Unnamed: 0,prompt,response
401,"Context:  US interest rates are expected to rise for the fifth time since June following the US Federal Reserve' s latest _____-setting meeting later on Tuesday. Borrowing costs are tipped to rise by a quarter of a percentage point to 2. 25 %. The move comes as a recovery in the US economy, the world' s biggest, shows signs of robustness and sustainability. The dollar' s record-breaking decline, meanwhile, has spooked markets and along with high oil prices has raised concerns about the pace of inflation."" We are seeing evidence that inflation is moving higher,"" said Ken Kim, an analyst at Stone & McCarthy Research."" It' s not a risk, it' s actually happening."" Mr Kim added that borrowing costs could rise further. The Fed has said that it will move in a"" measured"" way to combat price growth and lift interest rates from their 40-year lows that were prompted by sluggish US and global growth. With the economic picture now looking more rosy, the Fed has implemented quarter percentage point rises in June, August, September and November. Although the US economy grew at an annual rate of 3. 9 % in the three months to September, analysts warn that Fed has to be careful not to move too aggressively and take the wind out of the recovery' s sails. Earlier this month figures showed that job creation is still weak, while consumer confidence is subdued."" I think the Fed feels it has a fair amount of flexibility,"" said David Berson, chief economist at Fannie Mae."" While inflation has moved up, it hasn' t moved up a lot."""" If economic growth should subside... the Fed would feel it has the flexibility to pause in its tightening."" But if economic growth picked up and caused core inflation to rise a little more quickly, I think the Fed would be prepared to tighten more quickly as well.""
Question: blank
Options:(A)base (B)rate (C)trend (D)note (E)rule
Answer:",(B)
402,"Context:  Ten former directors at WorldCom have agreed to pay $ 54m ( ?28. 85m ), including $ 18m from their own pockets, to settle a class action lawsuit, reports say. James Wareham, a lawyer representing one of the directors, told Reuters the 10 had agreed to pay those who lost billions when the firm collapsed. The _____ $ 36m will be paid by the directors' insurers. But, a spokesman for the prosecutor, New York State Comptroller Alan Hevesi, said no formal agreement had been made. Corporate governance experts said that if the directors do dip into their own pockets for the settlement, it will set a new standard for the accountability of bosses, when the firms they oversee face problems."" Directors very rarely pay,"" said Charles Elson, chairman of the Center for Corporate Governance at the University of Delaware. He added that the settlement"" sends a pretty strong shockwave through the director world"". A formal agreement on the payout is expected to be signed on Thursday in a US district court in Manhattan. Earlier, the New York Times had reported that the personal payments were required as part of any deal at the start of negotiations. The ten former outside directors are James Allen, Judith Areen, Carl Aycock, Max Bobbitt, Clifford Alexander, Stiles Kellett, Gordon Macklin, John Porter, Lawrence Tucker and the estate of John Sidgmore, who died last year. It has not yet been determined how much each director will have to pay."" None of the 10 former directors was a direct participant in the accounting machinations of the WorldCom fraud,"" said the Wall Street Journal ( WSJ ). Two other outside former directors, Bert Roberts and Francesco Galesi, remain defendants in the lawsuit, said the newspaper. According to the WSJ, which cites people familiar to the case, the settling directors are expected to deny wrongdoing and state they are settling the case to eliminate the uncertainties and expense of further litigations. The second-largest US long-distance telecoms operator filed for bankruptcy in 2002 when an $ 11bn accounting scandal was unearthed. The company emerged from Chapter 11 protection last year and changed its name to MCI Inc. Former WorldCom chief executive Bernard Ebbers is to face trial this month on criminal charges that he oversaw the fraud.
Question: blank
Options:(A)remaining (B)other (C)full (D)total (E)initial
Answer:",(A)
403,"Context:  Shares in Continental Airlines have tumbled after the firm warned it could run out of cash. In a filing to US regulators the airline warned of"" inadequate liquidity"" if it fails to reduce wage costs by $ 500m by the end of February. Continental also said that, if it did not make any cuts, it expects to lose"" hundreds of millions of dollars"" in 2005 in current market conditions. Failure to make cutbacks may also push it to reduce its fleet, the group said. Shares in the fifth biggest US carrier had fallen 6. 87 % on the news to $ 10. 44 by 1830 GMT."" Without the reduction in wage and benefit costs _____ a reasonable prospect of future profitability, we believe that our ability to raise additional money through financings would be uncertain,"" Continental said in its filing to the US Securities and Exchange Commission ( SEC ). Airlines have faced tough conditions in recent years, amid terrorism fears since the 11 September World Trade Centre attack in 2001. But despite passengers returning to the skies, record-high fuel costs and fare wars prompted by competition from low cost carriers have taken their toll. Houston-based Continental now has debt and pension payments of nearly $ 984m which it must pay off this year. The company has been working to streamline its operations-and has managed to save $ 1. 1bn in costs without cutting jobs. Two weeks' ago the group also announced it would be able to shave a further $ 48m a year from its costs with changes to wage and benefits for most of its US-based management and clerical staff.
Question: blank
Options:(A)providing (B)even (C)creating (D)and (E)presenting
Answer:",(D)
404,"Context:  UK house prices increased by 1. 1 % in December, the first monthly rise since September, the Halifax has said. The UK' s biggest mortgage lender said prices rose 15. 1 % over the whole of 2004, but by only 2. 8 % in the second half of the year. The average price of a house in the UK now stands at ?162, 086, Halifax said. The survey seems to fly in the face of recent evidence that the UK housing market has been slowing substantially in response to interest rate rises. Last week, the Nationwide said that house prices fell 0. 2 % in December, with annual inflation running at a three year low. On Tuesday, figures from the Bank of England showed that the number of mortgages approved in the UK has fallen to the lowest level for nearly a decade. New loans in November fell to 77, 000, from 85, 000 in October, the lowest rate since September 1995, the Bank of England said. Growth in unsecured lending, such as personal loans and credit cards, also slowed last month. Capital Economics, which has in the past predicted a sharp fall in UK house prices, branded Halifax' s findings a"" temporary surprise,"" which would be reversed over the coming months."" The month by month volatility of the Halifax house price data should _____ distract from the fact that there is a clear downward trend in house prices,"" a Capital Economics statement said. Experts believe five interest rate rises since November 2003 are cutting borrowers' appetite for debt. Despite recording a price rise in December, the Halifax survey concluded that there was"" continuing signs of a genuine slowdown in the housing market."" Martin Ellis, Halifax chief economist, said that there was no need to revise the bank' s prediction, made last month, that prices would fall by 2 % in 2005."" Sound housing market fundamentals will continue to underpin the market in 2005, ensuring that the market remains healthy and that house prices fall only slightly,"" Mr Ellis said. If the bank' s prediction of a 2 % price drop comes true, it will be the first annual fall in nine years. The bank said that the recent pattern of house prices rising the fastest in the north of England continued in December. In the North West and Yorkshire and the Humber, Halifax said prices rose by 3 % and 1. 2 % in the two regions respectively during the month. At the other send of the scale, prices in the South East and London fell by 1. 6 % and 0. 5 % respectively. The biggest decline was seen in Wales where prices fell by 6. 2 %, an area that had experienced strong house price growth during most of 2004. Overall, Halifax said prices in the final quarter of 2004 were 0. 1 % higher than in the previous quarter. This was the smallest quarterly rise since the second quarter of 2000, the bank said. As a result, annual house price inflation dipped below 20 % during the final few months of 2004.
Question: blank
Options:(A)therefore (B)not (C)clearly (D)somehow (E)further
Answer:",(B)
405,"Context:  US retailers posted mixed results for December-with luxury retailers faring well while many others were forced to slash prices to lift sales. Upscale department store Nordstrom said same store sales were 9. 3 % higher than during the same period last year. Trendy youth labels also sold well, with sales jumping 28 % at young women' s clothing retailer Bebe Stores and 32. 2 % at American Eagle Outfitters. But Wal-Mart only saw its sales rise after it cut prices. The company saw a 3 % rise in December sales, less than the 4. 3 % rise seen a year earlier. Customers at the world' s biggest retailer are generally seen to be the most vulnerable to America' s economic woes. Commentators claim many have cut back on spending amid uncertainty over job security, while low and middle-income Americans have reined in spending in the face of higher gasoline prices. Analysts said Wal-Mart faced a"" stand-off"" with shoppers, stepping up its discounts as the festive season wore on, as consumers waited longer to get the best bargains. However, experts added that if prices had not been cut across the sector, Christmas sales-which account for nearly 23 % of annual retail sales-would have _____ far worse."" So far, we are faring better than expected, but the results are still split,"" Ken Perkins, an analyst at research firm RetailMetrics LLC, told Associated Press."" Stores that have been struggling over the last couple of months appear to be continuing that trend. And for stores that have been doing well over the last several months, December was a good month."" Overall, December sales are forecast to rise by 4. 5 % to $ 220bn-less than the 5. 1 % increase seen a year earlier. One discount retailer to fare well in December was Costco Wholesale, which continued a recent run of upbeat results with a better-than-expected 8 % jump in same store sales. However, the losers were many and varied. Home furnishings store Pier 1 Imports saw its same store sales sink by a larger-than-forecast 8. 8 % as it battled fierce competition. Leading electronics chain Best Buy, meanwhile, missed its sales target of a 3-5 % rise in sales, turning in a 2. 5 % increase over the Christmas period. Accessory vendor Claire' s Stores also suffered as an expected last minute shopping rush never materialised, leaving its same store sales 5 % higher, compared to a 6 % rise last year. Jeweller Zale also felt little Christmas cheer with December sales down 0. 7 % on the same month last year."" This was not a good period for retailers or shoppers. We saw a dearth of exciting, new items,"" Kurt Barnard, president of industry forecaster Retail Consulting Group, said. However, one beneficiary of the desertion of the High Street is expected to be online stores. According to a survey by Goldman Sachs & Co, Harris Interactive and Neilsen / Net Ratings sales surged 25 % over the holiday season to $ 23. 2bn.
Question: blank
Options:(A)felt (B)become (C)turned (D)been (E)ended
Answer:",(D)
406,"Context:  Air Deccan _____ signed a deal to acquire 36 planes from Avions de Transport Regional ( ATR ). The value of the deal has not been revealed, because of a confidentiality clause in the agreement. But Air Deccan' s managing director Gorur Gopinath has said the price agreed was less than the catalogue price of $ 17. 6m ( ?9. 49m ) per plane. Recently, India' s first low-cost airline ordered 30 Airbus A320 planes for $ 1. 8bn. Under the agreement, Air Deccan will buy 15 new ATR 72-500 and lease another 15. ATR will also provide six second hand airplanes. In a statement, ATR has said deliveries of the aircraft will begin in 2005 and will continue over a five-year period. Mr Gopinath said the planes will connect regional Indian cities."" After an evaluation of both ATR and Bombardier aircraft, we have chosen the ATR aircraft as we find it most suitable for our operations and for the Indian market for short haul routes."" Filippo Bagnato, ATR' s chief executive, has said that his firm will also work with Air Deccan to create a training centre in Bangalore. The potential of the Indian budget market has attracted attention from businesses at home and abroad. Air Deccan has said it will base its business model on European firms such as Ireland' s Ryanair. Beer magnate Vijay Mallya recently set up Kingfisher Airlines, while UK entrepreneur Richard Branson has said he is keen to start a local operation. India' s government has given its backing to cheaper and more accessible air travel.
Question: blank
Options:(A)Airways (B)has (C)which (D)jointly (E)subsequently
Answer:",(B)
407,"Context:  Car manufacturers with plants in South Africa, including BMW, General Motors, Toyota and Volkswagen, have seen a surge in demand during 2004. New vehicle sales jumped 22 % to 449, 603 from a year earlier, the National Association of Automobile Manufacturers of South Africa ( NAAMSA ) said. Strong economic growth and low interest rates have driven demand, and analysts expect the trend to continue. NAAMSA said it expects sales to top 500, 000 in 2005. During 2004"" South Africa was one of the best performing markets internationally"" for car sales, NAAMSA said. While domestic demand is set to continue to enjoy rapid growth, foreign sales could come under pressure, analysts said. The vehicle industry accounts for about 13 % of South Africa' s total exports. However, the world auto market has its problems and _____ warn that overcapacity and the strength of the rand could hit exports.
Question: blank
Options:(A)banks (B)they (C)analysts (D)plans (E)scientists
Answer:",(C)
408,"Context:  UK-based bank Standard Chartered said it would spend $ 3. 3bn ( ?1. 8bn ) to buy one of South Korea' s main retail banks. Standard Chartered said acquiring Korea First Bank ( KFB ) fulfilled a strategic objective of building a bigger presence in Asia' s third largest economy. Its shares fell nearly 3 % in London as the bank raised funds for the deal by selling new stocks worth ?1bn ( $ 1. 8bn ), equal to 10 % of its share capital. Standard Chartered expects about 16 % of future group revenue to come from KFB. The South Korean bank will also make up 22 % of the group' s total assets. The move, a year after Citigroup beat Standard Chartered to buy Koram bank, would be the South Korean financial sector' s biggest foreign takeover. This time around, Standard Chartered is thought to have beaten HSBC to the deal. KFB is South Korea' s seventh largest bank, with 3 million retail customers, 6 % of the country' s banking market and an extensive branch network. The country' s banking market is three times the size of Hong Kong' s with annual revenues of $ 44bn. Standard Chartered has its headquarters in London but does two thirds of _____ business in Asia, and much of the rest in Africa."" We' re comfortable with the price paid... the key here has been speed and decisiveness in making sure that we won,"" said Standard Chartered chief executive Mervyn Davies at a London press conference. Standard Chartered said KFB was a"" well-managed, conservatively run bank with a highly skilled workforce"" and represented a"" significant acquisition in a growth market"". In London, Standard Chartered' s sale of 118 million new shares to institutional investors pushed its share price down, and contributing to the FTSE 100' s 0. 3 % decline. Standard Chartered' s shares were 28 pence lower at 925p by midday. Some analysts also queried whether Standard Chartered had overpaid for KFB. The deal, which requires regulatory approval, is expected to be completed by April 2005 and to be earnings accretive in 2006, Standard Chartered said. Rival banking giant HSBC, which is based in London and Hong Kong, was also in the running. Standard Chartered is believed to have gained the initiative by putting together a bid during the Christmas break."" They were able to move so quickly it caught HSBC by surprise,"" the Financial Times newspaper quoted an insider in the talks as saying. HSBC will now have to wait for the next South Korean bank in line to be sold off-thought likely to be Korea Exchange Bank, also currently in the hands of a US group. Standard Chartered said it was buying 100 % of KFB, an agreement that would bring an end to the bank' s complex dual ownership. The South Korean government owns 51. 4 % of KFB, while the remaining shareholding, and operational control, are in the hands of US private equity group Newbridge Capital. Newbridge bought its stake during the government' s nationalisation of several banks in the wake of the 1997 Asia-wide currency crisis which crippled South Korea' s financial institutions. South Korea' s economy is expected to grow by 4. 5 % this year. Although often thought of an export-driven economy, South Korea' s service sector has overtaken manufacturing in the last decade or so. Services now make up roughly 40 % of the economy, and consumer spending and retail banking have become increasingly important. In the aftermath of the Asian financial crisis, the government encouraged the growth of consumer credit. Bad loan problems followed ; LG Card, the country' s biggest credit card provider, has been struggling to avoid bankruptcy for months, for instance. But analysts believe South Korea' s financial services industry is still in its infancy, offering plenty of scope for new products. Standard Chartered sees"" the opportunity to create value by the introduction of more sophisticated banking products"". Since 1999, KFB has been restructured from a wholesale bank into a retail bank focused on mortgage lending, which makes up 45 % of its loans.
Question: blank
Options:(A)its (B)world (C)local (D)American (E)their
Answer:",(A)
409,"Context:  US-German carmaker DaimlerChrysler has sold 2. 1 % more cars in 2004 than in the previous year, as solid Chrysler sales offset a weak showing for Mercedes. _____ totalled 3. 9 million units worldwide during 2004, the company said at the Detroit Motor Show. A switch to new models hit luxury marque Mercedes-Benz, with sales down 3. 1 % at 1. 06 million. Chrysler avoided the fate of US rivals Ford and General Motors, both of whom lost ground to Japanese firms. Its sales rose 3. 5 % to 2. 7 million units. Similarly on the up was the Smart brand of compact cars, with the division' s sales jumping by 21. 1 % during 2004 to 136, 000. The future of the brand-which is controlled by the Mercedes group within DaimlerChrysler-remains in question, however. Smart has consistently lost money since it started trading in 1998, and new model launches are now"" on hold"", said Mercedes chief executive Eckhard Cordes. In Europe, the Smart will now go on sale through regular Mercedes dealerships as well as its own dealer network, Mr Cordes said.
Question: blank
Options:(A)These (B)Teams (C)Sales (D)these (E)Attendance
Answer:",(C)
410,"Context:  The stock market in Jakarta has seen its biggest slide in a month, after the country doubled the likely cost of rebuilding from the Asian tsunami. The fall came as Indonesia said it expected debt repayments of up to 30 trillion rupiah ( $ 3. 2bn ; ?1. 7bn ) to be frozen to help pay for the recovery. By Monday' s close, the Jakarta Stock Exchange was down 2. 1 % at 1, 011. 15. Bar a slight dip at the New Year, The JSE had risen steadily by 4. 7 % since the tsunami hit on 26 December. Construction and property companies in particular have _____ ground, although banks were among the main fallers on Monday. So far, more than 100, 000 people are believed to have been killed in Indonesia, the country closest to the earthquake which triggered the great wave. On Friday, the government said its five-year estimate of rebuilding costs for Banda Aceh province-much of which was flattened by the quake and the tsunami-was 20 trillion rupiah ( $ 2. 2bn ; ?1. 1bn ), twice what it had previously estimated. That cost could be defrayed by temporary debt relief. On Monday, Indonesian economy minister Aburizal Bakrie told reporters that the Paris Club group of creditor countries was expected to freeze 20-30bn rupiah in payments due in 2005 and 2006."" We hope we can resume the repayments at least from 2007,"" Mr Bakrie said. French finance minister Herve Gaymard said on Sunday that the Paris Club had already agreed to a moratorium on repayments for tsunami-hit countries ahead of its meeting on 12 January.
Question: blank
Options:(A)firm (B)gained (C)traded (D)contested (E)beaten
Answer:",(B)
411,"Context:  Iran' s president, Mohammad Khatami, has unveiled a budget designed to expand public spending by 30 % but loosen the Islamic republic' s dependence on oil. The budget for the fiscal year starting on 21 March calls for the sell-off of 20 % of the state' s corporate holdings. Mr Khatami' s second term as president ends on 1 August, making this his last budget. But opposition from members of parliament who have attacked previous privatisations could block his plans. Elections in May 2004 ousted many of Mr Khatami' s supporters in parliament in favour of more hard-line religious conservatives. Late last year, they backed a law which would give parliament a veto over foreign investment. The ruling was a response to the involvement in telecoms and airport projects by Turkish companies, _____ hardliners accused of doing business with Israel. It came not long after the Expediency Council-Iran' s ultimate decision-maker-blessed Mr Khatami' s policy of selling stakes in sectors protected by the constitution such as energy, transport, telecoms and banking. Continued obstruction of foreign investment could get in the way not only of privatisation plans, but also of Mr Khatami' s hope of modestly reducing the government' s reliance on oil revenues. In an address to the Majlis, Mr Khatami predicted economic growth of 7. 1 % in 2005-6, up from 6. 7 % in the current year. He said he wanted to increase the 2005-6 budget to 1, 546 trillion rials ( $ 175. 6bn ; ?93. 6bn ) from the previous year' s 1, 070 trillion. Within that figure, taxation would rise to $ 14. 3bn, a rise of over 40 % from what is expected from the current year. In contrast, oil revenues were expected to fall to $ 14. 1bn from $ 16bn in the year to March 2005."" Current government expenditure should come from tax revenues,"" Mr Khatami said."" Oil revenues should be used for productive investment."" Mr Khatami has already been blocked by parliament from reducing the subsidies on many products including bread and petrol, reducing his room to manoeuvre.
Question: blank
Options:(A)which (B)operating (C)several (D)some (E)including
Answer:",(A)
412,"Context:  The European Commission ( EC ) has called a truce in its battle with France and Germany over breaching deficit limits. The move came after France and Germany vowed to run their budget deficits below the EU cap in 2005-for the first time in four years. But, the EC did warn the two were under close scrutiny and it would act if their fiscal situations deteriorated. Under EU rules, member countries must keep their deficits below 3 %. France and Germany will breach that this year. It will be the third year in a row that the two countries have broken the European Union' s Stability and Growth Pact rules. The eurozone' s two biggest economies left the pact in tatters in November 2003 when they persuaded fellow EU members to put the threat of penalties for deficit breaches on hold. The commission then took the pair to the European Court of Human Justice-which ruled EU countries could not put the pact"" in abeyance"", and confirmed the EC' s right to launch"" excessive debt procedures"". After announcing its decision to erase France and Germany from its list of deficit rule breakers, the EU said that the time lag created by the ruling meant that 2005 should be the target year for the pair to bring their budget' s below 3 %."" The commission concludes that the two countries appear to be on track to correct their excessive deficits by 2005,"" it said in a statement. The EU expects the German deficit to fall to fall to 2. 9 % of GDP next year from 3. 9 % this year, while France' s is forecast to drop to 3 % from an expected 3. 7 % this year. The forecasts are based on EC predictions of GDP growth of 1. 5 % in Germany next year and 2. 2 % in France. Berlin welcomed the decision, with finance minister Hans Eichel saying it showed that the EC recognised Germany' s fiscal policy was"" on the right track even amid very difficult economic conditions"". However Paris was more subdued, with finance minister Herve Gaymard telling parliament :"" We must continue along this path of saving money."" However, the move still had its critics, with the European People' s Party ( EPP ) attacking the EC for backing down from punitive action."" The Commission is buckling under the pressure from _____ and France,"" EPP spokesman Alexander Radwan said."" The scary fact is that budget sinners, despite having repeatedly exceeded the 3 % deficit limit, do not have to fear any sanctions."" Despite the commission delivering its decision on the two biggest eurozone economies, it refused to comment on similar action against Greece which has also broken the 3 % deficit ceiling. Monetary Affairs Commissioner Joaquin Almunia said that it was a matter for next week.
Question: blank
Options:(A)Germany (B)Romania (C)America (D)Austria (E)Canada
Answer:",(A)
413,"Context:  Eighteen former Enron directors have agreed a $ 168m ( ?89m ) settlement deal in a shareholder lawsuit over the collapse of the energy firm. Leading plaintiff, the University of California, announced the news, adding that 10 of the former directors will pay $ 13m from their own pockets. The settlement will be put to the courts for approval next week. Enron went bankrupt in 2001 after it emerged it had hidden hundreds of millions of dollars in debt. Before its collapse, the firm was the seventh biggest public US company by revenue. Its demise sent shockwaves through financial _____ and dented investor confidence in corporate America."" The settlement is very significant in holding these outside directors at least partially personally responsible,"" William Lerach, the lawyer leading the class action suit against Enron, said."" Hopefully, this will help send a message to corporate boardrooms of the importance of directors performing their legal duties,"" he added. Under the terms of the $ 168m settlement-$ 155m of which will be covered by insurance-none of the 18 former directors will admit any wrongdoing. The deal is the fourth major settlement negotiated by lawyers who filed a class action on behalf of Enron' s shareholders almost three years ago. So far, including the latest deal, just under $ 500m ( ?378. 8m ) has been retrieved for investors. However, the latest deal does not include former Enron chief executives Ken Lay and Jeff Skilling. Both men are facing criminal charges for their alleged misconduct in the run up to the firm' s collapse. Neither does it cover Andrew Fastow, who has pleaded guilty to taking part in an illegal conspiracy while he was chief financial officer at the group. Enron' s shareholders are still seeking damages from a long list of other big name defendants including the financial institutions JP Morgan Chase, Citigroup, Merrill Lynch and Credit Suisse First Boston. The University of California said the trial in the case is scheduled to begin in October 2006. It joined the lawsuit in December 2001alleging"" massive insider trading"" and fraud, claiming it had lost $ 145m on its investments in the company.
Question: blank
Options:(A)markets (B)analysts (C)systems (D)industry (E)circles
Answer:",(A)
414,"Context:  UK house prices dipped slightly in November, the Office of the Deputy Prime Minister ( ODPM ) has said. The average house price fell marginally to ?180, 226, from ?180, 444 in October. Recent evidence has suggested that the UK housing market is slowing after interest rate increases, and economists forecast a drop in prices during 2005. But while the monthly figures may hint at a cooling of the market, annual house price inflation is still strong, up 13. 8 % in the year to November. Economists, however, forecast that ODPM figures are likely to show a weakening in annual house price growth in coming months."" Overall, the housing market activity is slowing down and that is backed up by the mortgage lending and the mortgage approvals data,"" said Mark Miller, at HBOS Treasury Services."" The ODPM data is a fairly lagging indicator."" The figures come after the Bank of England said the number of mortgages approved in the UK has fallen to the lowest level for nearly a decade. The Halifax, meanwhile, said last week that house prices increased by 1. 1 % in December-the first monthly rise since September. The UK' s biggest mortgage lender said prices rose 15. 1 % over the whole of 2004, but by only 2. 8 % in the second half of the year. It is predicting a 2 % fall in overall prices in 2005 as the market stabilises after large gains in recent years. The ODPM attributed the monthly fall of prices in November to a drop in the value of detached houses and flats. It said annual inflation rose between October and November because prices had fallen by 1. 1 % in the same period in 2003. The ODPM data showed the average house price was ?192, 713 in England ; ?139, 544 in Wales ; ?116, 542 in Scotland, and ?111, 314 in Northern Ireland. All areas saw a rise in annual house price inflation in November except _____ Northern Ireland and the West Midlands, where the rate was unchanged, the ODPM said. The North East showed the highest rate of inflation at 26. 2 %, followed by Yorkshire and the Humber on 21. 7 %, and the North West on 21. 1 %. The East Midlands, the West Midlands and the South West all had an annual inflation rate of more than 15 %. In London, the area with the highest average house price at ?262, 825, annual inflation rose only slightly in November to 7. 1 % from 7 % the previous month.
Question: blank
Options:(A)over (B)with (C)against (D)that (E)for
Answer:",(E)
415,"Context:  The US created fewer jobs than expected in December, but analysts said that the dip in hiring was not enough to derail the world' s biggest economy. According to Labor Department figures, 157, 000 new jobs were added last month. That took 2004' s total to 2. 2 million, the best showing in five years. Job creation was one of last year' s main concerns for the US economy. While worries still remain, the conditions are set for steady growth in 2005, analysts said. The unemployment rate stayed at 5. 4 % in December, and about 200, 000 jobs will need to be created each month if that figure is to drop."" It was a respectable report,"" said Michael Moran, analyst at Daiwa Securities."" Payroll growth in December was a little lighter than the consensus forecast, but we had upward revisions to the prior two months and an increase in manufacturing employment."""" Manufacturing is a cyclical area of the economy and if it' s showing job growth, it' s a good indication that the economy is on a solid growth track."" That means that the Federal Reserve is likely to continue its policy of raising interest rates. The Fed lifted borrowing costs five times last year to 2. 25 %, citing evidence the US economic recovery was becoming more robust. Job creation was one of last year' s main concerns for the US economy, and proved to be a main topic of debate in the US presidential election. While demand for workers is far from booming, the conditions are set for steady growth."" Overall, _____ to the previous year it looks great, it just keeps going stronger and stronger and I expect that to be the case"" in 2005, said Kurt Karl, economist at Swiss Re in New York. Meanwhile, economists cautioned against reading too much into data from the Federal Reserve showing an unexpected $ 8. 7bn drop in consumer debt in November. A fall in consumer spending, which makes up about two-thirds of all US economic activity, could help limit the extent of any future interest rate rises. But economists said there could be a number of reasons for a fall in the borrowing, which include credit cards and personal loans, while noting that such figures can vary on a month-to-month basis.
Question: blank
Options:(A)closer (B)down (C)relative (D)comparable (E)compared
Answer:",(E)
416,"Context:  Shares in UK banking group Barclays have risen on Monday following a weekend press report that it had held merger talks with US bank Wells Fargo. A tie-up between Barclays and California-based Wells Fargo would create the world' s fourth biggest bank, valued at $ 180bn ( ?96bn ). Barclays has declined to comment on the report in the Sunday Express, saying it does not respond to market speculation. The two banks reportedly held talks in October and November 2004. Barclays shares were up 8 pence, or 1. 3 %, at 605 pence by late morning in London on Monday, making it the second biggest gainer in the FTSE 100 index. UK banking icon Barclays was founded more than 300 years ago ; it has operations in over 60 countries and employs 76, 200 staff worldwide. Its North American divisions focus on business banking, whereas Wells Fargo operates retail and business banking services from 6, 000 branches. In 2003, Barclays reported a 20 % rise in pre-tax profits to ?3. 8bn, and it has recently forecast similar gains in 2004, predicting that full year pre-tax profits would rise 18 % to ?4. 5bn. Wells Fargo had net income of $ 6. 2bn in its last financial year, a 9 % increase on the previous year, and revenues of $ 28. 4bn. Barclays was the focus of takeover speculation in August, when it was linked to Citigroup, _____ no bid has ever materialised. Stock market traders were sceptical that the latest reports heralded a deal."" The chief executive would be abandoning his duty if he didn' t talk to rivals, but a deal doesn' t seem likely,"" Reuters quoted one trader as saying.
Question: blank
Options:(A)when (B)thus (C)though (D)while (E)albeit
Answer:",(C)
417,"Context:  A US firm has said it is in final negotiations with luxury goods group LVMH to buy the loss-making Christian Lacroix haute-couture house. Paris-based LVMH has been selling non-core businesses and focusing on its most profitable labels including Moet & Chandon champagne and Louis Vuitton. Privately-held Falic Group bought two cosmetics brands, Hard Candy and Urban Decay, from LVMH in early _____. The Florida company also own a chain of 90 duty free stores in the US. LVMH refused to comment on the reports. But one of the three brothers behind the Falic Group said the firm had also held talks with the designer Christian Lacroix, and wished to retain him."" We are buying his name,"" Simon Falic told the Reuters news agency."" We have plans to increase the exposure of the brand and increase the volume of business.""
Question: blank
Options:(A)2003 (B)March (C)2010 (D)July (E)2015
Answer:",(A)
418,"Context:  Shell is to pay $ 1m ( ?522, 000 ) to the ex-finance chief who stepped down from _____ post in April 2004 after the firm over-stated its reserves. Judy Boynton finally left the firm on 31 December, having spent the intervening time as a special advisor to chief executive Jeroen van der Veer. In January 2004, Shell told shocked investors that its reserves were 20 % smaller than previously thought. Shell said the pay-off was in line with Ms Boynton' s contract. She was leaving"" by mutual agreement to pursue other career opportunities"", the firm said in a statement. The severance package means she keeps long-term share options, but fails to collect on a 2003 incentive plan since the firm has failed to meet the targets included in it. The revelation that Shell had inflated its reserves led to the resignation of its chairman, Sir Phil Watts, and production chief Walter van der Vijver. An investigation commissioned by Shell found that Ms Boynton had to share responsibility for the company' s behaviour. Despite receiving an email from Mr Van de Vijver which said the firm had"" fooled"" the market about its reserves, the investigation said, she did nothing to inquire further. In all, Shell restated its reserves four times during 2003. In September, it paid ?82. 7m in fines to regulators on both sides of the Atlantic for violating market rules in its reporting of its reserves.
Question: blank
Options:(A)her (B)their (C)your (D)either (E)both
Answer:",(A)
419,"Context:  India has signed a $ 40bn ( ?21bn ) deal to import millions of tonnes of liquefied natural gas from Iran. Firms led by the Oil & Natural Gas Corporation ( ONGC ) will also assist in the development of Iranian oil fields. Ministers, eager to gain access to energy supplies to meet the demands of a booming economy, secured a similar deal to one between Iran and China. The announcement comes as ONGC said it was in talks to buy former assets of troubled Russian oil firm Yukos. The agreements with Iran were sealed after talks in New Delhi between Middle East producers and Asia' s biggest energy consumers-China, India, Japan _____ South Korea. Iran-Opec' s second-biggest oil producer and one of the world' s top gas producers-has been pursuing a series of deals, rewarding LNG buyers with participation in development of its oil fields. Under the agreement, it will supply India with 7. 5 million tonnes of LPG annually over a 25 year period from 2009. ONGC and the National Iranian Oil Company ( NIOC ) reached a preliminary deal for Indian firms to take part in the development of the Yadavaran and Jufeyr oilfields, both countries said in a statement. India' s oil production has stagnated over recent years, and it is having to look abroad to secure future supplies. India imports about 70 % of its total oil consumption. Consumption has jumped to 2. 4 million barrels per day, compared with 474, 000 bpd in 1973.
Question: blank
Options:(A)against (B)plus (C)then (D)and (E)versus
Answer:",(D)
420,"Context:  The London Stock Exchange ( LSE ) is planning to announce a preferred takeover by the end of the month, newspaper reports claim. The Sunday Telegraph said the LSE' s plan was further evidence it wants to retain tight control over its destiny. Both Deutsche Boerse and rival Euronext held talks with the London market last week over a possible offer. A ?1. 3bn offer from Deutsche Boerse has already been rejected, while Euronext has said it will make an all cash bid. Speculation suggests that Paris-based Euronext has the facilities in place to make a bid of ?1. 4bn, while its German rival may up its bid to the ?1. 5bn mark. Neither has yet tabled a formal bid, but the LSE is expected to hold further talks with the two parties later this week. However, the Sunday Telegraph report added that there are signs that Deutsche Boerse chief executive Werner Seifert is becoming increasingly impatient with the LSE' s managed bid process. Despite insisting he wants to agree a recommended deal with the LSE' s board, the newspaper suggested he may pull out of the process and put an offer directly to shareholders instead. The newspaper also claimed Mr Seifert was becoming"" increasingly frustrated"" with the pace of negotiations _____ Deutsche Boerse' s ?1. 3bn offer was rejected in mid-December, in particular the LSE' s decision to suspend talks over the Christmas period. Meanwhile, the German exchange' s offer has come under fire recently. Unions for Deutsche Boerse staff in Frankfurt have reportedly expressed fears that up to 300 jobs would be moved to London if the takeover is successful. Others claim it will weaken the city' s status as Europe' s financial centre, while German politicians are also said to be angry over the market operator' s promise to move its headquarters to London if a bid is successful. A further stumbling block is Deutsche Boerse' s control over its Clearstream unit, the clearing house that processes securities transactions. LSE shareholders fear it would create a monopoly situation, weakening the position of shareholders when negotiating lower transaction fees for share dealings. LSE and Euronext do not have control over their clearing and settlement operations, a situation which critics say is more transparent and competitive.
Question: blank
Options:(A)since (B)until (C)through (D)following (E)about
Answer:",(A)
421,"Context:  News Corporation is seeking to buy out minority investors in Fox Entertainment Group, its broadcasting subsidiary, for about $ 5. 4bn ( ?3. 7bn ). The media giant, run by Rupert Murdoch, owns 82 % of the shares in the company, home to the Fox television network and the 20th Century Fox film studio. The move follows News Corp' s decision to register its business in the US. 20th Century Fox' s recent film releases include I Heart Huckabees and I, Robot, while Fox puts out hit TV series 24. Under the terms of the offer, minority Fox shareholders will receive 1. 90 News Corp shares in return for each Fox share they hold. Analysts said the decision to list News Corp in the US-which will result in the firm' s shares _____ in New York rather than Sydney-nullified the need to retain a separate stock market listing for Fox Entertainment shares. News Corp investors voted in October to approve the transfer of the company' s corporate domicile from Australia to the US state of Delaware. The move is designed to help News Corp attract more investment from the largest US financial institutions, and make it easier to raise capital. Fox Entertainment Group generated revenues of $ 12bn last year. News Corp shares fell 25 cents to $ 17. 65 after the share offer was announced while Fox shares were up 19 cents at $ 31. 22.
Question: blank
Options:(A)occurring (B)falling (C)buying (D)trading (E)purchased
Answer:",(D)
422,"Context:  Israel has asked a US banker and former International Monetary Fund director to run its central bank. Stanley Fischer, vice chairman of banking giant Citigroup, has agreed to take the Bank of Israel job subject to approval from parliament and cabinet. His nomination by Prime Minister Ariel Sharon came as a surprise, and led to gains on the Tel Aviv stock market. Mr Fischer, who speaks fluent Hebrew, will have to become an Israeli citizen to take the job. The US says he will not have to give up US citizenship to do so. Previous incumbent David Klein, who often argued with the Finance Ministry, steps down on 16 January. Mr Fischer will face a delicate balancing act-both in political and economic terms-between Mr Sharon and finance minister Binyamin Netanyahu, who also backed his nomination. But his appointment has also raised hopes that it could bring in fresh investment-and perhaps even an improvement in the country' s credit rating Mr Fischer first went to Israel for six months in 1973, and almost emigrated there before deciding finally to return to the US. While teaching at the Massachussetts Institute of Technology he spent a month seconded to the Bank of Israel in 1979, beginning a long-time involvement in studying Israel' s economy. In 1983 Mr Fischer became adviser on Israel' s _____ to then-US secretary of state George Shultz. At the World Bank in 1985, he participated in drawing up an economic stabilisation package for Israel.
Question: blank
Options:(A)defense (B)activities (C)policy (D)behalf (E)economy
Answer:",(E)
423,"Context:  The EU and US have agreed to begin talks on ending subsidies given to aircraft makers, EU Trade Commissioner Peter Mandelson has announced. Both sides hope to reach a negotiated deal over state aid received by European aircraft maker Airbus and its US rival Boeing, Mr Mandelson said. Airbus and Boeing accuse each other of benefiting from illegal subsidies. Mr Mandelson said the EU and US hoped to avoid having to resolve the dispute at the World Trade Organisation ( WTO )."" With this agreement the EU and US have confirmed their willingness to resolve the dispute which has arisen between them,"" Mr Mandelson said."" I hope our negotiations in the next three months will lead to an agreement ending subsidies to development and production of large civil aircraft."" Last year, the US terminated an agreement with the EU, reached in 1992, which limits the subsidies countries can hand over to civil aircraft makers. The US filed a complaint against Brussels with the WTO over _____ aid to Airbus, prompting a retaliatory EU complaint over US support for Boeing. However, both sides agreed to suspend their requests for WTO arbitration at the beginning of December, to allow bilateral talks to continue. EADS and BAE Systems, the European defence and aerospace firms which own Airbus, welcomed Mr Mandelson' s announcement."" It has always been preferable that any differences between the US and Europe on this matter be overcome through constructive discussion rather than through legal recourse,"" the companies said in a joint statement. Separately, the world' s largest package delivery company, UPS, said it had placed an order for 10 Airbus A380 superjumbo freight-carrying jets, with an option to buy 10 more of the triple-decker aircraft. The US company said it needed to expand its air freight capacity following strong international growth, and would begin receiving deliveries of the A380s from 2009. However, UPS said it was cutting a previous order for smaller Airbus A300s from 90 planes to 53. So far, Airbus has delivered 40 A300s to UPS. Airbus overtook Boeing as the world' s largest manufacturer of commercial airliners in 2003.
Question: blank
Options:(A)Soviet (B)Dutch (C)Brazilian (D)state (E)British
Answer:",(D)
424,"Context:  Telecoms equipment maker Nortel Networks has sharply revised downwards its profits for the 2003 fiscal year. In a long-awaited filing, Nortel said it had made $ 434m ( ?231m ), compared to the previously reported $ 732m. But the figures-revised after an audit which led to the sacking of the Canadian firm' s chief-showed revenue was about 4 % higher than first thought. Nortel shares, which have lost nearly 50 % of their _____ since last year, climbed 1. 46 % in Toronto on Tuesday. Nortel' s head Frank Dunn and two other executives were fired in January last year after the company announced it had conducted the internal audit. Securities and police authorities in both the US and Canada are still conducting inquiries into the accounts. Nortel also issued new figures for the 2001-2002 period, which they had previously indicated had understated losses."" With the completion of our restatements we have a solid foundation on which to move forward with our business,"" said Nortel president and chief executive Bill Owens."" The restatement has been a monumental task, both complex and demanding."" The company also said 12 senior executives-none of whom were involved directly in the accounting of the revised figures-have voluntarily agreed to repay to bonuses awarded in 2003 totalling $ 8. 6m. Nortel added :"" these members of the core executive team share the board' s deep disappointment over the circumstances that led to the restatement.""
Question: blank
Options:(A)amount (B)stake (C)profits (D)value (E)deposits
Answer:",(D)
425,"Context:  Russia' s renationalisation of its energy industry needs to be reversed, a senior government figure has warned. Economy minister German Gref told the Kommersant newspaper that direct state involvement in oil was"" unjustified"". His comments follow the sale of much of oil giant Yukos to cover back taxes-a deal which effectively took most of the firm' s assets into public ownership. On 28 December, another senior economic adviser called the sale"" the swindle of the century"". Yuganskneftegaz, the unit which produced 60 % of Yukos' output, had been seized and sold in December for less than $ 10bn to a previously unknown firm called Baikal. Baikal promptly passed into the hands of state-controlled firm Rosneft, itself shortly to merge with state gas giant Gazprom."" We used to see street hustlers do this kind of thing,"" Andrei Illarionov-then economic adviser to President Vladimir Putin-told a press conference."" Now officials are doing it."" Within days, he was stripped of most of his responsibilities. Mr Gref, a well-known opponent of nationalisation in competitive parts of the market, was keen to distance himself from Mr Iliaronov' s comments. The privatisation of companies such as Yukos in the 1990s had been badly handled, he said. But he stressed that the government needed to get out of oil."" I think that Rosneft and Yuganskneftegaz, should it become a state-owned company, must be privatized,"" he said."" Today our government is ineffective and state companies, as a result, are for the overwhelming part ineffective as well."" And he warned that using back taxes to deal with firms like Yukos-a technique now being applied by the Kremlin to several other firms-was a mistake."" If we follow that logic, we should nationalise all businesses,"" he said. Many large Russian companies, particularly in the energy sector, use complex webs of offshore companies to avoid taxes. Mr Gref also poured cold water on President Putin' s promises of doubled economic growth within a decade. The assault on Yukos' assets has _____ widely blamed for a slowdown in economic growth in recent months."" The task is not simply to double GDP ; instead it is to use GDP to qualitatively improve people' s lives,"" Mr Gref told Kommersant."" We don' t need simply to increase GDP, but to improve its structure."" Instead of focusing on headline growth figures, Russia needed to focus on better institutions, such as a more efficient-and less corrupt-court system.
Question: blank
Options:(A)also (B)come (C)been (D)become (E)seemed
Answer:",(C)
426,"Context:  _____rts from China leapt during 2004 over the previous year as the country continued to show breakneck growth. The spurt put China' s trade surplus-a sore point with some of its trading partners-at a six-year high. It may also increase pressure on China to relax the peg joining its currency, the yuan, with the weakening dollar. The figures released by the Ministry of Commerce come as China' s tax chief confirmed that growth had topped 9 % in 2004 for the second year in a row. State Administration of Taxation head Xie Xuren said a tightening of controls on tax evasion had combined with the rapid expansion to produce a 25. 7 % rise in tax revenues to 2. 572 trillion yuan ( $ 311bn ; ?165bn ). According to the Ministry of Commerce, China' s exports totalled $ 63. 8bn in December, taking the annual total up 35. 4 % to $ 593. 4bn. With imports rising a similar amount, the deficit rose to $ 43. 4bn. The increased tax take comes despite healthy tax rebates for many exporters totalling 420bn yuan in 2004, according to Mr Xie. China' s exporting success has made the trade deficit of the United States soar even further and made trade with China a sensitive political issue in Washington. The peg keeping the yuan around 8. 30 to the dollar is often blamed by US lawmakers for job losses at home. A US report issued on Tuesday on behalf of a Congressionally-mandated panel said almost 1. 5 million posts disappeared between 1989 and 2003. The pace accelerated in the final three years of the period, said the report for the US-China Economic and Security Review Commission, moving out of labour-intensive industries and into more hi-tech sectors. The US' s overall trade deficit with China was $ 124bn in 2003, and is expected to rise to about $ 150bn for 2004.
Question: blank
Options:(A)growth (B)years (C)Expo (D)years (E)Expo
Answer:",(C)
427,"Context:  The Karachi Stock Exchange ( KSE ) has recorded its largest single day gain, surging 3. 5 % to a new high. The index rose 225. 79 points in four hours of furious trading, with many investors optimistic that political stability could bring an economic boom. The KSE index closed at 6709. 93-an overall gain of nearly 400 points in the first two trading days of the week. Energy and telecommunication stocks performed particularly well, recording an 8 %-10 % rise since Monday morning. In 2002, the KSE was the world' s best performing stock market, with the index rising 112 %. Pakistani investors are expecting the KSE to repeat, if not improve on, its 2002 performance. Jubilant investors danced on the streets as the market closed for the day on Tuesday, confident that the boom will continue at least until the public holiday on 22 January. Others, however, who had stayed out fearing an imminent collapse because of prices overheating, continued to warn that the"" bubble may burst any time""."" That' s rubbish,"" KSE chairman Yaseen Lakhani told the BBC News website."" Whenever the market reflects Pakistan' s true economic reality, it is described as a bubble."" Mr Lakhani feels that the market has risen on the basis of solid economic growth and its current level rests on sound foundations. Market analysts are inclined to agree with Mr Lakhani, arguing that there are a number of major factors behind the KSE' s performance. Analysts argue that a steady improvement in Pakistan' s credit ratings by international credit rating agencies has finally begun to register in the market. Standard & Poor' s upgraded Pakistan a few weeks ago. There are indications of yet another upgrade by the end of February. Then, say analysts, there is corporate profitability in the current fiscal year, which has gone up by 27 % from last year."" Coupled with the 7 % GDP growth expected by June this year, I am least surprised at the market' s performance,"" says Mr Lakhani. One leading Karachi broker said the real reasons may be political."" If you file a $ 1. 3 trillion case against Saudi money after 9 / 11, Arab money will not go to the US any more."" A lot of Arab money, he says, has already gone to Malaysia and Indonesia. Pakistanis are now hoping that energy and telecoms, two of the strongest sectors in Pakistan, draw some of the Arab money to the KSE. Locally, too, say analysts, recent political developments have worked to the market' s advantage. An anti-Musharraf campaign threatened by the MMA, a countrywide alliance of religious parties, has fizzled out. The release of Asif Zardari, former Prime Minister Benazir Bhutto' s husband, has eased political tensions between the military-backed government and the opposition Pakistan People' s Party. Most importantly, say analysts, the failure of talks between India and Pakistan on the Baglihar dam in Indian-administered Kashmir has not automatically led to heightened tensions. This, they say, indicates that neither country is interested in raising the temperature at this stage, irrespective of the state of their disagreements. The market is abuzz with speculation that substantial investment may now start to _____ in from the US, a country seen locally as deeply interested in defusing tensions between the South Asian neighbours."" You can call it a peace dividend,"" smiles one broker."" Let us see how long one can reap its benefits.""
Question: blank
Options:(A)slip (B)pour (C)flow (D)move (E)fall
Answer:",(C)
428,"Context:  The US trade deficit widened by more than expected in October, hitting record levels after higher oil prices raised import costs, figures have shown The trade shortfall was $ 55. 5bn ( ?29bn ), up 9 % from September, the Commerce Department said. That pushed the 10 month deficit to $ 500. 5bn. Imports rose by 3. 4 %, while exports increased by only 0. 6 %. A weaker dollar also increased the cost of imports, though this should help drive export demand in coming months."" Things are getting worse, but that' s to be expected,"" said David Wyss of Standard & Poor' s in New York."" The first thing is that when the dollar goes down, it increases the price of imports."" We are seeing improved export orders. Things seem to be going in the right direction."" Despite this optimism, significant concerns remain as to how the US _____ fund its trade and budget deficits should they continue to widen. Another problem highlighted by analysts was the growing trade gap with China, which has been accused of keeping its currency artificially weak in order to boost exports. The US imported almost $ 20bn worth of goods from China during October, exporting a little under $ 3bn."" It seems the key worry that has existed in the currency market still remains,"" said Anthony Crescenzi, a bond strategist at Miller Tabak in New York. The trade deficit and the shortfall with China"" are big issues going forward"". The Commerce Department figures caused the dollar to weaken further despite widespread expectations that the Federal Reserve will raise interest rates for a fifth time this year. Borrowing costs are tipped to rise by a quarter of a percentage point to 2. 25 % at a Fed meeting later on Tuesday.
Question: blank
Options:(A)would (B)will (C)even (D)helps (E)possible
Answer:",(B)
429,"Context:  Sales of hybrid cars in the US are set to double in 2005, research suggests. Research group JD Power estimates sales will hit 200, 000 in 2005, despite higher prices and customer scepticism. Carmakers are starting to build hybrid sports utility vehicles ( SUVs ), the four-wheel-drive vehicles which now dominate the US car market. Hybrids cut both petrol consumption and emissions by _____ a petrol engine with an electric motor constantly kept charged by extra engine power. Several jurisdictions, notably the state of California, mandate low emissions for new cars. Equally, the rise in oil prices over the past year has sparked hopes that consumers may be tempted by potential savings of a few hundred dollars a year on fuel. At the Detroit Motor Show, a range of manufacturers are prominently displaying their hybrid credentials. Toyota has led the market to date with the Prius, popularised by a number of celebrities keen to burnish their"" green"" credentials. In April it will launch a hybrid version of its Highlander SUV, with an SUV from its luxury Lexus marque due later in the year. Honda has three hybrids on the market, and between them the two Japanese carmakers sold more than 80, 000 units last year. Ford, which has sold 4, 000 of its first hybrid since its launch in August, is bringing a hybrid SUV-the Mariner-to market a year ahead of schedule, with plans for three more models by 2008. GM has a hybrid pickup on the market and is showing two concept SUVs in Detroit. Even sports car maker Porsche may join the race, although it insists it is still considering whether to hybridise its Cayenne SUV. Others remain more sceptical. Nissan has bought Toyota' s hybrid technology, but plans to bring out its first model only in 2006."" We want to make sure we are not concentrating on one technology,"" Nissan chief executive Carlos Ghosn said."" We will not be surprised by any acceleration or deceleration in the hybrid market."" Volkswagen, meanwhile, says it will focus on clean-burning diesel engines instead. And some watchers point out that the price tag on a hybrid-upwards of $ 3, 000 above that of an equivalent normal-engined car, and suspicion of the technology-may still cool its attraction."" The average consumers aren' t willing to pay that premium for a car they won' t drive more than six years,"" said Anthony Pratt from JD Power.
Question: blank
Options:(A)combining (B)having (C)installing (D)joining (E)adding
Answer:",(A)
430,"Context:  Trouble-hit Mitsubishi Motors is in talks with French carmaker PSA Peugeot Citroen about a _____ alliance. On Tuesday Mitsubishi, the only major Japanese car firm in the red, confirmed earlier reports of negotiations. But a spokesman refused to comment on speculation that Mitsubishi could end up building cars for PSA and perhaps its Japanese rival Nissan. Mitsubishi has been hit by a recall scandal and the withdrawal of support from shareholder DaimlerChrysler. The US-German firm, once a majority shareholder, decided last April to stop providing financial backing. Mitsubishi' s sales have slid 41 % in the past year, catalysed by the revelation that the company had systematically been hiding records of faults and then secretly repairing vehicles. Mitsubishi is due to unveil a recovery plan later in January. Analysts said that alliances with other carmakers would be a necessary part of whatever it came up with, not least because its own slow sales have left its manufacturing capacity under-used.
Question: blank
Options:(A)brand (B)rail (C)potential (D)possible (E)nuclear
Answer:",(D)
431,"Context:  British Airways is to halt its flights from London Heathrow to Jeddah and Riyadh in Saudi Arabia from 27 March. The airline said the decision was a commercial one due to reduced passenger demand for the services. BA currently operates four flights per week from Heathrow to Jeddah, and three weekly journeys to Riyadh. It suspended flights to Saudi Arabia for three weeks in autumn 2003 after a government warning about a"" threat to UK aviation interests in Saudi Arabia"". BA will now suspend the Saudi flights-which it says will remain"" under constant review""-from 27 March."" The decision to suspend flights between the UK and Saudi Arabia is a difficult one to make as we have enjoyed a _____ history of flying between the two countries,"" said BA director of commercial planning, Robert Boyle."" However, the routes don' t currently make a profitable contribution to our business and we are unable to sustain them while this remains the case."" Passengers with flights booked after the suspension date will be contacted by BA for alternative arrangements to be made.
Question: blank
Options:(A)remarkable (B)positive (C)longer (D)long (E)close
Answer:",(D)
432,"Context:  Shares in Cairn Energy rose 3. 8 % to 1, 088 pence on Tuesday after the UK firm announced a fresh gas discovery in northern India. The firm, which last year made a number of other new finds in the Rajasthan area, said the latest discovery could lead to large gas volumes. However, chief executive Bill Gammell _____ed that additional evalution was first needed at the site. Cairn has also been granted approval to extend its Rajasthan exploration area. This approval has come from the Indian government. A spokesman said the company' s decision to carry out further investigations at the new find showed that it believed there was significant gas. But he added :"" It' s still too early to say what the extent of it is."" Cairn' s string of finds in Rajasthan last year saw it elevated to the FTSE 100 index of the UK' s leading listed companies. The company had bought the rights to explore in the area from oil giant Shell. Mr Gammell is a former Scottish international rugby player.
Question: blank
Options:(A)caution (B)original (C)said (D)demo (E)called
Answer:",(A)
433,"Context:  Nearly two million people across Asia could be thrown into poverty because of the Indian Ocean tsunami, the Asian Development Bank ( ADB ) has said. In its first overview of the disaster, the ADB said the impact on economic growth would be slight because major cities and factories escaped damage. But the blow to many low-income people could be"" enormous"". The Paris Club of rich creditor nations on Wednesday offered to freeze debts owed by tsunami-hit countries. The move was aimed at helping South Asian governments find budgets to rebuild devastated coastal areas, though so far only Sri Lanka, Indonesia and the Seychelles have indicated that they will take it up. Other countries believe their economies are strong enough to cope or wish to avoid being viewed as credit risks."" Poverty is potentially the most important impact of this natural disaster,"" said ADB chief economist Ifzal Ali. Donor nations have promised to give $ 717m ( ?379m ) in disaster relief over the next six months, according to the United Nations. Mr Ali added his voice to those warning that aid pledges must be promptly delivered, saying the number of people at risk of poverty hinged on"" concerns over sanitation and health conditions, and other basic needs"" being"" properly and quickly addressed"". There _____ 1. 9 billion people in Asia living on less than $ 2 a day. The ADB fears that 1 million Indonesians could join them, while in India just over half a million people-645, 000-are at risk of falling into poverty. A quarter of a million Sri Lankans and 23, 500 people in the Maldives are also facing poverty. In the Maldives, where 43 % of the population already lives on less than $ 2 a day, this could rise to half. Sri Lanka and the Maldives are the two countries the ADB fears are most at risk of suffering lasting economic damage from the tsunami. Sri Lanka' s government has estimated reconstruction costs at nearly $ 3bn. A government task force held meetings to discuss an emergency rebuilding plan with the ADB, World Bank and Japanese aid agencies on Wednesday, and promised to publish the plan within 10 days. Indonesia, Malaysia, Thailand and India have enjoyed strong economic growth in recent years, which should cushion them against reconstruction costs. Although Indonesia' s northern province of Aceh suffered the worst death toll, the region' s oil and natural gas production facilities"" have survived intact"", the report said. However, it remains too soon to asses the damage to poor people' s livelihoods in Aceh because it would depend on how much farm land had been flooded by seawater."" This is a profoundly tragic event for the region and for the millions who are suffering. But the economies of the affected countries except Sri Lanka and the Maldives should emerge with minimal damage,"" the ADB report said. Some businesses may even gain from the reconstruction efforts, thereby creating jobs. At a meeting in Thailand, ABD president Thadao Chino said he was confident of the country' s"" own capabilities to restore normalcy to the affected areas and meet the rehabilitation requirements"". Thailand has said it does not wish to opt for a debt repayment freeze, while India has also rejected international aid, saying it can cope on its own resources. Debt repayment holidays carry the risk of credit ratings downgrades, making it more expensive to borrow money in future. Indonesia, however, is pressing for greater help with its debts than the current freeze would bring. It is one of the world' s most indebted countries.
Question: blank
Options:(A)existed (B)went (C)were (D)been (E)are
Answer:",(E)
434,"Context:  Australian brewer Fosters has bought a large stake in Australian winemaker Southcorp, sparking rumours of a possible takeover. Fosters bought 18. 8 % of Southcorp, the global winemaker behind the Penfolds, Lindemans and Rosemount brands, for 4. 17 Australian dollars per share. A bid at that price would value the company at A $ 3. 1bn ( $ 2. 4bn ; ?1. 25bn ). Fosters said it was currently in discussions"" which may lead to a major corporate announcement"". In a separate statement, Southcorp confirmed the brewer had asked for talks. Both firms asked the Sydney stock market to suspend trading in their shares until Monday. Southcorp' s shares were suspended at A $ 4. 25. Fosters bought the 18. 8 % stake from Reline Investments, the family investment firm for the Oatleys, who founded the Rosemount Estates label and sold it to Southcorp in 2001. Robert Oatley and his son Sandy Oatley have both resigned from Southcorp' s board following the share deal. Southcorp employs 2, 700 people and is the largest single investor in rural Australia, according to its website. The prospect of Fosters launching a major acquisition startled _____, as the brewer said last summer that it was not looking to expand through a big buy in the near future. It has cash available, after getting A $ 846m from selling property business Lensworth, but it has been widely expected to return cash to shareholders."" People will scratching their heads over this one. Fosters has done a back-flip"", said Shawn Burns, a fund manger at Deutsche Asset Management. Southcorp' s shares have risen in recent months on speculation that it could become a takeover target. It spent two years in the red, returning to profit in 2004. Consolidation in the wine industry is being driven by Constellation, the world' s biggest winemaker. It seized the top spot when it bought Australian firm BRL Hardy for just over $ 1bn in 2003. Since then, it has paid $ 1bn for US wine maker Robert Mondavi, bought last month. Fosters' main wine business is Beringer Blass Wine Estate. Its best known brand is Fosters lager, though it makes a clutch of beer brands, and spirits. Analysts were divided on Thursday about whether Fosters was more likely to go for a takeover or merely wanted to take a big enough chunk of Southcorp to prevent it falling to a rival."" Currently, I think the strategic position is more sensible rather than an outright takeover,"" said one analyst quoted by the Agence France Presse news agency. However, Matt Williams, a fund manager at Perpetual Trustees said taking the stake"" is definitely a precursor to a takeover"".
Question: blank
Options:(A)consumers (B)Foster (C)investors (D)them (E)Martin
Answer:",(C)
435,"Context:  The European Central Bank has left its key interest rate _____ at 2 % for the 19th month in succession. Borrowing costs have remained on hold amid concerns about the strength of economic growth in the 12 nations sharing the euro, analysts said. Despite signs of pick-up, labour markets and consumer demand remain sluggish, while firms are eyeing cost cutting measures such as redundancies. High oil prices, meanwhile, have put upward pressure on the inflation rate. Surveys of economists have shown that the majority expect borrowing costs to stay at 2 % in coming months, with an increase of a quarter of a percentage point predicted some time in the second half of the year. If anything, there may be greater calls for an interest rate cut, especially with the euro continuing to strengthen against the dollar."" The euro land economy is still struggling with this recovery,"" said economist Dirk Schumacher. The ECB"" may sound rather hawkish but once the data allows them to cut again, they will."" Data coming out of Germany on Thursday underlined the problems facing European policy makers. While Germany' s economy expanded by 1. 7 % in 2004, growth was driven by export sales and lost some of its momentum in the last three months of the year. The strength of the euro is threatening to dampen that foreign demand in 2005, and domestic consumption currently is not strong enough to take up the slack. Inflation in the eurozone, however, is estimated at about 2. 3 % in December, above ECB guidelines of 2 %. ECB President Jean-Claude Trichet has remained upbeat about prospects for the region, and inflation is expected to drop below 2 % later in 2005. The ECB has forecast economic growth in the eurozone of 1. 9 % in 2005.
Question: blank
Options:(A)index (B)fixed (C)setting (D)unchanged (E)point
Answer:",(D)
436,"Context:  The world' s biggest tobacco consumer, China, has said it will not allow any new tobacco factories to be built. China already has more than enough cigarette-making capacity, according to a spokesman for the tobacco industry regulator quoted in China Daily. The ban threatens to reignite tensions between the regulator and British American Tobacco, which plans to become China' s first foreign cigarette maker. A spokeswoman for Bat declined to comment on the report."" China won' t allow any new tobacco factories to be built, including joint ventures"", said Xing Wangli, a spokesman for the State Tobacco Administration Monopoly quoted in China Daily. He also said that the state would retain its monopoly on cigarette distribution. China has 350 million smokers who consumer 1. 7 trillion cigarettes a year. Smoking is fashionable in China, where it is seen as an essential-and manly-sociable touch for some jobs, such as salesmen. More young, urban woman are taking up smoking too. In July 2004, Bat announced it had won approval for to build a $ 1. 5bn ( ?800m ) joint venture factory in China which would make it the first foreign cigarette maker to manufacture there. The State Tobacco Monopoly Administration said a week later that it had not approved the deal, leading to an embarrassing public row. Bat told the BBC at that time that it had not negotiated with the STMC, and secured approval from"" the highest levels of government"". Since then, the row has flared occasionally, most recently at a forum in November. Bat consistently declines to comment."" Xing' s statement comes as especially bad news for British American Tobacco"", the China Daily newspaper said of the latest development. The _____ spokeswoman said :"" There is nothing for us to add... since our announcement in July last year. The central government of China is the authority that approved our strategic investment."" The decision to ban further tobacco factories does not apply to deals made before 2005, according to the French news agency AFP. The joint venture factory was expected to take till 2006 to build. The Bat spokeswoman would not comment on its progress. However, if the STMA continues to take a tough stance, expansion opportunities could be limited. China' s tobacco market is increasingly valuable as anti-smoking campaigners target public smoking in the West. China Daily said the market was currently enjoying steady growth, making more than 210bn yuan ( $ 25. 4bn ) in pre-tax profits last year, almost double the figure in 2000. The paper made no mention of health concerns. The STMA is trying to restructure the domestic tobacco industry, closing some factories, though such moves can be unpopular with local governments.
Question: blank
Options:(A)official (B)party (C)senior (D)Bat (E)House
Answer:",(D)
437,"Context:  The Bank of England has left interest rates on hold again at 4. 75 %, in a widely-predicted move. Rates went up five times from November 2003-as the bank sought to cool the housing market and consumer debt-but have remained unchanged since August. Recent data has indicated a slowdown in manufacturing and consumer spending, as well as in mortgage approvals. And retail sales disappointed over Christmas, with analysts putting the drop down to less consumer confidence. Rising interest rates and the accompanying slowdown in the housing market have knocked consumers' optimism, causing a sharp fall in demand for expensive goods, according to a report earlier this week from the British Retail Consortium. The BRC said Britain' s retailers had endured their worst Christmas in a decade."" Today' s no change decision is correct,"" said David Frost, Director General of the British Chambers of Commerce ( BCC )."" But, if there are clear signs that the economy slows, the MPC should be ready to take quick corrective _____ and cut rates."" Dismal reports from the retail trade about Christmas sales are worrying, if they indicate a more general weakening in consumer spending."" Mr Frost added :"" The housing market outlook remains highly uncertain."" It is widely accepted that, if house prices start falling more sharply, the risks facing the economy will worsen considerably."" CBI chief economist Ian McCafferty said the economy had"" slowed in recent months in response to rate rises"" but that it was difficult to gauge from the Christmas period the likely pace of activity through the summer."" The Bank is having to juggle the emergence of inflationary pressures, driven by a tight labour market and buoyant commodity prices, against the risk of an over-abrupt slowdown in consumer activity,"" he said."" Interest rates are likely to remain on hold for some time."" On Thursday there was more gloomy news on the manufacturing front, as the Office for National ( ONS ) statistics revealed British manufacturing output unexpectedly fell in November-for the fifth month in the past six. The ONS said manufacturing output dropped 0. 1 % in November, matching a similar unrevised fall in October and confounding economists' expectations of a 0. 3 % rise. Manufacturers' organisation, the EEF, said it expected the hold in interest rates to continue in the near future. It also said there was evidence that manufacturers' confidence may be waning as the outlook for the world economy becomes more uncertain."" So far the evidence suggests that last year' s rate increases have helped to rebalance the economy without damaging the recovery in manufacturing,"" said EEF chief economist, Steve Radley."" However, should the business outlook start to deteriorate, the Bank should stand ready to cut rates."" Some economists have predicted rates will drop later in the year, although others feel the Bank may still think there is a need for a rise to 5 % before that happens. The Bank remains concerned about the long-term risks posed by personal debt-which is rising at 15 % a year-if economic conditions worsen.
Question: blank
Options:(A)care (B)action (C)measurements (D)checks (E)measure
Answer:",(B)
438,"Context:  Germany' s economy, the biggest among the 12 countries sharing the euro, grew at its fastest rate in four years during 2004, driven by strong exports. Gross domestic product ( GDP ) rose by 1. 7 % last year, the statistical office said. The economy contracted in 2003. Foreign sales increased by 8. 2 % last year, compared with a 0. 3 % slide in private consumption. Concerns remain, however, over the strength of the euro, weak domestic demand and a sluggish labour market. The European Central Bank ( ECB ) left its benchmark interest rate unchanged at 2 % on Thursday. It is the nineteenth month in a row that the ECB has not moved borrowing costs. Economists predict that an increase is unlikely to come until the second half of 2005, with growth set to sputter rather than ignite."" During 2004 we profited from the fact that the world economy was strong,"" said Stefan Schilbe, analyst at HSBC Trinkaus & Burkhardt."" If exports weaken and domestic growth remains poor, we cannot expect much from 2005."" Many German consumers have been spooked and unsettled by government attempts to reform the welfare state and corporate environment. Major companies including Volkswagen, DaimlerChrysler and Siemens have spent much of 2004 in tough talks with unions about trimming jobs and costs. They have also warned there are _____ cost cutting measures on the horizon.
Question: blank
Options:(A)some (B)imminent (C)more (D)considerable (E)likely
Answer:",(C)
439,"Context:  The gap between US exports and imports has widened to more than $ 60bn ( ?31. 7bn ), an all-time record. Figures from the Commerce Department for November showed exports down 2. 3 % to $ 95. 6bn, while imports grew 1. 3 % to $ 155. 8bn on rising consumer demand. Part of the expanding deficit came from high prices for oil imports. But the numbers suggested the sliding dollar-which makes exports less expensive-has had little impact, and could indicate slowing economic growth. The trade deficit-far bigger than the $ 54bn widely expected on Wall Street-prompted a rapid response from the currency markets. By 1650 GMT, the dollar was trading against the euro at $ 1. 3280, almost a cent and a half weaker than before the announcement. Against the pound, the dollar was down about 0. 7 % at $ 1, 8923."" The dollar' s fall has been sudden, violent and appropriate given this number,"" said Brian Taylor of Wells Fargo in Minneapolis."" Recent exchange rate movements certainly haven' t had any impact yet."" Treasury Secretary John Snow put a brave face on the news, saying it was a sign of strong economic expansion."" The economy is growing at such a fast rate that it is generating lots of disposable income... some of which is used to buy goods from our trading partners."" Although the White House officially still backs the US' s traditional"" strong dollar"" policy, it has tacitly indicated that it would be happy if the slide continued. The dollar has fallen by 50 % against the euro-as well as by 30 % against the yen-in the past three years. The main catalyst, most economists accept, is the large budget deficit on the one hand, and the current account deficit-the difference between the flow of money in and out of the US-on the other. The trade deficit is a large part of the latter. In November, the fall in exports was largely due to a decline in sales of industrial supplies and materials such as chemicals, as well as of cars, consumer goods and food. One small bright _____ for US policy-makers was a slight decline in the deficit with China, often blamed for job losses and other economic woes. Although China' s overall trade surplus is expanding, according to Chinese government figures, the Commerce Department revealed the US' s deficit with China was $ 19. 6bn in November, down from $ 19. 7bn the month before. But the deficit with Japan was at its worst in more than four years.
Question: blank
Options:(A)opening (B)spots (C)spot (D)event (E)point
Answer:",(C)
440,"Context:  The UK' s trade gap narrowed in November, helped by a 7. 5 % rise in exports outside the European Union. According to the Office for National Statistics, the difference between what the UK exported and imported was ?3. 1bn ( $ 5. 8bn ), down from October' s ?3. 6bn. Overall UK exports-including both goods and services-rose by more than 3. 2 % to ?24. 8bn, although total imports rose again to a new record of ?27. 9bn. The deficit for goods alone was ?4. 6bn, down from October' s ?5bn. During November the UK exported ?16. 9bn worth of goods, but imported ?21. 5bn. The cumulative deficit for the first eleven months of 2004 now stands at ?36. 3bn, ?4. 5bn higher than the same period in 2003. November saw an improvement in export levels to both the _____ Union and the rest of the world, the Office for National Statistics ( ONS ) said. EU exports rose 2 %, fuelled by an increase in sales of chemicals. Non-EU exports shot up 7. 5 %, with growth seen across a range of manufacturing sectors including cars, consumer durables and chemicals. The export boost offset a 1 % rise in imports. Non-EU imports rose 3 %, but the growth in goods entering the UK from the EU slowed to 0. 5 %. The UK' s deficit with the EU fell to ?1. 9bn from ?2. 1bn, while its non-EU shortfall dropped to ?2. 7bn from ?2. 9bn in October. The country' s surplus on trade-in-services remained steady at ?1. 5bn for the fifth month in a row. Paul Dales, UK economist for Capital Economics, said the figures represented an improvement on recent months. However, he stressed that the long-term prognosis for exports was still uncertain."" The figures are a lot better than expected but the trend still remains poor,"" he said."" There have been some very encouraging signs that the UK export recovery is starting to take hold. But there is a danger that this could be held back by the ongoing weakness of domestic demand on the continent.""
Question: blank
Options:(A)Economic (B)European (C)French (D)Africa (E)Scandinavian
Answer:",(B)
441,"Context:  Six foreign-owned textile factories have closed in Lesotho, leaving 6, 650 _____ workers jobless, union officers told the AP news agency. Factory Workers Union secretary general Billy Macaefa blamed the closures on the end of worldwide textile quotas. The quotas for developing nations, ended on 1 January, gave them a set share of the rich countries' markets. They also limited the amount countries like China could export to the big markets of the United States and EU."" We understand that some ( owners )... were complaining that the South African rand was strong against the US dollar, and they were losing when exporting textiles and clothing to the United States,"" Mr Macaefa said at a news briefing in the capital, Maseru. Lesotho' s currency, the maloti, is fixed to the rand."" But we suspect that they left the country unceremoniously because of the end of quotas introduced by the World Trade Organization."" He said the six factories were Leisure Garments, Modern Garments, Precious Six Garments, TW Garments, Lesotho Hats and Vogue Landmark. The owners-two from Taiwan, two from China, one from Mauritius and one from Malaysia-left over the December holiday period without informing or paying their employees, he said. Union leaders and trade campaigners have been warning that developing nations such as Lesotho, Sri Lanka, and Bangaldesh could lose thousands of jobs once the quotas were lifted. In the mountainous country surrounded by South Africa, it is feared as many as 50, 000 textile workers could lose their jobs, and Mr Mafeca said he expected more companies to leave. The assistance of a US law had given Lesotho' s textiles duty-free access to North American markets. The African Growth and Opportunity Act ( AGOA ), gave sub-Saharan countries preferential access to the US market for apparel and textile products as well as a wide range of other goods. A Lesotho government news briefing is expected on Wednesday.
Question: blank
Options:(A)union (B)Bangladeshi (C)black (D)garment (E)local
Answer:",(D)
442,"Context:  Kraft plans to cut back on advertising of products like Oreo cookies and sugary Kool-Aid drinks as part of an effort to promote healthy eating. The largest US food maker will also add a label to its more nutritional and low-fat brands to promote the benefits. Kraft rival PepsiCo began a similar labelling initiative last year. The moves come as the firms face criticism from consumer groups concerned at rising levels of obesity in US children. Major food manufacturers have recently been reformulating the content of some calorie-heavy products. Kraft' s new advertising policy, which covers advertising on TV, radio and in print publications, is aimed at children between the ages of six and 11. It means commercials for some of its most famous snacks and cereals shown during early morning cartoon shows on TV will now be replaced by food and drink qualifying for Kraft' s new"" Sensible Solution"" label. But the firm said it would continue to advertise all its products in media seen by parents and"" all _____"" audiences."" We' re working on ways to encourage both adults and children to eat wisely by selecting more nutritionally balanced diets,"" said Lance Friedmann, Kraft senior vice president.
Question: blank
Options:(A)other (B)over (C)family (D)about (E)purpose
Answer:",(C)
443,"Context:  Jailed tycoon Mikhail Khodorkovsky has transferred his controlling stake in oil giant Yukos to a business partner. Mr Khodorkovsky handed over his entire 59. 5 % stake in holding company Group Menatep-which controls Yukos-to Leonid Nevzlin. A close ally of the ex-Yukos _____, Mr Nevzlin is currently based in Israel. Mr Khodorkovsky handed over his stake after the forced sale of Yukos' core oil production unit, Yuganskneftegaz to pay a giant tax bill. Yuganskneftegaz was sold off at auction in December last year, eventually falling into the hands of state oil firm Rosneft in a deal worth $ 9. 4bn ( ?5bn )."" Since the sale of Yuganskneftegaz, I have been delivered of ( all ) responsibility for the business that remains and the group' s money as a whole,"" Mr Khodorkovsky said."" It is all over. As before, I see my future in public activity to build a civil society in Russia."" Mr Nevzlin is Yukos' largest shareholder but is living in self-imposed exile in Israel. Yuganskneftegaz pumps around 1 million barrels of oil a day. It was sold by the Russian authorities to recover government tax claims against Yukos totalling over $ 27bn. Previously considered to be Russia' s richest man, with an estimated fortune of $ 15bn, Mr Khodorkovsky is currently on trial for fraud and tax evasion following his arrest in October 2003. However, the charges are widely seen as politically motivated and part of a drive by Russian President Vladimir Putin to rein in the country' s super-rich business leaders, the so-called oligarchs. It is also believed that Mr Khodorkovsky was particularly targeted because he had started to bankroll political opponents of Mr Putin.
Question: blank
Options:(A)boss (B)members (C)supporters (D)people (E)politicians
Answer:",(A)
444,"Context:  Three senior executives of Ireland' s state-owned airline, Aer Lingus, are set to leave early on 28 January after accusations of a conflict of interest. The trio are _____ executive Willie Walsh, chief financial officer Brian Dunne and chief operations officer Seamus Kearney. The three have refused to confirm reports they plan to launch a private airline in competition with Aer Lingus. They announced in November they would quit in May, but did not give a reason. That decision had followed an announcement by Irish Prime Minister Bertie Ahern-who is still considering the future of the airline-which ruled out a proposed management buy-out of Aer Lingus. Mr Walsh denied they had been forced out early because of the reports claiming they were set to launch a competitor airline."" What I do after I leave Aer Lingus is still too early to say,"" Mr Walsh told AP news agency on Wednesday."" I have opportunities open to me. Brian and Seamus are in the equally fortunate position."" He said he had received more than 40 business proposals, mostly aviation-related, since the trio announced their resignations two months ago. Mr Walsh said there was no conflict of interest, and, if he was to launch a rival airline or join an existing competitor,"" this thing happens in every business""."" There' s absolutely no question of a conflict of interest. I' ve been completely focused on my responsibilities at Aer Lingus,"" he told AP. This week opposition politicians had called on the Irish government to make an urgent decision on the future of the airline. On Wednesday Irish Transport Minister Martin Cullen said in a statement :"" A conflict of interest cannot, should not and will not be allowed to arise between their current roles at Aer Lingus and their future career intentions."" Last Friday the minister had announced he was to advertise for three senior executives for Aer Lingus. Mr Walsh, who took charge in 2000, and his team have earned praise for turning Aer Lingus around, by cutting air fares and staff, and re-positioning it as a low-fare airline to rival Ryanair. The company is 85 % owned by the government and 15 % by its staff.
Question: blank
Options:(A)entertainment (B)banking (C)chief (D)education (E)business
Answer:",(C)
445,"Context:  The US has asked the World Trade Organisation to investigate European Union customs tariffs, which it says are inconsistent and hamper trade. The EU' s own institutions have noted the uneven way EU customs rules are applied but failed to act, the US Trade Representative' s Office said. Small and mid-sized US firms were worst-hit, it added. The EU expanded from 15 to 25 member states in May. The US said it filed the complaint after talks failed to find a solution. The move came in the same week that the US and EU stepped back from confrontation in a tense dispute over aircraft _____ to European manufacturer Airbus and US firm Boeing. New EU trade commissioner Peter Mandelson said on Tuesday that the two sides had agreed to reopen talks in the aircraft subsidies row, which led to tit-for-tat WTO filings in last autumn. Explaining why it has asked the WTO to set up a dispute settlement panel on customs barriers, the US Trade Representative' s Office said that it wants to tackle the issue"" early in the EU' s process of dealing with the problems of enlargement"". Ten countries, mostly in Eastern Europe, joined the EU in May. The US said its trade with the 25 EU member countries was worth $ 155. 2bn ( ?82. 8bn ) in 2003."" Although the EU is a customs union, there is no single EU customs administration,"" a statement issued on behalf of Robert Zoellick, US Trade Representative, said. Lack of uniformity, coupled with lack of procedures for prompt EU-wide review can hinder US exports, especially for small to mid-sized businesses"", An EU spokesman in Washington dismissed the US complaint."" We think the US case is very weak. They haven' t come up with any evidence that US companies are being harmed,"" said Anthony Gooch. It could take several months for the WTO' s dispute settlement panel to report its findings.
Question: blank
Options:(A)rights (B)delivery (C)supplier (D)subsidies (E)transfers
Answer:",(D)
446,"Context:  News Corp, the media company controlled by Australian billionaire Rupert Murdoch, is eyeing a move into the video games market. According to the Financial Times, chief operating officer Peter Chernin said that News Corp is"" kicking the _____ of pretty much all video games companies"". Santa Monica-based Activison is said to be one firm on its takeover list. Video games are"" big business"", the paper quoted Mr Chernin as saying. We"" would like to get into it"". The success of products such as Sony' s Playstation, Microsoft' s X-Box and Nintendo' s Game Cube have boosted demand for video games. The days of arcade classics such as Space Invaders, Pac-Man and Donkey Kong are long gone. Today, games often have budgets big enough for feature films and look to give gamers as real an experience as possible. And with their price tags reflecting the heavy investment by development companies, video games are proving almost as profitable as they are fun. Mr Chernin, however, told the FT that News Corp was finding it difficult to identify a suitable target."" We are struggling with the gap between companies like Electronic Arts, which comes with a high price tag, and the next tier of companies,"" he explained during a conference in Phoenix, Arizona."" These may be too focused on one or two product lines.""
Question: blank
Options:(A)bottom (B)habit (C)tires (D)tails (E)legs
Answer:",(C)
447,"Context:  US prosecutors have charged nine food suppliers with helping Dutch retailer Ahold inflate earnings by more than $ 800m ( ?428m ). The charges have been brought against individuals as well as companies, alleging they created false accounts. Ahold hit the headlines in February 2003 after it emerged that there were accounting irregularities at its US subsidiary Foodservice. Three former Ahold top executives last year agreed to settle fraud charges. Ahold has admitted that it fraudulently inflated promotional allowances at Foodservice, improperly consolidated joint ventures and also committed other accounting errors and irregularities. The nine now charged, who worked as suppliers to Ahold, are accused of signing false documents relating to the amount of money they paid the retailer for promoting their products in its stores. Food companies pay supermarkets and retailers for prime shelf space. The suppliers in question are said to have inflated the amount of money they paid, providing auditors with signed letters that allowed Ahold to inflate its earnings. US Attorney David Kelley said he expects the nine vendors will plead guilty to the charges. He added that there may be more court actions in the future."" I don' t want to leave you with the impression that these were the only ones involved,"" he said. Among those facing charges are John Nettle, a former employee of General Mills ; Mark Bailin of Rymer International Seafood ; Tim Daly of Michael Foods and Kenneth Bowman, who worked as an independent contractor for Total Foods. Others include Michael Hannigan of Sugar Foods ; Peter Marion of Maritime Seafood Processors and First Choice Foods ; Gordon Redgate of Commodity Manager and Private Label Distribution ; Bruce Robinson of Basic American Foods and Michael Rogers, formerly of Tyson Foods. Pasquale D' Amuro of the FBI called the nine vendors the key ingredients in"" the process of cooking the books"" at Ahold. At the time of the scandal, Ahold was seen by many as Europe' s Enron. Ahold shares tumbled on the news and many market observers predicted that the fall out could damage investor confidence across Europe. It was less severe than many had envisaged, however, and since then Ahold has worked hard at rebuilding its reputation and investor confidence. Ahold is the world' s fourth-largest supermarket chain. Its other US _____ include Stop & Shop, and Giant Food.
Question: blank
Options:(A)locations (B)brands (C)businesses (D)programs (E)divisions
Answer:",(C)
448,"Context:  Two big US names have launched advertising campaigns to"" set the record straight"" about their products and corporate behaviour. The world' s biggest retailer Wal-Mart took out more than 100 full page adverts in national newspapers. The group is trying to see off criticism over it pay deals, benefits package and promotion strategy. Meanwhile, drugs group Eli Lilly is planning a campaign against"" false"" claims about its product Prozac. Wal-Mart kicked off the battle with adverts in newspapers like the Wall Street Journal, using an open letter from company president Lee Scott saying it was time for the public to hear the"" unfiltered truth""."" There are lots of' urban legends' going around these days about Wal-Mart, but facts are facts. Wal-Mart is good for consumers, good for communities and good for the US economy,"" Mr Scott said in a separate statement. Its adverts-and a new website-outlined the group' s plans to create more than 10, 000 US jobs in 2005. Wal-Mart' s average pay is almost twice the national minimum wage of $ 5. 15 ( ?3. 90 ) an hour, while employees are offered health and life insurance, company stock and a retirement plan, the adverts say. Unions accuse Wal-Mart of paying staff less than its rivals do, with fewer benefits. In California, the company is fighting opposition to new stores amid allegations it forces local competitors out of business. Lawmakers in the state are also examining allegations that the firm burdens the state with an unfair proportion of employee health care costs."" I think they are going to have a tough time suddenly overcoming the perceptions of some people,"" said Larry Bevington, chairman of Save Our Community-a group fighting to prevent Wal-Mart opening a store in Rosemead, California. Wal-Mart is also fighting two lawsuits-one accusing it of discriminating against women and another alleging it discriminates against black employees. Meanwhile Eli Lilly is launching a series of adverts in a dozen major newspapers, to present what is says are the true facts about its anti-depressant drug Prozac. The move is in response to a British Medical Journal article that claimed"" missing"" Lilly documents linked Prozac to suicide and violent behaviour. In the averts, entitled An Open Letter from chief executive Sidney Taurel, the company says the article continues to"" needlessly spread fear among patients who take Prozac""."" It was simply wrong to suggest that information on Prozac was missing, or that important research data on the benefits and possible side effects of the drug were not available to doctors and regulators,"" the letter added. Eli Lilly' s chief medical officer Alan Breier said that the article was"" false and misleading"" as the documents it referred to were actually created by officials at the US Food and Drug Administration ( FDA ) and presented to an FDA meeting in 1991. _____, FDA medical advisors agreed the claims were based on faulty data and there was no increased risk of suicide.
Question: blank
Options:(A)Initially (B)Later (C)Consequently (D)however (E)Instead
Answer:",(B)
449,"Context:  US retail sales ended the year on a high note with solid gains in December, boosted by strong car sales. Seasonally adjusted sales rose 1. 2 % in the month, compared to 0. 1 % a month earlier, boosted by a surge in shopping just before and after Christmas. Sales climbed 8 % for the year, the best _____ since an 8. 5 % rise in 1999, the Commerce Department added. The gains were led by a 4. 3 % jump in auto sales as dealers used enhanced offers to get cars out of showrooms. Dealers were forced to cut prices in December to maintain sales growth in a tough quarter when the usual end-of-year holiday sales boom was slow to get started. The increase in sales during December pushed total spending for the month to $ 349. 4bn ( ?265. 9bn ). Sales for the year also broke through the $ 4 trillion mark for the first time-with annual sales coming in at $ 4. 06 trillion However, if automotives are excluded from December' s data, retail sales rose just 0. 3 % on the month. Home furnishings and furniture stores also performed well, rising 2. 2 %. But as well as hitting the shops, more US consumers were going online or using mail order for their purchases-with non-store retailers seeing sales rise by 1. 9 %. However, analysts said that the strong figures were unlikely to put the Federal Reserve Bank off its current policy of measured interest rate rises."" Consumers for now remain willing to spend freely, sustaining the US expansion. Given that attitude, the Fed remains likely to continue boosting the Fed funds rate at upcoming meetings,"" UBS economist Maury Harris told Reuters. Retail sales are seen as a major part of consumer spending-which in turn makes up two-thirds of economic output in the US. Consumer spending has been picking up in recent years after slumping during 2001 and 2002 as the country battled to recover from its first recession of the decade and the World Trade Centre attacks. During that time, sales grew a lacklustre 2. 9 % in 2001 and 2. 5 % a year later. Looking ahead, analysts now expect improvement in jobs growth to feed through to the High Street with consumer spending remaining strong. The belief comes despite the latest labor department report showing a surprise rise in unemployment. The number of Americans filing initial jobless claims jumped to 367, 000, the highest rate since September. However, long-term claims slipped to their lowest level since 2001.
Question: blank
Options:(A)level (B)fall (C)increase (D)performance (E)price
Answer:",(D)