Key to Exercises-A
(1) Have you been
(2) was
(3) haven’t been
(4) Have things changed
(5) has changed
(6) didn’t have
(7) stopped
(8) haven’t started

Key to Exercises-B
1. I’d like to spend a few minutes of your time looking back over the year.
2. On the financial front the results have been very pleasing.
3. The company as a whole has performed well.
4. The domestic consumer market has been very competitive.
5. I think you would be interested to have an update since this is vital for our future growth.

Key to Exercises-C
(1) have been
(2) has changed
(3) joined
(4) Has he reorganized
(5) left
(6) were

Key to Translation
In his end-of-year presentation, Managing Director of Bright Co, looks back over the performance of their subsidiaries during the past year.

The American subsidiary, with a growth of 14% in sales and 5% in costs, has gained 9% higher profits. If costs could be cut, the future will be more promising. Owing to jump of costs resulted from an equipment update, the European subsidiary has made profits 3% lower, despite the 10 rise in sales. However, next year things will be better for them. Because of competition from some newly established Chinese companies, the Asian subsidiary suffered a 5% drop in sales and a 6% decrease in profit(s). They have to work harder to upgrade their quality and lower their prices.