World’s Largest Furniture Maker to Remain a Private Company

Unlocking Word Meanings
Read the following words/expressions found in today’s article.

1. stock exchange [stok] [iks-CHEYNJ] (n.) – a place where stockholders buy and sell capitals or stocks

Example: Selling capital in the stock exchange saved the company from debts.

2. founder [FOUN-der] (n.) – a person who starts or establishes something

Example: Steve Jobs, founder of Apple Inc., launched his company in California, USA.

3. remarkable [ri-MAHR-kuh-buhl] (adj.) – notable or extraordinary

Example: The worldwide news featured the company’s remarkable success.

4. net profit [net] [PROF-it] (n.) – the total profit of a company after all expenses are paid

Example: The company’s net profit remains high even after taxes have been settled..

5. frugal [FROO-guhl] (adj.) –thrifty; careful not to waste money or other resources

Example: To avoid overspending, the CEO started to be very frugal.

Article
Read the text below.

Ikea, world’s largest furniture company, will remain unlisted in the stock exchange, said the 86-year-old founder Ingvar Kamprad last December. Ever since its establishment as a family-owned business in 1943, Ikea has always been a private company. Kamprad believes that being privately-held allows Ikea to be more flexible in developing the business successfully. The Ikea founder also added that being private is one of the reasons behind Ikea’s remarkable success. As proof of Ikea’s success, the company’s annual earnings report shows that Ikea’s brand was worth nine billion euros in August last year. The company also gained a 10.3% increase in its net profit in 2011. Because of Ikea’s success, Kamprad was named as the richest man in Switzerland last year, having a net worth of 32 billion euros. Some disagree with this claim, however, saying that Ikea is owned by a group of people and not just Kamprad. Nonetheless, Kamprad’s frugal attitude seems to have contributed a lot to Ikea’s success. Per Heggenes, CEO of Ikea foundation, relates Kamprad’s disinterest in material things. To this day, Kamprad still uses an old Volvo car, flies in an economy class plane, and even rides the company shuttle when visiting the stores.

Viewpoint Discussion
Enjoy a discussion with your tutor. 

Discussion A

·         What are the disadvantages of being a private company?

·         If you were to own a company, would you like it to be privately-managed just like Ikea? Why or why not?

Discussion B

·         Do you think it is important for a business person to be frugal? Why or why not?

·         How can people become more frugal?

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Leading News Magazine Goes Completely Digital

Unlocking Word Meanings
Read the following words/expressions found in today’s article.

1. publication [puhb-li-KEY-shuhn] (n.) – the printing and distribution of a written material to the public

Example: Law does not allow any publication to write false stories about people.

2. media consumption [MEE-dee-uh] [kuhn-SUHMP-shuhn] (n.) – the amount of information taken by a person or group of people

Example: Media consumption of newspapers has decreased due to Internet’s introduction.

3. circulation [sur-kyuh-LEY-shuhn](n.) – the number of publication copies sold in a particular period of time

Example: In 2011, the circulation of printed magazines dropped by 50%.

4. so far [soh] [fahr] (adv.) – up to now, up to the present

Example: So far, Time Magazine seems to be one of the most popular news magazines in the world.

5. issue [ISH-oo or, esp. British, IS-yoo] (n.) – material that is printed and distributed

Example: The school newspaper published its first issue this year.

Article
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After 80 years of publication, Newsweek, the second largest weekly news magazine in US, has decided to switch to an all-digital format. The new version of the magazine is called Newsweek Global, and is now available on mobile devices such as iPads, Kindles, and phones. In the last decade, Newsweek has been struggling with problems related to changing media consumption, rising cost of printing, and decreasing income from advertising. These problems may be because people nowadays prefer free news on the Internet. In fact, research shows 39% of Americans read the news online. In 2003, Newsweek’s worldwide circulation was 4 million; but by 2010, Newsweek’s circulation had dropped to 1.5 million. Also in 2010, billionaire Sidney Harman bought Newsweek for $1.00 and shouldered the company’s $40 million debt. Newsweek then merged with The Daily Beast, an online news website owned by InterActiveCorp (IAC). Last year, Harman passed away and his family withdrew financial support from Newsweek, leaving the struggling company to IAC. So far, Newsweek, which is known for its controversial covers, is the largest publication to stop traditional printing and completely switch to a digital format. Newsweek’s last issue, which was dated December 31, 2012, featured an old photo of the Newsweek headquarters in New York and the title #LASTPRINTISSUE across the cover.

Viewpoint Discussion

Enjoy a discussion with your tutor. 

Discussion A 

·         Where do you usually get the news? (TV, Internet, Newspapers, Magazines) Why do you prefer that medium?

·         Why do most people nowadays prefer getting information online?

Discussion B

·         What are the advantages and disadvantages of reading news in digital format?

·         In the future, do you think that online publications will completely replace printed newspapers and magazines? Why or why not?

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Gummy Bear Company Wins Lawsuit against Lindt

Unlocking Word Meanings
Read the following words/expressions found in today’s article.

1. trademark [TREYD-mahrk] (n.) – a symbol that represents one’s legal ownership over something

Example: The image of a bitten apple is the trademark of a famous PC and mobile phone company.

2. rebut [ri-BUHT] (v.) – to oppose by providing evidence against a previous claim

Example: The lawyer rebutted the complaints against his client.

3. infringe [in-FRINJ] (v.) – to violate an agreement, often used to refer to the violation of ownership rights

Example: Apple claimed that Samsung infringed on Apple’s design rights.

4. not in (somebody's) favor [not] [in] [suhm-bod-ee s, -buhd-ee s, -buh-dee s] [fey-ver] (idiom.) – not for the benefit of someone or to someone’s disadvantage

Example: The tax increase is not in favor with many companies.

5. forbidden [fer-bid-n, fawr-] (adj.) – not allowed; banned

Example: Companies are forbidden to steal other company’s product ideas.

Article
Read the text below.

Haribo GmbH, a German company which makes gummy bears, has won a trademark lawsuit against Lindt, a Swiss chocolate company. The gummy bear company complained that 'Lindt Teddy,' Lindt’s teddy bear-shaped chocolate, reminds people of Haribo GmbH’s golden gummy bear because of the product’s gold packaging. However, Lindt rebutted the claim saying the ‘Lindt Teddy’ does not infringe Haribo's trademark. The company further explained that it did extreme measures just to avoid violating the Gold Bear’s trademark. The Swiss chocolate company added that if Lindt Teddy and Haribo Golden Gummy Bear were placed together in grocery shelves, buyers would not mistake one from the other. Despite Lindt’s claims, the court’s decision was not in Lindt’s favor. In a court statement, the judges discussed that buyers would most likely call ‘Lindt Teddy’ as 'Gold Bear,' the name of Haribo's product, instead of 'golden bear figure,' 'gold foil-wrapped bear' or 'gold-colored chocolate bear'. According to Investor Place, Lindt is now forbidden from releasing ‘Lindt Teddy’ to customers. However, Lindt is still planning to appeal to the court’s decision.

Viewpoint Discussion
Enjoy a discussion with your tutor. 

Discussion A 

·         How do the name and appearance of products influence you to buy a product?

·         What other factors do you consider when buying products?

Discussion B

·         Do you think that originality, especially in business, is important? Why or why not?

·         What would you do if somebody steals your ideas (e.g. project or product concepts)?

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South Korea Elects Its First Female President

Unlocking Word Meanings
Read the following words/expressions found in today’s article. 

1. conservative party (n.) [kuhn-sur-vuh-tiv] [pahr-tee]– a political group that  supports established ways and is in favor of gradual rather than abrupt changes 

Example: The LDP is Japan’s leading conservative party.

2. assassinate (v.) [uh-sas-uh-neyt] – to kill a famous or important person, usually for political reasons

Example: The secret organization hired a gunman to assassinate the company vice president.

3. powerhouse (n.) [pou-er-hous]– something that has great power or ability

Example: Germany is now Europe’s economic powerhouse.

4. revive (v.) [ri-vahyv]– to bring back to life or good condition

Example: Voters are hoping that the new president will revive the nation’s failing economy.

5. expansion (n.) [ik-span-shuhn]– the act of increasing the size or the amount of something

Example: We will be building more offices as part of the expansion of our business.

Article
Read the text below.

On December 19, 2012, conservative party candidate Park Gyeun-hye won the presidential election in South Korea, becoming the country’s first female president. Park Gyeun-hye’s win is the first time that a presidential candidate has won more than half of all the votes. Additionally, the National Election Commission revealed that 75.8% of the total number of voters participated in the recent elections, the highest number of voters in 15 years. The 60-year-old Park is the daughter of Park Chung-hee, a dictator who ruled South Korea for 18 years. Despite the many offenses against human rights committed during his rule, Park’s father remains one of the most popular presidents of South Korea because he transformed South Korea from a poor nation to an economic powerhouse.  In 1979, Park’s father was assassinated. Older voters who remember the fast economic growth experienced by South Korea under the rule of Park’s father may have helped Park win. Park has built her own political career. Her success at reviving her failing political party earned her the name “Queen of Elections.”  In all of the pre-election polls, Park was ahead of other candidates. The newly elected president said she would keep her promises and prioritize jobs creation and expansion of welfare programs. Among the issues she will face is how to control chaebols. Chaebols are large South Korean companies such as Samsung and Hyundai. Although they help the economy, their uncontrolled expansion is also responsible for the widening gap between the rich and the poor in South Korea.

Viewpoint Discussion
Enjoy a discussion with your tutor. 


Discussion A 

·         Why do you think it took a long time before a woman held the top government position in South Korea?

·         How can more women be encouraged to study politics or to become leaders?

Discussion B

·         Do you think that women could make good leaders? Why or why not?

·         Should there be less or more women in leadership positions at work and in government? Why do you think so?

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