← Marketplace Morning Report
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- [00:00]
Odoo Advertiser
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- [00:30]
Dell Advertiser
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- [01:02]
William Lee Adams
Japanese Stock surge after the ruling party chooses a new leader Live from the UK this is the Marketplace Morning report from the BBC World Service. I'm William Lee Adams. Good morning. Stocks have risen sharply in Japan on the first day of trading after Sanae Takaichi won the leadership of the governing Liberal Democratic Party. However, yields on long term bonds are also up sharply, reflecting fears that Japan's colossal national debt will balloon further. Here's our Asia Business Correspondent, Suranjana Tawari.
- [01:31]
Suranjana Tiwari
Japan's main share index, the Nikkei 225, has been up by more than 4.5%, reaching an all time high. Sanae Takaichi is a veteran lawmaker and a devotee of the Abenomics policies of the late Shinzo Abe, which include boosting the economy with aggressive spending and lower interest rates. That kind of spending shift could spook investors who are already worried about Japan's debt load, which is among the highest in the world. Takaichi will have to regain trust from a public angered by rising prices and drawn to opposition groups promising stimulus and clampdowns on migrants in the world's fourth largest economy.
- [02:09]
William Lee Adams
Suranjana Tiwari Jaguar Land Rover plans to resume vehicle production in the UK today, six weeks after a cyberattack forced a shutdown. Experts say the incident could cost the company up to $2.7 billion in lost revenue. Here's the BBC's Mark Ashdown.
- [02:25]
Mark Ashdown
The hack at the end of August forced Jaguar Land Rover to take its IT networks offline, which paralyzed every aspect of its business. It has thousands of supplier some are facing bankruptcy. The government has agreed to back loans for JLR so it can inject liquidity into the supply chain and save jobs. The production lines at its car factories in Solihull and Halewood, as well as its engine plant in Wolverhampton are now gradually being reopened. But the firm has warned it could be weeks or even months before production returns to normal.
- [02:57]
William Lee Adams
Mark ash down there. Meanwhile, in Japan, Asahi has restarted production at its six domestic beer factories. That's after its operations were disrupted by a cyber attack last week. The company said it's been taking orders by phone and processing shipments manually. Let's do the numbers. The French stock market tumbled more than 2% after France's prime minister, Sebastien Lecornou resigned less than a month after taking office. His resignation came a day after the appointment of a new cabinet that was largely unchanged and heavily criticized. Elsewhere, Vietnam's economy grew 8.23% year on year in the third quarter, its fastest pace in three years. That's despite a 20% U.S. tariff on exports and bit Bitcoin jumped nearly 2.7% to hit a record high above $125,000. A claim against the technology giant Qualcomm brought by the UK consumer group, which is due to begin today at a competition appeal tribunal in London. If which is successful, nearly 30 million people who bought an Apple or Samsung smartphone in the UK between 2015 and last year could be in line for a payout. The BBC's technology editor, Zoe Kleinman has the details.
- [04:06]
Zoe Kleinman
The trial between which and Qualcomm is expected to last five weeks. The consumer group claims the firm forced Apple and Samsung to pay inflated prices and licensing fees for essential handset components, which then pushed up the cost of those smartphones for consumers. If which is successful, there'll be a second stage seeking 480 million pounds from Qualcomm to be distributed among an estimated 29 million affected British phone owners. Qualcomm has said the case has no basis.
- [04:36]
William Lee Adams
Zoe Kleinman there Artificial intelligence is worth close to $250 billion, and it's predicted to surge in growth over the next 10 years as more businesses adopt the technology. While AI is being used to save time and money, some businesses are rejecting the tech altogether. So could those firms fall behind? Here's the BBC's Hannah Mullane no contracts, no scripts.
- [04:59]
Justine Bateman
No contracts, no scripts, no.
- [05:01]
Hannah Mullane
It's summer in 2023 and one of the longest labor strike in history is taking place as actors protest against the use of artificial intelligence. The strike ends after the Writers Guild of America approved an agreement which doesn't outlaw the use of AI tools in the writing process, but does set up guardrails to make sure workers are in control of the technology. Since the strike, we've seen many creative businesses and individuals criticise AI and in some cases turn their backs against it altogether.
- [05:31]
Justine Bateman
A couple years ago I realized how the incorporation of generative AI was going to pretty much crush the structure of the film business. Just by the nature of taking out certain roles. You know, when you do that in any sector, you'll kind of collapse the structure of that business.
- [05:48]
Hannah Mullane
Justine Bateman was an actor and is now a filmmaker and this year launched a film festival in the US called Credo 23, specifically showing films that haven't used AI.
- [05:58]
Justine Bateman
You completely stop your forward momentum as an artist by using AI because you're going, I'm done thinking imaginatively about like progressing within my skill set. I'm just gonna jump off this and I'm gonna start using something that regurgitates stolen work from other people.
- [06:18]
Hannah Mullane
Creative industries are certainly shouting quite loudly against the use of AI, but there is another area where artificial intelligence isn't having as much of an impact as you might expect. Chambers of commerce in the UK and the US have conducted research that shows a number of small and medium sized businesses are choosing not to use artificial intelligence.
- [06:38]
Gene Marks
But really no one is leaning into AI. No one that I have come across. They just don't trust it.
- [06:45]
Hannah Mullane
Gene Marks is the CEO of Marks Group, a technology consultancy company in Philadelphia. Working with 600 small and medium sized enterprises across the US.
- [06:56]
Gene Marks
The average age of the US small business owner is about 56 years old. Many of us remember all sorts of versions of Microsoft Windows coming out of Microsoft Office that never really seemed to quite work until it got to version 3.0. They see the promise of AI, they see where it's going, but they're also still smarting from investing in technology that wasn't quite ready for prime time.
- [07:18]
Hannah Mullane
And do you think the small businesses that aren't willing to embrace AI that are pushing back against it a lot, are they going to fall behind as we move further forward?
- [07:28]
Gene Marks
They'll fall behind to their existing competitors and they'll fall behind to younger generations that will compete against them. And they will also fall behind in recruiting good employees. As well. My biggest advice that I'm giving to a lot of our clients, no one is expecting you to develop your own AI solution. It's not what you do. You know, I mean, you're a roofer or you're a distributor or you're a manufacturer, you're a restaurateur. Your software vendors are the ones that are spending hundreds and hundreds of millions of dollars developing new feature that are leveraging AI. You want to lean in to these features so that you can be as efficient as possible in your business. That's your job as a business owner.
- [08:08]
Hannah Mullane
AI clearly isn't working for many small companies in the way big tech corporations might like it to, as they shy away from investing in something that they don't feel they can trust just yet. I'm the BBC's Hannah Mullane for Marketplace.
- [08:22]
William Lee Adams
That's all for TODAY in the uk I'm William Lee Adams with the Marketplace Morning Report from the BBC World Service. On behalf of the entire team, thank you for listening and have a great day.
- [08:44]
Zoe Kleinman
This week on Million Bazillion, we're doing some traveling and tackling all your travel related money questions. Find out how currency exchanges work, how money travels through the economy from where it's printed to our wallets, and we'll get to the bottom of why things seem so much more expensive at the airport. Don't miss this week's episode of Million Bazillion. Listen on your favorite podcast Appliance.