Browse content similar to 27/02/2014. Check below for episodes and series from the same categories and more!
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Australia's flag carrier Qantas announces 5000 job cuts and half | :00:00. | :00:26. | |
yearly losses of $2 billion. The BBC is giving an update on the stalled | :00:27. | :00:32. | |
transpacific trade negotiations. `` given. | :00:33. | :00:38. | |
Welcome to Asia Business Report. We start off with Qantas, and it has | :00:39. | :00:43. | |
announced it is laying off 5000 employees as part of cost`cutting | :00:44. | :00:47. | |
measures which could save the company about $1.8 billion. Chief | :00:48. | :00:52. | |
executive Alan Joyce said the carrier is facing some of the | :00:53. | :00:55. | |
toughest conditions it had ever seen, and has been competing with | :00:56. | :00:59. | |
other carriers with one hand tied behind its back. The firm announced | :01:00. | :01:07. | |
a half yearly loss of $200 million before tax, and says it will cut its | :01:08. | :01:12. | |
fleet by more than 50 aircraft. The airline is sliding today, based on | :01:13. | :01:21. | |
these cuts. I asked just how bad things are for the flying kangaroo. | :01:22. | :01:27. | |
Things look pretty bad, but what they have said before will set a | :01:28. | :01:30. | |
platform going forward that should make them more sustainable. 5000 job | :01:31. | :01:34. | |
cuts is a big proportion for them to be cutting, but from here on in it | :01:35. | :01:38. | |
is setting the foundation that they will be able to go forward a leaner | :01:39. | :01:43. | |
and more efficient operation. Do you think the worst is over for Qantas? | :01:44. | :01:48. | |
In terms of market conditions it is tough for a lot of airlines out | :01:49. | :01:52. | |
there. It is very tough for Qantas, they have a lot of competition. | :01:53. | :01:56. | |
There could be further cuts, but they are really cutting it back to | :01:57. | :01:59. | |
the base, and within a couple of years they may begin to go again. | :02:00. | :02:05. | |
Good are also be cuts on the leadership front? Good Alan Joyce be | :02:06. | :02:10. | |
replaced as CEO as a result of these poor results? That might be a | :02:11. | :02:15. | |
possibility, and maybe something longer term. The board has put their | :02:16. | :02:19. | |
confidence in Alan Joyce, and expressed that they think he's the | :02:20. | :02:22. | |
right man to lead them through at this time. If the losses keep on | :02:23. | :02:26. | |
mounting, questions will have to be asked about his. With these losses, | :02:27. | :02:33. | |
will this intensify the issue of increasing foreign ownership of | :02:34. | :02:39. | |
Qantas? Qantas has been asking for some to have its foreign ownership | :02:40. | :02:44. | |
cap lifted, so it can get access to overseas money. They will be hoping | :02:45. | :02:49. | |
and pushing harder and harder. Canberra is open to the idea, but | :02:50. | :02:52. | |
the problem will be getting it through Parliament. With all of | :02:53. | :02:56. | |
these problems, what will this mean for those who fly Qantas, in terms | :02:57. | :03:06. | |
of airfares? They have announced they will cut one route. In terms of | :03:07. | :03:12. | |
airfares, it probably means there won't be very many cheap air fares | :03:13. | :03:15. | |
around on Qantas, because they will have to raise them to start making | :03:16. | :03:17. | |
profits again. The boss of credit Suisse says it | :03:18. | :03:30. | |
deeply regret some of its bankers violated US tax laws. `` tax laws. | :03:31. | :03:39. | |
It has been alleged by the US Senate committee that the bank helped US | :03:40. | :03:43. | |
clients hired the end of dollars from US tax officials. Japanese | :03:44. | :03:49. | |
authorities have launched an investigation into the online | :03:50. | :03:53. | |
exchange that trade bitcoin earlier this week. It went off`line earlier | :03:54. | :03:58. | |
this week, virtually disappearing and sparking concerns that its use | :03:59. | :04:03. | |
is stand to lose their money. A spokesperson said the police and | :04:04. | :04:06. | |
finance ministry and others are gathering information on the case. | :04:07. | :04:12. | |
People are worried that the company has been subpoenaed by US | :04:13. | :04:17. | |
prosecutors. Portugal's government is banking on | :04:18. | :04:21. | |
almost $290 million in investment coming in this year through its gold | :04:22. | :04:25. | |
Visa scheme, the fast tracks residency for wealthy foreigners. | :04:26. | :04:30. | |
The majority of the 542 residence permits issued so far have gone to | :04:31. | :04:37. | |
Chinese citizens. You can keep up`to`date with business news from | :04:38. | :04:39. | |
this region and around the world by logging onto the website. | :04:40. | :04:45. | |
It is not just Qantas that puts Australia in the news recently. The | :04:46. | :04:51. | |
country is one of 12 nations trying to negotiate a transpacific | :04:52. | :04:56. | |
partnership trade deal. The latest round of talks ended in Singapore | :04:57. | :04:59. | |
this week without an agreement, Australia's trade Minister, Andrew | :05:00. | :05:04. | |
Robb, says he is confident there will be a deal by the end of the | :05:05. | :05:09. | |
year. He gave the BBC his take on where negotiations are headed. I | :05:10. | :05:15. | |
feel that we are probably 80% of the way there in terms of the | :05:16. | :05:18. | |
decisions, and a lot of hard decisions have been taken already. | :05:19. | :05:21. | |
Nothing was really done on market access, until much of the rest of it | :05:22. | :05:28. | |
was agreed to. Of course, there are some significant issues, but a lot | :05:29. | :05:37. | |
of the companies are dealt with, I feel there is a willingness to go a | :05:38. | :05:43. | |
long way `` countries. With all the willingness in the world, how close | :05:44. | :05:47. | |
are Japan and the US to any compromise on market access? I don't | :05:48. | :05:52. | |
know. I have a sense of it. The thing is, you put the 12 countries | :05:53. | :05:58. | |
together, they are 40% of the world's GDP. At 70% of that 40% is | :05:59. | :06:08. | |
made up of the US and Japan. So they are fundamental to how much space is | :06:09. | :06:14. | |
created for everyone to do some serious liberalising. Is your sense | :06:15. | :06:18. | |
that they have made any progress? Yes, I think they have had some | :06:19. | :06:22. | |
difficult moments but I think they are making progress. Negotiations I | :06:23. | :06:28. | |
think always tend to end up like this, where you get to be very hard | :06:29. | :06:31. | |
yards, the last few yards, and everybody has to take a big deep | :06:32. | :06:39. | |
breath, at some stage, and we are heading towards that. UAR trade | :06:40. | :06:44. | |
Minister, not Foreign Minister, and you know better than most that what | :06:45. | :06:50. | |
happens in one area of government relations will affect other | :06:51. | :06:52. | |
relations. How effective is the policy of turning back the asylum | :06:53. | :06:56. | |
seeker boats to Indonesia and the issues on Manus Island? How much | :06:57. | :07:02. | |
damage are they doing to Austrade's reputation in this region? I am | :07:03. | :07:06. | |
travelling the region, talking to business people and government | :07:07. | :07:10. | |
ministers, and no one is raising that issue with me. Even in | :07:11. | :07:16. | |
Indonesia, my counterpart, I would have met with him, the trade | :07:17. | :07:22. | |
Minister, he just resigned to run for presidency, and I would have met | :07:23. | :07:26. | |
with him five times since the first met in Jakarta. We had the live | :07:27. | :07:32. | |
cattle trade re`established then. In the interim, it has gone back to its | :07:33. | :07:39. | |
highest level ever. Now, that is where a lot of these comments are | :07:40. | :07:47. | |
being made publicly, so in a trade sense, no impact, in fact an | :07:48. | :07:51. | |
improvement. Not a problem with relationships, not a problem. That | :07:52. | :07:58. | |
was Andrew Robb speaking to the BBC. Visitors in Thailand have for | :07:59. | :08:02. | |
sometime expressed concern that prices there will have an impact on | :08:03. | :08:05. | |
the bottom line. It appears there is now solid evidence of the Malaysian | :08:06. | :08:10. | |
bank has scrapped plans to list on the Thai stock exchange. Great Wall | :08:11. | :08:18. | |
is pausing plans to build a facility there. | :08:19. | :08:26. | |
I would expect so, given there is no sign of an end to the political | :08:27. | :08:29. | |
deadlock. The immediate impact of what has been going on has been felt | :08:30. | :08:37. | |
by hotels and retail businesses. Also by the depression of domestic | :08:38. | :08:44. | |
demand. There has been a scaling down of projections of GDP. The | :08:45. | :08:50. | |
economy has depended heavily on success of foreign investment, and | :08:51. | :08:53. | |
people have been watching carefully for signs of nerves by the | :08:54. | :09:04. | |
investors. Both of these pieces of news should be worrying, and the | :09:05. | :09:09. | |
bank is ambitious, ambitious to be one of the biggest in the region, | :09:10. | :09:14. | |
and it has looked at Thailand for some years now. The fact that they | :09:15. | :09:20. | |
have postponed suggests they are very nervous about market | :09:21. | :09:23. | |
conditions, describing them as not right. Perhaps the most effective of | :09:24. | :09:29. | |
China's car manufacturers, which is desperately looking for markets | :09:30. | :09:34. | |
outside China Southeast Asia, has big potential for them. Thailand is | :09:35. | :09:38. | |
the natural base for this to be based. They have postponed a | :09:39. | :09:46. | |
multibillion dollar investment in a car factory that would have produced | :09:47. | :09:51. | |
thousands of cars every year. There have always been warnings from | :09:52. | :09:55. | |
Toyota, one of the biggest car investors in the area, that they | :09:56. | :09:58. | |
were considering looking at alternatives for future investment | :09:59. | :10:04. | |
given the political uncertainty. Asian stock markets this power are | :10:05. | :10:10. | |
volatile. US equities ended nearly flat overnight, with investors | :10:11. | :10:14. | |
hesitant to make a big move. Comments from the Fed reserve chief, | :10:15. | :10:21. | |
Janet Yellen, also affected this. Australia is in the loss column by | :10:22. | :10:23. | |
27 points. Thank you for investing your time | :10:24. | :10:31. | |
with us. I'm Rico Hizon, don't forget to follow us on Twitter. | :10:32. | :10:35. | |
Sport Today is up next. The man who is to become Ukraine's | :10:36. | :10:50. | |
new PM said the country is on the brink of disaster. He was speaking | :10:51. | :10:51. | |
to the | :10:52. | :10:53. |