D State verbs Present time 2 A Present simple or continuous? The present simp;e and present continuous are explained in unit 1. Compare: Present continuous Present simple permanent nabits and routines facts that are always true general situations / live m Budapest ia'\ the time) temporary in progress now events happening at the moment a oarticular situation I'm living in Budapest, (for a few months) This plane lands In Frankfurt, (routine) Look! We're landing, (in progress now) N'H. dominates rhe UK cable-television market (general situation). It is doing wry well in the vest ofEurope, too, with about 4ra ■laiomm (at the moment!. (International Herald Tribune websice) Canada continues to he tlic most popular country for franchise expansion among US-t^ased companies (general situation), but thai is changing (trend in progress), (worldtrarieonline magazine) B Present continuous or present perfect continuous? The present continuous is used (or a temporary action happening now. The present perfect continuous describes an action in progress from the past jp to the present Sue is working on the new design. (in progress now, a no wi II continue) Stj'e has been working on the new design (in progress up to now, and nay or may not continue) C Other uses of present tenses PRESENT SIMPLE The present simple can be used to refer to timetables and schedules. When we speak about timetables we are often thinking about the future. flrii/sn Airways flight BA723 leaves Geneva at 16.40 and arrives in London at 17.20. s Tbe present simple can be used to make a story appear mare immediate and Interesting. This is common in journalism. On a grey Not/ember day in New England the mood inside EMC's headquarters is sunny and bright. Executives of the datastorage tnaiicel leader see no limits to the world's expanding appetite for their storage machines. CEO Michael Ruettgers caih EMC recession-proof. (Business Week website) PRESENT CONTINUOUS The present continuous can be used to describe a fixed future arrangement. There is usually a future time expression. HSBC are moving to new premises next year. We can use always with the present continuous. This is often used for exaggerating or ccmplairiing. We emphasise ahvays in speech ifi this case. This photocopier is always breaking down! Some verbs describe states, not actions. Nothing 'happens'. Verbs like this are not normally used in the continuous form of any tense. / notice that you've moved your desk. (NOT I'm noticing) Sorry / don't understand, (NOT I'm not understanding) How much does it cost? (NOT How much is it costings It weighs 4kg with the packaging. (NOT It is weighing) These examples are in the present simple even though we are talking about temporary situations. State verbs include: the senses: appear, hear, look like, notice, see, seem, smell, sound, taste (= have a flavour) feelings: dislike, fear, hate, like, love, prefer, want, wish thinking: agree, believe, doubt, expect (= believe) feel (= believe), forget, imagine, know, realise, recognise, suppose, suspect, think 1= believe), understand possession: belong to, contain, have (= possess), include, own, possess being: be, consist of, exist other verbs: cost, depend on, fit, involve, matter, measure (= have length), mean, need, satisfy, surprise, weigh Analysts expect that shares in the demerged P&O Princess Cruises will trade initially at about 400p a share, which means that P&O is currently undervalued. However some analysts think that the arrival of new cruise ships on the market will produce a fall in profits. (Telegraph website) Some of the verbs in the previous list can have a 'state' meaning and an 'action' meaning. Examples include be, have, taste, think. Our suppliers are usually very helpful, (state) Our suppliers are being very hefpful at the moment, (action) / have two sisters, (state) I'm having problems with this computer, (action) This soup tastes salty, (state) I'm tasting the soup to see if it needs more salt, (action) I think you're right, (state) I'm thinking about changing my job. (action) State verbs are not normally used in the imperative. 2 Practice Exercise 1 A Underline the correct words. 1 A: What do you do!are you doing? B: I'm an executive secretary. 2 A: What do you do/are you doing? B: I'm looking for the details on the computer. 3 A: Where do you work Ism you working'' B: Paris this month, then Bonn the next. 4 A: Where do you work/are you working! B: At our head office in Paris. 5 My name's Walter, and I come/I'm coming from Frankfurt. 6 / come [I'm coming to Frankfurt next Thursday I can call in to your office. 7 ; deal withll'm dealing with Andrew's clients while he's on holiday, 8 / deal withll'm dealing with the paperwork and general administration 9 A: Who do you golareyou going to the Trade Fair with? 9: This year with Stefano 10 A: Who do you go/are you going to the Trade Fair with? B: Usually with Stefano. Exercise 2 A D Complete the sentences by putting the verbs in brackets into the present simple or present continuous. 1 I ...AM...!fif?kj.is^...*.t... (look at) the details on the screen right now. 2 I................................(look at) the sales results in detail every month. 3 The production line................................ (not, work) at weekends. 4 The production line................................(not, work) at the moment. 5 Yes, I agree. I................................(think) it's a good idea, 6 I................................(think) about it, I'll let you know tomorrow. 7 Helen ...............................- (stay) at the Asloria while she's in Madrid this month. 8 Helen................................(stay) at the Astoria when she's in Madrid. 9 We................................(take) a sample for testing once a day 10 We................................(take) a big risk if we go ahead with the project. 11 They................................(be) usually very flexible if we need to change the order. 12 They................................(be) flexible about giving us credit for a few more months. Exercise 3 D Some of the following sentences are right and some are wrong. Put a tick (v") next to the right ones, and correct the wrong ones. 1 Which wine are you going to have? ..................../,.................... Which wine arc you preferring? .....Aff,..i0*..,t>tMsC...... Exercise 4 A D unit 1 Complete this dialogue by putting each of the verbs in brackets into the correct form of the present simple or present continuous. matt- (you/look) for someone? jennifrr.: Yes, J (2) ..................=.......................... (need) to speak to Kim Bryant but she isn't in her office. (3) ............................................ (you/know) where she is? matt: Oh, I'm sorry, she isn't here today. She (4) ............................................ (work) at home trying to finish an urgent report. I (5)............................................ (think) she'll be back at her desk tomorrow. Perhaps I can help you? Jennifer: Oh, thanks. 1 (6) ............................................ (work) for Pritchard Evans.We (7)............................................. (organise) corporate hospitality ... matt: Oh,, yes. jennifer: Well, Kim Bryant contacted ns last week. Apparently you (8) ............................................ (expect) a visit by a Korean trade delegation next month. matt: Yes, that's right. Jennifer: Kim asked me to call in and give her some information on our service. Urn, 1 (9)............................................ (have) a list at suggestions vvitb me, ft (10) ............................................ (give) you in formation on where yon could take your visitors, and details of extra services that we can offer,, like our pick-up service from the hotel in a chauffeur-driven limousine. matt: Well, that sounds great. I'm sure Kim would be really interested to see this. jf.nnir-11: How long (11) ............................................? (your visitors /-stay)? matt: Oh, I'm sorry, I (12) ............................................(not/know) exactly. You really need to speak to Kim. she (13)............................................ (deal) with this conference. I'll toll her Co give you a ring tomorrow. What's the best time to call? jennii:ck: I (14) ............................................ (not/work) in the office in the mornings ... anytime after two. Or she can call uie on my mobile, on 0777... £&erase SAD Complete this article about the magazine Time Out by using words from the list below. Decide whether to put the verbs into the present simple or present continuous. look for move investigate rely want provide try to Time Out: time to That's ridiculous - I'm not believing it! Thai's ridiculous - I'm not doing business with them again! I'm sorry, I'm not fallowing what you're saying. I'm sorry, I'm not understanding what you're saying. This building is containing all the printing machines. 8 This building is getting very old - soon we'll have to move. Time Out, the London entertainment magazine, has plans for expansion. It already (1)................„.„ the monthly magazine Paris Passion, and now it (2)....................;................ beyond France to other markets such as Argentina and Japan. Tony Elliott/ Time Out's founder, says he (3)..................................... local people to initiate and run the magazines, as Time Out's London office doesn't have the cash or management time. Elliott also has plans for the website, Timeout.com, which was launched in 1995 and (4).............,....................... information about more than 30 cities. It (5) ..................................... on advertising revenue and a small amount of money from ticket sales to survive. But as Time Out changes and expands, Tony Elliott (6).....................................persuade advertisers in the printed version to take more space on the Internet site. Also, he (7) ,...................„„......,„ the possibility of charging visitors to the site far access to some information. Despite these expansion plans, Elliot says that a flotation on the stock market is out of the question. He (8)..................................... to keep control of the business he has built up. Past simple: form The past simple of regular verbs is formed by adding -ed to the infinitive. Verbs ending in -e simply add -d Common irregular verbs are listed on page 240. check-checked: I checked the figures. Itke-hked: They liked his idea. Irregular: ear - ate drink - drank go - went etc Negatives are formed with did not and the infinitive. This is contracted to didn't in speech and informal writing. / didn't like his idea. I didn't go to the meeting. Questions are formed with the auxiliary verb did and the infinitive. Short answers to yes/no questions repeat the auxiliary. A: Did you check the figures? B: Yes, I did./No, I didn't The verb to be is irregular and follows a different pattern. In negatives there is no did. In questions there is no did and the subject and verb are inverted: l/he/she/it was late. I/he I she/it wasn't Me. Was I/he/she/it late? You/we/they were late. You/we/they weren't late. Were you/we/they late? Past simple: uses We use the past simple to describe actions and states in a completed period of time We know when the action happened, and this may be mentioned or clear from the situation. / checked the figures very carefully last week I'm sorry, I wasn't in the office yesterday. American ISP Juno designed an easy-ro-use email service ami user intcijacc and llien outsourced everything else. It leased phone lines Irom a dozen companies and hired out customer service. (BusinessWeek website) The past simple is also used to describe habitual actions in the past. Every evening we went out and ate in a different restaurant. Past simple: time expressions Time expressions used with the past simple include: at twelve o'clock/the end of the year in the morning I June119981 the sixties on Friday/the second of April no preposition last week/yesterday/ago D Past continuous: form The past continuous is formed with the past of be and the -ing form of the main verb. Negatives are formed with the verb be + not. In speech and informal writing we use contractions. I/he/she/it was working yesterday. I/he/she/it wasn't working yesterday. You/we/they were working yesterday. You/we/they weren't working yesterday. Questions are formed by inverting the subject and the auxiliary verb be. Short answers to yes/no questions repeat the auxiliary. A: Was he working yesterday? B: Yes, he was./No, he wasn't A: Were they working yesterday? B: Yes, they were./No, they weren't. E Past continuous: uses The past continuous is used to describe a situation in progress in the past. I was waiting in the departure founge for more than two hours. There can be several situations in progress, happening at the same time: The early 1970s was a rime when IBM was beginning to lose its way and many skilled people were leaving to set up their own husmess.es. Computing was entering a neiv age. (The Time^ website) ■'• The past continuous is used to give information about the background situation. The separate, completed actions that happen during or after this period are in the past simple: 'J came in to Oracle as it was recovering from the recession of the early 1990s. The business unit I joined had an ageing product line that was declining by 30 per cent a year in sales. Within a year we completely turned that unit around.' (Eurobusiness website) If we do not mention the background situation then the separate actions are in the past simple in the normal way: When I arrived I registered at reception and went straight to the conference hall. F Past continuous: time expressions We can use when, while or as with the past continuous to mean "during the time that something was happening': While Planner and Dietmar Hopp were developing the first real-time order processing system at SAP, Claus Wellemeuther was writing the financial software. (Eurobusmess website) But if we mean 'at the time that' then we only use when with the past simple: He wasn't very happy when I told him the news. (NOT white-l tolehhim ...) G Past simple or continuous? Sometimes the past simple or past continuous can be used. The past simple suggests a separate, complete action or event. The past continuous emphasises the duration of the action, l/l/e discussed the report and agreed that Peter should prepare some detailed figures before the next meeting. We were discussing the report for over an hour. Eventually we agreed that Peter should prepare some detailed figures before the next meeting. 3 Practice Exercise 1 A Underline the correct word/s- 1 A: Did you get/got the email I sent you yesterday? B: Yes, thanks, I did/got 2 How you felt/did you feel when they told/did tsll you about moving offices? 3 A: Did you tell/laid him about the change of plans? B: Yes, / told II did. 4 I didn't see I didn't saw the reason for the delay, so I got/did get angry Exercise 2 A Complete the dialogue using the verbs from the list below in the past simple. There is a mixture of affirmative, negative and question forms. There is one negative question. take think sell like have (x7.) make (x2) be (x4) buy dale: Hi, )ill.You (1) .......V^fS.lr........to the Milan Fashion Show last week, didn't you? (2).........................you...................— a good trip? jill; Yes, it was great. dale: (3) .........-.......-......- you --------.................any useful contacts? jii.l Well, there (4) .........................loads of people at the show, and I (5) .........................a lot of good contacts but we (6)................................................nearly as many orders as last year. dale: Oh, why was that? (7) -.......-................they .........................our new styles? jill: No, no, that (8) ......................... the problem.The shoes (9) .........................really well, but we (10).........................so successful with some of our other products, like handbags, for example, and there (11)...........much more competition this year. dale: Who from? jill: Well, the Paul Smith stand was really busy. dale: Oh, but his clothes are expensive ... Um, (12) .........................people at the show '................................ our prices were too high? jill: Possibly. But we (13) ..................................................the authority to lower them at the time. dale: Oh, what a shame. So it was a waste of a trip then? jill: Well, not exactly ■ ■ ■ 1 (14) .........................this great pair of Prada shoes and this Gucci handbag ... Exercise 3 B E Underline the best continuation of the conversations. 1 A: What was she doing this morning? B: She interviewed/was interviewing candidates for the sales job. '? A: flow did Rreiula spend her holiday? B: Most days she went/was going to the beach. 3 A: What happened after you launched the product? B; While we promoted/were promoting it. our main competitor dropped/was dropping their prices. 4 A: I didn't see you in the office last week. B: No, I worked/was working at home for a few days. 5 A: What did Pat do when she saw the artwork? B: She called/was calling the designers and said/Was saying it wasn't suitable. 6 A: Why did Renata take so long to get here? B: She said they mended/were mending the road and su the Lraffk moved/was moving very slowly Exercise 4 A Complete this article about Vivendi by putting each of the verbs in brackets into the past simple. Most of the verbs are irregular (see Appendix 2). Vivendi: 150 years of history "ST Tivendi, the French utilities and W communications group, has a long history going back to 1853. In that year the Government (1) ..5.C5&te*L (create) Compagnie Generale des Eaux. The founders (2}...................... (have) two objectives: to irrigate the countryside for farming and to supply water to towns and cities in France. In 18S0 a treaty (3)...................... (give) Generale des Eaux the tight to supply water to Venice, and then Constantinople and Oporto (4).................____ (come) soon after. By the time of the centenary celebrations in 1953 Generale des Eaux (5) ..........,.....(supply) water to eight million people in France. In the 1960s and 1970s the company (6);.....................(begin) activities in the area of civil construction and (7)..............,....... (build) 3 large tower block in the La Defense business district of Paris. During the 1980s Generale des Eaux (B)...............— (join) with the Havas media group to create Canal Plus, a pay TV channel. They also (9) »..........;.......... (take) a controlling stake in the civil engineering giant, SGE, In the 1990s they (10)...................... (win) major contracts in the Asia Pacific region and in Latin America. Jean-Marie Messier (11)...................... (become) CEO in 1996 and (12)...................... (run) the company along American lines, He (13)...................... (sell) $5 billion in assets and (14)...................... (cut) the workforce by 10%. Ail this (15)...................... (mean) that an annual loss of $600 million (16)......................(turn) into a profit of $320 million. In 1998 he (17) .„............,...... (change) the name of the group to Vivendi and soon after (18)...................... (make) a series of partnerships and acquisitions in the telecommunications industry. Operations in North America (19)...................... (grow) very qttickly after this and in 2000 Vivendi (20)...................... (buy) Seagram to become a truly international media and communications company. ■ Esterase 5 -B 'E I Complete the sentences by putting the verbs in brackets into either the past simple or past continuous. Sometimes the same tense is used twice; sometimes different tenses are used. 1 What.....did ..ypw..G, Ů Mike Sorry I haven't contacted you (1) .....fe-... last week, but I've been very busy, I've (2)............to Katowice in the southwest Of Poland {3)............a few days., and I've (4) ............ returned to my hotel In Warsaw, from where fm sending this email. | visited several firms when I was in Katowice and one of them looks quite promising. I've (5)............seen their factory, and I'va got some product samples to show you. Unfortunately i haven't met the guy in charge (6)............, He wasn't there - he's (7}............to Gdansk and should be back next week. So, the trip has been quite successful (S).........._. . Have you (9}............ been to Central Europe? Everything is changing very fast — I've (10)............seen so much building work going on. Anyway, I'll email you again later in the week to lei you know what's happening. Regards, Steve 1 A for B since CjUST D so far 2 A going B gone C being D bee," 3 A for B since C already D so far 4 A now S been C just D so far 5 Ayet B already C been D gone 6 A just B already C now Dyet 7 A going B gone C being D been S A so far B yet C just D now 9 Ayet B since C ever I) r\ever m A yet B since C ever D never Past and present 2 A Past simple or present perfect? The past simple is used to describe actions in a completed time period. The present perfect is used when the time period includes the present. This can be a situation which started in the past and continues to be true in the present, life experience until now, or the present result of a past action. I lived in Milan many years ago. (completed: now I live in another place) I've lived in Milan since 1998. (a situation that started in the past and continues in the present: I still live there) I've lived in both Milan and Rome. (life experience: the time when I lived in these cities is not mentioned and is not important) I've spoken to my boss, and he's agreed (present result of past action) ■ Tffie phrases used with the past simple refer to a particular point in the past: yesterday, last month, a few years ago, in 2002. Time phrases used with the present perfect link the past to the present: this month, ever, never, already, just, recently, since. Look at this example: LiytisAmericanas, a chain of discount stores in Brazil, has had difficulties since the mid-i99t)s. Although the slates generate enormous traffic, profitability has been hard to achieve because of a low average purchase price. In 1998 it began a rationalisation effort, it reduced the number of waiehouscs and sold 23 supermarket stores to Carrefour (France), {ebusinessforum website) The time word for refers to a period of time. It can be used with either tense: / lived in Milan for four years when I was at university, (now 1 don't live there) / have lived in Milan for four years. (I still live there) The choice of tense often depends on the situation and where our attention is: We've won the contract! (recent news: the event is present in my mind) We won the contract. (telling a story: the event feels distant in my mind! I Present simple or present perfect? The present simple is used in two main ways: facts, and habits or states in the present. The present perfect makes a connection between past and present. About two million people live in Milan, (a fact) / live in Milan. (a permanent state - I always live there) / have lived in Milan for two years. (I arrived there two years ago and still live there now) £ Present perfect continuous: form The present perfect continuous is formed with the present perfect of be, and the -ing form of the verb Negatives are formed with not. I've been (haven't been) waiting here for more than an hour. She's been (hasn't been) waiting here all morning. : Questions are formed by inverting the subject and have. I'm sorry I'm late. Have you been waiting long? D Present perfect continuous: uses ■' The present perfect continuous describes an action or situation in progress from the past up to the present. Trade between Slovenia and the Ukraine has been increasing steadily since 1992, when it totalled just US$9 million. (Slovenia Business Week website) t The present perfect continuous often emphasises the length of time of the action: I've been trying to contact her all day '5 The action may be finished or continuing, we only know by the situation: I've been waiting for an hour! Why are you so late? (the waiting is finished) I've been waiting for an hour and he hasn't arrived yet. (I will continue waiting) H The present perfect continuous can be used for repeated actions: I've been phoning her all morning, but she's always in a meeting. E Present perfect continuous: time expressions r. Typical time expressions that are used with the present perfect continuous include: all day, for months, forages, lately, recently, over the last few years, since, for. Foreign life insurers have been expanding their business in Japan by about 15% annually over the past four years. (BusinessWeek website) F Present perfect or present perfect continuous? * Often there is very little difference in meaning between the present perfect and present perfect continuous. I've worked/been working here for three years. ::. The choice of tense often depends on where our attention is. We use the present perfect if our attention is on the present result. I've written the report. (the finished report is in my mind) We use the present perfect continuous if our attention is on the action in progress. I've been writing the report, (the act of writing is in my mind) In the global economic growth of recent years new companies have been created at an astonishing rate. Companies which have been operating for many years without franchising are now exploring the possibilities. (worldtradeonUne website) «t, If we give details of how many or how much we do not use a continuous form. I've written three reports this week. I've done a lot of research on this company. The technology-heavy Nasdaq index has been falling for three weeks, and is now 34% lower than its March peak. Shares of companies announcing poor results have fallen by a third or a half after profit warnings. (Washington Post website) 6 Practice Exorcise 1 A Underline the correct words. 1 Yesterday I.phoned/I've phoned the bank about my overdraft. 2 I work here/have worked here since tho end of last year. 3 Your taxi has just arrived/ just arrived. 4 We're enjoying our trip. We have made/made a lot of useful contacts. 5 I've seen/1 saw Hugh Hopper a few days ago - he sends, his regards. 6 We went/have been to an interesting seminar last week. 7 Today has been/was really busy - and it's only lunchtime! 8 Today has been/was really busy, it's l pm ■ I'm going home. 9 I'm afraid Patricia left!has left, the office an hour ago. 10 I'm afraid Patrizia isn't here - she left/has left the office. Esses-dse 2 A; B Complete the sentences by putting the verbs in brackets into either the present simple, past simple or present perfect. 1 The company is doing very well. Last year sales............V^^Tri...^.........(go up) by 15%, and so far this year they.....Uye. *pivc ^ (go Up) another 12%. 2 We......................................(operate) all over Latin America. Recently we......................................(set up) branches in Peru and Ecuador. 3 This......................................(not look) like the right block. Are you sure we...................................... (come) to the right address? 4 ......................................(you/see) my laptop? I'm sure I......................................(leave) it here earlier. 5 I ......................................(just/met) Andrew from Sales.......................................(you/know) him? 6 I......................................(never/speak) to him, but I......................................(speak) to his assistant on the phone yesterday. 7 I......................................(work) for WorldCom now - I......................................(be) there for more than five years.......................................(you/know) WorldCom? 8 I......................................(work) for WorldCom since last year, but now I......................................(want) to change jobs.......................................(you/hear) of any vacancies? EneircES© 3 C D F Complete each mini-dialogue by putting the verbs in brackets into the correct form. One verb will be in the present perfect and the other in the present perfect continuous. Use contractions where possible. 1 A: What's the matter? You look worried! B: Yes, I am. I ..^...l?.^..!^.!.^-.^- (look at) the contract in detail, and I............. (notice) a lot of potential problems. A: oh, such as? 2 A: I......................................(phone) Carol all day, but there's no reply, B: I expect she......................................(go) to Head Office. A: Oh, yes, I forgot. 3 A: JTosca' is corning to the Opera Houie.......................................(you see) it? B: No, not yet. Shall we go? I......................................(look forward) to it for ages. A: 5o have I, What about next week? 4 A: How long......................................(you produce) cars at this site? B: About four years. We......................................(invest) twenty million dollars in plant and machinery. A: Oh, and how long will it take to recoup your investment, do you think? Ereercilse 4 A complete this dialogue by putting the verbs in- brackets into the correct form of the past simple or present perfect Use contractions where posssble. victohja- Hi, Sue. I (1) ......:Íí„.?í**______(not/see) you for ages! sue: Hi. No, I'm íorry. I (2)......................................(not/be) in touch with anyone recently ... I (3).......................................(be) really busy. victoria: Oh, what have yon been up to then7 sue: Well, you know I (4)....................................... (leave) my job in January so that 1 (5) .......................................(can) go freelance as a graphic designer? victoria: Yes, T remember, you (6).........................___________(taJk) a lot about that List year. How's it going? SUE: Well, it (7) ....................................... (be) a really difficult year so far. 1 (8) ....................................... (never/do) anything like this before ... it's much harder work than I (9) ......................... (imagine}. (10) _______...........______................ {yon/ever/be) self-employed? vi(:Tf,miA! No, never, although 1 (11)..................................... (often /think) about it. .So, why lias it been so difficult? Well, at the beginning I (12).......................................(have) two or three good clients - and, yon know, people that 1 (13)..................................... (know) for many years, like Tom Pierce. And since then I (14).......................................(haw) a lot of interest front different companies, but none of them (15).....................-................. (become) regular customers. What about advertising in the specialist magazines' I (1 6) ....................................... (already/do) that. I (17) ....................................... (put) an advert in Design Monthly a couple of months ago, but 1 (IS).................................... (not/gpt) ;tny replies. yiirPQRii; Oh, dear, well, (19)......................................, (put) up a website with examples oi your work? surt Yes, I (20)...................................... (just/finish) it. Would you mind bavins; a quick louk at it and tell me what you think of it? Etacraise S A Look at the graph and read the passage about technology stocks. Complete the text by putting the verbs in brackets into the correct form of the past simple or present perfecf SUEi VICTORIA SUfc Market report: a rocky road for tech" stocks ■*t: jVHS^Ja ivl-" -yt „.•• '"V -> 'K1- ^JJ.*J-----r-.-i m European, investors (1).........h^el ...watched...........(watch) US stock markets nervously over the last few months. The problems with US technology and teletomms stocks (2) .........................................................(begin) last March, and since tlien share prices at companies like Intel, Apple and Dell (3)..........................................._............ (crash). Over the summer all these giants (4)..................................._.....................(announce) lower than expected profits, and investors fear that demand for PCs in the highlv developed US market (5)..........................................................(peak). Now it's the turn of European stocks. On Monday stocks in companies like Germany's SAP and Finland's Nokia (6)..........................................................(fall) sharply. SAP ' / (7)..........................................................(be) down 3% in Frankfurt, and Nokia . (8)............-............................................(drop) 7% m Helsinki. But there was sflhie good n«ws for investors yesterday. Yahoo! (9).............._____,________......................... (release) figures which showed that in the last quarter revenues (10).........................™.............................(rise) to $295 million, up from $115 million a year earlier. Yahoo! relies on online advertising for most of its income, and this year it (11).......................................„„.......(gain) significant market share in Europe and (12)..........„........................................... (manage) to achieve the position of top Web-navigation company. Analysts believe that the market (13)_________„.................................^.u...... (not/hit) the bottom yet. Earlier this year investors (14) ......_......._.,.„_.....__________......(huy) any Internet stocks that were available, creating a stock market bubble. Now it's just the opposite, investors {15)..............................................._.......(become) so nervous that they are selling everything, even if the company is sound and the stock Jooks cheap.