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Those are the latest headlines from BBC World News. Now for the latest | :00:00. | :00:00. | |
financial news with Alice, in World Business Report. | :00:00. | :00:17. | |
The rising cost of Ebola: We assess the economic impact the deadly virus | :00:18. | :00:22. | |
as it sweeps across swathes of Africa. | :00:23. | :00:30. | |
And happy 100th birthday. We take a trip down the engineering wonder | :00:31. | :00:31. | |
that is the Panama Canal. Welcome to World Business Report. | :00:32. | :00:41. | |
I'm Alice Baxter. As the death toll from Ebola mounts | :00:42. | :00:51. | |
across West Africa, the UN's health agency says the scale of the crisis | :00:52. | :00:58. | |
is "vastly underestimated". Now concern is growing about what the | :00:59. | :01:01. | |
cost will be of the deadly disease to the region's economies. Fear of | :01:02. | :01:10. | |
the virus is having an impact on many of the affected countries, | :01:11. | :01:13. | |
several local markets are empty and traders are prevented from moving | :01:14. | :01:16. | |
around. So, just what is the economic picture on the ground? Our | :01:17. | :01:18. | |
Africa Business Correspondent Lerato Mbele reports. | :01:19. | :01:27. | |
Contagious and potentially deadly. Over the past few months, the Ebola | :01:28. | :01:30. | |
virus has spread rapidly in West Africa. This latest outbreak is the | :01:31. | :01:37. | |
world's deadliest to date. Health workers continue to treat the | :01:38. | :01:40. | |
disease and authorities are trying to contain it. Some borders in the | :01:41. | :01:46. | |
region have been closed and roadblocks have been used to | :01:47. | :01:49. | |
restrict peoples movements in affected areas. Several airlines | :01:50. | :01:52. | |
including British Airways have stopped flights to leap `` Liberia, | :01:53. | :01:57. | |
Sierra Leone and Guinea, with fewer goods coming in. Prices of everyday | :01:58. | :02:03. | |
essentials are rising. Public gatherings have been discouraged and | :02:04. | :02:07. | |
often fear of infection is keeping customers away. Market traders in | :02:08. | :02:12. | |
Liberia say it is hurting their livelihoods. Life is getting very | :02:13. | :02:18. | |
difficult. Now some of us have to move around, right motorbike and do | :02:19. | :02:26. | |
other activities. Now the government says everybody should stay home. How | :02:27. | :02:31. | |
do you go and make your life? They say no markets. It is very bad and | :02:32. | :02:38. | |
difficult. Some firms operating in the affected countries have chosen | :02:39. | :02:41. | |
to evacuate their foreign staff. Others are continuing with business | :02:42. | :02:53. | |
as best they can. Stella has `` Diamond has been undergoing | :02:54. | :02:55. | |
exploration in Sierra Leone. It's not clear how this virus will | :02:56. | :03:03. | |
spread. Can we continue operations as we are? There's a of uncertainty | :03:04. | :03:08. | |
in business at the moment. I was there myself two weeks ago to see | :03:09. | :03:14. | |
first`hand what we put into place. `` a lot of uncertainty. As a result | :03:15. | :03:20. | |
we have been able to ramp up our efforts. There's no figure as to the | :03:21. | :03:26. | |
economic cost yet but it takes livelihoods months to recover. Can | :03:27. | :03:36. | |
you is on high alert. The government in Ghana has hinted at enforcing | :03:37. | :03:42. | |
restrictions on public gatherings. `` Kenya is on. | :03:43. | :03:50. | |
Hyundai Motor's South Korean workers have voted to strike for a third | :03:51. | :03:54. | |
consecutive year after annual wage talks broke down. Rico Hizon in our | :03:55. | :03:58. | |
Asia Business Hub in Singapore has been following the story. What more | :03:59. | :04:08. | |
do you have on this story? Negotiations between management and | :04:09. | :04:12. | |
the union have yet again hit a dead end. This is over wage and benefit | :04:13. | :04:20. | |
issues. One, the union demands bonuses and other benefits to be | :04:21. | :04:23. | |
integrated into the basic pay, which would result in raising the basic | :04:24. | :04:30. | |
salary. But you and a's management won't give in. They made it clear | :04:31. | :04:33. | |
that they won't accept the union's demand. `` hi your date's. It is | :04:34. | :04:39. | |
under pressure to reach a deal with workers. General Motors are to new | :04:40. | :04:45. | |
times last month, including a demand that fixed bonuses to be counted as | :04:46. | :04:55. | |
basic salary. A Korean company has also struck a similar agreement in | :04:56. | :04:59. | |
July. So much pressure at the moment on Hyundai. Labour strike would put | :05:00. | :05:05. | |
a lot of pressure on the automaker, which is also struggling with the | :05:06. | :05:11. | |
effects of the strong currency against the US dollar, eroding | :05:12. | :05:15. | |
export profits. During the summer strikes last year, Hyundai along | :05:16. | :05:22. | |
with Kia suffered a combined loss of 70,000 vehicles, worth hundreds of | :05:23. | :05:27. | |
billions of dollars. Hyundai doesn't want that to happen again. Watch | :05:28. | :05:31. | |
this space if the strike does push through and if it `` an agreement is | :05:32. | :05:33. | |
reached at the 11th hour. Thank you. It was the engineering miracle of | :05:34. | :05:43. | |
the age, but mired in scandal during its conception. The Panama Canal | :05:44. | :05:55. | |
opened 100 years ago today. For decades, it was run by the US, but | :05:56. | :05:59. | |
at the end of 1999 it was handed over to the Panamanians. More than a | :06:00. | :06:03. | |
million ships have passed through the 80 kilometre canal, which today | :06:04. | :06:05. | |
handles 5% of the world's maritime trade. But what does the next | :06:06. | :06:09. | |
century hold for the waterway and the small Central American country | :06:10. | :06:21. | |
that now runs it? When the Panama Canal was built it was considered a | :06:22. | :06:24. | |
huge feat of engineering. What is perhaps more injured `` amazing is | :06:25. | :06:28. | |
that little has changed. This is one of three gates. This is about 27 | :06:29. | :06:35. | |
metres high. It is absolutely massive. Originally these gates were | :06:36. | :06:40. | |
operated by G is but are now operated by hydraulics. That's | :06:41. | :06:42. | |
pretty much the only thing that's changed. `` by gears. The big | :06:43. | :06:48. | |
difference now is that people here are in charge, the Panamanians. Eric | :06:49. | :06:52. | |
is a maintenance engineer. He started as an apprentice 26 years | :06:53. | :06:59. | |
ago and is proud of the way Panama has turned the strategic waterway | :07:00. | :07:03. | |
into a more profitable business. People really doubted it but we | :07:04. | :07:11. | |
really did it. The other people feel may be angry because they don't have | :07:12. | :07:18. | |
the canal. But it's a tight squeeze. Of the bigger ships. Global trade | :07:19. | :07:22. | |
has grown considerably in the past 100 years. The canal has now been | :07:23. | :07:26. | |
expanded to allow supertankers to pass through. It has been plagued by | :07:27. | :07:30. | |
delays and legal disputes. finished at the end of next year, it | :07:31. | :07:36. | |
will more than double the capacity of ships passing through. It is a | :07:37. | :07:41. | |
massive project. These gates will be put into the newly expanded canal. | :07:42. | :07:44. | |
They've come all the way from Italy on a specially designed ship and | :07:45. | :07:49. | |
they weigh 3000 tons each. Instead of removing the gates and | :07:50. | :07:53. | |
maintaining them elsewhere, because they are so big people will be able | :07:54. | :07:57. | |
to get inside them and they will be maintained on site. The hope is the | :07:58. | :08:00. | |
extra income will filter down to more Panamanians. The country is one | :08:01. | :08:05. | |
of the most unequal in the world. Around one third of people here live | :08:06. | :08:10. | |
in poverty. We have a very modern economy but the political system | :08:11. | :08:14. | |
isn't very modern or plural. We need to deepen our democracy in order to | :08:15. | :08:18. | |
have more integral economic growth and social growth. The past century | :08:19. | :08:25. | |
has brought wealth to this small country. Beyond the canal, financial | :08:26. | :08:28. | |
services and property are booming industries. But the next 100 years | :08:29. | :08:36. | |
are uncertain. Panama can't afford to be complacent. | :08:37. | :08:40. | |
In other news, Australia's third largest bank, Australia and New | :08:41. | :08:43. | |
Zealand Banking Group, ANZ, is on track to post its sixth year of | :08:44. | :08:52. | |
record profits. ANZ saw nine month cash profit rose by 8% to about $5 | :08:53. | :08:56. | |
billion and said it was set to meet its full year financial forecasts. | :08:57. | :08:59. | |
This comes after the lender cut costs, lowered bad debt and saw | :09:00. | :09:03. | |
stronger growth in Asia. Shares in Warren Buffett's Berkshire | :09:04. | :09:06. | |
Hathaway have surpassed $200,000 for the first time. That values the firm | :09:07. | :09:14. | |
at an estimated $326 billion. The company's shares have long been the | :09:15. | :09:19. | |
most expensive stock in the US. Mr Buffett has never split the | :09:20. | :09:22. | |
company's class A shares, although there are cheaper class B shares | :09:23. | :09:30. | |
that are priced at $134 per share. Asian shares got off to a lacklustre | :09:31. | :09:33. | |
start on Friday, but were still on track for a winning week, while the | :09:34. | :09:37. | |
euro remained close to nine`month lows after downbeat data. | :09:38. | :09:45. | |
I will be back for a look at the papers shortly. | :09:46. | :10:04. | |
We will review the international press in a | :10:05. | :10:06. |