Browse content similar to 15/02/2017. Check below for episodes and series from the same categories and more!
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I believe that story is also coming up with Aaron. | :00:00. | :00:12. | |
The IMF says Greece needs more money but Europe says it's had enough | :00:13. | :00:19. | |
as it sends in its top man to try and break the deadlock over debt. | :00:20. | :00:27. | |
And up, up and away, as India breaks a world record | :00:28. | :00:30. | |
and shoots 104 satellites in one go into space. | :00:31. | :00:34. | |
We're going to look at how that country is becoming | :00:35. | :00:36. | |
If you are tuning in for the first time, stay where you are, I have | :00:37. | :01:01. | |
eight minutes to give you all of the latest going on in the world of | :01:02. | :01:03. | |
business and money. Coming up, can low cost | :01:04. | :01:05. | |
airlines successfully break The boss of Norwegian Air | :01:06. | :01:07. | |
certainly thinks so, and we'll be hearing from him | :01:08. | :01:10. | |
a little later in the programme. The EU's top economist, | :01:11. | :01:13. | |
Pierre Moscovici, is visiting Greece today to talk | :01:14. | :01:15. | |
about the country's debt problem. He's trying to break | :01:16. | :01:25. | |
the deadlock over the release Athens and its international | :01:26. | :01:27. | |
creditors have been wrangling for months over the issue, | :01:28. | :01:32. | |
and failure to reach agreement has Not only that, but yesterday | :01:33. | :01:35. | |
it was revealed that the Greek economy unexpectedly shrank | :01:36. | :01:45. | |
in the last three months of 2016. So, what options does | :01:46. | :01:50. | |
the country have? Greece is now under increased | :01:51. | :01:55. | |
pressure to step up its economic reforms, including on painful things | :01:56. | :01:58. | |
like cutting pension payments Meanwhile, the International | :01:59. | :02:00. | |
Monetary Fund says Greece needs more money, more cash in order | :02:01. | :02:14. | |
to get its economy back on track. But that's not going down | :02:15. | :02:18. | |
well with the eurozone, which says it's already done enough | :02:19. | :02:20. | |
and it's already written off enough The Greek government faces | :02:21. | :02:24. | |
debt repayments of $7.4 And they can't afford those payments | :02:25. | :02:34. | |
unless they meet the conditions being asked by the lenders, | :02:35. | :02:44. | |
and in return the lenders will agree to release more money | :02:45. | :02:48. | |
from the country's $91 So what kind of treatment can Greece | :02:49. | :02:50. | |
expect at the hands of its lenders? Here's how the International | :02:51. | :03:06. | |
Monetary Fund's spokesman put I think we would agree that Europe | :03:07. | :03:18. | |
has provided extraordinary support to Greece and we would agree that it | :03:19. | :03:28. | |
is encouraging that Europe indicates, reiterates again today | :03:29. | :03:34. | |
that it will stand by Greece for the long-term. We obviously welcome both | :03:35. | :03:40. | |
of those things but I think it is important to say this also, that | :03:41. | :03:42. | |
that support is not unconditional. Thanos Vamvakidis is Head | :03:43. | :03:51. | |
of Global Rates at Bank of America. It is great to have you with us. I | :03:52. | :04:00. | |
just want to bang my head on the table and go, here we are again, I | :04:01. | :04:06. | |
am bored, it is the same, why are we here again? We go through the same | :04:07. | :04:10. | |
thing every year because all three sides are doing the same mistake. | :04:11. | :04:15. | |
Greece tries to get away with things without implementing reforms and | :04:16. | :04:19. | |
then they implement more austerity, the Europeans don't recognise Greece | :04:20. | :04:24. | |
cannot pay this debt unless it is given more time, and the IMF keeps | :04:25. | :04:31. | |
asking for more money. Why is it... And I jest, because there is a human | :04:32. | :04:38. | |
side to the story, but there is a lot of suffering from Greece, but | :04:39. | :04:42. | |
why is it so hard for the Greek government to get those reforms | :04:43. | :04:49. | |
through? Definitely the delays have a cost to the economy. The final | :04:50. | :04:54. | |
deal that is agreed is always worse than the deal that was available on | :04:55. | :05:00. | |
the table in Italy. And Greece has failed all this year to make the | :05:01. | :05:05. | |
case to the Greek public for structural reform. This is still a | :05:06. | :05:11. | |
very rigid economy. The result is zero growth at this point despite | :05:12. | :05:15. | |
the collapse in the previous years. And at the end they have to | :05:16. | :05:18. | |
implement more and more austerity which puts Greece in a vicious | :05:19. | :05:23. | |
cycle. It is a dog chasing its tail. We have had Brexit, now we have had | :05:24. | :05:30. | |
that, lots of parts of Europe are going, well, it is possible for a | :05:31. | :05:34. | |
country to leave the EU. Then they look at Greece and go, you are not | :05:35. | :05:39. | |
adding much. I wonder if the Greeks and the government looks at the | :05:40. | :05:42. | |
mountain of debt they are supposed to pay that, 360 million euros or | :05:43. | :05:48. | |
something like that, they will never pay that back, and they should go, | :05:49. | :05:53. | |
let's get out, and not pay it back. In Europe we see increasing with | :05:54. | :05:58. | |
this theory is gaining ground because it is not affecting the rest | :05:59. | :06:02. | |
of Europe as it once did any more. Inside Greece, although public | :06:03. | :06:07. | |
support to stay in the eurozone is strong, increasingly we voice is | :06:08. | :06:11. | |
considering plan B. Things would be much worse outside the eurozone. As | :06:12. | :06:16. | |
long as Greece is stuck in this impossible situation. People will | :06:17. | :06:21. | |
start thinking about it. Brexit is possible. On top of that we have a | :06:22. | :06:25. | |
changing political landscape in Europe with the French, the Dutch | :06:26. | :06:30. | |
and German elections coming up -- Grexit.. Thank you. I got it right, | :06:31. | :06:37. | |
didn't I, and it is a tough one at this time in the morning. You try | :06:38. | :06:39. | |
that at home. Low cost airlines have been hugely | :06:40. | :06:42. | |
successful on short journeys, but many have struggled to break | :06:43. | :06:45. | |
into the long-haul market. For some consumers the thought | :06:46. | :06:48. | |
of an intercontinental flight without a free blanket, | :06:49. | :06:50. | |
drink or meal is just too But one airline which has been | :06:51. | :06:53. | |
successful is Norwegian Air. It started with flights | :06:54. | :06:56. | |
to New York from Oslo in 2013. As a part of our series | :06:57. | :07:00. | |
on the global airline industry, Theo Leggett has been speaking | :07:01. | :07:03. | |
with Norwegian Air's chief executive Bjorn Kjos about why he thinks low | :07:04. | :07:05. | |
cost long-haul flights I think if you look at the world | :07:06. | :07:18. | |
today, if you look at the migration of people, if you look at students | :07:19. | :07:25. | |
living in another continent, studying and maybe even working in a | :07:26. | :07:31. | |
third continent, the world is becoming global, and so will people, | :07:32. | :07:37. | |
people will start travelling more and more on the long haul and | :07:38. | :07:41. | |
whether we like it or not 80% of everybody travelling today are | :07:42. | :07:46. | |
either to wrestle visiting friends or relatives or in ten years | :07:47. | :07:53. | |
probably 90%. What about consumers, do they accept or will they accept | :07:54. | :07:57. | |
travelling eight or nine hours on the plane without a free drink or | :07:58. | :08:04. | |
any free food? Well, they do it more or less on the shorthaul, they fly | :08:05. | :08:09. | |
for five or six hours today, but they can actually, on the Dreamliner | :08:10. | :08:17. | |
is, they even have the screen where they can tap into by a beer or by a | :08:18. | :08:26. | |
meal, so they have their own pan where they can order anything -- buy | :08:27. | :08:32. | |
-- buy. Ten seconds after they order it someone will come and give it to | :08:33. | :08:36. | |
you. It is even more efficient than sitting in a restaurant. The big | :08:37. | :08:38. | |
loss of Norwegian Air. India's space agency successfully | :08:39. | :08:42. | |
achieved a world record, India's commercial launch operations | :08:43. | :08:44. | |
are much cheaper than in other countries, and it's been creating | :08:45. | :08:56. | |
a thriving ecosystem for privately Shilpa Kannan went to Bangalore | :08:57. | :08:59. | |
to visit Team Indus, who are taking part in a competition | :09:00. | :09:02. | |
to send a spacecraft and a robot It is a race to the moon. To put a | :09:03. | :09:22. | |
privately funded spacecraft on the lunar surface. And India's Team | :09:23. | :09:28. | |
Indus is one of the five finalist. They think their robot will get | :09:29. | :09:31. | |
there first. This is a small rover built by Team Indus. This is meant | :09:32. | :09:36. | |
to simulate the moon surface and I would try to control this with my | :09:37. | :09:40. | |
phone. And if I manage to do it it is not meant to be fast. It stops | :09:41. | :09:44. | |
speed at five centimetres per second. If it successfully does this | :09:45. | :09:49. | |
for 500 metres on the moon surface it stands to win a price of $20 | :09:50. | :09:56. | |
million. -- prize. The team is taking part in the lunar challenge, | :09:57. | :10:01. | |
funded by Google. It signed a deal to hitch a ride on one of the Indian | :10:02. | :10:05. | |
government's rockets. Mission control is already in place. Target | :10:06. | :10:12. | |
launch date, December this year. Once we accomplish this, once we | :10:13. | :10:17. | |
have proven what we can do by way of design and integration and | :10:18. | :10:20. | |
prototyping, I think we will be able to turn around and offer these | :10:21. | :10:23. | |
products and services to others who might be interested in space | :10:24. | :10:26. | |
exploration, Aerospace development and so on. They will have cast | :10:27. | :10:33. | |
competition. Four other teams are also in the race. Israel's spaces | :10:34. | :10:39. | |
sell, a American moon express, Synergy moon and Japan's Hakuto have | :10:40. | :10:44. | |
also secured contracts to launch spacecraft. Going to the moon is not | :10:45. | :10:51. | |
cheap. Team Indus says their mission costs about $60 million, so even if | :10:52. | :10:56. | |
they win they have still lost money, but the prestige and national glory | :10:57. | :11:05. | |
is priceless. We are going to have more on that with Adnan when we look | :11:06. | :11:11. | |
at the papers from around the world. I will see you very shortly, ta ta. | :11:12. | :11:21. | |
Same-sex marriage will be debated at the Church | :11:22. | :11:23. | |
of England's General Synod in London today. | :11:24. | :11:25. | |
Although legal in England, Scotland and Wales since 2014, | :11:26. | :11:27. | |
the UK's biggest faith group, does not permit same-sex ceremonies | :11:28. | :11:30. | |
and it's members remain divided on the issue. | :11:31. | :11:33. |