:00:00. > :00:07.This is Business Live from BBC News with some new chap called
:00:08. > :00:13.The Dutch prepare to make their choice in a critical general
:00:14. > :00:15.election, with the economy up and crime down why are
:00:16. > :00:36.Live from London, that's our top story on Monday the 13th March.
:00:37. > :00:38.Could the far-right Dutch candidate, Geert Wilders, provide another
:00:39. > :00:45.setback to the European project and what could it mean for the Euro.
:00:46. > :00:49.Also in the programme, all change at HSBC!
:00:50. > :00:51.A new boss for the global banking giant.
:00:52. > :00:54.We'll head live to Asia fopr the latest.
:00:55. > :00:57.We'll head live to Asia for the latest.
:00:58. > :01:03.And markets on the move - Asian markets mostly
:01:04. > :01:04.higher on Monday, this is how Europe has opened
:01:05. > :01:15.after that much better than expected jobs report in the US last week.
:01:16. > :01:17.The Chinese economy may be slowing, but tourism is booming
:01:18. > :01:19.we'll get the Inside Track on China's rise
:01:20. > :01:22.Another form of tourism doing well is adventure
:01:23. > :01:36.With retirees fuelling the growth, swapping the cruise ship for the
:01:37. > :01:40.canoe. Is it your idea of holiday hell. We want to hear from you.
:01:41. > :01:48.Decision day is getting ever closer for the Dutch
:01:49. > :01:56.and tonight they get what - for many - could be a decisive last
:01:57. > :01:59.and tonight they get what, for many, could be a decisive last
:02:00. > :02:00.look at the candidates before Wednesday elections.
:02:01. > :02:02.The leading candidates will hold their final TV debate later.
:02:03. > :02:06.The Dutch vote is the first of three big elections across Europe this
:02:07. > :02:07.year casting uncertainty over the continent.
:02:08. > :02:11.Soon after come the votes in France and Germany.
:02:12. > :02:16.Financial markets are watching them all closely.
:02:17. > :02:18.Not least for what their results might mean for
:02:19. > :02:31.The current Dutch Prime Minister Mark Rutte faces a tough challenge
:02:32. > :02:33.from the far-right populist candidate Geert Wilders who has been
:02:34. > :02:37.But there is no standout leader in the polls giving greater
:02:38. > :02:41.Whilst the rise of populism is often linked with falling living
:02:42. > :02:43.standards, the Dutch remain one of the wealthiest
:02:44. > :02:50.Average income is nearly $53,000 per person.
:02:51. > :02:53.And economic growth is forecast at a steady 2% for this
:02:54. > :02:58.year with wages growing and unemployment falling.
:02:59. > :03:05.So one key election issue has been the foreign ownership of Dutch
:03:06. > :03:08.companies with the Labour Party, part of the current coalition,
:03:09. > :03:10.proposing the government should be able to block takeovers they deem
:03:11. > :03:24.Our next guest is from the Netherlands but working in the UK.
:03:25. > :03:26.Dr Stijn van Kessel is Lecturer in Politics
:03:27. > :03:37.Talk us through, from your perspective, what is on the minds of
:03:38. > :03:44.those going to the polls? There is an open race at the moment, no clear
:03:45. > :03:49.party is standing out. So voters have a tough choice if they want to
:03:50. > :03:53.determine who will eventually govern the country. It is an open race
:03:54. > :03:59.between six or seven parties which are all predicted to win around ten
:04:00. > :04:04.and 15% of the vote. From the international point of view, the
:04:05. > :04:08.focus as being on Geert Wilders, immigration and the far right, as it
:04:09. > :04:12.were. In the Netherlands, what have been the issues when it comes to
:04:13. > :04:18.what they have been debating and discussing and how will be enticed
:04:19. > :04:23.people to vote for them? They are important issues and they may become
:04:24. > :04:28.more important because of the diplomatic row between Turkey and
:04:29. > :04:33.the Netherlands. But there is a wide range of issues such as euthanasia,
:04:34. > :04:38.the ability to end your life for the terminally ill. Pension age is an
:04:39. > :04:43.issue, which came up a lot. But culture and immigration is the
:04:44. > :04:48.biggest issue. What do you think the outcome will be on Wednesday, it is
:04:49. > :04:52.difficult to predict? Yes, I don't want to make any predictions. It is
:04:53. > :05:04.difficult to predict their memory. In most elections, there is normally
:05:05. > :05:11.two parties clear. But the previously smaller Liberals and the
:05:12. > :05:17.Greens are doing well. There is no clear horse race affect. We put it
:05:18. > :05:30.in the context of Europe, many have said Brexit equals Donald Trump,
:05:31. > :05:35.equals Nexit. Internationally speaking, there is these events, so
:05:36. > :05:41.there is Brexit, Donald Trump and the French and German elections
:05:42. > :05:46.coming. So this vote is about Geert Wilders and whether people see this
:05:47. > :05:50.populist right-wing splurge. The difference between Brexit, Trump and
:05:51. > :05:55.the French elections, the outcome of this election doesn't signify a
:05:56. > :06:01.winner takes all principle. Geert Wilders, will perhaps win between
:06:02. > :06:05.around 15 and 20% of the vote but it doesn't get him very far because all
:06:06. > :06:10.of the other parties who are most important have ruled out of
:06:11. > :06:13.governing with him. Thank you for your time. Fascinating and it is
:06:14. > :06:19.something we will keep a close eye on here at the BBC.
:06:20. > :06:28.Just want to take you to the BBC website. It is important day here as
:06:29. > :06:31.well as far as Brexit is concerned. Ministers are expected to reject the
:06:32. > :06:36.changes by the House of Lords. They sent it back to the Commons and
:06:37. > :06:41.wanted two significant changes to the proposed bill before it would
:06:42. > :06:45.allow the Prime Minister to trigger Article 50. If they do agree on it,
:06:46. > :06:49.it formally starts the Brexit process and that could happen as
:06:50. > :07:04.early as tomorrow. So all eyes will be on the Commons as far as that
:07:05. > :07:10.vote is concerned. Change at the top of HSBC. Let's speak to the
:07:11. > :07:14.Macdonald in Singapore. Talk us through the significance of this, it
:07:15. > :07:20.is a big change? Yes, Mark Tucker is due to take over in October. He will
:07:21. > :07:25.succeed Douglas Flynn. And he is a one-time professional footballer but
:07:26. > :07:34.has had plenty of experience as an executive. He was the head of AIA
:07:35. > :07:41.and prior to that he held a leadership position with Prudential.
:07:42. > :07:45.HSBC is in the middle of the board and executive reshuffle, which
:07:46. > :07:48.showed poor profits last year which blamed Donald Trump and
:07:49. > :07:53.uncertainties caused by Brexit. The markets seem to like what they see,
:07:54. > :07:58.shares rose more than 2% on the Hong Kong exchange after the
:07:59. > :08:03.announcement. We will get the reaction from London in a little
:08:04. > :08:07.while. First order of business will be to find news chief executive to
:08:08. > :08:13.succeed Stuart Gulliver, who is planning to next year. Good to talk
:08:14. > :08:20.to you. We saw the figures from the markets on the screen. All of that
:08:21. > :08:25.coming of the better-than-expected jobs figures in the US last week.
:08:26. > :08:30.This is how Asia is looking at close on the Dow on Friday. Let's talk
:08:31. > :08:35.about what Europe is doing, the stronger growth is helping prop up
:08:36. > :08:39.the wider market. This is what Europe is doing. As well as the Fed
:08:40. > :08:46.meeting, central banks in four other rich economies, they are due to
:08:47. > :08:50.deliver their decisions on Thursday. We should Saint none of them expect
:08:51. > :08:53.to follow what the Fed is doing and tighten monetary policy, but they
:08:54. > :08:58.have the job of trying to get their economies back on track. For the
:08:59. > :09:08.Bank of England, it is trying to prepare the UK for Brexit. We will
:09:09. > :09:13.talk about that in a moment. Michelle has the details from New
:09:14. > :09:18.York. It'll be a busy week. On Tuesday, the US Federal Reserve will
:09:19. > :09:22.begin its two-day meeting. After the stellar job report and the
:09:23. > :09:25.continuing strengthening economy, the Fed will likely raise interest
:09:26. > :09:29.rates for only the third time since the global financial crisis. The Fed
:09:30. > :09:32.chair will be holding a press chair will be holding a press
:09:33. > :09:36.conference at the end of the policy meeting on Wednesday, where
:09:37. > :09:42.journalists will be asking her about her outlook on the US economy. And
:09:43. > :09:46.the equity markets will likely react as well. Other events, the White
:09:47. > :09:51.House budget director will release the Trump administration's budget
:09:52. > :09:57.proposal the same day. The US is also running up against its debt the
:09:58. > :10:01.newly installed Treasury Secretary has said the US will have to use
:10:02. > :10:08.extraordinary measures to pay its bills at the March the 17th, or else
:10:09. > :10:16.it runs the risk of defaulting. Michelle in New York. A busy week
:10:17. > :10:22.ahead in the United States. Always lovely to see you Justin. Brand-new
:10:23. > :10:29.trading week. The Fed is very much in focus. We have seen confirmation
:10:30. > :10:34.that the American economy is in very good shape. Contrary to what
:10:35. > :10:37.President Trump has been saying. Unemployment figures are good and
:10:38. > :10:43.growth is fine so rates will be going up. Janet Yellen, has told us
:10:44. > :10:48.last week that rates were going up and so she will stand up and confirm
:10:49. > :10:53.it. What we want to know is are they going to go up any more after this?
:10:54. > :10:58.It is pencilled in for two more rate rises this year. Not so worried
:10:59. > :11:03.about growth this year, it is going to 18 and 19 when you slow down and
:11:04. > :11:07.that is when you start putting rates down. You cannot cut rates until you
:11:08. > :11:13.raise them. So this is good news, even though some people might be
:11:14. > :11:18.worried. Compare what other central banks are doing, they are trying to
:11:19. > :11:33.get back to normality? Central banks in the UK won't be raising rates.
:11:34. > :11:37.The head of Bank of England has said they will focus on growth. That is
:11:38. > :11:43.right, because of the concerns over Brexit and economy could be slowing.
:11:44. > :11:47.In Europe, the Eurozone, there is more talk about rates going up
:11:48. > :11:51.because the economies are doing well. It is interesting, the
:11:52. > :11:55.whispering in the markets that perhaps rates could go up in the
:11:56. > :12:00.Eurozone has caused the Euro to go up. If that were to happen, it would
:12:01. > :12:05.be a way of? It doesn't have to happen yet. We were talking about
:12:06. > :12:11.September. We were listening to the head of the ECB and he said not yet.
:12:12. > :12:16.But the next move is going to happen and that is a positive sign. We are
:12:17. > :12:23.asking our viewers for their least favourite holiday idea. You have got
:12:24. > :12:27.many scary stories? Yes, but some joys of going into Uganda, probably
:12:28. > :12:35.not the best place to go. Where are you going next? I going to Galilee
:12:36. > :12:40.to do a date. I know what it means doing a date, what does it mean?
:12:41. > :12:47.Digging on a Roman empire and it will be northern Israel. Any issues,
:12:48. > :12:52.you are in a trench so you should be OK? Yes, I will take a tin hat so I
:12:53. > :12:54.will be fine. Moral of the story, don't go on holiday with you. Have a
:12:55. > :12:57.good week. Still to come, why
:12:58. > :12:59.China is booming - not for manufacturing,
:13:00. > :13:01.or exports - but for tourists. We speak to one firm that's cashing
:13:02. > :13:04.in the rising demand You're with Business
:13:05. > :13:23.Live from BBC News. If you're in the UK and you plan to
:13:24. > :13:26.travel by rail, you will have noticed disruption.
:13:27. > :13:29.Guards and drivers working for Northern Rail and Merseyrail
:13:30. > :13:32.are striking over the introduction of Driver Only Operated trains -
:13:33. > :13:36.and similar action is continuing on Southern Rail.
:13:37. > :13:43.Steph McGovern is at Leeds Railway Station.
:13:44. > :13:48.Getting busy, the rush hour underway, but some people could
:13:49. > :13:55.struggle to get to where they want to go? They certainly could. If you
:13:56. > :13:59.look at the board is it doesn't look too bad because actually the
:14:00. > :14:00.majority of the services, the Northern Rail operators are on time,
:14:01. > :14:07.but this is the revised timetable. but this is the revised timetable.
:14:08. > :14:12.When you talk to commuters, a lot of them have been waiting for trains.
:14:13. > :14:17.Northern Rail say they are only operating 40% of their services
:14:18. > :14:20.today. Also they have had to put rail replacement buses. We were
:14:21. > :14:24.chatting to people earlier who said they had to get the bus. It all adds
:14:25. > :14:28.to the roads and we know what they like during rush hour. Lots of
:14:29. > :14:34.commuters are facing this headline when they are handed this paper this
:14:35. > :14:42.morning. March madness as a million hit by train chaos. This is a main
:14:43. > :14:46.station for Northern Rail services. In the north-west you have
:14:47. > :14:51.Merseyrail. They are also facing disruption. They were hoping to put
:14:52. > :14:57.trains on every half an hour. They are normally on every 15 minutes,
:14:58. > :15:00.but there are quite a few drivers who haven't crossed the picket line
:15:01. > :15:03.so therefore they haven't got the drivers in order to be able to
:15:04. > :15:11.operate as many trains as they had hoped today. If you couple that with
:15:12. > :15:15.what is going on on Southern rail, they have faced so much disruption.
:15:16. > :15:18.They are also saying there will be disruption today but they are
:15:19. > :15:24.running 90% of their services. If you are going on those lines, look
:15:25. > :15:28.before you travel. But is it from me. I know how cold reads train
:15:29. > :15:39.station is, I am loving that fur collar. zbLez Bovis grabbed the
:15:40. > :15:47.headlines since it revealed two take-over bids have come through
:15:48. > :15:50.over the weekend. House-builder shares doing extremely well on the
:15:51. > :15:54.FTSE 250 today on the back of that development.
:15:55. > :16:02.China, once a net exporter of tourists around the world,
:16:03. > :16:04.is now opening its borders and welcoming visitors in greater
:16:05. > :16:10.China is now the world's fourth most popular tourist destination,
:16:11. > :16:16.Nearly 57 million people travelled to China in 2015 for holidays -
:16:17. > :16:20.according to the World Tourism Organisation.
:16:21. > :16:22.Most foreign visitors come from elsewhere in Asia
:16:23. > :16:26.But there are huge numbers of Western tourists
:16:27. > :16:38.visiting China every year - especially from the US.
:16:39. > :16:40.Wendy Wu Tours is cashing in on this trend specialising in off-the-beaten
:16:41. > :16:43.track tours to China, and has seen a big jump in bookings.
:16:44. > :16:46.Joining us now is Wendy Wu, founder of Wendy Wu Tours.
:16:47. > :16:54.Welcome. Good morning. Just tell us Wendy about how it started for you.
:16:55. > :16:58.You established your company quite a long time ago, but what caused you
:16:59. > :17:06.to go down this road in the first place? When I was 20 I went to
:17:07. > :17:11.Australia. I decided to go on a big holiday to China. I'm Chinese so I
:17:12. > :17:17.did all the research myself, but I didn't want to go by myself. So two
:17:18. > :17:22.weeks before the holiday I put a little ad in the paper to say, "This
:17:23. > :17:26.is how much it will cost. This is the place I'm going to go to.
:17:27. > :17:31.Whoever wants to come along, I will be your free guide." That was the ad
:17:32. > :17:36.and that's how we started and we took off from there. And from that
:17:37. > :17:40.point, of course, you've grown into a huge business. It is not just
:17:41. > :17:43.about booking a holiday, it's about everything that you get with it,
:17:44. > :17:49.it's the package, it is not just about a flight or hotel or a
:17:50. > :17:51.commute. Yes. And that's the most important thing because for many
:17:52. > :17:55.people going to China, it is the unknown. They don't know where to go
:17:56. > :17:59.and what to see and you put all that together and that's your unique
:18:00. > :18:06.selling point, is it? Ben, you've got it. What we do all the special
:18:07. > :18:11.experiences. I'm Chinese and I know Tibet inside out. So therefore, for
:18:12. > :18:17.example we take you to to see the Great Wall and we have the best
:18:18. > :18:21.guides in China and we also, because we know where we go, so therefore,
:18:22. > :18:23.for example, our customers will come back again and again with us. That
:18:24. > :18:28.helps us to grow. So we say OK, I helps us to grow. So we say OK, I
:18:29. > :18:35.have been to China so many times with you and where else do you want
:18:36. > :18:40.to go? Then we take them to Japan. China is just growing and growing
:18:41. > :18:43.because of that. It is growing and Western interest in holidays in
:18:44. > :18:48.China has exploded. And you have made the most of that and this year
:18:49. > :18:52.in terms of your turn over you've smashed last year's increasing turn
:18:53. > :18:58.over, haven't you and we're only in March. What I found interesting, I
:18:59. > :19:02.looked at your website and it was great and interesting, but I
:19:03. > :19:08.understand from last week you could book online. Is that not a little
:19:09. > :19:15.bit backwards? I would have thought you should have had us booking
:19:16. > :19:19.online many years ago? Yes. We grew very fast and because the
:19:20. > :19:23.destinations that we do such as China and Japan, people like to talk
:19:24. > :19:27.with us and they need our expertise and knowledge. We do audio
:19:28. > :19:31.experiences for example, over our holiday. Our job is to make it easy
:19:32. > :19:37.for you to go to China and experience the hole thing. So it's a
:19:38. > :19:41.three meal stay and all the entertainment and everywhere in
:19:42. > :19:46.China. So that's the reason we grow so fast. In the past, even working
:19:47. > :19:51.with our travel agents they are very strong for us so we grow on the back
:19:52. > :19:56.of that, but technology is very, very important especially for the
:19:57. > :20:01.future. So we decided we want to do it right. So we bought the
:20:02. > :20:06.technology in-house. So we have the technology in-house. Where will the
:20:07. > :20:11.growth come from? Will it be from the website or travel agents that
:20:12. > :20:16.you have relied on for so long? OK. You're right, we're doing both
:20:17. > :20:21.because for us in the past we actually, the customer asked for
:20:22. > :20:27.brochures so we have beautiful brochures and we have travel agents.
:20:28. > :20:32.They know us inside out and they have customers every day, so they
:20:33. > :20:37.have expertise in their area so they know how good we are and the growth
:20:38. > :20:47.comes from yeah, that experience, it is our inside knowledge that makes
:20:48. > :20:55.us grow and in future, for example we are building a special platform
:20:56. > :20:57.with the travel agents so we can grow with the customers. Take a
:20:58. > :21:01.look. In a moment we'll take a look
:21:02. > :21:04.through the Business Pages but first here's a quick reminder of how
:21:05. > :21:07.to get in touch with us. The Business Live page
:21:08. > :21:09.is where you can stay ahead of all the day's
:21:10. > :21:11.breaking business news. We'll keep you up-to-date
:21:12. > :21:14.with the latest details of insight and analysis from the BBC's team
:21:15. > :21:17.of editors right around the world. Get involved on the BBC
:21:18. > :21:21.Business Live web page On Twitter, we're @bbcbusiness,
:21:22. > :21:28.and you can find uson On Twitter, we're @bbcbusiness,
:21:29. > :21:31.and you can find us on Business Live on TV and online,
:21:32. > :21:42.whenever you need to know. Get in touch. No excuses. You can
:21:43. > :21:46.see and hear about Dominic on our website.
:21:47. > :21:50.The BBC's Dominic O'Connell is with us.
:21:51. > :21:56.To say to Dominic and all of you out there, we have been enjoying your
:21:57. > :22:00.tweets about your least favourite holiday. We have got a travel theme.
:22:01. > :22:04.Ben, I don't know if you want to talk about those. Ritchie says,
:22:05. > :22:09."Anywhere that's cold is his nightmare holiday. I would rather do
:22:10. > :22:14.beach, sun and sand." Marie says, "I hate beach and drinking holidays.
:22:15. > :22:18.Benidorm is my nightmare." Chris' favourite holiday is a beach holiday
:22:19. > :22:22.with no luxuries. Dominic, what's your holiday from hell? Being
:22:23. > :22:26.originally from New Zealand the idea of a seaside holiday where there is
:22:27. > :22:33.rain and cloud is kind of strange. Why would you go to the sea... So
:22:34. > :22:41.you haven't hold dayed in Wales? There is a perverse enjoyment to be
:22:42. > :22:45.had from with standing the elements. The wind break, what is that? That's
:22:46. > :22:49.the must have when on the beach in the UK! If it is that windy, don't
:22:50. > :22:56.go! Let's look at some other stories out
:22:57. > :22:59.there. This one grabbed my attention, Iceland to end capital
:23:00. > :23:05.controls in place since 2008. Iceland is back. Yeah, well, it is
:23:06. > :23:10.the end of a saga, if you excuse the pun. In 2008 Iceland built up a
:23:11. > :23:13.banking sector which was 14 times the size of its economy. Completely
:23:14. > :23:18.crashed the economy. The controls were put in place to protect the
:23:19. > :23:22.economy from more damage because a lot of Icelandic people had
:23:23. > :23:26.borrowings in foreign currency and it was to stop all that money
:23:27. > :23:30.rushing out of the Icelandic economy and slowly, over the years, those
:23:31. > :23:34.controls have been released. Even up until recently, if you are an
:23:35. > :23:40.Icelandic person and wanting to go on holiday and buy currency, you had
:23:41. > :23:44.to go to the bank with airline tickets to prove you were going.
:23:45. > :23:48.That's nine years after the crisis they are finally back in the wider
:23:49. > :23:53.international community. Yes, it is fascinating and you see the
:23:54. > :24:02.repercussions on a big clamp-down on where money goes? It was three
:24:03. > :24:11.banks. It was a big deal for many UK bankers as well? Yes, lots of retail
:24:12. > :24:15.banks and British Councils had borrowed and the original
:24:16. > :24:20.entrepreneurs bought up a huge chunk of the high street. What's
:24:21. > :24:23.interesting is the turn around story of Iceland given the crisis it was
:24:24. > :24:26.in and you look at other countries in a financial crisis and they are
:24:27. > :24:34.in the thick of their crisis. Iceland is not? Iceland has been a
:24:35. > :24:37.rich economy based on primary industries, fishing, tourism and
:24:38. > :24:42.agriculture. It has gone become to those traditional strengths and it's
:24:43. > :24:48.doing well. Can we talk about IKEA? Are you any good at putting IKEA
:24:49. > :24:53.furniture together? I don't mind. It is screws and Alan keys. It is fine
:24:54. > :25:01.if you haven't got kids running off with the bits! No screws and no Alan
:25:02. > :25:07.keys, it clicks together, it is like giant Lego. It takes the fun out of
:25:08. > :25:15.it. When you can put together a really complicated IKEA kit you've
:25:16. > :25:21.made it. It probably saves them cost because they're not having to put
:25:22. > :25:25.components in, but it comes down design in every day life and it's
:25:26. > :25:31.stuff like this that really shows the power of design. It is all made
:25:32. > :25:33.to an amazing standard. Not many IKEA kits go wrong. When was
:25:34. > :25:37.last time that you had an IKEA kit last time that you had an IKEA kit
:25:38. > :25:41.when the parts weren't there. It is when the parts weren't there. It is
:25:42. > :25:44.perfect example. Sell a lot of them perfect example. Sell a lot of them
:25:45. > :25:51.and sell them cheap. Dominic, thank you. So what's your holiday hell
:25:52. > :25:55.then? Oh, always having to work on holiday, and e-mails on holiday, but
:25:56. > :26:01.beach holiday all the way for me. Holiday without the kids! No, not
:26:02. > :26:09.necessarily. Family holidays are great too! See you soon. Bye-bye.