0:00:11 > 0:00:12This is Business Briefing.
0:00:12 > 0:00:14I'm Sally Bundock.
0:00:14 > 0:00:16Silicon Valley stands trial in Washington!
0:00:16 > 0:00:19Facebook, Twitter and Google are set to face some tough questions
0:00:19 > 0:00:24about their role in last year's US election.
0:00:24 > 0:00:26Samsung announces record profits when the chips are down!
0:00:26 > 0:00:29Despite the jailing of its defacto boss, the company's semiconductor
0:00:29 > 0:00:36business continues to go from strength to strength.
0:00:36 > 0:00:47And on the markets:
0:00:47 > 0:00:51You can see that Asia is following the lead from Wall Street. We will
0:00:51 > 0:01:04talk you through why you can expect a day of declines.
0:01:04 > 0:01:07In a few hours' time Facebook, Twitter and Google's parent Alphabet
0:01:07 > 0:01:09will answer questions about how their platforms
0:01:09 > 0:01:11were exploited during last year's US Presidential election.
0:01:11 > 0:01:12Their lawyers testimony to Congressional committees
0:01:12 > 0:01:14in Washington could eventually lead to tighter regulation
0:01:15 > 0:01:15of online advertising.
0:01:15 > 0:01:18One example of what's being questioned is the 3,000
0:01:18 > 0:01:20adverts which Facebook said were focused on "divisive social
0:01:20 > 0:01:22and political messages" around the election
0:01:22 > 0:01:33and were bought in Russia.
0:01:33 > 0:01:37Facebook has shared them with Congress.
0:01:37 > 0:01:42In terms of their influence, Facebook estimates that they were
0:01:43 > 0:01:46seen by about ten million people before and after November's poll.
0:01:46 > 0:01:52Tech firms are concerned about the prospect of new regulation,
0:01:53 > 0:01:56and in the last week or so both Twitter and Facebook said
0:01:56 > 0:01:58they will improve 'advertising transparency' especially when it
0:01:58 > 0:01:59comes to political ads.
0:01:59 > 0:02:07Dave Lee explains.
0:02:07 > 0:02:14I have just received a call from Secretary Clinton.Nobody disputes
0:02:14 > 0:02:19the Donald Trump won the US presidential election. What is under
0:02:19 > 0:02:23scrutiny now is the extent to which social media sites were manipulated
0:02:23 > 0:02:28in order to sway the mind of American voters. Russian President
0:02:28 > 0:02:33Vladimir Putin denies his country has done anything. A whole Facebook
0:02:33 > 0:02:40said it found evidence that hundreds of accounts, controlled by the
0:02:40 > 0:02:45Kremlin, was filling the newsfeed of everyday Americans with inflammatory
0:02:45 > 0:02:48messages on key political talking points. Similar tactics were being
0:02:48 > 0:02:56seen used on Twitter as well. The Russians are said to accuse the's
0:02:56 > 0:03:00advertising services to target misinformation at users in part of
0:03:00 > 0:03:05the country where the presidential race was especially tight. Google
0:03:05 > 0:03:09conducted its own investigation and discovered that thousands of dollars
0:03:09 > 0:03:13had been spent by Russian linked groups on search advertise and. The
0:03:13 > 0:03:17company is also looking into activity on YouTube, another
0:03:17 > 0:03:20potential platform for misinformation.These tools are
0:03:20 > 0:03:29being used in real time to fire up discontent in our country.The
0:03:29 > 0:03:32social networks are now being summoned to Capitol Hill to defend
0:03:32 > 0:03:35themselves. Dougal, Twitter and Facebook will fear it -- appear and
0:03:35 > 0:03:39find -- in front of Senate committees including the one
0:03:39 > 0:03:43investigating Russian meddling in the American Democratic process. One
0:03:43 > 0:03:48person who does not feel the issue is worth talking about at all is
0:03:48 > 0:03:53President Trump himself. What the tech companies are really afraid of
0:03:53 > 0:03:57is more regulation. Several high profile politicians have drawn on
0:03:57 > 0:04:00what they call the honours at active. A proposed law that will
0:04:00 > 0:04:06demand more transparency and greater restriction on online advertising.
0:04:06 > 0:04:11The companies would rather regulate themselves, and say they have been
0:04:11 > 0:04:14trying their hardest to show they have in taking the situation
0:04:14 > 0:04:22seriously. Twitter has named -- Bantu major Russian media
0:04:22 > 0:04:25organisations. Facebook has said it will make it clear who was
0:04:25 > 0:04:30purchasing ads and for what purpose. But that is not all tech companies
0:04:30 > 0:04:35are doing to try and gain influence in the capital. Between July and
0:04:35 > 0:04:40September this year, apple, Amazon, Google, Facebook and Microsoft spent
0:04:40 > 0:04:46$14 million between them, lobbying politicians in Washington. So many
0:04:46 > 0:04:54of you have been in touch about this story on social media and news. Will
0:04:54 > 0:04:57discuss that in about five minutes tick squeezing in some other key
0:04:57 > 0:05:00business stories today, moving on to Samsung.
0:05:00 > 0:05:02The electronics giant Samsung has announced record profits
0:05:02 > 0:05:05despite continuing to grapple with its ongoing management crisis.
0:05:05 > 0:05:12Let's cross over to Seoul and speak to our correspondent Mark Lowen.
0:05:12 > 0:05:15Market, when you think about what Samsung has been through in the last
0:05:15 > 0:05:1912 months, you would think that it is astounding they are coming with
0:05:19 > 0:05:23record profits.Extraordinary resilience. These profits in the
0:05:23 > 0:05:30third quarter were record breaking, up 148 cent year-on-year. $10
0:05:30 > 0:05:33billion worth of profit between July and September, the third quarter of
0:05:33 > 0:05:38this year. Samsung called it an overall robust performance by the
0:05:38 > 0:05:43group. That of course, despite the challenges as you suggested,
0:05:43 > 0:05:49including the former errors Samsung, Lee Jae-yong, who was jailed in
0:05:49 > 0:05:54August on various charges including soliciting favours and paying for
0:05:54 > 0:05:58political favours which was a scandal that engulfed the former
0:05:58 > 0:06:01president here and forced her to be impeached and also her closest
0:06:01 > 0:06:07confidant to the former air of Samsung is appealing against that
0:06:07 > 0:06:11verdict but that was a massive blow for the company. Benn last year the
0:06:11 > 0:06:14Samsung Galaxy seven had to be recalled over an exploding battery
0:06:14 > 0:06:18and now you have the CEO and vice-chairman of Samsung who is
0:06:18 > 0:06:24stepping down saying that the company is facing unprecedented
0:06:24 > 0:06:29crisis and its current profitability is merely the fruit of decision and
0:06:29 > 0:06:33investment made in the past. At the moment, it seems, from the results
0:06:33 > 0:06:37today that there is no sign of a leadership vacuum. It has performed
0:06:37 > 0:06:43well and it will be extremely happy with the results and said it will
0:06:43 > 0:06:47double its dividend pay-out in 2018 based on those profits.Thank you
0:06:47 > 0:06:51very much indeed. South Korea, one of the few markets trending higher
0:06:51 > 0:06:52today in Asia.
0:06:52 > 0:06:54Now let's brief you on some other business stories.
0:06:54 > 0:06:56The Bank of England believes that the UK's departure
0:06:57 > 0:07:00from the European Union could result in the loss of up to 75,000 jobs.
0:07:00 > 0:07:03The BBC understands that senior officials are using the figure
0:07:03 > 0:07:06as a baseline scenario, assuming there is no specific UK-EU
0:07:06 > 0:07:08financial services deal.
0:07:08 > 0:07:10Shares in Apple have received a boost following positive reviews
0:07:10 > 0:07:12of the iPhone X.
0:07:12 > 0:07:14The company has benefited from strong pre-orders
0:07:14 > 0:07:18of its flagship handset.
0:07:18 > 0:07:21According to the analytics firm Canalys, Apple is set
0:07:21 > 0:07:25to end its losing streak in China where iPhone sales have declined
0:07:25 > 0:07:30in each of the six previous quarters.
0:07:38 > 0:07:45I could not be a very busy airport. Well, brace yourself.
0:07:45 > 0:07:48Estimates suggest the annual number of air travellers will reach 7.2
0:07:49 > 0:07:51billion in 2035 - more than double the current number.
0:07:51 > 0:07:54On Tuesday, Singapore's Changi Airport opened its latest Terminal -
0:07:54 > 0:07:56with new technology to make the journey smoother.
0:07:56 > 0:08:05Karishma Vaswani was there.
0:08:13 > 0:08:16This is what air travel typically looks like these days. A lot of
0:08:16 > 0:08:22people, a lot of waiting, not a lot of fun. Singapore's airport has
0:08:22 > 0:08:26launched a new terminal where a key feature is contactless travel. In
0:08:26 > 0:08:30theory that means you go from check-in all the way to boarding and
0:08:30 > 0:08:35never have to interact with anybody. So how does it work?
0:08:55 > 0:08:59Maybe I'm old-fashioned but the use of so much technology in an airport
0:08:59 > 0:09:03does raise security concerns to me. What if one of these machines were
0:09:03 > 0:09:08to be hacked? Airport officials say they have been put through numerous
0:09:08 > 0:09:14tests and for all the hype about this process being people free,
0:09:14 > 0:09:17there will still be staff rolling around so I'm going to go check it
0:09:17 > 0:09:31out.
0:09:31 > 0:09:35The industry, the oil industry has been hit hard by the slump in oil
0:09:35 > 0:09:44prices.
0:09:45 > 0:09:49With the $100 per barrel was normal. Will I think we will look back and
0:09:49 > 0:09:52say it was a normal and change that cost structure of the industry. What
0:09:52 > 0:09:58we are seeing now is a painful readjustment back to probably a
0:09:58 > 0:10:02predictable price range. There will still be a lot of volatility in the
0:10:02 > 0:10:08pricing.That was Bob Dudley. More of that interview on our website.
0:10:08 > 0:10:10Millennials are boosting luxury fashion brand Gucci according
0:10:10 > 0:10:11to the Wall Street Journal.
0:10:11 > 0:10:14The article says people under 35 account for as much as 55%
0:10:15 > 0:10:16of the company's sales.
0:10:16 > 0:10:18Quartz analyses the "real cost of the new iPhone X".
0:10:18 > 0:10:20It compares the price with average monthly earnings.
0:10:20 > 0:10:23In the United States, the handset only costs 20%
0:10:23 > 0:10:24of your monthly pay.
0:10:24 > 0:10:32This compares to 925% of the average monthly pay in India.
0:10:32 > 0:10:34And with today being Halloween, Business Insider is looking
0:10:34 > 0:10:38at the highest grossing horror movies of all time.
0:10:38 > 0:10:41The legendary Sixth Sense tops the list ahead of this year's box
0:10:41 > 0:10:49office smash-hit "It".
0:10:49 > 0:10:55Don't forget, you can get in touch with us using our hash tag with the
0:10:55 > 0:10:58stories that you are following. Let us know what you are discussing
0:10:58 > 0:11:02right now. That is the business briefing to sour. Quickly, let's
0:11:02 > 0:11:06show you how markets are looking. As I said earlier, declines right
0:11:06 > 0:11:12across the board. The only market that is bucking the trend is South
0:11:12 > 0:11:18Korea and that is largely thanks to the news from Samsung which we would
0:11:18 > 0:11:23talk through, saying that Samsung is on track for record full-year profit
0:11:23 > 0:11:27and that has helped boost the South Korean market. This is the story in
0:11:27 > 0:11:31the United States. We are in the thick of the earnings season at the
0:11:31 > 0:11:35moment. So a lot of companies are coming out with the earnings reports
0:11:35 > 0:11:39towards the end of the week we have the likes of Facebook and apple
0:11:39 > 0:11:43coming out with earnings. It is a busy week. Bearing in mind as well,
0:11:43 > 0:11:46today and tomorrow the Federal Reserve meets for its central bank
0:11:46 > 0:11:51meeting and the Bank of Japan is in focus and the Bank of England. Next,
0:11:51 > 0:11:54news briefing and we will talk you through the stories making the
0:11:54 > 0:12:01headlines. I will see you soon.