Browse content similar to 28/08/2014. Check below for episodes and series from the same categories and more!
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report about child abuse in Rotherham. He managed children's | :00:00. | :00:00. | |
services between 2005 and 2010. Time for Asia Business Report. The | :00:00. | :00:16. | |
Philippines economy bounces back, posting better`than`expected | :00:17. | :00:20. | |
growth. Qantas makes its biggest ever loss. The airline's top boss | :00:21. | :00:32. | |
faces pressure to quit. Welcome to the programme. Growth for the | :00:33. | :00:39. | |
Philippines has performed better than expected in the three months | :00:40. | :00:43. | |
till June, expanding by 6.4% from the previous year. Thank you for | :00:44. | :00:55. | |
joining us. Where is the growth coming from? Manufacturing was up | :00:56. | :01:06. | |
and so were exports, in particular. Agriculture also had a rebound from | :01:07. | :01:10. | |
negative growth in the first quarter, as well as construction. | :01:11. | :01:18. | |
Over all, we are very pleased with this growth, although it is a little | :01:19. | :01:24. | |
bit below the tail end of our forecast. Will you be able to meet | :01:25. | :01:31. | |
your target of 7.5% expansion? We believe we are within striking | :01:32. | :01:36. | |
distance but what is important is that we are continuing with | :01:37. | :01:40. | |
structural reforms to increase the growth potential of the economy. For | :01:41. | :01:45. | |
example, we recently approved legislation that will open up the | :01:46. | :01:49. | |
banking sector completely to foreign investment. We have introduced | :01:50. | :01:53. | |
legislation that will also open up legislation that will also open up | :01:54. | :01:59. | |
other sectors, as well as improve the fiscal capacity of the country. | :02:00. | :02:04. | |
I think that is what is important. Ever since this administration took | :02:05. | :02:08. | |
office, we have averaged a 6% growth rate on the back of increasing | :02:09. | :02:15. | |
participation and increasing investment in infrastructure and | :02:16. | :02:17. | |
increasing confidence within the community. We hope to continue like | :02:18. | :02:28. | |
that. The Philippines is still ranked in the bottom half out of 189 | :02:29. | :02:35. | |
economies in terms of ease of doing business. It is still one of the | :02:36. | :02:39. | |
hardest places in the world to start a business. We have made | :02:40. | :02:44. | |
improvements. In the World Economic Forum, we are among the top few | :02:45. | :02:52. | |
countries with games across the board. In all of the ratings, the | :02:53. | :03:00. | |
Philippines has improved dramatically. And this is a good | :03:01. | :03:04. | |
thing, especially for businesses. But one main issue right now is as | :03:05. | :03:08. | |
controversial disbursement acceleration programme, which the | :03:09. | :03:13. | |
Supreme Court says is unconstitutional but the president | :03:14. | :03:18. | |
has said has primed the economy. With the Supreme Court taking this | :03:19. | :03:22. | |
away, what will this mean for growth this quarter and going forward? The | :03:23. | :03:28. | |
good thing about our system is that we have an option to go back to | :03:29. | :03:36. | |
provisions `` refine some of these provisions `` refine some of these | :03:37. | :03:40. | |
provisions that were at issue in the Supreme Court. We can do that so | :03:41. | :03:45. | |
that there will be no more doubt. Secondly, we can go back to | :03:46. | :03:54. | |
Congress. In our system, Congress has the power. The have no | :03:55. | :04:02. | |
concerns. Especially since we do have a lot of fiscal space. There is | :04:03. | :04:10. | |
still a lot of concern about the Philippines in terms of graft and | :04:11. | :04:13. | |
corruption and doing business there. What is the government doing, | :04:14. | :04:19. | |
briefly, to improve this? Since the very first day of this | :04:20. | :04:22. | |
administration, we have made that our first goal. There will be no | :04:23. | :04:31. | |
co`option, `` no corruption, no poverty and there will be good | :04:32. | :04:36. | |
economics. That is why we have been pursuing those who have violated | :04:37. | :04:43. | |
those laws all the way up to the highest of officials, including the | :04:44. | :04:46. | |
Chief Justice of the Supreme Court. We have two senators who went to | :04:47. | :04:54. | |
jail for alleged violations of our laws. That is the best evidence that | :04:55. | :04:58. | |
we are working to stop that. Thank you for joining us. Record losses | :04:59. | :05:06. | |
for Australia's iconic brand, Qantas, otherwise known as the | :05:07. | :05:12. | |
Flying Kangaroo. It has reported its worst ever annual results, posting a | :05:13. | :05:20. | |
much worse than did $265 billion in annual losses. The chief executive | :05:21. | :05:23. | |
is under pressure to sell assets to ease the strain on the airline's | :05:24. | :05:29. | |
balance sheet. One of the world's oldest and most | :05:30. | :05:34. | |
recognisable airlines is in trouble. Soaring fuel costs and | :05:35. | :05:38. | |
fierce competition have resulted in mass redundancies and financial | :05:39. | :05:43. | |
losses. Despite its decline, Qantas remains a popular institution at | :05:44. | :05:49. | |
home. Australians want Qantas to survive but they are not afraid to | :05:50. | :05:54. | |
fly with someone else. It is great that we have had an Australian | :05:55. | :06:00. | |
airline for so long. Qantas has an alliance with Emirates and wants the | :06:01. | :06:04. | |
Government to relax regulations that limit foreign ownership of the | :06:05. | :06:08. | |
airline to 49%. As customers continue to this `` desert. If you | :06:09. | :06:15. | |
look at the passenger airline miles, they are diminishing and diminishing | :06:16. | :06:20. | |
and diminishing. We does this shrinking stop? It will stop with | :06:21. | :06:28. | |
Qantas being taken over. The aviation market in Australia has | :06:29. | :06:32. | |
become saturated. Qantas faces relentless competition on both its | :06:33. | :06:36. | |
Many passengers feel that an Many passengers feel that an | :06:37. | :06:40. | |
overseas takeover is inevitable. Foreign ownership. The mining is | :06:41. | :06:45. | |
owned by the Chinese. Everything else is owned overseas. If it keeps | :06:46. | :06:53. | |
most of the jobs in Australia, it makes no difference. Qantas's plans | :06:54. | :06:58. | |
for a profitable future will come under greater scrutiny. There are | :06:59. | :07:02. | |
those who believe that for the flying kangaroo, this could be a | :07:03. | :07:07. | |
life or death struggle. At stake are not only thousands of jobs but | :07:08. | :07:13. | |
Australia's reputation. Trade unions have threatened strike action over | :07:14. | :07:17. | |
job cuts, including in maintenance. Pilots say that decisive action is | :07:18. | :07:23. | |
needed to build a stronger airline. It needs to go through a bit of pain | :07:24. | :07:27. | |
initially, like what we are doing now, with redundancies and losses. | :07:28. | :07:32. | |
It has to be able to justify to the banks and the shareholders these | :07:33. | :07:36. | |
injections of capital so it can re`equip the fleet. It needs to be | :07:37. | :07:40. | |
able to buy more modern and fuel`efficient aircraft. Qantas has | :07:41. | :07:44. | |
been flying for the best part of a century but is facing unprecedented | :07:45. | :07:49. | |
challenges. For the famous Flying Kangaroo, the months ahead promise | :07:50. | :07:55. | |
to be turbulence. Qantas is not the only regional carrier in tough | :07:56. | :07:59. | |
times. Malaysia Airlines is undergoing a major restructure. Its | :08:00. | :08:04. | |
majority owner, a state investment fund, is taking the country `` | :08:05. | :08:09. | |
company over and is planning significant reforms including job | :08:10. | :08:13. | |
before the tragedies of flights MH17 before the tragedies of flights MH17 | :08:14. | :08:22. | |
and flight MH370. The company's results are very bad. Possibly the | :08:23. | :08:29. | |
worst it has faced in its entire history. The second quarter is not | :08:30. | :08:36. | |
normally strong and this is exacerbated by the fact that we had | :08:37. | :08:43. | |
MH370 and the entire Asia Pacific aviation industry is reeling. It is | :08:44. | :08:50. | |
going to be really, really bad. How bad will the numbers be? Our | :08:51. | :09:02. | |
expectation is $600 million loss. It is a tough call. Yes and a lot of | :09:03. | :09:10. | |
money to lose. Right now, what is being reported in the media is that | :09:11. | :09:14. | |
there will be cuts of about 6000 jobs. How painful will be by | :09:15. | :09:22. | |
structuring the in the months ahead? It will be very painful, the deepest | :09:23. | :09:26. | |
restructure that has ever been attempted at Malaysia Airlines. But | :09:27. | :09:32. | |
let us be clear. The objective is to save the airline. At least we will | :09:33. | :09:37. | |
have a national carrier because God forbid, if nothing is done, Malaysia | :09:38. | :09:40. | |
Airlines will just earn its place in Airlines will just earn its place in | :09:41. | :09:46. | |
the history books. It is really bad. To lose 5000 employees or 6000, as | :09:47. | :09:51. | |
you mentioned, it is a necessary step. A necessary step but what will | :09:52. | :09:58. | |
it look like after restructuring? Will be carrier have a new name? I | :09:59. | :10:07. | |
suggested they be very consistent, which is for Malaysia Airlines just | :10:08. | :10:10. | |
to be a domestic airline. And we could have some regional routes. | :10:11. | :10:18. | |
International flights to not have a business case to survive. Malaysia | :10:19. | :10:28. | |
and Australia have signed a memorandum of understanding. They | :10:29. | :10:34. | |
have announced that they will jointly fund the search for | :10:35. | :10:41. | |
Malaysia's flight MH370. Now, a look at the market. Thank you for joining | :10:42. | :11:01. | |
us. Goodbye for now. This is BBC News. The headlines: The United | :11:02. | :11:03. | |
Nations has accused government forces and Islamic State fighters of | :11:04. | :11:06. | |
conducting massacres and causing immeasurable suffering to civilians | :11:07. | :11:12. | |
in Syria. The | :11:13. | :11:13. |