10/03/2014 Asia Business Report


10/03/2014

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Europe, the Lib Dems were the only party of 'in'. Now on BBC News all

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the latest business news live from Singapore. As the search and rescue

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mission enters its third day, we take a closer look at the company

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behind the missing aircraft. And how one man is making money from

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specialist farming in India. Welcome to Asia Business Report. As we have

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been reporting, the search for the missing Malaysia airlines flight

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MH370, with 239 people on board, is now in its third day. The teams

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searching for the aircraft have spotted some debris in the sea south

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of Vietnam's. All possible causes are being considered. Here is what

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we know. The flight was en route to Beijing from Kuala Lumpur. More than

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two thirds of the passengers on board were Chinese nationals.

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Multiple countries are now involved in the search for any sign of

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wreckage. Malaysia airlines is one of the oldest carriers in Asia and

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the disappearance has cast a spotlight on the company. The

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company's stock price has fallen by as much as 80% at the open of trade

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in Kuala Lumpur. Earlier I spoke with an aviation specialist asking

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if it was possible the plane had been poorly maintained. I don't

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think so. It has a very good record with regards to flight safety. It

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has an excellent maintenance crew. It has nothing to do with

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maintenance I believe. A possibility, but fairly slim. A few

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years ago there was a possible merger between Malaysia airlines and

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air Asia for 20% of each of their shareholdings. Why did it not

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materialise? If there was an Air Asia agreement, could this have

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changed things? I don't think so. The talks went quite deep but both

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airlines realised it would not have been a good fit. Would it have

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helped? Debatable. The well-run. Malaysia Airlines is trying to

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turned the corner, so I think it is all speculation. With both airlines

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losing money, what is the likely future? They have to find a way to

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restructure the airline and turn it around in the right direction.

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Really this incident isn't going to help much. In other business News,

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Japan's current account deficit widens to over $15 billion. The

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largest since records began in 1985. In further bad news, the country's

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economic growth figures were revised downwards. The economy there

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expanded by less than 1% in 2013. Data from China has shown a big fall

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in exports. More than 18% in February compared to one year and

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go. Expectations were for an increase of 7%. The surprise drop in

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export comes just days after China's spokesman said the target would

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remain at 7.5%. More than 1000 workers were on strike at a factory

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in the south-east of Shenzhen. They are demanding more money. Or a

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bigger payoff if they choose not to join the mainland technology firm.

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Earlier I spoke with a spokesman from the China Labour will listen. I

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asked what this says about labour conditions on the mainland. I think

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it is a prominent example of what we have seen for the last few years.

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With the decline in the transformation of China's

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manufacturing sector, a lot of factories are being closed down.

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Many are merging. Factories are being taken over. This causes lot of

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disquiet and discomfort among the workforce. They are unsure of their

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job security. Also of their pay and working conditions. So this is the

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only way they can express their grievances. Is this a rising trend

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of rising strikes in multinational companies? We have seen industrial

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action is taking place over the past year, particularly in big companies

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such as phone making company Nokia. We have Pepsi, the multinational

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firm. I think they are all part of the mix, but we have seen a rise in

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industrial action over the past five years, not just in the manufacturing

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in China. Also in services, construction workers, sanitation

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workers, teachers, it is a pretty broad-based movement at the moment.

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How do you turn around a company that has a 200 year history and more

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than 150 thousand staff? That mission was taken on by this man. He

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became chief executive when the German steelmaking group was making

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vast losses. He explained how he turned the struggling company

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around. We have a lot of managers. But I did explain that there is a

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big difference between being a manager and being a leader. The

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difference is that the leader knows where he wants to go as an

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individual, but also within a team and the company. If you have not

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decided for yourself or for the company what you are aiming for,

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then you cannot lead. How do you qualify what is important? What is

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not important? So without a clear direction for the future, you cannot

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be a leader. This was a new way of thinking. It also means you need to

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spend more time thinking about what should be in the future, instead of

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just working day today. This was a new experience. Meanwhile, I think

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they like it. It gives you much more freedom. It is ultimately more

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challenging, but it is much more interesting than executing all your

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daily tasks. Can you give us examples of success where you're

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restructuring has worked? First of all, it is a complete new style of

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management. Our heritage was very hierarchal. That means you lose

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information and are slow. Many expats enjoy living overseas, that

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there is always a yearning for home. Maybe it is for authentic kimchi, or

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American chocolate. This man decided to set up his own farm. It is now

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flourishing. More from Delhi on the expat economy. Breeding animals for

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food is a pretty extreme way to make sure that what ends up on your

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dinner plate is up to the standard you want. But that is exactly what

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this farm was started four. Almost two decades ago. Located just a few

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kilometres outside of Delhi, it has become one of the top sources of

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gourmet food for expats in the Indian capital. The farm not only

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has many ducks, poultry, and pigs, but organic vegetables as well. The

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market has grown a lot. There are a lot of farmers. The people

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understand they have to pay a price to get the real, legitimate taste.

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Whether it is the fowls or the perfect turkey for roast, or even

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fresh trout for dinner, small farms like this one cater to the Top End

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of the market. It has not come cheap. Dickens in a regular Delhi

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market would cost about $2 a kilogram. From free range markets

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like this one it could cost three or four times that price -- chickens.

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They specialise in global foods. Launched as a small gourmet

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delicatessen, it is now nearly $150 million business. Selling imported

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food is not easy. We face a lot of challenges because of the new laws.

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The importers are scared. As a consequence, most of our cheese and

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meet counters are running dry. -- meat. Demand for produce is not

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restricted to foreigners. More and more urban Indians aspire to world

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cuisines and food they think of as high quality. Expect to see more

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specialist farms like this up and running. Asian stock markets are

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falling in Monday trade. A disappointing result. Uncertainty in

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the Ukraine. Thank you so much for in this thing your time with us.

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Sport today is up next. in this thing your time with us.

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Sport today is These are the top stories on BBC News. Search

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continues for the missing Malaysia Airlines flight. Search teams

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looking for the missing Malaysia Airlines flight are concentrating

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their efforts on an area of the sea where Vietnamese navy

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