:00:00. > :00:11.Now on BBC News all the latest business news live from
:00:12. > :00:30.India changes its banknotes. But in around in Fortune for low-cost
:00:31. > :00:43.carrier AirAsia. We find out what is driving growth. Hello and welcome.
:00:44. > :00:48.Over in India, residents are now unable to exchange old bank notes
:00:49. > :00:55.for new ones. It came into effect midnight local time, two weeks after
:00:56. > :01:04.Prime Minister Modi gave the country for hours notice to invalidate cash
:01:05. > :01:10.worth about $220 billion. The new policy scrapped the countries two
:01:11. > :01:16.biggest bills so what happened to all the cash? We take a look at the
:01:17. > :01:24.mammoth operation that went on behind the scenes. When Prime
:01:25. > :01:27.Minister made it made a surprise announcement counselling these to
:01:28. > :01:33.back that it sent shock waves across the country. They are no longer
:01:34. > :01:38.legal tender in the country. In the chaos that can shoot, we can see
:01:39. > :01:45.Long lines at ATMs, what happened behind the scenes is interesting. A
:01:46. > :01:52.mammoth operation as banks try to pull out these old notes and
:01:53. > :01:59.replenish the ATMs with new ones. Can you tell me what really went on
:02:00. > :02:08.behind the scenes? I think the last 14 days have been unprecedented from
:02:09. > :02:11.a cash logistic standpoint. The industry as a whole has been trying
:02:12. > :02:19.to cope with the situation of extract thing old money from the
:02:20. > :02:26.networks, the 1000 and 500 rupees, and also installing the new money.
:02:27. > :02:32.The most difficult step is to replenish the ATM simultaneously
:02:33. > :02:37.multiple times a day to make sure people are able to draw money. We
:02:38. > :02:41.are still seeing long queues and people are upset because they cannot
:02:42. > :02:46.access the cash they have in the bank. Everybody is talking about
:02:47. > :02:51.recalibration - what does it mean? It is configured to dispense a
:02:52. > :02:57.certain size of currency. The new are different size from the old so
:02:58. > :03:03.the machine needs readjusting. It is a software change and a hardware
:03:04. > :03:10.change. How soon can we see these notes? We have completed
:03:11. > :03:17.recalibration of more than 1000 ATMs across the country. I believe very
:03:18. > :03:24.soon the entire network across the nation will be recalibrated to
:03:25. > :03:29.dispense the new denomination. Japan was that consumer prices fell in
:03:30. > :03:33.October for the eighth straight month, giving the third largest
:03:34. > :03:37.economy no sign of winning a long time battle against deflation.
:03:38. > :03:43.Prices declined putting the bank of Japan 2% inflation target further
:03:44. > :03:51.out of reach. Europe's largest twin-engine engine carried out its
:03:52. > :04:00.maiden voyage. It is hoping to grab the spotlight from American rival
:04:01. > :04:06.Boeing 's triple seven. Staying with aviation, Malaysia 's air Asian has
:04:07. > :04:11.turned a profit in the three months to September which came in at nearly
:04:12. > :04:15.$18 million. A significant turnaround from the same quarter
:04:16. > :04:25.last year when the carrier suffered a loss. We spoke to its chief
:04:26. > :04:36.executive. The main drive and factors is low and factors have
:04:37. > :04:42.high. INAUDIBLE coupled with strong income. They are the major drivers.
:04:43. > :04:50.You have also announced this week that you are looking to potentially
:04:51. > :05:01.plan and IPO and an IRC in airline company. We have been trying to
:05:02. > :05:07.consolidate our company. We have ownership restrictions so we will be
:05:08. > :05:16.trying to look into various leaders and legislators, in Hong Kong. It is
:05:17. > :05:22.early stages but we have a reasonable responses. In the interim
:05:23. > :05:27.we are looking at dual listing our airline in Hong Kong which might be
:05:28. > :05:39.the first step in creating a co-op with our sea and airlines -- Asiana
:05:40. > :05:43.Airlines. There have been loyal oil prices. The new explain how you edge
:05:44. > :05:53.for oil prices going forward because a lot of your profits depend on it?
:05:54. > :05:59.To be honest, we have always been a little bit INAUDIBLE rising incomes
:06:00. > :06:09.sales and rising passenger numbers and our fares are so low. Oil has
:06:10. > :06:17.been less of a worry for us. But for the moment we are taking quite an
:06:18. > :06:24.aggressive stance, about 75% edge for next year. For the foreseeable
:06:25. > :06:33.future, oil has been taken out as a risk. Obviously, it has been almost
:06:34. > :06:39.two years since the crash of the AirAsia crash. It has emerged the
:06:40. > :06:45.plan in question had been flying with a fault for about a year and it
:06:46. > :06:51.is bringing questions about the role of regulators including allegations
:06:52. > :06:59.of corruption. What do you say to that? I think that is not correct.
:07:00. > :07:05.Some media have been reporting at the fault is not of the incident
:07:06. > :07:10.and, as we said, it was within Airbus limitations so there is
:07:11. > :07:16.nothing... It is not correct to say what you just did. Tony Fernandez.
:07:17. > :07:22.That hackers working in Australia could be slapped with much higher
:07:23. > :07:27.income taxed unless a Parliamentary stand-off over the rate is resolved.
:07:28. > :07:31.The government is pushing for a 19% tax rate but the Senate rejected the
:07:32. > :07:37.proposal instead of the opposition and crossbenchers called for a 2.2%
:07:38. > :07:41.tax which government also rejected. Really, there is no compromise and
:07:42. > :07:55.it could become 32.5% on January one. I spoke to an ABC
:07:56. > :07:58.correspondent. There is the likelihood of a compromise. The
:07:59. > :08:03.political action is buried at the moment but we have to go back to the
:08:04. > :08:08.history of this tax to understand what is at stake. The biggest issue
:08:09. > :08:14.is Australia has quite a tax-free threshold of over 80 thousand
:08:15. > :08:22.Australian dollars. -- 18,000. Visitors are not eligible. There was
:08:23. > :08:26.a court ruling back in March 2015 that ruled these backpackers on a
:08:27. > :08:30.working holiday visas are not resident and that means they are not
:08:31. > :08:35.entitled to the tax-free threshold so they need to start paying tax
:08:36. > :08:42.from the first dollar they earn and at 32.5% as the first tax rate for
:08:43. > :08:46.residents is only 19%. What the government is basically trying to
:08:47. > :08:51.get through here is a 19% tax rate from the first dollar and four these
:08:52. > :08:56.are backpackers and what the opposition is saying is that 10.5%
:08:57. > :09:03.is more reasonable. We are seeing all these different tax rates but it
:09:04. > :09:08.will impact crucial tourism and agricultural sectors? Exactly. The
:09:09. > :09:16.horticultural sector in particular, fruit and vegetable growers, we like
:09:17. > :09:20.on backpackers to fill shortages, particularly because during the
:09:21. > :09:26.harvest season and they are saying that if the 90% tax rate go through,
:09:27. > :09:31.it has been a compromise with some of farmers groups, the National
:09:32. > :09:35.farmers Organisation for one, but others say it is still too high and
:09:36. > :09:40.will make Australia an unattractive destination for back Packers
:09:41. > :09:44.compared to say New Zealand which is right next door and also Canada in
:09:45. > :09:50.the northern hemisphere is not many of these fruit and vegetable growers
:09:51. > :09:55.are backing Jacqui Lambie and the Labour opposition which are putting
:09:56. > :10:01.forward the 10.5% tax rate. Looking at the markets before we go... They
:10:02. > :10:05.are all pretty much higher but we are not seeing the gains we have
:10:06. > :10:09.seen on previous days and that is because there are no leaves from
:10:10. > :10:15.Wall Street. The US market to close because of banks giving. The dollar
:10:16. > :10:25.stalled in its massive gains. Pulling back from the 13 years
:10:26. > :10:27.height it reached earlier. You are seeing the dollar in Australia
:10:28. > :10:47.fairly flat. That is it from me. Welcome to BBC News. Former England
:10:48. > :10:50.National said hundreds of young people may have suffered from sexual
:10:51. > :10:52.abuse in the world of football. A