28/06/2017 World Business Report


28/06/2017

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they will replace the Republican health bill meaning it would not

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have a majority. Time now for World Business Report.

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Another big cyber hack brings yet more disruption to business

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What more can they to do keep themselves safe?

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Toshiba announces another delay in raising the cash it badly needs

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Another huge cyber attack is affecting businesses and other

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Those affected include banks, retailers, energy firms

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It means many companies can't access their computer systems

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and for some that means it's all but impossible to get

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The virus was first detected in Ukraine on Tuesday but has

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According to Russia based Kaspersky Labs more than 2,000

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users have been attacked so far but that number seems to be

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When users switch their computers on they're being asked to pay

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a ransom of $300 in the digital currency Bitcoin to get

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It appears that so far almost $8,500 of payments have been made

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Some of the world's biggest companies have been hit including

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advertising giant WPP, US pharmaceuticals giants Merck

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and Russia's biggest oil company Rosneft.

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Also affected is the world's biggest shipping line -

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It's ports in New York and New Jersey have been closed

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as well as Europe's largest harbour in Rotterdam.

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That means businesses face delays in moving their goods

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Philip Ingram is the Chairman of Global Intelligence Insight

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and a former British army intelligence officer -

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These reports seem to become more frequent. What should businesses be

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doing to protect themselves? The best place to get at vice is on the

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national cybersecurity website in the UK. Followed ASIC rules. Back up

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data frequency. Do patch ups on time. Make sure the executable

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files, the files are injected the virus are limited only to certain

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people with the right authorisation and they have the right neck and is

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to make sure files should not be executed are executed. If it was

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that straightforward and easy, why are not businesses doing it? There

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are a couple of problems. There isn't the it will never happen to me

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attitude. The second issue is that a lot of systems running the operating

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system is not being patched any more buying Windows by debate cannot

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update the system because of other software bespoke to their business.

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If they update the Windows systems, he would have to almost rewrite the

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system completely and that is very expensive. The immediate impact on

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businesses is not been able to get work done but how damaging can this

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be going forward? It can be fantastically damaging. The first

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bit is reputational damage. Competitors will go to look for

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somebody else. The actual physical cost of the business they are

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losing. And thirdly, there will have to start to patch the systems and

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look at rewriting the software to run their business and that will

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cost them hundreds of thousands if not millions of dollars. What about

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the impact on consumers? If there are issues with not being able to

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get shipping goods in and out of ports, that will have an impact on

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consumers? With most and the big companies, there is sufficient

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capacity elsewhere to absorb it for a short period of time. Consumers in

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banks and transport systems, with difficulties having access to cash

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or tickets, flights being cancelled, that will have immediate impact.

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Thank you very much for your time.. The Japanese conglomerate says it

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hasn't been able to finalise a deal to sell it's memory chip business

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to a government backed consoritum. It needs to do that to raise cash

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after massive losses at it's Rico Hizon is in our

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Asia Business Hub in Singapore Thank you for joining us. Another

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disappointment for the troubled Japanese technology company. It was

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hoping to sign a deal in time for today's shareholders meeting but

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unfortunately it has failed. The latest delay is another bloke to

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Toshiba's hope of being delisted from the Tokyo stock exchange. --

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another blow. The final stages of the sale have been thrown into

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disarray after early bidder resubmitted joint offer but the

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chief is against it saying the offer has monopoly issues and valuation is

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not high enough. The car parts maker have filed for bankruptcy. What has

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happened now? Investors are battling the share price of Takata. It is

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freefalling, plunging by 70% after limits were removed following the

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company 's bank received detection fighting in Japan and the US. Takata

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Takata is facing $9 billion in liabilities and its stock price has

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slumped more than 90% since June 16 after being suspended after

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reporting the company was looking to seek protection from creditors. This

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is the biggest since the post-war period in Japan. Began as a textile

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when you factor, supply parachutes during World War Two to the Imperial

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Army. Takata Takata Takata is the listed on July 22.

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In other news: The International Monetary Fund has cuts its growth

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forecasts for the US economy due to uncertainty

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The IMF has cut this years expectation from 2.3% to 2.1%

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It compares to the White House's target of 3% growth

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The IMF said high employment rates made expansion hard and urged the US

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to maintain it's commitment to free trade.

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to maintain its commitment to free trade.

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More than a quarter of the world's population is now using Facebook

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every month according to the social platform's founder Mark Zuckerberg.

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More than two billion people have now signed up to use it

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since he created the company 13 years ago.

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The huge user numbers have turned it into one of the world's most popular

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platforms for businesses to advertise on but also led

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to criticism over posts of illegal and violent material.

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A hugely ambitious plan to provide broadband links from orbit to every

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corner of the globe by satellite has begun in France.

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The aerospace giant Airbus and its partner, OneWeb,

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have started the production of a mega-satellite constellation

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$1.7bn has already been raised to fund the network which will rely

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on an intital 600 satellites that should be in orbit

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Other companies are planning similar projects.

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Before we go, let's have a look at what the markets have been up to.

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The Japanese markets following what happened in the US yesterday. Most

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are down. You are hearing David talking about issues of getting the

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health-care bill through US Congress and that is partly what is bringing

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these markets down. President Trump, when elected, saw the markets surge.

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Deregulation, tax reform, infrastructure spending creating

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boosts but it is now all starting to stall and bringing the markets down.

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Let's move on and I can show you those American markets. Political

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concerns bringing them down. We will keep an eye on those figures as we

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go through the next couple of hours.

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