The English Blog

Reuters Video: Investors dislike Facebook on day 2

Shares in Facebook continued below their initial public offering price of $38 as questions arise after a muddled debut last week. Conway G. Gittens reports.

TRANSCRIPT
REPORTER: Wall Street's attitude towards Facebook seems to have quickly turned from like to dislike. Shares of the social media network opened lowered on its second day of trade, sinking as low as $33, or 13 percent, a share by mid-session. Underwriters who helped prop up the stock on the first day of trade were absent this time around. There are also questions as to whether Friday's chaotic debut by the Nasdaq created the environment for the stock to fall further. But Joseph Foudy of the NYU Stern School of Business says he thinks the drop has more to do with investor sentiment about this specific stock.
JOSEPH FOUDY, ASSISTANT PROFESSOR OF ECONOMICS AND MANAGEMENT, NYU STERN SCHOOL OF BUSINESS: "The fact that it has gone down in price is purely a reflection of the initial offering price and the fact that it was so rich. The company is valued at something like 75, 100 times earnings and we really have no indication that it's going to be able to earn that kind of revenue that will justify that valuation."
REPORTER: Trading continues to be frantic as investors try to figure out what's the right price for Facebook shares. More than 52 million shares traded hands in just 15 minutes, and that's on top of the massive trading volume seen in Friday's debut. Conway Gittens, Reuters.

ALSO SEE
• Facebook stock plummets on second day of trading (SiliconValley.com)
• Facebook stock slide puts new pressures on company (Reuters)

Words in the News: Reprieve

Britain’s ageing nuclear reactors, which were due to close in the next decade, are set to be kept open under a plan approved by the industry’s regulator, the Guardian reports. Full story >>

VOCABULARY
A reprieve is a delay  before something bad happens. • It looked as though the college would have to shut, but this week it was given a reprieve.

Cartoon: All Roads Lead To Eurogeddon

In this cartoon by Adams from The Telegraph, German chancellor Angela Merkel is depicted as a track-suited Olympic torch-bearer who has arrived at a sign marked "World's End 2012". She doesn't know which route to take since all roads lead to "Eurogeddon."

VOCABULARY
1. Eurogeddon is a portmanteau word composed of 'euro' (or 'Europe') and 'Armageddon', and refers to the disastrous consequences which would follow from a break-up of the euro zone. (See here for more usage examples.) In fact, the -geddon suffix has been used often before. See the excellent Wordnik for a list.
2. Armageddon is, according to the Bible, the site of a battle during the end times, variously interpreted as either a literal or symbolic location. The term is also used in a generic sense to refer to any end of the world scenario. (source: Wikipedia)

COMMENTARY
The cartoon's message is clear: Angela Merkel (representing the EU) has run out of options and Eurogeddon now seems to be the only possible outcome to the euro zone debt crisis. Note the symbolism of the extinguished torch and the stormy skies. The signpost is based on the one located at Land's End in Cornwall.

MORE EURO CARTOONS
• Paul Thomas (The Express)
• Brighty (The Sun)
• Phil Disley (The Independent)

ALSO READ
• Eurogeddon (Financial Director)
• Why breaking up the eurozone could be painful (Investing)

Reuters Video: Lockerbie bomber dies in Libya

The former Libyan intelligence officer convicted of the Lockerbie bombing, Abdel Basset al-Megrahi, has died. Travis Brecher reports.

TRANSCRIPT
It is perhaps the most infamous airline bombing of all time. In 1988, this Pan Am plane was brought down over the Scottish town of Lockerbie, killing 270 people. Now, the man convicted of the attack - Abdel Basset al-Megrahi - has died. The former Libyan intelligence officer - seen here in 2011 - succumbed to prostate cancer, said his brother. He was 60 and had been gravely ill for months. Megrahi, seen here shortly after the Lockerbie bombing, denied any role in the attack, which turned Libya and its leader Muammar Ghaddafi into international pariahs. Convicted at at trial held in the Netherlands he was jailed in Scotland but granted early release on compassionate grounds in 2008, by the Scottish government. The move sparked an outcry among relatives of the dead, particularly in the U.S. When his plane touched down in Tripoli, he was given a hero's welcome by Gaddafi and his son Saif al Islam. After Gaddafi's ouster, Libya's new rulers said Megrahi -- who been released because Scottish doctors said he had just months to live -- would stay put in the country. His health promoted much speculation and debate over his early release from prison. Andrew Raven, Reuters.

ALSO SEE
• Lockerbie bomber Megrahi dies in Libya leaving unanswered questions (Reuters)
• Convicted Lockerbie bomber dies of cancer years after release (The Independent)
• Will we finally find out the truth about Lockerbie? (MailOnline)

Words in the News: Bomber

Presssure is mounting on the Scottish Government to launch an independent inquiry into the Lockerbie bombing following the death of the only person convicted of the 1988 atrocity. Full story >>

VOCABULARY
A bomber [ˈbɒmə(r)] is a person who causes a bomb to explode in a public place. • A suicide bomber has blown himself up at a police checkpoint in eastern Afghanistan, killing at least eight people.

Cartoon: The Delphic Oracle

This cartoon by Schrank from The Independent on Sunday relates to the G8 summit at Camp David, where the eurozone crisis was top of the agenda.

David Cameron, François Hollande, Barack Obama, and Angela Merkel are shown visiting the Delphic oracle in Delphi, Greece. Obama asks, "Will Greece crash out of the eurozone, oh oracle?" The oracle replies, "That'll be another 100bn euros".

The 'joke' is that, despite receiving billions of euros in bailout funds, Greece may still be forced to leave the euro (the famous Grexit). So it's ironically appropriate that the oracle should be asking for money to predict Greece's future.

VOCABULARY
1. bn is the abbreviation for billion.
2. In ancient Greece an oracle was a priest or priestess who made statements about future events or about the truth.

HISTORICAL NOTE
The most important oracle in the classical Greek world, the Pythia, commonly known as the Oracle of Delphi, was the priestess at the Temple of Apollo at Delphi, located on the slopes of Mount Parnassus. The Pythia was widely credited for her prophecies inspired by Apollo. (Source: Wikipedia)

MORE CARTOONS
• How the Olympic torch could ignite Europe (Chris Riddel cartoon, The Observer)
• Adams comment cartoon (The Telegraph)

ALSO READ
• Casualty! The eurozone sickness spreads (Independent on Sunday)
• Greece will leave the euro. But what then? (Indendent on Sunday)

Reuters Video: World's leaders discuss Europe's economic woes

U.S. President Obama says 'stable, growing European economy is in everybody's best interest' at meeting of world leaders outside of Washington. Deborah Gembara reports.

TRANSCRIPT
REPORTER: At a meeting of world leaders outside of Washington ---- the emphasis was on spurring growth and creating jobs especially in Europe.
U.S. PRESIDENT BARACK OBAMA: "As all of the leaders here today agreed, growth and jobs must be our top priority. A stable, growing European economy is in everybody's best interest including America's. Europe is are biggest economic partner. Put simply, if a company is forced to cut back in Paris or Madrid that might mean less business for manufacturers in Pittsburgh or Milwaukee."
REPORTER: At the presidential retreat Camp David, G8 leaders spent the majority of their time focused on Europe's economic woes. German Chancellor Angela Merkel.
ANGELA MERKEL: "We completely agreed that we need both - fiscal discipline, restructuring of our budgets and at the same time all efforts for growth. The two determine each other, that means it is important to work on both tracks. All participants made this clear here today and I think that is significant progress."
REPORTER: Many in this group say they want to keep Greece in the euro zone and will be paying close attention to the upcoming elections in Athens. French president Francois Hollande.
FRANCOIS HOLLANDE: "The message which I wanted to bring, which I will reaffirm on Tuesday with Angela Merkel, is the wish that Greece remains in the euro zone and respects its engagements, but aided and supported by Europe to stimulate its growth."
REPORTER: The world's most powerful leaders also took a moment to pose for a class photo. From here, they are headed to the NATO Summit in Chicago. Deborah Gembara, Reuters.

ALSO SEE
• G8 splits over stimulus versus austerity (Financial Times)
• G8 leaders end summit with pledge to keep Greece in eurozone (The Guardian)

Words in the News: Radical

David Cameron is to back a plan to rip up employment red tape that will allow firms to hire and fire more easily, helping deliver growth, according to The Sunday Telegraph. Full story >>

VOCABULARY
Radical changes and differences are very important and great in degree. • The “radical” idea of awarding prizes instead of patents for new AIDS drugs is gaining traction among economists.

How Good Is François Hollande's English?

In an interview with Slate.fr just before he was elected president of France, François Hollande claimed that he spoke English "more fluently than the former President". He then added, "But a French president has to speak French!", which sounds like he's trying to have his cake and eat it too.

Moreover, since Nicolas Sarkozy's English is—let's be kind—not very good (see clip), saying that you're more fluent than him doesn't mean very much. So the obvious question is: Just how well does François Hollande speak English? Hard evidence is thin on the ground, but after scouring the web for all of five minutes, I came up with this very brief exchange (in English) with BBC correspondent Gavin Hewitt.

TRANSCRIPT
HEWITT: Speaking to François Hollande after his final rally, he told me that the French people were not afraid of Socialism. What will a Socialist president do?
HOLLANDE: He must create confidence. It's the first aim... he must achieve.
HEWITT: In the markets?
HOLLANDE: In the people first.

ANALYSIS
Even from this short exchange, it is clear that Hollande speaks English with a fairly strong French accent. He also speaks rather hesitantly, though he does that in French as well. On the plus side, he doesn't make any grammatical mistakes, and correctly partners the verb 'achieve' with the noun 'aim' ('achieve' is a false friend for French speakers since the French verb 'achever' means 'to finish or complete'). It's a pity we don't have a longer sample, but judging from this evidence, Hollande 'speaks English like a Frenchman, with an accent' (his own words!).

DISCUSSION
We know that the French are traditionally very protective of their language, but is Hollande justified in saying that 'a French president has to speak French'? After all, Tony Blair congratulated Sarkozy on his victory in the 2007 election with a three-minute video message in French. And even Margaret Thatcher had a go! On the other hand, Mitt Romney was attacked for speaking French, so perhaps discretion is the better part of valour when it comes to politicians speaking in other tongues ...

POSTSCRIPT
During his meeting in the Oval office with Obama last Friday, Hollande spoke through an interpreter, but he did make a joke in English at the end (at 0:20 on this video).

Cartoon: Call Mark Zuckerberg

This cartoon by Schrank from The Independent combines the Greek debt crisis with the Facebook stock market flotation, which made CEO Mark Zuckerberg a billionaire.

The cartoon shows two Greeks at the Parthenon in Greece. A sign announces: "FOR SALE. ONE CARELESS OWNER' (a reference to the Greek government's mismanagement of their economy). One man says to the other, "Maybe we should call Mark Zuckerberg", the idea being that Zuckerberg is now rich enough to buy the Parthenon (and probabaly the rest of Greece as well).

COMMENTS
1. The ruined monument could also be viewed as a metaphor for the Greek economy.
2. The cartoon is not as far-fetched as it might seem. Last year, two German MPs kicked up a furore by suggesting that Greece sell venerated icons such as the Acropolis as well as uninhabited islands. And in January of this year, The Daily Mail reported that Greece was set to rent out its ancient ruins to help pay for their upkeep.

LANGUAGE
Note the use of "Maybe we should ..." to make a tentative suggestion. See here for a BBC Learning English programme on making suggestions.

ALSO SEE
• Will Greece Be Forced to Sell the Acropolis? (The Atlantic)
• Germans to debt-ridden Greeks: Sell the Acropolis. And a few islands. (Christian Science Monitor)

Reuters Video: Obama, Hollande talk euro zone, Afghanistan, cheeseburgers

The euro zone, Afghanistan and cheeseburgers were on the agenda at French President François Hollande's first meeting with U.S. President Barack Obama at the White House. Deborah Gembara reports.

TRANSCRIPT
REPORTER: French President François Hollande wrapped up his first week in the new job with a meeting at the White House. The Eurozone, particularly how to handle budgets while promoting growth dominated talks between him and U.S. President Barack Obama
U.S. PRESIDENT BARACK OBAMA:: "President Hollande and I agreed that this is an issue of extraordinary importance, not only to the people of Europe, but also to the world economy."
REPORTER: The two leaders also discussed the role world powers will play in Afghanistan. Hollande made sure to remind Obama of a pledge he made to his countrymen to pull troops out by the end of the year.
FRENCH PRESIDENT FRANCOIS HOLLANDE: "That being said, we will continue to support Afghanistan, in a different way. Our support will take a different format, and all of that will be in good understanding with our allies."
REPORTER: President Obama also took the opportunity to tease Hollande who spent some time in the U.S. in youth about American fast food.
FRANCOIS HOLLANDE: "I will make no declaration about French Fries."
REPORTER: After the G8 meeting at Camp David, the two leaders will head to a NATO summit that Obama is hosting in Chicago this weekend. Deborah Gembara, Reuters.

ALSO SEE
• Monsieur Hollande: Obama's new friend (BBC News)
• Obama, Hollande agree on much - but not Afghanistan (Reuters)
• Obama welcomes Hollande as French president hints at Afghan compromise (The Guardian)

COMMENT
Hollande's English is much better than Sarkozy's (it could hardly be worse!). You can hear him saying a few words in English in this BBC News video (at 1:13).

Words in the News: Facebuck$

Facebook's stock market flotation makes it onto the front page of the Daily Mirror. The story claims Mark Zuckerberg made £12bn yesterday. Full story >>

VOCABULARY
The Mirror's one-word headline is a play on the words "Facebook" and "buck". Buck is an informal word for dollar (note the 's' is a dollar sign). More generally, bucks is sometimes used to mean money. • Comparison shopping can save you big bucks.

Cartoon: Give Us The Tools

This cartoon by Schrank from The Independent is a comment on David Cameron's refusal to contemplate any reduction in his government's austerity programme. Cameron told business leaders on Thursday that Britain was “moving in the right direction” and insisted he would not “blow the budget on more spending” in an attempt to stimulate the economy. Read more >>

Cameron is portrayed as a woodcutter (lumberjack) with an axe. He's already chopped down (cut down, felled) a number of trees—a metaphor for the government's deficit-reduction measures—but the one remaining tree (labelled "eurozone") is about to fall on his head.

Cameron's statement, "Give us the tools, and we will finish the job", is in fact a quote from a famous wartime speech by Sir Winston Churchill directed at President Roosevelt (the V-sign is a clue). Here, it is used ironically. Cameron's austerity strategy is about to be crushed by the eurozone crisis.

VOCABULARY
Traditionally, the cry of "Timber!" is used as a warning to alert fellow workers in an area that a tree is being felled.

ALSO READ
• David Cameron to tell François Hollande austerity works – but King raises alarm (The Independent)

Reuters Video: TV has gone to the dogs

Dog TV says it offers ''a new breed of television'' to entertain our canine companions. Tara Cleary reports.

TRANSCRIPT
REPORTER: Sport …outdoor adventure - it's a new TV channel and it's just for dogs. Dog TV's creators say the channel entertains canines when their humans are at work. Dr. Nicholas Dodman explains.
DR. NICHOLAS DODMAN, DIRECTOR OF ANIMAL BEHAVIOUR, TUFTS UNIVERSITY CUMMINGS SCHOOL OF VETERINARY MEDICINE: "There are numerous dogs, 80 million in the United States, many of whom are spending long hours alone, up to and even more than eight hours a day. And in that vacuum, devoid of human company, they have pretty much nothing to do."
REPORTER: Dodman says sound, colors and content are especially tailored for dogs.
DR. DODMAN: "We know that dogs are kind of red-green color blind. So the colors have been adjusted and augmented. Auditorily, we know that they appreciate more melodic sounds and music. And content, we know they like looking at other dogs. They like looking at people. They like motion, like balls being kicked around, frisbees and stuff."
REPORTER: Dog TV claims it can reduce your best friend's angst and relax them. Dodman says about 15 percent of dogs in the U.S. show signs of clinical separation anxiety.
DR DODMAN: "The cardinal signs being vocalization and destructive behavior. You often don't know about vocalization until a neighbor reports your dog barking or disturbing them and howling and otherwise. And then destruction, sometimes clawing at the back of a door or microblind, other times chewing on pillows or entering trash cans. So these are clinical separation anxiety cases."
REPORTER: Dog TV streams from its website and also has plans to broadcast nationwide. Making millions of dogs jump for joy. Tara Cleary, Reuters.

COMMENTS
1. No, it's not April 1st. Dog TV really exists—just check out their website.
2. Cat lovers may be wondering if there's a channel for moggies. Well, not yet (it's only a matter of time), but you can buy DVDs for cats to watch.

IDIOM
Note the punning title of this report. If you say that something has gone to the dogs, you mean that it has become weaker and worse in quality. • The country is going - or indeed, has already gone - to the dogs, and there's probably nothing we can do about it.

Words in the News: Despicable

Metal thieves have stolen a memorial to two children murdered by the IRA, the Daily Mail reports. Full story >>

VOCABULARY
If you say that a person or action is despicable, you are emphasizing that they are extremely nasty, cruel, or evil. • A “despicable” drug addict who stole the wedding ring off the finger of an 87-year-old cancer sufferer in her bed has been jailed for 14 years.