FALLING OIL PRICES - WINNERS AND LOSERS

For the first time in four years, the price of oil has been decreasing steadily. At the moment, it is down to $60 to $80 per barrel after years of
prices above $100. And there are no signs of prices going up in the near future.

One of the reasons for the fall of oil prices is that there is more than enough oil on the world markets. Saudi Arabia, the worlds largest oil producer
has tried to stabilize the prices by producing less oil but other OPEC members have reacted by producing more oil.

Another reason for the cut in oil prices is that the United States has been producing more and more energy from fracking. The oil that
is trapped in the rocks of the western US can be extracted at a cheaper price. This means that the US can produce more oil itself and does not
have to import oil from foreign markets.

The decrease in oil prices is expected to help the worlds economy. Especially in Europe, the downward movement of oil price is expected to
be good for the economy. China and Japan should also profit from falling oil prices, as they must import almost all of their oil. In most cases low oil
prices means lower inflation and people spending more money on goods. Cheap oil prices may also influence the travel market
as airline fuel costs should drop.

Some oil exporting countries are the big losers of this downward slide in oil prices. Most of them, for example Venezuela, need higher oil prices to
pay for government programs and secure the economy. Russia also needs income from oil and gas. The two natural resources bring the country
70% of its income. In addition to the falling value of the rouble, the Russian currency, the country also misses over 2 billion dollars of income
per year.

On the other side, falling energy prices will not affect Middle Eastern countries that much. The oil producing states of the Gulf region have enough
money to withstand lower oil prices for some time.

Words

barrel =unit of measurement for oil = 159 litres

billion = a thousand million

currency = the money of a country

cut = reduction

decrease = to go down

downward movement = when something falls or goes

down

downward slide = constantly going down

economy = the system by which goods and money of a

country are produced

especially = above all

expected to be = people think that

extract = get out of

foreign = from another country

fracking = special process of drilling into the earth to

get oil and gas out of rocks

fuel = liquid that cars, planes etc.. need to travel

goods = products

in addition = also

income = money you get for products that you sell

inflation = when prices go up constantly

influence = have an effect on

miss = here: does not get the money it normal gets

natural resources = things that nature offers and that

we need , like oil, gas, coal, wood etc..

near future = soon

OPEC = organization of oil exporting countries; group
of countries that try to control production and oil prices

secure = stabilize

stabilize = keep at the same price

steadily = slowly, bit by bit

trapped = when something cannot escape

withstand = resist ,survive

JOB HOPPING ADVANTAGES AND DISADVANTAGES OF SWITCHING JOBS FREQUENTLY

Job hopping changing from one job to another within a period of months- is becoming more and more popular.

One of the main reasons for this is that the structure of work is changing. Employers are looking for workers who can get a job done. After such
a task workers move on to another job. Part time and flexible work leads to people having more than one job.

In addition, rising unemployment and salary freezes have forced people to move to other jobs. In other cases, many career workers are in
search of a new challenge somewhere else.

Many employers, however, often see job hoppers as a disadvantage to their firm. They think that a person who cannot hold on to a job for a
longer period of time will not do a firm any good. A person who changes jobs every few years or even months is not respected by a company
that values loyalty.

On the other side employers like to hire people who have had several jobs, as they are able to adapt quickly to new workingenvironments.

Research shows that people who stay with a company for a longer time actually have better chances climbing the career ladder. The same
research also shows that moving around more quickly can actually increase an employees salary. Long-time workers oftenaccept low salary
increases just because they dont want to change to another company.

Young people, especially Generation Yers, change jobs more often because they have become used to it. Older workers who have stayed with a
company for a few decades have no experience in changing jobs and do not know what awaits them.

Top earners in entertainment, politics or the economy can move around freely without having to be afraid of money losses. They can get just
about any job they want and more pay.

Many workers ask themselves when the right time arrives to switch jobs. This depends on several factors, including what economic sector you
are in. In the world of high-tech, jobs change quickly. People come and go, often staying only for a few months. In contrast, the workers in the
farming business are valued for their loyalty and therefore stay longer.

Length of employment at the same firm differs from country to country. While an average worker in America changes jobs every 5 years, their
British counterparts switch every 9 years. Italian workers stay with the same company for an average of 13 years.

Labor laws play an important part in hiring and firing workers. In Europe it is much more difficult to get rid of unwanted workers than in the US.
Cultural views, as in Japan, often play an important role. Japanese workers are loyal to their companies and often stay for many decades, or even
their whole life.

Yet, there are several advantages in job hopping. You get a wide range of experience in different fields, and experience different working
environments. In some cases, a person gets a fulfilling job after they have tried out several others.

On the other side job hoppers often dont show motivation at work. They are never satisfied with what they get. Switching jobs can be stressful
and contribute to bad moods.

Words

actually = really

advantage = good side of

something
average = normal

await = wait for

career ladder = when you
move up position after position in a
company

challenge = something
difficult that you want to do
counterpart = someone who
has the same job somewhere else
decade = a period of ten
years
differ = to be different
disadvantage = bad side of
something
economy = the system of
producing goods and using money in
a country
employee = worker
employer = a person who
owns a company and offers a job
experience = understanding,
practice
factor = aspect
fire = get rid of a worker
firm = company
force = make; lead to
frequently = often

fulfilling = something that

make you feel happy , because what
you are doing is interesting
get rid of = to make a
person leave
hire = employ; give someone
work
however = but
in addition = also
in contrast = on the other
side
in search of = look for
including = also
increase = go up
labor = work
length = how long something
is
loss = to lose something
part time = not full; only for
some hours a week
period = time

politics = ideas and

activities that are about the
government and using power in a
country
popular = liked
research = a study that
shows new facts about a topic
respected = admired,
because of the good work you have
done
salary = money you get
every month for the job you have
salary freeze = when you do
not automatically get more money
every few years
several = a few
switch = change
task = job
unemployment = situation in
which you are out of work
wide range = many different
kinds of
yet = but

JAPANESE MANAGERS TELL EMPLOYEES TO LEARN ENGLISH

Japanese company leaders are telling their employees to learn as much English as possible. As the Japanese economy is slowlydeclining,
managers think that learning English is the only possible way to communicate with the world. Rakuten, Inc., a JapaneseInternet company, has
started a project in which it requires all of its employees to learn English up to a certain level. Those who do not
are threatened with consequences. Some of the employees have rejected learning English and left the company. The order came from the boss
of Rakuten, Hiroshi Mikitani, a billionaire who studied at Harvard and speaks fluent English.

When the project was introduced two years ago only 10% of Rakutens workforce was able to communicate in English. The company thinks that
by meeting and communicating in English it will have the advantage of getting into new markets. Two years later, Rakuten hasexpanded into
ten additional countries. In the next few years it plans to expand to a total of 27 countries and boost its overseas salesfrom 10 to 70%.

The company has offered almost no help for its employees. They had to learn English on their own and in their free time. At first,
Rakuten provided no courses for its workers. So employees became creative. They watched English films, bought English-language DVDs and
downloaded language course apps onto their iPhones.

Later on, when the company saw that test scores were not what they had expected and workers were not able to learn without help they started
holding classes.

Today Rakuten is starting to see good results. About 80% of the companys meetings are being held in English. Internal emails and presentations
are all in English and company employees in Japan can now communicate better with overseas partners. They can even search the web in
English.

The project has brought forward many critics who say that it is humiliating for Japanese workers to speak English. It is thought of as a way of
getting rid of unwanted workers.

Although Japanese students must learn English in middle and high schools, the countrys results in international tests are far from encouraging.
It ranks far behind compared with other Asian nations.

Words

additional = extra
advantage = something that helps you become more successful than others
although = while
app = small program that works on a smartphone
billionaire = a person who has more than a thousand million dollars, Euros, yen etc..
boost = improve
bring forward = produce
certain = special
compare = to put side by side
consequence = something that will happen as a result of something else
critic = a person who shows the bad sides of something
decline = to go down
economy = the system by which a country buys and sells products
employee = a person who works for a company
expand = to become bigger
far from encouraging = not very good
fluent = perfect
humiliate = to make you feel ashamed
Inc = short form for incorporated = when many smaller companies become one big one
internal = within the company
offer = give
on their own = by themselves
overseas sales = the money a company gets from the products it sells to countries on other continents
provide = offer
rank = position in a list
reject = to say no
require = call for, need
test score = the number of points you have received on a test
threaten = to pressure someone to do something, or else they will be punished
workforce = all the people who work in a company

HILDREN

HOW TO DEAL WITH MONEY

Many children get to learn about money when they get their first allowance form their parents. The amount of money children getdiffers from
family to family and depends on the budget of a family. Some children get weekly allowances, others get monthly allowances.

Parents should assist children in managing money. They should tell them what they should or shouldnt buy with it. Family experts statethat it is
bad to extend the allowance if a child cannot make ends meet and spends too much of it until the month or week is over.

Getting a regular allowance gives children the first opportunity of doing some careful planning of finances. They can save it for a big investment
in the future or buy things that their parents would normally not buy for them.In some cases it can be a good thing to pay children for doing useful
things around the house. Other parents argue that such work is a normal part of family life.
Saving helps children understand that you simply cannot spend everything you have. It also prepares children for later phases in their life, where
saving will become more important.

Not all parents give allowances to their children. They buy the things that children need. Financial experts claim, however, that giving children an
allowance lets them handle money in a better way. Which time to start giving allowances to children is a controversial issue. Some family experts
suggest that giving a child a small allowance at the age of five is appropriate. Opening up a savings account for children is a great way to make
them understand that saving actually increases your money.

Words
allowance = the amount of money you are given every

week or every month

amount = sum

appropriate = here: the right time

argue = to give clear reasons that something should be

done

assist = help

claim = to say that something is true

controversial = much discussed

differ = to be different

extend = here: to give more

finances = money

handle = deal with

however = but

in some cases = sometimes

increase = to go up

issue = topic
make ends meet = to have just the money that you can

buy the things you need

manage = control, deal with

opportunity = chance

phase = time
regular = something that always happens at the same

time

savings account = bank account in which you keep

money that you need later; the bank pays you interest, extra
money, for the money you give them

state =say

weekly = every week

HOW E-COMMERCE IS CHANGING PEOPLES SHOPPING HABITS

Even though e-commerce has been around for a long time only 5% of all goods produced are bought online. But e-commerce is still growing. It
is breaking into traditional markets more than ever before. Not just books, CDs and holiday trips are bought online, but all sort of other products
and services that were unimaginable in the past. Today, more and more online shops get their customers fromsocial
networks like Facebook and mobile phones.

In the past going shopping was fun, something that you did with your friends or relatives. It was a social event. Today, Facebook and other social
media networks are the driving force behind online shopping. Companies target potential customers and online communities. If
they advertise their brands and products in the right way people will talk about them, and news spreads throughout the online world much
quicker than in the real world.

Over 75% of all customers buy products after they have read reviews about them on the Internet. They ask their friends about qualityand design
of certain products. An American-based cosmetics company, for example, has asked female customers to exchange beauty tips via the Internet.

Companies also encourage online shoppers to play games that focus around their products. A British based firm lets users play a game with
play money in which they can go and buy virtual versions of products and have their friends comment on them.

The new smartphone generation is likely to have an even greater impact on online shopping. While in a real store, customers often
getreviews and price comparisons directly on their mobile. In many cases, when they see something they want to buy they leave the shop and
buy online or go to a nearby place where they get it for a lower price. There are even apps which show you if there is a certainproduct on
sale within a short distance of your location.

E-commerce is only at the beginning, with many more new shopping experiences to come.

Words
advertise = to tell the public about your products or

services
app = computer program that works on your mobile

phone

mobile phone = small telephone that you always have

with you

on sale = cheaper than normal

online community = place on the Internet where
people get together and share their experiences

based = here: the country it comes from

brand = type of product made by a company

break into = here: to become a part of the market

certain = special

comparison = to find out how cheap products are

costumer = person who buys a product

distance = space

e-commerce = buying and selling products and

services over the Internet

goods = products

potential = possible; would-be

quality = how good something is

review = opinion on a product

service = work or a job that you do for money

smartphone = portable phone that has the functions of

a computer
social = with friends
social media network = websites that allow people to
get into contact with each other and share things

encourage = to talk someone into doing something

spread = to move from one place to another

exchange = swap, trade

target = aim at; try to get

experience = the way you feel something

female = woman

firm = company

unimaginable = hardly possible

focus = center

via = over

force = power

virtual = not real

traditional =normal; something that has been around

for a long time

MOBILE BANKING ON THE INCREASE IN DEVELOPING COUNTRIES

Mobile banking is becoming more and more popular in countries of the Third World. While in developed countries almost all people have bank
accounts, only a small part of the population in underdeveloped countries has access to banks.

In mobile banking a person who wants to send money does so by sending the amount via text to the receivers phone number. The person
who receives the money goes to an authorized local shop that and withdraws the cash.

There are many examples for mobile banking in the Third World. Hospitals in Tanzania send money to women so that they can pay for the bus
fare to the hospital. In Afghanistan the government pays its policemen by mobile phone. Coffee plantation owners in East Africa send workers
their money via text.

Mobile banking has become popular where there are few banks but where most of the people have a mobile phone. The potentialmarket
is especially large in South America where only 35% of the people have bank accounts but 90% have mobile phones.

Many mobile phone companies are taking over banking services in underdeveloped countries. In the last two years almost one million people in
six African countries have signed up with European mobile operator Orange. In Kenya and Tanzania, British operatorVodaphone has 20
million customers who send money to other people in the country and abroad.

In Pakistan, Norwegian mobile phone company Telenor has been offering mobile banking since 2008. People can withdraw money at almost
11,000 shops throughout the country. Pakistan itself has only a little over 8,000 banks. Money transfers are limited to $120, withTelenor taking
5% of the amount.

The number of mobile banking customers is expected to rise in Third World countries from currently 60 million to almost a billion in 2015. Over
80% of these costumers live in Latin America, Africa and Asia.

In the developed world mobile banking has not become a serious option because most customers have bank accounts andtransfer their
money via Internet banking. As more and more Americans and Europeans buy smartphones mobile banking will probablyincrease.

Words

access = the right or possibility to use something

amount = sum

authorized = official, allowed

bank account = an agreement where a customer can

pay in and take out money at a bank

billion = a thousand million

bus fare = the money that you have to pay to ride a bus

cash = money

currently = right now

customer = person who buys something or uses a

companys services

developed countries = rich countries in Europe and

North America, as well as Japan and Australia

especially = very

expect = will probably

government = the people who rule a country

increase = go up

limited = here: not more than

local = in the area

mobile banking = to make money transfers through

your mobile phone

offer = here: sell to people

operator = company

option = possibility, offer

owner = a person who possesses or has something

popular = liked by many people

potential = possible

receive = get

receiver = a person who gets the money

rise = go up

serious = important, good

service = help that a company gives you

sign up = to start being a customer and use the

services

smartphone = mobile phone that has its own operating

system and works like a small computer

throughout = in all of

transfer = send

underdeveloped country = poor country in Asia, Latin

America and Africa

via = through, by way of

while = although

withdraw = get, take out