this is business live from bbc news with sally bundock and susannah streeter. latin america's biggest economy gets a new leader. but will the policies ofjair bolsonaro really help turn around the economic fortunes of brazil? live from london, that's our top story on monday 29th of october. mr bolsonaro is promising to boost competition and slash government waste — as the economy struggles for growth. we'll assess what's at stake. also in the programme... it's a big day for britain. the finance minister philip hammond gets ready to unveil his last budget before brexit. and we'll check in with the financial markets as they open in europe, at domestic so far. going local!

we'll hear from one entrepreneur who says the best way to plan your trip abroad — is to get advice from the people who live there. and when you're on your well earned break — what's important to you? do you prefer to just soak up the sun on the beach — or are you more interested in taking in the sights? let us know — just use the hashtag bbcbizlive. hello and welcome to business live. we start in south america's biggest economy — brazil — where voters have just chosen jair bolsonaro as their new president. he secured 55% of the vote in the second round runoff. let's take at the look at the big economic issues in his intray: brazil's economy is currently emerging from the country's worst—ever recession, growing 1% in 2017 after two years of contraction. it was once one of the fast—growing so—called "brics" nations. unemployment has begun to decline,

after reaching an all—time high last year. but almost 13—million brazilians remain out of work, with the unemployment rate at 12.1%. another major headache for the incoming president will be the country's ballooning debt. the key to reducing that will be an overhaul of the country's generous pensions system, which the incumbent michel temer tried and failed to reform. and brazil's new leader will be hoping to usher in a new era of accountability, after a string of high—profile corruption scandals. the state—run oil company petrobras last month agreed to pay a us fine of more than $850 million to settle charges that former executives bribed politicians to secure lucrative contracts. with us is yacov arnopolin, emerging markets portfolio manager at pimco. good to see you. good morning. he

was expected to win this second round but still, it's a radical change for brazil, tell us about his economic policies. we anticipate a political and economic transformation stop jair political and economic transformation stopjair bolsonaro was met main economic adviser is truly a free market programme, talking about privatisation, simplification of the tax system, as well as concessions for infrastructure. it's a big dealfor markets, i think we are wondering whether this will serve to reawaken spirits in brazil but also we will see what happens when the programme comes into contact with political reality. very polarising election, why rejection rate a0%, talk of cultural wars in brazil but nonetheless we see whetherjair bolsonaro wants to realign himself closer to the us, potentially have a free—trade agreement with the us, how much will that impact the economy, will it help lift it from the lull you describe? he has got

most of the boats but as you say it was a polarising election but within the senate itself, there is a lot of different parties. absolutely. it's a complicated system but many say he could get through his political plans, his promises, through the senate and that critical to any of these leaders. as susanna said, his predecessor tried to press on with pension reforms but could not get it through. that's exactly right, we are watching the election for the speaker in—house in february, that's going to determine how influential jair bolsonaro will be in congress but you are exactly right. it's about will he be able to govern? he's been in the senate for its seven terms but really lacks a track record of passing legislation. still a lot of questions, i think the markets are hopeful, we will see how this plays out over the coming months. in terms of the outlook for the brazilian economy, as susanna

mentioned, serious challenges, millions of brazilians out of work, coming out of recession, difficult few years for the man and woman on the street, when will they feel the difference? i think it'll take the still important pension reform to get through, pensions take up 60% of the budget, huge expense, the debt to gdp ratio is ballooning and they need to stop that but hopefully between economic measures and the reform this will bring back market confidence and allow growth to be restored in the next 12 — 18—24 months. thank you for your time, great to get your perspective. let's take a look at some of the other stories making the news... ibm is buying the software company red hat for $34—billion. it's ibm's biggest ever acquisition — and is part of the firm's efforts to expand its subscription software offerings. ibm hopes the deal will help it catch up with amazon, microsoft and alphabet in the rapidly growing cloud business.

shares in hitachi chemical have tumbled during trade in tokyo. it follows reports in the japanese media that the firm falsified inspections for a material used in semi conductors. the material is used to protect chips from scratches. apple is reported to have launched an investigation into its supply chain after a hong kong—based human rights group said one of its suppliers was illegally employing students in china. a financial times report suggests apple has been manufacturing apple watches at its quanta chongqing facilities using "significa nt" numbers of teenage workers. it also said working conditions for the interns at the factory broke chinese rules. indian prime minister narendra modi is in tokyo, where he'll meet his japanese counterpart shinzo abe for a second day of talks. the two leaders will discuss trade, security and the growing influence of china. rupert wingfield hayes is in our tokyo bureau... hello, rupert, fozz on the agenda

today? it's all about japan and india and what they call the indo pacific strategy, a free and open indo pacific, it's a term we hear more and more in this part of the world and it's really about countries like japan, india, australia and the united states getting together with this sort of strategy of a three trade and a free movement of goods and a rules —based order between the indian ocean basin and the pacific ocean basin. this idea has been around for ten years oi’ idea has been around for ten years or $0 idea has been around for ten years or so but it's really gained currency in the last few years, really as a counterbalance to chinese ansel marengo modi being in japan and talking to the japanese prime minister, they have a close relationship, this is the 12th

meeting, this is about building the counterbalance and building a relationship because china is the massive dominant power economically in this region. we'll keep an eye on how that meeting progresses. rupert, thank you. let's get a picture of what's happening in the stock market in asia, stocks fluctuating, events pretty much on edge after the polls last week, the three main indices in new york times, falling into negative territory for the year. the dowjones down negative territory for the year. the dow jones down by negative territory for the year. the dowjones down by i%, after disappointing earnings from the tech giants alphabet and amazon. concerns about the china us trade war. in europe today let's look at what's been happy and since markets opened, in positive territory so far. not that much change, perhaps shrugging off some losses from last week. and samira hussain has

the details of what's ahead on wall street today. several companies will report today including coca—cola and ali baba. on friday we get the latest jobs numbers, the department of labour releases its employment report before friday i guess we have to deal with monday first. monda les international will report earnings, a nalysts international will report earnings, analysts expecting lower earnings, there's been less demand for the brand cookies and snacks in europe and latin america. investors will be on the lookout for details on the strategic changes including investments in e—commerce to drive sales as well as any comments on trade and tariffs impact. samir wrote in new york. joining us is shaun port, chief investment officer at investment management company, nutmeg. how are you? good, thank you. you

are looking quite calm, a new trading week in operation. october has been such a tough month, down by 8%, a focus on earnings. the tech giants had some disappointing guidance coming into the fourth quarter, apple and facebook will be key with their earnings. we've seen today in europe the open has been reasonably positive, shredding of the losses from last week, profit—taking going on? the losses from last week, profit-taking going on? no new bad news for investors, hsbc earnings this mornings for good as well, good for the share price in london. it's all about earnings, if they come out quite positive, we get some good surprises, i think things will be canned, if the bad numbers from tech come out, looking ahead to next year, come out, looking ahead to next yea r, investors come out, looking ahead to next year, investors and market will be fragile. what extent you watch the budget in the uk, from the point of view of the markets, the pound, any

thoughts? the budget these days tends to be a nonevent for investors, we know a lot of things from the weekend press and lastly, the chancellor's answer constraint i brexit, keeping the money back in case there is a bad deal or no deal. for markets it's a bit of a nonevent, sterling gets moved around by what's happening on the brexit alcon, whether it will be a hard brexit, speculators betting quite heavily against the pound, if we get good news, expect to see a big rise in sterling. thank you, i note you will be back later to look through some other stories in more detail. we have the end of austerity in the uk. i had to say that. promises, promises! still to come... getting the lowdown from the locals. we'll hear from the travel adviser who says the best way to plan a trip abroad — is by hearing from the people who live there. you're with business live from bbc news. let's get another view on the

budget. the uk chancellor philip hammond is preparing to deliver the last uk budget before brexit. earlier this month, prime minister theresa may said austerity is over, so mr hammond will be under pressure to map out what that looks like in policy terms. we'rejoined by gerard lyons, chief economic strategist at netwealth: good morning, what do you think will be unveiled in the budget today as for as ending a sturdy is concerned? it will relate to whether there will be no deal breaks and we will have a deal? it should only be linked to the brexit outcome, it deserves to be an up heat budget given the economy is growing steadily and importantly public finances have clearly turned the corner. in terms of your question about austerity, the reality is the chancellor has a lot more room for manoeuvre than many people expected a few months

ago. the likelihood is that he will avoid grazing taxes, as used to be the fear only two months ago. he's going to put more money into the economy and maybe bring forward some of the previously announced tax changes such as raising allowances. he's trying to make a good news politically. the key messages though football happened to the economy, that will determine his future room for manoeuvre. in terms of brexit i think the chancellor continues to avoid realising that brexit is a great opportunity, he continues to approach at thinking this is about making the best of the bad job, maybe the budget will be as up heat as it should be, he has a lot more room for manoeuvre than previously thought. he has wiggle room but he is following on from that speech from theresa may, she says, austerity is over. she's desperate, isn't she, for some good headlines and she wants her chancellor to deliver that today? if you have more

credible economic forecasts then i think the economic forecast had been quite downbeat, that allows fiscal numbers to look more sound, taking the pressure from the chancellor on tax increases that were talked about. in terms of allowing the end of austerities, means he can announce some increases in spending. the details will come out next year, what's called the comprehensive spending review but the end of austerity is justified, some good news on the fiscal front. absolutely, gerard, thank you. much more on business life. your're watching business live — our top story — latin america's biggest economy has a new leader after the right wing candidate jair bolsonaro won brazil's elections. he's pledged to cut corruption — and boost competition. a quick look at how the markets are faring... this is the open in europe. as you

can see positive so far. the dax in frankfurt, the ftse in london. in the green so far. following the sell—off last week. now how do you plan your holidays? is your eye caught by travel supplements in the newspaper or do you get your inspiration from online research? the chances are you're already thinking ahead to your next trip and you'll want it tailor—made. well the global travel and tourism industry is massive, worth around $8.3 trillion in 2017. the sector accounts for around 10% of the world's industry and employment, and the sector grew over 5% last year. one company looking to capitalise on this growth is culture trip, which publishes around 1,600 culture and travel stories per month. the company aims itself at a new breed of tech—savvy millennial travellers, who want a unique and personalised experience.

and it seems to be working — the company claims over 18 million unique monthly visitors. joining us is dr kris naudts, founder of culture trip. welcome to the programme. as i was reading that out about tech savvy millennial travellers i thought, that counts me out! tell us why we would find you, how we would hear about you, i hadn't heard about you prior to knowing you were coming in today but there is so much up there already in terms of advice, information, video content, it's endless when it comes to travel. yes, you're absolutely right, there isa yes, you're absolutely right, there is a lot out there, that's for we come in, we want to be the website, but one app... so do all the others. how do we do that, we tell stories about what makes a place unique and

special, its people, its culture, that's what we focus on stuff why do we do that better why do we think we can do that better? because we have a network of local creators and contributors over the world, a network we have built over years and we are keen to scale up. they can give you the best insight and contextualise the culture of the place. that's one aspect. secondly the creative diversification that we bring i have seen nothing like it, that's what excites me, and the team and the investment community, we do articles, videos, illustrations, animation, we have an increasingly host of photographers, that's for we think we can win and we can beat the go to app and website, millennial travellers will go to prepare for their trip. orient themselves around their trip. orient themselves around the place they are going to and even book. it reminds me of an airline magazine, you have different articles from different countries

around the world, we seen a similar offering before but how much would you say digital has changed the world of travel journalism? you say digital has changed the world of traveljournalism? digital has changed it entirely. you had data, real—time data, people are interested in and look at it, the volume, the quality you can do at scale, you can do in a magazine. we produce in many ways about 100 magazines a month, if you like, with the number of articles we produce. do you pay your contributors? everybody is paid. at the beginning... the result was people, as the platform grows, people get additional exposure, we've always had people approaching us to be on the platform, today everybody is paid. you say and you post, you talked about very high quality storytelling, that's not cheap, that's expensive, anyone who works in tv knows that's quite an

expensive thing to bring to bear. you have members of staff all over the world, people you use worldwide, you've grown exponentially, you had $100 million in venture capital funding, you're not making money yet. when you going to have to start monetising this and how will you do that? sure, for now we focus on the model, the content creation, how we do that, we build the network of locals, that was first. sounds like hsbc disney, your local bank, do you see which i mean? is he would you mean. there has been that, then there's been audience sure, we are doing well, 2 billion views on videos, that's not any other website advert, those are staggering numbers. the investors are excited, growth came from 0a, we've only been serious for... how do you turn into people spending money? that's the opportunity, we can actually own the place people start, when they are

not completely sure for they might be going, we can on that, we can get everybody there, we can take them all the way down to booking, we are ina unique all the way down to booking, we are in a unique position to do that, no one is as credibly position to do that. air 3&3 one is as credibly position to do that. air 383 offers cultural experiences, you have competition? bigger competition, we share an audience but we believe we are more equipped to go up the final as we say as they are equipped to go down the final, by that i mean we can become transactional and they are equipped to become storytellers. how much do you know about those who are viewing your website, how do you get the data? google analytics software and use of the tools, we know they are young, 40% is in the us, increasingly people from asia coming to us, spending a good amount of time and enjoying it. thank you very much for coming to talk to us. keeping an eye. keeping an eye.

let's go to china — where pet pampering has reached new heights. with a growing chinese middle class — many pet owners are increasingly spashing out on extravagant gifts — and treatments — for their beloved animals. let's take a look: i've been asking for viewers to get in touch all morning, so far no one has been in touch about pooch pampering extravagance. sean, have you any pets? no, i don't. susannah? i had you any pets? no, i don't. susannah? ihada you any pets? no, i don't. susannah? i had a rabbit once but not for very long. my dog would run a mile from acupuncture. we were talking about financial markets and the budget earlier but give us your take on what's important about the budget today. it's interesting to see what the chancellor is keeping back in the chancellor is keeping back in the event of a bad brexit. he said he's doing that. i'd like to see more clarification, how much money are we talking about? potentially that could be spent on the nhs. go back to the battle boss, race tears

saying £50 million a day could be spent on the eu, there was a report from a pro—european think tank saying we are losing 500 million a day because of slow economic growth after the referendum to see. interesting to see what comes out. let's talk about a story in the financial times about how chinese banks are using facial recognition scanning to spot potential fraudsters. scary story. that's interesting. bearing in mind china is at the forefront of facial recognition, you can pay with your face, enter buildings tom is part of life in china. 5a micro—expressions to predict fraud, says it's had a 60% reduction in fraud because of this technology. unlikely to be applied in the same way to europe because of data protection laws, you would have to get consent to do it but they are using technology to predict fraud. do you think this kind of technology is being used any

further else to prevent fraud, is this the first time you heard of this? i've heard of it in europe, i think there are tests going on but china tends to rule the side because there's a lack of protection for consumers, they can roll it out quickly, test and learn. china is at the forefront of the implementation of artificial intelligence, in europe we are still testing and working how it can be used. they say it could spot potential fraudsters because of certain eye movements makes them look trustworthy but there is more investigation to go into whether that is true, it is not like they are banned... they go to a different level of checking. what's most important to use when on holiday, this is the question for viewers? relaxing and trying to detach from markets and news. it's not culture, experiencing the local culture... that's always important but chilling out as important. we've had tweets from people, we asked them what they prioritise on holiday. colin says like you relaxing and exploring the local area. rick says depends on offer you

go and the time of year, very important. titan says culture without a doubt and allowed she is in india, i know him on twitter, safety, health and fun. what about you? there safety, health and fun. what about you ? there is safety, health and fun. what about you? there is no nightlife mentioned, we haven't mentioned that. a little bit of nightlife. i have another one from heather who's watching in geneva, welcome. she says enjoying everything, the local culture has to offer, getting out and exploring on food is important. you see a lot more then. certainly, people not going on holiday at the moment, the chancellor unveiling his budget today, we will be following that very closely throughout the day. thanks for joining that very closely throughout the day. thanks forjoining us this morning. thank you. and thank you for your company. we will see you very soon. for your company. we will see you very soon. goodbye. hello. a cold and frosty start to

the working week, temperatures last night reaching freezing — “11 degrees in some areas. quite a quiet actually started a week. as we go through to the end of the week, turning wet and windy and not as called. this easter the wind bringing called a locked in place across the uk through much of continental europe as well. and it's bringing some crisp, sunny conditions. they tried over many, some show was affecting easter and parts of england, eastern scotland, just like the weekend, or for higher ground, the grampians, the moors in some snow mixed in. or ploughed into

northern ireland, maximum temperatures between 7—9d. tonight continuing with the easterly wind, showers and rain across easter in areas, more cloud spilling in from the east as well, making a difference to temperatures. you see from the map, yellow coming in, the blues, the frost will be here, more limited to the west. temperatures between zero and —2, —3. tuesday, quite wet in the east, some showers affecting this area, north—easterly winds, making a chilly, some sunshine throughout the day, maximum temperatures once again between 7-10d. the temperatures once again between 7—10d. the rain across the east linked in with this area of low pressure pushing away towards scandinavia. another week weather front living in as we go into

wednesday. providing more cloud and some showery rain as it pushes its way gradually eastwards through the day. could be a short spell of snow across the west of scotland over higher ground. across the west of scotland over higherground. in across the west of scotland over higher ground. in between the showers, especially to the east and later northern ireland, there will be some sunshine, temperatures coming up gradually a little bit, between 7—13d, that is how we end the week, temperatures coming up, by friday, quite a wet day for many. quite a strong wind developing on friday, we will keep a close eye on that at the moment. before then, enjoy the cold, crisp day that we will have today. goodbye. hello, it's monday, it's 9 o'clock, i'm victoria derbyshire. welcome to the programme. air accident investigators are about to hold a news conference about the helicopter crash outside leicester city's football stadium on saturday — which killed the club's chairman and four other people. we'll bring that to you live, as soon as it happens. also — this programme has

learned that women as young as 35 are being told that they're too old for ivf on the nhs. national guidelines say it should be offered up to the age of 42, but 12 areas of england are ignoring that. i felt cheated, i felt really disappointed. i felt angry initially. and i felt that it wasn't handled in the best possible way. it was also kind of matter—of—fact, "this is how it is,"