At Audiology Associates of Prestonsburg, you can live your life the way you want and find the freedom of better hearing. With 40 years of being in the hearing care industry, you'll experience patient care that is specific to you with exceptional follow-up care that ensures your hearing and balance needs are being met. Audiology Associates at 1428 Northlake Drive in Prestonsburg. The Kentucky Brotherhood will be holding their 2023 four-day bike ride to honor fallen police, EMS, and firefighters throughout Eastern Kentucky starting on July 19th with a final stop in Pikeville on their fourth day on July 22nd. If it's considered a state or federal line of duty death in the Commonwealth of Kentucky, we honor them by riding bicycles. Typically, it's around 400 miles over four days, and the route is determined by where the line of duty deaths, the majority of them were suffered. The ride, which will begin in Bell County, has many stops at places of honor where fallen heroes once worked. On their fourth day, they will stop at locations throughout Floyd and Pike County, including Middle Creek Fire Department, the Martin City Police Department, the Hurricane Creek Fire Department, and the Pikeville Fire Department. You know, we're continuously looking at the list of people, and we know their stories. We know where they're from. We have met their family, you know, talked to their folks. And I mean, it's real for us, you know, even though we may have not met those people while they were alive, you know, we've learned so much about them, and we want to remember them. Members of the community are encouraged to turn out to cheer the bikers on and wave American flags as they pass. For more information and a list of all the stops, you can visit the Kentucky Brotherhood Facebook page. For Mountain Top News, I'm Kelsey Dean.


Hello and welcome to the session. In this session we discussed the following question that says find the equation of the tangent to the curve y is equal to square root of 3x minus 2 which is parallel to the line 4x minus 2y plus 5 equal to 0. Before we move on to the solution, let's see what is the equation of the tangent at the point x naught y naught to the curve y equal to fx. Its equation is given by y minus y naught is equal to dy by dx at x naught y naught into x minus x naught. This is the key idea that we use for this question. Let's move on to the solution now. Now the given curve is y is equal to square root of 3x minus 2. Let this be equation 1. Now let's differentiate this equation 1. Therefore we get dy by dx is equal to 1 upon 2 into 3x minus 2 to the power minus 1 upon 2 into differential of 3x minus 2. Now differential of 3x minus 2 is 3. So this is into 3. So this would be equal to 3 upon 2 into square root of 3x minus 2 that is dy by dx. So this dy by dx is the slope of the tangent to the curve 1. So we have slope of the tangent to the curve 1 given by m1 is equal to 3 upon 2 into square root of 3x minus 2. Next we consider the given line. The equation of the line is 4x minus 2y plus 5 equal to 0. Let this be equation 2. Now again we differentiate both sides with respect to x so as to get the slope of the line. So differentiating both sides with respect to x we get 4 into 1 minus 2 into dy by dx is equal to 0. So from here we get dy by dx is equal to 4 upon 2 that is equal to 2. And this dy by dx is the slope of the given line 2 thus we have slope of the line is given by m2 is equal to 2. In the equation we have that the tangent to the given curve is parallel to the given line. So as the tangent to the curve 1 is parallel to the line 2 therefore slope of the tangent to the curve which is m1 would be equal to slope of the line that is m2. Now m1 is 3 upon 2 into square root of 3x minus 2 is equal to m2 which is 2. From here let's find out x. So we have 4 into square root of 3x minus 2 is equal to 3 or square root of 3x minus 2 is equal to 3 upon 4. Now squaring both sides we get 3x minus 2 is equal to 9 upon 16 or 3x is equal to 9 upon 16 plus 2 that is 3x is equal to 41 upon 16 or you can say we get x is equal to 41 upon 48. This is the value for x. Now as we have got the value for x let's find out the value for y. So substituting x equal to 41 upon 48 in equation 1 we get that is in this equation so we have y is equal to square root of 3 into 41 upon 48 minus 2. Or you can say y is equal to square root of 41 upon 16 minus 2 since 3 16 times is 48. This gives us y is equal to square root of 9 upon 16 that is equal to 3 upon 4. Thus we get y equal to 3 upon 4. So now we have got the value for x and y. Thus we can say that the point on the curve 1 at which the tangent is parallel to line 2 is the point which coordinates x, y. That is 41 upon 48 3 upon 4. So now the equation of the tangent point 41 upon 48 3 upon 4 which is parallel to line 2 is given by the equation y minus y naught that is 3 upon 4 is equal to slope of the tangent which is 2 as we know that the slope of the line as the slope of the tangent would be same since they are parallel to each other. So it would be 2 into x minus x naught which is 41 upon 48. Thus y minus 3 upon 4 is equal to 2x minus 41 upon 24. Further 4 y minus 3 whole upon 4 is equal to 48x minus 41 whole upon 24. Now 4 6 times is 24 so we get 6 into 4 y minus 3 the whole is equal to 48x minus 41. Further we have 24 y minus 18 is equal to 48x minus 41 that is 48x minus 24 y minus 41 plus 18 is equal to 0. Or you can say we get 48x minus 24 y minus 23 is equal to 0. So this is the required equation of the tangent that is the required equation of the tangent is 48x minus 24 y minus 23 is equal to 0. So this is our final answer. This completes the session. Hope you have understood the solution of this question.


I am amazed how long it took me to watch this movie, and I'm actually kind of even surprised of how I thought of it too. Ooh, that's a hot mug, guys! Hey guys, this is my review for Little Miss Sunshine, another little random review, but there is a reason to this one, and you'll be seeing it throughout the year. This review stems from just this want to watch movies while I'm editing my photo editing. Movies I saw at the video store, but I just never actually picked up and watched. I can remember the posters and the VHS or the DVD boxes clearly, but I just never got around to watching them. One of them is Little Miss Sunshine. And first up, I can definitely see how this one best original screenplay. The character writing is quite witty.  Our Paul Dano, who has taken a vow of silence because he wants to join the military. Our Alan Arkin, who is this incredibly horny, very flagrant grandpa to Abigail Breslin teaching her how to get ready for the show, the Little Miss Sunshine show. And they never show you exactly what he's been teaching her until the very end. Steve Carell actually putting in a really solid, somber performance as the uncle with suicidal tendencies and his interactions, especially running into his old lover at the gas station. I liked how the movie was structured and all these little oh no kind of moments. It's a really fun little road trip family movie from the van not being able to get up to speed unless it's being pushed down a hill. All the way up into where they get into the pageant and the lady who's running it is that stereotypical old crony lady, white lady who you've seen her play that role many a times and the guy who's doing the registrations like I hate these people, watch get into this show like sure play this music. I like how it also doesn't really come to an end to like it's just this journey and we are so curious about what will happen to these characters at the end. And there are some moments that are both very funny and very heartbreaking at the same time. Obviously the one of the ones that comes to mind is when Paul Dano realizes that everything that he's done, all of the pain that he's endured with his family, the vow of silence, everything has amounted to nothing because he's not going to be able to get into flight school because he's colorblind to a lot of the conversations with Steve Carell and different members of the family, especially talking with Abigail Breslin about what he did to himself. There's one thing though that I can say that I am a little bit upset about and it's that Alan Arkin won best supporting actor. Nothing against Alan Arkin, I love the guy. He was a fantastic actor, loved him in everything he was in. However, when you look at who he was up against, he had Eddie Murphy for Dreamgirls, Jackie Earl Haley for Little Children.  Lost to Alan Arkin being a horny old man, who's in the movie for a grand total of maybe 15-minute screenplay time and then dies? I don't know, I thought that it was a tad underwhelming. I thought it was a bit really, really, so, but that's just me. I think that that award should have gone to anyone else in that category, not again to bash Alan, I just don't think that's an Oscar worthy performance, considering who he was up against that year. Otherwise, Little Miss Sunshine still does a good job of holding the test of time. This movie's over 15 years old now and it still is funny, it still has good jokes, it still has good relevancy. The acting and the story is really compelling, funny, and heartbreaking at times. There's a reason why it got the acclaim it did, and I feel that it is warranted of such acclaim, if maybe one person getting an award that maybe probably shouldn't have. In the end, I'm going to give Little Miss Sunshine a 6 out of 7. I really enjoyed this movie. You've never seen it, it would really highly recommend it. It's a funny little romp, and I think everyone does a phenomenal job. But those are my thoughts about this movie, very excited to see what you guys have to say. Let me know in the comments below. And if you guys liked this review, please leave a like, and if you're interested in more, subscribe. As I said, you're going to be seeing a few of these throughout the year. You're definitely going to be seeing a lot of them in September when I go away for a little while. I'm just building up that catalog. But regardless, I hope you guys enjoyed this video and I hope you're having a good day. I'll see you guys next time.


Hey what's going on guys, Patriot Prime here with a PSA. So a couple weeks ago I get this mysterious message on my Patriot Prime reviews Facebook page about a woman talking about a Naga hat. Of course I took the message, flipped it around and made a pretty comical video of it. Last week I get a message from another guy on my Facebook page asking if I am the Prime Patriot from Woodlands, Texas. I reply no, I'm from the hills of West Virginia. Then this morning I get another video from a woman saying that she bought a flag from me and that I keep taking $20 out of her account every month. I replied back, I do transformer toy reviews on YouTube, I don't sell merchandise. Any type of merchandise. I wish I did, I think a lot of you guys would look great in a Patriot Prime t-shirt. But I digress, let's get back to the subject. So I decided to do some research, there's got to be a reason behind all these messages. So I get to look in and I discover there is a Prime Patriot page. It's a store if you will. They do have promos, promo number one, buy two teas or tanks and get 150% off. Go two by three teas or tanks, get one free, use code freedom. This is a very conservative page. So I'm not really going to go diving into it but this is the one that people are mistaking me for. So just be warned guys, I am not Prime Patriot. I don't sell merchandise, I don't plan on selling merchandise and I will never charge your account. You happen to go on this website, it is not me, I have nothing to do with it. So I'm going to post this also on my Patriot Prime's Facebook page. Most of you know that I do the Transformer reviews and I leave it at that. Which brings me to another point that is probably not really going to go far on this channel but I'm going to get off my chest. Leave your political comments out of my videos. I've had quite a few lately that I know they're not watching my video, they're just getting triggered by my name.  First off, most of them go into my filter. Second of all, nobody is going to read these things. What I end up doing is screenshotting them and sharing with some of my friends. Some of my friends who actually have opposite political views than I do and we're still friends because we're adults. We talk about Transformers. We're adults talking about Transformers, that's kind of funny.  I'm here to talk about Transformers and I have made some great friends doing that from all ends of the spectrum.   So anyway, that's it.  That's it. Guys, have a great day. Hoorah! Hoorah!


What comes to nursing school explained in this video on metabolic acidosis? If you want a little bit of a refresher on how homeostasis is regulated and how the body regulates pH balance, please go ahead and watch my other video. I'll review this concept very briefly right here also. So in general, our body produces carbonic acid which is H2CO3 that can be broken down by either the respiratory or the renal systems and the respiratory system breaks it down into H2O and CO2 which is carbon dioxide and water. Whereover on the renal or also called metabolic side, the kidneys break down into HCO3- and H+, which is bicarbonate and hydrogen ion. The kidneys regulate this by excreting more or less hydrogen ion and bicarbonate and the respiratory system regulates it by increasing and decreasing the respiratory depth and rate. Normal values for pH include 7.35 through 7.45, CO2 is 35 through 45 and bicarbonate 22 through 26 and these are just normal values that you'll have to memorize. And in this acronym I always find it very helpful which is respiratory opposite metabolic equal. So in metabolic acidosis now, this all refers to the pH, so in metabolic acidosis the pH is equal or goes in the equal direction as the bicarbonate. So we know in acidosis the pH is low, so in metabolic acidosis the pH will be low and metabolic is equal, so the bicarbonate in this case will be low too, so it will be below 22. Just a quick little acronym on how to memorize this. And then over here, so causes for metabolic acidosis can either be too much hydrogen ion, so too much acid in the system or a loss of bicarbonate, so too much bicarbonate. Sorry, not enough bicarbonate which leads to acidosis. So on the hydrogen surplus side, we have significant causes which are DKA, diabetic ketoacidosis, acute kidney injury as well as chronic kidney disease. So think about it. If the renal metabolic system is supposed to regulate the pH balance and then there's something going on with the kidneys, of course it can lead to this imbalance. And for acute kidney injury we can have pre-intra or post-renal causes and I have separate videos on all of these, these orders that you can watch a little bit more details about. Also lactic acidosis which is also known as sepsis can cause metabolic acidosis and then an aerobic metabolism when the body is starved for oxygen and needs to switch over to an aerobic metabolism, it also produces lactate in exchange which then will turn into acidosis. And also starvation, think about a patient, this happens in the more western world when there's maybe an elderly patient who falls at home and does not get found until two or three days later so now their body has been starved, not only might they be injured but they also have not consumed any fluids or food for several days and so they might be in metabolic acidosis. If we look here on the opposite side if we are low in bicarbonate the causes of this can be diarrhea because whenever we lose a lot of fluids in the stool bicarbonate goes with it and then any kind of malabsorption disorders where the body cannot regulate the intestinal absorption of food and also bicarbonate then we can lose that. And signs and symptoms so because we know that the renal and respiratory systems work together now if we're in metabolic acidosis so the problem is here on the renal side the respiratory system kicks in and tries to regulate it so when we have too much acid in the body it tries to blow off the acid here the CO2 by increasing the respiratory rate and trying to get rid of some of that CO2, some of that acid that's been that's been building up. And sometimes we also refer to this as coosmal respirations and that is this kind of jagged pattern of a very fast respiratory rate that the patient is attempting to get rid of some of the CO2. Along with this comes dizziness the patient might be confused, restless and it might lead all the way to an altered level of consciousness. They are probably going to have a low blood pressure think of anybody who is in any kind of acidosis especially sepsis most likely their blood pressure is going to be low. They might be nauseous, have vomiting and or diarrhea that can also be a cause up here and then this rhythm is because of an elevated level of potassium. So let's look over here how metabolic acidosis leads to serum hyperkalemia. So in the bloodstream represented here we have this acidotic state so we have too much hydrogen ion or too little bicarbonate or basically both. So the hydrogen ion is too much there's too much of this in the bloodstream and typically on an intracellular level we have a lot of potassium. So what the body tries to do to get rid of some of this hydrogen ion in addition of course to regulating the respiratory rate it's trying to push some of that hydrogen ion into the cells but when something goes into the cell another ion has to be exchanged for it so the hydrogen ion goes into the cell and the potassium comes out in exchange and then in the serum we have this accumulation of potassium therefore in acidosis any kind of acidotic state we have serum elevated potassium levels and we always have to be aware of the potential for dysrhythmias with potassium abnormalities. For treatment and nursing care we need to treat the underlying cause so if this is diabetic ketoacidosis the patient will need lots of fluids an insulin drip maybe some anti-imidics those kind of things if it's acute kidney injury depending if it's pre-intro-opostrino we need to resolve the problem here for chronic kidney disease maybe the patient needs to go on dialysis. Lactic acidosis and sepsis, antibiotics, fluids, treatment with oxygen, any antipyretics and those kind of things and then for anaerobic metabolism and starvation we just need to treat the underlying cause and see what is going on with their electrolytes with their protein levels all those things. For diarrhea and anti-diarrheal probably fluid because they'll be dry and then malabsorption treat the underlying cause to whatever is causing that. And then for nursing care always remember your ABCs which will also help you on exam questions in general so for airway we need to protect the airway maybe the patient needs to be intubated if they are confused and restless and not cooperative they have a low blood pressure maybe they need vasopressors. B is breathing so they'll probably need some oxygen to help them in this starvation kind of acidotic mode and then for C circulation we need to make sure that we have IV good IV access probably two good lines or even a central line to be able to give the medication so that would be the insulin the antibiotics the antipyretics the things that we need to treat the underlying cause with and then certainly the patient will need to be on a cardiac monitor because we have this potential here for potassium imbalances. We want to keep a close eye on their vital signs specifically respiratory rate blood pressure and heart rate on their ABGs and check those frequently or however often they are ordered because shifts here will happen you know not super fast but they will occur within a few hours so we want to make sure that the treatment we're giving the patient we're moving them into the right direction out of this acidotic state. We want to keep a close eye on their electrolytes specifically on the potassium that we talked about and their eyes and nose and urine output because many times it is a renal cause and so we know the kidneys regular also flow it's not just electrolytes so we need to make sure that their kidneys are still functioning or if the function you know is impeded or what their urinary output is on the hourly basis and then also on their renal function their BUN and creatinine because again the underlying cause lies within the kidneys so thank you for watching this video on metabolic acidosis please also check out the videos on the other acid base imbalances i'll put them up here for you right here and thanks for watching nursing school explain see you soon


Artificial intelligence AI sometimes called machine intelligence, is intelligence demonstrated by machines, in contrast to the natural intelligence displayed by humans and other animals. In computer science AI research is defined as the study of intelligent agents any device that perceives its environment and takes actions that maximise its chance of successfully achieving its goals. If alone queally, the term artificial intelligence is applied when a machine mimics cognitive functions that humans associate with other human minds, such as learning and problem-solving. The scope of AI is disputed, as machines become increasingly capable, tasks considered as requiring intelligence are often removed from the definition, of phenomenon known as the AI effect, leading to the quit, AI is whatever hasn't been done yet. For instance, optical character recognition is frequently excluded from artificial intelligence having become a routine technology. Modern machine capabilities generally classify this AI include successfully understanding human speech, competing at the highest level in strategic game systems such as chess and go autonomously operating cars, and intelligent routing in content delivery networks and military simulations. Artificial intelligence was funded as an academic discipline in 1956, and in the years since has experienced several waves of optimism, followed by disappointment and the loss of funding known as an AI winter followed by new approaches, success and renewed funding. For most of its history, AI research has been divided into subfields that often fail to communicate with each other. These subfields are based on technical considerations, such as particular goals e.g. robotics or machine learning the use of particular tools logic or artificial neural networks for deep philosophical differences. Subfields have also been based on social factors particular institutions or the work of particular researchers. The traditional problems or goals of AI research include reasoning, knowledge representation, planning, learning, natural language processing, perception and the ability to move and manipulate objects. General intelligences among the field's long term goals. Approaches include statistical methods, computational intelligence, and traditional symbolic AI. Many tools are used in AI, including versions of search and mathematical optimization, artificial neural networks, and methods based on statistics, probability and economics. The AI field draws upon computer science, mathematics, psychology, linguistics, philosophy and many others. The field was founded on the claim that human intelligence can be so precisely described that machine can be made to simulate it. This raises philosophical arguments about the nature of the mind and the ethics of creating artificial beings endowed with human-like intelligence which are issues that have been explored by myth, fiction and philosophy since antiquity. Some people also consider AI to be a danger to humanity if it progresses unabated. Twenty others believe that AI, unlike previous technological revolutions, will create a risk of mass unemployment. In the 21st century, AI techniques have experienced a resurgence following concurrent advances in computer power, large amounts of data, and theoretical understanding, and AI techniques have become an essential part of the technology industry, helping to solve many challenging problems in computer science, software engineering and operations research.


Our farm seekers in Aikido State have appealed to the government to develop tourism potentials. They made the call at the Aruinta Waterfalls Iqbali Loro during the Easter celebration. They also took time to hike the seven-layer mountain which makes the waterfalls unique. These experiences have been very awesome, very wonderful, and challenging also, especially for people that are not used to regular exercise. Today is Easter Monday and I believe that we came here to meet with Jesus as we do those days. It's been really wonderful. The essence of this event is to promote Iqiti as one of the choice stations for multi-tourism adventures. Iqiti literally means Illeukiti, that is a land that is surrounded by rolling hills. The focus of this event is to project Iqiti to the world, promote Iqiti. It's such a way that tourists across the world could come and discover Iqiti. It is a place where you can see nature at its best, where you can see the encouragement in the tourism industry. If I use the word encouragement in the tourism industry, where you see nature and you can have the good feel of it compared to what you are seeing outside.


So I rang the bell to open the meeting because we need to keep an eye on the time schedule today and I would like to welcome the team motor bay and we're very much looking forward to your presentation. The projection of the ECB's April monetary policy decision. It's of course very exciting because it's the exact day that also the governing council will discuss this. But first it's your turn to tell us what your analysis and assessment is. So please go ahead. Good morning ladies and gentlemen. My name is Michio Milanovic. We are team motor bay from St. Catherine's British School Athens, Greece. First I would like to thank you for the opportunity to come here today and share our projection of the ECB's April monetary policy decision with you. So firstly our presentation is structured as follows. We will give you a projection of the ECB's April monetary policy decision. We will then discuss the key influential factors that have led to our decision. We'll then do an economic analysis and a monetary analysis followed by a cross check and then we will further suggest any complementary policy for your own countries. So to start off our monetary policy decision is that the standard monetary policy will remain unchanged with the MRO, the main refinancing operations interest rate at 0.05% as it was initiated in September 2014. As for the non-standard monetary policy, we predict that the expanded asset purchase program will be carried out until end September 2016, amounting to 60 billion Euro monthly and that the credit easing package also go on with the long-term refinancing operations initiated in September 2014. So throughout our presentation we use a series of flowcharts and the white boxes they represent current events and the blue boxes they are our outlooks or our predictions. Moving on to the key factors. These are the key influential factors that have led to our decision. Firstly the accommodative monetary policy of the ECB. The components of the accommodative monetary policy are the credit easing package. These are the long-term refinancing operations which is the ECB giving loans with 24 month maturity to banks which is paid in six month intervals compared to the regular one week maturity loans. Secondly the asset purchase program which is the mass purchase of Euro area sovereign bonds. And thirdly the low MRO interest rate at 0.05%. Moving on to the effects of the APP. We have the mass purchase of Euro area sovereign bonds has led to the Euro, the price of the bonds increasing which in turn has lowered the yield for the bonds and this has had two effects. It's created a search for the yield but has also created an upside risk on economic sentiment. So the consumer confidence and the producer confidence are increasing and we can see that from the graph. We can see that the consumer confidence has been increasing which is the blue line on the graph which is over here and the industrial confidence together with the services confidence has also been increasing. And moving on to the search for the yield. So investors are now looking for more profitable investments. So because the yields are going lower on the bonds they are turning to the stock market and they are investing their money into stocks rather than the bonds. And we can see that the value of equity has been rising because of this. And we can see on this graph of the major Euro area stock markets we can see that they have all been drastically increasing since the announcement of the extended asset purchase program in January 2015. And we can see that the Euro stocks graph which is the blue line has drastically been increasing together with the DAX and also the IBEX which is the Spain stock market. Now this has led to an increase in private sector wealth as well as and therefore private consumption has been increasing but private consumption has also been affected by the consumer confidence. So together these two effects have an overall upside risk on output growth. Moving on to the effects of the credit easing package and the low MRO interest rates. We can see that these together have lowered the bank's refinancing costs which has had two main effects on the loans to non-financial corporations and the loans to households. And we can see from the graph that there's been a decelerating decline of loans to the non-financial corporations because of the lower bank refinancing costs. You can see that this is the green blue line at the bottom which is the loans to NFCs, the non-financial corporations has had a decelerating decline. So it's moving close to zero but we predict that in the future it could even grow positive so it will show a positive growth. As for the loans to households we can see that they have been steadily increasing and overall these two have resulted in an increase in the broad money supply which is the M3 as we can see from the red line up there. The red line which has increased by 4%. Now we'll move on to the Euro exchange rate movement and we'll pass on to George. So good morning ladies and gentlemen. I will be talking to you about the Euro exchange rate movement. So what are the cause and effects of the Euro exchange rate movement? We have asynchronous economic cycles between the Eurozone and the major economies that is the US is having steady growth whereas the Eurozone is having slower growth. We have diverging monetary policy of the major central banks. The US is now exiting its quantitative easing program. The ECB just initiated its expanded asset purchase program. We also have diverging Eurozone and global sovereign bond yields. US bond yields have remained the same whereas Euro area bonds have decreased with a few countries also being into negative yields. These three factors have led to the depreciation of the Euro against major currencies which has increased net export growth. Moving on to explain how net export growth has increased. We have boosted export competitiveness as a result of the weakening Euro which in the future we predict that will also bring weaker purchasing power. These combined will widen the trade surplus because we have increased exports but decreased imports. This in turn will bring net export growth and will increase aggregate demand since net export growth is a component of aggregate demand and this is currently bringing an upside risk to output growth. This can be seen from the figures right here. In quarter four the trade balance growth was 8% year on year whereas in Q4 2014 we have a year on year increase of 77% a massive increase in the figures of trade balance from quarter two to quarter four 2014. We have net export growth from minus 0.6 to 0.2 in quarter four 2014 and we also have a small increase in output growth of 0.1% year on year. Also the bilateral exchange rate has went from 137 in Q2 2014 to 1.074 in Q1 2015 so we can see a huge decrease in the bilateral exchange rate. I will now pass on to Alex so he can explain the oil price movement. Thank you. The next key influential factor that we will be talking about is the oil price movement that has been going on for the past 10 months or so. Now first we have to look at the causes of the oil price movement. What is causing this decline in oil prices? Well there is a supply and a demand side to this. On the supply side there has been a positive supply shock accelerating the supply of oil globally due to the accelerating US shale oil and gas production since 2013. On the demand side there have been decelerating emerging economies namely emerging economies have decreased their growth rates from double figures to single figures for example China and this has led to a global deceleration in the demand for oil. Now these two combined have led to a decrease in the oil in the prices of oil. Now the decrease in the price of oil has had two effects. First of all it has lowered the cost of production globally and within the eurozone as well as decreasing the prices of imported goods within the eurozone. Now to further look at the lower prices for imported goods in the eurozone we must first understand how drastic this change in the oil price decrease has been. By looking at the percentage change in the Brent price of oil we can see that it is halved from June 2014 which was its peak price. Now this has led to lower energy costs in the global economy and thus lower headline inflation in the global economy. What effects this has on the eurozone is that import prices in the eurozone have gone down the prices of imported energy and the prices of imported foods. So what is happening is that the eurozone is importing deflation from the global economy and this has reduced headline inflation within the eurozone as can be seen from the graph here where you can see the OECD CPI both headline and core as well as the eurozone HICP both headline and core and you can see that the headline inflations of both the OECD and the eurozone have decreased greatly due to the decrease in energy prices. As well this graph also highlights the decreasing import prices which have a huge weight on the eurozone HICP and these decreasing import prices are as I said the decreasing imported energy and the decreasing imported food. Now as the two graphs are nearly symmetrical the other effect of the oil price decline are the lower cost of production in the eurozone. Now what has happened is that as energy costs have decreased due to the decrease in the price of oil the cost of production have decreased. Now the table here shows the oil indexed gas price indicator of Northwest Europe which shows that energy costs have decreased. We have two indicators one being the euro per megawatt hour the other being dollars per MMBTU which can be in a sense compared to a barrel of oil but for natural gas and you can see that both of these have been decreasing and are expected to decrease for April, May and June of 2015 due to time lags involved in the contracts that are signed for the backpricing of gas. This in turn has decreased cost of production as can be seen by the producer price index for the eurozone which has decreased since June 2014 and this is expected to boost aggregate supply. Now combined with what George explained to be a stronger export competitiveness and a boosted aggregate demand we believe that this poses a future upside risk to output growth. Now I will pass on to George, to Ari. Hello, I will be talking to you about the impact of stress countries on the eurozone and on today's decision. So let us first look at the causes and effects of stress in the eurozone. Due to the fiscal consolidation undertaken in specific countries for them to meet the stability and growth pact it has been a severe recession over the past few years especially since the financial crisis and so in these countries there has been political instability as a result and also as a result we can see high unemployment. These two factors have had an impact on inflation or will have an impact on inflation in the future. Firstly looking at political instability together with the low interest rate environment which we can see from the negative deposit facility interest rate which is minus 0.1%, it was minus 0.1%, now it's minus 0.2%. There has been a higher demand for cash, an increase in the demand for cash together with the uncertain political conditions shown by the spread of the Greek and the German 10-year bond since June 2014 which has actually doubled. These two factors have led to an increase as I said before in demand for cash and also an increase as a result in the demand or as a result an increase in the growth of overnight deposits from 5.4% to 9.3% and also a decrease in the short-term deposits shown by the indicator of M2 minus M1 gone from minus 1.8% to minus 3.3%. So in general this has led to a high proportion of liquid assets in the M3 so the M1 over M3 ratio has increased from 55.79% to 58.41%. I will explain later how this may have an impact in the future. Moving on to the impact of high unemployment and recession due to the excess labor supply which is lower wages and due to the recession which has forced market participants to lead to price adjustments. As a result there has been a decrease in the cornflation in the stressed countries which has been passed on to the rest of the year zone. This can be seen from this graph where the black line is specifically the Euro area unit labor cost growth. Unit labor cost growth actually includes both wages and salaries and this has gone from 4% to 1.4%. This can also be seen in the case of cornflation together with the stressed countries, the black line, the Eurozone cornflation has gone to a 0.7% level. So now we'll be passing on to George. To summarize our economic analysis we have two opposing trends. On the left we have the asset purchase program which has led to accelerated private consumption as well as accelerated private investment. This has in turn accelerated aggregate demand combined with the accelerated net exports as a result of the lower exchange rate of the Euro compared to other major currencies. This in turn has, we predict that in an outlook there would be an upside risk to price stability as a result of the increase in aggregate demand. Also there is a current upside risk to output growth as a result of the increase in aggregate demand. And on the right side we have the downward pressures which are the decreasing oil prices as well as high unemployment. Lower oil prices have led to lower cost of production as Alex said, as well as lower energy prices. These have in turn and will, I'm sorry, the cost of production will in turn increase aggregate supply in the future as well as energy prices will contribute to lower headline inflation as Alex explained previously and high unemployment is going to lead to lower core inflation which will contribute to lower headline inflation and also in turn to a current downside risk on price stability. We believe that the left side will prevail and that it, to the right side and that is why we decide to keep, we have projected that the MRO will remain the same. I will now pass on to our studies to summarize our monetary analysis. So we believe, so we believe in general that there is a subtle risk as we will explain later. But firstly let us look at what Michele explained before with regard to the credit easing package and the low MRO interest rate. As a result of the two above there has been an increase in the credit growth putting an upward pressure and acceleration of the broad money aggregate namely M3 and which actually poses an upside risk to price stability because of the increase in the money supply. Now coming back to the political instability and the low interest rate environment which has led to a higher demand for cash. As a result of the high proportion of liquid assets there has been a lower proportion of illiquid assets and so we believe in the future this will mean that there will be less money available for credit for banks to have available for them to lend leading to a deceleration in the credit growth, a deceleration in the broad money aggregate and posing a downside risk possibly to price stability. We believe that the left hand side will prevail as will my friend Varadis explain now. By cross checking the economic and monetary analysis we can confirm that if the accommodative monetary policy continues it should bring inflation rates towards levels of below but close to 2% in the medium term. However, we propose that European countries adopt certain complementary policies for the accommodative monetary policy. This includes both fiscal policies and supply structural reforms. In the case of fiscal policy we can see that the stressed countries should ensure debt sustainability while in accordance with the stability and growth pact. This means that government budget deficit should remain below 3%. While countries with an available budgetary scope which means that they have a balanced or perhaps a surplus in their budget are recommended to accommodate easy monetary policy with a growth friendly fiscal policy. In addition, structural reforms can be seen through the labor market reforms which will restore export competitiveness in stressed countries through reducing job security and perhaps reducing unemployment benefit eligibility and through product market reforms which will create a competitive environment in these stressed countries and through privatisations and regulation and we can see that this will in the long term perhaps promote growth. So on behalf of Team Motorway I would like to thank you for your attention. This has been our projection for a decision today and we're now open to any questions you may pose. Thank you.


In this video, we'll be looking at how employees are entitled to time off work when they are having a baby or adopting a child. We'll be looking at Ternity Leave, Adoption Leave, Paternity Leave and Shared Parental Leave. Meet Maisie and Phil. They work at the Explosive Science Cooperative. Today is the 2nd of June and Maisie has come to tell you that she is pregnant. She has been told by her midwife that her baby is due on the 14th of November. Maisie is protected from unfair treatment, discrimination or dismissal due to her pregnancy. You can read more about discrimination on the Hive website. As soon as Maisie tells you that she is pregnant, you must take steps to remove any risks within the workplace or Maisie's role which may harm Maisie or her baby. Examples include heavy lifting, carrying, sitting or standing for long periods or exposure to chemicals. Both the pregnant employee and their partner have the right to attend antenatal appointments. Maisie will receive pay time off for each appointment. Maisie's partner Phil is entitled to attend two appointments unpaid. Employees must be eligible to take maternity pay. Check at www.gov.uk whether your employee is eligible. Maisie has the legal right to take a maximum of 52 weeks maternity leave. It is compulsory for Maisie to take 2 weeks leave after she is given birth, or 4 weeks if Maisie works in a factory. The earliest Maisie can choose to start maternity leave is 11 weeks before the due date given in her certificate issued by the midwife. Maisie can start maternity leave on 28 August but chooses to start maternity leave on 5 November. You can find out more at www.gov.uk. Babies don't like to arrive always according to plan, and Maisie has her baby early on 30 October. In situations like this, maternity leave starts the day after the birth. Maisie is entitled to receive 39 weeks statutory maternity pay. During the first six weeks of her maternity leave, Maisie will be paid 90% of her average earnings. For the next 33 weeks, she will receive £139.58 per week, or 90% of her average earnings, whichever is lower. Tax and national insurance payments are deducted as normal. The rates set out here are the minimum. Your cooperative may decide to pay more and for longer. Where a child is adopted, one of the adoptive parents will have the right to take 52 weeks leave. Pay is the same level as maternity pay. Adoptive parents have the same right to attend adoption appointments. Employees like Phil here may be entitled to paternity leave and pay if their partner is having a baby or adopting a child. Partners can take one or two weeks paid leave following the birth or adoption of their child. Paternity leave must be taken within 56 days of birth. Phil's employer, Explosive Science, must pay him £139.58 or 90% of average weekly earnings, whichever is lower. In 2015, a new type of leave was introduced for parents wanting to share the care of their child during maternity or adoption leave, called shared parental leave. The 52 weeks maternity or adoption leave can be shared between both carers. Maisie could have decided to take 30 weeks maternity leave and give the remaining 22 weeks to Phil to take a shared parental leave. This isn't the only pattern possible. Maisie and Phil could decide to take leave at the same time or blocks of time. Shared parental leave can only start at the date of birth or adoption. Phil must tell his employer eight weeks before leave starts. Pay for shared parental leave is set at £139.58 or 90% of average earnings, whichever is the lower. Maisie is returning to work and wants to know if she can return to her job. All employees who have taken less than 26 weeks adoption, maternity, paternity or shared parental leave have the right to return to the same job. After 26 weeks, employees have the right to return to their existing job or a job on the same or better terms. Dealing with family-related leave can be complicated. Take advice if you are unsure. Take a look at our other videos on the Hive website.