14/03/2014 Asia Business Report


14/03/2014

Similar Content

Browse content similar to 14/03/2014. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

to Northern Ireland, and crashed soon after taking off.

:00:00.:00:20.

It is time for Asia Business Report. Malaysia comes under fire for how it

:00:21.:00:24.

has released information about the missing flight. And, India is

:00:25.:00:27.

looking to set up its own high profile football competition, within

:00:28.:00:31.

a nation of cricket lovers will it work? Welcome to Asia Business

:00:32.:00:44.

Report. It has been nearly a week since a Malaysian airlines plane

:00:45.:00:48.

mysteriously disappeared while en route to Beijing. An international

:00:49.:00:51.

search and rescue effort has been under way, but so far there is no

:00:52.:00:55.

sign of any wreckage, leaving the world with what seems like a few

:00:56.:01:02.

answers and a lot of questions. In Kuala Lumpur, authorities happy

:01:03.:01:05.

holding daily news conferences, but have recently come under heavy

:01:06.:01:07.

criticism for their handling of the crisis. I spoke to two aviation

:01:08.:01:16.

experts. It is a difficult crisis, not the

:01:17.:01:21.

normal type of aircraft accident. These things have happened before.

:01:22.:01:28.

There should not have been such a state of confusion or lack of

:01:29.:01:31.

co-ordination. Information is key for families, because to them, time

:01:32.:01:37.

has stopped. There is no going forward, and certainly no going

:01:38.:01:41.

back. The best the Malaysian government and Malaysia Airlines

:01:42.:01:44.

could have done in this incident is not make it worse. Unfortunately,

:01:45.:01:49.

they have made it worse. I don't think they will ever regain the

:01:50.:01:52.

trust and confidence of the families. Other accidents have

:01:53.:01:55.

happened, we have had planned to missing, and we haven't found them

:01:56.:02:00.

for 72 days or longer. The earth is a big place, mountains and oceans

:02:01.:02:03.

could. Could anyone have done better? I suspect there are other

:02:04.:02:08.

governments and other airlines that have done better and could do

:02:09.:02:12.

better. I hate to say that, you don't like kicking people when they

:02:13.:02:16.

are down. But it is frustrating, and I'm sure horribly frustrating for

:02:17.:02:20.

family members, who have to go to the media, who get one source of

:02:21.:02:24.

information, get their hopes raised, and then they are told it is

:02:25.:02:32.

incorrect. It is the lack of consistency, and that makes everyone

:02:33.:02:36.

wonder who to believe. The people you should believe others who have

:02:37.:02:38.

most information, which should be the government. It is a simple case

:02:39.:02:44.

of too many cooks spoiling the broth. You have Malaysian officials

:02:45.:02:57.

tweeting, a Malaysia Airlines official confirming rumours. You

:02:58.:03:00.

want facts, not corrections of rumours. There is also the situation

:03:01.:03:05.

of 56 vessels from different countries trying to quarter make the

:03:06.:03:08.

international effort. There is a lack of leadership when it comes to

:03:09.:03:12.

this situation. There needs to be a single source of information. We

:03:13.:03:17.

advise airline clients, customers are looking for one kind of

:03:18.:03:20.

information, one point of information. They want facts, so

:03:21.:03:25.

rather than releasing lots of information from lots of sources, go

:03:26.:03:31.

to one source, and one press conference per day. You don't want

:03:32.:03:35.

cheese making statements and then rejecting them. It could just come

:03:36.:03:43.

from the CEO of the company. General Electric is spinning off its

:03:44.:03:55.

retail finance business, which some analysts predict could be worth $18

:03:56.:04:00.

million. McDonald's is being sued by workers

:04:01.:04:03.

in three US states for allegedly stealing wages. The fast food giant

:04:04.:04:10.

is facing seven class-action lawsuits. Workers claim they were

:04:11.:04:14.

forced to work off the clock and not paid overtime. McDonald said --

:04:15.:04:22.

McDonald's said it is committed to fair working conditions.

:04:23.:04:47.

If you are employed by a big corporation, they send you abroad

:04:48.:04:55.

for work, you will often get a relocation package. This includes

:04:56.:05:00.

subsidised housing and regular flights home. Now, Panasonic is

:05:01.:05:06.

offering staff moving to China a payment to help cope with the

:05:07.:05:14.

country's notorious smog. A thick, acrid smog hangs heavy over

:05:15.:05:18.

the streets of Beijing, making it difficult to see and even more

:05:19.:05:22.

difficult to breathe. Pollution is the price China pays for the

:05:23.:05:27.

economic growth of the past decade. It is the result of rapid

:05:28.:05:30.

industrialisation, and the burning of millions of tonnes of coal every

:05:31.:05:36.

year. Now, Panasonic says it will pay its foreign workers in China

:05:37.:05:40.

extra. A pollution premium to compensate them for the poor air

:05:41.:05:45.

quality. It is not unusual for multinational firms to pay staff

:05:46.:05:49.

more when they are sent to live and work overseas, particularly if they

:05:50.:05:52.

go to dangerous or uncomfortable places. In the oil in -- industry,

:05:53.:06:00.

employers often get a premium for working offshore. Now, Panasonic are

:06:01.:06:06.

offering them extra to have to breathe smog. It is a first from our

:06:07.:06:11.

perspective definitely. I think it will be taken on by lots of

:06:12.:06:16.

companies. It is specified as an air pollution allowance, rather than

:06:17.:06:18.

being bundled in what we commonly known as a hardship premium. I think

:06:19.:06:25.

it is probably part of a wider drive by organisations to actually be

:06:26.:06:28.

transparent about the allowances they are giving to expats, which are

:06:29.:06:31.

obviously a costly part of the package. As the annual National

:06:32.:06:37.

People's Congress drew to a close in Beijing, Li Kequiang admitted that

:06:38.:06:45.

China's current economic model is unsustainable. What is very much on

:06:46.:06:51.

our mind is existing problems. We will confront serious challenges

:06:52.:06:55.

this year, and some may be even more complex. We need to ensure steady

:06:56.:07:02.

growth, employment, preventing -- prevent inflation. Beijing faces the

:07:03.:07:08.

steep challenge of trying to increase rapid growth, while

:07:09.:07:13.

encouraging businesses to clean up their act.

:07:14.:07:17.

India's national football team has never made it into the World Cup,

:07:18.:07:20.

but when the event kicks off there will be plenty of interest on the

:07:21.:07:23.

sub continent. The sport has plenty of followers, because of the

:07:24.:07:28.

popularity of overseas leagues. Efforts have become to launch a high

:07:29.:07:35.

budget, and they hope high-profile, football competition in India

:07:36.:07:40.

itself. The fields may not be perfect, and

:07:41.:07:44.

the skills will take a bit more time, but great game still

:07:45.:07:50.

relatively new here, you can't doubt the enthusiasm. Children having a

:07:51.:07:55.

kick around in the park is a very positive sign for football in India.

:07:56.:07:59.

But, there is one huge reason why the sport will be in the shadows for

:08:00.:08:07.

a while yet. They say here that cricket is not just a sport, but it

:08:08.:08:11.

is a religion. If you ask many of these youngsters what they want to

:08:12.:08:14.

do for a living, a good chunk of them would say, play cricket for

:08:15.:08:21.

India. No wonder India is turning to cricket for some inspiration in

:08:22.:08:28.

football. Cricket Indian Premier League has brought crowds to

:08:29.:08:34.

stadiums and he to television sets, as teams representing cities across

:08:35.:08:37.

the country battle it out over a few weeks each year. It is what football

:08:38.:08:44.

wants to emulate. India already has a football competition, but with a

:08:45.:08:49.

few exceptions, crowds tend to be in on the ground. Now, football

:08:50.:08:56.

franchises are being offered for an IPL style all new Indian Super

:08:57.:09:01.

League. Given most IPL cricket teams have so far struggled to make money,

:09:02.:09:05.

does football really have any chance of being commercially viable? The

:09:06.:09:09.

packaging of the league needs to be right. By that I mean, on field

:09:10.:09:17.

performance, the media rights, sponsorship, naming rights. These

:09:18.:09:23.

need to be packaged well. I think we could see at some point in time

:09:24.:09:26.

franchises and the leak would start making money. To be successful,

:09:27.:09:33.

people have to watch. So, while Indians already fanatically followed

:09:34.:09:41.

European leagues, would this be successful? If it was a brand, you

:09:42.:09:47.

know, when we smoke we don't change our rant. I'm sure were not going to

:09:48.:09:53.

stop watching Manchester United. If we get foreign players coming in,

:09:54.:09:57.

and they help promote the game, certainly this will work. It is only

:09:58.:10:03.

months until Indian Super League is start to kick off, but a lot must

:10:04.:10:07.

happen before it can get under way. By then, we should have a better

:10:08.:10:11.

idea of whether the future of Indian football is in safe hands.

:10:12.:10:17.

A quick look at the markets. Most of them are at one-month lows at the

:10:18.:10:24.

moment. The Nikkei is down significantly, about 400 points.

:10:25.:10:29.

That is mainly due to the strength of the yen.

:10:30.:10:40.

Our top stories: The seventh day of searching is under way for the

:10:41.:10:48.

missing Malaysia Airlines plane, but still no sign of it. The

:10:49.:10:52.

international operation looks set to widen into the Indian Ocean. Violent

:10:53.:10:58.

clashes in eastern Ukraine have left at least one person dead. At the

:10:59.:10:59.

Download Subtitles

SRT

ASS