World news: Brussels opens probe on Germany surplus, BoE revises...

To view this email as a webpage, click here     Wednesday November 13 2013     World News   Brussels opens probe on Germany surplus   José Manuel Barroso announces 'in-depth review' into whether Berlin can do more to help the European economy as officials call for demand stimulus       BoE revises unemployment forecast     Merkel warned against reversing reforms     Yellen faces grilling at Fed hearing     Ukraine throws EU deal in jeopardy     Dubai to repay debt as economy rebounds     Haiyan relief effort lays bare China's limits     Bacon's $142m triptych smashes art record     Iran hardliners block Rouhani reforms     Cern's UK incubator opens for business         The World   The economic cost of Typhoon Haiyan   A house by Tacloban airport (Getty) By Amie Tsang and Luisa Frey The Philippines is no stranger to natural disasters. But in just a few days, it has been transformed from emerging market star – its economy grew at annual rate of 7.6 per cent in the first half of 2013, faster than China – to a “state of national calamity”. Typhoon Haiyan will cause inevitable damage to the country’s economy, but loss of output will be dwarfed by the devastating loss of life. The Asian Development Bank estimates that losses from typhoons and earthquakes cost the Philippines around $1.6bn each year. The World Bank estimates the annual typhoon season typically shaves 0.8 percentage points off annual GDP growth. Continue reading »           Manage email    Forward this email   Feedback    Manage portfolio Subscribe to the FT Follow the FT   Unsubscribe | My Account | RSS | Privacy Policy | About Us | Help   © THE FINANCIAL TIMES LTD 2013 You have received this email because you have signed up from the NBE preference page. This email was sent by a company owned by Pearson plc, registered office at 80 Strand, London WC2R 0RL. Registered in England and Wales with company number 53723.