:00:00. > :00:00.This is Business Live from BBC News with Ben Thompson and Sally Bundock.
:00:00. > :00:09.Prime Minister Mark Rutte hails his election win which keeps
:00:10. > :00:13.far right Geert Wilders out of power.
:00:14. > :00:32.Live from London, that's our top story on Thursday the 16th of March.
:00:33. > :00:37.The Dutch result brings relief to financial markets and the future
:00:38. > :00:41.of the European single currency but questions over who will lead
:00:42. > :00:47.Also in the programme: The magic of Musk.
:00:48. > :00:51.Tesla's boss asks Wall Street for more money for his
:00:52. > :00:56.electric cars but how long until the demand
:00:57. > :01:08.Markets in Europe are headed strongly higher. They are reacting
:01:09. > :01:10.to the result in the Netherlands, but also what the Federal reserve
:01:11. > :01:16.did the night before. Behind the glitz and glamour
:01:17. > :01:20.of Hollywood is all the hardwork We'll speak to the man who makes
:01:21. > :01:25.sure you can hear and understand award winning movies and shows such
:01:26. > :01:27.as Moonlight, Narcos And also today, a San Francisco
:01:28. > :01:31.startup has started selling fried chicken strips made entirely
:01:32. > :01:34.in the lab. Let us know, would
:01:35. > :01:58.you eat man-made meat? Is that new idea just a turkey? Get
:01:59. > :02:02.We start with the elections in the Netherlands where,
:02:03. > :02:04.as you have been hearing, Prime Minister Mark Rutte
:02:05. > :02:07.and his Liberal party have seen off a challenge from the far-right
:02:08. > :02:11.He had pledged to take the Netherlands out
:02:12. > :02:15.of the European Union and ditch the Euro.
:02:16. > :02:24.The Euro has soared on the news - it jumped as much as 1.3%,
:02:25. > :02:30.It's been having a tough time of course since
:02:31. > :02:38.But this is the reaction immediately after the polls began to emerge.
:02:39. > :02:46.You can see the spike in the Euro here.
:02:47. > :02:49.Huge relief that the political risk facing the single currency
:02:50. > :02:56.and the EU itself has dissipated a little.
:02:57. > :03:03.France holds presidential elections next month
:03:04. > :03:06.and Germany holds parliamentary elections in September.
:03:07. > :03:12.Both are expected to see strong challenges by anti-EU parties.
:03:13. > :03:14.Peter Thal Larsen is Global economics editor
:03:15. > :03:27.Nice to see you. Let's start with that. Let's look at what this tells
:03:28. > :03:31.us. There was an expectation there would be a surge in that populist
:03:32. > :03:37.vote. It happened, but it did not happen enough to change the outcome.
:03:38. > :03:42.How significant is it given that this is one of three that we are
:03:43. > :03:48.watching closely? The Dutch situation is slightly different.
:03:49. > :03:54.There were inevitable comparisons with President Donald Trump and
:03:55. > :03:57.Brexit in the UK. But Geert Wilders, the populist candidate, has been
:03:58. > :04:02.around for sometime and he has been in Parliament for 18 years and this
:04:03. > :04:06.was fourth election where he was leading his own party. There was
:04:07. > :04:10.always a question about whether he could get a significant increase and
:04:11. > :04:15.become the largest party. Even though he gained seats, he did worse
:04:16. > :04:19.than he did in 2010 when he got 50% of the vote. Even though the
:04:20. > :04:24.governing coalition lost a lot of votes, they went to lots of
:04:25. > :04:29.different parties. Not enough to create a government, so now we are
:04:30. > :04:33.talking about a coalition, lots of horse trading will inevitably go on
:04:34. > :04:39.and it means it might be difficult to get things done, so we have got
:04:40. > :04:42.more uncertainty. There is a certain amount of relief that Geert Wilders
:04:43. > :04:47.was not able to increase his position. If he had got the largest
:04:48. > :04:50.party, he would have been in a position to try and form a
:04:51. > :04:55.government, which would have been difficult and it would have created
:04:56. > :05:02.a difficult situation. Now the Prime Minister is being hailed as a great
:05:03. > :05:06.victor, Mark Rutte. He is the clear number one and gets to try and form
:05:07. > :05:10.another government, but he will need at least three other parties to go
:05:11. > :05:15.into coalition with him and the Dutch have not had a four party
:05:16. > :05:20.coalition since the 1970s. Once it is formed it could become quite
:05:21. > :05:24.unstable. We are looking about pictures from the Hague and it is
:05:25. > :05:29.interesting talking about the calm before the storm. Let's talk about
:05:30. > :05:33.what it means for the wider European project. There was an expectation
:05:34. > :05:38.that this rise in populism could change things. It could raise
:05:39. > :05:42.questions for the president of the euro group. He is the Finance
:05:43. > :05:51.Minister in Holland. Does that cast doubt over his future? Most
:05:52. > :05:54.definitely yes. He is also president of Holland and the leader of the
:05:55. > :05:59.euro group, but his party got walloped in the election from 39 C
:06:00. > :06:04.is down to nine or something like that. It seems unlikely they will be
:06:05. > :06:08.in the new government and even if that party is in the new government,
:06:09. > :06:16.he will be such a junior party that it will be very unlikely that he
:06:17. > :06:21.will stay on. In that situation the euro group would be to look for a
:06:22. > :06:27.new president. This is one of three, so France and Germany next. What
:06:28. > :06:31.should we watch out for? The lesson from this election is that all these
:06:32. > :06:36.political situations are very difficult and you cannot read across
:06:37. > :06:40.from Brexit to Donald Trump and Marine Le Pen. The populist surge
:06:41. > :06:44.has not really happen. It is questionable whether it was ever
:06:45. > :06:48.really going to happen to the extent it might in the Netherlands. Marine
:06:49. > :06:55.Le Pen is similar because she has been around for a long time, but the
:06:56. > :07:00.situation is very difficult. I am quarter Dutch and the Dutch might do
:07:01. > :07:01.it in a calm, understated way. Let the Brits do everything else!
:07:02. > :07:10.Investors have been on central bank alert his week,
:07:11. > :07:12.Investors have been on central bank alert this week,
:07:13. > :07:15.after the US Federal Reserve raised its benchmark interest rate
:07:16. > :07:19.In Tokyo, the Bank of Japan held steady on rates while in China,
:07:20. > :07:22.the central bank raised short-term interest rates to keep
:07:23. > :07:30.Today the Bank of England is meeting.
:07:31. > :07:33.A federal judge in Hawaii has blocked President Donald Trump's
:07:34. > :07:35.new travel ban hours before it was due to begin.
:07:36. > :07:39.The judge cited Mr Trump's own words to rule the order was still intended
:07:40. > :07:42.to discriminate against Muslims and was therefore unconstitutional.
:07:43. > :07:45.It would have placed a 90-day ban on people from six mainly Muslim
:07:46. > :07:49.nations and a 120-day ban on refugees entering
:07:50. > :07:56.President Trump has vowed to appeal.
:07:57. > :07:59.German airline Lufthansa has reported a 3.6% fall in profits
:08:00. > :08:11.But the airline, which is one of the biggest in the world,
:08:12. > :08:14.said that if it hadn't been for the cost of strikes it's profits
:08:15. > :08:16.would have been in line with the previous year.
:08:17. > :08:19.On Wednesday they agreed a pay and conditions deal with pilots
:08:20. > :08:22.which will end years of strikes that have cost the airline hundreds
:08:23. > :08:33.South Korea's wide-ranging bribery and corruption investigation has led
:08:34. > :08:36.prosecutors to questions officials at the country's third
:08:37. > :08:41.SK Group is now caught up in the scandal which has seen
:08:42. > :08:44.criminal charges against Samsung's boss and the country's President
:08:45. > :09:02.He has been tracking all these developments. This is getting wider?
:09:03. > :09:08.It is. The investigators were asking questions, they were not accusing.
:09:09. > :09:12.But the country's third biggest company, everything from telecoms to
:09:13. > :09:18.petrochemicals, it is a huge company. The central question of
:09:19. > :09:24.investigation seems to be whether as Kate gave just short of $10 million
:09:25. > :09:32.to the friend of the President round about July 2015. Shortly afterwards
:09:33. > :09:36.the chairman of S K was freed from prison, was pardoned by the
:09:37. > :09:49.president. The chairman was imprisoned for a previous corruption
:09:50. > :09:53.prosecution. So the allegation is did SK pay money to the friend of
:09:54. > :09:58.the president to get him out of prison. That is what they are
:09:59. > :10:03.looking at. Thank you, see you again soon. We have mentioned the central
:10:04. > :10:10.bank meetings and the bank of Japan and China as well and that affected
:10:11. > :10:14.the Hang Seng. Just to say Asia was really rallying off the back of a
:10:15. > :10:21.strong close the night before on Wall Street. That is because the US
:10:22. > :10:26.central bank did exactly what we expected, raise rates by 0.25%. A
:10:27. > :10:32.strong rally in Europe following on from Wall Street and Asia. There are
:10:33. > :10:39.specific winners. Anglo-American shares up 10%. Reports an Indian
:10:40. > :10:44.businessman is looking to get a ?2 billion worth of state in
:10:45. > :10:48.Anglo-American. That is an interesting story. Reaction to what
:10:49. > :10:56.is going on in the Netherlands. Let's have a look at what is going
:10:57. > :11:01.on in the United States. President Trump will release his first budget
:11:02. > :11:05.on Thursday. Early drafts were for dramatic cuts at some agencies,
:11:06. > :11:07.including the environmental protection agency and
:11:08. > :11:14.across-the-board cuts to other agencies as the administration seeks
:11:15. > :11:24.to beef up military spending. This budget will cut of months of debate
:11:25. > :11:28.on government spending. Adobe has shifted to a more cloud computing
:11:29. > :11:31.business and investors believe their earnings will reflect that switch.
:11:32. > :11:45.Some of their offerings include photo shop, Illustrator. There are
:11:46. > :11:49.slower sales growth as a result of reductions in food stop products
:11:50. > :11:53.have made demands for those products lower.
:11:54. > :11:59.Joining us is Lawrence Gosling, editor in chief at Investment Week.
:12:00. > :12:06.Let's quickly touch on events in Holland. The markets are up. They
:12:07. > :12:12.have taken this in their stride because it was expected, no big
:12:13. > :12:17.shock. No, and as your previous guest said, there is a small sense
:12:18. > :12:21.of relief. No disrespect to the Netherlands, of the three elections
:12:22. > :12:24.this year it is the smallest and perhaps France and Germany are more
:12:25. > :12:31.important, with Germany being the most important later in the year.
:12:32. > :12:36.Let's talk about Anglo-American. An Indian businessman is busy getting
:12:37. > :12:42.hold of the ?2 billion stake. What his seat up to? He says it is a good
:12:43. > :12:48.investment. He runs a mining business. He was rebuffed by them a
:12:49. > :12:54.couple of months ago when they were doing a joint deal in Hindustan. He
:12:55. > :12:57.says one plus one equals 11. They did not think that, so he has gone
:12:58. > :13:03.back with a friendly investment on behalf of his family. Is this the
:13:04. > :13:10.little guy trying to take over the big guy? It is not a full reverse
:13:11. > :13:16.takeover. He owns enough of Anglo-American to break it up. He
:13:17. > :13:20.has got an investment bank tried to buy these shares over the next
:13:21. > :13:24.couple of days, so I expect we will see the price rise in Anglo-American
:13:25. > :13:30.rise for a couple of days until he gets his stakes. Everyone poring
:13:31. > :13:34.over the detail about what happens next to rates in the US. This was
:13:35. > :13:39.very well telegraphed and they have indicated they will carry on being
:13:40. > :13:44.cautious and the market will probably see two more rises this
:13:45. > :13:51.year. If there is more, the markets get a bit spooked. The market likes
:13:52. > :13:56.predictability. Musk going to Wall Street for more money and he wants
:13:57. > :14:01.$1.15 billion to get that model three into the mass market this
:14:02. > :14:06.summer. That is his promise. What do you think? He keeps trying to raise
:14:07. > :14:10.more money. They seem to be up for it, yet they are not making any
:14:11. > :14:16.money yet. People will begin to call his bluff, as you set a couple of
:14:17. > :14:22.minutes ago. He has got a lot of money, but no real revenue and
:14:23. > :14:29.profits. I feel this will be the dot-com of our generation. The model
:14:30. > :14:35.three is supposed to be mass-market and it is almost affordable,
:14:36. > :14:39.$30,000. There still seems to be some negative news flow about the
:14:40. > :14:44.whole idea of driving this car. I think they will come through, but I
:14:45. > :14:51.am not sure he will be the person who cracks it. Oh! Your cards are on
:14:52. > :14:53.the table. Nice to see you. You will be that a bit later.
:14:54. > :15:01.We meet the man responsible for translating, dubbing
:15:02. > :15:04.and subtitling some of our biggest films and TV shows.
:15:05. > :15:09.You're with Business Live from BBC News.
:15:10. > :15:14.Sales at supermarket giant Sainsbury's are up 0.3%.
:15:15. > :15:19.That's after what the boss described as "very competitive" trading.
:15:20. > :15:22.The firm bought the owner of Argos - Home Retail Group -
:15:23. > :15:25.last September and it was the sales at Argos that helped boost
:15:26. > :15:37.Theo Leggett has been going through the numbers.
:15:38. > :15:43.What does it look like? On the face of it, these figures are quite
:15:44. > :15:48.disappointing. If you look at like-for-like sales, that kind of
:15:49. > :15:53.thing, overall sales were down half a percent but look over here, this
:15:54. > :15:57.is the reaction from investors. Sainsbury's share price initially
:15:58. > :16:00.dipping if you p but now it is on the road back. That tells you a bit
:16:01. > :16:07.about going into the nitty-gritty of the figures. These figures were for
:16:08. > :16:11.example weighed down by the fact that Mother's Day and Easter come
:16:12. > :16:16.quite late this year and are not included in these figures. It has
:16:17. > :16:22.weighed on sales of general merchandise, soft it sells alongside
:16:23. > :16:26.its main food business was to Argos, which Sainsbury's bought only last
:16:27. > :16:32.year, sales up 4.3%, starting to look like a good purchase. Online
:16:33. > :16:36.grocery sales also did very well. Orders are up 8%. Convenience stores
:16:37. > :16:41.doing nicely. It is a mixed bag but it reflects the fact that
:16:42. > :16:49.Sainsbury's's core business is an intensely competitive one, and
:16:50. > :16:54.pricing from Aldi and Liddell as well. They the value of the pound
:16:55. > :17:02.has really hit these competitors. You get the sense that followed the
:17:03. > :17:08.retailers are starting to make preparations. What Mike Cooper the
:17:09. > :17:11.chief executive of Sainsbury's were saying today is that the market
:17:12. > :17:18.remains very competitive, we know that, there are price pressures and
:17:19. > :17:21.the impact of that imports, which are the honourable to the falling
:17:22. > :17:25.pound, that outlook remains uncertain. But they say they are
:17:26. > :17:31.well-placed navigate those external pressures. Thank you, Theo, good to
:17:32. > :17:34.see you. Buying for a family of five I always find it hard to believe
:17:35. > :17:45.that these companies aren't making more money, frankly. Balfour Beatty
:17:46. > :17:47.returning to profit. Details on the way on the website.
:17:48. > :17:52.You're watching Business Live - our top story...
:17:53. > :17:57.The Dutch Prime Minister has come out on top in Parliamentary
:17:58. > :18:07.elections, seeing off the challenge of the far right. The Euro is up
:18:08. > :18:11.1.2%, a 5% higher, reassurance that may be the Euro project continues
:18:12. > :18:12.for a bit longer but there are two big elections Germany and France
:18:13. > :18:13.still to come. A quick look at how
:18:14. > :18:22.markets are faring... All up strongly. A lot of that to do
:18:23. > :18:25.with the Federal Reserve decision yesterday.
:18:26. > :18:29.You may not have heard of BTI Studios, but you will know
:18:30. > :18:31.their work because BTI Studios is among the world's largest
:18:32. > :18:34.That means it provides translating, dubbing and subtitling
:18:35. > :18:37.in more than 30 languages, so that hit TV shows like Games
:18:38. > :18:39.of Thrones can be enjoyed in many countries.
:18:40. > :18:42.Now there are more ways to view and enjoy TV content,
:18:43. > :18:47.For the past ten years, BTI Studios has experienced
:18:48. > :18:49.double-digit growth annually, and today operates 20 local
:18:50. > :19:02.Clients include broadcasters, film studios and most recently,
:19:03. > :19:04.it provided the audio descriptions and subtitles
:19:05. > :19:33.Bjorn Lifvergren is the Chief Executive of BTI Studios.
:19:34. > :19:41.Good morning. It is a fascinating business and quite complicated as
:19:42. > :19:47.well, but before we get into all that, just tell us the story. At the
:19:48. > :19:51.age of 24, you took over this company and became the boss with two
:19:52. > :19:57.other twentysomethings. And you are ill -- also running it together now
:19:58. > :20:02.which I think is quite phenomenal. I started out the company at age 20
:20:03. > :20:08.forward two employees, and old friends of mine, they have grown
:20:09. > :20:13.with the company. The first few years we are sitting in the basement
:20:14. > :20:18.of a building next to a bicycle storage room. Today we have offices
:20:19. > :20:22.in 70 countries. That was in the 1990s, because you still look like
:20:23. > :20:29.you are in the mid-20s. Thank you very much! Sorry, I am getting in
:20:30. > :20:34.the way of this. There is a tendency to think of subtitling and dubbing a
:20:35. > :20:37.sort of the same thing, it gets the point across, but the pending way
:20:38. > :20:44.you are in Europe, very different things. It is, a cultural thing of
:20:45. > :20:47.course. We see a lot of the bigger languages. They have a strong
:20:48. > :20:53.dubbing position where they dub almost everything, which of course
:20:54. > :21:00.has to do with the population of these countries are a lot bigger.
:21:01. > :21:08.And that is actors reading the words. Really acting the words. That
:21:09. > :21:16.process starts with the casting process, a mixing and laid-back
:21:17. > :21:22.process, while subtitling, you have a subtitler manually doing it. That
:21:23. > :21:26.is being done in the smaller countries, often like Sweden where I
:21:27. > :21:30.am from. One of these things that amuses many people because when you
:21:31. > :21:36.get subtitling right, you take it for granted, but when you get it
:21:37. > :21:38.wrong, it can go very wrong. It is called the invisible text you
:21:39. > :21:41.shouldn't be able to notice it unless something goes wrong. That is
:21:42. > :21:45.the difference between dubbing and subtitling. If you do a subtitling
:21:46. > :21:50.error, you will always have the original in the background, in the
:21:51. > :21:57.original language, and hence we can never make an error. Have you had
:21:58. > :22:04.any major faux pas? Yes, things around make up sex, where it was
:22:05. > :22:13.translated something a bit more. Too early in the morning on the BBC!
:22:14. > :22:15.Just to say, across countries, it is difficult with regulation, and with
:22:16. > :22:22.Brexit on the way it can make things even more, located for you. I think
:22:23. > :22:30.so. They lot of the issues around access services, that has been
:22:31. > :22:35.regulated for a lot of costing from the UK, international broadcasters,
:22:36. > :22:37.and regular did by Ofcom. Even if they are broadcasting into Poland or
:22:38. > :22:43.the Czech Republic or other parts of the EC, they are obliged to follow
:22:44. > :22:46.the Ofcom regulations. With Brexit coming about, we don't know how that
:22:47. > :22:53.affect will come into the local territories. I really wish we could
:22:54. > :22:56.talk more, time is against us. It is really good to talk to you, thank
:22:57. > :22:59.you for coming and explaining and best of luck with it.
:23:00. > :23:01.Train operator Eurostar - which operates passenger services
:23:02. > :23:04.between the UK and France and Belgium via the Channel Tunnel -
:23:05. > :23:06.says it made an operating loss of ?25 million last year.
:23:07. > :23:09.Bookings were down in the aftermath of terror attacks
:23:10. > :23:13.But Eurostar says things are looking up, the start of 2017 has been
:23:14. > :23:15.positive with a surge in bookings from US travellers attracted
:23:16. > :23:19.This is what the boss of Eurostar Nicolas Petrovic had to say.
:23:20. > :23:24.It was difficult everywhere, a number of terrorist attacks, as we
:23:25. > :23:29.know, on the continents, and it scared off a number of passengers,
:23:30. > :23:35.especially from outside Europe, from Japan and the US. Overall it was
:23:36. > :23:40.very challenging. With the swinging exchange rate also it was not very
:23:41. > :23:45.good for us. Overall, a bit of a tough year but at the same time some
:23:46. > :23:49.good news for stop we kept investing in our customer experience, we have
:23:50. > :23:57.a new fleet of trains, because we know it will be temporary, these
:23:58. > :23:58.kind of effects are temporary. Lawrence has returned, as promised,
:23:59. > :24:16.and he will explain this story. They are producing chicken strips
:24:17. > :24:23.from self reproducing cells. In a lab. It is the strength is clean
:24:24. > :24:28.food, not from battery farming or traditional chickens. The Wall
:24:29. > :24:32.Street Journal is allowed in with other journalists, and they thought
:24:33. > :24:40.it tasted reasonably like real chicken, which I guess is either a
:24:41. > :24:44.positive. That's what people say about frog legs. You should not have
:24:45. > :24:51.been told it was not chicken as in and and all. Correct. Apparently the
:24:52. > :24:57.duck tasted reasonably like duck. Already in your head you are saying
:24:58. > :25:03.it is not really chicken. There is a serious issue about food security.
:25:04. > :25:11.There are 61 billion chickens being grown every year for food. This
:25:12. > :25:15.could pick up some of that. Benjamin says 100% yes, viewer feedback,
:25:16. > :25:22.meat. However on the other side, meat. However on the other side,
:25:23. > :25:29.Peter says no, if it didn't have feet it ain't meat. That is a direct
:25:30. > :25:32.quote from Peter. Dean says of course why wouldn't you? It helps
:25:33. > :25:38.the environment, would have no disease, could not happen fast
:25:39. > :25:44.enough and me. Will you try some? I think so, I am up for some clean
:25:45. > :25:51.meat. They should send some in. We will see you again soon, think of
:25:52. > :25:55.your company too. Goodbye. -- thank you for your company.