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Europol says the cyber-attack has affected 150 countries so far,
but what can be done to stop the hackers?
We'll hear from the boss of a leading internet security firm.
Also in the programme, we'll take a look at China's plans
President Xi pledges billions to rebuilt ports,
This is the situation with markets in Central Europe. Particularly,
cyber security stocks are doing well this morning. Sally.
And following that cyber-attack, today we want to hear from you -
have you been affected - what changes are you
Microsoft says a huge global cyber-attack, which has hit more
than 150 countries since Friday, is a wake-up call.
A huge number of companies were targeted in the initial attack -
including Spain's Telefonica, Fed Ex in the US, and Germany's
Europol says the attack hit 200,000 victims in more
than 150 countries - and warns more people
and businesses could find they are infected this morning.
The National Cyber Security Centre urges companies to keep security
software patches up to date, use anti-virus software,
Nicole Eagan is Chief Executive of cyber security firm Darktrace,
Good morning. Just tell us a little bit more about how this attack
worked. When you look at the attack it moved very quickly. It looked for
vulnerabilities in the software patches and once it got inside the
network it spread like wildfire. It uses a worm. It did not require a
human to do anything. Usually with an attack Kuwait for a person to
click on the link and take action but in this case it spread
automatically. That is why it spread so far and so fast? Yes, it
outstripped our human Security teams capacity because it moved very fast.
It is not clicking on something which enables the virus or worm to
go through, literally went from computer to computer. Here in the
NHS where there are so many computers, is that why
it spread so quickly and what can be done? Yes, it did spread internally.
The good news is this is actually quite a blatant attack. What I mean
by that is there is nothing subtle about it. There are detection tools
which can spot these and find them early. We were able to prevent this
and spotted within some companies in the UK. We spotted it in several
minutes and were able to interrupts the attack. Those watching who may
be vulnerable, what is your advice? be vulnerable, what is your advice?
For the immediate actions, it is important to make sure you have a
back-up of all of this data and then applying these patches. Long-term we
will see more attacks. The problem with the cyber attacks is they are
constantly changing and evolving. In fact, there are already reports that
there are new strains of this particular attack out there already.
Who knows what the next attack will be? I think what we need to do is
take a more forward look of how to get ahead of these problems. Do you
think this problem is because agencies in the United States in
particular have been hoarding the information that has allowed this
worm to find a back door into Microsoft's systems. Is it the US
government which is at fault here? I think there is a whole ecosystem out
there with cyber criminals basically selling each other's tools on the
dark web. Knowing that that's ecosystem exists, and this is
becoming a full on arms race, it really comes down to whose
algorithms are going to be smarter. That is what we need to do, we need
to use new techniques, things like machine learning. We have some great
learning at the University of Cambridge which can help us get
ahead of these attacks. Unless we take a big is that forward, it will
not help us get any better. Is it the fact that those who want to try
and disrupt and cause harm through cyber hacking, they have to operate
on the so-called dark web in which ever way they can do so. Is that one
of the things which benefits those of us who are trying to counter it,
the fact that we can share information openly and
transparently. Absolutely. One of the things we look at is how can we
learn from the human body. We have this incredible immune system that
when bacteria and viruses gets inside, even though we have skin to
protect us, we have an automatic response which is very precise to
help us battle that. That is what we are looking at at Darktrace on how
we can use this immune system approach. We have found a way that
we can create digital antibodies and an immediate response to these type
of threats and those can be shared. We have to leave it there but
Nicole, thank you very much for your time this morning and coming in from
Darktrace, Nicole Eagan, chief executive. Of course, there is a lot
of information on our website. Many of you have questions and you want
to know information. We have a whole page dedicated to ransomware attack
fallout. That is our live page so do take a look when you have time. It
will be useful for what you can do with your computer.
Let's take a look at some of the other stories making the news.
Facebook's Sheryl Sandberg has made a plea for the government to do more
Her comments come on Mother's day in the US where she called
for a higher minimum wage, paid family leave
Ms Sandberg says public policies need to catch up
The Greek government has slashed its growth forecasts
for this year as it looks towards approving new
According to the state news agency, the government has lowered
The latest estimate also falls short of the European Commission's
One of the world's biggest miners - BHP Billiton is rebranding and axing
The Australian company BHP gained the name when it merged
with a South African company in 2001.
The firm says the change is all part of its efforts to emphasise
Let's check in with the financial markets now and in Asia investors
That figure was to do with results from department stores. Investors
have shrugged off the effect of the cyber attack and instead, the value
of security stocks have surged. A male positive sentiment across
platforms has been capped with some figures from China.
Samira Hussain takes a look ahead at what's we can expect
On Monday big hedge fund investors like Carl Icahn and David Einhorn
will reveal their first quarter purchases and sales of well-known
We'll also get insight into market trends including whether billionaire
investors took money off the table in US stocks especially
financial stocks as the Trump trade began to fade.
The Gap and Home Depot will be reporting earnings
on Tuesday and on Wednesday, US retailer Target
They've already warned of lower profits for this quarter and said it
would lower prices to try and compete with rivals.
One of those rivals is Wal-Mart, the world's number one retailer,
and Wal-Mart will be reporting their earnings on Thursday.
With us is Jeremy Stretch, Head of FX Strategy at CIBC.
It is always nice to see you. What are you looking out for this week
what is on your radar? I think markets are going to look at what
the data will do over the next the data will do over the next
quartering the US, to validate the assumptions of a June rate hike. And
indeed, if we get reasonable data, the question is, what will the
markets then imply beyond that? Essentially, June seems to be a done
deal so markets will be fixating about the next leg in terms of the
global interest rate cycle led by the US. There is a bit of a
dampening effect on the markets and investment data coming out of China,
does it concern you? Does not concern me and duly. Yes, moderation
in China is not unexpected, but from a global perspective, what we will
see is growth from a number of jurisdictions, so the US growth
trajectory is reasonable. I think what we would argue the global
economy is flying on more than one engine, and that has been something
that we have not seen for some considerable time. That is the
subtext we will be looking at. Interesting to see oil creeping up.
This is on conversations from Opec and Russia that they will keep
production cuts in place for a while, it is around 53 cents a
barrel today. Unless you are getting back to 55 or 60, I would not
necessarily overplay the inflationary consequences. We have
seen an inflation spike on the back end of last year, so unless you see
that really amplified then we would not worry about inflationary
consequences. The fascinating thing will be in terms of if we are in a
slightly better great environment, then eventually we'll see some
reduction in global infantry is and that is what the production ceiling
is aiming to achieve. If we start see ceiling is coming down that will
be a more constructive environment for the oil market and will not be
reliant on production cuts. Jeremy, thank you. He will be back later on
to talk about other stories, especially why there are so many
copies of the da Vinci code ending up in charity shops and why they
don't want them. They don't want to read it,
presumably. We'll take a look at China's plans
to revive ancient trade routes. President Xi pledges
billions to rebuilt ports, You're with Business
Live from BBC News. Lonmin - the third largest producer
of platinum in the world - has just announced an operating loss
in the second quarter as a result of higher costs
and lower production. Joining us now from the London Stock
Exchange is the Lonmin's Thank you for coming onto the
programme. What exactly is the problem here? Why is it struggling,
is it the price of platinum? What is the most important factor and what
to do about it? The prices are very low and the rand has been stronger.
Those are things which are uncontrollable for us. What Lonmin
has been doing is to remove high cost production to make sure the
demand supply market is tightened and we could benefit from all other
suppliers doing the same things. We have taken 100,000 platinum ounces
and we expect that should help in tightening the market and we would
hope that everyone is disciplined enough in that approach. We have
been removing production from our high cost production shafts,
shutting shafts, reducing costs, we retrain 6000 people last year and
all these efforts have culminated in a poor quarter one performance up
until January which was a hiccup in our performance. However, that has
turned and we have seen much production being a record production
and that has continued up to now, resulting in a net cash position
improving from December last year to $49 million. That net cash has
improved $75 million. Our liquidity has also improved to $447 million,
so we have sufficient liquidity to navigate this tough to rain of very
low prices. Then, thank you for explaining all of that. I am sorry
to say we are running out of time. That is Ben Megara, the chief
executive of Lonmin. Radical changes going on at that company to try and
grapple with some of the issues they are facing, falling price in
platinum and the currency in South Africa all the place. There is lots
more on our Business Live page. We have more on the security attack and
other stories as well. Do dig deep when you have time.
Our top story, Microsoft says a huge global cyber-attack,
which has hit more than 150 countries since Friday,
A huge number of companies were targeted in the initial attack
including Spain's Telefonica, Fed Ex in the US, and Germany's
There is amusing pictures of chalk boards on the German railways. Just
chalk boards telling you when the trains are coming and going.
The Chinese government is investing billions of dollars as part
of a plan to restore the ancient trade routes connecting
President Xi Jinping has pledged $124 billion for the scheme known
First unveiled in 2013 the project consists of a maritime
route starting in China which winds its way to Europe.
At the same time a land based network would make its way west
Helena Huang is an economist specialising in China
Good morning. Thank you for being on the programme. Just tell us a bit
more about this route, the belt and road initiative and how much impact
it will have on trade? Yes. So I think this initiative is a China
backed global community initiative and it has started by the president
himself in late 2013. I think the idea or the aim of the initiative is
to revise economic growth through the creation of a new set of
infrastructure projects and networks across 65 countries so and also I
think what is interesting about this initiative is that it is really a
ground-breaking initiative in its scale and scope. Spending across
like four Continents, covering more than a third of global GDP and 16%
of global population and I will also add that the uniqueness of this
initiative is also its preference for the infrastructure projects and
investment and at the same time it focuses a lot on emerging markets as
well as frontier markets where the local currency markets are less
developed. It has been a chance for President Xi to criticise
protectionism. He is seeing this as a chance to champion what he calls
free taid, isn't it? Well -- free trade, isn't it? The goal to is
revise economic growth and trade is a part of it, but I would say that
is Rome not built in one day and to achieve this initiative and deliver
it well, it takes a lot of tile. And I think what's important would be
economic co-operation. Once we can achieve concerted policy effort to
give stronger economic co-operation there will be enormous benefits, not
only for global trade, but global growth. It's ground-breaking in its
size and scale and the number of countries involved, but what are the
obstacles in the way and what about the concern of China's control and
influence elsewhere? I think the main obstacle or the main challenges
how shall we achieve economic co-operation aAmanda Knox so many
different countries and that's taking a lot of effort. On the part
of whom? On the part of both sides as well as the policy makers in the
belt and road countries. I can see the UK take a very active part
acting as a natural partnership to help China with this belt and roads
initiative on the back of legal and advisory services. I was reading
about how Greece is pinning its hopes on getting something out of
the new partnerships. Do you think there could be it is appointment
down the line when perhaps what has been promised isn't delivered? I
think what's important is once again for us to really keep an optimistic
view about what can be achieved because at the ebbed of the day,
this is all about infrastructure growth, all about trade, and
investment and also it is about culture and people across the
nation. So, a better connected world or a better con cted region --
connected region would be better for regional growth.
Thank you for coming in today. More detail on our website.
Rebellion is a leading video game company responsible for smash hit
titles such as Sniper Elite and Alien Versus Predator.
The company's boss is Jason Kinglsey.
The video game boss says that he lives his life according
to the knights' code of honour, which he also applies
When I'm not sitting in front of the computer being the boss of a
computer games company I live my life similarly to that as a medieval
knight as I possibly can. Obviously I'm not actually a knight. But I do
actually have horses and I do actually train them and I do
actually wear armour! Bravery, it's the ability to charge
forward and seize an opportunity and do the best you can with it.
Bravery is also about exploring new territories, seeking out new markets
for what you do in business and bravery is an essential component of
being a leader. Honesty, honesty in business is very important. It
doesn't, of course mean telling doesn't, of course mean telling
everybody all your secrets, what it means is actually dealing fairly
with people. If there is a problem, let them know about it and usually
these things can be sorted out. It ideally means that everybody should
walk away from a business situation feeling they've got a fair deal.
Kindness, it's about treating things well. It's about looking after your
friends, and your family and you are animals and your landscape around
you. That's Jason Kingsley part of our CEO series which is online.
There is loads of snippets from company bosses on our website. It's
great. Geoffrey is back.
Let me talk about Lift and Waymo. They're getting together to try and
work and getting this product out quickly This deal, if it's brought
together suggests that we're getting closer to a commercialisation of
that process and also it underlines the fact that the threat to the
traditional metrics in terms of those that have been driving for a
living because if you're getting into a ride hailing unit with self
driving cars then there are fairly significant strategic partnerships
and changes in the consumer experience shall we say in cities
such as London. Waymo is operating under Google's parent company,
Alphabet. There is this huge race on... The first mover advantage will
be crit ale assuming that the technology is sustainable and is, of
course, safe which is the other ultimate bugbear for this particular
story. But there is an incredible arms race to get to market first and
try and get that strategic advantage. Automation meaning there
will be fewer human drivers in the future and the social problems that
could cause? The strategic changes that we're seeing. It's the great
industrialisation on the next phase. We've seen mecanisation and
technology throwing up a source of structural changes that will be
important for the labour market. An academic in market, hose name I
can't remember, forgive me if you're waffling, was quoted in the papers
as saying that petrol cars will be a thing of the past in eight years?
Some of tenants behind that story... Are they sponsored by Google? There
are a lot of components are speculative. You saw it too? Yes.
Good. It is one of those headline grabbing reports. We're probably
somewhere further along from eight years. He has taken spectacular
assumptions on board in order to facilitate that. I don't know
anything about the academic either the one suspects he has a strong
bias in order to move away from the petrol engine or come buston engine
and moving towards electrification. Have you read the da Vinci vowed?
No. Have you? Yes. It ended up in a charity shop and apparently there
are too maeb of these books being dumped on charity shops. One charity
shop said we can't take anymore. I'm not sure why one charity shop in
Swansea should have got so many! If it was an aim of promoting the books
in the Swansea area over the past few years, but it underlines the
popularity of one certain he will the and books have a time horizon.
Going into technology maybe that's something like the Kindle sin
ceasing. Thank you, Jeremy. That's all from BBC Business Live.
The other story was 50 Shades Of Grey was the other book that charity
shops didn't want. There you go, you heard it here first!
This week is looking unsettled. Strong winds coming up from the
south or the south-west. Initially it will be a warm start to the week
and cooling off later on. Today is looking wet. A lot of cloud. A lot