:00:00. > :00:12.I believe that story is also coming up with Aaron.
:00:13. > :00:19.The IMF says Greece needs more money but Europe says it's had enough
:00:20. > :00:27.as it sends in its top man to try and break the deadlock over debt.
:00:28. > :00:30.And up, up and away, as India breaks a world record
:00:31. > :00:34.and shoots 104 satellites in one go into space.
:00:35. > :00:36.We're going to look at how that country is becoming
:00:37. > :01:01.If you are tuning in for the first time, stay where you are, I have
:01:02. > :01:03.eight minutes to give you all of the latest going on in the world of
:01:04. > :01:05.business and money. Coming up, can low cost
:01:06. > :01:07.airlines successfully break The boss of Norwegian Air
:01:08. > :01:10.certainly thinks so, and we'll be hearing from him
:01:11. > :01:13.a little later in the programme. The EU's top economist,
:01:14. > :01:15.Pierre Moscovici, is visiting Greece today to talk
:01:16. > :01:25.about the country's debt problem. He's trying to break
:01:26. > :01:27.the deadlock over the release Athens and its international
:01:28. > :01:32.creditors have been wrangling for months over the issue,
:01:33. > :01:35.and failure to reach agreement has Not only that, but yesterday
:01:36. > :01:45.it was revealed that the Greek economy unexpectedly shrank
:01:46. > :01:50.in the last three months of 2016. So, what options does
:01:51. > :01:55.the country have? Greece is now under increased
:01:56. > :01:58.pressure to step up its economic reforms, including on painful things
:01:59. > :02:00.like cutting pension payments Meanwhile, the International
:02:01. > :02:14.Monetary Fund says Greece needs more money, more cash in order
:02:15. > :02:18.to get its economy back on track. But that's not going down
:02:19. > :02:20.well with the eurozone, which says it's already done enough
:02:21. > :02:24.and it's already written off enough The Greek government faces
:02:25. > :02:34.debt repayments of $7.4 And they can't afford those payments
:02:35. > :02:44.unless they meet the conditions being asked by the lenders,
:02:45. > :02:48.and in return the lenders will agree to release more money
:02:49. > :02:50.from the country's $91 So what kind of treatment can Greece
:02:51. > :03:06.expect at the hands of its lenders? Here's how the International
:03:07. > :03:18.Monetary Fund's spokesman put I think we would agree that Europe
:03:19. > :03:28.has provided extraordinary support to Greece and we would agree that it
:03:29. > :03:34.is encouraging that Europe indicates, reiterates again today
:03:35. > :03:40.that it will stand by Greece for the long-term. We obviously welcome both
:03:41. > :03:42.of those things but I think it is important to say this also, that
:03:43. > :03:51.that support is not unconditional. Thanos Vamvakidis is Head
:03:52. > :04:00.of Global Rates at Bank of America. It is great to have you with us. I
:04:01. > :04:06.just want to bang my head on the table and go, here we are again, I
:04:07. > :04:10.am bored, it is the same, why are we here again? We go through the same
:04:11. > :04:15.thing every year because all three sides are doing the same mistake.
:04:16. > :04:19.Greece tries to get away with things without implementing reforms and
:04:20. > :04:24.then they implement more austerity, the Europeans don't recognise Greece
:04:25. > :04:31.cannot pay this debt unless it is given more time, and the IMF keeps
:04:32. > :04:38.asking for more money. Why is it... And I jest, because there is a human
:04:39. > :04:42.side to the story, but there is a lot of suffering from Greece, but
:04:43. > :04:49.why is it so hard for the Greek government to get those reforms
:04:50. > :04:54.through? Definitely the delays have a cost to the economy. The final
:04:55. > :05:00.deal that is agreed is always worse than the deal that was available on
:05:01. > :05:05.the table in Italy. And Greece has failed all this year to make the
:05:06. > :05:11.case to the Greek public for structural reform. This is still a
:05:12. > :05:15.very rigid economy. The result is zero growth at this point despite
:05:16. > :05:18.the collapse in the previous years. And at the end they have to
:05:19. > :05:23.implement more and more austerity which puts Greece in a vicious
:05:24. > :05:30.cycle. It is a dog chasing its tail. We have had Brexit, now we have had
:05:31. > :05:34.that, lots of parts of Europe are going, well, it is possible for a
:05:35. > :05:39.country to leave the EU. Then they look at Greece and go, you are not
:05:40. > :05:42.adding much. I wonder if the Greeks and the government looks at the
:05:43. > :05:48.mountain of debt they are supposed to pay that, 360 million euros or
:05:49. > :05:53.something like that, they will never pay that back, and they should go,
:05:54. > :05:58.let's get out, and not pay it back. In Europe we see increasing with
:05:59. > :06:02.this theory is gaining ground because it is not affecting the rest
:06:03. > :06:07.of Europe as it once did any more. Inside Greece, although public
:06:08. > :06:11.support to stay in the eurozone is strong, increasingly we voice is
:06:12. > :06:16.considering plan B. Things would be much worse outside the eurozone. As
:06:17. > :06:21.long as Greece is stuck in this impossible situation. People will
:06:22. > :06:25.start thinking about it. Brexit is possible. On top of that we have a
:06:26. > :06:30.changing political landscape in Europe with the French, the Dutch
:06:31. > :06:37.and German elections coming up -- Grexit.. Thank you. I got it right,
:06:38. > :06:39.didn't I, and it is a tough one at this time in the morning. You try
:06:40. > :06:42.that at home. Low cost airlines have been hugely
:06:43. > :06:45.successful on short journeys, but many have struggled to break
:06:46. > :06:48.into the long-haul market. For some consumers the thought
:06:49. > :06:50.of an intercontinental flight without a free blanket,
:06:51. > :06:53.drink or meal is just too But one airline which has been
:06:54. > :06:56.successful is Norwegian Air. It started with flights
:06:57. > :07:00.to New York from Oslo in 2013. As a part of our series
:07:01. > :07:03.on the global airline industry, Theo Leggett has been speaking
:07:04. > :07:05.with Norwegian Air's chief executive Bjorn Kjos about why he thinks low
:07:06. > :07:18.cost long-haul flights I think if you look at the world
:07:19. > :07:25.today, if you look at the migration of people, if you look at students
:07:26. > :07:31.living in another continent, studying and maybe even working in a
:07:32. > :07:37.third continent, the world is becoming global, and so will people,
:07:38. > :07:41.people will start travelling more and more on the long haul and
:07:42. > :07:46.whether we like it or not 80% of everybody travelling today are
:07:47. > :07:53.either to wrestle visiting friends or relatives or in ten years
:07:54. > :07:57.probably 90%. What about consumers, do they accept or will they accept
:07:58. > :08:04.travelling eight or nine hours on the plane without a free drink or
:08:05. > :08:09.any free food? Well, they do it more or less on the shorthaul, they fly
:08:10. > :08:17.for five or six hours today, but they can actually, on the Dreamliner
:08:18. > :08:26.is, they even have the screen where they can tap into by a beer or by a
:08:27. > :08:32.meal, so they have their own pan where they can order anything -- buy
:08:33. > :08:36.-- buy. Ten seconds after they order it someone will come and give it to
:08:37. > :08:38.you. It is even more efficient than sitting in a restaurant. The big
:08:39. > :08:42.loss of Norwegian Air. India's space agency successfully
:08:43. > :08:44.achieved a world record, India's commercial launch operations
:08:45. > :08:56.are much cheaper than in other countries, and it's been creating
:08:57. > :08:59.a thriving ecosystem for privately Shilpa Kannan went to Bangalore
:09:00. > :09:02.to visit Team Indus, who are taking part in a competition
:09:03. > :09:22.to send a spacecraft and a robot It is a race to the moon. To put a
:09:23. > :09:28.privately funded spacecraft on the lunar surface. And India's Team
:09:29. > :09:31.Indus is one of the five finalist. They think their robot will get
:09:32. > :09:36.there first. This is a small rover built by Team Indus. This is meant
:09:37. > :09:40.to simulate the moon surface and I would try to control this with my
:09:41. > :09:44.phone. And if I manage to do it it is not meant to be fast. It stops
:09:45. > :09:49.speed at five centimetres per second. If it successfully does this
:09:50. > :09:56.for 500 metres on the moon surface it stands to win a price of $20
:09:57. > :10:01.million. -- prize. The team is taking part in the lunar challenge,
:10:02. > :10:05.funded by Google. It signed a deal to hitch a ride on one of the Indian
:10:06. > :10:12.government's rockets. Mission control is already in place. Target
:10:13. > :10:17.launch date, December this year. Once we accomplish this, once we
:10:18. > :10:20.have proven what we can do by way of design and integration and
:10:21. > :10:23.prototyping, I think we will be able to turn around and offer these
:10:24. > :10:26.products and services to others who might be interested in space
:10:27. > :10:33.exploration, Aerospace development and so on. They will have cast
:10:34. > :10:39.competition. Four other teams are also in the race. Israel's spaces
:10:40. > :10:44.sell, a American moon express, Synergy moon and Japan's Hakuto have
:10:45. > :10:51.also secured contracts to launch spacecraft. Going to the moon is not
:10:52. > :10:56.cheap. Team Indus says their mission costs about $60 million, so even if
:10:57. > :11:05.they win they have still lost money, but the prestige and national glory
:11:06. > :11:11.is priceless. We are going to have more on that with Adnan when we look
:11:12. > :11:21.at the papers from around the world. I will see you very shortly, ta ta.
:11:22. > :11:23.Same-sex marriage will be debated at the Church
:11:24. > :11:25.of England's General Synod in London today.
:11:26. > :11:27.Although legal in England, Scotland and Wales since 2014,
:11:28. > :11:30.the UK's biggest faith group, does not permit same-sex ceremonies
:11:31. > :11:33.and it's members remain divided on the issue.