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We"ve got all the different companies working together and we have proved it works and is commercially______.
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There is a ______ difference in treatment of creditors in Europe—Britain, Ireland, the Netherlands and Scandinavian countries are the friendliest, while Italy and Spain the worst.
passage oneWhich is safer-staying at home, traveling to work on publictransport, or working in the office Surprisingly, each of thesecarries the same risk, which is very low. However, what aboutflying compared to working in the chemical industryUnfortunately, the former is 65 times riskier than the latter! Infact, the accident rate of workers in the chemical industry is lessthan that of almost any of human activity, and almost as safe asstaying at home. The trouble with the chemical industry is that when things go wrong they often cause death tothose living nearby. It is this which makes chemical accidents so newsworthy. Fortunately, they areextremely rare. The most famous ones happened at Texas City (1947),Flixborough (1974),Seveso (1976), Pemex (1984) and Bhopal (1984). Some of these are always in the minds of the people even though the loss of life was small. Noone died at Seveso, and only 28 workers at Flixborough. The worst accident of all was Bhopal,where up to 3,000 were killed. The Texas City explosion of fertilizer killed 552. The Pemex fire at astorage plant for natural gas in the suburbs of Mexico City took 542 lives, just a month before theunfortunate event at Bhopal. Some experts have discussed these accidents and used each accident to illustrate a particulardanger. Thus the Texas City explosion was caused by tons of ammonium nitrate(硝酸铵),whichis safe unless stored in great quantity. The Flixborough fireball was the fault of management,which took risks to keep production going during essential repairs. The Seveso accident showswhat happens if the local authorities lack knowledge of the danger on their doorstep. When thepoisonous gas drifted over the town, local leaders were incapable of taking effective action. ThePemex fire was made worse by an overloaded site in an overcrowded suburb. The fire set off achain reactions exploding storage tanks. Yet, by a miracle, the two largest tanks did not explode.Had these caught fire, then 3,000 strong rescue team and fire fighters would all have died. According to passage, the chemical accident that caused by the fault of management happenedat ____.
Even if the US"s massive financial rescue operation succeeds, it should be followed by something even more far-reaching—the establishment of a Global Monetary Authority to oversee markets that have become borderless. Washington recognizes that the crisis has become global. Hank Paulson, Treasury secretary, has said that foreign banks operating in the US will be eligible for federal assistance and he is urging other nations to fashion their own bail-out programs. Central banks have also been synchronizing injections of funds into markets. These should be steps to a more comprehensive international response designed not just to extinguish the current fires, but to rebuild and maintain the capital markets for the longer term. The current global institutional apparatus is woefully incapable of overseeing the financial system that is evolving. The International Monetary Fund is irrelevant to this crisis, the Group of Seven leading industrial countries lacks legitimacy in a world where China, Brazil and others are big players, and the Bank for International Settlement has no operational role. The US Federal Reserve is too besieged to act as a global central bank. That vacuum at the centre is dangerous for everyone. The US"s dependence on massive inflows of foreign capital, roughly $3bn(2bn, ￡1.6bn)a day, will surely increase now as Uncle Sam acquires $1 , 000bn in new obligations from current bail-outs. For years to come, Wall Street and Washington will be unable to manage without strong co-operation from other markets. Beyond that, the international dimensions of finance are mind-boggling. Global assets have increased from $12, 000bn in 1980 to nearly $200, 000bn in 2007, far outstripping the growth of gross domestic product or the expansion of trade. An increasing amount of this capital now resides in Asia and the Gulf, not the US or Europe. A US company such as AIG sold more of its credit default swaps and insurance policies outside the US than within it. UBS employs 30, 000 Americans, is listed on the New York Stock Exchange and owns Paine Webber. The capital markets will evolve in the context in which emerging market economies will be growing twice as fast as the rich nations and will, by mid-century, probably account for almost two-thirds of global GDP. Globalization will now also create a clash of philosophies. Most governments and investors outside the US never shared the American system of cowboy capitalism. Now they have good reason to demand that some fundamental changes be made in the way the US manages its financial institutions. This can happen with a conscious, negotiated modification in the US financial model, or it could result from foreign investors shifting their funds elsewhere. All of these considerations point to the eventual need for a new Global Monetary Authority. It would set the tone for capital markets in a way that would not be viscerally opposed to a strong public oversight function with rules for intervention, and would return to capital formation the goal of economic growth and development rather than trading for its own sake. In terms of US and international politics, a Global Monetary Authority is probably an idea whose time has not yet come. That may change as today"s crisis evolves. The American government considers their bail-out programs in the US______.
Marriage is a book of which the first chapter is written in poetry and remaining chapters in prose.
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