28/11/2016 BBC Business Live


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It is one of the busiest shopping days of the year but cyber Monday is


also predicted to be one of the dangerous to for further crime. One


of our top story today. Black Friday is so last week because


here comes cyber Monday and with it, an increase in cyber crime. Have the


latest on a growing global problem. Also, an end to the 35 hour week and


huge cuts to the public sector, the odds-on favourite to become


friends's next President says he wants to shop the system. A


brand-new trading week in Europe, everyone is headed south for now.


It's a very busy week for financial news out of America. Economic news


and the Opec meeting on Wednesday will tell you only to know. A


helping hand for tech start-ups, Silicon Valley anchors given


financial support to 30,000 up and coming businesses including Facebook


and Twitter. Just how did they spot the next big thing? The boss will be


here to tell us. As a new survey highlights the worst of those


habits, we want to know what your biggest complaint is. Noisy eaters


or whingers in the workplace? Let us know what annoys you.


Smelly food and morning, I am naming no names ex-bag open to the


programme. Another busy week and a packed programme. Are you just


recovering from Black Friday is Mike the discount bonanza may have only


been happening for the last couple of days at retailers are already


living on because today is cyber Monday. Online retailing are


expected to slash prices as shoppers log on in search of a bargain but


while billions of dollars in transactions will be taking place,


criminals will also be ratcheting up their efforts to get access to your


account details. Experts are warning they could be as many as 6.5 million


cyber attacks from Friday to Monday as anchor cards go on a buying


spree. The increased traffic means it is easier for hackers to make


purchases on your account without you or your bank noticing. Globally,


predictions for attacks during this busy shopping week are expected to


be around 50 million and it is important to stay vigilant in the


run-up to Christmas. Last year 76 million transactions were blocked


because they were fraudulent in the three-month lead up to the holiday.


That is a 60% rise on 2014. Chief technology officer at the


digital security firm is with me. You are also a former ethical


hacker. It comes down to data, the value of the information that


companies hold on us but sometimes they are simply not aware exist?


That's right. In today's world, data is the new oil. The way


organisations and businesses consume and user data, data is everywhere


now. There is no longer a one-to-one relationship. You talk about that


data being so valuable, give us examples of where that is valuable,


why it is about double to hackers? From an organisation point of view,


data, you have personal identifiable information, financial data,


passwords, user credentials. All data is used to gain access to


systems and also, businesses make business decisions on that data so


from the bad guys point of view, they can monitor arise that or use


it to counter attacks. We said you are, or where an ethical hacker,


designed to expose flaws in organisations. What are the week


points? What are the access points for hackers? The simplest hacks and


the way a bad guy will get access to a system is usernames and passwords.


A lot of the time, it is the same password. From about guys point of


view, if he compromises one password, it affects all passwords.


From the company 's point of view, staff have other just at need to


access that network and they are the ones that may have weak passwords,


but leave codes lying around. How do you balance that and make sure your


staff can use this if system security but not exposing yourself


to flaws? The biggest problem I see is organisations don't understand


what they are trying to protect. When you say to an organisation,


were you trying to protect, they say the people but the core asset is


data so it is looking at the types of data, the location of the data


and applying the appropriate controls. For me, with sensitive


data, it should be encrypted but more importantly, the password


should be removed and replaced with a one-time password. It is about


firms taking it more seriously. Let's turn to France. The former


Prime Minister has become the centre-right Republicans candidates


for next year 's presidential election. He won the nomination with


a liberal economic programme that includes cuts to public services and


freeing up the labour market so where does that leave everything and


what is the state of play? That's joint our correspondent. Talk us


through this because clearly it is a long-running campaign and one that


now reaches some sort of conclusion? Yes, we now know that he will be the


candidate for the centre-right in the election. We now also that the


Socialist candidate is not going to do very well probably because the


left is in tatters and we know that he will be the other main


challenger. All things being equal, he should win the election. That


means probably, come May next year, we will have a President of France


before the first time has clearly nailed his colours the mast of


liberal reform. When Nicolas Sarkozy came to power, there was talk about


a big break with the past which rarely never happened. There is a


feeling that this programme is the one that frantically needs to put


into place and he has been very upfront about it. He knows it is a


political risk to admit that you admire Margaret thatcher, for


example, but he seems to be saying France has reached a point of crisis


and high unemployment and so on, but these shock austerity changes are


necessary and there are enough people in the country who realise


that. Lufthansa pilots say


they will strike again on Tuesday and Wednesday after weekend talks


failed to resolve a long-running The pilots' union said the walkout


would affect short-haul flights on Tuesday, and both short


and long-haul flights on Wednesday. Around 350,000 passengers


were affected by last week's four-day stoppage which involved


the cancellation of Reports say that Samsung


Electronics is considering The South Korean technology giant


is under pressure to do so from US activist hedge fund,


Elliott Management. The hedge fund has been calling


for the company to split into a holding unit and an operating


company to boost shareholder value. If your colleague munching loudly


on their lunch is driving you mad Noisy or messy eaters,


alongside serial complainers, were among the top gripes


for office workers. The survey commissioned


by electronics giant Samsung suggests the bad habits also result


in workers losing an average 22 Is that because they are fighting of


the mice from the crumbs on their desk?


It also talks about her IT, things that don't work.


Don't get me started on this one! This is just being reported locally


where you are, what more can you tell us? Is has come from the


Ministry of economy, trade and industry, and they have admitted


today that the cost of the clean-up and compensation for people affected


by the 2011 Fukushima nuclear disaster has, according to


estimates, and I should emphasis this is an estimate, has doubled


from around 100 billion dollars to around 180 billion dollars. This is


not the first time it has doubled. The initial cost back in 2011 was


estimated to be around $50 billion and in 2014 it went up to 100


billion and now they are saying it will be 180 billion.


Hong Kong, up quite a bit, that is because it is the first trading day


since news that the stock trading link will be going ahead on December


five so a lot of excitement about what that will mean a Hong Kong and


the index. Falling across the Europe, but will probably dominate


this week. Have a lot of news coming out of the United States as well in


terms of US GDP numbers, personal spending, it is a really busy week.


Let's pick up on oil. Worries over whether we will get an agreement on


Wednesday and it's a familiar tale? It is and traders will position


themselves for the upside risk that the unexpected could happen and all


of a sudden, Opec to come to an agreement and the Russians to play


along and have production cuts and it should up but it is really


exciting. More exciting for equities this week than for oil. What are you


watching? The Dow cross 19,000, we're probably going to hit further


house. We are already hitting record territory as of last week. Just tell


me why? I think the expectations have increased spending. As Donald


Trump keeps on deleting as how he will crater more jobs and spend more


money, and this week more focus on tax cuts in the US because


apparently there is a group of lobbyists who are saying, we want to


reverse some of these tax hikes in the US and all of that points to


hire equities. You be watching very closely? No, I will tell you why, is


one of those unusual times when the market is looking ahead to what the


US President will do next year. Even if we miss the jobs figures in the


market goes down a bit and there is a tiny bit of profit taking, soon


they will refocus back on the spending for next year. Most people


think the hike next month is a given stop is already factored in and that


is seen as a positive because it means they are anticipating greater


inflation out of greater growth so interest rates. A quick work on


Europe. Are we worried about it? Italy, of course, France, Holland,


next year, where does that leave the market? It is irrelevant at this


stage only because it is too far out of our periscope. We are not


expecting any sharp movements. What if you are a long-term investor


Gergo Lovrencsics that is why I said we will see US equities during a


better as well. We are just looking ahead and thinking, it is fine. Lots


more on the programme, how one bank is helping new technology businesses


get off the ground. They helped Twitter and Facebook but the big


question, how do they spot the next big thing? You are with business


live from BBC News. a legal battle over whether the UK


stays inside the single market after it has left


the European Union. Lawyers say uncertainty over


the UK's European Economic Area membership means ministers could be


stopped from taking Britain out Andrew Walker is our


economics correspondent. We need the waters to be anybody?


Britain, along with the European Union, and three other countries,


that is to say Norway, Iceland and victims dying, or all members of the


European economic area. It is something that gives those three


outside countries almost unrestricted access to the European


union boss Mike single market. They are outside the Customs union.


They have to deal with something called rules of origin which are a


way of establishing that what they export really is eligible for


tariff-free access to the EU, but for some of them, clearly, that is


an important aspect of their economic relationship with the


European Union and the challenge which is going to come from a group


called British Influence who are pro EU will argue that there will be an


explicit need for Britain to decide whether on president basis of having


left the European Union, to actually also leave the single market.


Market, the European Economic Area. There is a separate international


agreement with a separate article in that treaty. It is called Article


127, another one to add to the Article 50 that we have been talking


about a lot, and they maybe arguing, I think, it will be necessary for


Britain to explicitly trigger that provision in order to leave the


single market. And I suspect they will be wanting to ensure that


Parliament has some role in debating it. Thank you very much, Andrew. The


plot thickens. We will keep you across every twist and turn when it


comes to the Brexit debacle. News that JD Sports is buying Go


Outdoors. Go Outdoors was founded in 1998 with


50 stores. JD Sports are already a big player in that market.


It's one of the busiest shopping days


of the year, but Cyber Monday is also predicted to be one of the most


Did you do any shopping? I did a little bit of food.


Cyber Monday is also predicted to be one of the most


The next big thing in the tech world.


But how do you transform the idea into reality?


And that's where our next guest comes in.


Silicon Valley Bank was founded in 1982 and as the name hints at,


they have specialised in lending to technology companies.


Whilst also helping venture capital and private equity firms that invest


It has quickly outgrown its Silicon Valley home and now has


a presence in Ireland, India, Israel and China.


It opened a London branch in 2012 which already serves


Phil Cox is Head of Europe Middle East and Africa


Phil nice to see you. Welcome. Good morning. Let's talk about tech


firms. It strikes me those are the firms that are shunned by the


traditional banks. It is hard to turn a profit in the early days. So


actually, having a niche bank that looks specifically at tech firms is


a brilliant idea, is it not? It is about knowledge and expertise and


dedication if you like to those types of businesses because you


know, if you dipped your toe in the water at doing this stuff, you


probably would get bad outcomes. There is a lot happening. What was


originally the tech boom is described as innovation and almost


every industry, segment and business operating model is being challenged


by these companies. How do you take a punt on those firms? They are hard


to value and hard to really know what they stand for, often they are


creating a hard ket that doesn't exist. How do you value them? How do


you judge them? Yes, you look at the ecosystem as it comes together. You


look at the management team. You look a the idea itself. You


understand the broad global market of, you notion the ideas really


aimed at and you look at, you know, who is coming forward to invest


money in the company and those ingredients lead to signals of


success or failure. You're head of Europe, Middle East, Africa. How has


Brexit changed what you do, if at all? So far, not really very much.


We certainly saw some strong valuations in 2015 in the US and the


UK in 2015 and it probably took the edge off the valuations, but good


companies are still getting funded and the ecosystem is alive and well


when you see events like last week with Sky Scanner's sale. We saw the


Autumn Statement statement which was about money for science and


innovation and Capital Gains Tax down and corporation tax down. The


Government trying to keep companies in the UK and I would imagine tech


companies are on their minds? It was fantastic news because obviously if


you're looking to raise money to invest in technology companies then


you need anchor investors to bring in other investors and the Silicon


Valley Bank has the European Investment Bank and the British


business bank stepping forward and making money available for those


firms, I think, is a really great, a smart move. When you are looking


around the world, where most excites you as far as tech is concerned


because we hear a lot about Silicon Valley and Silicon George up in


Bristol. The UK is doing really well. Germany is exciting because


Berlin has a thriving, relatively early stage, scene. We do some good


business in Dublin where there is a strong access with the US. But also,


of course, Israel where a strong deeper, technology probably


companies there that develop technology more locally and then


migrate those companies to the US to attack the market there. Phil, it is


good to talk to you. Thank you for explaining all that. Phil Cox the


head of Silicon Valley Bank. Thank you.


Cyber security is our top story. Hackers have broken


into the IT system that runs The group has taken control


of the network's ticket machines and reports say it wants $70,000


to hand them back. Our North America Technology


Reporter is in San Francisco Here in San Francisco the


organisation that looks after much of the public transport, trains,


buses, trams, even sand extra Sisco's iconic cable cars. While


none were disrupted this weekend, this will still be a very troubling


data breach to city officials. The attacker used ransomware. It is


malicious software that you can put on one computer and it will gather


up important files and encrypt them and demand a fee in order for the


organisation to have them unlocked again. This this case the fee has


been set at 100 Bitcoin which is $70,000. The company says no


information has been accessed by the hacker and it should have back-ups


of the files so it can just restore them and not worry about paying the


ransom, but there are a couple of questions that remain. Firstly, if


the attacker has the information it could sell it on the black market,


it could be employee details and payroll, if the hacker was able to


attack the system once, it may have access to the system right now. Dave


Lee, BBC News, San Francisco. Dominic is back with us. A survey of


office workers, what's the most annoying thing in the office,


moaners, noisy eaters of the there is a brilliant picture. What annoys


you? Noisy eating, is poor, isn't it? I used to sit across from


someone who loved to bring in their own home-made soup! My personal


gripe is people who talk too loudly. I hate people who shout. You're in a


newsroom. Even above that level and about trivial things when the...


Sneezing. This is the problem with open-planned offices. The


expectation that childless people should be more flexible about hours


and holidays. He says childless people have lives. It is a good


point. One viewer says, "What annoys you in the office? Everyone else."


Employees who are trying to get a promotion and are doing everything


the boss asks right on time! Interesting! Smelly food I got from


Michael who is a trader we often interview. Mark Carney warning EU


bureaucrats they face a messy divorce if they fail to adapt to


Brexit. It is a warning we heard before. One that Carney talked about


openly, the need for some transitional arrangements after the


Brexit date 2019, we think, 2021 when we finally leave. He says you


can't have nothing after that. You need some transitional arrangement


otherwise companies will be left in the lurch. Briefly, we're running


out of time. Is he in trouble with Westminster again? Some papers say


he is for meddling He is always going to be in trouble for saying


something like this. There is no win for him sometimes, is there.


Dominic, thank you very much. That's it from us on the programme. The


same time, the same place tomorrow. We will see you then. Have a really


good day. Bye-bye. Hello. The weather week is setting


off to a quiet start with high pressure the dominant feature across


all parts


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