【Native Speaker每日综合训练—26系列】【26-12】经管

杀G给猴看

Official Weibo:  http://weibo.com/u/3476904471

今天帮小伙伴带个班，大家不要嫌弃我这张老脸连续两天出现哦~ XDD

PART I: SPEAKER

Listen to a TED talk on
Your Elusive Creative Genius
演讲人 Elizabeth Gilbert，小说 Eat Pray Love （译名：美食、祈祷和爱，有淘气的小伙伴译为“饭祷爱”……=。=）的作者，改编自这部作品的同名电影于2010年上映。

【REPHRASE 1】



【SPEECH - 19:20】



Source: TED
http://www.ted.com/talks/elizabeth_gilbert_on_genius.html

PART II: SPEED

Article 2: Fixing BlackBerry Would Be Enormous Task for Lenovo
And it may not be much of a chance at all
By Verne Kopytoff  Oct. 18, 2013

【TIME 2】
Lenovo, the Chinese technology giant, placed a huge and ultimately successful bet when it bought IBM’s personal computer business eight years ago. Now Lenovo is contemplating an even riskier gamble: acquiring BlackBerry, the once mighty smartphone maker that has fallen on hard times.

Such a combination would reshuffle the mobile phone landscape and potentially breath new life into the BlackBerry brand. But history shows that acquiring a struggling smartphone maker and then reviving it is excruciatingly difficult.

Just ask Hewlett-Packard, which paid $1.2 billion for Palm, the early smartphone maker, and then pulled the plug on it after only a year. Google is hoping to do far better with its $12.5 billion acquisition of Motorola Mobility, although a year later, the unit’s business is still in retreat.

Lenovo has signed a non-disclosure agreement so that it can examine BlackBerry’s books, the Wall Street Journal reported on Thursday, citing an unnamed source. Whether Lenovo will take the next step and make a bid is unclear.

BlackBerry’s board has already approved a preliminary $4.7 billion buyout offer by Fairfax Financial Holdings, a Canadian investment firm and one of BlackBerry’s largest shareholders. But others are also considering bids including Cerberus Capital Management and BlackBerry’s co-founders, Mike Lazaridis and Douglas Fregin.

BlackBerry is, of course, a shadow of its former self after executives underestimated the appeal of Apple’s iPhone and then failed to create a device compelling enough to compete. Customers are defecting at a rapid clip. In the most recent quarter, BlackBerry lost $1 billion, mostly from a write-down of inventory after its most recent line of smartphones flopped. The company plans to cut around 4,000 jobs, or 40% of its workforce.
【TIME 2 ENDS – 279 WORDS】

【TIME 3】
Anyone considering a bid for BlackBerry would be wise to consider HP’s bungled acquisition of Palm two years ago. Inept leadership, shifting priorities and lack of enthusiasm by app developers led to its doom. HP tried to repurpose Palm’s mobile operating system, WebOS, for a new generation of mobile devices. But a year later, executives abruptly abandoned the effort amid disappointing sales and a corporate reorganization.

“We saw what happened with HP,” says Ross Rubin, an analyst with Reticle Research. “Those may have been extraordinary circumstances, but in the space of about six months, the plan to double down on Palm turned into a plan to shut it down.”

Google’s acquisition of Motorola Mobility last year is another case study. It shows that turnarounds in the mobile industry require time and deep pockets. Google said on Thursday that Motorola’s third quarter revenue fell 33% to $1.18 billion from a year earlier while losses widened nearly 30% to $248 million. In a conference call with analysts, Google executives made clear that smartphones are a long-term bet for the company and that, in the meantime, they are willing to endure some pain.

On paper, at least, Lenovo would make a logical home for BlackBerry. Both companies focus on business customers and have close ties with corporate IT departments. Lenovo sells laptops, servers and computer accessories while BlackBerry makes smartphones for office workers. In corporate jargon, the companies share a number of “synergies.”

Additionally, Lenovo could use BlackBerry to enter the North American and European smartphone markets, using a brand name that still has some value. Currently, Lenovo sells smartphones only in the developing world. “What you get with BlackBerry is goodwill with a large number of IT organizations, primarily in the U.S. and the developed world,” says Chris Le Tocq, an analyst with Guernsey Research. “The brand has some value today, though a lot less than six months ago.”
【TIME 3 ENDS – 317 WORDS】

【TIME 4】
Whoever acquires BlackBerry will have to decide whether to continue using its proprietary smartphone operating system. Consumers and app developers have largely rejected it. Analysts suggested a switch to Google’s Android operating system, which already has a huge following. BlackBerry could build apps on top of Android so that users would still get easy access to BlackBerry’s email and messaging services.

Regulators in Canada, where BlackBerry is based, and the United States are certain take a careful look at any acquisition by Lenovo. A number of U.S. and Canadian government agencies use BlackBerry devices as do major corporations. Sending sensitive e-mails through a network owned by a Chinese company would likely raise red flags. Canadian regulators could always veto a proposed deal with an overseas company based on national security concerns, which they did recently when an Egyptian company tried to buy a fiber optic network in Manitoba.

Security wasn’t much of an issue when Lenovo paid $1.25 billion for IBM’s PC business in 2005, in what was then one of the biggest acquisitions of a Western business by a Chinese firm. But times have changed as Western countries and China increasingly face off over spying.

Despite the challenges, analysts held out hope for a BlackBerry revival under new ownership. But the company could also be carved into pieces and sold to different buyers. To minimize security concerns, BlackBerry could sell its email network to a North American company, for example. An overseas company would then be free to pick up the phone handset business without much regulatory interference. Then there are BlackBerry’s patents, which could attract the interest of companies like Google and Microsoft. Patent ownership serves a shield against lawsuits and ammunition to block rivals from using similar technology.

Given all the possibilities and the high stakes, why not kick BlackBerry’s tires?
【TIME 4 ENDS – 304 WORDS】
Source: TIME
http://business.time.com/2013/10/18/fixing-blackberry-would-be-enormous-task-for-lenovo/#ixzz2i5szGx6o

Article 3: An appetite for junk
Companies have taken advantage of investors’ growing willingness to buy speculative bonds
Oct 19th 2013 |From the print edition

【TIME 5】
WHEN cash deposits pay virtually zero, investors have an incentive to take risks in search of higher returns. That has been good news for the high-yield, or junk, bond market, where companies with poor credit ratings (below the investment-grade threshold of BBB) turn for finance. Many companies can now borrow at rates that governments would have been pleased to achieve two decades ago. Indeed, so low have borrowing costs fallen that some wags have dubbed the market “the asset class formerly known as high-yield”.

Until the hiatus related to the budget crisis in America, companies were rushing to take advantage of this financing opportunity. In the first nine months of the year global high-yield-bond issuance reached $378.2 billion, up by 27% on the same period in 2012, according to Dealogic, a financial-data firm. Sprint, an American telecoms company, raised $6.5 billion in two simultaneous bond issues, the largest-ever junk financing.

Low rates will not last forever, so companies are keen to take advantage of what might be an historic opportunity. And investors have been happy to take the extra yields on offer, given the positive returns achieved since 2009.

In America, the modern high-yield-bond market dates back to the 1980s. Until then, high-yield bonds were usually “fallen angels”—companies which previously had an investment-grade credit rating but had seen their finances suffer. But Michael Milken and his team at Drexel Burnham Lambert, an investment bank, discovered there was a market for high-yield debt from new issuers, often in connection with companies making takeover bids.

The market is now huge. A study by Russell, a consultancy, estimated its total size at $1.7 trillion. Almost half of all the corporate bonds rated by Standard & Poor’s are classed as speculative, a polite term for junk. Part of this is down to fashion; companies have been urged to return spare cash to shareholders and to make their balance-sheets more efficient by taking advantage of the tax deductibility of interest payments.

Another big boost to the market has been the broadening of its base beyond America. According to Fraser Lundie, a high-yield-bond manager at Hermes, America comprised 89% of the market in 1998; now it forms just 57%. Europe has gone from 3% of the market to 27%.
【TIME 5 ENDS – 374 WORDS】

【TIME 6】
The rise of high-yield bonds has been handy for European companies in the wake of the financial crisis, as many banks have been seeking to shrink their balance-sheets, and have been less willing to offer loans. Historically, European companies have been much more dependent on bank finance than their American counterparts. They also used to be warier of seeing their bonds classed as junk.

Low rates have been good for the market in another way. They have enabled companies to refinance their debt cheaply, and so pushed back the nettlesome day when their finances will be squeezed by higher borrowing costs. A few years ago there was a worry that a lot of debt would need to be refinanced in 2012 and 2013; now the refinancing hump will not come until 2017 and 2018.

A long period of cheap finance makes it less likely that issuers will be forced to default in the short term, and the reduced likelihood of default makes it more attractive for investors to hold bonds. In the wake of Lehman’s collapse, the spread (or excess interest rate) on junk bonds rose so far that it implied default on a scale not seen since the Great Depression. But after a brief spike to 13.7% in 2009 (see chart), the default rate on global high-yield bonds dropped steadily and was just 2.8% in September, according to Moody’s, another ratings agency.

But not all is sunny in the high-yield world. Although the market has doubled or tripled in size since 2008, liquidity has diminished. Regulatory restrictions mean that banks no longer hold as much inventory in the form of bonds; since 2002, there has been a decline of almost three-quarters. PIMCO, a huge bond-fund manager, said in a recent report, “We see reduced liquidity as an important secular (three- to five-year) trend. It is an unintended consequence of the deleveraging and re-regulation of banks globally. It will result in higher volatility in times of stress.” In other words, if investors ever lose their current enthusiasm for high-yield bonds, they will find it much harder, and probably costlier, to offload them.
【TIME 6 ENDS – 352 WORDS】

【TIME 7】
Meanwhile, the growing enthusiasm for high-yield bonds is likely to diminish the returns they offer. In the past investors typically bought junk bonds at a discount to their face value; they hoped that the profits on bonds that were repaid at maturity (and kept paying interest in the interim) would offset the losses on the few issuers that defaulted. Yet in May this year the average price of a high-yield bond reached 6% above face value, according to Mr Lundie. Holding a bond until maturity will thus result in a capital loss, although investors may still profit from interest.

Worse, many bonds—perhaps two-thirds or three-quarters of the market—have a “call option” attached to them that allows the issuer to repay the debt if it reaches a certain price. That allows issuers to take advantage of growing optimism about their prospects to reissue bonds at lower interest.

Such call options skew the risk-reward trade-off. If a bond gets close to the callable price, it is unlikely to rise much further: who would bid 110 cents for a bond that can be redeemed at 104? On the other hand, if the company hits hard times (and high-yield issuers are by definition more risky), the bond could fall quite sharply in price. So investors face a limited upside and a big downside.

That has tended to push investors towards ever riskier assets, such as CCC-rated bonds—the lowest category excluding those issuers that have already defaulted. David Newman of Rogge Global Partners, a fund-management firm, reckons that such bonds are now probably overpriced, given the risks involved.

It is in the nature of the bond markets that, when conditions are good, investors get more relaxed about credit quality. Some observers think that the risks of high-yield bonds are being systematically underestimated. The spreads paid by high-yield issuers are low relative to the historical average, although they are more than sufficient to compensate investors given the low level of defaults. If central banks start raising interest rates to deal with a resurgence of inflation, or if the global economy slips back into recession, junk-bond investors may suffer a nasty shock. But for the moment they are enjoying the ride.
【TIME 7 ENDS – 367 WORDS】
Source: The Economist
http://www.economist.com/news/finance-and-economics/21588117-companies-have-taken-advantage-investors-growing-willingness-buy-speculative

PART III: OBSTACLE

Article 4: When did globalisation start?
Sep 23rd 2013  by C.R.

【PARAPHRASE 7】
“GLOBALISATION” has become the buzzword of the last two decades. The sudden increase in the exchange of knowledge, trade and capital around the world, driven by technological innovation, from the internet to shipping containers, thrust the term into the limelight.

Some see globalisation as a good thing. According to Amartya Sen, a Nobel-Prize winning economist, globalisation “has enriched the world scientifically and culturally, and benefited many people economically as well”. The United Nations has even predicted that the forces of globalisation may have the power to eradicate poverty in the 21st century.

Others disagree. Globalisation has been attacked by critics of free market economics, like the economists Joseph Stiglitz and Ha-Joon Chang, for perpetuating inequality in the world rather than reducing it. Some agree that they may have a point. The International Monetary Fund admitted in 2007 that inequality levels may have been increased by the introduction of new technology and the investment of foreign capital in developing countries. Others, in developed nations, distrust globalisation as well. They fear that it often allows employers to move jobs away to cheaper places. In France, “globalisation” and “délocalisation” have become derogatory terms for free market policies. An April 2012 survey by IFOP, a pollster, found that only 22% of French people thought globalisation a “good thing” for their country.

However, economic historians reckon the question of whether the benefits of globalisation outweigh the downsides is more complicated than this. For them, the answer depends on when you say the process of globalisation started. But why does it matter whether globalisation started 20, 200, or even 2,000 years ago? Their answer is that it is impossible to say how much of a “good thing” a process is in history without first defining for how long it has been going on.

Early economists would certainly have been familiar with the general concept that markets and people around the world were becoming more integrated over time. Although Adam Smith himself never used the word, globalisation is a key theme in the Wealth of Nations. His description of economic development has as its underlying principle the integration of markets over time. As the division of labour enables output to expand, the search for specialisation expands trade, and gradually, brings communities from disparate parts of the world together. The trend is nearly as old as civilisation. Primitive divisions of labour, between “hunters” and “shepherds”, grew as villages and trading networks expanded to include wider specialisations. Eventually armourers to craft bows and arrows, carpenters to build houses, and seamstress to make clothing all appeared as specialist artisans, trading their wares for food produced by the hunters and shepherds. As villages, towns, countries and continents started trading goods that they were efficient at making for ones they were not, markets became more integrated, as specialisation and trade increased. This process that Smith describes starts to sound rather like “globalisation”, even if it was more limited in geographical area than what most people think of the term today.

Smith had a particular example in mind when he talked about market integration between continents: Europe and America. The discovery of Native Americans by European traders enabled a new division of labour between the two continents. He mentions as an example, that the native Americans, who specialised in hunting, traded animal skins for “blankets, fire-arms, and brandy” made thousands of miles away in the old world.

Some modern economic historians dispute Smith’s argument that the discovery of the Americas, by Christopher Columbus in 1492, accelerated the process of globalisation. Kevin O’Rourke and Jeffrey Williamson argued in a 2002 paper that globalisation only really began in the nineteenth century when a sudden drop in transport costs allowed the prices of commodities in Europe and Asia to converge. Columbus' discovery of America and Vasco Da Gama’s discovery of the route to Asia around the Cape of Good Hope had very little impact on commodity prices, they argue.

But there is one important market that Mssrs O’Rourke and Williamson ignore in their analysis: that for silver. As European currencies were generally based on the value of silver, any change in its value would have had big effects on the European price level. Smith himself argued this was one of the greatest economic changes that resulted from the discovery of the Americas:

The discovery of the abundant mines of America, reduced, in the sixteenth century, the value of gold and silver in Europe to about a third of what it had been before. As it cost less labour to bring those metals from the mine to the market, so, when they were brought thither, they could purchase or command less labour; and this revolution in their value, though perhaps the greatest, is by no means the only one of which history gives some account.

The influx of about 150,000 tonnes of silver from Mexico and Bolivia by the Spanish and Portuguese Empires after 1500 reversed the downwards price trends of the medieval period. Instead, prices rose dramatically in Europe by a factor of six or seven times over the next 150 years as more silver chased the same amount of goods in Europe (see chart).

The impact of what historians have called the resulting “price revolution” dramatically changed the face of Europe. Historians attribute everything from the dominance of the Spanish Empire in Europe to the sudden increase in witch hunts around the sixteenth century to the destabilising effects of inflation on European society. And if it were not for the sudden increase of silver imports from Europe to China and India during this period, European inflation would have been much worse than it was. Price rises only stopped in about 1650 when the price of silver coinage in Europe fell to such a low level that it was no longer profitable to import it from the Americas.

The rapid convergence of the silver market in early modern period is only one example of “globalisation”, some historians argue. The German historical economist, Andre Gunder Frank, has argued that the start of globalisation can be traced back to the growth of trade and market integration between the Sumer and Indus civilisations of the third millennium BC. Trade links between China and Europe first grew during the Hellenistic Age, with further increases in global market convergence occuring when transport costs dropped in the sixteenth century and more rapidly in the modern era of globalisation, which Mssrs O’Rourke and Williamson describe as after 1750. Global historians such as Tony Hopkins and Christopher Bayly have also stressed the importance of the exchange of not only trade but also ideas and knowledge during periods of pre-modern globalisation.

Globalisation has not always been a one-way process. There is evidence that there was also market disintegration (or deglobalisation) in periods as varied as the Dark Ages, the seventeenth century, and the interwar period in the twentieth. And there is some evidence that globalisation has retreated in the current crisis since 2007. But it is clear that globalisation is not simply a process that started in the last two decades or even the last two centuries. It has a history that stretches thousands of years, starting with Smith’s primitive hunter-gatherers trading with the next village, and eventually developing into the globally interconnected societies of today. Whether you think globalisation is a “good thing” or not, it appears to be an essential element of the economic history of mankind.
【OBSTACLE ENDS – 1234 WORDS】
Source: The Economist
http://www.economist.com/blogs/freeexchange/2013/09/economic-history-1

Allaven

Speaker: Writing career has changed by a new book-people make negtive comments.  Creative genius always suffers from unstabe minds. Creativity came from human beings. ...Just do your job!
Time 2  1:23 Lenovo's plan about acquiring the unpromossing mobile phone giant BlackBerry is a risk and an opportunity at the same time.
Time 3  1:38 Two unsuccessful case about acquiring out of date mobile phone company should provide case study examples for Lenovo, however, this potencial acquisition would bring synergies for both companies.
Time 4  1:40 Security concerns raise question for this acquisition.
Time 5  2:04 High-yield-bond is very popular under such a market situation.
Time 6  1:36 High yield bond has been handy for European companies, and postponed the potencial default, however, liquidity means a problem.
Time 7  2:02 Risks of high-yield-bonds are underestimated. With the potencial diminished return and call option attached to them, junk-bond investors may suffer a loss.
Obstacle: 4:43 Globlisation is been viewed as both a good things and a bad thing by some economists. However, the process of globlisation is under discussion. From the old therory of Adam Smith to the rapid convergence of silver market or price revolution, globlisation is not a one way process.

捉妖

好幸福~~~早起的鸟儿有前排

speaker:除了别人会往她嘴巴里面塞shit的笑话听懂了，其他都不知道他们在笑什么....
the woman is a writer and what she writes may make her judeged by the world, but she will follow her heart and continue to write.

Time2[279]2'28
Lenovo may buy the BlackBerry, though many companies have bitter  outcome of their acquisions of smart phones.
Time3[317]2'31
When consider that Lenovo acquire BlackbBerry, HP and Google show examples——HP buy a smart phone company and now considered to shut it down, while google suffered some loss but try to endure the pain.
The merits Lenon can get from BlackBerry includes the brand and the shared customers.
Time4[304]2'00
Android operating system is susggested to be used in BlackBerry. And people worried about the security about the accquisition 'cause many offers use BlackBerry to send and receive emails. Some suggested other buyers.
Time5[374]2'31 high-yeild bond takes the advantage of the low rates to earn money and spread its business beyond America.
Time6[352]2'24 Europ accepted the high-yeild bond companies thouth at first they refused. And it is a very good time point to invest in the bond for the investors.
Time7[367]2'51 junk-bond investors are risky though now they have a good time....z这一段好像讲经济原理啊..单词句子懂了也不知道讲的什么
Obstacle[1234] 9‘40 这篇读着很舒服，层次分明，难度适中~~
people argue that wether globalization is a good thing or not。
It is important for the arguement to define when the globalization started。Some believes it started from some decades，but the author believes it started centuries ago according to what Adam Smith said.

才开始小分队，亚当史密斯童鞋就出现好多次了
作为IT 女,曾近bf嫌我没文化给我买过经济学扫盲读物，才知道这个大经济学家...
顺便推荐下这本扫盲书《推开微宏观之窗》

lxskyfly

THANK YOU DEAR！好辛苦！
-
SPEED
掌管 6 00:02:29.06 00:16:13.09
掌管 5 00:03:02.15 00:13:44.03
掌管 4 00:03:09.36 00:10:41.88
掌管 3 00:03:34.59 00:07:32.51
掌管 2 00:01:55.22 00:03:57.91
掌管 1 00:02:02.68 00:02:02.68

1. Lenovo's mergency dream can't lack Blackberry, thought to be a grambling what Google to Motolora.
2. two case study to justify risks that Lenovo buys Blackberry(HP-Palm; Google-Motolora)
    How Lenovo's advantages for that merge?
1) a comparatively logical home for Blackberry; 2) Lenovo focues on smartphone sales in developing countries.
3. Problems Lenovo will have to face in aquisition of BB
1) whether to change operating system 2) National security issues  3) fragementation aqusition of different companies.
Overall:
Lenovo Blackberry accuqisition--> case study for bad prediction--> Levovo is logical--> also problems awaiting

4. due to budget crisis in US, some companies take advantage of junk stock(low rate of cash deposit & high-yield bonds)
    --> how junk stock mkt emerges and boosts.
5. low rates & cheap finance brings about several advantages:
1) make companies refinance cheapl; 2) long-term bonds won't cause too much long-term default
   --> in the mean time, junk bond mkt bears problem:
1) liquidity; 2) diminished offerl; 3)call option(limited upside but large downside) 4) underestimated risks; 5)CCC-rated bonds defaults

晓野的野

DDDDDDDDDDDDDD
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掌管 7 00:08:50.44 00:25:16.88
掌管 6 00:03:07.71 00:16:26.44
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掌管 3 00:02:24.43 00:07:14.29
掌管 2 00:02:36.42 00:04:49.85
掌管 1 00:02:13.43 00:02:13.43

irvan

占～～～～～～


__________________
Obstacle
07:43
Globalisation is an essential element of the economic history of mankind.

cherry6891

占位哈哈

TIME2 1:43 lenovo plans(contemplates) to buy(acquire) blackberry and they also have signed a non-disclosure agreement even there are failure example such as google bought Motorola

TIME3 1:53 lenovo want to use the value of blackberry to entry north America and Europe market and at the same time the advantage of laptop in lenovo can combine with smartphone for office workers

AceJ

哎，要不要这么早~~ 谢谢杀杀

Fixing Blackberry would be enormous task for Lenovo
Time2: 1'48" It is extremely parlous if Lenovo merge Blackberry when this once smartphone giant is in this hard times now
Time3: 2'03" According to HP & Palm and Google & Motorola cases, it's so hard to make a smartphone producer alive. But on paper, Lenovo would make a logical home for Blackberry
Time4: 2'01" Except business issue, security and political concerns are another challenge for this potential acquisition.

An appetite for junk
Time5: Some kind of high-yield-bond market thing, like how big this market is, how possible you make an extra money from this market or something
Time6: 1'54" all I can remember is a pile of data, I am totally unclear what is the point
Time7: for the moment, junk-bond investors are enjoying their ride

When did globalization start?
Time7: 9'28"
Some thinks globalization is good thing which can remove poverty in 21st century. Other disagree, some critics think globalization perpetuate inequality rather than reduce it
If we want to figure out this debate, we need to know how long the globalization has been or what time did it start. Even though Adam Smith did use "globalization", but his words in National Wealth indeed described how the globalization started and he took discovery of America as an example
However, two historians reputed this thoughts, but they ignored silver, which was currency, with reduced values when European traders imported 150,000 tons of sliver from America continent
The author described ideas from other economic historians and then concluded: weather you think globalization is good or not, it is an essential element of economic history of mankind

Cri倩

1'10“ lenovo is planning to acquire blackberry and the author talks about the risks of this action by providing the similar examples
1'35" detailed information about the two acquisitions mentioned before and talks about the advantages of lenovo
1'15" the problems levono face if the acquisition is done (system and security concern) and the positive opinions to this acquisition
1'10“ talks about the environment that triggers the flourish of junk bond market and the current situation of junk bond market
1'22" the influences of high-yield bonds to companies and the upcoming problems junk bonds market will face
1'24" how bad junk bonds market can be and the investors' opinion to the situation
6' the globalisation become popular and people hold different opinions about it
     the economic historians point out when the process of globalisation started is more complicated
     the author lists several historical events(opinions) to show different hypothesis
     the definition (conclusion) of globalisation
居然联想要收购黑莓了？！这条消息我居然不是在微博看到而是小分队看到，消息太及时了。。。junk bond的那篇赞～

宝宝的瓜

[passage 2] 2:59
The combination of Lenovo and Blackberry arsed attention. And this combination will change the landscape of smartphone. But risk of the purchasing is considerable, since failed example of Moto and the Palm.
Whether the Lenovo will take the next step is unclear. And the bid price is ... And there still other competitors from Canada and US who also want to purchase.
The blackberry failed to recognize the Apple’s future and therefore did not have a smart phone that can compete with the apple’s.Since then, the Blackberry lose its market rapidly.

[passage 3] 2:39
The 2 disappointed purchasing case will make people doubt the bid with the smartphone will be successful. But the Blackberry today still have some value, and can help Lenovo enter the Euro and South America smartphone market, because currently Lenovo only sell the smartphone to the developing countries.

[passage 4] 2:24
Whoever purchase the Blackberry will have to decide whether keep using the Blackberry’s cellphone system,because much of the consumers have no interested in it. Analysts suggested Blackberry produces apps on the base of Android system ,which already have many followers.
Regulators are really concern about the information about the combination. Because the Canadian and US government use the blackberry system send the sensitive informations and the national security informations while the spying affairs between the South America and the China raising recent years.
But the concern will not a big stuff in front of the attractive bids offered by the Lenovo, and those parts concerning about the national security can be sold to the North America companies.  

[passage 5] 4:00
The junk bonds have been increasing popular because of the almost zero interest of the cash deposit since 2009.
People who invested in the speculative bonds get high interests , and the market of the junk bonds have the historical developing opportunity.
In the US, the high-yield bonds market back to 1980s and nearly half of the bonds rated by Standard and Poors are junk bonds. And in the Europe, the market of these bonds increase rapidly too.
[passage 6] 2:39
The junk bonds in Europe make the banks stressed in afraid of the financial crisis so they decided to make the loan carefully. But the companies in the Europe more depend on the banks,so they can borrow many through other methods.
The low interest rate also bring some benefits, such as postpone the refinacial of the debts and make the company defaults less likely,increasing the willingness of the bonds holders.
But the low rates decrease the liquidity of the financial market because the bank decrease their investment in terms of holding bonds. Therefore, once the enthusiasm of investing speculative bonds decreased, it will be much difficult than before for these companies to loan.