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they wouldn't be prosecuted. Now on BBC News all the latest | :00:00. | :00:16. | |
business news live from Singapore. Ahead of official growth figures, | :00:17. | :00:18. | |
look at how a sharp economic slowdown in India is using ordinary | :00:19. | :00:25. | |
people. We talk to a workers union in | :00:26. | :00:27. | |
Australia about sweeping job cuts announced by Qantas airlines. | :00:28. | :00:38. | |
Welcome to Asia Business Report. We start with India. Its economic | :00:39. | :00:42. | |
growth figures are due to be released later today. These are for | :00:43. | :00:49. | |
the last three months of 2013. The country has been seeing a sharp | :00:50. | :00:53. | |
slowdown, which is in stark contrast with the growth it looked to rack up | :00:54. | :00:57. | |
a couple of years ago. What has is meant for ordinary people in India? | :00:58. | :01:01. | |
We travelled to a northern state to find out. | :01:02. | :01:11. | |
It isn't bright enough to light up a small room. More darkness may lie | :01:12. | :01:19. | |
ahead for this couple. This man recently lost his job in a car parts | :01:20. | :01:23. | |
factory. His wife is pregnant and due to give birth soon. She has had | :01:24. | :01:28. | |
to take up a job to keep them going, at least for a while. Every | :01:29. | :01:37. | |
morning, he makes his way to factories in the area, hoping to | :01:38. | :01:45. | |
find some work. TRANSLATION: Every company I go to, they say there is a | :01:46. | :01:50. | |
slowdown and less production. They are not hiring any workers right | :01:51. | :01:54. | |
now. I have been looking through a job for two or three months. I get | :01:55. | :01:59. | |
the same answer everywhere. He is not alone. Manufacturing is | :02:00. | :02:03. | |
considered the big job generated here. That has been slowing. More | :02:04. | :02:12. | |
than half of the country's 1.2 billion people are under the age of | :02:13. | :02:17. | |
25. Although they have not yet been large`scale cuts, a drop in | :02:18. | :02:23. | |
employment creation is a big worry. While manufacturing has had a rough | :02:24. | :02:29. | |
ride over the past year, it has been quite a different story in farms | :02:30. | :02:33. | |
across India. The harvest has been good this season. That has prevented | :02:34. | :02:39. | |
the economy from taking a sleep as `` steeper slide. This man grows | :02:40. | :02:46. | |
wheat and mustard in his fields. He tells that good rainfall has helped | :02:47. | :02:52. | |
farmers him. The production of wheat in particular increased | :02:53. | :02:56. | |
substantially. That has put some money in their hands. TRANSLATION: | :02:57. | :03:02. | |
During the festival season last year we had good celebrations. We could | :03:03. | :03:06. | |
afford to spend some money. My son bought a car. This is all thanks to | :03:07. | :03:12. | |
the weather god. Who knows how long it will last and what it will be | :03:13. | :03:19. | |
like this year? Even though agriculture grew nearly three times | :03:20. | :03:22. | |
over the previous year, the country cannot afford to take comfort from | :03:23. | :03:26. | |
this. Strong action from the government making easier to do | :03:27. | :03:30. | |
business is what industry is calling for. Elections are due soon. Many | :03:31. | :03:36. | |
are hoping that if a stable government comes to park, growth | :03:37. | :03:41. | |
could turn a corner. Until then, things in India are unlikely to pick | :03:42. | :03:48. | |
up pace. Executives from a straight's | :03:49. | :03:51. | |
union officials this morning to union officials this morning to | :03:52. | :03:55. | |
discuss the 5000 jobs it plans to cut. Union leaders have told the ABC | :03:56. | :04:00. | |
that the meeting has resulted in more questions and not answers. | :04:01. | :04:07. | |
Yesterday, the company's CEO announced the cuts alongside half | :04:08. | :04:09. | |
yearly pre`tax losses of $211 million. Workers unions in Australia | :04:10. | :04:16. | |
say members are suffering from poor management decisions. They say there | :04:17. | :04:23. | |
is no clear understanding of how the airline came up with the number of | :04:24. | :04:27. | |
job cuts. I spoke with a member of the transport workers union. What we | :04:28. | :04:32. | |
need to see is a turnaround in the strategy for the airline. Perhaps | :04:33. | :04:37. | |
then we will see an improvement in promises fortunes. In terms of the | :04:38. | :04:42. | |
government, they are providing conflicting guidance publicly. Who | :04:43. | :04:48. | |
knows what they have said privately. The treasure was giving indications | :04:49. | :04:52. | |
that they would be providing a debt guarantee. The Prime Minister has | :04:53. | :04:58. | |
hosed down the speculation. How bad could it potentially be before the | :04:59. | :05:03. | |
government staff to step in law Qantas start a look at seriously | :05:04. | :05:10. | |
changing their strategy? If they are not seriously reviewing their | :05:11. | :05:13. | |
strategy now, I am not sure that this current board will. We are | :05:14. | :05:18. | |
looking at an airliner with six to 5% share of the stricken domestic | :05:19. | :05:23. | |
market. There are effectively only two groups. Qantas have 65% share, | :05:24. | :05:30. | |
they do not seem to be able to turn a profit. They have sunk hundreds of | :05:31. | :05:34. | |
millions of dollars into a failed Asian expansion, which may have been | :05:35. | :05:38. | |
a good idea a few years ago, but has failed. They seem to be incapable of | :05:39. | :05:47. | |
acknowledging that it has failed. Staying with the airline industry, | :05:48. | :05:55. | |
Virgin Australia posted a net loss. That compared to a $20 million | :05:56. | :06:00. | |
profit last year. It continues to compete against rivals like Qantas. | :06:01. | :06:05. | |
The rivals are battling for market share in the face of rising fuel | :06:06. | :06:10. | |
costs and a strong local currency. A stream of official economic data out | :06:11. | :06:16. | |
of Japan showed consumer prices have risen. Japan has been faced with | :06:17. | :06:21. | |
serious depletion problems for close to 20 years. In a sign that the | :06:22. | :06:26. | |
economy could be turning around, today's data shows a year on year | :06:27. | :06:31. | |
rise for the eight months in a row. It is not include food prices. A | :06:32. | :06:39. | |
court in the US has charged a British man with hacking into the | :06:40. | :06:44. | |
computer system of a central bank. He faces charges of posting names, | :06:45. | :06:50. | |
numbers and contact details of the Federal reserve. For lots more news | :06:51. | :06:56. | |
and analysis from around the region and across the globe, you can head | :06:57. | :07:04. | |
to our website. A Malaysia and billionaire famously became one of | :07:05. | :07:08. | |
the country's richest man after winning the McDonald's franchise in | :07:09. | :07:12. | |
the 1980s. Now he oversees a business empire that includes | :07:13. | :07:17. | |
business, gambling and results and property. He has become a household | :07:18. | :07:24. | |
name after buying a Welsh football club. We spoke exclusively to him | :07:25. | :07:32. | |
and asked that were still plans to publicly list the team. It is | :07:33. | :07:37. | |
obviously not possible with the situation the club is in. Most | :07:38. | :07:45. | |
likely will not be listing at all. I will keep this has made private | :07:46. | :07:51. | |
investment. That is until I can be sure that the club can be in the | :07:52. | :07:56. | |
Premier League on a sustainable basis. We need a strong squad, good | :07:57. | :08:03. | |
management that and keepers in the Premier League, here in and year | :08:04. | :08:07. | |
out. If that can happen, maybe we can listed. Is your aim profit, or | :08:08. | :08:16. | |
to be part of the club? Is success on the pitch more important to you, | :08:17. | :08:25. | |
or are you in this for profit? Is any business investment, I regard | :08:26. | :08:29. | |
this as a business investment, profit is important. But the board | :08:30. | :08:36. | |
to be profitable at the same time as doing well on the page. We have to | :08:37. | :08:40. | |
balance things, are not going overboard. We will not buy players | :08:41. | :08:46. | |
for $40 million. We are not in that league. If you do things reasonably, | :08:47. | :08:54. | |
not overspending, with good football management, look at Southampton. | :08:55. | :08:59. | |
They do not spend a lot of money, but they do well. You have signed | :09:00. | :09:06. | |
the giving pledge, you will give half of your wealth during your | :09:07. | :09:08. | |
lifetime. I your children happy with that? The strike are your children | :09:09. | :09:18. | |
happy? And they understand. I have explained it to them. I was inspired | :09:19. | :09:24. | |
by Bill Gates and Warren Buffett. You want to give you children are | :09:25. | :09:35. | |
the need to work. They must work. I do not understand people who do not | :09:36. | :09:40. | |
work. I have worked all my life. I work 18 hours a day. I do not | :09:41. | :09:45. | |
understand people who do not work. I want when children to make sure that | :09:46. | :09:49. | |
they work. I do not want to give them too much. They should not have | :09:50. | :09:56. | |
too much. That was the Malaysia Berlin are. A quick look at the | :09:57. | :10:01. | |
markets. They have all turned lower. That is in the past hour. | :10:02. | :10:05. | |
markets. They have all turned lower. That is in It is essentially due to | :10:06. | :10:09. | |
concerns about volatility brought on by violence in emerging markets. We | :10:10. | :10:15. | |
have seen the Chinese currency is set for its worst month in 20 years. | :10:16. | :10:22. | |
The Japanese yen has been rising. That is taking a toll on a love of | :10:23. | :10:28. | |
export related stocks. That is it for Asia Business Report. `` a lot | :10:29. | :10:36. | |
of export related stocks. The top stories this hour: There are | :10:37. | :10:39. | |
reports from Ukraine that a group of armed men in military uniforms has | :10:40. | :10:43. | |
seized the airport in the capital of Crimea, hours after the Parliament | :10:44. | :10:49. | |
building was occupied. Latest reports say the airport is | :10:50. | :10:53. | |
operating normally. Armed men can be seen outside the perimeter. | :10:54. | :10:55. | |
The World Bank has postponed a loan to Uganda, just days President | :10:56. | :10:58. | |
Yoweri Museveni, signed a bill that significantly toughens the country's | :10:59. | :11:00. | |
already strict legislation against | :11:01. | :11:01. |