:00:17. > :00:19.The Greek Prime Minister Alexis Tsipras has defended controversial
:00:20. > :00:30.new pension and tax reforms approved by parliament.
:00:31. > :00:33.We will talk you through what is at stake.
:00:34. > :00:35.Facebook has won a court victory in China over
:00:36. > :00:39.Is this a sign that China is softening in its attitude
:00:40. > :00:41.to Facebook after Mark Zuckerberg's attempts to get the company
:00:42. > :00:57.We will talk you through the winners and losers in the market.
:00:58. > :00:59.And the company that built its business
:01:00. > :01:01.on the humble computer mouse - Logitech - it's sold
:01:02. > :01:05.But where does it go now in a post PC world?
:01:06. > :01:07.We'll get the inside track with the boss later
:01:08. > :01:11.And buying a house at 85 years of age -
:01:12. > :01:14.a mortgage lender in the UK has raised its maximum age limit -
:01:15. > :01:16.it says it reflects Britain's ageing population.
:01:17. > :01:19.But is 85 too old for a mortgage - or is it a great idea?
:01:20. > :01:42.Do get in touch with us with all your views on that story. We are
:01:43. > :01:44.beginning in Greece. Greek MPs have passed
:01:45. > :01:46.a controversial package of tax and pension reforms,
:01:47. > :01:48.vital for the receipt of the next instalment
:01:49. > :01:51.of international bailout funds. It follows a 2-day debate
:01:52. > :01:54.which was held amid violent Let's take a quick look at the key
:01:55. > :02:00.reforms the parliament has approved: Top of the list, the
:02:01. > :02:02.government has changed the income tax banding system,
:02:03. > :02:05.meaning that Greeks will now see a larger portion of their salary
:02:06. > :02:07.taxed at higher rates. Pensions are also being hit
:02:08. > :02:13.with a number of benefits The hope is that this will reduce
:02:14. > :02:21.pension spending from 17 to 15 percent of GDP
:02:22. > :02:25.in the country by 2019. Dividends tax has also
:02:26. > :02:29.been increased to 15 And let's not forget that
:02:30. > :02:35.Greece is already looking to implement spending cuts that
:02:36. > :02:38.will amount to 3 percent of the country's gross domestic
:02:39. > :02:40.product or 5 point 4 billion Later today, finance
:02:41. > :02:48.ministers meet in Brussels Christian Schulz, Director
:02:49. > :03:07.of European Economics Good to see you. Let's start on
:03:08. > :03:12.this. The IMF is saying today what it has said for some time, Greece's
:03:13. > :03:16.debt is unsustainable, it is unrealistic to think it could
:03:17. > :03:22.possibly pay it all back. Here's the problem. European leaders cannot be
:03:23. > :03:31.seen writing off Greek debt but at the same time, giving them the next
:03:32. > :03:39.chunk of money, you cannot write off and give loans because that becomes
:03:40. > :03:47.a gift. The legal side of it, that makes things obligated, but it is
:03:48. > :03:49.not unconditional. Greece is implementing very tough structural
:03:50. > :03:54.austerity reforms and has been doing that over the past year. Whilst
:03:55. > :04:01.there has been a debate over how effective that has been, they have
:04:02. > :04:06.faced a lot of pain. The argument that other countries might follow
:04:07. > :04:11.down the same route is I think week. What needs to be demonstrated is
:04:12. > :04:16.this gets back on course, and I think the IMF are right to have
:04:17. > :04:24.severe doubt. A lot of people continue to feel the pain. We've got
:04:25. > :04:29.these new reforms which resulted in mass demonstrations, petrol bombs
:04:30. > :04:35.being thrown, tax and pension changes. Reducing pay-outs, merging
:04:36. > :04:44.fund, increasing social security contributions, raising taxes. It
:04:45. > :04:53.does beggar belief, how long can the Greeks continue to suffer? The one
:04:54. > :05:00.thing missing is growth. The economy was flat-lining last year. This year
:05:01. > :05:08.will probably not be much better. But next year they expect a pretty
:05:09. > :05:14.strong role. There are doubts about how we get there, if we impose
:05:15. > :05:21.additional austerity, if there is a liquidity crisis because of the bank
:05:22. > :05:27.closures. If tourism is not looking like it is going to grow again as
:05:28. > :05:35.much as it has been growing. Growth is what is missing, obviously, but
:05:36. > :05:41.you cannot grow when you are cutting like this. Indeed, and that is the
:05:42. > :05:44.big flaw of this programme. Thank you.
:05:45. > :05:48.Takata shares fell as much as 3.5% on Monday as media reports suggest
:05:49. > :05:51.more recalls over faulty airbags supplied by the Japanese company.
:05:52. > :05:57.Sunday's Nikkei newspaper said that Japanese car maker Honda will recall
:05:58. > :06:01.an additional 20 million airbags provided by Takata.
:06:02. > :06:06.Honda shares have edged slightly higher despite the news.
:06:07. > :06:13.trade data shows that both exports and imports fell more
:06:14. > :06:19.Exports fell 1.8% compared with April last year while imports
:06:20. > :06:30.That marked the 18th consecutive monthly decline, suggesting
:06:31. > :06:34.that domestic demand remains weak despite a rise
:06:35. > :06:38.Oil prices have jumped because of supply shocks
:06:39. > :06:47.The disaster has shut half the country's oil sands capacity,
:06:48. > :06:51.More than 80,000 people have left Fort McMurray in the heart
:06:52. > :06:57.of Canada' oil sands, where the fire has torched 1,600
:06:58. > :07:09.Currently both brent and WTI crude prices are up on the news.
:07:10. > :07:16.Facebook has won a trademark dispute in China against a food company
:07:17. > :07:24.that was calling itself by the same brand name.
:07:25. > :07:28.We have been there before with the Apple Store.
:07:29. > :07:29.The government currently blocks Facebook to China's
:07:30. > :07:33.700 million internet users but the internet giant has recently
:07:34. > :07:36.gone on a charm offensive to access this huge market.
:07:37. > :07:45.Charlotte Glennie is in Singapore for us.
:07:46. > :07:54.Is it working? This is a tough one when you're trying to battle
:07:55. > :08:00.Beijing. It is certainly tough. It has prompted plenty of speculation
:08:01. > :08:06.that they might be willing to do this. The charm offensive that you
:08:07. > :08:18.mention has been going for a long time. He's visited Beijing, he has
:08:19. > :08:23.had a meeting, he has become fluent in Mandarin and as we know that
:08:24. > :08:28.takes a long time. Under Chinese law, any multinational that takes on
:08:29. > :08:32.this fight must prove that their brand is well known in China and
:08:33. > :08:39.internationally, which could be pretty tough if your side is block
:08:40. > :08:47.there. This is in contrast to the trademark case last week in which
:08:48. > :08:52.apple lost out against a company making bags using their trademark.
:08:53. > :08:57.You win some and you lose some. Thank you for joining us. Let's look
:08:58. > :09:03.at market across the world and how they have been going.
:09:04. > :09:09.Hong Kong is up slightly. In Asia they are grappling with lots of
:09:10. > :09:14.news, not least the latest trade numbers out of China which were not
:09:15. > :09:18.the best. Did not really pull down the markets in general but markets
:09:19. > :09:23.in Shanghai were trading lower. They were hit by the news coming out of
:09:24. > :09:27.the Chinese government. Let's look at European markets so you have a
:09:28. > :09:33.sense of how things are going. We've had some good economic news out of
:09:34. > :09:39.Germany today and also these markets are boosted by the fact that Athens
:09:40. > :09:41.came to an agreement on austerity measures over the weekend. Will they
:09:42. > :09:49.get a deal in Brussels? It is making get a deal in Brussels? It is making
:09:50. > :09:56.people think they will get the money they need because of moving forward
:09:57. > :10:03.in terms of austerity. This report is on what we should look out for on
:10:04. > :10:06.Wall Street. The piece is starting to slow down. That does not mean
:10:07. > :10:14.there is not plenty around two digests. Major US department stores
:10:15. > :10:19.will report their results. Retail sales numbers are out. This should
:10:20. > :10:25.provide some insight into the health of the US consumer. This Monday,
:10:26. > :10:32.America's biggest meat processor releases their results. A drop in
:10:33. > :10:54.livestock costs boosted profit margins. They will most likely be
:10:55. > :10:56.looking for updates. Solar city reports the company is forecast to
:10:57. > :11:13.report a loss. Let us continue to focus on the
:11:14. > :11:21.markets. Welcome to the programme. Very quickly, can we start with the
:11:22. > :11:27.very disappointing news, the US economy jobs numbers, they were
:11:28. > :11:31.hoping 202,000 jobs were created in April and you got 160, around. That
:11:32. > :11:41.will put a lot more pressure on the central bank. Absolutely, we started
:11:42. > :11:46.the year with rate hikes in four market and we are down to one. The
:11:47. > :11:55.are managing the X it from QE and at the same time keeping the US economy
:11:56. > :12:00.momentum going. Many were expecting June, we would see another rate rise
:12:01. > :12:05.but these numbers derail that a little bit. Absolutely. If you look
:12:06. > :12:13.at the rate curve, the probability of a hike in June is only 4%. This
:12:14. > :12:15.probably means it is very low. The expectation is most likely
:12:16. > :12:21.September. I think there is likely to be at least one rate hike this
:12:22. > :12:26.year. Let's talk about oil price. What is going on in Canada, terrible
:12:27. > :12:35.wildfire causing serious devastation. Give us your take on
:12:36. > :12:40.that and what is going on today. We've been expecting a gradual
:12:41. > :12:49.rebound in the oil price. It has kind of happened. Absolutely.
:12:50. > :12:53.companies have slashed budgets companies have slashed budgets
:12:54. > :13:00.because they are worried about supplies. I think the dynamic today
:13:01. > :13:04.is likely to be sustained because there has been such a low
:13:05. > :13:08.positioning on low oil futures but we could see a gradual rebound of
:13:09. > :13:15.the next few months to the end of the year. Thank you. He is not off
:13:16. > :13:16.the hook yet. Back in five minutes. Of mice and money -
:13:17. > :13:20.in a moment we'll be talking to the chief executive of Logitech -
:13:21. > :13:23.the firm that made a fortune But is now changing direction
:13:24. > :13:27.in a post PC world. You're with Business
:13:28. > :13:34.Live from BBC News. Before we talk about mice, which is
:13:35. > :13:39.a whole different meaning... Saudi Arabia is planning
:13:40. > :13:42.what could be the world's largest ever share sale worth
:13:43. > :13:44.70 billion pounds. It's set to list the huge oil
:13:45. > :13:46.company Aramco on the London, Hong Kong and New York stock
:13:47. > :13:49.exchanges. It's part of a major economic revamp
:13:50. > :13:54.which saw Saudi Arabia replace its influential
:13:55. > :13:55.and long-serving oil Victoria Fritz joins
:13:56. > :14:18.us in the newsroom. Tell us more about this. This was an
:14:19. > :14:22.exclusive from the Daily Telegraph. Really interesting, some of the
:14:23. > :14:34.details we are hearing. A sale will be planned for 2017. 5% of the
:14:35. > :14:42.equity of the company. It is really interesting. 70 billion would be
:14:43. > :14:45.five times bigger than any other initial public offering in history.
:14:46. > :14:51.To tell you why this is happening and why we are getting this
:14:52. > :14:55.happening now, the reason for a listing on multiple jurisdictions is
:14:56. > :14:59.threefold. First off, at that sort of colossal size the Saudi market
:15:00. > :15:04.could not handle it. They need to split this up across the globe. In
:15:05. > :15:10.terms of why they've decided to go to the US, for China and also for
:15:11. > :15:17.the UK, we are looking for strategic stakes, money from different parts.
:15:18. > :15:23.They are looking for them to develop oilfields and that technology and
:15:24. > :15:29.get this money from the investment and reinvested into this company.
:15:30. > :15:37.Then they can diversify and remove the addiction to oil.
:15:38. > :15:45.Temperatures Pretty on the balcony. Let's do Greggs sales up. Sales up
:15:46. > :15:52.at Greggs by nearly 4%. Greggs on the high street, sells everything,
:15:53. > :15:59.but we were both saying... I bought the odd sausage roll, but it is the
:16:00. > :16:06.baker's hot sandwich range and breakfast menu... It could come in
:16:07. > :16:07.handy now! We had good industrial numbers from Germany, that's
:16:08. > :16:13.important for us. Our top story: Eurozone finance
:16:14. > :16:17.ministers are meeting today to discuss the approval of more
:16:18. > :16:19.desperately needed The Greek parliament passed
:16:20. > :16:39.controversial pension and tax We saw lots of demonstrations and
:16:40. > :16:42.more petrol bombs. We shall keep you up-to-date with that as the day
:16:43. > :16:48.progresses. Let's move swiftly on. Time now to get the Inside Track
:16:49. > :16:52.on one of the big names in tech. It's a company that built
:16:53. > :16:54.its reputation on making computer accessories,
:16:55. > :16:56.but more recently it has taken on a new direction following
:16:57. > :16:59.a change of leadership in 2013. Logitech was founded in a farm
:17:00. > :17:02.building in the village of Apples, Shortly after, the firm opened
:17:03. > :17:05.another office in the US The computer mouse was the product
:17:06. > :17:12.that made Logitech Keyboards and other computer related
:17:13. > :17:14.products soon followed. The company has sold over a billion
:17:15. > :17:20.mice since 1985. But the global economic downturn
:17:21. > :17:23.and falling PC sales hit the company hard, and in 2011 Logitech
:17:24. > :17:29.changed direction. It has moved away from just the PC
:17:30. > :17:33.market, and now designs a wide range of products for music,
:17:34. > :17:35.gaming, video and other Since 2014, Logitech has
:17:36. > :17:42.tripled its profitability and now sells its products
:17:43. > :17:44.in over 100 countries. The Chief Executive of Logitech
:17:45. > :17:59.is Bracken Darrell. Great to have you with us? It is
:18:00. > :18:05.great to be here. Let's bring some of this stuff over here. We've got
:18:06. > :18:09.the Logitech products. Logitech is a company built, it was built up on
:18:10. > :18:13.the back of PC sales, PC sales we know what happened. Smartphone and
:18:14. > :18:18.mobile devices came in. I think it is fair to say that Logitech was, a
:18:19. > :18:24.good example of a company that didn't miss the boat, but was
:18:25. > :18:29.running on the warf trying to jump on it. It was a bit late? That's
:18:30. > :18:33.correct. In 2013 we started entering new categories. We entered four new
:18:34. > :18:39.categories so far and we have got more to come and each one is really
:18:40. > :18:43.exciting and we're really excited about where we're up to. In terms of
:18:44. > :18:48.that time of transition as Aaron was menninging, Logitech was behind the
:18:49. > :18:53.curve, but those within Logitech tell us that you were quite, you
:18:54. > :19:02.were the catalyst of change. You were the sort of the turn around
:19:03. > :19:09.boss as turned that brought the new ideas? We went from declining 7%
:19:10. > :19:14.that year, we grew 9% this last year and it was really a team effort. We
:19:15. > :19:18.built our design organisation. We have an amazing team there. We got a
:19:19. > :19:21.great technology organisation and continued to add new capability
:19:22. > :19:25.including software and Cloud connection and now we are creating
:19:26. > :19:29.products like that which is really, really exciting. Let's talk about
:19:30. > :19:34.this. You have got a couple of items here. This is a speaker, isn't it?
:19:35. > :19:37.It is. This is, you jumping on to the mobile world and offering the
:19:38. > :19:42.products... That's right. Gaming and things like that. This is a
:19:43. > :19:46.Bluetooth speaker. This is water proof. You could probably drop it
:19:47. > :19:51.off a second floor building and it won't damage it. I was running in
:19:52. > :20:00.Hyde Park and I saw a group of people running with three of these.
:20:01. > :20:07.Wow. But does it still work? It works. You say you could put it in
:20:08. > :20:11.water as well. Yeah, that's a fantastic product. We have got three
:20:12. > :20:14.different versions of that and it is doing extremely well. This is a good
:20:15. > :20:18.old-fashioned mouse, but not so old-fashioned. It is really cool.
:20:19. > :20:23.This is a gaming mouse. The hardest area of gaming right now, or of
:20:24. > :20:30.sports right now is the rise of E-sports. This is a ?130 mouse. It
:20:31. > :20:36.is the fastest mouse in the world. In terms of price? Yes. That's about
:20:37. > :20:40.200 bucks. Yes. It is the best mouse you can buy. It is the fastest mouse
:20:41. > :20:43.you can buy. Most people think that a wired mouse is faster than
:20:44. > :20:46.wireless. That's wireless and it is faster than any mouse ever made.
:20:47. > :20:52.This is another example of a new category. This is a charging base
:20:53. > :20:57.with a smart control for the new iPad pro. You can drop your iPad Pro
:20:58. > :21:01.into it. You can use it to watch videos. It is phenomenal. It
:21:02. > :21:06.launched within the last three months. Am I right by saying we were
:21:07. > :21:11.reading, weren't we, that Logitech, you have been dipping your toe into
:21:12. > :21:16.a hot topic at the moment, driverless cars? We're probably not
:21:17. > :21:20.going to launch a driverless car, but we are working on a huge range
:21:21. > :21:25.of products. Some are top-secret. Something might go in the car, we
:21:26. > :21:30.will see! You don't want to answer! Somebody said they may not answer
:21:31. > :21:33.that question. All this is so unbelievably competitive. So many
:21:34. > :21:36.other big names are doing exactly what you're doing. How do you
:21:37. > :21:42.different ate yourself and also how do you keep on top of all of this?
:21:43. > :21:44.We play with everybody in the industry. We are a Swiss company and
:21:45. > :21:48.we are used to playing with everybody. We have an innovation
:21:49. > :21:51.engine that's very fast and very broad and we're just constantly
:21:52. > :21:55.launching new products. That's our lifeblood. Great design, great
:21:56. > :21:58.technology new products. But they won't all be successful?
:21:59. > :22:02.Occasionally we have stuff that doesn't work, but we risk manage
:22:03. > :22:07.they will and we continue to launch new things all the time. OK. It is
:22:08. > :22:11.short and sweet. We will keep across it all, but we've got to leave it
:22:12. > :22:13.there. Thank you very much for coming in. Thank you, thank you very
:22:14. > :22:17.much. Let's see what other
:22:18. > :22:23.stories are being talked In a moment we'll take a look
:22:24. > :22:26.through the business pages but first here's a quick reminder of how
:22:27. > :22:32.to get in touch with us. We will keep you up-to-date with all
:22:33. > :22:36.the latest details with insight and analysis from the BBC's team of
:22:37. > :22:41.editors root around the world. And we want it hear from you too. Get
:22:42. > :22:46.involved on the BBC Business Live web page:
:22:47. > :22:52.On Twitter we are at: You can find us on Facebook:
:22:53. > :23:00.Business Live on TV and online whenever you need to know.
:23:01. > :23:02.What other business stories has the media been
:23:03. > :23:05.Kokou Agbo-Bloua, Managing Director, Global Head of Engineering
:23:06. > :23:07.and Strategy at Societe Generale Corporate and Investment Banking
:23:08. > :23:16.Nationwide raising borrow age to an age limit to 85. So at 85 years old
:23:17. > :23:22.in theory you can get a mortgage. That's what it goes up to, isn't it?
:23:23. > :23:29.You can apply at 80 and get a five year mortgage. 85 is the cap. It was
:23:30. > :23:34.75 before, but what they have mention issed there is a cap of 60%
:23:35. > :23:38.for the loan-to-value. They make sure that the ability of that loan
:23:39. > :23:45.to be repaid is secured. But it shows the fact that in a slow growth
:23:46. > :23:50.environment to borrow, Larry Summers concept of stagnation we have the
:23:51. > :23:54.concept of having young people having trouble with down payment and
:23:55. > :23:59.grandparents will ultimately be forced to tap in the loan market to
:24:00. > :24:01.help them out. So this is an example where the grandparents don't
:24:02. > :24:04.necessarily give the young people the money for the deposit, but get
:24:05. > :24:10.the mortgage out themselves, possibly? Correct. Possibly to
:24:11. > :24:15.cash-out the high equity they have in the houses and use the cash to
:24:16. > :24:18.help, you know, their kids. An interesting idea. An interesting
:24:19. > :24:24.idea. You have been getting in touch with your views on this one. So one
:24:25. > :24:29.viewer for example says, "Who will pay the inheritance tax if the
:24:30. > :24:34.mortgage holder dies? Before the mortgage is paid off?" And there is
:24:35. > :24:37.the issue of life insurance which would be expensive? This boils down
:24:38. > :24:44.to the ageing of the population. This is a path of least resistance.
:24:45. > :24:47.Where ability to apply for mortgages will have to be extended to a
:24:48. > :24:51.population that's getting older and older and these issues will
:24:52. > :24:53.ultimately have to be addressed by, you know, the Government or the
:24:54. > :24:59.banks. We have got 30 seconds. Financial
:25:00. > :25:03.Times, price water house to deploy drone. An accounting firm, it is
:25:04. > :25:08.more than that, what do they want to do with drones? It is deploying that
:25:09. > :25:13.in Poland which is one of their subsidiaries for surveyors or
:25:14. > :25:18.insurance or doing more analysis when it comes to land surveying or
:25:19. > :25:23.factories or in the construction sector. Wind turbines, off-shore
:25:24. > :25:32.wind turbines, I was reading, it is amazing really. We've got to wrap it
:25:33. > :25:34.up. Kokou We appreciate your time. That's another Business Live. We
:25:35. > :25:36.will see you tomorrow.