The English Blog

BBC Video: Davos 2012—IMF issues austerity warning

Inappropriate spending cuts could "strangle" growth prospects, the head of the IMF has warned. Austerity programmes must be tailored to each economy, Christine Lagarde said, and not be "across the board". The International Monetary Fund has been one of those stressing the need for countries to cut their debts, but some fear this could hit growth. The correct response to the eurozone debt crisis has been a major debate at the World Economic Forum in Davos, as Tom Esslemont reports.

ALSO SEE
• Davos Tells EU to Fix Crisis for Good (Bloomberg)
• What really caused the eurozone crisis? (BBC News)

Words in the News: Waive

Royal Bank of Scotland chief executive Stephen Hester bowed to pressure last night and gave up his controversial bonus. Full story >>

VOCABULARY
If you waive your right to something, for example legal representation, you choose not to have it or do it. • Kansas is asking the federal government to waive some rules so the state can overhaul its Medicaid program.

BBC Video: How to do business in India

When meeting representatives from Indian businesses, how should you greet them and what should you be wearing? Rajini Vaidyanathan takes us through some of the top tips for getting networking right in India. Transcript: How to do business in India 

ALSO SEE
• Doing business in India (Kwintessential)
• Executive Planet: India

Cartoon: Bold and Decisive

This cartoon by Schrank from The Independent on Sunday relates to UK Prime Minister David Cameron's speech at the World Economic Forum in Davos in which he urged fellow leaders to take bold and decisive action to solve the eurozone's debt crisis. In a message aimed squarely at the German Chancellor, Angela Merkel, Mr Cameron warned: "Tinkering here and there and hoping we will drift to a solution simply won't cut it any more. This is a time for boldness not caution." Full story >>

COMMENTARY
Davos is a ski resort, and in the cartoon David Cameron is shown flying through the air after skiing off a rock. He tells Angela Merkel, who is heading up to the EU summit on a ski lift, "You've got to be bold, decisive!"

EXPLANATION
Cameron told his Davos audience, "In Britain, we are taking bold steps necessary to get our economy back on track, but my argument today is that the need for bold action at European level is equally great." However, on Wednesday, data showed that the UK economy contracted by 0.2% in the final quarter of 2011 and is on the brink of plunging back into recession. So Cameron's skiing accident can be seen as a metaphor for his government's handling of the UK economy, and the result of his 'bold, decisive' action.

VOCABULARY
Someone who is bold is not afraid to do things which involve risk or danger.

ALSO SEE
• Cameron tells Davos: Germany must be bold over eurozone crisis (The Guardian)

Words in the News: Spark

Plans to commit 22bn euros to tackling the scourge of youth unemployment across Europe will be considered by EU leaders as international pressure mounts for action to help young people through the deepening economic crisis, the Observer says. Full story >>

VOCABULARY
If one thing sparks another, the first thing causes the second thng to start happening. • Twitter's announcement of country-specific censorship has sparked outrage among many Twitter users.

Mac Cartoon: Look on the Bright Side

This cartoon by Mac from The Daily Mail combines two news stories: the spiralling cost of the Olympics and the growing number of pensioners facing fuel poverty.

A couple of pensioners are trying to keep warm in their living room. The man is studying a pile of bills. The woman, who is reading a paper with the headline "True Cost of Olympics £24 billion", tells him: "Look on the bright side—we've got tickets for the ladies' synchronised swimming." The joke is that synchronised swimming has the reputation for being one of the most boring Olympic events, so it's not much consolation.

As usual with Mac cartoons, there are some lovely details: the shivering dog trying to warm itself in front of a candle, the hot water bottle under the woman's feet, and the half-eaten biscuit on the table.

IDIOM
If you look on the bright side, you to try to see something good in a bad situation. • Look on the bright side—the accident insurance might pay for a new car.

Reuters Video: Facebook set for $10b IPO reports WSJ

Facebook, the leading social network, is expected to file for an initial public offering as early as Wednesday, February 1, the Wall Street Journal reported. Conway G. Gittens reports.

TRANSCRIPT
REPORTER: Facebook wants to be friends with Wall Street. The world's leading social network is preparing to file an initial public offering as early as Wednesday, according to the Wall Street Journal. The IPO would value Facebook at between $75 billion and $100 billion, the report, citing unidentified sources, stated. The report also noted Morgan Stanley and Goldman Sachs are expected to play lead roles in what may be one of the biggest and most anticipated IPOs in U.S. history. However, investors should be careful not to get caught up in the hype, warns Jim O'Shaughnessy of O'Shaughnessy Asset Management.
JIM O'SHAUGHNESSY, CHAIRMAN/CEO, O'SHAUGHNESSY ASSET MANAGEMENT: "Many IPOs come out being very, very overvalued because they get so hyped up and investors are so taken in by the story that they're willing to pay any amount just to be able to get into the stock. That generally translates to being very overvalued. So we generally tell investors that they should wait, probably a good full year before they look at buying a stock that was recently IPO'd."
REPORTER: Facebook declined to comment. Conway Gittens, Reuters.

Words in the News: Archbishop

In an interview with The Daily Telegraph, the Archbishop of York says that marriage must remain a union between a man and a woman, and David Cameron will be acting like a “dictator” if he allows homosexual couples to wed. Full story >>

VOCABULARY
In Roman Catholic, Orthodox, and Anglican churches, an archbishop is a bishop of the highest rank, who is in charge of all the bishops and priests in a particular country of region. • Pope Benedict XVI on Wednesday appointed Joseph Coutts as archbishop of Karachi.

Interactive: European Stereotypes

As part of the Europa project, newspapers from six European countries (Britain, France, Germany, Poland, Spain, and Italy) were asked to stereotype each other, and then asked cultural commentators in each country to assess how accurate they are. You can read the resulting articles on The Guardian website. Here's an extract from the one about the British:

The stereotype is itself a stereotype. The European image of the Brit – either pukingly drunk football fan or snooty City gent, both living off past imperial glories, sullenly resenting being in Europe rather than ruling the world – is itself a cliche. Just as Brits know that every good Frenchman wears a striped shirt and beret, and that ruddy-faced Germans subsist on a diet of beer and sausage, so we know precisely what all those Europeans think of us. Read all >>

ALSO SEE
• French stereotypes: arrogant and good in bed? Bien sûr!
• Spanish stereotypes: statistics tell us they have Mondays, too
• German stereotypes: Don't mention the towels
• Italian stereotypes: yes, we are all individuals!
• Polish stereotypes: hard-drinking Catholic zealots? Nie!
• How European are you? (interactive quiz)

Reuters Video: Google at your own risk

Google's revised privacy policy is raising new concerns about consumers rights to their information on the internet and other connected products. Bobbi Rebell reports.

TRANSCRIPT
REPORTER: A new warning for consumers: Google at your own risk. Earlier this week, in an online post, the company unveiled its new privacy policy, linking all its online offerings- including its widely used search engine, Gmail, Google +, and YouTube. It also ties into the Android mobile operating system. And with the exception of a few tweaks, consumers cannot opt out. When the full policy goes into effect on March 1st, user information for most Google products will be treated as a single group of data. The company can then use that information across all its products to sell targeted ads. Wired New York Bureau Chief John Abell has a warning for consumers.
JOHN ABELL: "Never put information in someone else's hands that you don't want to be shared. Don't put something on a company website which you would be afraid if it were stolen."
REPORTER: The move is controversial- because it could raise red flags for anti-trust regulators. Both Facebook and Twitter have settled different FTC charges related to privacy- though each case is different. Google also points out that there are benefits to consumers. For example a person can search for a restaurant using Google's search engine. Google will then use Google plus social network to incorporate comments and photos from friends. Abell believes Google has enough at stake- that it will be careful not to upset its users.
JOHN ABELL: "Google needs to have your trust with all the things that they already know about you so if they were to screw up and do things with your data that you did not like it would be a terrible blow to their entire business model which is based on that trust."
REPORTER: And to be clear: the data Google is collecting is not new- it's just being grouped together- a seemingly simple nuance with implications still unknown. Bobbi Rebell, Reuters.

ALSO SEE
• Updating our privacy policies and terms of service (Official Google Blog)
• Google Privacy Policy Update (YouTube)
• Google-phobics can just log off (Mail Online)
• Google privacy policy is subject of backlash (Washington Post)

Cartoon: EU Red Tape

This cartoon by Andy Davey from The Sun relates to UK Prime Mininster David Cameron's attack on the "madness" of European regulations and taxes in a speech to global business leader at the World Economic Forum in Davos.

Mr Cameron accused the EU (European Union) of "doing things to make life even harder" in the face of the economic challenge. He attacked the "unnecessary" regulations on business that "can destroy jobs" and said the proposed financial transactions tax could cost hundreds of thousands of jobs. He said: "Even to be considering this at a time when we are struggling to get our economies growing is quite simply madness." Full story >>

THE CARTOON
Andy Davey's cartoon shows David Cameron as Saint George, the patron saint of England, fighting a dragon made up of red tape and labelled EU. Cameron is wielding a sword and shield but has lost his helmet.

EXPLANATORY NOTES
1. Legend has it that Saint George slayed a dragon to save a princess. (Listen to story here.)
2. The red cross on Cameron's shield and tunic is the St George's Cross, which is also the flag of England.
3. The term red tape is used to refer to official rules and procedures when they seem unnecessary and cause delay. The dragon is a metaphor for EU red tape. (See this article from The Phrase Finder for the origin of the expression red tape.)

ALSO SEE
• David Cameron: stop the madness of Europe red tape (Daily Telegraph)

VIDEO — CAMERON'S DAVOS SPEECH

Words in the News: Diddle

Tradesmen paid in cash are diddling the economy, The Daily Telegraph quotes the country's most senior taxman as saying. Full story >>

VOCABULARY
If someone diddles you, they take money from you dishonestly or unfairly. • They diddled their insurance company by making a false claim. 

Cartoon: Flatlining

This cartoon by Dave Brown from The Independent relates to news that Britain appears to be heading towards a double-dip recession.

Chancellor of the Exchequer George Osborne is portrayed as a doctor attending to the skeleton of Britannia (the female personification of Great Britain). Dr Osborne remarks, "... but the good news is ... she's not getting any deader!" The implication being that the UK economy is in such a bad way that it can't get any worse.

VOCABULARY
The title of the cartoon 'flatlining' is a medical term. A hospital patient is said to be flatlining when they register as having no brain waves or heartbeat on an electronic monitor. However, the term can also be applied to an economy which is showing no signs of growth: Interest rates are to stick at 0.5% for another month as the Bank of England tries to revive the flatlining economy with another £75 billion of quantitive easing. So the cartoonist is using a play on words.

ALSO SEE
• Double-dip looms as slump hits economy (The Independent)

Reuters Video: Aesop's fable brought to life by clever crows

In a series of experiments, the New Caledonian crow has demonstrated an unexpected understanding of how tools work to make their lives easier. The tests by scientists in the UK and New Zealand, revealed that the bird was intelligent enough to select and use the best available tool to raise the water level in a test tube. Jim Drury reports.

TRANSCRIPT
REPORTER: Aesop's fable 'The Crow and the Pitcher' brought to life almost 3,000 years after it was written in ancient Greece. The fable teaches that thoughtfulness is superior to brute strength, a lesson apparently not lost on the New Caledonian species. Research from Auckland and Cambridge universities shows that New Caledonian crows demonstrate a cognitive awareness of how to use tools to feed. Dr Alex Taylor, who's done similar experiments with the rooks that reside on campus at Cambridge, says the crows are much smarter than previously thought.
DR ALEX TAYLOR, DEPARTMENT OF EXPERIMENTAL PSYCHOLOGY, UNIVERSITY OF CAMBRIDGE, : "What our study shows is that they can learn to use stones as tools and more importantly they can understand something about how their tools actually work, so the crows were actually able to understand that a big stone is better to drop in than a small stone. It's a more efficient thing to do because it raises the water level more. They were able to discriminate immediately between floating and sinking objects. So they would pick up pieces of polystyrene and it would float and they would throw them away, and then they would pick up a rubber block that looked exactly the same but was nice and heavy and they dropped that into the tube."
REPORTER: Five crows were tested in their New Caledonia habitat and then released back into the wild. The authors say the birds showed rational responses beyond simple associative learning.
DR. ALEX TAYLOR: "The kind of tweak in our study really was to try and explore, get some simple controls that would explore whether or not the crows were using simple learning, so that's something we hope to do at some point with these rooks as well."
REPORTER: Tool use has been observed in several species since the chimpanzee demonstrated that mankind is not alone in using implements. But only a handful of bird species have previously shown this level of understanding. Taylor and his team believe their findings give them something to crow about. Jim Drury, Reuters.

ALSO SEE
• Sledding crow in Russia soars to Internet stardom (GrindTV)

Words in the News: Halve

The Daily Mail reports on a study which suggests UK deaths from heart attacks have halved in less than a decade. Full story >>

VOCABULARY
When you halve something or when it halves, it is reduced to half its previous size or amount. • The number of female directors working in Hollywood has halved since 1998, a new study has shown.