28/11/2016 BBC Business Live

It is one of the busiest shopping days of the year but cyber Monday is

also predicted to be one of the dangerous to for further crime. One

of our top story today. Black Friday is so last week because

here comes cyber Monday and with it, an increase in cyber crime. Have the

latest on a growing global problem. Also, an end to the 35 hour week and

huge cuts to the public sector, the odds-on favourite to become

friends's next President says he wants to shop the system. A

brand-new trading week in Europe, everyone is headed south for now.

It's a very busy week for financial news out of America. Economic news

and the Opec meeting on Wednesday will tell you only to know. A

helping hand for tech start-ups, Silicon Valley anchors given

financial support to 30,000 up and coming businesses including Facebook

and Twitter. Just how did they spot the next big thing? The boss will be

here to tell us. As a new survey highlights the worst of those

habits, we want to know what your biggest complaint is. Noisy eaters

or whingers in the workplace? Let us know what annoys you.

Smelly food and morning, I am naming no names ex-bag open to the

programme. Another busy week and a packed programme. Are you just

recovering from Black Friday is Mike the discount bonanza may have only

been happening for the last couple of days at retailers are already

living on because today is cyber Monday. Online retailing are

expected to slash prices as shoppers log on in search of a bargain but

while billions of dollars in transactions will be taking place,

criminals will also be ratcheting up their efforts to get access to your

account details. Experts are warning they could be as many as 6.5 million

cyber attacks from Friday to Monday as anchor cards go on a buying

spree. The increased traffic means it is easier for hackers to make

purchases on your account without you or your bank noticing. Globally,

predictions for attacks during this busy shopping week are expected to

be around 50 million and it is important to stay vigilant in the

run-up to Christmas. Last year 76 million transactions were blocked

because they were fraudulent in the three-month lead up to the holiday.

That is a 60% rise on 2014. Chief technology officer at the

digital security firm is with me. You are also a former ethical

hacker. It comes down to data, the value of the information that

companies hold on us but sometimes they are simply not aware exist?

That's right. In today's world, data is the new oil. The way

organisations and businesses consume and user data, data is everywhere

now. There is no longer a one-to-one relationship. You talk about that

data being so valuable, give us examples of where that is valuable,

why it is about double to hackers? From an organisation point of view,

data, you have personal identifiable information, financial data,

passwords, user credentials. All data is used to gain access to

systems and also, businesses make business decisions on that data so

from the bad guys point of view, they can monitor arise that or use

it to counter attacks. We said you are, or where an ethical hacker,

designed to expose flaws in organisations. What are the week

points? What are the access points for hackers? The simplest hacks and

the way a bad guy will get access to a system is usernames and passwords.

A lot of the time, it is the same password. From about guys point of

view, if he compromises one password, it affects all passwords.

From the company 's point of view, staff have other just at need to

access that network and they are the ones that may have weak passwords,

but leave codes lying around. How do you balance that and make sure your

staff can use this if system security but not exposing yourself

to flaws? The biggest problem I see is organisations don't understand

what they are trying to protect. When you say to an organisation,

were you trying to protect, they say the people but the core asset is

data so it is looking at the types of data, the location of the data

and applying the appropriate controls. For me, with sensitive

data, it should be encrypted but more importantly, the password

should be removed and replaced with a one-time password. It is about

firms taking it more seriously. Let's turn to France. The former

Prime Minister has become the centre-right Republicans candidates

for next year 's presidential election. He won the nomination with

a liberal economic programme that includes cuts to public services and

freeing up the labour market so where does that leave everything and

what is the state of play? That's joint our correspondent. Talk us

through this because clearly it is a long-running campaign and one that

now reaches some sort of conclusion? Yes, we now know that he will be the

candidate for the centre-right in the election. We now also that the

Socialist candidate is not going to do very well probably because the

left is in tatters and we know that he will be the other main

challenger. All things being equal, he should win the election. That

means probably, come May next year, we will have a President of France

before the first time has clearly nailed his colours the mast of

liberal reform. When Nicolas Sarkozy came to power, there was talk about

a big break with the past which rarely never happened. There is a

feeling that this programme is the one that frantically needs to put

into place and he has been very upfront about it. He knows it is a

political risk to admit that you admire Margaret thatcher, for

example, but he seems to be saying France has reached a point of crisis

and high unemployment and so on, but these shock austerity changes are

necessary and there are enough people in the country who realise

that. Lufthansa pilots say

they will strike again on Tuesday and Wednesday after weekend talks

failed to resolve a long-running The pilots' union said the walkout

would affect short-haul flights on Tuesday, and both short

and long-haul flights on Wednesday. Around 350,000 passengers

were affected by last week's four-day stoppage which involved

the cancellation of Reports say that Samsung

Electronics is considering The South Korean technology giant

is under pressure to do so from US activist hedge fund,

Elliott Management. The hedge fund has been calling

for the company to split into a holding unit and an operating

company to boost shareholder value. If your colleague munching loudly

on their lunch is driving you mad Noisy or messy eaters,

alongside serial complainers, were among the top gripes

for office workers. The survey commissioned

by electronics giant Samsung suggests the bad habits also result

in workers losing an average 22 Is that because they are fighting of

the mice from the crumbs on their desk?

It also talks about her IT, things that don't work.

Don't get me started on this one! This is just being reported locally

where you are, what more can you tell us? Is has come from the

Ministry of economy, trade and industry, and they have admitted

today that the cost of the clean-up and compensation for people affected

by the 2011 Fukushima nuclear disaster has, according to

estimates, and I should emphasis this is an estimate, has doubled

from around 100 billion dollars to around 180 billion dollars. This is

not the first time it has doubled. The initial cost back in 2011 was

estimated to be around $50 billion and in 2014 it went up to 100

billion and now they are saying it will be 180 billion.

Hong Kong, up quite a bit, that is because it is the first trading day

since news that the stock trading link will be going ahead on December

five so a lot of excitement about what that will mean a Hong Kong and

the index. Falling across the Europe, but will probably dominate

this week. Have a lot of news coming out of the United States as well in

terms of US GDP numbers, personal spending, it is a really busy week.

Let's pick up on oil. Worries over whether we will get an agreement on

Wednesday and it's a familiar tale? It is and traders will position

themselves for the upside risk that the unexpected could happen and all

of a sudden, Opec to come to an agreement and the Russians to play

along and have production cuts and it should up but it is really

exciting. More exciting for equities this week than for oil. What are you

watching? The Dow cross 19,000, we're probably going to hit further

house. We are already hitting record territory as of last week. Just tell

me why? I think the expectations have increased spending. As Donald

Trump keeps on deleting as how he will crater more jobs and spend more

money, and this week more focus on tax cuts in the US because

apparently there is a group of lobbyists who are saying, we want to

reverse some of these tax hikes in the US and all of that points to

hire equities. You be watching very closely? No, I will tell you why, is

one of those unusual times when the market is looking ahead to what the

US President will do next year. Even if we miss the jobs figures in the

market goes down a bit and there is a tiny bit of profit taking, soon

they will refocus back on the spending for next year. Most people

think the hike next month is a given stop is already factored in and that

is seen as a positive because it means they are anticipating greater

inflation out of greater growth so interest rates. A quick work on

Europe. Are we worried about it? Italy, of course, France, Holland,

next year, where does that leave the market? It is irrelevant at this

stage only because it is too far out of our periscope. We are not

expecting any sharp movements. What if you are a long-term investor

Gergo Lovrencsics that is why I said we will see US equities during a

better as well. We are just looking ahead and thinking, it is fine. Lots

more on the programme, how one bank is helping new technology businesses

get off the ground. They helped Twitter and Facebook but the big

question, how do they spot the next big thing? You are with business

live from BBC News. a legal battle over whether the UK

stays inside the single market after it has left

the European Union. Lawyers say uncertainty over

the UK's European Economic Area membership means ministers could be

stopped from taking Britain out Andrew Walker is our

economics correspondent. We need the waters to be anybody?

Britain, along with the European Union, and three other countries,

that is to say Norway, Iceland and victims dying, or all members of the

European economic area. It is something that gives those three

outside countries almost unrestricted access to the European

union boss Mike single market. They are outside the Customs union.

They have to deal with something called rules of origin which are a

way of establishing that what they export really is eligible for

tariff-free access to the EU, but for some of them, clearly, that is

an important aspect of their economic relationship with the

European Union and the challenge which is going to come from a group

called British Influence who are pro EU will argue that there will be an

explicit need for Britain to decide whether on president basis of having

left the European Union, to actually also leave the single market.

Market, the European Economic Area. There is a separate international

agreement with a separate article in that treaty. It is called Article

127, another one to add to the Article 50 that we have been talking

about a lot, and they maybe arguing, I think, it will be necessary for

Britain to explicitly trigger that provision in order to leave the

single market. And I suspect they will be wanting to ensure that

Parliament has some role in debating it. Thank you very much, Andrew. The

plot thickens. We will keep you across every twist and turn when it

comes to the Brexit debacle. News that JD Sports is buying Go

Outdoors. Go Outdoors was founded in 1998 with

50 stores. JD Sports are already a big player in that market.

It's one of the busiest shopping days

of the year, but Cyber Monday is also predicted to be one of the most

Did you do any shopping? I did a little bit of food.

Cyber Monday is also predicted to be one of the most

The next big thing in the tech world.

But how do you transform the idea into reality?

And that's where our next guest comes in.

Silicon Valley Bank was founded in 1982 and as the name hints at,

they have specialised in lending to technology companies.

Whilst also helping venture capital and private equity firms that invest

It has quickly outgrown its Silicon Valley home and now has

a presence in Ireland, India, Israel and China.

It opened a London branch in 2012 which already serves

Phil Cox is Head of Europe Middle East and Africa

Phil nice to see you. Welcome. Good morning. Let's talk about tech

firms. It strikes me those are the firms that are shunned by the

traditional banks. It is hard to turn a profit in the early days. So

actually, having a niche bank that looks specifically at tech firms is

a brilliant idea, is it not? It is about knowledge and expertise and

dedication if you like to those types of businesses because you

know, if you dipped your toe in the water at doing this stuff, you

probably would get bad outcomes. There is a lot happening. What was

originally the tech boom is described as innovation and almost

every industry, segment and business operating model is being challenged

by these companies. How do you take a punt on those firms? They are hard

to value and hard to really know what they stand for, often they are

creating a hard ket that doesn't exist. How do you value them? How do

you judge them? Yes, you look at the ecosystem as it comes together. You

look at the management team. You look a the idea itself. You

understand the broad global market of, you notion the ideas really

aimed at and you look at, you know, who is coming forward to invest

money in the company and those ingredients lead to signals of

success or failure. You're head of Europe, Middle East, Africa. How has

Brexit changed what you do, if at all? So far, not really very much.

We certainly saw some strong valuations in 2015 in the US and the

UK in 2015 and it probably took the edge off the valuations, but good

companies are still getting funded and the ecosystem is alive and well

when you see events like last week with Sky Scanner's sale. We saw the

Autumn Statement statement which was about money for science and

innovation and Capital Gains Tax down and corporation tax down. The

Government trying to keep companies in the UK and I would imagine tech

companies are on their minds? It was fantastic news because obviously if

you're looking to raise money to invest in technology companies then

you need anchor investors to bring in other investors and the Silicon

Valley Bank has the European Investment Bank and the British

business bank stepping forward and making money available for those

firms, I think, is a really great, a smart move. When you are looking

around the world, where most excites you as far as tech is concerned

because we hear a lot about Silicon Valley and Silicon George up in

Bristol. The UK is doing really well. Germany is exciting because

Berlin has a thriving, relatively early stage, scene. We do some good

business in Dublin where there is a strong access with the US. But also,

of course, Israel where a strong deeper, technology probably

companies there that develop technology more locally and then

migrate those companies to the US to attack the market there. Phil, it is

good to talk to you. Thank you for explaining all that. Phil Cox the

head of Silicon Valley Bank. Thank you.

Cyber security is our top story. Hackers have broken

into the IT system that runs The group has taken control

of the network's ticket machines and reports say it wants $70,000

to hand them back. Our North America Technology

Reporter is in San Francisco Here in San Francisco the

organisation that looks after much of the public transport, trains,

buses, trams, even sand extra Sisco's iconic cable cars. While

none were disrupted this weekend, this will still be a very troubling

data breach to city officials. The attacker used ransomware. It is

malicious software that you can put on one computer and it will gather

up important files and encrypt them and demand a fee in order for the

organisation to have them unlocked again. This this case the fee has

been set at 100 Bitcoin which is $70,000. The company says no

information has been accessed by the hacker and it should have back-ups

of the files so it can just restore them and not worry about paying the

ransom, but there are a couple of questions that remain. Firstly, if

the attacker has the information it could sell it on the black market,

it could be employee details and payroll, if the hacker was able to

attack the system once, it may have access to the system right now. Dave

Lee, BBC News, San Francisco. Dominic is back with us. A survey of

office workers, what's the most annoying thing in the office,

moaners, noisy eaters of the there is a brilliant picture. What annoys

you? Noisy eating, is poor, isn't it? I used to sit across from

someone who loved to bring in their own home-made soup! My personal

gripe is people who talk too loudly. I hate people who shout. You're in a

newsroom. Even above that level and about trivial things when the...

Sneezing. This is the problem with open-planned offices. The

expectation that childless people should be more flexible about hours

and holidays. He says childless people have lives. It is a good

point. One viewer says, "What annoys you in the office? Everyone else."

Employees who are trying to get a promotion and are doing everything

the boss asks right on time! Interesting! Smelly food I got from

Michael who is a trader we often interview. Mark Carney warning EU

bureaucrats they face a messy divorce if they fail to adapt to

Brexit. It is a warning we heard before. One that Carney talked about

openly, the need for some transitional arrangements after the

Brexit date 2019, we think, 2021 when we finally leave. He says you

can't have nothing after that. You need some transitional arrangement

otherwise companies will be left in the lurch. Briefly, we're running

out of time. Is he in trouble with Westminster again? Some papers say

he is for meddling He is always going to be in trouble for saying

something like this. There is no win for him sometimes, is there.

Dominic, thank you very much. That's it from us on the programme. The

same time, the same place tomorrow. We will see you then. Have a really

good day. Bye-bye. Hello. The weather week is setting

off to a quiet start with high pressure the dominant feature across

all parts