新兴市场（Emerged Markets）

These are hard times for Deutsehe Bank, despite its huge strides in investment banking. Next week its chief executive, Josef Ackerman, goes on trial in Dusseldorf. Careless words by Rolf Breuer, the head of its supervisory board, led to another court ruling last month that may cost Germany’ s biggest bank several hundred million euros in damages. Then there is Parmalat. Although no evidence has emerged of complicity in the Italian dairy group’ s fraud, Deutsche’ s name has become entwined in the affair.
In many other respects, however, Deutsche’ s reputation has never been higher. In dubbing it " Bank of the Year 2003", International Financing Review, the capital markets’ favorite newssheet, purred that Deutsche was a "lean, aggressive, focused universal bank" In the league tables that investment banks watch so keenly, Deutsche excelled last year as lead manager of bonds and convertible bonds and of some racier products, such as repackaged debt securities and high-yield "junk" bonds. In other disciplines it rarely fell below the top ten in the world.
However, it is still nowhere near the top in equity offerings and advice on mergers and acquisitions, except in Germany. It still has a problem with costs,which were a fat 82% of income in the third quarter of 2003, thanks mainly to the thick pay packets of its investment bankers and its poor returns from corporate and retail banking.
Mr. Ackermann must try to improve the weak spots while spending two clays a week, probably until June, in a courtroom. He and four others face charges of "breach of trust" over the way bonuses were awarded to board meinbers of Mannesmann, a telecoms company. Mr. Aekermann sat on Mannesmann’ s supervisory board. There is no suggestion that he gained personally. Nor was there any harmful intent in Mr. Breuer’ s remarks in a television interview about the financial health of the Kirch media group shortly before its bankruptcy. But he was careless, and a Munich court found Deutsche (but not Mr. Breuer) liable for damages, to be set in due course, without right of appeal. The bank said this week it has lodged a protest with the federal supreme court in Karlsruhe. Meanwhile, Kirch has filed a suit against Deutsche in America.
Deutsche’s involvement with Parmalat also looks sloppy. It led a 350m bond issue fur the group in September. It was also a leading borrower and lender of Parma[at shares, so that in November it technically held the voting rights to over 5% of Parmalat stock. That stake had fallen to 1.5% by December 19th, the day the dairy company’s black hole became public. It reported this, perhaps over-zealously, to the Italian authorities. That may have given the wrong impression, say, sources close to the bank, because the transactions were for third parties.
This is awkward for a bank that managed to avoid most serious attacks on conflicts of interest thai beset the investment-banking industry following the collapse of Enron in 2001 and the bursting of the tech-stock bubble. Mr. Ackermann will need a clear head to steer the bank through the coming storms.
Deutsche is faced with a huge compensation in that______.

A:the bank has failed to save Kireh from going bankrupt B:the bank has intentionally undermined the financial image of the media group C:the head of Deutsche’ s supervisory board has made some reckless comment D:Deutsche has breached the trust of Kireh in the bonus awarding process

The China boom is by now a well-documented phenomenon. Who hasn’t (1) the Middle Kingdom’s astounding economic growth (8 percent annually), its mesmerizing (2) market (1.2 billion people), the investment ardor of foreign suitors ($40 billion in foreign direct investment last year (3) ) China is an economic juggernaut. (4) Nicholas Lardy of the Brookings Institution, a Washington D. C.-based think tank,
" No country has (5) its foreign trade as fast as China over the last 20 years. Japan (6) its foreign trade over a 20-year period; China’s foreign trade as quintupled. They’ve become the pre-eminent producer of labor-intensive (7) goods in the world " . But there’s been (8) from the dazzling China growth story—namely, the Chinese multinational. No major Chinese companies have (9) established themselves, or their brands, (10) the global stage. But as Haier shows, that is starting to change. (11) 100 years of poverty and chaos, of being overshadowed by foreign countries and multinationals, Chinese industrial companies are starting to (12) on the world.A new generation of large and credible firms has (13) in China in the electronics, appliance and even high-tech sectors. Some have reached critical mass on the mainland and are now (14) new outlets for their production—through exports and by building Chinese factories abroad, chiefly in Southeast Asia. One example: China’s investment in Malaysia (15) from $8 million in 2000 to $766 million in the first half of this year. (16) China’s export prowess, it will be years (17) Chinese firms achieve the managerial and operational expertise of Western and Japanese multinationals. For one thing, many of its best companies are still at least partially state-owned. (18) , China has a shortage of managerial talent and little notion of marketing and brand-building. Its companies are also (19) by the country’s long tradition of central planning, inefficient use of capital and antiquated distribution system, (20) makes building national companies a challenge.

A:setup B:established C:emerged D:maintained

These are hard times for Deutsehe Bank, despite its huge strides in investment banking. Next week its chief executive, Josef Ackerman, goes on trial in Dusseldorf. Careless words by Rolf Breuer, the head of its supervisory board, led to another court ruling last month that may cost Germany’ s biggest bank several hundred million euros in damages. Then there is Parmalat. Although no evidence has emerged of complicity in the Italian dairy group’ s fraud, Deutsche’ s name has become entwined in the affair.
In many other respects, however, Deutsche’ s reputation has never been higher. In dubbing it " Bank of the Year 2003", International Financing Review, the capital markets’ favorite newssheet, purred that Deutsche was a "lean, aggressive, focused universal bank" In the league tables that investment banks watch so keenly, Deutsche excelled last year as lead manager of bonds and convertible bonds and of some racier products, such as repackaged debt securities and high-yield "junk" bonds. In other disciplines it rarely fell below the top ten in the world.
However, it is still nowhere near the top in equity offerings and advice on mergers and acquisitions, except in Germany. It still has a problem with costs,which were a fat 82% of income in the third quarter of 2003, thanks mainly to the thick pay packets of its investment bankers and its poor returns from corporate and retail banking.
Mr. Ackermann must try to improve the weak spots while spending two clays a week, probably until June, in a courtroom. He and four others face charges of "breach of trust" over the way bonuses were awarded to board meinbers of Mannesmann, a telecoms company. Mr. Aekermann sat on Mannesmann’ s supervisory board. There is no suggestion that he gained personally. Nor was there any harmful intent in Mr. Breuer’ s remarks in a television interview about the financial health of the Kirch media group shortly before its bankruptcy. But he was careless, and a Munich court found Deutsche (but not Mr. Breuer) liable for damages, to be set in due course, without right of appeal. The bank said this week it has lodged a protest with the federal supreme court in Karlsruhe. Meanwhile, Kirch has filed a suit against Deutsche in America.
Deutsche’s involvement with Parmalat also looks sloppy. It led a 350m bond issue fur the group in September. It was also a leading borrower and lender of Parma[at shares, so that in November it technically held the voting rights to over 5% of Parmalat stock. That stake had fallen to 1.5% by December 19th, the day the dairy company’s black hole became public. It reported this, perhaps over-zealously, to the Italian authorities. That may have given the wrong impression, say, sources close to the bank, because the transactions were for third parties.
This is awkward for a bank that managed to avoid most serious attacks on conflicts of interest thai beset the investment-banking industry following the collapse of Enron in 2001 and the bursting of the tech-stock bubble. Mr. Ackermann will need a clear head to steer the bank through the coming storms.

A:the bank has failed to save Kireh from going bankrupt B:the bank has intentionally undermined the financial image of the media group C:the head of Deutsche’ s supervisory board has made some reckless comment D:Deutsche has breached the trust of Kireh in the bonus awarding process

Passage Four
As the Beatles represent the most important English contribution to rock in the 1960’s, Bob Dylan is the most important American contributor. This is true in spite of the fact that he has never reached the top sale list of the record industry in the way the Beatles have.
Bob Dylan emerged from the popular folk movement during 1962 and 1963. His first two re cords, "Bob Dylan" and "the Freewheelin’ Bob Dylan, "appeared in those years and established his national reputation. This reputation grew slowly, and was helped by his appearance around New York City and at college concerts. As early as 1962, Dylan became known for the quality and quantity of his song-writing. And Dylan’ s material has reflected a social awareness and has always involved pro test against injustice. It has aroused a broad trend of similar songs in the present-day market. These elements, in combination with Dylan’ s particular sound, have made him one of the most remarkable figures in the history of rock.

A:has more influence on rock music B:has sold fewer records of his songs C:is more important in the record industry D:is less important in American rock

The thing that would shock anyone coming for the first time into the service quarters of a hotel would be the fearful noise and disorder during the rush hours. It is something (61) different from the steady work in a shop or a factory that it looks at first (62) ;like mere bad management. But it is really quite unavoidable, and (63) this reason, hotel work is not particularly (64) , but by its nature it comes in rushes. You cannot, for instance, prepare tea two hours before it is wanted; you have to wait (65) the last moment, by which time a mass of other work has been (66) , and then do it all together, in great (67) . The result is that at (68) everyone is doing two men’s work, which is (69) without noise and quarreling. (70) , the quarrels are a necessary part of the process, for the pace would never be kept (71) if everyone did not accuse everyone (72) of not working hard. It was for this reason (73) during rush hours at hotel the whole staff got angry and (74) like devils. But they were not losing their (75) and wasting time; they were just encouraging one another for the effort of packing four (76) work into two hours.
What keeps a hotel (77) is the fact that the employees (78) a genuine pride in their work, fierce and silly (79) it is. If a man does not work hard, the others soon find him out, and tell the boss about it to get him (80) .

A:emerged B:disappeared C:accumulated D:finished

Passage Four As the Beatles represent the most important English contribution to rock in the 1960’s, Bob Dylan is the most important American contributor. This is true in spite of the fact that he has never reached the top sale list of the record industry in the way the Beatles have. Bob Dylan emerged from the popular folk movement during 1962 and 1963. His first two re cords, "Bob Dylan" and "the Freewheelin’ Bob Dylan, "appeared in those years and established his national reputation. This reputation grew slowly, and was helped by his appearance around New York City and at college concerts. As early as 1962, Dylan became known for the quality and quantity of his song-writing. And Dylan’ s material has reflected a social awareness and has always involved pro test against injustice. It has aroused a broad trend of similar songs in the present-day market. These elements, in combination with Dylan’ s particular sound, have made him one of the most remarkable figures in the history of rock.

A:has more influence on rock music B:has sold fewer records of his songs C:is more important in the record industry D:is less important in American rock

Rising China
The China boom is by now a well-documented phenomenon. Who hasn’t heard of the Middle Kingdom’s astounding economic growth (8 percent annually), its mesmerizing(令人目瞪口呆的) (51) market (1.2 billion people), the investment ardor of foreign suitors( $ 40 billion in foreign direct investment last year (52) ) China is an economic juggernaut(主宰). (53) Nicholas Lardy of the Brookings Institution, a Washington D. C.-based think tank, "No country has expanded its foreign trade as fast as China over the last 20 years. Japan doubled its foreign trade over (54) ; (55) foreign trade as quintupled. They’re become the preeminent producer of labor-intensive manufacturing goods in the world". But there’s been (56) from the dazzling China growth story—namely, the Chinese multinational. No major Chinese companies have (57) established themselves, or their brands, on the global stage. But as Haler shows, that is starting to change. (58) 100 years of poverty and chaos, of being overshadowed by foreign countries and multinationals, Chinese industrial companies are starting to (59) on the world.
A new generation of large and credible firms (60) in China in the electronics, appliance and even high-tech sectors. Some have reached critical mass on the main land and (61) new outlets for their production—through exports and by building Chinese factories abroad, chiefly in Southeast Asia. One example: China’s investment in Malaysia soared from $ 8 million in 2000 to $ 766 million in the first half of this year. (62) China’s export prowess(杰出的才能 ), it will be years (63) Chinese firms achieve the managerial and operational expertise of Western and Japanese multinationals. For one thing, many of its best companies are still at least partially state-owned. (64) , China has a shortage of managerial talent and little notion of marketing and brand-building. Its companies are also (65) by the country’s tong tradition of central planning, inefficient use of capital and antiquated distribution system, which makes building national companies a challenge.

A:has set up B:has established C:has emerged D:is emerged

阅读下面的短文，文中有15处空白，每处空白给出了4个选项，请根据短文的内容从4个选项中选择1个最佳答案。

A:has set up B:has established C:has emerged D:is emerged