13/03/2017 BBC Business Live


13/03/2017

Similar Content

Browse content similar to 13/03/2017. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

This is Business Live from BBC News with some new chap called

:00:00.:00:07.

The Dutch prepare to make their choice in a critical general

:00:08.:00:13.

election, with the economy up and crime down why are

:00:14.:00:15.

Live from London, that's our top story on Monday the 13th March.

:00:16.:00:36.

Could the far-right Dutch candidate, Geert Wilders, provide another

:00:37.:00:38.

setback to the European project and what could it mean for the Euro.

:00:39.:00:45.

Also in the programme, all change at HSBC!

:00:46.:00:49.

A new boss for the global banking giant.

:00:50.:00:51.

We'll head live to Asia fopr the latest.

:00:52.:00:54.

We'll head live to Asia for the latest.

:00:55.:00:57.

And markets on the move - Asian markets mostly

:00:58.:01:03.

higher on Monday, this is how Europe has opened

:01:04.:01:04.

after that much better than expected jobs report in the US last week.

:01:05.:01:15.

The Chinese economy may be slowing, but tourism is booming

:01:16.:01:17.

we'll get the Inside Track on China's rise

:01:18.:01:19.

Another form of tourism doing well is adventure

:01:20.:01:22.

With retirees fuelling the growth, swapping the cruise ship for the

:01:23.:01:36.

canoe. Is it your idea of holiday hell. We want to hear from you.

:01:37.:01:40.

Decision day is getting ever closer for the Dutch

:01:41.:01:48.

and tonight they get what - for many - could be a decisive last

:01:49.:01:56.

and tonight they get what, for many, could be a decisive last

:01:57.:01:59.

look at the candidates before Wednesday elections.

:02:00.:02:00.

The leading candidates will hold their final TV debate later.

:02:01.:02:02.

The Dutch vote is the first of three big elections across Europe this

:02:03.:02:06.

year casting uncertainty over the continent.

:02:07.:02:07.

Soon after come the votes in France and Germany.

:02:08.:02:11.

Financial markets are watching them all closely.

:02:12.:02:16.

Not least for what their results might mean for

:02:17.:02:18.

The current Dutch Prime Minister Mark Rutte faces a tough challenge

:02:19.:02:31.

from the far-right populist candidate Geert Wilders who has been

:02:32.:02:33.

But there is no standout leader in the polls giving greater

:02:34.:02:37.

Whilst the rise of populism is often linked with falling living

:02:38.:02:41.

standards, the Dutch remain one of the wealthiest

:02:42.:02:43.

Average income is nearly $53,000 per person.

:02:44.:02:50.

And economic growth is forecast at a steady 2% for this

:02:51.:02:53.

year with wages growing and unemployment falling.

:02:54.:02:58.

So one key election issue has been the foreign ownership of Dutch

:02:59.:03:05.

companies with the Labour Party, part of the current coalition,

:03:06.:03:08.

proposing the government should be able to block takeovers they deem

:03:09.:03:10.

Our next guest is from the Netherlands but working in the UK.

:03:11.:03:24.

Dr Stijn van Kessel is Lecturer in Politics

:03:25.:03:26.

Talk us through, from your perspective, what is on the minds of

:03:27.:03:37.

those going to the polls? There is an open race at the moment, no clear

:03:38.:03:44.

party is standing out. So voters have a tough choice if they want to

:03:45.:03:49.

determine who will eventually govern the country. It is an open race

:03:50.:03:53.

between six or seven parties which are all predicted to win around ten

:03:54.:03:59.

and 15% of the vote. From the international point of view, the

:04:00.:04:04.

focus as being on Geert Wilders, immigration and the far right, as it

:04:05.:04:08.

were. In the Netherlands, what have been the issues when it comes to

:04:09.:04:12.

what they have been debating and discussing and how will be enticed

:04:13.:04:18.

people to vote for them? They are important issues and they may become

:04:19.:04:23.

more important because of the diplomatic row between Turkey and

:04:24.:04:28.

the Netherlands. But there is a wide range of issues such as euthanasia,

:04:29.:04:33.

the ability to end your life for the terminally ill. Pension age is an

:04:34.:04:38.

issue, which came up a lot. But culture and immigration is the

:04:39.:04:43.

biggest issue. What do you think the outcome will be on Wednesday, it is

:04:44.:04:48.

difficult to predict? Yes, I don't want to make any predictions. It is

:04:49.:04:52.

difficult to predict their memory. In most elections, there is normally

:04:53.:05:04.

two parties clear. But the previously smaller Liberals and the

:05:05.:05:11.

Greens are doing well. There is no clear horse race affect. We put it

:05:12.:05:17.

in the context of Europe, many have said Brexit equals Donald Trump,

:05:18.:05:30.

equals Nexit. Internationally speaking, there is these events, so

:05:31.:05:35.

there is Brexit, Donald Trump and the French and German elections

:05:36.:05:41.

coming. So this vote is about Geert Wilders and whether people see this

:05:42.:05:46.

populist right-wing splurge. The difference between Brexit, Trump and

:05:47.:05:50.

the French elections, the outcome of this election doesn't signify a

:05:51.:05:55.

winner takes all principle. Geert Wilders, will perhaps win between

:05:56.:06:01.

around 15 and 20% of the vote but it doesn't get him very far because all

:06:02.:06:05.

of the other parties who are most important have ruled out of

:06:06.:06:10.

governing with him. Thank you for your time. Fascinating and it is

:06:11.:06:13.

something we will keep a close eye on here at the BBC.

:06:14.:06:19.

Just want to take you to the BBC website. It is important day here as

:06:20.:06:28.

well as far as Brexit is concerned. Ministers are expected to reject the

:06:29.:06:31.

changes by the House of Lords. They sent it back to the Commons and

:06:32.:06:36.

wanted two significant changes to the proposed bill before it would

:06:37.:06:41.

allow the Prime Minister to trigger Article 50. If they do agree on it,

:06:42.:06:45.

it formally starts the Brexit process and that could happen as

:06:46.:06:49.

early as tomorrow. So all eyes will be on the Commons as far as that

:06:50.:07:04.

vote is concerned. Change at the top of HSBC. Let's speak to the

:07:05.:07:10.

Macdonald in Singapore. Talk us through the significance of this, it

:07:11.:07:14.

is a big change? Yes, Mark Tucker is due to take over in October. He will

:07:15.:07:20.

succeed Douglas Flynn. And he is a one-time professional footballer but

:07:21.:07:25.

has had plenty of experience as an executive. He was the head of AIA

:07:26.:07:34.

and prior to that he held a leadership position with Prudential.

:07:35.:07:41.

HSBC is in the middle of the board and executive reshuffle, which

:07:42.:07:45.

showed poor profits last year which blamed Donald Trump and

:07:46.:07:48.

uncertainties caused by Brexit. The markets seem to like what they see,

:07:49.:07:53.

shares rose more than 2% on the Hong Kong exchange after the

:07:54.:07:58.

announcement. We will get the reaction from London in a little

:07:59.:08:03.

while. First order of business will be to find news chief executive to

:08:04.:08:07.

succeed Stuart Gulliver, who is planning to next year. Good to talk

:08:08.:08:13.

to you. We saw the figures from the markets on the screen. All of that

:08:14.:08:20.

coming of the better-than-expected jobs figures in the US last week.

:08:21.:08:25.

This is how Asia is looking at close on the Dow on Friday. Let's talk

:08:26.:08:30.

about what Europe is doing, the stronger growth is helping prop up

:08:31.:08:35.

the wider market. This is what Europe is doing. As well as the Fed

:08:36.:08:39.

meeting, central banks in four other rich economies, they are due to

:08:40.:08:46.

deliver their decisions on Thursday. We should Saint none of them expect

:08:47.:08:50.

to follow what the Fed is doing and tighten monetary policy, but they

:08:51.:08:53.

have the job of trying to get their economies back on track. For the

:08:54.:08:58.

Bank of England, it is trying to prepare the UK for Brexit. We will

:08:59.:09:08.

talk about that in a moment. Michelle has the details from New

:09:09.:09:13.

York. It'll be a busy week. On Tuesday, the US Federal Reserve will

:09:14.:09:18.

begin its two-day meeting. After the stellar job report and the

:09:19.:09:22.

continuing strengthening economy, the Fed will likely raise interest

:09:23.:09:25.

rates for only the third time since the global financial crisis. The Fed

:09:26.:09:29.

chair will be holding a press chair will be holding a press

:09:30.:09:32.

conference at the end of the policy meeting on Wednesday, where

:09:33.:09:36.

journalists will be asking her about her outlook on the US economy. And

:09:37.:09:42.

the equity markets will likely react as well. Other events, the White

:09:43.:09:46.

House budget director will release the Trump administration's budget

:09:47.:09:51.

proposal the same day. The US is also running up against its debt the

:09:52.:09:57.

newly installed Treasury Secretary has said the US will have to use

:09:58.:10:01.

extraordinary measures to pay its bills at the March the 17th, or else

:10:02.:10:08.

it runs the risk of defaulting. Michelle in New York. A busy week

:10:09.:10:16.

ahead in the United States. Always lovely to see you Justin. Brand-new

:10:17.:10:22.

trading week. The Fed is very much in focus. We have seen confirmation

:10:23.:10:29.

that the American economy is in very good shape. Contrary to what

:10:30.:10:34.

President Trump has been saying. Unemployment figures are good and

:10:35.:10:37.

growth is fine so rates will be going up. Janet Yellen, has told us

:10:38.:10:43.

last week that rates were going up and so she will stand up and confirm

:10:44.:10:48.

it. What we want to know is are they going to go up any more after this?

:10:49.:10:53.

It is pencilled in for two more rate rises this year. Not so worried

:10:54.:10:58.

about growth this year, it is going to 18 and 19 when you slow down and

:10:59.:11:03.

that is when you start putting rates down. You cannot cut rates until you

:11:04.:11:07.

raise them. So this is good news, even though some people might be

:11:08.:11:13.

worried. Compare what other central banks are doing, they are trying to

:11:14.:11:18.

get back to normality? Central banks in the UK won't be raising rates.

:11:19.:11:33.

The head of Bank of England has said they will focus on growth. That is

:11:34.:11:37.

right, because of the concerns over Brexit and economy could be slowing.

:11:38.:11:43.

In Europe, the Eurozone, there is more talk about rates going up

:11:44.:11:47.

because the economies are doing well. It is interesting, the

:11:48.:11:51.

whispering in the markets that perhaps rates could go up in the

:11:52.:11:55.

Eurozone has caused the Euro to go up. If that were to happen, it would

:11:56.:12:00.

be a way of? It doesn't have to happen yet. We were talking about

:12:01.:12:05.

September. We were listening to the head of the ECB and he said not yet.

:12:06.:12:11.

But the next move is going to happen and that is a positive sign. We are

:12:12.:12:16.

asking our viewers for their least favourite holiday idea. You have got

:12:17.:12:23.

many scary stories? Yes, but some joys of going into Uganda, probably

:12:24.:12:27.

not the best place to go. Where are you going next? I going to Galilee

:12:28.:12:35.

to do a date. I know what it means doing a date, what does it mean?

:12:36.:12:40.

Digging on a Roman empire and it will be northern Israel. Any issues,

:12:41.:12:47.

you are in a trench so you should be OK? Yes, I will take a tin hat so I

:12:48.:12:52.

will be fine. Moral of the story, don't go on holiday with you. Have a

:12:53.:12:54.

good week. Still to come, why

:12:55.:12:57.

China is booming - not for manufacturing,

:12:58.:12:59.

or exports - but for tourists. We speak to one firm that's cashing

:13:00.:13:01.

in the rising demand You're with Business

:13:02.:13:04.

Live from BBC News. If you're in the UK and you plan to

:13:05.:13:23.

travel by rail, you will have noticed disruption.

:13:24.:13:26.

Guards and drivers working for Northern Rail and Merseyrail

:13:27.:13:29.

are striking over the introduction of Driver Only Operated trains -

:13:30.:13:32.

and similar action is continuing on Southern Rail.

:13:33.:13:36.

Steph McGovern is at Leeds Railway Station.

:13:37.:13:43.

Getting busy, the rush hour underway, but some people could

:13:44.:13:48.

struggle to get to where they want to go? They certainly could. If you

:13:49.:13:55.

look at the board is it doesn't look too bad because actually the

:13:56.:13:59.

majority of the services, the Northern Rail operators are on time,

:14:00.:14:00.

but this is the revised timetable. but this is the revised timetable.

:14:01.:14:07.

When you talk to commuters, a lot of them have been waiting for trains.

:14:08.:14:12.

Northern Rail say they are only operating 40% of their services

:14:13.:14:17.

today. Also they have had to put rail replacement buses. We were

:14:18.:14:20.

chatting to people earlier who said they had to get the bus. It all adds

:14:21.:14:24.

to the roads and we know what they like during rush hour. Lots of

:14:25.:14:28.

commuters are facing this headline when they are handed this paper this

:14:29.:14:34.

morning. March madness as a million hit by train chaos. This is a main

:14:35.:14:42.

station for Northern Rail services. In the north-west you have

:14:43.:14:46.

Merseyrail. They are also facing disruption. They were hoping to put

:14:47.:14:51.

trains on every half an hour. They are normally on every 15 minutes,

:14:52.:14:57.

but there are quite a few drivers who haven't crossed the picket line

:14:58.:15:00.

so therefore they haven't got the drivers in order to be able to

:15:01.:15:03.

operate as many trains as they had hoped today. If you couple that with

:15:04.:15:11.

what is going on on Southern rail, they have faced so much disruption.

:15:12.:15:15.

They are also saying there will be disruption today but they are

:15:16.:15:18.

running 90% of their services. If you are going on those lines, look

:15:19.:15:24.

before you travel. But is it from me. I know how cold reads train

:15:25.:15:28.

station is, I am loving that fur collar. zbLez Bovis grabbed the

:15:29.:15:39.

headlines since it revealed two take-over bids have come through

:15:40.:15:47.

over the weekend. House-builder shares doing extremely well on the

:15:48.:15:50.

FTSE 250 today on the back of that development.

:15:51.:15:54.

China, once a net exporter of tourists around the world,

:15:55.:16:02.

is now opening its borders and welcoming visitors in greater

:16:03.:16:04.

China is now the world's fourth most popular tourist destination,

:16:05.:16:10.

Nearly 57 million people travelled to China in 2015 for holidays -

:16:11.:16:16.

according to the World Tourism Organisation.

:16:17.:16:20.

Most foreign visitors come from elsewhere in Asia

:16:21.:16:22.

But there are huge numbers of Western tourists

:16:23.:16:26.

visiting China every year - especially from the US.

:16:27.:16:38.

Wendy Wu Tours is cashing in on this trend specialising in off-the-beaten

:16:39.:16:40.

track tours to China, and has seen a big jump in bookings.

:16:41.:16:43.

Joining us now is Wendy Wu, founder of Wendy Wu Tours.

:16:44.:16:46.

Welcome. Good morning. Just tell us Wendy about how it started for you.

:16:47.:16:54.

You established your company quite a long time ago, but what caused you

:16:55.:16:58.

to go down this road in the first place? When I was 20 I went to

:16:59.:17:06.

Australia. I decided to go on a big holiday to China. I'm Chinese so I

:17:07.:17:11.

did all the research myself, but I didn't want to go by myself. So two

:17:12.:17:17.

weeks before the holiday I put a little ad in the paper to say, "This

:17:18.:17:22.

is how much it will cost. This is the place I'm going to go to.

:17:23.:17:26.

Whoever wants to come along, I will be your free guide." That was the ad

:17:27.:17:31.

and that's how we started and we took off from there. And from that

:17:32.:17:36.

point, of course, you've grown into a huge business. It is not just

:17:37.:17:40.

about booking a holiday, it's about everything that you get with it,

:17:41.:17:43.

it's the package, it is not just about a flight or hotel or a

:17:44.:17:49.

commute. Yes. And that's the most important thing because for many

:17:50.:17:51.

people going to China, it is the unknown. They don't know where to go

:17:52.:17:55.

and what to see and you put all that together and that's your unique

:17:56.:17:59.

selling point, is it? Ben, you've got it. What we do all the special

:18:00.:18:06.

experiences. I'm Chinese and I know Tibet inside out. So therefore, for

:18:07.:18:11.

example we take you to to see the Great Wall and we have the best

:18:12.:18:17.

guides in China and we also, because we know where we go, so therefore,

:18:18.:18:21.

for example, our customers will come back again and again with us. That

:18:22.:18:23.

helps us to grow. So we say OK, I helps us to grow. So we say OK, I

:18:24.:18:28.

have been to China so many times with you and where else do you want

:18:29.:18:35.

to go? Then we take them to Japan. China is just growing and growing

:18:36.:18:40.

because of that. It is growing and Western interest in holidays in

:18:41.:18:43.

China has exploded. And you have made the most of that and this year

:18:44.:18:48.

in terms of your turn over you've smashed last year's increasing turn

:18:49.:18:52.

over, haven't you and we're only in March. What I found interesting, I

:18:53.:18:58.

looked at your website and it was great and interesting, but I

:18:59.:19:02.

understand from last week you could book online. Is that not a little

:19:03.:19:08.

bit backwards? I would have thought you should have had us booking

:19:09.:19:15.

online many years ago? Yes. We grew very fast and because the

:19:16.:19:19.

destinations that we do such as China and Japan, people like to talk

:19:20.:19:23.

with us and they need our expertise and knowledge. We do audio

:19:24.:19:27.

experiences for example, over our holiday. Our job is to make it easy

:19:28.:19:31.

for you to go to China and experience the hole thing. So it's a

:19:32.:19:37.

three meal stay and all the entertainment and everywhere in

:19:38.:19:41.

China. So that's the reason we grow so fast. In the past, even working

:19:42.:19:46.

with our travel agents they are very strong for us so we grow on the back

:19:47.:19:51.

of that, but technology is very, very important especially for the

:19:52.:19:56.

future. So we decided we want to do it right. So we bought the

:19:57.:20:01.

technology in-house. So we have the technology in-house. Where will the

:20:02.:20:06.

growth come from? Will it be from the website or travel agents that

:20:07.:20:11.

you have relied on for so long? OK. You're right, we're doing both

:20:12.:20:16.

because for us in the past we actually, the customer asked for

:20:17.:20:21.

brochures so we have beautiful brochures and we have travel agents.

:20:22.:20:27.

They know us inside out and they have customers every day, so they

:20:28.:20:32.

have expertise in their area so they know how good we are and the growth

:20:33.:20:37.

comes from yeah, that experience, it is our inside knowledge that makes

:20:38.:20:47.

us grow and in future, for example we are building a special platform

:20:48.:20:55.

with the travel agents so we can grow with the customers. Take a

:20:56.:20:57.

look. In a moment we'll take a look

:20:58.:21:01.

through the Business Pages but first here's a quick reminder of how

:21:02.:21:04.

to get in touch with us. The Business Live page

:21:05.:21:07.

is where you can stay ahead of all the day's

:21:08.:21:09.

breaking business news. We'll keep you up-to-date

:21:10.:21:11.

with the latest details of insight and analysis from the BBC's team

:21:12.:21:14.

of editors right around the world. Get involved on the BBC

:21:15.:21:17.

Business Live web page On Twitter, we're @bbcbusiness,

:21:18.:21:21.

and you can find uson On Twitter, we're @bbcbusiness,

:21:22.:21:28.

and you can find us on Business Live on TV and online,

:21:29.:21:31.

whenever you need to know. Get in touch. No excuses. You can

:21:32.:21:42.

see and hear about Dominic on our website.

:21:43.:21:46.

The BBC's Dominic O'Connell is with us.

:21:47.:21:50.

To say to Dominic and all of you out there, we have been enjoying your

:21:51.:21:56.

tweets about your least favourite holiday. We have got a travel theme.

:21:57.:22:00.

Ben, I don't know if you want to talk about those. Ritchie says,

:22:01.:22:04.

"Anywhere that's cold is his nightmare holiday. I would rather do

:22:05.:22:09.

beach, sun and sand." Marie says, "I hate beach and drinking holidays.

:22:10.:22:14.

Benidorm is my nightmare." Chris' favourite holiday is a beach holiday

:22:15.:22:18.

with no luxuries. Dominic, what's your holiday from hell? Being

:22:19.:22:22.

originally from New Zealand the idea of a seaside holiday where there is

:22:23.:22:26.

rain and cloud is kind of strange. Why would you go to the sea... So

:22:27.:22:33.

you haven't hold dayed in Wales? There is a perverse enjoyment to be

:22:34.:22:41.

had from with standing the elements. The wind break, what is that? That's

:22:42.:22:45.

the must have when on the beach in the UK! If it is that windy, don't

:22:46.:22:49.

go! Let's look at some other stories out

:22:50.:22:56.

there. This one grabbed my attention, Iceland to end capital

:22:57.:22:59.

controls in place since 2008. Iceland is back. Yeah, well, it is

:23:00.:23:05.

the end of a saga, if you excuse the pun. In 2008 Iceland built up a

:23:06.:23:10.

banking sector which was 14 times the size of its economy. Completely

:23:11.:23:13.

crashed the economy. The controls were put in place to protect the

:23:14.:23:18.

economy from more damage because a lot of Icelandic people had

:23:19.:23:22.

borrowings in foreign currency and it was to stop all that money

:23:23.:23:26.

rushing out of the Icelandic economy and slowly, over the years, those

:23:27.:23:30.

controls have been released. Even up until recently, if you are an

:23:31.:23:34.

Icelandic person and wanting to go on holiday and buy currency, you had

:23:35.:23:40.

to go to the bank with airline tickets to prove you were going.

:23:41.:23:44.

That's nine years after the crisis they are finally back in the wider

:23:45.:23:48.

international community. Yes, it is fascinating and you see the

:23:49.:23:53.

repercussions on a big clamp-down on where money goes? It was three

:23:54.:24:02.

banks. It was a big deal for many UK bankers as well? Yes, lots of retail

:24:03.:24:11.

banks and British Councils had borrowed and the original

:24:12.:24:15.

entrepreneurs bought up a huge chunk of the high street. What's

:24:16.:24:20.

interesting is the turn around story of Iceland given the crisis it was

:24:21.:24:23.

in and you look at other countries in a financial crisis and they are

:24:24.:24:26.

in the thick of their crisis. Iceland is not? Iceland has been a

:24:27.:24:34.

rich economy based on primary industries, fishing, tourism and

:24:35.:24:37.

agriculture. It has gone become to those traditional strengths and it's

:24:38.:24:42.

doing well. Can we talk about IKEA? Are you any good at putting IKEA

:24:43.:24:48.

furniture together? I don't mind. It is screws and Alan keys. It is fine

:24:49.:24:53.

if you haven't got kids running off with the bits! No screws and no Alan

:24:54.:25:01.

keys, it clicks together, it is like giant Lego. It takes the fun out of

:25:02.:25:07.

it. When you can put together a really complicated IKEA kit you've

:25:08.:25:15.

made it. It probably saves them cost because they're not having to put

:25:16.:25:21.

components in, but it comes down design in every day life and it's

:25:22.:25:25.

stuff like this that really shows the power of design. It is all made

:25:26.:25:31.

to an amazing standard. Not many IKEA kits go wrong. When was

:25:32.:25:33.

last time that you had an IKEA kit last time that you had an IKEA kit

:25:34.:25:37.

when the parts weren't there. It is when the parts weren't there. It is

:25:38.:25:41.

perfect example. Sell a lot of them perfect example. Sell a lot of them

:25:42.:25:44.

and sell them cheap. Dominic, thank you. So what's your holiday hell

:25:45.:25:51.

then? Oh, always having to work on holiday, and e-mails on holiday, but

:25:52.:25:55.

beach holiday all the way for me. Holiday without the kids! No, not

:25:56.:26:01.

necessarily. Family holidays are great too! See you soon. Bye-bye.

:26:02.:26:09.

Download Subtitles

SRT

ASS