Browse content similar to 28/11/2016. Check below for episodes and series from the same categories and more!
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It is one of the busiest shopping days of the year but cyber Monday is | :00:10. | :00:15. | |
also predicted to be one of the dangerous to for further crime. One | :00:16. | :00:17. | |
of our top story today. Black Friday is so last week because | :00:18. | :00:41. | |
here comes cyber Monday and with it, an increase in cyber crime. Have the | :00:42. | :00:46. | |
latest on a growing global problem. Also, an end to the 35 hour week and | :00:47. | :00:51. | |
huge cuts to the public sector, the odds-on favourite to become | :00:52. | :00:54. | |
friends's next President says he wants to shop the system. A | :00:55. | :00:59. | |
brand-new trading week in Europe, everyone is headed south for now. | :01:00. | :01:04. | |
It's a very busy week for financial news out of America. Economic news | :01:05. | :01:07. | |
and the Opec meeting on Wednesday will tell you only to know. A | :01:08. | :01:15. | |
helping hand for tech start-ups, Silicon Valley anchors given | :01:16. | :01:18. | |
financial support to 30,000 up and coming businesses including Facebook | :01:19. | :01:22. | |
and Twitter. Just how did they spot the next big thing? The boss will be | :01:23. | :01:27. | |
here to tell us. As a new survey highlights the worst of those | :01:28. | :01:30. | |
habits, we want to know what your biggest complaint is. Noisy eaters | :01:31. | :01:35. | |
or whingers in the workplace? Let us know what annoys you. | :01:36. | :01:48. | |
Smelly food and morning, I am naming no names ex-bag open to the | :01:49. | :01:53. | |
programme. Another busy week and a packed programme. Are you just | :01:54. | :01:59. | |
recovering from Black Friday is Mike the discount bonanza may have only | :02:00. | :02:03. | |
been happening for the last couple of days at retailers are already | :02:04. | :02:07. | |
living on because today is cyber Monday. Online retailing are | :02:08. | :02:12. | |
expected to slash prices as shoppers log on in search of a bargain but | :02:13. | :02:16. | |
while billions of dollars in transactions will be taking place, | :02:17. | :02:20. | |
criminals will also be ratcheting up their efforts to get access to your | :02:21. | :02:23. | |
account details. Experts are warning they could be as many as 6.5 million | :02:24. | :02:29. | |
cyber attacks from Friday to Monday as anchor cards go on a buying | :02:30. | :02:36. | |
spree. The increased traffic means it is easier for hackers to make | :02:37. | :02:39. | |
purchases on your account without you or your bank noticing. Globally, | :02:40. | :02:45. | |
predictions for attacks during this busy shopping week are expected to | :02:46. | :02:50. | |
be around 50 million and it is important to stay vigilant in the | :02:51. | :02:55. | |
run-up to Christmas. Last year 76 million transactions were blocked | :02:56. | :02:57. | |
because they were fraudulent in the three-month lead up to the holiday. | :02:58. | :03:08. | |
That is a 60% rise on 2014. Chief technology officer at the | :03:09. | :03:11. | |
digital security firm is with me. You are also a former ethical | :03:12. | :03:22. | |
hacker. It comes down to data, the value of the information that | :03:23. | :03:27. | |
companies hold on us but sometimes they are simply not aware exist? | :03:28. | :03:32. | |
That's right. In today's world, data is the new oil. The way | :03:33. | :03:35. | |
organisations and businesses consume and user data, data is everywhere | :03:36. | :03:40. | |
now. There is no longer a one-to-one relationship. You talk about that | :03:41. | :03:49. | |
data being so valuable, give us examples of where that is valuable, | :03:50. | :03:54. | |
why it is about double to hackers? From an organisation point of view, | :03:55. | :04:01. | |
data, you have personal identifiable information, financial data, | :04:02. | :04:03. | |
passwords, user credentials. All data is used to gain access to | :04:04. | :04:09. | |
systems and also, businesses make business decisions on that data so | :04:10. | :04:13. | |
from the bad guys point of view, they can monitor arise that or use | :04:14. | :04:19. | |
it to counter attacks. We said you are, or where an ethical hacker, | :04:20. | :04:24. | |
designed to expose flaws in organisations. What are the week | :04:25. | :04:29. | |
points? What are the access points for hackers? The simplest hacks and | :04:30. | :04:36. | |
the way a bad guy will get access to a system is usernames and passwords. | :04:37. | :04:44. | |
A lot of the time, it is the same password. From about guys point of | :04:45. | :04:49. | |
view, if he compromises one password, it affects all passwords. | :04:50. | :04:53. | |
From the company 's point of view, staff have other just at need to | :04:54. | :04:58. | |
access that network and they are the ones that may have weak passwords, | :04:59. | :05:05. | |
but leave codes lying around. How do you balance that and make sure your | :05:06. | :05:09. | |
staff can use this if system security but not exposing yourself | :05:10. | :05:12. | |
to flaws? The biggest problem I see is organisations don't understand | :05:13. | :05:17. | |
what they are trying to protect. When you say to an organisation, | :05:18. | :05:22. | |
were you trying to protect, they say the people but the core asset is | :05:23. | :05:26. | |
data so it is looking at the types of data, the location of the data | :05:27. | :05:29. | |
and applying the appropriate controls. For me, with sensitive | :05:30. | :05:34. | |
data, it should be encrypted but more importantly, the password | :05:35. | :05:38. | |
should be removed and replaced with a one-time password. It is about | :05:39. | :05:50. | |
firms taking it more seriously. Let's turn to France. The former | :05:51. | :05:55. | |
Prime Minister has become the centre-right Republicans candidates | :05:56. | :05:58. | |
for next year 's presidential election. He won the nomination with | :05:59. | :06:03. | |
a liberal economic programme that includes cuts to public services and | :06:04. | :06:06. | |
freeing up the labour market so where does that leave everything and | :06:07. | :06:10. | |
what is the state of play? That's joint our correspondent. Talk us | :06:11. | :06:17. | |
through this because clearly it is a long-running campaign and one that | :06:18. | :06:21. | |
now reaches some sort of conclusion? Yes, we now know that he will be the | :06:22. | :06:25. | |
candidate for the centre-right in the election. We now also that the | :06:26. | :06:33. | |
Socialist candidate is not going to do very well probably because the | :06:34. | :06:38. | |
left is in tatters and we know that he will be the other main | :06:39. | :06:43. | |
challenger. All things being equal, he should win the election. That | :06:44. | :06:55. | |
means probably, come May next year, we will have a President of France | :06:56. | :06:59. | |
before the first time has clearly nailed his colours the mast of | :07:00. | :07:05. | |
liberal reform. When Nicolas Sarkozy came to power, there was talk about | :07:06. | :07:11. | |
a big break with the past which rarely never happened. There is a | :07:12. | :07:19. | |
feeling that this programme is the one that frantically needs to put | :07:20. | :07:23. | |
into place and he has been very upfront about it. He knows it is a | :07:24. | :07:29. | |
political risk to admit that you admire Margaret thatcher, for | :07:30. | :07:32. | |
example, but he seems to be saying France has reached a point of crisis | :07:33. | :07:38. | |
and high unemployment and so on, but these shock austerity changes are | :07:39. | :07:45. | |
necessary and there are enough people in the country who realise | :07:46. | :07:46. | |
that. Lufthansa pilots say | :07:47. | :07:58. | |
they will strike again on Tuesday and Wednesday after weekend talks | :07:59. | :08:02. | |
failed to resolve a long-running The pilots' union said the walkout | :08:03. | :08:06. | |
would affect short-haul flights on Tuesday, and both short | :08:07. | :08:12. | |
and long-haul flights on Wednesday. Around 350,000 passengers | :08:13. | :08:16. | |
were affected by last week's four-day stoppage which involved | :08:17. | :08:19. | |
the cancellation of Reports say that Samsung | :08:20. | :08:23. | |
Electronics is considering The South Korean technology giant | :08:24. | :08:29. | |
is under pressure to do so from US activist hedge fund, | :08:30. | :08:33. | |
Elliott Management. The hedge fund has been calling | :08:34. | :08:36. | |
for the company to split into a holding unit and an operating | :08:37. | :08:39. | |
company to boost shareholder value. If your colleague munching loudly | :08:40. | :08:46. | |
on their lunch is driving you mad Noisy or messy eaters, | :08:47. | :08:50. | |
alongside serial complainers, were among the top gripes | :08:51. | :08:55. | |
for office workers. The survey commissioned | :08:56. | :08:59. | |
by electronics giant Samsung suggests the bad habits also result | :09:00. | :09:02. | |
in workers losing an average 22 Is that because they are fighting of | :09:03. | :09:18. | |
the mice from the crumbs on their desk? | :09:19. | :09:22. | |
It also talks about her IT, things that don't work. | :09:23. | :09:25. | |
Don't get me started on this one! This is just being reported locally | :09:26. | :09:47. | |
where you are, what more can you tell us? Is has come from the | :09:48. | :09:54. | |
Ministry of economy, trade and industry, and they have admitted | :09:55. | :09:56. | |
today that the cost of the clean-up and compensation for people affected | :09:57. | :10:03. | |
by the 2011 Fukushima nuclear disaster has, according to | :10:04. | :10:07. | |
estimates, and I should emphasis this is an estimate, has doubled | :10:08. | :10:14. | |
from around 100 billion dollars to around 180 billion dollars. This is | :10:15. | :10:19. | |
not the first time it has doubled. The initial cost back in 2011 was | :10:20. | :10:26. | |
estimated to be around $50 billion and in 2014 it went up to 100 | :10:27. | :10:29. | |
billion and now they are saying it will be 180 billion. | :10:30. | :10:43. | |
Hong Kong, up quite a bit, that is because it is the first trading day | :10:44. | :10:53. | |
since news that the stock trading link will be going ahead on December | :10:54. | :10:57. | |
five so a lot of excitement about what that will mean a Hong Kong and | :10:58. | :10:59. | |
the index. Falling across the Europe, but will probably dominate | :11:00. | :11:24. | |
this week. Have a lot of news coming out of the United States as well in | :11:25. | :11:27. | |
terms of US GDP numbers, personal spending, it is a really busy week. | :11:28. | :11:41. | |
Let's pick up on oil. Worries over whether we will get an agreement on | :11:42. | :11:50. | |
Wednesday and it's a familiar tale? It is and traders will position | :11:51. | :11:52. | |
themselves for the upside risk that the unexpected could happen and all | :11:53. | :11:57. | |
of a sudden, Opec to come to an agreement and the Russians to play | :11:58. | :12:02. | |
along and have production cuts and it should up but it is really | :12:03. | :12:08. | |
exciting. More exciting for equities this week than for oil. What are you | :12:09. | :12:15. | |
watching? The Dow cross 19,000, we're probably going to hit further | :12:16. | :12:20. | |
house. We are already hitting record territory as of last week. Just tell | :12:21. | :12:27. | |
me why? I think the expectations have increased spending. As Donald | :12:28. | :12:31. | |
Trump keeps on deleting as how he will crater more jobs and spend more | :12:32. | :12:35. | |
money, and this week more focus on tax cuts in the US because | :12:36. | :12:39. | |
apparently there is a group of lobbyists who are saying, we want to | :12:40. | :12:45. | |
reverse some of these tax hikes in the US and all of that points to | :12:46. | :12:49. | |
hire equities. You be watching very closely? No, I will tell you why, is | :12:50. | :12:56. | |
one of those unusual times when the market is looking ahead to what the | :12:57. | :13:01. | |
US President will do next year. Even if we miss the jobs figures in the | :13:02. | :13:05. | |
market goes down a bit and there is a tiny bit of profit taking, soon | :13:06. | :13:10. | |
they will refocus back on the spending for next year. Most people | :13:11. | :13:16. | |
think the hike next month is a given stop is already factored in and that | :13:17. | :13:19. | |
is seen as a positive because it means they are anticipating greater | :13:20. | :13:24. | |
inflation out of greater growth so interest rates. A quick work on | :13:25. | :13:37. | |
Europe. Are we worried about it? Italy, of course, France, Holland, | :13:38. | :13:42. | |
next year, where does that leave the market? It is irrelevant at this | :13:43. | :13:46. | |
stage only because it is too far out of our periscope. We are not | :13:47. | :13:53. | |
expecting any sharp movements. What if you are a long-term investor | :13:54. | :14:02. | |
Gergo Lovrencsics that is why I said we will see US equities during a | :14:03. | :14:08. | |
better as well. We are just looking ahead and thinking, it is fine. Lots | :14:09. | :14:19. | |
more on the programme, how one bank is helping new technology businesses | :14:20. | :14:24. | |
get off the ground. They helped Twitter and Facebook but the big | :14:25. | :14:28. | |
question, how do they spot the next big thing? You are with business | :14:29. | :14:30. | |
live from BBC News. a legal battle over whether the UK | :14:31. | :14:36. | |
stays inside the single market after it has left | :14:37. | :14:39. | |
the European Union. Lawyers say uncertainty over | :14:40. | :14:43. | |
the UK's European Economic Area membership means ministers could be | :14:44. | :14:47. | |
stopped from taking Britain out Andrew Walker is our | :14:48. | :14:51. | |
economics correspondent. We need the waters to be anybody? | :14:52. | :15:09. | |
Britain, along with the European Union, and three other countries, | :15:10. | :15:13. | |
that is to say Norway, Iceland and victims dying, or all members of the | :15:14. | :15:17. | |
European economic area. It is something that gives those three | :15:18. | :15:21. | |
outside countries almost unrestricted access to the European | :15:22. | :15:24. | |
union boss Mike single market. They are outside the Customs union. | :15:25. | :15:35. | |
They have to deal with something called rules of origin which are a | :15:36. | :15:39. | |
way of establishing that what they export really is eligible for | :15:40. | :15:43. | |
tariff-free access to the EU, but for some of them, clearly, that is | :15:44. | :15:47. | |
an important aspect of their economic relationship with the | :15:48. | :15:49. | |
European Union and the challenge which is going to come from a group | :15:50. | :15:54. | |
called British Influence who are pro EU will argue that there will be an | :15:55. | :16:00. | |
explicit need for Britain to decide whether on president basis of having | :16:01. | :16:03. | |
left the European Union, to actually also leave the single market. | :16:04. | :16:08. | |
Market, the European Economic Area. There is a separate international | :16:09. | :16:11. | |
agreement with a separate article in that treaty. It is called Article | :16:12. | :16:16. | |
127, another one to add to the Article 50 that we have been talking | :16:17. | :16:20. | |
about a lot, and they maybe arguing, I think, it will be necessary for | :16:21. | :16:25. | |
Britain to explicitly trigger that provision in order to leave the | :16:26. | :16:31. | |
single market. And I suspect they will be wanting to ensure that | :16:32. | :16:34. | |
Parliament has some role in debating it. Thank you very much, Andrew. The | :16:35. | :16:38. | |
plot thickens. We will keep you across every twist and turn when it | :16:39. | :16:40. | |
comes to the Brexit debacle. News that JD Sports is buying Go | :16:41. | :17:00. | |
Outdoors. Go Outdoors was founded in 1998 with | :17:01. | :17:07. | |
50 stores. JD Sports are already a big player in that market. | :17:08. | :17:12. | |
It's one of the busiest shopping days | :17:13. | :17:19. | |
of the year, but Cyber Monday is also predicted to be one of the most | :17:20. | :17:23. | |
Did you do any shopping? I did a little bit of food. | :17:24. | :17:47. | |
Cyber Monday is also predicted to be one of the most | :17:48. | :17:49. | |
The next big thing in the tech world. | :17:50. | :17:55. | |
But how do you transform the idea into reality? | :17:56. | :17:57. | |
And that's where our next guest comes in. | :17:58. | :18:00. | |
Silicon Valley Bank was founded in 1982 and as the name hints at, | :18:01. | :18:04. | |
they have specialised in lending to technology companies. | :18:05. | :18:07. | |
Whilst also helping venture capital and private equity firms that invest | :18:08. | :18:12. | |
It has quickly outgrown its Silicon Valley home and now has | :18:13. | :18:19. | |
a presence in Ireland, India, Israel and China. | :18:20. | :18:21. | |
It opened a London branch in 2012 which already serves | :18:22. | :18:23. | |
Phil Cox is Head of Europe Middle East and Africa | :18:24. | :18:27. | |
Phil nice to see you. Welcome. Good morning. Let's talk about tech | :18:28. | :18:41. | |
firms. It strikes me those are the firms that are shunned by the | :18:42. | :18:43. | |
traditional banks. It is hard to turn a profit in the early days. So | :18:44. | :18:48. | |
actually, having a niche bank that looks specifically at tech firms is | :18:49. | :18:53. | |
a brilliant idea, is it not? It is about knowledge and expertise and | :18:54. | :18:58. | |
dedication if you like to those types of businesses because you | :18:59. | :19:02. | |
know, if you dipped your toe in the water at doing this stuff, you | :19:03. | :19:07. | |
probably would get bad outcomes. There is a lot happening. What was | :19:08. | :19:13. | |
originally the tech boom is described as innovation and almost | :19:14. | :19:18. | |
every industry, segment and business operating model is being challenged | :19:19. | :19:22. | |
by these companies. How do you take a punt on those firms? They are hard | :19:23. | :19:26. | |
to value and hard to really know what they stand for, often they are | :19:27. | :19:29. | |
creating a hard ket that doesn't exist. How do you value them? How do | :19:30. | :19:34. | |
you judge them? Yes, you look at the ecosystem as it comes together. You | :19:35. | :19:38. | |
look at the management team. You look a the idea itself. You | :19:39. | :19:43. | |
understand the broad global market of, you notion the ideas really | :19:44. | :19:48. | |
aimed at and you look at, you know, who is coming forward to invest | :19:49. | :19:53. | |
money in the company and those ingredients lead to signals of | :19:54. | :19:58. | |
success or failure. You're head of Europe, Middle East, Africa. How has | :19:59. | :20:02. | |
Brexit changed what you do, if at all? So far, not really very much. | :20:03. | :20:09. | |
We certainly saw some strong valuations in 2015 in the US and the | :20:10. | :20:14. | |
UK in 2015 and it probably took the edge off the valuations, but good | :20:15. | :20:18. | |
companies are still getting funded and the ecosystem is alive and well | :20:19. | :20:29. | |
when you see events like last week with Sky Scanner's sale. We saw the | :20:30. | :20:32. | |
Autumn Statement statement which was about money for science and | :20:33. | :20:37. | |
innovation and Capital Gains Tax down and corporation tax down. The | :20:38. | :20:39. | |
Government trying to keep companies in the UK and I would imagine tech | :20:40. | :20:45. | |
companies are on their minds? It was fantastic news because obviously if | :20:46. | :20:48. | |
you're looking to raise money to invest in technology companies then | :20:49. | :20:52. | |
you need anchor investors to bring in other investors and the Silicon | :20:53. | :21:00. | |
Valley Bank has the European Investment Bank and the British | :21:01. | :21:03. | |
business bank stepping forward and making money available for those | :21:04. | :21:08. | |
firms, I think, is a really great, a smart move. When you are looking | :21:09. | :21:11. | |
around the world, where most excites you as far as tech is concerned | :21:12. | :21:19. | |
because we hear a lot about Silicon Valley and Silicon George up in | :21:20. | :21:23. | |
Bristol. The UK is doing really well. Germany is exciting because | :21:24. | :21:30. | |
Berlin has a thriving, relatively early stage, scene. We do some good | :21:31. | :21:34. | |
business in Dublin where there is a strong access with the US. But also, | :21:35. | :21:41. | |
of course, Israel where a strong deeper, technology probably | :21:42. | :21:44. | |
companies there that develop technology more locally and then | :21:45. | :21:48. | |
migrate those companies to the US to attack the market there. Phil, it is | :21:49. | :21:52. | |
good to talk to you. Thank you for explaining all that. Phil Cox the | :21:53. | :21:57. | |
head of Silicon Valley Bank. Thank you. | :21:58. | :22:00. | |
Cyber security is our top story. Hackers have broken | :22:01. | :22:03. | |
into the IT system that runs The group has taken control | :22:04. | :22:05. | |
of the network's ticket machines and reports say it wants $70,000 | :22:06. | :22:10. | |
to hand them back. Our North America Technology | :22:11. | :22:13. | |
Reporter is in San Francisco Here in San Francisco the | :22:14. | :22:25. | |
organisation that looks after much of the public transport, trains, | :22:26. | :22:32. | |
buses, trams, even sand extra Sisco's iconic cable cars. While | :22:33. | :22:35. | |
none were disrupted this weekend, this will still be a very troubling | :22:36. | :22:43. | |
data breach to city officials. The attacker used ransomware. It is | :22:44. | :22:47. | |
malicious software that you can put on one computer and it will gather | :22:48. | :22:51. | |
up important files and encrypt them and demand a fee in order for the | :22:52. | :22:54. | |
organisation to have them unlocked again. This this case the fee has | :22:55. | :23:01. | |
been set at 100 Bitcoin which is $70,000. The company says no | :23:02. | :23:05. | |
information has been accessed by the hacker and it should have back-ups | :23:06. | :23:11. | |
of the files so it can just restore them and not worry about paying the | :23:12. | :23:15. | |
ransom, but there are a couple of questions that remain. Firstly, if | :23:16. | :23:18. | |
the attacker has the information it could sell it on the black market, | :23:19. | :23:23. | |
it could be employee details and payroll, if the hacker was able to | :23:24. | :23:27. | |
attack the system once, it may have access to the system right now. Dave | :23:28. | :23:31. | |
Lee, BBC News, San Francisco. Dominic is back with us. A survey of | :23:32. | :23:46. | |
office workers, what's the most annoying thing in the office, | :23:47. | :23:51. | |
moaners, noisy eaters of the there is a brilliant picture. What annoys | :23:52. | :23:55. | |
you? Noisy eating, is poor, isn't it? I used to sit across from | :23:56. | :24:02. | |
someone who loved to bring in their own home-made soup! My personal | :24:03. | :24:06. | |
gripe is people who talk too loudly. I hate people who shout. You're in a | :24:07. | :24:13. | |
newsroom. Even above that level and about trivial things when the... | :24:14. | :24:19. | |
Sneezing. This is the problem with open-planned offices. The | :24:20. | :24:24. | |
expectation that childless people should be more flexible about hours | :24:25. | :24:29. | |
and holidays. He says childless people have lives. It is a good | :24:30. | :24:35. | |
point. One viewer says, "What annoys you in the office? Everyone else." | :24:36. | :24:39. | |
Employees who are trying to get a promotion and are doing everything | :24:40. | :24:44. | |
the boss asks right on time! Interesting! Smelly food I got from | :24:45. | :24:52. | |
Michael who is a trader we often interview. Mark Carney warning EU | :24:53. | :24:58. | |
bureaucrats they face a messy divorce if they fail to adapt to | :24:59. | :25:03. | |
Brexit. It is a warning we heard before. One that Carney talked about | :25:04. | :25:09. | |
openly, the need for some transitional arrangements after the | :25:10. | :25:14. | |
Brexit date 2019, we think, 2021 when we finally leave. He says you | :25:15. | :25:19. | |
can't have nothing after that. You need some transitional arrangement | :25:20. | :25:22. | |
otherwise companies will be left in the lurch. Briefly, we're running | :25:23. | :25:28. | |
out of time. Is he in trouble with Westminster again? Some papers say | :25:29. | :25:36. | |
he is for meddling He is always going to be in trouble for saying | :25:37. | :25:40. | |
something like this. There is no win for him sometimes, is there. | :25:41. | :25:43. | |
Dominic, thank you very much. That's it from us on the programme. The | :25:44. | :25:46. | |
same time, the same place tomorrow. We will see you then. Have a really | :25:47. | :25:49. | |
good day. Bye-bye. Hello. The weather week is setting | :25:50. | :26:12. | |
off to a quiet start with high pressure the dominant feature across | :26:13. | :26:14. | |
all parts | :26:15. | :26:16. |