:00:00. > :00:00.year's storm left over 1 million consumers without electricity.
:00:00. > :00:17.Let us go to Singapore now for the latest business news.
:00:18. > :00:23.Propping it up. South Korea unveils a $40 billion stimulus package to
:00:24. > :00:26.help its struggling economy. And the deadline passes for Malaysia
:00:27. > :00:38.airlines customers to cancel their tickets and get a refund. Welcome to
:00:39. > :00:44.Asia Business Report. $40 billion will that be enough to bolster South
:00:45. > :00:48.Korea's economy? The government is hoping the answer is yes. The
:00:49. > :00:54.announcement of a massive stimulus package to try and increase
:00:55. > :00:58.activity. With fragile domestic demand and weaker exports, the
:00:59. > :01:08.economy expanded 0.6% in the past three months. The government has cut
:01:09. > :01:14.its growth forecast for 2014. The stimulus money will be used to offer
:01:15. > :01:23.financial support to small and medium`sized companies. Earlier I
:01:24. > :01:26.spoke to an economist from IHS and started by asking him about the
:01:27. > :01:31.ferry accident and the effect it has had on the economy. That was an
:01:32. > :01:38.important factor. The week consumption. Private consumption
:01:39. > :01:41.contracted in the second quarter. That is very unusual. That was
:01:42. > :01:47.mainly because of the impact of the ferry disaster which triggered a
:01:48. > :01:53.period of national mourning. People cancelled festivals. Any kind of
:01:54. > :01:58.ostentatious spending was cancelled. That is why consumption was very
:01:59. > :02:06.badly hit. Also we are seeing signs that Korea is also struggling from
:02:07. > :02:10.headwinds of a strong currency. How right is the government to be
:02:11. > :02:17.throwing money at the problem? We know this is not the first stimulus
:02:18. > :02:23.package. I think the stimulus package will help to some extent
:02:24. > :02:28.with recovery in the second half of the year. But the headwinds from
:02:29. > :02:32.strong currency are likely to continue to affect growth. There is
:02:33. > :02:37.a somewhat better global environment with the US and Eurozone picking up.
:02:38. > :02:41.We will also see some recovery in private consumption as well. The
:02:42. > :02:46.impact of the disaster should wear off on consumers. Fundamentally,
:02:47. > :02:54.this stimulus will provide something of an offset to the contractions in
:02:55. > :02:59.spending that we have seen. In other news making headlines,
:03:00. > :03:02.Amazon has reportedly lost over $126 million in the second quarter. It
:03:03. > :03:09.has also warned that sales could slow in this quarter. It has
:03:10. > :03:12.survived on thin profit margins, with investors being reassured by
:03:13. > :03:19.strong sales growth. The news did not help the company's shares.
:03:20. > :03:25.Meanwhile, General Motors earnings have slumped on the back of costs
:03:26. > :03:33.related to the vehicle recalls. Net profits fell 85% from a year ago to
:03:34. > :03:38.$119 million. The carmaking giant has had to recall nearly 29 million
:03:39. > :03:44.vehicles this year mostly due to faulty ignition switches. The
:03:45. > :03:47.deadline has passed for Malaysia Airlines customers to cancel tickets
:03:48. > :03:49.without penalty and get a full refund if they have decided not to
:03:50. > :03:54.fly. The airline is not saying how many
:03:55. > :03:58.tickets have been cancelled. But there is still questions about its
:03:59. > :04:06.future. It was struggling financially before the tragic
:04:07. > :04:12.disasters of the next 370 and MH 17. I spoke to an airline safety
:04:13. > :04:18.expert. I started by asking if Malaysia airlines could survive the
:04:19. > :04:22.damage caused by these tragedies. Ultimately, that is going to be
:04:23. > :04:26.determined by the Malaysian government. The Malaysian government
:04:27. > :04:34.has about 7% holding in the airline. It is related to the appetite for
:04:35. > :04:44.how much money they are prepared to lose. What are they likely to do
:04:45. > :04:50.next? The government owns a majority of Malaysia Airlines. Will they look
:04:51. > :04:58.at privatising it? Could there be a potential restructuring? It could be
:04:59. > :05:06.all of those possibilities. A merger is less likely. That is because of
:05:07. > :05:12.the cost structures in the airline. It is unlikely that any other
:05:13. > :05:17.airline would be racing to join it. It basically means that if the
:05:18. > :05:22.airline, if the government was to continue to back it, I suspect what
:05:23. > :05:27.they are going to do is an absolute radical restructuring of the
:05:28. > :05:32.airline. That includes a change in the profile and the culture of the
:05:33. > :05:40.airline. The perception of safety is not going to be an issue. Tell us,
:05:41. > :05:53.are the historical precedents to this? There has been instances both
:05:54. > :06:03.ways. One example was in America, there was an accident back in 1995
:06:04. > :06:11.with one company. But they rebranded it and became very profitable within
:06:12. > :06:20.about a year. The year after it got the best low`cost carrier award
:06:21. > :06:24.domestic carriers. The IMF is lowering its forecasts
:06:25. > :06:33.for global economic growth this year from 3.7% to 3.4%.
:06:34. > :06:34.weak start to the year, particularly in the US, as will as a number of
:06:35. > :06:43.downgrades the outlook for some of the countries. Growth is predicted
:06:44. > :06:47.to come at 4%. Google has met with data regulators from across the
:06:48. > :06:50.European Union to discuss the implications of the recent right to
:06:51. > :06:56.be forgotten ruling. An EU court ruled that links to the
:06:57. > :07:01.relevant and updated data should be erased from searches on request. The
:07:02. > :07:06.BBC understands that Google has informed the watchdogs that it has
:07:07. > :07:11.received more than 91,000 requests. The EU ruling has led to censorship
:07:12. > :07:17.concerns. In India, Mumbai's cafes have long
:07:18. > :07:23.been a symbol of the city's diverse cuisine and culture. The cafes were
:07:24. > :07:26.open on the 19th century with communities that have writ in Iran.
:07:27. > :07:31.But they are slowly dying out. `` routes.
:07:32. > :07:34.For more than 90 years, this has been the perfect place to take
:07:35. > :07:43.shelter from the Mumbai monsoon. And from the looks of the walls and
:07:44. > :07:48.furniture, the restaurant has not changed much since it first opened.
:07:49. > :07:54.The 91`year`old proprietor, the second`generation owner, took over
:07:55. > :07:57.the business in 1944 after his father died. Immediately, he changed
:07:58. > :08:34.strategy. Until a few decades ago, it Urone
:08:35. > :08:43.and cafes were all the rage in Mumbai. Most of them were family
:08:44. > :08:52.businesses. `` uranium. Over the past few years, most of them have
:08:53. > :08:56.shut down. Now less than 20 remain. His son, who runs the restaurant
:08:57. > :09:01.now, says so many cafes are closing because the next generation are not
:09:02. > :09:07.interested in taking over the business. Most of them prefer to
:09:08. > :09:11.take up high`paying jobs or go abroad after receiving good
:09:12. > :09:20.education. And in fact, he is facing the same problem. With my children?
:09:21. > :09:24.Yes, definitely. They are not impressed with this kind of
:09:25. > :09:30.business. My daughter and my son. They do their own things. They say
:09:31. > :09:39.it is Redmond on this. There is a lot of labour. `` monotonous. He
:09:40. > :09:45.plans to sell this restaurant, but says he will not do it while his
:09:46. > :09:51.father is still alive. The reality is, these cafes are waning. With
:09:52. > :09:56.just a few of them left, lovers of the food can only hope that the
:09:57. > :10:00.remaining places will keep serving their specialities for as long as
:10:01. > :10:08.possible before becoming part of history.
:10:09. > :10:12.A quick look at the markets. They are fairly mixed at the moment.
:10:13. > :10:31.`` Nikkei helps by exports. We saw that flat close on Wall Street. That
:10:32. > :10:42.is it for this edition of Asia Business Report.
:10:43. > :10:46.You are watching BBC News. Here are the headlines: At least 13 people
:10:47. > :10:53.have been killed and hundreds wounded after a shelling of the UN
:10:54. > :10:55.ran the school shelter. At least one Palestinian protester
:10:56. > :11:00.has been killed in clashes with Israeli security forces.
:11:01. > :11:01.A report into undercover policing in