:00:10. > :00:15.It is one of the busiest shopping days of the year but cyber Monday is
:00:16. > :00:17.also predicted to be one of the dangerous to for further crime. One
:00:18. > :00:41.of our top story today. Black Friday is so last week because
:00:42. > :00:46.here comes cyber Monday and with it, an increase in cyber crime. Have the
:00:47. > :00:51.latest on a growing global problem. Also, an end to the 35 hour week and
:00:52. > :00:54.huge cuts to the public sector, the odds-on favourite to become
:00:55. > :00:59.friends's next President says he wants to shop the system. A
:01:00. > :01:04.brand-new trading week in Europe, everyone is headed south for now.
:01:05. > :01:07.It's a very busy week for financial news out of America. Economic news
:01:08. > :01:15.and the Opec meeting on Wednesday will tell you only to know. A
:01:16. > :01:18.helping hand for tech start-ups, Silicon Valley anchors given
:01:19. > :01:22.financial support to 30,000 up and coming businesses including Facebook
:01:23. > :01:27.and Twitter. Just how did they spot the next big thing? The boss will be
:01:28. > :01:30.here to tell us. As a new survey highlights the worst of those
:01:31. > :01:35.habits, we want to know what your biggest complaint is. Noisy eaters
:01:36. > :01:48.or whingers in the workplace? Let us know what annoys you.
:01:49. > :01:53.Smelly food and morning, I am naming no names ex-bag open to the
:01:54. > :01:59.programme. Another busy week and a packed programme. Are you just
:02:00. > :02:03.recovering from Black Friday is Mike the discount bonanza may have only
:02:04. > :02:07.been happening for the last couple of days at retailers are already
:02:08. > :02:12.living on because today is cyber Monday. Online retailing are
:02:13. > :02:16.expected to slash prices as shoppers log on in search of a bargain but
:02:17. > :02:20.while billions of dollars in transactions will be taking place,
:02:21. > :02:23.criminals will also be ratcheting up their efforts to get access to your
:02:24. > :02:29.account details. Experts are warning they could be as many as 6.5 million
:02:30. > :02:36.cyber attacks from Friday to Monday as anchor cards go on a buying
:02:37. > :02:39.spree. The increased traffic means it is easier for hackers to make
:02:40. > :02:45.purchases on your account without you or your bank noticing. Globally,
:02:46. > :02:50.predictions for attacks during this busy shopping week are expected to
:02:51. > :02:55.be around 50 million and it is important to stay vigilant in the
:02:56. > :02:57.run-up to Christmas. Last year 76 million transactions were blocked
:02:58. > :03:08.because they were fraudulent in the three-month lead up to the holiday.
:03:09. > :03:11.That is a 60% rise on 2014. Chief technology officer at the
:03:12. > :03:22.digital security firm is with me. You are also a former ethical
:03:23. > :03:27.hacker. It comes down to data, the value of the information that
:03:28. > :03:32.companies hold on us but sometimes they are simply not aware exist?
:03:33. > :03:35.That's right. In today's world, data is the new oil. The way
:03:36. > :03:40.organisations and businesses consume and user data, data is everywhere
:03:41. > :03:49.now. There is no longer a one-to-one relationship. You talk about that
:03:50. > :03:54.data being so valuable, give us examples of where that is valuable,
:03:55. > :04:01.why it is about double to hackers? From an organisation point of view,
:04:02. > :04:03.data, you have personal identifiable information, financial data,
:04:04. > :04:09.passwords, user credentials. All data is used to gain access to
:04:10. > :04:13.systems and also, businesses make business decisions on that data so
:04:14. > :04:19.from the bad guys point of view, they can monitor arise that or use
:04:20. > :04:24.it to counter attacks. We said you are, or where an ethical hacker,
:04:25. > :04:29.designed to expose flaws in organisations. What are the week
:04:30. > :04:36.points? What are the access points for hackers? The simplest hacks and
:04:37. > :04:44.the way a bad guy will get access to a system is usernames and passwords.
:04:45. > :04:49.A lot of the time, it is the same password. From about guys point of
:04:50. > :04:53.view, if he compromises one password, it affects all passwords.
:04:54. > :04:58.From the company 's point of view, staff have other just at need to
:04:59. > :05:05.access that network and they are the ones that may have weak passwords,
:05:06. > :05:09.but leave codes lying around. How do you balance that and make sure your
:05:10. > :05:12.staff can use this if system security but not exposing yourself
:05:13. > :05:17.to flaws? The biggest problem I see is organisations don't understand
:05:18. > :05:22.what they are trying to protect. When you say to an organisation,
:05:23. > :05:26.were you trying to protect, they say the people but the core asset is
:05:27. > :05:29.data so it is looking at the types of data, the location of the data
:05:30. > :05:34.and applying the appropriate controls. For me, with sensitive
:05:35. > :05:38.data, it should be encrypted but more importantly, the password
:05:39. > :05:50.should be removed and replaced with a one-time password. It is about
:05:51. > :05:55.firms taking it more seriously. Let's turn to France. The former
:05:56. > :05:58.Prime Minister has become the centre-right Republicans candidates
:05:59. > :06:03.for next year 's presidential election. He won the nomination with
:06:04. > :06:06.a liberal economic programme that includes cuts to public services and
:06:07. > :06:10.freeing up the labour market so where does that leave everything and
:06:11. > :06:17.what is the state of play? That's joint our correspondent. Talk us
:06:18. > :06:21.through this because clearly it is a long-running campaign and one that
:06:22. > :06:25.now reaches some sort of conclusion? Yes, we now know that he will be the
:06:26. > :06:33.candidate for the centre-right in the election. We now also that the
:06:34. > :06:38.Socialist candidate is not going to do very well probably because the
:06:39. > :06:43.left is in tatters and we know that he will be the other main
:06:44. > :06:55.challenger. All things being equal, he should win the election. That
:06:56. > :06:59.means probably, come May next year, we will have a President of France
:07:00. > :07:05.before the first time has clearly nailed his colours the mast of
:07:06. > :07:11.liberal reform. When Nicolas Sarkozy came to power, there was talk about
:07:12. > :07:19.a big break with the past which rarely never happened. There is a
:07:20. > :07:23.feeling that this programme is the one that frantically needs to put
:07:24. > :07:29.into place and he has been very upfront about it. He knows it is a
:07:30. > :07:32.political risk to admit that you admire Margaret thatcher, for
:07:33. > :07:38.example, but he seems to be saying France has reached a point of crisis
:07:39. > :07:45.and high unemployment and so on, but these shock austerity changes are
:07:46. > :07:46.necessary and there are enough people in the country who realise
:07:47. > :07:58.that. Lufthansa pilots say
:07:59. > :08:02.they will strike again on Tuesday and Wednesday after weekend talks
:08:03. > :08:06.failed to resolve a long-running The pilots' union said the walkout
:08:07. > :08:12.would affect short-haul flights on Tuesday, and both short
:08:13. > :08:16.and long-haul flights on Wednesday. Around 350,000 passengers
:08:17. > :08:19.were affected by last week's four-day stoppage which involved
:08:20. > :08:23.the cancellation of Reports say that Samsung
:08:24. > :08:29.Electronics is considering The South Korean technology giant
:08:30. > :08:33.is under pressure to do so from US activist hedge fund,
:08:34. > :08:36.Elliott Management. The hedge fund has been calling
:08:37. > :08:39.for the company to split into a holding unit and an operating
:08:40. > :08:46.company to boost shareholder value. If your colleague munching loudly
:08:47. > :08:50.on their lunch is driving you mad Noisy or messy eaters,
:08:51. > :08:55.alongside serial complainers, were among the top gripes
:08:56. > :08:59.for office workers. The survey commissioned
:09:00. > :09:02.by electronics giant Samsung suggests the bad habits also result
:09:03. > :09:18.in workers losing an average 22 Is that because they are fighting of
:09:19. > :09:22.the mice from the crumbs on their desk?
:09:23. > :09:25.It also talks about her IT, things that don't work.
:09:26. > :09:47.Don't get me started on this one! This is just being reported locally
:09:48. > :09:54.where you are, what more can you tell us? Is has come from the
:09:55. > :09:56.Ministry of economy, trade and industry, and they have admitted
:09:57. > :10:03.today that the cost of the clean-up and compensation for people affected
:10:04. > :10:07.by the 2011 Fukushima nuclear disaster has, according to
:10:08. > :10:14.estimates, and I should emphasis this is an estimate, has doubled
:10:15. > :10:19.from around 100 billion dollars to around 180 billion dollars. This is
:10:20. > :10:26.not the first time it has doubled. The initial cost back in 2011 was
:10:27. > :10:29.estimated to be around $50 billion and in 2014 it went up to 100
:10:30. > :10:43.billion and now they are saying it will be 180 billion.
:10:44. > :10:53.Hong Kong, up quite a bit, that is because it is the first trading day
:10:54. > :10:57.since news that the stock trading link will be going ahead on December
:10:58. > :10:59.five so a lot of excitement about what that will mean a Hong Kong and
:11:00. > :11:24.the index. Falling across the Europe, but will probably dominate
:11:25. > :11:27.this week. Have a lot of news coming out of the United States as well in
:11:28. > :11:41.terms of US GDP numbers, personal spending, it is a really busy week.
:11:42. > :11:50.Let's pick up on oil. Worries over whether we will get an agreement on
:11:51. > :11:52.Wednesday and it's a familiar tale? It is and traders will position
:11:53. > :11:57.themselves for the upside risk that the unexpected could happen and all
:11:58. > :12:02.of a sudden, Opec to come to an agreement and the Russians to play
:12:03. > :12:08.along and have production cuts and it should up but it is really
:12:09. > :12:15.exciting. More exciting for equities this week than for oil. What are you
:12:16. > :12:20.watching? The Dow cross 19,000, we're probably going to hit further
:12:21. > :12:27.house. We are already hitting record territory as of last week. Just tell
:12:28. > :12:31.me why? I think the expectations have increased spending. As Donald
:12:32. > :12:35.Trump keeps on deleting as how he will crater more jobs and spend more
:12:36. > :12:39.money, and this week more focus on tax cuts in the US because
:12:40. > :12:45.apparently there is a group of lobbyists who are saying, we want to
:12:46. > :12:49.reverse some of these tax hikes in the US and all of that points to
:12:50. > :12:56.hire equities. You be watching very closely? No, I will tell you why, is
:12:57. > :13:01.one of those unusual times when the market is looking ahead to what the
:13:02. > :13:05.US President will do next year. Even if we miss the jobs figures in the
:13:06. > :13:10.market goes down a bit and there is a tiny bit of profit taking, soon
:13:11. > :13:16.they will refocus back on the spending for next year. Most people
:13:17. > :13:19.think the hike next month is a given stop is already factored in and that
:13:20. > :13:24.is seen as a positive because it means they are anticipating greater
:13:25. > :13:37.inflation out of greater growth so interest rates. A quick work on
:13:38. > :13:42.Europe. Are we worried about it? Italy, of course, France, Holland,
:13:43. > :13:46.next year, where does that leave the market? It is irrelevant at this
:13:47. > :13:53.stage only because it is too far out of our periscope. We are not
:13:54. > :14:02.expecting any sharp movements. What if you are a long-term investor
:14:03. > :14:08.Gergo Lovrencsics that is why I said we will see US equities during a
:14:09. > :14:19.better as well. We are just looking ahead and thinking, it is fine. Lots
:14:20. > :14:24.more on the programme, how one bank is helping new technology businesses
:14:25. > :14:28.get off the ground. They helped Twitter and Facebook but the big
:14:29. > :14:30.question, how do they spot the next big thing? You are with business
:14:31. > :14:36.live from BBC News. a legal battle over whether the UK
:14:37. > :14:39.stays inside the single market after it has left
:14:40. > :14:43.the European Union. Lawyers say uncertainty over
:14:44. > :14:47.the UK's European Economic Area membership means ministers could be
:14:48. > :14:51.stopped from taking Britain out Andrew Walker is our
:14:52. > :15:09.economics correspondent. We need the waters to be anybody?
:15:10. > :15:13.Britain, along with the European Union, and three other countries,
:15:14. > :15:17.that is to say Norway, Iceland and victims dying, or all members of the
:15:18. > :15:21.European economic area. It is something that gives those three
:15:22. > :15:24.outside countries almost unrestricted access to the European
:15:25. > :15:35.union boss Mike single market. They are outside the Customs union.
:15:36. > :15:39.They have to deal with something called rules of origin which are a
:15:40. > :15:43.way of establishing that what they export really is eligible for
:15:44. > :15:47.tariff-free access to the EU, but for some of them, clearly, that is
:15:48. > :15:49.an important aspect of their economic relationship with the
:15:50. > :15:54.European Union and the challenge which is going to come from a group
:15:55. > :16:00.called British Influence who are pro EU will argue that there will be an
:16:01. > :16:03.explicit need for Britain to decide whether on president basis of having
:16:04. > :16:08.left the European Union, to actually also leave the single market.
:16:09. > :16:11.Market, the European Economic Area. There is a separate international
:16:12. > :16:16.agreement with a separate article in that treaty. It is called Article
:16:17. > :16:20.127, another one to add to the Article 50 that we have been talking
:16:21. > :16:25.about a lot, and they maybe arguing, I think, it will be necessary for
:16:26. > :16:31.Britain to explicitly trigger that provision in order to leave the
:16:32. > :16:34.single market. And I suspect they will be wanting to ensure that
:16:35. > :16:38.Parliament has some role in debating it. Thank you very much, Andrew. The
:16:39. > :16:40.plot thickens. We will keep you across every twist and turn when it
:16:41. > :17:00.comes to the Brexit debacle. News that JD Sports is buying Go
:17:01. > :17:07.Outdoors. Go Outdoors was founded in 1998 with
:17:08. > :17:12.50 stores. JD Sports are already a big player in that market.
:17:13. > :17:19.It's one of the busiest shopping days
:17:20. > :17:23.of the year, but Cyber Monday is also predicted to be one of the most
:17:24. > :17:47.Did you do any shopping? I did a little bit of food.
:17:48. > :17:49.Cyber Monday is also predicted to be one of the most
:17:50. > :17:55.The next big thing in the tech world.
:17:56. > :17:57.But how do you transform the idea into reality?
:17:58. > :18:00.And that's where our next guest comes in.
:18:01. > :18:04.Silicon Valley Bank was founded in 1982 and as the name hints at,
:18:05. > :18:07.they have specialised in lending to technology companies.
:18:08. > :18:12.Whilst also helping venture capital and private equity firms that invest
:18:13. > :18:19.It has quickly outgrown its Silicon Valley home and now has
:18:20. > :18:21.a presence in Ireland, India, Israel and China.
:18:22. > :18:23.It opened a London branch in 2012 which already serves
:18:24. > :18:27.Phil Cox is Head of Europe Middle East and Africa
:18:28. > :18:41.Phil nice to see you. Welcome. Good morning. Let's talk about tech
:18:42. > :18:43.firms. It strikes me those are the firms that are shunned by the
:18:44. > :18:48.traditional banks. It is hard to turn a profit in the early days. So
:18:49. > :18:53.actually, having a niche bank that looks specifically at tech firms is
:18:54. > :18:58.a brilliant idea, is it not? It is about knowledge and expertise and
:18:59. > :19:02.dedication if you like to those types of businesses because you
:19:03. > :19:07.know, if you dipped your toe in the water at doing this stuff, you
:19:08. > :19:13.probably would get bad outcomes. There is a lot happening. What was
:19:14. > :19:18.originally the tech boom is described as innovation and almost
:19:19. > :19:22.every industry, segment and business operating model is being challenged
:19:23. > :19:26.by these companies. How do you take a punt on those firms? They are hard
:19:27. > :19:29.to value and hard to really know what they stand for, often they are
:19:30. > :19:34.creating a hard ket that doesn't exist. How do you value them? How do
:19:35. > :19:38.you judge them? Yes, you look at the ecosystem as it comes together. You
:19:39. > :19:43.look at the management team. You look a the idea itself. You
:19:44. > :19:48.understand the broad global market of, you notion the ideas really
:19:49. > :19:53.aimed at and you look at, you know, who is coming forward to invest
:19:54. > :19:58.money in the company and those ingredients lead to signals of
:19:59. > :20:02.success or failure. You're head of Europe, Middle East, Africa. How has
:20:03. > :20:09.Brexit changed what you do, if at all? So far, not really very much.
:20:10. > :20:14.We certainly saw some strong valuations in 2015 in the US and the
:20:15. > :20:18.UK in 2015 and it probably took the edge off the valuations, but good
:20:19. > :20:29.companies are still getting funded and the ecosystem is alive and well
:20:30. > :20:32.when you see events like last week with Sky Scanner's sale. We saw the
:20:33. > :20:37.Autumn Statement statement which was about money for science and
:20:38. > :20:39.innovation and Capital Gains Tax down and corporation tax down. The
:20:40. > :20:45.Government trying to keep companies in the UK and I would imagine tech
:20:46. > :20:48.companies are on their minds? It was fantastic news because obviously if
:20:49. > :20:52.you're looking to raise money to invest in technology companies then
:20:53. > :21:00.you need anchor investors to bring in other investors and the Silicon
:21:01. > :21:03.Valley Bank has the European Investment Bank and the British
:21:04. > :21:08.business bank stepping forward and making money available for those
:21:09. > :21:11.firms, I think, is a really great, a smart move. When you are looking
:21:12. > :21:19.around the world, where most excites you as far as tech is concerned
:21:20. > :21:23.because we hear a lot about Silicon Valley and Silicon George up in
:21:24. > :21:30.Bristol. The UK is doing really well. Germany is exciting because
:21:31. > :21:34.Berlin has a thriving, relatively early stage, scene. We do some good
:21:35. > :21:41.business in Dublin where there is a strong access with the US. But also,
:21:42. > :21:44.of course, Israel where a strong deeper, technology probably
:21:45. > :21:48.companies there that develop technology more locally and then
:21:49. > :21:52.migrate those companies to the US to attack the market there. Phil, it is
:21:53. > :21:57.good to talk to you. Thank you for explaining all that. Phil Cox the
:21:58. > :22:00.head of Silicon Valley Bank. Thank you.
:22:01. > :22:03.Cyber security is our top story. Hackers have broken
:22:04. > :22:05.into the IT system that runs The group has taken control
:22:06. > :22:10.of the network's ticket machines and reports say it wants $70,000
:22:11. > :22:13.to hand them back. Our North America Technology
:22:14. > :22:25.Reporter is in San Francisco Here in San Francisco the
:22:26. > :22:32.organisation that looks after much of the public transport, trains,
:22:33. > :22:35.buses, trams, even sand extra Sisco's iconic cable cars. While
:22:36. > :22:43.none were disrupted this weekend, this will still be a very troubling
:22:44. > :22:47.data breach to city officials. The attacker used ransomware. It is
:22:48. > :22:51.malicious software that you can put on one computer and it will gather
:22:52. > :22:54.up important files and encrypt them and demand a fee in order for the
:22:55. > :23:01.organisation to have them unlocked again. This this case the fee has
:23:02. > :23:05.been set at 100 Bitcoin which is $70,000. The company says no
:23:06. > :23:11.information has been accessed by the hacker and it should have back-ups
:23:12. > :23:15.of the files so it can just restore them and not worry about paying the
:23:16. > :23:18.ransom, but there are a couple of questions that remain. Firstly, if
:23:19. > :23:23.the attacker has the information it could sell it on the black market,
:23:24. > :23:27.it could be employee details and payroll, if the hacker was able to
:23:28. > :23:31.attack the system once, it may have access to the system right now. Dave
:23:32. > :23:46.Lee, BBC News, San Francisco. Dominic is back with us. A survey of
:23:47. > :23:51.office workers, what's the most annoying thing in the office,
:23:52. > :23:55.moaners, noisy eaters of the there is a brilliant picture. What annoys
:23:56. > :24:02.you? Noisy eating, is poor, isn't it? I used to sit across from
:24:03. > :24:06.someone who loved to bring in their own home-made soup! My personal
:24:07. > :24:13.gripe is people who talk too loudly. I hate people who shout. You're in a
:24:14. > :24:19.newsroom. Even above that level and about trivial things when the...
:24:20. > :24:24.Sneezing. This is the problem with open-planned offices. The
:24:25. > :24:29.expectation that childless people should be more flexible about hours
:24:30. > :24:35.and holidays. He says childless people have lives. It is a good
:24:36. > :24:39.point. One viewer says, "What annoys you in the office? Everyone else."
:24:40. > :24:44.Employees who are trying to get a promotion and are doing everything
:24:45. > :24:52.the boss asks right on time! Interesting! Smelly food I got from
:24:53. > :24:58.Michael who is a trader we often interview. Mark Carney warning EU
:24:59. > :25:03.bureaucrats they face a messy divorce if they fail to adapt to
:25:04. > :25:09.Brexit. It is a warning we heard before. One that Carney talked about
:25:10. > :25:14.openly, the need for some transitional arrangements after the
:25:15. > :25:19.Brexit date 2019, we think, 2021 when we finally leave. He says you
:25:20. > :25:22.can't have nothing after that. You need some transitional arrangement
:25:23. > :25:28.otherwise companies will be left in the lurch. Briefly, we're running
:25:29. > :25:36.out of time. Is he in trouble with Westminster again? Some papers say
:25:37. > :25:40.he is for meddling He is always going to be in trouble for saying
:25:41. > :25:43.something like this. There is no win for him sometimes, is there.
:25:44. > :25:46.Dominic, thank you very much. That's it from us on the programme. The
:25:47. > :25:49.same time, the same place tomorrow. We will see you then. Have a really
:25:50. > :26:12.good day. Bye-bye. Hello. The weather week is setting
:26:13. > :26:14.off to a quiet start with high pressure the dominant feature across
:26:15. > :26:16.all parts