28/06/2017 Asia Business Report

More to come. There is more coming up from me after we catch up with

all the business use. Live to Rico Hizon and Asia Business Report. A

huge cyber attack which started in the Ukraine is heading around the

world. Indonesia survived Asian financial turmoil 20 years ago, but

is it in danger of repeating its past? Good morning Asia. Hello

world. It is a Wednesday. Glad you could join us for Asia Business

Report. I'm Rico Hizon. We start the programme with another global cyber

attack, which we discussed Newsday. Computer systems in Ukraine, Russia,

the Netherlands, France, and the UK and Denmark have all been affected.

When a computer is hit, users are told their files have been

encrypted, and they will have two pay to get them back. Here is more

from our north American reporter, Dave Lee. We just had the Wannacry

attack. And many lessons were there to be learnt. Many of you not have

heeded them. In the US, several big firms were affected, and as you

said, it is spreading across the world in a dramatic way. I am joined

by Andre McGregor. He is a security expert. What can you tell us about

this attack? The world is experiencing a global ransomware

attack that has crippled companies across several industries. You look

at Mersk, they are reduced to working on pen and paper to conduct

their business. So a crippling attack. You used to work for the

FBI. They will be looking at us. What have you been hearing about the

potential impact of this attack? First off, with the FBI, they are

looking to find the organisation that is doing this. As far as the

impact? We're looking at the fact that companies need to get going

again. The way to do it is through patching. Microsoft rated a patch,

pushing it out the computers that are affected, and are looking for

additional services or files that can allow them to identify new

systems. -- created. Why are companies not taking up these

updates? They seem to have had ample warning from FBI. This is a call to

action that we should be updating our old technology lab we do with

roads and bridges. This time, we cannot allow the time for a

government to intervene. Organisations need to patch systems

in a timely manner and deal with a Nikat. Security experts are now try

to find out who was responsible. That will take some time. -- and

deal with them when they come up. Google has been fined $2.7 billion

by the European Commission. It says the firm unfairly promoted its

shopping services in search results. The company was ordered to stop

these practices in 90 days, or face another fine. They have abused their

market dominance. In its search engine. By promoting its own

shopping comparison service in its search results, and demoting its

competitors. What Google has done is illegal under EU anti-trust rules.

It has denied other companies the chance to compete on their merits,

and to innovate, and most importantly, it has denied European

consumers the benefits of competition, genuine choice, and

innovation. But Google is striking back. The technology giant says it

respectfully disagrees with the European Union fine, and is

considering an appeal. Shares in his -- in its parent company, Alphabet,

fell. Facebook now says that more than a quarter of the world

population, over 2 billion people, now use the social networking site

every day. The milestone comes just after 13 years since its inception,

it was created by Mark Zuckerberg while he was in university. It has

doubled the number of its users in just under five years. And all this

we got Asia Business Report, we have been looking at how economies in the

region have fared since the Asian financial crisis, two decades ago.

Nowhere was the impact greater than in Indonesia. The economic turmoil

sparked riots against the Chinese community in the country, turning

the streets of Jakarta into a war zone. After three decades in power,

Indonesian strongman, President Suharto, resigned. For more, looking

at what it is like right now, we're joined by our Asia Business Report.

You grow up in Indonesia, and witnessed the transition. What it

like? Is in a traffic you would be fair to say that for everybody at

the time, it was a disaster movie that you are seeing playing out on

your streets. I remember one of the most vivid images being the

supermarket down my street on fire. And many people having to flee

Jakarta. Those who could. They wanted to get out of the way of the

protest. Notwithstanding that, that transition from what was a

dictatorship to what is now one of the driving democracies in Southeast

Asia. -- thriving. They have been peaceful transitions of government

in the last 20 years. That is that it is these that. And they are also

strong economy, clocking up about 5% on average every single year. But

even until today, those ethnic and religious tensions are concerned.

Recently, there have been protests against an ethnic Chinese mayor in

Indonesia as a result of hardline Islamist 's, Bear, who are up

becoming more vocal about democracy. And when I went back, they could --

when I went back, I realise that could undermined some democracy

there. Jakarta, one of Asia's great cities, up in place. Former

President and dictator Suharto was forced to step down after three

decades in power. Chaos spilt out onto the streets. Soldiers and tanks

hunted down protesters. What a difference 20 years can make. In

place of the protests and the tanks that once rolled down the streets,

luxury mauls and foreign brand names, instead. Jakarta is

Indonesia's capital, a symbol of its economic success. -- Suharto. But

many are still struggling with the aftermath of the Asian financial

crisis that rates of any lies in Indonesia. Back then, this woman was

a successful then you might own. She showed me pictures of the store she

had been building. Once she had definite one she took a loan to

fund. But then crisis hit. TRANSLATION: I lost everything. I

could not pay my loan because the interest late to make rate shot up.

And then it got worse. The Indonesian economy pondered 80%

against the US dollar. -- plummeted. Chinese Indonesians bore the brunt

of the outrage, this toy store was closed three days for the rise.

TRANSLATION: In the beginning, there were two scared to leave their

homes, but then think about it. -- riots. And my business also grew. It

is the growing middle class that has boosted the country's economic

growth. And after decades of authoritarian rule, South East

Asia's largest economy, today, is a thriving democracy. But democracy

has also brought out a note side. Recent demonstrations against an

ethnic Chinese mayor have raised concerns that small but vocal groups

of hardline Muslims are getting increasingly influential,

threatening Indonesia's collectability. But for those like

Anne, who had to start again, success has been sweet. She now runs

a farm. Her fortune and those of millions of Indonesians depend on

the country's economic success. At that relies on the delicate balance

keeps his together. I reported on the Asian financial crisis 20 years

ago, and for many Indonesians, it was a nightmare. Tell us about the

ethnic concern. And how it could impact the economy going. -- going

forward. The Chinese Indonesian business community is the pillar of

economic growth in the country. Many of the big businesses are owned by

Chinese Indonesians. If they feel that there is a consistent threat

against them, we might see some of the money in the country right now

are repatriated overseas or elsewhere. And they would be a big

concern for the country. Notwithstanding that, as I was

saying, strong growth rates in Indonesia will turn around the

economy. The finance ministry is really tried to make headway. We

will have more on the Asian financial crisis with my special

show this weekend. You are reporting from the Philippines on that? So

lots more for our audiences. Watch out for the special report, posted

by our guests, which will be on Saturday and Sunday. With that, we

and this edition of Asia Business Report. Sport Today is coming up