“企业面纱”（“corporate veil")

If households really“pierce the corporate Veil．”then a temporary increase in business profits will have no effect 0n private savings．Discuss．

听力原文：S=Sue P=Peter

S: And today on Business Sport we have this year's winner of 'South-East Company of 1999', Peter Jones, Manager of corporate travel agency Corporate Direct. Hello Peter. And congratulations on your award.

P: Thank you, Sue.

S: So. Peter, how has the award affected your company so for？

P: Well. Sue, we've been stunned by all the media attention, which might even generate me new business, you never know. But the real benefit is the boost to morale. Everyone's been working extremely hard to make the business a success and it's great to see their efforts rewarded.

S: So why did you start Corporate Direct？

P: Well, about six years ago I was made redundant. I couldn't really see myself working for any of the local travel/agencies. And I'd always wanted to do my own thing. So I decided it was now or never.

S: What did your wife think？

P: She wasn't too keen initially. She didn't want me turning her home into a travel agency. But thankfully it wasn't long before we could open a small office.

S: And business is still booming. Some of your services are expanding very rapidly.

P: Yes, they are. Core services like car rental were popular right from the word go, although what's really taken off is our monthly journal Travel Direct. Subscriptions are increasing at ten to twenty per cent a month. We're also looking at ways of promoting our currency exchange service.

S: So things are obviously going very well for you. But what exactly makes Corporate Direct so unique？

P: Well, although there are two other independent travel offices here in the area, offering people the same unbiased advice, as far as I know, we're still the only company keeping a comprehensive database of clients' travel guidelines, things like which airlines they use.

S: ... meaning you make arrangements in line with each company's policies.

P: Yes, that's right. And like the other big names, we can also provide very competitive rates too.

S: And as I understand it, you've also been developing the consultancy arm of the company as well. What services do you currently offer？

P: Well, advising companies on their trove/policies is a very popular service and one which looks set to develop even further. What really attracts companies, though, is our corporate hospitality consultancy. We advise people on all sorts of PR type things, everything from wine-tasting to car-racing. We've also seen an increase in the number of clients asking our advice on language training courses.

S: But why does a company use an agency rather than make its own arrangements？ Wouldn't it be cheaper？

P: Well, some companies do of course arrange things themselves. And in some cases it may indeed be cheaper for them to do so. But what's mast important for companies, though, is that by using a corporate travel agency, they get everything arranged far more quickly, without the hassle of dealing with numerous providers. And I suppose our clients appreciate not having to worry about quality. Quite simply, we take the stress out of organising corporate travel.

S: So, who are your biggest clients？

P: Well, there's quite a range. We've got clients in the retail industry, like fashion companies, for example, and we're seeing far more interest from hotels and catering companies. Although, in general, I'd say our customers are more often than not from accountancy firms or banks and I can't see that changing in the future.

S: Speaking of the future, what new ventures are planned for Corporate Direct？

P: Well, we're introducing a 24-hour emergency service in the next two to three months. Clients will be able to call our Hotline for help at any time.

S: I should imagine that'll be really useful.

P: Well, we hope so. But our biggest priority at the moment is updating our Internet site in time for the Travel Fair in a fortnight's time. Clients will be able to access our website arid book services directly from our home page. We

A．staff motivation.

B．media publicity.

C．new business.

ing place primarily in political circles. Here at the college Fund, we have a lot of contact with top corporate leaders; none of them is talking about getting fid of those instruments that produce diversity. In fact, they say that if their companies are to compete in the global village and in the global market place, diversity is an imperative. They also say that the need for talented, skilled Americans means we hale to expand the pool of potential employees. And in looking at where birth rates are growing and at where the population is shifting, corporate America understands that expanding the pool means promoting policies that help provide skills to more minorities, more women, and more immigrants. Corporate leaders know that if that doesn' t occur in our society, they will not have the engineers, the scientists, the lawyers, or the business managers they will need.

Likewise, I don' t hear people in the academy saying, "Let' s go backward. Let' s go back to the good old days, when we had a meritocracy" (which was never true -- we never had a meritocracy, although we' ve come closer to it in the last 30 years). I recently visited a great little college in New York where the campus has doubled its minority population in the last six years. I talked with an African American who has been a professor there for a long time, and she remembers that when she first joined the community, there were fewer than a handful of minorities on campus. Now, all of us feel the university is better because of the diversity. So where we hear this debate is primarily in political circles and in the media -- not in corporate board rooms or on college campuses.

The word "imperative" in the first paragraph most probably can be replaced by ______.

A．remarkable

B．superficial

C．essential

D．debatable

Corporate Apartments around a truly impressive recreational facility．Your employees can take a swim in a large heated swimming pool，play tennis day or night on lighted courts with the residents，even enjoy a workout in one of the high—tech fitness centers．

You will hear another five recordings.

For each recording, decide what the advertisement is about.

Write one letter(A-H)next to the number of the recording.

Do not use any letter more than once.

After you have listened once, replay each recording.

You have 15 seconds to read the list of reasons A-H.

A. a hotel

B. a special offer

C. a recreational center

D. apartments

E. an airplane

F. a rain coat

G. furniture in an office

H. a place

ng place primarily in political circles. Here at the college Fund, we have a lot of contact with top corporate leaders; none of them is talking about getting rid of those instruments that produce diversity. In fact, they say that if their companies are to compete in the global village and in the global market place, diversity is an imperative. They also say that the need for talented, skilled Americans means we have to expand the pool of potential employees. And in looking at where birth rates are growing and at where the population is shifting, corporate America understands that expanding the pool means promoting policies that help provide skills to, more minorities, more women, and more immigrants. Corporate leaders know that if that doesn' t occur in our society, they will not have the engineers, the scientists, the lawyers, or the business managers they will need.

Likewise, I don' t hear people in the academy saying, "Let' s go backward. Let' s go back to the good old days, when we had a meritocracy" (which was never true we never had a meritocracy , although we' ve come closer to it in the last 30 years). I recently visited a great little college in New York where the campus has doubled its minority population in the last six years. I talked with an African American who has been a professor there for a long time, and she remembers that when she first joined the community, there were fewer than a handful of minorities on campus. Now, all of us feel the university is better because of the diversity. So where we hear this debate is primarily in political circles and in the media not in corporate board rooms or on college campuses.

The word "imperative" in the first paragraph most probably can be replaced by_________.

A．remarkable

B．superficial

C．essential

D．debatable

It's very interesting to note where the debate about diversity(多样化)is taking place. It is taking place primarily in political circles. Here at the College Fund, we have a lot of contact with top corporate(公司的)leaders; none of them is talking about getting rid of those instruments that produce diversity. In fact, they say that if their companies are to compete in the global village and in the global market place, diversity is an imperative. They also say that the need for talented, skilled Americans means we have to expand the pool of potential employees. And in looking at where birth rates are growing and at where the population is shifting, corporate America understands that expanding the pool means promoting policies that help provide skills to more minorities, more women and more immigrants. Corporate leaders know that if that doesn't occur in our society, they will not have the engineers, the scientists, the lawyers, or the business managers they will need.

Likewise, I don't hear people in the academy saying "Let's go backward. Let's go back to the good old days, when we had a meritocracy(不拘一格选人才)"(which was never true--we never had a meritocracy, although we've come closer to it in the last 30 years). I recently visited a great little college in New York where the campus has doubled its minority population in the last six years. I talked with an African who has been a professor there for a long time, and she remembers that when she first joined the community, there were fewer than a handful of minorities on campus. Now , all of us feel the university is better because of the diversity. So where we hear this debate is primarily in political circles and in the media--not in corporate board rooms or on college campuses.

The word "imperative"(Line ,Para. 1 )most probably refers to something ______.

A．superficial

B．remarkable

C．debatable

D．essential

o note where the debate about diversity (多样化) is taking place. It is taking place primarily in political circles. Here at the College Fund, we have a lot of contact with top corporate (公司的) leaders; none of them is talking about getting rid of those instruments that produce diversity. In fact, they say that if their companies are to compete in the global village and in the global market place, diversity is an imperative. They also say that the need for talented, skilled Americans means we have to expand the pool means promoting policies that help provide skills to more minorities, more women and more immigrants. Corporate leaders know that if that doesn’t occur in our society, they will not have the engineers, the scientist, the lawyers, or the business managers they will need.

Likewise, I don’t hear people in the academy saying. “Let’s go backward. Let’s go back to the good old days, when we had a meritocracy (不拘一格选人才) “ (which was never true-we never had a meritocracy, although we’ve come close to it in the last 30 years). I recently visited a great little college in New York where the campus had doubled its minority population in the last six years. I talked with an African American who has been a professor there for a long time, and she remembers that when she first joined the community, there were fewer than a handful of minorities on campus. Now, all of us feel the university is better because of the diversity. So where we hear this debate is primarily in political circles and in the media-not in corporate board rooms or on college campuses.

第36题：The word “imperative” (Line 5, Para. 1) most probably refers to something ________.

A) superficial

B) remarkable

C) debatable

D) essential

infrastructure — partitioning information across multiple servers, using new encryption schemes, and so on. So one of the ways this is going to impact all of you is — well, aside from making your data more secure, we're adopting a new password policy, and we're asking everyone to please understand it and comply with it. Basically, what the policy means is... every password you use within the corporate network —whether it's for your employment records or project files — all passwords now have a lifespan of one year. That means that once a year, you're going to have to change all your passwords. I know it's a small inconvenience to you, but it adds a very important layer of network security... and I hope you'll all agree with how important THAT is.

Why has the speaker given this talk？

A．To alert staff to a problem with network security

B．To announce a new policy related to network security

C．To recommend a method for improving network security

D．To inform. new employees about the company's network security policies

听力原文： (A = Alex S = Sophie)

A: Job losses are expected at the Manchester plant of the beauty products manufacturer, Vie Vitale, Sophie Jones has been following the story and is in our Manchester studio. Good morning, Sophie.

S: Good morning, Alex.

A: So, job losses, Sophie？ How are things going？ We've been hearing reports of up to 300 jobs going.

S: Well, if Vie Vitale does go ahead with restructuring and that includes the disposal of its manufacturing base, then as many as 200 of the 500 jobs here are far from guaranteed.

A: And where exactly will these cuts be made, Sophie？

S: Well, most would almost certainly be in the manufacturing division. This is an area Vie Vitale wants to get out of completely. And if this happens, then it would have serious consequences for jobs in distribution. However, the company wants to focus on its product development, so there's unlikely to be any losses there. At least, that's what the company's saying this morning.

A: So very little good news there. But why should the company suddenly find itself in such a difficult position？

S: Well, the health and beauty retail sector is still as fashionable as ever and has attracted a lot of new companies to the market. The sad truth is, though, that these new companies now have equally good if not better ideas at the same kind of price. And I think this is the fundamental problem. And last year, La Face, the French manufacturer, brought out a new range again, very similar types of products, very similar sorts of ideas.

A: So how well are La Face doing？

S: Well, actually, they haven't been doing that well either. In fact, only last week they announced they're no longer going to focus on their own retail outlets, but rather on the mail order side of the business instead. They're also considering selling through department stores, but nothing's been confirmed yet. So Vie Vitale isn't alone in feeling incredible pressure.

A: Well, it sounds like the problem they're all having is that it's getting quite crowded. So what does all this mean for Vie Vitale's share price？

S: Well, if we look at the share price over the last year, you can see that although it started high at the beginning of the year and looked steady in the first six months, there's been a huge drop since then, reaching its lowest point last week where the City really lost confidence in what they were doing.

A: Right. Now, Vie Vitale's corporate image used to be unique, didn't it？ So how are they planning to establish themselves as the market leader once more？

S: Well, Alex, they're not giving away too many details just yet, but it seems they're intending to refresh up their shops and update their corporate look. You know, all their packaging. There's certainly no news of any new product lines or any change in their basic values.

A: But what about the number of shops？ Any change there, Sophie？

S: Well, in fact, what they're doing is buying franchises back. They feel that if they're in control of their shops, they're in control of their corporate image. We've heard nothing about shop closures.

A: So how many of their shops do they now own？

S: Well, they started the process a few months ago and they've now regained control of all their French outlets, and they should have ownership of all their German shops by early next year. As there are more outlets in the UK, it'll take a bit longer here. I think the name of the game is definitely going to be control.

You will hear a report about Vie Vitale, a manufacturer of health and beauty products.

You have to complete the sentences 23--30 by choosing the correct answer.

Mark one letter A, B or C.

How many jobs are likely to be lost at Vie Vitale？

A．200.

B．300.

C．500.

听力原文：How would you define your client base？

We think of ourselves as having three important client segments: First is the everyday investors with the resources on hand to invest with Vanguard, who might be just starting out with an IRA, for example. The second type of client is the affluent individual who owns multiple funds and may seek advice services from us. And the third, a very important client segment is corporations, winch range from small to large, domestic and international companies. We provide corporations with investment-management services, while also serving as the manager of their employee-retirement plans.

So, when you look at Vanguard's overall client base, we are, in a very real sense, Americans from recent college graduates starting their first day on the job to people with large amounts of accumulated wealth to sophisticated pension-fund managers.

How have your services evolved over the years, and will they remain relatively consistent？

They've evolved quite a bit. In fact, one of the core principles we live by internally is that we have to adapt, evolve, and continuously improve. That's something we believe innately and preach to our new "crew members", our term for employees. Our largest asset, of course, is our extremely loyal client base. So, while we never stray from our core mission of increasing our clients' wealth and meeting their objectives, we continuously adapt and evolve by enhancing our services.

Speaking of moving forward, how has the economic downturn affected Vanguard's business？ And what's your prediction for the near future？

Our business is so dependent on market psychology that, in some ways, we don't directly correlate with the economy. But what we've seen over the past six months is confidence, and it's confidence at the corporate level. When we meet with corporate clients, they feel better about their ability to invest and their prospects moving forward. That impacts both the market and our business. On the retail side of the house, we believe that there's a great deal more confidence in the economy, the worst of the recession is behind us, and that the future looks bright.

Financial products often look similar from company to company. How do you differentiate Vanguard？

That's always difficult because we have a lot of great competition, but Vanguard has a few compelling attributes, which we feel set us apart. For one, we're owned by our clients. We have a single master: the clients. We don't have public shareholders; there's no parent company. So, 100 percent of our energy and attention is devoted to the clients.

The second key attribute is value. We live to a simple mission statement: to be the world's highest-value provider of investment services. So, every judgment we make about a service or product is geared toward making it the best one available. Also, value is a combination of performance which is critically important in the investment business -- service duality, and cost. We emphasize these three elements of value continually.

And third, we're disciplined. There are a lot of things we just won't do, such as compete outside our sphere of expertise. Other companies, recognizing that this is a highly competitive marketplace, will try to co-opt your space with marketing, as opposed to substance. Our view is that we'll let substance define our position in the market, instead of spending a lot of our clients' money to do that.

Do you focus primarily on North America？

Investment management is an increasingly global business for us. We've been in the global marketplace for about seven years, and a growing share of our cash flow is coming from international investors. Growth opportunities in the United States remain considerable for us, but we're also fully committed to enlarging our footprint in the Pacific, South America, and Europe in particular.

There's no doubt that corporate governance scandals have affected the public's view of the corpo

A．Most of them are recent college graduates.

B．They are investors of different levels and ranges.

C．The majority are affluent and sophisticated pension-fund managers.