tv World Business Report BBC News August 11, 2021 5:30am-6:00am BST
this is bbc news with the latest business headlines for viewers in the uk and around the world. rebuliding the us economy — president biden�*s $1 trillion infrastructure bill is passed by the senate, with 19 republicans voting for the package. over $600 million worth of digital tokens are stolen from poly network — in what's being described as one largest cryptocurrency heists in history. and getting ready for takeoff! jetblue launches a new direct route from london to new york, despite pandemic restrictions currently preventing brits entering the us.
let's start in the united states, because after months of political wrangling the us senate has passed a $1 trillion infrastructure plan, intended to restore some of the ageing, often crumbling, transport systems across the us. the plan will see $110 billion being spent on roads, bridges and other major projects. the white house currently believes 115,000 bridges across the country are considered to be in poor condition. $73 billion will be spent on clean energy. president biden hopes the money will be spent on new power lines and rebuilding america's old electric grids. let's now get more details on the plan, the bbc�*s michelle fleury filed this report from new york. presidentjoe biden celebrated the passage of the infrastructure bill, describing it as a once in a generation investment in america. after
ears investment in america. after years and — investment in america. after years and infrastructure, - investment in america. after years and infrastructure, we | years and infrastructure, we are on because of decade. the measure _ are on because of decade. the measure includes _ are on because of decade. the measure includes $550 billion of new spending for roads, bridges, broadband, water systems and trains. the bridges, broadband, water systems and trains. the yes are 39, the systems and trains. the yes are 39. they know _ systems and trains. the yes are 39, they know our _ systems and trains. the yes are 39, they know our 30 _ systems and trains. the yes are 39, they know our 30 and - systems and trains. the yes are 39, they know our 30 and the i 39, they know our 30 and the bill is passed. 39, they know our 30 and the bill is passed. the 39, they know our 30 and the bill is assed. ,, . bill is passed. the senate voted with _ bill is passed. the senate voted with bipartisan - bill is passed. the senate . voted with bipartisan support to move forward with the president's infrastructure bill, one of the 19 republicans who voted for it, celebrated with democrats. republicans and democrats have _ with democrats. republicans and democrats have radically - democrats have radically different divisions these days but both of those visions include physical infrastructure that works for all of our citizens.— citizens. but it faces an uncertain _ citizens. but it faces an uncertain future - citizens. but it faces an uncertain future in - citizens. but it faces an uncertain future in the | citizens. but it faces an - uncertain future in the house as progressive democrats rests for even greater spending. still, the vote is considered a major political victory forjoe biden who resisted pressure
from some within his own party to abandon bipartisan talks. let's now talk about what is being called one of the largest cryptocurrency heists ever. hackers stole some $600 million worth of digital tokens from the blockchain site poly network, which the firm blamed on a vulnerability in its system. in a letter posted on twitter, it urged the thieves to establish communication and return the hacked assets. joining me now is craig erlam, who's the senior market analyst at 0anda. that is quite a begging tweet, isn't it? this is one of the largest hack attacks in the industry ever, does this security blow knock the efforts for these cryptocurrencies trying to become mainstream? it's definitely a roadblock and definitely something that will be at the forefront of peoples minds when they are considering utilising these networks and this is quite clearly why so
many within the industry now are rallying around and trying to work together to freeze, effectively freeze, the assets and stop them from being withdrawn and try to resolve theissue withdrawn and try to resolve the issue internally, to show that this is a safe space and even when the hacking does occur, there is a resolution that can be found. that protects the funds of people but obviously a long way to go on that front. we have seen tether have frozen about £33 million and still a long way to go but it does naturallyjust beg the question ofjust how a heist of this magnitude can occurred and what can be done in future to prevent it which will gain further confidence, and encourage more options because this is a major roadblock. because this is a ma'or roadblocki roadblock. what about protecting _ roadblock. what about protecting the - roadblock. what about - protecting the consumers, did the central banks need to step in? ., ., the central banks need to step in? . ., , the central banks need to step in? ., ., , ., ., ,
in? that would be a contentious oint and in? that would be a contentious point and the — in? that would be a contentious point and the cryptocurrency - point and the cryptocurrency spaces a space discussed a lot, and we heard from the ses last week regarding this in particular and this will be ongoing conversation and a space that we would like to self regulate but the bigger the space becomes, especially in decentralised finance, the more the regulators are going to have to have a hand in this to have to have a hand in this to be able to police these kind of activity and i think this is a discussion that will only grow now over the coming months and years. grow now over the coming months and ears. ,, and years. staying with cryptocurrency, - and years. staying with cryptocurrency, the - and years. staying with - cryptocurrency, the owners of 0mc say it as a payment, is this moving with the times? i as a payment, is this moving with the times?— with the times? i think that capitalising _ with the times? i think that capitalising on _ with the times? i think that capitalising on the - with the times? i think that capitalising on the main - with the times? i think that | capitalising on the main stock status and they have a whole new series of investors now and it seems like they are saying they are the company to go to. my they are the company to go to. my issue to go is this company
that also announces they will accept apple pay and google page may not be best positioned to be at the forefront to start accepting bitcoin but we will see how this progresses over the course of the next few months. the other issue is the have far greater problems with how people are paying for their services, over the course of the months and years and this is a space that before the pandemic was already viewed as one that could potentially struggle in the coming years and any post— pandemic world we are very much seeing the challenges that will face. i don't think this is its biggest issue but clearly one that its new list of investors is something that they want to be at the forefront of. let's get some of the day's other news: amazon has said it will compensate customers who suffer injury or property damage from defective goods sold by independent sellers on its us platform. from 1st september it will pay valid claims of up to $1,000, which make up more than 80% of injury and damage cases on its site.
the takeover battle between tobacco giant philip morris and a us private equity firm for an asthma medicine company will not go to auction. carlyle said it would not increase its $1.3 billion bid for drugmaker vectura after philip morris had increased its offer to more than $1.1t billion. a boeing 737 max test plane took to the skies in china on wednesday as the american plane—maker looks to end a 2.5 year regulatory grounding of the jet. flight—tracking website flightradar21t showed the test plane taking off from shanghai's pudong international airport, however, no destination for landing was listed. brits are still not allowed to travel to america due to pandemic restrictions, but that hasn't stopped airline jetblue from launching a new direct route from london to new york. the airline said it would stick to its plan of launching
its first transatlantic flight, from jfk to london heathrow in the third quarter and true to its word the inaugural flight will take off today but why launch with restrictions still in place? joining me now is charles read, who's the news editor at the economist. welcome. what do you make of this timing? ﬁst welcome. what do you make of this timing?— this timing? at first, this seems to _ this timing? at first, this seems to be _ this timing? at first, this seems to be an - this timing? at first, this seems to be an odd - this timing? at first, this seems to be an odd timej this timing? at first, this | seems to be an odd time in this timing? at first, this - seems to be an odd time in the travel between the us and europe, and it has not fully reopened, but european citizens are still banned from visiting america for most obvious reasons. 0n the other hand, it does seem to be a good time for other reasons. the reduction in the number of airlines flying to and from london means there are three slots or slots available to borrow at heathrow and so rather than flying to an airport far away from london, they can fly to heathrow which
is london's most popular airport due to the proximity to the city centre. because there is demand for other airlines has fallen so much, it means that lots of consumers and potential passengers may be tempted to try a new airline when they start flying again. then, thirdly, ithinkjetblue wants to build that name in europe. it is a very well—known airline in america. not well known in europe. so if you want to build your name up, your brand, it's better to do that sooner rather than later. but i think it's important to remember all the europeans are banned from flying to america, americans who are double vaccinated are allowed now to fly into some countries in europe. and also, american
citizens are allowed to fly to and from and there are many american citizens in britain eager to visit home this summer, whether they are expats living abroad in places like the uk, or whether it's people like students at the end of an academic year who have not seen theirfamilies for a academic year who have not seen their families for a year, eager to fly home. so there is some demand. yes, it is not the same as before the pandemic but there is some demand and its gradually rising and i think jetblue wants to have a slice of that growing high again. ﬁnd of that growing high again. and how much of — of that growing high again. and how much of a _ of that growing high again. and how much of a slice do you think it will get? how did the prices compare? they are pretty expensive? 50 prices compare? they are pretty “pensive?— expensive? so i thinkjetblue has learned _ expensive? so i thinkjetblue has learned the _ expensive? so i thinkjetblue has learned the lessons - expensive? so i thinkjetblue has learned the lessons of i has learned the lessons of norwegian which was a long haul, low—cost airline which eventually went bust during the pandemic, and it sold its flights cheaply but you flew
into the region because it was so cheap rather than necessarily the product was good. jetblue has adopted a very different strategy in that it is trying to sell the product as being better than its competitors, its planes and yours, the cabin interiors are newer, and it's meant to discuss product — and its business class product are very popular in america and i think jetblue partly wants to sell not necessarily because it's cheaper than the rivals, but because of its experience on board and the quality of its flight. singapore's economy expanded faster than expected in the april—to—june quarter up almost 15% on the same time last year. that's despite the city state being subject to lockdown restrictions during much of this time with restaurants closed and people forced to work from home.
so, are things on the up? joining me now is katie silverfrom our singapore bureau. so, katie, are these good numbers? how have they done it? it does sound impressive _ how have they done it? it does sound impressive but - how have they done it? it does sound impressive but we - how have they done it? it does sound impressive but we do . how have they done it? it does. sound impressive but we do also have to remember that that is the april— june quarter compared to the same time last year, of course, much of the world including singapore was in lockdown then. it is coming off this low base effect but it has caused the government to increase its forecast for the year. suggesting now that singapore may see growth in the order of 6%—7% rather than the 4% it order of 6%—7% rather than the 1t% it predicted. but not all good news. there was for example a contraction seen in the first three months to the second three months of the year and that has seen a resurgence of cases in this citystate, it became an outbreak at the fish market and then it spread to outbreaks of various karaoke bars and as a result we have seen the city go—between lockdown and lockdown
restrictions for the last couple of months. the bright spark on the horizon in singapore is vaccinations have been very strong. so far, 70% of people are fully vaccinated and almost 80% have received at least one dose that is the good news. it's very easy to get vaccinated here. but we have had from the prime minister in the last few days and what he said really was that covid has exposed what he called the fault lines in singaporean society and the exacerbated issues that were there beforehand, for example, inequality, unemployment has increased amongst the local population and as a result, tensions have increased between the local workforce and the hiring of foreign and ex— patriot talent and so the hiring of ex— patriot talent, borders have been close to them for the last few months and they are unable to go home and are stuck outside but they are hoping this will be alleviated as they go forward and they hope to reopen, come september.
thank you. stay with us on bbc news. still to come: we hear from the ceo of footlocker, on how his shoe firm has tried to be a step ahead of the pandemic. the big crowds became bigger as the time of the funeral approached. as the lines of fans became longer, the police prepared for a huge job of crowd control. idi amin, uganda's brutal former dictator has died at the age of 80. he's been buried in saudi arabia where he lived in exile since being overthrown in 1979. two billion people around the world have seen - the last total- eclipse of the sun to take place - in this millennium. it began itsjourney off
the coast of canada, . ending three hours later when the sun set - over the bay of bengal. this is bbc world news, the latest headlines: at least 42 people, including 25 soldiers, are known to have died trying to fight forest fires in algeria. andrew cuomo resigns as governor of new york state after an inquiry found he sexually harassed 11 women. a court has sentenced michael spavor for spying charges. the working landscape is changing forever and firms will need to consider inclusion, culture and learn to trust in order to survive — that's the advice coming from the american networking giant cisco systems, which is rolling out a hybrid working plan that has no mandates for how often employees go into the office. cisco now expects that less
than a quarter of its workforce will want to be in an office for three or more days a week. joining me now is francine katsoudas, who's the chief people, policy and purpose officer at cisco. how different will this be for cisco? it is going to be a big change bars. despite the fact we are a global company, that we have collaboration technology, and that we have had a culture of flexibility this is a big shift because now all of the employees will be working hybrid. it isn't the exception anymore. as we talk to customers and to research, over 90% of meetings will have someone who is not in the office, and so we have to change the way that we meet and work. cisco isn't mandating how many days, or which days, employees have to go into the office. how will it work, in effect, if
you don't know who you will be working with on any given day? how different will it be with virtual meetings? what that means is that our teams will have to do come together and make decisions about when they will work. this is why, by the way, at cisco we believe that every team is different. it is the role of our leaders to facilitate discussions with other leaders about how they want to work. we are approaching this way teams will make a decision for three months. they will be able to try it out and work through some of the hiccups that you mentioned, but will be incredibly thoughtful, not only from a safety perspective but effectiveness perspective. so people will have to go and if their team leader — and they agree amongst themselves — that is when they go into? exactly right. it is a
combination of really understanding the work, the business needs, and the needs of the individual. i5 business needs, and the needs of the individual.— of the individual. is this an exneriment _ of the individual. is this an experiment or— of the individual. is this an experiment or is _ of the individual. is this an experiment or is it - of the individual. is this an - experiment or is it permanent? i think it is both. it is an experiment in that we are going to learn a lot about the right way to do this. i don't think we will get it right the first time. but, we don't believe we are going back to the way that we work. we see from our people but also customers and partners that we don't plan to work in the same way. we also recognise that there are a lot of advantages in that this hybrid approach. again, based on your work, customers, and where you are in life. work, customers, and where you are in life-— are in life. what impact has workinu are in life. what impact has working from _ are in life. what impact has working from home - are in life. what impact has working from home had - are in life. what impact has working from home had on| working from home had on productivity, in your view? it is interesting. initially when we went hybrid, in both cisco and the broader industry, we saw productivity go up and lots of different areas of the company. i think it was partially that employers didn't have too commute anymore —
employees. with that, we also saw some challenges from a well—being perspective. people were working a lot more, so for us, the productivity in this model is absolutely there. they are bodies of work we want to be in with one another around a whiteboard, but we have to balance productivity and taking care of our people, and ensuring they have a way of balancing the life as they work as well. how often will you be going into the office, do you think? my into the office, do you think? my guess is to have in three days a week. i have been in and just learning what the experiences is like, and realising now that when you come in, you come in to collaborate, you aren't coming in to do e—mail, you aren't coming in for video sessions. i think we will be a lot more deliberate about how we spend our time. francine katsoudas, thank you for talking to us. he runs one of the world's biggest footwear businesses, but what new lessons has the covid—19 pandemic taught him?
0ur guest on ceo secrets today is the boss of foot locker. hello, iam hello, i am the chairman and ceo of footlocker incorporated. i wish at the start of the pandemic somebody said, be patient, things will slow down, things will be different, but be patient, you can work your way through this. the only decisions we made were decisions we made were decisions made on the spot, made without perfect information, obviously. the world was changing by the second. patience was a virtue at that point. i wish somebody would have reminded me that on day one. the pandemic brought on so many different things, right? i wish that at the beginning, or if there was one piece of advice, it would be to turn up the empathy incredibly high. it put people into unique
positions — working from home, stress of a global pandemic, children having to be skilled at home, et cetera. you have to be empathetic to what other people are living through, and i think that is the thing that helped us, ultimately, to get through it — turning up the empathy. spacex has finally launched another set of 60 starlink satellites after a pause of two months. elon musk�*s spacex company is developing a constellation of at least 12,000 satellites in its bid to provide the world with faster internet connections and better internet access in parts of the world that are not currently served. so will the ambitious plan work? joining me now is tarek nseir, who's the head of digital at epam. elon musk�*s starlink isn't the only project trying to give the world internet access via satellites. how do the other projects compare? first of all, satellite internet has been around since the 1960s but it is really on
this is current generation that provides high speed that lower latency. the starlink programme is really, by far, the furthest ahead, much like it was with electric vehicles. the main reason they are so far ahead is because of spacex. spacex gives them a really competitive advantage in terms of getting the satellites up into space using these fully depreciated assets, these reusable rockets that have been paid for by other missions. the technology that they are using is really quite remarkable. the satellites are flat packed, they have industrialised their manufacturing. they have added value to the whole journey to make this very viable. these satellites can only stay in space for four—five years before being brought into the atmosphere to burn up again. so they have pioneered a whole load of technology in terms of the way they did this with tesla. there are a dozen or so other projects at the moment, ranging from one with the
european union that is yet to launch, a uk—based one which has launched 200 satellites, but they have some financial difficulties. then, there is amazon, which could be promising but it is also early stages, no launches yet, and so by a long shot, starlink is the furthest ahead, having launched a commercial service last year. starlink currently has around 1,800 satellites in space, but the plan is to have around 12k — is that an ambitious target? yes, it might get crowded out there, that some of the concerns. a lot of science has gone into thinking about how we avoid collisions and get all of these satellites moving in the right place. 12,000 is a big target for starlink to get to stop again, actually leveraging the starship, which is spacex's next vessel, they will move from watching around 60 satellites and a single load to 200. that is a big reason of why we think the target is
achievable. with all of the satellites are there, how long do you think it'll be before we can have global internet no matter where you are? with starlink we are pretty much there. we have covered the vast majority of the world, over the issue is that services can be a bit patchy. even with the satellites still up there, we pretty much have near complete coverage in the world. what is happening with the latest iteration with satellites going up, including the ones launched a couple of months ago is that they now have these laser links that connect between them, giving increasing capacity to the whole constellation. what is quite exciting about starlink is that they have kind of achieve that goal, they had provided that circlet of the world. the difference is, there are 90,000 active customers, 500,000 waiting to get onto the service. thank you, tarek nseir. have a great day. that is it from me
today. if you are watching in the uk, thank you for being with us, you can reach me on twitter. hello. tuesday brought us our first 25 celsius day in the uk in over two weeks. and, while some of that warmth will still be felt on wednesday across the south and east of the country with some sunny spells, clouding over into the afternoon, it's the cloudier conditions in the north and west which will bring different conditions compared to what we've seen. much more in the way of rain and breeze, all courtesy of these weather fronts pushing in off the atlantic. heaviest of the rain into the start of the day across parts of northern ireland and the very far west of scotland, but quite a mild and humid start here, 11t—15 celsius. fresher in the east, where there will be a few mist and fog patches, but the best of the morning sunshine. now, the sunshine, as i said, will be best in the morning, clouding over from the west, so there's still some sunny spells to the south and the east. northern ireland should cheer up into the afternoon with some sunshine, and into late
afternoon, we'll see that sunshine develop across western scotland, too. but after the morning sunshine across the far north, into orkney and eastern parts of scotland, a rather damp afternoon, rain coming and going. rain at times in northwest england, though areas around the merseyside, cheshire area may just about stay dry. patchy rain across wales and southwest england through the afternoon, but much of the midlands, east anglia and the southeast dry, with temperatures around 21t—25 celsius yet again, and a fine day in the channel islands, too. now, that weather front bringing the rain actually just fizzles as it pushes its way eastwards as we go into wednesday night and thursday morning. not much in it as it reaches parts of southern england, the midlands, and east anglia. clearer skies to the north of it means a cooler night to take us into thursday, particularly across scotland and northern ireland. temperatures more widely into single figures. but for thursday, we're between two weather fronts — one which is stalling across the south of the country, and this next one across the deepening area of low pressure out to the west of the uk. does mean most will start off dry with some sunshine, a few showers around. a lot more cloud, though,
southern counties of england, east anglia, with some patchy rain and drizzle which will move its way a bit further northwards through the day. but to the north and west, the breeze will pick up, gales across western parts of scotland, parts of northern ireland, too, and some heavy bursts of rain later. in the sunshine, though, for many, temperatures still where we should be for the time of year, 20—21t celsius. friday sees yet more in the way of heavy, thundery showers across parts of western scotland. winds remain strong. blustery day for all. still some cloud lingering across the south, but sunshine elsewhere. bye for now.