Browse content similar to 29/08/2014. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
and Africa next month. Travel restrictions will be lifted. And the | :00:00. | :00:00. | |
defection of Conservative MP Douglas Carswell to the UK Independence | :00:00. | :00:00. | |
Party has triggered a by`election in Clacton, which Mr Carswell says he | :00:00. | :00:07. | |
will contest on behalf of his new party. | :00:08. | :00:09. | |
Now on BBC News all the latest business news live from Singapore. | :00:10. | :00:15. | |
Malaysia Airlines is set to announce a big restructure after posting big | :00:16. | :00:22. | |
losses and warning of more to come. And Japan's economy stalls as the | :00:23. | :00:24. | |
sales tax pain persists. Hello and welcome to Asia Business | :00:25. | :00:35. | |
Report on BBC World News. I am Rico Hizon. | :00:36. | :00:46. | |
Shares of troubled national carrier Malaysia Airlines are suspended | :00:47. | :00:48. | |
today, ahead of an announcement of the details of a major restructuring | :00:49. | :00:54. | |
move. The company revealed a loss of $98 million for the three months | :00:55. | :00:56. | |
until June, after the disappearance of MH370 in March and with the MH17 | :00:57. | :00:59. | |
tragedy months later. The airline has warned of weak earnings in the | :01:00. | :01:08. | |
second half after a sharp decline in bookings. Our correspondent has | :01:09. | :01:12. | |
more. Prayers for the victims of | :01:13. | :01:18. | |
extraordinary aviation disasters that happened to one airline. Like | :01:19. | :01:20. | |
his company, Malaysia Airlines Chief Executive Ahmad Jauhari Yahya is | :01:21. | :01:24. | |
under enormous pressure. The losses announced this week underline the | :01:25. | :01:34. | |
challenge the airline must meet. He says after MH370 disappeared, the | :01:35. | :01:37. | |
airline tried to rebuild, but tragically, just as we were | :01:38. | :01:40. | |
beginning to see signs of recovery in all regions, we were dealt a blow | :01:41. | :01:44. | |
with MH17. The full financial impact of the tragedies will be seen in the | :01:45. | :01:48. | |
next set of results. They will need fresh energy to come in and to make | :01:49. | :01:52. | |
some very tough decisions that will probably be unpopular at a political | :01:53. | :01:55. | |
level but they are things they will need to do in order for the airline | :01:56. | :02:02. | |
to survive. That serious work is now the task of the state investment | :02:03. | :02:06. | |
fund, Khazanah, which plans to take ownership of the company and | :02:07. | :02:10. | |
implement a radical restructure. For staff, it is an anxious wait. | :02:11. | :02:23. | |
TRANSLATION: I am very worried about the current situation, but I hope | :02:24. | :02:27. | |
for success. There is no shortage of options for how to turn around the | :02:28. | :02:32. | |
airline. As many as 6000 jobs could go, more than one quarter of its | :02:33. | :02:34. | |
staff. Unprofitable international routes might be cancelled and the | :02:35. | :02:37. | |
chief executive and other senior management replaced. No other | :02:38. | :02:39. | |
carrier has lost two passenger planes in the space of less than six | :02:40. | :02:43. | |
months. For the airline, fixing the finances is just the beginning. The | :02:44. | :02:46. | |
restructure will only go some way towards gaining the confidence of | :02:47. | :02:50. | |
passengers. The queues at this check`in counter aren't exactly | :02:51. | :02:54. | |
long. Some planes are flying with rows of empty seats. Passengers | :02:55. | :02:59. | |
aren't the only ones who are spooked. Nearly 200 cabin crew have | :03:00. | :03:03. | |
resigned in the past six months, much more than normal turnover. The | :03:04. | :03:06. | |
real challenge for Malaysia Airlines and its owners will be to get people | :03:07. | :03:08. | |
flying again. In other news, Virgin Australia's | :03:09. | :03:38. | |
losses have trebled to $330 million. The carrier says its underlying | :03:39. | :03:41. | |
losses were less, at around 200 million, roughly in line with market | :03:42. | :03:44. | |
expectations. It plans to sell a 35% stake in the velocity frequent`flier | :03:45. | :03:46. | |
programme to Affinity Equity partners in a deal valued at about | :03:47. | :03:51. | |
US$900 million. Figures from Japan highlighted | :03:52. | :03:53. | |
challenges of boosting the third largest economy in the world, with | :03:54. | :03:55. | |
industrial production rising less than expected in July while | :03:56. | :03:58. | |
household spending slumped and the inflation rate remains unchanged. A | :03:59. | :04:00. | |
Fujitsu research institute spokesperson tells us how to read | :04:01. | :04:03. | |
the report. Japan has stabilised. We had a shock | :04:04. | :04:07. | |
in April when the sales tax hike was increasing for consumers by 3% with | :04:08. | :04:09. | |
real incomes diving down by 3% on that matter as well. 3.3%. If we | :04:10. | :04:30. | |
strip out the sales tax, we have 1.3% real consumer inflation. This | :04:31. | :04:34. | |
is good, but it does not mean we are on a positive trend. It is bottoming | :04:35. | :04:37. | |
out. 1.3% is way below the 2% inflation target of the Japanese | :04:38. | :04:40. | |
government. Will we see an upward trend going forward? Not for the | :04:41. | :04:43. | |
summer. We very much hope the economy will recover. We hope for | :04:44. | :04:50. | |
third quarter growth of 2.5% and it should increase to the end of the | :04:51. | :04:53. | |
year, but it keeps the government on its toes to come up with more | :04:54. | :04:56. | |
reforms for some reductions in taxes for corporations for example. Some | :04:57. | :05:02. | |
reforms that make people more positive in terms of the overall | :05:03. | :05:05. | |
outlook and that will help create a positive trend. We shouldn't expect | :05:06. | :05:19. | |
too much this summer. Revised numbers from the US reveal | :05:20. | :05:22. | |
the economy grew at a fastest pace than first thought, at 4.2% in the | :05:23. | :05:25. | |
second quarter, up to .2%, reflecting stronger business | :05:26. | :05:27. | |
spending and exports. It was the fastest pace of growth since the | :05:28. | :05:30. | |
first quarter of 2013. `` third quarter. The Indian economy is | :05:31. | :05:33. | |
growing at its slowest pace in three decades. Expectations had been high | :05:34. | :05:46. | |
since Narendra Modi took charge of three months ago. The latest numbers | :05:47. | :05:50. | |
are out today. Are there any signs of a pickup in business confidence? | :05:51. | :05:53. | |
In Mumbai, our correspondent follows a local product on its journey from | :05:54. | :05:58. | |
factory floor to shop window. It is a busy day in this shoe | :05:59. | :06:01. | |
factory. In the last few months, this has been a common sight with | :06:02. | :06:05. | |
new orders coming in fast. It wasn't always like this. The Indian economy | :06:06. | :06:08. | |
slowed down considerably over the last two years, affecting businesses | :06:09. | :06:18. | |
across the board. But this firm, providing shoes to stores across the | :06:19. | :06:21. | |
country, feels that business sentiment has started improving ever | :06:22. | :06:23. | |
since the new government took charge. | :06:24. | :06:33. | |
The initial sentiment shows everything went correct, everything | :06:34. | :06:37. | |
in the right direction. We actually got to see the result. Everyone's | :06:38. | :06:41. | |
gone through a lean period, right? So everyone sees an opportunity to | :06:42. | :06:45. | |
grow big. They need to make up for lost time, make up for lost | :06:46. | :06:48. | |
business. This seems to be that make up time taking place. | :06:49. | :06:54. | |
Anil has come to the store to buy some new shoes for work. He worked | :06:55. | :07:02. | |
in the information and technology sector and lost his work earlier | :07:03. | :07:05. | |
this year due to the economic slowdown, as jobs in IT dried up. | :07:06. | :07:10. | |
After numerous interviews, he finally got the job earlier this | :07:11. | :07:20. | |
month. TRANSLATION: I went for many | :07:21. | :07:23. | |
interviews, but there were very few jobs in the market. One or two | :07:24. | :07:26. | |
companies were ready to hire me weren't offering a good salary. | :07:27. | :07:31. | |
Since taking up this new job, three or four companies have shown | :07:32. | :07:33. | |
interest in hiring me. Suddenly, there are so many jobs in the | :07:34. | :07:37. | |
market, which wasn't the case when I was on the lookout. | :07:38. | :07:40. | |
Most people and investors seem more positive about the economy than they | :07:41. | :07:43. | |
were six months back. There is also a sense that this optimism may last | :07:44. | :07:49. | |
only for a while. In the long`term, a lot will depend on how quickly the | :07:50. | :07:52. | |
new government can introduce reforms bold enough to put Asia's | :07:53. | :07:55. | |
third`largest economy on the fast track to grow. | :07:56. | :08:07. | |
Fuel prices in Indonesia are some of the lowest in the world because the | :08:08. | :08:12. | |
government spends $25 billion each year on subsidies, but there is a | :08:13. | :08:15. | |
limit on how much cheap fuel the government provides. The state`owned | :08:16. | :08:21. | |
oil giant imposed restrictions on subsidised fuel, but not now. Our | :08:22. | :08:25. | |
correspondent looks at the impact on people travelling on one of the | :08:26. | :08:33. | |
country's busiest highways. This is the north coast highway, a | :08:34. | :08:36. | |
1300km road that links the cities in Java, Indonesia's most populated | :08:37. | :08:38. | |
island. On average, 30,000 motor vehicles use this road every day. | :08:39. | :08:43. | |
Trucks carry factory goods and residents of the towns go about | :08:44. | :08:52. | |
their daily lives. Fuel is a crucial commodity here. In the past few | :08:53. | :08:56. | |
days, subsidised fuel has been in high demand. We have travelled about | :08:57. | :09:01. | |
200 kilometres and all along the road, we can see gas stations that | :09:02. | :09:05. | |
didn't have the cheap fuel and those who did were limiting the amount | :09:06. | :09:08. | |
that people can buy for each vehicle. At this petrol station, I | :09:09. | :09:11. | |
have been told it has been out of a cheap fuel since yesterday and | :09:12. | :09:14. | |
today's supply won't get here for another couple of hours. This man is | :09:15. | :09:18. | |
on a long journey transporting goods for a company that operates mobile | :09:19. | :09:25. | |
phone towers. Because of the limited supply, he has had to buy | :09:26. | :09:32. | |
nonsubsidised fuel. TRANSLATION: I can go bankrupt. What | :09:33. | :09:35. | |
the company pays is only enough for subsidised fuel. I lose money this | :09:36. | :09:40. | |
way. Some are taking advantage of the restrictions on fuel. | :09:41. | :09:44. | |
Nearby residents here are lining up to buy and resell it in remote | :09:45. | :09:47. | |
villages. This woman has been waiting for six hours. | :09:48. | :09:53. | |
TRANSLATION: I am trying to buy their fuel to make money but I have | :09:54. | :09:56. | |
been waiting too long and there is no guarantee I will even get the | :09:57. | :10:00. | |
fuel. Scenes like this aren't good for public morale. So the government | :10:01. | :10:10. | |
stepped in. A spokesman from the state`owned oil firm told the BBC... | :10:11. | :10:22. | |
How the government solves this issue at the pumps will affect Indonesia's | :10:23. | :10:25. | |
growth. A new administration will take office in less than two months | :10:26. | :10:28. | |
and already it is facing a critical challenge. | :10:29. | :10:38. | |
A quick look at the markets in Asia. It is lacklustre in mid`morning | :10:39. | :10:47. | |
Friday trade after US equities slept overnight after the latest tension | :10:48. | :10:50. | |
between Ukraine and Russia. Japan is done by 86 points due to | :10:51. | :10:52. | |
disappointing economic data, while Hong Kong at a straight into higher | :10:53. | :10:56. | |
on selective buying. Thank you for investing your time with us. I am | :10:57. | :10:58. | |
Rico Hizon. Goodbye for | :10:59. | :10:59. |