HEADWORD DEFINITION
Abenomics Nickname for the multi-pronged
economic program of Japanese prime
minister Shinzō Abe. Abenomics seeks
to remedy two decades of stagnation by
increasing the nation’s money supply,
boosting government spending and
enacting reforms to make the economy
more competitive.
Above par The price of a security when it is trading
above its face value. A security usually
trades at above par when its income
distributions are higher than those of
other instruments currently available in
the market.
Acquisitions A corporate action in which a company "Financial assets fulfilling the terms and
buys most, if not all, of the target
company's ownership stakes in order to authority are valued at their acquisition
assume control of the target firm.
Acquisitions are often made as part of a
company's growth strategy whereby it is
more beneficial to take over an existing
firm's operations and niche compared to
expanding on its own. Acquisitions are
often paid in cash, the acquiring
company's stock or a combination of
both.
Advance 1. (VB) To go or bring forward in
position.
2. To supply (money, goods, etc)
beforehand, either for a loan or as an
initial payment
3. To increase (a price, value, rate of
occurrence, etc) or (of a price, etc) to be
increased
Agreement A negotiated and typically legally binding "KG announced they have signed an
arrangement between parties as to a
course of action
Allocate Distribute (resources or duties) for a
particular purpose.
Amount 1. Extent; quantity; supply.
2. A principal sum plus the interest on it, the capital increase."
as in a loan
EXAMPLE OF USE CATALAN/SPANISH
"He has put Japan on a regime of Abeconomía
“Abenomics”, a mix of reflation,
government spending and a growth
strategy designed to jolt the economy
out of the suspended animation that has
gripped it for more than two decades.
He has supercharged Japan’s once-
fearsome bureaucracy to make
government vigorous again."
"One danger in purchasing bonds or Por encima de la par/del valor nominal
securities above par is the risk that the
bonds will lose value after their
acquisition."
Adquisición, absorción
conditions laid down by the control
price."
"Furthermore, on one of these two Avance, adelanto, anticipo
cases auditors fail to detect the fact that
the advance payment had been
invested in mutual funds and that the
related interest was not reported."
Acuerdo, pacto, trato, convenio
agreement toset up a joint venture in
the area of diesel exhaust
aftertreatment."
"The scheme shall allocate these costs Distribuir, asignar
among categories of users."
"To report the amounts subscribed in Cantidad, suma
Angel investor An investor who provides financial "In 2005 we found an angel investor Inversor providencial
backing for small startups or and started buying films for distribution."
entrepreneurs. Angel investors are
usually found among an entrepreneur's
family and friends. The capital they
provide can be a one-time injection of
seed money or ongoing support to carry
the company through difficult times.
Annual dividend In the insurance industry, a yearly "The shareholders receive an annual Dividendo anual
payment given by an insurance dividend."
company to a policyholder. Annual
dividends are most commonly
distributed in conjunction with life
insurance and disability income
insurance policies. Insurance
companies may pay their customers an
annual dividend when the company's
investment returns, experience (paid
claims) and operating expenses in a
given year are better than expected.
Dividend amounts change each year
and are not guaranteed.
Annualise (Of a rate of interest, inflation, or return "Growth in the third quarter over the Anualizar
on an investment) recalculated as an second at an annualised rate was 16%
annual rate. in Chile, 24% in Brazil and around 30%
in Mexico. "

Appoint 1. To assign officially, as for a position,
responsibility, etc
2. To nominate (a person), under a
power granted in a deed or will, to take
an interest in property.
Assets Something that an entity has acquired or
purchased, and that has money value
(its cost, book value, market value, or
residual value).
At his behest A person’s orders or command.
"Member States may appoint a supplier Designar, nombrar
of last resort for customers connected
to the gas network."
"The lender aims to reduce assets held Activos
in its US arm by up to a quarter largely
through reassigning some operations to
Europe or in Asia. This comes after the
Fed confirmed last week that overseas
lenders operating in the US would have
to ringfence capital in the country to
safeguard against future financial
crises."
"China’s listed banks still at behest of A instancia de alguien
state."
Aussie dollar Aussie is an informal word for Australian "The Aussie fell more than 1 per cent Dólar australiano
Dollar. against the US dollar and hit its lowest
level since December 2005 against the
kiwi, underlining the recent divergence
between the neighbouring economies:
New Zealand’s central bank is expected
to be one of the first among developed
economies to raise interest rates as
construction and consumer spending
drive an acceleration in economic
growth."
Austerity Difficult economic conditions created by "Europeans are braced for a new age of Austeridad
government measures to reduce a austerity as governments across the
budget deficit, especially by reducing region take action to eliminate
public expenditure. unsustainable budget deficits."

Backlash A strong feeling among a group of "Because of the potential Russian Reacción violenta
people in reaction to a change or recent backlash, Mr Petriashvili stressed the
events in society or politics. importance of the EU showing its
solidarity with Georgia."
Balance of payments The difference in total value between "When viewed globally, the balance of Balanza de pagos
payments into and out of a country over payments for all countries must sum to
a period. zero."
Balance of trade The difference in value between a "The trade balance with countries Balanza comercial
country’s imports and exports. outside the EU improved for the sixth
month in a row."
Balance sheet A financial statement that summarizes a "This process includes linking all Balance general
company's assets, liabilities and derivatives to specific assets and
shareholders' equity at a specific point in liabilities on the balance sheet or to
time. These three balance sheet specific firm commitments or forecasted
segments give investors an idea as to transactions."
what the company owns and owes, as
well as the amount invested by the
shareholders.
Bank Governor A person who governs and "The functions, specific tasks, powers, Presidente del banco
administrates a banking institution. organizational structure and working
regime of the AMLIC shall be soon
stipulated by the Vietnam State Bank
Governor."
Bear market A market condition in which the prices of "The Philippine bourse has entered a Mercado bajista, mercado con
securities are falling, and widespread bear market, dropping more than 20 per tendencia a la baja
pessimism causes the negative cent from its peak."
sentiment to be self-sustaining.
Bears A "bear" is considered to be the "Albert Edwards, is a chief investment Especulador a la baja, bajista
opposite of a bull. Bear investors believe strategist at Société Générale and a
that the value of a specific security or an famous bear on the equity market."
industry is likely to decline in the future.

Below par A bond whose price is below the face "The IMF last week warned that the Estar bajo la par
value or principal value, usually $1,000. world could face years of below-par
As bond prices are quoted as a growth."
percentage of face value, a price below
par would typically be anything less than
100.

Bid 1. An offer made by an investor, a trader “Any bid for this company in the future Oferta, puja.
or a dealer to buy a security. The bid will may well be worth far less than £55.”
stipulate both the price at which the
buyer is willing to purchase the security
and the quantity to be purchased.
2. The price at which a market maker is
willing to buy a security. The market
maker will also display an ask price, or
the amount and price at which it is
willing to sell.

Bizarre Very strange and unusual.
Blend To mix or mingle (components) together
thoroughly. In economics, an interest
rate charged on a loan, which is in
between a previous rate and the new
rate is called blend rate.
Bloated To become or cause to be swelled up,
as with conceit.
Bloody-mindedness Deliberately uncooperative.
"It would be both inconsistent and Extraño
bizarre to choose a stricter definition for
this proposal."
"Banks use a blended rate to retain Mezcla
customers and increase loan amounts
to proven, creditworthy clients."
"The increasingly bloated government Hinchado, cada vez más grande
payroll would have to be reduced, which
could provoke an angry backlash
among the president's supporters."
"NDP report calls for more ‘bloody- Testarudo, ganas de fastidiar, difícil
minded campaign’ next time around.
Internal post-mortem gives extensive
analysis of how party lost spring
election despite leading in the polls."
Blue chips A nationally recognized, well-established "Many traders returned to buy local Blue chips
and financially sound company. Blue shares, particularly blue-chips, on lower
chips generally sell high-quality, widely valuations at the back of the past
accepted products and services. Blue downward run. Risk appetites grew on
chip companies are known to weather speculation that the market had
downturns and operate profitably in the overacted to the correction period."
face of adverse economic conditions,
which helps to contribute to their long
record of stable and reliable growth.

Bond A debt investment in which an investor "environment where a large share of Bonos
loans money to an entity (corporate or external debt due to private creditors
governmental) that borrows the funds for takes the form of bonds traded in
a defined period of time at a fixed anonymous markets."
interest rate.

Bond market The environment in which the issuance
and trading of debt securities occurs.
The bond market primarily includes
government-issued securities and
corporate debt securities, and facilitates
the transfer of capital from savers to the
issuers or organizations requiring capital
for government projects, business
expansions and ongoing operations.
Bond yields The amount of return an investor will
realize on a bond. Though several types
of bond yields can be calculated,
nominal yield is the most common.
"The government is also facing Mercados de bono, de deuda o de
increasing difficulties on the bond crédito fijo
market with average yields up by about
300bps since one year ago and almost
entirely based on short-term maturities."
"UK government bond yields fell across Rentabilidad de los bonos
the curve, with the 10-year down 10
basis points to 2.59 per cent, its lowest
level this year."
Bondholder The owner of a government or corporate "A senior IMF official has said the fund Tenedor de bonos
bond. Being a bondholder is often favoured a bail-in of senior bondholders
considered safer than being a during the Irish bailout, but the position
shareholder because if a company was not supported by its EU partners."
liquidates, it must pay its bondholders
before it pays its shareholders. Being a
bondholder entitles one to receive
regular interest payments, if the bond
pays interest (usually semiannually or
annually), as well as a return of principal
when the bond matures.

Bonus issue An offer of free additional shares to "Institutional shareholders of MCX have Dividendo en acciones
existing shareholders. A company may told its management not to make a
decide to distribute further shares as an preferential offer as a means to dilute
alternative to increasing the dividend Financial TechnologiesBSE -0.06 %
payout. India's (FTIL) stake in the bourse.
Instead, the board should consider
making a bonus issue to all
shareholders except FTIL, which holds
26% in the bourse, two persons aware
of the development told ET."
Book value The net asset value of a company, "So if the share price is $10 and Valor contable
calculated by total assets minus shareholders' equity is $5, investors are
intangible assets (patents, goodwill) and ready to pay twotimes the book value."
liabilities.

Boom and bust cycle A process of economic expansion and "Also, the boom and bust cycle was Auge y depresión
contraction that occurs repeatedly. The notably severe in California and Florida,
boom and bust cycle is a key which have low property taxes."
characteristic of today’s capitalist
economies. During the boom the
economy grows, jobs are plentiful and
the market brings high returns to
investors. In the subsequent bust the
economy shrinks, people lose their jobs
and investors lose money. Boom-bust
cycles last for varying lengths of time;
they also vary in severity.
Boost Help or encourage (something) to "The measures are part of a mini- Aumento, incrementar
increase or improve. stimulus package designed to boost the
nation's flagging economic growth."
Borrow To obtain or receive (something, such "The corporation could borrow as much Pedir un préstamo, pedir prestado,
as money) on loan for temporary use, as $1.3 million against the tax fund, if it endeudarse
intending to give it, or something chooses to do so, Orlando said.
equivalent or identical, back to the Borrowing probably would done by
lender. issuing bonds, which would be repaid
as property taxes from the park are
deposited in the fund."
Borrower An individual, organization or company
that is using funds, materials or services "Borrowers who are willing but unable to
on credit.
Bottom out If a stock has "bottomed out", it means it "China’s economy will bottom out this
might have reached its low point and
could be in the early stages of an
upward trend. Investors usually see a
bottom as an opportunity to purchase
securities when they are potentially
underpriced.
Breakthrough A sudden, dramatic, and important
discovery or development.
Broker An individual or firm that charges a fee "The prudential regulator of the
or commission for executing buy and
sell orders submitted by an investor.
Bubble 1. An economic cycle characterized by
rapid expansion followed by a
contraction.2. A surge in equity prices,
often more than warranted by the
fundamentals and usually in a particular
sector, followed by a drastic drop in
prices as a massive selloff occurs.3. A
theory that security prices rise above
their true value and will continue to do
so until prices go into freefall and the
bubble bursts.
Budget cuts It's the act of reducing budgeted
expenditures.
Budgetary finance To provide or obtain funds, capital, or
credit for budgets.
Buffer Mandatory capital that financial
institutions are required to hold in
addition to other minimum capital
requirements.
Prestatario
meet their loan obligation may be
eligible for a forbearance,
economic/unemployment hardship."
Tocar fondo
quarter and rebound in the following
three months as government measures
to stabilize a slowdown take effect,
according to an academic adviser to the
central bank."
"Citing stronger growth figures, US Avance, descubrimiento
President Barack Obama says 2014 will
be a 'breakthrough year' for the US
economy."
Agente bursátil
Australian banking sector has endorsed
lenders clawing back commissions from
ineffective brokers – and brokers have
largely agreed."
"The recent financial crisis, with its Burbuja
origins in the collapse of the sub-prime
mortgage boom and house price bubble
in the USA, is a shown to have been a
striking example of ‘glocalisation’, with
distinctly locally varying origins and
global consequences and feedbacks."
"Finally, as women's jobs are Recortes presupuestarios
concentrated in the public sector, they
could be disproportionately affected by
job losses due to budget cuts."
"Policy makers must understand that it Financión presupuestaria
is the rate of money growth, not the
pattern of budgetary finance by itself,
which matters to inflation."
"Regulations targeting the creation of Buffer, búfer.
adequate capital buffers are designed
to reduce the procyclical nature of
lending by promoting the creation of
countercyclical buffers."
Bull market A financial market of a group of
securities in which prices are rising or
are expected to rise. The term "bull
market" is most often used to refer to
the stock market, but can be applied to
anything that is traded, such as bonds,
currencies and commodities.
Bulls An investor who thinks the market, a
specific security or an industry will rise. overpowered by the bears in the
Investors who takes a bull approach will concluding session of the week. Right
purchase securities under the
assumption that they can be sold later at maintained their dominance, leading the
a higher price.
Burgeoning Begin to grow or increase rapidly;
flourish
Business cycle The fluctuations in economic activity that
an economy experiences over a period
of time. A business cycle is basically
defined in terms of periods of expansion
or recession.
Buy back The repurchase by a company of some
or all of its shares from an investor, who
acquired them by putting venture capital
into the company when it was formed.
By proxy Authority given to a person to act for
someone else, such as by voting for
them in an election, or the person who
this authority is given to.
Capital Financial assets or the financial value of "The greater geographic mobility gained Capital
assets, such as cash.
"On Monday, March 9, 2009 the S&P Mercado alcista, mercado comprador
500 finished trading at its post financial
crisis closing low of 676.53. Since then
the index hasn’t crossed below that
point, gaining more than 200% and
building into a long-term bull market that
will turn five on Sunday.“It has been a
bull market that nobody really enjoyed,”
says Chris Bertelsen chief investment
officer at Global Financial Private
Capital."
"However, the bulls were completely Especulador al alza, alcista.
from the initial hour, the bears
Nifty to surrender nearly a percent from
the previous day's close."
"China’s middle class affinity with Crecer rápidamente
overseas travel is set to burgeon in
2013, with the wealthiest 26% of
outbound tourists spending an average
of Rmb43,770 ($7,032) on each trip –
for a total spend of $160bn, according
to a new FT China Confidential survey
of 1,227 middle income consumers in
10 first and second tier cities across the
country."
"December marked half a decade since Ciclo económico
the beginning of the last recession and
42 months since the recovery began in
June of 2009. It would be nice if
business cycle expansions never had to
end."
"UBS said that it will buy back the fund Recomprar, volver a comprar
set up to deal with its toxic assets at the
height of the financial crisis."
"To vote by proxy for just one election, (Votar) por poder
you must have a reason, for example
you will be on holiday or away due to
work."
by capital has accentuated competition
within the proletariat on an international
level".
Capital control Any measure taken by a government, "The risk to this asset class lies more Controles del capital
central bank or other regulatory body to with authorities in the emerging
limit the flow of foreign capital in and out countries, which are trying to curb these
of the domestic economy. This includes inflows with capital control measures."
taxes, tariffs, outright legislation and
volume restrictions, as well as market-
based forces. Capital controls can affect
many asset classes such as equities,
bonds and foreign exchange trades.
Capital gain 1. An increase in the value of a capital "In this case, the receiving company Plusvalía, beneficio de inversiones,
asset (investment or real obtains a capital gain from the ganancia de capital
estate) that gives it a higher worth than difference in value between the shares
the purchase price. The gain cancelled and the assets received."
is not realized until the asset is sold. A
capital gain may be short
term (one year or less) or long term
(more than one year) and must be
claimed on income taxes. A capital loss
is incurred when there is a
decrease in the capital asset value
compared to an asset's purchase
price.

2. Profit that results when the price of a

security held by a mutual
fund rises above its purchase price and
the security is sold (realized
gain). If the security continues to be
held, the gain is unrealized. A
capital loss would occur when the
opposite takes place.
Capital markets Tight capital controls are most often "They would also need to properly Mercado de capitales
found in developing economies, where manage their assets, enhance existing
the capital reserves are lower and more capital markets and introduce flexibility
susceptible to volatility. in their exchange rate regime. "
Capitalization issue An offer of free additional shares to "Gamesa would assume the issue, Ampliación del capital, prima de emisión
existing shareholders. A company subscription and admission to listing
may decide to distribute further shares expenses in addition to any other
as an alternative to increasing capitalization issue costs."
the dividend payout.
Also known as "scrip issue" or "bonus
issue".
Capitalize An accounting method used to delay the "There are various possibilities for Capitalizar
recognition of expenses by recording investors to capitalize on developments
the expense as long-term assets. in these commodities markets."
Cash flow A revenue or expense stream that "The key to ensuring a positive financial Flujo de fondos, flujo de efectivo
changes a cash account over a given future is creating a plan. Instead of
period. simply letting cash flow just happen, it
should be actively monitored and
managed."
Central bank The entity responsible for overseeing "That is why I said, Commissioner, that I Banco central
the monetary system for a nation (or would urge the Commission also to
group of nations). Central banks have a make a respectful political proposal to
wide range of responsibilities, from the European Central Bank."
overseeing monetary policy to
implementing specific goals such as
currency stability, low inflation and full
employment. Central banks also
generally issue currency, function as the
bank of the government, regulate the
credit system, oversee commercial
banks, manage exchange reserves and
act as a lender of last resort.
Centralisation of powers The concentration of administrative "We are aware that the general Centralización del poder
power in a central government, authority centralisation of powers within the DG
poses a problem, but we do not want to
swing towards the American model."
Coalition A temporary alliance for combined "A coalition against terrorism must be Coalición
action, especially of political parties complemented by a coalition for
forming a government development."
Collapse (Of a structure) suddenly fall down or "The system is still fragile and could Colapso
give way easily collapse if we fail to look after it. "
Collateralized debt obligations A structured financial product that pools "Collateralized debt obligations Obligaciones de deuda garantizada
together cash flow-generating assets represent a group of financial assets (CDO)
and repackages this asset pool into which are sliced into different parts
discrete tranches that can be sold to (tranches) that carry different risks."
investors. A collateralized debt
obligation (CDO) is so-called because
the pooled assets – such as mortgages,
bonds and loans – are essentially debt
obligations that serve as collateral for
the CDO. The tranches in a CDO vary
substantially in their risk profile. The
senior tranches are relatively safer
because they have first priority on the
collateral in the event of default. As a
result, the senior tranches of a CDO
generally have a higher credit rating and
offer lower coupon rates than the junior
tranches, which offer higher coupon
rates to compensate for their higher
default risk.
Come under pressure To be forced to experience something "In analyzing the daily chart yesterday, Estar presionado, sufrir presión, estar
unpleasant. it looks as if the short-term EURUSD is bajo presión
coming under pressure."
Common stock/ ordinary shares A security that represents ownership in "In terms of priority of payment, it is Acciones ordinarias
a corporation. Holders of common stock subordinated to senior debt, but senior
exercise control by electing a board of to common stock or equity. "
directors and voting on corporate policy.

Company An entity formed to engage in a "All other names and products are Empresa, sociedad
business. A company may be organized trademarks or registered trademarks of
in various ways for tax and financial the respective company and expressly
liability purposes. The line of business acknowledged as such. "
the company is in will generally
determine which business structure it
chooses.

Consumption The process in which the substance of a "The savings obtained are quantified by Consumo
thing is completely destroyed, used up, a reduction in consumption of primary
or incorporated or transformed into fuel. "
something else. Consumption of goods
and services is the amount of them used
in a particular time period.

Contraction A phase of the business cycle in which "For most people, a contraction in the Contracción
the economy as a whole is in decline. economy can be source of economic
More specifically, contraction occurs hardship; as the economy plunges into
after the business cycle peaks, but a contraction, people start losing their
before it becomes a trough. According to jobs."
most economists, a contraction is said to
occur when a country's real GDP has
declined for two or more consecutive
quarters.
Convertible bonds A bond that can be converted into a "Excluding the possibility, regarding Bono convertible
predetermined amount of the company's both capital increases and the issue of
equity at certain times during its life, convertible bonds, for holders of
usually at the discretion of the convertible bonds to have preemptive
bondholder. rights".

Corporate borrower Someone who borrows money from "Nevertheless, by relying more on the Prestatarios privados
companies rather than by governments international markets, corporate
or individual people. borrowers may have increased their
exposure to interest rate and currency
risk."
Coupon The interest rate stated on a bond when "references are classified with a high Cupón
it's issued. The coupon is typically paid absolute coupon and high credit ratings,
semiannually. in order to ensure a stable margin in the
long term."
Crash A sudden and significant decline in the "The economic crash of 2008 may have Crisis, debacle, caída, crash
value of a market. A crash is most often temporarily pushed Social Security
associated with an inflated stock market. reform largely off the national agenda."
Causes for a crash may include an
economic bubble in which securities, or
other investments, are trading at prices
far above their intrinsic value, or a
highly-leveraged market in which debt is
used to finance further investment.
Crashes are distinguishable from a bear
market by their rapid decline in a
number of days, rather than a decline
over a longer period of time. A crash can
lead to a depression in the overall
economy and subsequent bear market.
Credit crunch An economic condition in which "Crisis where the whole corporate Restricción del crédito, crisis de liquidez
investment capital is difficult to obtain. sector and small business in particular,
Banks and investors become wary of is exposed to an unprecedented credit
lending funds to corporations, which crunch."
drives up the price of debt products for
borrowers.

Credit rating An assessment of the credit worthiness "In the event of a decision to Calificación crediticia, calificación del
of a borrower in discontinue a credit rating, the crédito
general terms or with respect to a information disclosed shall include full
particular debt or financial reasons for the decision."
obligation. A credit rating can be
assigned to any entity that seeks to
borrow money – an individual,
corporation, state or provincial
authority, or sovereign government.
Credit assessment and evaluation for
companies and governments is
generally done by a credit rating agency
such as Standard & Poor’s or Moody’s.
These rating agencies are paid
by the entity that is seeking a credit
rating for itself or for one of
its debt issues. For individuals, credit
ratings are derived from the
credit history maintained by credit-
reporting agencies such as Equifax,
Experian and TransUnion.
Creditor An entity (person or institution) that "to help obtain relevant information Acreedor
extends credit by giving another entity concerning the income and other
permission to borrow money if it is paid financial circumstances of the debtor or
back at a later date. Creditors can be creditor, including the location of assets
classified as either "personal" or "real." ".
Those people who loan money to friends
or family are personal creditors. Real
creditors (i.e. a bank or finance
company) have legal contracts with the
borrower granting the lender the right to
claim any of the debtor's real assets
(e.g. real estate or car) if he or she fails
to pay back the loan.

Creditworthy (Of a person or company) considered
suitable to receive credit, especially
because of being reliable in paying
money back in the past.
Currency A system of money in general use in a
particular country:
"When the Basel II Accord is Solvente
implemented in the future, there will
therefore be a need to have structures
in place that serve to make firms more
creditworthy."
"The introduction of the euro as a single Divisa, moneda, efectivo
currency was a huge challenge. "

Currency union When two or more groups (usually "The government's exchange-rate Unión monetaria
countries) share a common currency or liberalisation and the proposed currency
decide to peg their exchange rates in union with Russia could prove to be a
order to keep the value of their major improvement."
currency at a certain level. One of the
main goals of forming a currency
union is to synchronize and manage
each country's monetary policy.
Also referred to as a "monetary union".
Customer An individual or business that purchases "Any modification of tariffs will also have Cliente
the goods or services produced by a to be communicated to the customer."
business. The customer is the end goal
of businesses, since it is the customer
who pays for supply and creates
demand. Businesses will often compete
through advertisements or sales in order
to attract a larger customer base.
Cut off To discontinue the supply of something. "Russia will not be able to completely Cortar, interrumpir
cut off the supply of gas to the EU; it
would simply not have any other way to
dispose of it."
Dealer A person or firm in the business of "Please check with your local Nokia Distribuidor
buying and selling securities for their dealer for further details."
own account, whether through a broker
or otherwise. A dealer is defined by the
fact that it acts as principal in trading for
its own account, as opposed to a broker
who acts as an agent in executing
orders on behalf of its clients. A dealer is
also distinct from a trader in that buying
and selling securities is part of its
regular business, while a trader buys
and sells securities for his or her own
account but not on a business basis.
Debit An accounting entry that results in either "In the case of a profit, the entry made Débito
an increase in assets or a decrease in shall be a debit to a suspense account
liabilities on a company's balance sheet as other assets and a credit to the
or in your bank account. A debit on an revaluation account. "
accounting entry will have opposite
effects on the balance depending on
whether it is done to assets or liabilities,
with a debit to assets indicating an
increase and vice versa for liabilities.

Debt An amount of money borrowed by one "A net repayment of external debt Deuda
party from another. Many always requires a shift in the current
corporations/individuals use debt as a account."
method for making large purchases that
they could not afford under normal
circumstances. A debt arrangement
gives the borrowing party permission to
borrow money under the condition that it
is to be paid back at a later date, usually
with interest.
Debt burden A debt burden that is so large that an "These and other measures, however, Carga de deuda
entity cannot take on additional debt to are still insufficient to decrease the
finance future projects, even those that external debt burden of poor countries."
are profitable enough to enable it to
reduce its indebtedness over time. Debt
overhang serves to dissuade current
investment, since all earnings from new
projects would only go to existing debt
holders, leaving little incentive for the
entity to attempt to dig itself out of the
hole. In the context of sovereign
governments, the term refers to a
situation where the debt stock of a
nation exceeds its future capacity to
repay it.
Debt financing When a firm raises money for working "World Bank loans some of the capital Financiación mediante endeudamiento
capital or capital expenditures by selling requirements and helps syndicate the
bonds, bills, or notes to individual and/or debt financing from investment banks
institutional investors. In return for and lenders."
lending the money, the individuals or
institutions become creditors and
receive a promise that the principal and
interest on the debt will be repaid.

Debt refusal When an individual neglects or refuses "Now, however, the idea of student debt Rechazo de deuda
to pay the debt. activism, particularly in the form of debt
refusal, is gaining ground again."
Decline When a security's price falls in value "This has become a real challenge with Declive, descenso
over a given trading day and the sharp decline of oil prices."
subsequently closes at a lower value
than its opening price. A decline can
happen for any number of reasons,
including a reduction in the firm's
intrinsic value, or as a result of the
security's price dropping below its
support level.
Deduction Any item or expenditure subtracted from "We analyzed the net returns of these Deducción, retención
gross income to reduce the amount of funds (after deduction of management
income subject to tax. fees and other costs incurred by the
funds). "
Default The failure to promptly pay interest or "At the end of the year, default interest Incomparecencia, incumplimiento, falta
principal when due. Default occurs when shall be separately booked to the de pago
a debtor is unable to meet the legal revenue and expenditure account. "
obligation of debt repayment.
Defensive stocks A stock that provides a constant "Our preference for defensive stocks in Título de inversión
dividend and stable earnings regardless the consumer sector and growth stocks
of the state of the overall stock market. with relatively good visibility, combined
with...".

Deflation A general decline in prices, often caused "Japan is emerging from deflation and Deflación
by a reduction in the supply of money or also intends to reassert its strength in a
credit. Deflation can be caused also by a region of crucial importance for its
decrease in government, personal or economy. "
investment spending.

Demand An economic principle that describes a "Iron ore fell below $100 a tonne for the Demanda
consumer's desire and willingness to first time since September 2012 on
pay a price for a specific good or concerns over reduced demand in
service. Holding all other factors China."
constant, the price of a good or service
increases as its demand increases and
vice versa.
Deposits 1. A transaction involving a transfer of
funds to another party for safekeeping.
2. A portion of funds that is used as
security or collateral for the delivery of a
good.
Depression A period of economic collapse with high "The present crisis has been compared Depresión
unemployment and loss of trade to the start of the Great Depression. "
Deregulation The reduction or elimination of
government power in a particular
industry, usually enacted to create more
competition within the industry.
Desinflation Synonim of deflation. It's a general
decline in prices, often caused by a
reduction in the supply
of money or credit.
Devaluation A deliberate downward adjustment to
the value of a country's currency,
relative to another currency, group of
currencies or standard.
Dip A decline in stock prices. The term
appears often in the following
expression: "buy the dips". It's a slang
phrase regarding the practice of
purchasing stocks following a
decline in prices. After a significant dip
in the price of a security or
stock index, investors should increase
positions or purchase different
stocks to capitalize on what is seen as
an eventual upswing.
Disclose To allow to be seen; to lay bare.
Dismiss To end the employment or service of;
discharge.
Ditch (the pound)
To get rid of something.
"The fast-processing function allows Depósitos
you to select and process fixed-term
deposits and deposits at notice for
several company codes in one step. "
"The persistent will of the European Liberalización, desregulación
Commission to liberalise the sector has
resulted in deregulation and unbridled
competition, all at the expense of
citizens' safety. "
"The desinflation competitive was Deflación
certainly necessary in the early 1980s
to correct severe imbalances. However,
it appeared more and more
irrelevant and counterproductive as
inflation disappeared and
unemployment kept on rising."
"Thus, a real devaluation is necessary Devaluación, desvalorización
to repay the debt if a slowdown or even
a recession in the debtor country is to
be avoided. "
"The past year’s dips of at least 3 per Caída. Comprar acciones tras caída.
cent, on the other hand, were all
recovered within a few weeks."
"This standard also allows entities to Revelar
disclose that the considerations for
transactions carried out with its related
parties."
"The supervisory board can appoint or Revocar
dismiss the members of the board of
management by simple majority."
"Brown wants Britain to ditch the Abandonar, deshacerse
pound."
Dive A quick, pronounced drop.
Dividend A distribution of a portion of a
company's earnings, decided by the
board of directors, to a class of its
shareholders.
Dot-com bubble The dot-com bubble was a stock market
bubble that popped to near-devastating
effect in 2001. It was powered by the
rise of Internet sites and the tech
industry in general, and many of these
companies went under or learned some
valuable lessons when the bubble finally
burst. Many investors lost substantial
sums of money, helping to trigger a mild
economic recession in the early 2000s.
Dow Jones Was created by Wall Street Journal
editor Charles Dow and got its name
from Dow and his business partner
Edward Jones. The index was
developed as a simple means of
tracking U.S. market performance in an
age when information flow was often
limited.
Also known as the "Dow Jones
Industrial Average".
Down payment A type of payment made in cash during "If you make less than a 20% down
the onset of the purchase of an
expensive good/service. The payment assume mortgage insurance."
typically represents only a percentage of
the full purchase price.
Downfall A cause of sudden ruin, loss of position, "MF Global's downfall occurred
health, or reputation
Downstream Used to describe something happening "He has expanded the glass
later in a process or series of events.
"In the immediate wake of the financial Caer en picado
crisis, growth took a dive in all euro
area countries, but to differentiated
extent."
"At the date of the statement of account, Dividendo
the liquidators will fix the assets and the
liabilities and determine the dividend to
be paid. "
"Attention to commodity exchanges Burbuja punto com
following the burst of the dot-com
bubble on stock markets and, more
recently, following the sub-prime
mortgage crisis."
"The Dow is closing at a record, beating Índice Bursátil Dow Jones
the previous high it set in October 2007,
before the financial crisis and the Great
Recession. The Dow Jones industrial
average rose 126 points, or 1 percent,
to 14,253 Tuesday, beating its previous
record by 89 points."
Pago inicial, anticipo
payment, you will usually be required to
Caída, ruina
because the market lost faith in the
$6.3bn."
Fase posterior
manufacturing firm by purchasing
downstream businesses such as a
glass distribution company."
Downturn Downward shift in an economic cycle, "The impact of the global financial crisis Recesión, baja
such as from expansion or steady-state translated into an economic downturn
to recession. A stockmarket is in affecting all parts of the OSCE region."
downturn when it changes from a bull
market to a bear market. Opposite of
upturn.

Drift Move passively, aimlessly, or "Provides an indication or a shut off of Tender a.

involuntarily into a certain situation or the conveyor during a drift condition in
condition
Drop heavily A quick, pronounced drop.
Earning The amount of profit that a company
produces during a specific period, which average including bonuses) for the
is usually defined as a quarter (three
calendar months) or a year. Earnings
typically refer to after-tax net
income.Ultimately, a business's
earnings are the main determinant of its
share price, because earnings and the
circumstances relating to them can
indicate whether the business will be
profitable and successful in the long run.
Ease Lack of difficulty, labour, or
awkwardness; facility.
order to prevent further damage to the
conveyor belt."
"US Markets drop heavily at QE3 Caer en picado
tapering hints."
"Average weekly earnings (three-month Beneficios, ganancias
whole economy rose by 1.7% in the
three months to February 2014,
compared with a year ago."
"Gold was marginally lower in early Facilitar
trade on Monday, following the
relaxation of import norms. The spot
price was down Rs 40 to Rs 27,910 per
10 gm from Friday's close. Apart from
the easing of curbs, a stronger rupee
aided the price decline."

Economic profit The difference between the revenue
received from the sale of an output and
the opportunity cost of the inputs used.
This can be used as another name for
"economic value added" (EVA).
Economic boom A period of significant output within a
population. The period is marked by
productivity increases, sales increases,
wage increases and rising demand. An
economic boom may be accompanied
by a period of inflation.
"Value Creation, i.e. economic profit Beneficio económico
less the cost of the average capital
used to obtain it, amounted to EUR
4,180 million."
"The Economic boom of the 1920s saw Boom económico
rapid growth in GDP, production levels
and living standards."

Economic data May refer to data (quantitative "Recent economic data are consistent Datos económicos
measures) describing an actual with the expectation that the recovery
economy, past or present. should proceed at a moderate pace in
the second period."
Economic recovery A period of increasing business activity"The government has succeeded in Recuperación económica
signaling the end of a recession. keeping the situation under control and
steering the country towards economic
recovery."
Economic shape The condition the economy is in, or how "Requirements of one who is interested Situación económica
strong it is. in economics and is convinced that
being in good economic shape is one of
the keys to the success of the Union."
Economies of scale The cost advantage that arises with "In most industries, prices fall as the Economías de escala
increased output of a product. number of customers grows and the
Economies of scale arise because of the provider achieves economies of scale."
inverse relationship between the
quantity produced and per-unit fixed
costs.

Economy The production, distribution or trade, and "The economy has become more open Economía
consumption of limited goodsand to foreign trade and investment."
services by different agents in a given
geographical location.
Elephants Slang for large institutions that have the "When it comes to companies, the U.S. Empresa elefante
funds to make high volumes trades. elephant is not so big"
Employ To engage or make use of the services "US retailers and restaurants chains Emplear
of (a person) in return for money. that employ millions of low-wage
workers are considering cutting working
hours."
Employees An individual who works part-time or full- "Present in more than 30 countries Empleados
time under a contract of employment, spread over five continents; it currently
whether oral or written, express or has more than 35,000employees."
implied, and has recognized rights and
duties. Also called worker.

Encourage To stimulate by assistance, approval, to "But such monetary largesse stands to Fomentar, favorecer
promote, advance encourage further risk taking by
investors, at a time when there are
concerns of overheating."
Enfeebled To make feeble "But in an economy where monetary Débil
policy is ineffective, both because the
financial system is enfeebled and
intervention rates are close to zero."
Entrepreneurialism A person who organizes and manages "This has nothing to do with a lack of Emprendeduría
any enterprise, especially a business, Europeanentrepreneurialism."
usually withconsiderable initiative and
risk.
Equities In terms of investment strategies, equity "An analyst for JP Morgan where he Valores
(stocks) is one of the principal asset worked on the French equities market
classes. The other two are fixed-income and later as an associate for JP Morgan
(bonds) and cash/cash-equivalents. in London."
These are used in asset allocation
planning to structure a desired risk and
return profile for an investor's portfolio.

Equity Ownership in any asset after all debts "Of the number of companies financed Patrimonio, capital
associated with that asset are paid off. by privateequity, over 45% were initial
For example, a car or house with no investments."
outstanding debt is considered the
owner's equity because he or she can
readily sell the item for cash. Stocks are
equity because they represent
ownership in a company.

Equity financing The process of raising capital through
the sale of shares in an enterprise.
Equity financing essentially refers to the
sale of an ownership interest to raise
funds for business purposes.
Although small in relation to other Financiación de capital
financial markets, the risk capital market
is of unique importance in providing a
source of equity financing for young and
innovative businesses.

Eurobonds A bond issued in a currency other than "initiatives on various fronts; for Eurobonos
the currency of the country or market in example, greater courage to issue
which it is issued. Eurobonds, greater courage for the joint
management of the immigration issue".

Eurocrats A member, esp a senior member, of the "As usual, theEUROCRATS tried to Eurócrata
administration of the European Union. FOOL the financial markets they
disdain."
Eurozone A geographic and economic region that "Anti-EU parties from the left and right Eurozona
consists of all the European Union have gained significant numbers of
countries that have fully incorporated the MEPs across all 28 member states in
euro as their national currency. the wake of the eurozone crisis and
severe financial squeeze".

Evict To expel (a tenant) from property by "Remember that the landlord does not Desalojar, expulsar
process of law; have to give you any notice to evict you
for nonpayment of rent."
Expansion The act of becoming bigger or of making "UK's economic signposts point to a Expansión
something bigger. cooling in pace of expansion."
Expenditure An amount of money that is spent on "The public expenditure on healthcare Gasto
something in the country has come down
considerably in recent years due to
structural adjustment policies which
could result in an increase in
imbalances and inequities between
poor and rich in health outcomes,
according to a recent study."
Export A function of international trade whereby "Canada has plentiful supplies of Exportar
goods produced in one country are softwood lumber and the U.S. is
shipped to another country for future virtually its only export market."
sale or trade.

Faintly Lacking conviction or force; weak, faint. "Smart investors know about all these Débil, ligero, tenue
problems, and are therefore very quick
to sell their holdings in such countries
as soon as things start to look even
faintly dodgy."
Fall To descend suddenly from a higher to a "Despite its dramatic fall from above Caída, declive
lower place. $650 per share to $174.50, shares of
CME may appear artificially expensive,
given the triple-digit price tag."
Falling prices When prices drop and stocks devaluate. "Our economy continues to be Caída de precios, descenso de precios
It may be caused by a recession vigorously challenged by the falling
because of a decline in demand. prices of our exports in the international
market."
Fertile Highly productive; rich; abundant. Which "The internet is fertile ground for Fértil
can produce benefits. marketing fraud because of the
anonymity and the ability to spam
messages into inboxes and across
message boards and blogs".
Figures Amounts expressed numerically. They "If it is a positive figure, it is also called Cifras, gráficos
can also be a representative object or a profit or net gain."
symbol.
Financial assets An asset that derives value because of a "The Regulation permits the fair value Activos financieros
contractual claim. Stocks, bonds, bank option to be applied to financial assets".
deposits, and the like are all examples
of financial assets.
Financial journalist Financial journalism is the branch of "Charles Leadbeater is a financial Periodista financiero
journalism that tracks, records, analyzes journalist turn consultant on economic
and interprets the economic changes innovation".
that take place in a society.
Financial wheeling and dealing Complicated and sometimes dishonest "It's an article about all the wheeling Tejemanejes financieros
agreements in business or politics that and dealing that goes on in financial
people try to achieve in order to make markets".
profits or get advantages.
Fire (Informal) To dismiss from employment "Current law does not allow them to fire Despedir
personnel with seniority, even if they
are not productive."
Fixed-income security An investment that provides a return in "The Group's policy to mitigate its risk Inversión a renta fija
the form of fixed periodic payments and exposure is based on a prudent equity
the eventual return of principal at and fixed-income security investment
maturity. Unlike a variable-income policy. "
security, where payments change based
on some underlying measure such as
short-term interest rates, the payments
of a fixed-income security are known in
advance.
Flat-footed Unprepared. "Many local companies were caught Desprevenido
flat-footed by international competition".

Floating rate notes A debt instrument with a variable "Investment activity included buying Pagaré a tipo variable
interest rate. Also known as a “floater” or certificates of deposit, while the Fund's
“FRN," a floating rate note’s interest rate allocations to floating rate notes (FRNs)
is tied to a benchmark such as the U.S. and commercial paper were reduced."
Treasury bill rate, LIBOR, the fed funds
or the prime rate. Floaters are mainly
issued by financial institutions and
governments, and they typically have a
two- to five-year term to maturity.

Flotation The process of changing a private
company into a public company by
issuing shares and soliciting the public
to purchase them. Flotation allows
companies to obtain financing from
outside the company instead of using
retained earnings to fund a new project
or expansion. The term "flotation" is
commonly used in the United Kingdom;
the term "going public" is more widely
used in the United States.
Flourish To thrive; to prosper. To be at the peak
of a good condition.
Fluctuation Change in a constant position.
Instability; waver or variation.
"Self-governance rules of the company Emisión, flotación
that were approved before the flotation
when the number of shareholders of
A3TV was significantly lower than the
current one."
"This sector can flourish if the global Prosperar
economy continues to surprise
positively".
"Worse, this continuous fluctuation in Fluctuación, variación
prices makes it difficult for individuals to
plan ahead, and this leads to
uncertainty."
Foreign investment Flows of capital from one nation to "Foreign investment in Croatia was Inversión extranjera
another in exchange for significant constitutionally protected and regulated
ownership stakes in domestic under the law on trading companies and
companies or other domestic assets. other provisions."
Typically, foreign investment denotes
that foreigners take a somewhat active
role in management as a part of their
investment. Foreign investment typically
works both ways, especially between
countries of relatively equal economic
stature.
Foreign-exchange reserves Are assets held by central banks and "Foreign exchange reserves were being Reservas de divisas, reservas de
monetary authorities, usually in different built up, so the aid dollars were not moneda extranjera
reserve currencies, mostly the United being used to finance the higher
States dollar, and to a lesser extent the spending."
Euro, the Pound sterling, and the
Japanese yen, and used to back its
liabilities, e.g., the local currency issued,
and the various bank reserves
deposited with the central bank, by the
government or financial institutions.
Frankfurt Dax A stock index that represents 30 of the "Among different European markets, (índie) DAX de Francfort
largest and most liquid German Frankfurt's DAX shot up by 38% after
companies that trade on the Frankfurt more than three years of extensive
Exchange. The prices used to calculate losses. "
the DAX Index come through Xetra, an
electronic trading system. A free-float
methodology is used to calculate the
index weightings along with a measure
of average trading volume.
Funding A reserve of money, etc, set aside for a "They often have inadequate budgets to Financiamiento, financiación
certain purpose. provide these services, and funding
may be reduced by corruption and other
constraints."
Globalization The tendency of investment funds and "It was pointed out that volatile markets Globalización
businesses to move beyond domestic have made it difficult for these countries
and national markets to other markets to benefit from globalization."
around the globe, thereby increasing the
interconnectedness of different markets.
Globalization has had the effect of
markedly increasing not only
international trade, but also cultural
exchange.
Go bankrupt (Of a person or organization) declared in "If the taxes are very high, a lot of Hacer fallida, quiebra
law as unable to pay their debts. people might feel discouraged or could
go bankrupt very quickly."
Go south Change into a worse situation "Faced with an economy which had Empeorar
gone south, Bligh decided to go to the
people in March with the campaign
theme that an experienced…"
Go through the floor
Go through the roof
Going public
Government bonds
Graft
Greenback
Gross domestic product (GDP)
Gross national product (GNP)
Growth stocks
To be in a very bad condition "Immediately, the price fell through the Estar por los suelos
floor."
To be in a very good condition "Oil prices will go through the roof in the Subir por las nubes
followin decades".
The process of selling shares that were "When a company goes public, it is the Pasar a cotizar, salir a bolsa, abrir su
formerly privately held to new investors first time the general public has the capital
for the first time. Otherwise known as an ability to buy shares."
initial public offering (IPO).
A debt security issued by a government "Other risks remain, in particular those Deuda pública
to support government spending, most associated with low government bond
often issued in the country's domestic yields and a weak economic
currency. environment."
Combine or integrate (an idea, system, "The country needs effective systems of Soborno
etc.) with another, typically in a way accountability and control likely to
considered inappropriate reduce graft and financial management
abuses."
A note of U.S. currency. "However, the depreciation of the US Dólar
greenback, which averaged 9% in the
year, cancelled out this improvement."
The monetary value of all the finished "Under this plan, Korea will invest about Producto interior bruto
goods and services produced within a 2 per cent of its gross domestic product
country's borders in a specific time in the field of green growth every year
period, though GDP is usually calculated over the next five years."
on an annual basis. It includes all of
private and public consumption,
government outlays, investments and
exports less imports that occur within a
defined territory.
An economic metric that accounts for "Equitable distribution of the Gross Producto nacional bruto
the effects of inflation in the current National Product (GNP) is one of the
year's gross national product by factors, which can ensure
converting its output to a level relative to development."
a base period.
Shares in a company whose earnings "When markets are rising growth stocks Valores de crecimiento
are expected to grow at an above- tend to do better and when markets are
average rate relative to the market. falling, value stocks tend to come to the
fore."
Haggle When two parties involved in the "Neither do we wish to haggle over the Regatear, negociar (a la baja)
purchase of a good and service financing of multi-annual programmes
negotiate the price until both parties can that have already been approved."
mutual agree on a price. The process of
haggling involves two parties making
offers and counteroffers to each other.
The individual trying to buy the good and
service is trying to pay the least amount
possible, while the seller's primary
objective is to maximize gains.
Have his ducks in a row To be prepared, to have everything well "Van Beurden Now is the plan for Tener todo preparado, tener los
organised in order to do something people who didn't plan for this - we preparativos hechos
make it easy to get all your ducks in a
row."
Hedge A contract entered into or asset held as "A dynamic hedging strategy that Cobertura, protección
a protection against possible financial assesses both the intrinsic value and
loss. time value of an option contract can
qualify for hedge accounting."
Hedge funds A hedge fund is basically a fancy name "Hedge funds have seen their slowest Fondo de cobertura, fondo de inversión
for an investment partnership. It's the start to the year since the financial crisis
marriage of a fund manager, which can in 2008."
often be known as the general partner,
and the investors in the hedge fund,
sometimes known as the limited
partners.

High yield bonds A high paying bond with a lower credit "Our positive view on high yield bonds Bono basura
rating than investment-grade corporate would have been profitable year to
bonds, Treasury bonds and municipal date".
bonds. Because of the higher risk of
default, these bonds pay a higher yield
than investment grade bond. Also know
as junk bonds.

High-frequency trading A program trading platform that uses "Moreover new trading patterns such as Negociación de alta frecuencia,
powerful computers to transact a large short term investing and automated comercio de alta frecuencia
number of orders at very fast speeds. high frequency trading have taken a
High-frequency trading uses complex central role in the global financial
algorithms to analyze multiple markets trends."
and execute orders based on market
conditions. Typically, the traders with the
fastest execution speeds will be more
profitable than traders with slower
execution speeds. As of 2009, it is
estimated more than 50% of exchange
volume comes from high-frequency
trading orders.
High-net-worth investor A high-net-worth investor (HNWI) is a
person with a high net worth. In the
western, and primarily American, private
banking business, these individuals
typically are defined as having
investable finance (financial assets not
including primary residence) in excess
of US$1 million
Hindsight The ability to understand an event or
situation only after it has happened.
"Its core business is the use of life Inversores de alto patrimonio,
assurance as a specialist wealth inversores acaudalados
management structure for high net-
worth investors."
"Certainly, this crisis, in hindsight and A posteriori / en retrospectiva
from a collective viewpoint, may
eventually yield positive results for
societies."

Hire To acquire the temporary use of (a "The tendency of the media owners is to Contratar
thing) or the services of (a person) in hire cheap labour of people with low
exchange for payment. level training or without training at all."
Hoard To gather, to accumulate. Also, an "Established companies may Acaparar, acopiar
accumulated store hidden away for conceivably hoard allowances in order
future use. to increase the difficulty of entering the
market."
Holder A person, such as an owner, who has "The marketing authorisation holder will Tenedor, portador
possession or control of something. be informed of the adopted timetable at
Also, a person who has possession of a the start of the procedure."
bill of exchange, cheque, or promissory
note that he is legally entitled to enforce.
Home buyer A person who buys or expects to buy a "The lender gives the home buyer the Comprador (de la vivienda)
house. money now, and the home buyer
repays the loan over a number of
years."
House price The total price of the dwelling the home "Indeed, further house-price declines Precio de la vivienda
buyer wants to buy. Sometimes this are to be expected."
price also includes the land where the
house is built.
Hryvnia The currency abbreviation for the "Following a sharp depreciation in the Hryvnia
Ukraine hryvnia (UAH), the currency for second half of 1999, the hryvnia has
Ukraine. The Ukraine hryvnia is made been relatively stable in nominal terms
up of 100 kopiyka and is often presented since Spring 2000."
with a symbol based on the cursive
Ukrainian letter "He", which looks like a
"3" with a double horizontal stroke
through the middle. The double strokes
are seen on other currencies such as
the euro and the yen because they
symbolize stability.
Hurdle An obstacle or difficulty to be overcome. "The score for each indicator shall be Obstáculo
within the bounds indicated by the
exclusion hurdle (where one is given)."
IMF International Monetary Fund: An
international organization created for the
purpose of:
1. Promoting global monetary and
exchange stability.
2. Facilitating the expansion and
balanced growth of international trade.
3. Assisting in the establishment of a
multilateral system of payments for
current transactions.
Import A good or service brought into one
country from another.
In hindsight Ability to understand an event or
situation only after it has already
happened.
In tandem Alongside each other.
Inbound Travelling towards a particular point.
Income Money that an individual or business
receives in exchange for providing a
good or service or through investing
capital. Income is consumed to fuel day- households left behind, often exceeding
to-day expenditures.
"The IMF already has answered the Fondo Monetario Internacional (FMI)
calls of Hungary and Ukraine, and
probably will intervene in other cases."
"The exporter was under no obligation Importar
to import goods free of duty which had
to be consumed in the production
process."
"There is no doubt that Europe is A posteriori / en retrospectiva
stepping back, and, very often, this can
be positive in hindsight, as has been the
case over the last six months."
"It will not always be easy to work with Simultáneamente, a la vez
these two different approaches in
tandem, but a balance needs to be
struck."
"The Agreement fixes the terminal dues Entrante
which the parties have to pay each
other on the market for inbound cross-
border mail."
"Furthermore, migrant remittances Ingresos/renta
continued to provide significant
additional income for families and
official development assistance. "
Income stocks An equity security that pays regular, "In like fashion, the revaluations Título de renta alta
often steadily increasing dividends, and generated contributed to increasing the
offers a high yield that may generate the value of managed savings in life
majority of overall returns. While there is insurance and pension plans that have
no specific breakpoint for classification, stakes in variable income stocks."
most income stocks have lower levels of
volatility than the overall stock market,
and offer higher-than-market dividend
yields. Income stocks may have limited
future growth options, thereby requiring
a lower level of ongoing capital
investment. The excess cash flow from
profits can therefore be directed back
toward investors on a regular basis.

Income tax A tax that governments impose on "General reductions of personal income Impuesto a la renta
financial income generated by all entities taxes may contribute to wage
within their jurisdiction. By law, moderation by reducing the tax wedge
businesses and individuals must file an on labour."
income tax return every year to
determine whether they owe any taxes
or are eligible for a tax refund. Income
tax is a key source of funds that the
government uses to fund its activities
and serve the public.
Indebted banking sector When banking sector has contracted a "The inter-bank swap rate should, Sector bancario endeudado
great debt and has become indebted. however, be adjusted in order to reflect
general levels of increased commercial
risk outside the indebted banking
sector."
Index A statistical measure of change in an "It is the objective of the output price Índice
economy or a securities market. In the index to measure the monthly
case of financial markets, an index is an development of transaction prices of
imaginary portfolio of securities economic activities."
representing a particular market or a
portion of it. Each index has its own
calculation methodology and is usually
expressed in terms of a change from a
base value. Thus, the percentage
change is more important than the
actual numeric value.
Indictment A formal written charge of crime "That is a huge indictment of the largest Acusación
formerly referred to and presented on trading block in the world which prides
oath by a grand jury. itself on standing up for those very
values."
Inestability Stock and bond market indexes are "Till the last decade there has been a Inestabilidad
used to construct index mutual funds great political inestability in the country,
and exchange-traded funds (ETFs) but this situation has normalized since
whose portfolios mirror the components then."
of the index.
Inflation The rate at which the general level of "Inflation would then be eased by Inflación
prices for goods and services is rising, pressuring commercial banks into
and, subsequently, purchasing power is buying government bonds and by
falling. attempting to attract money into term
savings accounts."
Insider A director or senior officer of a company, "He has also advised on the Privado (información)
as well as any person or entity that development of insider dealing and
beneficially owns more than 10% of a market manipulation legislation and
company's voting shares. For purposes banking business codes of practice".
of insider trading, the definition is
expanded to include anyone who trades
a company's shares based on material
non-public knowledge. Insiders have to
comply with strict disclosure
requirements with regard to the sale or
purchase of the shares of their
company.
Insolvency When an individual or organization can "The interest was secured and in any Insolvencia
no longer meet its financial obligations case regularly paid until the insolvency
with its lender or lenders as debts proceedings."
become due. Insolvency can lead to
insolvency proceedings, in which legal
action will be taken against the insolvent
entity, and assets may be liquidated to
pay off outstanding debts.

Insolvent Person or company which has "In line with the US model, these new Insolvente
insufficient assets to meet debts and laws shield the economic activities of
liabilities or is bankrupt. the insolvent company against its
creditors, including the State aid
recovery claims. "
Institutional investor A non-bank person or organization that "Many of those hedge funds and their Inversor institucional
trades securities in large enough share wealthy private or institutional investors
quantities or dollar amounts that they may have incurred losses - some heavy
qualify for preferential treatment and - in recent months."
lower commissions. Institutional
investors face fewer protective
regulations because it is assumed that
they are more knowledgeable and better
able to protect themselves.
Instrument A financial asset that can be bought or "This will still leave sufficient funds in Instrumento financiero
sold, such as a bond, share, or other low-risk instruments such as the debt
security . market."
Insurance A contract (policy) in which an individual
or entity receives financial protection or
reimbursement against losses from an
insurance company. The company pools
clients' risks to make payments more
affordable for the insured.
Interest rates The amount charged, expressed as a
percentage of principal, by a lender to a
borrower for the use of assets. Interest
rates are typically noted on an annual
basis, known as the annual percentage
rate (APR).
"If insurance cannot be taken out to Seguro
cover such circumstances, then the risk
in granting a licence is too great."
"Initially, this raised interest rates for Tipo de interés, tasa de interés
everyone, and the states' interest
burden shot up to unprecedented
levels, creating serious fiscal problems.
"

Inventory he raw materials, work-in-process goods "The values of activities gathered in the Inventario, existencias
and completely finished goods that are updating of the emissions inventory
considered to be the portion of a have different degrees of uncertainty."
business's assets that are ready or will
be ready for sale.

Investment An asset or item that is purchased with "The business environment is Inversión
the hope that it will generate income or inadequate and offers little to
appreciate in the future. In an economic encourage investment".
sense, an investment is the purchase of
goods that are not consumed today but
are used in the future to create wealth.

Investment bank A financial intermediary that performs a "The European Investment Bank should Banco de inversiones/negocios
variety of services. Investment banks also participate in financing".
specialize in large and complex financial
transactions such as underwriting,
acting as an intermediary between a
securities issuer and the investing
public, facilitating mergers and other
corporate reorganizations, and acting as
a broker and/or financial adviser for
institutional clients.

Investors Any person who commits capital with "This allowed foreign investors to fast Inversores
the expectation of financial returns. rack commitments and obtain better
Investors utilize investments in order to conditions."
grow their money and/or provide an
income during retirement, such as with
an annuity.

Issue bonds bonds sold by a corporation or "As we have said, the decision to issue Emitir bonos
government agency at a particular time bonds was part of a balanced financing
and identifiable by date of maturity plan which uses multiple sources."
Issue securities Securities sold by a corporation or
government.
Issuing bonds The action of a corporation or
government selling bonds.
Jobseekers A person who is unemployed and
looking for work.
Jump To rise or cause to rise suddenly or
abruptly.
Junk bonds A colloquial term for a high-yield or non- "The manager reserves the right to
investment grade bond. Junk bonds are invest up to 10% of the net assets in
fixed-income instruments that carry a
rating of 'BB' or lower by Standard &
Poor's, or 'Ba' or below by Moody's.
Junk bonds are so called because of
their higher default risk in relation to
investment-grade bonds.
Labor market The nominal market in which workers
find paying work, employers find willing market gain strength in the months
workers, and wage rates are
determined.
Landlord A person or organization that owns a
building or an area of land and is paid
by other people for the use of it.
Lay off To dismiss from employment
Lead up Something that comes before or
prepares for something else
Leap Jump, go abruptly from a place to
another
Legitimacy Conformity to the law or to rules.
"Offshore establishments whose sole Emisión de valores
business is to issue securities".
"Many companies are issuing bonds in Emisión de bonos
order to raise fresh capital".
"The objective of Making work pay" Buscador de empleo
should be pursued both from the point
of view of the jobseeker and from that of
the employer."
"Jump starting the region's economy to Salto
propel it from a slow, erratic path of
growth to a higher sustainable path."
Bono basura
junk bonds on an ancillary basis."
"In fact, we expect to see the labor Mercado laboral
ahead."
“it is illegal for you as a landlord to enter Terrateniente/arrendador
your own property without prior
agreement from your tenant”.
"Consequently, it may see its Despedir (a un empleado)
Community sales of the product
concerned decreased and may
allegedly even be forced to lay off
employees."
"Given the lack of information within civil Periodo previo, semanas anteriores
society, this situation put a great strain
on parties during the negotiations and in
the lead-up to the elections in October
2006."
"given these sudden changes, to take Saltar
the necessary precautions when it
comes to making the leap from one
system to another. "
"I fear that Europe could be facing a Legitimidad
crisis of legitimacy. "
Lend Allow (a person or organization) the use "Secondly, the amount that the banks Prestar, hacer un préstamo
of (a sum of money) under an can lend depends on their own funds
agreement to pay it back later, typically and assets."
with interest.

Lending facility A mechanism that central banks use "This includes the possibility of Entidad de préstamo
when lending funds to primary dealers. developing a European student lending
Lending facilities provide financial facility in cooperation with the European
institutions with access to funds in order Investment Bank."
to satisfy reserve requirements using the
overnight lending market.
Liability A company's legal debts or obligations "The term liability should be constructed Pasivo, deuda, obligación
that arise during the course of business so as to include either criminal or civil
operations. Liabilities are settled over liability."
time through the transfer of economic
benefits including money, goods or
services.
Liquidity The degree to which an asset or security "Poor liquidity management by the Liquidez
can be bought or sold in the market National Bank has been an additional
without affecting the asset's price. source of inflation."
Liquidity is characterized by a high level
of trading activity. Assets that can be
easily bought or sold are known as liquid
assets.

Loan Written or oral agreement for a "The expiry phase of a loan describes Préstamo
temporary transfer of a property (usually the last period in the life cycle of a
cash) from its owner (the lender) to a loan".
borrower who promises to return it
according to the terms of the agreement,
usually with interest for its use.

Long-term funds Money that has been borrowed for a "The composition of the portfolio is Fondos de largo plazo
period of ten years. consistent with those of other large
multi-national companies that manage
long-term funds."
Low income Not having or earning much money. "The central heating system would be Bajos ingresos
mainly used by blocks of flats, where
low-income families live."
Low inflation Low Inflation is a phenomenon when the "The country also enjoys a low budget Baja inflación
prices of goods and services do not deficit, low inflation, and a stable
increase rapidly. currency".
Market research The process of assessing the viability of "When a few years ago, the company Investigación de mercados
a new product or service through decided to break into the pisco market,
techniques such as surveys, product the move followed a year of market
testing and focus groups. Market research"
research allows a company to discover
who their target market is and what
these consumers think about a product
or service before it becomes available to
the public. Market research may be
conducted by the company itself or by a
third-party company that specializes in
market research. Test subjects are
usually compensated with product
samples and/or paid a small stipend for
their time.
Market value The price an asset would fetch in the "The market value of the shares shall Valor de mercado
marketplace. be assessed by an independent expert".
Market-maker A broker-dealer firm that accepts the risk "A new definition on market maker" Creador de mercado
of holding a certain number of shares of (article 4.1.8) has been introduced as it
a particular security in order to facilitate was considered necessary for the
trading in that security. Each market correct delimitation of the exemptions.""
maker competes for customer order flow
by displaying buy and sell quotations for
a guaranteed number of shares. Once
an order is received, the market maker
immediately sells from its own inventory
or seeks an offsetting order. This
process takes place in mere seconds.
Maturity The period of time for which a financial "The appropriate legal basis for maturity Vencimiento
instrument remains outstanding. and currency restructuring of existing
Maturity refers to a finite time period at debt will be strengthened. "
the end of which the financial instrument
will cease to exist and the principal is
repaid with interest.
Maturity date The date on which the principal amount "The bill of exchange liability is Fecha de vencimiento
of a note, draft, acceptance bond or canceled only if the maturity date
other debt instrument becomes due and including the presentation period for
is repaid to the investor and interest protesting has expired."
payments stop. It is also the termination
or due date on which an installment loan
must be paid in full.

Menacing Something menacing; a source of
danger
Mergers The combination of two or more
companies, either by the creation of a
new organization or by absorption by
one of the others
"Such institutions, be they good or bad, Amenazador
always contain a menace of oppression
for the person."
"What needs to be made clear is that Fusión, consolidación
mergers are legal, whereas cartels are
not".
Mess with To interfere; meddle "This text drives the message home to Tratar con, hacer chanchullos
industry: you do not mess with public
money".
Middle-skilled jobs Jobs which don't require specialised "While the quality of first jobs is Trabajos de dificultad media
workers. relatively low, upward mobility is higher
and applies to both medium as well as
middle-skilled jobs."
Middleman A person who buys goods from the "A new solution for middlemen who Intermediario
company that has produced them and need to pay their supplier before being
makes a profit by selling them to a shop paid by their client is being launched."
or a user.

Monetary agreement Attempt by two (bilateral) or more "The Monetary Agreement with the Acuerdo monetario
(multilateral) nations to regulate and Principality of Monaco comprises the
coordinate their financial relations by biggest number of obligations."
treaty. The objectives are usually to
promote trade by facilitating payment of
international debts and to maintain in
each nation a stable exchange rate by
making available credits to meet
temporary difficulties with balance of
payments.

Monetary policy The actions of a central bank, currency "The Bank's monetary policy objective Política monetaria
board or other regulatory committee that is to deliver price stability."
determine the size and rate of growth of
the money supply, which in turn affects
interest rates.

Money market A segment of the financial market in "In 1997 domestic non-banks further Mercado monetario
which financial instruments with high reduced their cross-border deposits and
liquidity and very short maturities are ran down their portfolios of money
traded. The money market is used by market certificates."
participants as a means for borrowing
and lending in the short term, from
several days to just under a year. Money
market securities consist of negotiable
certificates of deposit (CDs), bankers
acceptances, U.S. Treasury bills,
commercial paper, municipal notes,
federal funds and repurchase
agreements (repos).
Money supply The entire stock of currency and other "Even more shocking is the discovery of Oferta monetaria
liquid instruments in a country's the interdependency between the
economy as of a particular time. The terror/illegal economy and the US
money supply can include cash, coins money supply."
and balances held in checking and
savings accounts. Economists analyze
the money supply and develop policies
revolving around it through controlling
interest rates and increasing or
decreasing the amount of money flowing
in the economy. Money supply data is
collected, recorded and published
periodically, typically by the country's
government or central bank. Public and
private sector analysis is performed
because of the money supply's possible
impacts on price level, inflation and the
business cycle. In the United States, the
Federal Reserve policy is the most
important deciding factor in the money
supply.
Mortgage A debt instrument, secured by the "The mortgage becomes a stock which Hipoteca
collateral of specified real estate is bought and sold on the market, he
property, that the borrower is obliged to continues, without the homeowner
pay back with a predetermined set of knowing about it."
payments. Mortgages are used by
individuals and businesses to make
large real estate purchases without
paying the entire value of the purchase
up front. Over a period of many years,
the borrower repays the loan, plus
interest, until he/she eventually owns the
property free and clear. Mortgages are
also known as "liens against property" or
"claims on property." If the borrower
stops paying the mortgage, the bank
can foreclose.
Mortgage-backed securities (MBSs) "A mortgage-backed security (MBS) is a "Demand remained strong for Títulos respaldados por hipotecas
type of asset-backed security that is mortgage-backed securities, and soon
secured by a mortgage, or more subprime mortgages, credit default
commonly a collection ("pool") of swaps, and other exotic collateral."
sometimes hundreds of mortgages"
Motto A short sentence or phrase chosen as "However, our Green motto is: trade, Lema
encapsulating the beliefs or ideals of an aid and firm agreements
individual, family, or institution. simultaneously."
No strings attached Used to show that an offer or "Request us an offer with no strings Sin compromiso
opportunity carries no special conditions attached."
or restrictions.
Nudge To push slowly or lightly It's a nudge in what we believe to be the Un empujón
right direction.
Numbing Deprived of the power to feel or move "The most widespread is the numbing of Entumecedor
normally. the human brain in the name of
business."

Off-shore Made, situated, or registered abroad, "Amendment No 6 relates to the Sector externo
especially in order to take advantage of reference period for calculating weekly
lower taxes or costs or less stringent working hours in the off-shore sector."
regulation
Offer When one party expresses interest to "The other exporting producer which Oferta
buy or sell an asset from another party. received market economy treatment,
withdrew its offer subsequently."
Ordinary shares A share of a company providing the "Therefore, such shares are dilutive and Acción ordinaria
owner with a right to vote at shareholder
are added to the number of ordinary
meetings and to receive a part of the shares outstanding in the calculation of
company profits as a dividend. diluted earnings per share."
Outbound Travelling away from a particular point
"The path of the outbound traffic can to Salida
some extent be influenced so that
passing over a degraded network is
avoided."
Outfox Defeat (someone) by being more clever "Insects can outfox anything we throw Pueden ser más astutos
or cunning than them at them."
Output The amount of energy, work, goods, or "They would not have to commit Producción, salida
services produced by a machine, themselves to limiting output and would
factory, company, or an individual in a retain their right to expand."
period.
Outsource To buy in (components for a product) "Decisions about which functions to Externalizar
rather than manufacture them. outsource can vary over time."
Over-leveraging (Of a company) having taken on too "This gives you more staying power in Sin exponer a riesgos
much debt. the market, and the ability to take
advantage of multiple opportunities
without over-leveraging your account."
Over-subscribed (Of something for sale) applied for in "The transaction attracted strong Sobre suscribirse
greater quantities than are available. demand from investors from all over the
world and was over-subscribed by
approximately 5 times the amount
issued."
Partnership A contractual relationship between two "They will not be an integral part of this Sociedad, asociación
or more persons carrying on a joint partnership, but the priorities they
business venture with a view to profit, contain will be compatible with it."
each incurring liability for losses and the
right to share in the profits.
Payback The profit received from an investment "For customers the average payback Retorno, beneficio de una inversión,
or the time that it takes to receive the time is 4 years for the initiatives and the devolución
same amount that was invested. net value in the lifetime of the savings
is".
Payoff Money received from a business "The deal is forecast to produce a pay- Beneficio, resultado
arrangement or an investment. off of $160,000."
Peak The highest point between the end of an "UK economy to hit pre-recession peak Punto álgido
economic expansion and the start of a by summer, BCC says."
contraction in a business cycle. The
peak of the cycle refers to the last month
before several key economic indicators,
such as employment and new housing
starts, begin to fall
Period of contraction A phase of the business cycle in which "By July, the U.S. market was in its Periodo de contracción
the economy as a whole is in decline. twentieth month of recession - the
More specifically, contraction occurs longest period of economiccontraction
after the business cycle peaks, but since the Great Depression -."
before it becomes a trough. According to
most economists, a contraction is said to
occur when a country's real GDP has
declined for two or more consecutive
quarters.
Period of expansion The phase of the business cycle when "In 2006, the region will be completing a Periodo de expansión
the economy moves from a trough to a period of expansion lasting four
peak. It is a period when business consecutive years."
activity surges and gross domestic
product expands until it reaches a peak.

Peter out To gradually stop or disappear.
Plummet To go down in amount or value very
quickly and suddenly.
Plunge To go down in amount or value very
quickly and suddenly.
Policy An agreement with an insurance
company that it will provide insurance
for you against particular risks, or the
document showing this.
Policy maker Someone who decides new policies for "He is an experienced and successful
a government, political party, etc.
"Prices take no account of the structural Desaparecer.
changes that happen when resources
peter out."
"This is about people for whom, Caer en picado
certainly when prices plummet, sugar
exports are of vital importance. "
"A power vacuum in Gaza after the end Hundirse
of hostilities will further plunge the
civilian population into misery. "
"A consumer pays with an insurance Política, póliza
policy the service by the insurance
company of redistributing the risk. "
Legislador
economic policy-maker and strategic
thinker.""
Pooling The act of sharing or combining two or "After discussions among the partners, Recoger, recaudar
more things. agreement on objectives and pooling of
resources, it is possible that funding, at
least for one or more pilot projects, can
be found. "
Populism A political strategy based on a "This is the power of enlargement, and Populismo
calculated appeal to the interests or we must see the bigger picture and not
prejudices of ordinary people. indulge in populism."
Pound Monetary unit "Part of this increase can be attributed Libra
to exchange rate movements between
the euro and the pound sterling."
Preference shares Company stock with dividends that are "As a result, preference shares fell to Acciones preferentes
paid to shareholders before common 25.4% of core equity at 31-Dec-05, 1
stock dividends are paid out. percentage point less than a year
earlier."
Preferred stock A class of ownership in a corporation "In October 2003, CEMEX repurchased Acciones preferentes
that has a higher claim on the assets the remaining balance of preferred
and earnings than common stock. stock of U.S.$650 million ($7,761.9),
Preferred stock generally has a dividend which was to mature in February and
that must be paid out before dividends August 2004."
to common stockholders and the shares
usually do not have voting rights.

Prime rate The interest rate that commercial banks "The interest rates are floating at prime Tipo de interés preferencial
charge their most credit-worthy rate plus spread composed of risk
customers. Generally a bank's best premium and term charge."
customers consist of large corporations.
The prime interest rate, or prime lending
rate, is largely determined by the federal
funds rate, which is the overnight rate
which banks lend to one another. The
prime rate is also important for retail
customers, as the prime rate directly
affects the lending rates which are
available for mortgage, small business
and personal loans.

Profit A financial benefit that is realized when "It is the tax in relation to the difference Beneficio, ganancia
the amount of revenue gained from a of the value added by the transferor and
business activity exceeds the expenses, not just a profit."
costs and taxes needed to sustain the
activity.
Profligate Recklessly extravagant or wasteful in "In Russia they are profligate Derrochador
the use of resources consumers of energy."
Prop up (the economy) Support or assist someone or something "The government spent £3 billion in an Apoyar
that would otherwise fail or decline attempt to prop up the pound."

Propel Drive or push something forwards "You must ensure that the EU can Fomentar.
continue to play a leading role and you
must propel international work on
climate change in the direction of
achieving positive results. "
Property A thing or things belonging to someone; "There are, however, significant Propiedad
possessions collectively differences in the way these two
considerations apply to tangible and
intangible property. "
Proprietary trading occurs when a firm trades stocks, "Market risk (3.8%) is the smallest Negociación por cuenta propia.
bonds, currencies, commodities, their percentage of total risk, given the
derivatives, or other financial nature of the business and BBVA policy
instruments, with the firm's own money of scarcely any proprietary trading."
as opposed to its customers' money, so
as to make a profit for itself.
Pundits A person that publicly expresses their "Society, then the community must help Expertos.
opinions or comments on a topic on to address them through the joint efforts
which they consider themselves an of parents, employers, politicians and
expert. The term "pundit" can be used to pundits."
describe someone that is actually an
expert in a field, and can also be used in
a negative sense to classify someone
who has definite opinions, but does not
have the expertise to back them up. It is
used to describe recognized authorities
and, increasingly, to describe TV and
radio hosts that are seen to be louder
than they are learned.

Purchase Acquire (something) by paying for it; buy "By a member in installments during the Compra
period beginning three years and
ending five years after the date of a
purchase. "
Put down To dismiss, reject, or humiliate "The increase in emissions over 2008 Descartar, desestimar.
can be put down to the higher number
of companies included within our scope
of consolidation, coupled with the
decision to implement methods for
calculating direct and indirect emissions
throughout all companies."
Quantitative easing the practice of increasing the supply of
money in order to stimulate economic
activity
Raise Lift or move to a higher position or level "The truth is the greatest problem is a
Random walk The theory that stock price changes
have the same distribution and are
independent of each other, so the past procedure, a method of selecting a
movement or trend of a stock price or
market cannot be used to predict its
future movement.
Rates A measure, quantity, or frequency,
typically one measured against another
quantity or measure
Rebound Recover in value, amount, or strength
after a decrease or decline
Receive Be given, presented with, or paid
(something)
Recession Period of general economic decline,
defined usually as a contraction in the
GDP for six months (two consecutive
quarters) or longer. Marked by high
unemployment, stagnant wages, and fall
in retail sales, a recession generally
does not last longer than one year and
is much milder than a depression.
Recovery Phase in an economic cycle where
employment and output begin to rise to
their normal levels after a recession or
slump.
Recruit Enrol (someone) as a member or worker "This identified the need to recruit an
in an organization or as a supporter of a additional staff member with some
cause
"The Bank of Japan will keep interest Expansión cuantitativa.
rates close to 0.0% and continue to
implement its program of quantitative
easing. "
Subir.
political one: they do not want to tax
capital, but raise personal taxation
instead. "
"The European surveys on working Teoria del camino aleatorio.
conditions use the random walk
random sample in door-to-door
surveys."
"This is evident in enrollment rates, Tasas.
repetition and completion rates and
learning and achievement."
"company is small when compared to Recuperación.
what will be produced on the rebound in
all the auxiliary industries and the
services sector. "
"revenue from the offshore resources Recibir.
the provinces could receive before the
resumption of the clawback under the
equalization principle. "
"Directors commended the authorities' Recesión.
policy response to the global recession.
"
"From a substantive viewpoint, the Recuperación
convention breaks new ground with its
provision on prevention and asset
recovery."
Reclutar, contratar.
professional expertise in investigations."
Redeem Compensate for the faults or bad "Europe has no need to redeem itself Redimirse.
aspects of: with respect to others insofar as its
migratory policies are concerned."
Refocusing Focus (attention or resources) on "They represent a concrete step in the Reajuste.
something new or different process of refocusing and embracing
the Lisbon strategy. "
Reforms The action or process of reforming an "Regulatory reforms will be fundamental Reformas.
institution or practice in order to reflect a more equitable
distribution of environmental and natural
resource "
Rent A tenant’s regular payment to a landlord "Monthly rent expense of $55 is payable Alquiler.
for the use of property or land to Blue Pacific under this agreement. "
Report An account given of a particular matter, "In 2006 a draft report was prepared for Informe
especially in the form of an official the Special Rapporteur on violence
document, after thorough investigation against women, its causes and
or consideration by an appointed person consequences of [...]"
or body

Repossess Retake possession of (something) when "The involvement of a court is Recuperar.

a buyer defaults on payments necessary to check whether it is
appropriate to repossess goods that
have been financed when the consumer
has shown willingness to repay. "
Reserve Bank A central bank that holds the reserves of "In fact, the Reserve Bank has on Banco de reserva.
other banks. several occasions threatened to
prosecute banks trading on the black
market. "
Restriction A limiting condition or measure, "In the absence of any exogenous Restricción, limitación.
especially a legal one reference framework, this restriction is
not justified by the nature and general
scheme of the system under review. "
Retail sales Selling products in small amounts or at a "This is an attractive option which Ventas al por menor.
retail price avoids packaging and distribution
arrangements and costs associated
with retail sales. "
Retain Continue to have (something); keep "It costs much more to try to acquire a Mantener, retener.
possession of new customer than to retain an existing
one. "
Retained earnings The percentage of net earnings not paid "Retained earnings are the best form of Beneficio retenido, ganancias retenidas
out as dividends, but retained by the financing growth and investment. "
company to be reinvested in its core
business or to pay debt. It is recorded
under shareholders' equity on the
balance sheet.

Revive Improve the position or condition of "Nonetheless, the mine has undertaken Revivir.
a major organisational restructure to
revive output to desirable levels."
Rise in value When the estimated or appraised worth
of any object or property, calculated in
money, is higher than before.
Run on empty To be at a level of energy, creativity, etc.
that is inadequate to sustain worthwhile
activity or achievement.
"offered on the US market, there is also Aumentar de valor.
the incentive represented by investment
in currencies tending to rise in value."
"The impression is given of a European Vaciarse/ quedarse sin existencias o
system running on empty, within which fuerzas
Member States no longer have anything
but headline aims."

Run out of Use up one’s supply of something "As we go to press, estimates of Quedarse sin, terminar.
California's budget deficit continue to
grow, and the state is about to run out
of cash. "
Run through o exhaust (money) by wasteful spending "First, plants are refined for material Derrochar (dinero, materias)
usage and the material is then
permitted to run through the materials
cycle several times before being used
to generate heat and energy. "
Run up to (election) The period preceding the elections. "Likewise during the run up to election, Presentarse a las elecciones.
Governments and opposing political
parties wishing to capture the
conservative vote"
Run up A preliminary or preparatory period. "It now needs to regain its influence in Periodo previo a las elecciones.
the run up to the 2011 election. "
Sack Dismissal from employment "They were given the sack, and he no Despido
longer works"
Safe debts It's a debt that can be paid easily and "play a role in supporting the Deuda segura.
comfortably. development of a market for safe debt
instruments, both through policy advice
and by promoting [...]
Sales The activity or business of selling "Shame on us for allowing the sale of Ventas
products arms and weapons to the Great Lakes
region. "
Saving An economy of or reduction in money, "Energy taxes and energy saving Ahorrar
time, or another resource information campaigns can be taken
into account provided their impacts are
also measurable and verifiable. "
Scattered To cause to separate and go in different "An industry that has scattered financial Aislado/ disperso
directions. support from banks has forced the
Directors to implement action to protect
its key operations and customers."

Scorn Contempt or disdain felt toward a person "One of the problems of the secular Desdén
or object considered despicable or state is that respect has sometimes
unworthy. given way to indifference towards faith
groups and occasionally even to scorn."
Scrip issue An offer of free additional shares to
existing shareholders. A company may
decide to distribute further shares as an
alternative to increasing the dividend
payout.
Secondary market A market where investors purchase
securities or assets from other investors,
rather than from issuing companies
themselves. The national exchanges -
such as the New York Stock Exchange
and the NASDAQ are secondary
markets.
Securities A financial instrument that represents:
an ownership position in a publicly-
traded corporation (stock), a creditor
relationship with governmental body or a
corporation (bond), or rights to
ownership as represented by an option.
Securitization The process through which an issuer
creates a financial instrument by
combining other financial assets and
then marketing different tiers of the
repackaged instruments to investors.
The process can encompass any type of
financial asset and promotes liquidity in
the marketplace.
See off Accompany a person who is leaving to
their point of departure
Seed funding Comparatively small amount of capital
contributed in the very beginning by a
firm's founder(s).
Self-employed An individual who operates a business
or profession as a sole proprietor,
partner in a partnership, independent
contractor, or consultant
Sell The process of liquidating an asset in
exchange for cash. The term "sell"
generally refers to the act of exiting a
long position in an asset or security.
"at its disposal, and the mutual Ampliación de capital.
insurance companies, contrary to the
public limited companies, cannot raise
equity capital through a scrip issue."
"limit the impact of the auctions on the Mercado secundario
functioning of the secondary market,
whilst ensuring that auctions are large
enough to attract sufficient
participation."
"Changes in the fair value of Valores bursátiles
instruments classified as trading
securities are recognized in results of
operations."
"Development of securitization and Titulación
hybrid debt, along with stock buyback
practices,"
"Because of your commitment, we have Despedir
been able to see off the attack the
Council and Commission were making
on the fundamental".
"Although this multilateral project does Financiación.
not fall in category A, it can be provided
with seed funding so that the project
can begin, and the search for additional
funding and in-kind support started."
"The government also intends to Autónomo, por cuenta propia
provide maternity, paternity, sickness
and compassionate care benefits to
self-employed people who are out of
work."
"With just a few clicks you can advertise Vender
and sell directly via our website. "
Share A unit of ownership interest in a "The number of shares designated for Acción
corporation or financial asset. While use in the plans is not significant
owning shares in a business does not compared to the shares outstanding for
mean that the shareholder has direct the periods presented. "
control over the business's day-to-day
operations, being a shareholder does
entitle the possessor to an equal
distribution in any profits, if any are
declared in the form of dividends.
Shareholders Any person, company or other institution "A protection of the interests of the Accionista
that owns at least one share of a shareholders in rounds of additional
company’s stock. Shareholders are a financing in the company."
company's owners.

Shares A unit of ownership interest in a "Capital increase. 3,000,000 new Acciones

corporation or financial asset. shares were issued with a par value of
0.28 per share and a final price of 60.50
per share".

Short-term capital Liquid funds or assets that can be "It is not only short-term capital Capital a corto plazo.
turned into liquid funds within less than a speculation on the financial markets
one year period. The amount of short- that represents an enormous material,
term capital that a business has social and human [...]. "
available to it typically determines how
much it can afford to devote to its
operating expenses and will often affect
its growth rate.

Shot up Rise suddenly "It was not the IEA's task to intervene Aumento súbito.
when prices shot up since this is not its
role. "
Shrink To make (something) smaller in amount, "The Greek economy will shrink further Retroceder,reducir.
size, or value. next year and may need more financial
help."
Sink Cause to fail "The World Bank maintains that the Hundirse.
world economy is facing a dangerous
year and that it could sink even deeper
into recession".
Slide Change gradually to a worse condition "expense of a significant deterioration in Desajuste.
or lower level its current account deficit, mainly due to
the slide in the Federal budget balance.
"
Slip back Fall back into. "This attention serves to reduce the risk Recaer.
that those fragile countries will slip back
into armed violence. "
Slump A slang term denoting a period of poor
performance or inactivity in an economy,
market or industry. In economic terms, a
slump specifically refers to a recession,
signaling a slow down of business
activity.
Smuggle To take things or people to or from a
place secretly and often illegally.
Soar Increase rapidly above the usual level
Spare Additional to what is required for
ordinary use.
Speculation The act of trading in an asset, or
conducting a financial transaction, that
has a significant risk of losing most or all
of the initial outlay, in expectation of a
substantial gain.
Spending Pay out (money) in buying or hiring
goods or services.
Spike (sudden increase) A sharp increase in the magnitude or
concentration of something
Spread 1. The difference between the bid and "It should therefore be borne in mind
the ask price of a security or asset.
2. An options position established by
purchasing one option and selling
another option of the same class but of
a different series.
Stage a comeback return, revival
"In the first world war, a global slump in Depresión
the luxury car market led to the car
maker joining forces with the Dutch
Aircraft "
“Father jailed after helping to smuggle Contrabandear
20 illegal immigrants into the UK."
"Policies and procedures among Aumentar, remontar
member States, the number of asylum
applications in Europe is not expected
to soar again to the levels attained
around 2000. "
"It is crucial that we spare no effort in De más, sobrante.
making this a success. "
"The minister emphasized this does not Especulación
justify speculation in vehicle sales. "
"Moreover, countries which are praised Gasto
for their successful flexicurity strategies
also have higher than average levels of
government spending. "
"The cities could also use attention; Aumento brusco
2010 saw the biggest spike in urban
terrorist attacks since the war next door
in Afghanistan started. "
Diferencial, margen
that these national averages can
conceal a broad spread of data at the
level of undertakings or even of
production units. "
"the cannabis consumed in the United Defenderse
States [114], but by the mid-1980s
Mexico was already beginning to stage
a comeback. "
Stags A slang term for short-term speculator. A "The stag hopes that the price will rise Especulador a corto plazo
stag would be equivalent to a day trader high enough in early trading to allow a
who attempts to profit off short-term quick profit to be made."
market moves by quickly moving in and
out of positions. Day traders, or stags,
typically require access to a lot of liquid
capital in order to fund their positions,
since they may be attempting to gain
returns on very small price movements.

Stand up for itself Speak or act in support of "anything it is for failing to do its own Defenderse
public relations work, to stand up for
itself and to stand up to the national
governments when they are in breach
of the regulations".
Sterling British money "Through our Department for Libra esterlina
International Development, Britain
contributes £4 million sterling each year
to important projects throughout the
country."
Stimulate Encourage development of or increased "They will help to stimulate employment, Estimular
activity in (a state or process). investment and productivity in the short
to medium term - not only in specific
sectors".
Stock indexes Statistical indicator used in "Prices of banking stocks leaped Índice bursátil
measurement and reporting of changes upward along with an across-the-board
in the market value of a group of surge in share prices on major U.S.
stocks/shares. stock indexes."
Stock market A place where shares are bought and "In particular, the relatively high stock Mercado bursátil
sold. market capitalization in developing and
transition economies has not always
improved access to[...]".
Stockholders A person who owns shares in a "A negative decision would be subject Accionista
business company. to judicial challenge by any affected
stockholder, and a court would
ultimately determine the necessity for a
class vote. "

Stocks The outstanding capital of a company or "The stocks have risen after the Acciones
corporation. The shares of a particular amazing news."
company or corporation.
Subprime Used to describe the practice of lending "Both groups widely consulted Tipo de interés para prestamos de alto
money, especially to buy a house, to stakeholders notably on the role of riesgo
people who may not be able to pay it structured finance in the subprime
back. turmoil."
Subprime mortgages The shares of a particular company or "Demand remained strong for Hipotecas de alto riesgo
corporation. mortgage-backed securities, and soon
subprime mortgages, credit default
swaps, and other exotic collateral based
on derivatives became part of the asset
backing. "
Suffer a small setback Suffer A reversal or check in progress. "Europe is in the doldrums: its Sufrir un contratiempo
Constitution has suffered a setback, its
budget in stalemate, its economy
stagnating."
Supply A fundamental economic concept that "Nor is there any country where the Existencias, suministros
describes the total amount of a specific interest rate is determined by the supply
good or service that is available to of financial savings (let alone real
consumers. savings). "
Surge A sudden large increase, typically a brief "This prompted a surge in sustainable Aumentar repentinamente
one that happens during an otherwise development activity in all regions of the
stable or quiescent period. world. "
Surplus The amount of an asset or resource that "If revenues are greater than expenses, Superávit, excedente
exceeds the portion that is utilized. A there is a budget surplus. "
surplus is used to describe many excess
assets including income, profits, capital
and goods.
Swot (Marketing) strengths, weaknesses, "The SWOT analysis is normally FODA: Fortaleza, Oportunidades,
opportunities, and threats: an analysis of presented as a grid, comprising four Debilidades y Amenazas.
a product made before it is marketed. sections, one for each of the SWOT
headings: Strengths, Weaknesses,
Opportunities, and Threats".
Take a beating Suffer damage or hurt "(the Serb economy) will take a beating, Ser criticado, herido.
it will be more difficult for us in Kosovo,
and it will increase strains in Bosnia. "

Take a knock A discouraging experience; a setback
Take a tumble A sudden or headlong fall
Take comfort from The easing or alleviation of a person’s
feelings of grief or distress
"Bilateral trade is, however, likely to Revés, contratiempo.
take a knock as international growth
slows and the U.S. probably goes into
recession. "
"At the end of the July, markets in China Caída
took a sudden tumble when rumours
began to spread about the possibility of
fiscal tightening being implemented."
"Perhaps colleagues should take Consolarse, reconfortarse.
comfort from the Labour minister who
says that windfall taxes are not on the
agenda. "
Take off (Of an enterprise) become successful or "They made important contributions to Despegue (económico)
popular China's trade and development,
especially in the early years of China's
economic take-off. "
Take on (employ) Hire an employee "If a company is to grow from the Contratar
founder's one-person business, it has to
take on employees"
Takeovers When an acquiring company makes a In the case of takeovers, assets for the Absorción, adquisición
bid for a target company. If the takeover acquisition of which aid has already
goes through, the acquiring company been granted prior to the purchase shall
becomes responsible for all of the target be deducted. ""
company’s operations, holdings and
debt.
Talk up Discuss someone or something in a way "Madam President, Commissioners, I Inflar el valor de
that makes them seem more (or less) will avoid polite flowery phrases, for you
interesting or attractive. cannot talk up the outcome of Doha in
such a way as to paper over the
absence [...] "
Target Objective, goal. "This target was reached just eight Objetivo, target
weeks after the launch of the campaign.
"
Tax A compulsory contribution to state "Then, there is the argument according Impuesto, tributo, gravamen,
revenue, levied by the government on to which a sector should be exempt contribución
workers' income and business profits or from tax on the grounds that it is
added to the cost of some goods, experiencing rapid growth. "
services, and transactions.
Tax deductible A deduction from gross income that "In addition, in certain Member States, Impuesto deducible
arises due to various types of expenses penalties incurred by businesses when
incurred by a taxpayer. they exceed their emission quota are
tax-deductible. "
Tax revenue Tax revenue is the income that is gained "Lower growth in the domestic Ingresos fiscales, ingresos por
by governments through taxation. economies of the Member States led to impuestos
lower growth in tax revenue and higher
expenditure on economic stimulus
plans. "
Taxpayer One that pays taxes or is subject to "Alcohol abuse cost to taxpayer Contribuyente
taxation. £2.78bn per year".
Tenant A person who occupies land or property "Unfortunately, the horrible balance left Arrendatario, inquilino
rented from a landlord by the unworthy tenant of the Casa de
Nariño is no other than this: the
intensification"
To be firm Having a solid, almost unyielding "He explained that Washington's Estricto
surface or structure position towards the regime would
continue to be firm, while the approach
seeking a genuine transition needs to
be flexible and respectful towards"
To be steady at Happening in a smooth, gradual, and "Since 1995, the contraceptive Mantenerse
regular way, not suddenly or prevalence rate for modern methods
unexpectedly. has been steady at 5.8 per cent."
To tide over Help someone through a difficult period, "On the supply side, companies had Ayudar a alguien a solventar una crisis
especially with financial assistance installed emergency diesel turbines to
tide over the system until more
permanent plants were completed. "
Toxic debt (Trash cash) Debt that has a lower chance of being "Another advantage was that banks Deuda tóxica
repaid with interest. Toxic debt is toxic to made hardly mention in March and April
the person or institution that will receive of any further write-downs of toxic debt.
the payments. "
Trade Commercial transaction involving the "After much debate, we settled on Comercio, intercambio
sale and purchase of a good, service, or innovation, entrepreneurship and free
information. trade as the keys to the region's
competitiveness in a global world."

Trade deficit An economic measure of a negative "The trade deficit is largely financed by Déficit comercial
balance of trade in which a country's earnings from tourism and offshore
imports exceeds its exports. A trade finance. "
deficit represents an outflow of domestic
currency to foreign markets.
Trade surplus An economic measure of a positive "seen in highly skilled employment and Excedente comercial
balance of trade, where a country's the balance of trade surplus, and they
exports exceeds its imports. A trade can have a strong leverage effect in
surplus represents a net inflow of upgrading".
domestic currency from foreign markets,
and is the opposite of a trade deficit,
which would represent a net outflow.
Trading partner agreement An agreement drawn up by two parties "Nations Sales Convention, which Contrato de asociación comercial
that have agreed to trade certain items allows the parties to create their own
or information to each other. The rules, for example in an EDI trading
agreement outlines the terms of the partner agreement regulating the use of
trade or trading process, such as "electronic agents". "
compensation for the shorted party in an
inequitable trade. Trading Partner
Agreements are often tailored for
electronic transactions.

Transaction An agreement between a buyer and a "Business practices should be Transacción

Treasury stock/treasury shares
seller to exchange goods, services or modernized to lower transaction costs
financial instruments as well. "
The portion of shares that a company "It is a listed company and closed 2004 Acciones recuperadas, amortizadas
keeps in their own treasury. Treasury with treasury stock in excess of 393
stock may have come from a million euro. "
repurchase or buyback from
shareholders; or it may have never been
issued to the public in the first place.
These shares don't pay dividends, have
no voting rights, and should not be
included in shares outstanding
calculations.
Trend The general direction of a market or of
the price of an asset. Trends can vary in
length from short, to intermediate, to
long term.
Trough The lowest point in the economic cycle.
The trough forms after a period of
contraction ends and before a period of
expansion begins.
Turn into Become (a particular kind of thing or
person); be transformed into
Undermine Lessen the effectiveness, power, or
ability of, especially gradually or
insidiously
Undertaker (corporate) An informal term for liquidator. As the
name implies, a corporate undertaker
oversees the liquidation of an insolvent and follow the instructions of the USA to
company.
Underwriter A company or other entity that
administers the public issuance and
distribution of securities from a
corporation or other issuing body. An
underwriter works closely with the
issuing body to determine the offering
price of the securities, buys them from
the issuer and sells them to investors via
the underwriter's distribution network.
Unemployment The number or proportion of
unemployed people.
"He is not yet a dictator and for the most Tendencia
part has not tried to act in a dictatorial
manner, but the trend toward autocracy
is strong. "
"GDP growth reached a trough in the Depresión
year after the beginning of the episode
and then started to recover in both the
developed and developing economies."
"of the last period that prevented, so far, Transformar, convertirse en.
according to Martin Wolf, the Great
Recession to turn into a Great
Depression. "
"Such a unilateral action would Debilitar
undermine this multilateral approach. "
"Europe, the European Union is Liquidador
prepared to play the role of undertaker
the letter, as"
"Novak is an underwriter of Enron Asegurador.
capitalism, giving permission to create
wealth in any way that the market
allows."
"The growing youth unemployment in Desempleo.
the country would potentially have
destabilizing consequences."
Upbeat Cheerful; optimistic
Upside The potential dollar or percentage
amount by which the market or a stock government with an attractive upside if
could rise. This is basically an educated its intervention succeeds in restoring
guess on how high a stock could go in stability to the [...] "
the near future
Upswing An increase in strength or quantity; an "The industry in 2000 (see sidebar)
upward trend.
Upturn An improvement or upward trend,
especially in economic conditions or
someone’s fortunes.
Value The monetary, material or assessed
worth of an asset, good or service. In
accounting, value describes what
something is worth in terms of
something else.
Value abroad (money) The material or monetary worth of
something overseas.
Value stocks A stock that tends to trade at a lower
price relative to it's fundamentals (i.e.
dividends, earnings, sales, etc.) and
thus considered undervalued by a value
investor.
Vanish into thin air To disappear without leaving a trace.
Venture capital funding An investment fund that manages
money from investors seeking private
equity stakes in startup and small- and
medium-size enterprises with strong
growth potential. These investments are
generally characterized as high-
risk/high-return opportunities.
"Domestic demand remained strong Optimista.
during 2001 to 2004, reflecting upbeat
consumer confidence."
"The important issue is to provide the Beneficio.
Auge.
turned into a mighty upswing in demand
for immigrant prison beds after Sept. 11
and the ensuing immigrant crackdown."
"Temporary deficits can and may be Recuperación.
tolerated during economic upturns, but
during the next economic upturn these
new debts must then be cleared again."
"Select this option if the shipment Valor.
contains written, typed or printed
communication of no commercial
value."
"Royalties, services patents, and tax Valor en el extranjero.
havens which allow for fiscal
maneuvers, all of which foster the
transfer of value abroad. "
"When markets are rising growth stocks Acciones de valor.
tend to do better and when markets are
falling, value stocks tend to come to the
fore."
"However, with the adoption of the PPE Esfumarse, desvanecerse.
and PSE amendments, I fear that
Europe's forward-looking strategy on
legal migration will soon vanish into thin
air. "
"As the company got off the ground, it Fondo de capitales de riesgo.
received venture capital funding in 1999
through a prominent venture capital
fund with backing from Community
funds."
Wages A fixed regular payment, typically paid "The advantages of having data on Salario, sueldo, paga, jornal.
on a daily or weekly basis, made by an wages and salaries in relation to other
employer to an employee, especially to employment characteristics are widely
a manual or unskilled worker recognised. "
Warrant A derivative security that gives the "judicial orders, or in the case of two Garantía.
holder the right to purchase securities Member States, a warrant personally
(usually equity) from the issuer at a authorised by a senior Minister, to
specific price within a certain time frame. intercept communications. "
Warrants are often included in a new
debt issue as a "sweetener" to entice
investors.
Wealth management A professional service which is the "including retail banking, business and Gestión de patrimonio.
combination of financial/investment corporate banking, cash management,
advice, accounting/tax services, and capital markets, wealth management,
legal/estate planning for one fee. and insurance. "

Wisely Having or showing experience, "Now is the time to act boldly and wisely Sabiamente, de manera sensata.
knowledge, and good judgment. - to not only revive this economy, but to
build a new foundation for lasting
prosperity. "
Write off A cancellation from an account of a bad "If you have already registered and Dar de baja, eliminar deudas.
debt or worthless asset. have money on your balance, it will
write off the money from your account. "
Yield The income return on an investment. "The yield will arise from the difference Beneficio, rendimiento, renta,
This refers to the interest or dividends between the premium and the exercise rentabilidad.
received from a security and is usually price."
expressed annually as a percentage
based on the investment's cost, its
current market value or its face value.
Zero coupon bonds A debt security that doesn't pay interest "If the market rate rises from the current Bono cupón cero
(a coupon) but is traded at a deep level, the zero coupon bond will
discount, rendering profit at maturity experience the larger percentage
when the bond is redeemed for its full decline."
face value.