borrow money for purchases and other activities that help the economy.

Financial experts expect the Federal Reserve will cut the interest rate another quarter of a percentage point at its official meeting next week.  That would bring the federal funds rate to three and one-quarter percent.

As concerns of a possible recession in the United States grow, the Bush administration and congressional leaders agreed on an economic growth plan. 

In Davos, Switzerland, political, economic and government leaders are attending the yearly meeting of the World Economic Forum³.  More than two thousand economic policy-makers are discussing the world's economic and social problems.

Opinion has been mixed on the future of the financial situation in the United States and how it will affect the rest of the world.  Secretary of State Condoleezza Rice told the Forum the American economy has a strong structure and would remain an engine of growth. 

But others are not so sure.  Joseph Stiglitz is an economics⁴ professor at Columbia University in New York City and a winner of the Nobel Prize in economics.  He said the current market trouble is far from over.

Bill Gates, the head of Microsoft, also spoke⁵ at the World Economic Forum.  He said capitalism⁶ as an economic system may need some changes.  Mister Gates proposed an idea he calls creative capitalism.  He called on companies to think more about how their products can help society.  Mister Gates said he believes capitalism should help the poor as well as the rich.

And that's IN THE NEWS in VOA Special English, written by Brianna Blake.  I’m Steve Ember.

 

1 recession   

n.（工商业的）衷退（期），萧条（期）

参考例句：

• Manufacturing fell sharply under the impact of the recession.受到经济萧条的影响，制造业急剧衰退。
• A rise in interest rates plunged Britain deeper into recession.利率的提高导致英国经济更加萧条。

2 regained   

复得( regain的过去式和过去分词 )； 赢回； 重回； 复至某地

参考例句：

• The majority of the people in the world have regained their liberty. 世界上大多数人已重获自由。
• She hesitated briefly but quickly regained her poise. 她犹豫片刻，但很快恢复了镇静。

3 forum   

n.论坛，讨论会

参考例句：

• They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
• The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。

4 economics   

n.经济学，经济情况

参考例句：

• He is studying economics,which subject is very important.他正在学习经济学，该学科是很重要的。
• One can't separate politics from economics.不能把政治与经济割裂开来。

5 spoke   

n.（车轮的）辐条；轮辐；破坏某人的计划；阻挠某人的行动 v.讲，谈（speak的过去式）；说；演说；从某种观点来说

参考例句：

• They sourced the spoke nuts from our company.他们的轮辐螺帽是从我们公司获得的。
• The spokes of a wheel are the bars that connect the outer ring to the centre.辐条是轮子上连接外圈与中心的条棒。

6 capitalism   

n.资本主义

参考例句：

• The essence of his argument is that capitalism cannot succeed.他的论点的核心是资本主义不能成功。
• Capitalism began to develop in Russia in the 19th century.十九世纪资本主义在俄国开始发展。