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Ebola crisis: The economic impact

Ebola crisis: The economic impact
20 August 2014Last updated at 19:03 ET By Richard Hamilton BBC News Military road blocks are preventing the movement of goods and workers With more than 1,300 reported deaths from Ebola in West Africa, the virus continues to be an urgent health crisis, but it is also having a devastating impact on the economies of Guinea, Liberia and Sierra Leone. "The economy has been deflated by 30% because of Ebola," Sierra Leone's Agriculture Minister Joseph Sam Sesay told the BBC. He said President Ernest Bai Koroma revealed this staggering and depressing news to ministers at a special cabinet meeting. "The agricultural sector is the most impacted in terms of Ebola because the majority of the people of Sierra Leone - about 66% - are farmers," he said. Twelve out of 13 districts in Sierra Leone are now affected by Ebola, although the epicentres are in the Eastern Province near the borders with Liberia and Guinea. Many shops have been forced to close as part of quarantine measures Food shortages

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CBI warns export demand is slowing in latest sign of faltering UK recovery Falling demand for British goods abroad weighed on manufacturers in October, in the latest sign that the UK recovery is losing steam. A sluggish eurozone economy and a stronger pound pulled exports lower for the first time in 18 months, according to the CBI, frustrating government ambitions for a big push in UK exports. Rain Newton-Smith, director of economics at the business lobby group, said: “It’s disappointing that a sluggish exports market has taken some of the steam out of manufacturing growth, which was going from strength to strength throughout most of this year. “The manufacturing sector is clearly facing headwinds.

Miliband promises new immigration laws if he wins election 23 October 2014Last updated at 15:25 ET Ed Miliband has promised to bring in an immigration bill creating "clear, credible and concrete changes" within months, if Labour wins next year's general election. The party leader also said there would be an end to "false promises" on the subject if he became prime minister. Mr Miliband pledged action on border checks, exploitation and opportunities available to UK workers. David Cameron has promised "further action" to curb immigration. Official figures published in August showed UK net migration - the difference between those entering and leaving - increased by more than 38% to 243,000 in 2013-14.

China's oil demand meets North Sea supply 29 August 2013Last updated at 05:57 ET Sinopec is scouring the world to secure energy supplies for China The market for office space in Aberdeen reflects the liveliness of the city's economy more widely. Microeconomics This is in contrast to macroeconomics, which involves the "sum total of economic activity, dealing with the issues of growth, inflation, and unemployment."[2] Microeconomics also deals with the effects of national economic policies (such as changing taxation levels) on the aforementioned aspects of the economy.[4] Particularly in the wake of the Lucas critique, much of modern macroeconomic theory has been built upon 'microfoundations'—i.e. based upon basic assumptions about micro-level behavior.

Move over America: China overtakes US as world's biggest economy (kind of) - Business News - Business - The Independent According to the International Monetary Fund the combined purchasing power of China's citizens now outstrips that of America's. And by the end of the year will China should make up 16.48 per cent of the world's purchasing-power adjusted GDP for a total of $17.632 trillion (£11 trillion). The US, by contrast, will make up 16.28 per cent, or $17.416 trillion. Purchasing power parity seeks to address the fact that while wages tend to be lower in “developing” countries than in mature economies like the US, the price of goods and servicing is also typically much lower.

Abuse-risk children 'let down by Sheffield police' 22 October 2014Last updated at 12:04 ET By Michael Buchanan Social Affairs correspondent, BBC News Ann Lucas: "The police were just very blinkered on what their targets were" Hundreds of young people at risk of child sexual exploitation in Sheffield were let down by police, a whistleblower has claimed. Ann Lucas, who ran the city's sexual exploitation service, told BBC News she had regularly passed details about alleged abusers to senior officers. They had repeatedly failed to act, she said, adding the force's priorities had been "burglary and car crime". South Yorkshire Police said the allegations would be investigated. China manufacturing growth slows, PMI survey suggests 2 November 2014Last updated at 08:30 ET Growth in China's manufacturing sector slowed in October, an official survey suggests, reinforcing concerns about a slowdown in the wider economy. The country's Purchasing Managers Index (PMI) fell to a lower-than-expected 50.8, from 51.1 in the previous month. Any score above 50 represents growth.

Economics For a topical guide to this subject, see Outline of economics. Economics is the social science that studies the behavior of individuals, households, and organizations (called economic actors, players, or agents), when they manage or use scarce resources, which have alternative uses, to achieve desired ends. Agents are assumed to act rationally, have multiple desirable ends in sight, limited resources to obtain these ends, a set of stable preferences, a definite overall guiding objective, and the capability of making a choice. There exists an economic problem, subject to study by economic science, when a decision (choice) has to be made by one or more resource-controlling players to attain the best possible outcome under bounded rational conditions. In other words, resource-controlling agents must maximize value subject to the constraints imposed by the information the agents have, their cognitive limitations, and the finite amount of time they have to make and execute a decision. J.

BP and GDF Suez discover new North Sea oil field 23 October 2014Last updated at 05:47 ET Oil firms BP and GDF Suez have announced the discovery of a new field in the UK Central North Sea. The find, which spans adjacent blocks operated separately by the two companies, has been flow-tested at a maximum rate of 5,350 barrels per day. The discovery has been called Marconi by GDF Suez subsidiary GDF Suez E&P UK, while BP has named it Vorlich. GDF Suez E&P UK managing director Ruud Zoon described the discovery as "encouraging". He said: "The discovery is our third successful well this year and demonstrates a continuing commitment by GDF Suez to an active exploration and appraisal drilling programme on the UK Continental Shelf." Vulnerable people 'being kept prisoner in care homes' Tens of thousands of the most vulnerable patients are effectively being kept prisoner in care homes and hospitals through misuse of mental health laws, a damning House of Lords investigation has found. In the worst cases, safeguards aimed at protecting patients with a range of conditions are being used to oppress people and force decisions on them, peers said. They found measures supposed to be used to look after at-risk patients – such as those with dementia who might get lost if they left their care home – were being used on a significant scale to deprive them wrongly of their liberty. The House of Lords committee set up to investigate how mental health reforms introduced in 2005 are working said it was so concerned about deprivation of liberty safeguards that they should be scrapped and a new system drawn up from scratch.

Eurozone economic forecast cut by European Commission 4 November 2014Last updated at 09:57 ET The economy of the 18-country strong eurozone will grow by just 0.8% this year, the European Commission has said. The forecast is below the 1.2% estimate made earlier this year. Supply and Demand The price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D). The diagram shows a positive shift in demand from D1 to D2, resulting in an increase in price (P) and quantity sold (Q) of the product. If demand increases (demand curve shifts to the right) and supply remains unchanged, a shortage occurs, leading to a higher equilibrium price.If demand decreases (demand curve shifts to the left) and supply remains unchanged, a surplus occurs, leading to a lower equilibrium price.If demand remains unchanged and supply increases (supply curve shifts to the right), a surplus occurs, leading to a lower equilibrium price.If demand remains unchanged and supply decreases (supply curve shifts to the left), a shortage occurs, leading to a higher equilibrium price. Graphical representation of supply and demand[edit] Supply schedule[edit] The determinants of supply are: