09/05/2016 BBC Business Live

The Greek Prime Minister Alexis Tsipras has defended controversial

new pension and tax reforms approved by parliament.

We will talk you through what is at stake.

Facebook has won a court victory in China over

Is this a sign that China is softening in its attitude

to Facebook after Mark Zuckerberg's attempts to get the company

We will talk you through the winners and losers in the market.

And the company that built its business

on the humble computer mouse - Logitech - it's sold

But where does it go now in a post PC world?

We'll get the inside track with the boss later

And buying a house at 85 years of age -

a mortgage lender in the UK has raised its maximum age limit -

it says it reflects Britain's ageing population.

But is 85 too old for a mortgage - or is it a great idea?

Do get in touch with us with all your views on that story. We are

beginning in Greece. Greek MPs have passed

a controversial package of tax and pension reforms,

vital for the receipt of the next instalment

of international bailout funds. It follows a 2-day debate

which was held amid violent Let's take a quick look at the key

reforms the parliament has approved: Top of the list, the

government has changed the income tax banding system,

meaning that Greeks will now see a larger portion of their salary

taxed at higher rates. Pensions are also being hit

with a number of benefits The hope is that this will reduce

pension spending from 17 to 15 percent of GDP

in the country by 2019. Dividends tax has also

been increased to 15 And let's not forget that

Greece is already looking to implement spending cuts that

will amount to 3 percent of the country's gross domestic

product or 5 point 4 billion Later today, finance

ministers meet in Brussels Christian Schulz, Director

of European Economics Good to see you. Let's start on

this. The IMF is saying today what it has said for some time, Greece's

debt is unsustainable, it is unrealistic to think it could

possibly pay it all back. Here's the problem. European leaders cannot be

seen writing off Greek debt but at the same time, giving them the next

chunk of money, you cannot write off and give loans because that becomes

a gift. The legal side of it, that makes things obligated, but it is

not unconditional. Greece is implementing very tough structural

austerity reforms and has been doing that over the past year. Whilst

there has been a debate over how effective that has been, they have

faced a lot of pain. The argument that other countries might follow

down the same route is I think week. What needs to be demonstrated is

this gets back on course, and I think the IMF are right to have

severe doubt. A lot of people continue to feel the pain. We've got

these new reforms which resulted in mass demonstrations, petrol bombs

being thrown, tax and pension changes. Reducing pay-outs, merging

fund, increasing social security contributions, raising taxes. It

does beggar belief, how long can the Greeks continue to suffer? The one

thing missing is growth. The economy was flat-lining last year. This year

will probably not be much better. But next year they expect a pretty

strong role. There are doubts about how we get there, if we impose

additional austerity, if there is a liquidity crisis because of the bank

closures. If tourism is not looking like it is going to grow again as

much as it has been growing. Growth is what is missing, obviously, but

you cannot grow when you are cutting like this. Indeed, and that is the

big flaw of this programme. Thank you.

Takata shares fell as much as 3.5% on Monday as media reports suggest

more recalls over faulty airbags supplied by the Japanese company.

Sunday's Nikkei newspaper said that Japanese car maker Honda will recall

an additional 20 million airbags provided by Takata.

Honda shares have edged slightly higher despite the news.

trade data shows that both exports and imports fell more

Exports fell 1.8% compared with April last year while imports

That marked the 18th consecutive monthly decline, suggesting

that domestic demand remains weak despite a rise

Oil prices have jumped because of supply shocks

The disaster has shut half the country's oil sands capacity,

More than 80,000 people have left Fort McMurray in the heart

of Canada' oil sands, where the fire has torched 1,600

Currently both brent and WTI crude prices are up on the news.

Facebook has won a trademark dispute in China against a food company

that was calling itself by the same brand name.

We have been there before with the Apple Store.

The government currently blocks Facebook to China's

700 million internet users but the internet giant has recently

gone on a charm offensive to access this huge market.

Charlotte Glennie is in Singapore for us.

Is it working? This is a tough one when you're trying to battle

Beijing. It is certainly tough. It has prompted plenty of speculation

that they might be willing to do this. The charm offensive that you

mention has been going for a long time. He's visited Beijing, he has

had a meeting, he has become fluent in Mandarin and as we know that

takes a long time. Under Chinese law, any multinational that takes on

this fight must prove that their brand is well known in China and

internationally, which could be pretty tough if your side is block

there. This is in contrast to the trademark case last week in which

apple lost out against a company making bags using their trademark.

You win some and you lose some. Thank you for joining us. Let's look

at market across the world and how they have been going.

Hong Kong is up slightly. In Asia they are grappling with lots of

news, not least the latest trade numbers out of China which were not

the best. Did not really pull down the markets in general but markets

in Shanghai were trading lower. They were hit by the news coming out of

the Chinese government. Let's look at European markets so you have a

sense of how things are going. We've had some good economic news out of

Germany today and also these markets are boosted by the fact that Athens

came to an agreement on austerity measures over the weekend. Will they

get a deal in Brussels? It is making get a deal in Brussels? It is making

people think they will get the money they need because of moving forward

in terms of austerity. This report is on what we should look out for on

Wall Street. The piece is starting to slow down. That does not mean

there is not plenty around two digests. Major US department stores

will report their results. Retail sales numbers are out. This should

provide some insight into the health of the US consumer. This Monday,

America's biggest meat processor releases their results. A drop in

livestock costs boosted profit margins. They will most likely be

looking for updates. Solar city reports the company is forecast to

report a loss. Let us continue to focus on the

markets. Welcome to the programme. Very quickly, can we start with the

very disappointing news, the US economy jobs numbers, they were

hoping 202,000 jobs were created in April and you got 160, around. That

will put a lot more pressure on the central bank. Absolutely, we started

the year with rate hikes in four market and we are down to one. The

are managing the X it from QE and at the same time keeping the US economy

momentum going. Many were expecting June, we would see another rate rise

but these numbers derail that a little bit. Absolutely. If you look

at the rate curve, the probability of a hike in June is only 4%. This

probably means it is very low. The expectation is most likely

September. I think there is likely to be at least one rate hike this

year. Let's talk about oil price. What is going on in Canada, terrible

wildfire causing serious devastation. Give us your take on

that and what is going on today. We've been expecting a gradual

rebound in the oil price. It has kind of happened. Absolutely.

companies have slashed budgets companies have slashed budgets

because they are worried about supplies. I think the dynamic today

is likely to be sustained because there has been such a low

positioning on low oil futures but we could see a gradual rebound of

the next few months to the end of the year. Thank you. He is not off

the hook yet. Back in five minutes. Of mice and money -

in a moment we'll be talking to the chief executive of Logitech -

the firm that made a fortune But is now changing direction

in a post PC world. You're with Business

Live from BBC News. Before we talk about mice, which is

a whole different meaning... Saudi Arabia is planning

what could be the world's largest ever share sale worth

70 billion pounds. It's set to list the huge oil

company Aramco on the London, Hong Kong and New York stock

exchanges. It's part of a major economic revamp

which saw Saudi Arabia replace its influential

and long-serving oil Victoria Fritz joins

us in the newsroom. Tell us more about this. This was an

exclusive from the Daily Telegraph. Really interesting, some of the

details we are hearing. A sale will be planned for 2017. 5% of the

equity of the company. It is really interesting. 70 billion would be

five times bigger than any other initial public offering in history.

To tell you why this is happening and why we are getting this

happening now, the reason for a listing on multiple jurisdictions is

threefold. First off, at that sort of colossal size the Saudi market

could not handle it. They need to split this up across the globe. In

terms of why they've decided to go to the US, for China and also for

the UK, we are looking for strategic stakes, money from different parts.

They are looking for them to develop oilfields and that technology and

get this money from the investment and reinvested into this company.

Then they can diversify and remove the addiction to oil.

Temperatures Pretty on the balcony. Let's do Greggs sales up. Sales up

at Greggs by nearly 4%. Greggs on the high street, sells everything,

but we were both saying... I bought the odd sausage roll, but it is the

baker's hot sandwich range and breakfast menu... It could come in

handy now! We had good industrial numbers from Germany, that's

important for us. Our top story: Eurozone finance

ministers are meeting today to discuss the approval of more

desperately needed The Greek parliament passed

controversial pension and tax We saw lots of demonstrations and

more petrol bombs. We shall keep you up-to-date with that as the day

progresses. Let's move swiftly on. Time now to get the Inside Track

on one of the big names in tech. It's a company that built

its reputation on making computer accessories,

but more recently it has taken on a new direction following

a change of leadership in 2013. Logitech was founded in a farm

building in the village of Apples, Shortly after, the firm opened

another office in the US The computer mouse was the product

that made Logitech Keyboards and other computer related

products soon followed. The company has sold over a billion

mice since 1985. But the global economic downturn

and falling PC sales hit the company hard, and in 2011 Logitech

changed direction. It has moved away from just the PC

market, and now designs a wide range of products for music,

gaming, video and other Since 2014, Logitech has

tripled its profitability and now sells its products

in over 100 countries. The Chief Executive of Logitech

is Bracken Darrell. Great to have you with us? It is

great to be here. Let's bring some of this stuff over here. We've got

the Logitech products. Logitech is a company built, it was built up on

the back of PC sales, PC sales we know what happened. Smartphone and

mobile devices came in. I think it is fair to say that Logitech was, a

good example of a company that didn't miss the boat, but was

running on the warf trying to jump on it. It was a bit late? That's

correct. In 2013 we started entering new categories. We entered four new

categories so far and we have got more to come and each one is really

exciting and we're really excited about where we're up to. In terms of

that time of transition as Aaron was menninging, Logitech was behind the

curve, but those within Logitech tell us that you were quite, you

were the catalyst of change. You were the sort of the turn around

boss as turned that brought the new ideas? We went from declining 7%

that year, we grew 9% this last year and it was really a team effort. We

built our design organisation. We have an amazing team there. We got a

great technology organisation and continued to add new capability

including software and Cloud connection and now we are creating

products like that which is really, really exciting. Let's talk about

this. You have got a couple of items here. This is a speaker, isn't it?

It is. This is, you jumping on to the mobile world and offering the

products... That's right. Gaming and things like that. This is a

Bluetooth speaker. This is water proof. You could probably drop it

off a second floor building and it won't damage it. I was running in

Hyde Park and I saw a group of people running with three of these.

Wow. But does it still work? It works. You say you could put it in

water as well. Yeah, that's a fantastic product. We have got three

different versions of that and it is doing extremely well. This is a good

old-fashioned mouse, but not so old-fashioned. It is really cool.

This is a gaming mouse. The hardest area of gaming right now, or of

sports right now is the rise of E-sports. This is a ?130 mouse. It

is the fastest mouse in the world. In terms of price? Yes. That's about

200 bucks. Yes. It is the best mouse you can buy. It is the fastest mouse

you can buy. Most people think that a wired mouse is faster than

wireless. That's wireless and it is faster than any mouse ever made.

This is another example of a new category. This is a charging base

with a smart control for the new iPad pro. You can drop your iPad Pro

into it. You can use it to watch videos. It is phenomenal. It

launched within the last three months. Am I right by saying we were

reading, weren't we, that Logitech, you have been dipping your toe into

a hot topic at the moment, driverless cars? We're probably not

going to launch a driverless car, but we are working on a huge range

of products. Some are top-secret. Something might go in the car, we

will see! You don't want to answer! Somebody said they may not answer

that question. All this is so unbelievably competitive. So many

other big names are doing exactly what you're doing. How do you

different ate yourself and also how do you keep on top of all of this?

We play with everybody in the industry. We are a Swiss company and

we are used to playing with everybody. We have an innovation

engine that's very fast and very broad and we're just constantly

launching new products. That's our lifeblood. Great design, great

technology new products. But they won't all be successful?

Occasionally we have stuff that doesn't work, but we risk manage

they will and we continue to launch new things all the time. OK. It is

short and sweet. We will keep across it all, but we've got to leave it

there. Thank you very much for coming in. Thank you, thank you very

much. Let's see what other

stories are being talked In a moment we'll take a look

through the business pages but first here's a quick reminder of how

to get in touch with us. We will keep you up-to-date with all

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What other business stories has the media been

Kokou Agbo-Bloua, Managing Director, Global Head of Engineering

and Strategy at Societe Generale Corporate and Investment Banking

Nationwide raising borrow age to an age limit to 85. So at 85 years old

in theory you can get a mortgage. That's what it goes up to, isn't it?

You can apply at 80 and get a five year mortgage. 85 is the cap. It was

75 before, but what they have mention issed there is a cap of 60%

for the loan-to-value. They make sure that the ability of that loan

to be repaid is secured. But it shows the fact that in a slow growth

environment to borrow, Larry Summers concept of stagnation we have the

concept of having young people having trouble with down payment and

grandparents will ultimately be forced to tap in the loan market to

help them out. So this is an example where the grandparents don't

necessarily give the young people the money for the deposit, but get

the mortgage out themselves, possibly? Correct. Possibly to

cash-out the high equity they have in the houses and use the cash to

help, you know, their kids. An interesting idea. An interesting

idea. You have been getting in touch with your views on this one. So one

viewer for example says, "Who will pay the inheritance tax if the

mortgage holder dies? Before the mortgage is paid off?" And there is

the issue of life insurance which would be expensive? This boils down

to the ageing of the population. This is a path of least resistance.

Where ability to apply for mortgages will have to be extended to a

population that's getting older and older and these issues will

ultimately have to be addressed by, you know, the Government or the

banks. We have got 30 seconds. Financial

Times, price water house to deploy drone. An accounting firm, it is

more than that, what do they want to do with drones? It is deploying that

in Poland which is one of their subsidiaries for surveyors or

insurance or doing more analysis when it comes to land surveying or

factories or in the construction sector. Wind turbines, off-shore

wind turbines, I was reading, it is amazing really. We've got to wrap it

up. Kokou We appreciate your time. That's another Business Live. We

will see you tomorrow.