02/12/2015 Asia Business Report


02/12/2015

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The 69-year-old, known as The Yorkshire Ripper, is serving

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Now on BBC News all the latest business news live from Singapore.

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Answers for the families of those in the AirAsia crash. Just like mother

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used to make. And Italian restaurant in Asia. -- an. Good morning, Asia,

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hello, world. Thank you for joining us. I am Rico Hizon in Singapore.

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AirAsia's Chief Executive says there are lessons from the crash of the

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flight in December killing 162 people. The other shall report says

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problems with a faulty rudder system and how the pilots responded

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contributed to this tragedy. -- official. Mr Fernandes has said

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there is much to be learned for the company, the manufacturer, and the

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aviation industry. He added, we will not leave any stone unturned to make

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sure the industry learns from this tragic incident. Earlier, I asked a

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lawyer what this would mean for Asia's biggest budget airline. The

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report talks about three events that led to the accident, the crack of

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the soldering on the rudder, the attempt to reset the plane, and the

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stalling of the aircraft. With this report, can the relatives of the

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passengers finally have a class-action suit against AirAsia

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and Mr Fernandes? It depends. The report actually protects, in a way,

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the actions of the crew, by saying they were not required to be trained

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by the anti- factor is... This report is neutral? -- many

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manufacturers. The damage started with the Malaysian airline's lost.

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Many tourists are not going to South East Asia. -- loss. That was the

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main loss. One thing to note is that the aviation industry is very well

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insured to be any claims that come out of the 162 loss of lives is

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covered. But their premiums could also go up as a result only if they

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can prove that the loss was due to negligence. What does this mean for

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AirAsia, which also wants to go private? Could this be detrimental

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for them in trying to buy back the shares or get additional investors

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for them to go from public to private? Business activity wise,

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economic activity, they are very well insured for this event, as I

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said, I don't think it will have that material effect on then. --

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them. The Australian economy expanded by 2.5 cent in the three

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months till December. -- %. That is due to rising exports. It beat

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expectations. And economic slowdown of China and a slumping mining

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industry did not prevent the economy from picking up momentum in the

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quarter. It was a British football club visited by Xi Jinping just

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weeks ago, now a consortium of high-profile companies has had 400

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million US dollars in the group which owns just a city. They bought

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a 13% stake. -- Manchester City. We spoke to the commercial director of

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the group about a focus on Asia. Football and the Premier League has

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never been as popular as the day in Asia. We are seeing that in terms of

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our own fan base. We believe there are many brands in Asia that wants

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to harness the power of football. Will that fan base translate into

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more money for the clubs? The bigger the fan base the more attractive it

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becomes for commercial partners. They want a consistent platform to

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be able to engage with customers and fans. Whether they be regional or

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local brands that want to activate in local territories. Where do you

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see the biggest growth markets in Asia? Southeast Asia in particular

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has proven to be very interesting from a growth perspective. We have

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had a lot of success in the last few years, both in terms of developing

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new partnerships in the region. We have more than ten partners just

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from South East Asia. Outside of Southeast Asia we have seen many

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opportunities in places like China and Japan. The Chinese president is

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a huge fan of football, having recently visited Manchester City's

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facilities. Chinese billionaires have invested hundreds of billions

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of dollars into football and they love is it a good investment? Yes.

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If you do it right. We have demonstrated with Manchester City

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which has just recently shown for the first time since 2008. If you do

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it right... -- shown profits. If you have TV revenue, match their

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revenue, merchandise, international tours. If you can exploit that

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properly, you are able to generate a sustainable business that delivers

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profits at the highest level. Another business making headlines,

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the bank of China has been made to pay a fine of 15,000 dollars a day

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for selling fake luxury goods. The bank has been held in contempt of

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court and will have to start paying the daily penalty from next week.

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The bank of China is planning to appeal the order and they find. --

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the fine. Borrowers could you lend up to $15 billion a year for the

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next five years. The President-elect of the investment bank will start

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operations by 2016. Running a family business is never easy. As Bachelet

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when you are far from home. -- especially. One chef in Italy

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setting up in Singapore has had a hot pot of challenges. -- chef

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from. We have the details. -- he is the chef, his wife helps and he has

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three daughters. This family is now based in Singapore. -- He is. Family

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is everything for them. I moved from Italy when I was 50 years old. I did

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not know the language or the culture or the food. Not even the product or

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the supplier or the customers... It was a very big challenge.

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Competition is fierce in Singapore's food and beverage

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industry. Rent is high and it is hard to find and retain the right

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staff. Don't touch! Plus, it is not always easy working with the ones

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you love. My family is all women. I am the only man. We are lucky. All

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the men in the world belonged to women. If you have many women you

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are very lucky. -- belong. He used to have six restaurants in

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Singapore, but trying to run all of them made him lose his personal

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touch. He decided to sell all but one of them. It is not possible.

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One, that is it. From people to the decor, it is very much a family

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affair at this restaurant. Recipes have been passed down over

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generations. The philosophy is simple, make customers feel at home

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with home-cooked Italian food. Daughters, Serena and Gaia, along

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with his niece, Julia, are the next generation. There is no pressure to

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stay, but the prospect of taking over from Oswaldo and Patricia is

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daunting. I don't think I could do it. With the organisation of my

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father, everything is like in the right place. It is like a watch.

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Everything is working in the proper way at the right time. Italian

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temperaments can run hot and spicy. But with cooking and hospitality in

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their blood, they put family first for their restaurant and there

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customers. Sarah Thomas, BBC News, Singapore. Before we go, here is a

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quick look at the markets. Asia is slipping in early Wednesday trade.

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This is where they stand at the moment. The Japanese yen has

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strengthened against the US dollar overnight. This basically impacts

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export stocks. The all older dairies index in Sydney is better than

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expected. -- All Ordinaries Index. Thankyou very much for investing

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your time in our. I am Rico Hizon. -- us. Goodbye for now. You are

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watching BBC News. The top stories

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