15/02/2017 World Business Report

I believe that story is also coming up with Aaron.

The IMF says Greece needs more money but Europe says it's had enough

as it sends in its top man to try and break the deadlock over debt.

And up, up and away, as India breaks a world record

and shoots 104 satellites in one go into space.

We're going to look at how that country is becoming

If you are tuning in for the first time, stay where you are, I have

eight minutes to give you all of the latest going on in the world of

business and money. Coming up, can low cost

airlines successfully break The boss of Norwegian Air

certainly thinks so, and we'll be hearing from him

a little later in the programme. The EU's top economist,

Pierre Moscovici, is visiting Greece today to talk

about the country's debt problem. He's trying to break

the deadlock over the release Athens and its international

creditors have been wrangling for months over the issue,

and failure to reach agreement has Not only that, but yesterday

it was revealed that the Greek economy unexpectedly shrank

in the last three months of 2016. So, what options does

the country have? Greece is now under increased

pressure to step up its economic reforms, including on painful things

like cutting pension payments Meanwhile, the International

Monetary Fund says Greece needs more money, more cash in order

to get its economy back on track. But that's not going down

well with the eurozone, which says it's already done enough

and it's already written off enough The Greek government faces

debt repayments of $7.4 And they can't afford those payments

unless they meet the conditions being asked by the lenders,

and in return the lenders will agree to release more money

from the country's $91 So what kind of treatment can Greece

expect at the hands of its lenders? Here's how the International

Monetary Fund's spokesman put I think we would agree that Europe

has provided extraordinary support to Greece and we would agree that it

is encouraging that Europe indicates, reiterates again today

that it will stand by Greece for the long-term. We obviously welcome both

of those things but I think it is important to say this also, that

that support is not unconditional. Thanos Vamvakidis is Head

of Global Rates at Bank of America. It is great to have you with us. I

just want to bang my head on the table and go, here we are again, I

am bored, it is the same, why are we here again? We go through the same

thing every year because all three sides are doing the same mistake.

Greece tries to get away with things without implementing reforms and

then they implement more austerity, the Europeans don't recognise Greece

cannot pay this debt unless it is given more time, and the IMF keeps

asking for more money. Why is it... And I jest, because there is a human

side to the story, but there is a lot of suffering from Greece, but

why is it so hard for the Greek government to get those reforms

through? Definitely the delays have a cost to the economy. The final

deal that is agreed is always worse than the deal that was available on

the table in Italy. And Greece has failed all this year to make the

case to the Greek public for structural reform. This is still a

very rigid economy. The result is zero growth at this point despite

the collapse in the previous years. And at the end they have to

implement more and more austerity which puts Greece in a vicious

cycle. It is a dog chasing its tail. We have had Brexit, now we have had

that, lots of parts of Europe are going, well, it is possible for a

country to leave the EU. Then they look at Greece and go, you are not

adding much. I wonder if the Greeks and the government looks at the

mountain of debt they are supposed to pay that, 360 million euros or

something like that, they will never pay that back, and they should go,

let's get out, and not pay it back. In Europe we see increasing with

this theory is gaining ground because it is not affecting the rest

of Europe as it once did any more. Inside Greece, although public

support to stay in the eurozone is strong, increasingly we voice is

considering plan B. Things would be much worse outside the eurozone. As

long as Greece is stuck in this impossible situation. People will

start thinking about it. Brexit is possible. On top of that we have a

changing political landscape in Europe with the French, the Dutch

and German elections coming up -- Grexit.. Thank you. I got it right,

didn't I, and it is a tough one at this time in the morning. You try

that at home. Low cost airlines have been hugely

successful on short journeys, but many have struggled to break

into the long-haul market. For some consumers the thought

of an intercontinental flight without a free blanket,

drink or meal is just too But one airline which has been

successful is Norwegian Air. It started with flights

to New York from Oslo in 2013. As a part of our series

on the global airline industry, Theo Leggett has been speaking

with Norwegian Air's chief executive Bjorn Kjos about why he thinks low

cost long-haul flights I think if you look at the world

today, if you look at the migration of people, if you look at students

living in another continent, studying and maybe even working in a

third continent, the world is becoming global, and so will people,

people will start travelling more and more on the long haul and

whether we like it or not 80% of everybody travelling today are

either to wrestle visiting friends or relatives or in ten years

probably 90%. What about consumers, do they accept or will they accept

travelling eight or nine hours on the plane without a free drink or

any free food? Well, they do it more or less on the shorthaul, they fly

for five or six hours today, but they can actually, on the Dreamliner

is, they even have the screen where they can tap into by a beer or by a

meal, so they have their own pan where they can order anything -- buy

-- buy. Ten seconds after they order it someone will come and give it to

you. It is even more efficient than sitting in a restaurant. The big

loss of Norwegian Air. India's space agency successfully

achieved a world record, India's commercial launch operations

are much cheaper than in other countries, and it's been creating

a thriving ecosystem for privately Shilpa Kannan went to Bangalore

to visit Team Indus, who are taking part in a competition

to send a spacecraft and a robot It is a race to the moon. To put a

privately funded spacecraft on the lunar surface. And India's Team

Indus is one of the five finalist. They think their robot will get

there first. This is a small rover built by Team Indus. This is meant

to simulate the moon surface and I would try to control this with my

phone. And if I manage to do it it is not meant to be fast. It stops

speed at five centimetres per second. If it successfully does this

for 500 metres on the moon surface it stands to win a price of $20

million. -- prize. The team is taking part in the lunar challenge,

funded by Google. It signed a deal to hitch a ride on one of the Indian

government's rockets. Mission control is already in place. Target

launch date, December this year. Once we accomplish this, once we

have proven what we can do by way of design and integration and

prototyping, I think we will be able to turn around and offer these

products and services to others who might be interested in space

exploration, Aerospace development and so on. They will have cast

competition. Four other teams are also in the race. Israel's spaces

sell, a American moon express, Synergy moon and Japan's Hakuto have

also secured contracts to launch spacecraft. Going to the moon is not

cheap. Team Indus says their mission costs about $60 million, so even if

they win they have still lost money, but the prestige and national glory

is priceless. We are going to have more on that with Adnan when we look

at the papers from around the world. I will see you very shortly, ta ta.

Same-sex marriage will be debated at the Church

of England's General Synod in London today.

Although legal in England, Scotland and Wales since 2014,

the UK's biggest faith group, does not permit same-sex ceremonies

and it's members remain divided on the issue.