:00:00. > :00:00.to close its accident and emergency department. Now on BBC News all the
:00:00. > :00:17.latest business news live from Singapore. There is an uncertain
:00:18. > :00:26.future. After the latest tragedy, can Malaysia Airlines come through
:00:27. > :00:30.this? And family businesses: we give you an inside look into the making
:00:31. > :00:38.of an Australian icon that spans five generations. Welcome to Asia
:00:39. > :00:42.Business Report. Thank you for joining us. It is hard for an
:00:43. > :00:46.airline to rebound from one disaster, let alone two within a
:00:47. > :00:54.space of two months. Even before the disappearance of MH 370, Malaysia
:00:55. > :01:03.Airlines were struggling. So is there any hope that the carrier can
:01:04. > :01:10.rebound after such a year? Our analyst says the firm has three
:01:11. > :01:15.options. Firstly they can continue as is. They can put a lot of money
:01:16. > :01:20.after it, but I don't think that is viable. Two, they could do something
:01:21. > :01:27.similar to Japan Airlines. They could put it in for bankruptcy. And
:01:28. > :01:32.try and sort it out from there. They could privatise the airline. Let's
:01:33. > :01:38.look at the option of carrying on as they are. They have the backing of
:01:39. > :01:43.the government. And the wealth management fund. Do you think that
:01:44. > :01:47.the government could just continue to pour money into the company? They
:01:48. > :01:53.can do that on the short`term. In the mid`term to the long`term, that
:01:54. > :01:56.is not an option. It is just continuing to lose money, and
:01:57. > :02:00.something needs to be done to sort it out. Even before the second
:02:01. > :02:11.incident, they were already making huge losses. And this will probably
:02:12. > :02:20.hasten it. What about bankruptcy? That is what Japan Airlines did.
:02:21. > :02:23.After that they went through a IPO. It is possible. We have seen their
:02:24. > :02:33.share price decrease since the beginning of the year. So yes,
:02:34. > :02:39.bankruptcy is fine, but then you have to do things to turn the
:02:40. > :02:43.airline around. But basically privatisation will mean rebranding,
:02:44. > :02:48.and giving it a new name. That would cost hundreds of millions of
:02:49. > :02:51.dollars. Sure, it's going to cost money. With privatisation, we may
:02:52. > :02:56.look at some spin`off of the operations, and Malaysia Airlines
:02:57. > :03:03.keeping the carrier. So with this second incident, Malaysia Airlines,
:03:04. > :03:06.will it impact other regional carriers, and travel in the region?
:03:07. > :03:09.Without a doubt. Long`distance travel has been challenged since the
:03:10. > :03:12.Asian financial crisis. Lack of safety, which would be the first
:03:13. > :03:24.concern of all airlines, is going to create problems for consumers
:03:25. > :03:31.travelling at those distances. After the sharp falls on Friday, Malaysia
:03:32. > :03:37.airlines stock has fallen further, down about 40% for the year.
:03:38. > :03:42.Thailand's flagship carrier has racked up 4/4 of losses. Their
:03:43. > :03:46.military ruler has told one of the chiefs to fix Thai Airways, which
:03:47. > :03:50.has been suffering because of falling ticket sales, higher
:03:51. > :03:56.operating costs and fierce competition. A restructuring plan
:03:57. > :04:03.aims at returning the airline to profit will be considered later this
:04:04. > :04:07.week. One of India's largest conglomerates has reported a jump in
:04:08. > :04:10.profits, thanks to a turnaround in oil and gas. Net profit in April and
:04:11. > :04:15.June rose to $1 billion. That is 14% higher than the year earlier. It is
:04:16. > :04:26.controlled by India 's richest man. He has many plans in the pipeline,
:04:27. > :04:28.including retail. Has reported a jump in profits, thanks to a
:04:29. > :04:34.turnaround What happens when the World Bank
:04:35. > :04:38.President tells a chief business correspondent about Chinese
:04:39. > :04:43.leadership? Fresh from his trip to China, he told our correspondent
:04:44. > :04:55.about his talks on the Chinese leadership and a new macro one back.
:04:56. > :04:58.`` BRICS bank. My predecessor started a wonderful process. He and
:04:59. > :05:01.the Chinese government put forward a report called China 2030. It laid
:05:02. > :05:04.out all the calls for reform. They wanted to talk about moving from
:05:05. > :05:07.growth driven from exports to one driven by consumption and services.
:05:08. > :05:11.They made explicit commitments to move toward higher quality and more
:05:12. > :05:15.sustainable growth. They followed the plan, and they follow it today.
:05:16. > :05:20.Even though growth has dropped, they continue to go forward with reforms.
:05:21. > :05:25.The Premier and the President asked me to tackle healthcare. It is a
:05:26. > :05:29.huge issue for China. They have rapidly rising demand, and there is
:05:30. > :05:36.a huge demand on hospitals. They have to get this right. In order to
:05:37. > :05:40.really fuelled the next stage of their economic growth. So we are
:05:41. > :05:46.very happy that this trusting relationship to continue. But we
:05:47. > :05:52.also know that we have to up our game. We have to provide value. So I
:05:53. > :06:00.will follow the study closely. It is my area. And we want to provide the
:06:01. > :06:03.Chinese with a vision of how to go forward that will decrease their
:06:04. > :06:09.costs and improve their outcomes. If we can do that, we can show that we
:06:10. > :06:14.are relevant. It is very important for us to do so. There is a new
:06:15. > :06:17.development bank. It is something that you have said that you would
:06:18. > :06:20.look forward to working with, but what kind of formal arrangements
:06:21. > :06:30.would be needed to ensure that the work of that bank was co`ordinated
:06:31. > :06:35.with your work? I really do welcome all these efforts to increase
:06:36. > :06:41.funding to infrastructure. It is what we need to end poverty and
:06:42. > :06:47.boost prosperity. There is not a clear operating procedure that has
:06:48. > :06:49.been laid out in great detail. And so we look forward to working
:06:50. > :06:54.closely. The Chinese government has asked us to have a person to work
:06:55. > :06:56.with them, to help as they put their ideas together. We are happy to do
:06:57. > :07:03.that. That was the World Bank resident. `` president. You can
:07:04. > :07:10.catch more of that interview with the World Bank President on Talking
:07:11. > :07:13.Business. After 97 years of family ownership, a majority stake in
:07:14. > :07:16.Forbes Media has been sold. A Hong Kong`based group has bought it.
:07:17. > :07:19.Forbes magazine was sold for an undisclosed sum. The Forbes family
:07:20. > :07:22.says it will retain a significant share of the group, which includes
:07:23. > :07:26.the magazine. The current chairman and editor in chief will remain. For
:07:27. > :07:28.over a years, one family has been making Australia's most iconic hats,
:07:29. > :07:35.Akubra. Since its inception, it has been run by the same family. Now, in
:07:36. > :07:40.its fifth`generation, there is a lot to consider when thinking about who
:07:41. > :07:45.is next in line. Aside from one of these, an Akubra hat is about as
:07:46. > :07:53.iconically Australian as it gets. The hardware in rabbit fur hats are
:07:54. > :07:56.a staple for farmers. `` hard wearing. They have graced the heads
:07:57. > :08:00.of politicians, celebrities and religious leaders. The company has
:08:01. > :08:16.been run by the same family since its inception 137 years ago. The
:08:17. > :08:18.factory on the north coast of New South Wales produces 140,000 hats
:08:19. > :08:22.each year. They use custom machinery that was designed by their
:08:23. > :08:34.great`grandfather. We have survived through recessions and wars. GFCs.
:08:35. > :08:45.We are the generation now. It is a long part of Australia's history. ``
:08:46. > :08:49.fifth generation. It takes over a month to make the hat. 200 hands
:08:50. > :08:52.will touch a hat before it is done. He says his siblings grew up on the
:08:53. > :08:55.factory floor, where they learnt the trade from their father and
:08:56. > :09:05.grandfather. We would vacuum the floors and do odd jobs in the
:09:06. > :09:09.holidays. We all did that. It grounded us well. His sister, Nicky,
:09:10. > :09:14.who was a director, says things have changed. It was in sole ownership,
:09:15. > :09:18.and now three of us own it. There are seven children between us. We
:09:19. > :09:21.are working hard to see what the smoothest way forward will be. It
:09:22. > :09:25.has to be the best person for the job. Simple as that. If someone
:09:26. > :09:28.wants to be there, but if there are two that want to be here and one is
:09:29. > :09:32.not as well qualified, they will miss out. If that is one of my
:09:33. > :09:36.children, that is hard, but that is a decision we have made as a group.
:09:37. > :09:40.These sons say they would like to be part of the business in a future. I
:09:41. > :09:43.can't imagine it not been part of the family. We have all done an
:09:44. > :09:46.amazing job. Being part of an Australian icon, it would be great
:09:47. > :10:05.to continue. The family legacy is well intact. Before we go, here is a
:10:06. > :10:08.quick look at the markets. Asian stocks are quite volatile in
:10:09. > :10:12.mid`morning Monday trade. There were gains on Friday, but there are many
:10:13. > :10:21.questions that remain over the crash of Malaysia Airlines flight MH 17.
:10:22. > :10:27.You have Japan closed today due to a public holiday, but the Hang Seng
:10:28. > :10:35.now down by almost five points. Australia's ASX by name. `` up by
:10:36. > :10:42.nine. Thank you for investing your time with us. The top stories this
:10:43. > :10:44.hour: The UN Security Council holds an emergency session in New York, as
:10:45. > :10:45.diplomatic efforts to