-经济新闻-英语报刊选读报纸材料解读

-经济新闻-英语报刊选读报纸材料解读 1. Dow closes above 16,000 The Dow Jones industrial average jumps more than 109 points to close at 16,009.99 as the index posts its 40th record high this year. The Dow's advance was propelled by a better-than-expected drop in jobless claims and a Senate panel's vote supporting Janet Yellen's bid to lead the Federal Reserve. Above, trader Thomas Donato, center, works on the floor of the New York Stock Exchange. (Richard Drew, Associated Press / November 19, 2013) By Tuo Jianbo November 21, 2013, 6:03 p.m. The Dow Jones industrial average closed above 16,000 for the first time, a testament to investors' hope that the plodding economy can gain momentum in the coming year. The index, a gauge of 30 of the largest American companies, jumped more than 109 points to close at 16,009.99. Thursday's advance was propelled by a better-than-expected drop in jobless claims and a Senate panel's vote supporting Janet Yellen's bid to lead the Federal Reserve. The stock market is caught up in its most furious rally in a decade. The Dow notched its 40th record high this year. It has jumped 22% since Jan 1. The Standard & Poor's 500 index is up nearly 26%. And the technology-laden Nasdaq composite index has bounded 31.5%. "It doesn't get any better than this," said Quincy Krosby, market strategist at Prudential Financial. "It's been a fantastic year." Eclipsing the 16,000 milestone underscores the dramatic recovery in share prices from their low in March 2009 after the global financial crisis. It also highlights the tremendous gains enjoyed by Americans who hold financial assets — primarily stocks and real estate — even as vast swaths of society grapple with high unemployment and measly wage gains. The market rally has been stoked by the Fed's economic-stimulus campaign. The central bank is buying $85 billion a month in Treasury and mortgage securities. That helps keep interest rates low, which encourages borrowing by individuals and businesses. The easy-money policy has hoisted corporate profits and reinvigorated the housing market. It also has sent hordes of investors into the stock market in search of returns that are unavailable on low-yielding bonds and bank accounts. The intensity of the stock rally, however, has stirred concern that investors may be getting ahead of themselves, particularly individuals who have rushed into stocks in the last several weeks. Optimists say small investors are moving cautiously into the stock market after several years of shunning equities. "People are being prudent and being smart about how they're getting into the market overall," said J.J. Kinahan, chief strategist at TD Ameritrade in Chicago. "It's not 'I have to get in and I'm all in,' which is one of the mistakes we've seen in the past." However, others fear that stocks are — in Wall Street parlance — melting up. Some on Wall Street are fretting over the recent enthusiasm of small investors, who have poured money into stock mutual funds. Individuals historically barrel into the market at the tail end of rallies. They miss most of the gains but leave themselves exposed to losses when an eventual downturn hits. The most immediate threat to the market is the expectation that the central bank will begin to reduce its bond buying sometime next year. The market tumbled in the spring when the Fed hinted at a so-called tapering. The central bank backed off when the economy cooled in the second half of the year. It's now widely assumed that the tapering will start in the first half of 2014. And the chances of that are boosted by recent strong economic reports. On Thursday, the Labor Department reported that the number of workers filing new unemployment claims fell for the fourth time in five weeks, to 323,000 for the week that ended Saturday. The drop, from 344,000 the prior week, brought the number to its lowest level since late September. The start of 2014 will also be crucial for the market once companies begin to issue fourth-quarter earnings reports. Investors have been somewhat nonplused during the last half as companies have reported less-than-spectacular results. Earnings surged in 2010 and 2011 as the economy gained steam. But profit growth has throttled back since then. 2. Fewer people blow 401(k) retirement money on meaningless purchases Fewer Americans are cashing out their 401(k) savings to buy cars, clothes and other goods when they change jobs. (Brian van der Brug / Los Angeles Times) By Tuo Jianbo November 13, 2013, 12:16 p.m. Fewer Americans are blowing their 401(k) savings on cars, clothes and other frivolities when they change jobs. Only 7.5% of U.S. workers last year cashed out their retirement money to spend on purchases when they left a job, according to data released Wednesday by the Employee Benefit Research Institute. That’s half the 15.1% level from a decade ago, and one-third the 22.7% of 20 years ago, according to EBRI. When workers leave a job -- often for a new position elsewhere -- they have several options with their 401(k) savings. That includes rolling the money into an individual retirement account or cashing out and spending it. (Depending on the amounts involved and the policies of the new employer, workers also can leave the money in the old company’s retirement plan or roll it into a plan at the new employer.) The decrease in consumption-related cashouts is a sign that Americans -- at least those who are disciplined enough to contribute to work-based plans in the first place -- are getting the message about the importance of saving for retirement and not squandering it on unnecessary purchases. More than 4 in 10 people (45.2%) rolled their money into tax-preferred retirement-related vehicles, primarily an IRA or another employer’s savings plan, according to EBRI. That’s up slightly from 43.4 % 10 years ago and up sharply from earlier years. It was 35.4% in 1998 and 19.3% in 1993. 3. 'Still Made in Britain' website champions home-grown stars making everything from clothes to furniture By Tuo Jianbo PUBLISHED: 07:37 GMT, 22 November 2013 As the owner of a successful website that markets and sells products that are produced in the UK, entrepreneur Tony Boylan can spot a fake Made in Britain label a mile off. According to Tony, even leading brands use misleading phrases on their products, including ‘Saville Row inspired’ (made in China) or ‘Country Fashion’ with a Union Jack (also made in China). The 68-year-old explains: ‘I am very passionate about labels, especially clothing labels, and knowing where things are made. Made in Britain: Tony Boylan used his savings to set up a website hosting British-made products ‘The British and Made in Britain label is important and there needs to be more of an emphasis on what companies are allowed to say. Many clothes have no origin label which is wrong.’ In recent years, Made in Britain branding has become even more valuable, especially in the wake of tragedies like the collapse of the factory in Bangladesh which killed 900 people, as businesses place more of an emphasis on manufacture and working conditions. Tony points out: ‘With clothing coming from places like Bangladesh where there has been terrible fires, very poor wages and working conditions, consumers are getting more cautious and more selective. 'Even the leading brand stores are worried about their image and have started to rethink buying policies so that they plan to buy more from the UK.’ But Tony believes that championing British products is not just an ethical choice. He wants to see a resurgence in manufacturing to boost the ailing economy in Britain. 'British business is critical to Britain's wellbeing. We cannot just be a service-based economy. Manufacturing has a place and British companies can be competitive with better quality, especially since labour costs from the Far East and shipping costs have risen dramatically. However, he adds: 'Our big problem might be the lack skills lost over the last thirty years. There is however a trend that manufacturing is coming back to this country.' Tony, who lives with his partner, Kath, decided to set up his website, Still Made in Britain, as a retirement venture with his savings after many years in manufacturing consultancy. It provides a go-to platform for British products, featuring a wide variety of companies selling anything from clothing and buttons to furniture and music equipment. It has quickly grown to host more than 400 firms and attracts online traffic from across the world from shoppers looking for British items. Businesses usually apply to be listed on the site, although occasionally Tony will invite an interesting enterprise personally, and pay a one-off fee to join site. Each company gets its own page and a link to its website. 4 Amazon shoppers hit with ?49 charge for Prime service some claim they never signed actually up to By Tuo Jianbo PUBLISHED: 09:26 GMT, 20 November 2013 Angry Amazon shoppers have been hit with a ?49 charge for a special delivery service they claim they never signed up to. Unwitting customers who took a free trial with Amazon Prime have been automatically slapped with a bill without warning. Many did not even know their trial was up or that they had been charged, until they saw ?49 taken on their bank statement. Prime comes before a fall: Angry shoppers say they have had to pay for a service they claim they didn't sign up to And others who missed the small print did not realise they would have to pay extra after 30 days. The Amazon Prime service provides customers and their families with unlimited next-day delivery on purchases of certain goods, for an annual fee. Some claim they did not even sign up to the service in the first place — but have still been charged for it. One told Money Mail she downloaded a free app on a Kindle, a process that does not take you through to the Amazon website. When she discovered the ?49 bill on her bank statement, she was told it was the app download that triggered the payment. A spokesperson for Amazon says customers are given information before they sign up to Prime. It says if customers want to continue after the free trial, membership will automatically continue and you’ll be charged ?49 for the next year, which comes straight out of your bank. If you don’t want to be charged, you have to select ‘do not auto upgrade’ before the first payment is taken out of your account. 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