阅读理解YOUTH MARKET With increasing prosperity, West European youth is having a fling that is crating distinctive consumer and cultural patterns. The result has been the increasing emergence in Europe of that phenomenon well known in America as the "youth market". (0). In the United States, the market is wide ranging and well established, almost an industry, with which this country''s emphasis on "youthfulness" even extends beyond teenager group. (8). In some country such as Britain, West Germany and France, it is more advanced than in others. Some manifestations of the market, chiefly sociological, have been recorded, but it is only just beginning to be the subject of organized consumer research and promotion. (9). Similarities: The market''s basis is essentially the same—more spending power and freedom to use it in the hands of teenagers and older youth. Young consumers also make up an increasingly high proportion of the population. As in the United States, youthful tastes in Europe extend over a similar range of products—records and record players, transistor radios, leather jackets and "way-out" extravagantly styled clothing, cosmetic and soft drinks. Generally it now is difficult to tell in which direction trans Atlantic teenage influences are flowing. Also, a pattern of conformity dominates European youth as in this country, though in Britain the object is to wear clothes that "make the wearer standout",. but also make him "in", such as tight trousers and precisely tailored jackets. There are Worship and emulation of "idols" in the entertainment field, especially the pop singers and other performers. (10). In Paris, buyers of stores catering to the youth market carefully watch what dress is being worn by a sudden demand of copies. In Stockholm other followers of teenage fads call the youth market "attractive but irrational". (11). In the European youth-market, unlike that of the United States, it is the working youth who provides the bulk of purchasing power. On the average, the school-finishing age still tends to be 14 years. This is the maximum age to which compulsory education extends, and with Europe''s industrial manpower shortage, thousands of teenage youths may soon attain incomes equal in many cases to that of their fathers. (12). The European average is about $ 5 to $ 10 a month. Working youth, consequently are the big spenders in the European youth market, but they also have less leisure than those staying on at school, but these in turn have less buying power. [A] Although, because of general prosperity, European youths are beginning to continue school studies beyond the compulsory maximum age, they do not receive anything like the pocket money or "allowance" of American teenagers. [B] Characteristics of the evolving European youth market indicate dissimilarities as well as similarities to the American youth market. [C] There is also the same exuberance and unpredictability in sudden fad switches. [D] This is a market in which enterprising business caters to the demands of teenagers and older youths in all their beatlemania and pop air forms. [E] But there are also these important dissimilarities generally with the American youth market. [F] In Western Europe, the youth market may appropriately be said to be in its infancy. [G] The American and European youth markets are alike in regard to occurrence of frequent changes in buying habits. EXAMPLE：The correct answer for blank (0) is [D].

阅读理解WHAT NEXT IN THE MICROSOFT SUIT (0) . It wants to find the appropriate punishment following a judge''s ruling that Microsoft is a monopoly, including the possible breakup of the software company. "We are looking at the range of sanctions? we''re talking to people in the industry, people who work with Microsoft, people who manufacture computers and we''re doing an analysis to make sure that we have a remedy that will promote competition, assure innovation and promote consumer choice, " he said. He thought the judge was quite clear that innovation has been impaired and he had heard all the evidence. Meanwhile, Microsoft Chairman Bill Gates said in a letter published today that the software maker is committed to "a fair and responsible" resolution of the anti-trust trial. (8). "We''ve been here before in a first lawsuit, " he said. "And eventually the courts came out on the side of the consumer, saying that all companies should have the ability to innovate their products and take their chances in the marketplace." (9). "As this case moves toward resolution, Microsoft''s 30, 000 employees are focused on creating the next generation of products that will deliver the benefits of the Information Age, anytime, anywhere and on any device, " Gates wrote. (10). On Friday, Jackson took Microsoft to task for numerous instances of anti-competitive behavior, including its dealings with America Online over the latter''s browser choices, its contracts with PC makers, which forced them to feature prominently the Internet Explorer Web browser instead of Netscape''s competing product. (11). The judge noted that Microsoft''s own studies confirmed that Microsoft could have charged only $49 per Windows upgrade and still remained profitable, and that it had enough power within the market to charge $89. (12). It is through high "barriers to entry", in other words, by making it more costly to create competing software. [A]. Bob Herbold, the executive vice president and chief operating officer for Microsoft, said that the judge''s ruling this week is just a first step in the process that is just getting under way. [B]. Microsoft''s competitors know that the company in fact has a referee starting directly over the shoulder every time it moves on a playing field. [C]. What''s more, Microsoft erected the barriers to keep others out of the marketplace. [D]. The Justice Department''s top anti-trust prosecutor says this week that the government is looking at a full range of remedies. [E]. Jackson said that the company took that additional profit and invested it not in its own products but in efforts to keep other companies out of various software markets. [F]. Meanwhile Bill Gates, in a full-page advertisement published in the Washington Post and addressed to the company''s customers, partners and shareholders, commented on Friday''s ruling. [G]. He claimed that Microsoft is committed to resolving this matter in a fair and responsible manner, while ensuring that the fundamental principles of consumer benefit and innovation are protected. EXAMPLE：The correct answer for blank (0) is [D].

阅读理解A CONDENSED EMPLOYEE LIFE CYCLE An employee life cycle is the steps the employees go through from the time they enter a company until they leave. Often Human Resources professionals focus their attention on the steps in this process in hopes of making an impact on the company''s bottom line. That is a good thing for them to do. (0) Employees are one of a company''s largest expenses these days Unlike other major capital costs (buildings, machinery, technology, etc.) human capital is highly volatile. You, as a manager, are in a key position to reduce that volatility using the condensed employee life cycle of HIAR (pronounced hire)—Hire, Inspire, Admire, Retire. Hire: This first step is probably the most important. It is important to hire the best people you can find. (8). The cost of replacing a bad hire far exceeds the marginal additional cost of hiring the best person in the first place. Inspire: Once you have recruited the best employees to come to work on your team, the hard part begins. You have to inspire them to perform to their capabilities. (9). That is where you will get their best effort and their creativity that will help your organization excel. Admire: Once you have hired the best employees and have challenged and motivated them, you can not relax. (10). The same attention you paid to their work assignments, to their satisfaction levels, to their sense of being part of a great team needs to continue for as long as they are in your group. As soon as you start to slack off, their satisfaction and motivation decreases. If you don''t do something, they will become disenchanted and will leave. They will become part of the "employee turnover" statistic you were trying to avoid. Retire: This is when you know you have been successful. When employees see your company as the employer of choice, they will join you. (11). As long as you continue to inspire, motivate, and challenge them, they will continue to contribute at the high levels you need in order to beat your competition. They will be long-term employees} even staying with you and your company until they retire. (12). You will attract and retain second and even third generation employees. [A]. This is not a time to be cheap. [B]. When they recognize you as a good boss and a real leader, they will stay around. [C]. To the extent that you can be a good boss, you can keep employees, keep them happy, and reduce the costs associated with employee turnover. [D]. Their goal is to reduce the company''s cost per employee hired. [E]. The biggest mistake a manager can make is to ignore employees. [F]. You have to challenge and motivate them. [G]. They will refer other quality employees to your company, including their relatives. EXAMPLE：The correct answer for blank (0) is [D].

阅读理解Benchmarking The expression benchmarking has become one of the fashionable words in (0) management discussion. The (19) first appeared in the United States in the 1970s, but has now (20) world-wide recognition. But what (21) does it mean and should your company be practicing it? Benchmarking (22) learning about your own practices, learning about the best practices of others, and then making (23) for improvement that will enable you to meet or beat the beast in the world. The essential element is not (24) imitating what other companies do but being able to (25) the best of other firms'' practices to your own (26). Instead of aiming to improve only against previous performance and scores, companies can use benchmarking to inject an element of imagination and common (27) into their search for progress. It is a process which forces companies to look closely at those activities which they may have been taking for granted and (28) them with the activities of other, world-beating companies. Self-criticism is at the (29) of process, although in some cases this may (30) managers who are reluctant to question long-established practices. The process of identifying best practice in other companies does not just mean looking closely at your (31). It might also include (32) companies which use similar processes to your own, even though they are producing different goods. The point is to look at the process (33) than the product. A. late B. past C. previous D. current EXAMPLE：The correct answer for blank (0) is D.

阅读理解EFFECTS OF TAXATION To understand the effect of any tax, one must first determine who bears the burden of the tax. This is not always an easy task. Suppose that the price of a chocolate doughnut is $ 1.00. The government then imposes on sellers a tax of 10 cents per doughnut. A few weeks after its imposition, the tax causes the price to increase to $ 1.00. The doughnut seller clearly receives the same amount per doughnut as he or she did before the tax—the tax has not made the seller worse off. Consumers pay the entire tax in the form of higher prices. On the other hand, suppose that after the tax the price increases to $ 1.04. In this case, the seller keeps only 94 cents per doughnut, and is worse off by 6 cents per doughnut. Consumers are also worse off, however, because they have to pay 4 cents more per doughnut. In this case, retailers and consumers share the burden of the tax. The way a tax affects people is called tax incidence. The statutory incidence of a tax refers to the individuals or groups who must legally pay the tax. The statutory incidence reveals essentially nothing about a tax''s real burden, because as previously illustrated prices may change in response to a tax. In contrast, the economic incidence of a tax refers to its actual effects on people''s incomes. The economic incidence of a tax depends on how buyers and sellers of the commodity react when the tax is imposed. The more sensitive consumers are to change in price, the easier it is for them to turn to other products when the price goes up, in which case producers bear more of the tax burden. On the other hand, if consumers purchase the same amount regardless of price, they bear the whole burden. Taxes have a very important impact on foreign direct investment decisions. Taxes will determine the financial structure of a subsidiary, and they will influence pricing decisions. They may also lead to the formation of holding companies. A MNC (Multinational Corporation) may decide to establish a branch rather than a subsidiary because of a given tax situation. The absence of a tax treaty between the country of a would-be investor and the nation where a foreign investment is to take place might lead to cancellation of investment plans. An unfavorable depreciation in allowance may keep the foreign investor out. Tax rates differ greatly among countries. Some countries have a zero corporate tax rate for the first few years of a new subsidiary''s existence. This is called a tax holiday. It is an investment incentive. Most incentives, however, relate to tax-deductible items. Some countries may allow 100 percent depreciation on machinery in the year of purchase, while others merely allow an accelerated depreciation in the first years. Less developed countries usually have lower corporate tax rates in order to attract foreign investment. Countries differ greatly in determining taxable earnings. Some allow accelerated depreciation, whereby the asset (usually the plant or equipment) is written off at a substantially higher rate during the first years than in the later years. This allows for smaller taxable earnings in the early years. Other countries allow tax-free investment reserves. These are used at a later stage for investment in underdeveloped areas of countries or are sent when countries are in a recession.

阅读理解Marketing Mergers agencies find out whether there is a demand for a product and what sort of demand it is. They will want to know if there are (0) to the product they are going to place; who will use it—men, women, or both; will there be only one section of men or women who will use it; would a low price (19) more customers, or would they need to add something to it to make it popular, or change its packaging—(20) it? For the (21) to these and other questions they will make a survey—an examination—of the market. The survey most people are (22) with is the questionnaire, where a (23)—a specially selected group of people—are asked questions about products they use and why they buy them. But market research techniques can be more complicated than this, (24), for example, a group of people discussing a subject, say, (25) hygiene, to find out if a new toothpaste will sell. Tests may be made by giving away (26) samples of the new product, or reactions to a brand name—the name of a product—may be studied to find out whether a new product will be (27) on the market. From the information (28), the marketing company can prepare their advertising campaign—the (29) plan. There are two types of advertising—product and brand advertising. Product advertising tells people that a new invention or device is being sold. Perhaps a new design of typewriters with special (30), or a new pen that is easier to use. Brand advertising tells people there is a new name on the (31). A product, what is does, and how it is made, could be the same as (32), for example soap powder, but its name is different. In the UK there are basically (33) two detergent, or soap companies which produce hundreds of brand names for powders that are really the same product. A. enemies B. buyers C. sellers D. competitors EXAMPLE：The correct answer for blank (0) is D.

阅读理解GIVING MEMORABLE GIFTS You give business gifts for specific business reasons: to thank a customer for their past business; to cement the relationship; and to encourage their continued business. (0) . To give gifts that are well received and memorable, and avoid giving gifts that offend, here is what you need to know. Does your company have a policy on corporate gifts? What is the policy? Do the gifts get charged to your budget or to an overhead account? What is the budget for these items? Is anyone else in your company sending gifts to customers who are on your list? If so, your gifts should complement each other. (8). Find out whether anyone in your organization is sending gifts to peers of your customer. Coordinate to make sure that neither gift makes the other appear inappropriate. Does the recipient''s company set limits on the number or value of gifts their employees can accept? (9). Some specify a dollar. Others prohibit them altogether. Find out what that policy is and abide by it. You don''t want to put your customer in the awkward position of having to decline a gift from you because it violates their company policy. This is the most important item. (10). Which holiday does she celebrate at this time of the year—Christmas, Hanukkah, Kwanzaa, none? Would he prefer the gift delivered to his home or his office? What gifts from previous years has she liked enough to display in her office? (11). Who are the best suppliers for different types of products? Where can you get top quality items of different types from one source? Who has the best price; the best engraving; the shortest turnaround; the fastest delivery? (12). They often can suggest appropriate gifts and help expedite processing or delivery. [A] Suppliers with whom you have established a relationship understand you and your business. [B] Does he have a favorite charity to which you can donate in his name? [C] Consider combining the budget amounts to give the client one nicer gift rather than two separate gifts. [D] You want to select and deliver gifts that leave your clients delighted. [E] Some companies limit it to "token" gifts. [F] What does he like to do away from the office? [G] Put the gift certificate in the holiday card and hand deliver it. EXAMPLE：The correct answer for blank (0) is [D].

阅读理解Cruise Ship Holidays Passengers on cruise ship holidays, as they are (0) on TV programs and films, usually appear to be both rich and elderly. Such people do not, however, accurately represent the 6.8 million (19) who took this kind of holiday last year. Over the last few years the world cruise industry has concentrated on (20) to younger, less wealthy people, giving them a/an (21) more like a floating disco than the traditional quiet holiday on a luxury ship. Even families with young children are no longer so (22) on cruise ship. Partly as a result, the number of passengers taking a cruise has increased by a/an (23) of 8.5% a year since 1990. Cruise Star is now the world''s (24) cruise line. The other two major companies are Intersail and Seaways. Together these three carry (25) half the world''s cruise passengers and (26) almost all the industry''s profits. For the 30 or so smaller firms, life is much tougher. That is because (27) size brings so many benefits to the large firms. They can negotiate bulk discounts on (28) such as food and fuel, and even, if they order enough of them, on ships. A secondary (29) for the smaller operators is that they cannot spread overheads such broadly marketing. A significant part of the cost of (30) people on a cruise happens before they go on board the ship. The three large companies between them spend more than $ 100 million a year on TV (31) in America. They (32) armies of salesman. Delivering passengers to the ship is part of package deal and, once again, (33) means savings: Cruise Star is the biggest single buyer of airline tickets in America. A. used B. said C. attracted D. portrayed EXAMPLE：The correct answer for blank (0) is D.

阅读理解THE DIFFICULTIES OF MANAGING A SMALL BUSINESS ''The organizational weaknesses that entrepreneurs have to deal with every day would cause the managers of a mature company to panic,'' Andrew Bidden wrote recently in Boston Business Review. This seems to suggest that the leaders of entrepreneurial or small businesses must be unlike other manages, or the problems faced by such leaders must be the subject of a specialized body of wisdom, or possibly both. Unfortunately, neither is true. Not much worth reading about managing the entrepreneurial or small business has been written, and the leaders of such businesses are made of flesh and blood, like the rest of us. Furthermore, little has been done to address the aspects of entrepreneurial or small businesses that are so difficult to deal with and so different from the challenges faced by management in big business. In part this is because those involved in gathering expertise about business and in selling advice to businesses have historically been more interested in the needs of big business. In part, in the UK at least, it is also because small businesses have always preferred to adapt to changing circumstances. The organizational problems of entrepreneurial or small businesses are thus forced upon the individuals who lead them. Even more so than for bigger businesses, the old saying is true—that people, particularly those who make the important decisions, are business'' most important asset. The research that does exist shows that neither money nor the ability to access more of it is the major factor determining growth. The main reason an entrepreneurial business stops growing is the lack of management and leadership resource available to the business when it matters. Give an entrepreneur an experienced, skilled team and he or she will find the funds every time. Getting the team, though, is the difficult bit. Part of the problem for entrepreneurs is the speed of change that affects their businesses. They have to cope with continuous change yet have always been suspicious about the latest management solution''. They regard the many offerings from business schools as out of date even before they leave the planning board and have little faith in the recommendations of consultants when they arrive in the hands of young, inexperienced graduates. But such impatience with management solutions'' does not mean that problems can be left to solve themselves. However, the leaders of growing businesses are still left with the problem of who to turn to for advice. The answer is horribly simple: leaders of small businesses can ask each other. The collective knowledge of a group of leaders can prove to be enormously helpful in solving the specific problems of individuals. One leader''s problems have certainly been solved already by someone else. There is an organization called KITE which enables those responsible for small businesses to meet. Its members, all of whom are chief executives, go through a demanding selection process, and then join a small group of other chief executives. They come from a range of business sectors and each offers a different corporate history. Each group is led by a moderator, an independently selected businessman or woman who has been specially trained to head the group. Each member takes it in turn to host a meeting at his or her business premises and, most important of all, group discussions are kept strictly confidential. This encourages a free sharing of problems and increases the possibility of solutions being discovered.

阅读理解Writing Effective Job Descriptions A job description describes the major (0) of an employee''s job or position. A good job description begins with a careful (19) of the important facts about a job, such as the individual tasks (20), the methods used to complete the tasks, the purpose and responsibilities of the job, the (21) of the job to other jobs, and the (22) needed for the job. It''s important to (23) a job description practical by keeping it dynamic, functional, and current. Don''t get stuck with an inflexible job description! A poor job description will (24) you and your employees from trying anything new and (25) how to perform their job more productively. A well-written, practical job description will (26) you avoid hearing a refusal to carry out a relevant assignment because "It isn''t in my job description." Realistically speaking, many jobs are (27) to change due either to personal growth, organizational development, and the evolution of new technologies. (28) job descriptions will encourage your employees to grow within their positions and learn how to make larger (29) to your company. For example: Is your office manager stuck (30) ordering office supplies for the company and keeping the storage closet well stocked or is he (31) and implementing a system of ordering office supplies that promotes cost savings and (32) within the organization? When writing a job description, keep in mind that the job description will (33) as a major basis for outlining job training or conducting future job evaluations. A. statistics B. places C. addresses D. areas EXAMPLE：The correct answer for blank (0) is D.

阅读理解ON ADVERTISEMENT Money spent on advertising is money spent as well as any I know of. It serves directly to assist a rapid distribution of goods at reasonable prices, thereby establishing a firm home market and so making it possible to provide for export at competitive prices. By drawing attention to new ideas it helps enormously to raise standards of living. By helping to increase demand it ensures an increased need for labor, and is therefore an effective way to fight unemployment. It lowers the costs of many services: without advertisements your daily newspaper would cost four times as much, the price of your television license would need to be doubled, and travel by bus or tube would cost percent more. And perhaps most important of all, advertising provides a guarantee of reasonable value in the products and services you buy. Apart from the fact that twenty-seven Acts of Parliament govern the terms of advertising, no regular advertiser dare promote a product that fails to live up to the promise of his advertisements. He might fool some people for a little while through misleading advertising. He will not do so for long, for mercifully the public has the good sense not to buy the inferior article more than once. If you see an article consistently advertised, it is the surest proof I know that the article does what is claimed for it, and that it represents good value. Advertising does more for the material benefit of the community than any other force I can think of. There is one more point I feel I ought to touch on. Recently I heard a well-known television personality declare that he was against advertising because it persuades rather than informs. He was drawing excessively fine distinctions. Of course advertising seeks to persuade. If its message were confined merely to information—and that in itself would be difficult if not impossible to achieve, for even a detail such as the choice of the color of a shirt is subtly persuasive—advertising would be so boring that no one would pay any attention. But perhaps that is what the well-known television personality wants.

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听力题 Results from Japan''s largest petrochemicals companies for the year to March 31st reflect the crisis facing a sector plagued by sluggish domestic demand, over capacity, plunging prices and the appreciation of the yen. News of the sectors cure trading position follow this weeks decision by Showa Denko to sell its polystyrene business. The company, a marginal manufacturer, sold its 30,000 tonnes a year Kawasaki plant to Asahi Chemical. Japans largest polystyrene manufacturer with capacity of about 333,000 tonnes a year, equivalent to about 25 percent of the market. The move was the latest in a series of alliances and mergers as the troubled industry restructures. Mitsubishi Petrochemical , the country''s biggest plastics group , reported a loss of Y8.39bn ( $ 80m) compared with pre-tax profits last year of Y8.25bn. The group made an operating loss of Y13.8bn, the first since 1982. The poor result came despite cost-cutting measures, lower raw material prices, and Y4bn worth of profits from equity sales. Turnover fell 12.2 percent from Y372bn to Y326bn, as prices and volumes declined. Earnings per share, which reached Y52.5 in 1991, fell to a loss per share of Y9.44. The group, which is scheduled to merge with Mitsubishi Kasei on October 1st, cut its dividend from Y8 per share to Y4. Mitsubishi Kaseis pre-tax profits fell 76.8 percent from Y9.3bn last year to Y2.2bn. The group reported its first operating loss in 40 years at Y467m, and only managed to post positive pre-tax results by selling Y15. 7bn worth of equities. Turnover fell 1.8 percent, the fourth yearly decline, to Y696bn. The dividend was halved to Y3 per share. Mr. Morihisa Takano, managing director, said the newly merged group would generate pre-tax profits of Y10bn on sales of Y855bn during the year to March 1995. He predicted petrochemicals prices would bottom out during the summer. No decision had been made about the dividend, but the new company could pass it during the current year, he Pre-tax profits at Mitsui Petrochemical industries. Japans biggest polyethylene maker, plunged 75 percent from Y9bn to Y2.26bn on sales down 9.3 percent at Y272bn. The company blamed poor demand for the slump which offset the benefits of cost-cutting measures. The dividend is unchanged at Y6 per share. The group forecast pre-tax profits for the current year marginally up at Y3bn on turnover of Y276bn. Shin-Etsu, one of Japans biggest makers of polyvinyl chloride, reported profits down 26.1 percent from Y17.6bn to Y13bn. Sales increased 0.2 percent from Y275bn to Y276bn. Net profits fell 26.6 percent to Y7.08bn, or Y21.85 per share. The group maintained the final dividend at Y3.75, making the full-year pay out Y7.5 per share. Shin-Etsu forecast pre-tax profits for the current year of Y15.5bn on sales of Y277bn. The outlook for the petrochemicals industry remains blank. The imbalance between supply and demand for ethylene, the basic building block of petrochemicals, is about 2.8m tonnes of ethylene and is set to deteriorate further this year. A massive 700, 000-tonne-a-year ethylene complex owned by Maruzen , Mitsui Petrochemical and Sumitomo Chemical comes on stream later this year and Mitsubishi Petrochemical is also commissioning a new 300,000-tonne-a-year plant this year. Results from Japan''s largest petrochemicals companies for the year to March 31st reflect the crisis facing a sector plagued by sluggish domestic demand, over capacity, plunging prices and the appreciation of the yen. News of the sectors cure trading position follow this weeks decision by Showa Denko to sell its polystyrene business. The company, a marginal manufacturer, sold its 30,000 tonnes a year Kawasaki plant to Asahi Chemical. Japans largest polystyrene manufacturer with capacity of about 333,000 tonnes a year, equivalent to about 25 percent of the market. The move was the latest in a series of alliances and mergers as the troubled industry restructures. Mitsubishi Petrochemical , the country''s biggest plastics group , reported a loss of Y8.39bn ( $ 80m) compared with pre-tax profits last year of Y8.25bn. The group made an operating loss of Y13.8bn, the first since 1982. The poor result came despite cost-cutting measures, lower raw material prices, and Y4bn worth of profits from equity sales. Turnover fell 12.2 percent from Y372bn to Y326bn, as prices and volumes declined. Earnings per share, which reached Y52.5 in 1991, fell to a loss per share of Y9.44. The group, which is scheduled to merge with Mitsubishi Kasei on October 1st, cut its dividend from Y8 per share to Y4. Mitsubishi Kaseis pre-tax profits fell 76.8 percent from Y9.3bn last year to Y2.2bn. The group reported its first operating loss in 40 years at Y467m, and only managed to post positive pre-tax results by selling Y15. 7bn worth of equities. Turnover fell 1.8 percent, the fourth yearly decline, to Y696bn. The dividend was halved to Y3 per share. Mr. Morihisa Takano, managing director, said the newly merged group would generate pre-tax profits of Y10bn on sales of Y855bn during the year to March 1995. He predicted petrochemicals prices would bottom out during the summer. No decision had been made about the dividend, but the new company could pass it during the current year, he Pre-tax profits at Mitsui Petrochemical industries. Japans biggest polyethylene maker, plunged 75 percent from Y9bn to Y2.26bn on sales down 9.3 percent at Y272bn. The company blamed poor demand for the slump which offset the benefits of cost-cutting measures. The dividend is unchanged at Y6 per share. The group forecast pre-tax profits for the current year marginally up at Y3bn on turnover of Y276bn. Shin-Etsu, one of Japans biggest makers of polyvinyl chloride, reported profits down 26.1 percent from Y17.6bn to Y13bn. Sales increased 0.2 percent from Y275bn to Y276bn. Net profits fell 26.6 percent to Y7.08bn, or Y21.85 per share. The group maintained the final dividend at Y3.75, making the full-year pay out Y7.5 per share. Shin-Etsu forecast pre-tax profits for the current year of Y15.5bn on sales of Y277bn. The outlook for the petrochemicals industry remains blank. The imbalance between supply and demand for ethylene, the basic building block of petrochemicals, is about 2.8m tonnes of ethylene and is set to deteriorate further this year. A massive 700, 000-tonne-a-year ethylene complex owned by Maruzen , Mitsui Petrochemical and Sumitomo Chemical comes on stream later this year and Mitsubishi Petrochemical is also commissioning a new 300,000-tonne-a-year plant this year.

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听力题A. the Manager of Office Supplies B. the Marketing Manager C. a young junior manager D. the Managing Director E. the Training Manager F. the temporary clerk G. the Personnel Manager H. the Sales Manager