tv Business Briefing BBC News October 31, 2017 5:30am-5:46am GMT
this is business briefing. i'm sally bundock. silicon valley stands trial in washington! facebook, twitter and google are set to face some tough questions about their role in last year's us election. samsung announces record profits when the chips are down! despite the jailing of its defacto boss, the company's semiconductor business continues to go from strength to strength. and on the markets: you can see that asia is following the lead from wall street. we will talk you through why you can expect a day of declines. in a few hours' time facebook, twitter and google‘s parent alphabet will answer questions about how their platforms were exploited during last year's us presidential election. their lawyers testimony to congressional committees
in washington could eventually lead to tighter regulation of online advertising. one example of what's being questioned is the 3,000 adverts which facebook said were focused on "divisive social and political messages" around the election and were bought in russia. facebook has shared them with congress. in terms of their influence, facebook estimates that they were seen by about ten million people before and after november's poll. tech firms are concerned about the prospect of new regulation, and in the last week or so both twitter and facebook said they will improve ‘advertising transparency‘ especially when it comes to political ads. dave lee explains. i have just received a call from secretary clinton. nobody disputes
the donald trump won the us presidential election. what is under scrutiny now is the extent to which social media sites were manipulated in order to sway the mind of american voters. russian president vladimir putin denies his country has done anything. a whole facebook said it found evidence that hundreds of accounts, controlled by the kremlin, was filling the newsfeed of everyday americans with inflammatory m essa 9 es everyday americans with inflammatory messages on key political talking points. similar tactics were being seen used on twitter as well. the russians are said to accuse the's advertising services to target misinformation at users in part of the country where the presidential race was especially tight. google conducted its own investigation and discovered that thousands of dollars had been spent by russian linked groups on search advertise and. the
company is also looking into activity on youtube, another potential platform for misinformation. these tools are being used in real time to fire up discontent in our country. the social networks are now being summoned to capitol hill to defend themselves. dougal, twitter and facebook will fear it —— appear and find —— facebook will fear it —— appear and find -- in facebook will fear it —— appear and find —— in front of senate committees including the one investigating russian meddling in the american democratic process. one person who does not feel the issue is worth talking about at all is president trump himself. what the tech companies are really afraid of is more regulation. several high profile politicians have drawn on what they call the honours at active. a proposed law that will demand more transparency and greater restriction on online advertising. the companies would rather regulate themselves, and say they have been
trying their hardest to show they have in taking the situation seriously. twitter has named —— ba ntu seriously. twitter has named —— bantu major russian media organisations. facebook has said it will make it clear who was purchasing ads and for what purpose. but that is not all tech companies are doing to try and gain influence in the capital. betweenjuly and september this year, apple, amazon, google, facebook and microsoft spent $14 million between them, lobbying politicians in washington. so many of you have been in touch about this story on social media and news. will discuss that in about five minutes tick squeezing in some other key business stories today, moving on to samsung. the electronics giant samsung has announced record profits despite continuing to grapple with its ongoing management crisis. let's cross over to seoul and speak to our correspondent mark lowen. market, when you think about what
samsung has been through in the last 12 months, you would think that it is astounding they are coming with record profits. extraordinary resilience. these profits in the third quarter were record breaking, up third quarter were record breaking, up 148 cent year—on—year. $10 billion worth of profit betweenjuly and september, the third quarter of this year. samsung called it an overall robust performance by the group. that of course, despite the challenges as you suggested, including the former errors samsung, lee jae—yong, who was jailed in august on various charges including soliciting favours and paying for political favours which was a scandal that engulfed the former president here and forced her to be impeached and also her closest confidant to the former air of samsung is appealing against that verdict but that was a massive blow for the company. benn last year the
samsung galaxy seven had to be recalled over an exploding battery and now you have the ceo and vice—chairman of samsung who is stepping down saying that the company is facing unprecedented crisis and its current profitability is merely the fruit of decision and investment made in the past. at the moment, it seems, from the results today that there is no sign of a leadership vacuum. it has performed well and it will be extremely happy with the results and said it will double its dividend pay—out in 2018 based on those profits. thank you very much indeed. south korea, one of the few markets trending higher today in asia. now let's brief you on some other business stories. the bank of england believes that the uk's departure from the european union could result in the loss of up to 75,000 jobs. the bbc understands that senior officials are using the figure as a baseline scenario, assuming there is no specific uk—eu financial services deal. shares in apple have received a boost following positive reviews of the iphone x. the company has benefited
from strong pre—orders of its flagship handset. according to the analytics firm canalys, apple is set to end its losing streak in china where iphone sales have declined in each of the six previous quarters. i could not be a very busy airport. well, brace yourself. estimates suggest the annual number of air travellers will reach 7.2 billion in 2035 — more than double the current number. on tuesday, singapore's changi airport opened its latest terminal — with new technology to make the journey smoother. karishma vaswani was there. this is what air travel typically
looks like these days. a lot of people, a lot of waiting, not a lot of fun. singapore's airport has launched a new terminal where a key feature is contactless travel. in theory that means you go from check—in all the way to boarding and never have to interact with anybody. so how does it work? maybe i'm old —fashioned maybe i'm old—fashioned but the use of so much technology in an airport does raise security concerns to me. what if one of these machines were to be hacked 7 what if one of these machines were to be hacked? airport officials say they have been put through numerous tests a nd they have been put through numerous tests and for all the hype about
this process being people free, there will still be staff rolling around so i'm going to go check it out. the industry, the oil industry has been hit hard by the slump in oil prices. with the $100 per barrel was normal. will i think we will look back and say it was a normal and change that cost structure of the industry. what we are seeing now is a painful readjustment back to probably a predictable price range. there will still be a lot of volatility in the pricing. that was bob dudley. more of that interview on our website. millennials are boosting luxury fashion brand gucci according to the wall streetjournal. the article says people under 35
account for as much as 55% of the company's sales. quartz analyses the "real cost of the new iphone x". it compares the price with average monthly earnings. in the united states, the handset only costs 20% of your monthly pay. this compares to 925% of the average monthly pay in india. and with today being halloween, business insider is looking at the highest grossing horror movies of all time. the legendary sixth sense tops the list ahead of this year's box office smash—hit "it". don't forget, you can get in touch with us using our hash tag with the stories that you are following. let us stories that you are following. let us know what you are discussing right now. that is the business briefing to sour. quickly, let's show you how markets are looking. as isaid show you how markets are looking. as i said earlier, declines right across the board. the only market thatis
across the board. the only market that is bucking the trend is south korea and that is largely thanks to the news from samsung which we would talk through, saying that samsung is on track for record full—year profit and that has helped boost the south korean market. this is the story in the united states. we are in the thick of the earnings season at the moment. so a lot of companies are coming out with the earnings reports towards the end of the week we have the likes of facebook and apple coming out with earnings. it is a busy week. bearing in mind as well, today and tomorrow the federal reserve meets for its central bank meeting and the bank ofjapan is in focus and the bank of england. next, news briefing and we will talk you through the stories making the headlines. i will see you soon. first however a story in the uk.
they're called the ‘crack—cocaine' of the gambling world. fixed—odds betting terminals allow 100 pounds to be wagered every 20 seconds. they've brought big profits for the bookies — but have been criticised for fuelling a crisis of gambling addiction and debt. now the government's set to propose new restrictions. 0ur correspondent jim connolly reports. a few months ago, nathan would have struggled to walk past a bookmakers. excessive gambling problem started with fixed odds machines. he stopped betting with help from gamblers anonymous. i found myself, with only debtor could not cover. i lost about five how —— £5,000 in 40 hours. you lose all sense of time around you. the moneyjust, lose all sense of time around you. the money just, the lose all sense of time around you. the moneyjust, the money isjust a number ona the moneyjust, the money isjust a number on a screen. you get desensitised to everything that is going on. gamblers anonymous was my
final resort to save relationships. you can bet up to £100 a time on a fixed odds terminal. the government review suggests a much lower limit making these machines less attractive. last year, £1.8 billion was made from these types of machines. the association of british bookmakers as limiting the amount you bet each time could mean that half of all betting shops would close on 21,000 people may lose theirjobs. just like high close on 21,000 people may lose their jobs. just like high street, up their jobs. just like high street, up and down the country, this part of east london has more than its fairshare of of east london has more than its fair share of bookmakers. legally, shops like this one are restricted to having only four machines in each shops. some critics say they are so profitable that some companies have multiple branches in the same area. the gambling industry has 12 weeks to respond before the government decides how low its limit will be. coming up at 6am on breakfast — charlie stayt and naga munchetty will have all the day's news, business and sport. this is the briefing from bbc news.
the latest headlines: the white house has said there's no evidence of collusion between president trump's election campaign and russia. meanwhile, facebook has revealed that more than 120 million americans may have read divisive posts, uploaded by russia—based operatives before and after the election. sacked catalan president carles puigdemont has gone to belgium amid reports he may claim asylum. spain's seeking charges including rebellion, sedition and misappropriation of public funds against him and other separatist leaders over last week's unilateral declaration of independence. more than 600 refugees and asylum seekers are refusing to leave an australian—run detention centre in papua new guinea just hours before it is due to close. facebook, twitter and google are set to face some tough questions from congress in washington about their role in last
year's us election. also, our economics editor has written about the bank of england's latest warning about exitjob losses. the concern is the bbc has learnt is that this is the bank telling financial organisations to prepare a worst—case scenario, no trade deal operating world trade organisation levels. more detail on our website. now, it is time look at the stories that are making the headlines in media across the world.