Exercise 3 ( Observations at the Airport)
*Neuro-linguistics: it is the study of the neural mechanisms in the human brain that control the comprehension, production, and acquisition of language. As an interdisciplinary field, neuro-linguistics draws methododology and theory from fields such as neuroscience, linguistics, cognitive science, neurobiology, communication disorders, neuro-psychology, and computer science. Researchers are drawn to the field from a variety of backgrounds, bringing along a variety of experimental techniques as well as widely varying theoretical perspectives. Much work in neuro-linguistics is informed by models in psycholinguistics and theoretical linguistics, and is focused on investigating how the brain can implement the processes that theoretical and psycholinguistics propose are necessary in producing and comprehending language.
Text B
*CV: The word "CV" is an abbreviation of "Curriculum Vitae" which itself means "Course of Life". A CV's primary use is as a job-seeking tool, a document sent to prospective employers to showcase the author's suitability for a certain role. As such the CV should not reflect ALL of one's personal lifetime experiences and achievements but instead the experiences and achievements most relevant to a particular Job Role or Career Path.
The presentation and content of a CV changes from country to country due to cultural differences. This article has been written for those interested in the UK market including those who are looking for work in the UK from abroad and British Citizens looking for work at home. Those interested in finding work in America should try the Resume Page for more information on the US culture of CV Preparation.
*Re – in correspondence, the abbreviation Re means ` Regarding`.
*Ltd. – the abbreviation stands for a “private company limited by shares”
It is a type of company incorporated under the laws of England and Wales, Scotland or that of certain Commonwealth countries and also the Republic of Ireland. It has shareholders with limited liability and its shares may not be offered to the general public, unlike those of public limited companies.
"Limited by shares" means that the company has shareholders, and that the liability of the shareholders to creditors of the company is limited to the capital originally invested, i.e. the nominal value of the shares and any premium paid in return for the issue of the shares by the company. A shareholder's personal assets are thereby protected in the event of the company's insolvency, but money invested in the company will be lost.
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A limited company may be "private" or "public". A private limited company's disclosure requirements are lighter, but for this reason its shares may not be offered to the general public (and therefore cannot be traded on a public stock exchange). This is the major distinguishing feature between a private limited company and a public limited company. Most companies, particularly small companies, are private.
Private companies limited by shares are required to have the suffix "Limited" (often written "Ltd" or "Ltd.") or "Incorporated" ("Inc.") as part of their name, though the latter cannot be used in the UK or the Republic of Ireland. In the Republic of Ireland "Teoranta" ("Teo.") may be used instead, though this is limited mainly to Gaeltacht companies. "Cyfyngedig" ("Cyf.") may be used by Welsh companies in a similar fashion.
* viz. - as follows, namely, that is to say
*f.o.b. – the abbreviation stands for” Free On Board” (named loading port).
It is the classic maritime trade term, Free On Board: seller must load the goods on board the ship nominated by the buyer, cost and risk being divided at ship's rail. The seller must clear the goods for export. Maritime transport only.
Additional Reading Material
Unit 1
Text C
Some Information about Companies
Generally speaking, a company is a form of business organization that makes or sells goods or services in order to make a profit. Generally, a company may be a corporation, partnership, association, joint-stock company, trust, fund, or organized group of persons. In English law, and therefore in the Commonwealth realms, a company is a form of body corporate or corporation, generally registered under the Companies Acts or similar legislation. It does not include a partnership or any other unincorporated group of persons.
There are different kinds of companies in respect of the area of business such as chemicals, retailing, shipping, catering, engineering, transport, banking, insurance, microelectronics, etc. Some companies are rather small-sized, they operate on a local level. Others are fairly big-sized, they have a head office in a big city and several branches in other cities or even abroad. There are international companies known as multinational corporations (MNC) or transnational corporations (TNC). Such companies represent a form of business (a corporation or enterprise) that manages production or delivers services in more than one country.
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Basically, all companies could be divided into two major types: public companies and private companies. A public company usually refers to a company that is permitted to offer its registered securities (stock, bonds, etc.) for sale to the general public, typically through a stock exchange, but also may include companies whose stock is traded over the counter (OTC) via market makers who use non-exchange quotation services. The term "public company" may also refer to a government-owned corporation. This meaning of a "public company" comes from the tradition of public ownership of assets and interests by and for the people as a whole (public ownership), and is the less-common meaning in the United States. "Publicly owned company" can also have either meaning, although in the United Kingdom it will usually be interpreted as meaning a company in the public sector (being owned by national, regional or local government). The term "public limited company" or simply "PLC", as used in the UK and Ireland, refers to a form of incorporation, and does not imply anything about the ownership of the company.
Usually, the securities of a public company are owned by many investors while the shares of a private company are owned by relatively few shareholders. A company with many shareholders is not necessarily a public company. In the United States, in some instances, companies with over 500 shareholders may be required to report under the Securities Exchange Act of 1934; companies that report under the 1934 Act are generally deemed public companies. The first company to issue shares is thought to be the Dutch East India Company in 1601. A public company is able to raise funds and capital through the sale of its securities. This is the reason why public corporations are so important: prior to their existence, it was very difficult to obtain large amounts of capital for private enterprises. In addition to being able to easily raise capital, public companies may issue their securities as compensation for those that provide services to the company, such as their directors, officers, and employees.
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Aprivate company also has several advantages. It has no requirement to publicly disclose much, for any financial information could be useful to competitors. It spends less for certified public accountants and other bureaucratic paperwork required of public companies by government regulations. The wealth and income of the owners remains relatively unknown by the public. While private companies may also issue their securities as compensation for services, the recipients of those securities often have difficulty selling them on the open market. Securities from a public company typically have an established fair market value at any given time as determined by the price the security is sold for on the stock exchange where the security is traded. The financial media and city analysts will be able to access additional information about the business. In the US, the Securities and Exchange Commission requires that firms whose stock is traded publicly report their major stockholders each year. The reports identify all institutional shareholders (primarily, firms owning stock in other companies), all company officials who own shares in their firm, and any individual or institution owning more than 5% of the firm’s stock.
The norm is for new companies, which are typically small, to be privately owned. After a number of years, if a company has grown significantly and is profitable, or has promising prospects, there is often an initial public offering which converts the private company into a public company or an acquisition of a company by public company. Yet, some companies choose to remain private for a long period of time after maturity into a profitable company. Investment banking firm Goldman Sachs and shipping services provider United Parcel Service (UPS) are examples of profitable companies which remained private for many years after maturing into profitable companies.
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In addition, one publicly-owned company may be purchased by one or more publicly-owned company(ies), with the bought-out company either becoming a subsidiary or joint venture of the purchasers or ceasing to exist as a separate entity, its former shareholders receiving either cash, shares in the purchasing company or a combination of both. When the compensation in question is primarily shares then the deal is often considered a merger. Most industrialized jurisdictions have enacted laws and regulations that detail the steps that prospective owners (public or private) must undertake if they wish to take over a publicly-traded corporation. This often entails the would-be buyer(s) making a formal offer for each share of the company to shareholders. Normally some form of supermajority is required for this sort of the offer to be approved, but once it happens then usually all shareholders are compelled to sell at the agreed-upon price and the company either becomes a subsidiary, ceases to exist or becomes private. The shares of a public company are often traded on a stock exchange. The value or "size" of a public company is called its market capitalization, a term which is often shortened to "market cap". This is calculated as the number of shares outstanding (as opposed to authorized but not necessarily issued) times the price per share. For example, a company with two million shares outstanding and a price per share of US$40 would have a market capitalization of US$80 million. However, a company's market capitalization should not be confused with the fair market value of the company as a whole since the price per share are influenced by other factors such as the volume of shares traded.
For example, if all shareholders were to simultaneously try to sell their shares in the open market, this would immediately create downward pressure on the price for which the share is traded unless there were an equal number of buyers willing to purchase the security at the price the sellers demand. So, sellers would have to either reduce their price or choose not to sell. Thus, the number of trades in a given period of time, commonly referred to as the "volume" is important when determining how well a company's market capitalization reflects true fair market value of the company as a whole. The higher the volume, the more the fair market value of the company is likely to be reflected by its market capitalization.
Exercises
I. Translate the text. Find these words in the text and memorize them:
goods ; services; to make a profit; joint-stock company; body corporate; legislation; to be incorporated/ unincorporated; head office (headquarters); enterprise; public companies; private companies; registered securities; stock; bonds; stock exchange; non-exchange quotation services; public ownership of assets; public limited company; form of incorporation; shares; shareholders; to report under; to raise funds and capital; securities; to publicly disclose; competitors; market value; to be traded; institutional shareholders; initial public offering; to convert; maturity; bought-out company; subsidiary or joint venture; entity; to enact laws and regulations; supermajority; market capitalization; volume
II. Answer the questions:
1. Could you define the term “company”?
2. What is a company according to the English law?
3. What is a big-sized company called if it operates in more than one country?
4. What is the basic classification of companies?
5. Is there only one meaning of the term “public company”?
6. If a company has a lot of shareholders, does it have to be a “public company”?
7. Which company is regarded to be the first to issue shares?
8. How can a public company raise capital?
9. Do public companies sometimes issue shares as a compensation for their staff?
10. What advantages and disadvantages does a private company have?
11. How can a private company turn into a public one?
12. Are there any cases when private companies are reluctant to become public?
13. What takes place when a publicly-owned company is purchased by one or more publicly-owned companies?
14. What is called the market capitalization of a public company?
15. What would take place if all the shareholders simultaneously tried to sell their shares in the open market?
16. What is commonly referred to as the "volume"?
Unit 2
Text C
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