Browse content similar to 22/03/2016. Check below for episodes and series from the same categories and more!
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Those are the latest headlines from BBC World News. | :00:07. | :00:08. | |
Now for the latest financial news with | :00:09. | :00:10. | |
Do millions of iPhones have a security flaw that | :00:11. | :00:18. | |
The FBI thinks so and they plan on using it to try and crack | :00:19. | :00:24. | |
More bad news for Petrobras - The Brazilian oil giant made a | :00:25. | :00:30. | |
record loss of $10.2 billion in the final three months of last year. | :00:31. | :00:33. | |
Is it now too late to turn the company around? | :00:34. | :00:42. | |
We're also live in Sydney to get the latest on Australia's stock | :00:43. | :00:49. | |
exchange boss who's resigned amid an ongoing bribery probe. | :00:50. | :00:51. | |
Federal prosecutors in the United States say the FBI may have found | :00:52. | :01:05. | |
a way to unlock the mobile phone of a gunman involved in the killing | :01:06. | :01:08. | |
of 14 people in the city of San Bernardino, California, in December. | :01:09. | :01:11. | |
The revelation could have security implications for millions | :01:12. | :01:13. | |
Apple has until now been contesting a court | :01:14. | :01:19. | |
order to help FBI investigators access data on the phone saying it | :01:20. | :01:22. | |
would have implications far beyond the legal case. | :01:23. | :01:24. | |
Bruce Schneier is a computer security expert. | :01:25. | :01:26. | |
Speaking a little earlier he said it's still unclear if the FBI | :01:27. | :01:29. | |
will tell Apple how they plan on cracking the iPhone's encryption. | :01:30. | :01:38. | |
This is not a good week for Apple and the iPhone. There has been | :01:39. | :01:51. | |
another issue at Johns Hopkins University, allowing people to get | :01:52. | :01:57. | |
into e-mails. The question is whether Apple should try to make | :01:58. | :02:03. | |
their devices secure. They will fix vulnerabilities as they find them | :02:04. | :02:06. | |
but nobody believes these are unbreakable. They asked for a | :02:07. | :02:13. | |
two-week delay while they figure it out, and it might work or it might | :02:14. | :02:17. | |
not. If it does work, what does the FBI do? They keep everyone's phones | :02:18. | :02:23. | |
insecure or do they get Apple to try to fix it. This was always about the | :02:24. | :02:27. | |
legal precedent, not about the details of the case. The case was | :02:28. | :02:31. | |
chosen because it sounded good on television. This shows us that the | :02:32. | :02:39. | |
FBI lacks expertise. What the FBI needs is expertise in computer | :02:40. | :02:44. | |
security, not backdoors. Edward Snowden is right, we all knew there | :02:45. | :02:48. | |
were other ways in, but the FBI lacked the expertise to exploit | :02:49. | :02:50. | |
them, so they went after Apple. Brazilian commodities giant | :02:51. | :02:56. | |
Petrobras has released The company made a record loss | :02:57. | :03:00. | |
of $10.2 billion If ever there was a case | :03:01. | :03:04. | |
for linking the fate of a company and a country together | :03:05. | :03:08. | |
it would be Petrobras and Brazil. A decade ago both were seen as the | :03:09. | :03:15. | |
darlings of the developing world. An economy and company both getting | :03:16. | :03:18. | |
rich off the boom in commodity prices, since then | :03:19. | :03:21. | |
things have gone downhill fast. Petrobras' investments alone | :03:22. | :03:23. | |
represent 2% of Brazil's gross national product, | :03:24. | :03:25. | |
and its downturn has harmed a national economy struggling as | :03:26. | :03:27. | |
a result of low commodity prices. While the price of raw materials has | :03:28. | :03:33. | |
fallen, the company has also been bogged down in allegations that | :03:34. | :03:36. | |
large oil contracts were awarded by executives and politicians, | :03:37. | :03:39. | |
in exchange for bribes. The Petrobras inquiry has led to | :03:40. | :03:41. | |
proceedings against dozens of business executives | :03:42. | :03:44. | |
and ruling party figures, with some already being sentenced to prison | :03:45. | :03:46. | |
time for their part in the scandal. Even Brazil's former president | :03:47. | :03:49. | |
Luiz Inacio Lula da Silva is being investigated over allegations | :03:50. | :03:52. | |
of money laundering linked to An attempt by current | :03:53. | :03:54. | |
President Dilma Rousseff last week to make him part of her current | :03:55. | :03:58. | |
government was met by mass protests The appointment is currently | :03:59. | :04:01. | |
being blocked by a senior judge. So where does this leave | :04:02. | :04:11. | |
the company, well the corruption scandal has already cost Petrobras | :04:12. | :04:13. | |
$17 billion due to losses As for the Brazilian economy, | :04:14. | :04:16. | |
it's in a deep recession, Joining me now is Benat | :04:17. | :04:41. | |
Bilbao-Osorio, Regional Director for Latin America and the Caribbean | :04:42. | :04:44. | |
at the Economist Intelligence Unit. Welcome to the programme. If we | :04:45. | :04:56. | |
first of all talk about the results making a record loss last quarter. | :04:57. | :05:00. | |
Some questioning whether this company can survive. I think the | :05:01. | :05:06. | |
loss was anticipated by the market in order to adjust the price of the | :05:07. | :05:11. | |
asset of Petrobras. In that sense, this is not unexpected. Certainly, | :05:12. | :05:19. | |
Petrobras is facing some important challenges in terms of the losses we | :05:20. | :05:27. | |
were mentioning. Nevertheless, we still think that Petrobras will | :05:28. | :05:33. | |
survive because it is a solvent company with large assets. In this | :05:34. | :05:51. | |
current market, with the oil price remaining at around $40 a barrel, | :05:52. | :05:57. | |
will those assets raise that amount of money will it be a fire sale? It | :05:58. | :06:04. | |
is a more challenging market, but the key is to understand the timing | :06:05. | :06:10. | |
and the need for Petrobras to sell those assets in order to face the | :06:11. | :06:14. | |
repayments of the debt. I think the good news for the company is that it | :06:15. | :06:19. | |
has good cash flow that will allow the company to make those payments | :06:20. | :06:24. | |
in the short term, so they may not need to sell their assets as fast as | :06:25. | :06:31. | |
many people believe. In any case, this kind of investment and the | :06:32. | :06:36. | |
recovery of the price, it will probably not be such a hasty sale at | :06:37. | :06:40. | |
a very low price, as many people believe. When it comes to the | :06:41. | :06:44. | |
corruption scandal, he has had to put a lot of money aside as well, in | :06:45. | :06:52. | |
terms of legal costs. Will Petrobras ever be able to restore confidence | :06:53. | :06:57. | |
in terms of it being a legitimate company with a reputation that can | :06:58. | :07:01. | |
be trusted? I think that is a very good question, and I think I will | :07:02. | :07:07. | |
speak to that aspect. The first thing is that there is new | :07:08. | :07:13. | |
management in place who are making some strides to improve the | :07:14. | :07:16. | |
performance of Petrobras. But what this scandal has also revealed is a | :07:17. | :07:22. | |
new government system with higher independence from government is | :07:23. | :07:29. | |
needed. Thank you for your time today, and we will keep you | :07:30. | :07:31. | |
up-to-date with every twist and turn. | :07:32. | :07:32. | |
The Australian Securities Exchange opened for trading this morning | :07:33. | :07:35. | |
Elmer Funke Kupper resigned Monday amid allegations of bribery | :07:36. | :07:38. | |
He has also taken a leave of absence from the board of Tabcorp, | :07:39. | :07:43. | |
Australia's biggest bookmaker, and the company under investigation. | :07:44. | :07:59. | |
The BBC's Phil Mercer joins me now from Sydney with more on this. | :08:00. | :08:03. | |
He's denying the allegations but says he resigned to try to deal with | :08:04. | :08:13. | |
the problem? We have heard from him via an Australian newspaper. He says | :08:14. | :08:19. | |
the situation he has found himself in his unfair and not right, and | :08:20. | :08:25. | |
that he has been subjected to trial by media. He also said that this was | :08:26. | :08:39. | |
much more important than his own personal reputation. He has denied | :08:40. | :08:46. | |
everything, but as you can imagine this is making headlines here, given | :08:47. | :08:51. | |
that the stock exchange is one of the most important financial | :08:52. | :08:56. | |
institutions. What did he do that Tab Corp? This surrounds an alleged | :08:57. | :09:01. | |
payment of a bribe about six years ago to the family of the Cambodian | :09:02. | :09:07. | |
president by Tab Corp, which is a giant in the Australian gaming | :09:08. | :09:13. | |
industry. At the time, he was the chief executive of Tab Corp, and he | :09:14. | :09:18. | |
has denied any wrongdoing but safe to say he this is the centre of an | :09:19. | :09:28. | |
international antibribery investigation. | :09:29. | :09:32. | |
In other Apple related news, the tech giant has unveiled | :09:33. | :09:36. | |
With a starting price of $399 The iPhone SE will be the cheapest | :09:37. | :09:40. | |
The move is seen as a way for the company to compete with | :09:41. | :09:45. | |
Android devices that dominate the budget and mid-range global market. | :09:46. | :09:47. | |
Apple says the new phone will be available | :09:48. | :09:49. | |
Starwood Hotels has backed a sweetened offer from | :09:50. | :09:55. | |
Marriott raised its offer to $13.6bn after the Chinese insurance firm | :09:56. | :09:58. | |
Anbang stepped in last week with a $13.2bn bid. | :09:59. | :10:00. | |
Starwood accepted Marriott's latest offer, describing it | :10:01. | :10:02. | |
The companies say that they expect the deal to close by the middle | :10:03. | :10:06. | |
Personal trainers and exercise classes will be offered | :10:07. | :10:29. | |
to thousands of overweight people in England as part of a plan to combat | :10:30. | :10:33. | |
Up to 100,000 people identified by GPs as being | :10:34. | :10:36. | |
at high risk will be offered a course in weight loss, physical | :10:37. | :10:40. |