资料：China's Fosun has offered to buy almost 17 percent of Millennium BCP, Portugal's largest listed bank, and potentially lift its stake to 30 percent, following a having in its share price in the year to date. BCP said in a regulatory filing late on Satur
题目
资料：China's Fosun has offered to buy almost 17 percent of Millennium BCP, Portugal's largest listed bank, and potentially lift its stake to 30 percent, following a having in its share price in the year to date.
BCP said in a regulatory filing late on Saturday that Fosun Industrial Holdings had offered to pay ?0.02 a share, equal to Friday's closing price, in a private placement of 16.7 percent of the bank's share capital. According to the filing, Fosun was also considering increasing its shareholding to “20-30 percent”.
Fosun, one of China most acquisitive companies, made its Millennium BCP offer a week after it agreed to pay $1.1bn for 86 percent of Indian drugmaker Gland Pharma. In recent years, it has also snapped up France's Club Med and the top Portuguese insurer in Europe.
Analysts deem BCP to be in need of capital and vulnerable to a takeover after its share price fell from ?0.05 earlier this year, pushing its market value to a little over ?1.1bn.
In a recent report on Portugal's undercapitalisted banks, which are heavily burdened by bad debts, Barclays said BCP could need a capital increase of about ?2bn.
On Friday, the bank posted a ?197.3m loss for the first half of 2016, down from a profit of ?240.7 for the same period last year. But it said that stress tests by the European Banking Authority had shown it had sufficient capital to withstand a financial crisis. Under the tests, BCP had a common equity tier one ratio-a key measure of capital strength-of 6.1 per cent under stressed conditions, above the 5.5 per cent threshold seen as the minimum adequate level.
Fosun has now offered to subscribe to a private placement, reserved solely for the Chinese group, that would give it a 16.7 percent stake in BCP. It said it was “also considering increasing its stake through secondary market acquisitions or in the context of future capital increases” to up to 30 percent.
This offer, which is subject to regulatory approval by Portuguese and EU authorities, is conditional on Fosun being able to appoint at least two of the 20 BCP board members, and up to five members in the event of increasing its stake.
BCP said it recognized “the strategic potential” of Fosun's offer, saying it would swiftly proceed with an analysis of its “many positive aspects” before making a recommendation to its board of directors.
In paragraph four, what does the word “vulnerable” mean?
BCP said in a regulatory filing late on Saturday that Fosun Industrial Holdings had offered to pay ?0.02 a share, equal to Friday's closing price, in a private placement of 16.7 percent of the bank's share capital. According to the filing, Fosun was also considering increasing its shareholding to “20-30 percent”.
Fosun, one of China most acquisitive companies, made its Millennium BCP offer a week after it agreed to pay $1.1bn for 86 percent of Indian drugmaker Gland Pharma. In recent years, it has also snapped up France's Club Med and the top Portuguese insurer in Europe.
Analysts deem BCP to be in need of capital and vulnerable to a takeover after its share price fell from ?0.05 earlier this year, pushing its market value to a little over ?1.1bn.
In a recent report on Portugal's undercapitalisted banks, which are heavily burdened by bad debts, Barclays said BCP could need a capital increase of about ?2bn.
On Friday, the bank posted a ?197.3m loss for the first half of 2016, down from a profit of ?240.7 for the same period last year. But it said that stress tests by the European Banking Authority had shown it had sufficient capital to withstand a financial crisis. Under the tests, BCP had a common equity tier one ratio-a key measure of capital strength-of 6.1 per cent under stressed conditions, above the 5.5 per cent threshold seen as the minimum adequate level.
Fosun has now offered to subscribe to a private placement, reserved solely for the Chinese group, that would give it a 16.7 percent stake in BCP. It said it was “also considering increasing its stake through secondary market acquisitions or in the context of future capital increases” to up to 30 percent.
This offer, which is subject to regulatory approval by Portuguese and EU authorities, is conditional on Fosun being able to appoint at least two of the 20 BCP board members, and up to five members in the event of increasing its stake.
BCP said it recognized “the strategic potential” of Fosun's offer, saying it would swiftly proceed with an analysis of its “many positive aspects” before making a recommendation to its board of directors.
In paragraph four, what does the word “vulnerable” mean?
A.Nonchalant
B.Susceptible
C.Averse
D.Neutral
B.Susceptible
C.Averse
D.Neutral
相似考题
更多“资料：China's Fosun has offered to buy almost 17 percent of Millennium BCP, Portugal's largest listed bank, and potentially lift its stake to 30 percent, following a having in its share price in the yea”相关问题
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第1题：
“nissan’s market share __________ slightly, to 4.5 percent.”A. declared
B. declined
C. descended
D. reclined
参考答案：B
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第2题：
The rate of interest paid on a bank loan will depend () your firm’s standing with the bank and may be 2 per cent or 3 percent.
A、of
B、upon
C、for
D、in
参考答案：B
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第3题：
KFP Co, a company listed on a major stock market, is looking at its cost of capital as it prepares to make a bid to buy a rival unlisted company, NGN. Both companies are in the same business sector. Financial information on KFP Co and NGN is as follows:
NGN has a cost of equity of 12% per year and has maintained a dividend payout ratio of 45% for several years. The current earnings per share of the company is 80c per share and its earnings have grown at an average rate of 4·5% per year in recent years.
The ex div share price of KFP Co is $4·20 per share and it has an equity beta of 1·2. The 7% bonds of the company are trading on an ex interest basis at $94·74 per $100 bond. The price/earnings ratio of KFP Co is eight times.
The directors of KFP Co believe a cash offer for the shares of NGN would have the best chance of success. It has been suggested that a cash offer could be financed by debt.
Required:
(a) Calculate the weighted average cost of capital of KFP Co on a market value weighted basis. (10 marks)
(b) Calculate the total value of the target company, NGN, using the following valuation methods:
(i) Price/earnings ratio method, using the price/earnings ratio of KFP Co; and
(ii) Dividend growth model. (6 marks)
(c) Discuss the relationship between capital structure and weighted average cost of capital, and comment on
the suggestion that debt could be used to finance a cash offer for NGN. (9 marks)
正确答案：
(b)(i)Price/earningsratiomethodEarningspershareofNGN=80cpersharePrice/earningsratioofKFPCo=8SharepriceofNGN=80x8=640cor$6·40NumberofordinarysharesofNGN=5/0·5=10millionsharesValueofNGN=6·40x10m=$64millionHowever,itcanbearguedthatareductionintheappliedprice/earningsratioisneededasNGNisunlistedandthereforeitssharesaremoredifficulttobuyandsellthanthoseofalistedcompanysuchasKFPCo.Ifwereducetheappliedprice/earningsratioby10%(othersimilarpercentagereductionswouldbeacceptable),itbecomes7·2timesandthevalueofNGNwouldbe(80/100)x7·2x10m=$57·6million(ii)DividendgrowthmodelDividendpershareofNGN=80cx0·45=36cpershareSincethepayoutratiohasbeenmaintainedforseveralyears,recentearningsgrowthisthesameasrecentdividendgrowth,i.e.4·5%.Assumingthatthisdividendgrowthcontinuesinthefuture,thefuturedividendgrowthratewillbe4·5%.Sharepricefromdividendgrowthmodel=(36x1·045)/(0·12–0·045)=502cor$5·02ValueofNGN=5·02x10m=$50·2million(c)Adiscussionofcapitalstructurecouldstartfromrecognisingthatequityismoreexpensivethandebtbecauseoftherelativeriskofthetwosourcesoffinance.Equityisriskierthandebtandsoequityismoreexpensivethandebt.Thisdoesnotdependonthetaxefficiencyofdebt,sincewecanassumethatnotaxesexist.Wecanalsoassumethatasacompanygearsup,itreplacesequitywithdebt.Thismeansthatthecompany’scapitalbaseremainsconstantanditsweightedaveragecostofcapital(WACC)isnotaffectedbyincreasinginvestment.Thetraditionalviewofcapitalstructureassumesanon-linearrelationshipbetweenthecostofequityandfinancialrisk.Asacompanygearsup,thereisinitiallyverylittleincreaseinthecostofequityandtheWACCdecreasesbecausethecostofdebtislessthanthecostofequity.Apointisreached,however,wherethecostofequityrisesataratethatexceedsthereductioneffectofcheaperdebtandtheWACCstartstoincrease.Inthetraditionalview,therefore,aminimumWACCexistsand,asaresult,amaximumvalueofthecompanyarises.ModiglianiandMillerassumedaperfectcapitalmarketandalinearrelationshipbetweenthecostofequityandfinancialrisk.Theyarguedthat,asacompanygearedup,thecostofequityincreasedataratethatexactlycancelledoutthereductioneffectofcheaperdebt.WACCwasthereforeconstantatalllevelsofgearingandnooptimalcapitalstructure,wherethevalueofthecompanywasatamaximum,couldbefound.Itwasarguedthattheno-taxassumptionmadebyModiglianiandMillerwasunrealistic,sinceintherealworldinterestpaymentswereanallowableexpenseincalculatingtaxableprofitandsotheeffectivecostofdebtwasreducedbyitstaxefficiency.Theyrevisedtheirmodeltoincludethistaxeffectandshowedthat,asaresult,theWACCdecreasedinalinearfashionasacompanygearedup.Thevalueofthecompanyincreasedbythevalueofthe‘taxshield’andanoptimalcapitalstructurewouldresultbygearingupasmuchaspossible.Itwaspointedoutthatmarketimperfectionsassociatedwithhighlevelsofgearing,suchasbankruptcyriskandagencycosts,wouldlimittheextenttowhichacompanycouldgearup.Inpractice,therefore,itappearsthatcompaniescanreducetheirWACCbyincreasinggearing,whileavoidingthefinancialdistressthatcanariseathighlevelsofgearing.Ithasfurtherbeensuggestedthatcompanieschoosethesourceoffinancewhich,foronereasonoranother,iseasiestforthemtoaccess(peckingordertheory).Thisresultsinaninitialpreferenceforretainedearnings,followedbyapreferencefordebtbeforeturningtoequity.TheviewsuggeststhatcompaniesmaynotinpracticeseektominimisetheirWACC(andconsequentlymaximisecompanyvalueandshareholderwealth).TurningtothesuggestionthatdebtcouldbeusedtofinanceacashbidforNGN,thecurrentandpostacquisitioncapitalstructuresandtheirrelativegearinglevelsshouldbeconsidered,aswellastheamountofdebtfinancethatwouldbeneeded.Earliercalculationssuggestthatatleast$58mwouldbeneeded,ignoringanypremiumpaidtopersuadetargetcompanyshareholderstoselltheirshares.Thecurrentdebt/equityratioofKFPCois60%(15m/25m).Thedebtofthecompanywouldincreaseby$58minordertofinancethebidandbyafurther$20maftertheacquisition,duetotakingontheexistingdebtofNGN,givingatotalof$93m.Ignoringotherfactors,thegearingwouldincreaseto372%(93m/25m).KFPCowouldneedtoconsiderhowitcouldservicethisdangerouslyhighlevelofgearinganddealwiththesignificantriskofbankruptcythatitmightcreate.ItwouldalsoneedtoconsiderwhetherthebenefitsarisingfromtheacquisitionofNGNwouldcompensateforthesignificantincreaseinfinancialriskandbankruptcyriskresultingfromusingdebtfinance. -
第4题：
Text l If comfortably outpacing your rivals is the main measure of automotive achievement,Tesla's electric car is a resounding success.The Model S last year outsold its nearest luxury rival,Mercedes's petrol-engined S-class,by 30qo in America.And in its top specification the Tesla will also beat the Cerman car in the race from 0-60mph.As a battery-maker Tesla is also moving fast.This week it announced plans to build a"gigafactory"in America to make lithium-ion power-packs,that it hopes will propel its vehicles to the mainstream.Tesla's acceleration has been rapid.Launched a decade ago by Elon Musk,a founder of PayPal and serial tech entrepreneur,last year it sold around 22,000 cars and by the end of 2014 hopes to be making l,000 a week.In early 2015 Tesla will add the Model X,a medium-sized SUV,to its range.However,Tesla's impressive growth has not yet tranalaLed into significant profits.A series of b8ttery fires also briefly dented sales growth last year.Nevertheless,Tesla's shares surged on February 25th,to value the company at over$30 billion after Morgan Stanley,a bank,joined its adoring fans.It reckons that the battery factory will not only propel it along the road to mass manufacturing but also make it a leading competitor in low-cost enerOr storage,Lhe key to making renewable energy more practical.The bank is also confident that Tesla's Silicon Valley location will put it in the driverless front seat of autonomous motoring.A recent meeting with Apple,and the iPad-like control panel of the Model S,have convinced some ob~servers that a takeover-and an iCar are around the corner,although Mr Musk insists that his firm is not for sale.Tesla has defied its doubters with the success of the Model S,a smartly styled luxury car.It may not share the outrageous looks of a supercar like the Lamborghini Aventador,but it has the performance without the$400,OOO-plus price tag.The most basic Model S costs$64,000 in America.This has won it rave reviews in the motoring press,often sniffy about other electric cars with limited ranges and duff looks.By designing a large car wiLh a big battery pack,Tesla has diminished"range anxiety"-one version can d0 310 nules（500km）between charges.
Which one of the following is true about Tesla's ModelS?A.It has duff looks and limited range.
B.It looks as impressive as other super cars.
C.It is not worth spending so much money on it.
D.It has changed people's view towards the electric car.答案：D解析：细节题。根据题干的Tesla's Model S以及出题顺序定位到最后一段。选项[A]对应该段第四行：This has won it rave reviews in the motoring press，often snifify about other electric cars with limited ranges and duff looks.其中的limited ranges and duff looks指的是other electric cars，而不是Tesla，故该项错误。选项[B]对应本段第二句：1【may not share the outrageous looks of a supercar like the Lamborhini Avent8dor...其中的outrageous“令人震惊的”与该项的impressive“令人印象深刻的”意思接近，但是原文说的是nol share the outrageous looks of a supercar，故该项错误。选项[C]对应该段第二、三两句：but ilhas the pedormance withoul the$400,OOO-plus price tag.The most basic Model S costs$64,000 in America.可见Model S不仅拥有价值40万美元的汽车的表现性能，而且售价仅为6.4万美元，性价比很高，该项说的“不值得购买”显然是错误的。选项[D]对应该段第四行：This has won it rave revIews in the motoring press，often sniffy about other electric cars...这使其在汽车报刊上引起轩然大波，该报刊往往对其他电动跑车的有限行程和笨拙外观嗤之以鼻。可见该项It has changed people's view towards the electric car.“它改变了人们对于电动跑车的看法。”表述正确，即[D]为答案。 -
第5题：
资料：China's Fosun has offered to buy almost 17 percent of Millennium BCP, Portugal's largest listed bank, and potentially lift its stake to 30 percent, following a having in its share price in the year to date.
BCP said in a regulatory filing late on Saturday that Fosun Industrial Holdings had offered to pay ?0.02 a share, equal to Friday's closing price, in a private placement of 16.7 percent of the bank's share capital. According to the filing, Fosun was also considering increasing its shareholding to “20-30 percent”.
Fosun, one of China most acquisitive companies, made its Millennium BCP offer a week after it agreed to pay $1.1bn for 86 percent of Indian drugmaker Gland Pharma. In recent years, it has also snapped up France's Club Med and the top Portuguese insurer in Europe.
Analysts deem BCP to be in need of capital and vulnerable to a takeover after its share price fell from ?0.05 earlier this year, pushing its market value to a little over ?1.1bn.
In a recent report on Portugal's undercapitalisted banks, which are heavily burdened by bad debts, Barclays said BCP could need a capital increase of about ?2bn.
On Friday, the bank posted a ?197.3m loss for the first half of 2016, down from a profit of ?240.7 for the same period last year. But it said that stress tests by the European Banking Authority had shown it had sufficient capital to withstand a financial crisis. Under the tests, BCP had a common equity tier one ratio-a key measure of capital strength-of 6.1 per cent under stressed conditions, above the 5.5 per cent threshold seen as the minimum adequate level.
Fosun has now offered to subscribe to a private placement, reserved solely for the Chinese group, that would give it a 16.7 percent stake in BCP. It said it was “also considering increasing its stake through secondary market acquisitions or in the context of future capital increases” to up to 30 percent.
This offer, which is subject to regulatory approval by Portuguese and EU authorities, is conditional on Fosun being able to appoint at least two of the 20 BCP board members, and up to five members in the event of increasing its stake.
BCP said it recognized “the strategic potential” of Fosun's offer, saying it would swiftly proceed with an analysis of its “many positive aspects” before making a recommendation to its board of directors.
Is Fosun likely to succeed in buying 16.7 percent of BCP’s share capital?A.Yes.
B.No.
C.It’s up to Portuguese and EU authorities.
D.It depends on whether Fosun is able to appoint at least two of the 20 BCP board members, and up to five members in the event of increasing its stake.答案：D解析：本题考查的是细节理解。
【关键词】is Fosun likely to succeed; in buying 16.7 percent of BCP’s share
【主题句】
倒数第3自然段Fosun has now offered to subscribe to a private placement, reserved solely for the Chinese group, that would give it a 16.7 percent stake in BCP. 复星现在已经提出认购私人配售，专为中国企业保留，这将使其拥有BCP 16.7％的股份。
倒数第2自然段 This offer, which is subject to regulatory approval by Portuguese and EU authorities,
is conditional on Fosun being able to appoint at least two of the 20 BCP board members, and up to five members in the event of increasing its stake.这一收购要约受到葡萄牙和欧盟当局的监管批准，同意收购的前提条件是复星能够在20家BCP董事会成员中至少任命两名成员，并在增持股份的情况下，最多可任命5名成员。
【解析】题目意为“复星可能成功购买BCP16.7%的股份吗？”。选项A意为“是”；选项B意为“否”；选项C意为“由葡萄牙和欧盟当局决定”；选项D意为“取决于复星是否能够在20个BCP董事会成员中至少任命两个，在增持股份的情况下最多可以任命五个成员。”。根据主题句可知，选项D符合题意。 -
第6题：
资料：China's Fosun has offered to buy almost 17 percent of Millennium BCP, Portugal's largest listed bank, and potentially lift its stake to 30 percent, following a having in its share price in the year to date.
BCP said in a regulatory filing late on Saturday that Fosun Industrial Holdings had offered to pay ?0.02 a share, equal to Friday's closing price, in a private placement of 16.7 percent of the bank's share capital. According to the filing, Fosun was also considering increasing its shareholding to “20-30 percent”.
Fosun, one of China most acquisitive companies, made its Millennium BCP offer a week after it agreed to pay $1.1bn for 86 percent of Indian drugmaker Gland Pharma. In recent years, it has also snapped up France's Club Med and the top Portuguese insurer in Europe.
Analysts deem BCP to be in need of capital and vulnerable to a takeover after its share price fell from ?0.05 earlier this year, pushing its market value to a little over ?1.1bn.
In a recent report on Portugal's undercapitalisted banks, which are heavily burdened by bad debts, Barclays said BCP could need a capital increase of about ?2bn.
On Friday, the bank posted a ?197.3m loss for the first half of 2016, down from a profit of ?240.7 for the same period last year. But it said that stress tests by the European Banking Authority had shown it had sufficient capital to withstand a financial crisis. Under the tests, BCP had a common equity tier one ratio-a key measure of capital strength-of 6.1 per cent under stressed conditions, above the 5.5 per cent threshold seen as the minimum adequate level.
Fosun has now offered to subscribe to a private placement, reserved solely for the Chinese group, that would give it a 16.7 percent stake in BCP. It said it was “also considering increasing its stake through secondary market acquisitions or in the context of future capital increases” to up to 30 percent.
This offer, which is subject to regulatory approval by Portuguese and EU authorities, is conditional on Fosun being able to appoint at least two of the 20 BCP board members, and up to five members in the event of increasing its stake.
BCP said it recognized “the strategic potential” of Fosun's offer, saying it would swiftly proceed with an analysis of its “many positive aspects” before making a recommendation to its board of directors.
How much has BCP’s share price dropped from earlier this year?A.?0.03
B.?0.02
C.?0.05
D.?0.025答案：A解析：本题考查的是细节理解。
【关键词】BCP’s share price; dropped
【主题句】第2自然段 BCP said in a regulatory filing late on Saturday that Fosun Industrial Holdings had offered to pay ?0.02 a share, equal to Friday's closing price, in a private placement of 16.7 percent of the bank's share capital. BCP在上周六晚的一份监管申报文件中表示，复星工业控股已出价每股0.02欧元，相当于上周五的收盘价，相当于该银行16.7%的股份。
第4自然段 Analysts deem BCP to be in need of capital and vulnerable to a takeover after its share price fell from ?0.05 earlier this year, pushing its market value to a little over ?1.1bn.分析师认为，BCP需要资本，且在今年早些时候其股价从0.05英镑下跌至略高于11亿欧元的情况下，容易受到收购的影响。
【解析】本题的问题是“从今年早些时候到现在，BCP的股价下跌了多少？”。根据主题句可知，目前的股价是?0.02，今年早些时候的股价是?0.05，因此股价下跌了?0.03，故,A选项正确。 -
第7题：
资料：China's Fosun has offered to buy almost 17 percent of Millennium BCP, Portugal's largest listed bank, and potentially lift its stake to 30 percent, following a having in its share price in the year to date.
BCP said in a regulatory filing late on Saturday that Fosun Industrial Holdings had offered to pay ?0.02 a share, equal to Friday's closing price, in a private placement of 16.7 percent of the bank's share capital. According to the filing, Fosun was also considering increasing its shareholding to “20-30 percent”.
Fosun, one of China most acquisitive companies, made its Millennium BCP offer a week after it agreed to pay $1.1bn for 86 percent of Indian drugmaker Gland Pharma. In recent years, it has also snapped up France's Club Med and the top Portuguese insurer in Europe.
Analysts deem BCP to be in need of capital and vulnerable to a takeover after its share price fell from ?0.05 earlier this year, pushing its market value to a little over ?1.1bn.
In a recent report on Portugal's undercapitalisted banks, which are heavily burdened by bad debts, Barclays said BCP could need a capital increase of about ?2bn.
On Friday, the bank posted a ?197.3m loss for the first half of 2016, down from a profit of ?240.7 for the same period last year. But it said that stress tests by the European Banking Authority had shown it had sufficient capital to withstand a financial crisis. Under the tests, BCP had a common equity tier one ratio-a key measure of capital strength-of 6.1 per cent under stressed conditions, above the 5.5 per cent threshold seen as the minimum adequate level.
Fosun has now offered to subscribe to a private placement, reserved solely for the Chinese group, that would give it a 16.7 percent stake in BCP. It said it was “also considering increasing its stake through secondary market acquisitions or in the context of future capital increases” to up to 30 percent.
This offer, which is subject to regulatory approval by Portuguese and EU authorities, is conditional on Fosun being able to appoint at least two of the 20 BCP board members, and up to five members in the event of increasing its stake.
BCP said it recognized “the strategic potential” of Fosun's offer, saying it would swiftly proceed with an analysis of its “many positive aspects” before making a recommendation to its board of directors.
How big is the gap between BCP’s revenue for the first half of this year and the same period in the previous year?A.?197.3 million
B.?240.7 million
C.?438 million
D.?43.4 million答案：C解析：本题考查的是细节理解。
【关键词】the gap; between BCP’s revenue for the first half of this year and the same period in the previous year
【主题句】第6自然段 On Friday, the bank posted a ?197.3m loss for the first half of 2016, down from a profit of ?240.7m for the same period last year. 上周五，该行在2016年上半年公布1.973亿欧元的亏损，低于去年同期的2.47亿欧元利润。
【解析】题干意为“今年上半年，BCP的收入与前一年同期的收入差距有多大？”。根据主题句可知，今年上半年亏损1.973亿欧元，去年同期利润是2.407亿欧元，收入差距是4.38亿欧元，故选项C正确。 -
第8题：
共用题干
Federal Deposit Insurance Corporation
Before 1933,and particularly during the period 1929—1933,bank failures were not uncom-mon.________(51)a bank overextended itself in creating credit or if several of its important loans could not be________(52),depositors in the bank would frequently become panicky and begin to make large withdrawals.________(53)the bank had only a small number of its deposits backed by currency,the bank would soon be unable to meet withdrawals,and most depositors ________(54)their money.Most frequently a bank merely needed time to improve its cash posi- tion by________(55)some of its loans and not making additional ones.In 1933,the number of bank failures________(56)a peak,forcing the federal government to intervene and ________(57)the banks temporarily.To help restore the public's confidence________(58) banks and strengthen the banking community,Congress passed legislation setting up the Federal Deposit Insurance Corporation.________(59)corporation,an agency of the federal government, now insures over 90 percent of all mutual savings and commercial bank deposits for________(60) $100,000 per deposit.The FDIC has________(61)its insurance fund by charging member in-stitutions one-twelfth of 1 percent of their total deposits.
As a result of the protection provided by the FDIC and through other kinds of supervision, bank failures have been________(62)to a few isolated instances .When deposits are federally insured,people________(63)rush to withdraw their money if they________(64)the financial condition of their bank .The delay gives the banks the necessary time to adjust their cash credit balance,and this action helps to reduce the________(65)of bankruptcy.57._________
A:.closed
B: closing
C: close
D: has closed答案：C解析：从后文可知，本句是条件从句，条件从句应当由if引导。
从货款这个概念应当推断出，应当是归还，而不是存储或者发现。
本句前一部分和后一部分是因果关系，应当用because引导这个从句，because of后面跟的是名词或名词性短语，而不是从句。
我们从整个句子的语态来看，本句是虚拟语气，应当选D。此外，根据前一部分“the band would soon be unable to meet withdrawals”中的语态，我们也能做出相应的判断。
call on意为“号召，呼吁”;call for意为“要求，提倡”;call off意为“放弃，取消”; call in意为“召回，收回”。根据题意，银行应当采取相应的收回货款的措施，因此选D。
reach peak是固定用法，例如：Sales have reached a new peak. 销售额已达到新高。
不定式符号to后面跟动词原形，所以选择C。
表达“对于……有信心”应当用介词in，即confidence in(后接名词，表示对……有信心），例如：She lacks confidence in herself．她缺乏自信心。
这里应当用指示代词来组成一个名词词组，并不是构成一个从句，并且后面跟同位语短语，所以选B。
upto意为“达……之多”，符合题意。“as many as”用于可数名词前，如果选项中有“as mucn as”，则也是正确的，因为钱是不可数名词。
has已经提示了此处应当用动词的过去分词形式表达现在完成时语态。
根据上下文，此处是指自从建立了保险制度以来，银行破产的个案是减少了，而不是增加或者消失。
根据上下文，此处表达否定意思“不再”，所以选C。
be/become concerned about意为“担心；担忧；挂念”，例如：We're rather concerned a- bout father's health．我们相当担心父亲的健康。be/become concerned in sth．意为“和某 事有牵连”。be/become concerned with意为“牵涉，与……有关，参与”。
根据上下文，此处表达“可能性”之意，所以选择possibility。 -
第9题：
单选题Bank of China informs the beneficiary, a Chinese import and export company that a foreign bank has opened a letter of credit in his favor. The bank does not add its engagement by informing the beneficiary. The Bank of China ia acting as （）.AThe issusing bank
BThe advising bank
CThe confirming bank
DThe negotiating bank
正确答案： C解析： 暂无解析 -
第10题：
单选题According to the passage, which of the following statements is true?AIn India, the infection rate almost reaches 12 percent of its population.
BIn China, about 50,000 people are infected with HIV.
CAIDS epidemic had caused 15,000,000 deaths in the whole world by January 2,000.
DIn the United States, HIV infection will go on to attack about 5% of the whole population.
正确答案： C解析：
第二段第一句作者提到，到2000年1月艾滋病的流行已经使1500万人死亡，4000万人感染，艾滋病病毒正在缓慢地且无情地破坏着这些人的免疫系统。 -
第11题：
单选题Which of the following statement is true, according to the above message?ASingapore has lost 28 percent of its native forest habitat since 1819.
BSingapore has lost nearly 95 percent of its overall biodiversity since 1819.
CAll of Singapore’s surviving species are concentrated in one-quarter of the country’s total area.
DMost of Singapore’s surviving species are concentrated in land designated as forest reserves.
正确答案： A解析：
根据录音最后提到的“…more than half of Singapore’s surviving species are concentrated in…land designated as forest reserves”，可知如今新加坡超过一半（即大多数）现存物种都集中在被指定为森林保护区的地方。故选项D正确。
【录音原文】
Examining historical and modern species records from Singapore and neighboring Malaysia, researchers found that Singapore has lost 95% of its native forest habitat and nearly 28% of its overall biodiversity since 1819, when the British established a colony on the island. Today, more than half of Singapore’s surviving species are concentrated in just one-quarter of a percent of the country’s total area, in land designated as forest reserves. -
第12题：
问答题What was the percent decrease in the price of MegaTek (MGTK) stock during the market decline of March 1, 2001, to March 1, 2002? (1) The price of MGTK was $56.20 on March 1, 2001. (2) The price of the stock on January 1, 2002, was only one-quarter of its price as of March 1, 2001.正确答案： E解析：
两个条件无法计算出MGTK的股票下降率，故本题选E项。 -
第13题：
Why is the British bank able to offer its customer a banker's draft drawn in dollar?
A．Its US correspondent bank prefers to make the payment.
B．It will send dollar in cash by airmail.
C．It has a dollar account with another bank in an American city where the beneficiary lives.
D．Its customer has a dollar account with it.
正确答案：C
解析：文中提到The bank is able to do this because…a dollar cheque or draft drawn on that account．是因为英国的银行在美国有往来银行。 -
第14题：
A bank reconciliation should be prepared periodically because ( )
A. the depositor's records and the bank's records are in agreement
B. the bank has not recorded all of its transactions
C. any differences between the depositor's records and the bank's records should be determined, and any errors made by either party should be
正确答案：C
-
第15题：
Since June last year the yuan has appreciated 7% against the dollar.The rise in China's relative costs has been even greater given its higher inflation rate.With stimulative fiscal and monetary policy bolstering domestic demand.China's current-account su答案：解析：从2013年六月开始，人民币对美元已升值7%，考虑到其更高的通货膨胀率，中国的相关成本上的幅度更大。在财政政策、货币政策剌激国内需求的情况下，2007年经常账户余额从 10%的GDP中缩水了2/3,同时，中国的贸易赤字在减小，制造业就业人数停止下降。所有这些都意味着，即使有的话.人民币相对于过去几年的低估程度大大降低了。许多政策制定者和学者认为对外直接投资对国家的经济增长有积极作用.除了其所提供的资本，对外直接投资也是在与当地公司联系过程中的价值技术和专门技能的重要来源，这能帮助促进经济增长。基于这些讨论 -
第16题：
Nancy Liu amved in Sydney from China as a"skilled immigrant"with an economics degree 14 years ago.With her husband,she set up a business consultancy in the suburb in southem Sydney.However,Liu was only an epitome of thousands of Chinese investors.Since then,Chinese investment has transformed the city:many of its shop signs are now in Chinese.Ms Liu was a forerunner of a new wave of Chinese immigrants to Australia's oldest and biggest city.Hong Kong once supplied most of Australia's Chinese settlers,but over the past few years the pattern has shifted.Now it is the rising middle classes from other places of China who go there,looking for a more relaxed life style.About 4%of Sydney's people were bom in China.Currendy,China has become Australia's biggest trading partner,and its largest source of foreign students.答案：解析：14年前，拥有经济学学位的刘南希作为“技术移民”从中国来到悉尼，与丈夫一起在悉尼南部郊区成立了一家商业咨询公司。然而，刘只是成千上万中国投资者的一个缩影。自那以后，中国投资改变了这座城市：如今许多商铺的标识都是中文。刘女士是前往澳洲历史最悠久也是最大城市的新一波中国移民潮的先行者。澳洲的中国移民一度以香港移民为主，不过在过去几年中，这种模式已经悄然改变。如今新兴的中产阶级从中国的其他地方来到这里，寻求一种更轻松的生活方式。大约4%的悉尼人口出生在中国。目前，中国已成为澳洲最大的贸易伙伴，也是最大的留学生来源国。 -
第17题：
资料：The business announced that revenues had grown by 10.2 percent year-on-year to RMB 18.264 billion （$2.748billion）. However, profit fell to RMB 2.866 billion （$431.3 billion）, a 17.4 percent decrease from the same period in 2015.
Robbin li, Chairman and CEO of Baidu, said:"The challenges Baidu faced in the second quarter served as a healthy reminder to stay focused on the key drivers of growth, sustainability and leadership; delivering the best user experience and staying at the forefront of technology. As we enter the next chapter of the Internet, led by artificial intelligence, Baidu has never been better positioned to serve our users and work with our customers and partners, and change the world through technology." The business has been rocked by a series of high profits issues with its advertising business this year. Baidu was called out for its practices around selling access to forums early this year. Not long after it also agreed to overhaul the way it delivers its search ads, including the volume of ads served, after a huge public backlash saw Baidu taking some of the blame for the death of a student who died after taking experimental cancer treatment that be found from a search ad.
The overhaul has been welcomed by the industry which believes will create a better experience, particularly on mobile.
The business said the revenue from mobile was growing as it represented 63 percent of total revenues for the second quarter of 2016, compared to 50 percent in 2015. According to Baidu, mobile search monthly active users were 667 million for the month of June 2016, an increase of 6 per cent year-over-year. It said users of its mobile maps service grew by 13 percent and the number of activated Baidu Wallet accounts reached 80 million, representing a 131 percent year-on-year growth.
Which of the following is correct about Baidu's business condition in 2016?A.Baidu has been cutting off their costs.
B.Baidu's profit has fallen.
C.Baidu's revenues have been falling.
D.Baidu has been losing money.答案：B解析：本题考查的是细节理解。
【关键词】correct; Baidu’s business condition in 2016
【主题句】第1自然段The business announced that revenues had grown by 10.2 percent
year-on-year to RMB 18.264 billion （$2.748billion）. However,profit fell to RMB 2.866 billion （$431.3 billion）,a 17.4 percent decrease from the same period in 2015. 公司宣布收入同比增长了10.2%，达到182.64亿人民币（约合27.48亿美元）。然而，利润下降到28.66亿人民币（约合4313亿美元），比2015年同期减少了17.4%。
【解析】题干意为“关于百度2016年的营业状况，以下正确的是哪一项？”。选项A意为“百度已经削减了他们的成本”；选项B意为“百度的利润下降了”；选项C意为“百度的收入一直在下降”，选项D意为“百度一直在亏损”。根据主题句可知，百度的收入增长了，而利润下降了，故选项B正确。 -
第18题：
资料：China's Fosun has offered to buy almost 17 percent of Millennium BCP, Portugal's largest listed bank, and potentially lift its stake to 30 percent, following a having in its share price in the year to date.
BCP said in a regulatory filing late on Saturday that Fosun Industrial Holdings had offered to pay ?0.02 a share, equal to Friday's closing price, in a private placement of 16.7 percent of the bank's share capital. According to the filing, Fosun was also considering increasing its shareholding to “20-30 percent”.
Fosun, one of China most acquisitive companies, made its Millennium BCP offer a week after it agreed to pay $1.1bn for 86 percent of Indian drugmaker Gland Pharma. In recent years, it has also snapped up France's Club Med and the top Portuguese insurer in Europe.
Analysts deem BCP to be in need of capital and vulnerable to a takeover after its share price fell from ?0.05 earlier this year, pushing its market value to a little over ?1.1bn.
In a recent report on Portugal's undercapitalisted banks, which are heavily burdened by bad debts, Barclays said BCP could need a capital increase of about ?2bn.
On Friday, the bank posted a ?197.3m loss for the first half of 2016, down from a profit of ?240.7 for the same period last year. But it said that stress tests by the European Banking Authority had shown it had sufficient capital to withstand a financial crisis. Under the tests, BCP had a common equity tier one ratio-a key measure of capital strength-of 6.1 per cent under stressed conditions, above the 5.5 per cent threshold seen as the minimum adequate level.
Fosun has now offered to subscribe to a private placement, reserved solely for the Chinese group, that would give it a 16.7 percent stake in BCP. It said it was “also considering increasing its stake through secondary market acquisitions or in the context of future capital increases” to up to 30 percent.
This offer, which is subject to regulatory approval by Portuguese and EU authorities, is conditional on Fosun being able to appoint at least two of the 20 BCP board members, and up to five members in the event of increasing its stake.
BCP said it recognized “the strategic potential” of Fosun's offer, saying it would swiftly proceed with an analysis of its “many positive aspects” before making a recommendation to its board of directors.
How many acquisitions have Fosun made in recent years?A.Two
B.There
C.Four
D.None of above答案：C解析：本题考查的是细节理解。
【关键词】How many acquisitions; Fosun made in recent years
【主题句】第3自然段Fosun, one of China most acquisitive companies, made its Millennium BCP offer a week after it agreed to pay $1.1bn for 86 percent of Indian drugmaker Gland Pharma. In recent years, it has also snapped up France's Club Med and the top Portuguese insurer in Europe. 复星是中国最具收购价值的公司之一，该公司在其同意以11亿美元收购印度制药商格兰德制药（Gland Pharma）86%股份之后，一周之内就提出了千禧银行收购提议（Millennium BCP）。近年来，它也收购了法国的地中海俱乐部（Club Med）和葡萄牙顶级的欧洲保险公司。
【解析】题干意为“近年来，复星进行了多少次收购？” 根据主题句可知，复星进行了包括千禧银行、格朗制药、法国地中海俱乐部以及欧洲顶级的葡萄牙保险公司在内的四次收购，故选项C正确。 -
第19题：
共用题干
Federal Deposit Insurance Corporation
Before 1933,and particularly during the period 1929—1933,bank failures were not uncom-mon.________(51)a bank overextended itself in creating credit or if several of its important loans could not be________(52),depositors in the bank would frequently become panicky and begin to make large withdrawals.________(53)the bank had only a small number of its deposits backed by currency,the bank would soon be unable to meet withdrawals,and most depositors ________(54)their money.Most frequently a bank merely needed time to improve its cash posi- tion by________(55)some of its loans and not making additional ones.In 1933,the number of bank failures________(56)a peak,forcing the federal government to intervene and ________(57)the banks temporarily.To help restore the public's confidence________(58) banks and strengthen the banking community,Congress passed legislation setting up the Federal Deposit Insurance Corporation.________(59)corporation,an agency of the federal government, now insures over 90 percent of all mutual savings and commercial bank deposits for________(60) $100,000 per deposit.The FDIC has________(61)its insurance fund by charging member in-stitutions one-twelfth of 1 percent of their total deposits.
As a result of the protection provided by the FDIC and through other kinds of supervision, bank failures have been________(62)to a few isolated instances .When deposits are federally insured,people________(63)rush to withdraw their money if they________(64)the financial condition of their bank .The delay gives the banks the necessary time to adjust their cash credit balance,and this action helps to reduce the________(65)of bankruptcy.52._________
A: repaid
B: deposited
C:.found
D:.saved答案：A解析：从后文可知，本句是条件从句，条件从句应当由if引导。
从货款这个概念应当推断出，应当是归还，而不是存储或者发现。
本句前一部分和后一部分是因果关系，应当用because引导这个从句，because of后面跟的是名词或名词性短语，而不是从句。
我们从整个句子的语态来看，本句是虚拟语气，应当选D。此外，根据前一部分“the band would soon be unable to meet withdrawals”中的语态，我们也能做出相应的判断。
call on意为“号召，呼吁”;call for意为“要求，提倡”;call off意为“放弃，取消”; call in意为“召回，收回”。根据题意，银行应当采取相应的收回货款的措施，因此选D。
reach peak是固定用法，例如：Sales have reached a new peak. 销售额已达到新高。
不定式符号to后面跟动词原形，所以选择C。
表达“对于……有信心”应当用介词in，即confidence in(后接名词，表示对……有信心），例如：She lacks confidence in herself．她缺乏自信心。
这里应当用指示代词来组成一个名词词组，并不是构成一个从句，并且后面跟同位语短语，所以选B。
upto意为“达……之多”，符合题意。“as many as”用于可数名词前，如果选项中有“as mucn as”，则也是正确的，因为钱是不可数名词。
has已经提示了此处应当用动词的过去分词形式表达现在完成时语态。
根据上下文，此处是指自从建立了保险制度以来，银行破产的个案是减少了，而不是增加或者消失。
根据上下文，此处表达否定意思“不再”，所以选C。
be/become concerned about意为“担心；担忧；挂念”，例如：We're rather concerned a- bout father's health．我们相当担心父亲的健康。be/become concerned in sth．意为“和某 事有牵连”。be/become concerned with意为“牵涉，与……有关，参与”。
根据上下文，此处表达“可能性”之意，所以选择possibility。 -
第20题：
Bank of China informs the beneficiary, a Chinese import and export company that a foreign bank has opened a letter of credit in his favor. The bank does not add its engagement by informing the beneficiary. The Bank of China ia acting as （）.
- A、The issusing bank
- B、The advising bank
- C、The confirming bank
- D、The negotiating bank
正确答案:B -
第21题：
单选题A reimbursing bank has received a valid claim under its reimbursement undertaking and is instructed by the issuing bank not to honour the claim. In accordance with the URR725, the reimbursing bank should: （）AReques tthe claiming bank to cancel the claim
BInstruct the claiming bank to contac tthe beneficiary
CHonour the claim and debit the issuing bank’s account
DDishonour the claim as per the issuing bank’s instruction
正确答案： B解析： 暂无解析 -
第22题：
单选题According to the passage, which of the following statements is NOT TRUE?AMcDonald’s was founded in 1948.
BMcDonald’s has opened its restaurants in every city of the world.
CMcDonald’s has over 30,000 locations in the world now.
DMcDonald’s was very small in scale in the beginning.
正确答案： D解析：
文章首段提到“Since its founding in 1948”，麦当劳成立于1948年，故A项正确；由“McDonald’s has grown from a family burger (汉堡包) stand to a global fast-food chain, with more than 30,000 locations in 118 countries.”可知，麦当劳起初规模很小，而现在全球3万多个城市都有麦当劳的分店，故C、D两项正确。B项“麦当劳在全世界每个城市都有分店”过于绝对，首段只提到其在118个国家有分店。故本题选B。 -
第23题：
单选题Why did Bezaq’s international branch lose 40% of its market share?ABecause the rates it offered were not competitive enough.
BBecause customers were dissatisfied with its past service.
CBecause the service offered by its competitors was far better.
DBecause it no longer received any support from the government.
正确答案： C解析：
推论题。文章说以色列服务水平提高是公司间的竞争引起的，而百扎克公司虽已提供了竞争费，但仍失去了40%的市场，其原因是第二段第四句“people wanted revenge for all the years of bad service”，故B为答案。