ABC nglish Digest (第17期).pptVIP

ABC English Digest  Apr. 21st, 2009 Contents ABC Slogan Investment Losses Hit Public Sector Pensions(1) The crisis facing pension plans for US state and municipal employees is deepening as investment losses deplete(2) the resources of retirement funds for teachers, police officers, firefighters and other local government workers. The largest state and municipal pension plans lost 9 per cent of their value in the first two months of this year, according to data from Northern Trust. That followed a loss of 26 per cent in 2008. Smaller funds, which underperform the larger ones, lost more, experts say. US Ship in Stand-Off(1) with Somali Pirates(2) A stand-off was continuing on Thursday between a US navy destroyer and pirates holding a US-flagged ship’s captain hostage, amid signs other pirate-held ships were being moved towards the area. The USS Bainbridge arrived at the scene on Thursday morning to monitor events aboard the pirate-held lifeboat, containing four pirates and Richard Philips, captain of the Maersk Alabama, the first US-flagged ship to be seized by Somali pirates. The lifeboat ran out of fuel shortly after the pirates left the Maersk Alabama with it on Wednesday following a struggle with the vessel’s 20-strong crew of US citizens. China FX Reserves(1) to Keep Stable Growth China‘s foreign exchange reserves(2), the world’s largest stockpile(3), will continue to grow in a stable fashion, a Commerce Ministry official said on Wednesday. Yao Jian, the ministry‘s spokesman, said the reserves would grow as China continues to draw in(4) foreign investment and run a trade surplus. Chinas foreign exchange reserves rose by about $7.7 billion in the first quarter to $1.9537 trillion at the end of March, the smallest quarterly rise since the second quarter of 2001. BOC, BOCOM Ready for RMB Settlement Trials Bank of China and the Bank of