Browse content similar to 15/12/2015. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
This is Business Live from BBC News with Aaron Heslehurst and Sally | :00:12. | :00:14. | |
As firms continue to count the rising cost of hacking attacks, | :00:15. | :00:17. | |
we ask if it's now time for governments to play a greater | :00:18. | :00:20. | |
Live from London, that's our top story on Tuesday 15th November. | :00:21. | :00:37. | |
2015 has seen a series of high-level global cyber security | :00:38. | :00:42. | |
Some of the biggest victims of those attacks will be meeting | :00:43. | :00:47. | |
The question on everyone's lips ? what, if anything, | :00:48. | :00:51. | |
China's Island Factory - the global power is building | :00:52. | :00:58. | |
artificial islands in the South China Sea. | :00:59. | :00:59. | |
On the markets, Japanese stocks led losses across much of Asia as oil | :01:00. | :01:19. | |
prices continued to slide and with investors remaining | :01:20. | :01:23. | |
cautious ahead of a widely-expected US interest rate rise on Wednesday. | :01:24. | :01:32. | |
And on Inside Track we have a real cracker of a CEO today. | :01:33. | :01:35. | |
We'll be speaking to the man who heads United biscuits, | :01:36. | :01:38. | |
they're the global snack firm behind brands including McVitie's | :01:39. | :01:48. | |
and Jacob's crackers and Jaffa Cakes. | :01:49. | :01:50. | |
Today as a rocket carrying three astronauts prepares to launch | :01:51. | :01:52. | |
from Kazakhstan we want to know, does the idea of space | :01:53. | :01:55. | |
Let us know - just use the hashtag #BBCBizLive. | :01:56. | :02:15. | |
The past year has seen a record number of high level cyber security | :02:16. | :02:19. | |
In the UK, Members of Parliament are meeting today to discuss | :02:20. | :02:32. | |
the issue and will be joined by the Chief Exec | :02:33. | :02:34. | |
They suffered a massive cyber attack in October. | :02:35. | :02:37. | |
Hackers accessed personal details of almost 157 thousand customers, | :02:38. | :02:39. | |
including more than 15,000 bank account numbers and sort codes. | :02:40. | :02:46. | |
And they're not the only ones - PayPal, Ebay, JP Morgan and Sony | :02:47. | :02:49. | |
Hacking costs firms that operate around the world an average of | :02:50. | :03:00. | |
In the UK alone, it's estimated that hacking costs firms a total | :03:01. | :03:19. | |
of $51 billion a year. | :03:20. | :03:21. | |
$27 billion of that is lost revenues as the result of attacks | :03:22. | :03:24. | |
with the other $24 billion spent on firms defending themselves | :03:25. | :03:26. | |
What will they discuss today when business leaders and politicians | :03:27. | :03:31. | |
meet? We're joined by Anthony Leather, | :03:32. | :03:32. | |
senior consultant, Aerospace, Defence and Security, | :03:33. | :03:34. | |
at Frost Sullivan. Outlining the possible cost of this | :03:35. | :03:42. | |
problem, it is huge. TalkTalk is an example of that earlier this year. | :03:43. | :03:47. | |
Absolutely. Side bar has really come onto the risk register for a number | :03:48. | :03:52. | |
of companies, elevated by the UK Government as a Tier one national | :03:53. | :03:59. | |
security issue. There is much more engagement required across | :04:00. | :04:02. | |
Government, industry and business to try to tackle this. Europe is | :04:03. | :04:06. | |
talking about this quite intensively and the EU may come up with rules | :04:07. | :04:09. | |
and regulations that we would have to add here too. Give us a sense of | :04:10. | :04:15. | |
where we are headed and what the politicians and business leaders may | :04:16. | :04:19. | |
well discuss today? One of the biggest issues is transparency, | :04:20. | :04:23. | |
people not reporting on attacks in the past, not sharing information. | :04:24. | :04:28. | |
By Midge and collaboration was an issue, the EU cyber-security policy | :04:29. | :04:34. | |
really drives better collaboration across countries, but also across | :04:35. | :04:38. | |
some of the businesses as well to share threats and breeches and to | :04:39. | :04:44. | |
ensure certain standards of cyber-security for the protection of | :04:45. | :04:49. | |
information and data of customers. We talk about the billions, we just | :04:50. | :04:55. | |
talked about the cost of UK firms, more than $50 billion, but I wonder, | :04:56. | :05:01. | |
they spend billions but hackers are still getting through, it is a | :05:02. | :05:05. | |
constant battle ground, so I keep hearing. Security firms constantly | :05:06. | :05:10. | |
coming up with walls, hackers are constantly coming up with ways of | :05:11. | :05:15. | |
getting around those, I guess the TalkTalk incident highlighted it is | :05:16. | :05:19. | |
not just IT departments now. You make a good point, we moved away | :05:20. | :05:23. | |
from the walls, people realised their networks would be penetrated, | :05:24. | :05:31. | |
it is about realising the threats, having constant diagnostics running | :05:32. | :05:36. | |
at the capability in place to remediate a lot of the issues. With | :05:37. | :05:41. | |
that issue is found, to be one quite quickly. The engagement at boardroom | :05:42. | :05:49. | |
level really needs to happen more moving forward because they are | :05:50. | :05:53. | |
beginning to see hits on revenues and reputation and it is an issue is | :05:54. | :05:57. | |
ready to be more active with. Thank you very much for coming in and | :05:58. | :06:01. | |
sharing your expertise. We will be across any news that comes out of | :06:02. | :06:04. | |
that meeting that is taking place today. | :06:05. | :06:06. | |
The US city of Seattle has approved a law which allows drivers | :06:07. | :06:14. | |
for the online taxi service Uber to join a trade union. | :06:15. | :06:17. | |
Uber regards its unlicensed taxi drivers not as full-time employees | :06:18. | :06:19. | |
but as contractors with flexible hours. | :06:20. | :06:21. | |
The company has resisted efforts from drivers to negotiate | :06:22. | :06:23. | |
collectively on pay and working conditions. | :06:24. | :06:25. | |
A report says the UK should start fracking to establish the economic | :06:26. | :06:28. | |
It claims shale could create jobs, but doubted if it would cut prices. | :06:29. | :06:38. | |
Abundant shale gas in the US has helped domestic energy prices fall. | :06:39. | :06:43. | |
Aviation officials in the United States say all small | :06:44. | :06:45. | |
drones and model aircraft in the country must be registered | :06:46. | :06:47. | |
Drone pilots will have to pay $5 to obtain | :06:48. | :06:59. | |
The authorities promised to bring in regulation in response | :07:00. | :07:02. | |
to concerns over privacy and security. | :07:03. | :07:09. | |
Your boys have got drones. They have both got little ones. | :07:10. | :07:20. | |
They can go up I take a picture. Do they have those ones? | :07:21. | :07:27. | |
Yes, they are not expensive. If you had to register them all... | :07:28. | :07:29. | |
I had one, I lost it, it flew off! Let's take a look round the world | :07:30. | :07:33. | |
at what's business stories Slicks if you don't want a dog about | :07:34. | :07:46. | |
this today, it is all over the BBC, a bit tricky! Tim Peake anti other | :07:47. | :07:53. | |
astronauts are heading into space, take off is 11:03am GMT. It is quite | :07:54. | :08:02. | |
an exciting moment, but this is an industry that is worth a lot | :08:03. | :08:05. | |
globally but certainly to the UK economy as well. | :08:06. | :08:12. | |
?11.3 million. A very exciting story. We have asked | :08:13. | :08:17. | |
you to get in touch, are you excited about this, would you go to space on | :08:18. | :08:20. | |
holiday? Yes! I would love to see the planet | :08:21. | :08:24. | |
from up there. We would like to know your thoughts. | :08:25. | :08:28. | |
Just stick me in a rocket, one-way ticket! | :08:29. | :08:35. | |
I am getting it from the gallery! Let's move on! | :08:36. | :08:42. | |
China is building huge artificial islands in a controversial area | :08:43. | :08:48. | |
of the South China sea where six countries have a territorial | :08:49. | :08:51. | |
Because the construction work is hundreds of miles out | :08:52. | :08:54. | |
into the waters, no journalist has been able to film | :08:55. | :08:57. | |
The BBC's Rupert Wingfield-Hayes flew in a small civilian aircraft | :08:58. | :09:04. | |
into the security zone, unilaterally imposed by Beijing. | :09:05. | :09:08. | |
You are threatening the security of our station. | :09:09. | :09:24. | |
They are being told, don't come! Tell our viewers around the world | :09:25. | :09:35. | |
how important this area is? It is a huge trading area with a lot of | :09:36. | :09:38. | |
ships passing through? A huge number of ships. Think about | :09:39. | :09:46. | |
the countries around the rim of the South China Sea, to the north you | :09:47. | :09:50. | |
have China, the world's second-biggest economy, Japan, the | :09:51. | :09:54. | |
world's third biggest, South Korea, Taiwan, Hong Kong, and to the south, | :09:55. | :10:00. | |
Vietnam, the Philippines, Malaysia, Indonesia. A massive amount of the | :10:01. | :10:05. | |
world economy is concentrated around this seed, and for that reason about | :10:06. | :10:10. | |
40% of the world's trade is thought to pass through the South China Sea | :10:11. | :10:15. | |
every year. A lot of it is manufactured, but also oil and gas | :10:16. | :10:19. | |
coming into these economies, and about 11% of all of the crude oil in | :10:20. | :10:24. | |
the world passes through the South China Sea, 6% of the liquid natural | :10:25. | :10:30. | |
gas. Two figures are important, China get about 40% of its oil from | :10:31. | :10:33. | |
the Middle East and all of it comes through the South China Sea. That is | :10:34. | :10:39. | |
why China wants to be able to secure this area. But hang on, Japan gets | :10:40. | :10:43. | |
80% of its oil from the Middle East and all of that comes through the | :10:44. | :10:56. | |
South China Sea, too, so Japan is extremely nervous about what China | :10:57. | :10:57. | |
is doing, building these islands, apparently military bases, to take | :10:58. | :11:00. | |
control of the South China Sea. Astonishing figures. Thanks very | :11:01. | :11:01. | |
much for that, we appreciated. Let's talk markets, keep this in | :11:02. | :11:08. | |
mind, oil and Janet Yellin. Janet Yellen, the big boss | :11:09. | :11:14. | |
of America's central bank, and the big slide in the black | :11:15. | :11:16. | |
stuff is dominating. US crude fell as low | :11:17. | :11:19. | |
as $34.53 a barrel on Monday. Brent crude traded over here, | :11:20. | :11:26. | |
it fell to $36.33, its weakest level But keep this in mind - | :11:27. | :11:30. | |
a fall below $36.20 would take oil Remember, just over a year ago oil | :11:31. | :11:39. | |
was running at $120 a barrel. Nikkei closing down | :11:40. | :11:54. | |
at a 7.5-week low. The Federal Reserve begins its last | :11:55. | :12:04. | |
meeting of the year today, and traders see an 83% chance | :12:05. | :12:13. | |
that the Fed will press It'd be the first time | :12:14. | :12:15. | |
in almost a decade. Of course a rate hike would signal | :12:16. | :12:19. | |
confidence in the US economy, but some investors worry | :12:20. | :12:21. | |
it may slow growth. And the main question now turns | :12:22. | :12:24. | |
to how many increases will follow Let's get the latest on what should | :12:25. | :12:37. | |
be making the business headlines on that side of the Atlantic today. | :12:38. | :12:44. | |
The event everyone has been talking about has arrived, the Fed's | :12:45. | :12:48. | |
policy-setting group will begin a two-day meeting on interest rate | :12:49. | :12:52. | |
policy on Tuesday and investors have almost fully priced in a rate | :12:53. | :12:56. | |
increase, the first in the decade, and the debate is how many increases | :12:57. | :13:01. | |
will follow in 2016. Low energy prices has helped offset the | :13:02. | :13:11. | |
increase in products, and US anti-trust regulators are expected | :13:12. | :13:14. | |
to decide whether or not they would want the $26 billion deal. They hope | :13:15. | :13:29. | |
it will alleviate concerns that a deal would be anti-competitive. | :13:30. | :13:35. | |
It has been quoted year for mergers and acquisitions. | :13:36. | :13:41. | |
The lawyers will have made a lot of money! Carrying it all the way to | :13:42. | :13:44. | |
the bank! Joining us is David Buik | :13:45. | :13:45. | |
from Panmure Gordon Co. He doesn't need an introduction! | :13:46. | :13:55. | |
Part of the family! Everybody is talking about it, let's | :13:56. | :14:01. | |
start with the Fed. Almost to the point of boredom. The fact remains | :14:02. | :14:08. | |
Janet Yellin is that truly conservative, she replaced Benbow 90 | :14:09. | :14:14. | |
just over a year ago and has been teasing us for a year now. It has to | :14:15. | :14:19. | |
stop. If she does not stop teasing us, the bank will lose credibility. | :14:20. | :14:24. | |
Should she have raised them sooner? There has just been too much | :14:25. | :14:31. | |
rabbiting. To be fair to her, we have been doing the rabbiting. | :14:32. | :14:36. | |
The other thing is, this forward guidance has proved to be rubbish, | :14:37. | :14:40. | |
it doesn't matter what central Bank you speak to, the prognosis and | :14:41. | :14:45. | |
forecasting of what will happen in the future has been, at best, Dyer. | :14:46. | :14:51. | |
It is something you shouldn't get too involved in. Because she | :14:52. | :14:58. | |
threatened it six months ago, the dollar went to the moon, emerging | :14:59. | :15:05. | |
markets fell around our feet in dismay, will she, won't she, Shelby, | :15:06. | :15:10. | |
shan't we? It has to stop. As the saying, the first will be on | :15:11. | :15:16. | |
Wednesday, then one in March, one in September 2016... How do they know? | :15:17. | :15:21. | |
The answer is, they don't. Let's take each day as it comes, put the | :15:22. | :15:26. | |
symbolic rate up, back off, see how it works, if it works, go on, if | :15:27. | :15:28. | |
not, put it back. The other question was about oil. It | :15:29. | :15:38. | |
is over the papers. They are ruthless. We will talk about oil. | :15:39. | :15:43. | |
Later. David will return and we will be talking to a guest that really | :15:44. | :15:45. | |
takes the biscuit! We're going to be joined | :15:46. | :15:48. | |
by the Chief Executive of United Biscuits, the company | :15:49. | :15:50. | |
behind a host of tasty snacks including one of my | :15:51. | :15:54. | |
favourites, Jaffa cakes! You're with Business | :15:55. | :16:00. | |
Live from BBC News. UK astronaut Tim Peake is ready | :16:01. | :16:11. | |
to make his landmark flight The space sector is now worth ?11.3 | :16:12. | :16:16. | |
billion annually to the UK economy. Sarah Rainsford is in Kazakhstan | :16:17. | :16:25. | |
preparing for blast-off. Sarah, what does this launch | :16:26. | :16:27. | |
mean for the UK space industry? Well, it does. Certainly the hope is | :16:28. | :16:47. | |
that this will lead to further investments in the space industry in | :16:48. | :16:51. | |
Britain. I mean the fact itself that there is a British man heading up to | :16:52. | :16:55. | |
the International Space Station for the first time is proof of that will | :16:56. | :17:00. | |
if you like to put more money into the space programme because the | :17:01. | :17:04. | |
British Government paid around about, I understand, ?20 million for | :17:05. | :17:09. | |
this seat for Tim Peake today on the rocket here behind me, the Soyuz | :17:10. | :17:13. | |
rocket. That represents a significant investment for Britain, | :17:14. | :17:17. | |
but it is a bit of a discount in terms of what the seats normally | :17:18. | :17:22. | |
cost. Russia rents them out at $70 million for each seat. So Britain is | :17:23. | :17:26. | |
getting a good deal here, but yeah, the hope is that Britain will then | :17:27. | :17:30. | |
be increasing investment in the space programme, in the Space Agency | :17:31. | :17:34. | |
and that will lead to more jobs. There is around about 34,000 people | :17:35. | :17:38. | |
currently employed in Britain in the space industry and we are looking at | :17:39. | :17:45. | |
up to 100,000 by 2030. Of course, that might be helped by the | :17:46. | :17:48. | |
excitement about this flight. Tim Peake is the first official | :17:49. | :17:52. | |
astronaut heading to the ISS: There is a huge amount of excitement at | :17:53. | :17:57. | |
the cosmodrome where he is going to make the flight. His family and his | :17:58. | :18:02. | |
friends are here. There is plenty of people wearing Union Flag bobble | :18:03. | :18:07. | |
hats and waving Union Flags as he came out of the hotel and cheers and | :18:08. | :18:10. | |
crowds wishing him well as he came out. Maybe that will add a bit of a | :18:11. | :18:16. | |
thrust as well to the space industry back home. | :18:17. | :18:20. | |
Thank you very much. Sarah Raynsford in Kazakhstan and we will be right | :18:21. | :18:24. | |
across that later. Another story in the business News. Yahoo is told to | :18:25. | :18:30. | |
cut free food for its staff. That's one of the suggestions to help boost | :18:31. | :18:32. | |
its bottom line. Our top story: Cyber attacks costs | :18:33. | :18:42. | |
the average global company $7.7 In the next few hours some | :18:43. | :18:45. | |
of the UK's leading CEOs whose firms have been subjected | :18:46. | :18:55. | |
to major hacking attacks, will meet with | :18:56. | :18:57. | |
politicians in London. Top of the agenda, how | :18:58. | :18:59. | |
to protect personal data Now it's time to make a cup of tea, | :19:00. | :19:01. | |
put your feet and break out the digestives because we are going | :19:02. | :19:17. | |
to discuss the business of biscuits. I will be talking about it. Aaron is | :19:18. | :19:30. | |
busy off loading brands we know very well. | :19:31. | :19:41. | |
We have the Chief Executive of United Biscuits. | :19:42. | :19:43. | |
But first let's get some background on the company behind the treat. | :19:44. | :19:46. | |
United Biscuits are behind some our most beloved snack brands | :19:47. | :19:52. | |
including the likes of Jaffa cakes, hobnobs, Jacob's Cream Crackers and, | :19:53. | :19:54. | |
of course, the classic McVities digestive. | :19:55. | :19:56. | |
They currently sell products in 130 countries and are now | :19:57. | :19:58. | |
growing their market share in emerging markets including | :19:59. | :20:00. | |
the likes of Saudi Arabia, Nigeria and India. | :20:01. | :20:02. | |
Last year the group was put up for sale by its private equity | :20:03. | :20:05. | |
owners and acquired by a Turkish food giant Yildiz Holdings | :20:06. | :20:07. | |
In April of this year Jeff van der Eems was appointed | :20:08. | :20:14. | |
Chief Executive of United Biscuits after spending ten years | :20:15. | :20:16. | |
I'm pleased to say that he joins me now. | :20:17. | :20:24. | |
Welcome to the programme. Thank you for bringing in all this food! | :20:25. | :20:31. | |
Eat away, enjoy! That's what they are there for. | :20:32. | :20:39. | |
Jeff, clearly you have got a lot of very well-known, famous brands, | :20:40. | :20:44. | |
fairly diversified. But you've just been acquired as we say by a Turkish | :20:45. | :20:49. | |
company. That company has its own ambitions. Just talk us through how | :20:50. | :20:52. | |
that is working out and what it means for you in terms of future | :20:53. | :20:57. | |
growth? We are pleased that the Turkish company were the acquirer of | :20:58. | :21:03. | |
United Biscuits. We have been under private equity ownership for 14 | :21:04. | :21:10. | |
years and it has complementary technologies and baking is at the | :21:11. | :21:14. | |
core of their business. They started as bakers in 1944. We started as | :21:15. | :21:20. | |
bakers 200 years ago. We share the same DNA. | :21:21. | :21:26. | |
Was it a tough battle? I was reading that yielders fought off Kellogg's | :21:27. | :21:33. | |
in the US as well as another rival, Burton's. It was a welcome tested | :21:34. | :21:39. | |
auction, but it is hard to find global iconic brands. When we came | :21:40. | :21:45. | |
to market it was a fierce contest and the Turkish prevailed. How did | :21:46. | :21:51. | |
you get into crackers and biscuits. You're a Pepsi man! I was a banker. | :21:52. | :21:57. | |
I was always introducing clients to do deals, but I wanted to be in a | :21:58. | :22:01. | |
company that made things and what better company than a company that | :22:02. | :22:03. | |
loves snacks. I love the products and you can't meet a person in the | :22:04. | :22:07. | |
UK that hasn't eaten the product and enjoyed the product and has an | :22:08. | :22:11. | |
opinion on it. It made me popular with my kids' friends! | :22:12. | :22:16. | |
They all want to come over to your house. Always something in the | :22:17. | :22:20. | |
cupboard. I have been there 11 years and I've really, really enjoyed it. | :22:21. | :22:25. | |
What are the challenges for you? It is an industry you can't sit still, | :22:26. | :22:29. | |
you have got to be thinking of the next new thing because there is so | :22:30. | :22:31. | |
much competition out there? Yes, that's true. We are against the big | :22:32. | :22:36. | |
global giants, we have to continually innovate and lower our | :22:37. | :22:40. | |
cost base. A cracker is a cracker, isn't it? A cracker is a cracker, a | :22:41. | :22:46. | |
biscuit is a biscuit, yes? A cracker is a cracker and you have got | :22:47. | :22:51. | |
digestives, been on the market for 140 years, loved around the world, | :22:52. | :22:57. | |
Carr's table water crackers and you come up with new things. If | :22:58. | :23:03. | |
consumers want healthier savourier snacks with great taste. We are | :23:04. | :23:08. | |
going to be nutritionally advantaged because we are baked as opposed to a | :23:09. | :23:13. | |
fried snack. When you come up with new things, who is in your mind? Who | :23:14. | :23:17. | |
is your customer that you think of when you think of the new product? | :23:18. | :23:21. | |
Is it the mum? Is it the child? The mum tends to be the gatekeeper. But | :23:22. | :23:26. | |
we analyse consumption trends carefully. We look at what | :23:27. | :23:29. | |
consumesers do, when they eat and why they eat and we do this over the | :23:30. | :23:36. | |
world, a digestive in Italy will tend to be consumed at breakfast. We | :23:37. | :23:41. | |
look carefully, consumer tastes are similar, but how and when they eat | :23:42. | :23:45. | |
the product can be dimp and that's where we have to market the product. | :23:46. | :23:54. | |
Every time we talk, that is a cracker! Every time we talk to a big | :23:55. | :24:00. | |
boss from a company that makes stuff in the food industry, we talk about | :24:01. | :24:04. | |
China and it is interesting when China or the Chinese get an appetite | :24:05. | :24:08. | |
for a western product, boy it flies off-the-shelf. The price goes up | :24:09. | :24:13. | |
sometimes as well. Dot Chinese, do they have an appetite, do they like | :24:14. | :24:18. | |
a cracker? They love crackers and they like biscuits that aren't as a | :24:19. | :24:23. | |
sweet. That's the beauty of a digestive. It is not overly sweat | :24:24. | :24:27. | |
and that plus the natural goodness of the natural digestive because it | :24:28. | :24:30. | |
is high in whole grains and it makes it popular. Who to what extent are | :24:31. | :24:37. | |
you selling the US? They like sweater things there and their taste | :24:38. | :24:43. | |
buds are different? They do, but we sell Carr's table water there. They | :24:44. | :24:52. | |
like that. Posh crackers. One of the beauties of biscuits, they are | :24:53. | :24:56. | |
affordable. They offer great flexibility and taste and ?1. I was | :24:57. | :25:04. | |
going to say 99 pence typically from one big supermarket here. Yes. They | :25:05. | :25:08. | |
are great. What's the growth market? What's the | :25:09. | :25:14. | |
footprint like? The developing markets are the fastest growing. We | :25:15. | :25:20. | |
have quadrupled the size of our international and we focussed on | :25:21. | :25:23. | |
China, the Middle East and Africa and Africa is booming for us. Is | :25:24. | :25:27. | |
there a time of year that's important to you? Like now, I see | :25:28. | :25:31. | |
you've got festive faces here. Or is it just throughout the year? I | :25:32. | :25:35. | |
presume it is throughout the year? It is throughout the year and it is | :25:36. | :25:39. | |
throughout the day and that's one of the great characteristics of our | :25:40. | :25:44. | |
category, but festivals are big. The UK, Christmas is huge. We do packs | :25:45. | :25:49. | |
for divalley in India and packs for Ramadan in the Middle East. Jeff, it | :25:50. | :25:54. | |
has been a real pleasure. Thanks for lunch, breakfast, lunch and dinner! | :25:55. | :25:59. | |
That's all from Business Live. We will see you soon. Bye-bye. | :26:00. | :26:06. |