28/02/2014 Asia Business Report

into why letters were sent to republican paramilitary suspects

telling them they would not be prosecuted.

Now it is time for all the latest business news from Singapore.

Ahead of official growth figures, we take a look at how the sharp

economic slowdown in India is hitting ordinary people.

And we talk to a workers union in Australia about job cuts announced

by Qantas this week. Welcome to Asia Business Report. We

start with India, which will be releasing its economic growth

figures later today. That is for the last three months of 2013. The

country has seen a sharp slowdown in stark contrast with the double-digit

growth it hoped to get. What has this meant for ordinary people?

It is not bright enough to light up this small room. And more darkness

may lie ahead for this couple. He recently lost his job in a car

factory. His wife is pregnant and due to give birth soon. But she has

had to take a job to keep them going for a while. Every morning he makes

his way to factories in the area, hoping to find work. TRANSLATION:

Whichever company I go to, they say there is less production. They are

not hiring. It has been three months I have been looking for a job. I get

the same answer everywhere. And he is not alone. Manufacturing is

considered the job generator. And that has been slowing. Many are

bearing the brunt. More than half of the country's 1.2 million -- billion

people are under 25. A cut in job creation is still a big worry. While

manufacturing has had a rough ride, it hasn't quite a different story in

farms across India. -- has been. The harvest has been good and prevented

the economy from a steep slide. This man grows wheat and mustered. He

tells me that good rainfall last year has helped farmers like him.

The production of wheat in particular increased substantially.

TRANSLATION: During the festival season we had good celebrations. We

could afford to spend some money. Acer bought a car. But this is all

thanks to the weather gods. -- my son. Who knows what it will be like

this year? Even though agriculture grew nearly three times over the

previous year, the country cannot afford to take comfort from this.

Strong reaction from the government making it easier to do business is

what industry is calling for. If a stable government comes to power in

the elections, growth could turn a corner. But until then things up

unlikely to pick up pace. Executives from Qantas has met with

union officials this morning to discuss the 5000 jobs it plans to

cut. Yesterday the CEO Alan Joyce announced the cuts alongside losses

of $211 million. Workers unions say they are suffering from poor

management decisions and want answers. I spoke to a member of the

transport workers union of Australia. We need to see a

turnaround in management strategy for the airline and perhaps he will

see improvement in Qantas's fortunes. In times of the

government, they seem to be providing conflicting guidance

publicly. The Treasurer was giving indications last week that they

would be providing a guaranteed, but the Prime Minister seemed to stop

that speculation. How bad could it potentially be before the government

steps in or looks at seriously changing strategy? If they are not

seriously reviewing strategy now, I am not sure this current board is

going to review strategy. We are looking at a company with 65% share

of the Australian market. They cannot turn a profit. The reason we

say that is that they have sunk billions into an Asian expansion

that has failed. They seem to be incapable of acknowledging that.

Staying with the airlines industry in Australia, Virgin Australia has

posted a $75 million loss ending in December. That compares to $20

million of profit at the same time last year as it continues to try and

compete. The airlines are battling it out.

A stream of official economic data out of Japan shows consumer prices

rising 1.3% in January. Japan has been faced with serious deflation

problem is close to two decades. -- problems for. But this is a rose for

the eighth month in a row. The world's second largest toymaker

saw its profits rise in 2013 by 9% to $1.1 billion. Rising sales were

helped by increasing demand from China. Profits from the hugely

successful movie were not included. A court in the United States has

charged a British man with hacking into the computer system of

America's central bank. He faces charges of posting names, phone

numbers and addresses of officials to a website he ran. The charges

carry a sentence of 12 years in prison.

All of that news and analysis from around the region on our website.

Malaysian billionaire Vincent Tan became one of the country's richest

man after winning the McDonald's franchise in the 1980s. Now he

oversees a business empire that includes gambling, business resorts

and property. But he has become a name after eyeing Cardiff City and

sacking its popular coach. -- buying. We asked if there were plans

to publicly listed Cardiff City. We were talking about it, but it is not

possible now with the situation. Looking at it most likely we will

not be listing it at all. I will keep this as my private investment.

That is until I can be sure that the club can be sustainable. That we

have a strong squad, good management that can keep us in the Premier

league. If that can happen, maybe we can list it. Is your aim profit or

to embrace and be part of the club? Is success on the pitch more

important or are you in this as some foreign owners are for profit? In

any business investment, and I regard this as an investment, a

profit is important. But we want to be profitable and do well on the

pitch. We are trying to balance, but not go overboard. We are not going

to buy something for $40 million. But reasonably you can have good

football management. Look at Southampton. They do not spend a lot

of money and they do well. This is possible. You signed a pledge

meaning that you will donate half of their wealth in your lifetime. I

children happy that? I joke about it. But they understand. I explained

to them. I was inspired by Bill Gates. You do not give your children

too much that they do not need to work. You give a little bit. Then

they have to work. You must work. I do not understand people who do not

work. I work all my life. I worked 18 hours every day. I do not

understand people who do not work. I want my children to make sure that

they work. They should not have too much money. If they have too much,

they do not need to work. That is Malaysian billionaire

Vincent Tan. The markets are flat and higher.

Some games for the rest of the markets. -- gains. The chairman of

the Federal reserve spoke to the Senate Banking Committee and had

broadly positive news about the US economy. That is it for this edition

of Asia Business Report. Here are the headlines: There are

reports from Ukraine that a group of armed men in military uniforms have

seized the airport in the capital of crime you after the parliament

buildings occupied. -- Crimea. The World Bank has halted a bank

loan after the president signed a bill that toughens the