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