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Millions of low paid families will not now see their benefits cut | :00:00. | :00:00. | |
Now on BBC News all the latest business news live from Singapore. | :00:00. | :00:13. | |
More big losses for AirAsia's long haul service. Will the profits get | :00:14. | :00:24. | |
off the ground? And fancy a new luxury home away from home? Michael | :00:25. | :00:30. | |
Jackson's Neverland ranch is up for sale, and you do not have to travel | :00:31. | :00:38. | |
there to buy it. Welcome to Asia Business Report. It | :00:39. | :00:45. | |
has been a tough year for AirAsia, the region's biggest budget carrier. | :00:46. | :00:51. | |
A flight crashed last December, killing all 162 people on board. The | :00:52. | :00:56. | |
final report into the crash is due in a few days, but the long haul | :00:57. | :01:02. | |
service has just reported its eighth straight quarter of losses. It is | :01:03. | :01:07. | |
for its regional operations, the main part of its business, are | :01:08. | :01:11. | |
expected later today. I spoke to the deputy Asia editor about the | :01:12. | :01:17. | |
prospects of the flight. The underlying issue is the final | :01:18. | :01:23. | |
business model. This is moving away from the shorthaul model they are | :01:24. | :01:28. | |
using. It is extremely difficult to get right, because it cannot take | :01:29. | :01:32. | |
advantage of the efficiencies of shorter routs. No airline has been | :01:33. | :01:39. | |
able to make it work. How long can they continue with this? That is a | :01:40. | :01:45. | |
good question. They have deep pockets, but they might want to meet | :01:46. | :01:52. | |
a cash call at some point. They have about 80 aircraft. It is a | :01:53. | :01:58. | |
challenging environment they find themselves in. What about the | :01:59. | :02:05. | |
domestic operations with the parent company? Do we have any sense of the | :02:06. | :02:12. | |
impact of last December's crash on the company? The crash last December | :02:13. | :02:20. | |
has hurt operations in Indonesia. It affected sentiment for the group in | :02:21. | :02:25. | |
general. That said, AirAsia continues to be profitable. They | :02:26. | :02:32. | |
probably will make a profit and have been consistently profitable. What | :02:33. | :02:38. | |
do you expect out of the crash investigation? There is a lot of | :02:39. | :02:46. | |
potential, whether it is the pilot or the aircraft. It is impossible to | :02:47. | :02:50. | |
speculate. I hope they find a definite reason for what happened. | :02:51. | :02:59. | |
The need to make sure something like this does not happen again. | :03:00. | :03:04. | |
In other business news, facing a collapse in commodity prices, Rio | :03:05. | :03:12. | |
Tinto is going to approve an expansion of a port side project in | :03:13. | :03:18. | |
Queensland. Environment lists have long opposed the project, which has | :03:19. | :03:23. | |
faced delays regarding government approvals. | :03:24. | :03:29. | |
The publishers of Hong Kong's South China morning Post has confirmed it | :03:30. | :03:32. | |
has received an approach from an unnamed potential buyer for the | :03:33. | :03:41. | |
company's media assets. The group stresses there is no guarantee the | :03:42. | :03:47. | |
approach would result in a deal. India and China have featured | :03:48. | :03:52. | |
prominently in a new report on corporate fraud. Annual study | :03:53. | :03:59. | |
suggests that public fraud is on the rise in Asia. Developing markets are | :04:00. | :04:04. | |
particularly at risk due to the complexity of supply chains. With IP | :04:05. | :04:18. | |
theft being one of the key issues mentioned. It underlines the reason | :04:19. | :04:26. | |
with robust internal controls. If you look at India, India had a high | :04:27. | :04:32. | |
incidence of corruption. If you look at the environment in India, we have | :04:33. | :04:38. | |
had well-publicised events of economic issues, over importing. The | :04:39. | :04:43. | |
mood in India is changing. At a government level we have the | :04:44. | :04:48. | |
enactment of increased corporate governance and on the corporate | :04:49. | :04:57. | |
level, companies are coming to us to improve diligence. | :04:58. | :05:02. | |
It is less than a week until the UN climate summit in Paris opens. With | :05:03. | :05:07. | |
India being the world's third-largest emitter of greenhouse | :05:08. | :05:13. | |
gases in the Delhi has promised to generate 40% of its electricity from | :05:14. | :05:17. | |
renewables within 15 years. Is that a realistic target? | :05:18. | :05:24. | |
It is exam season for the students at this modern college. Although | :05:25. | :05:30. | |
writing papers can be stressful, students are thankful for one thing. | :05:31. | :05:35. | |
An uninterrupted supply of electricity keeping them cool and | :05:36. | :05:39. | |
giving them plenty of light. This college used to face regular power | :05:40. | :05:49. | |
cuts. Some of our projects we have to use an incubator, but when it | :05:50. | :05:52. | |
dies we have to start all over again. We do not have power cuts and | :05:53. | :05:59. | |
we do not face this problem. India produces three times more power from | :06:00. | :06:03. | |
wind and other so-called renewables like solar and Hydro. Windfarms like | :06:04. | :06:08. | |
this one eye popping up all over the country. The industry has some | :06:09. | :06:14. | |
specific problems in India. They include getting access to land | :06:15. | :06:18. | |
needed for when projects. And then there is crime, with the gangs | :06:19. | :06:26. | |
stealing copper cables. And even if the physical infrastructure is in | :06:27. | :06:29. | |
place, not everyone is convinced it will be enough. These projects | :06:30. | :06:39. | |
making sufficient returns it is bankable and appealing to invest? | :06:40. | :06:43. | |
The Indian government has made switching over to wind power more | :06:44. | :06:49. | |
attractive offering incentives. But some experts say that while wind | :06:50. | :06:52. | |
power is undoubtedly progress, expanding output needs a rethink. | :06:53. | :06:59. | |
The best windfarm sites in India have been taken. New windmills will | :07:00. | :07:05. | |
operate at lower efficiencies. We will need more investment for the | :07:06. | :07:11. | |
same output. For now, windfarms provide 8% of India's electricity | :07:12. | :07:16. | |
demands. The plan is to double that. But India still has to build a | :07:17. | :07:21. | |
stable power network that can provide continuous electricity. And | :07:22. | :07:24. | |
without that, the role of wind energy across India will be limited. | :07:25. | :07:31. | |
If you are in the market for a luxury property, what about this | :07:32. | :07:37. | |
one? The rather expensive former home of Michael Jackson, it has been | :07:38. | :07:42. | |
on the market for six months with no takers. There are high hopes of | :07:43. | :07:49. | |
finding a buyer in Asia. Equal pricetag of $100 million. We spoke | :07:50. | :07:59. | |
to the online entrepreneur tossed with selling Neverland. | :08:00. | :08:05. | |
As Mac tasks. It is an amazing property based in | :08:06. | :08:13. | |
California. It has tremendous appeal for people in Asia. Michael Jackson | :08:14. | :08:22. | |
is an iconic artist. He has a massive aura these days with people | :08:23. | :08:28. | |
in Asia. But this property has been on the market in -- since May. It | :08:29. | :08:35. | |
did not generate much interest among bidders on minor in China. -- | :08:36. | :08:42. | |
online. How confident are you that an Asian investor will buy this | :08:43. | :08:46. | |
property? We are doing a lot of work online. We are also very active | :08:47. | :08:56. | |
off-line with private bankers. That can enable us to tap into the right | :08:57. | :09:03. | |
people. Chinese people are the biggest foreign investors in the US | :09:04. | :09:07. | |
property market. They invested in $20 billion last year. They will | :09:08. | :09:19. | |
definitely have some interest. Do you think it is a trend offering | :09:20. | :09:23. | |
western celebrity homes to Chinese buyers? We are about to feature one | :09:24. | :09:30. | |
of the properties of the famous basketball player. It is as popular | :09:31. | :09:37. | |
as Michael Jackson in China and Asia. There is an interest in this | :09:38. | :09:44. | |
part of the world. So you do not sell just property, you sell luxury | :09:45. | :09:46. | |
car is as well as jewellery and handbags to your customers. Many of | :09:47. | :09:57. | |
your products are second-hand. What is the appeal? Asian buyers are | :09:58. | :10:01. | |
looking for access to value and hard to find works. If you look at the | :10:02. | :10:08. | |
cars, for example, if you go to the dealer it will take a couple of | :10:09. | :10:13. | |
years to access. As a website we bring them immediately. | :10:14. | :10:20. | |
A quick check on the markets now. Japan is up 0.5%. That is it for | :10:21. | :10:28. | |
this condition of Asia Business Report. -- edition. Thank you for | :10:29. | :10:32. | |
watching. Russia and Turkey have released new | :10:33. | :10:36. | |
information supporting | :10:37. | :10:41. |