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World and Press September 1 2022

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Original Pressetexte aus britischen und US-amerikanischen Medien Sprachtraining, Landeskunde, Vokabelhilfen und Übungsmaterial für Fortgeschrittene Sprachniveau B2 - C2

12 Business

12 Business September 1 2022 | World and Press A nightmare on Wall Street is still dream job for thousands BUSINESS According to industry sources, interest in a career in banking remains robust across the board. mit Übungsmaterial By Callum Jones 1 OVERWHELMING workloads, 95-hour weeks, and “inhumane” lifestyles: welcome to life on the bottom rung of the Wall Street ladder – at least according to some of its new recruits last year. And they were not happy about it. A survey of a small band of disgruntled first-year analysts at Goldman Sachs, made to look like an official presentation, whizzed around trading floors and corner offices in the spring of 2021 after it emerged on social media. Yet despite the grim picture it painted and the public furore that followed, the allure of the American financial sector doesn’t appear to have been dulled at all. 2 JP Morgan, for example, had 270,855 applicants for its worldwide summer internship scheme this year, according to data provided to ‘The Times’. That’s up by 20 per cent on last year. Goldman, meanwhile, revealed that a record 236,000 people had applied for its internship programmes this year, a rise of 17 per cent on 12 months earlier. 3 Drew Pascarella, a former banker who is now an associate dean at Cornell University’s business school, was unsurprised. Such heavyweight firms had become “much more aggressive” in recruiting students on campuses in recent years, he said. That has paid off: a quarter of Cornell’s 304 MBA students are off to an investment banking internship this summer, up from 20 per cent last year. Industry sources said that interest in a career in banking remained robust across the board. … 4 These programmes are a rite of passage for aspiring bankers seeking the first-year roles that came under scrutiny last year. “I didn’t come into this job expecting a 9am–5pm’s,” read a quote from an analyst in last February’s company presentation, “but I didn’t expect consistent 9am– 5am’s either.” 5 David Solomon, Goldman’s chief executive, pledged to take the presentation “very seriously”. The bank is said to have boosted base pay for first-year analysts to 0,000 and has moved to enforce its “Saturday rule” – earmarking at least one work-free day of the weekend – after the survey sparked a debate about the pressures faced by well-paid junior staff at the biggest finance firms. 6 Young workers at such institutions earn six figures straight out of college, some noted, and could hardly be surprised by the sector’s notoriously high levels of work for new recruits. But the survey’s | Photo: lo lo/Unsplash more sympathetic readers questioned whether any amount of compensation justified a job that one respondent said had sent them to a “really dark place”. 7 The rush of applications also comes amid warnings that Wall Street faces an intensifying battle with other sectors for the best and brightest, as private equity firms entice young bankers with lucrative compensation packages, and technology groups offer equity stakes and an alternative culture. 8 Yet strong demand to enter the financial sector is only part of the equation. Pascarella described a “conveyor belt” at many top banks, where a significant number of workers leave after a few years. Recruiters are not struggling to keep pace with the demand for graduates. Pascarella said that banking remained a “premium industry” for students seeking a return on investment on their tuition. “I think you’re seeing a very large group of students who are willing to work hard and do what’s asked of them, if it’s worth the compensation,” he said. The challenge was not attracting such workers but keeping them. … © The Times, London/News Licensing This article originally appeared in The Times, London. 0 INDUSTRY SOURCES Branchenkreise — robust “r´U"bøst‘ h.: ungebrochen — across the board (fig) allgemein 1 overwhelming “Æ--"welmIN‘ übermäßig — bottom rung unterste Sprosse — new recruit Neueinsteiger(in); s.w.u. to recruit anwerben — band Gruppe — disgruntled “dIs"grønt´ld‘ verärgert — to whiz schwirren — trading floor Börsenparkett — corner offices (fig) Führungsetage — grim düster — allure “´"ljU´‘ Anziehungskraft — to dull mindern 2 – 4 applicant “"œplIk´nt‘ Bewerber(in) — internship Praktikum — scheme “ski…m‘ Programm — associate dean “´"s´USi´t‘ stellv. Dekan(in) — business school wirtschaftswissenschaftl. Fakultät — heavyweight groß; namhaft — MBA (= Master of Business Administration) student BWL-Student(in) — rite of passage Übergangsritus — aspiring “´"spaI´rIN‘ angehend — to come under scrutiny “"skru…tIni‘ (fig) auf dem Prüfstand sein — consistent “k´n"sIst´nt‘ ständig 5 – 6 chief executive “Æ-Ig"zekj´tIv‘ Chef(in) — to pledge versprechen — base pay Grundgehalt — to enforce durchsetzen — to earmark vorsehen — to spark (fig) auslösen — junior staff Nachwuchskräfte — notoriously “n´U"tO…ri´sli‘ bekanntermaßen — sympathetic “ÆsImp´"TetIk‘ mitfühlend — compensation Vergütung — respondent “rI"spÅnd´nt‘ Befragte(r) — to be in a dark place (fig) eine schwere Zeit durchmachen 7 amid “´"mId‘ inmitten — private equity firm “"ekwIti‘ Beteiligungsgesellschaft — to entice locken — compensation package Vergütungspaket — equity stake Aktienanteil — culture h.: Arbeitskultur 8 to be only part of the equation “I"kweIZ´n‘ (fig) nur ein Aspekt sein (e. Gleichung) — conveyor belt (fig) Fließband — recruiter Personaler(in) — to keep pace with (fig) Schritt halten mit — premium Spitzen- — return on investment Kapitalrendite; h.: Rückgewinnung — tuition “tju"IS´n‘ Studiengebühren Continued from page 1 of his days as a lawmaker. Now Biden and his Cabinet officers are planning events and trips in the coming days in hopes of translating the victories to public support. … 7 “It’s potentially a narrativechanging moment,” said Cornell Belcher, a Democratic pollster who worked for President Barack Obama when Biden was his vice president. Biden’s low approval ratings, he noted, reflected disappointment among his own base that he had not brought the change they had expected. “It’s kind of hard to say the president hasn’t gotten things done or accomplished anything and kept his campaign promises when you now look at his legislative track record.” 8 But legislation and other policy advances may not address one major political liability. At 79, he is the oldest president in American history, and polls show that many think he should not run for reelection as a result. Two-thirds of Democrats in a recent New York Times/Siena College survey said they wanted a different nominee in 2024; age was the top reason, cited by 33%. 9 Congressional Democrats are naturally more concerned with the midterm elections, as they trail in their bid to hold onto their narrow majority in the House. Unless the win streak can lift the president’s low approval ratings, it may make little difference for them in November, and some of them are skeptical that Biden can effectively sell his record to the public in the short time left. 10 “I suspect it will help with motivating Democratic activists and with fundraising,” said Sara Fagen, who was the White House political director for President George W. Bush. “Those two things will matter in close races, but the president’s job approval would need to improve about seven points to move the needle on the House. With inflation where it is today, I don’t see it.” 11 Indeed, inflation remains the big skunk in the Rose Garden for Biden, souring the public as prices rise for food, housing, and other necessities at the highest rate in four decades. But the White House hopes the public will balance that against the spate of successes of recent weeks, including a surprisingly robust jobs report; falling gas prices; a drone strike that killed Ayman al-Zawahri, leader of al-Qaida; the approval of a treaty admitting Finland and Sweden to NATO; and passage of lawmaker Abgeordnete(r) — to translate umwandeln — narrative-changing “"nœr´tIv‘ das Narrativ verändernd — pollster “"p´Ulst´‘ Meinungsforscher(in) — approval rating Zustimmungsquote — to accomplish vollbringen 8 – 10 liability “ÆlaI´"bIl´ti‘ Belastung — to run for reelection “Æri…I"lekS´n‘ s. zur Wiederwahl stellen — nominee “ÆnÅmI"ni…‘ Kandidat(in) — to cite anführen — midterm elections Kongresswahlen zur Mitte der Präsidentenamtszeit — to trail zurückliegen — bid Bestreben — win streak Glückssträhne — close race Kopf-an-Kopf-Rennen — to move the needle on s.th. bei etw. tatsächlich Wirkung zeigen major legislation investing in the domestic semiconductor industry and expanding medical care to military veterans exposed to toxic burn pits. 12 The bill passed by the Senate on Sunday is itself a merger of multiple priorities, any one of which would typically be a significant legislative victory, and several of which had eluded Democrats for many years: the largest U.S. investment in history in climate and energy initiatives to fight global warming, curbs on the cost of prescription drugs for older Americans, the extension of health care subsidies, and a minimum 15% tax on corporations that have paid little or nothing. 13 The bill, which still needs to pass the House this week, is of course a pale shadow of the original .8 trillion New-Deal- Great-Society-style legislation that crashed and burned last year, when Biden could not persuade [Democratic] Sen. Joe Manchin to go along with it. … © 2022 The New York Times Company This article originally appeared in The New York Times. 11 skunk Stinktier — to sour s.o. “"saU´‘ jdn. verprellen — necessities “n´"ses´tiz‘ Güter des tägl. Bedarfs — to balance against abwägen gegen — a spate of e-e Serie von — jobs report Arbeitsmarktbericht — treaty Vertrag — semiconductor Halbleiter- — medical care med. Versorgung — burn pit Verbrennungsgrube 12 – 13 merger “"m‰…dZ´‘ Verschmelzung — to elude s.o. “I"lu…d‘ jdm. versagt bleiben — curb “k‰…b‘ Beschränkung — prescription drug “prI"skrIpS´n‘ rezeptpflichtiges Medikament — subsidies “"søbsIdiz‘ Subventionen — trillion Billion — to crash and burn (fig) auf ganzer Linie scheitern — to go along with s.th. (fig) etw. mittragen

World and Press | September 1 2022 Art 13 How Brexit helped Europe’s galleries ART Curators who left the UK after the referendum took with them experience that is reshaping their cities’ art scenes. mit Audiodatei und Übungsmaterial By Philip Oltermann 1 ONE OF THEthings Stephanie Rosenthal acquired during her ten-year stint in London’s gallery world is an appreciation of the British art of queueing with a smile on your face. After the German art historian quit her job as chief curator at the Hayward Gallery in the wake of Britain’s referendum on leaving the European Union, she exported her specialist skills back to her country of birth. 2 Since Rosenthal took over as director at Berlin’s Gropius Bau in 2018, those who stand in line to buy a ticket at her gallery can hope to be amused and entertained by one of 12 “friends” whom she hired to meet and greet visitors. Those who don’t fancy the wait can amble straight into the atrium to hang out at a free sound installation by the Nigerian artist Emeka Ogboh, another symbol of change introduced under Rosenthal’s tenure. 3 Gropius Bau used to represent a German tradition of ivory-tower galleries, where visitors were more tolerated than welcome. Security staff would make sure they felt that way. Now, the experience of entering the palatial 19thcentury building on the border of Berlin’s Kreuzberg and Mitte districts is more reminiscent of stepping into a London exhibition space such as the Royal Festival Hall or Tate Modern. 4 “In England, the approach was always to have a low threshold for entry,” said Rosenthal. “The question that galleries asked was, ‘How can culture affect our everyday thinking?’ rather than, ‘Take this flight of stairs, and then culture will reveal itself to you.’ In that respect, in Germany, we were ten years behind.” 5 When Britain voted to leave the EU on 23 June 2016, the result shocked many European citizens who had made the UK their adopted home. Six years on, many have returned to the countries they were raised in. However, it is also becoming clearer that the experiences they gathered are changing continental European cities in unexpected ways. 6 For Germans, this is particularly true of those from the UK’s art and museums sector, long a popular destination for graduates from a country that regularly produces more art historians than it can offer jobs to. The British Museum, the V&A, and Tate Liverpool have or have had directors with German passports. 7 Stefan Kalmár, 52, spent a total of 17 years in England after swapping the University of Hildesheim for Goldsmiths in 1996, going on to head up the Institute of Visual Culture in Cambridge, London’s Cubitt Gallery, and eventually the capital’s prestigious Institute of Contemporary An exhibition of artwork by Yayoi Kusama at the Gropius Bau in April 2021. | Photo: Picture Alliance/AP Arts (ICA) from 2016 to 2021. He recalled a “utopian period” between the mid-1990s and the early 2000s, when “London was on the way to become Europe’s New York”. “Britain totally shaped my idea of culture.” 8 But the Brexit referendum marked a turning point for Kalmár, the son of an East German mother and a Hungarian father. “Even before the Brexit vote, it felt like insular thinking was creeping back in – it was much more extreme than I had imagined coming from New York.” Even in London’s globalised art scene, he recalled, colleagues made derogatory remarks about “foreigners” that went often unchallenged. 9 The culture wars that were amplified in the years after the divisive vote also sapped his job of joy, Kalmár said. While the ICA is only 21% publicly funded – compared with 70% to 80% at comparable German institutions – the multidisciplinary venue was still perceived as being largely government-supported, and provocative programming could trigger furious letters of rightwing complaint that required careful legal responses. 10 The lack of an American donor culture and an equivalent tax-break regime, he said, meant that British art organisations “get the worst of both worlds”. “You end up running essentially what has become a subsidised business rather than a civic institution. The mixed-economy model forces you to be a lot more commercial than you want – you spend all your time working out how to make more money out of your bookshop or your cafe, and that ends up draining a lot of energy you would rather invest in focusing on the programme.” Gropius Bau director Stephanie Rosenthal at the museum in 2018. | Photo: Picture Alliance/dpa 11 Now based in Marseille, France, where he runs a curatorial production office, Kalmár said he had started to renew his appreciation of France and Germany’s way with the arts, especially when he saw how quick and unbureaucratic the state was to prop up cultural institutions during the pandemic, while UK organisations struggled. 12 “It’s a completely different approach to what we see as public service. A German museum may close for four weeks to install a new exhibition – that’s completely unthinkable in the UK.” Even then, many German directors and curators who learned their trade in Britain’s more commercial but also more audience-orientated art world remain ambivalent. “I sometimes struggle with my own argument: well-funded German museums should be exemplary models of civic engagement. And too often, unfortunately, they are not.” 13 “The approach here [in Berlin] is: even an exhibition that doesn’t attract that many viewers can be valuable,” said Rosenthal, who is leaving Berlin this autumn to head the Guggenheim Abu Dhabi. “Culture is seen as an important instrument for critical thinking. But on the flipside, London taught me that a blockbuster show isn’t necessarily a bad show.” … © 2022 Guardian News and Media Ltd 0 – 1 CURATOR “kjU´"reIt´‘ Kurator(in); s.w.u. curatorial “ÆkjU´r´"tO…rI´l‘ kuratorisch — to reshape “Æ-"-‘ umgestalten — to acquire “´"kwaI´‘ s. aneignen — stint Zeit — appreciation “´Æpri… Si"eIS´n‘ Wertschätzung — to queue “kju…‘ Schlange stehen — art historian Kunsthistoriker(in) — in the wake of infolge — country of birth Geburtsland 2 – 4 to fancy s.th. auf etw. Lust haben — to amble schlendern — sound installation Klanginstallation — tenure “"tenj´‘ Amtszeit; h.: Leitung — ivory-tower “"aIv´ri‘ Elfenbeinturm; h.: (fig) realitätsfern — palatial “p´"leIS´l‘ prachtvoll — to be reminiscent of s.th. “ÆremI"nIs´nt‘ an etw. erinnern — approach “´"pr´UtS‘ Ansatz — threshold “"TreS´Uld‘ Schwelle — flight of stairs Treppe — to reveal o.s. s. offenbaren — in that respect in dieser Hinsicht 5 – 7 adopted home Wahlheimat — to gather sammeln — graduate “"grœdZu´t‘ Absolvent(in) — to swap “swÅp‘ eintauschen — to head up leiten — eventually “I"ventSu´li‘ schließlich — prestigious “pres"tIdZ´s‘ renommiert 8 to mark darstellen — turning point Wendepunkt — insular thinking “"Insj´l´‘ Abschottungsdenken — to creep back in s. wieder einschleichen — to recall s. erinnern — derogatory “dI"rÅg´t´ri‘ abfällig — to go unchallenged “øn"tSœlIndZd‘ unwidersprochen bleiben 9 culture war Kulturkampf — to amplify verstärken — divisive “dI"vaIsIv‘ kontrovers; entzweiend — to sap s.th. of s.th. e-r S. etw. nehmen — publicly funded öffentl. gefördert — comparable “"kÅmp´r´b´l‘ vergleichbar — multidisciplinary “ÆmøltidIs´"plIn´ri‘ interdisziplinär — venue “"venju…‘ h.: Kulturzentrum — to perceive “p´"si…v‘ wahrnehmen — governmentsupported staatl. unterstützt — to trigger s.th. etw. zur Folge haben — letter of complaint Beschwerdebrief — rightwing rechtskonservativ 10 – 11 donor “"d´Un´‘ Spender(in) — equivalent “I"kwIv´l´nt‘ entsprechend — tax-break regime “reI"Zi…m‘ System der Steuervergünstigungen — essentially “I"senS´li‘ im Grunde genommen — to subsidise “"søbsIdaIz‘ subventionieren — civic institution städtische Einrichtung — mixed-economy model h.: Mischmodell — to force zwingen — to drain aufzehren — unbureaucratic “ønÆbjU´r´U"krœtIk‘ — to prop up unterstützen 12 – 13 unthinkable “øn"TINk´b´l‘ undenkbar — to learn a trade e-n Beruf erlernen — audience-orientated aufs Publikum ausgerichtet — ambivalent “œm"bIv´l´nt‘ zwiespältig — exemplary “Ig"zempl´ri‘ vorbildlich — civic engagement bürgerschaftl. Engagement — valuable “"vœlju´b´l‘ von Wert — on the flipside auf der anderen Seite — blockbuster erfolgreich

World and Press