deck no. 12 Flashcards
to add a twist
dodać coś nietypowego, urozmaicić
China may end up doing Bitcoin with an authoritarian twist: instead of anonymity it may want all data to be trackable and centrally stored.
izba rozrachunkowa (rozliczająca transakcje finansowe między instytucjami)
clearing house
Western clearing houses refused to settle its debt securities.
ramification
konsekwencja
Rarely are the ramifications of a fourletter word so great as in the case of Yukos, a defunct Russian oil firm.
fiddler
skrzypek
These were the basis for the musical Fiddler on the Roof.
porozstawiać po kątach, zaprowadzić porządek
to knock heads together
These, some say, can knock heads together quickly and help firms recover. It is best to take such statements with a pinch of salt.
to issue
emitować, wypuszczać (np. akcje)
Russia’s debt is being de-dollarised, too. New issuance is often in roubles or euros, and the government is exploring selling yuan-denominated bonds.
chichotać
to chuckle
When asked whether he would continue to work in the new government, Mr. Lavrov, 69 years old, chuckled, saying he was still on the job for now.
output
produkcja, wyniki pracy
Nonetheless Rosneft, a state-backed producer that accounts for over 40% of Russia’s crude output, has denominated its tender contracts in euros.
martial
wojenny; wojskowy
And the martial approach that America has adopted threatens the dollar’s dominance, reckons Jeffrey Frankel of Harvard University.
trade in arms
handel bronią
State-backed Promsvyazbank pjsc is used for trade in arms so as to shield bigger banks like Sberbank and vtb from the threat of sanctions.
proceedings
sprawozdanie, protokół
That is, the recent US presidential impeachment proceedings in which Mr Giuliani, in his capacity as President Donald Trump’s personal lawyer, was shown to be criss-crossing Ukraine in search of possible evidence of corruption involving a political rival, former vice-president Joe Biden.
niepoliczony, nieobliczalny
untold
Their calculus is that nothing can stop these firms, which are destined to earn untold riches.
brzmieć wiarygodnie
to ring true
The oil metaphor also rings true because some types of data and some of the insights extracted from them are already widely traded.
po taniości
on the cheap
Warren Buffett picked up assets on the cheap in 2007-09, while JPMorgan Chase cemented its place as America’s leading bank as the industry retrenched.
w całej; na całej
-wide
But perhaps themost radical element of the scheme is its focus on generating profits almost from the get-go, in defiance of dire industry-wide projections.
perennial
wieloletni
A data economy in which those who produce a large part of the main input are perennially underpaid is unlikely to be a healthy economy.
to collude
być w zmowie
BMW is fighting a ruling by the European Commission, the European Union’s executive arm, that it colluded with other car makers to fix prices of emissions technology.
midsized
średniej wielkości
Consultancy McKinsey estimates midsized electric vehicles cost $12,000 more to produce than their petrol or diesel counterparts, forcing carmakers to charge more or face squeezed margins.
headwinds
trudności
China keeps its internet giants under tacit state control and wants to rely less on Silicon Valley, including Apple, which is already dealing with the covid-19 virus and other headwinds there.
to set somebody apart
wyróżniać kogoś (np. jakością)
What sets VW apart, he added, is its “very tough” culture.
construct
idea
Since most personal data are fundamentally a social construct to which more than one person has the right, individuals could engage in a race to the bottom.
adage
przysłowie, porzekadło
They also givenewmeaning to the adage that knowledge is power.
zbędny; spisany na straty
expendable
Russia has gone furthest. It has designated expendable entities to engage in commerce with countries America considers rogue, in order to avoid putting important banks and firms at risk.
to chalk up
zwyciężać, osiągać (np. sukces)
Messrs. Putin and Lavrov chalked up a string of victories last year.
emitować, wypuszczać (np. akcje)
to issue
Russia’s debt is being de-dollarised, too. New issuance is often in roubles or euros, and the government is exploring selling yuan-denominated bonds.
jaw-dropping
oszałamiający, imponujący
Even as regulators discuss new rules and activists fret about the right to privacy, the shares of the five biggest American tech firms have been on a jaw-dropping bull run over the past 12 months, rising by 52%.
przewyższyć (np. jakąś kwotę)
to top
Elon Musk has navigated Tesla Inc. into new territory, as the electric-car maker’s market value topped $100 billion Wednesday and overtook Volkswagen AG as the world’s No. 2 most-valuable auto maker.
to wit
mianowicie
To wit, he has assumed a role as self-styled conscience of the business world in telling CEOs how to run their companies.
na odwrót; przeciwnie
conversely
Conversely, Russian firms and households retain a fondness for dollars when it comes to holding international assets: they have $80bn more than they did in 2014.
as things stand
w obecnej formie, w obecnym stanie rzeczy
As things stand, their work may become systematically undervalued, reckons Glen Weyl of Microsoft.
skewed
wypaczony
Yet it is the skewed distribution of income between capital and labour that may turn out to be the most pressing problem of the data economy.
niedogodność; mankament; wada, minus
drawback
But most countries will probably shy away from the drawbacks of even less draconian measures.
przerwać coś, zakończyć coś
to call a halt to something
It is the biggest monetary policy experiment of modern times. One that has divided economists, central bankers and politicians. But now that Sweden has called a halt to its five-year trial with negative interest rates the serious work has begun on looking at whether it worked.
to vacate
opuscić, zwolnić
Brokers said Italy’s Prada SpA and La Perla both plan to vacate Russell Street this year, where they have stores occupying 15,000 and 8,000 square feet, respectively.
unit of account
jednostka rozliczeniowa, jednostka obrachunkowa
The dollar is used globally as a unit of account, store of value and medium of exchange.
pozornie, rzekomo
ostensibly
This is ostensibly why BlackRock has voted against more than 80% of the climate resolutions on proxy ballots by activist shareholders.
żużycie (podczas eksploatacji)
wear and tear
And they make possible new business models: why buy heavy equipment if its wear and tear can bemeasured in detail and it can thus be rented by the minute?
ostensibly
pozornie, rzekomo
This is ostensibly why BlackRock has voted against more than 80% of the climate resolutions on proxy ballots by activist shareholders.
przysłowie, porzekadło
adage
They also givenewmeaning to the adage that knowledge is power.
to vest
nadawać
The president is vested the executive power.
conundrum
zagadka, tajemnica
It will conclude by discussing what is perhaps the biggest conundrum of the mirror world: the risk is that the wealth it creates will be even more unequally distributed than in its terrestrial twin.
mniejsze marże
squeezed margins
Consultancy McKinsey estimates midsized electric vehicles cost $12,000 more to produce than their petrol or diesel counterparts, forcing carmakers to charge more or face squeezed margins.
dodać coś nietypowego, urozmaicić
to add a twist
China may end up doing Bitcoin with an authoritarian twist: instead of anonymity it may want all data to be trackable and centrally stored.
gloom
mrok; smutek
Other brokers are also gloomy about the price outlook for Hong Kong, even as they say the lower rates are drawing interest from potential new tenants who so far haven’t set up shop in the city.
to assume
obejmować (np. jakieś stanowisko)
To wit, he has assumed a role as self-styled conscience of the business world in telling CEOs how to run their companies.
nieczysta gra, nieuczciwe zachowanie
foul play
After decades of churning out huge profits and setting the standard for premium cars, Germany’s top luxury auto makers are on the retreat, hurt by increased competition, allegations of foul play and tech-heavy upstarts.
trudności
headwinds
China keeps its internet giants under tacit state control and wants to rely less on Silicon Valley, including Apple, which is already dealing with the covid-19 virus and other headwinds there.
spowodować coś
to bring about something
The emergence of these mirror worlds will bring about a distinct economy.
to eat into something
uszczuplić coś (np. zapasy); nadszarpnąć coś,
Eurozone banks say they have paid €25bn in negative rates to the ECB since it cut rates below zero in June 2014, eating into their already weak profits.
okres trwałości
shelf life
All of which means that fossil fuels still have a long shelf life, especially in developing countries.
odpoczynek
respite [respit]
He said Netflix wants to be the safe respite for its subscribers, with none of the controversy around exploiting users with advertising.
uzyskać
to secure
Businesses have been able to secure loans with fewer strings attached, for example if they look like they may struggle to repay the money.
killing field
pole walki
The Anatevka saga is a reminder of the powerful but fraught role that a handful of rabbi shave come to play in Ukraine, a place that was one of the bloodiest killing fields of the Holocaust but is now undergoing a Jewish revival.
to secure
uzyskać
Businesses have been able to secure loans with fewer strings attached, for example if they look like they may struggle to repay the money.
log
belka; kłoda
Anatevka has come a longway in five years. It features a school, a dormitory, apartments for about 150 residents, a rustic synagogue built from pine logs, a woodworking shop, a football pitch and a nearly completed rehabilitation centre for the infirm.
to breathe life into something
tchnąć w coś życie, ożywić coś (np. sztukę teatralną, wystąpienie)
Peugeot breathed new life into its DS brand.
incumbent
tu: obecny
A decade later, VW’s incumbent boss Herbert Diess is spending more than €33 bn on proving him wrong.
to boast
chlubić się, szczycić się (np. zabytkami, atrakcjami miejskimi)
It not only boasts the biggest and most innovative tech companies, but plenty of potential customers, fibre-optic cables, cheap power and land to build cavernous data centres.
to top
przewyższyć (np. jakąś kwotę)
Elon Musk has navigated Tesla Inc. into new territory, as the electric-car maker’s market value topped $100 billion Wednesday and overtook Volkswagen AG as the world’s No. 2 most-valuable auto maker.
uznany; o ugruntowanej pozycji
established
In the rich world one in eight established companies makes too little profit to pay the interest on their loans, let alone the principal.
tacit
milczący (o przyzwoleniu, zgodzie)
China keeps its internet giants under tacit state control and wants to rely less on Silicon Valley, including Apple, which is already dealing with the covid-19 virus and other headwinds there.
in defiance of
wbrew
But perhaps themost radical element of the scheme is its focus on generating profits almost from the get-go, in defiance of dire industry-wide projections.
to bring about something
spowodować coś
The emergence of these mirror worlds will bring about a distinct economy.
jak w przypadku
as with
And in some cases the data flows are simply too large to be sent to the cloud, as with the traffic lights in Las Vegas, which together generate 60 terabytes a day (a tenth of the amount Facebook collects in a day).
optymalny punkt (np. coś, co przynosi najlepsze efekty); najlepsza część do uderzenia piłki (np. na rakiecie, kiju golfowym)
sweet spot
Celebrity tie-ins do seem to have hit a sweet spot, though. Ben & Jerry’s flavors based on Grateful Dead guitarist Jerry Garcia, late night talkshow hosts Jimmy Fallon and Stephen Colbert made up three of the company’s 10 best-selling ice creams last year.
to move about
poruszać się
This can mean simply moving about online and providing feedback, as most people already do.
wstrząs (ziemi)
tremor
The big tech firms’ supersized valuations suggest their profits will double or so in the next decade, causing far greater economic tremors in rich countries and an alarming concentration of economic and political power.
pendulum
wahadło; nagły zwrot
How far will the pendulum swing back?
to blaze a trail
przecierać szlaki
Will China follow the trail blazed by Russia?
przetarg
tender
Nonetheless Rosneft, a state-backed producer that accounts for over 40% of Russia’s crude output, has denominated its tender contracts in euros.
przeciwstawić się czemuś
to push back on something
Countries that used merely to gripe about America’s financial might are now pushing back.
to hobble
osłabić
America’s ability to blacklist or hobble Chinese tech firms, such as Huawei, ultimately rests on punishing suppliers and other counterparties who do business with them through the dollarbased banking and payments system.
oxide
tlenek
That culture was in part what led to Dieselgate, the 2015 scandal in which VW admitted to having sold 11m cars worldwide fitted with devices that under-reported emissions of nitrogen oxide.
ziemski (od: Ziemia)
terrestrial
It will conclude by discussing what is perhaps the biggest conundrum of the mirror world: the risk is that the wealth it creates will be even more unequally distributed than in its terrestrial twin.
resentment
frustracja
When recession strikes it will fuel new resentments.
in turn
po kolei
This special report will tackle these topics in turn.
pogorszyć się
to sour
Banks are in better shape thanks to new (albeit largely untested) regulations enacted since 2008, and so should be able to keep lending if the economy sours.
pomysłowość
ingenuity
As the Trump administration continues to use sanctions aggressively, efforts to circumvent them will accelerate. America does not have a monopoly on financial ingenuity.
to unveil
zaprezentować; ujawnić; odkryć
When Volkswagen unveiled its first battery-powered prototype in 2009, chief executive Martin Winterkorn warned about “electro hype”—the idea that this new technology could be as affordable and ubiquitous as its fleet of petrol and diesel cars.
spowodować coś, dać czemuś początek
to give rise to something
A deluge of data is giving rise to a new economy.
dormant
uśpiony; nieaktywny
In 2013, Ford revived the long-dormant Vignale subbrand, to compete against Volkswagen.
bulwark
zapora; falochron
Mr. Lavrov said Russia would continue to try to boost relations with China, which Moscow sees as a bulwark against the West.
wykonalny
feasible
Electricity then allowed power to be distributed to where it was needed, which made assembly lines feasible.
mrok; smutek
gloom
Other brokers are also gloomy about the price outlook for Hong Kong, even as they say the lower rates are drawing interest from potential new tenants who so far haven’t set up shop in the city.
to enact
uchwalać, wcielać w życie
Banks are in better shape thanks to new (albeit largely untested) regulations enacted since 2008, and so should be able to keep lending if the economy sours.
średniej wielkości
midsized
Consultancy McKinsey estimates midsized electric vehicles cost $12,000 more to produce than their petrol or diesel counterparts, forcing carmakers to charge more or face squeezed margins.
wieloletni
perennial
A data economy in which those who produce a large part of the main input are perennially underpaid is unlikely to be a healthy economy.
pracownik
staffer
The commission is working on a new action plan, part of which involves encouraging eu countries to eliminate undue reference to the dollar in payments and trade invoicing, according to a staffer.
zmieniać kierunek (np. rzeki, drogi)
to divert
Russia’s growing sway on the world stage has reinvigorated Russians’ patriotism and contributed to the backbone of support for Mr. Putin at home, even as much-needed rubles are diverted away from social programs to boost the military.
to reinstate
przywracać; ponownie wprowadzić (przepis lub prawo)
That reinstated a decision in 2014 by the Permanent Court of Arbitration (PCA), an international dispute-resolution court in The Hague.
frustracja
resentment
When recession strikes it will fuel new resentments.
zwyciężać, osiągać (np. sukces)
to chalk up
Messrs. Putin and Lavrov chalked up a string of victories last year.
argumentacja
line of argument
This line of argument has already given birth to what is known as the “open-data” movement.
zasięg
footprint
He said many retailers were cutting space or moving stores to better locations, while new entrants were expanding their footprint at cheaper rents.
to complement
uzupełniać
China has some of the building blocks to become more autonomous. It has its own domestic payments and settlement infrastructure, called CIPS. Launched in 2015, it has so far complemented swift (which it uses for interbank messaging).
milczący (o przyzwoleniu, zgodzie)
tacit
China keeps its internet giants under tacit state control and wants to rely less on Silicon Valley, including Apple, which is already dealing with the covid-19 virus and other headwinds there.
początek
get-go
But perhaps themost radical element of the scheme is its focus on generating profits almost from the get-go, in defiance of dire industry-wide projections.
tlenek
oxide
That culture was in part what led to Dieselgate, the 2015 scandal in which VW admitted to having sold 11m cars worldwide fitted with devices that under-reported emissions of nitrogen oxide.
respite [respit]
odpoczynek
He said Netflix wants to be the safe respite for its subscribers, with none of the controversy around exploiting users with advertising.
zerwać (np. związek, romans), rzucić (kogoś)
to ditch
We aren’t aiming to ditch the dollar, Mr Putin has said. The dollar is ditching us.
będący w trudnej sytuacji finansowej
straitened
A recession half as bad as the 2007-09 slump would result in $19trn of corporate debt—nearly 40% of the total— being owed by such straitened companies, according to the IMF.
wycofywać się; spadać (o akcjach)
to retreat
After decades of churning out huge profits and setting the standard for premium cars, Germany’s top luxury auto makers are on the retreat, hurt by increased competition, allegations of foul play and tech-heavy upstarts.
to ditch
zerwać (np. związek, romans), rzucić (kogoś)
We aren’t aiming to ditch the dollar, Mr Putin has said. The dollar is ditching us.
top spot
pierwsze miejsce
There was heady talk of the yuan challenging the dollar for the top spot by 2020.
zapora; falochron
bulwark
Mr. Lavrov said Russia would continue to try to boost relations with China, which Moscow sees as a bulwark against the West.
intermediate goods
połprodukty
The economic growth damping effects of the current coronavirus outbreak threaten to ripple around a world dependent on supply chains that rely on China’s factories for many intermediate and finished goods.
skrzypek
fiddler
These were the basis for the musical Fiddler on the Roof.
pianka; lanie wody; gadanie bzdur
froth
And the loss-making antics of flaky tech “unicorns”, such as Uber and WeWork, evoked the kind of speculative froth often seen at the tail end of a long boom.
być w zmowie
to collude
BMW is fighting a ruling by the European Commission, the European Union’s executive arm, that it colluded with other car makers to fix prices of emissions technology.
wskazówka
giveaway
The giveaway is that Mr. Fink says BlackRock will divest its actively managed funds from corporations that generate 25% or more of their revenues from coal production.
tremor
wstrząs (ziemi)
The big tech firms’ supersized valuations suggest their profits will double or so in the next decade, causing far greater economic tremors in rich countries and an alarming concentration of economic and political power.
z czymś, łączony z
-cum-
According to Openai, a startup-cum-think-tank, the computing power used in cutting-edge ai projects started to explode in 2012.
na równych prawach; na takich samych zasadach
on equal footing
Stripe, the payments platform that is now the most valuable private US tech company, last year declared its fifth “engineering hub”would be “remote”— putting homeworkers on an equal footing with its offices in San Francisco, Seattle, Dublin and Singapore.
on the cheap
po taniości
Warren Buffett picked up assets on the cheap in 2007-09, while JPMorgan Chase cemented its place as America’s leading bank as the industry retrenched.
tu: obecny
incumbent
A decade later, VW’s incumbent boss Herbert Diess is spending more than €33 bn on proving him wrong.
on equal footing
na równych prawach; na takich samych zasadach
Stripe, the payments platform that is now the most valuable private US tech company, last year declared its fifth “engineering hub”would be “remote”— putting homeworkers on an equal footing with its offices in San Francisco, Seattle, Dublin and Singapore.
every nook and cranny
najgłębsze zakamarki
Similarly, for every warehouse-sized data centre, there will be an endless network of cables and connections, collecting data from every nook and cranny of the world.
obejmować (np. jakieś stanowisko)
to assume
To wit, he has assumed a role as self-styled conscience of the business world in telling CEOs how to run their companies.
undue
nienależny; niewłaściwy
The commission is working on a new action plan, part of which involves encouraging eu countries to eliminate undue reference to the dollar in payments and trade invoicing, according to a staffer.
wstrząs (ziemi); dreszcz (np. podniecenia); drżenie (np. rąk)
tremor
The world is clearly continuing to tremor, Mr. Lavrov said. The key destabilizing factor is the aggressive stance of a number of Western countries, most of all our American colleagues.
