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[00:00:05] Now on BBC News. The latest
[00:00:07] business news from across the globe.
[00:00:10] globe. Business Today. Bring in the
[00:00:20] the kill switch. Jack Clark the co-founder co-founder of Anthropic, says the
[00:00:24] the AI industry needs more control control as fears continue to grow
[00:00:27] grow about its rapid evolution. Oil
[00:00:30] Oil prices remain steady as US President President Donald Trump claims Iran
[00:00:34] Iran is seeking a peace deal. Also
[00:00:37] Also in the programme, the price price of debt, the yield on US Treasury
[00:00:40] Treasury bonds hits its highest level
[00:00:43] level since 2023, with a fed rate rate hike looming. We'll explain
[00:00:47] explain what's at stake and drill,
[00:00:50] drill, baby, drill. The Trump administration administration erases gas emission
[00:00:53] emission limits for power plants, plants, leaving environmentalists
[00:00:56] environmentalists up in arms. Welcome.
[00:00:59] Welcome. This is Business Today in in London with me Sally Bundock.
[00:01:02] Bundock. So we start with AI and and this week's storm over threats
[00:01:06] threats to humanity from artificial
[00:01:08] artificial intelligence has centred
[00:01:10] centred around the US company Anthropic, Anthropic, its British co-founder
[00:01:13] co-founder Jack Clark. In his only
[00:01:15] only interview has told the BBC that that the rest of the world has to
[00:01:19] to set limits on the speed of AI
[00:01:23] AI advancements to prevent uncontrollable uncontrollable technology and the
[00:01:26] the emergence of unprecedented potential
[00:01:28] potential white collar unemployment. unemployment. He's been speaking
[00:01:31] speaking to our economic editor,
[00:01:33] editor, Faisal Islam. AI systems
[00:01:36] systems for a while have been useful useful tools with specific skills
[00:01:39] skills like translation or coding coding or being able to label what's
[00:01:42] what's going on in an image. And And then in the last few years, people
[00:01:46] people have successfully put all all of these skills together into
[00:01:48] into single systems, which have started started to become much more intelligent
[00:01:51] intelligent and much more general.
[00:01:53] general. These systems now probably probably about as smart as you or
[00:01:57] or me or, you know, on a good day,
[00:01:59] day, smarter. The basic risk is how
[00:02:02] how well do you fancy your chances chances at being able to deal with
[00:02:05] with the risks of a system that is is 100 times smarter than the smartest
[00:02:09] smartest person on the planet? I I think that your chance of dealing
[00:02:13] dealing with that and getting out out in a safe way is pretty low.
[00:02:17] low. So high level you need to control control AI as a technology because
[00:02:21] because you're making things that that might be smarter than people, people, things that are smarter than
[00:02:25] than people could be really, really, really, really dangerous. So that's
[00:02:27] that's the high level. Number two, two, what's been happening over the
[00:02:31] the summer? Well, people have discovered discovered that when you put all
[00:02:33] all of these AI systems together together into what are called agents,
[00:02:36] agents, which are basically long long running AI systems, and you
[00:02:40] you give them objectives, they start start to co-ordinate with one another.
[00:02:43] another. They start to communicate communicate with one another, and and sometimes they do things which
[00:02:47] which are against what you want them them to do. Like they hack out of
[00:02:50] of companies and they hack into other
[00:02:51] other companies. That is it's really
[00:02:54] really scary. It's a sign that you you don't have the right safety and
[00:02:57] and security systems in place to
[00:02:59] to deal with these systems. And it's
[00:03:03] it's a it's a warning shot of the the kinds of risks that could be be really serious today. These systems
[00:03:07] systems are just hacking into websites
[00:03:09] websites that host other AI systems. systems. What would happen if a swarm
[00:03:12] swarm of agents hacked into a bank bank or into a hospital? That could
[00:03:16] could be really, really dangerous. dangerous. So now we've had the warning
[00:03:18] warning shot. We need to talk about about pacing and we need to get a
[00:03:21] a policy regime in place. Well, let's
[00:03:24] let's get the view of Dan Yun, who's
[00:03:27] who's director of research at Arq Arq Foundation, a Brussels based
[00:03:30] based think tank focusing on preparing
[00:03:32] preparing Europe for the world of
[00:03:34] of transformative AI. Welcome to
[00:03:37] to BBC News. So so do do tell us
[00:03:40] us what you and your organisation
[00:03:42] organisation are thinking about the the debate that's been going on now
[00:03:45] now for more than a week in a quite quite a heated debate about to what
[00:03:49] what extent AI needs to be either
[00:03:51] either slowed down or regulated or
[00:03:53] or controlled. We are very glad to
[00:03:56] to see this debate finally break
[00:03:58] break through to the larger public. public. I think people working on
[00:04:02] on AI policy or working in AI labs
[00:04:05] labs have been worried about these these types of risks to humanity
[00:04:09] humanity as a whole for years and
[00:04:12] and years, and sometimes have felt felt that they couldn't bring this
[00:04:15] this up because it sounded wacky wacky or sci-fi. Right now, we're
[00:04:18] we're seeing a rapid shift in public public opinion, and I'm really happy
[00:04:22] happy to see that. Like Jack Clark Clark from Anthropic said the AI
[00:04:25] AI companies currently do not sufficiently sufficiently control their AI systems.
[00:04:29] systems. The systems they are training training are getting more capable
[00:04:31] capable every day. They're not only only becoming more intelligent, they're
[00:04:34] they're also becoming more persuasive,
[00:04:37] persuasive, better at building weapons, weapons, better at controlling robots.
[00:04:40] robots. And if this trend continues,
[00:04:43] continues, we might see systems that that beat humans at basically every
[00:04:47] every task in just a matter of a
[00:04:49] a few years. OK. Clearly. So what
[00:04:52] what is the right way forward? Therefore,
[00:04:54] Therefore, we have got President
[00:04:56] President Xi of China visiting President
[00:04:59] President Trump in the US in a matter matter of weeks. This will be on
[00:05:02] on the agenda. I'm sure. Are you
[00:05:05] you hopeful there could be some collaboration? collaboration? But then we have to
[00:05:08] to bear in mind Donald Trump only
[00:05:10] only saying a few days ago that who
[00:05:13] who wins in AI wins. And that's the
[00:05:15] the perspective he's putting out
[00:05:17] out there at the moment. I think
[00:05:20] think this has long been the stance stance of the US government that
[00:05:23] that they need to dominate in AI.
[00:05:25] AI. Last year or two years ago, they they published the AI action plan,
[00:05:29] plan, which was literally called called winning the AI race. As you
[00:05:32] you said, over the last 24 hours, hours, President Trump posted a series
[00:05:35] series of tweets where he ridiculed
[00:05:38] ridiculed extreme risks from AI and and also made it very clear that
[00:05:41] that he has no intention to slow
[00:05:43] slow down. As a result. I think we
[00:05:46] we should not be too hopeful about about this upcoming summit with the
[00:05:49] the Chinese president. However, I I am hopeful that the President will
[00:05:52] will change his mind over the coming coming period. For instance, if we
[00:05:55] we see more accidents like the ones ones we've been seeing over the summer.
[00:05:59] summer. Also as well. I mean, his his mind might be shifted a bit by
[00:06:03] by what's happening on global financial financial markets. We're seeing a
[00:06:06] a bit of a sell off of AI related
[00:06:08] related companies, partly because because of fears of the future and
[00:06:12] and also the decision of OpenAI to to delay its market flotation to
[00:06:15] to maybe next year because of the
[00:06:17] the public anxiety surrounding AI. AI. That might be for other reasons.
[00:06:21] reasons. It might be about its own own balance sheets. But anyway, I
[00:06:24] I just wonder what is being said said within Europe, your organisation
[00:06:28] organisation itself, but also within within the European Union in collaboration
[00:06:32] collaboration with the UK and how how we in Europe are influencing
[00:06:35] influencing this debate. Yeah. So
[00:06:38] So it is pretty hard for middle power
[00:06:40] power that large to influence the the trajectory of AI because the
[00:06:44] the US and China are very much in
[00:06:45] in the lead. They hold a near monopoly
[00:06:48] monopoly on these AI systems. The The EU does have regulation in place
[00:06:52] place through the AI act that forces
[00:06:56] forces developers to keep certain certain AI safety standards before
[00:07:00] before they can put out their models models on the European market, and
[00:07:02] and I think it is crucial that the
[00:07:05] the EU enforces regulation very strongly strongly in particularly in particular
[00:07:09] particular when it comes to these these frontier models where we see
[00:07:11] see the greatest risks. There are are also other things that other
[00:07:14] other middle powers can do. We clearly
[00:07:17] clearly deal with the lack of trust trust between the US and China, and
[00:07:20] and if they are ever going to co-ordinate co-ordinate on AI regulation, we
[00:07:24] we need to increase that trust. And And there are technical ways to do
[00:07:26] do that. We can invest in verification
[00:07:30] verification technologies that can can help each of these parties have
[00:07:33] have trust that the other is upholding upholding their end of the bargain.
[00:07:37] bargain. And these are technical technical things that middle powers powers can help develop over the
[00:07:41] the coming years. OK. Interesting.
[00:07:43] Interesting. Dan YEN, thank you for for joining us from Arq Foundation.
[00:07:47] Foundation. And of course, if you you wish to know more, you want to to dig deeper into this story. You
[00:07:51] You can look at the interview that that Faisal Islam did with Jack Clark
[00:07:54] Clark in detail on our website. So So do take a look. So much more analysis
[00:07:58] analysis and detail there. But now
[00:08:00] now with the war in Iran pushing
[00:08:04] pushing up global prices, it's also also having an effect on financial
[00:08:08] financial markets. On Monday, the
[00:08:10] the yield on ten year US government government bonds briefly exceeded
[00:08:14] exceeded 5%. And that's for the first
[00:08:20] first time since 2003, which was was hitting thresholds that ring
[00:08:22] ring alarm bells. 2023, should I
[00:08:25] I say let's get that correct. 2023
[00:08:28] 2023 hitting alarm bells, ringing ringing alarm bells loudly in the
[00:08:32] the rise in yields comes during a
[00:08:34] a continuing selloff in the US Treasury Treasury market, which is estimated
[00:08:37] estimated to be worth just over $31
[00:08:40] $31 trillion in total. And this will will push up mortgage rates in the
[00:08:47] Mortgage rates in the US it makes borrowing more expensive for for businesses, for others. It comes
[00:08:51] comes at a time, of course, when when The Fed is meeting today and and tomorrow, and it's expected to
[00:08:54] to increase as the US central bank
[00:08:56] bank interest rates. The Fed chair,
[00:08:59] chair, Kevin Warsh, of course, is is in situ now. And this is all going
[00:09:02] going on as prices across the US US continue to rise. Let's join Jane
[00:09:06] Jane Foley, head of foreign exchange exchange strategy at Rabobank. Morning,
[00:09:10] Morning, Jane. Good morning Sally.
[00:09:12] Sally. So tell us about this jump jump we saw yesterday. I mean this
[00:09:15] this is a trend we've seen for some some time. But the symbolic ness
[00:09:19] ness of ten year yields going above above 5%. Yes. And they're back above
[00:09:23] above there this morning in Asian Asian trading as well. So as you
[00:09:27] you said, this is the first time time since 2023 we've seen this sort
[00:09:30] sort of level. But actually if we we stand back and look at the long-term
[00:09:33] long-term trend, it's the first time time we've sort of held assuming
[00:09:36] assuming we do held hold above these these levels really since the time
[00:09:40] time of before the global financial financial crisis. And so, you know, know, we stand back and say, well,
[00:09:44] well, look, is this an anomaly? Are Are they going to come back down?
[00:09:47] down? Or actually many people would would say, look, this is more like
[00:09:51] like a normalisation. Perhaps the
[00:09:52] the years since the global financial
[00:09:55] financial crisis, we had extraordinarily extraordinarily low long-term interest interest rates. And we think about
[00:09:59] about the reasons why. Well, you've you've been talking about oil prices.
[00:10:02] prices. Yes. That's a significant
[00:10:04] significant driver of long-term interest
[00:10:07] interest rates that inflationary inflationary push, but also another
[00:10:10] another driver of long-term interest
[00:10:12] interest rates is the fiscal situation. situation. There's a lot more government
[00:10:15] government debt out there than there there was before the global financial
[00:10:18] financial crisis years. And this
[00:10:20] this is another big driver of long-term
[00:10:22] long-term interest rates. What does does it mean for federal government
[00:10:25] government in the US in terms of of servicing its debt? Does it mean
[00:10:29] mean it's more expensive? It's something something we talk about here in the
[00:10:31] the UK a lot. The fact that the Chancellor's Chancellor's fiscal headroom is shrinking shrinking and that kind of thing,
[00:10:35] thing, is that the same story in in the US? Yes, it is much more expensive.
[00:10:39] expensive. And what's also really really worrying, particularly in
[00:10:42] in the US, is the size of the budget budget deficit. Now if you like,
[00:10:46] like, if you have a big budget deficit
[00:10:49] deficit every year, then that means means you've got an accelerating
[00:10:52] accelerating pile of debt every year. year. And so many people would think
[00:10:56] think it's that pace of that growth growth of the debt, the budget deficit
[00:10:59] deficit that's perhaps the most worrying. worrying. Now here in the UK, for
[00:11:03] for instance, many people say, well well look, there's a plan. There's
[00:11:05] There's those fiscal rules. There's There's some discipline here. What
[00:11:08] What is the plan in the US? Well,
[00:11:10] Well, that's not so clear. We know
[00:11:12] know that, for instance a lot of
[00:11:15] of the tax implications that we've we've seen from the current administration
[00:11:18] administration have sort of added added to the budget deficit. And
[00:11:21] And the markets perhaps are clamouring clamouring for a little bit more
[00:11:25] more fiscal discipline from the Trump Trump administration. OK. Well, we'll
[00:11:29] we'll see some discipline when we we from the Federal Reserve it will
[00:11:31] will play its part in all of this. this. It's likely to raise rates
[00:11:34] rates do you think tomorrow and if if so that puts Kevin Warsh on a
[00:11:38] a collision course with President President Trump. It does. But perhaps
[00:11:41] perhaps it's something that the markets markets need to hear because the
[00:11:44] the markets want an independent Federal Federal Reserve. They don't want
[00:11:47] want one that is under the thumb thumb of the President. That perhaps perhaps would make inflation fears
[00:11:51] fears even worse and drive up those
[00:11:53] those long-term interest rates even
[00:11:55] even more so given the inflationary inflationary concerns. I think the
[00:11:58] the market needs to see some hawkish hawkish response from the Federal
[00:12:02] Federal Reserve. And at this point, point, with 90% of a hike priced
[00:12:06] priced in, if he doesn't hike interest interest rates, that would likely
[00:12:10] likely drive a long-term interest interest rates up even more and a
[00:12:13] a more accelerated pace. So the market market perhaps needs to see that
[00:12:16] that hawkish response from the central central bank. Jane, thanks very much.
[00:12:19] much. Lovely to see you. Have a good good day. We'll see you Jane soon
[00:12:22] soon I am sure Jane Foley there from from Rabobank. Well let's now focus
[00:12:26] focus on the Middle East where Yemen's
[00:12:28] Yemen's Houthis say they've seized seized the islands of greater and
[00:12:32] and lesser Hanish in the southern southern Red Sea as they continue
[00:12:36] continue to make advances across across Yemen's coastline. Elsewhere,
[00:12:39] Elsewhere, President Trump once again again claimed on Monday Iran wants
[00:12:42] wants to make a deal but adds he he will determine whether or not
[00:12:45] not the US chooses to engage. Investors
[00:12:48] Investors are reacting to all of of this. If we look at the price
[00:12:51] price of Brent, it's currently trading
[00:12:53] trading just above $107 a barrel
[00:12:55] barrel on global markets. Doctor
[00:12:58] Doctor Anis Vaziri is associate fellow
[00:13:01] fellow of the Middle East programme programme at Chatham House. Morning.
[00:13:04] Morning. Good morning. President
[00:13:07] President Trump when he says oh you you know Iran wants to make a deal
[00:13:11] deal but we'll choose whether to to engage. What do you make of that
[00:13:14] that statement? Well, we know that
[00:13:17] that that statement came just after
[00:13:19] after the was supposed to be a meeting
[00:13:22] meeting between the GCC countries
[00:13:23] countries and Iran in Oman. That
[00:13:27] That meeting was postponed at the
[00:13:29] the very last moment and most likely
[00:13:31] likely the main reason is the developments developments are the developments
[00:13:34] developments in Yemen and Saudis
[00:13:37] Saudis concern with going ahead with
[00:13:39] with any meeting and even more so
[00:13:41] so with any agreement with Iran, Iran, given the current developments
[00:13:44] developments in Yemen. But I think
[00:13:47] think there is also a growing sense
[00:13:50] sense both across the GCC and most
[00:13:52] most likely also in the White House,
[00:13:58] House, that the only solution is is a deal, an agreement with Iran.
[00:14:02] Iran. And without a deal, this ongoing
[00:14:04] ongoing tit-for-tat and escalation escalation in the Middle East is
[00:14:07] is likely to continue, even if it's
[00:14:10] it's not a full-scale war like the
[00:14:12] the one that we have seen in February February and March and beginning
[00:14:16] beginning of April. This continued
[00:14:19] continued instability is jeopardising jeopardising the country's economy,
[00:14:23] economy, stability and vision. And And therefore I think there is a
[00:14:25] a growing sense that an agreement agreement has to be made with Iran.
[00:14:29] Iran. It's just that. What can the the US the. Framework. What can the
[00:14:33] the US therefore offer Iran to get
[00:14:35] get it to engage again? Well, I think
[00:14:40] think one thing is the lack of attacks
[00:14:44] attacks moving forward. Obviously Obviously that also starts with Iran.
[00:14:47] Iran. It's not just the US, but we
[00:14:50] we know that the MOU, which was agreed
[00:14:52] agreed back in June, was undermined
[00:14:55] undermined because retaliation in in the Strait of Hormuz continued
[00:14:58] continued first by Iran and then
[00:15:01] then by the US. So until we see these
[00:15:03] these attacks continuing, I think think it's very unlikely we'll see
[00:15:06] see an agreement. But then I think think the other component of this
[00:15:09] this is obviously the economic incentives.
[00:15:11] incentives. We know that Iran is
[00:15:14] is struggling economically because because of the blockade, because
[00:15:17] because of the sanctions which have have been recently doubled down by
[00:15:21] by the US. And I think the main incentive
[00:15:25] incentive that Iran wants, besides besides the security guarantee of
[00:15:29] of no, no continued war and strikes
[00:15:31] strikes is that it's going to get
[00:15:34] get something out economically from from negotiation and any agreement
[00:15:37] agreement with the US. All right. right. Doctor. Anis Bassiri Tabrizi
[00:15:41] Tabrizi from Chatham House. Thank
[00:15:42] Thank you so much pleasure. Still
[00:15:45] Still to come. Drill baby drill.
[00:15:49] drill. The Trump administration raises raises gas emission limits for power
[00:15:53] power plants, leaving environmentalists environmentalists up in arms. Around
[00:15:57] Around the world and across the UK.
[00:16:01] UK. This is BBC News.
[00:17:00] MUSIC
[00:17:11] This is Business Today on BBC
[00:17:13] News. The Trump administration has
[00:17:16] has repealed regulations which limit
[00:17:19] limit how many greenhouse gases power power stations can emit. The move
[00:17:23] move was announced by the head of of the Environmental Protection Agency.
[00:17:27] Agency. Samira Hussain reports from from New York. President Trump has
[00:17:30] has described man made climate change
[00:17:32] change as the greatest con job ever
[00:17:35] ever perpetrated on the world. Accordingly, Accordingly, his administration has
[00:17:39] has long indicated that it wants wants to ditch the restrictions that
[00:17:42] that his predecessors placed on how how many greenhouse gases, coal and
[00:17:46] and natural gas fired power stations stations could emit. Now the rule
[00:17:50] rule change announced by EPA administrator administrator Lee Zeldin will make
[00:17:53] make it possible for the power generating
[00:17:56] generating sector to put many more
[00:17:57] more of the gases that cause global
[00:18:01] global warming into the atmosphere. atmosphere. Now, the power generating generating sector is already the
[00:18:04] the second biggest source of greenhouse
[00:18:06] greenhouse gases in America, after
[00:18:08] after transportation. Mr Zeldin says
[00:18:10] says his moves will save the industry
[00:18:14] industry over $300 billion. Now this this comes as the rapid construction
[00:18:17] construction of data centres has
[00:18:19] has created huge new demand for electricity.
[00:18:23] electricity. Samira Hussain there, there, let's get some of the day's day's other business stories. A plan
[00:18:26] plan to nationalise the UK's third third largest steelworks is being
[00:18:30] being developed by the government. government. Business Secretary Jonathan Jonathan Reynolds told the House
[00:18:33] House of Commons ministers were looking
[00:18:35] looking to acquire special Speciality
[00:18:38] Speciality Steel UK, which has sites sites in Stocksbridge and Rotherham
[00:18:41] Rotherham in South Yorkshire, and
[00:18:44] and Wednesday Wednesbury in the West West Midlands. The government initially
[00:18:47] initially took control of the firm firm last year after it was forced
[00:18:50] forced to liquidate by the High Court.
[00:18:54] Court. Nigerian billionaire Aliko Aliko Dangote has launched Africa's
[00:18:57] Africa's largest ever share sale, sale, offering a stake in his oil
[00:19:00] oil refinery to the general public public in a deal that could raise
[00:19:03] raise as much as $2.1 billion. The
[00:19:05] The initial public offering is for
[00:19:08] for roughly 3% of Dangote refinery, refinery, with the billionaire saying
[00:19:11] saying he wanted to give ordinary ordinary Nigerians the chance to
[00:19:15] to share in the plant's success.
[00:19:18] success. Europe's biggest names in in transport and energy are joining
[00:19:21] joining forces in a major push to
[00:19:23] to bring hydrogen power engine heavy
[00:19:26] heavy trucks into the roads by 2030.
[00:19:29] 2030. A host of companies, including
[00:19:31] including Volvo Daimler Truck, Toyota Toyota and TotalEnergies say the
[00:19:35] the technology is ready, but the the ecosystem around it isn't. Now,
[00:19:39] Now, for the first time, they're they're co-ordinating fleets, fuel
[00:19:42] fuel stations and hydrogen supply supply in a single unified plan.
[00:19:45] plan. Full details of the programme programme will be announced by the
[00:19:49] the company's chief executives at at the IAA Transportation event in
[00:19:53] in Hannover later today. Julius Caesar
[00:19:56] Caesar reports. Heavy duty transport transport is one of Europe's biggest
[00:20:00] biggest remaining sources of emissions. emissions. Hydrogen has long been
[00:20:03] been seen as a promising solution solution for long haul, heavy duty
[00:20:07] duty transport, but progress has
[00:20:08] has been slow. Without a co-ordinated
[00:20:12] co-ordinated ecosystem, Europe has
[00:20:15] has about 6.5 million diesel trucks
[00:20:17] trucks producing a quarter of all all road transport emissions. Stand
[00:20:20] Stand by any busy road like this this one and you can feel the noise
[00:20:24] noise and pollution that they create
[00:20:26] create while switching heavy trucks
[00:20:29] trucks to hydrogen would mean zero
[00:20:31] zero tailpipe emissions, quieter
[00:20:34] quieter roads and cleaner long haul
[00:20:36] haul freight. Where batteries fall
[00:20:38] fall short, the initiative aims to to make hydrogen trucks commercially
[00:20:42] commercially viable. That means tackling tackling one of the biggest barriers
[00:20:45] barriers to adoption the total cost
[00:20:47] cost of ownership. During the coming
[00:20:50] coming 5 to 10 years. We. Our anticipation anticipation is that we will start
[00:20:54] start to see the scaling. But again, again, we will only see it if we
[00:20:57] we are working together in the ecosystem. ecosystem. And that's the reason
[00:21:00] reason why a coming together between between different actors in the ecosystem
[00:21:04] ecosystem is so important because because we think that the business
[00:21:07] business case, the technology is is there and now it's about really
[00:21:10] really to make sure that we are putting
[00:21:14] putting also the right conditions conditions to provide business models
[00:21:17] models for scaling. The plan includes
[00:21:20] includes strategically placed refuelling refuelling corridors along key transport
[00:21:24] transport routes designed to give give operators confidence that hydrogen
[00:21:28] hydrogen will be available where where and when they need it. This
[00:21:31] This is a teamwork between private private and public to make it happen.
[00:21:35] happen. But again, we believe and
[00:21:36] and we have seen that also that countries
[00:21:39] countries and regions that are driving
[00:21:41] driving this agenda can combine a
[00:21:46] a competitiveness, and resilience
[00:21:48] resilience or energy resilience so
[00:21:50] so to speak. Regional security and
[00:21:53] and also competitiveness and eventually,
[00:21:55] eventually, which is super important important decarbonisation, less pollution
[00:21:58] pollution and less noise when it it comes
[00:22:04] Noise when it comes to mobility. Hydrogen offers fast refuelling, refuelling, high energy density and and the ability to keep freight moving
[00:22:08] moving without adding huge battery
[00:22:09] battery packs. Experts say that shifting
[00:22:12] shifting these trucks to hydrogen
[00:22:15] hydrogen is essential if Europe is
[00:22:17] is going to meet its climate targets.
[00:22:20] targets. Europe's transport sector sector is preparing for a hydrogen
[00:22:24] hydrogen powered future and the race
[00:22:25] race to build it has officially begun.
[00:22:28] begun. Julia Caesar BBC News. Nearly
[00:22:32] Nearly 1 in 3 organisations globally globally have been hit by a successful
[00:22:36] successful cyber attack in the past past year, according to a report
[00:22:39] report out today by the insurance insurance firm Hiscox. In the UK
[00:22:43] UK alone, 39% of small and medium medium sized businesses suffered
[00:22:47] suffered hacks within the last 12 12 months, costing the businesses
[00:22:50] businesses an average of just under
[00:22:54] under £36,000 in damages per business. business. Well, to tell us more,
[00:22:56] more, Eddie Lamb is global head of
[00:22:59] of cyber at Hiscox. Eddie, good to
[00:23:01] to talk to you. 1 in 3 businesses
[00:23:04] businesses in the UK are hit by cyber cyber attacks. Of course, we remember
[00:23:07] remember very keenly what that meant meant for Jaguar Land Rover recently.
[00:23:11] recently. Talk us through what's what's going on. Yeah of course.
[00:23:14] course. I mean big brands like JLR
[00:23:17] JLR often attract headline attention. attention. But of course small to
[00:23:20] to medium businesses in the UK are are the backbone of our economy.
[00:23:24] economy. And our target, of course, course, for cyber crime. And what
[00:23:27] what our research has shown us is
[00:23:30] is that 40%, nearly of all SMEs in in the United Kingdom have experienced
[00:23:33] experienced at least one cyber attack attack over the course of the last
[00:23:37] last 12 months. In actual fact, many
[00:23:39] many of them report multiple cyber
[00:23:41] cyber attacks over that period. When When you look at the costs, as they
[00:23:45] they as they rack up sort of $36,000
[00:23:50] $36,000 to remediate or to recover recover from an incident like that,
[00:23:52] that, when you play that out over
[00:23:55] over the sort of the UK economy at
[00:23:56] at scale, you start to see the impact
[00:24:00] impact that that is having on, on on the UK economy. If you look at,
[00:24:03] at, you know, 40% of SMEs is around,
[00:24:07] around, you know, 2.2 million small small to medium businesses in the
[00:24:10] the UK with an average loss following
[00:24:13] following a cyber attack of around
[00:24:15] around $36,000. Then that comes out
[00:24:19] out to around $80 billion last year
[00:24:22] year in terms of the impact of cyber cyber crime on the United Kingdom
[00:24:25] Kingdom economy. Yeah. And there's
[00:24:27] there's also the operational disruption
[00:24:30] disruption that the anxiety it causes
[00:24:31] causes and also the hit to a brand brand and to the reputation of a
[00:24:35] a business. So it's felt on so many
[00:24:37] many levels and yet it seems so persistent
[00:24:40] persistent and relentless for a small small businesses and medium sized
[00:24:43] sized company. I mean, how do they
[00:24:44] they deal with this? Yeah, I think think what our research has shown
[00:24:48] shown us is that UK businesses are are proving to be very resilient.
[00:24:52] resilient. So they tend to be targeted
[00:24:54] targeted more frequently than peers
[00:24:56] peers in, in the US and Europe. But
[00:24:59] But what they do do. Why is that? that? Eddie why are we targeted more
[00:25:02] more frequently in the UK is because because we haven't got such secure
[00:25:05] secure systems. It could just be
[00:25:07] be a reporting issue. Sally, in terms
[00:25:09] terms of who reports what within within each different jurisdiction.
[00:25:12] jurisdiction. But if you look at at what the research has shown us
[00:25:15] us is, is the United Kingdom small small to medium business space is
[00:25:19] is very resilient. So whilst they they might have or report higher
[00:25:23] higher frequencies of attack, their their recovery times are much faster.
[00:25:26] faster. So if you look at the global global average is around 32 hours
[00:25:30] hours of downtime following a cyber cyber attack compared to UK based
[00:25:34] based SMEs recovering in around 24
[00:25:36] 24 hours. You can also compare that that against the average cost of
[00:25:40] of a cyber attack. So in the UK, UK, businesses tend to it tends to
[00:25:44] to cost businesses around $36,000
[00:25:46] $36,000 compared to a global average
[00:25:50] average of around $51,000. Eddie, Eddie, I'm sorry to say we're out
[00:25:52] out of time because my next question question was what can companies do
[00:25:56] do to prepare and stop this from from happening? But we have run out
[00:26:00] out of time. Eddie Lamb thank you you very much from Hiscox. And that
[00:26:03] that brings to a close Business Today.
[00:26:06] Today. Once again, thank you so much much for your company, as I've mentioned.
[00:26:09] mentioned. More on our website. Do
[00:26:10] Do take a look.
[00:28:54] MUSIC
[00:29:04] What new industries are created. Because what we've seen seen throughout history is new industries
[00:29:08] industries are created and it's that that process that actually opens
[00:29:11] opens new doors. That was the that
[00:29:13] that was the mandate from Prime Minister Minister Starmer. He wants the UK
[00:29:16] UK to be an AI superpower. He recognises
[00:29:20] recognises that the ingredients are
[00:29:21] are all right here. AI is real AI
[00:29:25] AI and total pay off just like cars cars and total paid off TV and total
[00:29:28] total paid off. But most people involved
[00:29:30] involved and didn't do well. The The revolutionary you know, time
[00:29:34] time upon us and I think, you know, know, all industries will be adopting
[00:29:38] adopting AI in some shape or form.
[00:29:44] form. MUSIC
[00:29:57] MUSIC
[00:30:13] Live from London. This is BBC
[00:30:15] News. Anthropic co-founder says AI
[00:30:17] AI firms may need a compulsory kill
[00:30:20] kill switch to stop the technology
[00:30:23] technology spiralling out of control. control. The public inquiry into
[00:30:25] into how Lucy Letby was able to murder murder seven babies and attempt to
[00:30:29] to kill seven more is due to be published
[00:30:32] published today. Yemen's Houthi say
[00:30:35] say Saudi Arabia launches fresh strikes strikes after the Iran backed group
[00:30:39] group targeted military bases in
[00:30:41] in the kingdom. Prince Harry and
[00:30:44] and Meghan's police protection will will be reviewed after changing their
[00:30:47] their children's school over security
[00:30:49] security concerns. Also coming up,
[00:30:51] up, British success at the Emmys.
[00:30:54] Emmys. Matthew Rhys makes history
[00:30:56] history with two best lead Actor Actor awards as Kate O'Flynn and and Alan