True or false, according to Colin Barrow?

a) It is not possible for small companies to grow during economic downturns.

b) Small companies are in a worse situation than big companies during downturns.

c) Small companies should look especially at their customers and their finances.

d) If small companies were paid more quickly, they would have fewer financial problems.

e) Overdrafts are a good source of finance in case of difficulty.

Find in the text words which mean the following:

1. a period or process in which business activity, production etc is reduced and conditions become worse;

2. the money that an organization or person has, and the way that they manage it;

3. an amount of money that has been or must be paid;

4. to make something smaller or less in size, amount, or price;

5. the amount of money you owe to a bank when you have spent more money than you had in your account.

Vocabulary

industry	индустрия, промышленность, отрасль	Ireland is now a European center for light industry.
sector	сектор	The growth in the number of home computers has boosted the electronics sector.
public sector	государственный сектор	The main source of work here is public sector employment.
private sector	частный сектор	The private sector often complains about public enterprise.
manufacturing sector	производственный сектор	Most people in the area work in manufacturing sector.
service sector	сектор обслуживания	Most of the service sector jobs taken by women are in cleaning and catering.

Task 3. Match the words A - F with their definitions 1 – 6.

A sector	1 activities connected with production of goods
B private sector	2the companies, organizations and activities in an economy that are owned and controlled by the government
C industry	3companies and activities involved in banking, tourism, transport rather than manufacturing goods
D public sector	4 the industries and services that are not owned by the government
E service sector	5 the organizations or companies in a particular area of activity
F manufacturing sector	6 the production of basic materials and of goods

Vocabulary

shares	акции	They sold their shares at a higher price.
shareholder	акционер	Some shareholders are unhappy with the new management of the club.
subsidiary	дочерняя компания	Sharp Electronics is the U.S. subsidiary of Japan's Sharp Corporation.
acquisition	приобретение	IBM will look at acquisitions including small service companies.
takeover	поглощение	In this sector, he also thinks software concern Davidson & Co. might make an interesting takeover play.
joint venture	совместное предприятие	Some analysts also said that a joint venture with Canon is possible.
alliance	союз; альянс	The companies have formed an alliance to market the product.
merger	слияние, объединение	There has been a lot of talk about a merger with another leading bank.

Task 4. Fill in the gaps in the sentences 1 – 6 with the following words:

acquisitions, shareholders, merger, takeover, subsidiary, joint venture

1. Encouraged by growing global competition, Renault of France and AB Volvo of Sweden are exploring a possible ___ that would create the world’s fourth largest auto company.

2. Finding a local partner and creating a ___ could be a good way of entering a new overseas market.

3. Tokay, the world’s oldest wine producer, was bought by a Japanese distiller and a French insurance group. It was one of the most important ___ in this industry.

4. Dividends are paid to the ___ each year if adequate profits are made.

5. The managers wanted to remain an independent concern and were strongly against any ___.

6. Chase Manhattan Bank is a ___ of Chase Manhattan Corporation.

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