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This is Business Live from BBC News,
with Sally Bundock and Ben Bland.
Facebook says nearly half
of all Americans might have seen
divisive Russia linked posts
ahead of last year's
Live from London, that's our top
story on Wednesday, 31st October.
The tech giant is due to tell
politicians in Washington
about Russia's impact on the poll,
amid fears that it will face
tighter regulation, along
with Twitter and Google.
Also in the programme....
The Bank of England warns that
Brexit could mean tens of thousands
of financial services jobs are lost
in the City of London.
Kamal Ahmed will fill you in on what
he knows. And markets in Europe are
mixed. Bucking the trend in Asia
were losses were right across the
And trick or treat -
we'll be getting the inside track
on how one fancy dress company
is cashing in on the growing
appetite for Halloween that
will see Britons spend more
than ever before.
As the big tech firms, Facebook,
Google and Twitter, face
a grilling over Russian meddling
in the US election, we want to know
- how much do you trust
social media for news?
Just let us know.
Use the hashtag BBCBizLive.
Hello and welcome to Business Live.
Do get in touch with your comments.
So much to get your teeth into. We
are starting with Facebook, Twitter
In a few hours' time Facebook,
Twitter and Google's parent Alphabet
will answer questions
about how their platforms
were exploited during last year's US
Their lawyers' testimony
to Congressional committees
in Washington could eventually lead
to tighter regulation
of online advertising.
One example of what's
being questioned is the 80,000
adverts which Facebook said
were focused on "divisive
social and political
messages" around the election
and were bought in Russia.
Facebook has shared
them with Congress.
In terms of their influence,
Facebook estimates that they were
seen by about 126 million people
before and after November's poll.
Tech firms are concerned about
the prospect of new regulation,
and in the last week or so both
Twitter and Facebook said
they will improve advertising
transparency, especially when it
comes to political ads.
Some leading Senators are proposing
the Honest Ads Act, to regulate
online ad sales for sites with more
than 50 million US
visitors each month.
Technology Correspondent Rory
Cellan-Jones is with me.
Sally went through the numbers. As
the story has developed, they
interchange. We heard 3000 and
What is important today is
until now we have been hearing about
paid advertising on these different
platforms, Facebook, Twitter and
Google. This time we are hearing
about free content. That is reaching
far more people. Accounts that no
turn out to be from a particular
Russian organisation spreading
across the Internet. The Washington
post is reporting yes, 126 million
Facebook users saw this material.
Also, 1100 YouTube videos connected
to Russian sources. And 36,000
Twitter pops. What we are seeing
here is free. This must be a
nightmare for these companies. The
impact of this material is coming
through free post on their
platforms. That is what they will be
deserving in front of Congress.
is quite interesting how the
attitudes to it has -- have changed.
Facebook initially dismissed the
idea of Russian meddling as crazy
Exactly. That was Mark
Zuckerberg's quote a day after the
US presidential election when the
subject became hot. Yes, it is
crazy, why would you can -- think
this would happen? He has had to
apologise for that remark. Facebook
is coming to terms with just how
dangerous a position it is in. It is
a major media platform. It doesn't
want to be a media platform.
Facebook experimented with pushing
news stories out of its main news
feeds so people just saw baby
pictures, party pictures, the sort
of stuff associated with Facebook.
It is a difficult time for these
social media companies. They don't
want to be the media bit. They want
to be social. Media companies get
regulated and that is what they are
They face this gruelling
by US lawmakers. Do you think we
will see any regulatory changes?
is quite difficult in the US with
first Amendment protection to see
what exactly might be done. That is
obviously the fear for these
companies. That is what they would
be wary of in these two days' of
There have been many warnings
about the potential impact of Brexit
on the City of London's role as one
of the world's leading
But now the Bank of England
is warning tens of thousands
of jobs are at risk.
Our economics editor
is Kamal Ahmed.
Tell smack more about this and what
you are hearing?
I'm hearing that
the Bank of England asked all the
financial institutions around the
United Kingdom to come up with what
they describe as contingency plans.
Those plans were delivered over the
summer. From that, this figure of
75,000 possible job losses over
three to five years has become
clear. That number is connected to,
if there were a no deal break with
the European Union and Britain went
to World Trade Organisation
relationship with the rest of the
EU. In the bank's mind that would be
the most negative outcome, because
it would mean the biggest hurdles
between Britain and the rest of the
European Union. It would mean that
banks and financial institutions in
the UK would have passporting writes
to tread across the EU. That doesn't
mean that the bank believes that is
what will happen. The government is
saying they want a good trade
agreement. In the case of financial
services, despite this morning, the
European Union needs London as much
as London needs the European Union,
for business finance, for government
finance. Yes, this is a warning. If
there is no deal. But it is not the
only option the bank is looking at.
Kamal Ahmed. Lots more on our
Let's take a look at some of
the other stories making the news...
Ryanair has said it still expects
to make record annual
profits this year -
to its schedules that led it
to cancel 20,000 flights.
The airline said it made profits
of $1.5bn in the six months
to the end of September,
and forecast a full-year
profit of up to $1.68bn.
Advertising giant WPP has cut sales
forecast for the second time in two
months. Like-for-like net sales and
profit margin growth would be flat
this year, it said. WPP says the UK
remains it is best performing
Growth in China's manufacturing
sector cooled more than expected
in October, in the face of tighter
pollution rules that
are forcing many steel mills,
smelters and factories to curtail
production over the winter.
However, the figures also show that
newer high-end manufacturing
industries are continuing to grow.
We have had a slew of earnings today
from all sides of companies around
the world, including Samsung, the
electronics giant. It announced new
leadership of the company as well.
It has handle an ongoing management
It comes amid record profits
for the South Korean conglomorate.
Mark Lowen is in Seoul.
Just talk smack through these new
figures and these new characters who
have appeared on the scene?
in the third quarter of this year.
$10 billion worth. That is 148%
increase year-on-year. It is largely
down to the success of the memory
chips that Samsung makes. The
company is the biggest maker of
memory chips and a smartphones in
the world. Extraordinarily
resilient, particularly after major
setbacks. The former Aero Samsung
was convicted in August of paying
money for political favours which
brought down the leader of South
Korea. The Samsung seven had to be
recalled last year after the battery
exploded. The CEO decided to step
down. Amid fears of a crisis in
leadership that the group, three new
people have been appointed as CEOs
keeping that triple management
structure. They are all long-term
insiders at some song. Open to
continue very much the resilient
performance in the third quarter. --
they are hoping to continue. The
group says it is glad it performed
in a robust performance given the
difficulties the group has faced.
Thank you. South Korea was the Mark
Abbott buck the trend in Asia. Most
markets in Asia or down. Let's
quickly look at Europe. A mixed
picture in Europe. The standard
market is actually the Spanish
market. Spain up 2.4% of the close
of play yesterday. Higher today.
And Michelle Fleury has
the details about what's ahead
on Wall Street Today.
Is it trick-or-treat for Wall Street
this Halloween? The Federal
Reserve... Data released on Monday
show inflation expectations remain
low. With a recovery on firmer
footing, many economists expect the
central bank to raise interest
rates. But not of this meeting. They
think it may happen at the next one
in December. Pfizer reports its
third-quarter results this Tuesday.
It is under pressure from investors
to pull off a large deal to spur
growth. Shale oil producer Devon
energy is likely to post an increase
in profits. Also watch out for
results from Kellogg's and
electronic art. As we have already
heard in the programme, executives
from Facebook, Google and Twitter
are Washington for two days, to
testify about Russian attempts to
influence the US Judge presidential
Joining us is Justin
and director of seven
As Sally mentioned, the Spanish
IBECs doing pretty well amid this
You have to
put it in context. Overall the
European markets have recovered this
year. What you saw last week was the
market is falling away. They are now
bouncing back again on the basis
that maybe it's not going to be such
a disaster. The concern was, would
this be the Balkanisation of Spain?
Would some of the other areas think
they could break away as well? So
far, so good. Nothing has been
resolved. It is almost a relief at
Talking of the worries
out there, I would imagine traders
don't know which way to turn at the
moment. There is so much new store
about different things. Whether it
is Trump or investigations into his
campaign. The Bank of England
warning about thousands of jobs
going in the City of London. What
are you thinking about?
supposed to be a discount mechanism
in 18 months to two years saying
what is going to happen. There are
things you cannot factoring. The
overriding issue is interest rates
are low. Where else do you put your
money? People don't like the bond
market, the equity market looks
fully valued. There are various
alternatives. People say, we will go
with it for a the time being. When
things change and interest rates are
raised, things may start to change.
We are only halfway through
quantitative easing put up the
scaffolding increase the value of
assets. What happens when you strip
that scuttling away? Is the global
economy strong enough to stand it?
One of our guests yesterday was
saying, just cut through this stuff
going on, the politics and
everything else, and just look at
the banks of what they are doing.
Yeah. The global economy still doing
quite well. Also underlying company
is not doing too badly. On that
basis you are still there. Probably
take a little bit of profit, thank
We will talk about -- we will talk
through the papers later.
Still to come - trick or treat?
We'll be getting the inside track
on how one fancy dress company
is cashing in on the growing
appetite for Halloween that will see
Britons spend more than ever before.
You're with Business
Live from the BBC.
Let's get more on Ryanair now.
The carrier announced today that it
made profits of 1.14 billion
in the six months to
the end of September.
And that it still expects to make
record annual profits this year
of up to £1.28 billion,
despite disruptions to its schedules
that led it to cancel 20,000 flights
in September and October this year.
Theo Leggett joins us now
from our Business Newsroom.
We are all expecting awful numbers
from Ryanair, but they have
confounded their critics once again?
Well, let's divide the figures in
two to start with. The first six
months go to the end of September.
So that was kind of before the full
impact of the cancellations came in.
So we wouldn't expect the results to
be particularly badly affected and
in fact they were very good. The
summer period was a strong one for
Ryanair. Had it had high load
factors on its planes and not too
many empty seats. The first-half
numbers were strong. It is
benefiting from lower fuel prices. A
lot of old hedges where it was
paying too much for its fuel are
expiring and it is paying less. The
intriguing bit, the second half of
the year which will include the full
brunt of the cancellations still
looking very strong and that's
despite the fact that 25 million
euros, that's what it cost to
compensate passengers and another 45
million euros for putting in a pay
rise for pilots. Yes, this has been
a resilient period for Ryanair and
it thinks it can weather the storm.
It is quite interesting, isn't it,
their forecast is robust still and
yet you would assume that its
rivals, the likes of easyJet and so
on would have been mopping up all
the passengers who are fed-up with
Ryanair because of the
Well, don't forget
the wider picture here is the budget
airline sector in Europe has been
overcrowded in recent years. There
has been too many seats and too many
seats on particular routes such as
holiday routes to the Mediterranean.
Over the past year we have seen the
collapse of Air Berlin and Monarch
which has reduced the element of
competition and Ryanair reckons it
can profit from that.
Theo, good to
see you. More on the website.
The Business Live page is updated
throughout the day. BP's third
quarter profits double. They came in
at $1.87 billion.
You're watching Business Live.
Our top story:
Facebook has said that over 120
million Americans may have seen
Russian back propaganda on its site
over the past two years. It comes
ahead of congressional hearings in
Washington which may possibly lead
to tighter regulation of online
A quick look at how
markets are faring.
Not tee excited or under whelmed.
Flat right now as markets continue
to trade and digest the earnings we
have had from many, many companies.
Let's talk about the spending frenzy
that revolves around Halloween
with consumers on both sides
of the Atlantic set to spend
more than ever before.
In the US, it's expected to hit
a record of $9.1 billion
for this 31st October.
Of that, $3.4 billion
will go on costumes,
clothes for fancy dress.
In a survey, 38% of people said
they'd go to a specialty shop
to stock up on all things spooky.
Here in the UK, Angels Fancy Dress,
in operation since 1840,
is hoping to cash in
on the increasingly popular holiday.
Jeremy Angel, director
of Angels Fancy Dress is here.
I have to say, I was hoping you
would be dressed up!
Never mind. We will get
over that. We'll get over that. I
mean we are saying you are hoping to
cash in. You have been doing it for
years, but you have noticed a
massive surge in the whole
About 20 years ago, we started doing
fancy dress and that was just hiring
the normal costumes from film and
TV. Then probably about ten years,
eight years a we started doing the
packet costumes and the accessories,
the wigs, the rings and the fake
blood and it has gone crazy and
especially in the last five years it
has grown and grown. I think Mintel
have it at £325 million the spend
will be this year.
People, you know,
I know friends of mine, they love
making their own. How do you stand
apart from the rest of the market?
Price and range is always going to
come into it. We have got one of the
largest collections online and in
store, if you go to our shop, there
is hundreds of thousands of costumes
for kids and adults and the same
with the website. You have got to
have new ranges and come up with
clever ways of making a simple
costume more different and allowing
it to stand out.
What's the most
extravagant costume you sell?
a racy costume. It is almost, they
are about £400 or £500.
£500 on a
We can hire you one.
figuring it out. Have you got a
It is hard work. That's the
I went for the simple Beetle
Juice this year. Teen Wolf and
Beeetle Juice and you can go as the
Jocker from the Batman film.
one of the big areas for you and the
period tra dra mas that we have seen
like the Queen on Netflix, the
Crown, sorry, get that right. The
Crown, but game of thrones, you have
seen a big surge in that side of
your business as well?
Netflix and Amazon changed outside
TV and film is being approached.
There is more bigger productions
happening. So the Crown is a huge
success on TV as well as it is for
the industry. They have been some of
the biggest projects we have had for
the past few years and you notice a
trend. There is more costume dramas
being made and if you look at the TV
that you are seeing, people are
trying to emulate.
How can you cash
in on that surge? Netflix make a lot
of their own stuff, don't they?
Netflix, they are still hiring a lot
of the costumes.
The makers of game
Game of thrones make
their own costumes. You have to put
deals and work with them and if you
have got the stock and we have got
8.5 miles of hanging rails and 2.5
million items of clothing so we have
a lot of original period costume and
it is expensive to make, things that
like like the 1920s and cameras are
in HD so everything will be so clear
and it needs to be accurate it might
be more appealing to the producers
to higher more accurate and original
costumes than make their own.
say you have got a shop in the
centre of London. Do you still think
it is with your while having a
bricks and mortar shop?
and mortar will stay. With avenue
presence in shafs bury Avenue. We
have been in that building since it
was opened. So that's part of our
history as well, but people know
we're there. They know the store is
there and it is a go to location and
we will be staying in bricks and
mortar as well as online.
knows Mr Ben, it is important.
you got a Hallowe'en costume sorted?
That makes two of us.
I'm not doing
If you can't bear busy airports then
brace yourself because the world's
hubs are about to get more hectic.
Estimates suggest the annual number
of air travellers will reach
7.2 billion in 2035 -
more than double the current number.
Singapore's Changi Airport has just
opened its latest terminal
with new technology to make
the journey smoother.
Karishma Vaswani was there.
This is what air travel typically
looks like these days.
A lot of people, a lot
of waiting, not a lot of fun.
Singapore's Changi Airport has
launched a new terminal where a key
feature is contactless travel.
Now, in theory that means you go
from check-in all the way
to boarding and never have
to interact with anybody.
So how does it work?
Maybe I'm old-fashioned,
but the use of so much technology
in an airport does raise security
concerns for me.
What if one of these
machines were to be hacked?
Airport officials say they have been
put through numerous tests
and for all the hype that this
process being people free,
there will still be staff roaming
around so I'm going to go check it
around so I'm going
to go check it out.
I wish my experience at Luton Bank
Holiday weekend was similar to that,
but it wasn't. It was awful.
Justin Urquhart-Stewart is here.
France saying it proposed taxes on
US tech companies?
They think they
want to focus on I think smaller
tech companies and they can try and
develop them. The problem is when
you have got the tech companies that
are becoming so vast and the same
thing is happening in the States,
they are running into antitrust
rules and you have to go back now
over a century to the days of the
big steel combines, to the days of
Carnegie and Standard Oil. So the
likes of Google is dominant. It has
a monopoly, it buys up competitors
if it is anti-competitive. You are
seeing a different way of going
about it. Europe maybe leading a
similar way and America may copy, in
order to have more competition we
have got to break up president
I want to talk about...
We were asking this
morning about do you still trust
social media for your news? Quite a
few of you got in touch, Steve says,
"You can't trust social media. Paper
headlines are mess leading. ." Jez
says, "I treat the internet like a
stranger in a dark alley." What's
People are fussy over
their different groups and they are,
very, very cynical over what is
happening and right too. Be cynical
and find out where the truth is
really coming from.
media, maybe. Thank you, Justin.
Good to see you. See you soon.
Thank you for your company. Enjoy
your day. Even if you are dressing
up, send us a picture.