Theory and practical application of nominal clauses, adverbial clauses, direct & indirect speech in finance

The complex sentence is an important part of English grammar, not only for its popular application but also for its complicated structures.

Website: http://www.docs.vn Email : lienhe@docs.vn Tel : 0918.775.368 National Economics University Faculty of foreign languages Department of business English REPORT: Theory and practical application of nominal clauses, adverbial clauses, direct & indirect speech in finance Supervisor : Pham Thi Thanh Thuy Group members : Truong Thu Hang (CQ503703) Luu Dieu Ly (CQ503742) Pham Thi Kim Chung (CQ503679) _Ha Noi 2010_ OUTLINE A Introduction .1 B Development .2 I Literature review NOMINAL CLAUSES ADVERBIAL CLAUSES DIRECT AND INDIRECT SPEECH 13 III.Practical application 19 Contrast the use of nominal clauses and adverbial clauses in finance 19 Contrast the use of direct speech and indirect speech in finance 32 C Conclusion 43 D Appendix 44 I References 44 II Discourses ( from Finance Times) 44 A Introduction B Development I Literature reviews Nominal clauses Adverbial clauses Direct & indirect speech II Practical application Nominal clauses & adverbial clauses in finance Direct & indirect speech in finance C Conclusion D Appendix I References II Discourses A Introduction The complex sentence is an important part of English grammar, not only for its popular application but also for its complicated structures Among knowledge involved in the complex sentence, there are nominal clauses, adverbial clauses, direct and indirect speech This report looks into these matters by including two main sections The first section focuses on literature reviews for the definition and usage of nominal clauses, adverbial clauses, direct and indirect speech The other section deals with practical applications of these theories in finance- an aspect of business This section contrasts the use of nominal clauses and adverbial clauses, direct and indirect speech in the financial theme by analyzing five financial articles to help you thoroughly understand the theory Moreover, the report is carried out by some useful research methods such as getting theories from orthodox English grammar books and collecting additional examples from international e-newspapers in the Internet We hope that the report will provide readers useful information and practically assist readers in studying and using English B Development I Literature review NOMINAL CLAUSES 1.Definition A nominal clause is a subordinate clause that functions as a noun phrase For example: “What we are talking about today is the complex sentence.” “Do you know whether this shirt costs much or not?” In the above example, what we are talking about today and whether this shirt costs much or not are nominal clauses and they function as noun phrases In details, what we are talking about today functions as a subject and whether this shirt costs much or not functions as a direct object Classification According to syntax, nominal clauses can be divided into two main types: finite nominal clauses and non-finite nominal clauses For the finite nominal clauses, there are four subtypes: that-clause, wh-interrogative clause, yes-no interrogative clause and nominal relative clause For the non-finite nominal clauses, there are three subtypes: to- infinitive nominal clause, V_ing nominal clause and bare- infinitive nominal clause 2.1 Finite nominal clauses a That- clause That- clause is made by the conjunction “that” and a clause For example, “English is that this course improves.” When the clause performs function of object or complement, or when the clause is brief and uncomplicated, the conjunction “that” can be omitted In this case, we call it the zero that- clause For example: I told him (that) he was wrong However, when the clause is subject, that can not be omitted and is usually expanded to the fact that, except in very formal English (The fact) that she got mark ten surprised everybody Also, when the complex sentence is loaded with adverbials and modifications, that is obligated to appear Mrs Thuy told us, to our regret, that we must take the final exam In the above, to our regret is an adverbial, and the omission of that will make the sentence unclear b Wh- interrogative clause Wh-interrogative clauses resemble wh-question in that they leave a gap of unknown information, represented by the wh-element For example: We are curious about who will win the miss NEU this year In the example , who will win the miss NEU this year is a wh- interrogative clause It concludes the wh- word who, and the whole clause functions as a prepositional complement An infinitive wh-clause can be formed with all wh-words except why For example, the sentence “I don’t know how one must pronounce this word” can be rewritten as “I don’t know how to pronounce this word.” However, we can not rewrite the sentence “The small child wonders why he ought to brush his teeth before going to bed” as “The small child wonders why to brush his teeth before going to bed” c Yes-no interrogative clause The dependent yes-no interrogative clause is formed with if or whether I don’t know if/ whether they accept my application The dependent alternative question has if/ whether or: He doesn’t care whether she loves him or not I am not sure if it will rain or be sunny A clause beginning with whether cannot be made negative, except as the second part of an alternative question For example, we can say “She asked me if class grammar doesn’t have many boys” but we can not say “She asked me whether class grammar doesn’t have many boys” However, we can make it more reasonable by changing it into “She asked me whether class grammar has many boys or (whether it does) not” One more note is that if can not introduce a subject clause For example, it is untrue to say “if it is expensive or not doesn’t concern me” because it is expensive or not functions as a subject here We can use whether instead d Nominal relative clause The nominal relative clause is also introduced by a wh-element like whinterrogative clause However, in fact, the nominal relative clause is much closer to noun phrase status than other nominal clauses are It can normally be paraphrased by a noun phrase containing a nominal element & a post modifying relative clause For example: We remember when we first came here Whoever told you that was not telling the truth Definitely, the nominal relative clause when we first came here can be paraphrased as the noun phrase the time when we first came here including the nominal element the time and the post modifying relative clause when we first came here Likewise, in the second example, whoever told you that can also be paraphrased as anyone who told you that There is a difference between UNIVERSAL and DEFINITE meaning as expressed by the wh-form of a relative clause: universal meaning is made by whword +ever (whoever ,whatever, whenever ), definite meaning is made by whword(who ,what, when ) Coming back to the two example above, the first is paraphrased in universal term (the time) while the second is paraphrased in definite term (anyone) 2.2 Non- finite nominal clauses a To- infinitive nominal clause For the neighbors to sell their house would be a mistake Ly’s dream is to be fatter In the examples, both for the neighbors to sell their house and to be fatter are toinfinitive clauses that perform the function of noun phrases The subject of a to-infinitive clause is normally preceded by for (which is perhaps acting here more as a conjunction than as a preposition) For example, “The plan is for us to finish this term next week” However, when the clause is a direct object, the for is omitted like in “Everyone wants me to talk louder” b V_ing nominal clause (also participle clause) The commonest type of participle clause is the participle clauses without subject Thu is responsible for checking our participation In the other case, when the participle clause requires a subject ,we use genitive case in formal style or objective case in informal style For examples: Bau’s friends are surprised at his changing to new hair style or Bau’s friends are surprised at him changing to new hair style However, the genitive is particularly unsuitable when the subject is an inanimate or abstract noun phrase or a ‘group’ genitive phrase For instance, the sentence “She is upset about her marriage’s ending in a divorce” is not suitable because her marriage is an abstract noun phrase Another note is that a pronoun in the objective case shouldn’t be used in subject position For example, it is very informal to say “Him singing in the shower is an interesting hobby” c Bare- infinitive nominal clause When the to of the infinitive is omitted, it is called bare- infinitive The bare- infinitive nominal clause is used when the infinitive clause supplies a predication corresponding to an use of the proverb For example, “The thing parents often in Tet holiday is (to) buy their children new clothes” Besides, another situation in which we use bare- infinitive is that when the infinitive clause is initial Function According to syntax, nominal clauses can be used in functions: subject (S), direct object (Od), subject complement (Cs), appositive (App), prepositional complement (Cprep), object complement (Co), adjectival complement (Cadj) and indirect object (Oi) However, not all the types of nominal clauses can perform all these functions In fact, there are some major functions that all types can perform and some minor functions that are restricted to a certain type only 3.1 Subject (major function) Nominal clauses firstly function as grammatical subjects which perform the action of or act upon the verb For example, “That ‘Thi No’ gave ‘Chi Pheo’ a bowl of rice gruel with onions made him fall in love with her” Easily to see, all the that- clause functions as the subject that performs the action of making him fall in love with her 3.2 Direct object (major function) Nominal clauses secondly function as direct objects that follow and receive the action of transitive verbs For example, “Some teachers had been wondering if they chose the right career” 3.3 Subject complement ( major function) A nominal clause can also perform the function of subject complement in which it follows copular verbs and describes the grammatical subject For example, “The thief will be whoever has blue ink on their hands” Here the Wh- interrogative nominal clause functions as the subject complement of the thief 3.4 Appositive (major function) All types of nominal clause can also functions as an apposition means that they identify some subjects For example, “Her dream, to be a famous singer, was never fulfilled” In this example, the to- infinitive clause to be a famous singer identifies the subject her dream and makes it clearer 3.5 Prepositional complement (minor function) Some types of nominal clauses like wh- interrogative, yes-no interrogative , nominal relative, V_ing clauses can perform the function of prepositional complement when directly following a preposition and completing the meaning of a prepositional phrase For instance, “The students are thinking about what they just learned in class” Here the prepositional phrase thinking about is modified by the italic wh- interrogative clause 3.6 Object complement (minor function) Nominal relative clause is the sole type can perform as an object complement when directly follows and describe the direct object In the sentence “You may call me whatever names you like”, the nominal relative clause describes the direct object me 3.7 Adjectival complement (minor function) Almost all types of nominal clause, except for nominal relative clause, can function as adjectival complements that complete the meaning of adjectives For example, “I am glad to welcome you to my house” includes the to- infinitive nominal clause that completes the meaning of the adjective glad 3.8 Indirect object (minor function) Only the nominal relative clause can perform as an indirect object or meanwhile, it can indicate to or for whom or what the action of a intransitive verb is performed We can see this function in the example “Have you given how you want to decorate your new room any thought?” 40 “discussed at present”, he told journalists in Berlin In his speech, Mr Stark also pointed out how, even at the height of the post-Lehman Brothers economic crisis, the ECB had not made outright purchases of assets of government bonds – unlike other central banks Meanwhile, Mr Stark argued that the eurozone private sector was not facing credit constraints Instead, the decline in borrowing reflected the weakness of economic activity The ECB’s latest bank lending survey, released on Wednesday, showed an unexpected weakening in demand for loans by companies in the first three months of this year – showing that a recovery in lending that started early in 2009 had gone into reverse The results could add to worries about the fragility of the eurozone’s economic recovery -Total sentences 18 Direct speech Frequency 22.2% Total sentences 18 Indirect speech Frequency 27.7% How to avoid higher home repayments (By Tanya Powley ) With this week’s inflation figures showing further price increases, homeowners who are worried that interest rates will rise this year are now being offered mortgage deals that can protect them against higher repayments Brokers are recommending a range of options: 1.Split loan deals: From Monday, HSBC will offer borrowers the option of a split loan mortgage that allows customers to fix either 25, 50 or 75 per cent of their loan, with the remaining percentage on a lifetime tracker rate The fixed 41 rate depends on the proportion of the mortgage that is fixed and the loan-tovalue of the deal Rates start from as low as 2.49 per cent for the 25 per cent fixed option at 70 per cent loan-to-value The product has a £999 fee and is available to customers borrowing up to £500,000 “The rates on offer look very good,” said David Hollingworth of London & Country Mortgage Brokers Mortgage brokers point out that many other lenders will allow borrowers to mix and match products and specify the split between fix and tracker “However, you need to watch out for the fees charged and check whether a fee is payable on each element of the loan,” said Hollingworth Switch and fix deals: Otherwise known as a “drop-lock” mortgage, these products allow borrowers to take out a tracker rate but then move on to a fixedrate deal – with the same lender – without any early repayment charges Nationwide Building Society and Royal Bank of Scotland (RBS) are among the few mortgage providers that currently offer the switch-and-fix option However, Nationwide charges a reservation fee for the new fixed rate while RBS allows customers to switch free of charge provided they have been on the tracker for at least three months Nationwide has a two-year tracker at 2.68 per cent – bank rate plus 2.18 per cent – available up to 70 per cent loan-to-value RBS has a two-year tracker at 2.59 per cent – bank rate plus 2.09 per cent – at up to 60 per cent loan-to-value The potential downside is that the lender’s fixed rates are likely to have risen by the time the borrower decides to switch 42 Capped rate mortgages: A capped rate mortgage is another option that limits a borrower’s exposure to rising rates Capped rates cannot climb above a pre-set rate, known as a cap Brokers recommend a capped rate for about five years Britannia/Co-op has a five-year deal at 2.99 per cent – bank base rate plus 2.49 per cent – with a cap of 5.99 per cent available up to 75 per cent loan-to-value It comes with a £999 fee “The best five-year tracker rate at 75 per cent loan-to-value is 2.84 per cent from ING so a borrower will not pay much of a premium – just 0.15 per cent – to have the security of the cap,” said Nigel Bedford of Largemortgageloans.com Interest rate insurance policy: RateGuard is an insurance policy offered by insurer MarketGuard that pays out a monthly sum if rates rise above a certain amount Premiums are set according to the size of the mortgage and the rate insured For example, protecting a £500,000 repayment tracker mortgage against a rate rise of more than per cent costs £193 per month with a two-year policy This drops to £55 per month if the policyholder wants to protect the same mortgage against a rise of more than per cent Brokers warn this option is likely to be the most expensive Total sentences 24 Total sentences Direct speech Indirect speech Frequency 12,5% Frequency 43 24 4.16% In conclusion, through calculating the frequency of appearing the direct and indirect speech, we can see that in these articles, the author often uses the direct speech more than indirect speech It can be explained that by quotating the words of experts or famous people really makes the articles more persuasive and attractive, especially newspapers about business Therefore, using direct speech brings many benefits Moreover, if the words of those people are too long, using the indirect speech to summarise the intention of the speakers is very essential Consequently, it is a good idea to apply both direct and indirect speech into the articles C Conclusion By reviewing theory in a logical order and study the theory in practical application, we can understand all the definition, classification, functions and usages of nominal clauses, adverbial clauses, direct and indirect speech All these structures have been proved that they are widely used in reality, in business, and more details, in the financial theme 44 D Appendix I References A University Grammar of English by Randolph Quirk and Sidney Greenbaum A University Grammar of English – workbook (the same writers) Fundamentals of English traditional syntax by Tran Huu Manh II Discourses ( from Finance Times) Experts warn deficit could result in new crisis By Edward Luce in Washington Strong majorities of former Republican and Democratic economic officials forecast the US will suffer another severe economic crisis unless it takes steps to rein in the country’s structural fiscal deficits, according to the Peterson Foundation, a non-partisan body The survey, which questioned officials from eight former US administrations, coincided with the first day’s hearing of Barack Obama’s bipartisan fiscal commission, which will publish its proposals in December, shortly after the mid-term congressional elections More than three-quarters of Republicans and Democrats who were surveyed predicted another big crisis within the next decade in the absence of tough measures to reverse America’s deteriorating fiscal outlook 45 In contrast to the views of many sitting lawmakers, a strong majority also agreed that any solution would require both tax increases and spending cuts “For years folks in Washington deferred politically difficult decisions and avoided telling hard truths about the nature of the problem,” said Mr Obama yesterday “This is going to require people of both parties to come together and take a hard look at the growing [fiscal] gap.” Few observers believe that the 18-member commission, which is co-chaired by Alan Simpson, a former Republican senator, and Erskine Bowles, a former chief of staff to Bill Clinton, the former US president, will come up with meaningful proposals, given the requirement that it produce 14 votes in favour of any recommendation Any attempt to reduce long-term deficits, which are driven principally by America’s entitlement programmes, namely Medicare, Medicaid and Social Security, would require Democrats and Republicans to climb down from longcherished positions On Tuesday, Mr Simpson rejected charges by fellow Republicans that the commission was a “stalking horse for higher taxes” He said: “We are stalking horses for our grandchildren I have six He [Mr Bowles] has seven.” He added: “I was in the Senate for 18 years and the cry to me was always: ‘Al, bring the bacon home’ Well, the pig has died.” Political analysts believe that it will be very difficult to get bipartisan consensus before the onset of another economic crisis 46 “When America is in crisis it acts,” said Bill Schneider, a political scientist at George Mason University “But the fiscal problem is a bit like global warming Unless, or until, disaster happens, it is very doubtful the political system will anything about it,” he added ECB warns on sovereign debt crisis By Ralph Atkins in Frankfurt A top European Central Bank policymaker has intensified warnings of a “fullblown sovereign debt crisis” unless governments take ambitious steps to bring public finances under control, saying the UK, US and Japan faced an even greater challenge than the eurozone The comments by Jürgen Stark, ECB executive board member – which echoed similar warnings by the International Monetary Fund – highlighted the spreading concerns sparked by the escalating crisis over Greece’s public debt However, he played down the idea of the ECB offering Greece a lifeline in an extreme scenario by buying its government bonds Speaking at a conference in Berlin, Mr Stark said fiscal concerns had become a “major concern” in the eurozone But bringing public debt ratios back to safer levels appeared “even harder for the UK, the US and Japan Given their high budget deficits and the high and rising debt levels, they must undertake very strong consolidation efforts to manage a reversal.” For the three years from 2009 to 2011, the public sector deficit was expected to exceed per cent of gross domestic product in the eurozone, but more than 10 per cent in the US and UK, he said 47 Mr Stark warned that high government deficits would fuel fears about inflation, drive up interest rates and severely limit governments’ room for manoeuvre in future crises “The onus is now on governments to ensure that the crisis that initially affected the financial sector, and subsequently the real economy, does not lead to a full-blown sovereign debt crisis Averting it will require very ambitious and credible fiscal consolidation efforts.” His speech came as Jean-Claude Trichet, ECB president, arrived in Berlin to try to persuade German parliamentarians to back the joint eurozone/IMF rescue programme for Greece Mr Trichet has urged eurozone politicians to “live up to their responsibilities” and argues that eurozone members share “a common destiny” But Mr Stark appeared to rule out one option floated by economists – of the ECB itself buying Greek government bonds This was not an issued being “discussed at present”, he told journalists in Berlin In his speech, Mr Stark also pointed out how, even at the height of the post-Lehman Brothers economic crisis, the ECB had not made outright purchases of assets of government bonds – unlike other central banks Meanwhile, Mr Stark argued that the eurozone private sector was not facing credit constraints Instead, the decline in borrowing reflected the weakness of economic activity The ECB’s latest bank lending survey, released on Wednesday, showed an unexpected weakening in demand for loans by companies in the first three months of this year – showing that a recovery in lending that started early in 2009 had gone into reverse The results could add to worries about the fragility of the eurozone’s economic recovery Brazil set for interest rate rise By Jonathan Wheatley in São Paulo 48 Brazil’s central bank is expected to raise its core interest rate by as much as a full percentage point on Wednesday evening as the unexpectedly fast pace of economic growth puts increasing pressure on prices Predictions for economic growth, inflation and interest rates at the end of 2010 have all risen sharply in recent weeks, adding to near-certainty among economists that the bank will raise its target overnight rate, known as the Selic, for the first time since September 10 2008 – less than a week before the collapse of Lehman Brothers and the ensuing global crisis took the pressure off an economy that was showing dangerous signs of overheating The bubbles that burst round the developed world are a long way from reinflating but, in Brazil, many economists fear the economy may already be behaving much as it was 18 months ago The central bank’s most recent survey of market economists, published on Friday, put the consensus for economic growth this year at per cent – well above the 4.5 per cent or so that many economists regard as the potential, or non-inflationary, rate That is even after factoring in an increase in the Selic rate from 8.75 per cent on Wednesday to 11.75 per cent by the end of the year – a full half point above the consensus just four weeks ago Consumer price inflation is seen rising to 5.41 per cent a year, almost a point above the government’s target of 4.5 per cent Henrique Meirelles, central bank governor, in an unprecedented signal of intent, said on Monday: “In situations like this one, we need a programme of vigorous action.” 49 His comments caused a spike in interest-rate futures contracts as many investors who had expected a half or three-quarter point increase on Wednesday evening began to see a full point rise as a real possibility Some economists believe the central bank should have acted more quickly as inflationary pressures emerged some months ago In a note to clients on Friday, Nick Chamie of RBC Capital Markets said he expected the actual rate of Brazil’s economic growth to overtake its potential rate during the second half of this year “Given we are six-nine months away from the output gap closing (according to our estimates) and monetary policy tends to work with a 12 to 18month time lag, it is fair to say the BCB is already behind the curve,” he wrote, describing the task facing the central bank of bringing inflation under control as “an enormous challenge” However, others believe there is still room for sustainable growth On Friday, Marcelo Salomon and Guilherme Loureiro of Barclays Capital wrote that “while inflation is clearly a source of concern and domestic demand growth has jumped back to the pre-crisis levels, there is still some spare capacity to be filled before we reach the same blistering pre-crisis conditions” How to avoid higher home repayments By Tanya Powley With this week’s inflation figures showing further price increases, homeowners who are worried that interest rates will rise this year are now being offered mortgage deals that can protect them against higher repayments Brokers are recommending a range of options: Split loan deals 50 From Monday, HSBC will offer borrowers the option of a split loan mortgage that allows customers to fix either 25, 50 or 75 per cent of their loan, with the remaining percentage on a lifetime tracker rate The fixed rate depends on the proportion of the mortgage that is fixed and the loan-to-value of the deal Rates start from as low as 2.49 per cent for the 25 per cent fixed option at 70 per cent loan-to-value The product has a £999 fee and is available to customers borrowing up to £500,000 “The rates on offer look very good,” said David Hollingworth of London & Country Mortgage Brokers Mortgage brokers point out that many other lenders will allow borrowers to mix and match products and specify the split between fix and tracker “However, you need to watch out for the fees charged and check whether a fee is payable on each element of the loan,” said Hollingworth Switch and fix deals Otherwise known as a “drop-lock” mortgage, these products allow borrowers to take out a tracker rate but then move on to a fixed-rate deal – with the same lender – without any early repayment charges Nationwide Building Society and Royal Bank of Scotland (RBS) are among the few mortgage providers that currently offer the switch-and-fix option However, Nationwide charges a reservation fee for the new fixed rate while RBS allows customers to switch free of charge provided they have been on the tracker for at least three months Nationwide has a two-year tracker at 2.68 per cent – bank rate plus 2.18 per cent – available up to 70 per cent loan-to-value RBS has a two-year tracker at 2.59 per cent – bank rate plus 2.09 per cent – at up to 60 per cent loan-to-value 51 The potential downside is that the lender’s fixed rates are likely to have risen by the time the borrower decides to switch 3.Capped rate mortgages A capped rate mortgage is another option that limits a borrower’s exposure to rising rates Capped rates cannot climb above a pre-set rate, known as a cap Brokers recommend a capped rate for about five years Britannia/Co-op has a five-year deal at 2.99 per cent – bank base rate plus 2.49 per cent – with a cap of 5.99 per cent available up to 75 per cent loan-to-value It comes with a £999 fee “The best five-year tracker rate at 75 per cent loan-to-value is 2.84 per cent from ING so a borrower will not pay much of a premium – just 0.15 per cent – to have the security of the cap,” said Nigel Bedford of Largemortgageloans.com Interest rate insurance policy RateGuard is an insurance policy offered by insurer MarketGuard that pays out a monthly sum if rates rise above a certain amount Premiums are set according to the size of the mortgage and the rate insured For example, protecting a £500,000 repayment tracker mortgage against a rate rise of more than per cent costs £193 per month with a two-year policy This drops to £55 per month if the policyholder wants to protect the same mortgage against a rise of more than per cent Brokers warn this option is likely to be the most expensive 52 Lending to businesses falls sharply By Norma Cohen Lending to private non-financial companies fell sharply in March and at a faster pace than seen over the previous six months, a shift that lenders attributed to low demand for credit from the corporate sector Data from the British Bankers’ Association showed that lending to so-called PNFCs – whose activities form the backbone of the British economy – fell by £3bn in March, against an average monthly decline over the previous six months of £1.7bn The availability of credit for the corporate sector has been among the chief concerns of economists and policymakers, even in the face of a clearly strengthening outlook for growth “Lending to non-financial companies continued to contract annually, as company demand for credit remained subdued even though alternative capital funding has not been as prevalent in the first quarter,” the BBA said On the housing front, lending picked up, although only slightly The number of mortgage approvals rose to 35,000 in March from 33,400 in February, which was itself the lowest level for mortgage lending in 10 months Meanwhile, homeowners stepped up the pace at which they are repaying their mortgages so that net mortgage lending – gross disbursements minus repayments – eased to £2.4bn in March from £2.7bn in February and was below the average level of the previous six months 53 “The muted BBA mortgage approvals data reinforce our suspicion that house prices will be erratic through 2010, and may very well be no better than flat over the year – particularly if more properties come on to the market thereby pushing the supply/demand balance more towards buyers from sellers,” said Howard Archer, economist at IHS Global Insight Mr Archer said the strong rise in house prices seen over much of 2009 was “out of kilter” with overall economic fundamentals and was unsustainable Net consumer credit also contracted slightly in March, according to the BBA, with repayments outstripping new borrowing New spending on credit cards in March totalled £5.7bn, down from £5.8bn in February and in line with the average over the previous six months New consumer loans for the month totalled £1.1bn, down from £1.3bn the month before But the decline in consumer borrowing and net mortgage lending translated into rising deposits at banks Total deposits rose by £4.7bn, up slightly from February and much higher than the £3.2bn average level seen over the previous six months ... Contrast the use of direct speech and indirect speech in finance (speech : indirect speech speech : direct speech) Brazil set for interest rate rise (By Jonathan Wheatley in São Paulo – Finance Times)... with practical applications of these theories in finance- an aspect of business This section contrasts the use of nominal clauses and adverbial clauses, direct and indirect speech in the financial... application 19 Contrast the use of nominal clauses and adverbial clauses in finance 19 Contrast the use of direct speech and indirect speech in finance 32 C Conclusion 43