Browse content similar to 08/02/2018. Check below for episodes and series from the same categories and more!
This is Business Live from BBC News
with Susannah Streeter
and Victoria Fritz.
Fake news backlash -
social media users are angry
and lawmakers want to know
what the big tech companies
are doing to combat
the growing problem.
Live from London, that's our
top story on Thursday
the 8th of February.
Twitter, YouTube and Facebook
will face a grilling by UK members
of paliament in Washington
over their "completely inadequate"
approach to fake news.
Also in the programme -
shining a light on the Dark Web.
The US breaks a cybercrime ring
that traded stolen bank
details around the world.
This is the situation on the
financial markets. In Europe, down
across the borders that volatility
And, with health services
could home testing kits like this
one help bear the burden?
And, our Twitter
question of the day -
are you fed up with fake news?
Should tech companies be
doing more to keep your
newsfeed fake-news free?
That is a tongue twister!
Just use the hashtag #BBCBizLive.
Hello and welcome.
We start with the growing backlash
against social media companies
over their role in the
spread of fake news.
Today executives from Facebook -
YouTube which is owned by Google -
and Twitter will be questioned
about the issue by British members
of parliament at a public
hearing in Washington.
Critics have given the tech giants
an unflattering new acronym: BAADD.
As in Big, Anti-competitive,
Addictive and Destructive
Last month, Facebook reacted
to criticism by refocusing
on updates from friends
and family, rather than news
publishers and brands.
It says that has led to people
spending 50 million fewer hours
a day on the network -
a fall of around 5%.
Facebook has admitted 146 million
users may have been subjected
to Russian misinformation,
before and after the US
Jason Karaian, the global finance
and economics editor
at Quartz, joins me now.
Thank you for joining us. We tend to
think of fake news being something
that we read, but is it also
something we can quantify, something
we can consume, something we can buy
We are starting to.
Twitter has been explaining and
upping the numbers of people that
have seen Russian disinformation. We
are starting to identify some of the
most popular forms of
disinformation. These hearings will
get to the bottom of that little
bit. The companies themselves are
now realising they are not neutral
platforms, in a massive change of
tone, they are disseminating some of
this disinformation, fake news, so
they need some way to quantify it.
It is something they can't just
pretend that they are just a
platform letting it washed through
and they don't have any
responsibility for it.
certainly true cost of you have
called it a massive change of tone.
Surely a big change of tone would be
putting up the chief executives of
these companies. These are middle
management people. Apologies to the
people, and sure they are very good
at their jobs but these are not the
bosses of these companies and quite
frankly, it was MPs from Britain who
had to go to Washington, all the way
across the pond, to find and speak
to them in the first place.
tech companies with fake it is the
Public policy executives who are
there and it is not unique to these
particular hearings. That's what
these companies have done. Those of
the spokespeople they have put
forward on who they say are at the
forefront of deciding the company's
responses. Frankly, for optics
purposes, putting Mark Zuckerberg in
front of MPs that that is not
something they want, so they would
rather put those more mid-level
lawyerly executives in front. It is
shrewd on their part.
We have seen
this kind of grilling before, does
it make that much of an impact or do
you think we will see more impact
and real changes at social media
companies of investor say, we are
going to pull money out because
there is a start of that Jared
Kushner there is a sharp reaction to
that and the groundswell of public
-- there is the start of
that? I think I would probably have
a bigger impact if user engagement
went on, if people started deleting
their accounts and if investors
started to sell their shares. I
think that would have a lot more
effect than a few MPs flying over
the ocean to talk to lawyers.
you very much for coming in and
talking us through that, Jason.
Let's take a look at some
of the other stories
making the news...
The electric car maker Tesla
has posted its worst
ever quarterly loss -
some 675 million in the three
months to December.
The firm warned that spending
will increase this year.
But it has stuck to its target
of producing 5000 Model 3's
a week by the end of the second
Major Japanese investors in Britain
are due to meet the UK Prime
Minister and Chancellor on Thursday.
They include carmakers
Nissan, Toyota and Honda -
along with banks and drug companies.
It comes amid fresh debate among
business over Brexit negotiations.
21st Century Fox says it continues
to expect UK approval
of its takeover of broadcaster Sky,
despite a provisional finding
that the deal is not
in the public interest.
Chief executive James Murdoch has
told analysts the firm is working
with authorities to resolve
Officials in the United States say
they've broken up a major
international cyber-crime ring.
36 people have been charged
with being part of a group
which deals in stolen credit cards,
bank fraud and ID theft.
The US Department of Justice says
the group trafficked stolen
identities across five continents
using an online forum on the Dark
Web known as "In-fraud".
More on that story a little later in
To Asia now - and in the last couple
of hours China has posted a healthy
set of trade figures for January.
In particular, a big jump
in imports because of
a stronger domestic economy.
Leisha Santorelli joins us from our
Asia business hub in Singapore.
It really goes to the heart of the
changing nature of China and its
The data shows that growth
remains robust in the world's second
largest economy, absolutely. Imports
beat estimates by a really wide
margin, rising by 37% in value from
a year earlier. To compare that,
markets were expecting a 10% rise.
As for Xbox, they rose about 11%,
which shows they are still in strong
demand. Another interesting point I
want to make, China's trade surplus
with America narrowed from last
year's record level, which is a
positive sign to Beijing, given they
have a very sensitive trade
relationship with President Trump.
Analysts are saying we need to treat
this set of data with some caution
and that is because the trade
members are actually being magnified
by something called seasonal
volatility. For example, there was a
surge in oil shipments last month
because they had freezing weather in
China and there has been stockpiling
ahead of the Chinese New Year, which
starts next week. Overall, trade
growth expected to be strong but
these sets of figures are magnified.
Thank you very much.
Let's check in with
the financial markets.
Most major Asian indices rose today,
following the week's sharp losses
but it's pretty choppy out there -
traders are struggling to get a firm
footing in this volatile climate.
The Hang Seng is up. The Dow closed
lower again. Let's take a look at
Europe. They are all down as well.
The temporal map. Looking ahead to
the Bank of England to find out
their financial policy.
And Joe Miller has the details about
what's ahead on Wall Street Today.
They wonder what on Thursday as
Twitter, which has despite its
global reach never reported a profit
since it debuted on the stock
market. It is expected to do so at
last, thanks in large part to an
aggressive year of cost-cutting.
Twitter has been buoyed by its most
famous user, of course, Donald
Trump. Investors, they will be
looking elsewhere to see if the user
base as a whole is growing,
particularly outside of the United
States. Talking of Donald Trump, we
will see if he has revived the
fortunes of the media with Wall
Street owner News Corp and the New
York Times publishing results. And
video game publisher Activision
blizzard, the makers of Call Of
Duty. They are expected to report a
rise in revenue, helped by titles
over Christmas. Gamers will be
searching for clues about the
company's plans for 2018.
Joining us is Jeremy Stretch,
head of currency strategy,
CIBC World Markets.
Welcome to the
programme. Let's start with
something Suzanne mentioned.
It is ready about what is happening
later on with the ECB and Bank of
England. We will have the minutes of
their discussions, the meeting
coming up and it will give us some
sort of direction towards their
monetary policy. It was fears of
rapid interest rate rises that led
to that market sell off earlier in
Absolutely. Everything is
revolving around central banks, as
we gradually move past the era of
ultra low interest rates and
expectations moving up. The Bank of
England, we're not expecting any
policy changes today but I wouldn't
be necessary over Lee surprised if a
couple of members of the committee
vote for an immediate rate hike.
Then we have Mark Carney giving his
press briefing on the forecast and I
think markets will be looking at
guidance as to where the Bank of
England are going, how quickly they
will try to normalise policy. But of
course, there is that elephant in
the room, relating to Brexit
negotiations which will have an
How much guidance can you
give, given the elephant in the
Everything has to be
qualified. I think if you could have
excluded the Brexit story, I think
markets would be discounting a
reasonable possibility of a hike. In
May, when we get them max forecasts.
Looking at that sort of timing, I
think it's far too ambitious. I
think if we look at the
deterioration or reversal we have
seen in the indices this month,
showing a slight moderation of
activity at the start of the year, I
think it makes sense for banks to
say, yes we would like hike rates
and we will over time, but I think
we have to be cautious and prudent.
What about the European Central
Bank, to what extent do you think
the outcome of the German coalition
talks will affect, have an impact on
those discussions on the direction
of future policy?
I think they will
have a material impact on future
policy. What we have seen this the
opposition, formal opposition, now
taking control of the Finance
Ministry. I think that will loosen
the purse strings in Germany. I
think that will be important in
terms of growth dynamics in Germany
and Eurozone as a homework. I think
you add to the debate within the ECB
and I think from the Germanic
perspective, the policy in Europe is
far too loose and I think that will
add to the debate and the timing or
pressure on the European Central
Bank to consider their own policy
reversal. I suspect has become to
the back end of this year, those
negative deposit rates which have
been prevalent in Europe will start
to be taken off the table.
very much. You will be back later to
talk a little about cybercrime and a
controversial gambling conference
Still to come...
We book our own trips
and scan our own groceries,
but what about something
like doing our own blood test?
Is health care heading
towards a do-it-yourself model?
We'll be finding out
in a few minutes.
You're with Business
Live from BBC News.
TalkTalk is in talks to roll out
full fibre broadband
to 3 million UK homes.
The broadband firm has also
announced plans to raise £200m
through a rights issue.
Joining us now is our Economics
Correspondent, Andrew Walker.
TalkTalk is looking to raise this
money and shift the focus towards
broadband, away from mobile. What
are the key steps they have
Quite striking move. In a
sense, you could describe this as
going back to their roots. The
company originally started off
within carphone offering services
over fixed line and then
subsequently got into mobile. Now it
is going back towards those fixed
line services, creating a new
company, along with infrastructure.
It will be aiming to provide full
fibre services to 3 million users
across the country. They have
already started an experiment on
this in York, where they have 14,000
already connected, aiming to get up
to 50,000 as a result of work that
is currently in hand. They are
proposing to go to investors, to
raise another £200 million. Of that,
£40 million they are proposing will
come from the executive chairman or
executive director. Trying to send a
message to other would be investors
that the board is really committed
to this project. And they are also
going to be, they are also going to
be continuing with this process of
switching mobile customers over to
O2, when their contracts expire they
are being offered a new contract
with O2, rather than reviewing the
TalkTalk operation. One of the
striking things about the trading
update I have here, there are four
pages, or mobile there is just a
you. You will be across that for us.
Andrew Walker in our business room,
where it looks like people haven't
got into work yet, looks a bit
There are some
There are some people
There are some people working.
There are some people working. They
There are some people working. They
filling in the website pages. Is it
another day of stock market
volatility? TalkTalk shares faring
You're watching Business Live.
Our top story...
UK Members of Parliament
will question social
media bosses in Washington later
over the issue of fake news
after calling the firms' response
so far "completely inadequate."
Many of us are trying to be
more healthy these days.
But how do you fancy
tracking your health
by testing your own blood at home?
Well, one company - Thriva -
provides kits that can be used
at home to test for a variety
of different things.
They can track a wide range
of health indicators including
cholesterol and liver function.
You send the sample to the company -
which then gives you
expert analysis online.
So, is this a good way to spot
early signs of illness
and take pressure off
over-stretched health services?
Hamish Grierson, co-founder
of Thriva joins me now.
I just want find out how you set up
the company, giving you do not have
a medical background.
No, that is
right. Thriva was created with one
simple purpose in mind. We wanted to
give anybody access to the benefit
that comes of getting a regular
check up on your health as you point
out it is about staying in front of
the health issues that impact
millions of people around the
country. Practically speaking, the
reason we have started with a blood
test you can do from home, it is
basically painless, a little
pinprick. One of my two business
partners has a genetic, high
cholesterol disposition which means
he tests his blood every three or
four months. I am fascinated by
nutrition and how you can hack your
way to a healthier body. The
combination of those two things
ultimately led us to think about
what happens when you put the
consumer at the heart of what is a
health care process and trying to
power them to understand their own
information and be able to take a
good decision, or make a decision,
on the basis of that data.
business partner, Elliott, you said
he is taking his own blood every
three months. I have never done
that. How could I be assured that
what I was doing was accurate and
could get me the same results as a
doctor if they did the same test?
is a really good question for the
credibility that the core of what we
are about. The reality is
laboratories we used to analyse your
blood would be exactly the same as
the NHS laboratories. Really
importantly, we talked before we
came on air about what happens when
you see something and the results
that might be potentially
problematic, or stimulate a concern.
The reality for us is, information
without context, for us, is really
irresponsible. Every report is
looked at by an NHS trained GP we
work with. The report itself
delivered online, really clear to
understand what those things in the
report mean. It is written in plain
English would you can see a crafts.
You inside outside a particular
reference range? -- a craft will
stop as I say, it is about making
sure you can trust the information
have the credibility you would
otherwise expect from a blood test
you would take elsewhere and you
know what to do with the information
when you have it.
There was another
quite well-known blood testing
company in the United States which
collapsed. Have you found it
difficult to get funding for your
business because of that? People
trust you in what you are doing.
would be lying if I said every
single investor was happy about it
that none of our customers ever
have. There is a simple reality
which is that we do things
differently. We share some mission.
We're also about trying to empower
people to proactively manage their
health. Because we are executing in
a fundamentally different way, it is
Do you have trial
setup with the National Health
Service in the UK?
We are proud that
we have watched our first pilot
working with the Royal Brompton
Hospital, in association with cystic
fibrosis department. Over time what
we came to appreciate is, just
because you are a patient having
gone into what we think as the sick
or serious care system the National
Health Service is about, it does not
mean you ought not to be empowered
to manage your health proactively as
well stop that particular pilot is
about helping people who otherwise
would be coming back and forth from
Apparently you do not
see the needles.
You never see any
dog. It is a tiny pinprick and is
-- any needle.
Let's go to Singapore
now - which is holding
its annual air show.
Asia's aviation boom has
strained capacity at some
airports around the region.
It's also created a shortage
of pilots who can fly the planes.
Our business reporter
Mariko Oi reports.
Training to be a pilot. It takes up
to two years to learn how to deal
with emergencies inside and around
an aircraft. For 28-year-old Dean it
was his childhood dream.
When I was
young I took a flight in New Zealand
and flew around the mountains. I was
away from everything.
fantastic. But it is competitive to
get in. Here in Singapore, 600 apply
for 60 spots annually. It is not
cheap. Up to 140,000 US dollars to
complete the course. Many cadets,
including 24-year-old -- this
24-year-old man pay for the training
I think it is worth it
for the investment. In the long one,
this is my passion.
And shame will
likely get his money's worth because
there is an acute shortage of
pilots. Boeing is forecasting that
global airlines will need to hire
637,000 new pilots over the next 20
years. Some 40% of that demand comes
Jeremy is back to look through the
Before we do that, we are going to
go through some of the tweets.
We have been asking about fake news.
They can use as a big problem in the
digital world. It creates a wrong
perception. Tech giants must take
action against this. Another said,
it would be nice if they could help
to weed out fake news but should be
held responsible for the spread of
it as long as they didn't literally
promote it. A really tricky subject.
From my perspective, clearly it adds
to the uncertainty. You do see these
news stories coming across news
wires and all the various sources.
That does impact financial markets
will stop you do get distortions
which can create and feed their own
panic. That is something we are very
Another story we are
talking about is the cyber crime
mass arrest in the United States.
Another development in the ongoing
It is the ongoing arms race,
the battle between good and evil.
You have the dark web and people
being arrested across continents.
All the bases covered in terms of
the spectrum of the modern cyber
crime story. It underlines that
regulatory authorities are
continuing to try and crack down but
it is a very difficult process.
difficult process. You say we are
trying to crack down but it is
striking we are trying to create an
online black market, grow it to a
half billion dollar operation and
get away with it.
It is astonishing
when you look at the details
involved. It is a race operation
which is being run outside the
confines of the mainstream internet
process in an effort to try to
facilitate stealing people's details
to do for them. It is astonishing
this can go one almost in plain
sight. That is the problem and
difficulty that the authorities
We have heard a lot about
attempts within various industries
to stamp out sexual misconduct yet
the gambling industry has been
criticised for allowing an
exhibition to take place with pole
dancers in London this week. That
has been criticised. It is part of a
trend, isn't it, to shift away from
the use of women as promotional
The fact this story has made
media underlines changing dynamics.
It has been a slow process but, if
you think back 20, 30 years ago, you
would have had women draped across
cars at motor shows. That does not
happen any more. The context but
this has been flagged underlines
that we are slowly getting to a
scenario that is much more
Thank you for being on
the programme today. Goodbye.
That's it from Business Live today.
There will be more business
news throughout the day