Browse content similar to 22/11/2017. Check below for episodes and series from the same categories and more!
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Hello. | 0:00:17 | 0:00:19 | |
This is Business Briefing. | 0:00:19 | 0:00:21 | |
I am David Eades. | 0:00:21 | 0:00:25 | |
Personal data on 57 million Uber
customers and drivers were breached | 0:00:25 | 0:00:28 | |
in a hack attack that Uber concealed
for more than a year. | 0:00:28 | 0:00:31 | |
And it's budget day here in the UK,
but what measures will | 0:00:31 | 0:00:34 | |
the Chancellor of the Exchequer
present to bolster Britains's low | 0:00:34 | 0:00:37 | |
productivity? | 0:00:37 | 0:00:38 | |
And let's just look at the markets
for you, today. The Nikkei back on | 0:00:38 | 0:00:43 | |
the screen here. Hang Seng up. That
all the of record highs in at the US | 0:00:43 | 0:00:53 | |
as well. Green, green, and green. | 0:00:53 | 0:01:11 | |
Now, Uber has confirmed that it
concealed a hack that affected 57 | 0:01:11 | 0:01:14 | |
million | 0:01:14 | 0:01:14 | |
customers and drivers in 2016. | 0:01:14 | 0:01:15 | |
In the wake of the news,
Uber's chief security officer | 0:01:16 | 0:01:18 | |
Joe Sullivan has left the company. | 0:01:18 | 0:01:23 | |
As is often the case,
it will likely be the cover up that | 0:01:23 | 0:01:26 | |
proves more bothersome for Uber
than the hack itself. | 0:01:26 | 0:01:29 | |
Companies are required to disclose
significant data breaches | 0:01:29 | 0:01:31 | |
to regulators, something Uber has,
by its own admission, | 0:01:31 | 0:01:33 | |
failed to do in this case. | 0:01:33 | 0:01:35 | |
Our North America Technology
Correspondent Dave Lee has more. | 0:01:35 | 0:01:45 | |
The huge breach included names,
e-mail addresses, and phone numbers | 0:01:45 | 0:01:49 | |
of 57 million people around the
world. The information was obtained | 0:01:49 | 0:01:54 | |
by two who accessed a server Uber
were using to stood data. Many | 0:01:54 | 0:02:02 | |
drivers also had their licences
stolen. Uber Pavey hackers $75,000 | 0:02:02 | 0:02:09 | |
to delete the data. But they did not
contact anyone whose information was | 0:02:09 | 0:02:12 | |
put at risk. It is understood that
Travis Calen it knew about the | 0:02:12 | 0:02:19 | |
breach in November last year, but it
is only now being made public on the | 0:02:19 | 0:02:23 | |
orders of the new boss. None of this
should have happened, he said. The | 0:02:23 | 0:02:27 | |
company's admission that it failed
to disclose the bridge comes as Uber | 0:02:27 | 0:02:30 | |
is seeking to recover from a series
of issues that resulted in the | 0:02:30 | 0:02:37 | |
former CEO losing his job in August. | 0:02:37 | 0:02:44 | |
UK Chancellor Philip Hammond will
deliver his Autumn Budget today. | 0:02:44 | 0:02:47 | |
One of his challenges
will be to combat a decade | 0:02:47 | 0:02:50 | |
of flat productivity. | 0:02:50 | 0:02:50 | |
Until 10 years ago, productivity
was the motor that drove | 0:02:50 | 0:02:53 | |
UK economic growth. | 0:02:53 | 0:02:58 | |
This blue line is output per hour. | 0:02:58 | 0:03:02 | |
The straight line is
the actual measure - | 0:03:02 | 0:03:04 | |
and this broken line is what it
should be at if the trends before | 0:03:04 | 0:03:08 | |
the crisis had continued. | 0:03:08 | 0:03:09 | |
So it's a pretty big difference. | 0:03:09 | 0:03:17 | |
Instead, the typical rate of growth
in the last five years | 0:03:17 | 0:03:20 | |
is only 0.2%. | 0:03:20 | 0:03:21 | |
The presumption was that
the underlying factors linked | 0:03:21 | 0:03:23 | |
to the financial crisis
would eventually improve. | 0:03:23 | 0:03:31 | |
But so far productivity
has remained stagnant. | 0:03:31 | 0:03:33 | |
Other European countries
are faring better. | 0:03:33 | 0:03:35 | |
Germany is 36% higher
than the UK and France 30%. | 0:03:35 | 0:03:38 | |
And there is a correlation
between productivity and real wages. | 0:03:38 | 0:03:42 | |
In 2013, the OECD compiled how much
people actually have to spend - | 0:03:42 | 0:03:53 | |
in France it's this,
compared with Britain. | 0:03:53 | 0:03:56 | |
That's a $3000 difference. | 0:03:56 | 0:03:58 | |
That is a lot of money. | 0:03:58 | 0:04:02 | |
With me is Margaret Doyle,
Deloitte head of Financial Services | 0:04:02 | 0:04:04 | |
Research. | 0:04:04 | 0:04:05 | |
Thank you for joining us. Those are
frightening figures, are they? They | 0:04:05 | 0:04:10 | |
are. And that is something that
Philip Hammond has explicitly | 0:04:10 | 0:04:14 | |
acknowledged and pointed out. In
fact, in his spring budget, he said | 0:04:14 | 0:04:19 | |
this is be that we need to address,
and it is something that the | 0:04:19 | 0:04:23 | |
government has already said, that
they will put aside a £23 billion | 0:04:23 | 0:04:28 | |
fund designed to help boost
productivity in the long-term. That | 0:04:28 | 0:04:33 | |
is key, the long-term. This does not
happen overnight or even in a year | 0:04:33 | 0:04:37 | |
or two. This is big infrastructure
stuff. Yes. It takes investment is | 0:04:37 | 0:04:43 | |
now, and could take years to come
through. Years ago, Germany was | 0:04:43 | 0:04:48 | |
considered the sick man of Europe.
But they implement and these have | 0:04:48 | 0:04:55 | |
helped to make their labour market
more flexible and help to boost | 0:04:55 | 0:04:58 | |
their productivity. Economists would
say that this dates back to the | 0:04:58 | 0:05:04 | |
1950s and 60s, and some would say
that it dates back to the 1930s and | 0:05:04 | 0:05:08 | |
the days of imperial preference,
when the UK shifted supply lines. It | 0:05:08 | 0:05:16 | |
is not a silver bullet, but you need
to start somewhere. But you | 0:05:16 | 0:05:21 | |
mentioned Germany, and the third
weight. They had money they were | 0:05:21 | 0:05:25 | |
prepared to put in the pot. That is
not Philip Hammond's position, is | 0:05:25 | 0:05:28 | |
that? That is an interesting
comment. Britain has a long | 0:05:28 | 0:05:35 | |
borrowing rate. -- low borrowing
rate. This is a good time for the UK | 0:05:35 | 0:05:40 | |
to borrow money when it has the
ability to go out into the markets | 0:05:40 | 0:05:43 | |
and to do so. And there are
investors that you could make a bit | 0:05:43 | 0:05:48 | |
in transport, bid in other forms of
infrastructure, like broadband, be | 0:05:48 | 0:05:52 | |
it in skills, and those are the
investments that will pay off more | 0:05:52 | 0:05:57 | |
than we are paying in other markets
at the moment. So people will see | 0:05:57 | 0:06:02 | |
the benefit of doing, but he was
asked if it would be a big, bold | 0:06:02 | 0:06:06 | |
budget, and he said it would be
balanced. It would be a surprise to | 0:06:06 | 0:06:10 | |
get a major announcement. Yes, it
clearly he has announced it and that | 0:06:10 | 0:06:15 | |
he wanted to bounce. He is pushed
out out further than George Osborne | 0:06:15 | 0:06:19 | |
said, so he has given himself some
Woodville Road. We have a degree of | 0:06:19 | 0:06:23 | |
uncertainty over the impact of
Brexit, so therefore I think the | 0:06:23 | 0:06:27 | |
Chancellor will try to keep
something in reserve so that. I will | 0:06:27 | 0:06:31 | |
just jump in for a quick tip for
something we should look for in the | 0:06:31 | 0:06:36 | |
budget. I think we will hear
something on housing. The Prime | 0:06:36 | 0:06:42 | |
Minister signalled that she
recognised that housing was an | 0:06:42 | 0:06:44 | |
issue. We see it is a big issue for
younger people. It is very | 0:06:44 | 0:06:49 | |
expensive. We have a lower home
ownership for young people. That is | 0:06:49 | 0:06:53 | |
something we should expect to see
this afternoon. Very good to see | 0:06:53 | 0:06:58 | |
you. Thank you very a much indeed. | 0:06:58 | 0:07:01 | |
After Tuesday's record breaking
close on Wall Street, | 0:07:01 | 0:07:05 | |
Asian markets have followed suit. | 0:07:06 | 0:07:07 | |
Let's go to our Asia business hub
where Sharanjit Leyl | 0:07:07 | 0:07:10 | |
is following the story. | 0:07:10 | 0:07:12 | |
I am here particularly to talk about
the Hang Seng in Hong Kong. It has | 0:07:12 | 0:07:17 | |
been called something of a Hang Seng
high. The benchmark equity index | 0:07:17 | 0:07:22 | |
their rising over 30,000 for the
first time in a decade. That is | 0:07:22 | 0:07:28 | |
shares of companies like Tencent,
China's biggest social network. It | 0:07:28 | 0:07:35 | |
has surpassed Facebook to become one
of the top five most valuable | 0:07:35 | 0:07:40 | |
companies in the world. Because its
value has rallied, it is now worth | 0:07:40 | 0:07:44 | |
over $5 billion. It is popularity
surged especially due to its games, | 0:07:44 | 0:07:52 | |
and some of these have the number of
players that they make up the size | 0:07:52 | 0:07:56 | |
of countries they Germany. You have
other companies like and ensure | 0:07:56 | 0:08:01 | |
whose value has jumped 26% over
southern of its digital expansion. | 0:08:01 | 0:08:06 | |
No surprising news to see this in
Hang Seng. There has been a rocky | 0:08:06 | 0:08:15 | |
ride in the last decade, so this is
a shift. Thank you for joining us, | 0:08:15 | 0:08:21 | |
Sharanjit Leyl, with a rosy two
coming from the east. -- rosy hue. | 0:08:21 | 0:08:31 | |
Let's head to Dubai now -
the so-called City of Gold. | 0:08:31 | 0:08:36 | |
Traders there buy and
sell $75 billion worth | 0:08:36 | 0:08:38 | |
of the stuff every year. | 0:08:38 | 0:08:40 | |
Part of the reason for its success
is that gold is untaxed, | 0:08:40 | 0:08:43 | |
and therefore cheap. | 0:08:43 | 0:08:44 | |
But from the start of next year,
the government will be levying tax | 0:08:44 | 0:08:47 | |
on gold sales. | 0:08:47 | 0:08:48 | |
Some worry this could
dent the market. | 0:08:48 | 0:08:50 | |
From Dubai, here's Jeremy Howell. | 0:08:50 | 0:08:51 | |
Dubai, a place to buy and honourable
goal. But behind the bleeding in the | 0:08:51 | 0:08:55 | |
windows, changes on the way. Gold
traders have been told that from the | 0:08:55 | 0:08:59 | |
start of 2018, they must charge
value added tax at a rate of 5%. | 0:08:59 | 0:09:04 | |
Some are nervous about what that
might mean for business. People, you | 0:09:04 | 0:09:08 | |
know, they are not ready to pay. The
goal is ready at higher price. The | 0:09:08 | 0:09:14 | |
price of the tax will be more.
Business will come down, definitely. | 0:09:14 | 0:09:20 | |
It will fall by 15%- 20%. People
come to the actor won gold market | 0:09:20 | 0:09:26 | |
from all over the Middle East and
India. Arguably the largest group of | 0:09:26 | 0:09:30 | |
single gold buyers in the world. $75
billion worth of gold is bought and | 0:09:30 | 0:09:35 | |
sold in Dubai every year. Mostly
thanks to these gold tourists. But | 0:09:35 | 0:09:43 | |
all of these gold tourists will be
all to get all their money back. | 0:09:43 | 0:09:47 | |
They will get the 80 refunds at the
airport. But still, it could be a | 0:09:47 | 0:09:51 | |
shock to the system. Because this
would attack in Dubai is unheard of. | 0:09:51 | 0:10:00 | |
-- VAT refunds. The message to all
those involved in the business from | 0:10:00 | 0:10:07 | |
their trade association is not to
worry. The concern is not there. We | 0:10:07 | 0:10:10 | |
will still be the most competitive
in variety, purity, quality | 0:10:10 | 0:10:15 | |
product... Dubai's gold market does
have rivals in India and Istanbul. | 0:10:15 | 0:10:24 | |
The Dubai sales tax will still be
lower than in either India or | 0:10:24 | 0:10:28 | |
Turkey. And nowhere else can match
the souk for the sheer opulence of | 0:10:28 | 0:10:33 | |
its jewellery displays. | 0:10:33 | 0:10:37 | |
Opulence is the word, isn't it? That
is Business Reading for this hour. | 0:10:37 | 0:10:43 | |
In a last look at the market.
Vinicius flat at the moment. The | 0:10:43 | 0:10:47 | |
Hang Seng is up again, with ten year
highs there. -- the Nikkei is flat. | 0:10:47 | 0:10:54 | |
And that is the business briefing to
Europe. | 0:10:54 | 0:11:13 | |
Different types of alcohol change
and cheap -- change in shape your | 0:11:14 | 0:11:20 | |
mood in different ways. A recent
survey had found major link between | 0:11:20 | 0:11:24 | |
types of alcohol and the emotions
they create. For a double, spirits | 0:11:24 | 0:11:28 | |
were associate with feelings of
aggression. Red wine and beer were | 0:11:28 | 0:11:32 | |
related to feeling relaxed. Had you
feel when you drink? | 0:11:32 | 0:11:40 | |
Sleepy or ruddy? Excited, or maybe
careful? The on-line global drug | 0:11:40 | 0:11:44 | |
survey without my nearly 30,000
young adults suggests that what is | 0:11:44 | 0:11:49 | |
in your glass is linked to your
mood. Spirits are the strongest | 0:11:49 | 0:11:52 | |
link. More than half associated
drinks late June, Rome, and vodka, | 0:11:52 | 0:11:58 | |
with competent Zen Energy. But
nearly a third link them to | 0:11:58 | 0:12:02 | |
aggressive feelings. The survey said
a feeling of relaxation was linked | 0:12:02 | 0:12:05 | |
mostly to red wine or beer. The
researchers say varying alcohol | 0:12:05 | 0:12:10 | |
levels in the beverages might be
having different impacts on the | 0:12:10 | 0:12:13 | |
brain. Younger people in particular
were more likely to report a | 0:12:13 | 0:12:17 | |
stronger emotional connection both
on the positive and the negative | 0:12:17 | 0:12:20 | |
side. It also women were more likely
than men to report different high | 0:12:20 | 0:12:26 | |
levels of emotional outcomes, if you
like, with different drinks, except | 0:12:26 | 0:12:30 | |
for aggression, where men were more
likely than women. The study shows | 0:12:30 | 0:12:34 | |
only an association. He cannot prove
different drinks alter moods. And it | 0:12:34 | 0:12:39 | |
did not assess our motions before
they started drinking. The | 0:12:39 | 0:12:42 | |
researchers describe their work as
an initial exploration and say | 0:12:42 | 0:12:48 | |
understanding the relationship
between drink and emotion could help | 0:12:48 | 0:12:51 | |
tackle alcohol abuse. Des Gallagher,
BBC News. | 0:12:51 | 0:13:04 | |
-- James Gallagher. | 0:13:05 | 0:13:21 |