This bank suffered a run as a result of the exposure of some news.

According to Paragraph 2, which of the following is true？

A．The Royal Bank of Scotland is completely possessed by the British taxpayer.

B．The Royal Bank of Scotland suffered a great loss that led to its bankruptcy.

C．The Royal Bank of Scotland suffered the loss due to an accounting quirk.

D．The Royal Bank of Scotland lost a great sum because of a financial crisis.

y irrevocable sight L/C. The expotter chartered a ship. After shipment, the exporter presented full set of documents in conformity with the L/C. After checking the documents, the opening bank paid the purchase price and informed the Chinese company that the documents had arrived. The Chinese company made payment and got the documents, but there was no news about the goods. Later, the Chinese company was told that the camer was a small shipping company, and it went bankrupt soon after its departure. The goods and the ship were missing. The Chinese company suffered heavy losses.

Question: What do we learn from the case？

Section A

Directions: In this section, there is a passage with ten blanks. You are required to select one word for each blank from a list of choices given in a word bank following the passage. Read the passage through carefully before making your choices. Each choice in the bank is identified by a letter. Please mark the corresponding letter for each item with a single line through the center. You may not use any of the words in the bank more than once.

The comparatively treeless plains of North Africa have suffered a progressive drying up, both

【S1】______and man-made, but the region was【S2】______so rich in fertile soil that the district we now know as the Libyan Desert was, in the old days, part of the granary(粮仓)of the Roman Empire, and the centre of the Sahara【S3】______a busy trading population for a long period. That was when there were【S4】______. in plenty and the fields were the traditional "fields of the woods" -- clearings in the forest -- and therefore always tree【S5】______

It is the trees that lift the water and send【S6】______into the air so that it may fall as dew or rain further on. Trees reduce the speed of the wind, and provide shelter and shade; the roots【S7】______minerals in the soil and these are carried to the leaves which, when they have fulfilled their function, return to the earth, giving the soil the combination of minerals that plants require.

But through the ages Africa has been【S8】______. Successive invaders have felled the forest to provide grazing lands for their flocks and herds. With the removal of the essential tree cover, the water【S9】______was broken, the earth became feverish and sick, and in course of time was unable to support those who had broken the【S10】______of life by removing the earth's green mantle -- the trees.

A)moisture I)fed

B)cycle J)exploited

C)water K)social

D)rhythm L)natural

E)contain M)forest

F)trap N)usually

G)once O)trees

H)surrounded

【S1】

Winners and Losers

Why are the biggest winners in the past decade of trade globalization mostly in South and East Asia, whereas the biggest losers are mostly in the former Soviet bloc (集团) and sub-Saharan Africa？ History is a partial guide: East Asia has a long trading tradition, Lately reinvigorated (给以新的活力) by the Chinese adoption of market economics. The Soviet Union, on the other hand, was sheltered from free-market forces for more than 70 years. In Africa, some countries are disadvantaged because of inadequate infrastructure (基础结构); many countries have little to trade hut commodities, the prices of which have fallen in recent years.

In some regions, certain countries have suffered by adopting misguided policies, often under pressure from International Monetary Fund. First among these is Russia, which in the early 1990s tried to embrace capitalism before first building the institutions that make capitalism work, such as an independent bank system, a system of business law, and an adequate method for collecting taxes. Encouraged by the IMF, the World Bank and the U. S. Department of the Treasury, President Boris Yeltsin’s regime privatized the state-owned industrial sector, creating a class of oligarchs (寡头政治集团成员), who, knowing how unstable conditions were at home, sent their money abroad instead of investing it at home.

In contrast, China, the biggest winner from globalization, did not follow the IMF formula. Of the former states of the Soviet bloc, only a few, notably Poland and Hungary, managed to grow, which they did by ignoring IMF advice and adopting expansionary plans, including spending more than they collected in taxes. Botswana and Uganda are also success stories: despite their disadvantages, their countries achieved vigorous growth by creating stable civil societies, liberalizing trade and implementing reforms that ran counter to IMF prescriptions.

Japan has a long trading tradition.

A．Right

B．Wrong

C．Not mentioned

Winners and Losers

Why are the biggest winners in the past decade of trade globalization mostly in South and East Asia, whereas the biggest losers are mostly in the former Soviet bloc （集团） and sub-Saharan Africa History is a partial guide: East Asia has a long trading tradition, lately reinvigorated （给以新的活力） by the Chinese adoption of market economics.

The Soviet Union, on the other hand, was sheltered from free-market forces for more than 70 years. In Africa, some countries are disadvantaged because of inadequate infrastructure （基础结构）; many countries have little to trade but commodities,the prices of which have fallen in recent years.

In some regions, certain countries have suffered by adopting misguided policies, often under pressure from International Monetary Fund. First among these is Russia, which in the early 1990s tried to embrace capitalism before first building the institutions that make capitalism work, such as an independent bank system, a system of business law, and an adequate method for collecting taxes. Encouraged by the IMF, the World Bank and the U.S. Department of the Treasury, President Boris Yeltsin's regime privatized the state-owned industrial sector, creating a class of oligarchs （寡头政治集团成员）, who, knowing how unstable conditions were at home, sent their money abroad instead of investing it at home.

In contrast, China, the biggest winner from globalization, did not follow the IMF formula. Of the former states of the Soviet bloc, only a few, notably Poland and Hungary, managed to grow, which they did by ignoring IMF advice and adopting expansionary plans, including spending more than they collected in taxes. Botswana and Uganda are also success stories: despite their disadvantages, their countries achieved vigorous growth by creating stable civil societies, liberalizing trade and implementing reforms that ran counter to IMF prescriptions.

第 16 题 Japan has a long trading tradition.

A．Right

B．Wrong

C．Not mentioned

请根据以下内容回答1-7题

Winners and Losers

Why are the biggest winners in the past decade of trade globalization mostly in South and East Asia, whereas the biggest

losers are mostly in the former Soviet bloc (集团) and sub-Saharan Africa？ History is a partial guide: East Asia has a long

trading tradition, lately reinvigorated (给以新的活力) by the Chinese adoption of market economics. The Soviet Union, on

the other hand, was sheltered from free-market forces for more than 70 years. In Africa, some countries are disadvantaged

because of inadequate infrastructure (基础结构)；many countries have little to trade but commodities, the prices of which

have fallen in recent years.

In some regions, certain countries have suffered by adopting misguided policies; often under pressure from International

Monetary Fund. First among these is Russia, which in the early 1990s tried to embrace capitalism before first building the

institutions that make capitalism work, such as an independent bank system, a system of business law, and an adequate

method for collecting taxes. Encouraged by the IMF, the World Bank and the U. S. Department of the Treasury, President

Boris Yeltsin's regime privatized the state-owned industrial sector, creating a class of oligarchs (寡头政治集团成员), who,

knowing how unstable conditions were at home, sent their money abroad instead of i nvesting it at home.

In contrast, China, the biggest winner from globalization, did not follow the IMF formula. Of the former states of the Soviet

bloc, only a few, notably Poland and&n bsp;Hungary, managed to grow, which they did by ignoring IMF advice and adopting expansionary plans,& nbsp;including spending more than they collected in taxes. Botswana and Uganda are also succes s stories: despite their disadvantages, their countries achieved vigorous growth by creating stable civil& nbsp;societies, liberalizing trade and implementing reforms that ran counter to IMF prescriptions.

Japan has a long trading tradition.（）

A Right

B Wrong

C Not mentionedC Not mentioned

erica—a place long associated with financial disaster—has remained improbably calm. Banks have reported no unpleasant surprises. Brazil and Peru have been blessed with coveted investment-grade ratings. Surprisingly, perhaps the fleetest country of all has been Argentina. Since it emerged from the financial crisis of 2001-02, it has been one of the world's fastest-growing economies. It is expected to expand faster than most of its neighbors again this year.

Quite simply, it barely has any credit. Back when its economy virtually collapsed, the country suffered a run on its banks, followed by a freeze on withdrawals, and a massive currency devaluation. As a result, bank lending to the private sector shrivelled, from 23.8% of GDP in 2000 to 10.8% in 2003. Since then, it has rebounded to a piddling 13% ; by contrast, the ratio in Brazil was 36.5% in 2006. Almost all of these loans in Argentina are accessible only on a short-term basis.

Once its recovery began in June 2002, Argentina became a paradise for business. Unemployment of over 20% kept wages down, and the devaluation gave exporters an edge on foreign competitors. The ample productive capacity left idle by the crisis meant firms could expand without making big investments. And the windfall profits reaped by agricultural exporters, thanks to record commodities prices, enabled many of them to finance new projects out of earnings. Hence the economy could grow at almost 9% a year with little need for credit.

But such a lucky confluence of factors could not last. Starting in early 2005 ,.inflation picked up, a sign that the installed capacity was starting to limit output. Salaries and prices for raw materials increased sharply, cutting into profits. And farmers were particularly hard hit when the government nearly doubled the taxes in farm exports. Now, just as companies need to embark on big investments if they are to keep growing, their margins are no longer big enough to pay for the expansion and they need to borrow.

So, the time is ripe for the country's financial system to recover. But a number of things are in the way. Foremost is Argentina's business risk. Those in the informal economy (which represents over 40% of GDP) can neither save nor borrow legally, lest they become known to the taxmen. The rest remain cowed by memories of the crisis. Although Argentines have poured their savings into property, fuelling a construction boom, they still hold about four-fifths of their deposits abroad.

Inflation, fuelled by a public-spending binge, state-mandated wage increases, and a cheap currency, is not helping either. No one knows how high it is. The consumer-price index is doctored to keep the official rate below 10%, but private estimates suggest it is near 25%. Without a reliable index of inflation, lending is almost impossible, even for the medium term. And the central bank has kept interest rates strongly negative in real terms, encouraging workers to spend their wages rather than to save.

It can be inferred from the first paragraph that______.

A．Latin America has been greatly influenced by America's subprime-mortgage crisis

B．Latin America is suffering a financial disaster

C．Argentina has suffered a financial crisis at the beginning of this century

D．Argentina's economy grows faster than any other countries' economy

Complaints caused by not delivering according to the time and quantity

In the fall of 2006 ,one of our trading companies concluded a substantial rice business with an old customer in Africa. The terms of delivery are : shipment is to be made in equal monthly lots beginning from December,2006 to June,2007 and payment is to be made by irrevocable letter of credit 60 days after the date of the bill of lading. The customer established the L/C in time and all particulars of the rice, such as the name , specifications , unit price,total price and total quantity are in conformity with the contract. But the terms of shipment only stated " the latest date of shipment is June 30 ,to be shipped in several lots".

The staff in our trading company made the first shipment in December according to the quantity stated in the contract. However in order to export more and eam more foreign exchange earlier, they advanced the time of shipment regardless the shipment terms stipulated in the contract. In January 2007 , our company shipped the quantity of the first quarter once , and in February made the third shipment for the rest quantity that should be delivered in the second quarter, since our staff had not found any specifications "shipment is to be made in equal lots" in the L/C. At the same time our bank negotiated against presentation of the stipulated documents and subsequently asked the opening bank to pay for the goods. The opening bank examined the L/C and confirmed that the L/C had no error in it.

After receiving the shipping advice, the African customer found that the delivered quantity of the rice both in the second lot and third lot were not in accordance with the shipment terms stipulated in the contract, so a claim was filed by the customer against our trading company for default shipment. The amount claimed involved the added fees of chartering warehouse for the delivered goods, the interest and other charges etc. The two parties negotiated the compensation for several times, finally our company accepted the opposing party's opinion and agreed that the purchase price for the last two lots was to be paid four months later, that meant our company would receive the payment a few months later than che original stated time. According to Lhe current price in the international market at that time, our trading company suffered the loss equivalent to 10 percent of the original selling price.

Questions :

(1) What is the relationship between the letter of credit and the transaction contract？

(2) Which proof must the two parties concerned base on when they perform their obligations？

(Translate the case into Chinese and then answer the question)

Helpful hint: It is stipulated in Article 4 of the Uniform Customs and Practice for Documentary Credits that "in credit operations all parties concerned deal in documents and not in goods , service and/or other performance to which the documents may relate" .

根据下列短文，回答 16～22 题。

阅读下面这篇短文，短文后列出了7个句子，请根据短文的内容对每个句子做出判断。如果该句提供的是正确信息，请选A；如果该句提供的是错误信息，请选B；如果该句的信息文章中没有提及，请选C。

Winners and Losers

Why are the biggest winners in the past decade of trade globalization mostly in South and East Asia, whereas the biggest losers are mostly in the former Soviet bloc (集团) and sub-Saharan Africa？ History is a partial guide: East Asia has a long trading tradition, lately reinvigorated (给以新的活力) by the Chinese adoption of market economics. The Soviet Union, on the other hand, was sheltered from free-market forces for more than 70 years. In Africa, some countries are disadvantaged because of inadequate infrastructure (基础结构); Many countries have little to trade but commodities, the prices of which have fallen in recent years.

In some regions, certain countries have suffered by adopting misguided policies, often under pressure from International Monetary Fund. First among these is Russia,

which in the early 1990s tried to embrace capitalism before first building the institutions that make capitalism work, such as an independent bank system, a system of business law, and an adequate method for collecting taxes. Encouraged by the IMF, the World Bank and the U.S. Department of the Treasury, President Boris Yeltsin's regime privatized the state-owned industrial sector, creating a class of oligarchs (寡头政治集团成员), who, knowing how unstable conditions were at home, sent their money abroad instead of investing it at home.

In contrast, China, the biggest winner from globalization, did not follow the IMF formula. Of the former states of the Soviet bloc, only a few, notably Poland and Hungary, managed to grow, which they did by ignoring IMF advice and adopting expansionary plans, including spending more than they collected in taxes. Botswana and Uganda are also success stories: despite their disadvantages, their countries achieved vigorous growth by creating stable civil societies, liberalizing trade and implementing reforms that ran counter to IMF prescriptions.

第 16 题 Japan has a long trading tradition.（）

A．Right

B．Wrong

C．Not mentioned

A

Mel and Harriet (last names withheld) from Coconut Creek, Florida returned home after a trip up to New York and saw something alarming – their locks had been changed, the power had been turned off, and items were missing. It turns out someone had broken into their house. But it wasn’t any common thief, as WPLG Local 10 News reports.

No random burglar had sneaked in - it was a bank via the company SafeGuard Properties. SafeGuard Properties, based in Ohio, is a business that, “inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions.” They arrived at Mel and Harriet’s home to take it back, believing it was in default. As it turned it out, it wasn’t in default(拖欠). As Mel told WPLG, “We haven’t had a mortgage in 15 years.” So how did it happen？ SafeGuard went to the wrong address.

Attorney Scott Sobol described SafeGuard’s actions as “legalized burglary,” and that “It should have been evident to that company that this was not an abandoned property.” Mel and Harriet their house smells musty (发霉的)because of the power being off, but that they’re mostly embarrassed at the thought of their neighbors thinking their home would be foreclosed after never having missed a bill in their lifetimes.

SafeGuard has a lot of scrutiny(详细审查) these days, as The Huffington Post has reported, Illinois Attorney General Lisa Madigan brought a case against the company late last year. It’s part of what The Huffington Post describes as part of a “wave of unflattering media coverage” of the foreclosure industry. SafeGuard, along with other smaller companies are being accused of unlawfully breaking into homes.

51.What can we learn from the first paragraph？

A.Mel and Harriet underwent a terrible theft

B.The thief was not one person

C.Mel suffered a great loss in the event

D.Mel and Harriet had a good time during their journey to New York