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| Business Words in the News
Friday 16 August 2002
Vocabulary from the business news. Listen to and read the report then find explanations of difficult words below.
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More financial irregularity
Summary: The giant media corporation AOL Time Warner has admitted its accounts weren't accurate. The company which owns magazines, TV channels and film studios as well as the online business AOL said the advertising revenue to part of its business was overstated by forty-nine million dollars. This report from Stephen Evans:
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| | The News | |
| | | Many big American companies have just submitted statements to the authorities vouching for the truth of their accounts. AOL Time Warner submitted its documents but in the process said that the revenue from a series of deals was forty-nine million dollars less than previously stated. The sum's a drop in the ocean compared with the company's revenue or with the mis-statements made by Worldcom and Enron.
It does however matter, because the company said two weeks ago that it was cooperating with the authorities into allegations of highly unorthodox, deceptive accounting, but was confident that the accounts would be vindicated. Asserting adamantly that accounts are accurate but then admitting later that they weren't may be highly damaging.
Stephen Evans, BBC, North America business correspondent
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| | The Words
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| | | vouching for
guaranteeing that something is accurate
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| | | revenue
income, money earned
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| | | a drop in the ocean
a very small amount
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| | | cooperating with
helping in a constructive way
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| | | allegations
something that is said to be true but without proof, often relating to a criminal activity
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| | | highly unorthodox
very unusual and not the normal way of doing something
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| | | deceptive
designed to make people think something that isn't true
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| | | vindicated
discovered to be honest and correct
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| | | Asserting adamantly
Saying strongly that something is true
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