Английский язык. Практический курс для решения бизнес-задач Пусенкова Нина
32. morale n – моральное состояние, боевой дух
33. recycling n – рециклирование
recycle v – рециклировать
34. cost/benefit analysis – анализ издержек и прибыли
Exercise 1. Answer the following questions.
1. What does CSR mean? 2. What is the generally accepted definition of sustainable development and what does it entail in practice? 3. What is the difference between CSR and charity? 4. What is the triple bottom line reporting? 5. What are the key arguments against the triple bottom line reporting? 6. What are the views of CSR critics? 7. What kind of conflict can arise with respect to companies that proclaim their commitment to CSR? 8. What do advocates of CSR say and what are their arguments in favor of this concept? 9. Does it pay to be a good corporate citizen? 10. What do you think is the proper role of business in society?
Exercise 2*. Find terms in the text that match definitions given below and make sentences of your own with each term.
1. anything imposing a moral or legal duty; an agreement that may be enforced by law
2. pertaining to work or operations of a highly delicate, secretive, or precarious nature
3. outside the authority of any one nation or national government
4. the private or public relief of the poor
5. a state or condition of well-being, as of health, happiness or prosperity
6. the proceedings in a suit at law
7. payment exacted as punishment for an offense
8. mental attitude expressing courage, zeal, hope or confidence
Exercise 3. You are a journalist writing for The Economist, and your assignment is to interview BP’s HSE (Health, Safety and Environment) vice president on environmental objectives of the company. Make a dialogue between these two individuals using the following briefing materials.
BP Towards Sustainable Future
Minimizing Emissions
BP’s recognition of the need for precautionary action over climate change led to a program of action in which we set and met a target to lower our own emissions (выбросы) of greenhouse gases (парниковых газов) by 10% from the 1990 level. We have now set a new target – to maintain emissions at or below that level up to 2012, despite growth in production of energy.
The emission reduction program showed that economic benefits can accompany environmental ones. Overall, rather than damaging BP’s business, the four year program created over half a billion dollars of value in fuel saved. For example, the Texas City Refinery (НПЗ) reduced emissions by 300,000 tons of carbon dioxide equivalent in emissions and also saved $5 million.
Another way that BP has addressed the need to take precautionary action was to reduce flaring (сжигание газа в факелах) by 34%. The energy industry collectively flares almost 10bn cubic ft of gas a day – as much as is used by France, Belgium and the Netherlands together. BP has joined a partnership established by World Bank to cut flaring, along with partners including the Norwegian Government, Sonatrach and Royal Dutch/Shell.
BP has also reduced the environmental impact of the products it sells. Within the next 3 years we plan that half of our retail sales worldwide will be of cleaner fuels. These are designed to enable motorists to reduce the emissions from their vehicles and have been particularly targeted at cities where air quality problems are most acute. Already cleaner fuels are available at over 100 cities worldwide.
Leading in Renewables
Renewable (возобновляемые) energy sources hold out the promise of fuel with very low environmental impact. Although commercially viable in some situations today, these sources are generally too expensive to compete with oil and gas in the major energy markets. However, BP is committed to building a substantial renewable and alternative energy business focusing on solar, wind and hydrogen.
BP is a global solar leader, accounting for 20% of the world market for solar energy. BP Solar provides products to help our customers use cleaner energy in 160 countries. We use our own products to provide renewable energy at service stations, plants and offices.
Hydrogen has the potential to revolutionize energy for transportation. BP is already a major producer of hydrogen for industrial use, and we are taking part in R&D projects around the world to help overcome barriers to the introduction of hydrogen as a fuel for motor vehicles.
Source: www.bpamoco.org
Exercise 4*. Fill in the blanks using terms given below.
Shell’s Business Principles
Principle 2 – Responsibilities to Society and Employees
We continue to make a substantial……. to local economies in over 135 countries where we have an interest in……… through……… and the use of local contractors and suppliers.
Shell companies employ some 90,000 people the majority of which are local……. The number of employees has fallen at all levels of the Group since last year due to transfer of labor to other organizations and…….. exercises started in 1999.
In 50 countries Shell companies have a policy to promote…….. – the use of local contractors and suppliers. In 106 countries Shell companies spend more than 50% of total……… on goods and services inside that country.
Shell companies in 130 countries compare……… levels to ensure they are competitive. No member of staff receives less than the…….. wage. The lowest wage paid to a Shell company employee in 2000 was $50 per month plus $20 transport……. in a country in Africa where the national minimum is $25 per month.
Principle 4 – Business Integrity
We have a Group-wide policy and target of no……. ……. is a global problem that can occur at any level but in some countries the payment of bribes and……. payments to low-level government officials is common practice – putting managers under continuous pressure. The primer «Dealing with Bribes and Corruption» helps managers maintain the highest standards of……
In 2000, Shell companies reported four instances in which seven employees were detected……../accepting bribes. All seven employees were……..
There was one case in which a bribe was solicited by a third party offering to secure a Shell company a favorable place in the….. for a license. The offer was refused.
Principle 5 – Political Activities
We have a policy and…….. of no political payments. Shell companies in 117 countries operate a procedure to prevent and identify possible……… of the policy. In 2000, there was one case where a Shell company detected a political payment made on its……. through a marketing organization of which the company is a member. An official public…….. was made.
Principle 6 – Health, Safety and Environment
Climate change remains one of the most important……. issues of our time. We are acting to reduce our own………. and supporting our customers, partners and suppliers to reduce theirs. We strive to continuously reduce negative environmental……… across our operations. Over 90% of our major…….. have achieved ISO 14001………..
We deeply regret that in 2000 60 people (55 contractors and five Shell employees) lost their lives during work activity compared with 47 in 1999. This is unacceptable and we continue to promote local and global initiatives to address the……….. issues. As last year, the majority of deaths occurred in road accidents in……. countries where driving conditions are particularly difficult.
Principle 8 – Competition
Shell companies seek to compete fairly and ethically within the framework of applicable……… laws. In 95 countries Shell companies operate a…….. to ensure their operations do not……. such laws. In 71 countries employees receive…….. to help them understand applicable competition laws.
In 2000, nine competition cases involving Shell companies were……. In two cases, the Shell company was found…….. In both, Shell companies were judged to have…….. competition law by being part of price-fixing……. resulting in……. of $11,000 and $17 million.
A……. commission ordered eight wholesalers, including a non-Shell operated joint venture, to pay some $17 million for rigging……. in the supply of oil products to the…….. industry. This is being…….
Source: 2000 Shell Report (excerpts)
Terms:
defense, fines, contested, developing and emerging, bids, facilitation, installations, target, statutory, emissions, behalf, fair trading, environmental, bribes, competition, allowance, contribution, operations, bidding, guilty, employment, staff, downsizing, local content, infringed, expenditures, remuneration, corruption, integrity, soliciting, dismissed, breaches, complaint, procedure, impacts, certification, occupational safety, corruption, completed, cartels, training, violate
Exercise 5. Translate into English.
Политика ОАО «ЛУКОЙЛ» в области промышленной безопасности, охраны труда и окружающей среды в XXI веке
Стратегическая цель ОАО «Лукойл» в ХХI веке – обеспечить устойчивое развитие и стать одной из ведущих нефтяных компаний мира. Достижение поставленной цели осуществляется сбалансированным решением социально-экономических задач и проблем сохранения благоприятной окружающей среды.
Приоритетными задачами ОАО «Лукойл» являются обеспечение безопасных условий труда работников, защита здоровья персонала Группы «Лукойл» и населения, проживающего в районах деятельности организаций Группы «Лукойл», а также сохранение благоприятной окружающей природной среды.
Для этого в компании созданы и успешно функционируют системы управления промышленной и экологической безопасностью, охраной труда. Они построены в полном соответствии с действующим российским законодательством, на основе лучшей отечественной и зарубежной практики и прошли сертификацию на соответствие требованиям международного стандарта ISO 14001 и стандарта OHSAS 18001.
Политика ОАО «Лукойл» разработана и принята в полном соответствии со стратегией государства в области промышленной и экологической безопасности и рационального использования природных ресурсов.
Политика ОАО «Лукойл» в области промышленной безопасности, охраны труда и окружающей среды устанавливает на ближайшие пять лет следующие цели:
– постоянное улучшение состояния промышленной безопасности, охраны труда, окружающей среды и обеспечение контроля за выполнением этих обязательств;
– рациональное использование природных ресурсов как вовлекаемых в производство, так и находящихся в регионах деятельности организаций Группы «Лукойл»;
– достижение уровня промышленной и экологической безопасности, соответствующего современному состоянию развития науки, техники и общества;
– повышение промышленной и экологической безопасности производственных объектов компании, снижение негативного воздействия на окружающую среду за счет повышения надежности технологического оборудования, обеспечения его безопасной и безаварийной работы;
– создание в ОАО «Лукойл» эффективных процедур подготовки и реализации программ в области промышленной безопасности, охраны труда и охраны окружающей среды, обеспечивающих постоянное выявление и решение наиболее важных задач промышленной и экологической безопасности, возникающих перед компанией;
– стабилизация и последующее сокращение количества, а также снижение токсичности выбросов, сбросов загрязняющих веществ и отходов при увеличении объемов производства за счет внедрения новых прогрессивных технологий, оборудования, материалов и повышения уровня автоматизации управления технологическими процессами;
– снижение техногенной нагрузки на окружающую среду от вновь вводимых объектов посредством улучшения качества подготовки предпроектной и проектной документации и проведения ее экологической экспертизы и экспертизы промышленной безопасности в ОАО «Лукойл»;
– повышение эффективности производственного контроля за соблюдением требований промышленной безопасности и экологического мониторинга на объектах компании на основе внедрения современных информационных технологий, методов технической диагностики и дистанционного зондирования (remote sensing).
Источник: www.lukoil.ru
Lesson 17
Industry Analysis
Read and translate the text and learn terms from the Essential Vocabulary
Porter’s Five Forces
The model of pure competition implies that risk-adjusted rates of return should be constant across firms and industries. However, different industries can sustain different levels of profitability, partly because of industry structure. Michael Porter provided a framework that models an industry as being influenced by five forces. The strategic business manager seeking to develop an edge over rival firms can use this model to better understand the industry context in which the firm operates.
Porter’s 5 Forces
I. Rivalry
In the traditional economic model, competition among rival firms drives profits to zero. But competition is not perfect and firms are not unsophisticated passive price takers. They strive for a competitive advantage over their rivals.
Economists measure rivalry by indicators of industry concentration. The Concentration Ratio (CR) is one such measure. The Bureau of Census periodically reports the CR for major Standard Industrial Classifications (SIC). The CR indicates the percent of market share held by the four largest firms. A high concentration ratio indicates that the industry is concentrated. With only a few firms holding a large market share, the competitive landscape is closer to a monopoly. A low concentration ratio indicates that the industry is characterized by many rivals, none of which has a significant market share. These fragmented markets are competitive.
If rivalry among firms in an industry is low, the industry is considered to be disciplined. This discipline may result from the industry’s history of competition, the role of a leading firm, or informal compliance with a generally understood code of conduct. Explicit collusion generally is illegal; in low-rivalry industries competitive moves must be constrained informally. However, a maverick firm seeking a competitive advantage can displace the otherwise disciplined market.
When a rival acts in a way that elicits a counter-response by other firms, rivalry intensifies. The intensity of competition is referred to as being cutthroat, intense, moderate, or weak, based on the firms’ aggressiveness in gaining an advantage.
A firm can choose from several competitive moves:
– Price competition.
– Improving product differentiation.
– Creatively using channels of distribution, such as vertical integration.
– Exploiting relationships with suppliers.
The intensity of rivalry is influenced by the following industry characteristics:
– A larger number of firms increases rivalry because more firms must compete for the same customers and resources. The rivalry intensifies if the firms have similar market share, leading to a struggle for market leadership.
– Slow market growth causes firms to fight for market share. In a growing market, firms are able to improve revenues simply because of the expanding market.
– High fixed costs result in an economy of scale that increases rivalry. When total costs are mostly fixed costs, the firm must produce near capacity to attain the lowest unit costs. Since the firm must sell this large quantity of product, high levels of production lead to a fight for market share and result in increased rivalry. High storage costs cause a producer to sell goods as soon as possible. If other producers are attempting to unload at the same time, competition for customers intensifies.
– Low switching costs increase rivalry. When a customer can freely switch from one product to another there is a greater struggle to capture customers.
– Low levels of product differentiation are associated with higher levels of rivalry. Brand identification, on the other hand, tends to constrain rivalry.
– Strategic stakes are high when a firm is losing market position or has potential for great gains. This intensifies rivalry.
– High exit barriers place a high cost on abandoning the product. High exit barriers cause a firm to remain in an industry, even when the venture is not profitable.
– When the plant and equipment required for manufacturing a product are highly specialized, these assets cannot easily be sold to other buyers in another industry.
– A diversity of rivals with different cultures, and philosophies makes an industry unstable. There is greater possibility for mavericks and for misjudging rival’s moves.
– A growing market and the potential for high profits induce new firms to enter a market and incumbent firms to increase production. A point is reached where the industry becomes crowded with competitors, and demand cannot support the new entrants and the resulting increased supply. A shakeout ensues, with intense competition, price wars, and company failures.
– BCG founder Bruce Henderson generalized this observation as the Rule of Three and Four: a stable market will not have more than three significant competitors, and the largest competitor will have no more than four times the market share of the smallest. It implies that:
– If there is a larger number of competitors, a shakeout is inevitable.
– Surviving rivals will have to grow faster than the market.
– Eventual losers will have a negative cash flow if they attempt to grow.
– All except the two largest rivals will be losers.
II. Threat of Substitutes
In Porter’s model, substitute products refer to products in other industries. A threat of substitutes exists when a product’s demand is affected by the price change of a substitute product. A product’s price elasticity is affected by substitute products – as more substitutes become available, the demand becomes more elastic since customers have more alternatives. A close substitute product constrains the ability of firms in an industry to raise prices. The competition engendered by a Threat of Substitutes comes from products outside the industry.
III. Buyer Power
The power of buyers is the impact that customers have on a producing industry.
When buyer power is strong, the relationship to the producing industry is near to a monopsony – a market in which there are many suppliers and one buyer. Under such market conditions, the buyer sets the price. In reality few pure monopsonies exist, but frequently there is some asymmetry between a producing industry and buyers.
IV. Supplier Power
A producing industry requires raw materials – labor, components, and other supplies. This requirement leads to buyer-supplier relationships between the industry and the firms that provide it the raw materials used to create products. Suppliers, if powerful, can exert an influence on the producing industry, such as selling raw materials at a high price to capture some of the industry’s profits.
V. Barriers to Entry / Threat of Entry
It is not only incumbent rivals that pose a threat to firms in an industry; the possibility that new firms may enter the industry also affects competition. In theory, any firm should be able to enter and exit a market, and if free entry and exit exists, then profits always should be nominal. In reality, however, industries possess characteristics that protect the high profit levels of firms in the market and inhibit additional rivals from entering the market. These are barriers to entry.
Barriers to entry are more than the normal equilibrium adjustments that markets typically make. When industry profits increase, we would expect additional firms to enter the market to take advantage of the high profit levels, over time driving down profits for all firms in the industry. When profits decrease, we would expect some firms to exit the market thus restoring a market equilibrium. Falling prices deter rivals from entering a market. Firms also may be reluctant to enter highly uncertain markets, especially if entering involves expensive start-up costs. If firms individually keep prices artificially low as a strategy to prevent potential entrants from entering the market, such entry-deterring pricing establishes a barrier.
Barriers to entry reduce the rate of entry of new firms, thus maintaining a level of profits for those already in the industry. Barriers to entry arise from several sources:
– Government creates barriers.
– Patents and proprietary knowledge serve to restrict entry into an industry.
– Asset specificity inhibits entry into an industry.
– Organizational (Internal) Economies of Scale. The most cost efficient level of production is termed Minimum Efficient Scale (MES). This is the point at which unit costs for production are at minimum.
Barriers to exit work similarly to barriers to entry. Exit barriers limit the ability of a firm to leave the market and can exacerbate rivalry – unable to leave the industry, a firm must compete.
Source: www.quickmba.com
Essential Vocabulary
1. pure competition – совершенная конкуренция
2. risk-adjusted – скорректированный на риск
3. rate of return – ставка доходности
4. learning curve – кривая освоения
5. switching costs – издержки переключения
6.forward integration – прямая интеграция
7. backward integration – обратная интеграция
8. bargain n – сделка или операция; договоренность; выгодная покупка
bargaining n – ведение переговоров
bargain v – торговаться, вести переговоры, договариваться, уславливаться
9. rival n – соперник, конкурент
rivalry n – соперничество, конкуренция
rival a – соперничающий, конкурирующий
rival v – соперничать, конкурировать
10.perfect competition – совершенная конкуренция
11. Concentration Ratio (CR) – показатель концентрации
12. Bureau of Census – Бюро переписей (Министерства торговли США)
13. Standard Industry Classification (SIC) – стандартная промышленная классификация
14. code of conduct – кодекс поведения
15. maverick n – диссидент, отступник; резко отклоняющееся значение (на графике)
16. cutthroat competition – ожесточенная конкуренция, конкуренция на удушение
17. vertical integration – вертикальная интеграция
18. unit cost – себестоимость единицы продукции
19. storage n – хранение, складирование; хранилище, площадь склада
store n – магазин, хранилище, склад, запас
store v – хранить, складировать
20. shakeout n – встряска (существенное изменение в рыночных условиях)
21. entrant n – компания, выходящая на рынок или проникающая в отрасль
22. price elasticity – эластичность по ценам
23. monopsony n – монопсония (монополия покупателей)
monopsonic a – монопсонический
24. entry barriers (barriers to entry) – барьеры к выходу на рынок
25. exit barriers (barriers to exit) – барьеры к уходу с рынка
26. market equilibrium – рыночное равновесие
27. start-up costs – начальные затраты
28. Minimum Efficient Scale (MES) – минимальный эффективный уровень
Exercise 1. Answer the following questions.
1. What forces influencing the industry did Michael Porter identify? 2. How do economists measure rivalry in an industry? 3. What competitive strategies can a firm adopt to gain an advantage over its rivals? 4. What are the determinants of the intensity of rivalry? 5. How did Michael Porter define the threat of substitutes? 6. What is the power of buyers? 7. How can suppliers exert their influence? 8. What are the entry and exit barriers?
Exercise 2*. Find at least 9 adjectives in the text to the term «competition» and make sentences of your own using them.
Exercise 3. Fill in the following table using Russian industries as examples and briefly describe key characteristics of these industries.
Exercise 4*. Fill in the blanks using terms given below.
Porter’s Generic Strategies
If the primary determinant of a firm’s……. is the……. of the industry in which it operates, an important secondary determinant is its position within that industry. Even though an industry may have below-average profitability, a firm that is optimally……. can generate……. returns.
A firm positions itself by……. its strengths. Michael Porter has argued that a firm’s strengths ultimately fall into one of two headings: cost advantage and differentiation. By applying these strengths, three……. strategies result: cost leadership, differentiation, and focus. These strategies are applied at the……. level.
Cost Leadership Strategy
This generic strategy calls for being the…….. producer in an industry for a given level of quality. The firm sells its products either at average industry prices to earn a……. higher than that of……., or below the…… industry prices to gain market share. In the event of a……., the firm can maintain some profitability while the competition suffers losses. Also, as the industry…….. and prices decline, the firms that can produce more cheaply will remain profitable for a longer period of time. Firms acquire……… by improving process……., gaining unique access to a large source of lower cost materials, making optimal outsourcing and vertical integration decisions, or avoiding some costs altogether. If competitors are unable to lower their costs by a similar amount, the firm may be able to…….. a competitive advantage based on cost leadership.
Each generic strategy has its risks, including the low-cost strategy. For example, as technology……… the competition may be able to…… the production capabilities, thus eliminating the competitive advantage. Additionally, several firms following a focus strategy and…….. various narrow markets may be able to achieve an even lower cost within their………. and as a group gain significant market share.
Differentiation Strategy
A differentiation strategy calls for the development of a product or service that offers unique……. that are valued by……. The……. by the uniqueness of the product may allow the firm to charge a…… price for it. The firm hopes that the higher price will more than cover the extra costs……. in offering the unique product. Because of the product’s unique attributes, if…….. increase their prices the firm may be able to…….. the costs to its customers who cannot find……… products easily.
The risks associated with a differentiation strategy include…….. by competitors and changes in customer tastes. Additionally, various firms…….. focus strategies may be able to achieve even greater differentiation in their market segments.
Focus Strategy
The focus strategy concentrates on a……. segment and within that segment attempts to achieve either a cost advantage or differentiation. A firm using a focus strategy often enjoys a high degree of customer………, and this discourages other firms from competing directly.
Because of their narrow market focus, firms pursuing a focus strategy have lower volumes and therefore less……… power with their suppliers. Some risks of focus strategies include imitation and changes in the……. segments. Furthermore, it may be fairly easy for a……… cost leader to adapt its product in order to compete directly. Finally, other focusers may be able to carve out……. that they can serve even better.
A Combination of Generic Strategies
These generic strategies are not necessarily……. with one another. If a firm…….. to achieve an across-the-board advantage, in this attempt it may achieve no advantage at all. Michael Porter argued that to be successful over the………, a firm must select only one of these three generic strategies. Otherwise, with more than one single generic strategy the firm will be……… and will not achieve a competitive advantage.
Source: www.quickmba.com
Terms:
pass along, suppliers, imitation, broad-market, narrow, «stuck in the middle», customers, long term, premium, value added, profitability, matures, sustain, loyalty, leapfrog, sub-segment, compatible, profit, attractiveness, positioned, superior, leveraging, generic, business unit, low cost, rivals, average, price war, cost advantage, efficiencies, improves, targeting, segments, attributes, incurred, substitute, pursuing, target, attempts, bargaining
Exercise 5. Translate into English.
Предпосылки реформирования электроэнергетики России
Еще в 1980-х годах в электроэнергетике страны стали проявляться признаки стагнации: производственные мощности обновлялись заметно медленнее, чем росло потребление электроэнергии. В 1990-е годы, в период общеэкономического кризиса в России, объем потребления электроэнергии существенно уменьшился, в то же время процесс обновления мощностей практически остановился.
Общая ситуация в отрасли характеризовалась следующими показателями.
По технологическим показателям российские энергокомпании отставали от своих аналогов в развитых странах.
Отсутствовали стимулы к повышению эффективности, рациональному планированию режимов производства и потребления электроэнергии, энергосбережению.
В отдельных регионах происходили перебои энергоснабжения, наблюдался энергетический кризис. Существовала высокая вероятность крупных аварий.
Отсутствовала платежная дисциплина, были распространены неплатежи.
Предприятия отрасли были информационно и финансово не прозрачными.
Доступ на рынок был закрыт для новых, независимых игроков.
Все это вызвало необходимость преобразований в электроэнергетике, которые создали бы стимулы для повышения эффективности энергокомпаний и позволили существенно увеличить объем инвестиций в отрасли.
Цели и задачи реформы
Основная цель реформирования электроэнергетики России – повышение эффективности предприятий отрасли, создание условий для ее развития на основе стимулирования инвестиций, обеспечение надежного и бесперебойного энергоснабжения потребителей.
В связи с этим в электроэнергетике России происходят радикальные изменения: меняется система государственного регулирования отрасли, формируется конкурентный рынок электроэнергии, создаются новые компании.
В ходе реформы меняется структура отрасли: осуществляется разделение естественномонопольных (передача электроэнергии, оперативно-диспетчерское управление) и потенциально конкурентных (производство и сбыт электроэнергии, ремонт и сервис) функций, и вместо прежних вертикально-интегрированных компаний, выполнявших все эти функции, создаются структуры, специализирующиеся на отдельных видах деятельности.
Генерирующие, сбытовые и ремонтные компании в перспективе станут преимущественно частными и будут конкурировать друг с другом. В естественно-монопольных сферах, напротив, происходит усиление государственного контроля.
Таким образом, создаются условия для развития конкурентного рынка электроэнергии, цены которого не регулируются государством, а формируются на основе спроса и предложения, а его участники конкурируют, снижая свои издержки.
Целевая структура отрасли
Формируемые в ходе реформы компании представляют собой предприятия, специализированные на определенных видах деятельности (генерация, передача электроэнергии и другие) и контролирующие соответствующие профильные активы. По масштабу профильной деятельности создаваемые компании превосходят прежние монополии регионального уровня: новые компании объединяют профильные предприятия нескольких регионов либо являются общероссийскими.
Так, магистральные сети переходят под контроль Федеральной сетевой компании, распределительные сети предполагается интегрировать в межрегиональные распределительные сетевые компании (МРСК), функции и активы региональных диспетчерских управлений передаются общероссийскому Системному оператору. Активы генерации также объединяются в межрегиональные компании, причем двух видов: генерирующие компании оптового рынка и территориальные генерирующие компании.
Таким образом, в ходе реформы исчезает прежняя, монопольная структура электроэнергетики: большинство вертикально-интегрированных компаний сходят со сцены, на смену им появляются новые компании целевой структуры отрасли. Почти все они уже учреждены, однако требуется время для завершения процесса их формирования, в ходе которого каждая компания приобретет целевую конфигурацию.
Источник: www.rao-ees.ru
Lesson 18
Industry Trends
Read and translate the text and learn terms from the Essential Vocabulary.
Global Consolidation Threat: Can East European Companies Survive?
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