Read the text below in order to answer questions 17 to 20.

Software

A substantial proportion of information can be digitized. It seems likely that soon, for example, any type of information that can be perceived, i.e. seen, heard, felt, smelt or tasted, will be reducible to a collection of bits. Once in digital form, the information in question can be stored, processed and displayed by a computer. Furthermore, it can readily and rapidly be transmitted from one computer to any other computer regardless of distance, political frontiers, and physical obstacles. From a digital point of view, there is absolutely no distinction between text, sounds, graphics, photographs, music, animations, videos and…software. To include software... Ver mais

Read the text below in order to answer questions 21 to 25:

RUSSIA'S PROMISING FUTURE

Major political developments have been taking place in Russia since the early resignation of President Boris Yeltsin.

Andrew Hunt, economist at Dresdner RCM, says the present leader Putin - a former KGB agent - is seen as someone who can get taxes collected and close the budget deficit.

"The markets are excited and believe Putin can bring about change which can make Russia's economy function properly".

The ASP General, the stock market index in Russia, grew by 350% last year.

"We will see the stabilisation of the financial situation in Russia which has had a problem with tax collection, but this will improve and... Ver mais

Read the text below in order to answer questions 21 to 25:

RUSSIA'S PROMISING FUTURE

Major political developments have been taking place in Russia since the early resignation of President Boris Yeltsin.

Andrew Hunt, economist at Dresdner RCM, says the present leader Putin - a former KGB agent - is seen as someone who can get taxes collected and close the budget deficit.

"The markets are excited and believe Putin can bring about change which can make Russia's economy function properly".

The ASP General, the stock market index in Russia, grew by 350% last year.

"We will see the stabilisation of the financial situation in Russia which has had a problem with tax collection, but this will improve and... Ver mais

Read the text below in order to answer questions 21 to 25:

RUSSIA'S PROMISING FUTURE

Major political developments have been taking place in Russia since the early resignation of President Boris Yeltsin.

Andrew Hunt, economist at Dresdner RCM, says the present leader Putin - a former KGB agent - is seen as someone who can get taxes collected and close the budget deficit.

"The markets are excited and believe Putin can bring about change which can make Russia's economy function properly".

The ASP General, the stock market index in Russia, grew by 350% last year.

"We will see the stabilisation of the financial situation in Russia which has had a problem with tax collection, but this will improve and... Ver mais

Read the text below in order to answer questions 26 to 30.

STOCK OPTIONS

Twenty years ago, the biggest component of executive compensation was cash, in the form of salaries and bonuses. Stock options were just a footnote. Now the reverse is true. With astounding speed, stock option grants have come to dominate the pay - and often the wealth - of top executives throughout the United States. Last year, Jack Welch's unexercised GE options were valued at more than $260 million. Intel CEO Craig Barrett's were worth more than $100 million. Michael Eisner exercised 22 million options on Disney stock in 1988 alone, netting more than a half-billion dollars. In total, U.S. executives hold unexercised options worth tens of billions of dollars.... Ver mais

Read the text below in order to answer questions 26 to 30.

STOCK OPTIONS

Twenty years ago, the biggest component of executive compensation was cash, in the form of salaries and bonuses. Stock options were just a footnote. Now the reverse is true. With astounding speed, stock option grants have come to dominate the pay - and often the wealth - of top executives throughout the United States. Last year, Jack Welch's unexercised GE options were valued at more than $260 million. Intel CEO Craig Barrett's were worth more than $100 million. Michael Eisner exercised 22 million options on Disney stock in 1988 alone, netting more than a half-billion dollars. In total, U.S. executives hold unexercised options worth tens of billions of dollars.... Ver mais

Read the text below in order to answer questions 26 to 30.

STOCK OPTIONS

Twenty years ago, the biggest component of executive compensation was cash, in the form of salaries and bonuses. Stock options were just a footnote. Now the reverse is true. With astounding speed, stock option grants have come to dominate the pay - and often the wealth - of top executives throughout the United States. Last year, Jack Welch's unexercised GE options were valued at more than $260 million. Intel CEO Craig Barrett's were worth more than $100 million. Michael Eisner exercised 22 million options on Disney stock in 1988 alone, netting more than a half-billion dollars. In total, U.S. executives hold unexercised options worth tens of billions of dollars.... Ver mais

Read the text below in order to answer questions 26 to 30.

STOCK OPTIONS

Twenty years ago, the biggest component of executive compensation was cash, in the form of salaries and bonuses. Stock options were just a footnote. Now the reverse is true. With astounding speed, stock option grants have come to dominate the pay - and often the wealth - of top executives throughout the United States. Last year, Jack Welch's unexercised GE options were valued at more than $260 million. Intel CEO Craig Barrett's were worth more than $100 million. Michael Eisner exercised 22 million options on Disney stock in 1988 alone, netting more than a half-billion dollars. In total, U.S. executives hold unexercised options worth tens of billions of dollars.... Ver mais

Read the text below in order to answer questions 31 to 35.

AN INTERVIEW WITH A FUND LEADER

Question: Do you invest in pure Internet companies only? Or, in other words, companies with a .com at the end of their name?

Chris Bell: No. We invest in three distinct market sectors and the percentage of the portfolio in each changes as our view alters. Currently, around 45% of the portfolio is in the shares of pure Internet companies. Last summer we had under 30% in this sector of the market. There was a big sell-off of pure Internet companies last summer because of concern about US interest rates. We saw the share prices of some of the bellwethers of the sector, such as Amazon.com, halving. Come September we thought the sell off had be... Ver mais

Read the text below in order to answer questions 31 to 35.

AN INTERVIEW WITH A FUND LEADER

Question: Do you invest in pure Internet companies only? Or, in other words, companies with a .com at the end of their name?

Chris Bell: No. We invest in three distinct market sectors and the percentage of the portfolio in each changes as our view alters. Currently, around 45% of the portfolio is in the shares of pure Internet companies. Last summer we had under 30% in this sector of the market. There was a big sell-off of pure Internet companies last summer because of concern about US interest rates. We saw the share prices of some of the bellwethers of the sector, such as Amazon.com, halving. Come September we thought the sell off had be... Ver mais