16/03/2017 BBC Business Live


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This is Business Live from BBC News with Ben Thompson and Sally Bundock.


Prime Minister Mark Rutte hails his election win which keeps


far right Geert Wilders out of power.


Live from London, that's our top story on Thursday the 16th of March.


The Dutch result brings relief to financial markets and the future


of the European single currency but questions over who will lead


Also in the programme: The magic of Musk.


Tesla's boss asks Wall Street for more money for his


electric cars but how long until the demand


Markets in Europe are headed strongly higher. They are reacting


to the result in the Netherlands, but also what the Federal reserve


did the night before. Behind the glitz and glamour


of Hollywood is all the hardwork We'll speak to the man who makes


sure you can hear and understand award winning movies and shows such


as Moonlight, Narcos And also today, a San Francisco


startup has started selling fried chicken strips made entirely


in the lab. Let us know, would


you eat man-made meat? Is that new idea just a turkey? Get


We start with the elections in the Netherlands where,


as you have been hearing, Prime Minister Mark Rutte


and his Liberal party have seen off a challenge from the far-right


He had pledged to take the Netherlands out


of the European Union and ditch the Euro.


The Euro has soared on the news - it jumped as much as 1.3%,


It's been having a tough time of course since


But this is the reaction immediately after the polls began to emerge.


You can see the spike in the Euro here.


Huge relief that the political risk facing the single currency


and the EU itself has dissipated a little.


France holds presidential elections next month


and Germany holds parliamentary elections in September.


Both are expected to see strong challenges by anti-EU parties.


Peter Thal Larsen is Global economics editor


Nice to see you. Let's start with that. Let's look at what this tells


us. There was an expectation there would be a surge in that populist


vote. It happened, but it did not happen enough to change the outcome.


How significant is it given that this is one of three that we are


watching closely? The Dutch situation is slightly different.


There were inevitable comparisons with President Donald Trump and


Brexit in the UK. But Geert Wilders, the populist candidate, has been


around for sometime and he has been in Parliament for 18 years and this


was fourth election where he was leading his own party. There was


always a question about whether he could get a significant increase and


become the largest party. Even though he gained seats, he did worse


than he did in 2010 when he got 50% of the vote. Even though the


governing coalition lost a lot of votes, they went to lots of


different parties. Not enough to create a government, so now we are


talking about a coalition, lots of horse trading will inevitably go on


and it means it might be difficult to get things done, so we have got


more uncertainty. There is a certain amount of relief that Geert Wilders


was not able to increase his position. If he had got the largest


party, he would have been in a position to try and form a


government, which would have been difficult and it would have created


a difficult situation. Now the Prime Minister is being hailed as a great


victor, Mark Rutte. He is the clear number one and gets to try and form


another government, but he will need at least three other parties to go


into coalition with him and the Dutch have not had a four party


coalition since the 1970s. Once it is formed it could become quite


unstable. We are looking about pictures from the Hague and it is


interesting talking about the calm before the storm. Let's talk about


what it means for the wider European project. There was an expectation


that this rise in populism could change things. It could raise


questions for the president of the euro group. He is the Finance


Minister in Holland. Does that cast doubt over his future? Most


definitely yes. He is also president of Holland and the leader of the


euro group, but his party got walloped in the election from 39 C


is down to nine or something like that. It seems unlikely they will be


in the new government and even if that party is in the new government,


he will be such a junior party that it will be very unlikely that he


will stay on. In that situation the euro group would be to look for a


new president. This is one of three, so France and Germany next. What


should we watch out for? The lesson from this election is that all these


political situations are very difficult and you cannot read across


from Brexit to Donald Trump and Marine Le Pen. The populist surge


has not really happen. It is questionable whether it was ever


really going to happen to the extent it might in the Netherlands. Marine


Le Pen is similar because she has been around for a long time, but the


situation is very difficult. I am quarter Dutch and the Dutch might do


it in a calm, understated way. Let the Brits do everything else!


Investors have been on central bank alert his week,


Investors have been on central bank alert this week,


after the US Federal Reserve raised its benchmark interest rate


In Tokyo, the Bank of Japan held steady on rates while in China,


the central bank raised short-term interest rates to keep


Today the Bank of England is meeting.


A federal judge in Hawaii has blocked President Donald Trump's


new travel ban hours before it was due to begin.


The judge cited Mr Trump's own words to rule the order was still intended


to discriminate against Muslims and was therefore unconstitutional.


It would have placed a 90-day ban on people from six mainly Muslim


nations and a 120-day ban on refugees entering


President Trump has vowed to appeal.


German airline Lufthansa has reported a 3.6% fall in profits


But the airline, which is one of the biggest in the world,


said that if it hadn't been for the cost of strikes it's profits


would have been in line with the previous year.


On Wednesday they agreed a pay and conditions deal with pilots


which will end years of strikes that have cost the airline hundreds


South Korea's wide-ranging bribery and corruption investigation has led


prosecutors to questions officials at the country's third


SK Group is now caught up in the scandal which has seen


criminal charges against Samsung's boss and the country's President


He has been tracking all these developments. This is getting wider?


It is. The investigators were asking questions, they were not accusing.


But the country's third biggest company, everything from telecoms to


petrochemicals, it is a huge company. The central question of


investigation seems to be whether as Kate gave just short of $10 million


to the friend of the President round about July 2015. Shortly afterwards


the chairman of S K was freed from prison, was pardoned by the


president. The chairman was imprisoned for a previous corruption


prosecution. So the allegation is did SK pay money to the friend of


the president to get him out of prison. That is what they are


looking at. Thank you, see you again soon. We have mentioned the central


bank meetings and the bank of Japan and China as well and that affected


the Hang Seng. Just to say Asia was really rallying off the back of a


strong close the night before on Wall Street. That is because the US


central bank did exactly what we expected, raise rates by 0.25%. A


strong rally in Europe following on from Wall Street and Asia. There are


specific winners. Anglo-American shares up 10%. Reports an Indian


businessman is looking to get a ?2 billion worth of state in


Anglo-American. That is an interesting story. Reaction to what


is going on in the Netherlands. Let's have a look at what is going


on in the United States. President Trump will release his first budget


on Thursday. Early drafts were for dramatic cuts at some agencies,


including the environmental protection agency and


across-the-board cuts to other agencies as the administration seeks


to beef up military spending. This budget will cut of months of debate


on government spending. Adobe has shifted to a more cloud computing


business and investors believe their earnings will reflect that switch.


Some of their offerings include photo shop, Illustrator. There are


slower sales growth as a result of reductions in food stop products


have made demands for those products lower.


Joining us is Lawrence Gosling, editor in chief at Investment Week.


Let's quickly touch on events in Holland. The markets are up. They


have taken this in their stride because it was expected, no big


shock. No, and as your previous guest said, there is a small sense


of relief. No disrespect to the Netherlands, of the three elections


this year it is the smallest and perhaps France and Germany are more


important, with Germany being the most important later in the year.


Let's talk about Anglo-American. An Indian businessman is busy getting


hold of the ?2 billion stake. What his seat up to? He says it is a good


investment. He runs a mining business. He was rebuffed by them a


couple of months ago when they were doing a joint deal in Hindustan. He


says one plus one equals 11. They did not think that, so he has gone


back with a friendly investment on behalf of his family. Is this the


little guy trying to take over the big guy? It is not a full reverse


takeover. He owns enough of Anglo-American to break it up. He


has got an investment bank tried to buy these shares over the next


couple of days, so I expect we will see the price rise in Anglo-American


rise for a couple of days until he gets his stakes. Everyone poring


over the detail about what happens next to rates in the US. This was


very well telegraphed and they have indicated they will carry on being


cautious and the market will probably see two more rises this


year. If there is more, the markets get a bit spooked. The market likes


predictability. Musk going to Wall Street for more money and he wants


$1.15 billion to get that model three into the mass market this


summer. That is his promise. What do you think? He keeps trying to raise


more money. They seem to be up for it, yet they are not making any


money yet. People will begin to call his bluff, as you set a couple of


minutes ago. He has got a lot of money, but no real revenue and


profits. I feel this will be the dot-com of our generation. The model


three is supposed to be mass-market and it is almost affordable,


$30,000. There still seems to be some negative news flow about the


whole idea of driving this car. I think they will come through, but I


am not sure he will be the person who cracks it. Oh! Your cards are on


the table. Nice to see you. You will be that a bit later.


We meet the man responsible for translating, dubbing


and subtitling some of our biggest films and TV shows.


You're with Business Live from BBC News.


Sales at supermarket giant Sainsbury's are up 0.3%.


That's after what the boss described as "very competitive" trading.


The firm bought the owner of Argos - Home Retail Group -


last September and it was the sales at Argos that helped boost


Theo Leggett has been going through the numbers.


What does it look like? On the face of it, these figures are quite


disappointing. If you look at like-for-like sales, that kind of


thing, overall sales were down half a percent but look over here, this


is the reaction from investors. Sainsbury's share price initially


dipping if you p but now it is on the road back. That tells you a bit


about going into the nitty-gritty of the figures. These figures were for


example weighed down by the fact that Mother's Day and Easter come


quite late this year and are not included in these figures. It has


weighed on sales of general merchandise, soft it sells alongside


its main food business was to Argos, which Sainsbury's bought only last


year, sales up 4.3%, starting to look like a good purchase. Online


grocery sales also did very well. Orders are up 8%. Convenience stores


doing nicely. It is a mixed bag but it reflects the fact that


Sainsbury's's core business is an intensely competitive one, and


pricing from Aldi and Liddell as well. They the value of the pound


has really hit these competitors. You get the sense that followed the


retailers are starting to make preparations. What Mike Cooper the


chief executive of Sainsbury's were saying today is that the market


remains very competitive, we know that, there are price pressures and


the impact of that imports, which are the honourable to the falling


pound, that outlook remains uncertain. But they say they are


well-placed navigate those external pressures. Thank you, Theo, good to


see you. Buying for a family of five I always find it hard to believe


that these companies aren't making more money, frankly. Balfour Beatty


returning to profit. Details on the way on the website.


You're watching Business Live - our top story...


The Dutch Prime Minister has come out on top in Parliamentary


elections, seeing off the challenge of the far right. The Euro is up


1.2%, a 5% higher, reassurance that may be the Euro project continues


for a bit longer but there are two big elections Germany and France


still to come. A quick look at how


markets are faring... All up strongly. A lot of that to do


with the Federal Reserve decision yesterday.


You may not have heard of BTI Studios, but you will know


their work because BTI Studios is among the world's largest


That means it provides translating, dubbing and subtitling


in more than 30 languages, so that hit TV shows like Games


of Thrones can be enjoyed in many countries.


Now there are more ways to view and enjoy TV content,


For the past ten years, BTI Studios has experienced


double-digit growth annually, and today operates 20 local


Clients include broadcasters, film studios and most recently,


it provided the audio descriptions and subtitles


Bjorn Lifvergren is the Chief Executive of BTI Studios.


Good morning. It is a fascinating business and quite complicated as


well, but before we get into all that, just tell us the story. At the


age of 24, you took over this company and became the boss with two


other twentysomethings. And you are ill -- also running it together now


which I think is quite phenomenal. I started out the company at age 20


forward two employees, and old friends of mine, they have grown


with the company. The first few years we are sitting in the basement


of a building next to a bicycle storage room. Today we have offices


in 70 countries. That was in the 1990s, because you still look like


you are in the mid-20s. Thank you very much! Sorry, I am getting in


the way of this. There is a tendency to think of subtitling and dubbing a


sort of the same thing, it gets the point across, but the pending way


you are in Europe, very different things. It is, a cultural thing of


course. We see a lot of the bigger languages. They have a strong


dubbing position where they dub almost everything, which of course


has to do with the population of these countries are a lot bigger.


And that is actors reading the words. Really acting the words. That


process starts with the casting process, a mixing and laid-back


process, while subtitling, you have a subtitler manually doing it. That


is being done in the smaller countries, often like Sweden where I


am from. One of these things that amuses many people because when you


get subtitling right, you take it for granted, but when you get it


wrong, it can go very wrong. It is called the invisible text you


shouldn't be able to notice it unless something goes wrong. That is


the difference between dubbing and subtitling. If you do a subtitling


error, you will always have the original in the background, in the


original language, and hence we can never make an error. Have you had


any major faux pas? Yes, things around make up sex, where it was


translated something a bit more. Too early in the morning on the BBC!


Just to say, across countries, it is difficult with regulation, and with


Brexit on the way it can make things even more, located for you. I think


so. They lot of the issues around access services, that has been


regulated for a lot of costing from the UK, international broadcasters,


and regular did by Ofcom. Even if they are broadcasting into Poland or


the Czech Republic or other parts of the EC, they are obliged to follow


the Ofcom regulations. With Brexit coming about, we don't know how that


affect will come into the local territories. I really wish we could


talk more, time is against us. It is really good to talk to you, thank


you for coming and explaining and best of luck with it.


Train operator Eurostar - which operates passenger services


between the UK and France and Belgium via the Channel Tunnel -


says it made an operating loss of ?25 million last year.


Bookings were down in the aftermath of terror attacks


But Eurostar says things are looking up, the start of 2017 has been


positive with a surge in bookings from US travellers attracted


This is what the boss of Eurostar Nicolas Petrovic had to say.


It was difficult everywhere, a number of terrorist attacks, as we


know, on the continents, and it scared off a number of passengers,


especially from outside Europe, from Japan and the US. Overall it was


very challenging. With the swinging exchange rate also it was not very


good for us. Overall, a bit of a tough year but at the same time some


good news for stop we kept investing in our customer experience, we have


a new fleet of trains, because we know it will be temporary, these


kind of effects are temporary. Lawrence has returned, as promised,


and he will explain this story. They are producing chicken strips


from self reproducing cells. In a lab. It is the strength is clean


food, not from battery farming or traditional chickens. The Wall


Street Journal is allowed in with other journalists, and they thought


it tasted reasonably like real chicken, which I guess is either a


positive. That's what people say about frog legs. You should not have


been told it was not chicken as in and and all. Correct. Apparently the


duck tasted reasonably like duck. Already in your head you are saying


it is not really chicken. There is a serious issue about food security.


There are 61 billion chickens being grown every year for food. This


could pick up some of that. Benjamin says 100% yes, viewer feedback,


meat. However on the other side, meat. However on the other side,


Peter says no, if it didn't have feet it ain't meat. That is a direct


quote from Peter. Dean says of course why wouldn't you? It helps


the environment, would have no disease, could not happen fast


enough and me. Will you try some? I think so, I am up for some clean


meat. They should send some in. We will see you again soon, think of


your company too. Goodbye. -- thank you for your company.


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