Blackstone Group LP on Thursday raised $4.13 billion in the biggest US initial public offering in five years, a sign of the growing power of private equity firms in global finance. The New York-based buyout shop, which controls names like Universal Studios Florida and real estate powerhouse Equity Office Properties Trust, will list on the New York Stock Exchange on Friday morning. For Blackstone’s founders—who launched the private equity firm in 1985 with a $400,000 investment—the IPO will mean a big payout. “Blackstone is like any dominant player in a maturing industry, they are successful because they have a great management team,“ said Peter Shabecoff, founding partner of Stamford, Conn.-based private equity firm Atlantic Street Capital Management. “And now they have the scope and brand name to be successful, and that’s what people are buying into.“ The big appeal of the IPO was that it gave investors a chance to participate in the booming private equity industry, where firms buy companies, turn them around, and seek to sell them at a profit. And investor appetite was strong to buy a part of Blackstone, even though the stake in its management business has little voting power or any direct connection to its portfolio of companies. Analysts had been monitoring the IPO’s pricing throughout Thursday, which was said to be many times oversubscribed. There was some speculation that the interest from investors around the globe would cause Blackstone to raise the price beyond its original range of $29 to $31. However, the underwriters on the deal might have been cautious about the IPO amid growing scrutiny on Capitol Hill. The deal was criticized for the huge payout it will provide top executives, leading to attempts by lawmakers to change the tax status of Blackstone and similar firms. The firm acknowledged Thursday that it could face much higher taxes as early as next year if it was taxed as a corporation, as a new bill in the US House of Representatives proposes to do. Meanwhile, Reps. Dennis Kucinich of Ohio and Henry Waxman of California asked the Securities and Exchange Commission late Thursday to delay the offering, though their requests apparently went unanswered. Blackstone reaffirmed in a regulatory filing Thursday that taxing the firm as a financial company at a 35 percent rate would cause its earnings to falter. The buyout shop, like other partnerships, is taxed at a 15 percent rate. That came on top of a previous warning from Blackstone that compensation and other costs related to going public would cause it to not be profitable for years. But, analysts contend investing in the IPO has more to do with buying into Blackstone’s cache—especially as rivals like Kohlberg Kravis Roberts&Co. and Carlyle Group are considering their own flotations.

Avoid eggs. Drink 8 glasses of water a day. Eating carbs will【C1】______. Nutritional advice such as this has been touted for years—but is it accurate?【C2】______, according to Wendy Repovich, an exercise physiologist at Eastern Washington University, who did her best to dispel several common【C3】______during a health and fitness summit held recently in Dallas. “Eating eggs will raise your cholesterol.“ This myth started because egg yolks have the【C4】______of cholesterol in any food, Repovich said. However, when eaten in【C5】______, eggs do not contain enough cholesterol to pose health risks, she said. “Most people avoid eggs and【C6】______they have any kind of cardiovascular risk their physicians tell them to avoid eggs, but really, there aren’t【C7】______studies that show that one or two eggs a day really【C8】______to cholesterol levels.“ “Eating carbohydrates makes you fat“ is【C9】______. Cutting carbs from the diet may help a person shed pounds due to 【C10】______from a decrease in carbohydrate stores, but eating carbs in moderation does not directly lead to【C11】______. Here’s another myth. “Drink 【C12】______water a day.“ Repovich said people need to replace water lost through【C13】______, urinating, sweating each day—but that doesn’t necessarily total 64 ounces of water. “I see an awful lot of people carrying bottled water around, I think people are still【C14】______that they have to drink 8 glasses of water a day, but most people don’t realize they get water from【C15】______in the diet.“ And too much water can be harmful, Repovich warned, leading possibly to an 【C16】______in the body of sodium, a condition called hyponatremia. It is also a myth, that everyone needs【C17】______, although Repovich admits to popping a multivitamin each morning. People who eat 【C18】______fruits, vegetables, whole grains, along with moderate amounts of a variety of low-fat【C19】______and the right quantity of calories, probably don’t need a vitamin supplement, she said. “But for the most part, we don’t eat【C20】______so probably a simple multivitamin is good for most people.“Avoid eggs. Drink 8 glasses of water a day. Eating carbs will make you fat. Nutritional advice such as this has been touted for years—but is it accurate? Not necessarily, according to Wendy Repovich, an exercise physiologist at Eastern Washington University, who did her best to dispel several common nutrition misconceptions during a health and fitness summit held recently in Dallas. “Eating eggs will raise your cholesterol.“ This myth started because egg yolks have the most concentrated amount of cholesterol in any food, Repovich said. However, when eaten in moderation, eggs do not contain enough cholesterol to pose health risks, she said. “Most people avoid eggs and probably if they have any kind of cardiovascular risk their physicians tell them to avoid eggs, but really, there aren’t a whole lot of studies that show that one or two eggs a day really make a difference to cholesterol levels.“ “Eating carbohydrates makes you fat“ is another myth. Cutting carbs from the diet may help a person shed pounds due to water loss from a decrease in carbohydrate stores, but eating carbs in moderation does not directly lead to weight gain. Here’s another myth. “Drink eight glasses of water a day.“ Repovich said people need to replace water lost through breathing, urinating, sweating each day—but that doesn’t necessarily total 64 ounces of water. “I see an awful lot of people carrying bottled water around, I think people are still under the impression that they have to drink 8 glasses of water a day, but most people don’t realize they get water from other sources in the diet.“ And too much water can be harmful, Repovich warned, leading possibly to an imbalance in the body of sodium, a condition called hyponatremia. It is also a myth, that everyone needs vitamin supplements, although Repovich admits to popping a multivitamin each morning. People who eat a variety of fruits, vegetables, whole grains, along with moderate amounts of a variety of low-fat dairy and protein and the right quantity of calories, probably don’t need a vitamin supplement, she said. “But for the most part, we don’t eat the way we should so probably a simple multivitamin is good for most people.“

1. Nadia got a backache after playing badminton last night. That was on account of her lack of exercise. 2. I didn’t know I wanted to go into business, but I knew I wanted a leadership position. That appealed to me. 3. Although Iris acknowledged that the Beatles’ tunes sounded pretty dated nowadays, she still preferred them to the hip-hop songs her brother played. 4. The bottled-water prices have skyrocketed due to the pollution of the lake. Last week it was 1.5 yuan per bottle, but now it costs triple as much. 5. As a matter of fact, Lauren is not as wealthy as people make her out to be. Nadia didn’t exercise much. Nadia was not a good badminton player. Nadia hurt herself because she couldn’t play badminton. Nadia lacked badminton exercise so she played last night.

6. The Forbidden City is a heritage of the world. It doesn’t matter if the coffee shop is American, British or Ethiopian, as long as it is harmless. 7. There is no need to purchase fuel to operate a solar heating system because sunshine is free to everyone. 8. Jeffery continued giving his own opinion, regardless of my feelings on the matter. 9. Computer science employment is growing by 100,000 jobs annually, but there’s a dramatic decline in the number of students graduating with computer science degrees. 10. It was all but impossible to get to the top of a high mountain in such a short period of time. Proper shops, even foreign, should be allowed in the Forbidden City. The coffee shops do harm to the Forbidden City, so we should get rid of them. Whether the shops are harmful depends on which country they are from. The coffee shops in the Forbidden City used to be harmless, but not now.

W: Gosh! Another cup of coffee? That’s your third since lunch. M: Yeah. Well, I stayed up all night cramming for my physics test. I couldn’t keep my eyes open in my last class. I’m having this coffee so I can stay awake this afternoon. W: Don’t you know that drinking too much coffee is harmful? M: What do you mean “harmful“? W: Well, for one thing it may cause heart disease. M: No. Most of the research about the link between coffee and the heart disease is inconclusive. W: But coffee has caffeine which is addictive. M: You can’t become addicted to caffeine like other drugs. W: Yes, you can. Don’t you know that people who are deprived of caffeine suffer with draw symptoms, esp. headaches. M: One cure for headaches, oddly enough, is caffeine. Haven’t you ever noticed that many over-the-counter headache remedies use caffeine as one of their ingredients? Besides, coffee helps me work faster. W: Studies have shown that coffee makes you work faster but not necessarily better. You may finish you test in a shorter period of time but you won’t have fewer errors. M: You know, that soda you are drinking has caffeine in it, too. W: But twelve ounces of soda has only half the caffeine of a five-ounce cup of coffee. And a cup of tea has less than that. M: But I like the taste of coffee. W: You could drink decaf. M: Decaffeinated coffee doesn’t have as much flavor or body as regular coffee. Besides I want something that will keep me alert in class. 11. What is the conversation mainly about? 12. What is the man’s problem? 13. According to the man, what does research show about coffee? 14. What does the woman probably think about coffee? The effects of caffeine. Some causes of headaches. How to do well on exams. Problems with the student cafeteria.

M: Tell me Mrs. Evans, how did you come to be a bearded lady? W: Well, it all began when I started growing a beard. M: When was that exactly? W: Just after my fourth birthday, I believe. M: Really? As early as that? Didn’t you see a doctor? W: Oh yes, my parents took me to dozens of specialists. And they just told me to shave. M: That’s all the advice they could give? So you started shaving? W: Well, I was too young to be allowed to use a razor, and electric razors weren’t even thought of in those days, so my dad used to shave me once a week before going to church on Sundays. M: And when did you stop shaving? W: Oh, that would have been when I was around fifteen. You see it was growing at an enormous rate, something like five inches a day, I mean you could almost see it growing, and it was so thick. I mean a razor or scissors were no use. M: So you...let it grow? W: Well, it was taking so much time trying to keep it down and I was just wasting my time fighting a losing battle. So I thought...I’ll just let it grow...and that’s when I came to work in the circus. I was spotted by a talent scout. M: Do you...ever cut your beard now? W: Oh, yes. Every week I chop off a few feet. I have to cut it off. I fall over it if I don’t remember to wrap it around my waist. M: What about the circus? How did you find it at first, being stared at all day? W: Well, I must admit it was a bit un-nerving at first...with people gazing at you as though you were a goldfish in a bowl. I used to feel like saying,“it’s all right, dear, just a bit of extra hair.“ You get used to the pointing and laughing in the end. Don’t hardly notice it any more. Even the jokes don’t upset me now. M: Would you say there were any advantages to having a fifteen-foot-long beard? W: Well, my husband says it keeps his toes warm on cold nights. 19. What is special of Mrs. Evans? 20. Why did she decide to let her beard grow at the age of 15? 21. What was it like being stared at all day? 22. What is the advantage of her beard? She was a bearded woman. She was fifteen feet tall. She worked in a circus. She was stared at all day long.

Rodeos weren’t always the big entertainment shows that we see nowadays. The first ones were small contests started as a form of competition among people historically referred to as cowboys, although they did include both men and women. One duty of the cowboys was to guide herds of cattle from the grassy ranges into towns around the railroad lines where the cows were loaded onto trains. The cowboys would gather near these cow towns to compete for the artificial title as the best horse rider. They would demonstrate the riding skills they had learned as a matter of survival. The audience was composed mainly of other cowboys who watched the competitors critically since they knew what the events were all about. Rodeo contests took a different turn in the 1890s when organizers began to hold cowboy sports during yearly agricultural fairs. What was different was the audience. It consisted mostly of people who were unfamiliar with life on the range. They were amazed by the skills of the riders and the intelligence of the horses. Rodeos at agricultural fairs became so popular that ranchers and business people began to organize rodeos as independent events, separate from fairs. The organizers built large arenas and earned money by requiring spectators to pay for admission. One of the most notable rodeos of this type is still held annually in Wyoming. It’s called Frontier Days. While Frontier Days is not the first independent rodeo, it’s the oldest annual show, taking place each year since 1897. 23. What is the talk mainly about? 24. What can be inferred about the earliest rodeos? 25. Who was the audience of early rodeo contests? 26. What’s significant about Frontier Days? The skills cowboys learned on the range. The evolution of rodeos. The recent decline in the popularity of rodeos. The growth of the cattle industry.

M: We’re almost finished. Could you hand me the white pepper? W: Why white pepper and not black? Aren’t they the same thing? M: Well, they’re from the same plant. But white pepper is milder. I usually prefer it. It has a more subtle flavor. W: How, if they’re from the same plant? M: Well, it sort of depends on how ripe it is when it’s picked. You sure ask a lot of questions. W: That’s because you have all the answers. Did you learn about this stuff in cooking school? M: Yes! We studied all kinds of herbs and spices. W: It’s interesting! How do we get black pepper then? M: The pepper corn is actually a fruit. It grows on vines. And it’s not really black or white. It turns from green to yellow to red as it ripens. For black pepper, you pick it when it’s still a little immature. And then it’s dried. W: Drying darkens it? M: Well, the skin turn dark as it dries. W: Does that mean white pepper is pepper without the skin? M: Exactly! It’s put out to dry in the sun after the skin’s been rubbed off. It’s also matured a little longer than black pepper. W: So they do all that just to get a milder pepper corn? M: That and for aesthetic reasons. Some chefs like the idea that it keeps white sauces white. W: These green pepper corns are interesting. I’ve never seen them before. M: Green pepper has a very distinctive flavor. Some people really like it. W: So it must get picked when it’s really young. M: Right. And it’s not sun-dried. It’s either put in the liquid or freeze-dried to keep its color. W: Well, you’re quite the pepper expert, aren’t you? M: A good chef’s got to know about the spices. W: I’ll be a judge of that. Let me taste. Mm...you pass! 27. How did the man learn about pepper? 28. What happens to black pepper after it’s picked? 29. According to the man, why do some cooks prefer white pepper? 30. Why does the woman tell the man he passes? He read about it in the cookbook. He grew his own herbs and spices. He heard about it from a friend. He studied it in cooking school.

(1)Chinese eat with chopsticks while most of the westerners eat with knives and forks. Some westerners may be quite good at using chopsticks, but most of them are not. When setting a table at which westerners are entertained, it is always advisable to place knives and forks alongside the chopsticks. (2)In America, different states run their own state universities. These universities are founded by the state and no admission examination is required for the residents within the state. They grant both undergraduate and graduate degrees. A state university may include different schools, such as schools of medicine, law or business management.

Walking is the exercise of choice for most dieters. No wonder. You don’t need a gym membership. You can do it virtually everywhere(around the block or around the mall, for example). It’s gentle on joints. And you can burn a surprising number of calories. On flat terrain, a half-hour walk at a brisk pace can chew through 75 to 100 calories. Hike up some hills and you can spend 200 to 250 calories. Here’s how to prepare: 1. Find a Shoe That Fits The only equipment you really need is a decent pair of walking shoes. Finding them is a cinch. What matters most is comfort. If it feels good, odds are it provides enough support. When you’re shopping for shoes: Wear the socks you plan to exercise in. That way you’ll get the best fit. Try on both shoes. Most people’s feet aren’t exactly the same size. Choose a pair that fits your larger foot. Allow a little extra room. Feet swell when you walk, so buy a pair with about a thumb’s width between your longest toe and the end of the shoe. Make sure the heel doesn’t slip, though, or you could end up with painful blisters. 2. Check Your Form Sure, walking comes naturally, and it’s smart to go with the technique you’ve honed since you were a toddler. But these tips will help you stay comfortable and get the most out of your walk: Stand up straight. Imagine a string pulling you up from the center of the top of your head. Let that string pull you up as straight as possible. Relax your shoulders. Look ahead. Keep your neck straight and your head held high to avoid unnecessary strain to your neck and shoulders. If you have to look down to see where you’re going, lower your eyes, not your head. Move those arms. Bend your elbows and let your arms swing naturally at your sides. You’ll prevent swelling, tingling or numbness—and you’ll burn up to 15 percent more calories by keeping your arms moving. Don’t carry that weight. Some people try to get in extra exercise by toting a couple of light dumbbells, but fitness-walking experts say that’s risky: The weights can pull you off balance and strain muscles in your back or legs. 3. Stay Safe Walking is one of the safest activities you can do. Still, it’s wise to take a few precautions. If you’re walking at night, wear a piece of reflective clothing. If the path is dimly lit, bring a good flashlight. When the weather’s warm, be sure to drink a tall glass of water before you set out and another when you return. If your path is rugged or bumpy, protect your ankles, particularly if you have a history of twists or sprains. Consider wearing a comfortable elastic bandage for support, and keep your eyes focused on the path.

We can beat our addiction to oil without sacrificing our need for energy or harming the environment. And one of the side benefits of energy reform will be reducing the windfall to countries that may want to destroy our economy or worse. The answers rest in new technologies, many of which come from the strangest places. Here are a few promising solutions that won’t put cash into the pockets of foreign oil barons. If we’re going to preserve our way of life, we have to get on board with a dynamic energy plan—starting now. Grassolean. It’s a biofuel and can be made from the grease drained from deep fryers. Once in a car, it can even leave a french fry scent in its wake. Geothermal energy. Advances are being made to use the heat from volcanoes, molten lava and geysers to power our world. Nuclear power. Clean and economically feasible, spent nuclear power even retains 95 percent of its energy, which means that by recycling used fuel, we could cut waste while powering up. As we look for new energy sources, we should keep the environment in mind. The alternatives should be clean. Luckily, the future looks very green. What Government Can Do Create a carbon credit law, similar to one in Europe, that allows companies to spew out a certain amount of carbon. If a company exceeds its limit, it has to buy another company’s credits. Start a “feebate“. On a sliding scale, charge a “fee“ for cars that emit more carbon dioxide, like Hummers, and offer a “rebate“ on cars that spew less, like hybrids. Promote nuclear energy use by building new plants. Support the DOE’s Next Generation Nuclear Plant program to develop more efficient reactors and give tax credits to investors. Raise CAFE standards, which require automakers to make vehicles with better gas mileage, from 27.5 mpg to 42 mpg in ten years. What Business Can Do Disclose to shareholders how the business may affect the environment via pollution and energy use. Become carbon neutral by offsetting emissions through renewable or alternative energy sources. Give bonuses to people who bike, walk or take public transportation to work, or buy a hybrid. Create lightweight cars. By using advanced materials, automakers can improve mileage by 6 percent for each 10 percent reduction in body weight. Build rooftop gardens that eat carbon dioxide. What Institutions Can Do Make eco-education part of the core curriculum in schools and universities. Convert the nation’s nearly 500,000 diesel school buses to biodiesel—a move that could cut petroleum usage by 20 percent and reduce carbon emissions by 12 percent.

It is common knowledge that music can have a powerful effect on our emotions. In fact, since 1930s, music therapists have relied on music to soothe patients and help control pain. Now psychologists are confirming that music can also help relieve depression and improve concentration. For instance, in a recent study, 15 surgeons were given some highly stressed math problems to solve. They were divided into three groups: one worked in silence: in another, the surgeons listened to music of their choice on headphones: the third listened to classic music chosen by the researchers. The results of the study may surprise you. The doctors who got to choose their music experienced less stress and scored better than the others. One possible explanation is that listening to music you like stimulates the Alfa-wave in the brain, increases the heart rate and expands the breathing. That helps to reduce stress and sharpen concentration. Other research suggests a second relation between the music and the brain: by examining the students’ blood after they listened to a variety of classic music collections, the researchers found that some students showed a large increase in endorphin, a natural pain reliever, this supports what music therapists have known for years: Music can help rejuvenate or soothe the patient. 15. What is the talk mainly about? 16. According to the speaker, how is the music therapy currently used in medicine? 17. What did the study done with surgeons show? 18. In the study of students exposed to classic music, what effect did the music have? Training given to music therapists. How music prevents disease. Studies on the benefits of music. How musicians create music.

(1)According to a recent study in Sweden, almost half of our unnatural deaths are related to alcohol. Scientists suggest that 44% of deaths caused by accidents or other events are linked to drinking. (2)Today it’s evident that Internet represents a transformation far more profound than online “chat“ groups or giving people access to sports scores and weather reports. (3)We are all intimately familiar with at least one language, yet few of us ever stop to consider what we know about it. The words of a language can be listed in a dictionary, but not all the sentences. (4)As the world leader in the software industry, Microsoft would like to share with Chinese customers our success. And we are expected to maintain our leading position in the world software market. (5)Welcome to my discussion on the Chinese culture and American way of life. Americans are looking to Chinese culture to enrich their life.

Scientists have taken a giant leap toward making possible the dream of building a powerful telescope on the moon that could withstand even the harshest of lunar conditions. Writing in Thursday’s edition of the journal Nature, they said they coated a special type of liquid surface with a layer of silver to make a highly reflective mirror like one that could be used in any future, moon-based telescope. “It’s the breakthrough that we need,“ lead researcher Ermanno Borra of Universite Laval in Quebec, Canada, said in a telephone interview. “If you want to have a liquid mirror telescope on the moon, you need the right liquid. If you don’t have the right liquid, forget it. It’s as simple as that.“ Borra envisions a telescope with a liquid mirror measuring 66 feet to 328 feet wide. Such a telescope, which has drawn NASA’s interest, could provide astronomers on Earth unprecedented views into distant reaches of the universe, studying objects far more faint even than NASA’s planned James Webb Space Telescope, due for a 2013 launch. Astronomers hope such an instrument could allow them to study the early phases of the universe after the Big Bang. Advocates say a large telescope on the moon would be more cheaply and easily built using a liquid mirror rather than a conventional glass one. The researchers think any liquid-mirror telescope on the moon would not come before 2020 at the earliest. The scientists made use of a liquid made of “ionic salts“ that remains fluid at super-low temperatures. They deposited a thin layer of chromium particles on the liquid, then added a layer of silver particles to complete the mirror. Liquid mirror telescopes differ from conventional ones in that their primary mirrors, which gather and focus light, are made of reflective liquid instead of polished glass. The liquid can be poured into a spinning container, spreading out to make a thin, smooth, parabolic shape that can be used as a telescope mirror, the researchers said. The silver layer that is created is completely smooth, highly reflective, can stay stable for months, and the ionic liquid that it covers does not evaporate, the researchers said.

President Bush on Wednesday issued his second veto of a measure lifting his restrictions on human embryonic stem cell experiments. The move effectively pushed the contentious scientific and ethical debate surrounding the research into the 2008 presidential campaign. “Destroying human life in the hopes of saving human life is not ethical,“ Mr. Bush said in a brief ceremony in the East Room of the White House. He called the United States “a nation founded on the principle that all human life is sacred“. At the same time, Mr. Bush issued an executive order intended to encourage scientists to pursue other forms of stem cell research that he does not deem unethical. But that research is already going on, and the plan provides no new money. Advocates for embryonic stem cell research called the new plan a ploy to distract from Mr. Bush’s opposition to the studies. “I think the president has issued a political fig leaf,“ said Sean Tipton, spokesman for the Coalition for the Advancement of Medical Research, an advocacy group. “He knows he’s on the wrong side of the American public.“ The veto, only the third of Mr. Bush’s presidency, puts him at odds not only with the majority of voters, according to polls, but also with many members of his own political party. Republicans sent him a similar measure last year when they controlled Congress. But even with considerable support from the Republican minority this year, Democrats concede they do not have enough votes for a veto override. That means decisions about federal financing for the experiments are likely to fall into the hands of the next occupant of the White House. Even before Mr. Bush could put his veto pen to the bill, two leading contenders for the Democratic presidential nomination in 2008—Senators Hillary Rodham Clinton of New York and Barack Obama of Illinois—were weighing in. Mrs. Clinton, speaking at a conference in Washington, vowed to “lift the ban on stem cell research“ if elected. Mr. Obama issued a statement saying Americans deserved a president who “will make this promise real for the American people“. Though Democrats appear united in support of the stem cell studies, the issue divides the Republican contenders. Senator John McCain of Arizona and Rudolph W. Giuliani, the former mayor of New York, are generally supportive. But Mitt Romney, who supported federal financing for the research while governor of Massachusetts, now opposes it, saying he turned against it when he learned the details. The questions are personal for him because his wife, Ann, has multiple sclerosis, which doctors hope could be treated more effectively with the benefit of the research.

Blackstone Group LP on Thursday raised $4.13 billion in the biggest US initial public offering in five years, a sign of the growing power of private equity firms in global finance. The New York-based buyout shop, which controls names like Universal Studios Florida and real estate powerhouse Equity Office Properties Trust, will list on the New York Stock Exchange on Friday morning. For Blackstone’s founders—who launched the private equity firm in 1985 with a $400,000 investment—the IPO will mean a big payout. “Blackstone is like any dominant player in a maturing industry, they are successful because they have a great management team,“ said Peter Shabecoff, founding partner of Stamford, Conn.-based private equity firm Atlantic Street Capital Management. “And now they have the scope and brand name to be successful, and that’s what people are buying into.“ The big appeal of the IPO was that it gave investors a chance to participate in the booming private equity industry, where firms buy companies, turn them around, and seek to sell them at a profit. And investor appetite was strong to buy a part of Blackstone, even though the stake in its management business has little voting power or any direct connection to its portfolio of companies. Analysts had been monitoring the IPO’s pricing throughout Thursday, which was said to be many times oversubscribed. There was some speculation that the interest from investors around the globe would cause Blackstone to raise the price beyond its original range of $29 to $31. However, the underwriters on the deal might have been cautious about the IPO amid growing scrutiny on Capitol Hill. The deal was criticized for the huge payout it will provide top executives, leading to attempts by lawmakers to change the tax status of Blackstone and similar firms. The firm acknowledged Thursday that it could face much higher taxes as early as next year if it was taxed as a corporation, as a new bill in the US House of Representatives proposes to do. Meanwhile, Reps. Dennis Kucinich of Ohio and Henry Waxman of California asked the Securities and Exchange Commission late Thursday to delay the offering, though their requests apparently went unanswered. Blackstone reaffirmed in a regulatory filing Thursday that taxing the firm as a financial company at a 35 percent rate would cause its earnings to falter. The buyout shop, like other partnerships, is taxed at a 15 percent rate. That came on top of a previous warning from Blackstone that compensation and other costs related to going public would cause it to not be profitable for years. But, analysts contend investing in the IPO has more to do with buying into Blackstone’s cache—especially as rivals like Kohlberg Kravis Roberts&Co. and Carlyle Group are considering their own flotations.

Call it the curse of Hogwarts. It turns out that—at least for some in the wizarding world—it’s tough to make money out of magic. Harry Potter has fans clamoring in excitement as the seventh and last book in J. K. Rowling’s hit series, Harry Potter and the Deathly Hallows, lands worldwide on July 21. With the fifth movie due out in weeks and the recent announcement of an Orlando theme-park attraction that could cost half a billion dollars, Pottermania is at an all-time high. But what should be a pot of gold for Harry’s business partners is turning into an empty cauldron for many of them. The most successful literary brand in recent history has made its author a billionaire, but others have not fared so well. Retailers, spellbound by the chance to reach millions of Potter-obsessed customers, are cost-cutting for market share to the point where many stand to lose money. For book publishers, the tsunami distorts results in Potter release years, creating wild share-price swings and a distraction from other parts of the business. Even Warner Bros. Entertainment Inc., which has made billions off the Harry Potter movies, saw sales and profits drop last year and in the first quarter without a fresh Potter offering in the mix. Potter’s main publisher, which has sold more than 350 million copies worldwide, is now in peril. Scholastic Corp., which has US rights, will never speak ill of the boy wizard whose last book accounted for 8% of revenues and an estimated one-third of profits in the fiscal year that ended in May, 2006. It’s planning a record 12 million print run this time. But analyst Drew Crum of Stifel, Nicolaus&Co. says the children’s book division often does better in off-Potter periods. In any case, it’s easy to understand why the Potter brand is so seductive. Warner Bros. pumped out some disappointments last year, such as the thriller Lady in the Water, helping push movie revenues down by 17%. But Potter brings the magic all back. The company has made billions off the franchise and stands to make billions more as it rolls out movies and DVDs in the coming years. Unlike bookstores, movie theaters don’t slash admission prices when a new Potter film comes out. That said, the $974 million worldwide box office gross for the first Harry Potter movie {Harry Potter and the Sorcerer’s Stone)stands at 9% more than the $895 million gross for the most recent film in 2005, Harry Potter and the Goblet of Fire. And that’s amid rising ticket prices. Even if Harry Potter leaves a trail of profit-starved vendors and Potter-addicted producers in its wake as the series wraps up next month, the infatuation is unlikely to die. That’s what Emerson Spartz, founder of the popular fan site MuggleNet.com, is betting on. Spartz, a University of Notre Dame sophomore who launched the site in 1999 at the age of 12, gets more than 1 million hits a day. He’s now pulling in “a six-figure income“ from ads and his best-seller, MuggleNet.com’s What Will Happen in Harry Potter 7. He hopes to mimic the fan base that’s grown around The Lord of the Rings and has no plans to close down the site.

Cultural relevance and sensitivity are key issues that American companies have to tackle as they tap into the fast-growing ethnic population in the United States, said Bill Imada, chairman of Los Angeles-based Imada Group. The agency, which specializes in Asian language advertising, has seen meaningful growth as more American firms look for better approaches to ethnic customers whose cultures, habits, tastes and traditions have long been unexplored territory for corporate America. A rapid expansion of ethnic groups in the United States has shifted more advertising dollars toward consumers whose mother tongue is not English. Over 11 percent of the American population were foreign-born. Among them, more than 21 million speak English “less than well,“ according to the Census data for 2000. Of all the things that distinguish immigrants from the folks in their adopted country, language seems to be the easiest one to surmount. Yet it’s not always easy to find an equivalent expression in a foreign language. It is tough to explain “energy conservation“ to someone, whose language does not contain a proper word for “electricity“. Cultural difference rather than language has emerged as the crucial issue.

庐山初识，匆匆五十年矣。山城之聚，金陵之晤，犹历历如昨。别后音讯阔绝四十余年，诚属憾事。幸友谊犹存，两心相通。每遇客从远方来，道及夫人起居，更引进怀旧之情。近闻夫人健康如常，颇感欣慰。环顾当今世界，风云迭起，台湾前途令人不安。今经国不幸逝世，情势更趋复杂。此间诸友及我甚为关切，亟盼夫人与当政诸公，力维安定祥和局势，并早定大计，推动国家早日统一。我方认为，只要国共两党为国家民族计，推诚相见，以平等之态度共商国是，则一切都可商量，所虑之问题均不难解决。

The reasons why Blackstone is successful are as following EXCEPT that______.

According to the passage, the public interest might increase the Blackstone price______.

According to the author, the deal______.

The word “falter“(Para. 7)is closest in meaning to______.

We learn from the passage that______.