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Renowned U. S. economist, John Rutledge, who helped frame the fiscal policies of two former U. S. presidents, warned that an abrupt rise in China’ s currency could lead to another Asian financial crisis. The founder of Rutledge Capital told the media that if the yuan rises (1) it would discourage foreign direct investment in China while (2) by market speculators. Currency change is more difficult for investors and (3) .The Chinese currency has appreciated by (4) since July 2005 when the country allowed the yuan to (5) within a daily band of 0.3 percent. The analysts are expecting the currency to rise (6) by the end of this year. But if the yuan rose 20 to 30 percent, as some U. S. politicians are demanding, it would (7) causing a recession and deflation. Similar advice to allow an abrupt appreciation of a currency led to (8) in 1997, and came very close to destroying (9) . The U. S. economist says that investors want foremost to (10) associated with large fluctuations in currency and inflation. They (11) after evaluating risks to benefits such as (12) . A rising yuan would drive up labor costs for foreign investors and would not (13) .Earlier reports said that currency speculators had pumped (14) U.S. dollars into China by the end of last year, with another 70 billion U. S. dollars (15) in the first three months of this year. There is no way to (16) of this type of investment and many economists disagree that (17) is so high. Instead of further appreciating its currency, China should make the yuan (18) . If the yuan were more easily converted into foreign currencies it would allow Chinese companies to expand overseas, (19) , and provide management experience and capital that China needs. It would also (20) and reduce speculative money coming into the country. 11（）
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Stress is our response to threatening or (1) events. We may experience different levels of stress depending on the (2) , meaning the events or circumstances that cause us to feel stress. Stressors can be classified into (3) main categories: (4) events, personal stressors, and (5) stressors. Cataclysmic events are major events that cause stress (6) , immediately, for a great many people at once. Personal stressors are major life events that create stress, including (7) life events. Background stressors are (8) hassles, or minor irritations, or (9) background stressors. Repeated exposure to stressors has both psychological and (10) consequences. The long- term consequence is that body tissues such as the heart and blood vessels can begin to (11) . The (12) system functions less effectively, and (13) our ability to fight off illnesses.The General Adaptation (14) explains the sequence of physiological reactions to stress. There are three phases to G. A. S. The first is the " alarm and (15) " phase: we respond with alarm, and take (16) to remove the stressor. The second phase is the (17) stage: we fight against the stressor or try to cope with the stressor. This can lead to the third phase. (18) . The exhaustion phase may be an (19) way of trying to avoid the stressors. The body may be telling us that we need to do whatever is (20) to remove the stressor. 6（）
At a recent Internet culture conference at the MIT in Cambridge, a local ice-cream shop offered to make a custom flavor for the event. After some discussion, the organizers decided that it should be vanilla ice cream mixed with Nerds candies, "because the Internet is primarily white and nerdy," explains Chris Csikszentmihalyi, who directs the MIT Center for Future Civic Media. While a joke, the ice-cream flavor was also a serious commentary on the digital divide that has grown between those who created the Internet--mostly affluent, white, male programmers--and the billions of people with whom they share little in common.There’s a push among development specialists to provide more people with Internet connections and the assumption that these new Web citizens can then reap the same benefits as communities who’ve long been online. This may not be the case, however. While few people dispute the value of getting the world online, many Internet experts say that current Web content has little relevance and thus little appeal to those whose lifestyle is worlds away from programmers in the United States and Europe. If the majority of the world is to use the Web for more than just a few basic functions, Internet developers must address this gap.Even in the US, this has proved to be a problem. A new study at Northwestern University found that, among Americans, those from privileged backgrounds tend to have much higher skill levels and use the Web for more activities than those from less affluent families with equal Internet access. "Just because people gain access doesn’t mean that now they know how to use the Internet," says the author Eszter Hargittai, "Even if we put a lot of effort into connecting more people [the concern is that] even once people obtain access, we will continue to observe considerable variation in their skills and online behavior. "For those outside the US, crossing the digital divide may seem even more daunting. In the Middle East, since 2000, Internet use has grown faster than anywhere else in the world. Although there are more Arabs online every day and their language is the world’s fifth most widely spoken, less than 1 percent of Web content is in Arabic. Within the region, Jordan has been one of the most active countries bridging the digital divide. Here the information technology (IT) sector enjoys strong support from King Abdullah II and makes up 12 percent of the nation’s GDP. According to StartupArabia, a website dedicated to tracking Arab tech companies, only the United Arab Emirates has surpassed Jordan in the number of start-ups."Jordan doesn’t have resources. We don’t have oil; we don’t have any major mineral resources; the only thing we have is education," says Khamis Omar, dean of the IT department at the Princess Sumaya University for Technology in Amman. Despite these successes, Jordan is still on the far side of the perceived chasm. Only 54 percent of Jordanian homes have a personal computer and about 30 percent of people use the Internet. Of those who don’t have computers, about half said they couldn’t afford them while 40 percent said they didn’t need them.In some regards, it may take decades for the Internet, like other technological revolutions, to take firm root outside its place of origin, says Steven Low, a computer science professor at the California Institute of Technology in Pasadena. "It takes time not only for the technology to mature, but also for [a different] society to learn how to use it and then adapt how you live or how you work to make the most use of it," he says. "That process has been going on in the developed world for the last several decades in terms of IT … but it’s only starting for the developing world. " In the meantime, Robert Fadel of the nonprofit One Laptop Per Child says one of the most important things is to continue making technology available to more people so they can find ways to make it applicable to their lives. In the past two years, OLPC has helped distribute 1.5 million laptops to children in 35 countries."Children with the support of their community and their parents and teachers, will find it all out, they will discover it. We can help them out by giving them the freedom and the access to use such tools," says Mr. Fadel. He adds that worrying that people might not get the full benefit of the Internet because they don’t know how to use it, is like worrying that people may not benefit from a library if no one explains how to use it.Still, Mr. Hargittai says that, for real Internet equality, it will likely take more than simply putting the tools in people’s hands. Organizations working to bridge the divide must "devote resources to offering support, and potentially having a center where people can go for support, offering informal classes or instruction for the community," she says. She adds that any classes would need to effectively target the necessary audience, as many people may not know how much more they have to learn. What is the explanation given by the computer science professor Steven Low
Renowned U. S. economist, John Rutledge, who helped frame the fiscal policies of two former U. S. presidents, warned that an abrupt rise in China’ s currency could lead to another Asian financial crisis. The founder of Rutledge Capital told the media that if the yuan rises (1) it would discourage foreign direct investment in China while (2) by market speculators. Currency change is more difficult for investors and (3) .The Chinese currency has appreciated by (4) since July 2005 when the country allowed the yuan to (5) within a daily band of 0.3 percent. The analysts are expecting the currency to rise (6) by the end of this year. But if the yuan rose 20 to 30 percent, as some U. S. politicians are demanding, it would (7) causing a recession and deflation. Similar advice to allow an abrupt appreciation of a currency led to (8) in 1997, and came very close to destroying (9) . The U. S. economist says that investors want foremost to (10) associated with large fluctuations in currency and inflation. They (11) after evaluating risks to benefits such as (12) . A rising yuan would drive up labor costs for foreign investors and would not (13) .Earlier reports said that currency speculators had pumped (14) U.S. dollars into China by the end of last year, with another 70 billion U. S. dollars (15) in the first three months of this year. There is no way to (16) of this type of investment and many economists disagree that (17) is so high. Instead of further appreciating its currency, China should make the yuan (18) . If the yuan were more easily converted into foreign currencies it would allow Chinese companies to expand overseas, (19) , and provide management experience and capital that China needs. It would also (20) and reduce speculative money coming into the country. 13（）
It is 15 years since Moises Naim coined the memoraible phrase "corruption eruption". But there is no sign of the eruption dying down. Indeed, there is so much molten lava and sulphurous ash around that some of the world’s biggest companies have been covered in it. Siemens and Daimler have recently been forced to pay gargantuan fines. BHP Billiton has admitted that it may have been involved in bribery. America’s Department of Justice is investigating some 150 companies, targeting oil and drugs firms in particular.The ethical case against corruption is too obvious to need spelling out. But many companies still believe that, in this respect at least, there is a regrettable tension between the dictates of ethics and the logic of business. Bribery is the price that you must pay to enter some of the world’s most difficult markets (the "when in Rome" argument). Bribery can also speed up the otherwise glacial pace of bureaucracy (the "efficient grease" hypothesis). And why not The chances of being caught are small while the rewards can be big and immediate.But do you really have to behave like a Roman to thrive in Rome Philip Nichols, of the Wharton School, points out that plenty of Western firms have prospered in emerging markets without getting their hands dirty, including Reebok, Google and Novo Nor disk. IKEA has gone to great lengths to fight corruption in Russia. What is more, Mr Nichols argues, it is misguided to dismiss entire countries as corrupt. Even the greasiest-palmed places are in fact ambivalent about corruption: they invariably have laws against it and frequently produce politicians who campaign against it. Multinationals should help bolster the rules of the game rather than pandering to the most unscrupulous players.And is "grease" really all that efficient In a paper published by the World Bank, the authors subjected the "efficient grease" hypothesis to careful scrutiny. They found that companies that pay bribes actually end up spending more time negotiating with bureaucrats. The prospect of a pay-off gives officials an incentive to haggle over regulations. The paper also found that borrowing is more expensive for corrupt companies.The hidden costs of corruption are almost always much higher than companies imagine. Corruption inevitably begets ever more corruption. Corruption also exacts a high psychological cost on those who engage in it. Mr Nichols says that corrupt business people habitually compare their habit to having an affair: no sooner have you given in to temptation than you are trapped in a world of secrecy and guilt. On the other hand, the benefits of rectitude can be striking. Oil giant Texaco had such an incorruptible reputation that African border guards were said to wave its jeeps through without engaging in the ritual shakedown. Moreover, the likelihood of being caught is dramatically higher than it was a few years ago. The internet has handed much more power to whistle-blowers. Every year Transparency International publishes its Corruption Perceptions Index, and its Global Corruption Barometer.The likelihood of prosecution is also growing. The Obama administration has revamped the Foreign Corrupt Practices Act (FCPA) and is using it to pursue corporate malefactors the world over. The Department of Justice is pursuing far more cases than it ever has before. Recent legislation has made senior managers personally liable for corruption on their watch. They risk a spell in prison as well as huge fines. The vagueness of the legislation means that the authorities may prosecute for lavish entertainment as well as more blatant bribes.America is no longer a lone ranger. Thirty-eight countries have now signed up to the OECD’s 1997 anti-corruption convention, leading to a spate of cross-border prosecutions. In February Britain’s BAE Systems, a giant arms company, was fined $ 400m as a result of a joint British and American investigation. Since then a more ferocious Bribery Act has come into force in Britain. On April 1st Daimler was fined $185m as a result of a joint American and German investigation which examined the firm’s behaviour in 22 countries.Companies caught between these two mighty forces--the corruption and anti-corruption eruptions--need to start taking the problem seriously. A Transparency International study of 500 prominent firms revealed that the average company only scored 17 out of a possible 50 points on "anti-corruption practices. " Companies need to develop explicit codes of conduct on corruption, train their staff to handle demands for pay-offs and back them up when they refuse them. Clubbing together and campaigning for reform can also help.This may all sound a bit airy-fairy given that so many companies are struggling just to survive the recession. But there is nothing airy-fairy about the $16 billion in fines that Siemens has paid to the American and German governments. And there is nothing airy-fairy about a spell in prison. The phrase "doing well by doing good" is one of the most irritating parts of the CSR mantra. But when it comes to corruption, it might just fit the bill. What is the author’s advice for companies against corruption?
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