Unit three. World News: Economic developments.
Part 1. Warming up.
A. Keywords.

outlook, foreign investment, income tax cut, job cuts, animal produce.
Vocabulary.

slow down, impose, live stock, Central Bank, UN Conference on Trade and Development, UNCTAD, United States House of Representatives.
You're going to hear five brief news items, focus your attention on who, what, when, where, why and how in each news item, and then answer the questions.
1. Central Bank governors from more than a dozen countries have been meeting in Hongkong today.
One subject they likely discussed is the outlook for the global economy because of the US slowdown and Japan's struggling recovery.
Another topic, how to strengthen financial markets in emerging economies in Asia and elsewhere.
2. A United Nation's report says the worldwide total of foreign investments grew by 40% last year, to more than 600 billion dollars.
The report by the UN Conference on Trade and Development (UNCTAD) says most of it took place between developed countries, as big companies took one another over.
3. The United States House of Representatives has approved a cut in income tax rates, the first part of a package of tax cutting measures put forward by President Bush.
The income tax reductions will amount to nearly 1 trillion dollars over ten years.
4. The world's largest maker of computer chips Intel has announced job cuts after a fall in demand for his products.
Intel said it expected its revenue in the first quarter of this year, to fall by a quarter on the same period last year.
The California based company plans to reduce its 85,000 strong work force by 5,000.
5. The European Union has imposed further restrictions on the movement of livestock after a case of foot-and-mouth disease was confirmed in France.
The United States and Canada have issued temporary bans on the import of all animal produce from EU countries.