Browse content similar to 21/07/2014. Check below for episodes and series from the same categories and more!
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to close its accident and emergency department. Now on BBC News all the | :00:07. | :00:08. | |
latest business news live from Singapore. | :00:09. | :00:16. | |
There is an uncertain future. After the latest tragedy, Malaysia | :00:17. | :00:29. | |
Airlines come through this? An icon that spans five generations. Welcome | :00:30. | :00:42. | |
to Asia Business Report. It is hard for an airline to rebound from one | :00:43. | :00:47. | |
disaster, let alone to within a space of two months. Even before the | :00:48. | :00:55. | |
disappearance of MH 370, Malaysia Airlines were struggling. Can they | :00:56. | :00:57. | |
rebound after have three options. They can put a | :00:58. | :01:15. | |
lot of money after it, but I don't think that is viable. They could do | :01:16. | :01:22. | |
something similar to Japan Airlines. They could put it into bankruptcy. | :01:23. | :01:32. | |
They could privatise the airline. Let's look at the option of carrying | :01:33. | :01:36. | |
on as they are. They have the backing of the government. Can they | :01:37. | :01:44. | |
keep pouring money in? They can do that on the short`term. In the | :01:45. | :01:51. | |
mid`term to the long`term, that is not an option. They are losing money | :01:52. | :01:57. | |
and something needs to done. Even before the second incident, they | :01:58. | :02:02. | |
were already making huge losses. What about bump | :02:03. | :02:09. | |
`` bankruptcy? That is what Japan Airlines did. It is possible. We | :02:10. | :02:25. | |
have seen their share price decrease since the beginning of the year. You | :02:26. | :02:29. | |
have to do things to turn the airline around. Privatisation might | :02:30. | :02:37. | |
mean rebranding and giving it a new name. That would cost hundreds of | :02:38. | :02:42. | |
millions of dollars. It will cost money. With privatisation, we may | :02:43. | :02:48. | |
look at some spin`off of the operations and Malaysia Airlines | :02:49. | :02:54. | |
keeping the carrier. Will this impact other regional carriers and | :02:55. | :03:00. | |
travel in the region? Without a doubt. Long`distance travel has been | :03:01. | :03:06. | |
challenged since the Asian financial crisis. Lack of safety, which would | :03:07. | :03:10. | |
be the first concern of all airlines, is going to create | :03:11. | :03:14. | |
problems for consumers travelling at those distances. Stock is falling | :03:15. | :03:24. | |
11% on Friday in Kuala Lumpur. The share price is down more than 30% | :03:25. | :03:29. | |
this year. We will know the latest numbers soon when the stock exchange | :03:30. | :03:35. | |
opens for trading. In other news, one of India 's largest industrial | :03:36. | :03:43. | |
conglomerates has reported a jump in profits, thanks to return turnaround | :03:44. | :03:48. | |
in oil and gas. Net profit in April and June rose to 1 billion. That is | :03:49. | :03:55. | |
14% higher than the year earlier. It is controlled by India 's richest | :03:56. | :04:00. | |
man. He has many plans in the pipeline and includes retail. What | :04:01. | :04:14. | |
happens when the World Bank president tells a chief business | :04:15. | :04:19. | |
correspondent about Chinese leadership. My predecessor started a | :04:20. | :04:26. | |
wonderful process. He and the Chinese government put forward a | :04:27. | :04:33. | |
report called China 2030. It laid out all the calls for reform. They | :04:34. | :04:40. | |
wanted to talk about growth driven from exports to one driven by | :04:41. | :04:46. | |
consumption and services. They made explicit commitments to move toward | :04:47. | :04:50. | |
higher quality and more sustainable growth. They followed the plan and | :04:51. | :04:56. | |
they follow it today. Even though growth has dropped, they continue to | :04:57. | :05:01. | |
go forward with reforms. The Premier and the President asked me to tackle | :05:02. | :05:06. | |
healthcare. It is a huge issue for China. They have rapidly rising | :05:07. | :05:11. | |
demands and there is a huge demand on hospitals. They have to get this | :05:12. | :05:18. | |
right. They have to get this trusting relationship to continue. | :05:19. | :05:23. | |
We have to up our game. We have to provide value. I will follow the | :05:24. | :05:29. | |
study closely. It is my area. It is something I have worked on my entire | :05:30. | :05:34. | |
life. We provide the Chinese a vision of how to go forward that | :05:35. | :05:38. | |
will decrease their costs and improve their outcomes. If we can do | :05:39. | :05:44. | |
that, we can show that we are relevant. It is important to do | :05:45. | :05:48. | |
that. There is a new development bank. It is something that you have | :05:49. | :05:54. | |
said that you would look forward to working with, but what kind of | :05:55. | :05:59. | |
formal arrangements would be needed to ensure that the work of that bank | :06:00. | :06:08. | |
was co`ordinated with your work? I welcome the increased efforts to | :06:09. | :06:13. | |
fund infrastructure. It is what we need to end poverty and boost | :06:14. | :06:17. | |
prosperity. There is not a clear operating procedure that has been | :06:18. | :06:22. | |
laid out in great detail. We look forward to working closely. The | :06:23. | :06:26. | |
Chinese government has asked us to have a person to work with them to | :06:27. | :06:30. | |
help as they put their ideas together. We are happy to do that. | :06:31. | :06:36. | |
You can catch more of that interview with the World Bank president on | :06:37. | :06:48. | |
Talking Business. After 97 years of family ownership, a majority stake | :06:49. | :06:56. | |
in Forbes media has been sold. A Hong Kong `based group has bought | :06:57. | :07:01. | |
it. Forbes magazine was sold for an undisclosed sum. The Forbes family | :07:02. | :07:08. | |
says it will retain a significant share of the group, which includes | :07:09. | :07:13. | |
the magazine. The current chairman and editor in chief will remain. For | :07:14. | :07:20. | |
over a years, one family has been making Australia 's most iconic | :07:21. | :07:26. | |
hats. Since its inception, it has been run by the same family. There | :07:27. | :07:30. | |
is a lot to consider when thinking about who is next in line. Aside | :07:31. | :07:42. | |
from one of these, one of these hats is about as icon at the Australian | :07:43. | :07:47. | |
as it gets. The hardware in rabbit fur hats are a staple for farmers | :07:48. | :07:52. | |
and lunches. They have graced the hands of politicians, celebrities | :07:53. | :07:59. | |
and religious leaders. The company has been run by the same family | :08:00. | :08:09. | |
since its inception 137 years ago. The factory in New South Wales | :08:10. | :08:14. | |
produces 140,000 hats each year. They use custom machinery that was | :08:15. | :08:22. | |
designed by their great`grandfather. We have survived through recessions | :08:23. | :08:27. | |
and wars. We are first generation now. It is a long part of Australia | :08:28. | :08:35. | |
's history. It takes over a month to make the hat. 200 hands will touch a | :08:36. | :08:41. | |
hats before it is done. He says his siblings grew up on the factory | :08:42. | :08:44. | |
floor, where they learnt the trade from their father and grandfather. | :08:45. | :08:49. | |
We would vacuum the floors and do odd jobs in the holidays. We all did | :08:50. | :08:57. | |
that. It grounded us well. His sister, Nicky, who was a director, | :08:58. | :09:06. | |
says things have changed. It was in sole ownership are now three of us | :09:07. | :09:09. | |
own it. There are seven children between us. We are working hard to | :09:10. | :09:15. | |
see what the smoothest way forward will be. It has to be the best | :09:16. | :09:22. | |
person for the job. Simple as that. If someone wants to be there, but if | :09:23. | :09:27. | |
there are two that want to be here and one is not as well qualified, | :09:28. | :09:32. | |
they will miss out. If that is one of my children, that is hard, but | :09:33. | :09:37. | |
that is a decision we have made as a group. These sums so they would like | :09:38. | :09:44. | |
to be part of the business in a future. `` these sons. I can't | :09:45. | :09:50. | |
imagine it not been part of the family. We have all done an amazing | :09:51. | :09:56. | |
job. Being part of an Australian icon, it would be great to continue. | :09:57. | :10:06. | |
The family legacy is well intact. Before we go, here is a quick look | :10:07. | :10:11. | |
at the markets. Asian stocks are in positive territory. There were gains | :10:12. | :10:19. | |
on Friday, but there are many questions that remain over the crash | :10:20. | :10:30. | |
of Malaysia Airlines flight MH 17. Thank you for investing your time | :10:31. | :10:32. | |
with us. | :10:33. | :10:36. |