:00:00. > :00:00.biggest data breach on record. And growing old gracefully. See how
:00:00. > :00:12.one Asian country is finding ways to keep all the workers on the job
:00:13. > :00:20.longer. Good morning, welcome to Asia Business Report, from
:00:21. > :00:26.Singapore. I'm Mariko i. Yahoo! Has confirmed hackers have stole
:00:27. > :00:30.information from 500 million of its users. The breach happened in late
:00:31. > :00:33.2014 and included identifiable information and an encrypted
:00:34. > :00:38.security questions and answers. It did not include any credit card
:00:39. > :00:51.data, but it believed the attack possibly state-sponsored. Let speak
:00:52. > :00:56.to the managing from Igsia. The breach occurred in late 2014, so why
:00:57. > :01:01.are we only finding out about this now? There is a long gestation
:01:02. > :01:03.period between when an attack actually happens and when an
:01:04. > :01:09.enterprise actually figures out that it has been breached. So it could
:01:10. > :01:12.last anywhere from three to nine months, maybe longer, and then they
:01:13. > :01:18.have to identify the cause and what happened. So there is a very long
:01:19. > :01:25.gestation period between when the attack is triggered, when it is find
:01:26. > :01:28.out -- and when it is found out. The fact that this breach was brought to
:01:29. > :01:31.their attention by journalist and now they are saying it could be
:01:32. > :01:37.state-sponsored, which could mean anything, it does seem to affect
:01:38. > :01:44.Yahoo's reputation. Do you think it might damage their reputation? It is
:01:45. > :01:48.not really for me to comment on the reputation. For any enterprise it
:01:49. > :01:54.does impact of their brand equity when there has been a breach, so I
:01:55. > :01:59.think all enterprises have to be not just vigilant but super vigilant in
:02:00. > :02:03.this age of cyber crime. Because there have been a number of attacks,
:02:04. > :02:07.obviously this is by far the biggest, but there have been similar
:02:08. > :02:11.attacks in the past. What are companies doing to protect
:02:12. > :02:16.themselves? Companies typically have acknowledged that this was a threat.
:02:17. > :02:22.They usually go through audits every year, etc, but I think the time has
:02:23. > :02:27.now come not just to be reactive bite proactive and maybe go even a
:02:28. > :02:33.step beyond proactive and anticipate things that they have not really
:02:34. > :02:40.done in the past. So it involves all elements of network security, or --
:02:41. > :02:44.all elements of social engineering and almost believe that they have
:02:45. > :02:49.been breached and act like they have been bridged already. What about
:02:50. > :02:53.users? Should Yahoo uses of the day be concerns about their personal
:02:54. > :02:57.information might be out there? Yes, but it is Yahoo users or any users.
:02:58. > :03:02.Consumers have to worry about two things. One is from their own
:03:03. > :03:06.personal perspective, they've got to be changing their passwords often
:03:07. > :03:10.and not using common names and repeats of passwords for all of
:03:11. > :03:14.their accounts, and I think the second thing is when they work with
:03:15. > :03:18.different institutions, whether financial or Yahoo or any others,
:03:19. > :03:24.they have to ask this is as fusion is, I'd be keeping my data safe? --
:03:25. > :03:28.these institutions. Thank you so much for joining us. The timing
:03:29. > :03:32.isn't great because Yahoo have just been bought for $5 million, but they
:03:33. > :03:38.do for joining us. In other business news, the former
:03:39. > :03:42.chairwoman of the bankrupt Korean shipping giant is under
:03:43. > :03:46.investigation for alleged insider training. She has come under
:03:47. > :03:51.scrutiny after it was revealed she sold all her shares in the company
:03:52. > :03:54.days before it filed for a debt restructuring programme in April.
:03:55. > :04:00.She and her two daughters allegedly sold really 1 million shares worth
:04:01. > :04:05.$3 million, US. And the Danish shipping giant is splitting its
:04:06. > :04:09.operations into two separate divisions as it struggles to cope
:04:10. > :04:15.with one of the worst industry downturns. A container operator will
:04:16. > :04:20.oversee a new division in the company's -- and the company's will
:04:21. > :04:24.Holdings will be consolidated. Driverless cars will be taking a
:04:25. > :04:28.spin for a little longer in Singapore. A software maker launched
:04:29. > :04:33.their autonomous vehicles last month. Now they have been given
:04:34. > :04:40.permission to expand their trial period. We got more details from the
:04:41. > :04:46.chief executive. We are very pleased and proud to be part of this. It
:04:47. > :04:49.brings together the leading developer of the software and the
:04:50. > :04:53.leading player in the region. What it will allow us to do is expand our
:04:54. > :04:57.public power were in the north district by integrating with the
:04:58. > :05:02.Alp, so people can use it to call our cars and it will be very similar
:05:03. > :05:06.to hailing a car today, except that car will be driven by our software,
:05:07. > :05:11.not a human driver. But you still have that a cop driver in the car,
:05:12. > :05:17.don't you. Can you tell us when you might be able to expect that driver,
:05:18. > :05:20.the human driver, to be gone and you will actually be sitting in the
:05:21. > :05:24.driverless cars? It is still the early phase and we are still
:05:25. > :05:29.gathering information about our systems and improving them everyday.
:05:30. > :05:33.We are targeting late 2018 and believe by then we could have the
:05:34. > :05:37.confidence that our systems will be close to perfect to eliminate the
:05:38. > :05:41.safety driver, as we call it. Your original launch last month got a lot
:05:42. > :05:44.of news attention because you beat some of your competitors who were
:05:45. > :05:47.looking to launch their projects as well. Was the timing of coincidence
:05:48. > :05:53.or did you actually make it earlier so you could beat competition? We
:05:54. > :05:59.have been building towards this pilot for a long time. At the
:06:00. > :06:02.beginning of August renamed the new partner and since we were given that
:06:03. > :06:07.partnership status it was all systems go for this pilot and we got
:06:08. > :06:11.on the road as quickly as we could. It was a coincidence that one of our
:06:12. > :06:14.competitors on the other side of the world had similar timing. You pick
:06:15. > :06:19.Singapore. Tell us why you decided to do this here. Singapore is really
:06:20. > :06:23.the ideal choice for launching this technology. We got strong support
:06:24. > :06:27.from the Singaporean government, there is great infrastructure, good
:06:28. > :06:32.roads and good traffic conditions. People really obey the rules of the
:06:33. > :06:36.road. You put all of those things together it's a great test pad and a
:06:37. > :06:42.future launch site for the technology. Accommodation provider
:06:43. > :06:47.aired B has an evaluation of about $30 billion after its latest funding
:06:48. > :06:51.round. -- Airbnb. It secured a cornerstone investment from Google
:06:52. > :06:55.added its US venture capital firm. This makes Airbnb the second most
:06:56. > :07:01.valuable private company in Silicon Valley, behind Uber. The firm is
:07:02. > :07:05.worth an estimated 68 billion dollars.
:07:06. > :07:12.Asia's population is ageing more rapidly than any other each region
:07:13. > :07:16.on earth. Currently about 5% of Asia's population is 65 or older but
:07:17. > :07:21.a recent report says those figures will rise by 70% in the next 15
:07:22. > :07:29.years and that would cost the Asian economies some $20 trillion in the
:07:30. > :07:32.same period. We look at how the small citystate of Singapore is
:07:33. > :07:39.trying to tackle the issue. It is not everyday you a second
:07:40. > :07:44.chance. And even more rare if you are 67 years old. But that's exactly
:07:45. > :07:50.what happened to this man. He is known to his colleagues simply as
:07:51. > :07:54.Uncle Chu. The term is a sign of respect, for Uncle Chu it is also
:07:55. > :07:58.recognition of the fact that he is at least two decades older than most
:07:59. > :08:02.of the staff at this restaurant. TRANSLATION: Older people like us
:08:03. > :08:07.should work, as it keeps us healthy. At our age and having a job makes us
:08:08. > :08:13.feel wanted and it is great to keep ourselves occupied by working.
:08:14. > :08:17.Singapore is beginning to understand that it needs to address this
:08:18. > :08:24.problem now. Currently, the elderly make up some 11% of the country's
:08:25. > :08:28.population, but that figure is expected to rise 20% in the next 15
:08:29. > :08:32.years and Singapore is growing old at a faster rate than many of its
:08:33. > :08:37.neighbours. Singapore's government estimate that ten years ago 50% of
:08:38. > :08:42.the country's elderly were employed. That's now jumped to 67%, which
:08:43. > :08:47.means now two thirds of the elderly are in some form of employment. But
:08:48. > :08:52.officials admit that this is still a work in progress. When we compared
:08:53. > :08:56.to some other developed countries, which are quite good at maximising
:08:57. > :09:02.the potential of workers, like Japan and Korea, we are quite comparable,
:09:03. > :09:05.but we believe we are on a good trajectory, there is still work be
:09:06. > :09:11.done, especially when we think about the demographic trends. It wasn't
:09:12. > :09:15.that long ago that Singapore was still a young country. The citystate
:09:16. > :09:20.went from third World to first in just a few short decades. But it was
:09:21. > :09:26.that economic success that led in part to fewer women having babies
:09:27. > :09:30.and, as the population shrinks, Singapore is counting on its elderly
:09:31. > :09:35.to ensure that the next generation's future remains intact.
:09:36. > :09:43.And you can tune into Talking Business this weekend, where we will
:09:44. > :09:47.talk more about the ageing population of age.
:09:48. > :09:50.A quick look at the markets. Japan was closed for a public holiday
:09:51. > :09:53.yesterday and we opened lower, it was the Japanese yen is
:09:54. > :09:59.strengthening against the US dollar after the Fed's decision. That's it
:10:00. > :10:00.for this edition of Asia Business Report. Sport Today is coming up
:10:01. > :10:04.next.