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live from Singapore. Malaysia Airlines is set to announce | :00:15. | :00:19. | |
a big restructure after posting big losses and warning of more to come. | :00:20. | :00:27. | |
And, Japan's economy stalls as the sales tax pain persists. | :00:28. | :00:37. | |
Hello and welcome to Asia Business Report on BBC World News. I am Rico | :00:38. | :00:42. | |
Hizon. Shares of troubled national carrier Malaysia Airlines are | :00:43. | :00:44. | |
suspended today ahead of an announcement of the details of a | :00:45. | :00:48. | |
major restructuring move. The company revealed a loss of $98 | :00:49. | :00:52. | |
million for the three months until June after the disappearance of NHS | :00:53. | :00:59. | |
370 in March and with the MH17 tragedy months later `` MH370. The | :01:00. | :01:03. | |
airline was warned of weak earnings in the second half after a sharp | :01:04. | :01:06. | |
decline in bookings. Our correspondent has more. | :01:07. | :01:12. | |
Prayers for the victims of the two extraordinary aviation disasters | :01:13. | :01:16. | |
that happened to one airline. Like his company, Malaysia Airlines Chief | :01:17. | :01:23. | |
Executive is under enormous pressure. The losses announced this | :01:24. | :01:27. | |
week underlined that challenge the airline must meet. He says after | :01:28. | :01:35. | |
MH370 disappeared, airline tried to rebuild but tragically, just as we | :01:36. | :01:38. | |
were beginning to see signs of recovery in all regions, we were | :01:39. | :01:44. | |
dealt a blow of MH17. The full financial impact of the tragedies | :01:45. | :01:47. | |
will be seen in the next set of results. They will need fresh energy | :01:48. | :01:52. | |
to come in and to make some very tough decisions that will probably | :01:53. | :01:56. | |
be unpopular at a political level but they are things they will need | :01:57. | :02:00. | |
to do in order for the airline to survive. That is serious work is now | :02:01. | :02:04. | |
the task of the state investment fund design at which plans to take | :02:05. | :02:09. | |
ownership of the company and implement a radical restructure . | :02:10. | :02:17. | |
For staff, it is an anxious wait. TRANSLATION: I am anxious but I hope | :02:18. | :02:20. | |
for success. There is no shortage of options for how to turn around the | :02:21. | :02:24. | |
airline. As many as 6000 jobs could go. More than one quarter of its | :02:25. | :02:30. | |
staff. Unprofitable international routes might be cancelled and the | :02:31. | :02:32. | |
chief executive and other senior management replaced. No other | :02:33. | :02:38. | |
carrier has lost two passenger planes in the space of less than six | :02:39. | :02:43. | |
months. For the airline, fixing the finances is just the beginning. The | :02:44. | :02:48. | |
restructure will only go some way towards gaining the confidence of | :02:49. | :02:52. | |
passengers. The accuser at this check`in counter aren't exactly | :02:53. | :02:57. | |
long. `` queues. Some planes are flying with rows of empty seats. | :02:58. | :03:01. | |
Passengers aren't the only ones who were spooked. Nearly 200 cabin crew | :03:02. | :03:05. | |
have resigned in the past six months, much more than normal | :03:06. | :03:09. | |
turnover. The real challenge for Malaysia Airlines and its owners | :03:10. | :03:11. | |
will be to get people playing a game. | :03:12. | :03:19. | |
`` flying again. In other news, Virgin Australia 's losses have | :03:20. | :03:23. | |
trebled to $330 million. They say is it was more than 200 roughly in line | :03:24. | :03:28. | |
with market expectations. It plans to sell a 35% stake in developed `` | :03:29. | :03:35. | |
velocity frequent`flier programme to Affinity Equity partners in a deal | :03:36. | :03:39. | |
valued at about $900 million US. Figures from Japan highlighted | :03:40. | :03:42. | |
challenges of boosting the third largest economy in the world with | :03:43. | :03:45. | |
industrial production rising less than expected in July while | :03:46. | :03:48. | |
household spending slumped and the inflation rate remains unchanged. | :03:49. | :03:54. | |
Fujitsu research institute spokesperson tells us how to read | :03:55. | :03:59. | |
the report. Japan has stabilised. We had a shock in April when the sales | :04:00. | :04:04. | |
tax hike was increasing for consumers by 3% with real incomes | :04:05. | :04:13. | |
diving down by 3% on that matter as well. 3.3%. We have 1.3% real | :04:14. | :04:22. | |
consumer inflation if we take out the tax. This is good, but it does | :04:23. | :04:28. | |
not mean we are on a positive trend. It is bottoming out. 1.3% is way | :04:29. | :04:35. | |
below the 2% inflation target of the Japanese government. Will we see an | :04:36. | :04:41. | |
upward trend going forward? Not for the summer. We very much hope the | :04:42. | :04:46. | |
economy will recover. We heard `` hope for third quarter growth of | :04:47. | :04:51. | |
2.5% and issued increased to the end of the year but it keeps the | :04:52. | :04:55. | |
government on its toes to come up with more reforms for some | :04:56. | :04:58. | |
reductions in taxes corporations for example. Some reforms that make | :04:59. | :05:03. | |
people more positive in terms of the overall outlook and that will help | :05:04. | :05:07. | |
create a positive trend. We shouldn't expect too much this | :05:08. | :05:13. | |
summer. Revised numbers from the US reveal the economy grew at its | :05:14. | :05:17. | |
fastest pace in `` than first thought at 4.2% in the second | :05:18. | :05:22. | |
quarter, up to .2%, reflecting stronger business spending and | :05:23. | :05:25. | |
exports. It was the fastest pace of growth since the first quarter of | :05:26. | :05:30. | |
2013 `` the quarter. The Indian economy is growing at slowest pace | :05:31. | :05:34. | |
in three decades. It has been high since Narendra Modi took charge of | :05:35. | :05:36. | |
three months ago. The latest numbers are out today. Are there any signs | :05:37. | :05:42. | |
of a pickup in business confidence? In Mumbai, our correspondent follows | :05:43. | :05:46. | |
a local product on its journey from factory floor to shop window. | :05:47. | :05:52. | |
It is a busy day in this shoe factory. The last few months, this | :05:53. | :05:56. | |
has been a common sight with new orders coming in fast `` in the last | :05:57. | :06:01. | |
few months. It wasn't always like this. The Indian economy slowed down | :06:02. | :06:05. | |
considerably over the last two years, affecting businesses across | :06:06. | :06:12. | |
the board. But, this firm, providing shoes to stores across the country, | :06:13. | :06:17. | |
feels that business sentiment has started improving ever since the new | :06:18. | :06:29. | |
government took charge. The initial sentiment shows everything went | :06:30. | :06:32. | |
correct, everything in the right direction. We actually got to see | :06:33. | :06:36. | |
the result. Everyone's gone through a lean period, right? So everyone | :06:37. | :06:40. | |
sees an opportunity to grow big. They need to make up for lost time, | :06:41. | :06:43. | |
make up for lost business. This seems to be that make up time taking | :06:44. | :06:52. | |
place. O'Neill has come to the store to buy some new shoes for work. He | :06:53. | :06:59. | |
worked in the information and technology sector and lost his work | :07:00. | :07:02. | |
earlier this year due to the economic slowdown, as jobs in IT | :07:03. | :07:07. | |
dried up `` Anil. After numerous interviews, he finally got the job | :07:08. | :07:13. | |
earlier this month. TRANSLATION: I went for many interviews but there | :07:14. | :07:17. | |
were very few jobs in the market. One or two companies were ready to | :07:18. | :07:22. | |
hire me weren't offering a good salary. Since taking up his new job, | :07:23. | :07:26. | |
three or four companies have shown interest in hiring me. Suddenly, | :07:27. | :07:29. | |
there are so many jobs in the market, which wasn't the case when I | :07:30. | :07:37. | |
was on the lookout. Most people and investors seem more positive about | :07:38. | :07:39. | |
the economy than they were six months back. There is also a sense | :07:40. | :07:44. | |
that this optimism may last only for a while. In the long`term, a lot | :07:45. | :07:49. | |
will depend on how quickly the new government can introduce reforms | :07:50. | :07:54. | |
bold enough to put Asia's third`largest economy on the fast | :07:55. | :08:02. | |
track to grow. Fuel prices in Indonesia are some of the lowest in | :08:03. | :08:07. | |
the world because the government spends $25 billion each year on | :08:08. | :08:09. | |
subsidies but there is a limit on how much cheap fuel the government | :08:10. | :08:16. | |
provides. The state`owned oil giant imposed restrictions on subsidised | :08:17. | :08:21. | |
fuel but not now. Our correspondent looks at the impact on people | :08:22. | :08:24. | |
travelling on one of the country's busiest highways. | :08:25. | :08:31. | |
This is the north coast highway, a 1300 Kilometre Rd that links the | :08:32. | :08:34. | |
cities in Java, Indonesia's most populated island. On average, 30,000 | :08:35. | :08:40. | |
motor vehicles use this road every day `` 1300 kilometre road. Trucks | :08:41. | :08:45. | |
carry factory goods and residents of the town go about their daily lives. | :08:46. | :08:50. | |
Fuel is a crucial commodity here. In the past few days, subsidised fuel | :08:51. | :08:55. | |
has been in high demand. We have travelled about 200 kilometres and | :08:56. | :08:59. | |
all along the road, we can see gas stations that didn't have the cheap | :09:00. | :09:02. | |
fuel and those who did were limiting the amount that people can buy for | :09:03. | :09:07. | |
each vehicle. At this petrol station, I have been told it has | :09:08. | :09:10. | |
been out of a cheap fuel since yesterday and today's supply won't | :09:11. | :09:13. | |
get here for another couple of hours. This man is on a long journey | :09:14. | :09:19. | |
transporting goods for a company that operates mobile phone towers. | :09:20. | :09:23. | |
Because of the limited supply, he has had to buy nonsubsidised fuel. | :09:24. | :09:32. | |
TRANSLATION: I can go bankrupt. What the company paste is only an a for | :09:33. | :09:37. | |
subsidised fuel. `` pays. Some are taking advantage of the restrictions | :09:38. | :09:41. | |
on fuel. Nearby residents here are lining up to buy and resell it in | :09:42. | :09:46. | |
remote villages. This woman has been waiting for six hours. TRANSLATION: | :09:47. | :09:51. | |
I am trying to buy their fuel to make money but I have been waiting | :09:52. | :09:55. | |
too long and there is no guarantee I will even get the fuel. Seems like | :09:56. | :09:59. | |
this aren't good for public morale. So, the government stepped in. A | :10:00. | :10:03. | |
spokesman from the state`owned oil firm told the BBC: | :10:04. | :10:15. | |
How the government solve this issue at the pumps will affect | :10:16. | :10:20. | |
Indonesia's growth. A new administration will take office in | :10:21. | :10:24. | |
less than two months and already it is facing a critical challenge. | :10:25. | :10:32. | |
Before we go, a quick look at the markets in Asia. It is lacklustre in | :10:33. | :10:37. | |
mid`morning Friday trade after US equities slept overnight after the | :10:38. | :10:40. | |
latest tension between Ukraine and Russia. Japan is done by 86 points | :10:41. | :10:45. | |
due to disappointing economic data, while Hong Kong at a straight into | :10:46. | :10:48. | |
higher on selective buying. Thank you for investing your time with us. | :10:49. | :10:57. | |
I am Rico Hizon. Goodbye for now. I'm Mike Embley. The top stories | :10:58. | :11:02. | |
this hour. President Obama is blaming Moscow | :11:03. | :11:05. | |
for the violence in Ukraine as Nato states 1000 Russian troops are | :11:06. | :11:08. | |
fighting alongside the separatist Plymouth. | :11:09. | :11:11. | |
states 1000 Russian troops are fighting alongside the Humiliation | :11:12. | :11:13. | |
followed by certain death as militants from Islamic State post | :11:14. | :11:16. | |
this video online of | :11:17. | :11:19. |