:00:10. > :00:12.This is Business Live from BBC News with Ben Thompson and Sally Bundock.
:00:13. > :00:15.$5 billion in sales in just 90 minutes - the world's biggest
:00:16. > :00:18.shopping day is happening right now, and you probably don't even know it.
:00:19. > :00:22.China's Singles Day smashes records again with millions hitting
:00:23. > :00:53.Live from London, that's our top story on 11th November.
:00:54. > :00:56.Launched by Chinese e-commerce giant Alibaba, for 24 hours,
:00:57. > :00:58.shoppers who are unmarried and unattached go online and splurge
:00:59. > :01:03.So how big a deal is singles day we go live to Beijing to find out.
:01:04. > :01:06.Long haul travel just got even longer.
:01:07. > :01:08.With cheap fuel and more efficient planes -
:01:09. > :01:12.But not everyone is happy, not least those cramped in the economy seats.
:01:13. > :01:15.And markets are barely moved despite better than expected retail
:01:16. > :01:18.figures from the world's second largest economy.
:01:19. > :01:22.We'll assess what China's 11% rise in sales means for the rest of us.
:01:23. > :01:29.And he's been described as the only tech entrepreneur not to have made
:01:30. > :01:32.a billion dollars - the founder of the free online encyclopaedia
:01:33. > :01:36.And as those super long haul flights return,
:01:37. > :01:40.How do you make your long air journey bearable?
:01:41. > :01:57.If you're living outside of China, there's a retail phenomenon that
:01:58. > :02:02.It's called Singles Day and as the name suggests,
:02:03. > :02:07.it began in the 90s as a day for single people to treat themselves.
:02:08. > :02:10.In 2009, the online retail firm Alibaba adopted the day to promote
:02:11. > :02:13.a massive online shopping sale which has now also been adopted
:02:14. > :02:21.Last year, Alibaba recorded $9.3 billion in sales during the annual
:02:22. > :02:26.event, making it the biggest online shopping day in the world.
:02:27. > :02:29.A short while ago the E-commerce giant announced that it has already
:02:30. > :02:34.broken that record with $5 billion worth of goods sold in
:02:35. > :02:41.the first 90 minutes alone and there are still quite a few hours to go.
:02:42. > :02:48.Celia Hatton joins us now from our Beijing Bureau.
:02:49. > :02:57.We are describing as a phenomena, but it is quite extraordinary, isn't
:02:58. > :03:02.it? Alibaba saying it smashed last year's record-breaking day.
:03:03. > :03:06.It is hard to believe that Alibaba only nominated singles day as a
:03:07. > :03:10.special shopping holiday just six years ago and already, it really has
:03:11. > :03:19.transformed the face of commerce in China. Many people in China will
:03:20. > :03:24.stop shopping in the weeks leading up this to event. They will wait so
:03:25. > :03:29.they can buy goods on 11th November. It is an important day in China.
:03:30. > :03:32.There is one thing ordering, the dmaend, but meeting the demand and
:03:33. > :03:38.supplying the goods and getting them to where they need to be must be an
:03:39. > :03:43.enormous task? Oh, absolutely. In fact, many shoppers complain that
:03:44. > :03:49.they don't really want to buy things online today because it takes so
:03:50. > :03:52.long for them to be delivered, but Chinese courier companies say they
:03:53. > :03:56.will leap into action to solve the problem that happened in past years.
:03:57. > :04:00.Chinese state media is reporting that 1.7 million people will be
:04:01. > :04:04.involved in working for courier companies to make sure the goods
:04:05. > :04:10.will get delivered to the places they need to go. That uses 230
:04:11. > :04:14.delivery vans will fan out across the country starting today.
:04:15. > :04:18.Is this going to last, do you think? Here in the UK, one of our big
:04:19. > :04:22.retailers announced they are not going to do the Black Friday thing
:04:23. > :04:24.anymore because of shopper fatigue. In sign of that in China, it would
:04:25. > :04:29.seem? No. I do think this holiday will
:04:30. > :04:33.continue to be very, very important on the Chinese calendar. It is a
:04:34. > :04:37.time, it is really the major shopping holiday of the year in
:04:38. > :04:41.China. So I don't think it will go away any time soon. However, a loft
:04:42. > :04:45.other online retailers are trying to compete with Alibaba. That's the
:04:46. > :04:49.world's biggest online shopping platform. There are rivals that are
:04:50. > :04:53.trying to introduce their own shopping holidays for example 12th
:04:54. > :04:57.December, it will be the next major online shopping holiday in China,
:04:58. > :05:01.but I don't think singles day will go away any time soon. Thank you
:05:02. > :05:06.very much, Celia. Do you still get it treat yourself
:05:07. > :05:11.if you're not single? I think everybody is at it today. The bar
:05:12. > :05:14.gains are there to be had. Forget your status. Just go for it.
:05:15. > :05:16.Prosecutors have charged three men relating to the largest cyber-attack
:05:17. > :05:20.Personal information for 100 million people was accessed by cyber-thieves
:05:21. > :05:35.Twelve institutions were victims of the hacking including JP Morgan,
:05:36. > :05:39.Revenue at Tencent, China's biggest gaming and social network firm, has
:05:40. > :05:46.jumped more than 30% to $4.2 billion in the three months to September.
:05:47. > :05:49.It's a five month high for the firm, thanks to a surge
:05:50. > :05:58.The number of users of its popular messaging app, WeChat, rose by
:05:59. > :06:03.almost 40% in the period to 650 million.
:06:04. > :06:15.A vivid pink diamond weighing over 16 carats has sold
:06:16. > :06:17.at auction in Geneva for over $28 million.
:06:18. > :06:19.The auction house, Christie's, said only three pink stones
:06:20. > :06:22.in this category had come up for sale over the past 250 years.
:06:23. > :06:25.The diamond known as The Pink was purchased by an unidentified Chinese
:06:26. > :06:36.I don't think that will go on a finger. It will go inside a vault.
:06:37. > :06:42.Have you any on your finger? No, sorry, any offers!
:06:43. > :06:50.On the Business Live page, we have got lots of stories. This one is
:06:51. > :07:10.pretty monster. It is being reported this deal is done. $121 billion,
:07:11. > :07:18.about 112 billion euros. It means Inbev is buying Miller.
:07:19. > :07:21.Look at this image. This sums-up the frenzy that Celia was talking about
:07:22. > :07:26.in Beijing. More about Singles Day on the BBC website and more about
:07:27. > :07:31.other stories around there as well. Staying in the region, we have had
:07:32. > :07:35.more data from China. This time retail sales are getting a boost
:07:36. > :07:41.from the figures. They will be in the next set of figures. But
:07:42. > :07:46.industrial figures from China. Bring us up-to-date. Some good figures
:07:47. > :07:51.beating expectations as far as the retail figures are concerned?
:07:52. > :07:55.The retail figures are good, but the rest was mixed, I should say.
:07:56. > :08:01.Industrial production slowing to 5.6% in October. That was worse as
:08:02. > :08:07.expectations would come in higher. Retail sales were good. They came in
:08:08. > :08:12.a tad above expectations, up 11% which shows the jury is pretty much
:08:13. > :08:17.out when it comes to China's economy which is overall slowing. You heard
:08:18. > :08:20.earlier about Singles Day and a massive amount being spent on E
:08:21. > :08:24.commerce sites there which suggest otherwise, but economists are saying
:08:25. > :08:29.that a lot of this has been factored into the numbers and it shows how
:08:30. > :08:37.China's economy is starting to change from one that's manufacturing
:08:38. > :08:41.to one that is more consumer demand focussed. This is something the
:08:42. > :08:45.Chinese Government wants. The data did have a mixed impact on markets
:08:46. > :08:49.which pulled back slightly after their release, but most have
:08:50. > :08:55.appeared to have closed flat to higher. Sharon,ed to to see you.
:08:56. > :09:00.Thank you very much. To show you the numbers. Markets have been
:09:01. > :09:05.struggling for any direction over the last few days. Largely as a
:09:06. > :09:09.result we should say because of commodity prices. They have been
:09:10. > :09:13.struggling and that, as always, reigniting fears over deflation.
:09:14. > :09:18.Japanese stocks as you can see marginally higher after new retail
:09:19. > :09:22.figures showing sales in China rising 11% year-on-year in October
:09:23. > :09:25.coming in ahead of expectations, but over in Hong Kong, the market ending
:09:26. > :09:30.down on the session. A look at Europe, today we will get the latest
:09:31. > :09:34.update on the jobs market in the UK with September's unemployment rate
:09:35. > :09:37.expected to hold at 5.4%, but the interesting thing, as always, is
:09:38. > :09:42.looking at the average earnings figure. They are expected to rise by
:09:43. > :09:46.2.3%. Inflation is flat here in the UK. So inevitably, that hopefully
:09:47. > :09:49.means more money in the pockets of con seamers in the run-up to the
:09:50. > :09:53.holiday period. That's the current state of play across Europe, but
:09:54. > :10:00.what about the US. What is happening there? Let's get the details from
:10:01. > :10:05.New York. One of the nation's largest retailers Maisie's will
:10:06. > :10:08.report third quarter earnings. Last quarter Maisie's disappointment
:10:09. > :10:12.investors and analysts still see more challenges ahead. Department
:10:13. > :10:17.stores have been facing competition from online shopping and declining
:10:18. > :10:22.purchases as a result of the strong dollar and the warm weather has hurt
:10:23. > :10:26.the company's bottom line as consumers delay purchasing winter
:10:27. > :10:31.essentials like coats and boots. And Maisie's along with other US
:10:32. > :10:37.retalers such as Gap and Costco will this year share in the profits from
:10:38. > :10:42.the biggest online shopping day, China's Singles Day. Alibaba has
:10:43. > :10:49.been credited with commercialising with what is an anti-Valentine's
:10:50. > :10:54.Day, Chinese students celebrating their single status by buying
:10:55. > :11:05.themselves gifts! It is all about Singles Day. Briton win Curtis is
:11:06. > :11:09.with us. We have got UK jobless figures out
:11:10. > :11:13.and average earnings numbers out later this morning and we have got
:11:14. > :11:17.in Germany inflation figuring out tomorrow among other bits and bobs.
:11:18. > :11:22.Give us your sense of where we are. Everyone is looking ahead to the
:11:23. > :11:27.decision next month from the Fed? If we didn't get a hike from the Fed
:11:28. > :11:32.next month, that will be a surprise for the markets. They would probably
:11:33. > :11:35.go up a bit, but it is still hanging over us so they should just go ahead
:11:36. > :11:41.and do it. Today, the earnings figures in the UK are quite
:11:42. > :11:43.important because inflation, deflation, or disinflation,
:11:44. > :11:48.deflation, depending where you are is really important. If they start
:11:49. > :11:53.going up then everyone will start putting in for, you know, a rate
:11:54. > :11:59.hike earlier. The expectation is they're going to go up? 3.2% is the
:12:00. > :12:03.average expectation for the earnings of the that's interesting the gap
:12:04. > :12:08.between what we are spending in inflation and what we are earning
:12:09. > :12:12.means we should have more money in our pocket and it should translate
:12:13. > :12:15.into better equity figures. If people are feeling good and
:12:16. > :12:19.confident and we have seen it in the UK. We haven't seen it in lots of
:12:20. > :12:23.other parts of the world. If you look at China, yes, retail sales are
:12:24. > :12:28.up. Today is a fantastic day, but over a long period of time, they're
:12:29. > :12:31.trying to change from, you know a production based economy, export
:12:32. > :12:35.based economy into consumption and that's in the next five year plan,
:12:36. > :12:40.they are trying to do it. It's really hard and in the meantime,
:12:41. > :12:45.growth is slowing. The OECD cut their numbers for global growth
:12:46. > :12:49.again. We still have Europe, you know, pumping money in, Japan
:12:50. > :12:52.pumping money in. So it is one of those things where the markets are
:12:53. > :12:56.very uncertain and going nowhere at moment. Right, thank you, Briton
:12:57. > :13:00.win. Briton win will return. She will give us her take on long haul
:13:01. > :13:04.flights as well as looking at the other stories in business. We will
:13:05. > :13:09.be asking for your tips on how to get through a long haul flight. Keep
:13:10. > :13:14.your messages coming in. They send shivers down my spine with three
:13:15. > :13:17.little boys. Disaster that's probably as bad!
:13:18. > :13:20.Still to come - where do you go when you need to know?
:13:21. > :13:23.We will be speaking to Jimmy Wales, the founder of Wikipedia,
:13:24. > :13:26.about the invention that changed the way we find information
:13:27. > :13:29.and his new telecoms company that wants to give back to charity.
:13:30. > :13:43.You're with Business Live from BBC News.
:13:44. > :13:45.The telecoms company Talk Talk has said it expects
:13:46. > :13:48.the cyber-attack on the company's website to cost up to ?35 million.
:13:49. > :13:50.The personal details of more than 150,000 customers were
:13:51. > :13:54.And the company admitted that of those, more than 15,000 bank account
:13:55. > :14:00.The company's half-year results are out today and our business editor,
:14:01. > :14:09.Kamal Ahmed, has been speaking to the chief executive, Dido Harding.
:14:10. > :14:19.What did she tell you? More positive from Dido Harding. The half-year
:14:20. > :14:23.results are the first time TalkTalk made it clear to the markets what
:14:24. > :14:28.the cost of the cyber breach was last month. ?35 million, they are
:14:29. > :14:33.going to be spending money on giving free upgrades to their customers,
:14:34. > :14:37.trying to retain their customers and I asked Dido Harding this morning,
:14:38. > :14:40.despite the controversy, I asked her whether the business was still
:14:41. > :14:44.performing well? The early signs are quite
:14:45. > :14:50.encouraging. Most customers tell us they think we've done the right
:14:51. > :14:54.thing. We, of course, saw a step up or spike in customers cancelling
:14:55. > :14:58.direct debts, but after a few days, we saw many of the customers
:14:59. > :15:06.reinstating their direct debits again. Time will tell, but the early
:15:07. > :15:10.signs are is that customers think we are doing the right thing. If we
:15:11. > :15:14.look at share price this morning, up over 12%. You see the big dip that
:15:15. > :15:17.happened there when they announced the cyber attack. This big
:15:18. > :15:21.improvement this morning. It seems that investors are saying that
:15:22. > :15:25.TalkTalk is operating well and that despite the cyber attack, this is a
:15:26. > :15:30.business actually, it is at the cheaper end of the mobile business,
:15:31. > :15:33.customers do seem to have stuck with the business, Churn, that's the
:15:34. > :15:36.difference between the number of people leaving and the number of
:15:37. > :15:39.people joining a business is slightly up, but actually it hasn't
:15:40. > :15:43.been the calamity that many believed.
:15:44. > :15:45.Thanks a lot. It is interesting to see the share price reaction today.
:15:46. > :15:52.Thank you very much. That's the latest on TalkTalk.
:15:53. > :16:00.Sainsbury's also out with their latest numbers? Yes, that is after
:16:01. > :16:04.what has been a pretty tough time for all the big retailers. You can
:16:05. > :16:12.see, like-for-like sales excluding fuel also down 1.6%. The interview
:16:13. > :16:13.with the chief executive, who also managed to plug a number of his
:16:14. > :16:18.products. Our top story... E-commerce giant
:16:19. > :16:23.Alibaba has broken its own record for sales on
:16:24. > :16:26.China's Singles Day, the world's The firm said sales surpassed
:16:27. > :16:32.the record amount of $9.3 billion made last year
:16:33. > :16:39.in just over half the time. Today's guest needs
:16:40. > :16:42.little introduction. Jimmy Wales is
:16:43. > :16:46.an internet entrepreneur and tech visionary, best known
:16:47. > :16:50.for founding Wikipedia, the global Despite being the 5th most visited
:16:51. > :17:00.website in the world, he receives NO The organisation is not-for-profit,
:17:01. > :17:08.raising $50 million a year in donations to pay for the servers
:17:09. > :17:11.that host its pages and the Jimbo, as he is known online,
:17:12. > :17:17.grew up in Huntsville, Alabama. His family were among the first
:17:18. > :17:21.in town to own a computer - a Tandy TRS80 - and his career
:17:22. > :17:27.so far is colourful taking on many roles from open internet campaigner
:17:28. > :17:32.to hedge fund speculator. In 2004,
:17:33. > :17:35.he founded the for-profit company Wikia, a collection of individual
:17:36. > :17:38.Wikis on different subjects, Today he lives in London,
:17:39. > :17:46.making a living as a public speaker He is also co-chair of the People's
:17:47. > :17:54.Operator, a Shoreditch-based mobile phone service that gives part
:17:55. > :18:12.of its profits to charity While thanks were coming in. Jimbo -
:18:13. > :18:18.do you like that or not? Yes, actually, I always signed my e-mails
:18:19. > :18:23.like that. So it is your fault? Yes, but most people just call me Jimmy.
:18:24. > :18:28.It seems a long time ago, 2001, and you started Wikipedia. Just talk us
:18:29. > :18:33.through the thought process, because it was not the first thing you came
:18:34. > :18:38.up with, was it? Yes, the original concept was the same vision, a free
:18:39. > :18:45.encyclopaedia written by volunteers, owing to be called Newpedia. But we
:18:46. > :18:52.did not know how to do it online, so it was very top-down, a a very
:18:53. > :18:56.academic recess to get it published. And that was a failure. Then we came
:18:57. > :19:02.up with the concept of the open website which anyone can edit, and I
:19:03. > :19:08.set that up, and very quickly we have more work done in two weeks
:19:09. > :19:13.then we had done in two years. It is run by volunteers, a community,
:19:14. > :19:17.non-profit-making, but presumably you needed some money to get it
:19:18. > :19:25.going in the first place? It was very, very cheap, actually. In the
:19:26. > :19:29.beginning, we just had one server, actually, space on a shared server.
:19:30. > :19:33.Like a lot of things online, it is quite easy to get started with
:19:34. > :19:39.something new. The original software was freely available, open source
:19:40. > :19:44.software, so I just downloaded it. Only later, the expenses started to
:19:45. > :19:48.mount up as the traffic grew. By this time we had set it up to get
:19:49. > :19:57.the donations in the nonprofit scenario. Wikipedia, 285 languages,
:19:58. > :20:04.20 billion page views, the fifth most visited website. One estimate
:20:05. > :20:08.suggested that if that could carry advertising, it would be worth $5
:20:09. > :20:15.billion. Do you ever regret that you did not do it differently? No,
:20:16. > :20:17.Wikipedia is fantastic. For me, it is now a cultural institution which
:20:18. > :20:22.will be remembered hundreds of years from now. It has been amazing to be
:20:23. > :20:31.part of that community and give this a amazing gift to the world. Anyone
:20:32. > :20:36.I speak to about Wikipedia, it is about the reliability of the
:20:37. > :20:41.information, which is fundamental to its existence, really, that people
:20:42. > :20:48.trust it. For example, my page is not quite right. Everybody...! Don't
:20:49. > :20:54.believe it! So how do you manage that and police that? You have your
:20:55. > :20:57.community of volunteers but how do you know you will not be sabotaged
:20:58. > :21:03.by one of them, who just does not like Wikipedia? The volunteers all
:21:04. > :21:08.monitor each other. There is a huge amount of discussion going on, a lot
:21:09. > :21:14.of different projects going on to improve the of Wikipedia. Wiki
:21:15. > :21:18.Project Africa, for example, to go through all of the entries about
:21:19. > :21:22.Africa and rate them and look for quality improvements and things like
:21:23. > :21:24.that. We tend to be very old-fashioned in our demand for
:21:25. > :21:33.quality sourcing and things like that. You have experience of this
:21:34. > :21:36.caring, sharing, sharing with the community, which is the ethic which
:21:37. > :21:41.has founded the new mobile phone company. You might say it is a very
:21:42. > :21:45.crowded space to be in, especially here in the UK. You want to do it
:21:46. > :21:51.differently by giving some money to charity. How will it work? 10% of
:21:52. > :21:57.your bill goes to the cause of your choice. Rantie 5% of the companies
:21:58. > :22:04.profits go to charity. We are not profitable yet, but... -- 20%. The
:22:05. > :22:10.way we can afford this is by cutting out the marketing budget. The
:22:11. > :22:13.marketing budget IS the donations. You can switch to ours and we will
:22:14. > :22:18.spend it on something you care about. Briefly, that is the way you
:22:19. > :22:24.market, through people's conversations? Yes. And I say this,
:22:25. > :22:30.word-of-mouth is really powerful these days. If people are not doing
:22:31. > :22:34.the right things, word spreads very quickly. People tell each other
:22:35. > :22:40.about it and we will get more customers. It brings more money for
:22:41. > :22:45.the causes. We say it every day, we wish we had more time. But thank you
:22:46. > :22:49.so much for coming in. It has been fascinating. I am really intrigued
:22:50. > :22:53.now to look at your Wikipedia page! It's the stuff of James Bond movies
:22:54. > :22:57.- a jetpack you can fly off on The Martin Jetpack is being
:22:58. > :23:03.exhibited at the Dubai Airshow. As Jeremy Howell reports, it is not
:23:04. > :23:15.just for the playboy millionaire. Jetpack was not made for millionaire
:23:16. > :23:19.fun seekers. It is designed primarily for rescue work. Take a
:23:20. > :23:23.collapsed building, you can get their relatively quickly. And also
:23:24. > :23:30.you do not know what is on the other side, so you can get across their
:23:31. > :23:36.own have a look. One important thing is for individuals to know that they
:23:37. > :23:40.are recognised as being in trouble. The jetpack is driven by two
:23:41. > :23:48.turbofan engines. Joysticks control height and direction. Top speed,
:23:49. > :23:53.74km/h. Rescue services in Dubai have offered to buy a fleet of them.
:23:54. > :23:57.It will go on sale to private buyers in two years' time. The price is
:23:58. > :23:59.about 200,000 dollars, and it comes with a parachute.
:24:00. > :24:02.What other business stories has the media been taking an interest in?
:24:03. > :24:05.Bronwyn Curtis is joining us again to discuss.
:24:06. > :24:17.We are talking about the new ultra long haul a view issue, 19 hours in
:24:18. > :24:21.the air. You are the queen of long-haul flying, just back from
:24:22. > :24:27.Asia - how do you do it? It is really difficult. I have tried
:24:28. > :24:33.everything. The things I recommend - noise cancelling headphones. Yes,
:24:34. > :24:39.swear by them. It is a must have. That is the first thing. Lots of
:24:40. > :24:43.water while you are on the flight. Put your watch onto the new time
:24:44. > :24:48.zone immediately. Start thinking in the new time zone. But the main
:24:49. > :24:52.thing is, I cannot watch eight back-to-back movies, which is what
:24:53. > :24:56.you could do on one of these long haul flights. Get up and walk around
:24:57. > :25:01.if you can. Some of these lights, it is quite difficult to. But once you
:25:02. > :25:05.get there, I take melatonin, which is one of these, tells your brain
:25:06. > :25:11.that it is time to go to sleep. That is what I do. From our viewers...
:25:12. > :25:16.Don't fly direct, simple, says this one. But that makes your flight even
:25:17. > :25:23.longer. Someone suggesting, read a good book or two, or three or four
:25:24. > :25:30.or five. Another one, noise cancelling headphones, agreeing with
:25:31. > :25:35.Bronwen. Moving on to JP Morgan. This story is unbelievable.
:25:36. > :25:41.Washington Post, it is everywhere. Millions of customers' details. 10
:25:42. > :25:43.million, they are talking about. And setting up their own financial
:25:44. > :25:52.services firm and all sorts of things. Compare it to talk talk.
:25:53. > :25:56.150,000. 10 million, that is just huge. And just amazing that they
:25:57. > :25:59.could do it. Thank you, Bronwen. Good to have you on the show.