Ted: Hey, thanks for tuning in. This is Babbel News – English Only, a podcast designed to help you improve your English language skills while keeping you up to date with global news sourced directly from Reuters.

My name is Ted, English expert here at Babbel and your host for this show!

Today’s episode focuses on economic topics in two very different ways. First, we’ll hear about a cyberattack on a major international bank that caused problems for trade in the US. And then we’ll learn more about Chad’s plans to restructure its economy around meat exports in order to strengthen its position in the global community.

For a transcript of the episode, follow the link in the episode description!

Let’s go over the key words and phrases from the first news clip. “Ransomware” is software designed by criminals to block access to a computer system or files unless money is paid. Money that someone has to pay under pressure in exchange for something is called a “ransom”. Next we have “to disrupt”, or to make it difficult for something to continue in the normal way. And “to investigate” is to examine a situation in order to find out exactly how something happened. Next, if you “weigh in on” a plan, decision, or discussion, you add your advice or comments to it. And “to monitor” is to watch and check a situation carefully over some time. The last word for now is “extortion”, the crime of making somebody give you something by threatening them or putting them under pressure.

Ok, let’s listen to the news story!

Reuters: China's biggest lender was hit by a ransomware attack. The U.S. arm of the Industrial and Commercial Bank of China – or ICBC – became the latest victim of hackers demanding a ransom. The attack disrupted trade in the U.S. Treasury market on Thursday (November 9).
 
ICBC Financial Services is the U.S. unit of China's largest commercial lender by assets. It said it was investigating the attack that disrupted some of its systems, and that it was making progress towards recovering from it.
 
The Chinese government weighed in on Friday (November 10) through foreign ministry spokesman Wang Wenbin.
 
"According to our understanding, the ICBC has been closely monitoring the matter and has done its best in emergency response and supervisory communication to minimize the risk impact and loss."

Wang said business was normal at ICBC head office and other branches and subsidiaries around the world.

Ransomware attacks often involve hackers locking a victim organization's systems.  And they demand ransom for unlocking it, while often stealing sensitive data for extortion. Several ransomware experts said a cybercrime gang named Lockbit was believed to be behind the hack. Lockbit did not respond to a request for comment.

U.S. authorities have struggled to stop a number of cybercrimes, mainly ransomware attacks, which hit hundreds of companies in nearly every industry each year.

Ted: All right! Now, I’ll introduce some of the more specific vocabulary from the second news clip. When something is described as “state-of-the-art”, it is very modern, advanced and as good as it can be at the present time. And the phrase “to beef something up” means to make something bigger, better, and stronger. It’s also a bit of a play on words, since Chad is hoping to increase the amount of meat, including beef, that it exports. Next, “to slaughter” is to kill animals for meat. And “a cornerstone” is the most important part of something that everything else depends on. After that, there’s “pastoralism”, a way of keeping livestock that involves moving them from place to place over large distances to find water and food, a practice common in Africa and Australia. In this story, you’ll hear it in the adjective form, “pastoralist”. And finally, “livestock” is a term for animals that are farmed for meat and other products.

And with that, let’s listen to the second story!

Reuters: This state-of-the-art processing facility is at the heart of plans to transform Chad's meat exports and in doing so beef up the economy of one of the world's least developed countries.

Laham Tchad aims to process and export 200 cattle and 400 small animals daily, as it competes against Indian, Argentine, and Brazilian meats. It started exporting frozen meat to Gabon in June and is also targeting markets like Egypt and Nigeria.

"They used to slaughter animals on the street."

Akshay Rajoria, Laham's assistant quality manager, said they plan to set up more units because demand is high.

"Now we have set up a proper unit where we can put every food safety norm, and we are ensuring that our product is 100 percent safe."

Chad's meat push seems like a natural move in a country with an estimated 110 million head of cattle. The livestock sector was already a cornerstone of the economy, second only to oil, and contributes 30% to GDP according to World Bank figures.

Livestock breeder Mahamat Ali says meeting demand from new slaughterhouses will not be a problem.

"We are able to supply as many cattle as they require. Slaughterhouses are collective goods which bring resources into our country, and we’re going to help them sustain exports."

Ali believes the pivot to processed meat exports could reshape Chad's economic landscape – generating revenue and creating jobs.

But the transition is also complex. Chad's pastoralist setup does not yield standardized livestock. Sourcing ideal weight and vaccinated animals remains a challenge, as does competing with cheaper exports from industrialized countries.

Laham is 65% owned by Arise Integrated Industrial Platforms and the rest by the Chadian state. And Arise's national partnerships director, Abdelrazic Hassane Arabi, argues that the pastoralist approach to livestock breeding is an advantage.
 
"It is through this breeding that the whole program was built. This is how we are going to compete in all markets at the international level."

Ted: And that’s the end of today’s episode! I hope you enjoyed listening and that you learned something new.

For those of you who have been with us all season, have you noticed any changes or improvements in your listening skills so far? Write us an email at podcasting@babbel.com to tell us about it. Don’t forget to write “Babbel News – English Only” in the subject line!

As a reminder, you can always replay the episode at a slower speed or look up any vocabulary that you’re still not sure about in a dictionary. It’s all about finding a learning method that works best for you!

Speaking of different learning methods, I’ve got another suggestion that could really “beef up” your English skills! Black Friday is in just a couple of days, and it’s the perfect time to check out Babbel Live, online classes taught by top-tier, expert teachers. You’ll have real-life conversations and get on-the-spot feedback while attending as many classes as you like. Plus, you’ll have full access to all of the various learning experiences in the Babbel App. Get our extra-special Black Friday offer before the end of November. You can find more details in the episode description.

Thanks again for listening to Babbel News – English Only. See you next week!