:00:00. > :00:00.competitors will now take part in the event. Now for World Business
:00:00. > :00:27.Report. Confounding the sceptics, Facebook
:00:28. > :00:35.shares hit a new record high. Plus, bogus burgundy and bent Bordeaux.
:00:36. > :00:47.The fraudster who fooled America's top wine collectors. Welcome to
:00:48. > :00:51.World Business Report. Coming up: Privacy or censorship. The battle
:00:52. > :00:58.over the so`called right to be forgotten online. First, let's talk
:00:59. > :01:02.about Facebook. If you use it, you are part of a seemingly
:01:03. > :01:06.ever`increasing number. If you have invested in it, you are likely to be
:01:07. > :01:11.richer than you were a few months ago. Facebook shares averaged a new
:01:12. > :01:15.record high after an increase in quarterly profit and revenue.
:01:16. > :01:20.Facebook is all but put to bed the investor scepticism that saw its
:01:21. > :01:24.shares drop by half their value in the month following its flotation.
:01:25. > :01:27.Take a look at the numbers that have finally won over Wall Street.
:01:28. > :01:36.Facebook made profits of just under $800 million. That is in the three
:01:37. > :01:44.months to June. That is an increase of 138% on the period last year.
:01:45. > :01:48.Facebook says it has 1.3 billion active users every month, 40 million
:01:49. > :01:55.more than it had three months ago. Facebook's shares hit $74 in
:01:56. > :02:11.trading. That is nearly double the 38 dollars they sold for when they
:02:12. > :02:16.first floated. The number of people logging on to Facebook on a desktop
:02:17. > :02:21.computer increased by almost 20% compared to this time last year.
:02:22. > :02:25.That is good news but not exactly what investors are really interested
:02:26. > :02:29.in. They want to know how many people are logging on to the social
:02:30. > :02:34.networking site on one of these, a mobile device. Because that is where
:02:35. > :02:40.the money is. Advertising is where companies like Facebook make most of
:02:41. > :02:43.their money. With more people using social media on mobile phones or
:02:44. > :02:50.tablets, instead of desktop computers, how many people are using
:02:51. > :02:55.the platform on their mobile devices becomes a very important number.
:02:56. > :03:03.Facebook has not disappointed. In this last quarter, war than `` more
:03:04. > :03:12.than 1 billion active monthly users access the website on their mobile
:03:13. > :03:21.device. Advertising revenue... That is a big increase in the same time
:03:22. > :03:27.last year. For the last year, Facebook's results have defeated the
:03:28. > :03:32.expectations of analysts. The social media website that began in a
:03:33. > :03:38.college room storm has managed to exceed expectations yet again.
:03:39. > :03:42.Staying with the internet and a balancing act between personal
:03:43. > :03:45.privacy and freedom of speech. In May, the European Court of
:03:46. > :03:49.Justice gave EU citizens the right to be forgotten. They ruled that
:03:50. > :03:52.they could ask search engines to take down sensitive or embarrassing
:03:53. > :03:58.results which related to their names. Today, Google, Microsoft and
:03:59. > :04:00.others have been called in to face privacy regulators amid concerns
:04:01. > :04:10.they have not done enough to implement the ruling. Thank you for
:04:11. > :04:15.joining us. Do you think this is worth it? We have received many
:04:16. > :04:18.reports about some fairly dubious characters asking for references to
:04:19. > :04:23.themselves to be removed from the internet. Is this working? Not in
:04:24. > :04:28.its present form. It's very challenging. Those with first
:04:29. > :04:31.recourse to this are those who should probably not be doing it,
:04:32. > :04:37.those trying to airbrush their reputations. If it is inaccurate or
:04:38. > :04:41.inadequate, one can understand that. If it is irrelevant or excessive...
:04:42. > :04:47.How do you decide if something is relevant? Irrelevant now or
:04:48. > :04:50.irrelevant in ten years? I do not know how they would do it without a
:04:51. > :04:54.clear code. Many of these subjective judgements... Everything from
:04:55. > :05:00.advertising to our children's rights are dealt with by codes of conduct.
:05:01. > :05:05.And unless encourages figured out, it will be difficult to work. Who
:05:06. > :05:12.decides something is irrelevant or excessive? It is Gogol, isn't it? It
:05:13. > :05:15.is Google and if I were Google, I would be going about things in a way
:05:16. > :05:21.to make the law look impossible to implement. If they are doing that,
:05:22. > :05:28.what would happen is they continue to interpret the law in a way that
:05:29. > :05:31.no secret of the fact that they do no secret of the fact that they do
:05:32. > :05:35.not want this decision. It will cost them money and gets the way of
:05:36. > :05:43.business. Is it possible some sort of code might be developed? It's
:05:44. > :05:47.possible. The decision of a core is the beginning of such a code. What
:05:48. > :05:53.kinds of things might we see? Transparancy? Showing people that
:05:54. > :05:57.something has been taken down? Yes. That is a double`edged sword. That
:05:58. > :06:04.means anyone who does have recourse to the right to be forgotten risks
:06:05. > :06:06.it being really public, such as what happened when Barbra Streisand
:06:07. > :06:11.tie`dyed photographs of her house removed. Six people had seen the
:06:12. > :06:21.photographs before she applied. 40,000 people saw them in the four
:06:22. > :06:26.days afterwards. Thank you. It was an elaborate con and put out some of
:06:27. > :06:30.America's wealthiest investors. Let's delay, an Indonesian born one
:06:31. > :06:35.collectable learn how much you will spend in jail for selling fake wine.
:06:36. > :06:39.`` later today. He is the first person to be convicted for it in the
:06:40. > :06:44.US. He was caught manufacturing some of the world's finest vintages in
:06:45. > :06:50.his own kitchen. And for a while, he had the experts convinced. The
:06:51. > :06:54.Indonesian born man went from being a respected collector of fine wines
:06:55. > :07:00.to a criminal. His magic seller turned out to be his kitchen, where
:07:01. > :07:05.FBI agents found a draw of fake wine labels and foil wrappers used to
:07:06. > :07:14.cover Cox. Many of his victims have remained silent but not all. Pigeon,
:07:15. > :07:20.soccer, the Mark... Is not everyday you hear a billionaire admitting to
:07:21. > :07:25.being ripped off on television. But this man is not your typical rare
:07:26. > :07:30.wine collector. I cannot stand to be cheated. I want someone to know that
:07:31. > :07:36.if they sell me a fake, I will come after them, no matter how much it
:07:37. > :07:39.costs. The hoax began to unravel at an auction in New York after a
:07:40. > :07:44.French wine producer accused him of selling fake versions of his
:07:45. > :07:50.family's bottles. Journalist Peter Hellman was there. I went and I
:07:51. > :07:56.asked him what the story was with these bottles that were withdrawn
:07:57. > :08:11.and he shrugged his shoulders and he said, well, we try our best but this
:08:12. > :08:16.is burgundy and (BLEEP) happens. The defendant says one became his life
:08:17. > :08:22.and he lost himself in it. It is an obsession that will be difficult to
:08:23. > :08:28.pursue from behind bars. More evidence this morning that China's
:08:29. > :08:35.economy is picking up. Stimulus measures starting to kick in. Good
:08:36. > :08:39.morning! The numbers, if you look at them today, are convincing many
:08:40. > :08:47.people that the recovery could be well on its way. The factory output
:08:48. > :08:51.jumped to 52%. Anything above 50% is an expansion and anything below that
:08:52. > :08:55.is a contraction. The highest level in 18 months. This is based on the
:08:56. > :09:03.Purchasing Managers Index, which tracks at 30 in factories and
:09:04. > :09:11.workshops. `` tracks activities in factories and workshops. This is off
:09:12. > :09:16.the back of China's small`scale stimulus measures including tax
:09:17. > :09:19.breaks for enterprises, targeted infrastructure spending and
:09:20. > :09:25.improving lending in rural areas and small companies. These are all
:09:26. > :09:33.starting to bear fruit. Exports are vital to the economy. But others are
:09:34. > :09:38.still sceptical, warning that it will not be such smooth sailing. The
:09:39. > :09:41.real estate sector remains troubled and that accounts for a significant
:09:42. > :09:50.share of the overall economy. Thank you.
:09:51. > :09:57.Police have arrested seven people over a $1.6 million fraud on the
:09:58. > :10:00.online ticket market. It is the latest website for victim to a
:10:01. > :10:06.hacking attack. Stolen credit card details will use to buy tickets to a
:10:07. > :10:11.number of high profile events, which were then sold on. Suspects include
:10:12. > :10:16.a Russian national detained in Spain. Two were arrested in the US
:10:17. > :10:21.and three in London. Canadian plane maker bombardier says it will cut
:10:22. > :10:27.1800 jobs as part of a reorganisation of its business. ``
:10:28. > :10:36.Bombardier. It hopes its latest line will take on medium`range jets from
:10:37. > :10:43.Boeing and Airbus. Quickly taking a look at the market is now will stop
:10:44. > :10:49.very little movement. `` quickly taking a look at where the market is
:10:50. > :10:54.now. Very little movement. Not very exciting. These might be more
:10:55. > :11:01.interesting. The euro is looking weaker against the American dollar.
:11:02. > :11:04.And not a huge amount of difference in the Japanese yen. That is
:11:05. > :11:21.business, I'm afraid. Not much excitement. That is it.
:11:22. > :11:25.They rush through the financial markets and I know that feeling all
:11:26. > :11:26.too well.