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tv   BBC Business Live  BBC News  May 15, 2017 8:30am-9:01am BST

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this is business live from bbc news with susannah streeter and sally bundock. microsoft points the finger at governments — as companies are warned more cyber—attacks could be on the way. live from london, that's our top story on monday 15th may. europol says the cyber—attack has affected 150 countries so far, but what can be done to stop the hackers? we'll hear from the boss of a leading internet security firm. also in the programme, we'll take a look at china's plans to revive an ancient trade route. president xi pledges billions to rebuilt ports, roads and rail networks. this is the situation with markets
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in central europe. particularly, cyber security stocks are doing well this morning. sally. and following that cyber—attack, today we want to hear from you — have you been affected — what changes are you making as a result? let us know. just use the hashtag bbcbizlive. hello and welcome to business live. microsoft says a huge global cyber—attack, which has hit more than 150 countries since friday, is a wake—up call. a huge number of companies were targeted in the initial attack — including spain's telefonica, fed ex in the us, and germany's railway firm deutsche bahn. europol says the attack hit 200,000 victims in more than 150 countries — and warns more people and businesses could find they are infected this morning. the national cyber security centre urges companies to keep security software patches up to date, use anti—virus software, and to back up your data regularly. nicole eagan is chief executive
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of cyber security firm darktrace, she's here in the studio. good morning. just tell us a little bit more about how this attack worked. when you look at the attack it moved very quickly. it looked for vulnerabilities in the software patches and once it got inside the network it spread like wildfire. it uses network it spread like wildfire. it uses a worm. it did not require a human to do anything. usually with an attack kuwait for a person to click on the link and take action but in this case it spread automatically. that is why it spread s0 automatically. that is why it spread so farand so automatically. that is why it spread so far and so fast? yes, it outstripped our human security teams capacity because it moved very fast.
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it is not clicking on something which enables the virus or worm to go through, literally went from computer to computer. here in the nhs where there are so many are so many computers, is that why it spread so quickly and what can be done? yes, it did spread internally. the good news is this is actually quite a blatant attack. what i mean by that is there is nothing subtle about it. there are detection tools which can spot these and find them early. we were able to prevent this and spotted within some companies in the uk. we spotted it in several minutes and were able to interrupts the attack. those watching who may be vulnerable, what is your advice? for the immediate actions, it is important to make sure you have a back—up of all of this data and then applying these patches. long—term we
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will see more attacks. the problem with the cyber attacks is they are co nsta ntly with the cyber attacks is they are constantly changing and evolving. in fact, there are already reports that there are new strains of this particular attack out there already. who knows what the next attack will be? ithink who knows what the next attack will be? i think what we need to do is take a more forward look of how to get ahead of these problems. do you think this problem is because agencies in the united states in particular have been hoarding the information that has allowed this worm to find a back door into microsoft's systems. is it the us government which is at fault here?” think there is a whole ecosystem out there with cyber criminals basically selling each other‘s tools on the dark web. knowing that that's ecosystem exists, and this is becoming a full on arms race, it really co m es becoming a full on arms race, it really comes down to whose algorithms are going to be smarter. that is what we need to do, we need
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to use new techniques, things like machine learning. we have some great learning at the university of cambridge which can help us get ahead of these attacks. unless we ta ke ahead of these attacks. unless we take a big is that forward, it will not help us get any better. is it the fact that those who want to try and disruptand the fact that those who want to try and disrupt and cause harm through cyber hacking, they have to operate on the so—called dark web in which ever way they can do so. is that one of the things which benefits those of the things which benefits those of us who are trying to counter it, the fact that we can share information openly and transparently. absolutely. one of the things we look at is how can we learn from the human body. we have this incredible immune system that when bacteria and viruses gets inside, even though we have skin to protect us, we have an automatic response which is very precise to help us battle that. that is what we are looking at at darktrace on how we can use this immune system
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approach. we have found a way that we can create digital antibodies and an immediate response to these type of threats and those can be shared. we have to leave it there but nicole, thank you very much for your time this morning and coming in from darktrace, nicole eagan, chief executive. of course, there is a lot of information on our website. many of information on our website. many of you have questions and you want to know information. we have a whole page dedicated to ransomware attack fallout. that is our live page so do ta ke fallout. that is our live page so do take a look when you have time. it will be useful for what you can do with your computer. let's take a look at some of the other stories making the news. facebook‘s sheryl sandberg has made a plea for the government to do more to support working women. her comments come on mother's day in the us where she called for a higher minimum wage, paid family leave and affordable childcare. ms sandberg says public
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policies need to catch up with what american families deserve. the greek government has slashed its growth forecasts for this year as it looks towards approving new austerity measures. according to the state news agency, the government has lowered its growth target to 1.8% from 2.7%. the latest estimate also falls short of the european commission's projections. one of the world's biggest miners — bhp billiton is rebranding and axing the world billiton from its name. the australian company bhp gained the name when it merged with a south african company in 2001. the firm says the change is all part of its efforts to emphasise its australian heritage. let's check in with the financial markets now and in asia investors have been mainly pretty upbeat. that figure was to do with results
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from department stores. investors have shrugged off the effect of the cyber attack and instead, the value of security stocks have surged. a male positive sentiment across platforms has been capped with some figures from china. let's take a look at europe. samira hussain takes a look ahead at what's we can expect on wall street later. on monday big hedge fund investors like carl icahn and david einhorn will reveal their first quarter purchases and sales of well—known stocks like snap, tesla and apple. we'll also get insight into market trends including whether billionaire investors took money off the table
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in us stocks especially financial stocks as the trump trade began to fade. the gap and home depot will be reporting earnings on tuesday and on wednesday, us retailer target will be reporting earnings. they've already warned of lower profits for this quarter and said it would lower prices to try and compete with rivals. one of those rivals is wal—mart, the world's number one retailer, and wal—mart will be reporting their earnings on thursday. with us isjeremy stretch, head of fx strategy at cibc. it is always nice to see you. what are you looking out for this week what is on your radar?” are you looking out for this week what is on your radar? i think markets are going to look at what the data will do over the next quartering the us, to validate the assumptions of a june rate hike.
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quartering the us, to validate the assumptions of ajune rate hike. and indeed, if we get reasonable data, the question is, what will the markets then imply beyond that? essentially, june seems to be a done deal so markets will be fixating about the next leg in terms of the global interest rate cycle led by the us. there is a bit of a dampening effect on the markets and investment data coming out of china, does it concern you? does not concern me and duly. yes, moderation in china is not unexpected, but from a global perspective, what we will see is growth from a number of jurisdictions, so the us growth trajectory is reasonable. i think what we would argue the global economy is flying on more than one engine, and that has been something that we have not seen for some considerable time. that is the su btext we considerable time. that is the subtext we will be looking at. interesting to see oil creeping up. this is on conversations from 0pec and russia that they will keep
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production cuts in place for a while, it is around 53 cents a barrel today. unless you are getting back to 55 or 60, i would not necessarily overplay the inflationary consequences. we have seen an inflation spike on the back end of last year, so unless you see that really amplified then we would not worry about inflationary consequences. the fascinating thing will be in terms of if we are in a slightly better great environment, then eventually we'll see some reduction in global infantry is and thatis reduction in global infantry is and that is what the production ceiling is aiming to achieve. if we start see ceiling is coming down that will bea see ceiling is coming down that will be a more constructive environment for the oil market and will not be reliant on production cuts. jeremy, thank you. he will be back later on to talk about other stories, especially why there are so many copies of the da vinci code ending up copies of the da vinci code ending up in charity shops and why they don't want them.
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they don't want to read it, presumably. still to come... we'll take a look at china's plans to revive ancient trade routes. president xi pledges billions to rebuilt ports, roads and rail networks. you're with business live from bbc news. lonmin — the third largest producer of platinum in the world — has just announced an operating loss in the second quarter as a result of higher costs and lower production. joining us now from the london stock exchange is the lonmin's chief executive ben magara. thank you for coming onto the programme. what exactly is the problem here? why is it struggling, is it the price of platinum? what is the most important factor and what to do about it? the prices are very
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low and the rand has been stronger. those are things which are uncontrollable for us. what lonmin has been doing is to remove high cost production to make sure the demand supply market is tightened and we could benefit from all other suppliers doing the same things. we have taken 100,000 platinum ounces and we expect that should help in tightening the market and we would hope that everyone is disciplined enoughin hope that everyone is disciplined enough in that approach. we have been removing production from our high cost production shafts, shutting shafts, reducing costs, we retrain 6000 people last year and all these efforts have culminated in all these efforts have culminated in a poor quarter one performance up untiljanuary which a poor quarter one performance up until january which was a poor quarter one performance up untiljanuary which was a hiccup in oui’ untiljanuary which was a hiccup in our performance. however, that has turned and we have seen much production being a record production and that has continued up to now,
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resulting in a net cash position improving from december last year to $49 million. that net cash has improved $75 million. 0ur liquidity has also improved to $447 million, s0 has also improved to $447 million, so we has also improved to $447 million, so we have sufficient liquidity to navigate this tough to rain of very low prices. then, thank you for explaining all of that. i am sorry to say we are running out of time. that is ben megara, the chief executive of lonmin. radical changes going on at that company to try and grapple with some of the issues they are facing, falling price in platinum and the currency in south africa all the place. there is lots more on our africa all the place. there is lots more on oui’ business africa all the place. there is lots more on our business live page. we have more on the security attack and other stories as well. do dig deep
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when you have time. you're watching business live. our top story, microsoft says a huge global cyber—attack, which has hit more than 150 countries since friday, is a wake—up call. a huge number of companies were targeted in the initial attack including spain's telefonica, fed ex in the us, and germany's railway firm, deutsche bahn. there is amusing pictures of chalk boards on the german railways. just chalk boards telling you when the trains are coming and going. the chinese government is investing billions of dollars as part of a plan to restore the ancient trade routes connecting asia and europe. president xijinping has pledged $124 billion for the scheme known as the belt and road initiative. first unveiled in 2013 the project consists of a maritime route starting in china which winds its way to europe. at the same time a land based
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network would make its way west through central asia and russia. helena huang is an economist specialising in china at icbc standard bank. good morning. thank you for being on the programme. just tell us a bit more about this route, the belt and road initiative and how much impact it will have on trade? yes. so i think this initiative is a china backed global community initiative and it has started by the president himself in late 2013. i think the idea or the aim of the initiative is to revise economic growth through the creation of a new set of infrastructure projects and networks across 65 countries so and also i think what is interesting about this initiative is that it is really a ground—breaking initiative in its scale and scope. spending across
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like four continents, covering more than a third of global gdp and 16% of global population and i will also add that the uniqueness of this initiative is also its preference for the infrastructure projects and investment and at the same time it focuses a lot on emerging markets as well as frontier markets where the local currency markets are less developed. it has been a chance for president xi to criticise protectionism. he is seeing this as a chance to champion what he calls free taid, isn't it? well -- free trade, isn't it? the goal to is revise economic growth and trade is a part of it, but i would say that is rome not built in one day and to achieve this initiative and deliver it well, it takes a lot of tile. and i think what's important would be
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economic co—operation. 0nce i think what's important would be economic co—operation. once we can achieve concerted policy effort to give stronger economic co—operation there will be enormous benefits, not only for global trade, but global growth. it's ground-breaking in its size and scale and the number of countries involved, but what are the obstacles countries involved, but what are the o bsta cles in countries involved, but what are the obstacles in the way and what about the concern of china's control and influence elsewhere? the concern of china's control and influence elsewhere ?” the concern of china's control and influence elsewhere? i think the main obstacle or the main challenges how shall we achieve economic co—operation aamanda knox so many different countries and that's taking a lot of effort. on the part of whom? on the part of both sides as well as the policy makers in the belt and road countries. i can see the uk take a very active part acting as a natural partnership to
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help china with this belt and roads initiative on the back of legal and advisory services. i was reading about how greece is pinning its hopes on getting something out of the new partnerships. do you think there could be it is appointment down the line when perhaps what has been promised isn't delivered?” think what's important is once again for us to really keep an optimistic view about what can be achieved because at the ebbed of the day, this is all about infrastructure growth, all about trade, and investment and also it is about culture and people across the nation. so, a better connected world 01’ nation. so, a better connected world ora nation. so, a better connected world or a better con cted region —— connected region would be betterfor regional growth. thank you for coming in today. more detail on our website. rebellion is a leading video game company responsible for smash hit
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titles such as sniper elite and alien versus predator. the compa ny‘s boss is jason kinglsey. he is also a knight! the video game boss says that he lives his life according to the knights‘ code of honour, which he also applies to his business dealings. let's take a look. when i'm not sitting in front of the computer being the boss of a computer being the boss of a computer games company i live my life similarly to that as a medieval knight as i possibly can. obviously i'm not actually a knight. but i do actually have horses and i do actually have horses and i do actually train them and i do actually train them and i do actually wear armour! bravery, it's the ability to charge
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forward and seize an opportunity and do the best you can with it. bravery is also about exploring new territories, seeking out new markets for what you do in business and bravery is an essential component of being a leader. honesty, honesty in business is very important. it doesn't, of course mean telling everybody all your secrets, what it means is actually dealing fairly with people. if there is a problem, let them know about it and usually these things can be sorted out. it ideally means that everybody should walk away from a business situation feeling they've got a fair deal. kindness, it's about treating things well. it's about looking after your friends, and your family well. it's about looking after your friends, and yourfamily and well. it's about looking after your friends, and your family and you well. it's about looking after your friends, and yourfamily and you are animals and your landscape around you. that's jason kingsley part of
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our ceo series which is online. there is loads of snippets from company bosses on our website. it's great. geoffrey is back. let me talk about lift and waymo. they're getting together to try and work and getting this product out quickly this deal, if it's brought together suggests that we're getting closer to a commercialisation of that process and also it underlines the fact that the threat to the traditional metrics in terms of those that have been driving for a living because if you're getting into a ride hailing unit with self driving cars then there are fairly significant strategic partnerships and changes in the consumer experience shall we say in cities
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such as london. waymo is operating under google's parent company, alphabet. there is this huge race on... the first mover advantage will be crit ale assuming that the technology is sustainable and is, of course, safe which is the other ultimate bugbear for this particular story. but there is an incredible arms race to get to market first and try and get that strategic advantage. automation meaning there will be fewer human drivers in the future and the social problems that could cause? the strategic changes that we're seeing. it's the great industrialisation on the next phase. we've seen mecanisation and technology throwing up a source of structural changes that will be
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important for the labour market. an academic in market, hose name i can't remember, forgive me if you're waffling, was quoted in the papers as saying that petrol cars will be a thing of the past in eight years? some of tenants behind that story... are they sponsored by google? there area are they sponsored by google? there are a lot of components are speculative. you saw it too? yes. good. it is one of those headline grabbing reports. we're probably somewhere further along from eight yea rs. somewhere further along from eight years. he has taken spectacular assumptions on board in order to facilitate that. i don't know anything about the academic either the one suspects he has a strong bias in order to move away from the petrol engine or come buston engine and moving towards electrification. have you read the da vinci vowed? no. have you? yes. it ended up in a
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charity shop and apparently there are too maeb of these books being dumped on charity shops. 0ne charity shop said we can't take anymore. i'm not sure why one charity shop in swa nsea not sure why one charity shop in swansea should have got so many! if it was an aim of promoting the books in the swansea area over the past few years, but it underlines the popularity of one certain he will the and books have a time horizon. going into technology maybe that's something like the kindle sin ceasing. thank you, jeremy. that's all from bbc business live. the other story was 50 shades of grey was the other book that charity shops didn't want. there you go, you heard it here first! this week is looking unsettled.
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strong winds coming up from the south or the south—west. initially it will be a warm start to the week and cooling off later on. today is looking wet. a lot of cloud. a lot of rain around. uksz on the radar picture how heavy some of the rain has been across northern ireland and getting into south—west scotland and the rain will be pepping up across north—west england and towards northern and western wales. western hills seeing the heaviest and the persistent of the rain. further east, the rain will be patchier and lighter. the murray coast could see sunny spells. so we could be making temperatures around the 20 celsius. elsewhere, it is the mid to upper teens celsius. the rain clears northern ireland. here we could see brightness where it will be warm on the north coast, for northern and western wales a wet afternoon. very much needed rain. temperatures around the mid—teens celsius and further south and east the rain will be light and patchy and warm across
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the south east. it stays damp and cloud crisis this evening and overnight we see another ripple of rain pushing towards northern and western areas. it will be a little bit misty and murky in places as it will be a mild night. temperatures down to 14 or 15 celsius. so into tuesday, you can see from the pressure charts a messy picture. this weather front will bring enhanced showers to the north—west. this weather front will bring persistent rain through central areas. so we're going to continue to draw up very warm and muggy air. further north and west, still also feeling world. 0utbrea ks further north and west, still also feeling world. outbreaks of rain through central areas and ebb hansed showers or longer spells of rain for scotla nd showers or longer spells of rain for scotland and northern ireland. we could make some brightness in the south—east. 23 or 24 celsius and it will feel how old i had. 0n wednesday that weather front through central areas becomes confined to the south and the east of englandment here substantial rains. heavy at times. turning cool and
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fresh across the north and the west with a mixture of sub shine and showers and that's the theme to end the week. we will see cooler, fresher air moving in across the country as air and will moves in across the uk the so it looks like it will turn fresher. there will be quite a scattering of showers. some heavy across the north and the west and maybe longer spells of rain and there will be sunshine as well. hello, it's monday, it's 9 o'clock, i'm victoria derbyshire, welcome to the programme. our top story today — the nhs is expecting further problems this morning when thousands of staff log on for the first time since the discovery of a ransomware virus on friday. it comes amid warnings further hacks could happen today. this bug will be sitting in systems over the weekend and when people arrive for work on monday morning and turn on their computer, i think
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we will see the numbers going up again. if you've been affected — do get in touch with us this morning. also on the programme — theresa may promises the biggest expansion of workers' rights by any conservative government — if her party wins the general election. but what do voters think about it? theresa may and the conservative party have the opportunity to reach out to parts of the electorate who would never have dreamed
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