International investors seem incapable of ending their love affair with the dollar. America’s economy has slowed sharply this year, yet its currency has risen to a 15-year high in trade-weighted terms. Against the euro the dollar touched $ 0.88—8% higher than in early January an close to the level at which the European Central Bank and the Federal Reserve jointly intervened to prop up the European currency last September. Why is the euro looking sickly
There are plenty of theories. One is that the markets do not trust the ECB: the euro-area economies are not immune to America’s downturn, yet the central bank still seems more concerned with fighting inflation than with supporting growth.
66. ______
Most economists reckon that the euro is undervalued and expect a rebound over the next year. One of the most optimistic is Goldman Sachs, which is predicting a rate of $1.22 in 12 months.
67. ______
He has found that, over the past decade, movements in the real exchange rate of the euro against the dollar have closely reflected the difference between productivity growth in the euro area and in America. When productivity growth in America has been faster than in Europe — as it was in most of the late 1990s — the euro falls, and vice versa.
68. ______
Mr Owen uses monthly data for productivity growth in manufacturing, a good proxy for the traded-goods sector. Using annual productivity data for the whole economy (which are available over a longer period., the broad relationship between the exchange rate and relative productivity growth in America and Europe seems to have persisted for most of the past 30 years.
Mr Owen reckons that, in the short term, America’s downturn will reduce the productivity gap between America and the euro area — and so boost the euro.
69. ______
Only if the downturn completely kills the belief in America’s new paradigm, and its productivity growth plummets, will the euro be able to rebound more permanently.
The strength of the dollar this year does indeed seem to hinge on a belief among investors that America’s slowdown will be brief, and that in the longer run America remains the best place in which to invest. But they may be underestimating the potential for productivity gains in Europe, as the single currency boosts competition and encourages firms to exploit economies of scale through mergers and acquisitions. The adoption of more flexible working practices in many countries should also help to improve productivity.
Studies in America suggest that the bulk of its productivity gains from information technology come from the use of IT rather than from its production.
70. ______
A. So the euro area, too, should start to enjoy productivity gains over the next decade, as it makes full use of IT. If you believe that Europe really is starting to change, buy euros. If not, stick with the darling dollar.
B. This is exactly what economic theory would predict: Countries with faster productivity growth in the traded-goods sector should see rising real exchange rates.
C. Some euro-skeptics worry that the expanding power of the European Union will eventually lead to the merger of today’s European countries into one new country. They believe that possibility becomes stronger if Britain joins the euro. But pro-euro activist Nick Canning says such fears are unfounded.
D. Another more plausible explanation is that, in an uncertain global economic climate, the dollar has resumed its traditional role as a safe-haven currency.
E. But an analysis by David Owen, an economist at Dresdner Kleinwort Wasserstein, gives pause for thought.
F. But in the long term, he expects productivity growth to remain faster in America — in which case, a sustained rise in the euro is unlikely over the next few years.

Up to the present, many scientists have made great contributions to the understanding of the universe.
One of them is Albert Einstein, a German physicist, who revolutionized our concepts of space and time with his theories of relativity. In 1905 Einstein published his special theory of relativity. The foundation of the theory is the observation that light moves at a constant speed as measured by all observers, whatever its state of motion. One consequence is that measurements of distance and time are not absolute quantities but very relative to the motion of an observer. Another is that energy(E) can be converted into mass(m), and vice versa, according to the formula E=mc² ,where c is the speed of light. Ten years later, Einstein’s general theory of relativity extended this work to include acceleration and gravity — stating that the two are equivalent. Einstein showed that gravity is actually the warping of space by matter. One consequence is that light will follow a curved path when it passes a massive body. Observations of a small apparent shift in the positions of stars near the sun during a solar eclipse in 1919 showed that the theory was correct.
General relativity was later used to interpret Edwin Hubble’s discovery of the expanding universe. Edwin Hubble discovered a universe of galaxies outside the Milky Way and showed that the entire universe is expanding. In the early 20th century, most astronomers believed that the universe did not extend beyond our Milk Way galaxy. Then in the early 1920s, Hubble pointed the largest telescope in the world (on Mt. Wilson in California) at the mysterious Andromeda nebula. He recognized individual stars within the "nebula" and concluded that it was not a cloud of interstellar gas within our Milky Way, but an entire galaxy very far away. Suddenly, the universe was far larger than most astronomers had imagined. Hubble continued to find galaxies at greater and greater distances. He developed the system for classifying galaxies by their structure, which is still used today. Hubble also discovered that the distant galaxies are moving away from each other and the greater the distance between two galaxies, the faster they are moving away. This simple proportionality between the distance and the speed of galaxies moving away from each other, set forth in 1929, is now known as Hubble’s law. It shows that the universe is expanding.
When we talk about early sky gazers, we can not forget the Danish astronomer Tycho Brahe Before the invention of the telescope, Tycho Brahe revolutionized astronomy by establishing the importance of accurate observations. He invented an improved sextant and used it to make precise observations of the positions of stars and planets.
Brahe completely recalculated Ptolemy’s astronomical tables, which contained many errors, and catalogued over one thousand stars during his lifetime He built Europe’s first observatory and taught the art of observation to a generation of astronomers. In 1572 Brahe made careful observations of a "new star" (actually a supernova) that appeared suddenly in the constellation Cassiopeia He showed that the object was not in the Earth’s atmosphere but was actually beyond the orbit of the moon. This discredited the prevailing theory that the heavens are static and unchanging.
Armed with Tycho Brahe’s very accurate observations of the planets and his own painstaking measurements, Johannes Kepler discovered what we now call Kepler’s laws of planetary motion. These three laws precisely describe the motions of the planets around the sun.
Kepler’s first law states that planets move in elliptical orbits around the sun. This overturned the ancient dogma that the planets move in perfect circles. His second law describes how a planet travels faster in its orbit when it is closer to the sun. The third law describes how the orbital periods of the planets increase with the size of their orbits. Kepler’s laws were based on the Copernican view of a heliocentric universe Newton relied on them when he developed his more general law of universal gravitation.

Mobile phone manufacturers are to begin labeling their products to show how much radiation they (31) amid continuing health concerns among consumers.
Finnish Nokia, the world’s largest mobile phone (32) , US Motorola and Sweden’s Ericsson are working to develop a standard for measuring the amount of cell phone (33) that is absorbed by human tissue.
The move comes in the wake of the Stewart inquiry in Britain that published findings in May recommending tough controls (34) implemented despite concluding there was no evidence of danger from mobile phone radiation.
"This is an (35) consumers feel (36) about, and we want them to get the relevant (37) ," Ericsson Mobile Phones spokesman (38) health and safety issues Mikael Westmark said.
"With the huge increase (39) mobile phone users, more and more people want information about the products they use. "There are 570 million mobile phone users worldwide, and the figure is expected to (40) to 1.4 billion in five years’ time.
Nokia’s Tapio Hedman said consumers can get the radiation absorption figures (41) the US Federal Communication Commission. But he said manufacturers had to (42) on a single standard measurement and on (43) these figures could be explained simply to consumers.
"All research (44) for several years has not shown any evidence of a correlation (45) health effects and the use of mobile phones," Hedman said, adding all Nokia phones fulfilled relevant safety standards (46) by public authorities.
Ericsson (47) to start labeling its phone packages with SAR (specific absorption rate) values by April next year, (48) Motorola said it expected an agreement in early 2001 and would start labeling its products as soon as possible.
In August, a Maryland neurologist filed an $ 800 million lawsuit (49) several wireless providers and two umbrella organizations claimed that radiation from his cell phone was (50) for his malignant brain tumor.

Up to the present, many scientists have made great contributions to the understanding of the universe.
One of them is Albert Einstein, a German physicist, who revolutionized our concepts of space and time with his theories of relativity. In 1905 Einstein published his special theory of relativity. The foundation of the theory is the observation that light moves at a constant speed as measured by all observers, whatever its state of motion. One consequence is that measurements of distance and time are not absolute quantities but very relative to the motion of an observer. Another is that energy(E) can be converted into mass(m), and vice versa, according to the formula E=mc² ,where c is the speed of light. Ten years later, Einstein’s general theory of relativity extended this work to include acceleration and gravity — stating that the two are equivalent. Einstein showed that gravity is actually the warping of space by matter. One consequence is that light will follow a curved path when it passes a massive body. Observations of a small apparent shift in the positions of stars near the sun during a solar eclipse in 1919 showed that the theory was correct.
General relativity was later used to interpret Edwin Hubble’s discovery of the expanding universe. Edwin Hubble discovered a universe of galaxies outside the Milky Way and showed that the entire universe is expanding. In the early 20th century, most astronomers believed that the universe did not extend beyond our Milk Way galaxy. Then in the early 1920s, Hubble pointed the largest telescope in the world (on Mt. Wilson in California) at the mysterious Andromeda nebula. He recognized individual stars within the "nebula" and concluded that it was not a cloud of interstellar gas within our Milky Way, but an entire galaxy very far away. Suddenly, the universe was far larger than most astronomers had imagined. Hubble continued to find galaxies at greater and greater distances. He developed the system for classifying galaxies by their structure, which is still used today. Hubble also discovered that the distant galaxies are moving away from each other and the greater the distance between two galaxies, the faster they are moving away. This simple proportionality between the distance and the speed of galaxies moving away from each other, set forth in 1929, is now known as Hubble’s law. It shows that the universe is expanding.
When we talk about early sky gazers, we can not forget the Danish astronomer Tycho Brahe Before the invention of the telescope, Tycho Brahe revolutionized astronomy by establishing the importance of accurate observations. He invented an improved sextant and used it to make precise observations of the positions of stars and planets.
Brahe completely recalculated Ptolemy’s astronomical tables, which contained many errors, and catalogued over one thousand stars during his lifetime He built Europe’s first observatory and taught the art of observation to a generation of astronomers. In 1572 Brahe made careful observations of a "new star" (actually a supernova) that appeared suddenly in the constellation Cassiopeia He showed that the object was not in the Earth’s atmosphere but was actually beyond the orbit of the moon. This discredited the prevailing theory that the heavens are static and unchanging.
Armed with Tycho Brahe’s very accurate observations of the planets and his own painstaking measurements, Johannes Kepler discovered what we now call Kepler’s laws of planetary motion. These three laws precisely describe the motions of the planets around the sun.
Kepler’s first law states that planets move in elliptical orbits around the sun. This overturned the ancient dogma that the planets move in perfect circles. His second law describes how a planet travels faster in its orbit when it is closer to the sun. The third law describes how the orbital periods of the planets increase with the size of their orbits. Kepler’s laws were based on the Copernican view of a heliocentric universe Newton relied on them when he developed his more general law of universal gravitation.

International investors seem incapable of ending their love affair with the dollar. America’s economy has slowed sharply this year, yet its currency has risen to a 15-year high in trade-weighted terms. Against the euro the dollar touched $ 0.88—8% higher than in early January an close to the level at which the European Central Bank and the Federal Reserve jointly intervened to prop up the European currency last September. Why is the euro looking sickly
There are plenty of theories. One is that the markets do not trust the ECB: the euro-area economies are not immune to America’s downturn, yet the central bank still seems more concerned with fighting inflation than with supporting growth.
66. ______
Most economists reckon that the euro is undervalued and expect a rebound over the next year. One of the most optimistic is Goldman Sachs, which is predicting a rate of $1.22 in 12 months.
67. ______
He has found that, over the past decade, movements in the real exchange rate of the euro against the dollar have closely reflected the difference between productivity growth in the euro area and in America. When productivity growth in America has been faster than in Europe — as it was in most of the late 1990s — the euro falls, and vice versa.
68. ______
Mr Owen uses monthly data for productivity growth in manufacturing, a good proxy for the traded-goods sector. Using annual productivity data for the whole economy (which are available over a longer period., the broad relationship between the exchange rate and relative productivity growth in America and Europe seems to have persisted for most of the past 30 years.
Mr Owen reckons that, in the short term, America’s downturn will reduce the productivity gap between America and the euro area — and so boost the euro.
69. ______
Only if the downturn completely kills the belief in America’s new paradigm, and its productivity growth plummets, will the euro be able to rebound more permanently.
The strength of the dollar this year does indeed seem to hinge on a belief among investors that America’s slowdown will be brief, and that in the longer run America remains the best place in which to invest. But they may be underestimating the potential for productivity gains in Europe, as the single currency boosts competition and encourages firms to exploit economies of scale through mergers and acquisitions. The adoption of more flexible working practices in many countries should also help to improve productivity.
Studies in America suggest that the bulk of its productivity gains from information technology come from the use of IT rather than from its production.
70. ______
A. So the euro area, too, should start to enjoy productivity gains over the next decade, as it makes full use of IT. If you believe that Europe really is starting to change, buy euros. If not, stick with the darling dollar.
B. This is exactly what economic theory would predict: Countries with faster productivity growth in the traded-goods sector should see rising real exchange rates.
C. Some euro-skeptics worry that the expanding power of the European Union will eventually lead to the merger of today’s European countries into one new country. They believe that possibility becomes stronger if Britain joins the euro. But pro-euro activist Nick Canning says such fears are unfounded.
D. Another more plausible explanation is that, in an uncertain global economic climate, the dollar has resumed its traditional role as a safe-haven currency.
E. But an analysis by David Owen, an economist at Dresdner Kleinwort Wasserstein, gives pause for thought.
F. But in the long term, he expects productivity growth to remain faster in America — in which case, a sustained rise in the euro is unlikely over the next few years.

Mobile phone manufacturers are to begin labeling their products to show how much radiation they (31) amid continuing health concerns among consumers.
Finnish Nokia, the world’s largest mobile phone (32) , US Motorola and Sweden’s Ericsson are working to develop a standard for measuring the amount of cell phone (33) that is absorbed by human tissue.
The move comes in the wake of the Stewart inquiry in Britain that published findings in May recommending tough controls (34) implemented despite concluding there was no evidence of danger from mobile phone radiation.
"This is an (35) consumers feel (36) about, and we want them to get the relevant (37) ," Ericsson Mobile Phones spokesman (38) health and safety issues Mikael Westmark said.
"With the huge increase (39) mobile phone users, more and more people want information about the products they use. "There are 570 million mobile phone users worldwide, and the figure is expected to (40) to 1.4 billion in five years’ time.
Nokia’s Tapio Hedman said consumers can get the radiation absorption figures (41) the US Federal Communication Commission. But he said manufacturers had to (42) on a single standard measurement and on (43) these figures could be explained simply to consumers.
"All research (44) for several years has not shown any evidence of a correlation (45) health effects and the use of mobile phones," Hedman said, adding all Nokia phones fulfilled relevant safety standards (46) by public authorities.
Ericsson (47) to start labeling its phone packages with SAR (specific absorption rate) values by April next year, (48) Motorola said it expected an agreement in early 2001 and would start labeling its products as soon as possible.
In August, a Maryland neurologist filed an $ 800 million lawsuit (49) several wireless providers and two umbrella organizations claimed that radiation from his cell phone was (50) for his malignant brain tumor.