i.t. subcommittee and all of the i.t. subcommittee members for joining us in the ways and means committee hearing room today. back in 1936 when social security began issuing social security numbers, they were only used to track earnings and administer the social security program. back then, it wasn't much thought about keeping your number a secret. but today, social security numbers are the key to the kingdom for identity thieves. social security and identity security experts make a point of telling american, how important it is to protect their numbers. social security numbers are valuable targets for identity theft because of their regular use by both federal government and private sector as a unique identifier, especially by the financial industry. time and again we're reminded to protect our social security cards in order to avoid identity theft and to be careful with what documents we throw away in the trash. our social security numbers are connected to so many personal aspects of our

we view federal i.t. as one enterprise network. if we don't do so, we will not be able to adequate understand that adequately understand what risks exist and how to mitigate it. a number of thoughts on that. among other things that will be a very difficult task. modernizing is imperative for our security, but modernizing is going to require a lot of deference. the president's american technology council will run it on behalf of the president in the white house. we have great hope there will be efficiencies but also security. i will note other countries have taken two or three years to learn we had in two or three months. you can't promote innovation without first thinking through risk reduction. doing that together is the message we have learned. doing it together is a message we would like to encourage private sector folks to adopt. point number two in the executive order, the president directed the cabinet to begin the hard work of protecting our nation's most critical infrastructure. utilities, financial and health care systems,

the i.t. system was hit by a power surge. it will also affect the company's finances at a time it has returned to profifit after years of cost-cutting. >> it t is a scandal that is digging into british airways' on profit. it could cost the airline nearly 3% of its estimated yearly earnings, a bill that could run up to nearly 80 million euros. >> we are working -- he will make a full investigation, exhaustive. we will find out exactly what happened, and we will make sure this will never happen again. >> british airways is one of the world's biggest airlines, but like many major air carriers it has been struggling to fend off low-cost competition as the market has opened up facing record losses in 2009, british airways cut thousands of jobs and introduced a two-year pay freeze in a planet said was necessary to ensure long-term debt plan it said was necessary to ensure long-term -- in a plan it said was to ensure its long-term societal -- survival. the union has been blaming the problems on cost-cutting, pointing to the outsourc

we view federal i.t. is one enterprise network. be able to adequate understand that adequately understand what risks exist and how to mitigate them. among other things that will be very difficult. modernizing is imperative for our security, but modernizing will require a lot of deference. the president's american technology council will run it on behalf of the president in the white house. we hope that will be efficiency and security. i will publicly note other countries have taken two or three years to linda we just came up with into her three-month. that is can promote innovation without first thinking through risk reduction. getting together is the message we have learned. getting it together is a message we would like to encourage private sector folks to adopt. t two, the president directed the cabinet to begin the hard work of protecting our nation's most critical infrastructure. utilities, financial and health care systems, indications that works -- communications networks. identifying ways to defend critical as researcher --

what we have done is focus on the federal i.t. of it. looking at this from the perspective of a deterrence strategy, yes, i think the last administration had an obligation to do that and it did not. >> does the administration have a view on what might constitute an act of war, what cyber activity might constitute an active war? >> i think the most important answer to your question is that we're not going to draw a redline with a cyber war at this point. it is not within the scope of the executive order. it would also violate the president's primary mission to not telegraphed our punches. if something does something to us that we cannot tolerate, we will act. >> you said the goal is to secure the internet as something that americans use and enjoy. well, the technical standards for most things on the internet are put together by many international standards organizations and engineers, things like that that often are not in the united states. has there been any talk of outreach to the sources to build in security for the next generation of

this bipartisan i.t. reform package is designed to reduce wasteful i.t. spending and strengthen information security by accelerating the federal government's transition to modern technology like cloud computing. this legislation is an innovative solution and a tremendous step forward in strengthening our digital infrastructure. this bill passed the house on voice vote last year and passed the house oversight and government reform committee by voice this year. unfortunately, we ran out of time on this bill last congress with the senate. but we have an opportunity to act this year with an improved bill. h.r. 227 authorizes two types of funds to modendize legacy i.t. and incentivize i.t. savings in federal agencies. the bill authorizes funds within individual c.f.o. act agencies and authorizes a centralized fund located within treasury and overseen by o.m.b. the two funds will incentivize i.t. savings and reward cost sensitive and responsible chief information officers. under m.g.t. savings obtained by federal agencies by doing things like streamlining i.t.

you would be amazed how often you hear people from the smaller i.t.ommunity here or from the armed forces who speak about countless troubles to israel to study what they do in the i.t. sector on the economic side or seven security. you would be amazed when it comes to research, biotech, whatever, this huge foundation of daily contact, but that is not sufficient for foreign policy. it's not sufficient if you need partners in the world, and that is something i think netanyahu strategically get totally wrong. he thinks he can play fool with obama, which he did for a long time, and now he puts his faith in donald trump, and now they are trying to o recalibrate relations with moscow, and i strategically think it is not very clever and intelligent to kind of anger one country within europe which is not very toward israel for all the right and also some wrong reasons. that's not a very clever move. fascinating stuff, but we're running out of time. we're talking about israel's leadership, and it's fascinating that wanting to be an empire. sylke: a very small

in one example the i.t. reported in 2013 a company charged borrowers a monthly fee, $60, to put their loans into forebarons with the promise of enrolling them in the public service loan forgiveness program, eventually, which they weren't qualified for. did that actually happen with people? mr. runcie: my understanding that there are these companies that provide these services. as part of that process sometimes they put people in the forebarons with the understanding that they are ultimately going to go into consolidation. those are third party entities involved in a transaction that doesn't include the department except for the fact that they are using the email addresses and the resources that we have to facilitate transactions where they make money. mr. raskin: to get you straight there. they are using your website essentially as the framework to access their victims, then they prey on the people. but as far as you know, they might still be in this scam relationship with the students? mr. runcie: we have l

number two, i've talked to i.t.ple who say putting stuff on the cloud actually can be problematic as far as security. so what additional security members would you apply to the cloud to make sure that it's not as risky as some of the i.t. people tell us it would be. >> a couple questions there. so let me say three things, first. the third section of the executive order may be the one i skipped over here a moment ago. it speaks to two halves. it speaks to not only the need to develop the norms and the interoperable open communication systems that is the internet. the united states invented the internet and it's time to maintain our values on it, but it also speaks to a deterrence policy, that has long been overdue. the russians are not our only adversary on the internet and the russians are not only people who operate in a negative way on the internet. other states rl motivated to use cyber capacity and cyber tools to attack our people and our data. that's something we can no longer abide. we have to establish the ru

also this week, the house approved landmark federal i.t. reform legislation that will reduce wasteful spending and enhance the government's information security. will hurd is trying to bring our government into the era of cloud computing and this is a big, big march forward in bipartisan forward. as we speak, the ways and means committee is holding major hearing today on examining pro growth tax reform. pro growth means just that. growth of wages, growth of jobs, growth of opportunity and growth of our economy. also this week, the education and workforce committee unanimously approved bipartisan legislation to approve career and technical education, making it easier to connect people with the skills they need to get good paying, in-demand jobs. i have to tell you. wherever i go, in wisconsin last week, we have a real skills gap between the skills people need to good jobs and the jobs offered. this is something we have to address and i'm very pleased that the education workforce committee is moving forward on this legislation. later today, a

with ping-pong, they don't have to have i.t. infrastructure. they don't have to hire an i.t. team. they need is a phone with a camera. maybe they are to have some products or some posters. picture andn take a have some descriptions about it and easily make it available on the internet on the cloud for other people to buy. small business owners can upload the locations, their website, as well as any other digital content they can think of. ♪ >> my name is gregory chang. we create jobs for five people. it is nothing big. there is really a lot of competitors in the market. as a small business, it is so difficult to compete. i think what makes us grow is the support. the war -- the more we communicate with them, what kind of coffee we have, the more business we get and the more we grow our business. doing marketing through mobile apps and other internet tools will be very helpful and we are and newn to old possibilities. >> in hong kong, there are a lot of family businesses. mom-and-pop businesses. they are running a business to support their family, feeding their kids. for them, it is

to get on flights but by midday all flights were canceled, the culprit, a technical issue from the i.trtment. >> none of the staff know what's going on. >> saturday the airline issued this statement 679 >> our i.t. teams are working to fix the problem. we believe the root cause is a power supply issue. we have no evidence of cyberattack. >> among those stranlded are musicians from curtis. her in a tour of nine cities in 18 days. >> we heard the system was down. it got worse. >> david ludwig teaches competition documented the day. the group spent 1 hour in heathrow airport trying to get to salsburg, austria. the president of the curtis institute says this is a good lesson to students about being a professional on tour. >> these are things that happen and you have to roll with the punches when you are on tour. >> he was saying that from the london hotel. the concert is scheduled monday in austria. they are talking about chartering a flight to get there. along with everything else they are having problems with, it includes the call center. the bs way to monitor is through social media. an

so we view our federal i.t.se network f we don't do so we wasn't adequately understand what risks exist and how to mitigate it. number of thoughts on that. among other things that is going to be a very difficult task. so modernizing is imperative for our security. but modernizing will require a lot of hard, good governance. responsible for that today is president's american innovation, technology council, president's american technology council will run that effort on behalf of the president here at at white house. we have great hope there will be efficiencies and security. would note countries have taken two other three years what we came up with in two or three months. this is message we learned and doing it together we would like to encourage private sector folks to adopt. point two in the executive order is our critical infrastructure cyber security effort. the president has directed the president's cabinet to begin the hard work of protecting our nation's most critical infrastructures, utilities,al and heal

this after a worldwide i.t. power outage forced b.a. to cancel hundreds of flights leaving thousands stranded. shares off by 2.8 in london. >>> ryanair posted a record annual profit but the budget airline remains cautious on fare levels going into the season. it says net profits are at the lower end of forecasts but in line with expectations. >>> with just ten days to go before the uk general election, the labor and conservative leaders have been through a tough tv grilling. theresa may and jeremy corbyn took part on one-on-one interviews and answered audience questions but did not appear on stage together. let's get out to willem marx. i guess the press can't agree on who won or lost the debate. what is your verdict? >> i think just having watched it last night, both of them faced difficult questions, neither of them stumbled too dramatically, especially under the historically and rather famed grilling that one of the anchors delivers to his guests. one thing he managed to do is tease out the differences between their personal beliefs

an employee union the outage on an experienced i.t. personnel in india. some flights were delayed due to the outage. this could cost the outage tens of millions of dollars in compensation. severe storms with tornado slammed parts of the midwest. there were four confirmed tornadoes in missouri alone. two are dead and one is missing after their car was what way by floodwaters. in oklahoma, hail the size of golf balls smashed the sky. 500 severe weather reports across the country. we have been dealing with rain, nothing quite that bad. >> over the next couple of days we are part of this risk of severe thunderstorms but more than likely we are just looking at passing showers. that is how your forecast from memorial day shapes up. here is your time lapse from this morning. cloudy, st some blue skies and sunshine showing up. clouds move in and out of here. we got the sunshine earlier getting close to 80 degrees. just hitting 70 for laurel, 72 in largo. the warmer air is taking over for everybody. you can see that happening from west to east. we will get a look

number two, i talked to i.t. people who say putting stuff on the cloud actually can be problematic as far as security. so what additional security measures what you applied to the cloud to make sure that it is not as risky as some of the i.t. people tell us it would be? >> a couple questions there. let me state some things first. the third section of the executive order may be the one i suspect skipped over, it speaks to two halves, not only the need to develop the norms and inoperable open communication system that is the internet, the united states invented the internet so it's time to rig an insurance policy that is long overdue peer the russians are not the only people that operate in a negative way on the internet, the russians, chinese, iranians, other nation-states are motivated to use cyber capacity and tools to attack our people and government and data. that is something we can no longer abide. we need to establish the roles delete accruals of the road for proper use of the internet but also deter those

we have to modernize all i.t. systems to make them commercially viable and cloud-based solutions to the maximum extent possible. i'm committed to making a decision in the v.a.'s electronic medical record in the near future, definitely before july this year with my commitment, that i would talk about how we are going to move forward with the new emr strategy. capital assets. our buildings and facilities are falling into disrepair. we have a facility condition assessment report that identifies $18 billion would be required to fully remediate buildings now, including structural, seismic, and electrical and mechanical improvements. on average, our buildings are more than 60 years old with only have been built since 1920. we have 449 buildings from the revolutionary war and the civil war, of those 96 are vacant. we have another 591 buildings built in world war i era, which 141 are vacant. in all, v.a. has 400 weakened buildings and 735 underutilized facilities, costing taxpayers $25 million a year just to maintain vaca

multiple i.t. systems, stove pipes and lack of training have appeared to hamper the work of our agents. according we have a backlog of 1.2 million overstay cases and wasted manpower chasing leads that already left the country or changed their immigration status. in one instance an i.c.e. instance spent 50 hours tracking down a lead that turned out to not be an overstay after all and were closing cases. we have to do better. adding a reliable exit system would be an immediate force multiplier allow national security professionals to focus their efforts and only spending time tracking people who are still in the country. the chair now recognizes the gentleman from texas for a statement he may have. >> i thank chairwoman mcsally for holding today's hearing on the border security risks imposed by visa overstays. while the white house focuses its border security rhetoric boarding a wall along the southern border, attention and resources should be paid to issues like overstays. i represent border communi

nancy: frustration spill high after i.t. british airways leaving tens of thousands of travelers stranded around the world. british aways canceling all flights from heath row saturday after a power supply problem. employee union blaming the outage on inexperienced i.t. personnel in india but the airline is denying the planes. larry: coming up, an exciting holiday for the maryland lacrosse team looking for the first national title in 42 years. nancy: but first, the items left behind. we will take you inside the facility collecting for years, fios has been promising fast internet to small businesses. but for many businesses, it's out of reach. why promise something you can't deliver? comcast business is different. ♪ ♪ we deliver super-fast internet with speeds of 250 megabits per second across our entire network, to more companies, in more locations, than fios. we do business where you do business. ♪ ♪ the insurance companies and the credit card companies and the wall street banks - that's what tom perriello is about. i was pro

i.t. orchestration by cdw. the future isn't silver suits anit's right now.s, think about it. we can push buttons and make cars appear out of thin air. find love anywhere. he's cute. and buy things from, well, everywhere. how? because our phones have evolved. so isn't it time our networks did too? introducing america's largest, most reliable 4g lte combined with the most wifi hotspots. it's a new kind of network. xfinity mobile. . >>> welcome back to the show. let's take you straight to sicily where donald dusk and jean-claude juncker are about to deliver a press conference. let's listen in. >> our role is to do everything to maintain the university of the g-7 on all fronts. most importantly, university needs to be maintained when it comes to defending the rules-based international order. each day we are confronted with these strategic global problems that pose a threat to peace and security in europe, in asia, and in the middle east. from the war in syria and russian aggression in ukraine to nuclear and ballistic missile tests in north korea and land reclamation in the south

thank you for joining us. >> i.t. >> sreenivasan: musician gregg allman, the lead singer and co- founder of the allman brothers band, died yesterday from complications of liver cancer, at the age of 69. in 2012, the newshour's jeffrey brown sat down with allman to discuss his storied career. in this excerpt, allman revealed his doubts about his chances to become a rock star. >> reporter: there was, however, a realistic streak in young gregg allman. he writes that he had actually intended to go to college and medical school. >> i mean no pun, but everybody and their brother had a damn rock and roll band. >> reporter: so you're looking around saying-- >> i am, yes. >> reporter: we're not going to make it here. >> we're not going to make rent doing this. my brother said, "but, no, man, we're going to be the best. we're going to be number one." ♪ ♪ >> reporter: in 1971, the allmans recorded what is widely considered the finest live album ever made, "at fillmore east." ♪ ♪ it would be their ticket to stardom. but just thre

to defer toi have our i.t. staff to provide the technical answer on that, but the data is housed within a cbc system. we will be using some cloud space technology to store that data, but what we will do is ties incalled template -- all someone would get was -- would be a bunch of numbers. when that matches made, the data comes back to the database where it is secured. rep. barragan: thank you. announcer: house budget committee hears from mick mulvaney this morning on president trump's proposed budget for fiscal year 2018. live coverage at 9:30 eastern on c-span3. you can follow life on c-span.org and our pre-c-span radio app. treasury secretary steve mnuchin testifies thursday on president trump's proposed 2018 treasury department budget and tax reform plan. with the senate finance committee beginning at 10:00 a.m. eastern on c-span three. you can watch live on c-span.org and on our free c-span radio app. white house budget director mick mulvaney briefed reporters on president trump's proposed year 2018.fiscal

therapeutics, even if there is a non-i.t. component, we will do diagnostics, med tech. lot of i.t. opportunities. caroline: just today, we were talking about clover health. that seems to be a new investment. now it is a newly minted unicorn. what about clover health sets it apart from others? krishna: i go back to the people who started it. there are two special people behind clover health, vivek, the ceo of the company, and chris gayle. chris used to be a yammer. vivek is someone we have known through flat iron health, another one of our health care investments. it's rare to find a company that can marry the health care insights that come from somebody who has been in the industry, with where i.t. is going. and the two of those people together, we saw it as being a special opportunity. caroline: it's about founders and leadership. it's not about the idea, to some extent. is that what sets it apart? if i'm a boston-based entrepreneur looking to get money, i have to woo you with the force of my personality and experience i have. krishna: i think those two things go toget

this off the back of this extraordinary i.t.ritish airways over the weekend. 75,000 passengers were affected. 800 flights canceled. melanie phillips writing all this and other criticism she had because b.a. allowed its standards to be dragged down by competing for customers. in its race to the bottom b.a. seems to have forgotten its unique selling point, the trust it will provide a better experience than any other. i still love b.a., but even i may eventually decide that the object of my affections has had a personality change and the romance is at an end. i pick it off the become of united's recent tre veil trava. will they survive? the market cap loss is about 500 million pounds. >> wasn't this an i.t. outage? >> but huge affect off the back of it. >> i wonder how much of those things are their fault. united was a self-made problem. >> you know, mixed reviews in terms of how well they dealt with this issue. >> i guess it's how you respond. >> interesting with "squawk box" coming up, this article suggests they have to compete w

thank you, ubs i.t. hardware analyst. tom keene sits down for an interview with former fed chairman ben bernanke. it's a fortuitous day even we are also getting an fomc statement. we are awaiting a joint statement from president trump and mahmoud abbas. we will bring you those comments life when they happen. -- live when they happen. this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn. mahmoud abbas will be making a joint statement shortly from the roosevelt room. let's get some more insight on this and recent developments on a health care vote from kevin cirilli at the white house. making abbas is historic visit to the white house. he just arrived a few moments ago. he didn't make any statement yet. somee bring you back to developments from earlier in the day. it looks like against all there may actually be a house vote on a new health care bill. >> i feel like it's the same thing every week with health care. right now the white house is saying once again they are just a few hertz chaya of passing he

isn't the issue here you have i.t. systems, give it i.t. systems at every hospital? so where are you in the overall, very pretty, where are you in terms of a be some good news in the next? >> right. well, we only have 130 different systems, okay? the vista system is something that frankly va should be proud of. it invented it. it was a leader in electronic health records but, frankly, that's old history.. we have to look at keeping up to modernize the system. i said two things, mr. chairman, in the faster i said, never one is va has to get out of the business of becoming a software developer. this is not our core competency. i don't see why it service veterans. i think we are doing this in a way that frankly can't keep upuh with. so i said that we're going to get out of that business. we are you going to find a i' commercial company that will take over and support vista or we'll go to an off-the-shelf product and that's really what we are evaluating now. we have an rfi out for essentially commercialization of vista that we wouldn't, longer be doing interlude. the sec

what we have done is focus on it.federal i.t. of looking at this from the perspective of a deterrence lastegy, yes, i think the administration had an obligation to do that and it did not. administration have a view on what might constitute an act of war, what cyber activity might constitute an active war? i think the most important answer to your question is that we're not going to draw a redline with a cyber war at this point. it is not within the scope of the executive order. it would also violate the president's primary mission to not telegraphed our punches. if something does something to us that we cannot tolerate, we will act. >> you said the goal is to secure the internet as something that americans use and enjoy. well, the technical standards for most things on the internet are put together by many international standards organizations and engineers, things like that that often are not in the united states. has there been any talk of outreach to the sources to build in security for the next generation of protocols? >> abs

budgets that will keep them updated in security updates and the i.t. to track down these problems. they are the most likely to pay. ibm did an interesting study that was released earlier this year and 70% of the business executives who have been targeted by ransomware were willing to pay and with 50% of them paying over 40 grand on each occasion. toes kinds of numbers, over 10 grand and some paying over 40 grarned. so many of these victims are willing to pay up shows you why they are the perfect target. d do the math and if 70% pay , that is $42 million payout for the criminals. that is what they are used to inflicting. emily: in addition to you, the perpetrators, some companies are benefiting from that, who are they? cory: certainly in terms of stock market moves, they buy up any cybersecurity stock and forgets about it a couple of days later. some of the smaller companies that are focused on that have seen a great benefit. prove point and others. one of the companies that we pay carbonite and made it a focus saying protect yourself from ransomware an

my time has expired but i hope that we can continue to fund the i.t. improvements that the irs requests so we can continue going forward and being more effective in stopping fraud and helping taxpayers. thank you for your time today. >> mr. grossman, you're the one we've been looking for, the last one. you're recognized for five minutes. >> a few questions. how long have you been the chief information officer at education? >> 11 months, sir. >> and since november of 2015, this committee has uncovered what are significant short comings in your security plans before you were even there, as well as corruption of the former cio. as newcomer, what concerns you the most, and what were your first actions as cio to clean this up? >> i had five focus areas when i came to the department. one was security. one was organizational health, policy challenges. there were numerous things that we need to improve and i will say in the last 11 months we have made significant progress at the department in terms of implementing processes, implementing policies, changing per

british airways says its i.t.ms are back up in running, and that it will be operating at full flight schedule at heathrow and gatwick, after a bank holiday weekend of travel misery for thousands of passengers affected by the computer meltdown. citigroup is estimated the chaos will cost the airline 100 million euros. akzonobel has successfully dodged a takeover by elliott management to oust the chairman. of the commercial court of the netherlands ruled the company is under no obligation to honor demands from shareholders led by the new york-based fund for a vote on the removal. that strengthens the hand in rebuffing takeover talks with the u.s. suitor. singapore has find credit suisse asotal of $1.2 billion usd regulators completed a two-year enview of its involvem with money launderingt. the penalties were for breaches of anti-money laundering requirements. and that your bloomberg business flash. manus: sophie, thank you. sophie kamaruddin with the latest. indian prime minister narendra modi has visited germany at

make sure your i.t. service providers or i.t.olks within your organizations are patching your software. that's the bottom line. and this particular malware and the three variants that we've seen since are all fixable with patch. that's something that you can get from microsoft. that's our bottom line. i don't want to encroach too much into mr. spicer's time. with that, maybe one more question, sean, okay? >> who did this? >> we don't know. that's the information we're after right now. it will be satisfying for me and all of our viewers i think if we find them that we bring them to justice. attribution can be difficult here. as i stand here i feel we're working on that. thank you very much. i'll let you know. thank you very much. >> the president was pleased to see this morning the national association of home builders and wells fargo announced that recent reports show home builder confidence continues to rise with their numbers the strongest since the housing bust. according to the nabh chairman, quote, this report shows that bui

i.t. and telco leading gains. let's check in on shares of ande suppliers hon hai .5%.they have been the champions for year, bringing in foreign funds. this year, tie when he stocks have edged closer to 10,000 points. the last time we saw these levels was 2000. , they havese dollar helped to boost that currency. levels lastack at seen since 2014, so line of tie when he stocks picking up around prospects of apple, although with a dampened outlook regarding sales, we will see if that has a knock on effect for tie when he suppliers and the taiwanese dollar. to now, investors appeared be using the taiwanese dollar as a hedge because it has not fallen when other asian currencies weakened. rishaad: thank you very much. more on apple, and amongst the first word news headlines. apple's down in extended trade. sold 50.8 million phones on the second quarter against 51.4 million forecasts. between 43 $.5 billion and $45.5 billion, again below estimates. investors are expecting a major iphone upgrade later this year. president trump has tweeted the u.s. government "needs a good aft

i.t. scans won't take it out. the true anticrime well, but an i.t. skin will pick it up. >> so what do we do? >> best part is it's completely avoidable. to start, embracing anticrime method with respect to managing infrastructure work. not the basic i.t. we know they're invaluable, but we have to go anticrime. we have to look at the true to greet these criminals get into her work place that encounter that was something that will take them up on the outside and said it before they get in. it's amazing how many employees will click on information and not dramatically comes into the system. they shouldn't be opening up. maria: is there something today that is in terms of what it looks like? >> is a matter to us. at the end of the day, these e-mails the senators who did you know what you're looking for. for example, if you're a hospital in that administrator, whoever it may be gets an e-mail that says something that looks like it's your major business whether it be a pharmaceutical issue or whatever the case may be. they don't look at who it's coming fro

laura: the i.t.the airline to cancel all flights out of logan. >> the ceo of british airways says the problem wasn't caused by a cyber attack. it appears to be a power issue. the glitch has resulted in all flights from london to heath roe and gatwick to be canceled. this is a busy holiday weekend for the u.k. with tens of thousands of people traveling. british pairways operates hundreds of flights from this airport on the average day. depar europe terminals were kay yoict, crowd with waiting passengers all day. there were long lines at check-in counters bum of these people ended up going nowhere. some passengers tweeted they are they were stuck on planes on the tarmac waiting for takeoff. call centers were affected, too. a handsful of flights did lands today, and the airline says services should be back up and running by sunday. but these are busy airports, and they could be further disruptions for some days to come. for many the holiday weekend is already ruined. laura: we are learning the name of a

million a year in early-stage developments in companies that will be the next generation of i.t.mpanies that are investing in things like internet of things, machine learning, deep learning, etc. that comes back to the women in tech conference. many of those companies do have women founders. we can bring that community back together through dell technology ventures as well. caroline: why have a venture arm? beabout learning how to applicable ith world, getting skin in the game? david: it is about being where the puck is heading before it gets there. not all of these companies will succeed but we want to know what is working before it becomes mainstream. emc of the companies on the side were acquired through the years through our venture arm where there was an investment made in the early stages. we saw it develop into promising businesses and portfolio. it is another form of r&d. working with companies in that space -- it is staying in front of the industry, understanding where the trends are before they learninginstream, them, and helping the company as they go forward. caroline

appoints new head of i.t., #should have flown ryanair. ceo of ryanair, the company out with earnings this morning reporting a 6% bump in profits despite falling fares. and michael thanks so much for being here today. >> thank you, becky. good to see you. >> let's talk earnings first. 6% increase in profits. this is coming despite lower fares that are out there. and you see even more profitability throughout this year. what's happening? is that a resurgence in the economy in europe? >> i think it's been a very good year, 6% earnings per share. remember it's a year when there was a number of significant terrorist attacks in european cities last summer so we're growing strongly. we're forecasting 8% profit growth this year. we've been at 600 million share buyback this morning that runs through october generally speaking -- over every other airline in europe we see ourselves growing strongly across europe particularly as l alitalia and air berlin restructure. we expect to be able to exploit opportunities there. >> british air has talked about

it -- i.t. reform legislati that ll reduce wasteful spendi and enhance the goverens infoation security. will hurha ten the lead on this a he's ying to bring our government into e era of cloud computing, d is is big, b mk forward in bipartisan proess in getting waste t of government. as we speak, the ways and mes committee is holding major hearingoday on eming prgrowth tax refm. pro-growth means just that, owth of wages, growth of jobs, growth of opportunity and growth of our economy. also this weekth educati andorforce commtee animously approd biparsa legislatn to improve career and techca educaon. th wl make it eaero connect people with e skill they need to get good-paying, in demand jobs. i got to tell you wherever i go, i s in wcoin las week, we have real skills gap between the skills ople nd to get good jobs a t gd bs thaare out there being offed. this isomething that we really haveo dress, and'm very pasedhathe education and worforce committeis mong forwardn is gislation. later today, armed

the vice-chairman said the president's america first policy sector.t the i.t.the value of foreign currency devaluation assets gave the bank of japan a full year profit, making up for the loss suffered in the first six months of the year. the bank had net income of four point -- $4.6 billion. the 9% fall in the yen over the second half helped the boj by reducing losses from foreign currency holdings. and china is revising the rules on major investors selling their the chinaough securities regulatory commission said investors owning more than 5% of the company who then decide to dispose of their earnings in an orderly manner. be imposed on i anyone breaking the new walls. the computer crash at british airways is expected to cost the carrier at least $110 million in both compensation and damages. that is about 3% of the annual operating profit of the parent company. it could be worse. they have no idea how it all happened. the ceo said they are trying to find the cause, but he ruled out a cyber attack. that suggests the failure was in-house. global news part by mo

around these robotics companies, we also have a lot of i.t.ompanies providing services that enable our lifestyle today. caroline: you will keep on pushing it forward with your work, i'm sure. i am here at mass robotics. wonderful getting your expertise and views of the future and robots. thank you, daniela rus, the director of m.i.t.'s computer science and artificial intellen lab. we are keeping watch on tech stories happening beyond boston, and music streaming service spotify has taken a step toward going public. hiring banks to help it list on the new york stock exchange. they hired morgan stanley and others to advise on the process. spotify's deciding on a direct listing or a more traditional public offering. coming up, we continue our special coverage of boston's tech scene and speak with tripadvisor's ceo -- special -- this is bloomberg. ♪ caroline: welcome back to this special edition of "bloomberg technology," live from mass robotics headquarters here in boston's seaport district. not far from us is the base of another tech company, tri

so impressed with all that innovation depot is doing to encourage entrepreneurship and build an i.t. savvy workforce in jefferson county, with a few pictures of his visit in birmingham, alabama. missouri congressman emanuel cleaver attending a memorial event in his district. he tweeted, very happy i was able to attend the vietnam veterans while ceremony in can city. always a v

budget that will keep them updated in security updates and the i.t.oblems. they are the most likely to pay. ibm did an interesting study that was released earlier this year, and they found that 70% of the business executives who have been targeted by ransomware were willing to pay, and with 50% of them paying over on each $40,000 occasion. over $40,000,ying so the fact that so many of these victims are willing to pay up shows you why they are the perfect target. figuredo the math and 200,000 were affected, 70% payout, but it is only $300, that would be a $42 million payout for the criminals. that is the kind of payout these guys are used to inflicting. emily: in addition to the perpetrators, there are some companies benefiting from that. who are they? cory: certainly in terms of stock market moves, the market buys of any stock, then forgets about it a few days later. some of the smaller companies that are focused on that have seen a great benefit. he sought in semantic and others. one of the companies that we pay attention to is carbonite. they have m