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into so`called Trojan Horse schools. Those are the headlines. Now on BBC | :00:00. | :00:00. | |
News, all the latest business news live from Singapore. Nearly a week | :00:00. | :00:12. | |
after the crash of MH17, we hear from passengers questioning the | :00:13. | :00:22. | |
safety of global flight paths. And China is becoming an increasingly | :00:23. | :00:24. | |
important market for Apple, with a surge in profits thanks to iPhone | :00:25. | :00:34. | |
sales. Thank you for joining us for Asia Business Report. Six days after | :00:35. | :00:42. | |
MH17 went down, the bodies of many passengers killed on the Malaysian | :00:43. | :00:44. | |
Airlines flight are finally on their way to the Netherlands. In the | :00:45. | :00:49. | |
Malaysian capital, a small number of protesters gathered. They demanded | :00:50. | :00:58. | |
justice outside the Russian and Ukrainian embassies. Passengers are | :00:59. | :01:01. | |
questioning who is responsible for the safety of global flight paths. | :01:02. | :01:12. | |
Our correspondent reports. It is one of the world's busiest passenger air | :01:13. | :01:19. | |
routes. 60 to 80 million people fly between Asia and Europe each year, | :01:20. | :01:24. | |
and the path over Ukraine is one of the fastest. So not only Malaysia | :01:25. | :01:30. | |
airlines, but many other carriers, including Lufthansa and Air India, | :01:31. | :01:33. | |
were flying over the area last week, while others avoided the area. | :01:34. | :01:41. | |
Carriers such as British Airways and Qantas avoided the route. This man | :01:42. | :01:45. | |
was on a flight which also flew over Ukraine on the day of the crash. I | :01:46. | :01:51. | |
am still in a strange emotional state about it. It was like, it | :01:52. | :02:01. | |
could have been our flight. It could have been any flight. Within hours, | :02:02. | :02:04. | |
flights started to avoid Ukraine, but the question is, why were they | :02:05. | :02:09. | |
flying over Ukraine to begin with? Well, all the airlines we contacted | :02:10. | :02:14. | |
said they were only using internationally approved flight | :02:15. | :02:16. | |
paths, pointing the finger at air control and the Civil Aviation | :02:17. | :02:19. | |
Organisation, but they both say that this is a sovereign issue, and it is | :02:20. | :02:22. | |
up to the national authorities to declare any unsafe areas of | :02:23. | :02:38. | |
airspace. I was really surprised they were allowed to fly over there. | :02:39. | :02:42. | |
It is known as a war zone, they are having trouble there anyway. | :02:43. | :02:53. | |
Lefevre, obviously, is a little `` the faith, obviously is a little | :02:54. | :02:58. | |
shaken, but not destroyed. We take a lot of things for granted, and trust | :02:59. | :03:01. | |
the regulators in whatever they decide for us. Airlines are keen to | :03:02. | :03:04. | |
reassure passengers that their priority is to keep them safe, but | :03:05. | :03:07. | |
the debate continues over whether this tragedy could have been | :03:08. | :03:09. | |
avoided. And with no independent organisation taking direct | :03:10. | :03:11. | |
responsibility for the safety of global flight paths, questions | :03:12. | :03:21. | |
remain. And keeping you up`to`date with developments in the | :03:22. | :03:25. | |
investigation into the crash, log onto our website, where you will | :03:26. | :03:28. | |
find a special coverage including the latest news the remains of | :03:29. | :03:32. | |
victims still at the crash site. Joko Widodo has officially been | :03:33. | :03:35. | |
declared the winner of the Indonesian election, but his | :03:36. | :03:38. | |
opponent is not giving up and has alleged that widespread fraud has | :03:39. | :03:40. | |
taken place, and that he will challenge the result in the courts. | :03:41. | :03:55. | |
Andrew White is the managing director of the American Chamber of | :03:56. | :03:58. | |
Commerce in Jakarta, who said his investors are optimistic about the | :03:59. | :04:00. | |
new President, but have expectations of him. Investors have already | :04:01. | :04:06. | |
factored in the possibility of a constitutional challenge. They | :04:07. | :04:11. | |
expect that by August at the latest there will be a decision. When the | :04:12. | :04:20. | |
new president takes over in October, what should be his priorities, amid | :04:21. | :04:24. | |
fuel corruption, and a slowing economy? One of his first priorities | :04:25. | :04:28. | |
will be to get experts in the Cabinet, and investors will be | :04:29. | :04:31. | |
looking at that. One of his first priorities in office is to deal with | :04:32. | :04:34. | |
the US subsidy issue that is accounting for 15% of the Budget | :04:35. | :04:38. | |
today. If that money could be freed up, it could go into infrastructure | :04:39. | :04:45. | |
and other social programmes. So I would say those are his first two | :04:46. | :04:48. | |
priorities. Getting the Cabinet right and dealing with the subsidy | :04:49. | :04:51. | |
issue will be the most important things. How do you think he should | :04:52. | :04:57. | |
handle the ongoing issue in mining? He needs to bring the companies to | :04:58. | :05:01. | |
the table, with a contract of work that needs to be respected. And | :05:02. | :05:08. | |
there needs to be a win`win solution for investors and the government. If | :05:09. | :05:12. | |
that issue is not dealt with, it has tremendous implications for | :05:13. | :05:14. | |
employment, and the loss of export earnings. Despite Indonesia's | :05:15. | :05:16. | |
problems, many investors are honing in on the large population of | :05:17. | :05:19. | |
individuals under 30, which could basically spur domestic demand going | :05:20. | :05:35. | |
forward. That is one of the great assets that Indonesia has. They | :05:36. | :05:39. | |
have, as you mentioned, a huge population under the age of 30, and | :05:40. | :05:42. | |
a productive one, but that window is fairly tight. 20 years from now, the | :05:43. | :05:45. | |
population will age, so the decisions that are made today will | :05:46. | :05:48. | |
have tremendous ramifications 20 years down the line. Andrew White in | :05:49. | :05:59. | |
Jakarta. In other business is making headlines, Credit Suisse received a | :06:00. | :06:02. | |
huge fine following altercations on tax evasion charges from American | :06:03. | :06:05. | |
authorities, but it was not all bad news. The loss was largely due to a | :06:06. | :06:12. | |
large fine, following a settlement of a tax evasion charges. It was not | :06:13. | :06:18. | |
all bad news. The private banking unit won more than $11 billion of | :06:19. | :06:21. | |
new money in the quarter, which is a key indicator of future revenues. | :06:22. | :06:29. | |
Microsoft saw revenues rising, but profits fall in the first quarter. | :06:30. | :06:35. | |
It is in part due to incorporating the handset business of Nokia. It | :06:36. | :06:39. | |
bought Nokia in April, and is down $5 billion from the same period last | :06:40. | :06:45. | |
year. This comes after Microsoft last week said it will axe up to | :06:46. | :06:51. | |
18,000 jobs, the largest in the company's history. Apple made a | :06:52. | :06:56. | |
jumping profit of nearly $4.6 billion due to iPhone sales and | :06:57. | :07:02. | |
computers. It is down to strong growth of sales in its iPhone is and | :07:03. | :07:12. | |
computers. In particular, what was interesting, was that we heard from | :07:13. | :07:17. | |
the chief executive, who talked about the strong performance in one | :07:18. | :07:21. | |
specific region when it came to be sales of iPhones. That was the BRICS | :07:22. | :07:34. | |
region, where sales rose 48%. I spoke to an analyst about the | :07:35. | :07:37. | |
results, and this is what he had to say. So we saw them sell over 35 | :07:38. | :07:44. | |
million phones in a quarter. That is roughly 12 million a month, which is | :07:45. | :07:46. | |
staggering given the high price point, and given that all the | :07:47. | :07:49. | |
smartphone growth is in the developing world, where they are | :07:50. | :07:59. | |
most expensive. $800 could easily mean a third of GDP per capita. But | :08:00. | :08:03. | |
people are still willing to pay due to the status symbolism. The value | :08:04. | :08:10. | |
of learning and iPhone and flashing it `` owning an iPhone. What about | :08:11. | :08:17. | |
the iPad? Disappointing sales numbers for the second quarter in a | :08:18. | :08:22. | |
row, down 9%. What did he say? Is he concerned? Well, I would be | :08:23. | :08:31. | |
surprised if he wasn't. Only a few years ago Apple was described as an | :08:32. | :08:35. | |
iPad company. These figures underscore how important the iPhone | :08:36. | :08:39. | |
is to the firm. It is where the bulk of its profits come from, and we are | :08:40. | :08:42. | |
reflecting on the fact that iPad sales were less than stellar, and we | :08:43. | :08:45. | |
have not discussed its computer sales. And is now analysts are | :08:46. | :08:52. | |
looking forward to this quarter. With the release of the iPhone six, | :08:53. | :08:58. | |
and their partnership with IBM. What has been the share price reaction to | :08:59. | :09:04. | |
these numbers? Initially, the shares moved down slightly. I think people | :09:05. | :09:09. | |
were disappointed on some of the numbers, some of the sales figures | :09:10. | :09:12. | |
that have come out. Looking forward, I think everyone will have their | :09:13. | :09:16. | |
eyes to some timber, that is when we are awaiting an announcement on its | :09:17. | :09:22. | |
new updated iPhone `` September. You mentioned wearables. There has been | :09:23. | :09:31. | |
a lot of expectation given to the iWatch. Can Apple live up to that | :09:32. | :09:35. | |
type? That will be the challenge for the company going forward, both on | :09:36. | :09:39. | |
the operating system front and in terms of its hardware. The oil`rich | :09:40. | :09:44. | |
kingdom of Saudi Arabia has given the green light to opening up its | :09:45. | :09:48. | |
stock market to foreign investors. The move will allow the Middle | :09:49. | :09:52. | |
East's biggest economy to bring in international investment and reduce | :09:53. | :09:55. | |
its dependence on oil revenues. And speaking of the regional markets, | :09:56. | :10:02. | |
share prices are currently in positive territory. US stocks rose | :10:03. | :10:06. | |
amid some positive earnings and economic data. Investors continue to | :10:07. | :10:11. | |
pay close attention to an stable regions overseas. The Hang Seng is | :10:12. | :10:19. | |
up by 115.1 points, and the ASX in Australia is up by about 50 points. | :10:20. | :10:26. | |
Earlier, Japan's market opened in positive territory. Thank you for | :10:27. | :10:31. | |
investing your time with us. Goodbye for now. You're watching BBC News. | :10:32. | :10:43. | |
The top stories this hour: Senior American intelligence officials say | :10:44. | :10:46. | |
the most likely explanation for the Malaysia Airlines disaster over | :10:47. | :10:48. | |
Ukraine is that pro`Russian separatists shot it down by mistake. | :10:49. | :10:52. | |
All American airlines and a number of their European counterparts have | :10:53. | :10:55. | |
suspended flights to Israel's international airport in Tel | :10:56. | :10:56. |