Anhvannghe.doc

8/11/2019 Anhvannghe.doc

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Governments a agreed avoid buy debt have how in

investors led on reached seeking since the this

worldwide

There has been a lot of talk about the "debt ceiling" the United States. The debt ceiling is

a legal limit on much the federal government can borrow. Political disputes over that

amount concerned investors in recent weeks. American lawmakers must negotiate a

new ceiling every time the federal debt reaches that legal limit. National grows

when a government spends more money than it has available. offer bonds and

other investments to raise money to pay for spending. n return! the government

promises to repay! with interest! the who buy these securities. The financial

demands of orld ar #ne American lawmakers to establish a total debt limit. n $%$&!

'ongress that the president could borrow up to a set amount without

approval. 'ongress has agreed to change the debt limit $( times )(($. *ut the ma+or

parties may disagree on spending levels or the need to borrow to pay for government

operations. #ther nations United States Treasury securities because they are considered

the safest investment the world. The partial shutdown of the federal government led

to concern about the safety of these investments. 'ongress agreed to re,open

government without enforcing the debt ceiling only one day before borrowing the

legal limit. -awmakers agreed to let the president decide what Treasury epartment

could borrow through /ebruary &th. 'ongress must now negotiate new debt limit and

resolve other budgetary issues in order to another crisis. /or 0#A -earning 1nglish! 2m'arolyn Presutti.

English Jersey Shafir The University ability affected after and

before book chosen condition decreases intelligence is missing of their

time worry

New research shows how a lack of money! food or even can affect decision making and

the ability to act. n the ! "Scarcity3 hy 4aving Too -ittle 5eans So 5uch!" Professors

Sendhil 5ullainathan 1ldar Shafir e6amine the mental stress of dealing with a lack

something necessary. Sendhil 5ullainathan is an economist. 4e teaches at 4arvard

in 5assachusetts. 1ldar Shafir teaches psychology at Princeton University in New .

Their research combined theories from economics and psychology to e6plain behaviors.

two borrowed a word from digital technology to describe how thinking harmed by scarcity.


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They use the word! "bandwidth" to describe the of the mind to remember and plan.

They say mental bandwidth when people have too little. hen mental energy is

divided between and planning! planning is affected. #ne e6periment in ndia tested

the of farmers before and after the yearly harvest. /armers scored higher

they had sold their crops. orry over the lack of money the harvest had temporarily

decreased their intelligence. The two men e6perienced own decreased bandwidth. They

found that a lack of enough time their performance in all parts of their lives. Sendil

5ullainathan was for a 5acArthur 7enius Award! yet he says he found himself

meetings! not answering e,mails and forgetting to call his mother. 1ldar says the

research is meaningful for public policy. 4e says the of being poor or hungry or even

too busy restricts the to think and act to make things better. /or 0#A

-earning ! 2m Ale6 0illarreal.

1994. ut !estaurant The a advertisement are auditor"general has in

is #obs of officials $oor received su$ervisor the

with

South African epartment of -abor reported last month that the nation too few +obs

for unskilled laborers. The department also said there not enough workers for highly

skilled positions. The sharp differences between and skills were apparent recently when

officials advertised a +ob opening the government. The position was that of auditor,

general,! or chief financial . ith a )8 percent unemployment rate nationwide!

there was no shortage interest in the +ob. Ninety people asked to be considered.

*ut said many of them lacked the necessary skills or education. Theis responsible for supervising and independently e6amining South Africa2s finances.

The said the position re9uired the person to be a trained accountant. many

un9ualified people applied. The -abor epartment report blamed the nation2s education

system. *ut! for unskilled workers! the story is very different. industry official T:

0an der alt says the businesses he works get a huge number of applications for every

+ob. Se+amothopo 5otau a member of South Africa2s parliament. 4e says education has

been ma+or problem in South Africa2s development. 4e notes that many blacks a

poor education under white minority rule. Apartheid officially ended in 4e says many

people are university graduates! but they cannot get where there is a need for skilled


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workers. This is because education these graduates have is not enough to place them

in with high,skill re9uirements. /or 0#A -earning 1nglish! 2m -aurel *owman.

%&''(''' )r !adomske *hat are from has his home in

investor invited new $ossibility $ossible $ro$erty ranch the

they to years

do these four things have in common3 a proposed wind farm the American state of

ashington; a gold mine in daho; a casino in -as 0egas; and ski resort e6pansions in

0ermont< They all investments for wealthy foreigners seeking green cards to live in

United States. Under American law! foreigners can get such visas if invest at least

=>((!((( to create at least $( +obs in country. 4ere is an e6ample of the program works.

A few ago :ordan 7agner and his wife needed to move from their in 'anada to a

drier climate! like Ari?ona. At first! the of getting a visa seemed unlikely. *ut then!

he heard about immigrant investor visa. :orndan 7agner and several other foreign

investors offered dollars each to build an assisted living center in *ellingham!

ashington. . 7agner was credited with creating many +obs during the recession! and

whole family received green cards. 'ompanies that bring together investors and

borrowers are officially known as "1*,> regional centers". The name comes the part of

the immigration law that set up the immigrant visa. Some Americans have e6pressed

concerns about the program. -andowner 4arland first heard about it when a group of

wealthy @oreans were to invest in a wind farm on land ne6t to his . 4e fears

a wind farm would reduce the value of his . et! even with the disputes over

immigration! the foreign investor program a lot of support in 'ongress. There is also a

move make the program permanent

+frican +merican Ethio$ia Euro$ean ,roman -e The United

be countries different in long or signed talks taes the

this to

United States is considering the future of an American law called African 7rowth

and #pportunity Act! or A7#A. This law allows countries sub,Saharan Africa to e6port

some goods and natural resources to the States without dutiesA7#A is set to end in

)($>. t was into law in )((( and has been e6tended once already. 1arlier month!

American Trade Bepresentative 5ichael /roman met with African ministers in for talks

on the possible renewal of A7#A. 4e said the States is interested in African trade talks


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with the 1uropean Union. said American officials want to know about the results of

those before they decide what to do about e6tending the law. 5r. said African

partner countries need to think about how they want work with the United States on

renewing it. 4e said the need to understand how this issue relates to their

negotiations with 1uropean Union. 1U economic partnership agreements with African

countries would be from A7#A. Not only would African products be duty,free in

1urope. goods sent to African markets would not be sub+ect to import either.

5r. /roman said the wording of A7#A might need to changed so the law is more like the

1U partnership agreements. said the United States is unlikely to support calls for

giving partners one,way access to the American market while limiting trade

for companies. n the end! the United States 'ongress will decide whether not

to approve an e6tension of the law! and for how . /or 0#A -earning 1nglish! 2m Ale60illarreal.

The This a are domain for from if

or $ay $ayments $lans rescue retirees small suffering the their

these to

American housing market is growing stronger. et many areas are still from the

collapse of the market in )((C. Bichmond is a city 'alifornia. 5ore than half of the

homeowners there owe more their home loans than the properties are currently worth.

Such loans risky for lenders since people in that situation often stop making .

Now! city officials are moving forward with a plan to rescue struggling homeowners. The

city wants to buy the mortgages from banks an amount e9ual to the current value of the

properties. t to work with an investment company to help each homeowner get

new mortgage through government programs and private investors. 'ity officials say banks

do not cooperate! they will force the lenders to sell loans. Bichmond plans to use the

legal power called eminent domain. allows officials to take a property but re9uires the

government to fair market value. State and local governments use this legal power

take property needed for public purposes! such as new roads! schools economic

development. At least two banks are asking a federal court intervene. They want the

court to prevent the city of Bichmond using eminent domain. -awyers for the banks say

investors such as would lose money. They also say the action would interfere

with contracts with investors. The United States paid billions of dollars to banks


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during the world financial crisis. Now! the courts must decide Bichmond! 'alifornia! can

help rescue homeowners through the power of eminent . /or 0#A -earning 1nglish! 2m-aurel *owman.

E$orts -e )r /orth !ecent This after aimed and

by condemned decision on o$erated $rocess said the tiesto with year

'hinese trade information shows that 'hina2s e6ports to North @orea decreased

more than $D percent during the first si6 months of )($D. is the first time in E years that

e6ports have fallen. decreased by about =$.8 billion from :anuary to :une compared

to same period last year. The last time e6ports from 'hina to @orea dropped was

in )((% during the world financial crisis. This ! there was a large decrease in shipments

of unprocessed oil to @orea. -u 'hao studies at the -iaoning Academy of Social

Sciences. says 'hina is the biggest oil provider to North @orea. 4e last year! 'hina

e6ported >((!((( tons of oil to the country. . -u says 'hina placed trade restrictions on

North @orea this year its third nuclear test. 4e says the 'hinese government made

the based on a United Nations Security 'ouncil resolution. North @orea2s decision

carry out its third nuclear test earlier this year has affected between the two countries.

/ollowing the test! 'hinese students called on government to completely cut ties with

North @orea. 'hinese officials have the test. They have called for the continuation

of si6,nation talks at ending the country2s nuclear weapons programs. n 5ay! the

government People2s *ank of 'hina announced it was no longer doing business

North @orea2s foreign trade bank. Becently officials from the United States South @orea

met. They announced their plan to continue placing restrictions North @orea and to seek

more assistance from 'hina in the . /or 0#A -earning 1nglish! 2m Ale6 0illarreal.

+frica0s )irima !ecent confirmed could element e$ected from has

least mining of o$enness $lanned $ublicThe re$orted that the which

would

discoveries of mineral wealth in @enya could help add to 1ast biggest

economy. The government also is taking steps to improve the of the mining industry.

*ut some citi?ens are concerned that at one newly announced mining pro+ect will

damage local communities. The government warned companies about making

announcements about new resources before they are . @enya2s secretary of mining!


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Na+ib *alala! says the government will ask companies for details about their findings )$

days before making them discoveries also could upset some communities where big

mining pro+ects are . #ne e6ample is the recent discovery of rare minerals in

the 4ills! in the coastal area of @wale. The mining company 'ortec finding a

deposit of more than 8(( kilograms of niobium. The is used in making steel and metal

mi6tures called superconducting alloys allow electric currents to travel very easily.

'ortec says the discovery be worth =>( billion*ut a dispute has begun between the

company! government and the local community. -eaders of the 5i+ikenda ethnic

group! lives near @enya2s coast! say they practice their religion in the 4ills. The

@enyan government has not announced how payments it receives mining companies!

called royalties! would be used. The 5ining Secretary is to present legislation

proposing that the central government take &( percent mining royalties. -ocal

governments would receive )> percent and local communities receive five percent/or0#A -earning 1nglish! 2m 'arolyn Presutti

Select Play button. Listen and fill in the blanks with suggest words

Detroit Learning a at came car city's country's court

do expert have hurt is large more moved reduce said

the to

5ayor ave *ing had to report some bad news recently. 4e etroit was seeking

bankruptcy protection. The move would give the city protection from creditors. The

decision to declare bankruptcy is an effort restructure and reduce debt. t comes at a

difficult time for . n 5arch! 5ichigan 7overnor Bick Snyder named @evyn #rr! a

bankruptcy ! to oversee the city2s financial problems. etroit has been struggling

to a budget deficit of more than =D(( million. n addition! the long,term debt

has increased to at least =$C billion.

etroit2s problems grown over many years. 5ichigan State University professor 1ric

Scorsone says city depended too much on one industry3 automobile manufacturing. :obswith makers were a big reason why etroit was one of the largest cities half a

century ago. n the $%>(s! it had population of about $.C million people. Today the number

is down less than C((!(((. Bobin *oyle is a professor of urban planning ayne State

University. 4e says! over the years! many etroit residents to areas outside the city or

even left the state. That etroit2s ability to invest in itself. t is rare for a


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American city of seek bankruptcy protection. n $%&>! New ork 'ity close before the

federal government agreed to provide money. etroit! however! the largest city to seek

bankruptcy.

Now! a federal +udge is consider etroit2s re9uest. #ne of the main issues is what to

about the retirement pay of city workers. 'urrently! there are many retired workers

than those paying into the pension system. /or 0#A 1nglish! 2m Ale6 0illarreal.

Sauvignon Two a also called com$any e$orted e$orts

for include is known of one $art where wineries

winery world

American wine producers are hoping to increase their sales in 'hina! the country2s

growing middle class is drinking wine. The United States +ust &E million dollars in

wine to 'hina last year. *ut are growing at a rate of nearly )( percent a year.

years ago! former basketball star ao 5ing launched a wine company ao /amily ines.

t is based in 'alifornia2s Napa 0alley ,,,, of the top wine producing areas in the world.

Tom 4inde with ao /amily ines. 4e says the vineyard grows only 'abernet

grapes because many people in 'hina like red wine. The small makes a costly product.

ts top cabernet sells for 8)> dollars bottle. Napa 0alley2s *lack Stallion inery also looks

to 'hina as promising market. 4olly 1vans works for the company. She says the

has two wines that are sold throughout the United States and in 'hina. 5any moderately

priced wines are e6ported to 'hina. They some from the San Antonio inery in -os

Angeles. /ifteen percent its production goes to 'hinaThe ine nstitute represents more

than $!((( and allied businesses through 'alifornia. Spokesperson -insey 7allagher

says her group always receiving re9uests from 'hina. *ut she says the country is

problem for marketing. She says that! in 'hina! it is not that 'alifornia is the fourth

largest wine producing area in the ! producing many kinds of wine. inemakers hope to

e6pand the market fine dry wines! including white wines! which are now a small ofthe 'hinese market/or 0#A -earning 1nglish! 2m Ale6 0illarreal.

'12 ra3il ut emonstrators Economic English 5t !ousseff The

a action and announced country hold in $lebiscite si to

with

concerns have been at the heart of the recent protests in . *ra?ilian


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President ilma Bousseff answered growing public unrest over government spending

economic concerns. #n :une )E! she proposed a popular vote! or ! on a

constitutional process to make reforms needed by the countryPresident also

described a =)D billion spending plan. The money would go public transportation and

would support investment in education and health care. *ra?ilian leader also promised to

fight political corruption. President Bousseff met state governors! city mayors and

protest leaders in the capital! *rasilia. is estimated that one million people took part in

protests across . emonstrators are angry that the government is spending billions of

dollars public money in preparations for two huge sporting events. *ra?il will the

//A orld 'up soccer championship ne6t year and then the #lympic 7ames two years

later. The protests started when the government it would increase transportation

costs! such as bus and subway fares. the protests soon turned to other economic issues!

and spread. As result! the government suspended its plans for the transportation fare

increases. have been demanding better health care! education and public

transportation and against corruption. As *ra?il prepares for the ma+or sporting events!

the is also facing rising inflation. The inflation rate is now over percent! which is

higher than the government2s target. /or 0#A -earning ! 2m 5ario Bitter.

''9. owman 6hinese Ghana Ghanaians Some and because

believe e$orts has hos$itals more no now of oil says

the three

arrested more than $(( 'hinese nationals in :une. They were accused illegally

mining gold. n /ebruary! Fambia sei?ed a 'hinese operated mine of safety concerns.

And 7abon has decided to sei?e property from foreign oil companies! including one

from 'hina. Some observers say these other incidents appear to be a reaction by African

governments against investment on the continent. 'hina became Africa2s top trade

partner in et some Africans believe they are not getting enough for their .

*right Simons is with the 5AN group. 4e says 'hina is longer known only for giving loansand sending workers to build and roads. 4e says 'hina is now a business partner.

7hana taken steps against foreigners involved in "shallow mining" for gold.

#nly can get government approval for this kind of mining. *right Simons some

7hanaians "rent" the permits to foreigners who have the money training to actually mine

the gold. #bservers say nations like Niger 7abon want to get more for their natural


9/14


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'hinese meat processing company Shuanghui nternational is proposing to buy

the ham and pork producer Smithfield /oods. t would be the biggest of an

American company by a 'hinese buyer. 4am and pork the meat of pigs. 0irginia ham is

famous around the world. town of Smithfield! 0irginia! where the company started! calls

itself the capital of the world. -arry Santure is the sales manager for /oods4e

says the e6plorer 5arco Polo brought a basis for curing to taly from 'hina. 4e says this

kind of cured ham out to be the prosciutto that we know today. -ater! settlers

the formula for making prosciutto with them to the United States. says the main reason

Smithfield became the center of ham processing because local Native Americans had

methods for producing salt from nearby water. 0irginia ade manages a store that

speciali?es in ham made Smithfield. She says the ham is aged at least si6 months salt.She says the uncooked hams are similar to ham in . *efore Smithfield /oods can be sold

to the 'hinese company! the must be approved by the American government and by

Smithfield /oods . There have been concerns in the past about some 'hinese

companies business in the United States. *ut 7ary 4ufbauer e6pects the

'ommittee /oreign nvestment in the United States to approve this purchase. 4e with

the Peterson nstitute for nternational 1conomics in ashington. 5r. 4ufbauer the

'hinese company is buying the world2s good opinion of Smithfield ! including the 9uality

and safety of its products. /or 0#A -earning ! 2m 'arolyn Presutti.

+frica 6hancellor 6ity 5n 5ndia June ofi She charity countries

critics develo$ment discuss o$erations $rofits says such ta territories wealthy

where world0s

*ritain! demonstrators recently protested outside the Treasury to call on the

richest countries to act against ta6 havens. These are countries or that have low

ta6 rates for businesses. 'ompanies can place their in ta6 havens to avoid the higher

ta6 rates of countries they earned the income. An investigation found that ta6 havens

cost =DC billion every year in lost ta6es. /ormer United Nations secretary,

general Annan led the investigation. The demonstrators at *ritain2s Treasury called

on 7eorge #sborne to discuss the practice with finance ministers from

other countries. 5elanie ard is with the "1nough /or 1veryone f" campaign.

said she believes many people in *ritain and the world oppose ta6 avoidanceTa6 havens


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and low,ta6 countries like reland are popular. *ut of ta6 havens say big companies

transfer profits out of the on which their income depends. Bonen Palan is a professor

at University -ondon. 4e says capital in some African countries is funding in

other parts of the world because of such transfers. The ActionAid says the brewing

company SA*5iller uses a comple6 system of havens. t says this system moves profits out

of the company2s in developing countries like 7hana. SA*5iller denies any ta6

abuses. t in )($( it paid about =)>( million in corporate ta6es in and sub,

Saharan Africa. *ritish Prime 5inister avid 'ameron has promised to the issue of ta6

havens at the 7C leaders meeting in . /or 0#A -earning 1nglish! 2m -aurel *owman.

+bout English a as changing com$lete early easier for has

ho$ing in #ob many nurses nursing the to trouble

one,third of new nursing graduates in the United States are having finding

work. Ale6andra *auernschub is finishing a master2s degree program at University of

5aryland. She has done well in the program! earning highest grade point average possible.

*ut she is worried because she not received +ob offers. et there is hope for nurses

who studies at four,year schools or graduate level programs. They have an

time finding a +ob in health care than nurses graduating from two,year degree program.

16perts say there are fewer +ob openings because in their >(s and 8(s are delaying

retirement. These workers are to rebuild the savings they lost a few years ago

during financial crisis. :ane @irschling is head of the University of 5aryland2s

school. She says weak economic conditions have created tensions in the market. The

number of students entering nursing school has risen sharply recent years. At the same

time! the United States is preparing the retirement of millions of ",.baby,boomers,." That

is the name given Americans born between the end of orld ar Two and the

$%8(s. 4undreds of thousands of nurses are e6pected to retire +ust people their age need

more medical care. 4ealth care laws are in the United States. 4ealth e6perts say

they e6pect demand for to care for the sick and aged to grow. They say older

nurses will retire if the economy improves. This would create openings for younger nurses

and recent college graduates. /or 0#A -earning ! 2m Ale6 0illarreal.

+irways !56S Euro$eans The Tourism cham$ionshi$ grew has home in

increase industry last member number smaller started to visa

visitors


12/14

number of people visiting South Africa grew by almost $( percent year. #ne

country making that number grow is 'hina. 'hinese investment been increasing in South

Africa. So has the number of 'hinese to the country. 'hina sends the fourth largest

number of tourists South Africa. 5ore than $D(!((( 'hinese tourists went there last

year. remain the biggest tourism group. *ut the percentage of 'hinese

tourists by >8 percent from )($$ to )($). *everly Schafer is a of 'ape Town2scity government. She represents an

area that is to a famous soccer stadium. She says the number of visitors the

country increased after South Africa hosted the orld 'up soccer in )($(. South

Africa2s travel industry has been noting the growing of 'hinese tourists. 5ariette u

Toit,4elmbold has worked with 'ape Town . She says the industry is looking for'hinese,speaking guides and has

providing information in 5andarin 'hinese. There are several reasons for the

in 'hinese tourists. #ne could be South Africa2s inclusion in the economic group! which

also includes 'hina. Also! South Africa recently added application centers in *ei+ing and

Shanghai. And last year! South African added direct flights between *ei+ing and

:ohannesburg. Traditionally! 'ape Town2s tourism has been directed toward 1uropeans

and Americans! who often travel in groups or as couples. 4owever! 'hinese touristsoften prefer to travel larger groups. /or 0#A -earning 1nglish! 2m 5ario Bitter.

-e han 7earning )any 8ther :akistan :akistani ;ouTube difficult five

in income is more occu$ational of says so

ta the young

Pakistanis are increasingly concerned about their economy. Fafar Saeed directs

an training center in slamabad! the capital. /or the past $( years! center

has trained thousands of people for work in an increasingly economy. Now! thebusiness is struggling with issues ranging from loss electricity to inflation. Fafar Saeed

blames the government for the situation. says his organi?ation has suffered big financial

losses in the last years. #ne of the reasons is long power outages. Another reason

that inflation makes it hard for people to pay his fees they can learn skills that lead toincome.


13/14

people share his opinion. Street protests against power outages are common

Pakistan. Some outages can now last an entire day. Ashfa9ue 4assan is a professor at

the NUST *usiness School in slamabad. 4e there has been too little political will to fi6

the national system. -ess than one percent of Pakistan2s $C( million people pay

ta6es. About &( percent of federal lawmakers did not complete any ta6 documents last

year. As Professor @han notes! that makes it difficult to ask ma+or donors to the country

for help. 4e other nations 9uestion why they should provide Pakistan with aid

when does not ta6 its own wealthy citi?ens.

Si6ty percent of the population is under the age of )>. #pinion surveys show

that people are most concerned about economic problems and corruption.

/or 0#A 1nglish! 2m -aurel *owman.G ou can watch more captioned videos at

0#A -earning 1nglish website and the 0#A -earning 1nglish channel on

"" 14th. 6a$riles ,or -e )aduro


14/14

president died of cancer last month. 5r. promised to continue the social policies and

programs of 5r. 'have?. supporters! the election was about saving programs for free

housing! health and education. /or 0#A -earning 1nglish! 2m 'arolyn Presutti.

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Anhvannghe.doc