Questões de Inglês

TEXT I


Emerging markets: a bubble that has finally burst?

Patrick Collinson, guardian.co.uk, Friday 5 August 2011

One of Britain"s most successful fund managers has warned about an emerging market bubble and told small investors, who
have poured billions of pounds into emerging market funds, that returns could be sorely disappointing over the next few
years.
British investors now hold more than £40bn in emerging market funds – typically invested in China, Brazil and India – and
those who jumped in early have done well. The average fund invested in China has made a 112% gain since 2006 while the
very best fund, run by First State, has notched up a breathtaking 159% gain for its investors. Meanwhile, the average fund
invested in UK shares has limped in with a rise of 18% over the same period.
But last week the head of global emerging market equities at First State, Jonathan Asante, told investors that the good times
may be over. Asante wrote to investors saying that most stocks in emerging markets are "fully valued", which in fund
manager speak means he believes that they are not worth investing in and could be headed for a fall. A formal warning to
investors from their fund manager is extremely rare, as it could prompt investors to bolt for the exit – and shrink the funds
from which they are paid.
Asante takes a longer view than most of his rivals. Profit sharing and bonuses at First State are only paid out on the basis of
three-year numbers rather than quarterly or half-yearly figures. Managers are also required to put most of their personal
wealth into their funds. "It means that managers have to eat their own cooking," he says.
Asante, who used to teach at the London School of Economics before becoming a fund manager, is not forecasting an abrupt
halt to the Chinese economic miracle, or an end to India"s growth. But he says that so much money has flooded into the
shares of emerging market companies that even the best of them may now be overvalued. Many companies command share
price ratings which are a multiple of their equivalents in the west, he says, yet are trading in areas where corruption is rife,
inflation rising, where legal systems are immature and where back-door state control is common.
Overvaluations are perhaps most severe in Latin America, particularly Brazil, he says. Indeed, he was so concerned that last
December he wrote a separate warning note to clients in his Latin American portfolios. It was a good call – the São Paulo
Bovespa index was then around 70,000, and is now around 56,000. He continues to believe that the Brazilian currency, the
real, is the "most ridiculously over-valued currency in the world".
It is telling what First State managers are doing with their own cash tied up in First State funds. They now only have around
60% in equity funds, with 40% in cash (sterling, Hong Kong dollar and Singapore dollar) and gold.
"The world is a very risky place right now. I would have to be sceptical of the China story. The central planners have in some
senses been wonderful at balancing growth, inflation, banking and environmental concerns. I applaud them but wonder if
they can keep this going forever."
However, Asante"s views are not shared by the majority of emerging market fund managers. In contrast, the manager of
another giant emerging markets fund, Michael Konstantinov, of the £870m Allianz RCM Bric Stars fund, this week told
potential investors that valuations are currently "very cheap" (his italics) and that they offer an "outstanding entry point".
"I think it is important to remind ourselves that the Bric [Brazil, Russia, India, China] countries came through the global
economic crisis of 2008 and 2009 quite well. Brazil did not even go into recession in 2009 while India and China continued
to grow very strongly in the range of 8%-9%. Only Russia had a short-term setback, but has recovered well and is, again,
leading the global growth dynamic.
"As the demand side of these economies is mainly driven by domestic demand, not by exports, they are more resilient to a
global crisis."
Fidelity, which took more than £500m from UK investors into a China fund launched by its most high-profile manager,
Anthony Bolton, has struggled to make money for them yet. The trust is currently trading at 96p compared to its launch price
of 100p in April 2010, although Fidelity remains bullish on the region.
Nick Price, manager of Fidelity Emerging Markets fund and the Fidelity EMEA fund, says: "As an emerging market fund
manager you"d expect me to be bullish wouldn"t you? Clearly, many of the markets are facing headwinds right now and these
may last for some months. But having just come back from China where I spent a week visiting 30 companies, I remain
convinced that the China consumer story is as strong as ever.
"On a longer-term basis, emerging market stocks represent a fraction of their potential worth. It"s a strong statement I know,
but look at the facts. Emerging markets represent 90% of the world"s oil reserves, over 80% of the world"s population, over
60% of the world"s forex reserves, 30% of global GDP, but yet are only 13% of global stock market capitalisation. I am
convinced that the longer you look out, the more sure you can be that emerging markets offer great opportunities."
(source: http://www.guardian.co.uk/money/2011/aug/05/emerging-markets-bubble-burst)


In order to keep the same idea, the connective as in "As the demand side of these economies is mainly driven by domestic demand, not by exports, they are more resilient to a global crisis." could be replaced by:

a) as well as.
b) such as.
c) whereas.
d) as with.
e) as long as.

A resposta correta é:

Has Higgs been really discovered?

by Scientific American

Top physicists have recently reached a frenzy
over the announcement that the Large Hadron
Collider in Geneva is planning to release what is
widely expected to be tantalizing - although not
conclusive - evidence for the existence of the Higgs
boson, the elementary particle hypothesized to be the
origin of the mass of all matter.

Many physicists have already swung into
action, swapping rumors about the contents of the
announcement and proposing grand ideas about what
those rumors would mean, if true. “It’s impossible to
be excited enough,” says Gordon Kane, a theoretical
physicist at the University of Michigan at Ann Arbor.

The spokespeople of the collaborations using the
cathedral-size ATLAS and CMS detectors to search
for the Higgs boson and other phenomena at the
27-kilometer-circumference proton accelerator of the
Large Hadron Collider ( LHC ) are scheduled to present
updates based on analyses of the data collected to
date. “There won’t be a discovery announcement, but it
does promise to be interesting, since there are rumors
that scientists have seen hints of the elusive Higgs
boson” says James Gillies, spokesperson for CERN
(European Organization for Nuclear Research), which
hosts the LHC.

Joe Lykken, a theoretical physicist at Fermi
National Accelerator Laboratory in Batavia, Ill, and a
member of the CMS collaboration, says: “Whatever
happens eventually with the Higgs, I think we’ll look
back on this meeting and say. ‘This was the beginning
of something.’” (As a CMS member, Lykken says he is
not yet sure himself what results ATLAS would unveil;
he is bound by his collaboration’s rules not to reveal
what CMS has in hand.)

Available at: . Retrieved on: 11 Dec. 2011. Adapted.



The following fragment of Text is NOT completed correctly in

a) "using the cathedral-size ATLAS and CMS detectors,"- (lines 14-15 ) has as its subject "the spokespeople of the collaboration".
b) "and other phenomena"- (line 16 ) has a word whose plural form is phenomenon.
c) "based on analyses of the data collected to date."- (lines 19-20 ) means the analyses collected up to that time.
d) "it does promise to be interesting"- (lines 20-21 ) has an auxiliary verb used for emphasis.
e) "have seen hints of the elusive Higgs boson"- (lines 22-23 ) has words whose synonyms are respectively cues and obscure.

A resposta correta é:

Electronic junk will create pollution problem around world, U.N. study warns


BALI, Indonesia — Sales of household electrical gadgets will boom across the developing world in the next decade, wreaking environmental havoc if there are no new strategies to deal with the discarded TVs, cell phones and computers, a U.N. report said today.
The environmental and health hazards posed by the globe"s mounting electronic waste are particularly urgent in developing countries, which are already dumping grounds for rich nations" high-tech trash, the U.N. Environment Program study said.
Electronic waste is piling up around the world at a rate estimated at 40 million U.S. tons a year, the report said, noting that data remain insufficient.
China produces 2.6 million tons of electronic waste a year, second only to the United States with 3.3 million tons, it said.
UNEP Executive Director Achim Steiner said the globe was ill-prepared to deal with the explosion of electronic gadgets over the past decade.
"The world is now confronted with a massive wave of electronic waste that is going to come back and hit us, particularly for least-developed countries, that may become a dumping ground," Steiner told The Associated Press ahead of a UNEP executive meeting in Bali.
He said some Americans and Europeans have sent broken computers to African countries falsely declared as donations. The computers were dumped outside slums as toxic waste and became potential hazards to people, he said.
The report predicts that China"s waste rate from old computers will quadruple from 2007 levels by 2020. Meanwhile, in India, waste from old refrigerators — which contain hazardous chlorofluorocarbons and hydrochlorofluorocarbon gases — could triple by 2020.
It said the fastest growth in electronic waste in recent years has been in communications devices such as cell phones, pagers and smart phones.
Most of the recycling of electronic waste in developing countries such as China and India is done by inefficient and unregulated backyard operators. The environmentally harmful practice of heating electronic circuit boards over coal-fired grills to leach out gold is widespread in both countries.
The report called for regulations for collecting and managing electronic waste, and urged that technologies be transferred to the industrializing world to cope with such waste.
While electrical products such refrigerators, air conditioners, printers, DVD players and digital music players account for only a small part of the world"s garbage, their components make them particularly hazardous.
Prof. Eric Williams, an Arizona State University expert on industrial ecology who did not participate in the UNEP study, said it was difficult to comment on the credibility of the electronic waste growth forecasts because the report gives little explanation of how they were calculated.
"It is the environmental intensity of e-waste rather than its total mass that is the main concern," Williams told the AP via e-mail.
"If e-waste is recycled informally in the developing world, it causes far worse pollution than the much larger mass of regular waste in landfills," he said.

http://www.cleveland.com/world/index.ssf/2010/02/electronic_junk_will_create_po.html (06/06/12)



"Junk" is a synonym for

a) Food.
b) Warn.
c) TVs.
d) Waste.
e) Cell phones.

A resposta correta é:

TEXT I


Emerging markets: a bubble that has finally burst?

Patrick Collinson, guardian.co.uk, Friday 5 August 2011

One of Britain"s most successful fund managers has warned about an emerging market bubble and told small investors, who
have poured billions of pounds into emerging market funds, that returns could be sorely disappointing over the next few
years.
British investors now hold more than £40bn in emerging market funds – typically invested in China, Brazil and India – and
those who jumped in early have done well. The average fund invested in China has made a 112% gain since 2006 while the
very best fund, run by First State, has notched up a breathtaking 159% gain for its investors. Meanwhile, the average fund
invested in UK shares has limped in with a rise of 18% over the same period.
But last week the head of global emerging market equities at First State, Jonathan Asante, told investors that the good times
may be over. Asante wrote to investors saying that most stocks in emerging markets are "fully valued", which in fund
manager speak means he believes that they are not worth investing in and could be headed for a fall. A formal warning to
investors from their fund manager is extremely rare, as it could prompt investors to bolt for the exit – and shrink the funds
from which they are paid.
Asante takes a longer view than most of his rivals. Profit sharing and bonuses at First State are only paid out on the basis of
three-year numbers rather than quarterly or half-yearly figures. Managers are also required to put most of their personal
wealth into their funds. "It means that managers have to eat their own cooking," he says.
Asante, who used to teach at the London School of Economics before becoming a fund manager, is not forecasting an abrupt
halt to the Chinese economic miracle, or an end to India"s growth. But he says that so much money has flooded into the
shares of emerging market companies that even the best of them may now be overvalued. Many companies command share
price ratings which are a multiple of their equivalents in the west, he says, yet are trading in areas where corruption is rife,
inflation rising, where legal systems are immature and where back-door state control is common.
Overvaluations are perhaps most severe in Latin America, particularly Brazil, he says. Indeed, he was so concerned that last
December he wrote a separate warning note to clients in his Latin American portfolios. It was a good call – the São Paulo
Bovespa index was then around 70,000, and is now around 56,000. He continues to believe that the Brazilian currency, the
real, is the "most ridiculously over-valued currency in the world".
It is telling what First State managers are doing with their own cash tied up in First State funds. They now only have around
60% in equity funds, with 40% in cash (sterling, Hong Kong dollar and Singapore dollar) and gold.
"The world is a very risky place right now. I would have to be sceptical of the China story. The central planners have in some
senses been wonderful at balancing growth, inflation, banking and environmental concerns. I applaud them but wonder if
they can keep this going forever."
However, Asante"s views are not shared by the majority of emerging market fund managers. In contrast, the manager of
another giant emerging markets fund, Michael Konstantinov, of the £870m Allianz RCM Bric Stars fund, this week told
potential investors that valuations are currently "very cheap" (his italics) and that they offer an "outstanding entry point".
"I think it is important to remind ourselves that the Bric [Brazil, Russia, India, China] countries came through the global
economic crisis of 2008 and 2009 quite well. Brazil did not even go into recession in 2009 while India and China continued
to grow very strongly in the range of 8%-9%. Only Russia had a short-term setback, but has recovered well and is, again,
leading the global growth dynamic.
"As the demand side of these economies is mainly driven by domestic demand, not by exports, they are more resilient to a
global crisis."
Fidelity, which took more than £500m from UK investors into a China fund launched by its most high-profile manager,
Anthony Bolton, has struggled to make money for them yet. The trust is currently trading at 96p compared to its launch price
of 100p in April 2010, although Fidelity remains bullish on the region.
Nick Price, manager of Fidelity Emerging Markets fund and the Fidelity EMEA fund, says: "As an emerging market fund
manager you"d expect me to be bullish wouldn"t you? Clearly, many of the markets are facing headwinds right now and these
may last for some months. But having just come back from China where I spent a week visiting 30 companies, I remain
convinced that the China consumer story is as strong as ever.
"On a longer-term basis, emerging market stocks represent a fraction of their potential worth. It"s a strong statement I know,
but look at the facts. Emerging markets represent 90% of the world"s oil reserves, over 80% of the world"s population, over
60% of the world"s forex reserves, 30% of global GDP, but yet are only 13% of global stock market capitalisation. I am
convinced that the longer you look out, the more sure you can be that emerging markets offer great opportunities."
(source: http://www.guardian.co.uk/money/2011/aug/05/emerging-markets-bubble-burst)


According to Text I, the meaning conveyed by the question "a bubble that has finally burst?" is:

a) a globular body of air that has briefly exploded.
b) a speculative scheme that has lastly finished.
c) an impracticable idea that has deeply increased.
d) a fantastic belief that has openly improved.
e) a transparent dome that has clearly developed.

A resposta correta é:

Electronic junk will create pollution problem around world, U.N. study warns


BALI, Indonesia — Sales of household electrical gadgets will boom across the developing world in the next decade, wreaking environmental havoc if there are no new strategies to deal with the discarded TVs, cell phones and computers, a U.N. report said today.
The environmental and health hazards posed by the globe"s mounting electronic waste are particularly urgent in developing countries, which are already dumping grounds for rich nations" high-tech trash, the U.N. Environment Program study said.
Electronic waste is piling up around the world at a rate estimated at 40 million U.S. tons a year, the report said, noting that data remain insufficient.
China produces 2.6 million tons of electronic waste a year, second only to the United States with 3.3 million tons, it said.
UNEP Executive Director Achim Steiner said the globe was ill-prepared to deal with the explosion of electronic gadgets over the past decade.
"The world is now confronted with a massive wave of electronic waste that is going to come back and hit us, particularly for least-developed countries, that may become a dumping ground," Steiner told The Associated Press ahead of a UNEP executive meeting in Bali.
He said some Americans and Europeans have sent broken computers to African countries falsely declared as donations. The computers were dumped outside slums as toxic waste and became potential hazards to people, he said.
The report predicts that China"s waste rate from old computers will quadruple from 2007 levels by 2020. Meanwhile, in India, waste from old refrigerators — which contain hazardous chlorofluorocarbons and hydrochlorofluorocarbon gases — could triple by 2020.
It said the fastest growth in electronic waste in recent years has been in communications devices such as cell phones, pagers and smart phones.
Most of the recycling of electronic waste in developing countries such as China and India is done by inefficient and unregulated backyard operators. The environmentally harmful practice of heating electronic circuit boards over coal-fired grills to leach out gold is widespread in both countries.
The report called for regulations for collecting and managing electronic waste, and urged that technologies be transferred to the industrializing world to cope with such waste.
While electrical products such refrigerators, air conditioners, printers, DVD players and digital music players account for only a small part of the world"s garbage, their components make them particularly hazardous.
Prof. Eric Williams, an Arizona State University expert on industrial ecology who did not participate in the UNEP study, said it was difficult to comment on the credibility of the electronic waste growth forecasts because the report gives little explanation of how they were calculated.
"It is the environmental intensity of e-waste rather than its total mass that is the main concern," Williams told the AP via e-mail.
"If e-waste is recycled informally in the developing world, it causes far worse pollution than the much larger mass of regular waste in landfills," he said.

http://www.cleveland.com/world/index.ssf/2010/02/electronic_junk_will_create_po.html (06/06/12)



Which country most pollutes the world because of electronic junk?

a) Japan.
b) China.
c) USA.
d) Brazil.
e) United Nations.

A resposta correta é:

Skillset vs. Mindset: Which Will Get You the Job?

By Heather Huhman

There’s a debate going on among career
experts about which is more important: skillset or
mindset. While skills are certainly desirable for many
positions, does having the right ones guarantee
you’ll get the job?

What if you have the mindset to get the work
accomplished, but currently lack certain skills
requested by the employer? Jennifer Fremont-Smith,
CEO of Smarterer, and Paul G. Stoltz, PhD, coauthor
of Put Your Mindset to Work: The One Asset
You Really Need to Win and Keep the Job You Love,
recently sat down with U.S. Newsto sound off on this
issue.

Heather: What is more important to today’s
employers: skillset or mindset? Why?

Jennifer: For many jobs, skillset needs to come
first. The employer absolutely must find people who
have the hard skills to do whatever it is they are being
hired to do. Programmers have to know how to program.
Data analysts need to know how to crunch numbers in
Excel. Marketers must know their marketing tools and
software. Social media managers must know the tools
of their trade like Twitter, Facebook, WordPress, and
have writing and communication skills.
After the employers have identified candidates
with these hard skills, they can shift their focus to their
candidates’ mindsets - attitude, integrity, work ethic,
personality, etc.

Paul: Mindset utterly trumps skillset.
Heather: Do you have any data or statistics to
back up your argument?
Jennifer: Despite record high unemployment,
many jobs sit empty because employers can’t find
candidates with the right skills. In a recent survey
cited in the Wall Street Journal, over 50 percent of
companies reported difficulty finding applicants with
the right skills. Companies are running lean and mean
in this economy – they don’t have the time to train for
those key skills.
Paul: [Co-author James Reed and I] asked
tens of thousands of top employers worldwide this
question: If you were hiring someone today, which
would you pick, a ) the person with the perfect skills
and qualifications, but lacking the desired mindset, or
B) the person with the desired mindset, but lacking
the rest? Ninety-eight percent pick A. Add to this that
97 percent said it is more likely that a person with the
right mindset will develop the right skillset, rather than
the other way around.
Heather: How do you define skillset?

Jennifer: At Smarterer, we define skillset as the
set of digital, social, and technical tools professionals
use to be effective in the workforce. Professionals
are rapidly accumulating these skills, and the tools
themselves are proliferating and evolving – we’re giving
people a simple, smart way for people to validate their
skillset and articulate it to the world.

Heather: How do you define mindset?

Paul: We define mindset as “the lens through
which you see and navigate life.” It undergirds and
affects all that you think, see, believe, say, and do.

Heather: How can job seekers show they have
the skillset employers are seeking throughout the
entire hiring process?
Jennifer: At the beginning of the process, seekers
can showcase the skills they have by incorporating
them, such as their Smarterer scores, throughout
their professional and personal brand materials. They
should be articulating their skills in their resume, cover
letter, LinkedIn profile, blog, website - everywhere
they express their professional identity.

Heather: How can job seekers show they have
the mindset employers are seeking throughout
the entire hiring process?
Paul: One of the most head-spinning studies
we did, which was conducted by an independent
statistician showed that, out of 30,000 CVs/resumes,
when you look at who gets the job and who does not:

A. The conventional wisdom fails (at best). None
of the classic, accepted advice, like using action verbs
or including hobbies/interests actually made any
difference.

B. The only factor that made the difference was
that those who had one of the 72 mindset qualities
from our master model, articulated in their CV/resume,
in a specific way, were three times as likely to get the
job. Furthermore, those who had two or more of these
statements, were seven times more likely to get the
job, often over other more qualified candidates.
Available at: .Retrieved on: 17 Sept. 2011. Adapted.



The main purpose of the text is to

a) explain the reasons why unemployment is so high in the current global economic crisis.
b) discuss the qualities that employers have been looking for in prospective job candidates.
c) list the most important personality traits employers have been looking for in prospective employees.
d) convince job seekers that having the appropriate technical skills for a given function is all they need to get a job.
e) justify that the actual difficult economic situation prevents job applicants from developing the necessary technical skills for the job market.

A resposta correta é:

Electronic junk will create pollution problem around world, U.N. study warns


BALI, Indonesia — Sales of household electrical gadgets will boom across the developing world in the next decade, wreaking environmental havoc if there are no new strategies to deal with the discarded TVs, cell phones and computers, a U.N. report said today.
The environmental and health hazards posed by the globe"s mounting electronic waste are particularly urgent in developing countries, which are already dumping grounds for rich nations" high-tech trash, the U.N. Environment Program study said.
Electronic waste is piling up around the world at a rate estimated at 40 million U.S. tons a year, the report said, noting that data remain insufficient.
China produces 2.6 million tons of electronic waste a year, second only to the United States with 3.3 million tons, it said.
UNEP Executive Director Achim Steiner said the globe was ill-prepared to deal with the explosion of electronic gadgets over the past decade.
"The world is now confronted with a massive wave of electronic waste that is going to come back and hit us, particularly for least-developed countries, that may become a dumping ground," Steiner told The Associated Press ahead of a UNEP executive meeting in Bali.
He said some Americans and Europeans have sent broken computers to African countries falsely declared as donations. The computers were dumped outside slums as toxic waste and became potential hazards to people, he said.
The report predicts that China"s waste rate from old computers will quadruple from 2007 levels by 2020. Meanwhile, in India, waste from old refrigerators — which contain hazardous chlorofluorocarbons and hydrochlorofluorocarbon gases — could triple by 2020.
It said the fastest growth in electronic waste in recent years has been in communications devices such as cell phones, pagers and smart phones.
Most of the recycling of electronic waste in developing countries such as China and India is done by inefficient and unregulated backyard operators. The environmentally harmful practice of heating electronic circuit boards over coal-fired grills to leach out gold is widespread in both countries.
The report called for regulations for collecting and managing electronic waste, and urged that technologies be transferred to the industrializing world to cope with such waste.
While electrical products such refrigerators, air conditioners, printers, DVD players and digital music players account for only a small part of the world"s garbage, their components make them particularly hazardous.
Prof. Eric Williams, an Arizona State University expert on industrial ecology who did not participate in the UNEP study, said it was difficult to comment on the credibility of the electronic waste growth forecasts because the report gives little explanation of how they were calculated.
"It is the environmental intensity of e-waste rather than its total mass that is the main concern," Williams told the AP via e-mail.
"If e-waste is recycled informally in the developing world, it causes far worse pollution than the much larger mass of regular waste in landfills," he said.

http://www.cleveland.com/world/index.ssf/2010/02/electronic_junk_will_create_po.html (06/06/12)



The electronical waste is bad for

a) computers.
b) cell phones.
c) TVs.
d) batteries.
e) human bodies.

A resposta correta é:

TEXT I


Emerging markets: a bubble that has finally burst?

Patrick Collinson, guardian.co.uk, Friday 5 August 2011

One of Britain"s most successful fund managers has warned about an emerging market bubble and told small investors, who
have poured billions of pounds into emerging market funds, that returns could be sorely disappointing over the next few
years.
British investors now hold more than £40bn in emerging market funds – typically invested in China, Brazil and India – and
those who jumped in early have done well. The average fund invested in China has made a 112% gain since 2006 while the
very best fund, run by First State, has notched up a breathtaking 159% gain for its investors. Meanwhile, the average fund
invested in UK shares has limped in with a rise of 18% over the same period.
But last week the head of global emerging market equities at First State, Jonathan Asante, told investors that the good times
may be over. Asante wrote to investors saying that most stocks in emerging markets are "fully valued", which in fund
manager speak means he believes that they are not worth investing in and could be headed for a fall. A formal warning to
investors from their fund manager is extremely rare, as it could prompt investors to bolt for the exit – and shrink the funds
from which they are paid.
Asante takes a longer view than most of his rivals. Profit sharing and bonuses at First State are only paid out on the basis of
three-year numbers rather than quarterly or half-yearly figures. Managers are also required to put most of their personal
wealth into their funds. "It means that managers have to eat their own cooking," he says.
Asante, who used to teach at the London School of Economics before becoming a fund manager, is not forecasting an abrupt
halt to the Chinese economic miracle, or an end to India"s growth. But he says that so much money has flooded into the
shares of emerging market companies that even the best of them may now be overvalued. Many companies command share
price ratings which are a multiple of their equivalents in the west, he says, yet are trading in areas where corruption is rife,
inflation rising, where legal systems are immature and where back-door state control is common.
Overvaluations are perhaps most severe in Latin America, particularly Brazil, he says. Indeed, he was so concerned that last
December he wrote a separate warning note to clients in his Latin American portfolios. It was a good call – the São Paulo
Bovespa index was then around 70,000, and is now around 56,000. He continues to believe that the Brazilian currency, the
real, is the "most ridiculously over-valued currency in the world".
It is telling what First State managers are doing with their own cash tied up in First State funds. They now only have around
60% in equity funds, with 40% in cash (sterling, Hong Kong dollar and Singapore dollar) and gold.
"The world is a very risky place right now. I would have to be sceptical of the China story. The central planners have in some
senses been wonderful at balancing growth, inflation, banking and environmental concerns. I applaud them but wonder if
they can keep this going forever."
However, Asante"s views are not shared by the majority of emerging market fund managers. In contrast, the manager of
another giant emerging markets fund, Michael Konstantinov, of the £870m Allianz RCM Bric Stars fund, this week told
potential investors that valuations are currently "very cheap" (his italics) and that they offer an "outstanding entry point".
"I think it is important to remind ourselves that the Bric [Brazil, Russia, India, China] countries came through the global
economic crisis of 2008 and 2009 quite well. Brazil did not even go into recession in 2009 while India and China continued
to grow very strongly in the range of 8%-9%. Only Russia had a short-term setback, but has recovered well and is, again,
leading the global growth dynamic.
"As the demand side of these economies is mainly driven by domestic demand, not by exports, they are more resilient to a
global crisis."
Fidelity, which took more than £500m from UK investors into a China fund launched by its most high-profile manager,
Anthony Bolton, has struggled to make money for them yet. The trust is currently trading at 96p compared to its launch price
of 100p in April 2010, although Fidelity remains bullish on the region.
Nick Price, manager of Fidelity Emerging Markets fund and the Fidelity EMEA fund, says: "As an emerging market fund
manager you"d expect me to be bullish wouldn"t you? Clearly, many of the markets are facing headwinds right now and these
may last for some months. But having just come back from China where I spent a week visiting 30 companies, I remain
convinced that the China consumer story is as strong as ever.
"On a longer-term basis, emerging market stocks represent a fraction of their potential worth. It"s a strong statement I know,
but look at the facts. Emerging markets represent 90% of the world"s oil reserves, over 80% of the world"s population, over
60% of the world"s forex reserves, 30% of global GDP, but yet are only 13% of global stock market capitalisation. I am
convinced that the longer you look out, the more sure you can be that emerging markets offer great opportunities."
(source: http://www.guardian.co.uk/money/2011/aug/05/emerging-markets-bubble-burst)


According to the first paragraph (Text I), over the next few years, the returns could be:

a) highly profitable.
b) really gainful.
c) extremely frustrating.
d) greatly remunerative.
e) intensively idyllic.

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Skillset vs. Mindset: Which Will Get You the Job?

By Heather Huhman

There’s a debate going on among career
experts about which is more important: skillset or
mindset. While skills are certainly desirable for many
positions, does having the right ones guarantee
you’ll get the job?

What if you have the mindset to get the work
accomplished, but currently lack certain skills
requested by the employer? Jennifer Fremont-Smith,
CEO of Smarterer, and Paul G. Stoltz, PhD, coauthor
of Put Your Mindset to Work: The One Asset
You Really Need to Win and Keep the Job You Love,
recently sat down with U.S. Newsto sound off on this
issue.

Heather: What is more important to today’s
employers: skillset or mindset? Why?

Jennifer: For many jobs, skillset needs to come
first. The employer absolutely must find people who
have the hard skills to do whatever it is they are being
hired to do. Programmers have to know how to program.
Data analysts need to know how to crunch numbers in
Excel. Marketers must know their marketing tools and
software. Social media managers must know the tools
of their trade like Twitter, Facebook, WordPress, and
have writing and communication skills.
After the employers have identified candidates
with these hard skills, they can shift their focus to their
candidates’ mindsets - attitude, integrity, work ethic,
personality, etc.

Paul: Mindset utterly trumps skillset.
Heather: Do you have any data or statistics to
back up your argument?
Jennifer: Despite record high unemployment,
many jobs sit empty because employers can’t find
candidates with the right skills. In a recent survey
cited in the Wall Street Journal, over 50 percent of
companies reported difficulty finding applicants with
the right skills. Companies are running lean and mean
in this economy – they don’t have the time to train for
those key skills.
Paul: [Co-author James Reed and I] asked
tens of thousands of top employers worldwide this
question: If you were hiring someone today, which
would you pick, a ) the person with the perfect skills
and qualifications, but lacking the desired mindset, or
B) the person with the desired mindset, but lacking
the rest? Ninety-eight percent pick A. Add to this that
97 percent said it is more likely that a person with the
right mindset will develop the right skillset, rather than
the other way around.
Heather: How do you define skillset?

Jennifer: At Smarterer, we define skillset as the
set of digital, social, and technical tools professionals
use to be effective in the workforce. Professionals
are rapidly accumulating these skills, and the tools
themselves are proliferating and evolving – we’re giving
people a simple, smart way for people to validate their
skillset and articulate it to the world.

Heather: How do you define mindset?

Paul: We define mindset as “the lens through
which you see and navigate life.” It undergirds and
affects all that you think, see, believe, say, and do.

Heather: How can job seekers show they have
the skillset employers are seeking throughout the
entire hiring process?
Jennifer: At the beginning of the process, seekers
can showcase the skills they have by incorporating
them, such as their Smarterer scores, throughout
their professional and personal brand materials. They
should be articulating their skills in their resume, cover
letter, LinkedIn profile, blog, website - everywhere
they express their professional identity.

Heather: How can job seekers show they have
the mindset employers are seeking throughout
the entire hiring process?
Paul: One of the most head-spinning studies
we did, which was conducted by an independent
statistician showed that, out of 30,000 CVs/resumes,
when you look at who gets the job and who does not:

A. The conventional wisdom fails (at best). None
of the classic, accepted advice, like using action verbs
or including hobbies/interests actually made any
difference.

B. The only factor that made the difference was
that those who had one of the 72 mindset qualities
from our master model, articulated in their CV/resume,
in a specific way, were three times as likely to get the
job. Furthermore, those who had two or more of these
statements, were seven times more likely to get the
job, often over other more qualified candidates.
Available at: .Retrieved on: 17 Sept. 2011. Adapted.



Jennifer Fremont-Smith and Paul G. Stoltz are both interviewed in this article because they

a) have written books on how to conquer a dream job.
b) are chief executives from renowned American companies.
c) have identical points of view and experiences about the necessary qualifications in an employee.
d) show different perspectives concerning what employers value in a job candidate.
e) agree that all employers value the same set of technical skills in all employees.

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TEXT II


China: is it a big bubble about to burst?

Patrick Collinson, guardian.co.uk, Friday 27 April 2012

Diana Choyleva is the bear in the China shop. The analyst from Lombard Street Research says last week"s China GDP
figures – which revealed growth slowing to a three-year low – are an early warning signal of the hard landing to come.

Dig deep into the data, she says, and you"ll find that Chinese exports are falling. All that is propping up the economy is
gargantuan investment in infrastructure financed by state- directed banks that look more and more like Western banks just
before the collapse of 2008. Except they are bigger and badder.

Choyleva radiates a pessimism that is almost unique among Hong Kong"s investment professionals. Westerners, she says, are
so awed by the China dream they can"t see the coming China-geddon. The excesses that drove the West into a financial crisis
and, in Europe, an economic depression, are gripping the Chinese economy, too. "It"s just that they have become bigger," she
says. The country"s vast pool of savings is being squandered on dead-end infrastructure projects that make Japan"s roads to
nowhere look like prudent planning.

"China"s miracle growth is over," she proclaims, saying that if Chinese policy makers get it right they might, just, see the
country"s growth halve to 5% or below. Get it wrong, and the consequences could be devastating not just for China but for
the rest of the world, too. "Building those roads to nowhere can go on for a long time, but ultimately financing it will become
unbearable," warns Choyleva.

As long as US and European consumers were accumulating colossal amounts of debt, much of it to pay for goods made in
China, the merry-go-round worked just fine. But as western economies deleverage, the driver for growth has been
extinguished.

"The financial crisis has changed everything," she says. "It can no longer rely on abroad to buy its excess production. The US
will consume less, and produce more. The years of current account surpluses are over, rendering the growth model obsolete."

Meanwhile, the banks that have been the lynchpin of growth are insolvent, and their mountain of bad loans will eventually
lead to a liquidity crisis.

But Choyleva"s is a lone voice. At brokerage CLSA, one of the region"s biggest investment banks, China macro strategist
Andy Rothman, a former US diplomat, says the wall of worry comes from a fundamental misunderstanding.

The first myth to explode, he says, is that it is an export economy. It"s not. It assembles the likes of iPads (they are all made
in China ), but the value remains, mostly, in the US. Even Korean firms make more money from the iPad than China. Over
the last decade, while it has enjoyed GDP growth of 10% per annum, only 1% of that was from exports. What we haven"t
woken up to is that China is a domestic growth story.

It"s not an unbalanced export-only economy – instead, it"s the world"s best domestic consumption story, claims Rothman. It is
being driven by "phenomenal" increases in wages for average workers; incomes are up 173% over the past 11 years. That
also puts the so-called property bubble into perspective. The price per-square-foot of an apartment in a major Chinese city
has leaped by nearly 10% a year, for many years. But as incomes are rising even faster – by around 13% a year – it"s not the
issue it became in the west.

Better still, it"s not on the never-never. Mortgages are still in their infancy in China. One in five first-time buyers purchase
entirely with cash. The average downpayment is 30% – a long way from the 100% loans that became common in the US and
the UK.

"Even if prices fall by a third, almost no one will actually be underwater," says Rothman. Westerners are also obsessed with
startling property price rises in Shanghai and Beijing. But go into the interior and prices are "dramatically lower," he says.
(source: http://www.guardian.co.uk/money/2012/apr/27/china-big-bubbles-about-to-burst)


According to Text II, mortgages are still:

a) undeveloped.
b) developed.
c) overdeveloped.
d) increased.
e) infamous.

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