legal currency /liəl k rənsi/ nounmoney which is legally used in a country legal department /liəl d-pɑtmənt/ noun a section of a com-pany dealing with legal matters legal expert/liəl ek
Trang 1countant was completely legal.2.
refer-ring to the law왍to take legal action to
sue someone or to take someone to court
왍to take legal advice to ask a lawyer to
advise about a legal problem
legal adviser /li(ə)l ədvazə/
nouna person who advises clients about
the law
Legal Aid /li(ə)l ed/, Legal Aid
scheme /li(ə)l ed skim/ nouna
British government scheme where a
person with very little money can have
legal representation and advice paid for
by the state
legal charge/li(ə)l tʃɑd$/noun
a legal document held by the Land
Reg-istry showing who has a claim on a
property
legal claim/li(ə)l klem/ nouna
statement that someone owns something
legally쑗He has no legal claim to the
property.
legal costs /li(ə)l kɒsts/, legal
charges /li(ə)l tʃɑd$z/, legal
ex-penses /li(ə)l kspensz/ plural
nounmoney spent on fees to lawyers쑗
The clerk could not afford the legal
ex-penses involved in suing his boss.
legal currency /li(ə)l k rənsi/
nounmoney which is legally used in a
country
legal department /li(ə)l
d-pɑtmənt/ noun a section of a
com-pany dealing with legal matters
legal expert/li(ə)l eksp%t/noun
a person who knows a lot about the law
legal holiday /li(ə)l hɒlde/
nouna day when banks and other
busi-nesses are closed
legalisation /liəlazeʃ(ə)n/,
le-galization noun the act of making
something legal쑗the campaign for the
legalisation of cannabis
legalise/liəlaz/, legalize verbto
make something legal
legal list/li(ə)l lst/nouna list of
blue-chip securities in which banks and
financial institutions are allowed to
in-vest by the state in which they are based
legal personality /li(ə)l
p%sə-nləti/ nounexistence in a form that
enables something to be affected by the
law
legal proceedings /li(ə)l
prə-sidŋz/ plural nounlegal action or alawsuit
legal profession /li(ə)l
prə-feʃ(ə)n/nounall qualified lawyers
legal section /li(ə)l sekʃ(ə)n/nouna department in a company deal-ing with legal matters
legal tender /li(ə)l tendə/ nouncoins or notes which can be legally used
to pay a debt
legatee/leəti/nouna person whoreceives property from someone whohas died
legislation /led$sleʃ(ə)n/ nounlaws왍labour legislation laws concern-
ing the employment of workers
lek/lek/nouna unit of currency used
or He lent money to the company.쑗The bank lent him £50,000 to start his busi- ness.(NOTE: lending – lent)
lender /lendə/ noun a person wholends money
lender of the last resort/lendə əv
ðə lɑst rzɔt/ nouna central bankwhich lends money to commercialbanks
lending /lendŋ/ nounan act of ting someone use money for a time
let-lending limit/lendŋ lmt/nounarestriction on the amount of money abank can lend
lending margin /lendŋ mɑd$n/noun an agreed spread (based on theLIBOR) for lending
length of service/leŋθ əv s%vs/nounthe number of years someone hasworked
leone/liəυn/nouna unit of currencyused in Sierra Leone
less /les/adjective smaller than, of asmaller size or of a smaller value쑗We
do not grant credit for sums of less than
£100.쑗He sold it for less than he had paid for it.쐽prepositionminus, with asum removed 쑗 purchase price less
Trang 215% discount 쑗 interest less service
charges쐽adverbnot as much
less developed country /les
d-veləpt k ntri/nounthe former name
for a least developed country(dated.)
AbbreviationLDC
lessee/lesi/nouna person who has a
lease or who pays money for a property
he leases
lessor /lesɔ/ noun a person who
grants a lease on a property
let /let/ verb to allow the use of a
house, an office or a farm to someone
for the payment of rent왍offices to let
offices which are available to be leased
by companies쐽nounthe period of the
lease of a property쑗They took the
of-fice on a short let.
let-out clause/let aυt klɔz/nouna
clause which allows someone to avoid
doing something in a contract 쑗 He
added a let-out clause to the effect that
the payments would be revised if the
ex-change rate fell by more than 5%.
letter/letə/noun1.a piece of writing
sent from one person or company to
an-other to ask for or to give information2.
왍to acknowledge receipt by letter to
write a letter to say that something has
been received 3. a written or printed
sign (such as A, B, C etc.)쑗Write your
name and address in block letters or in
capital letters.
COMMENT : First names are commonly
used between business people in the UK;
they are less often used in other
Euro-pean countries (France and Germany), for
example, where business letters tend to
be more formal.
letter of acknowledgement/letər
əv əknɒld$mənt/nouna letter which
says that something has been received
letter of advice/letər əv ədvas/
noun1.a letter to a customer giving
de-tails of goods ordered and shipped but
not yet delivered쑗The letter of advice
stated that the goods would be at
Southampton on the morning of the 6th.
쑗The letter of advice reminded the
cus-tomer of the agreed payment terms.2.a
letter from one bank to another, advising
that a transaction has taken place
letter of application /letər əv
plkeʃ(ə)n/ noun a letter in which
someone applies for a job
letter of appointment/letər əv
ə-pɔntmənt/ noun a letter in whichsomeone is appointed to a job
letter of comfort/letər əv k mfət/nouna letter supporting someone who istrying to get a loan
letter of credit /letər əv kredt/nouna document issued by a bank onbehalf of a customer authorising pay-ment to a supplier when the conditionsspecified in the document are met Ab-breviationL/C
letter of indemnity /letər əv
n-demnti/nouna letter promising ment as compensation for a loss
pay-letter of intent /letər əv ntent/nouna letter which states what a com-pany intends to do if something happens
letter of reference /letər əv
ref(ə)rəns/ nouna letter in which anemployer recommends someone for anew job
letter of renunciation/letər əv
r-n nsieʃ(ə)n/ noun a form sentwith new shares, which allows the per-son who has been allotted the shares torefuse to accept them and so sell them tosomeone else
letter post /letə pəυst/nouna vice for sending letters or parcels
ser-letter rate /letə ret/ noun postage(calculated by weight) for sending a let-ter or a parcel쑗It is more expensive to send a packet letter rate but it will get there quicker.
letter security /letə skjυərti/, letter stock /letə stɒk/ noun US ashare which has not been registered withthe SEC and therefore can be sold pri-vately, together with a letter of intent, ortraded in the normal way if the ownerfiles with the SEC using a Form 144
letters of administration /letəz
əv ədmnstreʃ(ə)n/ plural noun aletter given by a court to allow someone
to deal with the estate of a person whohas died
letters patent/letəz petənt/pluralnounthe official term for a patent
letting agency /letŋ ed$ənsi/nounan agency which deals in property
Trang 3lev/lev/nouna unit of currency used
in Bulgaria
level /lev(ə)l/ noun the position of
something compared to others 쑗 low
levels of productivity or low productivity
levels쑗to raise the level of employee
benefits 쑗 to lower the level of
borrowings왍high level of investment
large amounts of money invested쐽verb
왍to level off or to level out to stop
ris-ing or fallris-ing쑗Profits have levelled off
over the last few years.쑗Prices are
lev-elling out.
‘…figures from the Fed on industrial production
for April show a decline to levels last seen in
June 1984’ [Sunday Times]
‘…applications for mortgages are running at a
high level’ [Times]
‘…employers having got their staff back up to a
reasonable level are waiting until the scope for
overtime working is exhausted before hiring’
[Sydney Morning Herald]
leverage/livərd$/ noun1.a ratio
of capital borrowed by a company at a
fixed rate of interest to the company’s
total capital 2. the act of borrowing
money at fixed interest which is then
used to produce more money than the
interest paid
COMMENT : High leverage (or high
gear-ing) has the effect of increasing a
com-pany’s profitability when trading is
expanding; if the company’s trading slows
down, the effect of high fixed-interest
charges is to increase the rate of
slowdown.
leveraged/livərd$/adjectiveusing
borrowings for finance
leveraged buyout /livərd$d
baaυt/, leveraged takeover
/livərd$d tekəυvə/nounan act of
buying all the shares in a company by
borrowing money against the security of
the shares to be bought Abbreviation
LBO
‘…the offer came after management had offered
to take the company private through a leveraged
buyout for $825 million’ [Fortune]
leveraged stock/livərd$d stɒk/
noun stock bought with borrowed
money
levy/levi/ nounmoney which is
de-manded and collected by the
govern-ment왍levies on luxury items taxes on
luxury items쐽verbto demand payment
of a tax or an extra payment and to
col-lect it쑗to levy a duty on the import of
luxury items쑗The government has
de-cided to levy a tax on imported cars.왍
to levy members for a new club house
to ask members of the club to pay forthe new building
‘…royalties have been levied at a rate of 12.5%
of full production’ [Lloyd’s List]
liabilities /laəbltiz/ plural nounthe debts of a business, including divi-dends owed to shareholders쑗The bal- ance sheet shows the company’s assets and liabilities. 왍 he was not able to meet his liabilities he could not pay his
debts왍to discharge your liabilities in full to pay everything which you owe liability /laəblti/ noun 1. a legalresponsibility for damage, loss or harm
쑗The two partners took out insurance
to cover employers’ liability. 왍to cept liability for something to agree
ac-that you are responsible for something왍
to refuse liability for something to
re-fuse to agree that you are responsible forsomething 2. responsibility for a pay-ment (such as the repayment of a loan)
liable /laəb(ə)l/ adjective 왍 liable for legally responsible for쑗 The cus- tomer is liable for breakages. 쑗 The chairman was personally liable for the company’s debts.쑗The garage is liable for damage to customers’ cars.
LIBID abbreviation London InterbankBid Rate
LIBORabbreviationLondon InterbankOffered Rate
licence /las(ə)ns/ noun an officialdocument which allows someone to dosomething(NOTE: The US spelling is li- cense.) 왍 drinks licence, alcohol
licence, liquor license a permit to sell
alcohol in a restaurant, etc 왍 goods manufactured under licence goods
made with the permission of the owner
of the copyright or patent
license/las(ə)ns/nounUS spelling
oflicence쐽verbto give someone cial permission to do something for afee, e.g when a company allows anothercompany to manufacture its productsabroad 쑗licensed to sell beers, wines and spirits쑗to license a company to manufacture spare parts 쑗 She is li- censed to run an employment agency.
offi-licensed dealer /las(ə)nst dilə/nouna person who has been licensed bythe DTI to buy and sell securities for in-dividual clients
Trang 4licensed deposit-taker/las(ə)nst
dpɒzt tekə/, licensed institution
/las(ə)nst nsttjuʃ(ə)n/nouna
de-posit-taking institution, such as a
build-ing society, bank or friendly society,
which is licensed to receive money on
deposit from private individuals and to
pay interest on it AbbreviationLDT
licensee/las(ə)nsi/nouna person
who has a licence, especially a licence
to sell alcohol or to manufacture
something
licensing/las(ə)nsŋ/ adjective
re-ferring to licences쑗a licensing
agree-ment쑗licensing laws
lien/liən/nounthe legal right to hold
someone’s goods and keep them until a
debt has been paid
lieu/lju/noun왍in lieu of instead of왍
she was given two months’ salary in
lieu of notice she was given two
months’ salary and asked to leave
immediately
life/laf/ nounthe period of time for
which something or someone exists 왍
life of a contract the remaining period
of a futures contract before it expires
life assurance /laf əʃυərəns/
noun insurance which pays a sum of
money when someone dies, or at a
cer-tain date if they are still alive
life assurance company /laf
ə-ʃɔrəns k mp(ə)ni/nouna company
providing life assurance, but usually
also providing other services such as
in-vestment advice
life assured /laf əʃυəd/ noun the
person whose life has been covered by a
life assurance policy
lifeboat operation/lafbəυt
ɒpə-reʃ(ə)n/nounactions taken to rescue
of a company (especially of a bank)
which is in difficulties
life estate/laf stet/nounsame as
life interest
life expectancy /laf kspektənsi/
nounthe number of years a person is
likely to live
life insurance /laf nʃυərəns/
nounsame aslife assurance
life insured/laf nʃυəd/nounsame
aslife assured
life interest/laf ntrəst/nouna
sit-uation where someone benefits from a
property as long as he or she is alive
lifeline account /laflan əkaυnt/noun USa simple bank account for peo-ple with low incomes, used for receivingsalary payments and offering fewservices
lifestyle/laf stal/nounthe way ofliving of a particular section of society
쑗 These upmarket products appeal to people with an extravagant lifestyle.쑗
The magazine ran a series of articles on the lifestyles of some successful businessmen.
lifestyle audit/lafstal ɔdt/noun
a study of a person’s living standards tosee if it is consistent with his reportedincome
Lifetime Individual Savings count /laftam ndvd$uəl
Ac-sevŋz əkaυnt/ noun a Britishscheme by which individuals can investfor their retirement by putting a limitedamount of money each year in a tax-freeunit trust account AbbreviationLISA.쏡
ISA LIFFE abbreviation London Interna-tional Financial Futures and OptionsExchange
LIFO/lafəυ/abbreviationlast in firstout
light/lat/adjective1.not heavy, notvery busy or active왍shares fell back
in light trading shares lost value on a
day when there was little business done
on the Stock Exchange 2. not havingenough of a certain type of share in aportfolio 쑗 His portfolio is light in banks.
lighten /lat(ə)n/ verb to sellshareholdings if a portfolio is too
‘heavy’ in a certain type of share
light industry /lat ndəstri/ noun
an industry making small products such
as clothes, books or calculators
like-for-like/lak fə lak/adjective
왍on a like-for-like basis when
compar-ing the same stores over different ods왍like-for-like store sales sales for
peri-the same stores over an earlier period
lilangeni/lilŋeni/nouna unit ofcurrency used in Swaziland
limit /lmt/ nounthe point at whichsomething ends or the point where youcan go no further왍he has exceeded his credit limit he has borrowed more
money than he is allowed왍limit ‘up’,
Trang 5limit ‘down’ upper or lower limits to
share price movements which are
regu-lated by some stock exchanges쐽verb
to stop something from going beyond a
specific point, to restrict the number or
amount of something왍the banks have
limited their credit the banks have
al-lowed their customers only a specific
amount of credit
‘…the biggest surprise of 1999 was the rebound
in the price of oil In the early months of the
year commentators were talking about a fall to
$5 a barrel but for the first time in two decades,
the oil exporting countries got their act together,
limited production and succeeded in pushing
prices up’ [Financial Times]
limitation /lmteʃ(ə)n/ noun the
act of allowing only a specific quantity
of something 쑗 The contract imposes
limitations on the number of cars which
can be imported.왍limitation of
liabil-ity the fact of making someone liable
for only a part of the damage or loss
limited/lmtd/adjectiverestricted
limited company /lmtd
k mp(ə)ni/ noun a company where
each shareholder is responsible for
repaying the company’s debts only to
the face value of the shares he or she
owns Abbreviation Ltd Also called
limited liability company
limited liability/lmtd laəblti/
noun a situation where someone’s
liability for debt is limited by law
limited liability company/lmtd
laəblti k mp(ə)ni/ noun same as
limited company
limited market /lmtd mɑkt/
nouna market which can take only a
specific quantity of goods
limited partnership /lmtd
pɑtnəʃp/nouna registered business
where the liability of the partners is
lim-ited to the amount of capital they have
each provided to the business and where
the partners may not take part in the
run-ning of the business
limiting /lmtŋ/ adjective which
limits쑗a limiting clause in a contract
쑗The short holiday season is a limiting
factor on the hotel trade.
limit order/lmt ɔdə/nounan
or-der to a broker to sell if a security falls
to a certain price
line/lan/noun1.a long mark printed
or written on paper쑗paper with thin
blue lines쑗I prefer notepaper without any lines.쑗She drew a thick line before the column of figures.2.a row of letters
or figures on a page3.a block of shares(traded on a Stock Exchange)
‘…cash paid for overstocked lines, factory seconds, slow sellers, etc.’ [Australian Financial Review]
line chart/lan tʃɑt/nouna chart orgraph using lines to indicate values
line of credit/lan əv kredt/noun
1.the amount of money made available
to a customer by a bank as an overdraft
왍to open a line of credit or a credit
line to make credit available to someone
2.the borrowing limit on a credit card
line of shares/lan əv ʃeəz/noun
a large block of shares sold as one deal
on the stock exchange
link /lŋk/verb to join or to attach tosomething else쑗to link pensions to in- flation쑗to link bonus payments to pro- ductivity 쑗His salary is linked to the cost of living.쏡index-linked
liquid /lkwd/ adjective easily verted to cash, or containing a largeamount of cash
con-liquid assets/lkwd sets/pluralnouncash, or investments which can bequickly converted into cash
liquidate/lkwdet/verb왍to date a company to close a company
liqui-and sell its assets왍to liquidate a debt
to pay a debt in full왍to liquidate stock
to sell stock to raise cash
liquidation/lkwdeʃ(ə)n/noun1.
왍liquidation of a debt payment of a
debt2.the winding up or closing of acompany and selling of its assets왍on a liquidation basis at a very low bid price
to encourage buyers 왍 the company went into liquidation the company was
closed and its assets sold
liquidator /lkwdetə/ nouna son named to supervise the closing of acompany which is in liquidation
per-liquidity/lkwdti/nouncash, or thefact of having cash or assets which can
be changed into cash왍liquidity crisis
not having enough cash or other liquidassets
liquidity ratio /lkwdti reʃiəυ/nouna ratio of liquid assets (that is, cur-rent assets less stocks, but includingdebtors) to current liabilities, giving an
Trang 6indication of a company’s solvency.
Also calledacid test ratio, quick ratio
liquid market /lkwd mɑkt/
nouna market in a security where there
are enough shares available to allow
sales to take place without distorting the
price (the opposite is a ‘thin’ market)
lira /lərə/ noun 1. a former unit of
currency in Italy쑗the book cost 2,700
lira or L2,700 (NOTE: Lira is usually
written L before figures: L2,700.) 2.a
unit of currency used in Turkey
LISAabbreviationLifetime Individual
Savings Account
lis pendens adverb a Latin phrase
meaning ‘pending suit’
list/lst/noun1.several items written
one after the other쑗They have an
at-tractive list of products or product list.
쑗I can’t find that item on our stock list.
쑗Please add this item to the list.쑗She
crossed the item off her list. 2. a
catalogue
listed company/lstd k mp(ə)ni/
nouna company whose shares can be
bought or sold on the Stock Exchange
listed securities /lstd
s-kjυərtiz/ plural noun shares which
can be bought or sold on the Stock
Exchange, shares which appear on the
official Stock Exchange list
Listing Agreement /lstŋ
ə-rimənt/ noun a document which a
company signs when being listed on the
Stock Exchange, in which it promises to
abide by stock exchange regulations
listing details/lstŋ ditelz/,
list-ing particulars /lstŋ pətkjυləz/
plural noun 1. details of a company
which are published when the company
applies for a stock exchange listing (the
US equivalent is the ‘registration
state-ment’) 2. details of the institutions
which are backing an issue
listing requirements /lstŋ
r-kwaəmənts/ plural noun the
con-ditions which must be met by a
cor-poration before its stock can be listed on
the New York Stock Exchange
list price/lst pras/nounthe price
for something as given in a catalogue
litas/litɑs/nouna unit of currency
used in Lithuania
litigation /lteʃ(ə)n/ noun the
bringing of a lawsuit against someone
Little Board/lt(ə)l bɔd/nounsame
asAmerican Stock Exchange lively/lavli/adjective왍lively mar- ket an active stock market, with many
shares being bought or sold
Lloyd’s/lɔdz/nounthe central don insurance market왍a ship which is A1 at Lloyd’s a ship in very good
Lon-conditionCOMMENT : Lloyd’s is an old-established insurance market The underwriters who form Lloyd’s are divided into syndicates, each made up of active underwriters who arrange the business and non-working underwriters (called ‘names’) who stand surety for any insurance claims which may arise.
Lloyd’s broker/lɔdz brəυkə/noun
an agent who represents a client whowants insurance and who arranges thisinsurance for him through a Lloyd’s un-derwriting syndicate
Lloyd’s Register /lɔdz red$stə/nouna classified list showing details ofall the ships in the world and estimates
of their condition
Lloyd’s syndicate/lɔdz sndkət/noun a group of underwriters on theLloyd’s insurance market, made up ofactive underwriters who arrange thebusiness and non-working underwriters(called ‘names’) who stand surety forany insurance claims which may arise
Lloyd’s underwriter /lɔdz
ndəratə/nouna member of an ance group at Lloyd’s who accepts tounderwrite insurances
Exchange
load/ləυd/nounan amount of goodswhich are transported in a particular ve-hicle or aircraft 쐽verb INSURANCE toadd extra charges to a price
load factor /ləυd fktə/ noun anumber of seats in a bus, plane or trainwhich are occupied by passengers whohave paid the full fare
load fund /ləυd f nd/ nouna fundsold through a broker, with a high initialmanagement charge or commission
loan /ləυn/ noun money which hasbeen lent쐽verb to lend something쑗
The truck has been loaned by the local haulage company.
Trang 7‘…over the last few weeks, companies raising
new loans from international banks have been
forced to pay more, and an unusually high
number of attempts to syndicate loans among
banks has failed’ [Financial Times]
loan capital/ləυn kpt(ə)l/noun
a part of a company’s capital which is a
loan to be repaid at a later date
loan committee /ləυn kəmti/
nouna committee which examines
ap-plications for special loans, such as
higher loans than normally allowed by a
bank
loan/deposit ratio /ləυn dpɒzt
reʃiəυ/ noun a ratio between the
amount of loans made by a bank and the
amount it holds on deposit
loan participation /ləυn
pɑ-tspeʃ(ə)n/ noun an arrangement
whereby several banks come together as
a group to share a very large loan to one
single customer
loan portfolio /ləυn pɔtfəυliəυ/
nounall the loans which a financial
in-stitution has made and which are still
outstanding
loan shark/ləυn ʃɑk/ nouna
per-son who lends money at a very high
in-terest rate
loan stock /ləυn stɒk/ noun stock
issued by a company at a fixed rate of
interest, as a means of raising a loan
loan to value/ləυn tə vlju/noun
the amount of a mortgage expressed as a
percentage of the value of the property
AbbreviationLTV
localadjective/ləυk(ə)l/referring to a
particular area, especially one near
where a factory or an office is based쐽
noun1.an independent dealer in futures
or options or an independent trader on
the LIFFE2.USa branch of a national
trade union
‘…each cheque can be made out for the local
equivalent of £100 rounded up to a convenient
figure’ [Sunday Times]
‘…the business agent for Local 414 of the Store
Union said his committee will recommend that
the membership ratify the agreement’
[Toronto Star]
‘EC regulations insist that customers can buy
cars anywhere in the EC at the local pre-tax
price’ [Financial Times]
local authority /ləυk(ə)l ɔθɒrti/
nounan elected section of government
which runs a small area of the country
local authority bond/ləυk(ə)l
ɔ-θɒrəti bɒnd/ noun a fixed-interestbond, repayable at a certain date, used
by a local authority in order to raise aloan and similar to a Treasury bond
local authority deposits/ləυk(ə)lɔθɒrəti dpɒzts/plural nounmoneydeposited with a local authority to earninterest for the depositor
local call/ləυk(ə)l kɔl/nouna phone call to a number on the same ex-change as your own or to one on aneighbouring exchange
tele-local government /ləυk(ə)l
v(ə)nmənt/nounelected authoritiesand administrative organisations whichdeal with the affairs of small areas of acountry
local labour /ləυk(ə)l lebə/ nounworkers who are recruited near a fac-tory, and are not brought there from adistance
local press /ləυk(ə)l pres/ nounnewspapers which are sold in a smallarea of the country쑗The product was only advertised in the local press as it was only being distributed in that area
of the country.
lockbox/lɒkbɒks/noun US1.a box
at a post office which can be rented andcan be opened only by the person orcompany renting it 2. a system wherecheques sent to a Post Office box arepicked up and deposited in a bankaccount
locking up /lɒkŋ p/ noun왍the locking up of money in stock the act of
investing money in stock so that it not be used for other, possibly moreprofitable, investments
can-lock into /lɒk ntə/, lock in /lɒk
n/verbto be fixed to a certain interestrate or exchange rate쑗By buying francs forward the company is in effect locking itself into a pound-franc exchange rate
of 10.06.왍 to lock in profits to take
profits, to sell investments at a profit toensure that the profit is realised쑗The shares had become overpriced – it was time to lock in the profits.
lock up/lɒk p/verb왍to lock up capital to have capital invested in such
a way that it cannot be used for otherinvestments
lodge /lɒd$/ verb 왍to lodge money with someone to deposit money with
Trang 8someone왍to lodge securities as
collat-eral to put securities into a bank to be
used as collateral for a loan
lodgement/lɒd$mənt/nounthe act
of depositing money or cheques in an
account
Lombard Rate/lɒmbɑd ret/noun
the rate at which the German
Bundesbank lends to commercial banks
London Bullion Market /l ndən
bυliən mɑkt/nounan international
market dealing in gold and silver bullion
and gold coins
London Commodity Exchange
/l ndən kəmɒdəti kstʃend$/noun
a London exchange dealing in
commod-ities such as cotton, coffee, cocoa, etc.,
but not in metals AbbreviationLCE
London Interbank Bid Rate
/l ndən ntəbŋk bd ret/ noun
the rate at which banks are prepared to
borrow from each other Abbreviation
LIBID
London Interbank Offered Rate
/l ndən ntəbŋk ɒfəd ret/ noun
the rate at which banks offer to lend
eurodollars to other banks Abbreviation
LIBOR
London International Financial
Futures and Options Exchange
/l ndən ntənʃ(ə)nəl fannʃ(ə)l
fjutʃəz ən ɒpʃənz kstʃend$/
nouna market where futures contracts
are traded in financial instruments
such as gilts, equity options,
euroyen, US Treasury bonds, etc and
also commodities such as cocoa, coffee,
wheat, potatoes, barley and sugar
Ab-breviationLIFFE
London Metal Exchange/l ndən
met(ə)l kstʃend$/ noun a
com-modity exchange dealing in aluminium,
copper, lead, nickel, tin and zinc
AbbreviationLME
London Securities and
Deriva-tives Exchange /l ndən
s-kjυərtiz ən drvətvz kstʃend$/
noun the London exchange where
securities and derivatives are traded
AbbreviationOMLX
London Stock Exchange/l ndən
stɒk kstʃend$/nounthe main
Brit-ish stock exchange where securities are
bought and sold AbbreviationLSE
London Traded Options Market
/l ndən tredd ɒpʃənz mɑkt/nouna market where options are traded.AbbreviationLTOM
long/lɒŋ/adjectivefor a large period
of time왍in the long term over a long
period of time왍to take the long view
to plan for a long period before currentinvestment becomes profitable 왍to be
long of a stock or to go long to buy a
share as a long-term investment on theassumption that the price will rise
long bond/lɒŋ bɒnd/, long coupon bond /lɒŋ kupɒn bɒnd/ adjective abond which will mature in more than tenyears’ time
long credit/lɒŋ kredt/nouncreditterms which allow the borrower a longtime to pay
long-dated bill /lɒŋ detd bl/noun a bill which is payable in morethan three months’ time
long-dated securities/lɒŋ detdskjυərtiz/plural nounsame aslongs long lease /lɒŋ lis/ noun a leasewhich runs for fifty years or more쑗to take an office building on a long lease
long position/lɒŋ pəzʃ(ə)n/noun
a situation where an investor sells long(i.e sells forward shares which heowns) Compareshort position long-range /lɒŋ rend$/ adjectivefor a long period of time in the future왍
long-range economic forecast a
fore-cast which covers a period of severalyears
longs /lɒŋz/ plural noungovernmentstocks which will mature in over fifteenyears’ time
long-tail business /lɒŋ tel
bzns/nouninsurance business where
a claim only arises some years after theinsurance contract was taken out
long-term/lɒŋ t%m/adjectiveover
a long period of time 쑗The ment projections are made on a long-term basis. 쑗 Sound long-term planning will give the company more direction. 쑗 It is in the company’s long-term interests to have a contented staff.왍on a long-term basis continuing
manage-for a long period of time왍long-term debts debts which will be repaid many
years later 왍 long-term forecast a
forecast for a period of over three years
Trang 9왍long-term loan a loan to be repaid
many years later 왍 long-term
objec-tives aims which will take years to
achieve
‘…land held under long-term leases is not
amortized’ [Hongkong Standard]
‘…the company began to experience a demand
for longer-term mortgages when the flow of
money used to finance these loans diminished’
[Globe and Mail (Toronto)]
long-term borrowings /lɒŋ t%m
bɒrəυŋz/ plural noun borrowings
which do not have to be repaid for some
years
long-term security /lɒŋ t%m
s-kjυərti/ noun a security which will
mature in more than fifteen years’ time
loophole/luphəυl/noun왍to find a
loophole in the law to find a means of
legally avoiding the law왍to find a tax
loophole to find a means of legally not
paying tax
‘…because capital gains are not taxed but
money taken out in profits is taxed, owners of
businesses will be using accountants and tax
experts to find loopholes in the law’
[Toronto Star]
loose change /lus tʃend$/ noun
money in coins
lose/luz/verb 1.not to have
some-thing any more왍to lose an order not to
get an order which you were hoping to
get쑗 During the strike, the company
lost six orders to American competitors.
왍to lose control of a company to find
that you have less than 50% of the
shares and so are no longer able to
con-trol the company2.to have less money
쑗He lost £25,000 in his father’s
com-puter company. 3. to drop to a lower
price쑗The dollar lost two cents against
the yen.쑗Gold shares lost 5% on the
market yesterday.왍the pound has lost
value the pound is worth less
loss/lɒs/noun1.the state or process
of not having something any more 왍
loss of customers not keeping
custom-ers because of bad service, high prices,
etc.왍loss of an order not getting an
or-der which was expected왍the company
suffered a loss of market penetration
the company found it had a smaller
share of the market왍compensation for
loss of earnings payment to someone
who has stopped earning money or who
is not able to earn money왍
compensa-tion for loss of office payment to a
di-rector who is asked to leave a company
before his or her contract ends 2. thestate of having less money than before
or of not making a profit 왍the pany suffered a loss the company did
com-not make a profit왍to report a loss not
to show a profit in the accounts at theend of the year쑗The company reported
a loss of £1m on the first year’s trading.
왍the car was written off as a dead
loss or a total loss the car was so badly
damaged that the insurers said it had novalue 왍 at a loss making a loss, not
making any profit 쑗 The company is trading at a loss.쑗We sold the shop at
a loss.왍to cut your losses to stop
do-ing somethdo-ing which is losdo-ing money3.
damage to property or destruction ofproperty, which is then subject to an in-surance claim왍the cargo was written off as a total loss the cargo was so
badly damaged that the insurers said ithad no value
‘…against losses of FFr 7.7m two years ago, the company made a net profit of FFr 300,000 last
year’ [Financial Times]
loss-leader/lɒs lidə/nounan cle which is sold at a loss to attract cus-tomers쑗We use these cheap films as a loss-leader.
arti-loss relief /lɒs rlif/ noun anamount of tax not to be paid on oneyear’s profit to offset a loss in the previ-ous year
lot/lɒt/noun1.a group of items soldtogether at an auction쑗to bid for lot 23
쑗At the end of the auction half the lots were unsold.2.a group of shares whichare sold쑗to sell a lot of shares쑗to sell shares in small lots 3. US a piece ofland, especially one to be used for rede-velopment쑗They bought a lot and built
a house.
lottery /lɒtəri/ noun a game wherenumbered tickets are sold and prizesgiven for some of the numbers
low /ləυ/ adjective not high or notmuch 쑗Our a 쑗Low overhead costs keep the unit cost low.쑗We try to keep our wages bill low.쑗The company of- fered him a mortgage at a low rate of in- terest.쑗The pound is at a very low rate
of exchange against the dollar. 왍the tender will go to the lowest bidder the
contract will be awarded to the personwho offers the best terms 쐽 noun apoint where prices or sales are verysmall쑗Sales have reached a new low.
Trang 10왍 highs and lows on the Stock
Ex-change a list of shares which have
reached a new high or low price in the
previous day’s trading 왍 shares have
hit an all-time low shares have reached
their lowest price ever
‘…after opening at 79.1 the index touched a
peak of 79.2 and then drifted to a low of 78.8’
[Financial Times]
‘…the pound which had been as low as $1.02
earlier this year, rose to $1.30’ [Fortune]
low coupon stocks /ləυ kupɒn
stɒks/ plural noun government bonds
which pay a low rate of interest
lower/laυə/adjectivesmaller or less
high쑗a lower rate of interest쑗Sales
were lower in December than in
Novem-ber.쐽verbto make something smaller
or less expensive 쑗to lower prices to
secure a larger market share쑗
Industri-alists have asked the bank to lower
in-terest rates.
‘Canadian and European negotiators agreed to a
deal under which Canada could keep its quotas
but lower its import duties’ [Globe and
Mail (Toronto)]
lowering /ləυərŋ/ noun the act of
making smaller or less expensive 쑗
Lowering the prices has resulted in
in-creased sales.쑗We hope to achieve low
prices with no lowering of quality.
low gearing /ləυ ərŋ/ noun the
fact of not having much borrowing in
proportion to your capital
low-grade/ləυ red/ adjective not
of very good quality쑗The car runs best
on low-grade petrol.
low-profile /ləυ prəυfal/ adjective
왍 low-profile company a company
which does not publicise itself much
low yield/ləυ jild/nouna yield onthe share price which is low for the sec-tor, suggesting that investors anticipatethat the company will grow fast, andhave pushed up the share price in expec-tation of growth
loyalty/lɔəlti/ nounthe state of ing faithful to someone or something
be-loyalty bonus /lɔəlti bəυnəs/nouna special privilege given to share-holders who keep their shares for a cer-tain period of time (used especially toattract investors to privatisation issues)
Exchange
Ltdabbreviationlimited company
Options Market
LTVabbreviationloan to value
lull /l l/ nouna quiet period 쑗After last week’s hectic trading this week’s lull was welcome.
lump sum/l mp s m/nounmoneypaid in one single amount, not in severalsmall sums 쑗When he retired he was given a lump-sum bonus.쑗She sold her house and invested the money as a lump sum.
luncheon voucher /l nʃtən
vaυtʃə/nouna ticket given by an ployer to an employee in addition totheir wages, which can be exchanged forfood in a restaurant
em-luxury goods /l kʃəri υdz/, ury items /l kʃəri atəmz/ pluralnounexpensive items which are not ba-sic necessities
lux-luxury tax /l kʃəri tks/ noun anextra tax levied on luxury goods
Trang 11m abbreviation 1. metre 2. mile 3.
million
M0 /em nɔt/ symbol the narrowest
British measure of money supply,
in-cluding coins and notes in circulation
plus the deposits of commercial banks
with the Bank of England
‘Bank of England calculations of notes in
circulation suggest that the main component of
the narrow measure of money supply, M0, is
likely to have risen by 0.4 per cent after seasonal
adjustments’ [Times]
M1 /em w n/ symbol a measure of
money supply, including all coins and
notes plus personal money in current
accounts
M2 /em tu/ symbol a measure of
money supply, including coins and
notes and personal money in current and
deposit accounts
M3/em θri/symbola broad measure
of money supply, including M2 and
per-sonal money in government deposits
and deposits in currencies other than
sterling (in the US, it includes time
deposits of more than $100,000 and
money market funds and Eurodollars
held by US residents)
£M3symbola British measure of
ster-ling money supply, including coins and
notes, personal money in current and
de-posit accounts and government dede-posits
Maastricht Treaty /mɑstrkt
triti/ noun a treaty signed in 1992
which sets out the principles for a
Euro-pean Union and the convergence criteria
for states wishing to join the EMU
machine /məʃin/ noun a device
which works with power from a motor
machine-readable code /məʃin
ridəb(ə)l kəυd/nouna set of signs or
letters (such as a bar code or post code)
which can be read by computers
macro- /mkrəυ/ prefix very large,
covering a wide area
macroeconomics /
mkrəυikə-nɒmks/ plural noun a study of theeconomics of a whole area, a whole in-dustry, a whole group of the population
or a whole country, in order to help ineconomic planning Compare
microeconomics (NOTE: takes a gular verb)
sin-macro funds/mkrəυ f ndz/ral nounlarge hedge funds which bet onwhole economies
plu-macro hedge fund/mkrəυ hed$
f nd/nouna hedge fund which invests
in whole regions
Madam Chairman /mdəm
tʃeəmən/, Madam Chairwoman
/mdəm tʃeəwυmən/nouna way ofspeaking to a female chairman of acommittee or meeting
magazine/məzin/nouna specialtype of newspaper, usually publishedonly weekly or monthly, often with aglossy cover and often devoted to aparticular subject왍magazine insert an
advertising sheet put into a magazinewhen it is mailed or sold
magnetic character reading
/mnetk krktə ridŋ/, netic ink character recognition
mag-/mnetk ŋk krktə
rekə-nʃ(ə)n/nouna system that recognisescharacters by sensing magnetic ink(used on cheques) AbbreviationMCR, MICR
magnetic ink /mnetk ŋk/nouna special ink with magnetic parti-cles in it, used for printing cheques
magnetic strip /mnetk strp/, magnetic stripe /mnetk strap/nouna black strip on credit cards andcashpoint cards, on which personal in-formation about the account is recorded
mail/mel/noun1.a system of ing letters and parcels from one place toanother 쑗 The cheque was lost in the
Trang 12send-mail.쑗The invoice was put in the mail
yesterday.쑗Mail to some of the islands
in the Pacific can take six weeks.왍by
mail using the postal services, not
send-ing somethsend-ing by hand or by messenger
왍we sent the order by first-class mail
we sent the order by the most expensive
mail service, designed to be faster 2.
same asemail쐽verb1.to send
some-thing by mail2.same asemail
mail box /mel bɒks/ noun 1. one
of several boxes where incoming
mail is put in a large building 2. a
box where letters which are being sent
are put to be collected3.an area of a
computer memory where emails are
stored
mailing/melŋ/nounthe sending of
something by post쑗the mailing of
pub-licity material
mailing list/melŋ lst/nouna list
of names and addresses of people who
might be interested in a product, or a list
of names and addresses of members of a
society 쑗to build up a mailing list 쑗
Your name is on our mailing list.
mailing piece/melŋ pis/nouna
leaflet suitable for sending by direct
mail order/mel ɔdə/nouna
sys-tem of buying and selling from a
cata-logue, placing orders and sending goods
by mail쑗We bought our kitchen units
by mail order.
mail-order business /mel ɔdə
bzns/nouna company which sells its
products by mail
mail-order catalogue /mel ɔdə
kt(ə)lɒ/ noun a catalogue from
which a customer can order items to be
sent by mail
mail-order selling /mel ɔdə
selŋ/ noun a method of selling in
which orders are taken and products are
delivered by mail
mail shot/mel ʃɒt/noun1.leaflets
sent by post to possible customers2.a
single mailing of direct-mail advertising
literature
main/men/adjectivemost important
쑗main office쑗main building쑗one of
our main customers쑗The main
build-ing houses our admin and finance
departments.
main market /men mɑkt/ nounthe London Stock Exchange (as op-posed to the AIM market)
mainstream corporation tax
/menstrim kɒpəreʃ(ə)n tks/noun the total tax paid by a com-pany on its profits (less any advancecorporation tax, which a company hasalready paid when distributing profits
to its shareholders in the form of dends) AbbreviationMCT
divi-Main Street /men strit/ noun USthe most important street in a town,where the shops and banks usually are
maintain/menten/verb1.to keepsomething going or working 쑗 We try to maintain good relations with our customers.쑗His trip aims to maintain contact with his important overseas markets.2.to keep something working
at the same level쑗to maintain an est rate at 5%쑗The company has main- tained the same volume of business in spite of the recession.왍to maintain a dividend to pay the same dividend as
inter-the previous year
maintenance/mentənəns/noun1.
the process of keeping things going orworking 쑗Maintenance of contacts is important for a sales rep.쑗It is essen- tial to ensure the maintenance of sup- plies to the factory. 2. the process ofkeeping a machine in good working or-der 쑗 We offer a full maintenance service.
‘…responsibilities include the maintenance of
large computerized databases’ [Times]
‘…the federal administration launched a full-scale investigation into the airline’s
maintenance procedures’ [Fortune]
/mentənəns kɒntrkt/nouna tract by which a company keeps a piece
con-of equipment in good working order
maintenance fee /mentənəns fi/nouna fee charged for keeping an ac-count or a contract going
majeure/m$%/쒁force majeure major/med$ə/adjectiveimportant쑗
There is a major risk of fire. 왍major shareholder a shareholder with a large
number of shares
‘…if the share price sinks much further the company is going to look tempting to any major takeover merchant’ [Australian Financial
Trang 13‘…monetary officials have reasoned that
coordinated greenback sales would be able to
drive the dollar down against other major
currencies’ [Duns Business Month]
‘…a client base which includes many major
commercial organizations and nationalized
industries’ [Times]
majority/məd$ɒrti/nounmore than
half of a group왍majority of the
holders more than 50% of the
share-holders 왍 the board accepted the
proposal by a majority of three to two
three members of the board voted to
ac-cept the proposal and two voted against
accepting it
majority shareholder /məd$ɒrəti
ʃeəhəυldə/ noun a person who owns
more than half the shares in a company
majority shareholding /
mə-d$ɒrəti ʃeəhəυldŋ/nouna group of
shares which are more than half the total
majority vote /məd$ɒrti vəυt/,
majority decision /məd$ɒrti
d-s$(ə)n/nouna decision which
repre-sents the wishes of the largest group as
shown by a vote
make/mek/verb1.to do an action왍
to make a bid for something to offer to
buy something왍to make a payment to
pay왍to make a deposit to pay money
as a deposit 2. to earn money 쑗 He
makes £50,000 a year or £25 an hour.3.
to increase in value쑗The shares made
$2.92 in today’s trading.4.왍to make a
profit to have more money after a deal
왍to make a loss to have less money
af-ter a deal왍to make a killing to make a
very large profit
make out/mek aυt/ verbto write
something쑗to make out an invoice쑗
The bill is made out to Smith & Co.왍to
make out a cheque to someone to write
someone’s name on a cheque
make over /mek əυvə/ verb to
transfer property legally쑗to make over
the house to your children
maker /mekə/ noun a person who
signs a promissory note in which he or
she promises to pay money
make up/mek p/verb왍to make
up accounts to complete the accounts
make up for/mek p fɔ/verbto
compensate for something쑗to make up
for a short payment or for a late
look after rented property for the owner
왍to manage a currency to intervene in
the markets to influence a currency’sexchange rates
‘…the research director will manage and direct
a team of graduate business analysts reporting
on consumer behaviour throughout the UK’
[Times]
manageable/mnd$əb(ə)l/tivewhich can be dealt with쑗The inter- est payments, though high, are still manageable.쑗The problems which the company faces are too large to be man- ageable by one person.
adjec-managed derivatives fund
/mnd$d drvətvz f nd/ noun afund which uses mainly futures andoptions instead of investing in the un-derlying securities
managed float /mnd$d fləυt/nouna process of floating of a currencywhere the exchange rate is controlled bythe central bank Compareclean float.Also calleddirty float
managed fund /mnd$d f nd/nouna unit trust fund which is invested
in specialist funds within the group andcan be switched from one specialised in-vestment area to another
managed unit trust /mnd$d
junt tr st/nounsame asmanaged fund
management /mnd$mənt/ noun
1.the process of directing or running abusiness쑗a management graduate or a graduate in management쑗She studied management at university.쑗Good man- agement or efficient management is es- sential in a large organisation.쑗Bad management or inefficient management can ruin a business.2.a group of man-agers or directors 쑗 The management has decided to give everyone a pay in- crease. (NOTE: Where management
refers to a group of people it is
some-times followed by a plural verb.) 3.the
Trang 14process of running a fund or investment
portfolio for a client
‘…the management says that the rate of
loss-making has come down and it expects
further improvement in the next few years’
[Financial Times]
/mnd$mənt əkaυntənt/ noun an
accountant who prepares financial
infor-mation for managers so that they can
take decisions
/mnd$mənt əkaυnts/ plural noun
financial information prepared for a
manager so that decisions can be made,
including monthly or quarterly financial
statements, often in great detail, with
analysis of actual performance against
the budget
management buyin/mnd$mənt
ban/nounthe purchase of a
subsid-iary company by a group of outside
di-rectors AbbreviationMBI
/mnd$mənt baaυt/nounthe
take-over of a company by a group of
employees, usually senior managers and
directors AbbreviationMBO
management by objectives
/mnd$mənt ba əbd$ektvz/noun
a way of managing a business by
plan-ning work for the managers to do and
testing if it is completed correctly and
/mnd$mənt treni/nouna young
member of staff who is being trained to
be a manager
/mnd$mənt trenŋ/ noun the
process of training staff to be managers,
by making them study problems and
work out solutions
manager /mnd$ə/ noun 1. thehead of a department in a company 쑗
She’s a department manager in an neering company.쑗Go and see the hu- man resources manager if you have a problem. 쑗 The production manager has been with the company for only two weeks.쑗Our sales manager started as
engi-a rep in London.2.the person in charge
of a branch or shop쑗Mr Smith is the manager of our local Lloyds Bank. 쑗
The manager of our Lagos branch is in London for a series of meetings.
‘…the No 1 managerial productivity problem in America is managers who are out of touch with their people and out of touch with their
customers’ [Fortune]
managerial /mnəd$əriəl/ tive referring to managers 쑗 All the managerial staff are sent for training every year.
adjec-managership /mnd$əʃp/ nounthe job of being a manager쑗After six years, she was offered the managership
of a branch in Scotland.
managing agent /mnd$ŋ
ed$(ə)nt/ nounthe person who runsthe day-to-day activities of a Lloyd’ssyndicate
managing director /mnəd$ŋdarektə/ nounthe director who is incharge of a whole company Abbrevia-tionMD
/mnd$ŋ ndəratə/ noun US anunderwriting firm which organises theunderwriting of a share issue
manat /mnt/nouna unit of rency used in Turkmenistan
cur-M&A abbreviation mergers andacquisitions
mandate /mndet/ nounan orderwhich allows something to take place
mandatory /mndət(ə)ri/adjectivewhich everyone must obey쑗Wearing a suit is mandatory for all managerial staff.왍mandatory meeting a meeting
which all staff have to attend
‘…the wage talks are focusing on employment issues such as sharing of work among employees and extension of employment beyond the mandatory retirement age of 60
years’ [Nikkei Weekly]
mandatory bid /mndət(ə)ri bd/nounan offer to purchase the shares of acompany which has to be made when a
management accountant 214 mandatory bid
Trang 15shareholder acquires 30% of that
com-pany’s shares
M&E fee/em ən i fi/nounsame as
mortality and expense risk charge
manipulate/mənpjυlet/verb왍to
manipulate the accounts to make false
accounts so that the company seems
profitable왍to manipulate the market
to work to influence share prices in your
favour
/mnpaυə fɔkɑstŋ/ noun the
process of calculating how many
em-ployees will be needed in the future, and
how many will actually be available
manpower planning /mnpaυə
plnŋ/nounthe process of planning
to obtain the right number of employees
in each job
manufactured goods /
mnju-fktʃəd υdz/ plural noun items
which are made by machine
marché noun the French word for
market.쏡MATIF
margin/mɑd$n/noun1.the
differ-ence between the money received when
selling a product and the money paid for
it왍we are cutting our margins very
fine we are reducing our margins to the
smallest possible in order to be
squeezed profits have been reduced
be-cause our margins have to be smaller to
stay competitive2.extra space or time
allowed3.the difference between
inter-est paid to depositors and interinter-est
charged to borrowers (by a bank,
build-ing society, etc.)4.a deposit paid when
purchasing a futures contract
‘…profit margins in the industries most exposed
to foreign competition – machinery,
transportation equipment and electrical goods –
are significantly worse than usual’
[Australian Financial Review]
marginal /mɑd$n(ə)l/ adjective 1.
hardly worth the money paid2.not very
profitable 쑗 a marginal return on
investment
marginal cost /mɑd$n(ə)l kɒst/
nounthe cost of making a single extra
unit above the number already planned
marginal land /mɑd$n(ə)l lnd/
noun land which is almost not worth
farming
marginal pricing /mɑd$n(ə)l
prasŋ/noun1.the practice of basing
the selling price of a product on its able costs of production plus a margin,but excluding fixed costs2.the practice
vari-of making the selling price the same asthe cost of a single extra unit above thenumber already planned
eʃ(ə)n/ noun the percentage of taxwhich a taxpayer pays at the top rate(which he therefore pays on every fur-ther pound or dollar he earns)
‘…pensioner groups claim that pensioners have the highest marginal rates of tax Income earned
by pensioners above $30 a week is taxed at 62.5 per cent, more than the highest marginal rate’
[Australian Financial Review]
marginal revenue /mɑd$n(ə)l
revenju/nounthe income from ing a single extra unit above the numberalready sold
sell-marginal tax rate /mɑd$n(ə)l
tks ret/ noun same as marginal rate of tax
margin call/mɑd$n kɔl/ nounarequest for a purchaser of a futures con-tract or an option to pay more margin,since the fall in the price of the securi-ties or commodity has removed thevalue of the original margin deposited
margin of error/mɑd$n əv erə/nounthe number of mistakes which can
be accepted in a document or in acalculation
margin of safety /mɑd$n əv
sefti/ noun the units produced (orsales of such units) which are above thebreakeven point
marine underwriter /mərin
ndəratə/nouna person or companythat insures ships and their cargoes
marital /mrt(ə)l/ adjective ring to a marriage
refer-marital deductions/mrt(ə)l
d-d kʃ(ə)ns/plural nounthat part of anestate which is not subject to estate taxbecause it goes to the dead person’sspouse
marital status /mrt(ə)l stetəs/nounthe condition of being married ornot
Trang 16maritime law/mrtam lɔ/noun
laws referring to ships, ports, etc
maritime lawyer/mrtam lɔjə/
nouna lawyer who specialises in legal
matters concerning ships and cargoes
mark/mɑk/noun1.a sign put on an
item to show something2.a former unit
of currency in Germany 쑗 The price
was twenty-five marks.쑗The mark rose
against the dollar.(NOTE: Usually
writ-ten DM after a figure: 25DM.)
marka/mɑkə/, markkanouna unit
of currency used before the euro in
Fin-land(NOTE: written MK)
mark down /mɑk daυn/ verb to
make the price of something lower왍to
mark down a price to lower the price
of something 쑗 This range has been
marked down to $24.99. 쑗 We have
marked all prices down by 30% for the
sale.
mark-down/mɑk daυn/noun1.a
reduction of the price of something to
less than its usual price2.the
percent-age amount by which a price has been
lowered 쑗 There has been a 30%
mark-down on all goods in the sale.
market /mɑkt/ noun 1. an area
where a product might be sold or the
group of people who might buy a
prod-uct쑗There is no market for this
prod-uct. 쑗 Our share of the Far eastern
market has gone down.2.a place where
money or commodities are traded 왍
global financial markets world-wide
finance markets쑗The global financial
markets precipitated the Mexican crisis
of 1994–95.3.왍to buy shares in the
open market to buy shares on the Stock
Exchange, not privately 왍to come to
the market(of a company)to apply for
a Stock Exchange listing, by offering
some of the existing shares for sale, or
by floating it as a new company왍sell at
the market an instruction to
stockbro-ker to sell shares at the best price
possi-ble 왍 to bring a company to the
market to arrange the flotation of a
company’s shares on the market 왍 to
make a market in securities to offer to
buy or sell securities on a selected list at
any time 4. a place where shares are
bought and sold 쑗 The market in oil
shares was very active or There was a
brisk market in oil shares.5.왍to go up
market, to go down market to make
products which appeal to a wealthy
sec-tion of the market or to a wider, lesswealthy section of the market쐽verbtosell a product, or to present and promote
a product in a way which will help tosell it쑗This product is being marketed
in all European countries.
‘…market analysts described the falls in the second half of last week as a technical correction to a market which had been pushed
by demand to over the 900 index level’
[Australian Financial Review]
marketability /mɑktəblti/nounthe fact of being able to be sold easily쑗
the marketability of shares in electronic companies
marketable/mɑktəb(ə)l/adjectivewhich can be sold easily
/mɑktəb(ə)l skjυərtiz/ pluralnoun stocks, shares, CDs etc., whichcan be bought or sold on a stock market
market analysis /mɑkt
ə-nləss/nounthe detailed examinationand report of a market
market analyst /mɑkt nəlst/noun a person who studies the stockmarket in general
market basket /mɑkt bɑskt/nounsame asshopping basket market capitalisation /mɑkt
kptəlazeʃ(ə)n/ noun 쑗company with a £1m capitalisation
market cycle /mɑkt sak(ə)l/noun a period during which a marketexpands, then slows down and then ex-pands again
market economist /mɑkt
-kɒnəmst/nouna person who ises in the study of financial structuresand the return on investments in thestock market
plu-market forecast/mɑkt fɔkɑst/nouna forecast of prices on the stockmarket
marketing/mɑktŋ/nounthe ness of presenting and promoting goods
busi-or services in such a way as to makecustomers want to buy them
Trang 17‘…reporting to the marketing director, the
successful applicant will be responsible for the
development of a training programme for the
new sales force’ [Times]
marketing agreement /mɑktŋ
ərimənt/nouna contract by which
one company will market another
com-pany’s products
marketing department /mɑktŋ
dpɑtmənt/ noun the section of a
company dealing with marketing and
sales
marketing manager /mɑktŋ
mnd$ə/nouna person in charge of a
marketing department쑗The marketing
manager has decided to start a new
ad-vertising campaign.
market leader/mɑkt lidə/noun
1.a product which sells most in a
mar-ket2.the company with the largest
mar-ket share쑗We are the market leader in
home computers.
‘…market leaders may benefit from scale
economies or other cost advantages; they may
enjoy a reputation for quality simply by being at
the top, or they may actually produce a superior
product that gives them both a large market
share and high profits’ [Accountancy]
marketmaker /mɑktmekə/ noun
a person who buys or sells shares on the
stock market and offers to do so in a
cer-tain list of securities (a marketmaker
op-erates a book, listing the securities he or
she is willing to buy or sell, and makes
his or her money by charging a
commis-sion on each transaction)
market neutral funds /mɑkt
njutrəl f ndz/ plural noun hedge
funds not related to general market
movements, but which try to find
oppor-tunities to arbitrage temporary slight
changes in the relative values of
particu-lar financial assets
market operator /mɑkt
ɒpəretə/nouna person who trades on
a stock market or financial market
market opportunity /mɑkt
ɒpə-tjunti/nounthe possibility of going
into a market for the first time
market optimism /mɑkt
ɒpt-mzəm/nouna feeling that the stock
market will rise
market order /mɑkt ɔdə/ noun
an order to a broker to buy or sell at the
current price
market polarisation /mɑkt
pəυlərazeʃ(ə)n/ noun a situation
where a market is concentrated round afew suppliers or traders
market price/mɑkt pras/noun1.
the price at which a product can be sold
2.the price at which a share stands in astock market
market professionals /mɑktprəfeʃ(ə)nəlz/plural nounpeople whowork in a stock market, as brokers, ana-lysts, etc
market purchases /mɑkt
p%tʃsz/ plural noun purchases ofshares in a company on the normal stockmarket (by a company planning a take-over bid)
market rate/mɑkt ret/nounthenormal price in the market쑗We pay the market rate for secretaries or We pay secretaries the market rate.
‘…after the prime rate cut yesterday, there was a further fall in short-term market rates’
[Financial Times]
market research /mɑkt rs%tʃ/nounthe process of examining the pos-sible sales of a product and the possiblecustomers for it before it is put on themarket
쑗We hope our new product range will increase our market share.
market value/mɑkt vlju/nounthe value of an asset, a share, a product
or a company if sold today
market value added /mɑkt
vlju dd/nounthe difference tween a company’s market value andthe amount of its invested capital Ab-breviationMVA
be-market value adjuster /mɑkt
vlju əd$ stə/ noun a method ofcalculating the loss in market value of abond or insurance when it is being sur-rendered AbbreviationMVA
marketing agreement 217 market value adjuster
Trang 18market watcher /mɑkt wɒtʃə/
nouna person who follows stock market
trends closely
mark up/mɑk p/verbto increase
the price of something왍to mark prices
up to increase prices 쑗 These prices
have been marked up by 10%.
mark-up /mɑk p/ noun 1. an
in-crease in price 쑗We put into effect a
10% mark-up of all prices in June. 쑗
Since I was last in the store they have
put at least a 5% mark-up on the whole
range of items. 2. the difference
be-tween the cost of a product or service
and its selling price왍we work to a 3.5
times mark-up or to a 350% mark-up
we take the unit cost and multiply by 3.5
to give the selling price
mass production /ms
prə-d kʃən/nounthe manufacture of large
quantities of identical products
mass unemployment /ms
nmplɔmənt/ noun unemployment
affecting large numbers of people
MasterCard noun an international
credit organisation, backed by a group
of banks(NOTE: A similar organisation
is Visa International.)
matched bargains /mtʃd
bɑnz/ plural noun sales and
pur-chases of shares which are conducted at
the same time, where the buyers and
sellers come together to agree on the
price (as opposed to the ‘quotation’
sys-tem, where the marketmakers make the
selling prices for shares)왍to trade on a
matched bargain basis to arrange to
sell shares for a client and buy them for
another client, without having to take a
position in the shares
MATIF nounthe French financial
fu-tures market Full form marché à
terme des instruments financiers
mature/mətjυə/adjective왍mature
economy a fully developed economy쐽
verbto become due왍bills which
ma-ture in three weeks’ time bills which
will be due for payment in three weeks
maturity /mətjυərti/ noun 1. the
third stage in a product life cycle when a
product is well established in the market
though no longer enjoying increasing
sales, after which sooner or later it will
start to decline 2. the time at which
something becomes due for payment or
repayment왍amount payable on
matu-rity the amount received by the insured
person when a policy matures
maturity date /mətʃυərti det/nouna date when a government stock,
an assurance policy or a debenture willbecome due for payment Also called
date of maturity maturity yield /mətʃυərti jild/noun a calculation of the yield on afixed-interest investment, assuming it isbought at a certain price and held tomaturity
maximisation /
mksma-zeʃ(ə)n/, maximizationnounthe cess of making something as large aspossible쑗profit maximisation or maxi- misation of profit
pro-maximise /mksmaz/, maximize
verbto make something as large as sible쑗Our aim is to maximise profits.
pos-쑗The cooperation of the workforce will
be needed if we are to maximise tion.쑗He is paid on results, and so has
produc-to work flat out produc-to maximise his earnings.
maximum /mksməm/ noun thelargest possible number, price or quan-tity쑗It is the maximum the insurance company will pay.(NOTE: The plural is
maxima or maximums.) 왍 up to a maximum of £10 no more than £10왍to increase exports to the maximum to
increase exports as much as possible쐽adjectivelargest possible쑗40% is the maximum income tax rate or the maxi- mum rate of tax.쑗The maximum load for the truck is one ton. 쑗 Maximum production levels were reached last week.왍to increase production to the maximum level to increase it as much
as possible
May Day/me de/nounthe change
in practices on American Stock changes which took place on 1st May
Ex-1975, with the removal of the system offixed commissions This allowedcheaper stock trading by brokers whodid not offer any investment advice, andultimately led to computerised financialdealing in general.(NOTE: The UK term
is Big Bang.) MBOabbreviationmanagement buyout
mean /min/ adjectiveaverage쑗The mean annual increase in sales is 3.20%.
왍 mean price the average price of a
share in a day’s trading쐽nounthe
Trang 19erage or number calculated by adding
several quantities together and dividing
by the number of quantities added 쑗
Unit sales are over the mean for the first
quarter or above the first-quarter mean.
means/minz/ nouna way of doing
something쑗Do we have any means of
copying all these documents quickly?쑗
Bank transfer is the easiest means of
payment.(NOTE: The plural is means.)
쐽plural nounmoney or resources쑗The
company has the means to launch the
new product.쑗Such a level of
invest-ment is beyond the means of a small
pri-vate company.
means test/minz test/nounan
in-quiry into how much money someone
earns to see if they are eligible for state
benefits쐽verb to find out how much
money someone has in savings and
as-sets 쑗 All applicants will be
means-tested.
measure/me$ə/ noun1. a way of
calculating size or quantity왍as a
mea-sure of the company’s performance as
a way of judging if the company’s
re-sults are good or bad2.a type of action
왍to take measures to prevent
thing happening to act to stop
some-thing happening쐽verb 왍to measure
the government’s performance to
judge how well the government is doing
measurement/me$əmənt/ nouna
way of judging something 쑗 growth
measurement쑗 performance
measure-ment or measuremeasure-ment of performance
measurement of profitability
/me$əmənt əv prɒftəblti/nouna
way of calculating how profitable
some-thing is
mechanic’s lien/mknks liən/
noun US a lien on buildings or other
property which can be enforced by
workmen until they have been paid
median /midiən/ noun the middle
number in a list of numbers
medical insurance/medk(ə)l
n-ʃυərəns/ noun insurance which pays
the cost of medical treatment, especially
when someone is travelling abroad
medium/midiəm/adjective middle
or average쑗The company is of medium
size.
medium-dated stocks /midiəm
detd stɒks/ plural noun same as
mediums
mediums /midiəmz/ plural noungovernment stocks which mature inseven to fifteen years’ time
/midiəm sazd k mp(ə)ni/ noun acompany which has a turnover of lessthan £5.75m and does not employ morethan 250 staff 쑗a medium-sized engi- neering company
medium-term /midiəm t%m/ jectivereferring to a point between shortterm and long term 왍 medium-term forecast a forecast for two or three
ad-years왍medium-term loan a bank loan
for three to five years
medium-term bond /midiəmt%m bɒnd/ nouna bond which ma-tures within five to fifteen years
meet/mit/verb 1.to be satisfactoryfor something쑗We must have a prod- uct which meets our requirements.왍we will try to meet your price we will try
to offer a price which is acceptable toyou왍they failed to meet the deadline
they were not able to complete in time
2.to pay for something쑗The company will meet your expenses.쑗He was un- able to meet his mortgage repayments.
(NOTE: meeting – met) meeting /mitŋ/ noun an event atwhich a group of people come together
in order to discuss matters of commoninterest to them왍to hold a meeting to
organise a meeting of a group of people
쑗The meeting will be held in the mittee room. 왍 to open a meeting to
com-start a meeting왍to conduct a meeting
to be in the chair for a meeting 왍 to close a meeting to end a meeting왍to address a meeting to speak to a meet-
ing왍to put a resolution to a meeting
to ask a meeting to vote on a proposal
‘…in proportion to your holding you have a stake in every aspect of the company, including a vote in the general meetings’
[Investors Chronicle]
mega-cap/meə kp/nouna sharewith the very highest capitalisation andgrowth.쏡cap, mid-cap, small-cap member/membə/ noun1.a personwho belongs to a group, society or or-ganisation쑗Committee members voted
on the proposal. 쑗They were elected members of the board. 쑗 Every em- ployer is a member of the employers’ federation. 2.a shareholder in a com-pany3.an organisation which belongs
Trang 20to a larger organisation쑗the member
companies of a trade association쑗The
member states of the EU.쑗The
mem-bers of the United Nations.
‘…it will be the first opportunity for party
members and trade union members to express
their views on the tax package’
[Australian Financial Review]
member bank/membə bŋk/noun
a bank which is part of the Federal
Re-serve system
member firm/membə f%m/nouna
stockbroking firm which is a member of
a stock exchange
member’s agent /membəz
ed$ənt/nouna person who works on
behalf of the names in a Lloyd’s
syndicate
membership /membəʃp/ nounall
the members of a group 쑗The union
membership was asked to vote for the
new president.
‘…the bargaining committee will recommend
that its membership ratify the agreement at a
meeting called for June’ [Toronto Star]
Member States /membə stets/
plural nounstates which are members of
an organisation such as the EU or the
UN쑗the member countries of the EU쑗
the members of the United Nations쑗the
member companies of a trade
association
memorandum and articles of
association /memərndəm ənd
ɑtik(ə)lz əv əsəυsieʃ(ə)n/,
memo-randum of association /
memə-rndəm əv əsəυsieʃ(ə)n/nounthe
legal documents which set up a limited
company and give details of its name,
aims, authorised share capital, conduct
of meetings, appointment of directors
and registered office
mentee/menti/nouna less
experi-enced employee who is offered special
guidance and support by a respected and
trusted person with more experience (a
mentor)
mentor/mentɔ/nouna person who
is respected and trusted by a less
experi-enced employee and offers special
guid-ance and support to them
mercantile /m%kəntal/ adjective
commercial 왍 mercantile country a
country which earns income from trade
왍 mercantile law laws relating to
business
mercantile agency /m%kəntal
ed$(ə)nsi/ noun same as
credit-reference agency mercantile agent /m%kəntal
ed$ənt/noun a person who sells onbehalf of a business or another personand earns a commission
mercantile marine /m%kəntalmərin/nounall the commercial ships
of a country
merchant /m%tʃənt/ noun acompany, shop or other business whichaccepts a certain type of credit card forpurchases
merchant bank /m%tʃənt bŋk/noun 1. a bank which arranges loans
to companies, deals in international nance, buys and sells shares andlaunches new companies on the StockExchange, but does not provide normalbanking services to the general public2.
fi-USa bank which operates a credit cardsystem (accepting payment on creditcards from retailers or ‘merchants’)
merchant banker /m%tʃənt
bŋkə/nouna person who has a highposition in a merchant bank
merchant marine /m%tʃənt
mə-rin/, merchant navy /m%tʃənt
nevi/nounall the commercial ships of
a country
merchant number /m%tʃənt
n mbə/ noun a number of the chant, printed at the top of the report slipwhen depositing credit card payments
mer-merge/m%d$/verbto join together쑗
The two companies have merged.쑗The firm merged with its main competitor.
merger/m%d$ə/nounthe joining gether of two or more companies쑗As a result of the merger, the company is now the largest in the field.
to-merger accounting /m%d$ə
ə-kaυntŋ/nouna way of presenting theaccounts of a newly acquired companywithin the group accounts, so as to show
it in the best possible light
merit increase /mert nkris/nounan increase in pay given to an em-ployee because his or her work is good
merit rating/mert retŋ/nountheprocess of judging how well an em-ployee works, so that payment can beaccording to merit