09/01/2018 BBC Business Live


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09/01/2018

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on Tuesday the ninth of January.

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Brian Krzanich reassures customers

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there's no evidence

the chip issues have been exploited

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as the world waits

for the problem to be resolved,

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but how did his speech go down

at CES in Las Vegas?

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We'll be getting an expert view.

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Also in the programme -

Apple could be facing

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legal action in France,

the iPhone's under the microscope

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there over intentionally shortening

the life span of smartphones.

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And the European trading day

has just got under way -

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in London, better than expected news

from Morrisons

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bodes well for retailers.

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We'll tell you all you need to know.

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Catching the copycats - we meet

the woman behind a service that

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lets small firms track down and stop

others stealing their ideas,

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without using expensive lawyers.

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And with all that new tech

and latest gadgets on show

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at this year's CES, we want to know,

what would you like

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technology to do for you?

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What gadget would change your life?

Let us know, #BBCBizLive.

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Hello and welcome to Business Live.

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One that can make me a really

well-made cup of tea and look after

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my children simultaneously, that

would be perfect!

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The boss of Intel has

made his first major public

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appearance since the security

scandal that has potentially left

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millions - possibly billions -

of machines vulnerable.

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Called Meltdown and Spectre,

they could allow

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hackers to steal sensitive data,

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including passwords and

banking information.

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The UK security services say

the chip vulnerabilities

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have not been exploited

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and structurally there is nothing

wrong with the hardware.

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It's like having doors

and windows in a house

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- that need to be there -

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but that burglars

are able to exploit.

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Adding to Intel's image

challenges, the company's

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chief executive, Brian Krzanich,

sold about $24 million

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in Intel shares in late November,

after the company learned

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of the chip security problems,

reducing his holdings by about 50%.

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Intel released a statement

insisting there was no impropriety,

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saying the sale was "unrelated",

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rather a pre-arranged

stock sale plan, and that he

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"continues to hold shares in line

with corporate guidelines."

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At the Consumer Electronics

Show in Las Vegas,

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Intel's chief executive said

there was no evidence

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that customer data had

been put at risk.

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To make sure your data remains safe,

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apply any updates

from your operating system vendor

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and system manufacturer

as soon as they become available.

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For our processors and products

introduced in the past five years,

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Intel expects to issue updates

for more than 90% of them

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within a week, and the aiming

by the end of January.

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Claudio Stahnke is a security

research analyst at Canalys.

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How worried are people by this?

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Nice to see you, Claudio. I wonder

if you can explain how significant

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this is, because we have heard from

both sides, but it seems to be a big

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problem.

Yes, definitely, and not

affecting only Intel, every

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microprocessor manufacturer has used

the same architecture with the same

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exploit that now have been released

to the public. And now everyone is

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trying to patch this problem.

There

are lawsuits, three class-action

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lawsuits that have been brought in

the United States, alleging two key

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things. I wonder if you can run me

through those, they could prove

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costly for Intel.

So basically the

main problem is the slowdown in

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performance, because obviously in

order to fix the security flaw,

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performances will probably be

impacted, although for the everyday

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user, this impact will not be so

noticeable. It will be more

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noticeable for cloud providers, as

they've built by the second - if

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their processors now need 60 seconds

to perform a task and tomorrow they

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will need 61, you can see how

everything will be more costly.

So

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mainly high-end users will feel the

impacts of this. There is also

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criticism that it took so long for

Intel to basically admit to this

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problem, why did it take them so

long?

Well, this is common practice

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when you find and exploit, before

releasing it to the public, you

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patch it, you worked in the

background in order to fix the

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problem before releasing it, because

otherwise bad actors might decide to

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exploit the problem.

Critics would

say Intel found out in the summer

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and only told use of this week, does

it really take this long?

It is a

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problem that has been there for 20

years, and they just found out six

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months ago, so I assume that it was

a huge problem to face, so six

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months could seem realistic,

considering also the fact that they

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had to work with a lot of partners,

starting with Microsoft and other

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security vendors.

An interesting

story, thank you for now, Claudio

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from Canalys.

Thank you, Ben.

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Let's take a look

at some of the other

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stories making the news.

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French prosecutors have launched

an investigation into Apple

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over allegations that it slows down

older iPhone models.

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Under French law, it is a crime

to intentionally shorten

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the lifespan of a product

with the aim of making

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customers replace it.

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In December, Apple admitted

that its software

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slowed older iPhones to cope

with weaker battery performance.

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The camera-maker GoPro

is reportedly considering

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putting the company up for sale -

after disappointing results.

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The firm had earlier said revenue

fell almost 40% in the last three

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months compared to the same

period last year.

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It has also announced redundancies

and an end to its drone business.

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Google has been accused

of discriminating

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against conservative white men

in a class action lawsuit.

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It's been launched by

two former engineers.

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One of them was fired last year over

a controversial memo which argued

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there are fewer women in top jobs

at the firm because of biological

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differences between men and women.

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Samsung Electronics

appears to be going from

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strength to strength,

despite its boss being behind bars.

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The South Korean tech firm

released its earnings guidance

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this morning, and it's a bit

of a mixed picture.

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They are making record profits but

not as good as some people were

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hoping for.

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Leisha Santorelli is in our

Asia business hub in Singapore.

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Well, Sally, I will start with the

numbers, Samsung forecast profit for

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the final three months of last year

will jump by 64% from one year

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earlier to about $14 billion. Now,

this would mark the third straight

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quarter they have posted record high

operating profits, so that is really

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strong. Most people think these

numbers are due to the sale of

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Galaxy smartphones, but they are

mostly due to the sale of the chips

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inside the smartphones, as well as

other intelligence devices. Samsung

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with the world's biggest

semiconductor manufacturer, and so

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while the numbers are good, we're

actually seeing some mixed reaction

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because Kjaersfeldt over concerns

that the prices of memory chips will

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fall.

Thank you very much indeed.

That pesky strong currency syndrome

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eating into Samsung profits to some

degree, a story that many companies

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around the world know well. Let's

look at the markets around the

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world, this is Wall Street the night

before, every day this year the S&P

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500 has closed at a record high,

when will that end. It hardly move,

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but it is going up and up and up.

Australia, Hong Kong, Japan, closing

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up. Japan opened today for the first

time this week. SoftBank pushing up

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Japan. We have a weaker yen helping

Japanese stocks. But China, again,

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aids day rally in China, that didn't

end either, it seems to be heading

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in one direction. -- eight day

rally. Morrisons shares up in

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London, we are trying to move these

on for you to see the European

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boards, they are over Ben's

shoulder! Morrisons had really

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healthy sales over Christmas, better

than expected, good news for

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retailers, the feeling about

retailers, a real focus on how they

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are doing. I will hand you to Ben,

he has got the numbers and not me!

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I stole the board, look! George

Godber is here to talk about the

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European markets, nice to see you.

The reshuffle is well under way in

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the UK, Cabinet reshuffle, the Prime

Minister, Theresa May, having some

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difficulty getting a new Cabinet

together, what affect on the market?

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You have just alluded to the strong

start that world markets have had

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this year, and a noticeable lag and

would be the UK market. The Merrill

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Lynch data is very clear, UK asset

allocations are at a 40 year low,

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partly because of Brexit and the

concerns around that, but in

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addition to that the political

uncertainty, and the worries

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investors have over corporate

governance and what that might mean

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for the UK economy and market, and

that hands over the Cabinet

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reshuffle.

If I could just chip in,

you have got that going on, and yet

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in Europe the figures are so strong,

the manufacturing data out of

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Europe, just in Spain their

economies growing 3.1% year on year

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in 2017, the Spanish economy! I

mean, in terms of people looking

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around the world, where to put their

money, the UK as far down the list,

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isn't it?

As you say, the European

recovery story is well under way and

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has really got momentum, partly

because Europe started a lot later

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after the financial crisis,

stumbling through that, and only now

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are we starting to really gather

momentum. But at the margin, you

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know, investors are not putting

their money into the UK, it is

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creating some great opportunities in

the UK because everyone is looking

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the other way.

News on unemployment

June later, expected to rise

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slightly, but the picture in Europe

is of a solid recovery.

There is a

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little UK staffing stuck with a

global business, they are the best

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lead indicator for employment, very

strong improvement in European

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temporary and permanent placements,

see a continued robust performance

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in the European employment market.

I

know you will be talking us through

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the papers later.

Still to come, catching the

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copycats.

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We meet the woman behind an app that

lets small firms track down and stop

0:12:040:12:08

others stealing their ideas

without using expensive lawyers.

0:12:080:12:10

You're with Business Live

from BBC News.

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First of all, let's talk more about

Morrisons, dig deeper into those

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numbers that I talked about earlier,

in the Christmas period, they saw

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profits of 2.8% like-for-like in the

ten weeks to the 7th of January.

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This comes in ahead of analysts'

expectations of 1.7%.

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Molly Johnson-Jones is a senior

retail analyst at GlobalData.

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Good morning to you, nice to see

you. Your take on these figures?

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They look pretty robust.

Yes, they

have delivered a very strong

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performance over the Christmas

period in both retail and wholesale,

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because people were worried about a

slowdown, but they have invested in

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their premium ranges and improved

the store experience and benefited

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significantly.

What have they been

doing? You explained earlier that

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they had done a lot of catching up

when it comes to their offerings to

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consumers.

Yeah, so with the new

CEO, he has invented a turnaround

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programme which means they have

played catch up with the other

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supermarkets, investing in online,

going into supply deals, and they

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have improved the store, improving

their supply chain in terms of

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getting their ordering automated.

All very easy wins at the moment, so

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in the future we will expect summer

slowdown, but they are in a good

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position for 2018.

The likes of

Tesco and Sainsbury's are not too

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worried.

Morrisons is a smaller

player, and the majority of their

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geographical overlap is with this

counters and as that, rather than

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Tesco Sainsbury's, so not a

particular thread at the moment. --

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Asda.

As we mentioned, Morrisons

says up 5% today. Speaking of

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Christmas cheer, on our web page,

Majestic Winds say their sales were

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up 3.2% compared to the same time

last year. And a big update from

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Persimmon, the house-builders,

reporting an increase in revenue, it

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says up 9%, that will anger many

people who say that the big

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house-builders are sitting on land

and keeping prices artificially

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high, an accusation they deny.

Will be getting more results as the

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progresses, many retailers coming

out with their numbers, and we will

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get a picture of what is going on in

terms of where we have been spending

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money. Food and string sales, the

essentials, but less money to spend

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on other goods. -- food and drink.

Food has been more expensive partly

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because of the impact of the pound

et cetera.

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You're watching Business Live.

Our top story:

0:15:020:15:07

The boss of Intel says fixes to deal

with the Spectre and Meltdown chip

0:15:070:15:14

vulnerabilities will be rolled out

by the end of the month

0:15:140:15:21

. He was speaking a the consumer

electronics show. We will have a

0:15:240:15:30

report from there later on with

Chloe the robot.

0:15:300:15:36

It's a sadly familiar tale.

0:15:360:15:37

A small business comes

up with a great idea,

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but before they know it,

it's been copied, reproduced

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and is being sold illegally.

0:15:430:15:46

Nearly a third of small firms rely

on their designs or plans -

0:15:460:15:49

their intellectual property -

for around three quarters

0:15:490:15:51

of their revenue.

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A quarter of those had suffered

copyright infringements

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in the past five years.

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And it's big business.

0:15:550:15:57

The OECD says imports of counterfeit

goods are worth 2.5%

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of all global imports,

nearly $500 billion a year.

0:16:000:16:02

Rachel Jones is the founder

and chief executive of Snapdragon,

0:16:020:16:04

a service that helps

tackle copyright infringement.

0:16:040:16:11

Rachel, nice to see you. Welcome to

the programme.

Good morning. Thank

0:16:110:16:14

you.

This all came about because you

suffered that scenario we just

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described there. You had come up

with an idea and you suddenly found

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that someone was selling it

illegally. Talk us through that.

0:16:220:16:26

You're right. I invented a baby

product some years ago now and I had

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always thought that it might be

copied, but actually the whole

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absolute total copy as a counterfeit

hadn't really crossed my mind and

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when one was, a counterfeit was

seized by customs I was appalled,

0:16:400:16:45

but I was so furious that I had to

do something about it because it

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feels like a violation, but I was

too wee. It is difficult to fights

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counterfeits and infridgements on my

own. I employed a couple of Chinese

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students and I searched online until

I found people who were copying me

0:17:010:17:07

and I reported them for removal.

When we were talking about, I did

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think to myself, I bet, you know,

most of these companies that are

0:17:100:17:14

copying and flogging these things,

exactly the same as your product

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which was a high chair for babies,

they are not actually going to stop

0:17:160:17:22

when you point out what's going on.

Well, what we do, we make it

0:17:220:17:26

incredibly difficult for them to

sell the product and because any

0:17:260:17:31

bona fide portal must take down and

prevent counterfeit...

Amazon and

0:17:310:17:39

Alibabas.

They must remove the

products from sale and if you keep

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reporting people and say can't be

sold, you're cutting off the oxygen

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supply and cutting off the sales

channel so they go away and do

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something else. You need to be

persistent and tenacious.

You have

0:17:530:17:59

to keep on at it because it will pop

up there. And also there is big

0:17:590:18:03

language barriers as well. We

touched on the fact that a lot of

0:18:030:18:06

counterfeits might be coming from

overseas. Are those the two biggest

0:18:060:18:10

hurdles. Time, as a small business,

you don't have the time or energy to

0:18:100:18:14

be doing had?

You don't have the

time or energy or the language

0:18:140:18:18

skills and it is distracting, you

must continue to run your business.

0:18:180:18:22

So we offer a service whereby we are

monitoring in 13 languages, 13

0:18:220:18:27

languages in house and we are

monitoring 200 or 300 E-commerce

0:18:270:18:35

platform for infringing products.

How does your company work? I

0:18:350:18:38

understand clients who become your

clients, these are companies who

0:18:380:18:43

make stuff and say can you watch out

for us and they pay you a fee?

0:18:430:18:47

That's right. Before they pay us

anything, we make sure they are

0:18:470:18:53

doing everything possible that's

free. There is so much that people

0:18:530:18:56

can do for nothing and they pay us a

small monitoring fee. We identify

0:18:560:19:04

the links and they can take them

down or we can help with this.

0:19:040:19:10

Companies like Levi and the big

names, they have whole counterfeit

0:19:100:19:15

kind of departments with lawyers and

investigators who are on this all

0:19:150:19:18

the time. They have got the money to

do that and the expertise. Is it

0:19:180:19:22

getting worse or better?

It is

getting worse. Mostly because more

0:19:220:19:26

people are online so there are more

opportunities to buy and more

0:19:260:19:29

opportunities to sell and it used to

be about luxury goods and now it's

0:19:290:19:33

about everything from fish food to

hairbrushes. Anything and everything

0:19:330:19:36

that you would hope wasn't

counterfeited will be. And the

0:19:360:19:39

smaller business you are with a

global footprint the more likely it

0:19:390:19:42

is that you will be counterfeited.

We've talked about the cost to the

0:19:420:19:46

business. But there is a huge health

and safety implications for a lot of

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products too. I was astounded by the

statistics you had about toys

0:19:500:19:54

particularly in Europe, the scale of

the problem when it comes to

0:19:540:19:57

counterfeit toys. And all the

associated health and safety risks?

0:19:570:20:01

It is horrible for toys and nursery

products and for pharmaceutical, but

0:20:010:20:06

for toys and baby things the

counterfeit products don't go

0:20:060:20:09

through the rigorous testing regime

that we must have in Europe to sell

0:20:090:20:13

bona fide product and so, people do

get hurt and that's a thing that

0:20:130:20:16

really makes one cross and online it

is just so difficult to tell the

0:20:160:20:27

difference between the genuine and

the counterfeit.

Congratulations to

0:20:270:20:31

you, Rachel.

There is a long way to

go, but they're not going to get

0:20:310:20:38

away with it.

Thank you.

0:20:380:20:41

All this week, we're

bringing you the latest

0:20:410:20:43

from the Consumer Electronics Show

in Las Vegas.

0:20:430:20:46

Rory is there. Dave Lee is there.

0:20:460:20:49

It's a glitzy, flashy affair.

0:20:490:20:52

Some of the world's biggest

companies are showcasing

0:20:520:20:54

their proudest achievements.

0:20:540:20:57

But it's fair to say that

some presentations have

0:20:570:20:59

gone better than others.

0:20:590:21:00

Take a look at this.

0:21:000:21:04

Allow me to introduce Chloe. Hello

cloly.

Good morning, Dave. I hope

0:21:040:21:11

you are well. What can I do for you

today?

0:21:110:21:17

Chloe, what's my schedule?

You need to go to the gym at 10am

0:21:290:21:34

today. Power up. Power up. Smart

learner has set the washer to the

0:21:340:21:41

sportswear setting.

0:21:410:21:45

Chloe, am I ready on my wash room

cycle?

0:21:500:21:58

Even robots have bad days!

T-cloically, what's for dinner

0:21:580:22:03

tonight?

0:22:030:22:09

OK. Chloe is not going to talk to

me. Chloe doesn't like me!

0:22:100:22:20

George is back.

0:22:200:22:24

I tell you where he went today, he

asked her what was for dinner today.

0:22:240:22:31

That's the question everybody hates.

They are set up to fail. There is

0:22:310:22:36

little sympathy when they put on the

glitzy shows and things don't go

0:22:360:22:41

according to plan. There is not

going to be sympathy.

Some people

0:22:410:22:45

are referring to them as the

technology that's going to take us

0:22:450:22:47

over like Judgment Day and bring

about the end. Maybe we are seeing

0:22:470:22:53

the response back.

Talking tech and

the issue with male-female, the

0:22:530:22:59

Google engineers are fighting back.

They're no longer with Google or at

0:22:590:23:02

least one isn't, it is about the

memo put out there last year, the

0:23:020:23:06

man who wrote it was removed from

Google. He suggested the biological

0:23:060:23:12

differences between men and women

meant more men are more likely to

0:23:120:23:16

rise to the ranks than women so he's

fighting back.

This whole situation

0:23:160:23:20

is not going to play out well for

Google because they are going toe

0:23:200:23:26

end up giving, losing him the way

they have handled it. They should

0:23:260:23:32

have destructed his arguments, like

why are there four times men? What

0:23:320:23:40

are Google doing about it? There is

no reason why it shouldn't be 50/50.

0:23:400:23:45

They marched him out and he can say

you are just anti-free speech. I

0:23:450:23:50

think they should have done more at

the time to actually address the

0:23:500:23:53

core of the issue.

When he was

marched out, he was offered several

0:23:530:23:57

jobs straightaway or something?

Back

to the kick back in big tech. There

0:23:570:24:02

is a lot of people who want to speak

to anyone who has come out of the

0:24:020:24:08

machines, you know, is fighting

against the system.

I want tech to

0:24:080:24:11

make tea and look after my kids.

What go you George? We have had lots

0:24:110:24:17

of viewers responses as to what we

would like technology to do for us.

0:24:170:24:20

If they could handle bath time to

bedtime that would be, you know...

0:24:200:24:24

Do it successfully?

That would be

great.

Stephen says still waiting

0:24:240:24:29

for his flying car, personal jet

pack. Michael says, "Simple, I want

0:24:290:24:34

it to get rid of my cold." Ronnie,

this is, a lot of you saying you

0:24:340:24:42

want nothing more. Ronnie says, "We

are getting dangerously close to

0:24:420:24:47

being able to do nothing for

ourselves anymore." ." An

0:24:470:24:53

old-fashioned car that you just

drive.

But they will be driverless.

0:24:530:24:56

We're not going to drive them.

The

joy of driving still. You still want

0:24:560:25:00

to be able to drive.

George, we had another story about

0:25:000:25:06

GlaxoSmithKline. Talking about the

new boss, really changing senior

0:25:060:25:12

management in a major way?

Glaxo had

a big issue for a number of years.

0:25:120:25:18

The share price is the same price it

was 25 years ago. This is a business

0:25:180:25:22

that hasn't gone backwards, it

stagnated. The new Chief Executive

0:25:220:25:27

has come in and grabbed the bull by

the horns. Key headline appointments

0:25:270:25:32

in research and development, but she

is changing the management

0:25:320:25:34

structure. Watch this space.

Her

name?

Emma...

Sorry. I'll tweet T

0:25:340:25:42

George, thank you for coming in.

0:25:420:25:46