15/05/2017 BBC Business Live


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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


of rain


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