to make a bid

he Porsche board said it would increase its current shareholding in Volkswagen to mom than 30%, at which point it will be legally obliged to make a bid for the whole company.

The German carmaker Porsche has legally taken Volkswagen by increasing 30% of its shareholding.

A．正确

B．错误

Why does the auctioneer decide to sell the "lots" out of their numerical order. '？

A．He wants to confuse some dealers and make them bid the highest price.

B．He can hold back certain goods until the interested dealers arrive.

C．He wants to keep certain people waiting in order to reduce the number of buyers.

D．He is sometimes bribed by certain dealers who want to buy certain articles cheap.

secure the 2012 Olympics for London — as a new row flared with leading rival Paris.

Mr Blair hailed the capital's "brilliant" bid to host the games and said the event would provide a "wonderful legacy" for British sport.

He was addressing a reception at the High Commissioner's residence in Singapore, attended by a glittering array of sporting stars led by David and Victoria Beckham.

Mr Blair, speaking alongside Lord Coe and his bid team, told guests: "We are very proud of our country and we feel we can make the Olympic movement proud of this bid as well."

Dignitaries at the event included the Princess Royal, Sir Steve Redgrave, Daley Thompson, Jonathan Edwards, Sir Matthew Pinsent, Denise Lewis, David Hemery. Tanni Grey-Thompson and Sir Bobby Charlton.

French officials were earlier angered by critical comments about the centrepiece Paris stadium— the Stade de France — made by two Australian consultants to the London bid.

Jim Sloman, the former chief operating officer of the Sydney Games, and architect Rod Sheard, had claimed at a press conference that the arena was not ideal for athletics, prompting anger from the Paris bid team.

Though the French team decided not to make an official complaint, relations have been further strained following comments said to have been made by French President Jacques Chirac.

Speaking ahead of the G8 conference in Scotland, the politician reportedly told German and Russian leaders that all Britain has ever done for European agriculture is "mad cow". He is also quoted as telling diplomats: "We can't trust people who have such bad food."

Mr Blair, who is due to head off to the G8 summit in Scotland before Wednesday's International Olympic Committee vote, refused to trade barbs with French president Jacques Chirac.

What does "the event" in paragraph two refer to？

A．London's bid.

B．London hosts the 2012 Olympics.

C．The 2012 Olympics.

D．None of the above.

According to a news release of the Beijing Federation of Trade Union (BFTU) reported by the Beijing Times, millions of municipal workers in the capital are asked to take part in 20 minutes of daily workout in a bid to keep them fit. Write a composition of about 400 words on the following topic. The Importance of a Daily Workout for Workers In the first part of your essay you should state clearly your main argument, and in the second part you should support your argument with appropriate details. In the last part you should bring what you have written to a natural conclusion or make a summary. Marks will be awarded for content, organization, grammar and appropriateness. Failure to follow the above instructions may result in a loss of marks.

How to approach Reading Test Part One

&8226;In this part of the Reading Test you match seven statements with four short texts.

&8226;First read each short text and then read the sentences to see which ones refer to the text.

&8226;Make sure you read each text for overall meaning. Do not choose an answer just because you can see the same words in the text.

&8226;Look at the sentences below and the information about mergers and takeovers involving four companies on the opposite page.

&8226;Which company (A, B, C or D) does each sentence 1 - 7 refer to？

？ For each sentence 1 - 7, mark one letter (A, B, C or D) on your Answer Sheet.

？ You will need to use some of the letters more than once.

A

Tour operator Jarmin Travel is waiting for its chief executive and finance director to make the final decision before making a formal bid for rival HarmonAir. The two companies tried to merge five years ago, when the deal was blocked by the competition authorities. Since then the regulator has eased the criteria by which any merger would be judged. Competition lawyers say a tie-up would almost certainly be allowed this time, and industry analysts believe that both companies are eager for a merger.

B

Bus operator Barkway has been hit by stiff competition and dwindling profitability. As a result the company has been forced to scrap its plans to expand overseas and instead will concentrate on growing its existing business. The continuing decline in the company's share price has led to speculation that it may fall prey to one of its rivals. This may well prove wrong), though, as Barkway's founder and chief executive, Kerry Matthews, has persuaded the board to do everything in its power to resist a takeover.

C

Carolyn Swaine, the former chief executive of coffee shop chain Marshmont's, is trying hard to raise capital for a bid for her old company. Swaine left last year after a series of disagreements over Marshmont's future direction, and several top managers are expected to leave if she succeeds in buying the chain. Although Marshmont's is profitable, it is too small to stay independent for much longer, and even if Swaine takes control, the company will soon have to become part of a larger chain.

D

Keston, the respected maker of television programmes, has announced that it has agreed an outline deal to merge with Stardust TV. A year ago, with its profits plunging, Keston faced a strong takeover bid by another of its competitors, but fought hard against it, and has since become more profitable. The company is now convinced, however, that its future success lies in being part of a larger organisation. Both Keston and Stardust have a reputation for producing striking television programmes, and a merger is likely to be beneficial, both creatively and financially.

This company has changed its attitude towards remaining independent.

the crowd assembled in the auction-room to make offers, or "bids", for the various items on sale. He encourages buyers to bid higher figures, and finally names the highest bidder as the buyer of the goods.

Practically all goods whose qualities vary are sold by auction. Among these are coffee, skins, wool, tea, furs, spices, fruit, vegetables and wines. Auction sales are also useful for land, property, antique furniture, pictures, rare books, old china and works of art.

An auction is usually advertised beforehand with full particulars of the articles to be sold and where and when they can be viewed by prospective buyers. If the advertisement cannot give full details, catalogs are printed, and each group of goods to be sold together, called a "lot"; is usually given a number. The auctioneer need not begin with Lot 1 and continue in numerical order; he may wait until he registers the fact that certain dealers are in the room and then produces the lots they are likely to be interested in. The auctioneer's services are paid for in the form. of a percentage of the price the goods are sold for. The auctioneer therefore has a direct interest in pushing up bidding as high as possible.

The auctioneer must know fairly accurately the current market values of the goods he is selling, and he should be acquainted with regular buyers of such goods. He will not waste time by starting the bidding too low. He will also play on the rivals among his buyers and succeed in getting a high price by encouraging two business competitors to bid against each other. It is largely in his advice that a seller will fix a "reserved" price, that is, a price below which the goods cannot be sold. Even the best auctioneers, however, find it difficult to stop a "knock-out", whereby dealers illegally arranged beforehand not to bid against each other, but nominate one of themselves as the only bidder, in the hope of buying goods at extremely low prices. If such a " knock-out " comes off, the real auction sale takes place privately afterwards among the dealers.

At what prices are auctioned goods usually sold？

A．The highest prices offered by the buyers.

B．The fixed prices advertised beforehand.

C．The prices higher than their true value.

D．The prices demanded by the seller.

&8226;Read the article about management buyouts of companies.

&8226;Choose the best sentence from below to fill in each of the gaps.

&8226;For each gap 9—14, mark one letter (A—H).

&8226;Do not use any letter more than once.

Involving staff in management buy-out (MBO) negotiations can help smooth the path for the future, Employees are becoming increasingly familiar with the fluctuations and instability that their working environments can present. It's not just mergers and acquisitions that can upset the situation. Internal MBOs can also be particularly unsettling for employees. In some cases, the MBO takes place to save an ailing company. In others, it is the result of senior management and board disagreements, or is to prevent a hostile takeover bid, (9) . This insecurity can be very damaging, One of the most important factors, often not considered during the process of an MBO, is the reaction of the workforce, yet it is those employees who more often than not can make or break the future success of any new management team. (10) . By maintaining channels of communication across the floor, new management teams could find the rank and file a useful ally in the bid to take over. Showing those employees that a buy-out could be to their advantage, creating new opportunities for promotion or career development, will in the long-term be advantageous to the entire company.

The challenge for new management should be to reinspire employees. (11) . If the new team doesn't engage old employees in future plans or consider the contribution they cats make, the idea that the MBO was meant to save everyone is lost. In this situation, long-term employees begin to see the new management team and shareholders as the only beneficiaries in the buy-out and feel in the end that the only people saved are those at the top of the corporate adder. (12) . This will mean that the rescue will fail before it has really started.

It is depressingly common for new MBO teams not to learn from the past. (13) . If the new team can find innovative ways to involve staff actively in various aspects of the buy-out process, the benefits are manifold. (14) . A package with such components can gain their support and be invaluable building success for the venture, and is one that enlightened MBO teams tend to adopt.

A. Including them in any buy-out, discussions can improve the new company's future prospects.

B. In such circumstances it is easy for the new board to make the same mistakes as the old.

C. Possibilities for realising these include decision-making, setting goals, and offering the chance of a future stake in the new company.

D. Whatever its origins, those lower down the corporate ranks can often be left out of the equation, wondering what is to become of them.

E. Nobody benefits if the company fails to meet its objectives.

F. Yet the new start represents a golden opportunity.

G. This requirement is particularly relevant when a company has failed or when staff have lost faith in the previous management.

H. Internal MBOs can also be particularly unsettling for employees.

(9)

ur companies on the opposite page.

— Which company (A, B, C or D) does each sentence 1 - 7 refer to？

— For each sentence 1 - 7, mark one letter (A, B, C or D) on your Answer Sheet.

— You will need to use some of the letters more than once.

A

Tour operator Jarmin Travel is waiting for its chief executive and finance director to make the final decision before making a formal bid for rival HarmonAir. The two companies tried to merge five years ago, when the deal was blocked by the competition authorities. Since then the regulator has eased the criteria by which any merger would be judged. Competition lawyers say a tie-up would almost certainly be allowed this time, and industry analysts believe that both companies are eager for a merger.

B

Bus operator Barkway has been hit by stiff competition and dwindling profitability. As a result the company has been forced to scrap its plans to expand overseas and instead will concentrate on growing its existing business. The continuing decline in the company's share price has led to speculation that it may fall prey to one of its rivals. This may well prove wrong), though, as Barkway's founder and chief executive, Kerry Matthews, has persuaded the board to do everything in its power to resist a takeover.

C

Carolyn Swaine, the former chief executive of coffee shop chain Marshmont's, is trying hard to raise capital for a bid for her old company. Swaine left last year after a series of disagreements over Marshmont's future direction, and several top managers are expected to leave if she succeeds in buying the chain. Although Marshmont's is profitable, it is too small to stay independent for much longer, and even if Swaine takes control, the company will soon have to become part of a larger chain.

D

Keston, the respected maker of television programmes, has announced that it has agreed an outline deal to merge with Stardust TV. A year ago, with its profits plunging, Keston faced a strong takeover bid by another of its competitors, but fought hard against it, and has since become more profitable. The company is now convinced, however, that its future success lies in being part of a larger organisation. Both Keston and Stardust have a reputation for producing striking television programmes, and a merger is likely to be beneficial, both creatively and financially.

This company has changed its attitude towards remaining independent.

？Read the article below about Auction sales.

？Choose the best sentence to fill each of the gaps.

？For each blank 8—12 mark one letter (A—G) on your Answer Sheet.

？Do not use any letter twice.

？This is an example at the beginning.

Auction Sales

Auctions are public sales of goods conducted by an officially approved auctioneer. He asks the crowd gathered in the auction-room to make offers, or "bids", for the various items on sale. He encourages buyers to bid higher figures, and finally names the highest bidder as the buyer of the goods.

(8) . Among these are coffee, skins, wool, tea, fruit, vegetables, and wines. Auction sales are also useful for land and property, antique furniture, pictures, rare books, old china, and works of art. An auction is usually advertised beforehand with a full description of the articles to be sold and (9) . If the advertisement cannot give full details, catalogues are printed, and each group of goods to be sold together, called a "lot", is usually given a number. The auctioneer need not begin with Lot 1 and continue with Lot 2, Lot 3 and so on; he may wait until he sees certain dealers in the room and then produces the lots they are likely to be interested in. The auctioneer's services are paid for (10) . The auctioneer therefore has a direct interest in pushing up the bidding as high as possible.

The auctioneer must know (11) . He will not waste time by starting the bidding too low. He will also encourage the rivals among buyers to bid against each other in order to get a high price. It is largely in his ad vice that a seller will fix a "reserved" price, that is, (12) . Even the best auctioneers, however, find it difficult to stop a "knock-out" (连裆拍货), because dealers illegally arranged beforehand not to bid against each other, but choose one of them as the only bidder, in the hope of buying goods at extremely low prices. If such a "knock-out" succeeds, the real auction sale takes place privately afterwards among the dealers.

A Almost all goods of various qualities are sold by auction.

B a price below which the goods cannot be sold.

C Through Auction the seller usually can get a high price.

D quite accurately the current market values of the goods he is selling, and he should be acquainted with regular buyers of such goods.

E for the various items on sale.

F in the form. of a percentage of the price the goods are sold for.

G where and when they can be viewed by possible buyers.

(8)

iented economy in which consumers largely determine what shall be produced by spending their money in the marketplace for those goods and services that they want most. Private businessmen, striving to make profits, produced these goods and services in competition with other businessmen; and the profit motive, operating under competitive pressures, largely determines how these goods and services are produced. Thus, in the American economic system it is the desire of businessmen to maximize profits and the desire of individuals to maximize their incomes, that decide how resources are used to produce it.

An important factor in a market-oriented economy is the mechanism by which consumer demands can be expressed and responded to by producers. In the American economy, this mechanism is provided by a price system, a process in which prices rise and fall in response to relative demands of consumers and supplies offered by seller-producers. If the product is in short supply relative to file demand, the price will be bid up and some consumers will be eliminated from the market. If, on the other hand, producing more of a commodity results in reducing its cost, this will tend to increase the supply offered by seller-producers, which in mm will lower the prize and permit more consumers to buy the product. Thus, price is a more regulating mechanism in the American economic system.

The important factor in a private-enterprise economy is that individuals are allowed to own productive resources (private property), and they are permitted to hire labor, gain control over natural resources, and produce goods and services for sale at a profit. In the American economy, the concept of private property embraces not only the ownership of productive resources but also certain rights, including the right to determine the price of a produce or to make a free contract with another private individual.

What does the sentence "the desire of individuals to maximize their incomes" mean in Para. 1？

A．Americans are never satisfied with their incomes.

B．Americans tend to overstate their incomes.

C．Americans want to have their incomes increased.

D．Americans want to increase the purchasing power of their incomes.