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Live from London, that's our top
story on Thursday, 4th January.
Computer chips made by Intel have
been shown to have serious security
flaws but those made by ARM and AMD
are also affected, we'll tell
you everything you need to know.
Also in the programme.
A week after Iran's protests kicked
off the authorities declare victory
but the economic worries
haven't gone away.
Japan closes at a 26 year high. This
is Europe and how it is trading
This is Europe and how
it is trading right now.
And taking homework online.
We'll speak to the former teacher
whose using to technology to make it
easier for students to give
in their work and
teachers to mark it.
So will it bring an end to excuses
like "My dog ate it, sir"?
Today we want to know.
With the floating of Spotify set
to be worth billions -
have you embraced the music
Or are you still using
an iPod, CDs or vinyl?
Just use the hashtag BBCBizLive.
Hello and welcome to Business Live.
So many of you have been in touch
already about the Spotify story so
keep your comments coming in and we
will fill you in on what you have
been saying as the programme
Let us start with the story
Let us start with the
story regarding Intel.
Nearly all the world's computers
worldwide have been exposed
to security flaws which leave them
vulnerable to attacks by hackers.
Many smartphones and tablets
are also affected by the flaw in
the chips which power the devices.
There are two separate
security flaws, known
as Meltdown and Spectre.
Meltdown affects Intel chips,
they're the most popular by far,
and are in around 1.35 billion
personal computers worldwide
as well as internet servers.
has a wider reach.
It affects chips in smartphones,
tablets and computers powered
by Intel, ARM and AMD.
Fixes are being rolled out,
but some researchers have claimed
they could slow down computer
systems by as much as 30%
but Intel believes these
claims are exaggerated.
Let's get more on this
with our technology
correspondent Rory Cellan Jones.
So it seems like we have a
programme. One for us, two for
Intel. Let us talk about us first,
have we got a problem, how big is
I love the fact that cyber
security industry calls these two
meltdown and spectre. Nothing to
scare anybody at all. This is, this
is very serious, the industry has
known about it for some month, what
happens is they are discovered and
there is a race to fix them before
they become public, so, They are
annoyed it has come out. What this
is, is a flaw which could enable
somebody with malicious intent to
get into the heart of a computer,
places where you are not supposed to
be able to get, where secure
information such as passwords, the
Crown jewels are kept, so that is
why there is such concern. But there
has been this effort goes on over
many months to fix this flaw, in all
of these different chip designs, I
think it is quite far advanced. The
security patches are already being
rolled out, we should see more over
the coming days and obviously the
instruction is, if you get a note
saying update your computer, do it.
OK, what about Intel, how big a
problem for them is it?
It is less
of a problem we first thought. When
this first merging a news site that
broke this yesterday, and it was
thought to be just about Intel, and
other chip makers were walking round
looking pleased with themselves,
then, late last night we had Google
security blog, pretty respected,
came out with this line it actually
after fectd effected AMD, a big
rival chip maker and ARM who designs
the chips that go into mobile
phones. A huge hit on Intel share
price, at one point it was down 5%,
others were soaring upwards, we will
see the pain is spread more evenly.
? One last question, as far as we
know, nobody has made use of this
vulnerability, has anyone hacked? We
are just open at the moment? It is a
potential vulnerability, the UK's
national cyber security centre,
stressed as far as we know nobody so
far has managed to exploit this
Thank you. Are you off tomorrow?
am getting on a plane to go to...
What some would regard
Aztec heaven, the show in Las Vegas.
The next time we will see Rory it
will be there. We look forward to
hearing about it.
We look forward to hearing about it.
Let's take a look at some of
the other stories making the news.
The world's most popular music
streaming company Spotify is widely
reported to have approached US
regulators to list
its shares publicly
on the New York Stock Exchange.
According to Axios and Bloomberg,
the firm hopes to launch its shares
in the first three months
of the year.
The company could be worth as much
as $15bn and has declined
to comment on the reports.
Electric car maker Tesla has again
pushed back production targets
for its mass-market Model three.
Tesla now says it will hit 5000
cars per week at the end
of the second quarter -
instead of at the end
of the first quarter
as per their previous announcement.
As tech heaven, the show in Las
Vegas. The next time we will see
Rory it will be there. We look
forward to hearing about it.
Manchester City have more financial
firepower than any other club in
world football accuse coring to a
new ranking by soccer X. It is owned
by Sheikh Mansour, who has invested
heavily in the team since he took it
over almost a decade ago.
Next, Iran, where the head
of the Revolutionary Guards has
declared the defeat of 'sedition'
in the country.
He's referring of course to a wave
of anti-government protests
which began last week.
But the economic issues behind
them haven't gone away.
This is Iran's economic growth rate
over the past decade.
You can see how it has struggled
because of international sanctions -
and then been boosted since the deal
over Iran's nuclear programme
The problem is - many people have
yet to feel the benefit.
According to a BBC
Persian investigation -
living standards have fallen sharply
over the last decade -
with the average household
budget down to £12,500.
France-based TV presenter
Sanam Shantyaei has
just returned from Iran.
She told the BBC the economy is
the main grievance for many people.
Ording to a new ranking by Soccer X.
It is owned by Sheikh Mansour, who
has invested heavily in the team
since he took it over almost a
The price of Stanle goods has been
soaring compared to people's
incomes. Let us talk to a Middle
East analyst. Those things, is that
the reason we have problems
driver is certainly economic grow
vanses, I think you can --
grievance, you can summarise them in
two point, firstly the nuclear deal,
which came into effect in early
2016, raised expectations
significantly, the President sold it
as something that would reinvigorate
the economy and boost living
standards, while economic growth has
rebounded living standards haven't
Isn't it too soon,
given the fact that international
trade sanctions were only lifted
That is a good point.
Things take time but the trouble
with the recovery that has happened
is that it is mostly been in the oil
and gas sector, which is not labour
intensive so it doesn't necessarily
help boost employment, one of the
key inissues ssm
Is the Government
aware and it is doing something
The Government is aware
but there is a contradiction between
the authorities in Iran. The
President is keen to introduce
economic reforms, but of course,
there is the Conservative
establishment within the theocratic
regime that contradicts these.
well, many have said that one of the
major issues for the economy is the
banking system, the financial
services and the fact they are so
The banking system has
its own problems domestically, there
is a lot of bad debt, a lack of
transparency, but sanction, US
sanctions are still inhibiting the
We will leave it
there, thank you.
China's Didi Chuxing is going to be
at loggerheads with US giant Uber
in Brazil, after buying out local
firm 99 Taxis
for a reported $600 million.
With more on the significance of
this deal, Robin Brant
is in Shanghai.
Good to see you. So is that big deal
and is Uber worried?
Yes it is is a
big deal, because this company is
making its first big step in a
foreign market. Didi we are hearing
is looking to go into Mexico as well
and possibly employ drivers there
under its own branding, so this move
in Brazil is a significant step in
the Latin American market. It
reminds us of these big expansions
that these big privately held
Chinese tech companies have. Have.
Didi's COO says it is a top
priority. It is only four years old.
They have managed to raise $4
billion in its last investment round
last year, a young company but one
with huge global ambitionings. It is
a reminder as well of what China is
trying to do in terms of its globe
presence. The company is is a good
example here, perhaps we will see
more of the initial tie up, it has
strategic partnerships with seven
other... In certain markets and what
it does it goes in and ties up and
buys them later, is that going to
happen in India or Europe? Almost
We will watch this space.
Let us look at the financial
markets. It was a really good
session in Asia, Japan closing at
23506. A 3.26 gain for the markets
in Tokyo, the first day of trading
in Japan, in 2018, that is a 26 year
high. All this follows in Asia
throughout, and also it follows a
record breaker the night before,
particularly for the SNP500. There
is so much momentum in the markets.
Let us look at Europe. We have a
sense of how things are going. You
can see they are up. Germany up at
the moment. There is lots of issues
at play, we have oil prices rising,
we had a weaker yen in Japan, we
have a big report out Friday
tomorrow, US December employment
data which is very important, of
global attention, so let us look
ahead to today on Wall Street. Here
The eastern part of US
and Canada has been living under
cold temperatures for the last ten
day, and now, the same area is
expecting a winter storm so intense,
it has been called a bomb cyclone,
with snow and strong winds that
could take out trees and power line,
that means people who are out
spending money will likely be buying
shovels and heater, hopefully the
ADP national employment report will
warm the hearts of Wall Street. It
is expected to show that US private
employers added 190,000 jobs in the
month of December, finally the US
drug store chain wall green is
expected to report an increase in
its first quarter profit, helped by
a boost in sales of prescription
Joining us is Maike Currie,
at Fidelity International.
So Japan, off with a bang?
What is the reason
We knowed that that a
strong second half after the
re-election of the Prime Minister,
and we just seeing a continuation of
that. Germany, the strong results
out of Germany and the US, strong
manufacturing data is playing a
role, but also, Japan is benefits
from the weaker yen, this is an
export driven economy. It benefits
when the currency is weaker.
of course Japan has been shut till
now, since the end of last year, so
it is kind of catching up because
America and Europe has been open for
a few days and we have been seeing
them going up and up. Tell us about
oil as well. That not breaking new
ground but certainly, round $66 a
The question is whether will
oil find the balance? Probably
between $60-70, we have tensions in
Iran, we have tensions between Saudi
Arabia and Iran, but also, global
growth is picking up, on the demands
side we are getting that coming
But, doesn't round about
this level, I would have thought it
was more like closer to $60 that
they start opening the taps.
is a good point. The Shell producers
have been nimble in picking up
protection as soon as the oil price
picks up and that threat remains
there. Opec has been more
disciplined in putting the kerbs on.
What about Iran, what effect is that
having on oil?
We have the
anti-Government protest you spoke
about earlier, so that is putting
some pressure on oil but the big
player is to peck cartel, they have
been disciplined and decided to curb
production for all of 2018.
round. We will be talking about
newspapers later and also about what
you listen do your music on? Vinyl?
Still to come. Taking homework on
line we will speak to the former
teacher who is using technology to
make it easier for students to give
in homework and for teachers to keep
track of it.
You're with Business
Live from BBC News.
Have you ever raged about having
to use a self-checkout till
in a shop, rather than being served
by a human being?
You may have to get used to it.
A new report is warning that
some minimum wage jobs -
including cashiers and shop
assistants - could be replaced
by machines or computers.
Agnes Norris Keiller,
Research Economist from IFS
joins us from the newsroom.
What have you found? What are you
Good morning. In this
latest piece of work we look at the
sort of people who are doing jobs
which are paid at the minimum wage.
In the next two years, the minimum
wage is set to rise substantially.
While people who are currently paid
the minimum wage are currently
employed in personal servants --
people currently work in personal
services like care work which are
difficult for machines to do.
think this will push wages up
because you cannot automate these
Yes, typically we think some
on's wage is determined by how
easily a new employer can choose
between a work or a machine. Because
the lowest paid doing jobs which are
hard for computers to do, that has
insulated them against technological
change. However, over the next two
years, if the minimum wage rises and
covers more people, the jobs there's
minimum wage workers are doing might
be easier for computers
to do, so we might the increase in
unemployment, rather than an
increase in the wages of low-wage
Interesting. Agnes, thank
you. On our website our economics
editor Kamal Ahmed has also written
about this report and the analysis
of how it affects us all.
And there is also a story about
house prices which rose by 6.2%
across the UK but the nationwide is
warning that the situation varies
depending on where you are. In
London, prices are 55% above where
they were in 2007, but in certain
areas, including West London, you
will find that prices have been
Our top story today, tech firms are
rushing to fix major bugs in
computer chips which means hackers
could get our personal data.
Let's have a quick look at the
All the markets are benefiting from
rises in Japan which itself
benefited from rises in the United
When choosing a career,
becoming a teacher can be a very
However, many find the job
stressful and are overworked.
In a bid to tackle this,
more and more schools
are using online programmes
to alleviate some
of those pressures.
According to some analysts,
the global e-Learning market
could be worth $325 billion by 2025.
In India alone, the online education
industry is expected rise by 800%
over the next three years.
And in China, the country currently
has 90 million students using online
software for educational purposes.
Satchel is one example of a company
which works with students,
teachers and tutors to provide
a range of services including
interactive resources and online
I know it well. My son uses the
system at his school.
Other products are available, or we
have to say.
They are indeed but not at my son's
We're joined by Naimish Gohil,
CEO and co-founder of Satchel.
Just tell us what your product is
capable of doing?
Our software makes
it easy for teachers to set homework
and parents can see the homework
without having to rely on their
children. They can have this
information ahead of time. I think
the big benefit is they can stay
informed and be ahead of the curve
so they can be involved in their
I have to say, it
sounds like a no-brainer. I'm amazed
this was not done years ago but your
company has been around a while, but
I'm amazed there is not more
competition in this market?
from this world. I used to be a
But you are also an
Have an engineering
background so I was able to merge my
engineering and teaching skills.
When you are a teacher in the
trenches, you don't have time to
learn how to use lots of new
technology. It should be like
electricity. You should just press
the switch and it will work. I think
that has been one of our big
I have to agree with you.
I am useless when it comes to
technology that I can use this and I
can keep an eye on what my son is up
to or what he is not up to, but it
does not improve his performance. It
just tells me what he's doing or
what he was not doing. I wish there
was something out there that would
make in work harder or better or
That is a very valid
question. From our side, technology
like this can hopefully free up
teachers' time and if we can do that
it means they can spend more time
creating relevant quality homework,
so when students are spending
outside school, it is worthwhile and
they are more interested and engaged
How much competition is
there? How far right you getting
into this market? How much further
is there to go?
In the UK we are
used by more than one in three
secondary schools in the UK. We have
customers in 23 countries outside
the UK. What is exciting and
beneficial for the industry as a
whole, we see lots of technology
from other education providers and
other teachers, but are building
solutions that can hopefully impact
the whole industry.
The way you make
money as the school pays you an
annual subscription for this
service. But I would expect the
school then to make some savings. So
my son has got the system that we
are talking about, but also he has
this big fat homework diary where he
physically write stuff in there as
well. You would think the schools
would make some sort of savings but
they'll still using old tech and new
tech?... Yes, we are starting to see
that more and more. As schools
become more and more comfortable
with technology, we are finding over
time they reduced the amount of
money they spend on physical
products like diaries.
Naimish Gohil from Satchel, thank
you for joining us.
In a moment we'll take a look
through the business pages but first
here's a quick reminder of how
to get in touch with us.
Stay up-to-date with all the day's
business news, as it happens on the
BBC's Business Live page. There is
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We are on Twitter and you can find
us on Facebook. Business Live, on TV
and online. What you need to know
when you need to know.
What other business
stories has the media been
taking an interest in?
Maike Currie is joining
us again to discuss.
Spotify, the big one. That seems to
be getting everybody excited. Are
I am excited. It is
interesting because we will see more
and more of these digital players
list on the main stock exchange is.
It is tricky to value these
companies and we will see some
comparisons with the company like
Snapchat which listed at a boom but
since then the share price has
We have a tweet but I am
logging into Twitter as we speak.
Technology is not my strength! James
says I keep my vinyl as a souvenir.
I still listen to old CDs now and
then. Quite a few of you have told
me that you still have cassettes.
love cassettes but you have to have
a good machine to listen on.
says I never use Spotify but I use
Apple music mostly with their
download option, customise channels
and he has a long list of streaming
This person says vinyl
cannot be replicated digitally.
Another story, this story about
Norway, I really like. I am not
surprised at all to hear that Norway
is the country with the most hybrid
or electric cars on the roads.
Norway has a name of having hybrid
or electric cars by 2025, so just in
a few years' time, to reduce
pollution. They give generous tax
breaks and people who buy these cars
get the benefit of free ferries and
toll fares. Norway is the biggest
producer of oil in Western Europe.
The government now has two claw-back
on all these subsidies and ways of
encouraging people to use electric,
because they have been so
Her razor Norway!