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Two air traffic controllers reportedly fall asleep, sparking | :00:14. | :00:20. | |
questions about safety within China skies. Amid tough competition in the | :00:21. | :00:29. | |
skies, Malaysia's Air Asia prepares to announce its first half earnings | :00:30. | :00:36. | |
results. Thank you for joining us for this edition of Asia Business | :00:37. | :00:41. | |
Report. I am Rico Hizon. It has been the talk of the Internet across | :00:42. | :00:47. | |
mainland China, how plane was forced to stay in the air, unable to land | :00:48. | :00:52. | |
because two air`traffic controllers had reportedly fallen asleep. The | :00:53. | :00:59. | |
incident happened at Wuhan airport last month. Earlier I spoke to John | :01:00. | :01:05. | |
's worth to find out more. It seems extraordinary. This is not just one | :01:06. | :01:09. | |
sleeping air`traffic control but two, asleep together at the controls | :01:10. | :01:19. | |
in the tower at Wuhan airport. This China Eastern aircraft was said to | :01:20. | :01:22. | |
be already beginning its final descent when it radioed the tower, | :01:23. | :01:28. | |
received no response, tried to contact them again, twice and in | :01:29. | :01:33. | |
which, once in Chinese. But again no reply was given. The aircraft | :01:34. | :01:37. | |
returned to an altitude of 900 metres, and circled for around 12 | :01:38. | :01:43. | |
minutes or so, if all contact was eventually established, and it was | :01:44. | :01:48. | |
able to land `` before contact. We know what we know about this story | :01:49. | :01:53. | |
because of document circulating online reportedly from China's civil | :01:54. | :01:57. | |
aviation authorities, confirming that the reason for that loss of | :01:58. | :02:00. | |
contact and that delay was because the air`traffic controllers had | :02:01. | :02:04. | |
fallen asleep. We have been unable to verify the authenticity of that | :02:05. | :02:08. | |
document, but we have had it confirmed from a member of staff at | :02:09. | :02:16. | |
the airport, that the incident did take place. Air`traffic is set to | :02:17. | :02:20. | |
become even heavier across China's skies, because the mainland carriers | :02:21. | :02:24. | |
continue to expand their fleets. Is there something that China's | :02:25. | :02:28. | |
aviation group is doing at the moment to prevent this from | :02:29. | :02:32. | |
happening again? This incident was reported to have taken place on July | :02:33. | :02:36. | |
the 8th this year, why there has been this delay in making the | :02:37. | :02:42. | |
incident public, we don't know. But you have to wish you and that they | :02:43. | :02:45. | |
will be looking at what went wrong. A huge amount of incredulity and | :02:46. | :02:52. | |
anger about it online. China's air passengers already beleaguered eye | :02:53. | :02:59. | |
long delays, offer examples, large flight cancellations due to military | :03:00. | :03:03. | |
manoeuvres `` by long delays. The only thing is that looking online | :03:04. | :03:06. | |
you can find similar reports. A number in the United States over the | :03:07. | :03:10. | |
past few years of air`traffic controllers dozing off in the tower. | :03:11. | :03:15. | |
Never two at the same time, I have to say. Staying with aviation, | :03:16. | :03:21. | |
Malaysia's Budget carrier Air Asia and announces it is first half | :03:22. | :03:25. | |
profits later today. Last year than at off at was cut by half, and they | :03:26. | :03:31. | |
still face sums if competition. At the same time, Air Asia has been | :03:32. | :03:37. | |
busy denying rumours it plans to buy a stake in a Japanese airline. I | :03:38. | :03:41. | |
asked our correspondent for his predictions. We will see when the | :03:42. | :03:44. | |
figures come out today that the profit will be lower. I have been | :03:45. | :03:48. | |
facing a tough time with a lot of competition in the south`east Asian | :03:49. | :03:51. | |
region. That will continue for at least the next quarter. They are the | :03:52. | :03:56. | |
leaders in the Asia region, in the Budget carrier industry. What have | :03:57. | :04:01. | |
been the issues? The issue has been there has been a lot of expansion | :04:02. | :04:04. | |
which has gone on in the industry. And demand has not kept up. Where it | :04:05. | :04:10. | |
has, airlines have had to cut fares to make ends meet. So their margins | :04:11. | :04:14. | |
will be cut, is what we expect to see, as we have seen in the | :04:15. | :04:18. | |
full`service carriers and Budget carriers in the region. They have | :04:19. | :04:22. | |
been cannibalising each other, but over the past years, the Budget | :04:23. | :04:25. | |
carriers have been very profitable, eating into the market share of the | :04:26. | :04:29. | |
national carriers. So it is likely to be the trend going forward? Could | :04:30. | :04:35. | |
be the consolidation in this of the aviation industry? We are starting | :04:36. | :04:40. | |
to see consolidation already. Tiger has cut off some of its | :04:41. | :04:43. | |
subsidiaries. They are focusing on Singapore, cutting planes. We are | :04:44. | :04:48. | |
even seeing Air Asia saying they will sell some aircraft later in the | :04:49. | :04:51. | |
year. I fully expect to see a lot more consolidation in the region. | :04:52. | :04:55. | |
But Air Asia has been partnering in some major markets in the region, | :04:56. | :04:59. | |
India, Thailand, the Philippines, Indonesia, and there are rumours of | :05:00. | :05:04. | |
a potential buyout of Japan's carrier. Do you think this would be | :05:05. | :05:09. | |
a wise move, even though it was denied? I don't think it would be a | :05:10. | :05:14. | |
wise move. It would not fit well with Air Asia's model. They would | :05:15. | :05:17. | |
prefer to build something new that they can control. Buying an | :05:18. | :05:22. | |
expensive carrier would be a difficult proposition for them. In | :05:23. | :05:29. | |
other news, China's telecommunications giant ZTE is | :05:30. | :05:32. | |
expected to announce a massive jump in profits. Expectations are for the | :05:33. | :05:42. | |
Hong Kong listed company. Struggling handset maker HTC has modified | :05:43. | :05:54. | |
telephone, and is selling it at at least half the price of the handset | :05:55. | :05:59. | |
running Android. It is financially supported by Microsoft, and part of | :06:00. | :06:03. | |
the company's attempt to gain US market share. Britain's banking | :06:04. | :06:09. | |
giant has been hit with a second huge fine by New York's top banking | :06:10. | :06:13. | |
regulator. This time the lender has been ordered to pay a fine and will | :06:14. | :06:18. | |
face restrictions on its dollar business. It gets three quarters of | :06:19. | :06:22. | |
its earnings from Asia and has been accused of failing to organise | :06:23. | :06:27. | |
adequate money laundering controls. I spoke to our correspondent and | :06:28. | :06:33. | |
asked more about this fine. These recurring compliance problems have | :06:34. | :06:36. | |
definitely added two problems at the bank. In fact it warned its | :06:37. | :06:41. | |
shareholders a few weeks ago at an earnings release that another fine | :06:42. | :06:46. | |
would be coming. Now Standard Chartered has said that it is trying | :06:47. | :06:49. | |
to improve its compliance with the utmost urgency. But clearly not be | :06:50. | :06:54. | |
clear enough. The US regulator, the second fine, in as many years, for | :06:55. | :07:01. | |
failing to improve money laundering problems that were first highlighted | :07:02. | :07:05. | |
and spotted in 2012. Part of the business that involved is actually | :07:06. | :07:11. | |
quite crucial for the bank on a US clearing. We understand the bank was | :07:12. | :07:15. | |
concerned that all of its US clearing activities would be halted | :07:16. | :07:21. | |
in New York. That it would no longer be allowed to clear in New York. At | :07:22. | :07:25. | |
the bank has clarified and said now as a result of this fine, only two | :07:26. | :07:30. | |
geographical areas would be affected. Certain retail clients, | :07:31. | :07:34. | |
here in Hong Kong, and some high`risk relationships in the UAE. | :07:35. | :07:42. | |
For how long will Standard Chartered the banned from the dollar clearing | :07:43. | :07:45. | |
business? We're not sure about that. But according to the Hong Kong | :07:46. | :07:51. | |
monetary authority, the de facto central bank here, it appears that | :07:52. | :07:55. | |
the suspension is temporary. In their statement, they said they | :07:56. | :07:59. | |
believed Hong Kong was affected are close this is its biggest, basically | :08:00. | :08:04. | |
its biggest market. A lot of deals originate from here and are settled | :08:05. | :08:10. | |
in America. And that is why it is affected. They also said that they | :08:11. | :08:15. | |
are watching the bank, and they have spotted some areas which could be | :08:16. | :08:19. | |
improved, but obviously no fines or other punishments at the moment. One | :08:20. | :08:25. | |
of India's richest man is selling off some of his most valuable | :08:26. | :08:28. | |
investments. Nothing unusual about that, except that he needs to raise | :08:29. | :08:34. | |
billions of dollars so he can be released from prison. Our | :08:35. | :08:39. | |
correspondent reports from Mumbai. He is no rockstar, during good | :08:40. | :08:44. | |
times, he could entertain his employees with performances like | :08:45. | :08:48. | |
this. But for the last five months, this flamboyant Indian billionaire | :08:49. | :08:54. | |
has been held in India's largest reason. Jailed after failing to | :08:55. | :08:59. | |
appear at a court hearing into a long`running dispute with India's | :09:00. | :09:03. | |
market regulator. He is the owner of a conglomerate called the Sahara | :09:04. | :09:09. | |
Group. They took millions from investors in return for the legal | :09:10. | :09:13. | |
bonds. It says it has repaid most investors, a claim disputed by the | :09:14. | :09:18. | |
regulator and the Supreme Court. Sahara Group has stakes in more than | :09:19. | :09:23. | |
100 companies, with interests in TV channels, real estate, are | :09:24. | :09:29. | |
controlling stake in a Formula One team, hundreds of retail outlets, | :09:30. | :09:33. | |
and a number of world famous hotels. The group is one of dozens of | :09:34. | :09:43. | |
properties owned by Subrata Roy around the world. He has been | :09:44. | :09:47. | |
ordered to pay $1.6 billion bail. But to raise that kind of money, he | :09:48. | :09:51. | |
has to offload some of his most valuable assets. There are reports | :09:52. | :09:57. | |
that the Sultan of Brunei is keen on snapping up a couple of his New York | :09:58. | :10:03. | |
Robert Hughes, including this, the iconic Plaza Hotel. He has denied | :10:04. | :10:07. | |
it. And he is looking for a buyer for the Grosvenor house Hotel in | :10:08. | :10:12. | |
London's Park Lane. If he manages to do those deals from his prison cell, | :10:13. | :10:17. | |
he will be allowed to go home. But of course, the charges themselves | :10:18. | :10:24. | |
will still be hanging over him. Thank you for investing your time | :10:25. | :10:33. | |
with us. I am Rico Hizon, goodbye for now. The top stories this hour: | :10:34. | :10:40. | |
Police in St Louis shoot dead a second | :10:41. | :10:41. |