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. Read more
By Luisa Frey
♦ Aid workers’ comparison of typhoon Haiyan’s devastation in the Philippines with the one after 2004 Indian Ocean tsunami is “daunting”, says Shawn Donnan. It raises questions about whether the world has learned lessons and will apply them now.
♦ In Europe, Germany’s “holy trinity” – tight monetary policy, export-led growth and financial system dominated by small banks – came under fire last week from the ECB and the European Commission, comment’s Peter Spiegel in Brussels.
♦ Three hospitals in northern Israel have been treating severely wounded Syrians, reports FT’s John Reed. Some of the wounded are civilians, while others acknowledge affiliation with the Free Syrian Arming fighting Bashar al-Assad.
♦ Outside private funds are helping sustain the Syrian conflict, writes The New York Times. They exacerbate divisions in the opposition and strengthen its most extreme elements.
♦ Mike Giglio, from BuzzFeed, tells the story of a Syrian activist who believes the revolution is already lost.
♦ Iran’s Supreme leader Ayatollah Ali Khamenei’s organisation Setad has been used to amass assets worth tens of billions of dollars. Its holdings rival the ones of the late shah and support Khamenei’s power over the country, according to Reuters. Read more
France’s increasingly assertive extreme right has provoked new outrage with the publication on Wednesday of a magazine cover comparing Christiane Taubira, the (black) justice minister, to a monkey.
The country’s mainstream parties, otherwise at each others’ throats in the current fraught political climate, united to condemn Minute, which splashed a picture of Ms Taubira alongside the caption: “Clever as a monkey, Taubira gets her banana back.”
(In French slang, banana means a smile.)
Prime Minister Jean-Marc Ayrault demanded legal action against the magazine, a call quickly followed by the opening of a preliminary inquiry by the Paris courts, while Manuel Valls, interior minister in the socialist government, said he was investigating the possibility of blocking its distribution. Jean-Francois Copé, leader of the centre right UMP party, backed the government’s stance. Read more