[영어번역가자격증학원] 영한 1급 2교시-경제경영
※ 다음 3 문제 중 1문제를 선택하여 한국어로 번역하시오. [50점]
[문제 1]
After taking over as chief executive last year, James R. Cantalupo wanted to show that the turnaround at McDonald's Corp.―and its new commitment not to waste money―was real. So in September, he announced a 70% hike in the annual dividend, the burger giant's biggest increase in 25years. The move committed McDonald's to passing out an extra $200 million a year to shareholders, cash that otherwise might have gone toward illconceived expansion schemes. "It was," says Chief Financial Officer Matthew H.Paull, "a way of putting our money where our mouth is." Moves like McDonald's have played out in scores of boardrooms over the past year. It's all part of a huge shift in corporate finance that began in December, 2002, when the Bush Administration began sounding out ways to cut taxes on dividends. Some 370 companies in the Standard& Poor's 500 stock index are now paying dividends, 19 more than in 2002. And last year these companies paid out $161 billion, up 8.8% from the year before. This year, S&P expects payouts to rise by an additional 10.7%, the biggest increase since 1989. Among the first-timers joining the dividend bandwagon: Best Buy, Clear Channel Communications, Reebok International, and Microsoft. "Dividends are now back in play," says Howard Silverblatt, equity market analyst at S&P. The switch marks a sharp turning point after two decades in which companies handed out less and less of their profits directly to shareholders. but that period may have been an aberration, says Jeremy J. Siegel, professor of finance at the Wharton School of the University of Pennsylvania. Over most of the past century "it was considered essential to pay dividends," he says They enhance the credibility of reported earnings and make executives think twice about how they use shareholders' money. This year's jump in payouts shows that corporations not only are making more money but also they're more confident they can keep the cash flowing, he says.
So why are dividends back in fashion? The biggest reason may simply be the surge in corporate profits at the end of last year. So far, fourth-quarter earnings from continuing operations at S&P 500 companies have leaped 28%, compared with the year-earlier period. And the dividend-tax cut last year probably encouraged companies to share more of those profits. The cut reduced government's slice of dividend payments to 15% from the 35% maximum federal rate on ordinary income.
[문제 2]
NOT long ago, Japan Inc. was deeply troubled by the prospect of China's ascendance. Pundits argued that high wage Japanese workers didn't stand a chance against their Chinese counterparts. Mainland upstarts such as TCL Communications Equipment and Haier Group were splashed across magazine covers as rivals to the likes of Sony, Panasonic, and NEC, Politicians wrung their hands over kudoka-the hollowing out of Japan's vaunted manufacturing sector. It all added up to one seemingly inevitable conclusion: Japan's days as Asia's economic kingpin were numbered. Today, Japan's corporate and political elite are singing a different song. Instead of a nemesis, China is looking more and more like a savior, fueling Japan's first sustained economic recover in a decade. on Feb. 18, Japan reported that its economy clocked 7% annualized growth in the October-December quarter, the fourth consecutive quarter of expansion and the biggest jump since 1990. A rebound in corporate earnings, a recovery in capital spending and exports, and even as easing in the country's deflationary scourge all owe much to the hypergrowth wave in China. In 2003, exports to the mainland-including everything from steel to mobile phones-shot up a record 44%, to $60 billion. "The panicky rhetoric about China you used to hear has completely gone off the radar screen," marvels Paul Sheard, a Tokyo-based economist for Lehman Brothers Inc. Sure, the U.S still matters, and so does consumer spending inside Japan. But Japanese exports to the U.S slid 10% last year, and domestic consumption is just recovering. So going forward, China will probably be the key driver of Japanese expansion. China is already Japan's top trading partner, and it may son overtake the U.S. as Japan's biggest export market. China accounted for more than a third of the 2.7% advance in Japan's real gross domestic product in calendar 2003, figures Mamoru Yamazaki, chief economist at Barclays capital in Tokyo. "the Chinese economy is making a bigger contribution to Japan than the U.S. right now," he say. MAKE NO MISTAKE: Longer-term, Japan has good reason for concern. China certainly seems destined to overtake Japan in economic output sometime in the next 10 years, and many of its companies may well knock their Japanese competitors from their thrones. And Japan's recovery is far from assured: It's still the land of sick banks, lousy productivity, and the highest government debt burden among the Group of Seven industrialized nations.
[문제 3]
When the marketers at CacaCola Co. recently wanted to reach out to teens like Lauren Salapatek, a 17-year-old high school junior in suburban Chicago, they didn't do it through TV ads during the Grammys or Super Bowl. Instead, the soda giant lured her to the Coke Red Lounge, a gathering area for mall rats that it built in a shopping center in the northern'burbs. The lounge, which offers exclusive music, movies, and videos piped in via sound domes and a plasmascreen media wall, has quickly become a regular afternoon and evening gathering spot for Salapatek and her friends. "It's cool, it's comfortable, it's in the middle of the mall," she nods approvingly as Linkin Park's Faint blares from the hooded speakers. Coke's lounges, created with the help of the trendy Rockwell Group design shop, symbolize the sea change in marketing that's under way at the once-fabled marketing icon. For decades, Coke was the master of the 30-second TV spot: Advertising Age ranked Coke's classic "Hilltop" and "Mean Joe Greene" ads as two of the best ever. But thanks to media fragmentation and the growing use of devices like TiVo that let viewers skip ads altogether, megamarketers can now hit no better than 15% of the population with an ad in prime time- far less than the 40% reached a recently as the mid-1980s. Coke signaled the shift early last year when President Steven J. Heyer rattled Madison Avenue with a speech warning that“the days of mass homogenous marketing are behind us." In the past year, Coke has accelerated its shift beyond passive TV ads toward a so-called experiential approach that uses events and activities to build a closer bond with consumers. So far it's hard to see a payoff in terms of more Coke sales. But the decision of such a hugely influential marketer to shift big dollars away from traditional ads is making ripples far from Coke's Atlanta headquarters. The idea is that instead of bombarding consumers with hard-sell ads that they're going to tune out anyway, the brand will do better if it subtly infiltrates their daily routines. While management won't discuss how it allocates its marketing dollars, ad tracker TNS Media Intelligence/CMR estimates that last year through October Coke spent just $188.7 million on TV advertising in the U.S., a sharp drop from $268.1 million in 2001.
Coke has diverted money into new initiatives that allow it to embed itself into the favorite activities of its target audience, everything from sports to musle to the Internet.
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