Browse content similar to 08/09/2017. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
This is Business Live from BBC News with Rachel Horne | :00:00. | :00:00. | |
Insuring against nature - as Hurricane Irma | :00:00. | :00:10. | |
continues to batter the Caribbean the insurance industry braces | :00:11. | :00:12. | |
for one of its most expensive years on record. | :00:13. | :00:15. | |
Live from London, that's our top story on Friday | :00:16. | :00:17. | |
With Irma on course to overtake Katrina as America's | :00:18. | :00:36. | |
costliest hurricane, we'll look at the spiralling cost | :00:37. | :00:39. | |
Also in the programme, the public relations disaster that | :00:40. | :00:45. | |
Bell Pottinger's Asia unit says it will separate from its British | :00:46. | :00:50. | |
parent after its South Africa controversy. | :00:51. | :00:59. | |
The European markets have opened, not a huge amount of movement so | :01:00. | :01:05. | |
far. Many investors holding their breath to see the economic impact of | :01:06. | :01:07. | |
the hurricane season. We'll be getting inside track on | :01:08. | :01:15. | |
Saudi Arabia's plans to sell off oil operations. Plus, after an estimated | :01:16. | :01:21. | |
143 million customers were affected by the massive Equifax incident, we | :01:22. | :01:32. | |
want to know how often you change your password. | :01:33. | :01:38. | |
Hurricane Irma is continuing its path of destruction | :01:39. | :01:45. | |
The International Red Cross says that more than 1.2 million people | :01:46. | :01:49. | |
have already been affected by one of the strong storms ever recorded. | :01:50. | :01:54. | |
And many more are expected to suffer as it continues | :01:55. | :01:59. | |
heading towards the US - it's predicted to reach | :02:00. | :02:02. | |
Aside from the human cost of the disaster, experts warn | :02:03. | :02:09. | |
it could also be one of the most expensive. | :02:10. | :02:12. | |
Much depends on its exact path when it reaches | :02:13. | :02:14. | |
densely populated Miami - but estimates range from $70 | :02:15. | :02:16. | |
There's no official figure yet for Hurricane Harvey, | :02:17. | :02:24. | |
which caused severe flooding and displaced more than a million | :02:25. | :02:27. | |
But some, including the Governor of Texas, are estimating costs | :02:28. | :02:36. | |
If that figure is accurate, it would put Harvey ahead | :02:37. | :02:39. | |
of Hurricane Katrina in 2005 - officially the costliest | :02:40. | :02:41. | |
Katrina did damage of nearly ?160 billion. | :02:42. | :02:48. | |
Until this year nothing had come close to Katrina - | :02:49. | :02:52. | |
although Hurricane Sandy in 2012 caused more than $68 | :02:53. | :02:55. | |
But it's clear the economic damage from extreme weather is on the rise. | :02:56. | :03:01. | |
Since 1980 the US has experienced 212 major weather disasters | :03:02. | :03:03. | |
And the Chief Executive of Hiscox insurance, Bronek Masojada, | :03:04. | :03:14. | |
told me this year was on course to be one of the most | :03:15. | :03:17. | |
In terms of Irma, we expect it to be a far bigger | :03:18. | :03:21. | |
Most people buy insurance against wind damage. | :03:22. | :03:28. | |
So the economic cost, the insurance costs, could be | :03:29. | :03:31. | |
anything between $50 billion and $150 billion, so a much | :03:32. | :03:34. | |
bigger proportion of the total economic cost. | :03:35. | :03:39. | |
David Marrock is the Chief Executive of Charles Taylor Insurance Services | :03:40. | :03:42. | |
- among other things they help the industry process claims. | :03:43. | :03:50. | |
In the immediate aftermath, it's going to be emergency shelter and | :03:51. | :03:55. | |
food that people will need. How quickly can insurance companies give | :03:56. | :04:00. | |
them emergency funding so that they can survive? I think a lot of the | :04:01. | :04:02. | |
initial emergency funding will actually come through FEMA, the | :04:03. | :04:09. | |
government agencies. The insurance agencies will have to go out and | :04:10. | :04:13. | |
assess the claims, assess if they are covered and then they will stop | :04:14. | :04:16. | |
providing funding. You say assess if they are covered, with flooding it | :04:17. | :04:22. | |
is a grey area. Lots of people don't take out specific flooding | :04:23. | :04:24. | |
insurance, even though the flooding may have been caused by a hurricane, | :04:25. | :04:29. | |
which they are insured against? Essentially, if you look at Texas, | :04:30. | :04:33. | |
for example, the estimate is only 20% of household is actually have | :04:34. | :04:38. | |
coverage for flood in place. That compares to, if you go back to | :04:39. | :04:41. | |
Katrina, over half of people had flood damage cover in place. If the | :04:42. | :04:46. | |
damage is caused by flood, the reality is that the insurers will | :04:47. | :04:52. | |
say that is under your flood insurance. If you don't have flood | :04:53. | :04:56. | |
insurance, those individuals will be looking at FEMA for emergency | :04:57. | :04:59. | |
assistance and it will take quite some time. Part of what Charles | :05:00. | :05:04. | |
Taylor Davis do is loss adjusting, getting onto the ground, assess the | :05:05. | :05:08. | |
damage and what claim people can make. How quickly are you on the | :05:09. | :05:13. | |
ground after incidents like this? We have offices in Houston and Florida. | :05:14. | :05:21. | |
We have people on the ground, right now, ready to assess claims. I think | :05:22. | :05:24. | |
the reality is that there are still a lot of areas that are | :05:25. | :05:28. | |
inaccessible. We deal quite heavily on the commercial end of the world. | :05:29. | :05:33. | |
In that space, people are still getting back to their offices and | :05:34. | :05:36. | |
workplaces to assess what damage there is, and to start making those | :05:37. | :05:40. | |
claims. We seem to have have an increasing number of extreme weather | :05:41. | :05:43. | |
events. Just today we had an earthquake in Mexico. How does the | :05:44. | :05:48. | |
insurance industry factor these in, in projections going forward, | :05:49. | :05:54. | |
working out how much to charge customers? Well, it is clearly one | :05:55. | :05:58. | |
of the more difficult assessments to make because it is essentially a low | :05:59. | :06:03. | |
probability event. When it happens, the costs are enormous. It's always | :06:04. | :06:06. | |
a tough call, exactly how to rate that. They use models to help that | :06:07. | :06:13. | |
assessment and they will have made a view about how many hurricanes, what | :06:14. | :06:16. | |
sort of frequency and with what sort of cost. I think what we are seeing | :06:17. | :06:22. | |
this year is that it will be above what people were expecting, to have | :06:23. | :06:25. | |
two hurricanes of this scale and nature in such close proximity, it | :06:26. | :06:32. | |
would be unexpected, if you like. Briefly, do you think it means | :06:33. | :06:37. | |
insurance premiums will go up? I think there is definitely the | :06:38. | :06:40. | |
potential for that. When insurers get surprised, that is typically the | :06:41. | :06:46. | |
reaction. The caveat to that is that, at the moment, the market is | :06:47. | :06:50. | |
awash with capital. There is always the potential that money will flow | :06:51. | :06:56. | |
back in two, if you like, put capital back into those insurers and | :06:57. | :07:03. | |
rates will end up staying the same. Wait and see? Overall, we would | :07:04. | :07:06. | |
expect rates to go up. Thank you for talking to us. | :07:07. | :07:07. | |
Let's take a look at some of the other stories making the news. | :07:08. | :07:10. | |
The credit rating giant Equifax says its computer systems have | :07:11. | :07:13. | |
It means more than 140 million customers across the United States | :07:14. | :07:16. | |
may have had data compromised which includes addresses | :07:17. | :07:18. | |
The company said its main credit rating databases weren't affected. | :07:19. | :07:26. | |
The world's biggest internet retailer Amazon has announced plans | :07:27. | :07:28. | |
to build a second headquarters in North America. | :07:29. | :07:31. | |
It's sparked fierce competition from cities including Toronto, | :07:32. | :07:34. | |
Texas and Chicago who are all keen to attract the $5 billion investment | :07:35. | :07:37. | |
The new centre will support at least 50,000 jobs. | :07:38. | :07:49. | |
Chinese imports grew slower than expected in August, | :07:50. | :07:50. | |
hit by weak global demand, but a jump in imports | :07:51. | :07:53. | |
It's been a terrible week for the British public relations | :07:54. | :08:06. | |
It was kicked out of its industry body after being accused of stirring | :08:07. | :08:10. | |
up racial hatred in South Africa and now as it nears | :08:11. | :08:13. | |
collapse it's Asian unit is planning to go it alone. | :08:14. | :08:15. | |
It's based in Singapore and Monica Miller is there for us. | :08:16. | :08:22. | |
What have you discovered? Yes, the Asian firm's unit wasted little time | :08:23. | :08:28. | |
to rebrand itself and get some distance from the London based | :08:29. | :08:32. | |
parent. It plans to relaunch its business with a new ownership | :08:33. | :08:37. | |
structure. It will operate under a new name, Clerical Communications. | :08:38. | :08:41. | |
It comes after Bell Pottinger was expelled from the industry trade | :08:42. | :08:45. | |
body after being accused of stirring up racial tensions in South Africa. | :08:46. | :08:49. | |
Big-name companies like HSBC have already cut ties with the British | :08:50. | :08:53. | |
public relations firm since the scandal broke. Here in Asia it | :08:54. | :09:01. | |
story. Revenues have been growing at a steady pace in recent years. They | :09:02. | :09:03. | |
have established offices in Hong Kong, Asia, me and | :09:04. | :09:08. | |
it says the operations are solvent and it is business as usual. | :09:09. | :09:14. | |
Stocks in Asia mixed - the Nikkei has been kept | :09:15. | :09:17. | |
The Japanese stock market is stuffed full of exporters so a strong yen | :09:18. | :09:21. | |
makes their items more expensive for foreign buyers - | :09:22. | :09:23. | |
that pushes down the value of the companies and by extension, | :09:24. | :09:26. | |
You can see the numbers, down 0.63%. The dollar is holding onto current | :09:27. | :09:48. | |
price, investors holding their breath for the aftermath of | :09:49. | :09:55. | |
Hurricane Irma. No huge movements in Europe. Familiar issues at play, a | :09:56. | :10:00. | |
strong euro, a weaker pound. The strength of the Euro consolidated by | :10:01. | :10:03. | |
the ECB meeting where they revised growth forecasts high and indicated | :10:04. | :10:06. | |
they had started to talk about papering. No firm details yet. Let's | :10:07. | :10:11. | |
go to somebody with details, Samira Hussein is on Wall Street. | :10:12. | :10:14. | |
US supermarket operator Kroger will be reporting earnings on Friday | :10:15. | :10:16. | |
and it's expected to show an increase to profits | :10:17. | :10:19. | |
That's because of investments in categories like milk and eggs. | :10:20. | :10:22. | |
The supermarket wars are really heating up in America, | :10:23. | :10:24. | |
as many big US retailers are putting more deficits of groceries. | :10:25. | :10:26. | |
Walmart has been investing heavily in its groceries division, including | :10:27. | :10:29. | |
And of course, the big tie-up between Amazon | :10:30. | :10:36. | |
Also happening on Friday, we'll get numbers for sales at US wholesalers. | :10:37. | :10:43. | |
That likely went up by 0.4% in the month of July. | :10:44. | :10:47. | |
That's after a 0.7% increase back in June. | :10:48. | :11:03. | |
releasing the latest consumer credit numbers. | :11:04. | :11:06. | |
Now, the availability of credit supports purchasing big-ticket items | :11:07. | :11:08. | |
like cars and appliances, which is all part of the highly | :11:09. | :11:11. | |
important consumer spending for the United States. | :11:12. | :11:13. | |
Joining us is Mike Amey, Managing Director and | :11:14. | :11:15. | |
Hello. Let's talk about insurers. What has happened to their share | :11:16. | :11:27. | |
prices, given the hurricane ripping through the Caribbean? So far, so | :11:28. | :11:30. | |
good. The insurance sector as a whole, if you look at the main | :11:31. | :11:34. | |
insurance indices, they are down 2% of 3% over the last couple of days, | :11:35. | :11:38. | |
about 10% on the peek at the beginning of August. That year to | :11:39. | :11:42. | |
date, flat or slightly up. There are some that have done worse than that, | :11:43. | :11:46. | |
but, generally speaking, as you were saying earlier, the market has taken | :11:47. | :11:51. | |
it relatively well. They had a very, very good years before this. They've | :11:52. | :11:57. | |
got a lot of capital? Yes, that is what the markets are focused on. You | :11:58. | :12:01. | |
have the hit two innings this year, but it is not an event that is | :12:02. | :12:04. | |
putting serious pressure on the insurance industry. Let's talk about | :12:05. | :12:09. | |
the ECB, the big meeting that happened yesterday. What headlines | :12:10. | :12:13. | |
came out of it? The ECB is still spending money. It is one of the few | :12:14. | :12:16. | |
central banks trying to put more money into the economy. The European | :12:17. | :12:21. | |
economy is doing quite well as a result. It will grow stronger than | :12:22. | :12:24. | |
the UK for the next couple of years. There is a question mark as to when | :12:25. | :12:28. | |
they are going to stop doing that. That is the focus. What Mario Draghi | :12:29. | :12:33. | |
said to us yesterday, the President of the central bank, is that he is | :12:34. | :12:37. | |
thinking about it, but not yet. He did mention the timing going | :12:38. | :12:41. | |
forward? At the moment they are still spending money, most | :12:42. | :12:45. | |
expectations are that they will slow down the cash spend next year. It is | :12:46. | :12:48. | |
how quickly he is going to admit his own to do that. That is one of the | :12:49. | :12:52. | |
focuses for yesterday. He said, I'm thinking about it, rather than it is | :12:53. | :12:56. | |
a done deal and I'm going to do it starting next month. Still an issue | :12:57. | :13:01. | |
with inflation? The UK is one of the few places with inflation above | :13:02. | :13:05. | |
target. The US has inflation below target. The Europeans, the forecast | :13:06. | :13:08. | |
for 2019 is still only 1.5% inflation. This is the challenge | :13:09. | :13:14. | |
that we have, trying to get growth up, wages up. If you get wages up, | :13:15. | :13:17. | |
hopefully we'll get inflation as well. Many thanks, you will be | :13:18. | :13:21. | |
coming back later to talk through some of the stories making the | :13:22. | :13:23. | |
papers. Our business editor Simon Jack | :13:24. | :13:23. | |
will be here to talk about migration after Brexit and the latest | :13:24. | :13:28. | |
on Saudi Arabia's plans to sell Lots of MPs are concerned about | :13:29. | :13:30. | |
that. You're with Business | :13:31. | :13:38. | |
Live from BBC News. There could be some very good news | :13:39. | :13:43. | |
for those looking for jobs, at least that's according | :13:44. | :13:46. | |
to the latest Recruitment and The REC has found that demand | :13:47. | :13:48. | |
for staff has increased at the fastest rate since April | :13:49. | :13:54. | |
2015, resulting in an And with candidate availability | :13:55. | :13:57. | |
continuing to decline, pay rates are being pushed | :13:58. | :14:02. | |
higher than ever. Tom Hadley, REC's Director | :14:03. | :14:05. | |
of Policy and Professional Welcome to the programme. Can you | :14:06. | :14:19. | |
give us an outline, what sort of jobs are we talking about? It cuts | :14:20. | :14:23. | |
across, and what is interesting is the whole Brexit debate, in some | :14:24. | :14:27. | |
ways, is creating some new jobs. There's a big demand for managerial, | :14:28. | :14:30. | |
leadership roles to help companies navigate these uncertain waters. | :14:31. | :14:35. | |
Also things like risk managers, legal staff, HR staff. There is huge | :14:36. | :14:40. | |
demand there. Also big demand in sectors like the blue collar | :14:41. | :14:43. | |
sectors, hospitality being one, logistics, construction. It cuts | :14:44. | :14:53. | |
across most sectors of the economy. We talked about a lack of | :14:54. | :14:55. | |
availability of candidates. Why are we seeing this? Anything to do with | :14:56. | :14:58. | |
Brexit? To some extent, the demand for engineering and IT has been | :14:59. | :15:01. | |
strong for many years, that predates Brexit, although it is getting | :15:02. | :15:06. | |
harder. Some sectors like blue-collar, hospitality, there is | :15:07. | :15:08. | |
no doubt it is getting tougher. Month on month, professionals are | :15:09. | :15:11. | |
telling us we are making more placements, demand for staff is | :15:12. | :15:15. | |
increasing, how are we going to fill that supply? Our members are working | :15:16. | :15:19. | |
very hard to meet the demand. The challenge ahead is if the hammer | :15:20. | :15:22. | |
does come down on immigration policy, how are we going to be able | :15:23. | :15:26. | |
to meet that demand from employers? That is one of our messages to | :15:27. | :15:30. | |
government. We need a progressive immigration policy to meet the | :15:31. | :15:34. | |
demand for staff. Very briefly, how are the pay rates being pushed high? | :15:35. | :15:38. | |
We keep hearing that pay is not matching inflation and wage growth | :15:39. | :15:41. | |
is slowing. Is it lack of available candidates? Yes, we track starting | :15:42. | :15:47. | |
salaries. Because it is hard to find of candidates to fill the roles, | :15:48. | :15:51. | |
employers are having to put more cash in to attract people to | :15:52. | :15:53. | |
companies. It's not just cash, a lot of companies are looking differently | :15:54. | :16:01. | |
at how they hire, can we get people with less experience and build them | :16:02. | :16:04. | |
up, can we have a printer ships? This is happening while we need to | :16:05. | :16:07. | |
impress the need for progressive immigration policies in the short | :16:08. | :16:08. | |
term. Becky. We will be talking about immigration | :16:09. | :16:19. | |
a little later with Simon Jack, our business editor. You are watching | :16:20. | :16:35. | |
Business Live. Our top story is about Hurricane Irma and the impact | :16:36. | :16:38. | |
it is having on the insurance market. | :16:39. | :16:38. | |
A quick look at how markets are faring... | :16:39. | :16:43. | |
Europe has been open for about 45 minutes. A lot of investors waiting | :16:44. | :16:57. | |
to see what impact the hurricane is going to have on the markets. | :16:58. | :16:59. | |
And now let's get the inside track on this week's big economics stories | :17:00. | :17:02. | |
with the BBC's business editor Simon Jack. | :17:03. | :17:08. | |
What is concentrating minds in the city is the flotation of part of the | :17:09. | :17:13. | |
Saudi Arabian oil industry. There are MPs who are not very happy with | :17:14. | :17:21. | |
the way this deal has progressed. All the financial centres in the | :17:22. | :17:25. | |
world love premium listings - the bring jobs, fee revenue, prestige. | :17:26. | :17:29. | |
This is the place you come to raise money. New York, Hong Kong, London, | :17:30. | :17:35. | |
or would like this because it would be a super premium listing. It will | :17:36. | :17:42. | |
be worth double the amount of Apple, around $2 trillion, to give some | :17:43. | :17:46. | |
perspective. The prestige question is interesting. Because it is 95% | :17:47. | :17:54. | |
owned by the Saudi Arabian Government, its revenue generation | :17:55. | :17:57. | |
machine, you would only have 5% available for the public to buy, and | :17:58. | :18:02. | |
our concerns that smaller shareholders' interests wouldn't be | :18:03. | :18:05. | |
look after. There are strict rules about that. Recently, Theresa May | :18:06. | :18:11. | |
and the head of the London stock exchange went to Riyadh to talk to | :18:12. | :18:15. | |
them, obviously to say, why don't you come to London? Hey presto, a | :18:16. | :18:19. | |
little later, the financial watchdog said it was considering consulting | :18:20. | :18:25. | |
on loosening the rules. They didn't mention Saudi Arabia or Aramco, but | :18:26. | :18:30. | |
everyone knew what they meant. There were loosening the rules to make it | :18:31. | :18:36. | |
easier for Aramco to list here. The question is, should you do that and | :18:37. | :18:39. | |
weaken the standards to get them here, and others are saying, get | :18:40. | :18:48. | |
real. That is one of the big reasons why the FTSE are going after it. But | :18:49. | :18:53. | |
what other stock exchanges are in the race? New York and London are | :18:54. | :18:57. | |
probably the leading candidates. You are right when you talk about | :18:58. | :19:01. | |
Brexit, because there are those who think that after Brexit, some | :19:02. | :19:04. | |
operations will move out of London and it may lose its prestige. Are we | :19:05. | :19:11. | |
seeing this loosening as getting this premium bitter business as a | :19:12. | :19:16. | |
counterweight to some loss of influencing global markets? Some | :19:17. | :19:18. | |
people would say we don't need to that. On Brexit, there was this | :19:19. | :19:23. | |
leaked immigration report. You have been looking into this, and it has | :19:24. | :19:27. | |
sent a bit of a chill through the business community, hasn't it? | :19:28. | :19:33. | |
Basically, some sectors are very reliant on large numbers of EU | :19:34. | :19:39. | |
migrants, such as the hospitality industry. Their trade body said that | :19:40. | :19:47. | |
clamping down on low skilled work in particular would be catastrophic. | :19:48. | :19:53. | |
That was the word they used. Construction is well. Businesses | :19:54. | :19:56. | |
have had the luxury of having almost limitless supplies of labour from | :19:57. | :20:00. | |
the EU. Some people think that has pushed down working conditions and | :20:01. | :20:05. | |
wages here in the UK, and the Government has been trying to walk | :20:06. | :20:08. | |
this tightrope between looking after the concerns of voters on that and | :20:09. | :20:12. | |
also the needs of business. People think that with this leaked report | :20:13. | :20:18. | |
saying they would come down much harder than people thought, they are | :20:19. | :20:25. | |
murdering two is -- they are leaning too hard on the side of voters. | :20:26. | :20:28. | |
Everybody thinks that migration brings down wages. There has been a | :20:29. | :20:32. | |
lot of research done, and at the lower end, there is some evidence of | :20:33. | :20:36. | |
a small reduction in wages in some industries, but generally, it | :20:37. | :20:46. | |
doesn't mean that. Unemployment is 4.4%, almost full employment in | :20:47. | :20:50. | |
economic terms. There that many spare UK workers around to up, and | :20:51. | :20:57. | |
there is a recruitment and employment Federation report saying, | :20:58. | :20:59. | |
we're beginning to feel the pinch and wages will have to start going | :21:00. | :21:03. | |
up. The Bank of England will look at that. If wages go up, good - if | :21:04. | :21:08. | |
prices go up, not so good. The Bank of England will be watching those | :21:09. | :21:14. | |
numbers incredibly closely. Many in the hospitality industry trying to | :21:15. | :21:17. | |
recruit those staff would say, they are skilled, the waiters and the | :21:18. | :21:24. | |
chefs. The definition of skilled and unskilled is a Bay Area, probably | :21:25. | :21:28. | |
the subject for another programme. Thank you, Simon. | :21:29. | :21:40. | |
Aaron has been munching his way through TV dinners in our latest | :21:41. | :21:42. | |
million-dollar idea. Precooked, frozen meals in a tray - | :21:43. | :21:45. | |
and we love them. The idea started | :21:46. | :21:48. | |
with in-flight meals. They first took | :21:49. | :21:49. | |
to the skies in 1945. But the packaged | :21:50. | :21:52. | |
dinner to eat at home Picture the scene - | :21:53. | :21:53. | |
it's Thanksgiving, the US food company Swanson has | :21:54. | :22:01. | |
a problem - it is stuck with 260 Well, someone in the company | :22:02. | :22:05. | |
had a bright idea. Turn them into ready meals | :22:06. | :22:14. | |
with all the trimmings, using the same metal | :22:15. | :22:17. | |
trays as the airlines, and they hit on the brand | :22:18. | :22:22. | |
name TV dinners. Swanson sold 10 million | :22:23. | :22:26. | |
in the first year alone. Well, TV was the new craze in | :22:27. | :22:28. | |
America at the time, and the packets were designed to look like TV sets, | :22:29. | :22:39. | |
with the food on the screen. Whatever it was, these | :22:40. | :22:42. | |
little babies have taken off, with ready meals | :22:43. | :22:44. | |
as we call them today now worth more | :22:45. | :22:45. | |
than $100 billion every single year. I wonder if there is anyone watching | :22:46. | :23:03. | |
this eating a TV dinner, or a TV breakfast. | :23:04. | :23:04. | |
What other business stories has the media been | :23:05. | :23:06. | |
Mike Amey is joining us again to discuss. | :23:07. | :23:12. | |
We were discussing passwords earlier, asking people how much they | :23:13. | :23:20. | |
change them - what about you? Do you change that enough? There has been | :23:21. | :23:28. | |
this huge data breach. In all honesty, I probably don't. If our | :23:29. | :23:31. | |
chief technology officer is watching, then I do regularly change | :23:32. | :23:35. | |
it, but I don't think any of us do, really. The challenge, of course, | :23:36. | :23:40. | |
is, if you keep changing it, you have to remember them all. And then | :23:41. | :23:49. | |
you end up writing them down. The key thing is to monitor your | :23:50. | :23:52. | |
accounts to make sure there isn't any kind of payment that you didn't | :23:53. | :23:58. | |
expect to be going up. Exactly. As long as you keep a close eye on | :23:59. | :24:04. | |
it... If you see any unusual factors, just change them | :24:05. | :24:07. | |
immediately. Think a lot of the reason why people are lax about | :24:08. | :24:15. | |
changing passwords it's because we have this feeling that whatever | :24:16. | :24:19. | |
happens we'll be compensated, we'll get the money back. It's not really | :24:20. | :24:22. | |
going to have an impact on us apart from inconvenience. At some point, | :24:23. | :24:30. | |
that's going to change. 143 million accounts have been compromised, so | :24:31. | :24:34. | |
huge numbers of people compromised on that particular one. The risk we | :24:35. | :24:40. | |
have is that we think it is somebody else's responsibility for us to keep | :24:41. | :24:45. | |
our own online security. Ultimately, it is our responsibility as much as | :24:46. | :24:49. | |
anyone else's. Another story making the papers is about how Poland could | :24:50. | :24:55. | |
end up scuppering the EU- Canada trade deal. This is all about when | :24:56. | :24:59. | |
there is a conflict and there has to be a resolution to a trade conflict, | :25:00. | :25:04. | |
isn't it? Very interesting to people like me. The interesting thing about | :25:05. | :25:10. | |
it is, with any Trego, if you have a disagreement between the two | :25:11. | :25:13. | |
parties, somebody has to be the judge, and typically... -- with any | :25:14. | :25:26. | |
trade deal, if you have a disagreement... Poland have the | :25:27. | :25:37. | |
ability to scupper the deal if they want to. An important one to watch, | :25:38. | :25:41. | |
this one. And it shows how difficult trade deals can be. We thought it | :25:42. | :25:46. | |
was a done deal, but it could be unwound. Indeed. Mike, thank you for | :25:47. | :25:48. | |
joining us. There will be more business news | :25:49. | :25:49. | |
throughout the day on the BBC Live webpage and on World Business | :25:50. | :25:54. | |
Report. Good morning. The weather will | :25:55. | :26:12. | |
remain unsettled through today | :26:13. | :26:13. |