11/11/2015 World Business Report


11/11/2015

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Reports suggest up to nine people may have died.

:00:00.:00:00.

Those are the latest headlines from BBC World News.

:00:00.:00:00.

Now for the latest financial news with Sally

:00:00.:00:25.

Dyson heads to Europe today for a dust up with it's rivals.

:00:26.:00:28.

The vacuuming giant says current energy ratings are misleading

:00:29.:00:30.

Also in the programme we'll be bringing you the details of

:00:31.:00:40.

a court case relating to the largest ever US financial cyber-hack.

:00:41.:00:43.

The European Court of Justice is expected to rule

:00:44.:00:51.

in the next few hours on a case brought by British firm

:00:52.:00:54.

Dyson to have EU energy efficiency labels on vacuum cleaners changed.

:00:55.:00:56.

Dyson says the labels mislead consumers,

:00:57.:00:59.

because the current testing process doesn't reflect how vacuum cleaners

:01:00.:01:02.

The devices are tested in lab conditions where they are empty of

:01:03.:01:09.

dust - but Dyson says a full vacuum cleaner can use much more power.

:01:10.:01:14.

It independently tested one and found it used 750 watts

:01:15.:01:18.

while empty, but more than double - 1,600 watts - when it was full.

:01:19.:01:22.

Dyson says it wants the labels changed to give

:01:23.:01:26.

a true representation of how efficient a vacuum cleaner is.

:01:27.:01:33.

With me now to discuss this is John Doherty a partner at

:01:34.:01:36.

Nice to see you. So, tell us a little bit more about James Dyson's

:01:37.:01:49.

argument here, because the issue, I guess, with his vacuum cleaners is

:01:50.:01:52.

they don't have a bag. That's right. Yeah, I mean, he sees - I suppose

:01:53.:01:58.

two points. His vacuum cleaners are at a competitive disadvantage,

:01:59.:02:02.

because whereas they use less power, but offer, presumably, the same

:02:03.:02:06.

amount or greater suction - or that would be his assertion - but they're

:02:07.:02:12.

not able to have that advantage, because the way the testing regime

:02:13.:02:17.

works is artificial. In the lab, there is no dust that's in the bags.

:02:18.:02:21.

Of course, in the home there's a lot more dust. It can use up to twice

:02:22.:02:24.

the level of power, as you mentioned. So he wants to see a

:02:25.:02:27.

slightly more sophisticated test imposed to - and also taking into

:02:28.:02:34.

account the use of bags, etc. So it's an environmental issue and

:02:35.:02:37.

about the use of other materials plus the energy. It sounds similar,

:02:38.:02:43.

in a way, to the VW emissions testing scandal, where the cars are

:02:44.:02:45.

performing differently in the laboratory as to when on the road.

:02:46.:02:52.

But actually with these hoovers, they are not performing differently,

:02:53.:02:54.

it's just how much energy they're consuming to do their job, is that

:02:55.:02:58.

correct? Yeah, that's right. I think with VW, the suggestion so far is

:02:59.:03:02.

that there has been manipulation of the testing process, so the cars

:03:03.:03:07.

apparently were on rolling roads, were programmed to detect that fact

:03:08.:03:10.

and then perform differently than they would on the road. In this

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particular case, I think it's really the testing regime is operating

:03:14.:03:17.

properly, and everybody is going through the process, but Dyson is

:03:18.:03:21.

innovating here, as ever, and is saying that it's not good enough -

:03:22.:03:25.

the testing regime is not fit for purpose. How will he get on in the

:03:26.:03:33.

European courts, do you think? I mean, he has set himself a very high

:03:34.:03:36.

standard, again, as usual, because to have a piece of European law

:03:37.:03:41.

annulled is not unprecedented but it's very rare. So although none of

:03:42.:03:45.

us can actually predict accurately what the court will decide, I

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suspect they will uphold the law on the basis that there is nothing

:03:49.:03:54.

wrong, in a sense, with the law - it's really a question of, it has

:03:55.:03:59.

got to evolve and that's for the law-makers to think about how to do

:04:00.:04:03.

that. As you say, to get a European ruling annulled is rare. It's

:04:04.:04:07.

costly, it's time-consuming, you kind of wonder why is he going down

:04:08.:04:14.

this road? I mean, it's going to take a long time and energy and

:04:15.:04:18.

money. Yeah, well, I mean it has already taken a few years even to

:04:19.:04:21.

get to this point. I suspect he really wants to make his point,

:04:22.:04:25.

which is that the current regime is not fit for purpose, it's out-dated

:04:26.:04:32.

and I suppose he feels he has a lot to gain because his competitors -

:04:33.:04:39.

bagged vacuum cleaners, rather than bagless - can't really compete with

:04:40.:04:44.

him. But I suppose we live in an imperfect world and the regime,

:04:45.:04:46.

perhaps, you know, hasn't been able to keep up with him. All right,

:04:47.:04:49.

well, we will watch with interest. John, thank you so much for coming

:04:50.:04:54.

in to explain the vacuum cleaner saga. One we will return to. But now

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let's move on. It's the stuff of James Bond movies

:04:57.:04:59.

- a jetpack you can fly off on The Martin Jetpack is being

:05:00.:05:02.

exhibited at the Dubai Airshow. As Jeremy Howell reports, it's not

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just for the playboy millionaire. It has taken no fewer than 30 years

:05:08.:05:25.

for Martin to develop their jetpack. This year it's being unveiled at

:05:26.:05:28.

international air shows. Here in Dubai, there is a simulator ride to

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whet potential customers' appetites. Personally, there is a feeling of

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disbelief and then there is a feeling of reality and then beyond

:05:37.:05:40.

the reality becomes the, "Actually, this really has potential to do

:05:41.:05:42.

things we need to do for our particular environment". And I think

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that's the realisation stage that they're going through right now for

:05:47.:05:52.

us. The jetpack wasn't really made for millionaire fun-seekers. It's

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designed primarily for rescue work. For example, let's take a collapsed

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building. The first thing is you can get there relatively quickly. The

:05:59.:06:01.

problem is collapsed buildings is you don't know what's on the other

:06:02.:06:03.

side without sending people around. You can get across there and have a

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look. And one of the most important things is for individuals to know

:06:08.:06:09.

that they are recognised as being in trouble much -- trouble. The jetpack

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is driven by two turbo fan engines. You use joysticks to control height

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and direction. It has a top speed of 74 kph. Rescue services in Dubai

:06:23.:06:27.

have offered to buy a fleet of them. The jetpack will go on sale to

:06:28.:06:31.

private buyers in two years' time. The price is about $200,000, and it

:06:32.:06:42.

comes with a parachute. Prosecutors have charged three men relating to

:06:43.:06:46.

the largest cyber-attack of financial firms in US history.

:06:47.:06:51.

Personal information for 100 million people was accessed by cyber-thieves

:06:52.:06:55.

between 2012 and the summer of 2015. 12 institutions were victims,

:06:56.:07:01.

including JP Morgan and asset manager Fidelity. Our correspondent

:07:02.:07:06.

has the details. What they're alleged to have accessed, actually

:07:07.:07:10.

through one of these men's kind of personal banking account, is

:07:11.:07:13.

customer data. And really, it's not that they went in and stole money

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from these customers, from these financial institutions, JP Morgan

:07:19.:07:22.

being the I biggest hit in the summer of 2014, with 83 million

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customers faekded - it's really that they took their personal data and

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then blasted out e-mails and other communications to these customers,

:07:31.:07:32.

basically encouraging them to buy certain stocks. This was one of the

:07:33.:07:34.

schemes that prosecutors are basically charging them with, is

:07:35.:07:40.

this "Pump and dump" scheme so they can manipulate stock prices. So

:07:41.:07:44.

that's what they did with a lot of these commerce' data. What

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prosecutors have said is that this is really changing the game of

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hacking. It's changing it from hacking to short profit to hacking

:07:53.:07:55.

it as a business model and in terms of the JP Morgan hack and the way

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these men tried to manipulate the stock market with this hack is

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they're saying it's securities fraud on cyber-steroids, so very serious.

:08:03.:08:12.

Other stories: Revenue at 10 cents at China's biggest gaming and Seven

:08:13.:08:15.

Networking site jumped 10% in the three months to September. It is a

:08:16.:08:18.

five-month high for the firm thanks to a surge in advertising income.

:08:19.:08:25.

The number of users of its popular messaging app We Chat rose by almost

:08:26.:08:28.

40 percent in that time to almost $450 million. A vivid pink diamond,

:08:29.:08:35.

you can see it there, weighing over 16 carats has sold at auction in

:08:36.:08:40.

Geneva for over $28 million. The auction house Christies said only

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three pink stones in this category come up for sale over the past 250

:08:43.:08:49.

years. The diamond, known as "The Pink" was purchased by an

:08:50.:08:50.

unidentified Chinese investor. Today is the 11th of November

:08:51.:09:02.

which in China means only one thing As the name suggests,

:09:03.:09:05.

Singles' Day began as a day for single people to treat themselves

:09:06.:09:09.

and started as a grassroots movement In 2009 the online retail firm

:09:10.:09:12.

Alibaba adopted the day to promote a massive online shopping sale

:09:13.:09:16.

which has now also been adopted Last year, Alibaba recorded $9.3

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billion in sales during the annual event, making it the biggest

:09:20.:09:24.

online shopping day in the world. 2015 is already looking

:09:25.:09:28.

like it will be even bigger. Alibaba recorded sales of $5 billion

:09:29.:09:33.

in the first 90 minutes Now we were hoping to have more

:09:34.:09:50.

analysis on that for you, but for technical reasons we can't talk some

:09:51.:09:53.

more about Singles' Day in this programme but there is more

:09:54.:09:55.

information about that on our website. That's all from me for now.

:09:56.:09:57.

I'll see you soon. The star of Sherlock, Benedict

:09:58.:10:22.

Cumberbatch has swapped acting for valuer. He has

:10:23.:10:23.

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