:00:00. > :00:14.Live from London, that's our top story on Wednesday, 15th February.
:00:15. > :00:24.The people of Greece take to the streets
:00:25. > :00:27.The country's economy is shrinking, but its creditors
:00:28. > :00:39.Also in the programme - up, up and away, as India breaks
:00:40. > :00:44.a world record and shoots 104 satellites in one go into space.
:00:45. > :00:47.We're going to look at how that country is becoming a serious
:00:48. > :00:58.It was another record setting day on Wall Street.
:00:59. > :01:05.Also in the programme, finding a diamond in the rough!
:01:06. > :01:10.We'll meet the woman whose company is turning waste into energy.
:01:11. > :01:14.Lloyds of London is banning drinking during work hours.
:01:15. > :01:17.Today we want to know, is the liquid lunch a thing of the past?
:01:18. > :01:19.Is it ever acceptable to drink during the working day?
:01:20. > :01:48.The EU's top economist, Pierre Moscovici, is visiting
:01:49. > :01:55.Greece today to talk about the country's debt problem.
:01:56. > :01:57.He's trying to break the deadlock over the release
:01:58. > :02:06.Athens and its international creditors have been wrangling
:02:07. > :02:10.for months over the issue, and failure to reach agreement has
:02:11. > :02:21.Yesterday it was revealed that the Greek
:02:22. > :02:24.economy unexpectedly shrank in the last three months of 2016.
:02:25. > :02:28.So what options does the country have?
:02:29. > :02:33.Greece is now under increased pressure to step up its economic
:02:34. > :02:36.reforms, including on painful things like cutting pension
:02:37. > :02:49.Meanwhile, the International Monetary Fund says Greece needs more
:02:50. > :02:52.money, give it more cash in order to get its economy back on track.
:02:53. > :02:56.But that's not going down well with the Eurozone,
:02:57. > :03:00.which says it's already written off enough Greek debt.
:03:01. > :03:03.The Greek government faces debt repayments
:03:04. > :03:11.And they can't afford those payments unless they meet the conditions
:03:12. > :03:14.being asked by the lenders and in return, the lenders
:03:15. > :03:21.will agree to release more money from the country's
:03:22. > :03:38.Vicky Pryce, economist at the Centre for Economics
:03:39. > :03:48.It is not Aaron's fault, but he has been reciting the same story as we
:03:49. > :03:53.all have time and time again. Here we are yet again, Greece having
:03:54. > :03:57.problems paying its debts. What is to be done and why are we still
:03:58. > :04:01.here? There have been issues in the way Greece has been implementing the
:04:02. > :04:05.reforms. What's been going on, there has been an agreed third bail out.
:04:06. > :04:08.The IMF decided it wasn't going to take part in it until it satisfied
:04:09. > :04:13.itself that Greece were doing the right things and that the debt was
:04:14. > :04:16.sustainable. And there has been review after review, we're in the
:04:17. > :04:20.second review for the third bail out. This review has not been
:04:21. > :04:24.concluded because nobody is convinced that Greece is really
:04:25. > :04:28.doing the right things and this review should have been completed
:04:29. > :04:31.months ago and there is a crucial meeting on 20th February which needs
:04:32. > :04:35.to decide what happens with Greece next? It isn't the case of a new
:04:36. > :04:40.bail out, it is really having the extra bit of the bail out that was
:04:41. > :04:45.meant to be coming a few months ago really which hasn't been forthcoming
:04:46. > :04:49.yet. We have sat here over the years, right and spoken about this.
:04:50. > :04:54.Before Brexit came along, we used to talk about Grexit. That was the word
:04:55. > :05:00.on the street and people used to go, "Europe will never let another go
:05:01. > :05:04.leave the Union." Now Brexit is happening, I'm wondering is there a
:05:05. > :05:07.mindset in Europe which makes it easier to go, "It's OK if Greece
:05:08. > :05:11.does leave." I think it is the opposite. Given that there is going
:05:12. > :05:15.to be Brexit under some conditions which, of course, still have to be
:05:16. > :05:19.agreed the last thing that Europe needs now is to have further
:05:20. > :05:23.disintegration. There it is facing Trump who has been pretty critical
:05:24. > :05:26.of what the EU does and to see a country like Greece leave and the
:05:27. > :05:34.whole Europe project therefore being put into question will be pretty,
:05:35. > :05:38.pretty hard. Sorry Ben, Europe could be a different political landscape.
:05:39. > :05:41.We have election ins France, the Netherlands and Germany and you
:05:42. > :05:44.could get people in power that won't have the appetite to give anymore
:05:45. > :05:47.money to Greece? That's true, of course, it isn't anymore. It is the
:05:48. > :05:51.bail out that was agreed before. That's what we're talking about, but
:05:52. > :05:53.yes, of course, we have the elections in the Netherlands in
:05:54. > :05:58.March. It is one of the reasons why everyone is trying to get agreement
:05:59. > :06:01.before the elections. So perhaps we get something by mid- March, there
:06:02. > :06:05.will be something on 20th February which says yes, we have a way
:06:06. > :06:06.what we will see after that, we have what we will see after that, we
:06:07. > :06:11.the elections and indeed they have the elections and indeed they have
:06:12. > :06:15.the French and the Germans, if there is any serious unsettling sort of
:06:16. > :06:20.movement in Europe, that is going to in many ways help the populist
:06:21. > :06:23.parties which the current players don't really want to see. I think
:06:24. > :06:27.they will try hard to get a compromise. We were talking about
:06:28. > :06:31.whether Greece would leave the European Union. If not quite leaving
:06:32. > :06:36.the European Union, do you think we could foresee bli see Greece leaving
:06:37. > :06:39.the single currency? When you look at opinion polls which used to be
:06:40. > :06:44.very, very positive in relation to the euro and Europe in Greece, they
:06:45. > :06:47.have swung a little bit. Now, you get some polls which suggest the
:06:48. > :06:51.majority of Greeks want to get out of it because of the pain it has
:06:52. > :06:54.caused them over a number of years. I think there may well be a
:06:55. > :06:59.possibility of a snap election coming after this agreement is
:07:00. > :07:05.settled and I think the euro, or being part of Europe, may well play
:07:06. > :07:08.a part in whatever it is that particularly the Syriza party the
:07:09. > :07:14.one in power, maybe going to the electorate with. So we may well see
:07:15. > :07:17.some of that, but overall the Greeks will be conservative. They feel they
:07:18. > :07:20.should be attached to Europe. They are concerned about developments in
:07:21. > :07:23.Russia and everywhere and of course, so does the rest of Europe in fact.
:07:24. > :07:28.Thank you. Shares in Toshiba tumbled
:07:29. > :07:33.further during trade The firm's chairman resigned
:07:34. > :07:41.on Tuesday, after the company announced a $3.4 billion net loss
:07:42. > :07:46.for the year. The company had announced it
:07:47. > :07:48.expected to take a $6.3 billion writedown at its troubled
:07:49. > :08:02.US nuclear business. Dutch brewer Heineken has reported
:08:03. > :08:05.a rise in its organic net profit, The world's second biggest brewer
:08:06. > :08:08.expects to see further revenue growth this year,
:08:09. > :08:10.but warns economic conditions Facebook is launching an app that
:08:11. > :08:19.will allow users to stream videos in their news feed through set-top
:08:20. > :08:22.boxes to their TV. The move could allow it
:08:23. > :08:24.to eventually better compete with the likes of YouTube
:08:25. > :08:26.and traditional television channels India has entered the history books
:08:27. > :08:41.by successfully launching 104 satellites on a single mission,
:08:42. > :08:43.smashing the previous record of 37 satellites
:08:44. > :09:09.launched by Russia in 2014. An incredible accomplishment for
:09:10. > :09:13.India, but it is really highlighting that country's presence, I guess,
:09:14. > :09:18.right in this space race? That's right. I mean there is a lot of
:09:19. > :09:22.Indians feeling very proud today, Aaron, but it is not just about
:09:23. > :09:26.pride. This is about money as well. About six months ago I was at the
:09:27. > :09:34.Indian Space Agency headquarters in Bangalore. At that time they
:09:35. > :09:42.launched 49 foreign satellites into space and earned $120 million doing
:09:43. > :09:51.so. Today the number has gone up by 101, 101 satellites were on that
:09:52. > :09:54.rocket. It puts India on a firm footing in the global market as far
:09:55. > :09:57.as launch vehicles for satellites are concerned and there is huge
:09:58. > :10:02.demand for it because companies today want to not just launch one
:10:03. > :10:07.satellites or two satellites into space, but 20, 50, 100 satellites.
:10:08. > :10:13.Astonishing stuff. Thank you for that. We'll talk to you soon.
:10:14. > :10:18.Let's take a look at the Asian markets.
:10:19. > :10:26.All helped by another wow on the Dow! Another record session on Wall
:10:27. > :10:30.Street. Wall Street was boosted by the big boss of America's Central
:10:31. > :10:34.Bank, Janet Yellen who spoke yesterday, when she speaks, markets
:10:35. > :10:39.stop! And we listen. Everybody listens to every word that comes out
:10:40. > :10:43.of her mouth. Yesterday she kind of flagged a possible interest rate
:10:44. > :10:48.rise next month which kept the US dollar near three week highs. Let's
:10:49. > :10:51.look at the European markets because the market watchers were expecting
:10:52. > :10:55.the same enthusiasm to continue in our trading session over here and
:10:56. > :10:58.that's exactly what is happening right now. Ben.
:10:59. > :11:01.Joining us is Richard Lewis, Head of Global Equities
:11:02. > :11:12.Aaron was mentioning the testimony from Janet Yellen to Congress. The
:11:13. > :11:20.markets seeming to like what she had to say? Yes, this is one of the semi
:11:21. > :11:25.annual testimonies. It is a well watched event and Mrs Yellen is
:11:26. > :11:31.carefully managing market expectation and here we saw another
:11:32. > :11:34.change in nuance from Mrs Yellen hinting at further rate rises to
:11:35. > :11:38.come, interest rate rises to come this year, but nothing really that
:11:39. > :11:43.the market wasn't expecting. So what she has done with these comments is
:11:44. > :11:49.really confirm the markets, say to the markets, you're about right with
:11:50. > :11:51.your expectations of where you are. And European markets responding to
:11:52. > :11:56.what we were talking about with Greece as well? Yes. Well, I think,
:11:57. > :12:01.the most powerful influence for the European markets is what Mrs Yellen
:12:02. > :12:06.says. There is a secondary story with Greece which is once again, you
:12:07. > :12:10.know, this dilemma that the EU has with the Greek bail out and it is
:12:11. > :12:13.where we were two years ago and I don't suppose that much will happen
:12:14. > :12:19.this side of the German elections of any note, but what all this
:12:20. > :12:23.stalemate does do is it ensures that Mr Draghi, the chairman of the ECB
:12:24. > :12:27.will keep interest rates at negative rates and he will keep pumping QE
:12:28. > :12:30.and that's the most important message for European financial
:12:31. > :12:35.markets. In a very bizarre sense, the Greek dilemma, which is a Greek
:12:36. > :12:39.tragedy for the Greek people, but the Greek dilemma is proving
:12:40. > :12:44.remarkably positive for the European financial assets because of the
:12:45. > :12:50.effect on the ECB. You mentioned Draghi, we mentioned Janet Yellen.
:12:51. > :12:53.Never before, I'm asking you this as a question, have we seen where the
:12:54. > :12:58.markets are so focussed on central banks? Yes. Yes! It is the only game
:12:59. > :13:03.in town. It has been since the great financial crisis. Exactly. The
:13:04. > :13:07.central banks have intervened very heavily in financial markets for six
:13:08. > :13:12.years and the financial markets are now completely dependant on that
:13:13. > :13:15.intervention. OK. You will come back and take us through some of the
:13:16. > :13:18.papers. All right, we'll talk to you very soon, thank you, Richard.
:13:19. > :13:20.Still to come, turning rubbish into a resource.
:13:21. > :13:23.We'll hear from the woman whose company makes energy from waste.
:13:24. > :13:31.You're with Business Live from BBC News.
:13:32. > :13:35.Sick pay and sickness benefits is costing state and businesses
:13:36. > :13:38.around ?23 billion per year, according to a new
:13:39. > :13:45.They are calling for a more flexible Fit Pay to be introduced
:13:46. > :13:47.which they say would be suitable for modern times.
:13:48. > :13:57.Joe Dromey is senior research fellow at the IPPR.
:13:58. > :14:05.Did you say Fit Pay? What is that? Fit Pay is a new benefit we are
:14:06. > :14:10.recommending which would help keep more people in touch with work when
:14:11. > :14:14.they developed a health or mental health condition. The government has
:14:15. > :14:18.been trying to reduce the number of people on sickness related benefits
:14:19. > :14:22.for many years and they have failed. We argue this is because too many
:14:23. > :14:24.people who developed a hell for mental health condition just fall
:14:25. > :14:29.out of work and end up on benefits. We are talking for more support from
:14:30. > :14:33.the state and employers to keep people well in work and to keep
:14:34. > :14:38.people in touch with work and Fit Pay is one of the ways we think this
:14:39. > :14:42.can be done. If a company like the idea you have suggested and they
:14:43. > :14:45.want to implement it, how easy is it? When systems are in place, it
:14:46. > :14:50.can be a real headache trying to change to something different. We
:14:51. > :14:54.believe it would be relatively easy to implement so if an employee
:14:55. > :15:00.develops a hell for mental health condition and the GB agrees it is
:15:01. > :15:04.best for them to reduce their hours, -- a health or mental health
:15:05. > :15:07.condition. They can reduce their hours with the agreement of their
:15:08. > :15:11.employer and Fit Pay would ease the loss of earnings and also if an
:15:12. > :15:16.individual has fallen out of work completely but wants to return on a
:15:17. > :15:20.part-time basis then Fit Pay, this flexible sick pay, if you will, will
:15:21. > :15:25.help support them back into work and make sure that their income is
:15:26. > :15:30.always better off in work. We hope that it would be better for
:15:31. > :15:32.employees and employers, who spent ?9 billion per year on sick pay at
:15:33. > :15:34.the moment, and better for the public finances. Thank you for
:15:35. > :15:47.joining us. We are trying to... You know what?
:15:48. > :15:53.You aren't. The person who sits down is the person who has to deal with a
:15:54. > :15:56.tablet. I've just fixed it for you. We should talk about Lloyd's
:15:57. > :16:05.stopping the boozy lunch. We will talk about that later. But I wanted
:16:06. > :16:06.your opinion. Is on the Business Live page, even if we can't show you
:16:07. > :16:10.right now! Our top story - the EU's top
:16:11. > :16:14.economist, Pierre Moscovici, is visiting Greece today to talk
:16:15. > :16:19.about the country's debt problem. Yesterday, it was revealed
:16:20. > :16:23.that the Greek economy unexpectedly shrank in the last three months
:16:24. > :16:26.of 2016, but the country is facing increased pressure to step
:16:27. > :16:29.up its economic reforms, including painful things
:16:30. > :16:43.like cutting pension But they are not doing it. They
:16:44. > :16:45.promised to do it for some time but they haven't.
:16:46. > :16:51.Turning waste into energy might seem like the ultimate efficiency.
:16:52. > :16:55.What could be greater than using the stuff we throw
:16:56. > :16:59.But it's not always as easy as that, with waste often having to be
:17:00. > :17:01.transported great distances before it can be processed
:17:02. > :17:05.Well, our next guest thinks she's cracked that conundrum.
:17:06. > :17:12.Sandra Sassow has created two patented products,
:17:13. > :17:21.They use technology which converts food and animal waste
:17:22. > :17:30.And the company has just struck a near ?1 billion deal in India -
:17:31. > :17:38.Sandra Sassow is the co-founder and CEO of SEaB Energy.
:17:39. > :17:50.Great to have you with us. It is like the three stooge... No, not
:17:51. > :17:55.three! We will be more polite from here on in. I've got to ask because
:17:56. > :18:02.you worked on the Hubble telescope navigation systems and now you are
:18:03. > :18:07.doing this. Can you tell us how, for dummies, like me, how it works? It
:18:08. > :18:13.is almost the same as the Hubble space telescope, going out into the
:18:14. > :18:17.distance, taking waste that is local and converting it. It is a bacterial
:18:18. > :18:22.process. The bacteria it the waste in the shipping containers. Then it
:18:23. > :18:26.produces biogas which is then converted in an engine to
:18:27. > :18:31.electricity and we capture the water from the waist so if you have food
:18:32. > :18:35.waste, which is 80% water, you can take the 80% that you are
:18:36. > :18:40.recapturing and turn it into a water resource for the site as well. Who
:18:41. > :18:44.is buying into the idea? Do you have any big customers who have said they
:18:45. > :18:48.liked the sound of it and they are going to install it? Absolutely, we
:18:49. > :18:52.started selling the production version of the product last year and
:18:53. > :18:57.we have closed sales in four countries. We have the NHS in
:18:58. > :19:00.Southampton, that has taken one, to take the waste from the site and
:19:01. > :19:03.produce electricity for the hospital, saving them money, giving
:19:04. > :19:08.them more money to do other things related to health care. We have a
:19:09. > :19:12.large corporate in Manhattan that has retrofitted one, or is
:19:13. > :19:19.retrofitting one, into one of their existing iconic buildings in the
:19:20. > :19:22.city so a Fortune 50. We have got a client in Portugal. Is it expensive
:19:23. > :19:26.to get started, though? It's not, it to get started, though? It's not, it
:19:27. > :19:32.is a plug and play system, it arrives ready to go. What would it
:19:33. > :19:37.cost me if I wanted one? It depends where but it will give you a three
:19:38. > :19:43.to five year payback, so the systems range from ?140,000, up to ?400,000,
:19:44. > :19:47.depending on the size of the system, amount of waste you are going to be
:19:48. > :19:53.converting into electricity. How much space does it take up?
:19:54. > :19:58.It is a shipping container? And you just put it in? So you don't need
:19:59. > :20:02.planning permission? Some places, you do and some you don't. Some
:20:03. > :20:07.places require extra permits. It depends on where you are in the
:20:08. > :20:11.world and what the regulations are. Is this the kind of technology that
:20:12. > :20:15.over time you can shrink so we could put it... It's a bit hard to have a
:20:16. > :20:20.shipping container next to the house. Although it depends how big
:20:21. > :20:23.it is. We have shrunk it, if you think about it because right now,
:20:24. > :20:27.waste is converted in big centralised facilities that tend to
:20:28. > :20:30.be outside the urban environment so you are trucking waste to those
:20:31. > :20:38.sites. We have shrunk it into something that can fit in an urban
:20:39. > :20:41.environment and can be placed into the megacities that are expanding
:20:42. > :20:43.around the world. We have taken it down into 20 foot shipping
:20:44. > :20:47.containers. If you take that and shrink it down, we are trying, we
:20:48. > :20:50.will go smaller when we can but technology and supply chain is
:20:51. > :20:53.keeping us where we are. It is quite different from where you started
:20:54. > :20:59.working on the Hubble space telescope. How did you make the
:21:00. > :21:03.transition? Do you miss the Hubble work? It is all tech and there is as
:21:04. > :21:07.much tech in this as there was and what I did there but just applied
:21:08. > :21:10.differently. You must get a different reaction from people when
:21:11. > :21:14.you say I worked with people on the Hubble space telescope and now I
:21:15. > :21:20.work with waste. We got an award from Nasa, choosing us as one of the
:21:21. > :21:28.nine tech firms in the world that was doing something advanced in the
:21:29. > :21:31.waste sector and they took a view that that was advancing where the
:21:32. > :21:35.world was going. They are looking at what we're doing as they closed loop
:21:36. > :21:41.environment for long haul space flight. Who knows? I might go back
:21:42. > :21:46.to space work in the future. Thank you for joining us. Great stuff.
:21:47. > :21:55.Thank you for coming on. In a moment, we'll take a look
:21:56. > :21:57.through the Business Pages, but first here's a quick reminder
:21:58. > :22:01.of how to get in touch with us. The Business Live page
:22:02. > :22:03.is where you can stay ahead of all the day's
:22:04. > :22:05.breaking business use. We will keep you up-to-date
:22:06. > :22:07.with all the latest details, with insight and analysis
:22:08. > :22:10.from the BBC's team of editors Get involved on the BBC
:22:11. > :22:15.Business Live web page, bbc.com/business, on Twitter
:22:16. > :22:17.@BBCBusiness and you can find us Business Live on TV and online,
:22:18. > :22:24.whenever you need to know. Joining us is Richard Lewis,
:22:25. > :22:33.Head of Global Equities He has come back into the studio to
:22:34. > :22:37.talk through some of the stories in the papers and there is one that has
:22:38. > :22:43.got people talking a lot on Twitter about Lloyds of London banning...
:22:44. > :22:47.Come on, when did you last have a boozy lunch? A long time ago because
:22:48. > :22:49.I thought this thing had gone from the City under competitive pressures
:22:50. > :22:55.but obviously there are still one or two areas where people still have a
:22:56. > :22:59.drink at lunch time. We have got a feud tweets and thank you very much
:23:00. > :23:03.for them, Erica says, "Can't understand why people feel the need
:23:04. > :23:08.to drink during the working day". Erica does not work for the BBC!
:23:09. > :23:13.Anthony says, "I thought those days had long gone", as you say. Alex
:23:14. > :23:19.says, "If it is one during unpaid lunch break, I don't see a problem".
:23:20. > :23:22."Every Time I have a couple of Jack Daniels, I start singing show tunes
:23:23. > :23:31.which is not good for the office". Let's move on... The satellite
:23:32. > :23:34.launch in India. A phenomenal achievement, I'm sure launching 104
:23:35. > :23:42.satellites is pretty difficult but I think what it shows is for somewhere
:23:43. > :23:45.like India, a developing market like India does not go through the
:23:46. > :23:48.industrialisation faith that the Western world did because these
:23:49. > :23:53.countries can see the destination. They don't have to go through the
:23:54. > :23:56.process, they jump from being quite underdeveloped to being right at the
:23:57. > :23:59.forefront of technology in some cases and that is what this is all
:24:00. > :24:04.about. Interesting point because we have been covering this all morning
:24:05. > :24:08.and we have seen lots of tweets and so forth and questions have been
:24:09. > :24:12.raised, some people have said, hang on, India has launched this amazing
:24:13. > :24:15.rocket and has this programme and yet something like 150 million
:24:16. > :24:21.Indians still don't have a Paul Allott. Yes, and probably 100
:24:22. > :24:28.million Indians with engineering degrees. -- 150 million Indians
:24:29. > :24:34.still don't have a toilet. But there's a lot of talented people in
:24:35. > :24:38.India. Goldman Sachs shares shattering a 10-year record hitting
:24:39. > :24:43.a new closing high. Is there any stopping the Trump trade rally? This
:24:44. > :24:46.is a Trump trade squared, right? There's been a couple of personnel
:24:47. > :24:50.moves that the market picks up on which looked very favourable to
:24:51. > :24:54.Goldman Sachs. The first is that the presence of Gary Cowan, the former
:24:55. > :24:58.president of Goldman Sachs, is Donald Trump's right-hand man when
:24:59. > :25:01.it comes to advising on industry and financial regulation. The second
:25:02. > :25:05.yesterday was the resignation of a very respected man called down to
:25:06. > :25:09.Rouleau from the Federal Reserve who was a bit of a regulatory Hawks at
:25:10. > :25:12.the confluence of those moves suggest to the market that the
:25:13. > :25:21.regulation will go in Goldman Sachs' favour. And the man who was
:25:22. > :25:25.confirmed, or 17 years at Goldman Sachs. It is a very well-connected
:25:26. > :25:27.firm! Especially now! Thank you for joining us.
:25:28. > :25:32.There will be more business news throughout the day on the BBC Live
:25:33. > :25:34.webpage and on World Business Report.
:25:35. > :25:52.Hello. Feeling very pleasant way you have the sunshine once again but
:25:53. > :25:54.there will be a bit more cloud around than yesterday and