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Вариант 3 для направления подготовки 38.03.01 Экономика (Экономика предприятий и организаций)
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MERCHANT BANKS
Barings, the oldest of the UK merchant banks, was founded in 1762. Originally a general merchant, Francis Baring diversified into financing the import and export of goods produced by small firms. The financing was done through bills of exchange. After confirming firms’ credit standings, Barings would charge a fee to guarantee (or ‘‘accept’’) merchants’ bills of exchange. The bills traded at a discount on the market. Small traders were given muchneeded liquidity. These banks were also known as ‘‘accepting houses’’ – a term employed until the early 1980s. They expanded into arranging loans for sovereigns and governments, underwriting, and advising on mergers and acquisitions.
Financial reforms,28 including the Financial Services Act (1986), changed merchant banking. The reforms allowed financial firms to trade on the London Stock Exchange, without buying into member firms. Fixed commissions were abolished, and dual capacity dealing for all stocks was introduced. This change eliminated the distinction between ‘‘brokers’’ and ‘‘jobbers’’. Most stock exchange members acted as ‘‘market makers’’, making markets in a stock and brokers, buying and selling shares from the public. These changes made it attractive for banks to enter the stockbroking business, and most of the major banks (both clearing and merchant) purchased broking and jobbing firms or opted for organic growth in this area. The majority of the UK merchant banks began to offer the same range of services as US investment banks, namely, underwriting, mergers and acquisitions, trading (equities, fixed income, proprietary), asset or fund management, global custody and consultancy. As merchant banks became more like investment banks, the terms were used interchangeably and, in the new century, ‘‘merchant bank’’ has all but disappeared from the vocabulary.
The UK’s financial regulator, the Financial Services Authority (FSA), has been more sanguine on the conflict of interest issue, even though many of the US investment banks that are party to the April 2003 agreement have extensive operations in London. In a July 2002 discussion paper, the FSA acknowledged the presence of US banks operating in London. The study also identifies a number of conflicts of interest, the main one being when the remuneration of research analysts is dependent on the corporate finance or equity brokerage parts of an investment bank, which generate revenues from underwriting and advisory or brokerage fees. There were no specific accusations of bias, and the FSA noted that institutional investors, who are well informed, are more dominant in the UK markets. However, the paper reports the results of a study by the FSA comparing recommendations on FTSE 100 companies made by firms acting as corporate broker/advisor to the subject company to those made by independent brokers with no such relationship. The main finding was that the firms acting as corporate brokers/advisors to the subject company made nearly twice as many buy recommendations as the independent brokers.
Having identified potential conflicts of interest, the FSA noted that many are currently covered under Conduct of Business rules, Code of Market Conduct and insider trading laws. The paper concluded by suggesting four possible options: (1) the status quo; (2) all research reports from investment banks or related firms to be clearly labelled as advertising; (3) following the US route, though this option would require a far more prescriptive approach, which is at odds with the UK’s emphasis on principles; or (4) letting market forces do their job, because investors know who the client firms of investment banks are, and discount any reports coming from their research department. These options were put forward for further discussion, and in 2003 the FSA published a consultative paper (CP171, 2003). It appears the FSA will continue with a principles-based approach, but like the US authorities, recommends analysts should not be involved in any marketing activities undertaken by the investment bank, nor should the investment banking department influence the way analysts are paid. The FSA also suggests that analysts working for a bank underwriting a share issue for a firm should be banned from publishing any research on this firm. There are objections to the last proposal: it is argued that the analyst at the underwriting firm is the best informed about the firm about to go public, so stopping the publication of their reports will mean the market is missing out on a good source of information. Also, what if more than one bank is underwriting a rights issue? Unlike the USA, the banks will not be required to fund independent research. Nor will analysts be required to certify that any published report reflects their personal opinion. However, the FSA has announced plans to educate the public on the risk associated with stock market investments, which is in line with their statutory duties.
(Шпетный К.И., Калмыкова Е.И., Захарова М.А., Казанчян К.П. Английский язык для экономистов)
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Вариант 1 для направления подготовки 38.05.02 – «Таможенное дело»
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THE DUTIES OF A CUSTOMS OFFICER
The moment a traveler crosses the border his/her luggage is taken to the customs house. This is a place where travelers’ belongings are searched when leaving or entering the country by the customs officer, or inspector. Every country has its own customs regulations, which stipulate what articles are liable to duty and what are duty- free. The functions and legal powers of customs agencies vary from country to country. Although customs officers’ duties vary greatly from police officers’, their role in protecting the country from security threats is just as important. Customs officers exercise control over the movement of goods, vehicles and people entering and leaving the country.
They protect society by combating the importation of dangerous or illegal goods such as firearms, drugs and obscene items. Customs officers are involved in preventative work - targeting and searching vehicles, freight and documentation. There can also be some agency work for the police (licensing vehicles, drink driving etc), and for the immigration authorities. The job requires keen observation, quick analysis and the knowledge of over a hundred different pieces of legislation ranging from the Customs Act, agriculture laws, and citizenship and immigration laws, to a series of other laws regulating firearms, importation and drugs. Customs officers administer customs and related laws. They work for the Customs Service, mainly at major airports, seaports or outposts. They are subject to discipline and must wear uniform, carry firearms, work irregular hours, and work anywhere in the country as required by duties.
Customs officers check passengers and crew before clearing them for entry into the country. They check luggage and other cargo of ships and aircraft to prevent the illegal entry of prohibited, quarantined or dutiable goods. Customs officers may perform the following tasks: 1) assist with customs control of all incoming and outgoing passengers, crew, aircraft, ships' cargo and mail; 2) board ships and aircraft to detect illegal activity such as undocumented cargo, prohibited goods or stowaways; 3) check documents, and clear goods for import or export; 4) write reports, collect tariffs and duty; 5) patrol the coastline to detect illegal entry of people, drugs, firearms, and other goods and vessels; 6) make arrests, assist with prosecution and give evidence in court.
Much of the work undertaken by Customs officers involves contact with the public, use of computers and clerical duties. Most positions involve shift work. Customs officers usually work as part of a team or under general supervision. During initial training and the early stages of their careers, they can expect to be moved through a number of different areas, some of which may involve shift work and overtime. This may include periods of transfer to customs centres around the country.
(Никитин В.В. Customs Authority. Сборник текстов)
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Вариант 2 для направления подготовки 38.05.02 – «Таможенное дело»
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MANNING THE GATES
Drugs are not the only goods that people smuggle across borders; in different countries throughout the world, there are a wide variety of things that are considered contraband. In addition to drugs, customs agencies may watch for weaponry, child pornography, counterfeit merchandise and stolen goods. Sometimes people try to import items without even realizing it's against the law.
These sorts of illegal materials make up only one category of contraband goods. Customs agents also stop the importation of legal goods that are a threat to the nation's security. In most countries, the importation of fruits, meats, animals and plants is heavily regulated due to the fear of disease or ecological imbalance. While it may seem strange that a piece of fruit is considered a threat to national security, the risk of biological contamination is very real. In the late 1980s, one traveler with one piece of contaminated fruit caused an infestation of Mediterranean fruit flies that destroyed millions of dollars worth of crops in California. Customs agencies test food imports, and if the samples do not meet the governments standards, the goods are destroyed or turned away from the port. When animals are brought into the country, they may be put in quarantine for long-term observation.
A country's government might also ban importation of items based on ethics and morality. For example, in many countries, you cannot import ivory or other products that come from endangered animals. Without customs agencies, nations would have no control over what comes in and goes out of their country. In order to protect its citizens and businesses, a government has to be vigilant in protecting its borders, not only against armed attack, but also against unwanted imports. As any customs agent will tell you, this is crucial to maintaining order in modern society.
(Никитин В.В. Customs Authority. Сборник текстов)
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Вариант 1 для направления подготовки 24.05.01 – «Проектирование, производство и эксплуатация ракет и ракетно-космических комплексов»
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ROBOTS GROW IN NUMBERS
The International Federation of Robotics (IFR) expects new installations of industrial robots to reach 200,000 units in 2014, and grow 12 percent annually between 2015 and 2017. That would boost the world’s industrial robot population to more than 2 million in 2017. In 2013, the latest year for which the organization has complete data, sales of industrial robots rose 12 percent, to 178,132 units worth $9.5 billion. IFR’s data comes from projections of its members, the world’s top robot manufacturers. The data include robots, but not peripherals (grippers, welders, cameras, and the like), software, and systems engineering. Those installed costs, typically three to four times the cost of the robot, would bring the total market to $29 billion in 2013.
Automakers still drive the market for industrial robots. In 2013, they purchased 69,400 units, a 4 percent increase from 2012, and accounted for nearly 40 percent of all industrial robot installations. BMW highlights some of the changes in the industry. The German automaker started by linking groups of robots to programmable linear controllers. As robot controllers grew more powerful, they replaced some PLC functions. This supported larger, more distributed, more flexible, and safer networks of robots. Today, BMW’s typical installation involves 800 to 1,000 industrial robots handling payloads of 10 to 750 kg. Master production scheduling takes place in the cloud, and the orders are passed down through manufacturing execution systems and 150 PLCs, each one connected to several robots. The resulting system can produce up to six different car derivatives on one line, allowing real-time customization.
Going forward, BMW’s Stefan-Markus Baginski, a senior manager involved in robot installations, expects systems for programming and connecting robots and PLCs to become more open and standardized. He also expects more robot-human collaboration. Until now, robots were limited to white body applications, the automated welding and joining of auto frame and body components, according to Universal Robots CEO Enrico Iversen. This is because working around high-speed robots is dangerous. Universal is a pioneer in safer industrial robots that stop quickly when they contact a person. This enables them to work near people without hurting them. BMW and other automakers have begun installing these robots on assembly lines, where they can split such jobs as positioning and joining parts. The same human-friendly robots can also shuttle work pieces in and out of machines, pack products, run tests, and place pepperoni slices on pizza in assembly lines near people. Electronic and electrical products are the second largest industrial robot market. Orders rose 11 percent, to 36,200 units, in 2013, about 20 percent of all installations. While many electronic devices are made in low-wage nations, those countries are also rapidly installing robots to achieve the high quality needed to compete in international markets.
According to IFR, China added 50,000 new robots in 2014. It expects installations to rise 25 percent per year and reach roughly 100,000 robots annually in 2017. This will double the number of industrial robots now in China to 400,000. At that point, the number of robots in China will exceed those in Japan, Germany, Korea, and North America. China combines an enormous manufacturing base with very low robot density. The country currently has about 30 robots per 10,000 employees. Japan and Germany have between 10 and 11 times that density. China may be able to absorb many more robots. There are many factors, in addition to quality, driving the increased use of robots. Robots have already demonstrated their productivity. As a result, many factories choose to add robots as they retool to use new materials (such as composites) and energy-efficient technologies. Robots are also growing easier to program and more flexible to use, enabling factories to switch between products rapidly. This is increasing the practicality of robots for smaller manufacturers who cannot afford a dedicated staff to program their systems.