Browse content similar to 15/05/2017. Check below for episodes and series from the same categories and more!
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Europol says the cyber-attack has affected 150 countries so far, | :00:17. | :00:20. | |
but what can be done to stop the hackers? | :00:21. | :00:23. | |
We'll hear from the boss of a leading internet security firm. | :00:24. | :00:28. | |
Also in the programme, we'll take a look at China's plans | :00:29. | :00:33. | |
President Xi pledges billions to rebuilt ports, | :00:34. | :00:36. | |
This is the situation with markets in Central Europe. Particularly, | :00:37. | :00:51. | |
cyber security stocks are doing well this morning. Sally. | :00:52. | :00:54. | |
And following that cyber-attack, today we want to hear from you - | :00:55. | :00:57. | |
have you been affected - what changes are you | :00:58. | :00:59. | |
Microsoft says a huge global cyber-attack, which has hit more | :01:00. | :01:21. | |
than 150 countries since Friday, is a wake-up call. | :01:22. | :01:24. | |
A huge number of companies were targeted in the initial attack - | :01:25. | :01:27. | |
including Spain's Telefonica, Fed Ex in the US, and Germany's | :01:28. | :01:30. | |
Europol says the attack hit 200,000 victims in more | :01:31. | :01:35. | |
than 150 countries - and warns more people | :01:36. | :01:37. | |
and businesses could find they are infected this morning. | :01:38. | :01:40. | |
The National Cyber Security Centre urges companies to keep security | :01:41. | :01:43. | |
software patches up to date, use anti-virus software, | :01:44. | :01:46. | |
Nicole Eagan is Chief Executive of cyber security firm Darktrace, | :01:47. | :01:58. | |
Good morning. Just tell us a little bit more about how this attack | :01:59. | :02:14. | |
worked. When you look at the attack it moved very quickly. It looked for | :02:15. | :02:19. | |
vulnerabilities in the software patches and once it got inside the | :02:20. | :02:26. | |
network it spread like wildfire. It uses a worm. It did not require a | :02:27. | :02:32. | |
human to do anything. Usually with an attack Kuwait for a person to | :02:33. | :02:36. | |
click on the link and take action but in this case it spread | :02:37. | :02:41. | |
automatically. That is why it spread so far and so fast? Yes, it | :02:42. | :02:46. | |
outstripped our human Security teams capacity because it moved very fast. | :02:47. | :02:52. | |
It is not clicking on something which enables the virus or worm to | :02:53. | :02:56. | |
go through, literally went from computer to computer. Here in the | :02:57. | :02:58. | |
NHS where there are so many computers, is that why | :02:59. | :03:20. | |
it spread so quickly and what can be done? Yes, it did spread internally. | :03:21. | :03:22. | |
The good news is this is actually quite a blatant attack. What I mean | :03:23. | :03:25. | |
by that is there is nothing subtle about it. There are detection tools | :03:26. | :03:28. | |
which can spot these and find them early. We were able to prevent this | :03:29. | :03:30. | |
and spotted within some companies in the UK. We spotted it in several | :03:31. | :03:33. | |
minutes and were able to interrupts the attack. Those watching who may | :03:34. | :03:35. | |
be vulnerable, what is your advice? be vulnerable, what is your advice? | :03:36. | :03:42. | |
For the immediate actions, it is important to make sure you have a | :03:43. | :03:47. | |
back-up of all of this data and then applying these patches. Long-term we | :03:48. | :03:51. | |
will see more attacks. The problem with the cyber attacks is they are | :03:52. | :03:57. | |
constantly changing and evolving. In fact, there are already reports that | :03:58. | :03:59. | |
there are new strains of this particular attack out there already. | :04:00. | :04:04. | |
Who knows what the next attack will be? I think what we need to do is | :04:05. | :04:08. | |
take a more forward look of how to get ahead of these problems. Do you | :04:09. | :04:17. | |
think this problem is because agencies in the United States in | :04:18. | :04:19. | |
particular have been hoarding the information that has allowed this | :04:20. | :04:25. | |
worm to find a back door into Microsoft's systems. Is it the US | :04:26. | :04:31. | |
government which is at fault here? I think there is a whole ecosystem out | :04:32. | :04:34. | |
there with cyber criminals basically selling each other's tools on the | :04:35. | :04:39. | |
dark web. Knowing that that's ecosystem exists, and this is | :04:40. | :04:43. | |
becoming a full on arms race, it really comes down to whose | :04:44. | :04:47. | |
algorithms are going to be smarter. That is what we need to do, we need | :04:48. | :04:53. | |
to use new techniques, things like machine learning. We have some great | :04:54. | :04:58. | |
learning at the University of Cambridge which can help us get | :04:59. | :05:00. | |
ahead of these attacks. Unless we take a big is that forward, it will | :05:01. | :05:06. | |
not help us get any better. Is it the fact that those who want to try | :05:07. | :05:10. | |
and disrupt and cause harm through cyber hacking, they have to operate | :05:11. | :05:15. | |
on the so-called dark web in which ever way they can do so. Is that one | :05:16. | :05:19. | |
of the things which benefits those of us who are trying to counter it, | :05:20. | :05:24. | |
the fact that we can share information openly and | :05:25. | :05:28. | |
transparently. Absolutely. One of the things we look at is how can we | :05:29. | :05:32. | |
learn from the human body. We have this incredible immune system that | :05:33. | :05:38. | |
when bacteria and viruses gets inside, even though we have skin to | :05:39. | :05:41. | |
protect us, we have an automatic response which is very precise to | :05:42. | :05:45. | |
help us battle that. That is what we are looking at at Darktrace on how | :05:46. | :05:49. | |
we can use this immune system approach. We have found a way that | :05:50. | :05:54. | |
we can create digital antibodies and an immediate response to these type | :05:55. | :05:58. | |
of threats and those can be shared. We have to leave it there but | :05:59. | :06:04. | |
Nicole, thank you very much for your time this morning and coming in from | :06:05. | :06:09. | |
Darktrace, Nicole Eagan, chief executive. Of course, there is a lot | :06:10. | :06:14. | |
of information on our website. Many of you have questions and you want | :06:15. | :06:18. | |
to know information. We have a whole page dedicated to ransomware attack | :06:19. | :06:25. | |
fallout. That is our live page so do take a look when you have time. It | :06:26. | :06:32. | |
will be useful for what you can do with your computer. | :06:33. | :06:35. | |
Let's take a look at some of the other stories making the news. | :06:36. | :06:38. | |
Facebook's Sheryl Sandberg has made a plea for the government to do more | :06:39. | :06:41. | |
Her comments come on Mother's day in the US where she called | :06:42. | :06:45. | |
for a higher minimum wage, paid family leave | :06:46. | :06:47. | |
Ms Sandberg says public policies need to catch up | :06:48. | :06:50. | |
The Greek government has slashed its growth forecasts | :06:51. | :06:53. | |
for this year as it looks towards approving new | :06:54. | :06:55. | |
According to the state news agency, the government has lowered | :06:56. | :07:00. | |
The latest estimate also falls short of the European Commission's | :07:01. | :07:06. | |
One of the world's biggest miners - BHP Billiton is rebranding and axing | :07:07. | :07:12. | |
The Australian company BHP gained the name when it merged | :07:13. | :07:17. | |
with a South African company in 2001. | :07:18. | :07:21. | |
The firm says the change is all part of its efforts to emphasise | :07:22. | :07:24. | |
Let's check in with the financial markets now and in Asia investors | :07:25. | :07:39. | |
That figure was to do with results from department stores. Investors | :07:40. | :07:57. | |
have shrugged off the effect of the cyber attack and instead, the value | :07:58. | :08:04. | |
of security stocks have surged. A male positive sentiment across | :08:05. | :08:10. | |
platforms has been capped with some figures from China. | :08:11. | :08:17. | |
Samira Hussain takes a look ahead at what's we can expect | :08:18. | :08:32. | |
On Monday big hedge fund investors like Carl Icahn and David Einhorn | :08:33. | :08:40. | |
will reveal their first quarter purchases and sales of well-known | :08:41. | :08:43. | |
We'll also get insight into market trends including whether billionaire | :08:44. | :08:50. | |
investors took money off the table in US stocks especially | :08:51. | :08:53. | |
financial stocks as the Trump trade began to fade. | :08:54. | :08:56. | |
The Gap and Home Depot will be reporting earnings | :08:57. | :09:00. | |
on Tuesday and on Wednesday, US retailer Target | :09:01. | :09:02. | |
They've already warned of lower profits for this quarter and said it | :09:03. | :09:08. | |
would lower prices to try and compete with rivals. | :09:09. | :09:11. | |
One of those rivals is Wal-Mart, the world's number one retailer, | :09:12. | :09:16. | |
and Wal-Mart will be reporting their earnings on Thursday. | :09:17. | :09:23. | |
With us is Jeremy Stretch, Head of FX Strategy at CIBC. | :09:24. | :09:30. | |
It is always nice to see you. What are you looking out for this week | :09:31. | :09:39. | |
what is on your radar? I think markets are going to look at what | :09:40. | :09:40. | |
the data will do over the next the data will do over the next | :09:41. | :09:46. | |
quartering the US, to validate the assumptions of a June rate hike. And | :09:47. | :09:52. | |
indeed, if we get reasonable data, the question is, what will the | :09:53. | :09:57. | |
markets then imply beyond that? Essentially, June seems to be a done | :09:58. | :10:01. | |
deal so markets will be fixating about the next leg in terms of the | :10:02. | :10:05. | |
global interest rate cycle led by the US. There is a bit of a | :10:06. | :10:10. | |
dampening effect on the markets and investment data coming out of China, | :10:11. | :10:15. | |
does it concern you? Does not concern me and duly. Yes, moderation | :10:16. | :10:20. | |
in China is not unexpected, but from a global perspective, what we will | :10:21. | :10:25. | |
see is growth from a number of jurisdictions, so the US growth | :10:26. | :10:35. | |
trajectory is reasonable. I think what we would argue the global | :10:36. | :10:38. | |
economy is flying on more than one engine, and that has been something | :10:39. | :10:40. | |
that we have not seen for some considerable time. That is the | :10:41. | :10:43. | |
subtext we will be looking at. Interesting to see oil creeping up. | :10:44. | :10:47. | |
This is on conversations from Opec and Russia that they will keep | :10:48. | :10:54. | |
production cuts in place for a while, it is around 53 cents a | :10:55. | :10:58. | |
barrel today. Unless you are getting back to 55 or 60, I would not | :10:59. | :11:04. | |
necessarily overplay the inflationary consequences. We have | :11:05. | :11:07. | |
seen an inflation spike on the back end of last year, so unless you see | :11:08. | :11:12. | |
that really amplified then we would not worry about inflationary | :11:13. | :11:14. | |
consequences. The fascinating thing will be in terms of if we are in a | :11:15. | :11:18. | |
slightly better great environment, then eventually we'll see some | :11:19. | :11:25. | |
reduction in global infantry is and that is what the production ceiling | :11:26. | :11:27. | |
is aiming to achieve. If we start see ceiling is coming down that will | :11:28. | :11:30. | |
be a more constructive environment for the oil market and will not be | :11:31. | :11:37. | |
reliant on production cuts. Jeremy, thank you. He will be back later on | :11:38. | :11:42. | |
to talk about other stories, especially why there are so many | :11:43. | :11:46. | |
copies of the da Vinci code ending up in charity shops and why they | :11:47. | :11:48. | |
don't want them. They don't want to read it, | :11:49. | :11:50. | |
presumably. We'll take a look at China's plans | :11:51. | :11:52. | |
to revive ancient trade routes. President Xi pledges | :11:53. | :11:58. | |
billions to rebuilt ports, You're with Business | :11:59. | :12:00. | |
Live from BBC News. Lonmin - the third largest producer | :12:01. | :12:11. | |
of platinum in the world - has just announced an operating loss | :12:12. | :12:15. | |
in the second quarter as a result of higher costs | :12:16. | :12:18. | |
and lower production. Joining us now from the London Stock | :12:19. | :12:26. | |
Exchange is the Lonmin's Thank you for coming onto the | :12:27. | :12:40. | |
programme. What exactly is the problem here? Why is it struggling, | :12:41. | :12:46. | |
is it the price of platinum? What is the most important factor and what | :12:47. | :12:54. | |
to do about it? The prices are very low and the rand has been stronger. | :12:55. | :12:59. | |
Those are things which are uncontrollable for us. What Lonmin | :13:00. | :13:04. | |
has been doing is to remove high cost production to make sure the | :13:05. | :13:09. | |
demand supply market is tightened and we could benefit from all other | :13:10. | :13:12. | |
suppliers doing the same things. We have taken 100,000 platinum ounces | :13:13. | :13:18. | |
and we expect that should help in tightening the market and we would | :13:19. | :13:21. | |
hope that everyone is disciplined enough in that approach. We have | :13:22. | :13:26. | |
been removing production from our high cost production shafts, | :13:27. | :13:32. | |
shutting shafts, reducing costs, we retrain 6000 people last year and | :13:33. | :13:36. | |
all these efforts have culminated in a poor quarter one performance up | :13:37. | :13:41. | |
until January which was a hiccup in our performance. However, that has | :13:42. | :13:45. | |
turned and we have seen much production being a record production | :13:46. | :13:50. | |
and that has continued up to now, resulting in a net cash position | :13:51. | :13:55. | |
improving from December last year to $49 million. That net cash has | :13:56. | :14:00. | |
improved $75 million. Our liquidity has also improved to $447 million, | :14:01. | :14:06. | |
so we have sufficient liquidity to navigate this tough to rain of very | :14:07. | :14:16. | |
low prices. Then, thank you for explaining all of that. I am sorry | :14:17. | :14:26. | |
to say we are running out of time. That is Ben Megara, the chief | :14:27. | :14:30. | |
executive of Lonmin. Radical changes going on at that company to try and | :14:31. | :14:34. | |
grapple with some of the issues they are facing, falling price in | :14:35. | :14:38. | |
platinum and the currency in South Africa all the place. There is lots | :14:39. | :14:43. | |
more on our Business Live page. We have more on the security attack and | :14:44. | :14:48. | |
other stories as well. Do dig deep when you have time. | :14:49. | :14:52. | |
Our top story, Microsoft says a huge global cyber-attack, | :14:53. | :15:00. | |
which has hit more than 150 countries since Friday, | :15:01. | :15:03. | |
A huge number of companies were targeted in the initial attack | :15:04. | :15:08. | |
including Spain's Telefonica, Fed Ex in the US, and Germany's | :15:09. | :15:12. | |
There is amusing pictures of chalk boards on the German railways. Just | :15:13. | :15:27. | |
chalk boards telling you when the trains are coming and going. | :15:28. | :15:35. | |
The Chinese government is investing billions of dollars as part | :15:36. | :15:37. | |
of a plan to restore the ancient trade routes connecting | :15:38. | :15:40. | |
President Xi Jinping has pledged $124 billion for the scheme known | :15:41. | :15:43. | |
First unveiled in 2013 the project consists of a maritime | :15:44. | :15:47. | |
route starting in China which winds its way to Europe. | :15:48. | :15:50. | |
At the same time a land based network would make its way west | :15:51. | :15:53. | |
Helena Huang is an economist specialising in China | :15:54. | :15:56. | |
Good morning. Thank you for being on the programme. Just tell us a bit | :15:57. | :16:08. | |
more about this route, the belt and road initiative and how much impact | :16:09. | :16:15. | |
it will have on trade? Yes. So I think this initiative is a China | :16:16. | :16:21. | |
backed global community initiative and it has started by the president | :16:22. | :16:28. | |
himself in late 2013. I think the idea or the aim of the initiative is | :16:29. | :16:33. | |
to revise economic growth through the creation of a new set of | :16:34. | :16:37. | |
infrastructure projects and networks across 65 countries so and also I | :16:38. | :16:42. | |
think what is interesting about this initiative is that it is really a | :16:43. | :16:47. | |
ground-breaking initiative in its scale and scope. Spending across | :16:48. | :16:52. | |
like four Continents, covering more than a third of global GDP and 16% | :16:53. | :16:58. | |
of global population and I will also add that the uniqueness of this | :16:59. | :17:03. | |
initiative is also its preference for the infrastructure projects and | :17:04. | :17:08. | |
investment and at the same time it focuses a lot on emerging markets as | :17:09. | :17:16. | |
well as frontier markets where the local currency markets are less | :17:17. | :17:22. | |
developed. It has been a chance for President Xi to criticise | :17:23. | :17:25. | |
protectionism. He is seeing this as a chance to champion what he calls | :17:26. | :17:32. | |
free taid, isn't it? Well -- free trade, isn't it? The goal to is | :17:33. | :17:38. | |
revise economic growth and trade is a part of it, but I would say that | :17:39. | :17:43. | |
is Rome not built in one day and to achieve this initiative and deliver | :17:44. | :17:47. | |
it well, it takes a lot of tile. And I think what's important would be | :17:48. | :17:53. | |
economic co-operation. Once we can achieve concerted policy effort to | :17:54. | :18:00. | |
give stronger economic co-operation there will be enormous benefits, not | :18:01. | :18:03. | |
only for global trade, but global growth. It's ground-breaking in its | :18:04. | :18:08. | |
size and scale and the number of countries involved, but what are the | :18:09. | :18:12. | |
obstacles in the way and what about the concern of China's control and | :18:13. | :18:18. | |
influence elsewhere? I think the main obstacle or the main challenges | :18:19. | :18:23. | |
how shall we achieve economic co-operation aAmanda Knox so many | :18:24. | :18:27. | |
different countries and that's taking a lot of effort. On the part | :18:28. | :18:33. | |
of whom? On the part of both sides as well as the policy makers in the | :18:34. | :18:41. | |
belt and road countries. I can see the UK take a very active part | :18:42. | :18:50. | |
acting as a natural partnership to help China with this belt and roads | :18:51. | :18:55. | |
initiative on the back of legal and advisory services. I was reading | :18:56. | :18:59. | |
about how Greece is pinning its hopes on getting something out of | :19:00. | :19:03. | |
the new partnerships. Do you think there could be it is appointment | :19:04. | :19:06. | |
down the line when perhaps what has been promised isn't delivered? I | :19:07. | :19:11. | |
think what's important is once again for us to really keep an optimistic | :19:12. | :19:15. | |
view about what can be achieved because at the ebbed of the day, | :19:16. | :19:20. | |
this is all about infrastructure growth, all about trade, and | :19:21. | :19:25. | |
investment and also it is about culture and people across the | :19:26. | :19:31. | |
nation. So, a better connected world or a better con cted region -- | :19:32. | :19:38. | |
connected region would be better for regional growth. | :19:39. | :19:44. | |
Thank you for coming in today. More detail on our website. | :19:45. | :19:49. | |
Rebellion is a leading video game company responsible for smash hit | :19:50. | :19:51. | |
titles such as Sniper Elite and Alien Versus Predator. | :19:52. | :19:53. | |
The company's boss is Jason Kinglsey. | :19:54. | :19:55. | |
The video game boss says that he lives his life according | :19:56. | :20:01. | |
to the knights' code of honour, which he also applies | :20:02. | :20:03. | |
When I'm not sitting in front of the computer being the boss of a | :20:04. | :20:26. | |
computer games company I live my life similarly to that as a medieval | :20:27. | :20:34. | |
knight as I possibly can. Obviously I'm not actually a knight. But I do | :20:35. | :20:38. | |
actually have horses and I do actually train them and I do | :20:39. | :20:47. | |
actually wear armour! Bravery, it's the ability to charge | :20:48. | :20:51. | |
forward and seize an opportunity and do the best you can with it. | :20:52. | :20:56. | |
Bravery is also about exploring new territories, seeking out new markets | :20:57. | :21:01. | |
for what you do in business and bravery is an essential component of | :21:02. | :21:07. | |
being a leader. Honesty, honesty in business is very important. It | :21:08. | :21:14. | |
doesn't, of course mean telling doesn't, of course mean telling | :21:15. | :21:18. | |
everybody all your secrets, what it means is actually dealing fairly | :21:19. | :21:20. | |
with people. If there is a problem, let them know about it and usually | :21:21. | :21:25. | |
these things can be sorted out. It ideally means that everybody should | :21:26. | :21:28. | |
walk away from a business situation feeling they've got a fair deal. | :21:29. | :21:35. | |
Kindness, it's about treating things well. It's about looking after your | :21:36. | :21:41. | |
friends, and your family and you are animals and your landscape around | :21:42. | :21:51. | |
you. That's Jason Kingsley part of our CEO series which is online. | :21:52. | :21:56. | |
There is loads of snippets from company bosses on our website. It's | :21:57. | :21:59. | |
great. Geoffrey is back. | :22:00. | :22:06. | |
Let me talk about Lift and Waymo. They're getting together to try and | :22:07. | :22:22. | |
work and getting this product out quickly This deal, if it's brought | :22:23. | :22:26. | |
together suggests that we're getting closer to a commercialisation of | :22:27. | :22:29. | |
that process and also it underlines the fact that the threat to the | :22:30. | :22:32. | |
traditional metrics in terms of those that have been driving for a | :22:33. | :22:36. | |
living because if you're getting into a ride hailing unit with self | :22:37. | :22:43. | |
driving cars then there are fairly significant strategic partnerships | :22:44. | :22:46. | |
and changes in the consumer experience shall we say in cities | :22:47. | :22:55. | |
such as London. Waymo is operating under Google's parent company, | :22:56. | :23:02. | |
Alphabet. There is this huge race on... The first mover advantage will | :23:03. | :23:09. | |
be crit ale assuming that the technology is sustainable and is, of | :23:10. | :23:13. | |
course, safe which is the other ultimate bugbear for this particular | :23:14. | :23:17. | |
story. But there is an incredible arms race to get to market first and | :23:18. | :23:21. | |
try and get that strategic advantage. Automation meaning there | :23:22. | :23:27. | |
will be fewer human drivers in the future and the social problems that | :23:28. | :23:30. | |
could cause? The strategic changes that we're seeing. It's the great | :23:31. | :23:44. | |
industrialisation on the next phase. We've seen mecanisation and | :23:45. | :23:47. | |
technology throwing up a source of structural changes that will be | :23:48. | :23:52. | |
important for the labour market. An academic in market, hose name I | :23:53. | :23:55. | |
can't remember, forgive me if you're waffling, was quoted in the papers | :23:56. | :23:59. | |
as saying that petrol cars will be a thing of the past in eight years? | :24:00. | :24:06. | |
Some of tenants behind that story... Are they sponsored by Google? There | :24:07. | :24:10. | |
are a lot of components are speculative. You saw it too? Yes. | :24:11. | :24:17. | |
Good. It is one of those headline grabbing reports. We're probably | :24:18. | :24:22. | |
somewhere further along from eight years. He has taken spectacular | :24:23. | :24:26. | |
assumptions on board in order to facilitate that. I don't know | :24:27. | :24:29. | |
anything about the academic either the one suspects he has a strong | :24:30. | :24:37. | |
bias in order to move away from the petrol engine or come buston engine | :24:38. | :24:42. | |
and moving towards electrification. Have you read the da Vinci vowed? | :24:43. | :24:52. | |
No. Have you? Yes. It ended up in a charity shop and apparently there | :24:53. | :24:57. | |
are too maeb of these books being dumped on charity shops. One charity | :24:58. | :25:04. | |
shop said we can't take anymore. I'm not sure why one charity shop in | :25:05. | :25:10. | |
Swansea should have got so many! If it was an aim of promoting the books | :25:11. | :25:15. | |
in the Swansea area over the past few years, but it underlines the | :25:16. | :25:21. | |
popularity of one certain he will the and books have a time horizon. | :25:22. | :25:28. | |
Going into technology maybe that's something like the Kindle sin | :25:29. | :25:34. | |
ceasing. Thank you, Jeremy. That's all from BBC Business Live. | :25:35. | :25:42. | |
The other story was 50 Shades Of Grey was the other book that charity | :25:43. | :25:47. | |
shops didn't want. There you go, you heard it here first! | :25:48. | :25:53. | |
This week is looking unsettled. Strong winds coming up from the | :25:54. | :25:57. | |
south or the south-west. Initially it will be a warm start to the week | :25:58. | :26:01. | |
and cooling off later on. Today is looking wet. A lot of cloud. A lot | :26:02. | :26:02. | |
of rain | :26:03. | :26:04. |