The start of the year has been extremely difficult on businesses and investors worldwide. U.S. stocks plummeted over 10 percent in the first few weeks of 2016. Fears surrounding the stunted growth of China’s economy has caused companies to rethink their expansion strategies. The Shanghai Composite’s 22 percent drop earlier this year was a direct reflection of people’s urgency and nervousness as the markets struggle to make consistent gains. These developments always have an impact on business translation services.
Unfortunately, there is no easy solution to ease the global selloff. Businesses must consider a long list of factors opens in a new window. They include declining oil prices and unusually high tech company valuations designed to keep their establishment afloat during the rapidly developing financial crisis. “Imminent solvency fears related to European financials are overdone and likely to fade,” explained Jeffrey Meli from Barclays Capital. “Over the medium term, the prospect of a sharp depreciation in the Chinese yuan is a big risk to financial markets.”
Comprehensive Financial Assessments are Essential
Businesses that want to make the most out of the current situation must be able to assess the global market thoroughly. Such undertakings might be difficult for establishments that need to evaluate international and foreign industries and sectors opens in a new window. Professionals usually rely on annual reports, agreements and quarterly updates, for relevant information during research. Naturally, sifting through such documents will greatly lower the quality of the process. This is particularly true for people with little to no knowledge of the language the documents are in.
Moreover, the risk of misinterpretation when dealing with sensitive foreign documents is high. This is especially when you use the data for forecasting and reporting. Specifically, technical terminologies and foreign industry concepts that may not have a corresponding direct translation would be difficult to address without an expert translator. The worldwide coverage of the market selloff would mean that companies will also be closely looking into foreign media-related content. An example of that are press releases, social media updates and presentations to better understand the issue.
“The fact that this is all happening at a time of slowing economic growth—when China’s leaders are trying to guide the economy through a difficult transition from one dependent on exports to one driven by consumption—further complicates matters,” explained Joseph Adinolfi from Market Watch.
Business Translation Services
The most common language mediums for translation involve key players in the global economy. They include Western and European regions, as well as Japan, China, India, Brazil and Russia. Analysts speculate that when the selloff subsides, the rest of 2016 will be spent recovering from the damage. Because of this, businesses that are not directly affected by the current standing of the financial economy will inevitably be hit by the slump later in the year. Hence, the need for deciphering foreign documents will be in great demand across multiple sectors. This is especially true for businesses with foreign clients and partners.
Establishments that are honing their business strategies with the intention of hedging risks during the global market selloff may want to look into professional financial translation services. Such companies offer (but not limited to) accurate translations for the following types of financial documents:
- B2B, B2C agreements
- Investment contracts
- Balance sheets & income statements
- Press releases & prospectuses
- Official reports & government regulations
For high quality and accurate business translations, it’s important to only consider translation service businesses that hold proper certification like ISO 9001. They should also employ subject-matter experts who have an in-depth understanding of the financial industry.
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