Вариант 3
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If Kodak could open a plant in Japan, its ability to lake advantage of Japanese production costs would partially offset the loss of competitiveness it would suffer if a sudden appreciation of the dollar were to raise American costs relative to Japanese.
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Multination and Foreign Exchange Risks
Corporations with multinational operations are among the most important players in the foreign exchange market. Because both revenues and expenses are denominated in many different currencies, an unexpected exchange rate shift can potentially, result in huge profit gains - or losses Multinationals eliminate some of the risk of unexpected currency fluctuations through forward trading, swaps, or more complex financial transactions. For example, an American-based company expecting a payment in yen can buy a yen put option, which fully, protects it from a dollar loss m case the yen suddenly depreciates but allows it to keep any dollar gains from a surprise yen appreciation. As me foreign exchange market has grown in complexity and size, the financial officers of most large corporations have become increasingly sophisticated in its ways.
Eastman Kodak, headquartered in Rochester, New York, is a leader in this respect. The company set up its own foreign exchange trading room in the late 1950s, hoping to turn a profit by managing Kodak's "exposure" - that is, its net asset position - in foreign currencies Similar), Mobil Corporation is setting lip a trading room in London. The oil Mobil sells is priced in dollars, but the company's costs are paid in other currencies as well as in dollars. Mobil therefore cannot afford to be caught off guard by a sudden dollar depreciation.
Profitable as such ventures can be, they do not eliminate all of a company's currency-related risks. Forward contracts and options with a horizon longer than a couple of years are still relatively costly to arrange, so various exchange market activities, while effective in countering, short-term risks, are less effective incountering long-term risks. Moreover, the more limited nature of most short-term risks makes them inherently easier to guard against than long-term risks.
Long-term risks, however, can be substantial. For example, a steep appreciation of the dollar against foreign currencies over the first half of the 1980s made Kodak's photography products more expensive compared with foreign brands, As a result, Kodak had to give up a greater share of its world market to foreign competitors like FUJIPhoto Film of Japan. When the dollar began failing in 1985, Kodak (like many other American companies) looked for ways to avoid the effects of such punishing exchange rate swings in the future.
Kodak is now more wary of making long-term commitments that might become uncomfortable, after an adverse exchange rate movement. When it signs long-term supply contracts, Kodak may insist on linking the amount purchased, or the price, to current exchange rate prospects into account before making decisions to open production facilities in foreign countries.
Notice that the decision to open a foreign plant is itself a way of guarding against exchange risk. If Kodak could open a plant in Japan, i1s ability to take advantage of Japanese production costs would partially offset the loss of competitiveness it would suffer if a sudden appreciation of me dollar were to raise American costs relative to Japanese, This was one consideration that led Japanese auto manufacturers like Honda to open US plants in the mid-1080s, when the yen was relatively weak against the dollar.
Kodak gets nearly half of its revenues from foreign sales, so its potential gain from reducing exchange rate risk is large. The company's precautions have not made it entirely immune to exchange rate risks, however. In 19S9, the photo giant was forced to fire 3 percent of its U.S. workers when the dollar, rather than depreciating against foreign currencies as the company had guessed when it projected future costs, strengthened instead. As in the early 1980s, this unexpected currency movement hurt Kodak by making its photographic products more expensive relative to those sold by its foreign competitors.
///. Проанализируйте слова из текста, указав к какой части речи они принадлежат и с помощью каких суффиксов и префиксов образованы. Переведите их и придумайте свои собственные примеры с этими словами.
complexity
increasingly
punishing
to strengthen
a manufacturer
multinational
unexpected
long-term risks
Переведите текст на русский язык.
Найдите в тексте примеры отглагольных существительных (Gerund) после предлогов. Дайте адекватный перевод этих предложений.
VI. Переведите следующие слова из текста, конвертируйте их в другую часть речи и придумайте с ними свои собственные примеры.
to headquarter
to price
to result gains
to guard
to shift
to contract risk.
VII. Дайте русские эквиваленты следующих слов и словосочетаний из текста.
revenues and expenses
depreciation facilities
trading room
gains and losses
to make something immune
exposure
appreciation of the yen,
VIII. Найдите в тексте синонимы следующих слов. a deal
choice to establish to sack careful to distort to tie to buy.
Составьте 10 вопросов к тексту.
Дайте объяснение следующим словам и словосочетаниям: competitor
revenues
currency fluctuations
precautions,