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with Sally and World Business Report. | :00:00. | :00:16. | |
Hail storm - taxi app Uber faces millions of euros in fines | :00:17. | :00:19. | |
But is it just another small bump in the road - | :00:20. | :00:25. | |
The world's leading cyber security experts gather in London. | :00:26. | :00:31. | |
We hear their top tips for staying safe online. | :00:32. | :00:43. | |
Also in the programme, a surprise interest rate cut | :00:44. | :00:48. | |
where the legal troubles continue for the taxi app Uber. | :00:49. | :00:59. | |
It faces millions of euros in fines and possible prison sentences | :01:00. | :01:02. | |
for two top executives for using unlicensed drivers | :01:03. | :01:04. | |
A court in Paris delivers its verdict in a few hours' time. | :01:05. | :01:11. | |
These were the scenes in France back in January when licensed taxi | :01:12. | :01:14. | |
drivers blocked roads and clashed with police in violent | :01:15. | :01:20. | |
There have been similar scenes around the world, | :01:21. | :01:23. | |
from London to Jakarta to Mexico City. | :01:24. | :01:28. | |
Uber's business model has put it on a collision course not just | :01:29. | :01:32. | |
with established taxi drivers, but with regulators - | :01:33. | :01:33. | |
and it's also fighting a raft of legal battles. | :01:34. | :01:36. | |
But how big a threat are they really? | :01:37. | :01:39. | |
Let's give you an idea of the scale of the company now. | :01:40. | :01:43. | |
In just four years, Uber has become enormous. | :01:44. | :01:46. | |
It operates in 440 cities across almost 60 countries. | :01:47. | :01:50. | |
It's not obliged to publish financial figures as it hasn't | :01:51. | :01:52. | |
floated on a public stock market, but industry experts reckon its net | :01:53. | :01:55. | |
revenues this year could be $2.5 billion. | :01:56. | :02:03. | |
If it did float, it could be worth this - | :02:04. | :02:06. | |
more than $66 billion, based on a recent investment | :02:07. | :02:09. | |
And despite clashes with national regulators, it appears | :02:10. | :02:16. | |
Last week, Brussels threw its weight behind 'sharing economy' businesses | :02:17. | :02:22. | |
like Uber and Airbnb, ruling that they should only be | :02:23. | :02:25. | |
Plus Uber is also looking ahead to a world when it doesn't have | :02:26. | :02:33. | |
to worry about taxi drivers at all - licensed or otherwise. | :02:34. | :02:38. | |
It's investing in driverless technology. | :02:39. | :02:44. | |
Thomas Ricard is a Litigation lawyer at JP Karsenty Associes. | :02:45. | :02:50. | |
Thank you for joining us. Tell us a bit more about this particular case. | :02:51. | :02:58. | |
What is it all about? Good morning. The case is about Uber but more | :02:59. | :03:05. | |
specifically UberPop, which is a parallel system of transport where | :03:06. | :03:08. | |
the drivers are not professional drivers. People like you and me who | :03:09. | :03:14. | |
on the side of their professional activity decide to run a transport | :03:15. | :03:22. | |
business. Uber was targeted for this specific app, UberPop, which was | :03:23. | :03:27. | |
taken away last July, so before the trial to pass -- took place. Two | :03:28. | :03:36. | |
directors were put on trial. There is the legal side, which is key, of | :03:37. | :03:44. | |
course. Uber is accused of running a parallel transport activity. They | :03:45. | :03:48. | |
are arguing that they are mainly connecting people. But there is also | :03:49. | :03:54. | |
the sentencing side, you mention the prison sentence. What really struck | :03:55. | :03:58. | |
people in France at the time is that the prosecutor at the trial asked | :03:59. | :04:03. | |
for quite hefty fines, a few hundred thousand euros, which by French | :04:04. | :04:07. | |
standards is quite high, but also a ban on the two directors from being | :04:08. | :04:11. | |
directors for about five years. This is why the verdict is an important | :04:12. | :04:19. | |
signal that will be sent this afternoon, and this is why will be | :04:20. | :04:24. | |
looking at this decision carefully -- why we will be. What do you think | :04:25. | :04:28. | |
the decision will be? I have no idea. What is interesting is that | :04:29. | :04:34. | |
the tribunal decided to take time before giving its decision. The | :04:35. | :04:40. | |
trial was in February, and they decided to postpone their decision | :04:41. | :04:43. | |
until today, which is a few months, to give some time he beat for the | :04:44. | :04:50. | |
pressure to go down, and for Uber to reassess its position -- for the | :04:51. | :04:59. | |
pressure. This print court confirmed an article specifically targeting | :05:00. | :05:08. | |
the UberPop application, so this trial comes in this context where | :05:09. | :05:11. | |
there were strikes, but they were also sentenced in previous cases -- | :05:12. | :05:17. | |
the Supreme Court. We are running out of time, but just briefly, | :05:18. | :05:22. | |
interesting though this individual case is, it doesn't seem to be | :05:23. | :05:26. | |
holding back the company. These destructive companies face a lot of | :05:27. | :05:30. | |
legal battles in various cities but continue to grow and to expand | :05:31. | :05:38. | |
worldwide. Yes, they do. What is quite interesting is that they are | :05:39. | :05:45. | |
hoping for Russells, the EU, to actually unlock the situation -- | :05:46. | :05:48. | |
Brussels. The situation now is quite, located in the sense that | :05:49. | :05:54. | |
similar applications are still running today, with one exception | :05:55. | :06:01. | |
where revenues of its drivers are capped at about ?5,000. We | :06:02. | :06:08. | |
appreciate your time this morning. We will keep an eye on what that | :06:09. | :06:11. | |
court decides in Paris. We will update you. | :06:12. | :06:12. | |
Very few were expecting it, so today's rate cut in South Korea | :06:13. | :06:15. | |
Sharanjit Leyl is in our Asia business hub. | :06:16. | :06:21. | |
To see you. Nice Tell us more. That's right. Very much as a price | :06:22. | :06:32. | |
cut in the South Korean rate -- nice to see you. There really is as the | :06:33. | :06:38. | |
government tries to drive a major overhaul of the struggling shipping | :06:39. | :06:42. | |
and ship building industry. We know there is a key industries in South | :06:43. | :06:47. | |
Korea. They are also blaming weak inflation, stagnant exports, and | :06:48. | :06:51. | |
really the first rate cut from the bank of Korea for a whole year. They | :06:52. | :06:57. | |
first did this last June in 2015. Essentially there has been a tumble | :06:58. | :07:01. | |
in trade since January last year that has been darkening the outlook | :07:02. | :07:05. | |
for South Korea. It is very export driven and is Asia's fourth-largest | :07:06. | :07:13. | |
economy. There has been weak inflation opening the door to get | :07:14. | :07:16. | |
lower rates. We did see the South Korean benchmark actually rise after | :07:17. | :07:22. | |
the move. Perhaps investors are cheering a little bit. Thank you. We | :07:23. | :07:29. | |
will keep an eye on that and look at the markets in a minute. | :07:30. | :07:31. | |
in the field are gathered in London for the annual | :07:32. | :07:36. | |
We use internet devices to manage almost every aspect of our lives, | :07:37. | :07:40. | |
so the risk from hackers, fraudsters and malicious software | :07:41. | :07:42. | |
We went along to the event to ask experts from around the world - | :07:43. | :07:47. | |
what are the main dangers to look out for online, | :07:48. | :07:50. | |
The most likely wait for an average person is to be subject to a | :07:51. | :08:22. | |
phishing attack, Tabuena from a supply you recognise. You have two | :08:23. | :08:27. | |
e-mail addresses, one for banking and important stuff, and one for | :08:28. | :08:34. | |
online shopping -- probably from a supplier you recognise. Be cautious | :08:35. | :08:38. | |
about what you upload to your devices. Don't gel break your | :08:39. | :08:45. | |
devices. Look at every application to see who has it, what is the | :08:46. | :08:51. | |
review? A lot of malware is sent via e-mail attachments and people who | :08:52. | :08:55. | |
are unsuspecting will generally click on those leave their computers | :08:56. | :09:00. | |
vulnerable. If in doubt, however over the link and make sure it | :09:01. | :09:03. | |
matches the type of data you think is in the in/out. There are all of | :09:04. | :09:09. | |
these exciting cloud services, Google, they are pretty secure, but | :09:10. | :09:14. | |
they can potentially open up new vulnerabilities and exposure. The | :09:15. | :09:20. | |
first thing to ask is is the data something I'm allowed to put on | :09:21. | :09:24. | |
there, and should I do it? Interesting. The mind boggles, I | :09:25. | :09:31. | |
have to say. I am always in fear of what I'm doing on my phone and what | :09:32. | :09:32. | |
it might expose me to. Sports giant Nike is to continue | :09:33. | :09:35. | |
its sponsorship of Maria Sharapova, despite her being banned for two | :09:36. | :09:39. | |
years for failing a drugs test. The racket manufacturer Head also | :09:40. | :09:42. | |
said it would stand by her, arguing that the International | :09:43. | :09:44. | |
Tennis Federation had made the decision based | :09:45. | :09:47. | |
on a "flawed process". The Russian tennis player tested | :09:48. | :09:49. | |
positive for the prohibited drug Let's look at the markets. South | :09:50. | :10:06. | |
Korea in focus because of those surprise rate. The markets are | :10:07. | :10:12. | |
pretty low. The Nikkei down nearly 1.5%. The yen is again getting | :10:13. | :10:18. | |
stronger by the day. A lot of the financial markets in general about | :10:19. | :10:21. | |
the new future, especially the UK's decision on it its membership of the | :10:22. | :10:27. | |
EU, causing many to go for safe havens. Rent a crude is going up. | :10:28. | :10:33. | |
Over $52 a barrel, boosting energy stocks on the markets. The Dow and | :10:34. | :10:38. | |
the main market in the US having a good session. We will see you sing. | :10:39. | :10:42. | |
-- Brent crude. Health inspectors have condemned | :10:43. | :10:49. | |
a 'chaotic' hospital emergency department which they say is failing | :10:50. | :10:51. | |
to keep patients safe. The Care Quality Commission found | :10:52. | :10:54. | |
long queues of ambulances outside | :10:55. | :10:58. |