080106 (060500) ,
2005 . : .., ..
1 - , 080105 (060400) , 080106 (060500) ,
-, - - , - .
. - , - . , - , .
, , .
, - . - . - .
4 , - .
, . - .
Chapter 1 Unit 1 Russia ready to pay off Paris Club debt by 2008 4 Unit 2 Mayor bans hotel office rentals 6 Unit 3 Japan to offer cheap mortgages in Far East 9 Unit 4 Russian oil giant disclosed its plan 12 Unit 5 Foreigners banned from developing Russias rich natural 15 Chapter 2 Test 1 18 Test 2 23 Literature 27
RUSSIA READY TO PAY OFF PARIS CLUB DEBT BY 2008
Lead-in I. 1. What do you know about Russians foreign debts? 2. Do you believe that the pre-term debt repayment will be better for Russia? Reading II. Read the text and decide whether the following statements are true or false. 1. Russia and members of the Paris Club of creditors are going to sign an agreement
on the early repayment of Russias debt. 2. Russia will be paying 11 billion annually. 3. In 2005 the Russian government may use money from the Stabilization fund to
pay off the countrys all foreign debt. 4. A preschedule pay-off of the debt will save Russia money annually. 5. Putin said that the pre-term debt repayment will increase expenditure linked to
servicing of debts.
Russia and 18 members of the Paris Club of creditors are ready to sign an agreement on the early repayment of Russias debt worth 30 billion. According to the Vedomosti business daily, it may be signed before Dec. 20, 2004.
The newspaper reported that this agreement presupposes that Russia will be paying 10 billion ($13,4 billion) annually, thus fully repaying its debt by 2008. Economists say that the pre-term debt repayment will considerably improve Russias macroeconomic figures.
This was confirmed by two Russian government officials as well as by a source in the Paris Club organization. The source said that the latest consultations on the issue took place in Paris on Dec. 14.
Earlier MosNews reported on an announcement made by Russias Finance Minister Alexei Kudrin who said that in 2005 the Russian government may use $7-10 billion from the Stabilization Fund to pay off part of the countrys foreign debt.
A preschedule pay-off of the core part of the debt will save Russia $700-900 million annually on interest payments. As for the possible writing off a Russian debts, Ministry of Finance experts say that Russia should not expect more that a 100 percent discount.
5 Russias President Vladimir Putin spoke about the intention of repaying the
debts to the International Monetary Fund and the Paris Club ahead of schedule on Nov. 18. Putin said that this decision is dictated by the governments aspiration to decrease expenditures linked to servicing of debts, that is, to lower the interest pay-ments.
Language development III. Fill in the correct word from the list below, then make sentences using the completed phrases.
to sign debt macroeconomic government take pay core to decrease
1._________officials 4. _________off 7. _______expenditures 2._________repayment 5. _________figures 8._________place 3._________an agreement 6. _________part
IV. Fill in the gaps with the correct prepositions. an agreement_____, according______, _____ 2008, consultations ____, _____ Paris, ____ December 14, report _____, pay ______, Ministry ____ Finance, speak ______, repay smth ______ smb, ahead _____ smth, linked _____ smth V. Make the new words with the base words, using the suffixes and prefixes. credit announce sign possible agree count pay nation consider head prove decide govern expend consult VI. Define Tense and Voice in the following sentences: 1. Creditors signed an agreement on the repayment. 2. Russia will pay 100 billion. 3. Pre-term debt repayment will improve Russias macroeconomic figures. 4. The agreement was confirmed by Russian government officials. 5. The Russian government may use $7-10 billion from the Stabilization Fund. 6. A preschedule pay-off will save Russia $700-900 million annually. 7. Russia should not expect more than a 10 percent discount.
6 Follow-up VII. Answer the following questions. Then using your answers, give your summary of the text. 1. What are Russia and creditors ready to sign? 2. When may it be signed? 3. How much will Russia be paying annually? 4. What do economists say about the pre-term debt payment? 5. What may Russian government use in 2005? 6. How much will a preschedule pay-off of the core part save? 7. What is this decision dictated by?
MAYOR BANS HOTEL OFFICE RENTALS Lead-in I. 1. Do you know what purpose 30 percent of Moscows hotel space is used for? 2. Is using hotel space for its design purpose more profitable than renting it out to
commercial tenants? Why? Reading II. Read the text, divide it into logical parts and choose the most suitable heading from the list A-E. A Too many percent of Moscows hotel space is not used for its purpose. B Hotel managers are worried about the future. C It is not profitable to rent hotel space out to commercial tenants. D There is an exception. E You cant lease out hotels rooms for office use any more.
In an effort to address the problem of Moscows dearth of hotel accommoda-
tion, Mayor Yury Luzhkov has signed a decree prohibiting the capitals hotels from leasing out rooms for office or retail use.
7 The city has 36,000 hotel rooms, but a large number of hotel renovations
means that 2,700 rooms have been subtracted from that total, according to the Hotel Consulting and Development Group.
Accommodation is difficult to find even in four- and five-star hotels. About 30 percent of Moscows hotel space is not used for its core purpose,
said Marina Smirnova, deputy director of the Hotel Consulting and Development Group.
Out of the capitals 162 hotels, 56 were under municipal and six under federal government ownership at the end of 2003, according to Moskomstat figures.
For municipal hotels, the decree comes into effect on Feb. 1. Those hotels that are only part-owned by the city have until the summer of 2005 to come into line with the decree, and all other hotels should do so in the first quarter of 2005.
An exception will only be made for hotel rooms that have been granted an offi-cial permit to be redesigned as office space.
Hotels that have a large number of lettings to businesses include the 3,000-room Rossiya Hotel near the Kremlin, the Kosmos Hotel, the Izmailovsky complex and hotels with multiple buildings near the All-Russia Exhibition Center.
Hotels on the citys periphery also have significant lettings. However, hotel managers and tenants appear unconcerned about the future of
their business Arrangements. Gennady Lamshin, managing director of Russias hotel association, said at the
end of the 90s, the city government granted many hotels the status of Hotel-and-office complexes.
The manager of the Rossiya Hotel confirmed that the majority of its 350 rooms that are leased out as offices had been redesigned as office space with City Halls blessing.
Kosmos first three floors were transformed into an office complex, said Ma-rina Levchenko, general director of the Tari Tur travel agency, which rents space there. She therefore hopes that her company and other tenants will not be affected by the mayors decree.
With demand for room space often outstripping supply the average vacancy rate in Moscow hotels in 2004 was around 30 percent using hotel space for its de-sign purpose is more profitable than renting it out to commercial tenants.
Tour agencies are forced to turn away tourists simply because there is no ac-commodation for them, said Irina Tyurina, spokeswoman for the Russian Tourism Union.
Renting hotel rooms is currently not very attractive for small businesses given the current lack of competition on the hospitality industry market, according to Vladislav Kochetkov, spokesperson for Magazin Gotovogo Biznesa, which brokers deals between buyers and sellers of existing businesses.
According to the Hotel Consulting and Development Group, hotel rental rates are not very affordable, ranging from $400 to $700 per square meter per year.
8 III. Match the words in (A) with the words in (B) (A) (B) 1. hotel a. hotels 2. office b. government 3. five-star c. accommodation 4. federal d. number 5. core e. use 6. official f. lettings 7. large g. purpose 8. multiple h. permit 9. Significant i. buildings 10. business j. agency 11. managing k. arrangements 12. hotel and office l. vacancy rate 13. travel m. decree 14. mayors n. director 15. average o. complexes IV. Fill in the gaps with the correct prepositions. prohibit smth ________ smth, _________the end, come ________ effect, be uncon-cerned ________ smth, transform smth ________ smth, be affected _______ smth, accommodation_______ smth, spokesman _______ smth, lack _________ smth, range _______ smth_______smth. V. Passive. Expand the following passive constructions into complete sentences: To have been subtracted, to be used, to be made, to have been granted, to be redes-igned, to be leased out, to have been redesigned, to be transformed, to be affected, to be forced. Follow-up VI. Retell the text using the plan below. 1. What has mayor Jury Luzhkov signed to address the problem of Moscows dearth
of hotel accommodation? 2. How many hotel rooms does the city have? 3. How many percent of Moscows hotel space is not used for its core purpose? 4. How many hotels were under municipal and federal government ownership at the
end of 2003? 5. Who will an exception be made for? 6. Why do hotel managers and tenants appear unconcerned about the future of their
9 7. Why is not renting hotel rooms very attractive for small businesses?
JAPAN TO OFFER CHEAP MORTGAGES IN FAR EAST
Lead-in I. Read the sentences and guess whether they are true or false. 1. The banks current variable interest rate for mortgages is 7 percent in currency
terms in Russias Far East. 2. It is planned to raise interest rate in Russias Far East.
Reading II. Read the text, divide it into logical parts and give suitable headings to them.
Japans Michinoku Bank signed a cooperation agreement with the Khabarovsk
region in Russias Far East to offer the local population cheaper mortgages. While credit institutions, like Dalkombank, already offer housing mortgages in
the region, few consumers can afford them because interest rates do not fall below 15 percent, said a representative of the regional government who did not wish to be named.
In this pilot program, the government will act as the guarantor for the mort-gages, lowering the risk for the bank and freeing people from providing other prop-erty as collateral, he said.
Michinoku already offers low-rate mortgages in Khabarovsk, the regions capi-tal, Yuzhny Sakhalinsk and Moscow, where the banks local offices are located. The banks current variable interest rate for mortgages is 7 percent in currency terms, but Michinoku plans to lower the rate further through its partnership with the Khabarovsk administration. As a result, the administration projects that more of the regions 1,4 million population will be able to have a shot at purchasing newly constructed hous-ing.
Akexander Levintal, deputy head of Khabarovsk regions administration and the signatory of the cooperation agreement with Michinoku Banks president Kazuo Harada, said the agreement merely provides a framework.
The exact mortgage eligibility terms and other project specifies are still being ironed out and will be detailed in future agreement. Currently, the program aims to
10 provide mortgages for housing priced at approximately 20,000 rubles (about $715) per square meter.
Another document will be issued in the near future containing more specific provisions and detailing the direction of cooperation between the regions govern-ment and Michinoku bank, Levintal told reporters.
Because of the regions industry and geography, even in the mid-90s the real estate markets of Khabarovsk and Vladivostok the largest cities in the Far East have seen faster growth and higher-than-average prices compared with other regions of the country, said Gennady Sternik, head of analysis at Moscow-based Miel Realty.
The average rate for apartments currently being bought with mortgages in the Far East is 17,548 rubles (about $627) per square meter, according to the Mortgage Housing Credit Agencys December 2004 figures. The average countrywide rate is 16,341 rubles (about $584) per square meter.
The Far East, of course, is very far from Moscow, which is a minus, Sternik said. However, it is close to economically powerful neighbors like China, which is definitely a plus.
China, the regions fifth-largest investor. contributed 9.5 percent of all foreign investment in the Khabarovsk region from 1989 to 2003. Japan contributed 14 per-cent, coming in third behind Austria (15.8 percent) and the United States (25.3 per-cent).
Russia has invited Japan and China to participate in further oil-field explora-tion and development in Eastern Siberia and is seeking low-cost loans from Japan to build a $15.5 billion oil pipeline to Nakhodka on Khabarovsks Pacific coast.
Language development III. Fill in the correct word from the list below, then make sentences using the completed phrases.
credit low-rate interest redional lower a shot estate average economically foreign
1. _____________ government 6. _____________ rates 2. _____________ investment 7. _____________ the risks 3. _____________ mortgages 8. _____________ at purchasing 4. _____________ markets 9. _____________ rate 5. _____________ institutions 10. ____________ powerful
IV. Fill in the gaps with the correct prepositions. a guarantor ___________ smth, risk __________ smth, free smb __________ smth, to be ironed _________, an average rate _________ smth, _______ square meter, contribute smth __________ smth, __________ coast.
11 V. Scan the text to find the context for the given words and define their class.
agreement variable offer signatory local merely housing project representative powerful guarantor neighbors providing definitely
VI. Rewrite the following sentences in Past Simple and Future Simple: 1. While credi...