Unit 5


No one can accuse Howard Schultz of inaction since he returned as chief executive of Starbucks, the firm he built into a multinational only to watch it stumble under his successor. Barely a month has gone by over the past year without the firm announcing some new initiative or other. The latest came on February 17th in New York, when Mr Schultz unveiled Via, an instant coffee which, he claims, tastes just as good as Java brewed in the shop by one of the firm’s baristas.

Mr Schultz hopes to win a share of the $17 billion or so the world spends on instant coffee—a product which, he sniffs, has not improved in decades. Starbucks itself has spent 20 years pursuing the holy grail of an instant coffee that tastes as good as the fresh stuff. Don Valencia, the firm’s first head of research and development, who created the blended and frozen frappuccino drinks that earn Starbucks $2 billion a year, could never find a way to scale up an instant formula he had developed at home. When Mr Schultz returned as chief executive, he noticed that there had been some technological advances, allowing finer grinding, for example. So he asked the R&D team to repeat the recently deceased Valencia’s experiments, and found that “we had broken the code”. The name Via is a hat-tip to Valencia—though during development it was known as Jaws (just add water, stir).

Starbucks says it has patents that should prevent competitors from quickly replicating Via, which will go on sale in some American stores next month. The opportunity may, however, be biggest in other countries: in Britain over 80% of coffee sold is instant, compared with just 10% in America.

Assuming Starbucks drinkers decide that Via tastes good, the company will have to get the price right. At first, it will come in packets of 12 or 3 individual servings, for 83 and 98 cents a cup respectively. That is much more than other instants, but much less than a cup of coffee at one of Starbucks’ stores. The risk is that the firm’s existing customers may abandon counter service and start making their own cup of instant. That would encourage them to visit Starbucks less often, a trend that is already gathering pace with the recession. For the first time in Starbucks’ history, same-store sales have fallen.

Mr Schultz has had to accelerate the store-closure programme that he had started in order to correct the over-expansion which prompted his return to the helm. To keep customers coming to remaining outlets, he might experiment with discounts such as cheap “combination meals” of a drink and food. He also wants a visit to a Starbucks shop to be a “uniquely uplifting experience”. Improving the smell in stores by changing the cheese used in breakfast sandwiches was a start. But ensuring that staff are enthusiastic will be especially difficult when jobs are disappearing. Mr Schultz remains hostile to unions, but has decided to maintain the firm’s popular health benefits, while cutting his own pay.

Will all this be enough? So far, investors seem sceptical: Starbucks’ share price remains barely a quarter of its all-time high in 2006.

注（1）：本文选自Economist；

注（2）：本文习题命题模仿对象：第1题模仿2006年真题Text 1第4题，第2题模仿2006年真题Text 1第1题，第3题模仿2015年真题Text 1第2题，第4、5题模仿2007年真题Text 2第1、5题。



1. The reason why the author maintains that Howard Schultz should not be blamed of inaction is most probably because ______.

A) he would not allow his successor to destroy Starbucks

B) Starbucks spent the entire last year developing the new instant coffee

C) the new instant coffee is of the same quality as that brewed in the shop

D) he launched the new instant coffee after his return

2. The word “hat-tip” （Line 8, Paragraph 2） most probably means ______.

A) reward

B) achievement

C) surprise

D) tribute

3. The risk of launching the instant coffee Via is that______.

A) it can be quickly imitated by market competitors

B) customers may patronize Starbucks store less

C) it may fail to cater to customers’ taste

D) the high price will prohibit people from mass purchase

4. According to the text, which of the following was a common practice in Starbucks before?

A) Starbucks hired baristas to guarantee the quality of the coffee brewed.

B) Starbucks was a major player in the market of instant coffee.

C) Starbucks provided “combination meals” with fair discounts.

D) In Starbucks, employees had a high pressure of losing job.

5. The author’s attitude towards Schultz’s new measures seems to be ______.

A) biased

B) critical

C) objective

D) pessimistic





篇章剖析


本篇文章主要介绍星巴克创始人霍华德·舒尔茨重返公司担任首席执行官，通过推出一款速溶咖啡产品以及采取其他一系列措施，意图重振公司雄风。第一段开宗明义，指出舒尔茨一回到工作岗位就积极行动，推出一款速溶咖啡；第二段详细介绍了这款速溶咖啡研发以及命名的过程；第三、四段从正反两方面分析了这款咖啡的市场前景；第五段介绍了舒尔茨采取的其他措施；最后一段则指出，投资者们对这一系列新举措的效果持不太乐观的态度。





词汇注释


inaction /ɪnˈækʃn/ n. 无作为，无行动，不采取措施

multinational /ˌmʌltiˈnæʃnəl/ n. 跨国公司

stumble /ˈstʌmbl/ v. 绊脚；蹒跚而行

brew /bruː/ v. 煮（咖啡）；泡（茶）

barista /bəˈrɪstə/ n. 咖啡师

sniff /snɪf/ v. 嗤之以鼻

grail /greɪl/ n. 努力追求的理想目标

grind /graɪnd/ v. 磨碎，碾碎；把…磨成粉

decease /dɪˈsiːs/ v. 死亡，亡故

serving /ˈsɜːvɪŋ/ n. （食物或饮料的）一份

helm /helm/ n. 舵；掌管

hostile /ˈhɒstaɪl/ adj. 怀有敌意的，不友善的





难句突破


Don Valencia, the firm’s first head of research and development, who created the blended and frozen frappuccino drinks that earn Starbucks $2 billion a year, could never find a way to scale up an instant formula he had developed at home.

主体句式：Don Valencia...could never find a way to...

结构分析：本句是一个复合句，主句为Don Valencia could never find a way to scale up an instant formula。句中的the firm’s first head of research and development为主语的同位语，用来补充说明主语Don Valencia的身份。同位语后面是一个由who引导的定语从句，用来修饰主语；此定语从句中又包含了一个定语从句that earn Starbucks $2 billion a year，用来修饰the blended and frozen frappuccino drinks。句末的he had developed at home是一个省略了关系代词which/that的定语从句，用来修饰an instant formula。

句子译文：星巴克公司研发部的首席研发负责人唐·巴伦西亚曾研发出了混合冷冻的星冰乐咖啡，这款咖啡每年为星巴克赚得20亿美元。他在家中研发出一个速溶咖啡配方，却一直无法找到将其规模化生产的方法。





题目分析


1. D 细节题。第一段开门见山地指出人们不应该指责舒尔茨无所作为，并在接下来的两句话里说明了原因。在星巴克陷入困境的情况下，舒尔茨重返公司并推出了一款速溶咖啡，行动非常迅速，因此D正确。A的内容文章中没有明确提到。B的内容错误，文章第二段介绍了新产品的研发过程，第二句话提到了星巴克耗时20年研发顶级速溶咖啡。C是一个细节信息，是舒尔茨对新产品的评价，但并不符合题意。

2. D 语义题。这款速溶咖啡的名称Via是由研发人的名字Valencia的首字母和末尾两个字母组成的，同时结合上一句中“recently deceased Valencia”（刚刚过世的巴伦西亚），可以推出这样命名是为了向Valencia致敬。选项D中tribute意为“（尤指对死者的）致敬”，因此该选项是正确答案。A选项reward意为“奖励”；B选项achievement意为“成果”；C选项surprise意为“惊喜”，均不符合句意。

3. B 细节题。文章第四段讨论了星巴克推出速溶咖啡的风险，其中第三句明确提出the risk是指“公司现有的顾客可能会放弃柜台服务，转而自己冲泡速溶咖啡。这将使他们去星巴克门店消费的次数减少”，B选项中“patronize”这个词的意思是“光顾”，即使不知道这个词的意思也可以通过排除法得出正确答案。文章第三段提到，星巴克申请了专利，以防止竞争者迅速仿制，因此A不正确。文中未明确表示消费者是否喜欢这种速溶咖啡的口味，只是assume（假设）消费者认为好喝，因此C不正确。第四段虽然也提到了这款速溶咖啡价格较同类产品更贵，但由于其价格低于在门店消费的价格，也无法说这就是其风险，因此D不正确。

4. A 推理题。这题要求推断选项中哪个是星巴克以前的做法，可以通过排除法找到正确答案。文章提到星巴克第一次推出速溶咖啡，因此该公司以前并不涉足这块市场，可以排除B。第五段指出舒尔茨的新举措包括了各种打折优惠，这说明星巴克以前并不这么做，可以排除C。第五段也指出由于舒尔茨目前正加快关闭部分门店，以纠正过去过度的扩张，因此员工们面临失去工作的压力，这并不是星巴克的长期做法，因此D也可以排除。从文章第一段最后一句话可以看出，由咖啡师做出香醇的咖啡是星巴克的传统做法和特色。

5. C 情感态度题。本文大部分内容都在谈论舒尔茨重返星巴克之后采取的各种新措施。在文章最后一段，作者指出投资者们对这些措施抱着怀疑的态度。但这是作者对投资者态度的客观陈述，并不代表作者自己的观点。





参考译文


没有任何人可以指责重返星巴克担任首席执行官的霍华德·舒尔茨无所作为，星巴克曾在他的经营管理下被缔造成跨国集团，然而却在他的继任者手中变得举步维艰。过去的一年里，星巴克没有推出什么新举措，而今年刚刚过了一个月，舒尔茨便于2月17日在纽约推出新的产品——一款速溶咖啡Via。舒尔茨声称，Via的味道与星巴克咖啡师在店里调配的Java咖啡一样香醇。

舒尔茨先生希望在全球约170亿美元的速溶咖啡市场上攻下一席之地。他对速溶咖啡这种产品在过去的几十年里一点儿都没改进嗤之以鼻。星巴克耗时20年，一直在锲而不舍地研发顶级的速溶咖啡，使其味道与新磨的咖啡一样好。星巴克公司研发部的首席研发负责人唐·巴伦西亚曾研发出了混合冷冻的星冰乐咖啡，这款咖啡每年为星巴克赚得20亿美元。他在家中研发出一个速溶咖啡配方，却一直无法找到将其规模化生产的方法。当舒尔茨先生重返星巴克担任首席执行官时，他注意到公司在技术上有了一些进步，例如更精细的研磨技术。因此，他要求研发团队重做不久前逝世的巴伦西亚的实验，结果发现“我们终于破译了密码”。他把这款速溶咖啡命名为Via，以向巴伦西亚（Valencia）致敬，虽然在开发过程中该产品被称为Jaws，是英文just add water, stir（只需加水，搅拌）的缩写。

星巴克表示已经为Via申请了专利，以防止竞争者迅速仿制。Via将于下个月在美国的一些星巴克店开始出售。不过，其他国家的市场机会可能最大：英国80％以上的在售咖啡是速溶的，相比之下，美国速溶咖啡只占10％。

假设星巴克的顾客认为Via好喝，公司还必须为该产品制定合理的价格。首先，它会分为12袋或3袋装，分别为83美分和98美分一杯。这个价格比其他速溶咖啡贵很多，但却远远低于在任何一家星巴克门店的花费。其市场的风险在于，公司现有的顾客可能会放弃柜台服务，转而自己冲泡速溶咖啡。这将使他们去星巴克门店消费的次数减少，而经济危机以来光顾星巴克的客人已经在不断减少。这是在星巴克历史上首次同店销售额下降。

舒尔茨先生已经不得不加快实施他提出的关店计划，以纠正过度的扩张，这也是促使他重返星巴克掌舵的原因。对于剩下的店铺，为了保持客源，他可能会尝试打折优惠，如超值的饮料和食物的“组合套餐”。他还希望顾客来星巴克时能获得一种“独特的、令人振奋的体验”。更换三明治早餐里的奶酪以改善店里的味道，这就是一个开始。然而当工作岗位不断减少时，要确保员工的工作热情就变得尤其困难。虽然舒尔茨先生仍然反对工会，但他决定保持该公司员工的医疗福利，同时降低自己的工资。

所有这些举措够吗？迄今为止，投资者似乎一直持怀疑态度：星巴克目前的股价仍然只是2006年最高价位的四分之一。





Unit 6


Stock prices tumbled on Wall Street and across much of the rest of the world yesterday. They were driven sharply lower by worries over slowing economic growth in the United States and worsening borrowing conditions that could make everything from huge corporate buyouts to buying a new home more difficult. Major stock market gauges—including the Dow Jones industrial average and the Standard & Poors 500-stock index—were down more than 2 percent.

It was the worst one-day decline on Wall Street since markets plunged worldwide in late February after an investing scare in Shanghai, and it occurred amid the biggest volume of trading on the New York Stock Exchange in five years. Losses were comparable throughout Europe, and larger in many developing countries. The preconditions for a shock are in place, said Mark Zandi, chief economist at Moodys Economy. com. Until very recently investors were very nonchalant about risks.

Stock markets have been volatile in recent weeks. Continued strong profits for many companies and an economic boom in Asia have helped push oil prices higher. Meanwhile, however, there are various signs of weakness in the American economy and new difficulties in borrowing for many homeowners and companies that are highly leveraged or have poor credit.

The plunge came a day after the private equity firm buying Chrysler from DaimlerChrysler said it would complete the transaction for the automaker despite an inability to borrow the money in credit markets, as had been planned. Banks will hold those loans, as they will for a similar deal involving Alliance Boots, a British pharmacy chain. Shares of DaimlerChrysler fell $4.11, to $88.91. There is fear, but not a fear of recession, said Bill Gross, chief investment officer of the Pacific Investment Management Company, known as Pimco, a large bond management firm. “The fear is directed toward the question of who will be willing to lend $200 billion to provide takeout financing for previously announced private equity deals.”

Yesterday, the Dow industrials plunged 311.50 points, or 2.3 percent, to 13,473.57, while the S. & P. 500 dropped 35.43 points, or 2.3 percent, to 1,482.66. The Nasdaq composite index was down 48.83 points, or 1.8 percent, to 2,599.34. The S. & P. is still up 4.5 percent for the year, while the Dow is 8.1 percent higher. But the S. & P. has fallen 4.5 percent since reaching a record last week. In the last hour or so of trading, the major Wall Street indexes recovered about a third of their steepest losses for the day. Losses of more than 2 percent were recorded in Spain, France and Germany, while Britain, Argentina, Mexico and Brazil fell more than 3 percent. Asian markets fell less yesterday, closing before the worst selling began, but opened down sharply on Friday.

注（1）：本文选自The New York Times；

注（2）：本文习题命题模仿对象：第1、2题分别模仿2014年真题Text 2第5题和2010年真题Text 2第2题，第3题模仿2014年真题Text 4第2题，第4题模仿2015年真题Text 4第2题，第5题模仿2013年真题Text 2第5题。



1. The passage is mainly_______.

A) a review of the current condition of the American and world stock market

B) an introduction of the development of the global stock market

C) a survey of the history and possible results of the stock deal of DaimlerChrysler

D) about the ups and downs of stock prices in world’s major stock markets

2. Which of the following is TRUE according to the text?

A) Currently it is more difficult for Americans to borrow money from banks for house purchase.

B) The losses from stock markets are similar in U.S. and some developing countries.

C) Investors were worried about the potential risks in stock market before yesterday.

D) Economic boom in Asia prevents its stock market from falling.

3. If you were an investor, you might be able to earn money if _______.

A) you held the shares of DaimlerChrysler

B) you purchased new shares when the stock market opened yesterday

C) you bought and sold shares at the last one or two hours before closing

D) you didn’t trade any shares yesterday

4. We can infer from the text that _______.

A) the Chrysler transaction will turn to be a failure because of the vibration of stock market

B) the banks hold the loans because the Chrysler case is of exactly the same nature as that of Alliance Boots

C) Bill Gross thinks the fear is from the possibility that the huge amount of money involved in the Chrysler deal may worsen the situation of stock market

D) the difficulty of borrowing leads to the shrinking prices of shares of DaimlerChrysler

5. The writer’s attitude towards the current stock market is_______.

A) biased

B) objective

C) pessimistic

D) optimistic





篇章剖析


本篇文章是一篇说明文，介绍了美国股市昨日下跌的情况。第一段开门见山地说明了股市大跌的事实及其原因，第二、三段则进一步展开说明了股市最近的状况，影响股市的各种负面因素等。第四段用了一个具体的市场交易事例来说明股市不稳定导致的后果，并引用了经济专业分析师的评论。最后两段综述了美国股市几大指数以及世界各地股市的涨跌情况，引用了大量的数据。





词汇注释


tumble /ˈtʌmbl/ vi. 暴跌，骤降；倒塌，坍塌

buyout /ˈbaɪˌaʊt/ n. 全部买下

gauge /geɪdʒ/ n. 标准，尺度；计量器

index /ɪndeks/ n. 指数

plunge /plʌndʒ/ vi. 投入，跳进，陷入

scare /skɜə/ n. 惊恐，恐慌，恐惧

precondition /ˌprɪːkənˈdɪʃn/ n. 前提，先决条件

nonchalant /ˈnɒnʃələnt/ adj. 不关心的，若无其事的

volatile /ˈvɒlətaɪl/ adj. 可变的，不稳定的

boom /buːm/ n. 繁荣，迅速发展；激增

transaction /trænˈzækʃn/ n. 交易，业务

pharmacy /ˈfɑːməsi/ n. 配药学，制药学

recession /rɪˈseʃn/ n. 经济衰退，不景气

takeout /ˈteɪkˌaʊt/ n. 资产外带





难句突破


The plunge came a day after the private equity firm buying Chrysler from DaimlerChrysler said it would complete the transaction for the automaker despite an inability to borrow the money in credit markets, as had been planned.

主体句式：The plunge came a day after the...firm...said...

结构分析：这是一个复杂句，主句为The plunge came，但a day after后面的结构比较复杂。首先，buying Chrysler from DaimlerChrysler是用来修饰the private equity firm，因此后面这个长句的基本结构就是the firm said。said后面跟的是一个间接引语，主体是it would complete the transaction for the automaker，之后的despite表示一个转折的意思，而as had been planned是用来形容borrow the money in credit markets的。

句子译文：股市大跌的前一日，从戴姆勒-克莱斯勒购买克莱斯勒企业债的这家私有证券公司声称，尽管现在从信贷市场借钱的进程不像原计划那么顺利，但其仍将与这家汽车制造公司完成这笔交易。





题目分析


1. A 主旨题。判断文章主旨要从文章整体来把握。文章第一段就指出美国股市昨日大幅下跌，接下来的几段都在介绍下跌的状况、原因、相关因素，并且详细介绍了各个股票指数的一系列数据，最后一段又描述了世界其他地区的股市情况，可见全文都是在说明美国和世界股市的现状。因此正确答案为A。B选项的错误原因在于本文并没有介绍世界股票市场的发展历程，只是聚焦其近期的发展状况。C选项的错误原因在于关于戴姆勒-克莱斯勒案例的讨论并不是文章的主要内容和目的。D选项的意思是世界主要股票市场股票价格的起伏状况，虽然与文章内容比较贴近，但是概括过于泛泛，不如A选项精确。