TEXT TWO
From its birth in 1981 with just two employees, the Government of Singapore Investment Corporation has become one of the world's largest sovereign funds, managing more than $100 billion in assets, with 900 employees in eight offices around the world. It is larger even than Temasek Holdings, the government's better-known fund. Temasek gained attention with its $1.9 billion purchase of a controlling stake in Thailand's dominant telecommunications company from the family of the country's prime minister. That helped stir street protests that led to a coup d'etat there last year.
The stake was part of a broader expansion started in mid-2002 by the company's executive director, Ho Ching, formerly head of government-owned Singapore Technologies and wife of Singapore's primeminister, Lee Hsien Loong. Aimed at reviving Temasek's financial performance in the wake of a recession, Temasek has since taken large stakes in banks as distant as India, China and the Standard Chartered Bank of Britain. Temasek says its investments are purely for financial purposes despite its ownership by the government. Nonetheless, it has run into political headwinds in the region. An Indonesian court recently ruled that it would have to sell one of the controlling stakes it holds, one directly and the other through a subsidiary, in the country's two dominant cellular telephone companies.
Over the last few years, Singapore has embarked on an aggressive effort to court private banks and their clients as a way of diversifying the economy as manufacturing jobs were shifting to China and Vietnam, turning the country into an Asian asset base. There are already at least 40 private banks with offices in Singapore, managing assets worth at least $150 billion. With many wealthy Europeans shifting assets to Singapore from Switzerland to take advantage of rapid Asian growth and avoid new withholding taxes in Europe, the European authorities have stepped up criticism of Singapore's banking system, saying that Singapore needed to tighten controls against money laundering.
Singaporean financial authorities say they do not condone money laundering and recently stepped up fines against banks found to be involved in illicit financial activity. The Government Investment Corporation, known as G.I.C., is controlled by the state, and Singapore's founding prime minister, Lee Kuan Yew, is its chairman. His son, the current prime minister, is deputy chairman. Tony Tan, its executive director, is a former deputy prime minister.
Both Temasek and G.I.C. have aggressively recruited top international financial talent, and G.I.C. in particular has a reputation among bankers and analysts as a shrewd and powerful investor. More than 40 percent of its employees are not Singaporean. Its investment panel includes Charles Ellis, chairman of the Yale University Investment Committee, and Robert Litterman, a managing director of Goldman Sachs Asset Management. Despite managing public funds, G.I.C. does not publicize its holdings or returns. Last year on its 25th anniversary, Lee Kuan Yew offered the company's first financial disclosure, reporting that G.I.C. had averaged a 9.5 percent annual return in United States dollar terms over its lifetime
1．The passage mainly discusses about_____
[A] Singapore’s financial strategy in recent years.
[B] conditions about the two large government funds in Singapore.
[C] the transformation or evolution of Singapore’s banking system.
[D] the close relation between Singapore’s financial system and the government.
2. From the first paragraph, it can be inferred that_____
[A] Singaporeans are against the purchase of controlling stake in Thailand’s telecommunications company.
[B] Singaporeans think that Temasek’s purchase is indeed a political deal.
[C] Singaporeans think that Temasek’s purchase will make them have a loss.
[D] Thais are reluctant to let Temasek to control their telecommunications company.
3. Which one of the following statement is TRUE of Temasek Holdings?
[A] Temasek Holdings seems to be quite reluctant to interfere with in the political issue of the countries it invests into.
[B] Temasek Holdings will sell one of the controlling stakes in Indonesian mobile telephone companies directly and through a subsidiary.
[C] Temasek Holdings conducts such expansion in order to change its depression.
[D] Temasek Holdings has not only subtle relations with Singapore’s political elite, but also those of neighboring countries.
4. Many Europeans shift assets to Singapore due to the following reasons except_____
[A] they want to invest into Asia so as to gain more profits.
[B] they want to conduct money laundering by tactically avoiding taxes.
[C] they want to carry out illegal financial activity in Asia.
[D] the investment environment in Europe is not attracting.
5． The word “condone” (Line 1, Paragraph 4) most probably means_____
[A] encourage.
[B] allow.
[C] remit.
[D] permit.
篇章剖析：
这篇文章介绍了新加坡政府投资集团的一些情况。第一段讲述该集团目前的大致情况；第二段讲述基金Temasek的一些情况；第三段讲述新加坡致力于转变为金融国家的努力；第四段讲述新加坡采取的一些相关严厉措施；第五段讲述基金Temasek和其他投资集团的措施。
词汇注释：
headwind n. 逆风 condone v. 姑息
难句突破:
(1)An Indonesian court recently ruled that it would have to sell one of the controlling stakes it holds, one directly and the other through a subsidiary, in the country's two dominant cellular telephone companies.
[主体句式] An Indonesian court recently ruled that…
[结构分析] 这是一个复合句，其宾语从句比较复杂；宾语从句中，it holds 是定语从句用来修饰前面的stakes, one directly and the other…是做it holds的状语。
[句子译文] 印尼一法庭最近命令Temasek必须卖出所持有的印尼两大垄断移动电话公司其中一家的控股股权——Temasek对两家的股权一为直接控股，一为通过其子公司控股。
(2)Over the last few years, Singapore has embarked on an aggressive effort to court private banks and their clients as a way of diversifying the economy as manufacturing jobs were shifting to China and Vietnam, turning the country into an Asian asset base.
[主体句式] Singapore has embarked on an efforts to court…
[结构分析] 这是一个复合句，as manufacturing jobs…是句子的状语从句；as a way of diversifying the economy是做court …的状语； turning the country into…是句子的伴随状语。
[句子译文] 过去的几年中，随着制造业转向中国和越南，新加坡致力于吸引私有银行及其职员，从而增加其经济的多样性，将新加坡打造成为亚洲的资金大本营。
题目分析：
1．The passage mainly discusses about_____ 1. 这篇文章主要讨论了_____
[A] Singapore’s financial strategy in recent years. [A] 新加坡近些年来的金融策略。
[B] conditions about the two large government funds in Singapore. [B] 新加坡两大政府基金的情况。
[C] the transformation or evolution of Singapore’s banking system. [C] 新加坡金融系统的转型或发展。
[D] the close relation between Singapore’s financial system and the government. [D] 新加坡的金融系统与政府之间的密切关系。
[答案] B
[难度系数] ☆☆☆
[分析] 主旨题。这篇文章主要分析了新加坡的两个大的政府基金的情况，也顺带提到了新加坡的金融策略、经济转型问题，但主要还是围绕这两大基金来谈论的。因此，答案为B选项，而选项A和C是不正确的。此外，虽然主要谈论的是政府基金，但是所谓的关于金融系统与政府之间的密切关系也不是文章的重点，只是有所提及而已。
2. From the first paragraph, it can be inferred that_____ 2. 从第一段可以推断出_____
[A] Singaporeans are against the purchase of controlling stake in Thailand’s telecommunications company. [A] 新加坡人反对购买泰国电信公司的控股股权。
[B] Singaporeans think that Temasek’s purchase is indeed a political deal. [B] 新加坡人认为Temasek的收购行为实际上是有政治意向的。
[C] Singaporeans think that Temasek’s purchase will make them have a loss. [C] 新加坡人认为Temasek的收购行为会给他们带来损失。
[D] Thais are reluctant to let Temasek to control their telecommunications company. [D] 泰国人不愿意让Temasek控制他们的电信公司。
[答案]D
[难度系数] ☆☆☆
[分析] 细节题。关键是要理解这句话：That helped stir street protests that led to a coup d'etat there last year. 这是哪里发生的，根据英语的指称习惯，指的应该就是前面的泰国。因此，答案为D选项。
3. Which one of the following statement is TRUE of Temasek Holdings? 3.关于Temasek基金，下列哪个陈述是正确的？
[A] Temasek Holdings seems to be quite reluctant to interfere with in the political issue of the countries it invests into. [A]Temasek基金看起来非常不愿意干涉它所投资国家的政治事务。
[B] Temasek Holdings will sell one of the controlling stakes in Indonesian mobile telephone companies directly and through a subsidiary. [B]Temasek将会将自己在印度移动电话公司的控股股权直接和通过子公司的方式卖出。
[C] Temasek Holdings conducts such expansion in order to change its depression. [C]Temasek基金声称本基金完全独立于政府之外，进行有效的自治。
[D] Temasek Holdings has not only subtle relations with Singapore’s political elite, but also those of neighboring countries. [D]Temasek基金不仅于新加坡的政治精英阶层有微妙的关系，而且与邻国的关系也非常微妙。
[答案] C
[难度系数] ☆☆☆☆
[分析] 细节题。关于Temasek基金的内容主要在文章的第一段和第二段。A选项， 文章没有提到Temasek对于所投资国家的政治事务的态度问题，所以该选项不正确。B选项，第二段提到它是直接和通过子公司来控股，而不是卖出股份，因此该选项错误。C选项，第二段提到该基金为了在萧条后重振雄风，才到其他地方购买股份，因此该陈述正确。D选项，文章提到了该基金与政府的关系，也提到了其在周边邻国的投资，但是没有涉及这种所谓的“subtle relations”。因此正确答案为C选项。
4. Many Europeans shift assets to Singapore due to the following reasons except_____ 4. 许多欧洲人将资金转移到新加坡是因为下列除了_____外的其他原因。
[A] they want to invest into Asia so as to gain more profits. [A] 他们想要在亚洲投资以获得更丰厚的利润
[B] they want to conduct money laundering by tactically avoiding taxes. [B] 他们想要通过巧妙避税来洗钱
[C] they want to carry out illegal financial activity in Asia. [C] 他们想要在亚洲从事非法的金融活动
[D] they think the investment environment in Europe is not attracting. [D] 他们认为欧洲的投资环境不那么有吸引力
[答案]B
[难度系数] ☆
[分析] 细节题。第三段提到了这个问题，谈到欧洲人转移资产是为了分享亚洲经济快速增长的盛宴，逃避欧洲新立的税收，那么A、D选项是他们转移资产的原因；而一些欧洲当局的批评以及新加坡的回应可以看出了部分资金是来进行非法交易了，C选项也是原因。而B选项, 他们是想要避税，而不是通过避税来洗钱。正确答案为B选项。
5. The word “condone” (Line 1, Paragraph 4) most probably means_____ 5. “condone” (第四段第一行)最有可能的意思为_____
[A] encourage. [A] 鼓励。
[B] allow. [B] 允许。
[C] remit. [C] 宽恕，容忍。
[D] permit. [D] 同意。
[答案]C
[难度系数] ☆☆☆
[分析] 猜词题。根据上下文，新加坡采取了比较大的处罚力度，可以推断他们是不会容忍这种行为的，因此选项C正确。B选项则不符合语法。
参考译文：
新加坡政府投资集团于1981年成立，当时只有两个员工，而今天已经成为世界上最大的独立基金，旗下管理的资产超过了一千亿，在全世界拥有八个办事处，900个员工。该基金规模甚至比政府最有名的基金Temasek还要大。Temasek因为耗资19亿从新加坡总理家族购买了泰国垄断的电信公司的绝对股权引起了人们的注意。这为上街游行火上浇油，导致了去年的政变。
该股份为公司执行董事Ho Ching于2002年年中开始实施的公司扩展计划的一部分Ho Ching是政府所有的新加坡科技公司的前总裁，也是新加坡总理李显龙的夫人。Temasek为了在经济萧条后重振雄风，从那时开始就在印度、中国、英国的渣打银行持有大量股份。Temasek称自己虽然归政府所有，但是其投资只是出于经济目的。然而，公司还是卷入了该地区的政治风波。印尼一法庭最近命令Temasek必须卖出所持有的印尼两大垄断移动电话公司其中一家的控股股权——Temasek对两家的股权一为直接控股，一为通过其子公司控股。
过去的几年中，随着制造业转向中国和越南，新加坡致力于吸引私有银行及其职员，从而增加其经济的多样性，将新加坡打造成为亚洲的资金大本营。目前已经有至少40家私有银行将办事处设在新加坡，管理的资产最少价值一千五百亿。许多富有的欧洲人都将资产从瑞士转移到新加坡以分享亚洲经济快速增长的盛宴，并且逃避欧洲的新税收，因此欧洲一些政府都在批评新加坡的银行体系，称新加坡需要加紧控制洗钱。
新加坡财政部称他们不会姑息洗钱活动，最近还对那些发现涉及非法金融活动的银行加大了处罚。政府投资集团由国家控制，新加坡第一个总理李光耀担任主席。他的儿子即现任的总理担任副主席，而执行董事Tony Tan是前副总理。
Temasek和政府投资集团聘请了国际最知名的金融专家，政府投资集团还在银行家和分析师中间享有精明、强大的投资家的美誉。其40%的员工不是新加坡人。其投资顾问小组包括耶鲁大学投资委员会主席Charles Ellis、高盛公司资产管理公司常务董事Robert Litterman。尽管政府投资集团是管理公募基金，但却不公开其持有的股份和收益。在去年的25周年庆典中，李光耀第一次公开了公司的财务，宣布以美元来计算有平均9.5%的年收益。
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