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1 capital
1. сущ.1) капитала) эк. (совокупность реальных и финансовых активов, которые могут быть использованы для получения прибыли)Eurobonds provide an important capital source for multinational companies and foreign governments. — Еврооблигации представляют важный источник капитала для мультинациональных компаний и иностранных правительств.
See:authorized capital, brain capital, called-up capital, circulating capital, debt capital, equity capital, financial capital, issued capital, merchant capital, net working capital, paid-in capital, physical capital, tenant's capital, capital account, capital control, capital export, capital flight, capital flow, capital import, capital inflow, capital influx, capital investment, capital lease, capital mobility, capital movement, capital spending, capital transfers, cost of capital, shareholders' equity, capitalization, decapitalize, capital redemption policy, capital-protected annuityб) общ. (в самом широком смысле: любой ресурс, являющийся источником какой-л. выгоды, напр., репутация, связи и т. д.); выгода, преимуществоto make capital by [out of\] smth. — нажить капитал на чем-л.; получить преимущество от чего-л.
The Opposition made a lot of capital out of the Minister's mistake on TV. — Оппозиция получила немалую выгоду от ошибки министра в эфире телевидения.
See:cultural capital, economic capital 1), human capital, manufactured capital, natural capital, social capital, symbolic capitalв) эк. (один из факторов производства (наряду с землей и трудом); накопленный запас результатов прошлого труда, необходимый для создания материальных благ в будущем)г) маркс. (стоимость, которая посредством использования наемной рабочей силы приносит прибавочную стоимость, самовозрастает)See:2) фин., банк. основная сумма (долга); тело кредита ( в отличие от процентов)See:3) эк., соц. капиталисты, класс капиталистов, капиталa conflict of interest between capital and labour — конфликт интересов между капиталом и трудом [трудящимися и капиталистами\]
4) общ. столица, административный центр2. прил.Washington is the capital of the USA. — Вашингтон — столица США.
1) общ. главный, основной, капитальный, важнейший, ведущийcapital city — столица, столичный город
2) юр. тяжкий, караемый смертьюSee:3) общ., разг. превосходныйHe was a capital companion. — Он был замечательным партнером по бизнесу.
* * *
капитал: 1) участие акционеров (владельцев) в компании; 2) денежные средства в виде реальных и финансовых активов, долгосрочные инвестиции для финансирования деятельности компании; см. authorized capital;called-in capital;* * ** * *. Средства, инвестированные в компанию . Sometimes used as a synonym for the owner's equity in a business. Словарь экономических терминов .* * *Банки/Банковские операции1. капиталчасть накопленных чистых доходов, являющаяся собственностью банка; предназначена исключительно для капитализацииБанки/Банковские операции-----деньги, вложенные их владельцами в организацию, чтобы она начала действовать -
2 market
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3 langfristig
I Adj. long-term; langfristige Anleihe WIRTS. long-term bond; langfristiger Wechsel long(-dated) billII Adv. in the long term; langfristig gesehen taking the long(-term) view; langfristig investieren etc. invest etc. long term* * *long (Adj.); long-term (Adj.)* * *lạng|fris|tig [-frIstɪç]1. adjlong-term2. advin the long term; planen for the long term* * *lang·fris·tigI. adj long-term\langfristige Anlage long-dated investment\langfristige Ausleihungen/Darlehen/Verbindlichkeiten long-term lendings/loans/liabilities\langfristiger Kapitalverkehr/ \langfristiges Kapitalwachstum long-term capital transactions/growth\langfristiger Kredit long-term credit\langfristige Schatzanweisungen exchequer [or AM treasury] bondsII. adv on a long-term basis\langfristig aufgenommene Darlehen monies borrowed for long periods\langfristig hereingenommene Gelder long credit* * *1. 2.adverbial on a long-term basislangfristig gesehen — in the long term
* * *A. adj long-term;langfristige Anleihe WIRTSCH long-term bond;langfristiger Wechsel long(-dated) billB. adv in the long term;langfristig gesehen taking the long(-term) view;* * *1. 2.adverbial on a long-term basis* * *adj.long term adj.long-dated adj. -
4 balance
ˈbæləns
1. сущ.
1) весы (любой конструкции) quick balance Roman balance
2) равновесие( в прямом и переносном смысле) balance of forces balance of nature balance of terror balance of power keep one's balance lose one's balance be off balance the strategic balance favourable balance unfavourable balance
3) элк. баланс (соотношение мощностей правого и левого канала в стереозаписи)
4) то же, что Libra
5) противовес( в прямом и переносном смысле)
6) маятник;
балансир, баланс ( в механизмах)
7) соотношение сил (необязательно равновесное), характеристика этого соотношения
8) коммерч. баланс, сальдо bank balance strike a balance credit balance debit balance trade balance trial balance balance in hand balance due balance of payments balance of trade
9) амер. разг. остаток( по коммерческим операциям) Syn: left-over
10) балласт( по ошибочной ассоциации с ballast) ∙ - balance weight be in the balance tremble in the balance swing in the balance hang in the balance hold the balance upon a fair balance the beam of a balance balance-yard balance-fish balance-knife balance-man balance-master balance-mistress - balance-sheet balance-seat balance-step the balance of advantage lies with him ≈ на его стороне значительные преимущества to be weighed in the balance and found wanting( Дан., 5-
27) ≈ не оправдать надежд
2. гл.
1) сохранять равновесие, быть в равновесии;
уравновешивать( что-л.;
что-л. чем-л.) One thing balances another. ≈ Одно компенсирует другое. balance oneself balance disadvantage by smth. to balance disadvantage with smth.
2) взвешивать, обдумывать;
сопоставлять( with, against) to balance а trip to the mountains against the chance of a summer job ≈ решать, что выбрать: поездку в горы или возможность получить работу на лето We must balance the two proposals. ≈ Нам надо взвесить достоинства этих двух предложений. balance income with expenditure
3) колебаться, медлить He balanced in indecision. ≈ Он медлил в нерешительности.
4) балансировать, качаться Balanced herself half over the balcony-rail. ≈ Она наполовину перевесилась через перила балкона.
5) коммерч. подводить баланс the accounts don't balance ≈ счета не сходятся balance one's accounts balance outвесы - quick /Roman/ * безмен, пружинные весы - assay * пробирные весы чаша весов - to tip the * склонять чашу весов, давать перевес равновесие;
состояние равновесия - stable * устойчивое равновесие (тж. в спорте) - * of nature природное равновесие - off * неустойчивый, шаткий - to maintain a strict * of forces строго поддерживать равновесие сил - to hold the * even сохранять равновесие - to keep /to hold, to preserve/ one's * удерживать /сохранять/ равновесие - to lose * потерять равновесие - to make out the * уравновешивать, приводить в состояние равновесия - the blow threw him off his * удар сбил его с ног душевное равновесие;
спокойствие;
уравновешенность - to be off one's * потерять равновесие /душевный покой/ - to lose one's * выйти из себя, потерять равновесие - she was thrown off her * with anger она была вне себя от негодования - he kept his * even at the most trying moments он не терял самообладания даже в самые трудные минуты пропорциональность;
гармоническое сочетание - the * of colours гармония красок (специальное) баланс - heat * (физическое) тепловой баланс решающий фактор;
решающее влияние или значение - to hold the * осуществлять контроль, распоряжаться - the * of advantage lies with him на его стороне значительные преимущества - the * of out fortune rests with him наша судьба в его руках противовес, компенсатор;
гиря баланс (шест канатоходца) маятник, балансир, баланс (в часовом механизме) (финансовое) баланс;
сальдо;
остаток - adverse * пассивный баланс - trade *, * of trade торговый баланс - favourable * активный баланс - sterling *s стерлинговые счета, стерлинговые авуары - * of payments платежный баланс - *s with foreign banks остатки на счетах в заграничных банках, иностранные авуары - * in hand денежная наличность, наличность кассы - * of an account остаток счета - on * после подведения баланса - to strike the * подводить баланс;
подводить итоги - to bring accounts to a * составлять сводный баланс( разговорное) остаток - he spent the * of his life in travel остаток жизни он провел в странствиях - he gave the * of his dinner to the dog он бросил остатки обеда собаке (B.) (астрономия) Весы (созвездие и знак зодиака) (спортивное) брусья;
стойка - one hand * стойка на одной руке > upon /on/ (a) * по зрелом размышлении, хорошо взвесив обстоятельства;
с учетом всего вышесказанного;
в конечном счете, в итоге - to be in the * быть нерешенным - the future is in the * будущее неясно - to swing /to be, to tremble/ in the * висеть на волоске, быть в критическом положении;
колебаться, сомневаться - to hang in the * быть брошенным на чашу весов - to weigh in the * взвешивать, обсуждать, оценивать (доводы, достоинства и т. п.) - to be weighed in the * and found wanting не выдержать проверки - to turn the * склонить чашу весов - a moth will turn the * мелочь /случайность/ может изменить все балансировать, сохранять равновесие, быть в равновесии - do these scales *? чаши весов уравновешены? балансировать - the little boy was balancing himself on the edge of a chair мальчик качался /балансировал/ на краю стула приводить в равновесие;
уравновешивать, уравнивать - to * foreign trade (экономика) сбалансировать внешнююторговлю - the teams were perfectly *d силы команд были совершенно равны удовлетворять потребность( в товаре) (бухгалтерское) подсчитывать, подытоживать;
сводить, заключать, закрывать( счета, книги) ;
погашать;
подбивать баланс - to * an account уравнять /погасить/ счет - to * the books закрыть /забалансировать/ (бухгалтерские) книги - to compute and * one's gain and loss подводить итог приходу и расходу сводиться, балансироваться - the accounts don't * счета не сходятся взвешивать, определять вес (приблизительно) взвешивать, обдумывать;
сопоставлять - to * probabilities сопоставлять возможности - she *d her answer to the sum with his она сравнила свой и его ответы на задачу медлить, колебаться - a disposition to * and temporize склонность к медлительности и колебаниям - to * in indecision быть в нерешительности (by, with, against) противопоставлять, нейтрализовать, компенсировать - to * a disadvantage by /with/ smth. восполнять ущерб чем-л.;
нейтрализовать вред - the advantages more than * the disadvantages достоинства вполне покрывают недостатки - her lack of politeness was *d by her readiness to help недостаток вежливости сглаживался у нее готовностью помочь( специальное) добавлять недостающее количество делать балансе (в танце)account ~ остаток на счете account ~ остаток при расчетеto ~ one's accounts подытоживать счета;
the accounts don't balance счета не сходятсяadverse ~ неблагоприятный платежный баланс adverse ~ неблагоприятный торговый баланс adverse ~ пассивный платежный баланс adverse ~ пассивный торговый балансadverse ~ of payments неблагоприятный платежный баланс adverse ~ of payments пассивный платежный балансadverse ~ of trade неблагоприятный торговый баланс adverse ~ of trade пассивный торговый балансadverse cash ~ неблагоприятный баланс наличности adverse cash ~ пассивный баланс кассовой наличностиbalance ком. баланс, сальдо (тж. balance in hand) ;
balance of payments платежный баланс;
balance of trade активный баланс (внешней торговли) ;
to strike a balance подводить баланс;
перен. подводить итоги ~ баланс, сальдо, остаток ~ баланс ~ балансировать;
сохранять равновесие, быть в равновесии;
уравновешивать ~ балансировать ~ (B). Весы (созвездие и знак зодиака) ~ весы;
quick (или Roman) balance безмен, пружинные весы ~ весы ~ взвешивать, обдумывать;
сопоставлять (with, against) ~ закрывать счета ~ колебаться (between) ~ компенсировать ~ маятник;
балансир, баланс (в часовом механизме) ~ медлить, колебаться ~ нейтрализовать ~ разг. остаток ~ остаток ~ погашать ~ ком. подводить баланс ~ подводить итог ~ подсчитывать ~ приводить в равновесие ~ пропорциональность ~ противовес ~ равновесие;
balance of forces равновесие сил;
balance of power политическое равновесие '(между государствами) ~ равновесие ~ решающий фактор ~ сальдировать ~ сальдо ~ состояние счета ~ уравнивать ~ уравновешиватьthe ~ of advantage lies with him на его стороне значительные преимущества~ of an account остаток на счете ~ of an account остаток при расчете ~ of an account сальдо счета~ of current accounts сальдо текущих счетов~ of current transactions сальдо по текущим сделкам~ равновесие;
balance of forces равновесие сил;
balance of power политическое равновесие '(между государствами)~ of freight сальдо фрахта~ of order остаток заказаbalance ком. баланс, сальдо (тж. balance in hand) ;
balance of payments платежный баланс;
balance of trade активный баланс (внешней торговли) ;
to strike a balance подводить баланс;
перен. подводить итоги ~ of payments платежный баланс~ of payments disequilibrium неравновесие платежного баланса~ of payments equilibrium равновесие платежного баланса~ of payments figures итог платежного баланса~ of payments gap дефицит платежного баланса~ of payments statistics статистические данные платежного баланса~ of payments surplus активное сальдо платежного баланса~ равновесие;
balance of forces равновесие сил;
balance of power политическое равновесие '(между государствами) ~ of power равновесие сил ~ of power соотношение сил~ of services баланс услугbalance ком. баланс, сальдо (тж. balance in hand) ;
balance of payments платежный баланс;
balance of trade активный баланс (внешней торговли) ;
to strike a balance подводить баланс;
перен. подводить итоги ~ of trade торговый баланс~ of trade improvement улучшение торгового баланса~ of trade surplus активное сальдо торгового баланса~ of unclassifiable transactions остаток от неклассифицируемых операций~ on current account остаток на текущем счете~ on giro account остаток на жиросчете~ on investment income сальдо доходов от инвестирования~ on long-term capital account остаток на долгосрочном счете движения капитала~ on short-term capital account остаток на краткосрочном счете движения капитала~ on transfer account остаток на жиросчетеto ~ one's accounts подытоживать счета;
the accounts don't balance счета не сходятся~ the accounts выводить сальдо счетов ~ the accounts закрывать счета ~ the accounts определять остаток на счетах~ the books закрывать бухгалтерские книги~ to be carried forward сальдо к переносу на следующую страницуbank ~ баланс банка bank ~ остаток на банковском счете bank ~ остаток счета в банке bank ~ сальдо банковского счетаto be (или to tremble, to swing, to hang) in the ~ висеть на волоске, быть в критическом положенииto be off one's ~ потерять душевное равновесиеto be weighed in the ~ and found wanting не оправдать надеждcarry down a ~ бухг. делать перенос сальдоclassified trial ~ систематизированный предварительный баланс с группировкой статей по форме финансового отчетаcleared ~ окончательное сальдоcommencement ~ баланс на начало периодаcredit ~ кредитовое сальдо credit ~ кредитовый баланс credit ~ кредитовый остаток credit ~ остаток кредита credit ~ отрицательное сальдоcurrent external ~ текущее состояние внешних расчетовexternal ~ состояние внешних расчетовfavourable trade ~ активный торговый баланс favourable trade ~ благоприятный торговый балансgiro ~ жиробалансgross investments ~ баланс валовых капиталовложенийto hold the ~ распоряжатьсяin ~ на балансеinitial ~ исходный балансintercompany ~ межфирменный балансinvisibles ~ баланс невидимых статей балансаto keep one's ~ сохранять равновесие;
перен. оставаться спокойным;
to lose one's balance упасть, потерять равновесие;
перен. выйти из себяloan ~ остаток непогашенной ссудыto keep one's ~ сохранять равновесие;
перен. оставаться спокойным;
to lose one's balance упасть, потерять равновесие;
перен. выйти из себяmonthly ~ месячный балансnegative cash ~ отрицательный кассовый остатокnegative net ~ пассивный чистый балансnet ~ сальдо net ~ чистый остатокnet external ~ сальдо по внешним расчетамnonoil trade ~ торговый баланс без учета нефтиoff ~ несбалансированныйold ~ выч. сальдо за предыдущий периодon ~ на балансеpassive ~ неблагоприятный платежный баланс passive ~ пассивный платежный баланс passive: ~ фин. беспроцентный;
passive balance пассивное сальдо;
passive bonds амер. беспроцентные облигацииpositive ~ активный баланс positive ~ положительное сальдоpositive cash ~ положительный кассовый остаток~ весы;
quick (или Roman) balance безмен, пружинные весыredress the ~ восстанавливать равновесие redress: ~ исправлять;
восстанавливать;
to redress the balance восстанавливать равновесиеremit a ~ сальдировать счетrestore the ~ восстанавливать балансRoman ~ безменspring ~ пружинные весы, безменbalance ком. баланс, сальдо (тж. balance in hand) ;
balance of payments платежный баланс;
balance of trade активный баланс (внешней торговли) ;
to strike a balance подводить баланс;
перен. подводить итоги strike a ~ подводить балансsurplus ~ активный балансtorsion ~ мотор-весы, динамо-весыtotal ~ итоговый балансtotal current ~ итоговое сальдо по контокоррентуtrade ~ торговый баланс trade: ~ attr. торговый;
trade balance торговый балансtrial ~ предварительный баланс trial ~ пробный балансunfavourable trade ~ пассивный торговый балансupon a fair ~ по зрелом размышленииupset the ~ нарушать равновесие -
5 balance
[ˈbæləns]account balance остаток на счете account balance остаток при расчете to balance one's accounts подытоживать счета; the accounts don't balance счета не сходятся active balance активный платежный баланс active balance благоприятный платежный баланс actual balance реальный остаток actual balance фактическая сумма actual balance фактический остаток adverse balance неблагоприятный платежный баланс adverse balance неблагоприятный торговый баланс adverse balance пассивный платежный баланс adverse balance пассивный торговый баланс adverse balance of payments неблагоприятный платежный баланс adverse balance of payments пассивный платежный баланс adverse balance of trade неблагоприятный торговый баланс adverse balance of trade пассивный торговый баланс adverse cash balance неблагоприятный баланс наличности adverse cash balance пассивный баланс кассовой наличности aged trial balance просроченный предварительный баланс balance ком. баланс, сальдо (тж. balance in hand); balance of payments платежный баланс; balance of trade активный баланс (внешней торговли); to strike a balance подводить баланс; перен. подводить итоги balance баланс, сальдо, остаток balance баланс balance балансировать; сохранять равновесие, быть в равновесии; уравновешивать balance балансировать balance (B). Весы (созвездие и знак зодиака) balance весы; quick (или Roman) balance безмен, пружинные весы balance весы balance взвешивать, обдумывать; сопоставлять (with, against) balance закрывать счета balance колебаться (between) balance компенсировать balance маятник; балансир, баланс (в часовом механизме) balance медлить, колебаться balance нейтрализовать balance разг. остаток balance остаток balance погашать balance ком. подводить баланс balance подводить итог balance подсчитывать balance приводить в равновесие balance пропорциональность balance противовес balance равновесие; balance of forces равновесие сил; balance of power политическое равновесие '(между государствами) balance равновесие balance решающий фактор balance сальдировать balance сальдо balance состояние счета balance уравнивать balance уравновешивать balance in our favour остаток в нашу пользу the balance of advantage lies with him на его стороне значительные преимущества balance of an account остаток на счете balance of an account остаток при расчете balance of an account сальдо счета balance of cash in hand кассовая наличность balance of cash in hand остаток по кассе balance of current accounts сальдо текущих счетов balance of current transactions сальдо по текущим сделкам balance равновесие; balance of forces равновесие сил; balance of power политическое равновесие '(между государствами) balance of freight сальдо фрахта balance of goods and services баланс товаров и услуг balance of order остаток заказа balance ком. баланс, сальдо (тж. balance in hand); balance of payments платежный баланс; balance of trade активный баланс (внешней торговли); to strike a balance подводить баланс; перен. подводить итоги balance of payments платежный баланс balance of payments deficit дефицит платежного баланса balance of payments disequilibrium неравновесие платежного баланса balance of payments equilibrium равновесие платежного баланса balance of payments figure статья платежного баланса balance of payments figures итог платежного баланса balance of payments gap дефицит платежного баланса balance of payments statistics статистические данные платежного баланса balance of payments surplus активное сальдо платежного баланса balance равновесие; balance of forces равновесие сил; balance of power политическое равновесие '(между государствами) balance of power равновесие сил balance of power соотношение сил balance of services баланс услуг balance of the purchase price остаток покупной цены balance ком. баланс, сальдо (тж. balance in hand); balance of payments платежный баланс; balance of trade активный баланс (внешней торговли); to strike a balance подводить баланс; перен. подводить итоги balance of trade торговый баланс balance of trade deficit дефицит торгового баланса balance of trade improvement улучшение торгового баланса balance of trade surplus активное сальдо торгового баланса balance of unclassifiable transactions остаток от неклассифицируемых операций balance on current account остаток на текущем счете balance on giro account остаток на жиросчете balance on investment income сальдо доходов от инвестирования balance on long-term capital account остаток на долгосрочном счете движения капитала balance on short-term capital account остаток на краткосрочном счете движения капитала balance on transfer account остаток на жиросчете to balance one's accounts подытоживать счета; the accounts don't balance счета не сходятся balance sheet total итог балансового отчета balance the accounts выводить сальдо счетов balance the accounts закрывать счета balance the accounts определять остаток на счетах balance the books закрывать бухгалтерские книги balance to be carried forward сальдо к переносу на следующую страницу balance weight противовес, контргруз bank balance баланс банка bank balance остаток на банковском счете bank balance остаток счета в банке bank balance сальдо банковского счета to be (или to tremble, to swing, to hang) in the balance висеть на волоске, быть в критическом положении to be off one's balance потерять душевное равновесие to be weighed in the balance and found wanting не оправдать надежд capital balance баланс движения капитала carry down a balance бухг. делать перенос сальдо cash balance запас наличных денег cash balance кассовая наличность cash balance кассовый остаток classified trial balance систематизированный предварительный баланс с группировкой статей по форме финансового отчета cleared balance окончательное сальдо closing balance заключительный баланс commencement balance баланс на начало периода consolidated balance сводный баланс credit balance кредитовое сальдо credit balance кредитовый баланс credit balance кредитовый остаток credit balance остаток кредита credit balance отрицательное сальдо current account balance текущий платежный баланс current balance сальдо по контокорренту current external balance текущее состояние внешних расчетов debit balance дебетовое сальдо debit balance дебетовый баланс debit balance положительное сальдо ending balance баланс на конец периода external balance состояние внешних расчетов favourable trade balance активный торговый баланс favourable trade balance благоприятный торговый баланс financial balance финансовый баланс general monthly balance общий месячный баланс giro balance жиробаланс gross investments balance баланс валовых капиталовложений to hold the balance распоряжаться in balance на балансе initial balance исходный баланс intercompany balance межфирменный баланс invisibles balance баланс невидимых статей баланса to keep one's balance сохранять равновесие; перен. оставаться спокойным; to lose one's balance упасть, потерять равновесие; перен. выйти из себя loan balance остаток непогашенной ссуды to keep one's balance сохранять равновесие; перен. оставаться спокойным; to lose one's balance упасть, потерять равновесие; перен. выйти из себя monthly balance месячный баланс negative cash balance отрицательный кассовый остаток negative net balance пассивный чистый баланс net balance сальдо net balance чистый остаток net external balance сальдо по внешним расчетам nonoil trade balance торговый баланс без учета нефти off balance несбалансированный old balance выч. сальдо за предыдущий период on balance на балансе opening balance начальное сальдо passive balance неблагоприятный платежный баланс passive balance пассивный платежный баланс passive: balance фин. беспроцентный; passive balance пассивное сальдо; passive bonds амер. беспроцентные облигации positive balance активный баланс positive balance положительное сальдо positive cash balance положительный кассовый остаток balance весы; quick (или Roman) balance безмен, пружинные весы redress the balance восстанавливать равновесие redress: balance исправлять; восстанавливать; to redress the balance восстанавливать равновесие remit a balance сальдировать счет restore the balance восстанавливать баланс Roman balance безмен spring balance пружинные весы, безмен balance ком. баланс, сальдо (тж. balance in hand); balance of payments платежный баланс; balance of trade активный баланс (внешней торговли); to strike a balance подводить баланс; перен. подводить итоги strike a balance подводить баланс surplus balance активный баланс torsion balance мотор-весы, динамо-весы total balance итоговый баланс total current balance итоговое сальдо по контокорренту trade balance торговый баланс trade: balance attr. торговый; trade balance торговый баланс trial balance предварительный баланс trial balance пробный баланс unfavourable trade balance пассивный торговый баланс unrecorded commercial balance неучтенный торговый баланс upon a fair balance по зрелом размышлении upset the balance нарушать равновесие -
6 tax
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7 Anleihe
Anleihe f FIN bond, straight bond, loan; bond issue (Anleihenemission) • Anleihe zeichnen BANK subscribe to a loan • eine Anleihe auflegen 1. FIN launch a bond-issue offering; 2. BÖRSE float a loan, float an issue • eine Anleihe aufnehmen FIN contract a loan, raise a loan, take up a loan • eine Anleihe emittieren FIN float a bond issue • eine Anleihe finanzieren BANK fund a loan • eine Anleihe konsolidieren BANK fund a loan • eine Anleihe neu auflegen BANK refloat a loan • in Anleihen investieren BÖRSE invest in bonds* * *f <Finanz, Vw> bond-issue, loan ■ Anleihe zeichnen < Bank> subscribe to a loan ■ eine Anleihe auflegen 1. < Finanz> launch a bond-issue offering; 2. < Börse> float a loan, float an issue ■ eine Anleihe aufnehmen < Finanz> contract a loan, raise a loan, take up a loan ■ eine Anleihe finanzieren < Bank> fund a loan ■ eine Anleihe konsolidieren < Bank> fund a loan ■ eine Anleihe neu auflegen < Bank> refloat a loan ■ in Anleihen investieren < Börse> invest in bonds* * *Anleihe
loan, (Darlehn) advance, lend (fam.), (Staat) stock (Br.), bond (US);
• abgelöste Anleihe retired (redeemed) loan;
• ablösbare Anleihe redeemable loan, loan redeemable by allotment (lot);
• achtprozentige Anleihe loan bearing interest at 8%;
• aufgewertete Anleihe revalorized loan;
• auslosbare Anleihe redeemable loan, loan redeemable by allotment;
• äußere Anleihe foreign (external) loan;
• in Umlauf befindliche Anleihen loans in circulation;
• auf dem Eurobondmarkt begebene internationale Anleihen Eurobonds;
• besicherte Anleihe secured loan;
• hypothekarisch besicherte Anleihe mortgage loan;
• nicht besicherte Anleihe unsecured loan;
• dreiprozentige Anleihe three per cent loan;
• festverzinsliche Anleihe fixed interest-bearing loan;
• freigegebene Anleihe unfrozen loan;
• fundierte Anleihe consolidated (funded) loan;
• nicht garantierte Anleihe unsecured loan;
• gekündigte Anleihe redemption loan;
• gesicherte Anleihe collateral (secured) loan;
• voll gezeichnete Anleihe fully subscribed loan;
• nicht in voller Höhe gezeichnete Anleihe undersubscribed loan;
• indexgebundene Anleihe indexed loan;
• innere Anleihe internal (inland) loan, internal bonds;
• internationale Anleihe international loan;
• Jumbo-Anleihe Jumbo bond;
• kommunale Anleihe local authority loan (bonds) (Br.), municipal bonds (stock, securities), municipal loan;
• konsolidierte Anleihe funded (consolidated) loan, unified stock (Br.);
• kündbare Anleihe demand (redeemable) loan;
• jederzeit kündbare Anleihe optional bond (US);
• kurzfristige Anleihen short-term loan, deficiency bills (Br.);
• landwirtschaftliche Anleihen agricultural loans;
• langfristige Anleihe long-term loan;
• mündelsichere Anleihe gilt-edged (Br.) (trustee, US) loan;
• notierte Anleihe quoted (listed) loan;
• amtlich nicht notierte Anleihe outside loan;
• Null-Kupon-Anleihe zero bond;
• öffentliche Anleihe public (government, civic, US) loan;
• repatriierte Anleihen repatriated bonds;
• spekulative, hochverzinsliche, nur zum Zweck der Firmenübernahme emittierte Anleihe junk bond;
• staatliche Anleihen state bonds;
• städtische Anleihe municipal bond (US), corporation loan (Br.), city bonds;
• steuerbegünstigte Anleihe privileged loan;
• steuerfreie (steuerbefreite) Anleihe tax-exempt (free) loan;
• überzeichnete Anleihe oversubscribed loan;
• unablösbare Anleihe consolidated fund;
• unbesicherte Anleihe unsecured loan;
• unkündbare (untilgbare) Anleihe irredeemable loan, perpetual bonds;
• unveränderliche Anleihe closed issue;
• unverzinsliche Anleihe non-interest-bearing loan;
• verwendungsgebundene Anleihe tied loan;
• verzinsliche Anleihe interest-bearing loan, loan at interest;
• wertbeständige Anleihe fixed-value loan;
• über zwanzigjährige Anleihe long bond;
• zweckgebundene Anleihe tied loan;
• Anleihe mit sehr hohem Emissionsvolumen Jumbo bond;
• Anleihen der Länder state bonds;
• Anleihen und verzinsliche Schatzanweisungen loan issues and interest-bearing treasury bonds;
• Anleihe mit freigegebenem Wechselkurs floating-rate loan;
• Anleihe abschließen to contract a loan;
• Anleihe auflegen to float (launch) a loan, to float a bond issue;
• Anleihe in Tranchen auflegen to issue a loan in instalments, to split a loan in tranches;
• Anleihe zur Zeichnung auflegen to offer a loan for subscription, to invite subscriptions for a loan;
• Anleihe aufnehmen to raise (contract) a loan;
• Anleihe aufwerten to revalidate a loan;
• Anleihe ausgeben to issue loan stock (Br.);
• Anleihe in Tranchen ausgeben to issue a loan in instalments;
• Anleihe begeben to issue (negotiate) a loan, to dispose of an issue;
• Anleihe bewilligen (gewähren) to grant (award) a loan;
• Anleihe auf den Markt bringen to place a loan;
• Anleihe konsolidieren to fund (consolidate) a loan;
• Anleihe kontrahieren to contract a loan;
• Anleihe konvertieren to convert a loan;
• Anleihe kündigen to call in a loan, to give notice of redemption;
• Anleihe lancieren to float a loan;
• bei jem. eine Anleihe machen to borrow money from s. o.;
• Anleihe in Abschnitten in Anspruch nehmen to draw a loan in tranches;
• Anleihe fest übernehmen to underwrite a loan;
• Anleihe teilweise übernehmen to take a portion of a loan;
• Anleihe an ein Konsortium übertragen to put a loan into the hands of a syndicate;
• Anleihe überzeichnen to cover over (oversubscribe) a loan;
• Anleihe umwandeln to convert a loan;
• alte Anleihen in neue umwandeln to reschedule old loans into new ones;
• Anleihe unterbringen to negotiate (place) a loan;
• Anleihe zum Kurse von 98% unterbringen to place a loan at 98 per cent;
• Anleihe vermitteln to negotiate a loan;
• Anleihe zeichnen to subscribe to (Br.) (for) a loan;
• Anleihe zurückzahlen to redeem (repay) a loan;
• Anleihe vorzeitig zurückzahlen to return a loan ahead of schedule;
• Anleiheabkommen loan agreement;
• Anleiheablösung loan redemption, redemption (liquidation) of a loan;
• Anleiheabsatz sale of a loan;
• Anleiheabschnitt slice of a loan;
• Anleiheabteilung loan (bond, US) department;
• Anleiheagio premium on a loan, loan premium;
• Anleiheangebot loan offer;
• Anleiheaufnahme raising of a loan;
• Anleiheausgabe issue of a loan;
• mit Vorrechten ausgestattete Anleiheausgabe senior issue;
• Anleiheausschuss loan committee;
• Anleiheausstattung terms of a loan, loan terms;
• Anleihebank public loan bank, loan society;
• Anleihebedarf loan demand;
• Anleihebedingungen loan terms, terms of a loan;
• Anleihebegeber issuer of a loan, lender;
• Anleihebegebung floating (flotation) of a loan;
• konsortiale Anleihebegebung syndication of loans;
• Anleihebegebungskosten flotation costs of a loan;
• Anleihebericht loan report;
• Anleihebeschaffung procuration of a loan;
• Anleihebesitzer loan holder;
• Anleihebestimmungen loan regulations;
• Anleihebeteiligung loan participation;
• Anleihebetrag amount of a loan, bond amount (US);
• Anleihebetreuung loan administration;
• Anleihebündel loan package;
• Anleihedienst servicing of a loan, loan (bond, US) service, service of a loan (bond, US), redemption service;
• Anleiheemission issue of a loan, bond issue (US);
• ausländische Anleiheemissionen offshore bond issue;
• Anleiheemission garantieren to underwrite a loan;
• Anleiheerlös proceeds of a loan (an issue);
• Anleihefinanzierung loan [account] financing;
• Anleihefonds loan fund;
• Anleihefonds für währungsschwache Länder soft-loan fund;
• Anleihegarant bond underwriter (US);
• Anleihegarantie guarantee of a loan, loan guarantee, underwriting;
• Anleihegenehmigung loan sanction;
• Anleihegeschäft loan business (function);
• Anleihegewährung award of a loan;
• Anleihegläubiger loan [stock]holder;
• Anleihegremium loan council;
• Anleihekapital loan fund (capital, Br.), bond (debenture) capital, debenture stock (Br.), bonded debt (US), stock (Br.), long-term debt debenture (US);
• genehmigtes Anleihekapital loan capital, authorized bonds;
• Anleiheklausel loan clause;
• Anleihekonsortium underwriting syndicate;
• sich aus einem Anleihekonsortium zurückziehen to pull out of a loan;
• Anleihekonto (Kontobuch) loans (loan, US) ledger;
• Anleihekonversion loan (debt) conversion;
• Anleihekündigung call for redemption of a loan, notice of redemption;
• Anleihekurs quotation of a loan;
• hoher Anleihekurs high bond price;
• Anleihekurszettel stock list (Br.), bond record (US);
• Anleihelaufzeit period (term) of a loan;
• Anleihelos lottery bond;
• Anleihemarkt fixed-rate bond market;
• kommunaler Anleihemarkt local authority negotiable bond market;
• Anleihemarkt für kurzfristige Papiere yearly bond market (Br.);
• internationale Anleihemärkte international debt markets;
• Anleihemittel loans, bonds (US);
• Anleihenehmer loan subscriber;
• Anleihenotierung quotation of a loan;
• Anleihepapier stock, bond (US), (Staat) government security (stock);
• öffentliche Anleihepapiere public bonds;
• Anleiheplatzierung placing of a loan;
• Anleiheprojekt loan project;
• Anleiherestbetrag balloon;
• Anleiherückkauf retirement of a loan;
• Anleiherückzahlung loan redemption;
• Anleiheschuld bond obligation, funded (Br.) (bonded, US) debt (indebtedness), debenture stock (Br.);
• Anleiheschulden[last] funded (bonded, US) indebtedness;
• Anleiheschuldner loan (bond) debtor;
• Anleiheskandal loan scandal;
• Anleihesteuer sinking-fund tax, loan capital duty (Br.);
• Anleihestock capital stock;
• konvertierbarer Anleihestock convertible loan stock;
• Anleihestockgesetz capital stock law (Br.). -
8 interest
n1) интерес; заинтересованность2) обыкн. pl практическая заинтересованность, интересы; выгода; польза3) проценты, процентный доход; ссудный процент4) доля, пай, участие в чем-л.5) обыкн. pl группа лиц, объединенных общими интересами
- accrued interest
- accrued interest on customer deposits
- accrued interest on deposits with credit institutions
- accrued interest on loans to customers
- accrued interest payable
- accrued interest receivable
- accruing interest
- accumulated interest
- added interest
- advance interest
- annual interest
- anticipated interest
- apparent interest
- assurable interest
- average interest
- back interest
- baloon interest
- bank interest
- bank deposit interest
- banking interests
- basic interests
- beneficial interest
- bought interest
- business interests
- buyers' interest
- buying interest
- capital interest
- capitalized interest
- carried interest
- colliding interests
- commercial interests
- common interest
- compound interest
- conflicting interests
- considerable interest
- contending interests
- controlling interest
- conventional interest
- corporate interests
- credit interest
- current interest
- daily interest
- debit interest
- default interest
- defaulted interest
- deferred interest
- departmental interests
- direct interest
- due interest
- earned interest
- economic interest
- equity interest
- essential interests
- everyday interests
- exact interest
- excessive interest
- exorbitant interest
- explict interest
- financial interest
- financial interests
- fixed interest
- foreign interests
- fundamental interests
- general interest
- government interests
- gross interest
- high interest
- home mortgage interest
- hot interest
- illegal interest
- implicit interest
- imputed interest
- industrial interests
- insurable interest
- insured interest
- interim interest
- investment interest
- joint interest
- keen interest
- landed interests
- legal interest
- legitimate interest
- life interest
- loan interest
- long interest
- low interest
- main interest
- major interest
- majority interest
- minimum interest
- minority interest
- moneyed interests
- monopoly interests
- mortgage interest
- mutual interests
- national interests
- negative interest
- net interest
- nominal interest
- nontaxable interest
- open interest
- open policy interest
- opposing interests
- ordinary interest
- outstanding interest
- overdue interest
- overnight interest
- ownership interest
- paid interest
- particular interest
- partner's interest
- partnership interest
- past due interest
- pecuniary interest
- personal interest
- plus accrued interest
- potential interest
- prepaid interest
- primary interest
- private interests
- professional interest
- prolongation interest
- property interests
- proprietary interest
- public interest
- pure interest
- royalty interest
- running interest
- selfish interest
- semiannual interest
- senior interest
- short interest
- simple interest
- social interests
- specific interest
- state interests
- stated interest
- statutory interest
- sustained interest
- tax-exempt interest
- tiered interest
- trading interests
- true interest
- unpaid interest
- usurious interest
- vested interests
- vested interests
- vital interests
- interest for the credit granted
- interest for default
- interest in arrears
- interest in a business
- interests of monopolies
- interests of the state
- interest on an amount
- interest on arrears
- interest on bank credit
- interest on bank loans
- interest on bonds
- interest on capital
- interest on credit
- interest on credit balances
- interest on debenture
- interest on debit balances
- interest on debts
- interest on deposits
- interest on equities
- interest on finance leases
- interest on loan capital
- interest on loans
- interest on loans against bonds
- interest on long-term liabilities
- interest on losses
- interest on mortgage
- interest on overdue payment
- interest on principal
- interest on public loans
- interest on a refund claim
- interest on savings
- interest on savings deposits
- interest on securities
- interest on sight deposit
- interest on a sum
- interest on underpayment
- interest per annum
- capital and interest
- principal and interest
- interest due
- interest payable
- interest receivable
- interest to be collected
- as interest
- at interest
- cum interest
- in the interests of
- in common interest
- less interest
- with interest
- without interest
- bearing interest
- bearing no interest
- no charge for interest
- accumulate interest
- act for public interests
- act in the interests of smb
- add the interest to the capital
- affect the interests
- allow interest on deposits
- arouse interest
- assign interest
- be of interest
- bear interest
- borrow at interest
- calculate interest
- capitalize interest
- carry interest
- charge interest
- charge interest on accounts
- collect interest
- compute interest
- conflict with the interests
- damage interests
- debit interest
- declare an interest
- deduct interest
- defend interests
- draw interest
- earn interest
- express interest
- forfeit interest
- give interest
- harness the interests
- have an interest in smth
- hold financial interests in smth
- invest at interest
- lend at interest
- make interest on a loan
- pay interest
- pay interest on an account
- prejudice interests
- protect interests
- provoke interest
- receive interest
- recover interest
- represent the interests
- run counter the interests
- safeguard interests
- serve the interests
- show interest
- spur investor interest
- take an interest in smth
- uphold interests
- yield interest interest accountEnglish-russian dctionary of contemporary Economics > interest
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9 yield
ji:ld
1. сущ.
1) плоды, урожай (тж. сбор урожая)
2) размер выработки;
количество добытого или произведенного продукта;
выход( продукции) milk yield ≈ надой молока
3) текучесть( металла)
2. гл.
1) давать плоды
2) уступать, пропускать вперед;
соглашаться( на что-л.) I yielded the right-of-way to the other driver. ≈ Я уступил дорогу другому шоферу. to yield a point ≈ сделать уступку (в споре) to yield to the advice ≈ последовать совету to yield to none ≈ не уступать никому( по красоте, доброте и т. п.)
3) сдавать(ся) to yield oneself prisoner ≈ сдаться в плен to yield to temptation ≈ поддаться искушению
4) подаваться;
пружинить The door yielded to a strong push. ≈ От сильного толчка дверь подалась. The disease yields to treatment. ≈ Эта болезнь поддается лечению. They finally yielded to our demands. ≈ Они, наконец, поддались на наши уговоры. Syn: be springy, be resilient, be elastic ∙ yield to yield up Syn: relinquish yield up the ghost плоды, урожай - there is a good * of wheat this year в этом году хороший урожай пшеницы - the actual barn * of a crop количество заготовленной /заложенной на хранение/ сельскохозяйственной продукции выработка;
выход (продукции) ;
добыча - milk * удой, надой( молока) - egg * (сельскохозяйственное) яйценоскость - animal * (сельскохозяйственное) приплод - livestock * (сельскохозяйственное) выход скота;
продуктивность скота - coke * выход кокса - * of bread припек, выход хлеба( из муки) - * of flour выход муки( из зерна) дебит (воды) улов (рыбы) урожайность (тж. crop *) - to increase the * of the soil улучшать плодородие /увеличивать урожайность/ почвы (горное) податливость( крепи) ;
оседание( кровли) ;
поддувание( почвы) текучесть (материала) (экономика) доход;
доходность - * of bonds проценты по облигациям - * of capital investments фондоотдача - * on shares выплата по акциям (американизм) сумма собранного налога за вычетом расходов по его сбору (военное) мощность( ядерного боеприпаса) ;
тротиловый эквивалент производить, приносить, давать ( плоды, урожай, доход) - this land *s well эта земля приносит хороший урожай - these flowers * a sweet scent эти цветы источают благоухание /хорошо пахнут/ - the research *ed no result исследования оказались безрезультатными - mines * ore в шахтах добывают руду - the farm *s enough fruit to meet all our needs ферма полностью обеспечивает нас фруктами - the well *s ten thousands litres an hour скважина дает десять тысяч литров в час( устаревшее) воздавать - to * due praise to smb. воздавать должное /хвалу/ кому-л. отступать;
сдавать (позицию и т. п.) ;
сдаваться - to * ground to the enemy сдать территорию врагу - to * submission подчиниться - to * consent дать( вынужденное) согласие - to * a ready consent охотно /сразу же/ согласиться - to * obedience послушаться - to * oneself prisoner сдаться в плен - to * oneself to another man's mercy сдаться на чью-л. милость - to * to force подчиниться силе, отступить перед силой - we will never * мы никогда не отступим /не сдадимся/ - the frost is *ing морозы ослабевают - the dye will not * to soap or soda эту краску не берет ни мыло, ни сода уступать;
соглашаться - to * a point in a debate признать правоту оппонента, уступить в каком-л. вопросе - to * to entreaties уступить мольбам - to * to reason внять голосу разума - to * to circumstances отступить /уступить/ под давлением обстоятельств - to * to pressure поддаться давлению - to * the championship( спортивное) уступить первенство - to * the right of way to an ambulance уступить дорогу карете скорой помощи - to * one's rights уступить свои права - to * to none in smth. никому не уступать в чем-л. (обыкн. в красоте, доброте и т. п.) - I * to none in my enthusiasm for the plan я отношусь к этому плану с не меньшим энтузиазмом, чем все остальные (to) (парламентское) уступить трибуну;
передать слово другому оратору (временно;
тж. to * the floor) - to * to another уступить трибуну другому оратору - will the Senator *? не соизволит ли сенатор передать слово другому (оратору) ? (устаревшее) дать согласие, разрешение - to * to do smth. согласиться что-л. сделать - to * that smth. should be done дать согласие /разрешение/ на то, чтобы что-л. было сделано поддаваться;
не выдерживать - the disease *s to treatment эта болезнь поддается лечению - the door *ed to a strong push от сильного толчка дверь подалась - his courage never *s его мужество беспредельно пружинить прогибаться, оседать - the ground *ed under his feet почва оседала под его ногами растягиваться (о ткани и т. п.) являться причиной, вызывать что-л. - the play *ed only one good laugh лишь в одном месте пьеса вызвала у зрителей смех( устаревшее) отплачивать, воздавать - the gods * you боги вас вознаградят actual ~ фактический доход adjusted gross ~ скорректированный валовый доход average bond ~ средняя доходность облигации average ~ средний доход average ~ средняя выручка average ~ средняя прибыль bond ~ доход по облигациям capital ~ доход от капитала counting ~ эффективность счета crop ~ урожайность current ~ текущая доходность current ~ текущий доход diminishing ~ сокращающийся доход the disease yields to treatment эта болезнь поддается лечению dividend ~ дивидендный доход ~ поддаваться;
подаваться;
пружинить;
the door yielded to a strong push от сильного толчка дверь подалась effective ~ фактическая прибыль effective ~ фактический доход по ценным бумагам equivalent bond ~ эквивалентный облигационный доход flat ~ текущий доход по ценным бумагам ~ сбор плодов, урожай;
a good yield of wheat хороший урожай пшеницы gross ~ валовой доход gross ~ валовой сельскохозяйственный продукт half-yearly ~ полугодовая прибыль income ~ процентный доход increasing ~ растущий доход interest ~ процентный доход light ~ световой выход low ~ низкий доход по ценным бумагам maximum ~ максимальный доход ~ размер выработки;
количество добытого или произведенного продукта;
выход (продукции) ;
milk yield надой молока minimum ~ минимальный доход net ~ чистая прибыль net ~ чистые поступления net ~ чистый доход nominal ~ номинальная прибыль nominal ~ номинальный доход production ~ выход продукции redemption ~ доход по ценной бумаге при ее погашении running ~ текущий доход surrender-value ~ выкупная стоимость surrender-value ~ сумма, возвращаемая лицу, отказавшемуся от страхового полиса tax ~ налоговый доход ~ производить, приносить, давать (плоды, урожай, доход) ;
this land yields poorly эта земля дает плохой урожай total ~ общая выработка total ~ общий выход продукции total ~ общий доход true ~ реальный доход ~ амер. парл. уступить трибуну, прервать оратора (тж. to yield the floor) ;
Will Mr N yield? Прошу разрешения прервать речь мистера Н. yield выпуск ~ выпускать продукцию ~ выработка ~ выручка ~ выход (продукта) ~ выход ~ выход продукции ~ давать ~ давать доход ~ давать урожай ~ дать ~ дебит воды ~ добывать ~ добыча ~ эк. доход;
доходность ~ доход ~ доход в виде процентов на вложенный капитал ~ доход по ценным бумагам, выраженный в виде процентной ставки ~ доходность ~ надой молока ~ поддаваться;
подаваться;
пружинить;
the door yielded to a strong push от сильного толчка дверь подалась ~ поддаваться ~ прибыль ~ приносить плоды ~ производить, приносить, давать (плоды, урожай, доход) ;
this land yields poorly эта земля дает плохой урожай ~ производить, приносить, давать (плоды, урожай, доход) ~ производить ~ процентный доход ~ размер выработки;
количество добытого или произведенного продукта;
выход (продукции) ;
milk yield надой молока ~ размер выработки, количество добытого ~ размер выработки ~ результат ~ сбор плодов, урожай;
a good yield of wheat хороший урожай пшеницы ~ сбор плодов ~ сдавать(-ся) ;
to yield oneself prisoner сдаться вплен ~ соглашаться ~ сумма собранного налога за вычетом расходов по сбору ~ текучесть (металла) ~ улов рыбы ~ урожай ~ урожайность ~ уступать;
соглашаться (на что-л.) ;
to yield a point сделать уступку (в споре) ;
to yield to the advice последовать совету ~ уступать ~ амер. парл. уступить трибуну, прервать оратора (тж. to yield the floor) ;
Will Mr N yield? Прошу разрешения прервать речь мистера Н. ~ уступать;
соглашаться (на что-л.) ;
to yield a point сделать уступку (в споре) ;
to yield to the advice последовать совету to ~ no results не давать никаких результатов ~ on bonds процентный доход по облигациям ~ on capital доход на капитал ~ on capital investments фондоотдача ~ on fixed interest security доход от ценных бумаг с фиксированным процентом ~ on long-term bonds доход от долгосрочных облигаций ~ on securities доход от ценных бумаг ~ сдавать(-ся) ;
to yield oneself prisoner сдаться вплен ~ to average life доходность облигации, рассчитанная относительно среднего срока погашения ~ to investor доход для владельца ценных бумаг ~ to maturity доход от ценной бумаги при ее погашении to ~ to none не уступать никому (по красоте, доброте и т. п.) ~ уступать;
соглашаться (на что-л.) ;
to yield a point сделать уступку (в споре) ;
to yield to the advice последовать совету ~ up отказываться от ~ up сдавать, уступая силе;
to yield up a fort сдать крепость;
to yieldup the ghost отдать богу душу, умереть ~ up сдаваться ~ up сдавать, уступая силе;
to yield up a fort сдать крепость;
to yieldup the ghost отдать богу душу, умереть ~ up сдавать, уступая силе;
to yield up a fort сдать крепость;
to yieldup the ghost отдать богу душу, умереть -
10 debt
n фін., бухг. борг; заборгованість; зобов'язання; позика; a борговий; заборгований; позиковий; позиченийсума грошей або послуг, які окрема особа, підприємство або уряд винні іншій стороні, тобто правове зобов'язання перед кимось; ♦ виділяють: борги окремої особи у формі застави (mortgage), банківської позички тощо; борги підприємства у формі кредиторської заборгованості (accounts payable), боргового зобов'язання тощо; борги уряду у формі довгострокових облігацій (long-term bonds), короткострокових цінних паперів (short-term securities) тощо═════════■═════════accruing debt борг, що наростає; accumulated debt нагромаджений борг; active debt несплачений борг • невиплачений борг; bad debt; bank debt заборгованість за банківською позикою; blocked debt заморожений борг; bonded debt облігаційна позика • консолідований борг; book debt борг згідно з бухгалтерськими книгами; business debt діловий борг • комерційний борг; commercial debt торговельна заборгованість; company debt борг підприємства; consolidated debt консолідований борг; contract debt борг за контрактом; convertible debt оборотна облігація; current debt поточний борг; deferred debt відстрочений борг; doubtful debt; dubious debt сумнівний борг; due debt борг, який підлягає сплаті; external debt зовнішній борг; floating debt короткострокова заборгованість • сконсолідований борг; foreign debt закордонний борг • зовнішній борг; frozen debt заморожений борг; funded debt консолідований борг; government debt державний борг; hypothecary debt іпотечна заборгованість; interest-bearing debt відсотковий борг; internal debt внутрішня заборгованість; irrecoverable debt безповоротний борг • безнадійний борг; joint debt сукупний борг; liquid debt ліквідна заборгованість; liquidated debt ліквідований борг; long-term debt довгостроковий борг; money debt грошовий борг; mortgage debt іпотечна заборгованість • заставний борг; national debt державний борг; net debt чиста заборгованість; net bonded debt чистий облігаційний борг; nonrecoverable debt безповоротний борг; ordinary debt звичайний борг; outstanding debt несплачений борг; paid debt сплачений борг; public debt державний борг; recoverable debt борг, який може бути стягнений; residual debt залишок боргу; secured debt забезпечений борг; short-term debt короткостроковий борг; state debt державний борг; total debt загальна заборгованість • загальна сума боргу; uncollectible debts безнадійні борги; undischarged debt несплачений борг; unfunded debt короткострокова заборгованість • неконсолідований борг; unified debt консолідований борг; unpaid debt несплачений борг; unrecoverable debt безповоротний борг; unsecured debt неза-безпечена заборгованість═════════□═════════acknowledgement of debt визнання боргу; debt alleviation часткове сплачення боргу; debt and borrowing позика і кредит; debt burden тягар заборгованості; debt capital; debt certificate борговий сертифікат • боргове свідоцтво; debt collecting стягнення боргу; debt commitment боргове зобов'язання; debt conversion переведення боргу; debt crisis криза заборгованості; debt discount знижка із заборгованості; debt due борг до сплати; debt finance; debt financing сплачення боргу шляхом випуску позики; debt funding консолідування боргу • переведення короткострокової заборгованості в довгострокову; debt instalment сплачення боргу частинами; debt liability боргове зобов'язання; debt management керування боргом • управління боргом; debt payable борг, який підлягає сплаті; debt portion боргова частина; debt receivable борг, який можна повернути; debt recovery proceeding судова справа про стягнення боргу; debt recycling продовження боргу • рецир-кулювання боргу; debt repudiation відмова від сплати боргу; debt rescheduling перегляд строків кредитів; debt restructuring перегляд строків кредитів; debt-ridden обтяжений боргами; debt security цінний папір — боргова гарантія; debt service обслуговування боргу; debt servicing обслуговування боргу; debt servicing capacity спроможність до обслуговування боргу; debt servicing obligations зобов'язання з обслуговування боргу; debt to banks заборгованість банкам; debt to the government заборгованість урядові; debt warrant боргова розписка; to acknowledge a debt визнавати/визнати борг; to be in debt мати борг; to be out of debt звільнятися/звільнитися від боргів • виходити/вийти з боргів; to call a debt вимагати сплати боргу; to cancel debt анульовувати/анулювати борг; to clear a debt сплачувати/сплатити борг; to collect a debt одержувати/одержати гроші на рахунок боргу; to contract debts брати/взяти в борг; to cover a debt покривати/покрити борг; to discharge a debt сплачувати/сплатити борг; to get into debt потрапити/потрапляти в борги; to get out of debt звільнитися/звільнятися від боргу; to have debts мати борги; to incur debts брати/взяти в борг • входити/ввійти в борги; to liquidate a debt ліквідувати заборгованість; to meet a debt покривати/покрити борг • сплачувати/сплатити борг; to pay a debt покривати/покрити борг • сплачувати/сплатити борг; to pay back a debt сплачувати/сплатити борг; to pay off a debt сплачувати/сплатити борг • повертати/повернути борг; to recover a debt стягувати/стягнути борг; to repay a debt сплачувати/сплатити борг; to run into debt потрапити/потрапляти в борги; to settle a debt сплачувати/сплатити борг; to write off a debt списувати/списати борг; without debts вільний від боргів • без боргівdebt — ім. довг, прикм. довговий (діас, діал.)═════════◇═════════борг < нім. Borg — позичка < bergen — берегти; давати пощаду, давати строк для виплати; закріплюється в ужитку в XVI ст. спочатку лише у виразах: «на борг» «в борг (на віру)», а пізніше поширилося і дістало значення, яке охоплює ст. у. термін довг (ЕС-СУМ 1: 168; ЕСУМ 1: 229); довг < ст. сл. длъгъ, долгъ — обов'язок; зобов'язання перед кимось; пізніше — борг; засвідчується в писемних пам'ятках з 1489 р.: «А два(д)цать копъ грошє(и) в кажъди(и) годъ має(т)єсь собє брати за до(л)гъ што єсъмо ємоу виньни»; ст. у. термін довг сьогодні вживається тільки в розмовній мові (ЕС-СУМ 1: 168, 344; ССМ 1: 301, 314)▹▹ bad debt▹▹ debt capital* * *борг; заборгованість; позиковий капітал; кредит; позика; кредитування -
11 obligación
f.1 obligation, duty, responsibility, commitment.Ella tiene el deber de cuidarla She has the obligation to take care of her2 obligation, debt, debit, liability.* * *1 (deber) duty, obligation2 FINANZAS bond\antes la obligación que la devoción business before pleasureobligaciones familiares family obligations* * *noun f.obligation, duty* * *SF1) (=responsabilidad) obligation, dutyfaltar a sus obligaciones — to fail in one's obligations o duty, neglect one's obligations o duty
tener obligación de hacer algo — to have a duty to do sth, be under an obligation to do sth
2) (Com, Econ) bond, securityobligación convertible — convertible bond, convertible debenture
obligaciones del Estado — government bonds, government securities
obligación tributaria — Méx tax liability
* * *1) ( deber) obligationtiene (la) obligación de... — it is his duty to..., he has an obligation to...
antes or primero es la obligación que la devoción — business before pleasure
2) (Com, Fin)a) ( pasivo) obligation, liabilityb) ( bono) bond, debenture* * *1) ( deber) obligationtiene (la) obligación de... — it is his duty to..., he has an obligation to...
antes or primero es la obligación que la devoción — business before pleasure
2) (Com, Fin)a) ( pasivo) obligation, liabilityb) ( bono) bond, debenture* * *obligación11 = mandate, obligation, compulsion, indenture, exigency.Ex: The original mandate was very clear: to consider for inclusion all proposals made.
Ex: At the same time, the Library acknowledges its obligation to cooperate with major abstracting and indexing services to build a comprehensive national bibliographic data base.Ex: A stickler for details, sometimes to the point of compulsion, Edmonds was deemed a fortuitous choice to head the monumental reorganization process.Ex: So, unlike most state association or municipal library awarded grants, there was no stipulation of indenture to a state or a library for a number of years if the award was accepted.Ex: The LA dangles between short-term exigencies and long-term potentials, and a call for cuts in library school output is trying to cure symptoms rather than diseases.* absolver de obligación = absolve + Nombre + from obligation.* cumplir con una obligación = live up to + Posesivo + obligation, fulfil + obligation, honour + obligation.* descuidar las obligaciones de uno = fail + Posesivo + duty.* desempeñar una obligación = fulfil + duty, perform + duty.* eludir una obligación = duck + an obligation.* estar sujeto a la obligación de = be under the obligation to.* eximir de obligación = absolve + Nombre + from obligation.* más allá de la obligación = beyond the call of duty.* no tener la obligación de = be under no obligation.* obligaciones = stewardship.* obligaciones domésticas = domestic obligations, household chores, household obligations.* obligaciones legales = legal requirements.* obligación ética = ethical obligation.* obligación legal = legal requirement, statutory obligation, legal obligation.* obligación moral = moral obligation.* relajarse en las obligaciones = be asleep at the wheel.* relevar de una obligación = relieve of + duty.* sentido de la obligación = sense of obligation.* sentir obligación = feel + compulsion.* ser dejado en la obligación de Uno = be derelict in + duty.* tener la obligación de = be under the obligation to.* tener obligación = have + obligation.obligación22 = debenture, debenture bond.Ex: This paper empirically examines the actual conversion of debentures into common stock.
Ex: A New York firm has offered creditors a nickel on the dollar for their debenture bonds.* capital en obligaciones = debenture capital, debenture stock.* * *A (deber) obligationtiene (la) obligación de mantenerlos it is his duty to support them, he has an obligation to support themconsidero que es mi obligación decírtelo I feel it my duty to tell youes una obligación que tienes para con él you have a duty o an obligation to him, it is your duty to himlo hace por obligación she does it out of a sense of duty o out of obligationno cumple con sus obligaciones he doesn't fulfill his obligationsyo no falto a mis obligaciones I always fulfill my obligationsirá si sus obligaciones se lo permiten she will go if her commitments permitantes or primero es la obligación que la devoción business before pleasure1 (pasivo) obligation, liability2 (bono) bond, debenture* * *
obligación sustantivo femenino ( deber) obligation;
tiene (la) obligación de … it is his duty to …, he has an obligation to …;
es mi obligación decírtelo it is my duty to tell you;
lo hace por obligación she does it out of obligation;
si sus obligaciones se lo permiten if her commitments permit
obligación sustantivo femenino
1(deber, compromiso) obligation, duty: me siento en la obligación de ayudarles, I feel obliged to help them
no tienes obligación de hacerlo, you don't have to do it
2 Fin bond, debenture
' obligación' also found in these entries:
Spanish:
carga
- compromiso
- descargar
- fuerza
- gravamen
- haber
- perdonar
- relevar
- saltarse
- servidumbre
- contraer
- cumplir
- deber
- liberar
- librar
- tener
English:
be
- bond
- compulsion
- exonerate
- expect
- free
- have
- must
- obligation
- commitment
- debenture
- duty
- lump
* * *obligación nf1. [deber, imposición] obligation, duty;tu obligación es estudiar what you have to do is study;no lo hagas, no tienes ninguna obligación don't do it, you're not under any obligation;me he puesto por obligación levantarme pronto I've decided I must get up early;todos los días hace ejercicio, se lo toma como una obligación he makes it a rule to exercise every day;faltó a sus obligaciones she failed in her duty;cumple con tus obligaciones fulfil your obligations o duties;lo hice por obligación I did it out of a sense of duty2. Fin bond, securityobligación convertible convertible bond;obligación del Estado Treasury bond, Br gilt;obligación del Tesoro Treasury bond, Br gilt* * *f1 obligation, duty2 COM bond* * *obligación nf, pl - ciones1) deber: obligation, duty2) : bond, debenture* * *obligación n obligation / duty [pl. duties] -
12 yield
[ji:ld]actual yield фактический доход adjusted gross yield скорректированный валовый доход average bond yield средняя доходность облигации average yield средний доход average yield средняя выручка average yield средняя прибыль bond yield доход по облигациям capital yield доход от капитала counting yield эффективность счета crop yield урожайность current yield текущая доходность current yield текущий доход diminishing yield сокращающийся доход the disease yields to treatment эта болезнь поддается лечению dividend yield дивидендный доход yield поддаваться; подаваться; пружинить; the door yielded to a strong push от сильного толчка дверь подалась effective yield фактическая прибыль effective yield фактический доход по ценным бумагам equivalent bond yield эквивалентный облигационный доход flat yield текущий доход по ценным бумагам yield сбор плодов, урожай; a good yield of wheat хороший урожай пшеницы gross yield валовой доход gross yield валовой сельскохозяйственный продукт half-yearly yield полугодовая прибыль income yield процентный доход increasing yield растущий доход interest yield процентный доход light yield световой выход low yield низкий доход по ценным бумагам maximum yield максимальный доход yield размер выработки; количество добытого или произведенного продукта; выход (продукции); milk yield надой молока minimum yield минимальный доход net yield чистая прибыль net yield чистые поступления net yield чистый доход nominal yield номинальная прибыль nominal yield номинальный доход production yield выход продукции redemption yield доход по ценной бумаге при ее погашении running yield текущий доход surrender-value yield выкупная стоимость surrender-value yield сумма, возвращаемая лицу, отказавшемуся от страхового полиса tax yield налоговый доход yield производить, приносить, давать (плоды, урожай, доход); this land yields poorly эта земля дает плохой урожай total yield общая выработка total yield общий выход продукции total yield общий доход true yield реальный доход yield амер. парл. уступить трибуну, прервать оратора (тж. to yield the floor); Will Mr N yield? Прошу разрешения прервать речь мистера Н. yield выпуск yield выпускать продукцию yield выработка yield выручка yield выход (продукта) yield выход yield выход продукции yield давать yield давать доход yield давать урожай yield дать yield дебит воды yield добывать yield добыча yield эк. доход; доходность yield доход yield доход в виде процентов на вложенный капитал yield доход по ценным бумагам, выраженный в виде процентной ставки yield доходность yield надой молока yield поддаваться; подаваться; пружинить; the door yielded to a strong push от сильного толчка дверь подалась yield поддаваться yield прибыль yield приносить плоды yield производить, приносить, давать (плоды, урожай, доход); this land yields poorly эта земля дает плохой урожай yield производить, приносить, давать (плоды, урожай, доход) yield производить yield процентный доход yield размер выработки; количество добытого или произведенного продукта; выход (продукции); milk yield надой молока yield размер выработки, количество добытого yield размер выработки yield результат yield сбор плодов, урожай; a good yield of wheat хороший урожай пшеницы yield сбор плодов yield сдавать(-ся); to yield oneself prisoner сдаться вплен yield соглашаться yield сумма собранного налога за вычетом расходов по сбору yield текучесть (металла) yield улов рыбы yield урожай yield урожайность yield уступать; соглашаться (на что-л.); to yield a point сделать уступку (в споре); to yield to the advice последовать совету yield уступать yield амер. парл. уступить трибуну, прервать оратора (тж. to yield the floor); Will Mr N yield? Прошу разрешения прервать речь мистера Н. yield уступать; соглашаться (на что-л.); to yield a point сделать уступку (в споре); to yield to the advice последовать совету to yield no results не давать никаких результатов yield on bonds процентный доход по облигациям yield on capital доход на капитал yield on capital investments фондоотдача yield on fixed interest security доход от ценных бумаг с фиксированным процентом yield on long-term bonds доход от долгосрочных облигаций yield on securities доход от ценных бумаг yield сдавать(-ся); to yield oneself prisoner сдаться вплен yield to average life доходность облигации, рассчитанная относительно среднего срока погашения yield to investor доход для владельца ценных бумаг yield to maturity доход от ценной бумаги при ее погашении to yield to none не уступать никому (по красоте, доброте и т. п.) yield уступать; соглашаться (на что-л.); to yield a point сделать уступку (в споре); to yield to the advice последовать совету yield up отказываться от yield up сдавать, уступая силе; to yield up a fort сдать крепость; to yieldup the ghost отдать богу душу, умереть yield up сдаваться yield up сдавать, уступая силе; to yield up a fort сдать крепость; to yieldup the ghost отдать богу душу, умереть yield up сдавать, уступая силе; to yield up a fort сдать крепость; to yieldup the ghost отдать богу душу, умереть -
13 discount
1. сущ.1)а) торг. скидка (с цены), ценовая скидка (денежная сумма или процент, на который поставщик снижает стандартную цену товара или услуги; напр., снижение стандартной цены товара в рамках кампании по стимулированию сбыта или снижение прейскурантной цены в качестве вознаграждения за быстрый или наличный платеж, за покупку в большом количестве и т. п.; также снижение стандартного тарифа на услуги для клиентов, удовлетворяющих определенным требованиям, напр., уменьшение величины страховой премии в связи с особенностями данного риска, отсутствием аварий или других страховых случаев в течение определенного времени, либо уменьшение стоимости туристической путевки при приобретении общей путевки для группы лиц и т. п.)ATTRIBUTES:
cumulative 2), aggregate 2)
one-time discount — единовременная [разовая\] скидка
COMBS:
discount in the amount of— скидка в сумме
At the purchase of 6-10 titles you will obtain the discount in the amount of 5%.
discount of $125, $125 discount — скидка в размере 125 долл.
10% discount, discount of 10% — скидка в размере 10%, десятипроцентная скидка
1% discount for cash — скидка 1% за расчет наличными
15% discount for quantity purchases — 15-процентная скидка за покупку в большом количестве
less discount of 5% — со сидкой в 5%, за вычетом 5%
A discount of up to 40% may apply to Physical Damage Coverage for your boat, if the boat is less than 11 years old.
a discount of 10 to 40 percent — скидка (в размере) от 10% до 40%
a discount (of) between 10% and 20% — скидка (в размере) от 10% до 20%, скидка между 10% и 20%
discount on [below, to, off, from\] — скидка с (цены, тарифной ставки)
50% discount below the normal retail price — 50% скидка с обычной розничной цены
You can get 50% discount off the regular ticket price!
Click here to order this book at a discount from the regular list price.
discount on (smth.) — скидка на (что-л.)
Members will receive special discounts on all products. — Участники получат специальные скидки на все товары.
special discount to students, special students discounts — специальные скидки для студентов, специальные скидки студентам, специальные студенческие скидки
50% discount for children under 12 — 50% скидка для детей в возрасте до 12 лет
to give [to grant, to allow\] a discount — предоставить скидку
Discounts are given for quantity purchases.
First, they commit all participants to grant discounts of the same type to buyers who meet the same conditions of eligibility.
The producer usually establishes a list price and then allows discounts from it to various types of intermediate customers.
Later in the century, as competition for customers increased, some booksellers offered discounts of 20 percent and more.
to get [to receive, to obtain\] a discount — получить скидку
Club members get special discount off the normal rates. — Члены клуба получают специальную скидку с обычных тарифов.
He received cash discount of 3%. — Он получил скидку в размере 3% за оплату наличными.
to earn a discount — получить [заслужить, заработать\] скидку
When purchases must be placed within a specified period to earn a discount, the prospective contractor must indicate the required time period.
Those who purchase for cash are allowed a discount of 2%, while those who pay within one month can claim a discount of 1%.
to ask for a discount — просить [требовать\] скидку, обращаться за скидкой
If you're going to pay cash, ask for a discount.
It could be very useful to be able to negotiate a discount for cash if you are buying luxury items like a fur coat or an expensive piece of jewellery.
Large volume orders may be subject to a discount. — Крупные заказы могут подлежать скидке. [По крупным заказам может предоставляться скидка.\]
to qualify for a discount — иметь право на скидку; получить право на скидку; давать право на скидку
To qualify for discount all orders must be received by 30th June. — Чтобы иметь право на скидку, все заказы должны быть получены до 30 июня.
to be eligible for [to be entitled to\] a discount — иметь право на скидку
Find out if you are entitled to a discount. — Выясните, имеете ли вы право на скидку.
to lose a discount — терять скидку, терять право на скидку
This means that you can make 1 claim in any year or 2 claims in any 3-year period, and you won't lose the discount earned for your previous years of safe driving. — Это означает, что вы можете предъявить одно требование в течение любого года или два требования в течение любого трехлетнего периода, и вы не потеряете скидку, заработанную за предыдущие года безопасного вождения.
To find the sale price of the item, you calculate the discount and subtract the discount from the original price.
to reduce/to increase discount — уменьшать/увеличивать скидку
ThyssenKrupp Nirosta reduces cash discount.
Under the Local Government Act 2003, all District Councils have been allowed to reduce their Council Tax discount on second homes from 50% to 10%.
American Airlines also has increased its discount from 21 percent to 22 percent on all domestic fares and international full fares.
They've increased the tax discount on the house.
Syn:Ant:See:advertising discount, aggregated discount, bulk discount а), bulk purchase discount, cash discount, chain discount, commercial discount, cumulative discount, deep discount 2) а), deferred discount, discount allowed, discount earned, discount for cash, discount for cash payment, discount for early payment, discount for paying cash, discount for prompt payment, discount for quantity, discount for quantity purchases, discount from price, discount on price, discount received, discounts lost, early payment discount, functional discount, group discount 1) а), insurance discount, insurance premium discount, invoice discount 1) а), long discount, lost discounts, loyalty discount, net name discount, noncumulative discount, off-invoice discount, patronage discount, premium discount, prepayment discount, price discount а), prompt payment discount, purchase discount, quantity discount, quantity purchase discount, renewal discount, retail discount, retro discount, retrodiscount, retrospective discount, sales discount, series discount 1) а), short discount, special discount, staff discount, trade discount, trade-in discount, unearned discount а), volume discount, wholesale discount, amount of discount, discount amount а), discount broker а), discount brokerage, discount card, discount chain, discount coupon, discount drugstore, discount fare, discount goods, discount house 2) а), discount loss, discount market 2) а), discount merchandiser, discount period 1) а), discount policy 1) а), discount price, discount pricing, discount retailer, discount retailing, discount sale, discount scale, discount series, discount schedule, discount store, discount supermarket, discount table, discount terms, percentage of discount, scale of discounts, table of discounts, allowance 1. 3) discounted price а), discounted goods, premium price а), trade credit, EOM, ROG, discounter б), discountable 2) б), regular price, list price, off-price product, at a discount 1) а) IDIOM: five-finger discountб) фин., бирж. дисконт (сумма, на которую номинал или цена погашения ценной бумаги больше цены ее первоначального размещения или текущей рыночной цены)ATTRIBUTES:
accrued 2), amortizable 2) б)
deep discount — глубокий дисконт, значительный дисконт*
COMBS:
discount in the amount of— дисконт в сумме
discount of $125, $125 discount — дисконт в размере 125 долл.
As a result, X treats the loan as having original issue discount in the amount of $130000.
10% discount, discount of 10% — дисконт в размере 10%, десятипроцентный дисконт
For example, if a $1000 par bond was bought at a discount of $900, at maturity there would be a $100 gain.
a discount of 10 to 40 percent — дисконт (в размере) от 10% до 40%
a discount (of) between 10% and 20% — скидка (в размере) от 10% до 20%, скидка между 10% и 20%
discount on [below, to, off, from\] — дисконт к (цене, номиналу), дисконт с [от\] (цены, номинала)
Coupons are sold at a discount to maturity value.
The Company amortizes any discount or premium as part of interest expense on the related debt using the effective interest method.
Although the issuer will calculate original issue discount, if any, based on its determination of the accrual periods, a bondholder may, subject to some restrictions, elect other accrual periods.
All taxable discount securities, including Corporate and Government Bonds, Federal STRIPs, Eurobonds, and Taxable Municipal securities.
Ant:See:accrued discount, acquisition discount а), amortized discount, bond discount, debt discount, deep discount 1) а), discount from price, discount on price, Discount on Notes Payable, Discount on Notes Receivable, market discount а), original issue discount, price discount 1) б), share discount, unamortized discount, accretion of discount, accrual of discount, accumulation of discount, amortization of discount, amount of discount, discount accretion, discount amortization, discount amount б), discount bond, discount percentage 1) б), discount price, discount securities, discount yield, percentage of discount, discounted price б) premium price б) at a discount 1) б)в) фин., банк. дисконт, скидка (разница между номиналом векселя и суммой, получаемой векселедержателем при учете векселя до наступления срока его погашения)See:bank discount а), banker's discount, amount of discount, discount amount в), discount basis, discount interest rate, discount market 1) в), discount percentage 2) в), discount policy 2) в), discount rate 1) а), 1) б), discount rate of interest, percentage of discount, rate of discount, discounting 1)г) фин., бирж. дисконт, скидка (отклонение в меньшую сторону от официального курса валюты, т. е. ситуация, когда цена одной валюты занижена по отношению к цене другой валюты, напр., франк может продаваться со скидкой к фунту)д) фин., банк. дисконт (разница между базовой согласованной суммой кредита и суммой, фактически получаемой заемщиком; в обычных дисконтных кредитах соответствует величине процентов, подлежащих уплате по кредиту; в некоторых кредитах из базовой суммы кредита могут вычитаться дисконтные пункты или другие единовременные вознаграждения и комиссионные, причитающиеся кредитору)See:е) фин. дисконт, скидка (при оценке стоимости предприятия или крупных пакетов акций: разница, на которую фактически согласованная цена предприятия/пакета акций меньше базовой рыночной цены; такой дисконт может использоваться в качестве компенсации за узость вторичного рынка для акций, недостаточный размер продаваемого пакета акций для приобретения контроля за предприятием и т. п.)See:discount for lack of control, discount for lack of marketability, key person discount, lack of control discount, lack of marketability discount, marketability discount, minority discount, minority interest discountж) фин. скидка, дисконт (в самом общем смысле: сумма, на которую уменьшена базовая стоимость или другая базовая величина)Ant:See:acquisition discount б), compound discount, forward discount, interest discount, interest rate discount, loan discount 1) б), 2) б), merchant discount, reinvestment discount, tax discount, underwriter's discount, discount fee 1), 2), discount interest rate, discount mortgage, discount points, discount rate 1) в), 1) г), discount rate of interest, merchant discount fee, rate of discount, discounted mortgage, at a discount 2)2) банк., фин. учет, операция по учету [по дисконту\] (операция, в ходе которой банк или другое финансовое учреждение выкупает вексель или иное долговое обязательство у его держателя по цене, равной номиналу долгового обязательства за вычетом вознаграждения за оставшийся до погашения срок, напр., вексель с номиналом в 100 долл. может продаваться за 90 долл.; впоследствии банк взыскивает полную номинальную стоимость долгового обязательства с лица, выписавшего это долговое обязательство)Syn:discounting 1)See:invoice discount 2) discount broker б), discount credit, discount factoring, discount fee 3) б), discount house 1) б), discount market 1) б), discount period 2) б), discount window, discounter а), discountability, discountable 1) а), bill broker, rediscount 1.3) фин. дисконтирование (определение текущей стоимости актива или текущей стоимости будущих потоков доходов и расходов)Syn:discounting 2)See:discount coefficient, discount factor, discount interest rate, discount rate 2), discount rate of interest, dividend discount model, rate of discount4)а) торг. процент скидки (величина скидки, выраженная в процентах к цене)Syn:б) фин. учетная ставка; ставка дисконта [дисконтирования\]Syn:discount rate 1) а), 1) а), 2) а)See:2. гл.1) торг. предоставлять [делать\] скидку, снижать цену (уменьшать обычную прейскурантную цену для покупателя, приобретающего значительное количество товара, рассчитывающегося наличными и т. п.); продавать со скидкой (уценивать товары, уменьшать цену продаваемых товаров)The shop discounted goods. — Магазин сделал скидку на товары.
to discount from [off\] price — сделать скидку с цены
to discount (by) 10% — делать скидку в размере 10%
Companies discount their goods by 10%-75% only to sell more volume. — Компании предоставляют скидку на свои товары в размере 10-75% [компании снижают цену своих товаров на 10-75%\] только для того, чтобы увеличить объем продаж.
If an item has not sold within two weeks the store discounts the item by 25% for the third week, 50% for the fourth week, and 75% for the fifth week. — Если предмет не продается в течении двух недель, то в течение третьей недели предмет предлагается со скидкой в 25%, в течение четвертой — со скидкой 50%, а в течение пятой — со скидкой 75%.
All items were discounted about 20% from the suggested list prices. — Цена всех товаров была снижена на 20% по сравнению с рекомендованной прейскурантной ценой.
The company discounted prices on its products. — Компания сделала скидку с цены на свои товары.
United discounts the fare by 50%. — "Юнайтед" делает скидку с тарифа в размере 50%.
The one-way fares are now discounted 15% off regular fares. — Стоимость проезда в один конец в настоящее время снижена на 15% по сравнению с обычными тарифами.
This interest rate is discounted from the published bank standard variable rate for an agreed period from the start of the mortgage. — Эта процентная ставка снижена по сравнению с опубликованной стандартной плавающей процентной ставкой банка на оговоренный период, считая от начала действия ипотечного кредита.
discounted mortgage — ипотека с дисконтом*, дисконтная ипотека*
discounted period — период скидки [скидок\]*, период действия скидки*
discounted price — цена со скидкой [с дисконтом\], дисконтная цена
See:discount period 1) б), discounted bond, discounted goods, discounted mortgage, discounted period, discounted price, discounter б), discountable 2) б), non-discountable, undiscounted 1) а), 1) б), discounting 3) б)2) фин., банк. учитыватьа) (приобретать векселя или счета-фактуры по цене ниже их номинала, т. е. с дисконтом, с целью последующего взыскания суммы долга с должника)to discount at the rate of 10% — учитывать по ставке 10%
In the same way, circumstances often forced discount houses themselves to discount fine trade bills at the rate for fine bank bills. — Точно также, обстоятельства часто вынуждают сами дисконтные дома учитывать первоклассные торговые векселя по ставке, установленной для первоклассных банковских векселей.
The Federal Reserve was given the right to discount “eligible paper” for member banks, that is lend money to the banks on the basis of the commercial paper arising from loan transactions with their customers. — Федеральной резервной системе было предоставлено право учитывать "приемлемые бумаги" для банков-членов, т. е. давать банкам деньги взаймы на базе коммерческих бумаг, возникающих в связи с кредитными операциями с их клиентами.
б) (продавать векселя или счета-фактуры по цене ниже их номинала специализированному финансовому учреждению)to discount the note at 10% — учитывать долговое обязательство под 10%
The company discounted the note at a bank at 10%. — Компания учла долговое обязательство в банке под 10%.
If the vendor receives a note, he may discount it at the bank. — Если торговец получает простой вексель, он может учесть его в банке.
to get a bill discounted — учесть вексель, произвести учет векселя
See:accounts receivable discounted, discounted bill, discounting 1), discountability, discountable 1), discounter 1) а), rediscount 2. 1) а)3) фин., банк. предоставлять дисконтный заем* (получать проценты вперед при даче денег взаймы, т. е. выдавать заемщику не полную оговоренную сумму кредита, а ее часть, оставшуюся после вычета определенного дисконта, и взамен сокращать или аннулировать процентную ставку на весь или часть срока кредита; употребляется всегда с дополнением в виде названия кредита)to discount the loan — предоставлять дисконтный заем, делать заем дисконтным
Negotiate the terms of the loan ( amount, interest rates) first and then lender discounts the loan by charging a fee which will be deducted from the loan amount before being dispersed to the borrower. — Договоритесь об условиях кредитования (сумма, процентные ставки) и потом кредитор сделает заем дисконтным путем взимания платы, которая будет вычтена из суммы займа перед выдачей заемщику.
See:4) фин. дисконтировать ( приводить будущие значения экономических показателей к текущей стоимости)to discount at a rate of 10% — дисконтировать по ставке 10%
Discount future cash flows to the present using the firm's cost of capital. — Приведите будущие денежные потоки к текущей стоимости, используя стоимость капитала фирмы.
To adjust for the time value of money, we discounted future costs to present value. — Чтобы осуществить корректировку на временную стоимость денег, мы привели будущие затраты к текущей стоимости.
We discount future cash flows by an interest rate that has been adjusted for risk. — Мы дисконтируем будущие денежные потоки, используя процентную ставку, скорректированную на риск.
The taxpayer must continue to discount the unpaid losses attributable to proportional reinsurance from pre-1988 accident years using the discount factors that were used in determining tax reserves for the 1987 tax year. — Налогоплательщик должен продолжать дисконтировать неоплаченные убытки, относящиеся к пропорциональному перестрахованию за годы убытка, предшествующие 1988 г., используя коэффициенты дисконтирования, которые применялись при определении налоговых резервов на 1987 налоговый год.
When comparing projects with different risk levels, it is best to discount each project's cash flows at its own discount rate and then compare the NPVs. — При сравнении проектов с разным уровнем риска, лучше всего произвести дисконтирование [продисконтировать\] денежные потоки каждого проекта по своей собственной ставке дисконтирования и затем сравнить чистую приведенную стоимость.
discounted cash flow — дисконтированный [приведенный\] денежный поток
discounted payback period — дисконтированный срок [период\] окупаемости
See:discounted cash flow, discounted game, discounted payback, discounted payback period, discounted present value, discounted value, present discounted value, discounting 2), discount rate 2), present value, discounted future earnings method, discounting 2), undiscounted 2)5) общ. не принимать в расчет, игнорировать, пропускать, опускать; относиться скептически, не принимать на веру, сомневаться в правдивостиto discount smb's opinion — игнорировать чье-л. мнение
They discount my opinion. — Они не принимают в расчет мое мнение.
We had already discounted the theory that they were involved. — Мы уже оставили идею об их причастности.
By stressing one factor, each theory discounts the others. — Выделяя один фактор, каждая теория оставляет без внимания остальные.
Democratic theory discounts the notion that allocation of scarce resources is the result of natural forces. — Демократическая теория игнорирует представление о том, что распределение редких ресурсов является результатом действия естественных сил.
Knowing his political bias they discounted most of his story. — Зная о его политических пристрастиях, они сомневались в правдивости большей части его истории.
Many people discount the value of statistical analysis. — Многие люди недооценивают статистический анализ.
6) бирж. учитывать* (обычно используется в биржевом контексте, указывая на то, что плохие или хорошие новости о компании-эмитенте, отдельной отрасли, экономике в целом либо ожидания получения таких новостей учитываются участниками рынка при определении курсов ценных бумаг, вызывая соответственно понижение или повышение курсов)Many traders don't realize the news they hear and read has, in many cases, already been discounted by the market. — Многие трейдеры не осознают, что новости, о которых они услышали или прочитали, уже были учтены рынком.
Technology stocks discounted a lot of bad news from abroad. — Акции технологических компаний отреагировали на обилие плохих новостей из-за границы.
The bear market ends when at least most of the bad news is finally discounted by the market. — "Медвежий" рынок заканчивается, когда, по крайней мере, большая часть из плохих новостей наконец учитывается рынком.
In the United States, the stock market double discounts expected inflation, first through long term bond yields and second through relative stock prices. — В Соединенных Штатах, фондовый рынок дважды учитывает ожидаемую инфляцию, во-первых, в доходности долгосрочных облигаций, а во-вторых, в ценах на соответствующие акции.
These stock prices are discounting anticipated massive increases in profits for the S&P 500 companies in the future. — Цены акций учитывают ожидаемый в будущем массовый рост прибылей компаний, включаемых в расчет индекса "Стандард энд Пурз 500".
Today’s prices are discounting all future events, not only today’s news. — Сегодняшние цены учитывают все будущие события, а не только сегодняшние новости.
See:
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discount (Dis; Disct) 1) дисконт, скидка: разница между ценой эмиссии ценной бумаги или кредита (номиналом или ценой погашения) и ее текущей рыночной ценой или разница между наличным и срочным валютными курсами; 2) учет векселей: операция купли-продажи векселей по номиналу минус вознаграждение за оставшийся до погашения срок (напр., вексель с номиналом в 100 долл. продается за 90 долл.); 3) скидка с цены товара (или возврат, напр., в качестве вознаграждения за быстрый или наличный платеж); см. cash discount; 4) учет информации об определенном событии в движении цен, ставок, в т. ч. до его наступления; 5) соотношение между двумя валютами; напр., франк может продаваться со скидкой к фунту; 6) определить текущую стоимость актива, который имеет определенную стоимость на определенную дату в будущем.* * *вычет (процентов); дисконт; скидка; учет (векселя), учетный процент. Относится к цене продажи облигации. Цена ниже номинальной стоимости. См. также Premium (премия) . (1) The amount a price would be reduced to purchase a commodity of lesser grade; (2) sometimes used to refer to the price differences between futures of different delivery months, as in the phrase "July is trading at a discount to May," indicating that the price of the July future is lower than that of May; (3) applied to cash grain prices that are below the futures price. Словарь экономических терминов .* * *особое условие договора купли-продажи, определяющее размер снижения (уменьшения) исходной (базисной) цены сделки-----Финансы/Кредит/Валюта1. учет векселя2. процент, взимаемый банками при учете векселей3. скидка с цены валюты в валютных сделках -
14 Rentenberechtigter
Rentenberechtigter
annuitant, holder (grantee) of an annuity, beneficiary;
• Rentenbescheid pension approval certificate;
• Rentenbestellung settlement of annuity;
• Rentenbesteuerung taxation of pensions;
• Rentenbewilligung granting of a pension;
• Rentenbezieher holder of an annuity, annuitant, beneficiary;
• Rentenbezüge pensions;
• Rentenbezugsdauer perpetuity period;
• Rentenbrief annuity bond;
• Rentendeckungskapital annuity funds;
• Rentendepot bond deposit;
• Rentendienst bond service;
• versicherungspflichtige Renteneinheit pension unit;
• Rentenempfänger annuitant, holder (grantee) of an annuity, (Altersversorgung) holder of a pension, pensioner, rentier, [primary] beneficiary;
• Rentenerhöhung pension increase;
• Rentenerhöhung vornehmen to put up the rate of a pension;
• Rentenfachmann bond analyst;
• Rentenfonds annuity (alimentary) trust, (Kapitalanlagegesellschaft) bond fund;
• Rentenformel (Sozialversicherung) benefit formula;
• Rentenhaus apartment house (US);
• Rentenhöchstalter benefit limits;
• Rentenhöchstsätze benefit limits;
• Rentenhöhe pension level;
• Rentenhöhe festsetzen to rate a pension;
• Deutscher Rentenindex (REX) German Capital Annuities Index;
• die Rentenkurse beflügeln to boost bond prices;
• Rentenlaufzeit duration of an annuity, pension payment period;
• Rentenleistungen im Invaliditätsfall long-term disability benefits;
• Rentenmarkt fixed-rate bond (gilt-edged, Br.) market;
• Rentenmarktrenditen bond-market yields;
• Rentenmarktschwäche bond-market weakness;
• Rentenminderung pension decrease;
• Rentennachzahlung supplementary pension;
• Rentenneufestsetzung revaluation of a pension;
• Rentenniveau pension level;
• Rentenpapiere bonds, [government] annuities;
• langfristige Rentenpapiere long gilts (Br.);
• Rentenpolice annuity policy;
• Rentenrecht pension laws;
• Rentenreform pension reform;
• Rentenrendite government bond yield;
• Rentenrückstand arrears of annuity;
• Rentensachbearbeiter für Umschulungsfälle disablement resettlement officer;
• Rentenschein annuity certificate;
• Rentenschuld annuity charge;
• Rentensteigerungsbetrag pension increment;
• Rentensystem pensions system;
• lohngekoppeltes staatliches Rentensystem state earnings-related pension scheme;
• vom Rentensystem eines Unternehmens ausgeschlossen sein to be excluded from the company’s pension scheme;
• Rententitel annuity bonds;
• Rentenversicherung old-age pension insurance (Br.), (Leibrente) annuity insurance;
• gesetzliche Rentenversicherung old-age compulsory insurance;
• sich in eine Rentenversicherung einkaufen to invest (sink) money in (buy) an annuity;
• Rentenversicherungsberechtigter pension policy holder, (Leibrente) annuity holder, annuitant;
• Rentenversicherungsgeschäft pensions business. -
15 return
1) возвращение2) возврат; возмещение3) оборот (средств)4) доход; прибыль; выручка; поступление5) доходность7) отчет; ведомость8) pl возвращенные чеки, векселя• -
16 leverage
1. сущ.1) общ. сила, усилие; рычаг (усиление какой-л. нагрузки благодаря принципу рычага)The spade and fork have longer shafts, providing better leverage. — Лопата и вилы имеют длинные ручки, которые обеспечивают выигрыш в силе.
See:2) общ. рычаг (в социальном взаимодействии: фактор воздействия, с помощью которого можно добиться необходимого результата)See:3) фин. левередж, леверидж, рычаг, кредитное плечоа) (использование заемных средств для финансирования деятельности компании или конкретного инвестиционного проекта; характеризуется соотношением заемного и собственного капитала)Syn:See:leverage rebalancing, positive leverage, negative leverage, high-leverage firm, leveraged buy-out, leverage clientele 1), leverage ratio, homemade leverageб) банк. (использование средств, приобретенных на межбанковском рынке, или средств из депозитов для финансирования приобретения активов, приносящих доход, напр., для предоставления займов)To keep leverage from getting too high, which might happen if banks grow too rapidly or make too many risky loans, commercial banks and savings institutions have to keep minimum levels of equity capital in relation to total assets. — Для того, чтобы удержать уровень левереджа от слишком большого роста, что может произойти в случае, если банки будут расти слишком быстро или будут давать слишком рисковые займы, коммерческие банки и сберегательные институты должны соблюдать требование поддерживать минимальный уровень отношения собственного капитала к суммарным активам.
See:в) фин. = operating leverage4) фин. рычаг (увеличение дохода или стоимости без увеличения капиталовложений; напр., в срочной сделке для получения определенной прибыли нужно иметь меньше средств, чем в наличной; для этого могут использоваться опционные контракты, варранты и другие инструменты)A firm issuing long-term bonds may be able to earn a higher rate of return from the bond proceeds, which are often invested in capital equipment, than what it pays the bondholders in interest. The result is financial leverage or capital leverage, because any increase in earnings benefits the corporate owners, not the bondholders. — Фирма, эмитирующая долгосрочные облигации, может получать более высокий уровень доходности от пролонгации этих ранее выпущенных облигаций, средства от которого часто инвестируются в капитальное оборудование, а не направляются на выплату процента по облигациям их держателям. Результатом этих действий является финансовый, или капитальный рычаг, поскольку в этом случае любое увеличение доходов обогащает собственников корпорации, а не держателей облигаций.
See:money management, leverage clientele 2), margin trading, option contract, warrant 4) в), leverage contract, leverage trading2. гл.1) общ. усиливать; использовать рычаг2) фин. использовать кредит (для приобретения ценных бумаг, финансирования деятельности компании и т. д.)See:deleverage, financial leverage, leveraged buy-out, leveraged investment, leveraged lease, leveraged recapitalization
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"леверидж" (США) ("действие рычага", "рычаг"): 1) возможность более высокой прибыли или убытков в результате непропорциональной зависимости двух факторов, т. е. увеличение дохода или стоимости без увеличения капиталовложений; (напр., в срочной сделке для получения равной прибыли нужно иметь меньше средств, чем в наличной); для этого могут использоваться опционные контракты, варранты и др. инструменты; 2) финансовый "леверидж": соотношение между акционерным и заемным капиталом; более высокий потенциал прибыли благодаря использованию заемных средств; = debt-to-equity ratio; financial leverage; 3) операционный "леверидж": соотношение между фиксированными и переменными затратами компании, которое отражает чувствительность прибыли компании к увеличению объема продаж; чем выше фиксированные затраты по сравнению с переменными, тем быстрее растет прибыль при увеличении объема продаж; = operating leverage; 4) инвестиции: средства повышения доходности или стоимости инвестиций без увеличения суммы инвестиций (напр., речь может идти о покупке ценных бумаг в кредит, покупке конвертируемых облигаций, варрантов, опционов и т. д., т. к. возрастает потенциал прибыли); = gearing.* * ** * *Левередж, эффект рычага'. Ситуация, при которой относительно небольшое изменение цены может привести к огромным колебаниям в стоимости активов на счете. Возможность получения более высокой прибыли без увеличения капиталовложений. Соотношение использования собственных и заимствованных денег, для проведения торговых операций; кредит, предоставляемый банком клиенту, для проведения операций margin trading; . 1. Financial leverage is the act of increasing the return on an investment by borrowing some of the funds at an interest rate less than your return on the project. 2. Operating leverage has the same objective, but you increase your return by increasing cheaper fixed costs. Leverage can be positive or negative. If the return on an investment is greater than the cost of borrowing, leverage is positive. If the return is less, leverage is negative. Глоссарий по опционам . -
17 leverage
сущ.фин. рычаг (увеличение дохода или стоимости без увеличения капиталовложений (напр., в срочной сделке для получения определенной прибыли нужно иметь меньше средств, чем в наличной); для этого могут использоваться опционные контракты, варранты и другие инструменты)A firm issuing long-term bonds may be able to earn a higher rate of return from the bond proceeds, which are often invested in capital equipment, than what it pays the bondholders in interest. The result is financial leverage or capital leverage, because any increase in earnings benefits the corporate owners, not the bondholders. — Фирма, эмитирующая долгосрочные облигации, может получать более высокий уровень доходности от пролонгации этих ранее выпущенных облигаций, средства от которого часто инвестируются в капитальное оборудование, а не направляются на выплату процента по облигациям их держателям. Результатом этих действий является финансовый, или капитальный рычаг, поскольку в этом случае любое увеличение доходов обогащает собственников корпорации, а не держателей облигаций.
See:The new English-Russian dictionary of financial markets > leverage
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18 Historical Portugal
Before Romans described western Iberia or Hispania as "Lusitania," ancient Iberians inhabited the land. Phoenician and Greek trading settlements grew up in the Tagus estuary area and nearby coasts. Beginning around 202 BCE, Romans invaded what is today southern Portugal. With Rome's defeat of Carthage, Romans proceeded to conquer and rule the western region north of the Tagus, which they named Roman "Lusitania." In the fourth century CE, as Rome's rule weakened, the area experienced yet another invasion—Germanic tribes, principally the Suevi, who eventually were Christianized. During the sixth century CE, the Suevi kingdom was superseded by yet another Germanic tribe—the Christian Visigoths.A major turning point in Portugal's history came in 711, as Muslim armies from North Africa, consisting of both Arab and Berber elements, invaded the Iberian Peninsula from across the Straits of Gibraltar. They entered what is now Portugal in 714, and proceeded to conquer most of the country except for the far north. For the next half a millennium, Islam and Muslim presence in Portugal left a significant mark upon the politics, government, language, and culture of the country.Islam, Reconquest, and Portugal Created, 714-1140The long frontier struggle between Muslim invaders and Christian communities in the north of the Iberian peninsula was called the Reconquista (Reconquest). It was during this struggle that the first dynasty of Portuguese kings (Burgundian) emerged and the independent monarchy of Portugal was established. Christian forces moved south from what is now the extreme north of Portugal and gradually defeated Muslim forces, besieging and capturing towns under Muslim sway. In the ninth century, as Christian forces slowly made their way southward, Christian elements were dominant only in the area between Minho province and the Douro River; this region became known as "territorium Portu-calense."In the 11th century, the advance of the Reconquest quickened as local Christian armies were reinforced by crusading knights from what is now France and England. Christian forces took Montemor (1034), at the Mondego River; Lamego (1058); Viseu (1058); and Coimbra (1064). In 1095, the king of Castile and Léon granted the country of "Portu-cale," what became northern Portugal, to a Burgundian count who had emigrated from France. This was the foundation of Portugal. In 1139, a descendant of this count, Afonso Henriques, proclaimed himself "King of Portugal." He was Portugal's first monarch, the "Founder," and the first of the Burgundian dynasty, which ruled until 1385.The emergence of Portugal in the 12th century as a separate monarchy in Iberia occurred before the Christian Reconquest of the peninsula. In the 1140s, the pope in Rome recognized Afonso Henriques as king of Portugal. In 1147, after a long, bloody siege, Muslim-occupied Lisbon fell to Afonso Henriques's army. Lisbon was the greatest prize of the 500-year war. Assisting this effort were English crusaders on their way to the Holy Land; the first bishop of Lisbon was an Englishman. When the Portuguese captured Faro and Silves in the Algarve province in 1248-50, the Reconquest of the extreme western portion of the Iberian peninsula was complete—significantly, more than two centuries before the Spanish crown completed the Reconquest of the eastern portion by capturing Granada in 1492.Consolidation and Independence of Burgundian Portugal, 1140-1385Two main themes of Portugal's early existence as a monarchy are the consolidation of control over the realm and the defeat of a Castil-ian threat from the east to its independence. At the end of this period came the birth of a new royal dynasty (Aviz), which prepared to carry the Christian Reconquest beyond continental Portugal across the straits of Gibraltar to North Africa. There was a variety of motives behind these developments. Portugal's independent existence was imperiled by threats from neighboring Iberian kingdoms to the north and east. Politics were dominated not only by efforts against the Muslims inPortugal (until 1250) and in nearby southern Spain (until 1492), but also by internecine warfare among the kingdoms of Castile, Léon, Aragon, and Portugal. A final comeback of Muslim forces was defeated at the battle of Salado (1340) by allied Castilian and Portuguese forces. In the emerging Kingdom of Portugal, the monarch gradually gained power over and neutralized the nobility and the Church.The historic and commonplace Portuguese saying "From Spain, neither a good wind nor a good marriage" was literally played out in diplomacy and war in the late 14th-century struggles for mastery in the peninsula. Larger, more populous Castile was pitted against smaller Portugal. Castile's Juan I intended to force a union between Castile and Portugal during this era of confusion and conflict. In late 1383, Portugal's King Fernando, the last king of the Burgundian dynasty, suddenly died prematurely at age 38, and the Master of Aviz, Portugal's most powerful nobleman, took up the cause of independence and resistance against Castile's invasion. The Master of Aviz, who became King João I of Portugal, was able to obtain foreign assistance. With the aid of English archers, Joao's armies defeated the Castilians in the crucial battle of Aljubarrota, on 14 August 1385, a victory that assured the independence of the Portuguese monarchy from its Castilian nemesis for several centuries.Aviz Dynasty and Portugal's First Overseas Empire, 1385-1580The results of the victory at Aljubarrota, much celebrated in Portugal's art and monuments, and the rise of the Aviz dynasty also helped to establish a new merchant class in Lisbon and Oporto, Portugal's second city. This group supported King João I's program of carrying the Reconquest to North Africa, since it was interested in expanding Portugal's foreign commerce and tapping into Muslim trade routes and resources in Africa. With the Reconquest against the Muslims completed in Portugal and the threat from Castile thwarted for the moment, the Aviz dynasty launched an era of overseas conquest, exploration, and trade. These efforts dominated Portugal's 15th and 16th centuries.The overseas empire and age of Discoveries began with Portugal's bold conquest in 1415 of the Moroccan city of Ceuta. One royal member of the 1415 expedition was young, 21-year-old Prince Henry, later known in history as "Prince Henry the Navigator." His part in the capture of Ceuta won Henry his knighthood and began Portugal's "Marvelous Century," during which the small kingdom was counted as a European and world power of consequence. Henry was the son of King João I and his English queen, Philippa of Lancaster, but he did not inherit the throne. Instead, he spent most of his life and his fortune, and that of the wealthy military Order of Christ, on various imperial ventures and on voyages of exploration down the African coast and into the Atlantic. While mythology has surrounded Henry's controversial role in the Discoveries, and this role has been exaggerated, there is no doubt that he played a vital part in the initiation of Portugal's first overseas empire and in encouraging exploration. He was naturally curious, had a sense of mission for Portugal, and was a strong leader. He also had wealth to expend; at least a third of the African voyages of the time were under his sponsorship. If Prince Henry himself knew little science, significant scientific advances in navigation were made in his day.What were Portugal's motives for this new imperial effort? The well-worn historical cliche of "God, Glory, and Gold" can only partly explain the motivation of a small kingdom with few natural resources and barely 1 million people, which was greatly outnumbered by the other powers it confronted. Among Portuguese objectives were the desire to exploit known North African trade routes and resources (gold, wheat, leather, weaponry, and other goods that were scarce in Iberia); the need to outflank the Muslim world in the Mediterranean by sailing around Africa, attacking Muslims en route; and the wish to ally with Christian kingdoms beyond Africa. This enterprise also involved a strategy of breaking the Venetian spice monopoly by trading directly with the East by means of discovering and exploiting a sea route around Africa to Asia. Besides the commercial motives, Portugal nurtured a strong crusading sense of Christian mission, and various classes in the kingdom saw an opportunity for fame and gain.By the time of Prince Henry's death in 1460, Portugal had gained control of the Atlantic archipelagos of the Azores and Madeiras, begun to colonize the Cape Verde Islands, failed to conquer the Canary Islands from Castile, captured various cities on Morocco's coast, and explored as far as Senegal, West Africa, down the African coast. By 1488, Bar-tolomeu Dias had rounded the Cape of Good Hope in South Africa and thereby discovered the way to the Indian Ocean.Portugal's largely coastal African empire and later its fragile Asian empire brought unexpected wealth but were purchased at a high price. Costs included wars of conquest and defense against rival powers, manning the far-flung navel and trade fleets and scattered castle-fortresses, and staffing its small but fierce armies, all of which entailed a loss of skills and population to maintain a scattered empire. Always short of capital, the monarchy became indebted to bankers. There were many defeats beginning in the 16th century at the hands of the larger imperial European monarchies (Spain, France, England, and Holland) and many attacks on Portugal and its strung-out empire. Typically, there was also the conflict that arose when a tenuously held world empire that rarely if ever paid its way demanded finance and manpower Portugal itself lacked.The first 80 years of the glorious imperial era, the golden age of Portugal's imperial power and world influence, was an African phase. During 1415-88, Portuguese navigators and explorers in small ships, some of them caravelas (caravels), explored the treacherous, disease-ridden coasts of Africa from Morocco to South Africa beyond the Cape of Good Hope. By the 1470s, the Portuguese had reached the Gulf of Guinea and, in the early 1480s, what is now Angola. Bartolomeu Dias's extraordinary voyage of 1487-88 to South Africa's coast and the edge of the Indian Ocean convinced Portugal that the best route to Asia's spices and Christians lay south, around the tip of southern Africa. Between 1488 and 1495, there was a hiatus caused in part by domestic conflict in Portugal, discussion of resources available for further conquests beyond Africa in Asia, and serious questions as to Portugal's capacity to reach beyond Africa. In 1495, King Manuel and his council decided to strike for Asia, whatever the consequences. In 1497-99, Vasco da Gama, under royal orders, made the epic two-year voyage that discovered the sea route to western India (Asia), outflanked Islam and Venice, and began Portugal's Asian empire. Within 50 years, Portugal had discovered and begun the exploitation of its largest colony, Brazil, and set up forts and trading posts from the Middle East (Aden and Ormuz), India (Calicut, Goa, etc.), Malacca, and Indonesia to Macau in China.By the 1550s, parts of its largely coastal, maritime trading post empire from Morocco to the Moluccas were under siege from various hostile forces, including Muslims, Christians, and Hindi. Although Moroccan forces expelled the Portuguese from the major coastal cities by 1550, the rival European monarchies of Castile (Spain), England, France, and later Holland began to seize portions of her undermanned, outgunned maritime empire.In 1580, Phillip II of Spain, whose mother was a Portuguese princess and who had a strong claim to the Portuguese throne, invaded Portugal, claimed the throne, and assumed control over the realm and, by extension, its African, Asian, and American empires. Phillip II filled the power vacuum that appeared in Portugal following the loss of most of Portugal's army and its young, headstrong King Sebastião in a disastrous war in Morocco. Sebastiao's death in battle (1578) and the lack of a natural heir to succeed him, as well as the weak leadership of the cardinal who briefly assumed control in Lisbon, led to a crisis that Spain's strong monarch exploited. As a result, Portugal lost its independence to Spain for a period of 60 years.Portugal under Spanish Rule, 1580-1640Despite the disastrous nature of Portugal's experience under Spanish rule, "The Babylonian Captivity" gave birth to modern Portuguese nationalism, its second overseas empire, and its modern alliance system with England. Although Spain allowed Portugal's weakened empire some autonomy, Spanish rule in Portugal became increasingly burdensome and unacceptable. Spain's ambitious imperial efforts in Europe and overseas had an impact on the Portuguese as Spain made greater and greater demands on its smaller neighbor for manpower and money. Portugal's culture underwent a controversial Castilianization, while its empire became hostage to Spain's fortunes. New rival powers England, France, and Holland attacked and took parts of Spain's empire and at the same time attacked Portugal's empire, as well as the mother country.Portugal's empire bore the consequences of being attacked by Spain's bitter enemies in what was a form of world war. Portuguese losses were heavy. By 1640, Portugal had lost most of its Moroccan cities as well as Ceylon, the Moluccas, and sections of India. With this, Portugal's Asian empire was gravely weakened. Only Goa, Damão, Diu, Bombay, Timor, and Macau remained and, in Brazil, Dutch forces occupied the northeast.On 1 December 1640, long commemorated as a national holiday, Portuguese rebels led by the duke of Braganza overthrew Spanish domination and took advantage of Spanish weakness following a more serious rebellion in Catalonia. Portugal regained independence from Spain, but at a price: dependence on foreign assistance to maintain its independence in the form of the renewal of the alliance with England.Restoration and Second Empire, 1640-1822Foreign affairs and empire dominated the restoration era and aftermath, and Portugal again briefly enjoyed greater European power and prestige. The Anglo-Portuguese Alliance was renewed and strengthened in treaties of 1642, 1654, and 1661, and Portugal's independence from Spain was underwritten by English pledges and armed assistance. In a Luso-Spanish treaty of 1668, Spain recognized Portugal's independence. Portugal's alliance with England was a marriage of convenience and necessity between two monarchies with important religious, cultural, and social differences. In return for legal, diplomatic, and trade privileges, as well as the use during war and peace of Portugal's great Lisbon harbor and colonial ports for England's navy, England pledged to protect Portugal and its scattered empire from any attack. The previously cited 17th-century alliance treaties were renewed later in the Treaty of Windsor, signed in London in 1899. On at least 10 different occasions after 1640, and during the next two centuries, England was central in helping prevent or repel foreign invasions of its ally, Portugal.Portugal's second empire (1640-1822) was largely Brazil-oriented. Portuguese colonization, exploitation of wealth, and emigration focused on Portuguese America, and imperial revenues came chiefly from Brazil. Between 1670 and 1740, Portugal's royalty and nobility grew wealthier on funds derived from Brazilian gold, diamonds, sugar, tobacco, and other crops, an enterprise supported by the Atlantic slave trade and the supply of African slave labor from West Africa and Angola. Visitors today can see where much of that wealth was invested: Portugal's rich legacy of monumental architecture. Meanwhile, the African slave trade took a toll in Angola and West Africa.In continental Portugal, absolutist monarchy dominated politics and government, and there was a struggle for position and power between the monarchy and other institutions, such as the Church and nobility. King José I's chief minister, usually known in history as the marquis of Pombal (ruled 1750-77), sharply suppressed the nobility and theChurch (including the Inquisition, now a weak institution) and expelled the Jesuits. Pombal also made an effort to reduce economic dependence on England, Portugal's oldest ally. But his successes did not last much beyond his disputed time in office.Beginning in the late 18th century, the European-wide impact of the French Revolution and the rise of Napoleon placed Portugal in a vulnerable position. With the monarchy ineffectively led by an insane queen (Maria I) and her indecisive regent son (João VI), Portugal again became the focus of foreign ambition and aggression. With England unable to provide decisive assistance in time, France—with Spain's consent—invaded Portugal in 1807. As Napoleon's army under General Junot entered Lisbon meeting no resistance, Portugal's royal family fled on a British fleet to Brazil, where it remained in exile until 1821. In the meantime, Portugal's overseas empire was again under threat. There was a power vacuum as the monarch was absent, foreign armies were present, and new political notions of liberalism and constitutional monarchy were exciting various groups of citizens.Again England came to the rescue, this time in the form of the armies of the duke of Wellington. Three successive French invasions of Portugal were defeated and expelled, and Wellington succeeded in carrying the war against Napoleon across the Portuguese frontier into Spain. The presence of the English army, the new French-born liberal ideas, and the political vacuum combined to create revolutionary conditions. The French invasions and the peninsular wars, where Portuguese armed forces played a key role, marked the beginning of a new era in politics.Liberalism and Constitutional Monarchy, 1822-1910During 1807-22, foreign invasions, war, and civil strife over conflicting political ideas gravely damaged Portugal's commerce, economy, and novice industry. The next terrible blow was the loss of Brazil in 1822, the jewel in the imperial crown. Portugal's very independence seemed to be at risk. In vain, Portugal sought to resist Brazilian independence by force, but in 1825 it formally acknowledged Brazilian independence by treaty.Portugal's slow recovery from the destructive French invasions and the "war of independence" was complicated by civil strife over the form of constitutional monarchy that best suited Portugal. After struggles over these issues between 1820 and 1834, Portugal settled somewhat uncertainly into a moderate constitutional monarchy whose constitution (Charter of 1826) lent it strong political powers to exert a moderating influence between the executive and legislative branches of the government. It also featured a new upper middle class based on land ownership and commerce; a Catholic Church that, although still important, lived with reduced privileges and property; a largely African (third) empire to which Lisbon and Oporto devoted increasing spiritual and material resources, starting with the liberal imperial plans of 1836 and 1851, and continuing with the work of institutions like the Lisbon Society of Geography (established 1875); and a mass of rural peasants whose bonds to the land weakened after 1850 and who began to immigrate in increasing numbers to Brazil and North America.Chronic military intervention in national politics began in 19th-century Portugal. Such intervention, usually commencing with coups or pronunciamentos (military revolts), was a shortcut to the spoils of political office and could reflect popular discontent as well as the power of personalities. An early example of this was the 1817 golpe (coup) attempt of General Gomes Freire against British military rule in Portugal before the return of King João VI from Brazil. Except for a more stable period from 1851 to 1880, military intervention in politics, or the threat thereof, became a feature of the constitutional monarchy's political life, and it continued into the First Republic and the subsequent Estado Novo.Beginning with the Regeneration period (1851-80), Portugal experienced greater political stability and economic progress. Military intervention in politics virtually ceased; industrialization and construction of railroads, roads, and bridges proceeded; two political parties (Regenerators and Historicals) worked out a system of rotation in power; and leading intellectuals sparked a cultural revival in several fields. In 19th-century literature, there was a new golden age led by such figures as Alexandre Herculano (historian), Eça de Queirós (novelist), Almeida Garrett (playwright and essayist), Antero de Quental (poet), and Joaquim Oliveira Martins (historian and social scientist). In its third overseas empire, Portugal attempted to replace the slave trade and slavery with legitimate economic activities; to reform the administration; and to expand Portuguese holdings beyond coastal footholds deep into the African hinterlands in West, West Central, and East Africa. After 1841, to some extent, and especially after 1870, colonial affairs, combined with intense nationalism, pressures for economic profit in Africa, sentiment for national revival, and the drift of European affairs would make or break Lisbon governments.Beginning with the political crisis that arose out of the "English Ultimatum" affair of January 1890, the monarchy became discredtted and identified with the poorly functioning government, political parties splintered, and republicanism found more supporters. Portugal participated in the "Scramble for Africa," expanding its African holdings, but failed to annex territory connecting Angola and Mozambique. A growing foreign debt and state bankruptcy as of the early 1890s damaged the constitutional monarchy's reputation, despite the efforts of King Carlos in diplomacy, the renewal of the alliance in the Windsor Treaty of 1899, and the successful if bloody colonial wars in the empire (1880-97). Republicanism proclaimed that Portugal's weak economy and poor society were due to two historic institutions: the monarchy and the Catholic Church. A republic, its stalwarts claimed, would bring greater individual liberty; efficient, if more decentralized government; and a stronger colonial program while stripping the Church of its role in both society and education.As the monarchy lost support and republicans became more aggressive, violence increased in politics. King Carlos I and his heir Luís were murdered in Lisbon by anarchist-republicans on 1 February 1908. Following a military and civil insurrection and fighting between monarchist and republican forces, on 5 October 1910, King Manuel II fled Portugal and a republic was proclaimed.First Parliamentary Republic, 1910-26Portugal's first attempt at republican government was the most unstable, turbulent parliamentary republic in the history of 20th-century Western Europe. During a little under 16 years of the republic, there were 45 governments, a number of legislatures that did not complete normal terms, military coups, and only one president who completed his four-year term in office. Portuguese society was poorly prepared for this political experiment. Among the deadly legacies of the monarchy were a huge public debt; a largely rural, apolitical, and illiterate peasant population; conflict over the causes of the country's misfortunes; and lack of experience with a pluralist, democratic system.The republic had some talented leadership but lacked popular, institutional, and economic support. The 1911 republican constitution established only a limited democracy, as only a small portion of the adult male citizenry was eligible to vote. In a country where the majority was Catholic, the republic passed harshly anticlerical laws, and its institutions and supporters persecuted both the Church and its adherents. During its brief disjointed life, the First Republic drafted important reform plans in economic, social, and educational affairs; actively promoted development in the empire; and pursued a liberal, generous foreign policy. Following British requests for Portugal's assistance in World War I, Portugal entered the war on the Allied side in March 1916 and sent armies to Flanders and Portuguese Africa. Portugal's intervention in that conflict, however, was too costly in many respects, and the ultimate failure of the republic in part may be ascribed to Portugal's World War I activities.Unfortunately for the republic, its time coincided with new threats to Portugal's African possessions: World War I, social and political demands from various classes that could not be reconciled, excessive military intervention in politics, and, in particular, the worst economic and financial crisis Portugal had experienced since the 16th and 17th centuries. After the original Portuguese Republican Party (PRP, also known as the "Democrats") splintered into three warring groups in 1912, no true multiparty system emerged. The Democrats, except for only one or two elections, held an iron monopoly of electoral power, and political corruption became a major issue. As extreme right-wing dictatorships elsewhere in Europe began to take power in Italy (1922), neighboring Spain (1923), and Greece (1925), what scant popular support remained for the republic collapsed. Backed by a right-wing coalition of landowners from Alentejo, clergy, Coimbra University faculty and students, Catholic organizations, and big business, career military officers led by General Gomes da Costa executed a coup on 28 May 1926, turned out the last republican government, and established a military government.The Estado Novo (New State), 1926-74During the military phase (1926-32) of the Estado Novo, professional military officers, largely from the army, governed and administered Portugal and held key cabinet posts, but soon discovered that the military possessed no magic formula that could readily solve the problems inherited from the First Republic. Especially during the years 1926-31, the military dictatorship, even with its political repression of republican activities and institutions (military censorship of the press, political police action, and closure of the republic's rowdy parliament), was characterized by similar weaknesses: personalism and factionalism; military coups and political instability, including civil strife and loss of life; state debt and bankruptcy; and a weak economy. "Barracks parliamentarism" was not an acceptable alternative even to the "Nightmare Republic."Led by General Óscar Carmona, who had replaced and sent into exile General Gomes da Costa, the military dictatorship turned to a civilian expert in finance and economics to break the budget impasse and bring coherence to the disorganized system. Appointed minister of finance on 27 April 1928, the Coimbra University Law School professor of economics Antônio de Oliveira Salazar (1889-1970) first reformed finance, helped balance the budget, and then turned to other concerns as he garnered extraordinary governing powers. In 1930, he was appointed interim head of another key ministry (Colonies) and within a few years had become, in effect, a civilian dictator who, with the military hierarchy's support, provided the government with coherence, a program, and a set of policies.For nearly 40 years after he was appointed the first civilian prime minister in 1932, Salazar's personality dominated the government. Unlike extreme right-wing dictators elsewhere in Europe, Salazar was directly appointed by the army but was never endorsed by a popular political party, street militia, or voter base. The scholarly, reclusive former Coimbra University professor built up what became known after 1932 as the Estado Novo ("New State"), which at the time of its overthrow by another military coup in 1974, was the longest surviving authoritarian regime in Western Europe. The system of Salazar and the largely academic and technocratic ruling group he gathered in his cabinets was based on the central bureaucracy of the state, which was supported by the president of the republic—always a senior career military officer, General Óscar Carmona (1928-51), General Craveiro Lopes (1951-58), and Admiral Américo Tómaz (1958-74)—and the complicity of various institutions. These included a rubber-stamp legislature called the National Assembly (1935-74) and a political police known under various names: PVDE (1932-45), PIDE (1945-69),and DGS (1969-74). Other defenders of the Estado Novo security were paramilitary organizations such as the National Republican Guard (GNR); the Portuguese Legion (PL); and the Portuguese Youth [Movement]. In addition to censorship of the media, theater, and books, there was political repression and a deliberate policy of depoliticization. All political parties except for the approved movement of regime loyalists, the União Nacional or (National Union), were banned.The most vigorous and more popular period of the New State was 1932-44, when the basic structures were established. Never monolithic or entirely the work of one person (Salazar), the New State was constructed with the assistance of several dozen top associates who were mainly academics from law schools, some technocrats with specialized skills, and a handful of trusted career military officers. The 1933 Constitution declared Portugal to be a "unitary, corporative Republic," and pressures to restore the monarchy were resisted. Although some of the regime's followers were fascists and pseudofascists, many more were conservative Catholics, integralists, nationalists, and monarchists of different varieties, and even some reactionary republicans. If the New State was authoritarian, it was not totalitarian and, unlike fascism in Benito Mussolini's Italy or Adolf Hitler's Germany, it usually employed the minimum of violence necessary to defeat what remained a largely fractious, incoherent opposition.With the tumultuous Second Republic and the subsequent civil war in nearby Spain, the regime felt threatened and reinforced its defenses. During what Salazar rightly perceived as a time of foreign policy crisis for Portugal (1936-45), he assumed control of the Ministry of Foreign Affairs. From there, he pursued four basic foreign policy objectives: supporting the Nationalist rebels of General Francisco Franco in the Spanish Civil War (1936-39) and concluding defense treaties with a triumphant Franco; ensuring that General Franco in an exhausted Spain did not enter World War II on the Axis side; maintaining Portuguese neutrality in World War II with a post-1942 tilt toward the Allies, including granting Britain and the United States use of bases in the Azores Islands; and preserving and protecting Portugal's Atlantic Islands and its extensive, if poor, overseas empire in Africa and Asia.During the middle years of the New State (1944-58), many key Salazar associates in government either died or resigned, and there was greater social unrest in the form of unprecedented strikes and clandestine Communist activities, intensified opposition, and new threatening international pressures on Portugal's overseas empire. During the earlier phase of the Cold War (1947-60), Portugal became a steadfast, if weak, member of the US-dominated North Atlantic Treaty Organization alliance and, in 1955, with American support, Portugal joined the United Nations (UN). Colonial affairs remained a central concern of the regime. As of 1939, Portugal was the third largest colonial power in the world and possessed territories in tropical Africa (Angola, Mozambique, Guinea-Bissau, and São Tomé and Príncipe Islands) and the remnants of its 16th-century empire in Asia (Goa, Damão, Diu, East Timor, and Macau). Beginning in the early 1950s, following the independence of India in 1947, Portugal resisted Indian pressures to decolonize Portuguese India and used police forces to discourage internal opposition in its Asian and African colonies.The later years of the New State (1958-68) witnessed the aging of the increasingly isolated but feared Salazar and new threats both at home and overseas. Although the regime easily overcame the brief oppositionist threat from rival presidential candidate General Humberto Delgado in the spring of 1958, new developments in the African and Asian empires imperiled the authoritarian system. In February 1961, oppositionists hijacked the Portuguese ocean liner Santa Maria and, in following weeks, African insurgents in northern Angola, although they failed to expel the Portuguese, gained worldwide media attention, discredited the New State, and began the 13-year colonial war. After thwarting a dissident military coup against his continued leadership, Salazar and his ruling group mobilized military repression in Angola and attempted to develop the African colonies at a faster pace in order to ensure Portuguese control. Meanwhile, the other European colonial powers (Britain, France, Belgium, and Spain) rapidly granted political independence to their African territories.At the time of Salazar's removal from power in September 1968, following a stroke, Portugal's efforts to maintain control over its colonies appeared to be successful. President Americo Tomás appointed Dr. Marcello Caetano as Salazar's successor as prime minister. While maintaining the New State's basic structures, and continuing the regime's essential colonial policy, Caetano attempted wider reforms in colonial administration and some devolution of power from Lisbon, as well as more freedom of expression in Lisbon. Still, a great deal of the budget was devoted to supporting the wars against the insurgencies in Africa. Meanwhile in Asia, Portuguese India had fallen when the Indian army invaded in December 1961. The loss of Goa was a psychological blow to the leadership of the New State, and of the Asian empire only East Timor and Macau remained.The Caetano years (1968-74) were but a hiatus between the waning Salazar era and a new regime. There was greater political freedom and rapid economic growth (5-6 percent annually to late 1973), but Caetano's government was unable to reform the old system thoroughly and refused to consider new methods either at home or in the empire. In the end, regime change came from junior officers of the professional military who organized the Armed Forces Movement (MFA) against the Caetano government. It was this group of several hundred officers, mainly in the army and navy, which engineered a largely bloodless coup in Lisbon on 25 April 1974. Their unexpected action brought down the 48-year-old New State and made possible the eventual establishment and consolidation of democratic governance in Portugal, as well as a reorientation of the country away from the Atlantic toward Europe.Revolution of Carnations, 1974-76Following successful military operations of the Armed Forces Movement against the Caetano government, Portugal experienced what became known as the "Revolution of Carnations." It so happened that during the rainy week of the military golpe, Lisbon flower shops were featuring carnations, and the revolutionaries and their supporters adopted the red carnation as the common symbol of the event, as well as of the new freedom from dictatorship. The MFA, whose leaders at first were mostly little-known majors and captains, proclaimed a three-fold program of change for the new Portugal: democracy; decolonization of the overseas empire, after ending the colonial wars; and developing a backward economy in the spirit of opportunity and equality. During the first 24 months after the coup, there was civil strife, some anarchy, and a power struggle. With the passing of the Estado Novo, public euphoria burst forth as the new provisional military government proclaimed the freedoms of speech, press, and assembly, and abolished censorship, the political police, the Portuguese Legion, Portuguese Youth, and other New State organizations, including the National Union. Scores of political parties were born and joined the senior political party, the Portuguese Community Party (PCP), and the Socialist Party (PS), founded shortly before the coup.Portugal's Revolution of Carnations went through several phases. There was an attempt to take control by radical leftists, including the PCP and its allies. This was thwarted by moderate officers in the army, as well as by the efforts of two political parties: the PS and the Social Democrats (PPD, later PSD). The first phase was from April to September 1974. Provisional president General Antonio Spínola, whose 1974 book Portugal and the Future had helped prepare public opinion for the coup, met irresistible leftist pressures. After Spinola's efforts to avoid rapid decolonization of the African empire failed, he resigned in September 1974. During the second phase, from September 1974 to March 1975, radical military officers gained control, but a coup attempt by General Spínola and his supporters in Lisbon in March 1975 failed and Spínola fled to Spain.In the third phase of the Revolution, March-November 1975, a strong leftist reaction followed. Farm workers occupied and "nationalized" 1.1 million hectares of farmland in the Alentejo province, and radical military officers in the provisional government ordered the nationalization of Portuguese banks (foreign banks were exempted), utilities, and major industries, or about 60 percent of the economic system. There were power struggles among various political parties — a total of 50 emerged—and in the streets there was civil strife among labor, military, and law enforcement groups. A constituent assembly, elected on 25 April 1975, in Portugal's first free elections since 1926, drafted a democratic constitution. The Council of the Revolution (CR), briefly a revolutionary military watchdog committee, was entrenched as part of the government under the constitution, until a later revision. During the chaotic year of 1975, about 30 persons were killed in political frays while unstable provisional governments came and went. On 25 November 1975, moderate military forces led by Colonel Ramalho Eanes, who later was twice elected president of the republic (1976 and 1981), defeated radical, leftist military groups' revolutionary conspiracies.In the meantime, Portugal's scattered overseas empire experienced a precipitous and unprepared decolonization. One by one, the former colonies were granted and accepted independence—Guinea-Bissau (September 1974), Cape Verde Islands (July 1975), and Mozambique (July 1975). Portugal offered to turn over Macau to the People's Republic of China, but the offer was refused then and later negotiations led to the establishment of a formal decolonization or hand-over date of 1999. But in two former colonies, the process of decolonization had tragic results.In Angola, decolonization negotiations were greatly complicated by the fact that there were three rival nationalist movements in a struggle for power. The January 1975 Alvor Agreement signed by Portugal and these three parties was not effectively implemented. A bloody civil war broke out in Angola in the spring of 1975 and, when Portuguese armed forces withdrew and declared that Angola was independent on 11 November 1975, the bloodshed only increased. Meanwhile, most of the white Portuguese settlers from Angola and Mozambique fled during the course of 1975. Together with African refugees, more than 600,000 of these retornados ("returned ones") went by ship and air to Portugal and thousands more to Namibia, South Africa, Brazil, Canada, and the United States.The second major decolonization disaster was in Portugal's colony of East Timor in the Indonesian archipelago. Portugal's capacity to supervise and control a peaceful transition to independence in this isolated, neglected colony was limited by the strength of giant Indonesia, distance from Lisbon, and Portugal's revolutionary disorder and inability to defend Timor. In early December 1975, before Portugal granted formal independence and as one party, FRETILIN, unilaterally declared East Timor's independence, Indonesia's armed forces invaded, conquered, and annexed East Timor. Indonesian occupation encountered East Timorese resistance, and a heavy loss of life followed. The East Timor question remained a contentious international issue in the UN, as well as in Lisbon and Jakarta, for more than 20 years following Indonesia's invasion and annexation of the former colony of Portugal. Major changes occurred, beginning in 1998, after Indonesia underwent a political revolution and allowed a referendum in East Timor to decide that territory's political future in August 1999. Most East Timorese chose independence, but Indonesian forces resisted that verdict untilUN intervention in September 1999. Following UN rule for several years, East Timor attained full independence on 20 May 2002.Consolidation of Democracy, 1976-2000After several free elections and record voter turnouts between 25 April 1975 and June 1976, civil war was averted and Portugal's second democratic republic began to stabilize. The MFA was dissolved, the military were returned to the barracks, and increasingly elected civilians took over the government of the country. The 1976 Constitution was revised several times beginning in 1982 and 1989, in order to reempha-size the principle of free enterprise in the economy while much of the large, nationalized sector was privatized. In June 1976, General Ram-alho Eanes was elected the first constitutional president of the republic (five-year term), and he appointed socialist leader Dr. Mário Soares as prime minister of the first constitutional government.From 1976 to 1985, Portugal's new system featured a weak economy and finances, labor unrest, and administrative and political instability. The difficult consolidation of democratic governance was eased in part by the strong currency and gold reserves inherited from the Estado Novo, but Lisbon seemed unable to cope with high unemployment, new debt, the complex impact of the refugees from Africa, world recession, and the agitation of political parties. Four major parties emerged from the maelstrom of 1974-75, except for the Communist Party, all newly founded. They were, from left to right, the Communists (PCP); the Socialists (PS), who managed to dominate governments and the legislature but not win a majority in the Assembly of the Republic; the Social Democrats (PSD); and the Christian Democrats (CDS). During this period, the annual growth rate was low (l-2 percent), and the nationalized sector of the economy stagnated.Enhanced economic growth, greater political stability, and more effective central government as of 1985, and especially 1987, were due to several developments. In 1977, Portugal applied for membership in the European Economic Community (EEC), now the European Union (EU) since 1993. In January 1986, with Spain, Portugal was granted membership, and economic and financial progress in the intervening years has been significantly influenced by the comparatively large investment, loans, technology, advice, and other assistance from the EEC. Low unemployment, high annual growth rates (5 percent), and moderate inflation have also been induced by the new political and administrative stability in Lisbon. Led by Prime Minister Cavaco Silva, an economist who was trained abroad, the PSD's strong organization, management, and electoral support since 1985 have assisted in encouraging economic recovery and development. In 1985, the PSD turned the PS out of office and won the general election, although they did not have an absolute majority of assembly seats. In 1986, Mário Soares was elected president of the republic, the first civilian to hold that office since the First Republic. In the elections of 1987 and 1991, however, the PSD was returned to power with clear majorities of over 50 percent of the vote.Although the PSD received 50.4 percent of the vote in the 1991 parliamentary elections and held a 42-seat majority in the Assembly of the Republic, the party began to lose public support following media revelations regarding corruption and complaints about Prime Minister Cavaco Silva's perceived arrogant leadership style. President Mário Soares voiced criticism of the PSD's seemingly untouchable majority and described a "tyranny of the majority." Economic growth slowed down. In the parliamentary elections of 1995 and the presidential election of 1996, the PSD's dominance ended for the time being. Prime Minister Antônio Guterres came to office when the PS won the October 1995 elections, and in the subsequent presidential contest, in January 1996, socialist Jorge Sampaio, the former mayor of Lisbon, was elected president of the republic, thus defeating Cavaco Silva's bid. Young and popular, Guterres moved the PS toward the center of the political spectrum. Under Guterres, the PS won the October 1999 parliamentary elections. The PS defeated the PSD but did not manage to win a clear, working majority of seats, and this made the PS dependent upon alliances with smaller parties, including the PCP.In the local elections in December 2001, the PSD's criticism of PS's heavy public spending allowed the PSD to take control of the key cities of Lisbon, Oporto, and Coimbra. Guterres resigned, and parliamentary elections were brought forward from 2004 to March 2002. The PSD won a narrow victory with 40 percent of the votes, and Jose Durão Barroso became prime minister. Having failed to win a majority of the seats in parliament forced the PSD to govern in coalition with the right-wing Popular Party (PP) led by Paulo Portas. Durão Barroso set about reducing government spending by cutting the budgets of local authorities, freezing civil service hiring, and reviving the economy by accelerating privatization of state-owned enterprises. These measures provoked a 24-hour strike by public-sector workers. Durão Barroso reacted with vows to press ahead with budget-cutting measures and imposed a wage freeze on all employees earning more than €1,000, which affected more than one-half of Portugal's work force.In June 2004, Durão Barroso was invited by Romano Prodi to succeed him as president of the European Commission. Durão Barroso accepted and resigned the prime ministership in July. Pedro Santana Lopes, the leader of the PSD, became prime minister. Already unpopular at the time of Durão Barroso's resignation, the PSD-led government became increasingly unpopular under Santana Lopes. A month-long delay in the start of the school year and confusion over his plan to cut taxes and raise public-sector salaries, eroded confidence even more. By November, Santana Lopes's government was so unpopular that President Jorge Sampaio was obliged to dissolve parliament and hold new elections, two years ahead of schedule.Parliamentary elections were held on 20 February 2005. The PS, which had promised the electorate disciplined and transparent governance, educational reform, the alleviation of poverty, and a boost in employment, won 45 percent of the vote and the majority of the seats in parliament. The leader of the PS, José Sôcrates became prime minister on 12 March 2005. In the regularly scheduled presidential elections held on 6 January 2006, the former leader of the PSD and prime minister, Aníbal Cavaco Silva, won a narrow victory and became president on 9 March 2006. With a mass protest, public teachers' strike, and street demonstrations in March 2008, Portugal's media, educational, and social systems experienced more severe pressures. With the spreading global recession beginning in September 2008, Portugal's economic and financial systems became more troubled.Owing to its geographic location on the southwestern most edge of continental Europe, Portugal has been historically in but not of Europe. Almost from the beginning of its existence in the 12th century as an independent monarchy, Portugal turned its back on Europe and oriented itself toward the Atlantic Ocean. After carving out a Christian kingdom on the western portion of the Iberian peninsula, Portuguese kings gradually built and maintained a vast seaborne global empire that became central to the way Portugal understood its individuality as a nation-state. While the creation of this empire allows Portugal to claim an unusual number of "firsts" or distinctions in world and Western history, it also retarded Portugal's economic, social, and political development. It can be reasonably argued that the Revolution of 25 April 1974 was the most decisive event in Portugal's long history because it finally ended Portugal's oceanic mission and view of itself as an imperial power. After the 1974 Revolution, Portugal turned away from its global mission and vigorously reoriented itself toward Europe. Contemporary Portugal is now both in and of Europe.The turn toward Europe began immediately after 25 April 1974. Portugal granted independence to its African colonies in 1975. It was admitted to the European Council and took the first steps toward accession to the European Economic Community (EEC) in 1976. On 28 March 1977, the Portuguese government officially applied for EEC membership. Because of Portugal's economic and social backwardness, which would require vast sums of EEC money to overcome, negotiations for membership were long and difficult. Finally, a treaty of accession was signed on 12 June 1985. Portugal officially joined the EEC (the European Union [EU] since 1993) on 1 January 1986. Since becoming a full-fledged member of the EU, Portugal has been steadily overcoming the economic and social underdevelopment caused by its imperial past and is becoming more like the rest of Europe.Membership in the EU has speeded up the structural transformation of Portugal's economy, which actually began during the Estado Novo. Investments made by the Estado Novo in Portugal's economy began to shift employment out of the agricultural sector, which, in 1950, accounted for 50 percent of Portugal's economically active population. Today, only 10 percent of the economically active population is employed in the agricultural sector (the highest among EU member states); 30 percent in the industrial sector (also the highest among EU member states); and 60 percent in the service sector (the lowest among EU member states). The economically active population numbers about 5,000,000 employed, 56 percent of whom are women. Women workers are the majority of the workforce in the agricultural and service sectors (the highest among the EU member states). The expansion of the service sector has been primarily in health care and education. Portugal has had the lowest unemployment rates among EU member states, with the overall rate never being more than 10 percent of the active population. Since joining the EU, the number of employers increased from 2.6 percent to 5.8 percent of the active population; self-employed from 16 to 19 percent; and employees from 65 to 70 percent. Twenty-six percent of the employers are women. Unemployment tends to hit younger workers in industry and transportation, women employed in domestic service, workers on short-term contracts, and poorly educated workers. Salaried workers earn only 63 percent of the EU average, and hourly workers only one-third to one-half of that earned by their EU counterparts. Despite having had the second highest growth of gross national product (GNP) per inhabitant (after Ireland) among EU member states, the above data suggest that while much has been accomplished in terms of modernizing the Portuguese economy, much remains to be done to bring Portugal's economy up to the level of the "average" EU member state.Membership in the EU has also speeded up changes in Portuguese society. Over the last 30 years, coastalization and urbanization have intensified. Fully 50 percent of Portuguese live in the coastal urban conurbations of Lisbon, Oporto, Braga, Aveiro, Coimbra, Viseu, Évora, and Faro. The Portuguese population is one of the oldest among EU member states (17.3 percent are 65 years of age or older) thanks to a considerable increase in life expectancy at birth (77.87 years for the total population, 74.6 years for men, 81.36 years for women) and one of the lowest birthrates (10.59 births/1,000) in Europe. Family size averages 2.8 persons per household, with the strict nuclear family (one or two generations) in which both parents work being typical. Common law marriages, cohabitating couples, and single-parent households are more and more common. The divorce rate has also increased. "Youth Culture" has developed. The young have their own meeting places, leisure-time activities, and nightlife (bars, clubs, and discos).All Portuguese citizens, whether they have contributed or not, have a right to an old-age pension, invalidity benefits, widowed persons' pension, as well as payments for disabilities, children, unemployment, and large families. There is a national minimum wage (€385 per month), which is low by EU standards. The rapid aging of Portugal's population has changed the ratio of contributors to pensioners to 1.7, the lowest in the EU. This has created deficits in Portugal's social security fund.The adult literacy rate is about 92 percent. Illiteracy is still found among the elderly. Although universal compulsory education up to grade 9 was achieved in 1980, only 21.2 percent of the population aged 25-64 had undergone secondary education, compared to an EU average of 65.7 percent. Portugal's higher education system currently consists of 14 state universities and 14 private universities, 15 state polytechnic institutions, one Catholic university, and one military academy. All in all, Portugal spends a greater percentage of its state budget on education than most EU member states. Despite this high level of expenditure, the troubled Portuguese education system does not perform well. Early leaving and repetition rates are among the highest among EU member states.After the Revolution of 25 April 1974, Portugal created a National Health Service, which today consists of 221 hospitals and 512 medical centers employing 33,751 doctors and 41,799 nurses. Like its education system, Portugal's medical system is inefficient. There are long waiting lists for appointments with specialists and for surgical procedures.Structural changes in Portugal's economy and society mean that social life in Portugal is not too different from that in other EU member states. A mass consumption society has been created. Televisions, telephones, refrigerators, cars, music equipment, mobile phones, and personal computers are commonplace. Sixty percent of Portuguese households possess at least one automobile, and 65 percent of Portuguese own their own home. Portuguese citizens are more aware of their legal rights than ever before. This has resulted in a trebling of the number of legal proceeding since 1960 and an eight-fold increase in the number of lawyers. In general, Portuguese society has become more permissive and secular; the Catholic Church and the armed forces are much less influential than in the past. Portugal's population is also much more culturally, religiously, and ethnically diverse, a consequence of the coming to Portugal of hundreds of thousands of immigrants, mainly from former African colonies.Portuguese are becoming more cosmopolitan and sophisticated through the impact of world media, the Internet, and the World Wide Web. A prime case in point came in the summer and early fall of 1999, with the extraordinary events in East Timor and the massive Portuguese popular responses. An internationally monitored referendum in East Timor, Portugal's former colony in the Indonesian archipelago and under Indonesian occupation from late 1975 to summer 1999, resulted in a vote of 78.5 percent for rejecting integration with Indonesia and for independence. When Indonesian prointegration gangs, aided by the Indonesian military, responded to the referendum with widespread brutality and threatened to reverse the verdict of the referendum, there was a spontaneous popular outpouring of protest in the cities and towns of Portugal. An avalanche of Portuguese e-mail fell on leaders and groups in the UN and in certain countries around the world as Portugal's diplomats, perhaps to compensate for the weak initial response to Indonesian armed aggression in 1975, called for the protection of East Timor as an independent state and for UN intervention to thwart Indonesian action. Using global communications networks, the Portuguese were able to mobilize UN and world public opinion against Indonesian actions and aided the eventual independence of East Timor on 20 May 2002.From the Revolution of 25 April 1974 until the 1990s, Portugal had a large number of political parties, one of the largest Communist parties in western Europe, frequent elections, and endemic cabinet instability. Since the 1990s, the number of political parties has been dramatically reduced and cabinet stability increased. Gradually, the Portuguese electorate has concentrated around two larger parties, the right-of-center Social Democrats (PSD) and the left-of-center Socialist (PS). In the 1980s, these two parties together garnered 65 percent of the vote and 70 percent of the seats in parliament. In 2005, these percentages had risen to 74 percent and 85 percent, respectively. In effect, Portugal is currently a two-party dominant system in which the two largest parties — PS and PSD—alternate in and out of power, not unlike the rotation of the two main political parties (the Regenerators and the Historicals) during the last decades (1850s to 1880s) of the liberal constitutional monarchy. As Portugal's democracy has consolidated, turnout rates for the eligible electorate have declined. In the 1970s, turnout was 85 percent. In Portugal's most recent parliamentary election (2005), turnout had fallen to 65 percent of the eligible electorate.Portugal has benefited greatly from membership in the EU, and whatever doubts remain about the price paid for membership, no Portuguese government in the near future can afford to sever this connection. The vast majority of Portuguese citizens see membership in the EU as a "good thing" and strongly believe that Portugal has benefited from membership. Only the Communist Party opposed membership because it reduces national sovereignty, serves the interests of capitalists not workers, and suffers from a democratic deficit. Despite the high level of support for the EU, Portuguese voters are increasingly not voting in elections for the European Parliament, however. Turnout for European Parliament elections fell from 40 percent of the eligible electorate in the 1999 elections to 38 percent in the 2004 elections.In sum, Portugal's turn toward Europe has done much to overcome its backwardness. However, despite the economic, social, and political progress made since 1986, Portugal has a long way to go before it can claim to be on a par with the level found even in Spain, much less the rest of western Europe. As Portugal struggles to move from underde-velopment, especially in the rural areas away from the coast, it must keep in mind the perils of too rapid modern development, which could damage two of its most precious assets: its scenery and environment. The growth and future prosperity of the economy will depend on the degree to which the government and the private sector will remain stewards of clean air, soil, water, and other finite resources on which the tourism industry depends and on which Portugal's world image as a unique place to visit rests. Currently, Portugal is investing heavily in renewable energy from solar, wind, and wave power in order to account for about 50 percent of its electricity needs by 2010. Portugal opened the world's largest solar power plant and the world's first commercial wave power farm in 2006.An American documentary film on Portugal produced in the 1970s described this little country as having "a Past in Search of a Future." In the years after the Revolution of 25 April 1974, it could be said that Portugal is now living in "a Present in Search of a Future." Increasingly, that future lies in Europe as an active and productive member of the EU.
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